MIRA INFORM REPORT

Report No. :	336373
Report Date :	14.08.2015

IDENTIFICATION DETAILS

Name :	EUROKEY RECYCLING LIMITED
Registered Office :	Unit 2 Logix Road R D Park Hinckley LE10 3BQ
Country :	United Kingdom
Financials (as on) :	31.12.2013
Date of Incorporation :	10.08.1995
Com. Reg. No.:	03089592
Legal Form :	Private Limited with Share CAPITAL
Line of Business :	· Recovery of Sorted Materials · Recycling of Waste Materials.
No. of Employees :	44

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
United Kingdom	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK has been a net importer of energy since 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output.

In 2008, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 6.0% in 2014.

In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.7% and in 2014, 2.6%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

The Bank of England (BoE) implemented an asset purchase program of 375 billion (approximately $586 billion) as of December 2014. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).

Source : CIA

Company Name and address

Company Name: EUROKEY RECYCLING LIMITED

Company No: 03089592

Company Status: Active - Accounts Filed

Registered Address: UNIT 2 LOGIX ROAD R D PARK HINCKLEY LE10 3BQ

Company Summary

Registered Address UNIT 2 LOGIX ROAD, R D PARK, HINCKLEY, LE10 3BQ

Trading Address Unit 2, Logix Road, R D Park, Hinckley, Leicestershire, LE10 3BQ

Website Address http://www.eurokeyrecycling.com

Telephone Number 01455615166

Fax Number --

TPS No

FPS No

Incorporation Date 10/08/1995

Previous Name --

Type Private limited with Share Capital

FTSE Index -

Date of Change -

Filing Date of Accounts 30/09/2014

Currency GBP

Share Capital £50,000

SIC07 38320

Charity Number -

SIC07 Description RECOVERY OF SORTED MATERIALS

Principal Activity Recycling of waste materials.

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder Funds Employees

31/12/2013 £30,661,115 £1,190,006 £2,529,019 44

31/12/2012 £21,948,078 £646,397 £2,106,003 49

31/12/2011 £21,593,056 £362,945 £2,162,360 47

Mortgage Summary

Total Mortgage 2

Outstanding 2

Satisfied 0

Trade Debtors/ Bad Debt Summary

Total Number of Documented Trade 4

Total Value of Documented Trade £14,423

Commentary

This company has been treated as a Medium company in respect of the rating/limit generated.

This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.

This company's return on total assets employed ratio indicates a relatively efficient use of assets.

This company has made late payments on a high percentage of invoices.

This company's bank loans and overdrafts (less cash) account for a moderate percentage of short term liabilities.

This company trades in an industry with a lower level of corporate failures.

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Total Current Directors	2
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	4

Current Directors

Name	Harinder Singh Dhillon	Date of Birth	14/06/1970
Officers Title	Mr	Nationality	British
Present Appointments	13	Function	Director
Appointment Date	25/09/2000
Address	6 Sycamore Close, Stretton Hall Oadby, Leicester, Leicestershire, LE2 4QU

Name	Belinder Kaur Dhillon	Date of Birth	08/06/1968
Officers Title		Nationality	British
Present Appointments	8	Function	Director
Appointment Date	20/03/1998
Address	6 Sycamore Close, Stretton Hall Oadby, Leicester, Leicestershire, LE2 4QU

Current Company Secretary

Name	Harinder Singh Dhillon	Date of Birth	14/06/1970
Officers Title	Mr	Nationality	British
Present Appointments	13	Function	Company Secretary
Appointment Date	10/08/1995
Address	6 Sycamore Close, Stretton Hall Oadby, Leicester, Leicestershire, LE2 4QU

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
HARINDER SINGH DHILLON	GBP	25,000	ORDINARY	1	50
BELINDER KAUR DHILLON	GBP	25,000	ORDINARY	1	50

Financials

Profit & Loss

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/08/09
	Weeks	52	(%)	52	(%)	52	(%)	70	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	Y	(%)	Y	(%)	Y	(%)	N	(%)	N
	Turnover	£30,661,115	39.7%	£21,948,078	1.6%	£21,593,056	-28.5%	£30,187,751	79.1%	£16,854,025
	Export	-	-	-	-	£17,467,115	-31.9%	£25,659,588	111.5%	£12,134,898
	Cost of Sales	£24,257,043	35.8%	£17,856,949	-0.3%	£17,918,803	-30.9%	£25,940,417	97.2%	£13,151,661
	Gross Profit	£6,404,072	56.5%	£4,091,129	11.3%	£3,674,253	-13.5%	£4,247,334	14.7%	£3,702,364
	Wages & Salaries	£990,383	-8.5%	£1,082,384	-0.6%	£1,088,692	-37%	£1,727,453	76.4%	£979,214
	Directors Emoluments	£113,943	-12.2%	£129,827	0.2%	£129,630	-4.6%	£135,814	23.6%	£109,897
	Operating Profit	£1,234,053	80.2%	£684,666	75%	£391,256	12.7%	£347,317	-62%	£913,848
	Depreciation	£382,023	2.8%	£371,531	34.7%	£275,766	-14.7%	£323,119	195.8%	£109,234
	Audit Fees	£14,465	-	£14,465	-3.6%	£15,000	-	£15,000	25%	£12,000
	Interest Payments	£124,036	2.7%	£120,761	3.6%	£116,583	-63.2%	£317,131	448.5%	£57,814
	Pre Tax Profit	£1,190,006	84.1%	£646,397	78.1%	£362,945	149.5%	£145,481	-84.3%	£926,143
	Taxation	-£440,258	-143.1%	-£181,112	-52.1%	-£119,105	0%	-£119,136	54.6%	-£262,603
	Profit After Tax	£749,748	61.1%	£465,285	90.8%	£243,840	825.6%	£26,345	-96%	£663,540
	Dividends Payable	£326,732	-39.6%	£540,535	275.4%	£144,000	-64%	£400,000	14.3%	£350,000
	Retained Profit	£423,016	549.3%	-£94,143	-194.3%	£99,840	126.7%	-£373,655	-219.2%	£313,540

Balance Sheet

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/08/09
	Tangible Assets	£2,348,843	13.6%	£2,066,897	-1%	£2,086,726	98.1%	£1,053,193	58.2%	£665,616
	Intangible Assets	£376,394	-4.5%	£394,068	7.8%	£365,674	-	0	-	0
	Total Fixed Assets	£2,725,237	10.7%	£2,460,965	0.3%	£2,452,400	132.9%	£1,053,193	58.2%	£665,616
	Stock	£892,275	16.5%	£765,980	170.4%	£283,315	-41.3%	£482,712	10.7%	£436,148
	Trade Debtors	£2,237,837	104.7%	£1,093,075	-40.3%	£1,830,166	12.4%	£1,628,721	-79.7%	£8,025,467
	Cash	£1,987,786	-43.4%	£3,513,164	131.1%	£1,519,902	-50.3%	£3,057,402	1.9%	£3,001,381
	Other Debtors	£3,212,154	-22.5%	£4,147,301	-0.5%	£4,166,102	2.2%	£4,076,543	420%	£783,986
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£8,330,052	-12.5%	£9,519,520	22.1%	£7,799,485	-15.6%	£9,245,378	-24.5%	£12,246,982
	Trade Creditors	£3,327,494	3.8%	£3,204,682	-7.6%	£3,468,872	40%	£2,477,814	-53.4%	£5,317,169
	Bank Loans & Overdrafts	£3,340,256	-33.7%	£5,035,345	65.7%	£3,039,582	-34.4%	£4,636,162	15.4%	£4,016,650
	Other Short Term Finance	£381,525	-15.5%	£451,762	-13.4%	£521,747	114.9%	£242,817	107.9%	£116,805
	Miscellaneous Current Liabilities	£721,831	28.2%	£563,044	237.1%	£167,018	-59.3%	£410,806	-50%	£821,782
	Total Current Liabilities	£7,771,106	-16%	£9,254,833	28.6%	£7,197,219	-7.3%	£7,767,599	-24.4%	£10,272,406
	Bank Loans & Overdrafts and LTL	£4,095,420	-27.6%	£5,654,994	43.8%	£3,931,888	-23%	£5,104,614	20.9%	£4,220,667
	Other Long Term Finance	£608,058	32.1%	£460,294	-40.1%	£768,306	90.8%	£402,604	171.9%	£148,044
	Total Long Term Liabilities	£755,164	21.9%	£619,649	-30.6%	£892,306	90.5%	£468,452	129.6%	£204,017

.

Capital & Reserves

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/08/09
	Called Up Share Capital	£50,000	-	£50,000	-	£50,000	-	£50,000	-	£50,000
	P & L Account Reserve	£2,479,019	20.6%	£2,056,003	-2.7%	£2,112,360	5%	£2,012,520	-15.7%	£2,386,175
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	-	-	-	-	-	-	-	-	-
	Shareholder Funds	£2,529,019	20.1%	£2,106,003	-2.6%	£2,162,360	4.8%	£2,062,520	-15.3%	£2,436,175

Other Financial Items

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/08/09
	Net Worth	£2,152,625	25.7%	£1,711,935	-4.7%	£1,796,686	-12.9%	£2,062,520	-15.3%	£2,436,175
	Working Capital	£558,946	111.2%	£264,687	-56.1%	£602,266	-59.2%	£1,477,779	-25.2%	£1,974,576
	Total Assets	£11,055,289	-7.7%	£11,980,485	16.9%	£10,251,885	-0.5%	£10,298,571	-20.2%	£12,912,598
	Total Liabilities	£8,526,270	-13.7%	£9,874,482	22.1%	£8,089,525	-1.8%	£8,236,051	-21.4%	£10,476,423
	Net Assets	£2,529,019	20.1%	£2,106,003	-2.6%	£2,162,360	4.8%	£2,062,520	-15.3%	£2,436,175

Cash Flow

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/08/09
	Net Cashflow from Operations	£1,263,902	13.9%	£1,109,364	-14.9%	£1,304,212	20.5%	£1,082,372	163.8%	£410,323
	Net Cashflow before Financing	£757,883	40.6%	£539,079	36.2%	£395,873	279.2%	-£220,893	29.3%	-£312,387
	Net Cashflow from Financing	-£599,832	-23.7%	-£484,925	-44%	-£336,793	1.7%	-£342,598	-144.9%	-£139,917
	Increase in Cash	£158,051	191.9%	£54,154	-8.3%	£59,080	110.5%	-£563,491	-24.6%	-£452,304

Miscellaneous

	Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/08/09
	Contingent Liability	YES	-	YES	-	YES	-	YES	-	NO
	Capital Employed	£3,284,183	20.5%	£2,725,652	-10.8%	£3,054,666	20.7%	£2,530,972	-4.1%	£2,640,192
	Number of Employees	44	-10.2%	49	4.3%	47	-13%	54	3.8%	52
	Accountants
	Auditors	BAKER TILLY UK AUDIT LLP
	Auditor Comments	The audit report contains no adverse comments
	Bankers	NATIONAL WESTMINSTER BANK PLC
	Bank Branch Code

Ratios

	Date Of Accounts	31/12/13	31/12/12	31/12/11	31/12/10	31/08/09
	Pre-tax profit margin %	3.88	2.95	1.68	0.48	5.50
	Current ratio	1.07	1.03	1.08	1.19	1.19
	Sales/Net Working Capital	54.86	82.92	35.85	20.43	8.54
	Gearing %	161.90	268.50	181.80	247.50	173.20
	Equity in %	23.70	18.20	21.90	20	18.90
	Creditor Days	39.50	53.14	58.47	40.21	114.83
	Debtor Days	26.56	18.12	30.85	26.43	173.32
	Liquidity/Acid Test	0.95	0.94	1.04	1.12	1.14
	Return On Capital Employed %	36.23	23.71	11.88	5.74	35.07
	Return On Total Assets Employed %	10.76	5.39	3.54	1.41	7.17
	Current Debt Ratio	3.07	4.39	3.32	3.76	4.21
	Total Debt Ratio	3.37	4.68	3.74	3.99	4.30
	Stock Turnover Ratio %	2.91	3.48	1.31	1.59	2.58
	Return on Net Assets Employed %	47.05	30.69	16.78	7.05	38.01

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
14/10/2014	New Accounts Filed
14/10/2014	New Accounts Filed
24/08/2014	Annual Returns
11/11/2013	New Accounts Filed
11/11/2013	New Accounts Filed
12/09/2013	Annual Returns
07/12/2012	Change in Reg.Office
07/12/2012	Change of Company Postcode
09/11/2012	New Accounts Filed
09/11/2012	New Accounts Filed
28/08/2012	Annual Returns
23/12/2011	Change in Reg.Office
13/10/2011	New Accounts Filed
13/10/2011	New Accounts Filed
10/10/2011	Change in Reg.Office

Previous Company Names

No Previous Names found

Writ Details

No writs found

Statistics

Group	2 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	EUROKEY RECYCLING LIMITED
Ownership Status	Ultimately Owned
Ultimate Holding Company	EUROKEY RECYCLING LIMITED

Group Structure Full

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
EUROKEY RECYCLING LIMITED	03089592	31.12.2013	Y	£30,661,115
POSEIDON CONSULTANTS LTD	05674504	31.12.2013	N

Mortgage Details

Mortgage Type:
Date Charge Created:	04/07/13
Date Charge Registered:	11/07/13
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	LOMBARD NORTH CENTRAL PLC;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.NOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.
Mortgage Type:	DEBENTURE
Date Charge Created:	28/02/07
Date Charge Registered:	06/03/07
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGEDOCUMENT FOR FULL DETAILS

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	4	£14,423

Company Name	Amount	Statement Date
Imco150412 Ltd	£12,685	19/07/2012
N P Realisations Ltd	£1,023	16/05/2012
Calibre Solutions UK Limited	£524	16/04/2013
Rank Metal Company Limited	£191	21/07/2011

Previous Director/Company Secretaries

Name		Current Directorships	Previous Directorships
Sukhray Singh Dhillon		0	1
Guringer Sandhu		0	2
FIRST DIRECTORS LIMITED		3526	39191
4 BUSINESS		5987	45288
Average Invoice Value	Ł632.68
Invoices available	29
Paid	25
Outstanding	4

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	8	9	8	0	0
Outstanding	0	1	1	2	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.92
UK Pound	1	Rs.101.44
Euro	1	Rs.72.26

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	NIT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.