MIRA INFORM REPORT

Report No. :	344908
Report Date :	13.10.2015

IDENTIFICATION DETAILS

Name :	LANDAUER LIMITED

Formerly Known As :	ZOOMHOLD LIMITED

Registered Office :	25 Beaufort Courtadmirals Waylondone14 9xl

Country :	United Kingdom

Financials (as on) :	31.12.2014

Date of Incorporation :	14.04.1983

Com. Reg. No.:	01714846

Legal Form :	Private limited with Share Capital

Line of Business :	Wholesale of Other Food, Including Fish, Crustaceans and Molluscs

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	No Complaints

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

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

LANDAUER LIMITED

25 BEAUFORT COURTADMIRALS WAYLONDONE14 9XL

Company No

01714846

Company Status

Active - Accounts Filed

Company Summary

Registered Address 25 BEAUFORT COURT
ADMIRALS WAY
LONDON
E14 9XL

Trading Address Suite 25
Beaufort Court
Admirals Way
London
E14 9XL

Website Address http://www.landauergroup.co.uk

Telephone Number 02075385383

Fax Number

TPS No

FPS No

Incorporation Date 14/04/1983

Previous Name ZOOMHOLD LIMITED

Type Private limited with Share Capital

FTSE Index -

Date of Change 09/11/1983

Filing Date of Accounts 12/05/2015

Currency GBP

Share Capital £1,660,000

SIC07 46380

Charity Number -

SIC07 Description WHOLESALE OF OTHER FOOD, INCLUDING FISH, CRUSTACEANS AND MOLLUSCS

Principal Activity A group engaged in international merchanting of frozen seafood, hard fibre, glues and other animal by-products.

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder Funds Employees

31/12/2014 £99,232,000 £1,379,000 £6,861,000 54

31/12/2013 £89,005,000 £1,815,000 £7,075,000 51

31/12/2012 £97,492,000 £1,060,000 £6,512,000 55

Mortgage Summary

Total Mortgage 28

Outstanding 6

Satisfied 22

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

Commentary

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

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

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

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

This company's bank loans and overdrafts (less cash) account for a high 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	4
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	15

Current Directors

Name	Stephen Anthony Bathe Brown	Date of Birth	07/01/1955
Officers Title	Mr	Nationality	British
Present Appointments	11	Function	Director
Appointment Date	02/01/2008
Address	80 Saint Jamess Drive, London, SW17 7RR

Name	Andreas Georgiou	Date of Birth	15/09/1952
Officers Title	Mr	Nationality	British
Present Appointments	15	Function	Director
Appointment Date	02/01/2008
Address	83 Minchenden Crescent, London, N14 7EP

Name	Nils Erik Salen	Date of Birth	15/04/1969
Officers Title	Mr	Nationality	Swedish
Present Appointments	1	Function	Director
Appointment Date	19/04/2001
Address	Ljungvagen 10, 18279 Stocksund

Name	Staffan Salen	Date of Birth	05/07/1967
Officers Title	Mr	Nationality	Swedish
Present Appointments	1	Function	Director
Appointment Date	28/03/2003
Address	Slottsvagen 5d, 18268 Djursholm

Current Company Secretary

Name	Andreas Georgiou	Date of Birth	15/09/1952
Officers Title	Mr	Nationality	British
Present Appointments	15	Function	Company Secretary
Appointment Date	04/03/2008
Address	83 Minchenden Crescent, London, N14 7EP

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
LARGUS AB	GBP	1,660,000	ORDINARY	1	100

Profit & Loss

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	Y	(%)	Y	(%)	Y	(%)	Y	(%)	Y
Turnover	£99,232,000	11.5%	£89,005,000	-8.7%	£97,492,000	-3.8%	£101,324,000	17.9%	£85,950,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£92,502,000	12.9%	£81,966,000	-9.9%	£91,021,000	-3.6%	£94,394,000	19.6%	£78,913,000
Gross Profit	£6,730,000	-4.4%	£7,039,000	8.8%	£6,471,000	-6.6%	£6,930,000	-1.5%	£7,037,000
Wages & Salaries	£3,124,000	-1.9%	£3,184,000	7.5%	£2,963,000	-9.4%	£3,272,000	-4.7%	£3,433,000
Directors Emoluments	£602,000	-13.6%	£697,000	55.6%	£448,000	-26.8%	£612,000	-1.3%	£620,000
Operating Profit	£1,759,000	-19.2%	£2,178,000	47.3%	£1,479,000	-21.3%	£1,880,000	2.7%	£1,830,000
Depreciation	£38,000	18.8%	£32,000	14.3%	£28,000	-9.7%	£31,000	-24.4%	£41,000
Audit Fees	£60,000	-1.6%	£61,000	7%	£57,000	-	£57,000	3.6%	£55,000
Interest Payments	£380,000	4.7%	£363,000	-13.6%	£420,000	3.2%	£407,000	20.8%	£337,000
Pre Tax Profit	£1,379,000	-24%	£1,815,000	71.2%	£1,060,000	-28.1%	£1,475,000	-3.3%	£1,525,000
Taxation	-£348,000	26.7%	-£475,000	-95.5%	-£243,000	46.1%	-£451,000	10.3%	-£503,000
Profit After Tax	£1,031,000	-23.1%	£1,340,000	64%	£817,000	-20.2%	£1,024,000	0.2%	£1,022,000
Dividends Payable	-	-100%	£760,000	-19.1%	£940,000	34.3%	£700,000	-29.7%	£996,000
Retained Profit	£1,031,000	77.8%	£580,000	571.5%	-£123,000	-138%	£324,000	999.9%	£26,000

Balance Sheet

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
Tangible Assets	£80,000	-89.9%	£791,000	4.2%	£759,000	-1.7%	£772,000	-3%	£796,000
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£80,000	-89.9%	£791,000	4.2%	£759,000	-1.7%	£772,000	-3%	£796,000
Stock	£19,019,000	10.2%	£17,256,000	22.5%	£14,092,000	-13.7%	£16,338,000	-10.4%	£18,242,000
Trade Debtors	£13,112,000	-7.4%	£14,166,000	11.3%	£12,733,000	-24.1%	£16,781,000	30.7%	£12,839,000
Cash	£114,000	-29.6%	£162,000	-60%	£405,000	34.1%	£302,000	492.2%	£51,000
Other Debtors	£778,000	26.7%	£614,000	-8.4%	£670,000	32.7%	£505,000	-33.8%	£763,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£33,023,000	2.6%	£32,198,000	15.4%	£27,900,000	-17.8%	£33,926,000	6.4%	£31,895,000
Trade Creditors	£10,585,000	5.3%	£10,049,000	18.6%	£8,471,000	-18.5%	£10,391,000	-6.1%	£11,062,000
Bank Loans & Overdrafts	£13,886,000	4.6%	£13,274,000	10.2%	£12,049,000	-21.5%	£15,343,000	16.4%	£13,180,000
Other Short Term Finance	0	-100%	£300,000	-	£300,000	-	£300,000	-	£300,000
Miscellaneous Current Liabilities	£1,771,000	-22.7%	£2,291,000	72.6%	£1,327,000	-32.7%	£1,972,000	12.4%	£1,755,000
Total Current Liabilities	£26,242,000	1.3%	£25,914,000	17%	£22,147,000	-20.9%	£28,006,000	6.5%	£26,297,000
Bank Loans & Overdrafts and LTL	£13,886,000	4.6%	£13,274,000	10.2%	£12,049,000	-21.5%	£15,343,000	16.4%	£13,180,000
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	0	-	0	-	0	-	0	-	0

Capital & Reserves

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
Called Up Share Capital	£1,660,000	-	£1,660,000	-	£1,660,000	-	£1,660,000	-	£1,660,000
P & L Account Reserve	£4,507,000	-6.1%	£4,801,000	13.7%	£4,221,000	-2.8%	£4,344,000	8.1%	£4,020,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£694,000	13%	£614,000	-2.7%	£631,000	-8.3%	£688,000	-3.6%	£714,000
Shareholder Funds	£6,861,000	-3%	£7,075,000	8.6%	£6,512,000	-2.7%	£6,692,000	4.7%	£6,394,000

Other Financial Items

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
Net Worth	£6,861,000	-3%	£7,075,000	8.6%	£6,512,000	-2.7%	£6,692,000	4.7%	£6,394,000
Working Capital	£6,781,000	7.9%	£6,284,000	9.2%	£5,753,000	-2.8%	£5,920,000	5.8%	£5,598,000
Total Assets	£33,103,000	0.3%	£32,989,000	15.1%	£28,659,000	-17.4%	£34,698,000	6.1%	£32,691,000
Total Liabilities	£26,242,000	1.3%	£25,914,000	17%	£22,147,000	-20.9%	£28,006,000	6.5%	£26,297,000
Net Assets	£6,861,000	-3%	£7,075,000	8.6%	£6,512,000	-2.7%	£6,692,000	4.7%	£6,394,000

Cash Flow

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/12/14	(%)	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10
Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
Capital Employed	£6,861,000	-3%	£7,075,000	8.6%	£6,512,000	-2.7%	£6,692,000	4.7%	£6,394,000
Number of Employees	54	5.9%	51	-7.3%	55	-3.5%	57	-	57
Accountants
Auditors	PKF LITTLEJOHN LLP
Auditor Comments	The audit report contains no adverse comments
Bankers
Bank Branch Code

Ratios

Date Of Accounts	31/12/14	31/12/13	31/12/12	31/12/11	31/12/10
Pre-tax profit margin %	1.39	2.04	1.09	1.46	1.77
Current ratio	1.26	1.24	1.26	1.21	1.21
Sales/Net Working Capital	14.63	14.16	16.95	17.12	15.35
Gearing %	202.40	187.60	185	229.30	206.10
Equity in %	20.70	21.40	22.70	19.30	19.60
Creditor Days	38.82	41.09	31.62	37.32	46.84
Debtor Days	48.09	57.93	47.54	60.28	54.37
Liquidity/Acid Test	0.53	0.57	0.62	0.62	0.51
Return On Capital Employed %	20.09	25.65	16.27	22.04	23.85
Return On Total Assets Employed %	4.16	5.50	3.69	4.25	4.66
Current Debt Ratio	3.82	3.66	3.40	4.18	4.11
Total Debt Ratio	3.82	3.66	3.40	4.18	4.11
Stock Turnover Ratio %	19.16	19.38	14.45	16.12	21.22
Return on Net Assets Employed %	20.09	25.65	16.27	22.04	23.85

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
25/05/2015	New Accounts Filed
12/09/2014	Annual Returns
14/05/2014	New Accounts Filed
23/08/2013	Annual Returns
24/05/2013	New Accounts Filed
08/09/2012	Annual Returns
14/06/2012	Mr S.J. Ryle has left the board
25/05/2012	New Accounts Filed
25/05/2012	New Accounts Filed
05/09/2011	Annual Returns
17/05/2011	New Accounts Filed
17/05/2011	New Accounts Filed
24/09/2010	Annual Returns
09/06/2010	New Accounts Filed
09/06/2010	New Accounts Filed

Previous Company Names

Date	Previous Name
09/11/1983	ZOOMHOLD LIMITED

Writ Details

No writs found

Statistics

Group	15 companies
Linkages	17 companies
Countries	In 2 countries

Summary

Holding Company	-
Ownership Status	Wholly Owned
Ultimate Holding Company	WEST INDIA AB

Group Structure Full

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
WEST INDIA AB	N/A	-	-
SALÉNIA AKTIEBOLAG	5560516634	31.12.2014	Y	1,471 KSEK
LARGUS AKTIEBOLAG	5562407956	31.12.2014	Y	4,691 KSEK
LANDAUER LIMITED	01714846	31.12.2014	Y	£99,232,000
LEA ELLIOTT (LOND...	00277535	31.12.2014	N
FARNHAM HOLDINGS...	03136038	31.12.2014	N
ABACA INTERNATI...	03136039	31.12.2014	N
J.C. GILBERT LIMITED	00216542	31.12.2014	N
LANDAUER & CO LIM...	00891526	31.12.2014	N
LANDAUER INTERNAT...	01209677	31.12.2014	N
LANDHAM PRODUCE L...	00221437	31.12.2014	N
MARCUSE GLUES & C...	02477002	31.12.2014	N
SEA PRODUCTS INTE...	04449016	31.12.2013	N	£29,057,000
MARKETS COLDSTO...	02854384	31.12.2013	N	£374,396
WATSON GRAIN LIMITED	01266642	31.12.2014	N

Mortgage Details

Mortgage Type:
Date Charge Created:	20/10/14
Date Charge Registered:	29/10/14
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) (AS THE BANK);
Amount Secured:
Details:	CONTAINS FIXED CHARGE.CONTAINS FLOATINGCHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.CONTAINS NEGATIVE PLEDGE.
Mortgage Type:
Date Charge Created:	20/10/14
Date Charge Registered:	29/10/14
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	SANTANDER UK PLC;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.CONTAINS FLOATINGCHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.CONTAINS NEGATIVE PLEDGE.

Mortgage Type:	DEBENTURE
Date Charge Created:	26/04/10
Date Charge Registered:	04/05/10
Date Charge Satisfied:	12/07/14
Status:	SATISFIED
Person(s) Entitled:	CLYDESDALE BANK PLC;
Amount Secured:
Details:	FOR DETAILS OF PROPERTY CHARGED PLEASE REFER TO FORM MG01 FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOK DEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY
Mortgage Type:	DEBENTURE
Date Charge Created:	26/04/10
Date Charge Registered:	04/05/10
Date Charge Satisfied:	14/11/14
Status:	SATISFIED
Person(s) Entitled:	THE GOVERNOR & COMPANY OF THE BANK OF IRELAND;
Amount Secured:
Details:	FOR DETAILS OF PROPERTY CHARGED PLEASE REFER TO FORM MG01 FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOK DEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY

Mortgage Type:	DEBENTURE
Date Charge Created:	26/04/10
Date Charge Registered:	04/05/10
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BANK LEUMI (UK) PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE OR ANY RECEIVEROR ANY DELEGATE OR SUB-DELEGATE ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	FOR DETAILS OF PROPERTY CHARGED PLEASE REFER TO FORM MG01 FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOK DEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY
Mortgage Type:	DEBENTURE
Date Charge Created:	26/04/10
Date Charge Registered:	04/05/10
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	MIZRAHI TEFAHOT BANK LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE OR ANY RECEIVEROR ANY DELEGATE OR SUB-DELEGATE ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	FOR DETAILS OF PROPERTY CHARGED PLEASE REFER TO FORM MG01 FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOK DEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY

Mortgage Type:	DEBENTURE
Date Charge Created:	30/08/05
Date Charge Registered:	06/09/05
Date Charge Satisfied:	14/11/14
Status:	SATISFIED
Person(s) Entitled:	CLYDESDALE BANK PLC;
Amount Secured:
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY
Mortgage Type:	DEBENTURE
Date Charge Created:	30/08/05
Date Charge Registered:	06/09/05
Date Charge Satisfied:	03/03/10
Status:	SATISFIED
Person(s) Entitled:	ALLIED IRISH BANKS, P.L.C.
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 BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERYSEE THE MORTGAGECHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	DEBENTURE
Date Charge Created:	16/02/05
Date Charge Registered:	17/02/05
Date Charge Satisfied:	14/11/14
Status:	SATISFIED
Person(s) Entitled:	THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND;
Amount Secured:
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERYSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Mortgage Type:	DEBENTURE
Date Charge Created:	16/02/05
Date Charge Registered:	17/02/05
Date Charge Satisfied:	24/04/10
Status:	SATISFIED
Person(s) Entitled:	KBC BANK N.V. LONDON BRANCH
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 BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERYSEE THE MORTGAGECHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	DEBENTURE
Date Charge Created:	29/08/03
Date Charge Registered:	02/09/03
Date Charge Satisfied:	03/03/10
Status:	SATISFIED
Person(s) Entitled:	FORTIS BANK S.A./N.V.
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERYSEE THE MORTGAGECHARGE DOCUMENT FOR FULL DETAILS
Mortgage Type:	COLLECTION ACCOUNT CHARGE
Date Charge Created:	09/05/03
Date Charge Registered:	28/05/03
Date Charge Satisfied:	24/04/10
Status:	SATISFIED
Person(s) Entitled:	KBC BANK N.V.,LONDON BRANCH
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	THE CHARGOR\S RIGHT,TITLE AND INTEREST IN THE DEPOSITSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	SECURITY ASSIGNMENT
Date Charge Created:	09/05/03
Date Charge Registered:	28/05/03
Date Charge Satisfied:	24/04/10
Status:	SATISFIED
Person(s) Entitled:	KBC BANK N.V.,LONDON BRANCH
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	ALL THE RIGHT,TITLE,BENEFIT AND INTEREST OF THE ASSIGNOR IN TO OR UNDER EACH OFTHE ASSIGNED CONTRACTS.ALL OR ANY MONEYS OWING UNDER OR ARISING OUT OF THE ASSIGNED CONTRACTSSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Mortgage Type:	DESIGNATED ACCOUNT CHARGE
Date Charge Created:	09/05/03
Date Charge Registered:	28/05/03
Date Charge Satisfied:	24/04/10
Status:	SATISFIED
Person(s) Entitled:	KBC BANK N.V.,LONDON BRANCH
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	THE CHARGOR\S RIGHT,TITLE AND INTEREST IN THE DEPOSITSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	DEBENTURE
Date Charge Created:	04/09/96
Date Charge Registered:	24/09/96
Date Charge Satisfied:	22/07/99
Status:	SATISFIED
Person(s) Entitled:	BANQUE INTERNATIONALE A LUXEMBOURG S.A.
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 BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Mortgage Type:	SUPPLEMENTAL CHARGE
Date Charge Created:	22/06/95
Date Charge Registered:	29/06/95
Date Charge Satisfied:	02/11/95
Status:	SATISFIED
Person(s) Entitled:	FENNOSCANDIA LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE SUPPLEMENTAL TO THE DEBENTURE DATED22ND DECEMBER 1989(AS AMENDED BY AN AGREEMENT DATED 18TH MARCH 1992) (THE "PRINCIPAL DEBENTURE")
Details:	BY WAY OF FIXED CHARGE ALL BOOK AND OTHER DEBTS WHICH AS AT THE DATE OF THE CHARGE OR AT ANY TIME THEREAFTER ARE DUE AND OWING TO THE COMPANY (BUT EXCLUDING ANY CREDIT BALANCE ON ANY ACCOUNT) (THE "DEBTS) SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	SUPPLEMENTAL CHARGE
Date Charge Created:	22/06/95
Date Charge Registered:	29/06/95
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	UNITED MIZRAHI BANK LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE SUPPLEMENTAL TO THE DEBENTURE DATED1ST JULY 1993 (THE"PRINCIPAL DEBENTURE")
Details:	BY WAY OF FIXED CHARGE ALL BOOK AND OTHER DEBTS WHICH AS AT THE DATE OF THE CHARGE OR AT ANY TIME THEREAFTER ARE DUE AND OWING TO THE COMPANY (BUT EXCLUDING ANY CREDIT BALANCE ON ANY ACCOUNT) (THE "DEBTS") SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Mortgage Type:	SUPPLEMENTAL CHARGE
Date Charge Created:	22/06/95
Date Charge Registered:	29/06/95
Date Charge Satisfied:	03/03/10
Status:	SATISFIED
Person(s) Entitled:	BROWN SHIPLEY & CO LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE SUPPLEMENTAL TO THE DEBENTURES DATED 18TH MARCH 1992 AND 1ST JULY 1993 (THE "PRINCIPAL DEBENTURES")
Details:	BY WAY OF FIXED CHARGE ALL BOOK AND OTHER DEBTS WHICH AS AT THE DATE OF THE CHARGE OR AT ANY TIME THEREAFTER ARE DUE AND OWING TO THE COMPANY (BUT EXCLUDING ANY CREDIT BALANCE ON ANY ACCOUNT) (THE "DEBTS")SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	DEBENTURE
Date Charge Created:	22/06/95
Date Charge Registered:	26/06/95
Date Charge Satisfied:	10/03/05
Status:	SATISFIED
Person(s) Entitled:	UNION BANK OF FINLAND
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 BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Mortgage Type:	DEBENTURE
Date Charge Created:	22/06/95
Date Charge Registered:	26/06/95
Date Charge Satisfied:	28/08/97
Status:	SATISFIED
Person(s) Entitled:	NEDCOR BANK LIMITED
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 BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	DEBENTURE
Date Charge Created:	22/06/95
Date Charge Registered:	26/06/95
Date Charge Satisfied:	17/02/05
Status:	SATISFIED
Person(s) Entitled:	HENRY ANSBACHER & CO LIMITED
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 BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Mortgage Type:	CONDITIONS FOR MULTI ACCOUNT CLIENTS
Date Charge Created:	01/12/93
Date Charge Registered:	10/12/93
Date Charge Satisfied:	08/06/94
Status:	SATISFIED
Person(s) Entitled:	AMERICAN EXPRESS BANK LTD
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	ALL STOCKS SHARES SECURITIES METAL GOLD& SILVER SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	DEBENTURE
Date Charge Created:	01/07/93
Date Charge Registered:	08/07/93
Date Charge Satisfied:	03/03/10
Status:	SATISFIED
Person(s) Entitled:	BROWN SHIPLEY & CO. LIMITED
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 BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERYSEE THE MORTGAGECHARGE DOCUMENT FOR FULL DETAILS
Mortgage Type:	DEBENTURE
Date Charge Created:	01/07/93
Date Charge Registered:	08/07/93
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	UNITED MIZRAHI BANK LIMITED
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 BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	AMENDMENT AGREEMENT
Date Charge Created:	18/03/92
Date Charge Registered:	04/04/92
Date Charge Satisfied:	02/11/95
Status:	SATISFIED
Person(s) Entitled:	FENNOSCANDIA BANK LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THEDEBENTURE DATED 22/12/89
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY
Mortgage Type:	MORTGAGE DEBENTURE
Date Charge Created:	18/03/92
Date Charge Registered:	23/03/92
Date Charge Satisfied:	03/03/10
Status:	SATISFIED
Person(s) Entitled:	BROWN, SHIPLEY & CO. LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THETERMS OF A FACILITYLETTER DATED 27/01/92 AND THIS DEBENTURE
Details:	(FOR FULL DETAILS SEE FORM 395 TC REF: M7)FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Mortgage Type:	CHARGE
Date Charge Created:	21/12/89
Date Charge Registered:	09/01/90
Date Charge Satisfied:	02/11/95
Status:	SATISFIED
Person(s) Entitled:	FENNOSCANDIA BANK LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF THE CHARGE.
Details:	PLEDGE OVER ALL GOODS DOCUMENTS POLICIES & PROCEEDS OF SALE BELONGING TO THE COMPANY TOG WITH FULL POWER OF SALE OVER SUCH GOODS DOCUMENTS & POLICIES
Mortgage Type:	DEBENTURE
Date Charge Created:	22/12/89
Date Charge Registered:	27/12/89
Date Charge Satisfied:	02/11/95
Status:	SATISFIED
Person(s) Entitled:	FENNOSCANDIA BANK LIMITED
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 BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
John George Harrison	0	4
Rinus Verwijs	1	3
Stuart John Ryle	2	30
Stuart John Ryle	2	30
Henrik Baltscheffsky	0	8
Klaus Adolf Marcuse	0	4
Henric Ankarcrona	0	1
Richard Paul Hudson	9	59
Sven Hampus Salen	1	1
Clive Morton Axford	0	3
Oliver J Cox	0	3
Hugh McKeag	0	6
Christopher John Prideaux	0	1
Christopher John Shooter	0	1
Edward Charles Wright	0	1
Average Invoice Value		Ł221.04
Invoices available		33
Paid		33
Outstanding		0

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	16	15	1	0	1
Outstanding	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.73
UK Pound	1	Rs.99.30
Euro	1	Rs.73.60

INFORMATION DETAILS

Analysis Done by :	KAS

Report Prepared by :	ASH

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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

Name	Number	Latest Key Financials	Turnover
CYMUS ENTERPRISE AB	5562848548	31.12.2014
CYMUS HOLDING AB	5560215872	31.12.2014	9,111 KSEK
SVENSKA DIREKTFLYG AB	5565144085	31.12.2014	103,378 KSEK
MEGA TRADE AKTIEBOLAG	5562510916	31.12.2014
SALÉNIA HOLDING AB	5563635639	31.12.2014
WESTINDIA AKTIEBOLAG	5560467515	31.12.2014
SALÉNIA AIR CARGO AB	5562009323	31.12.2014
SPOC IT SWEDEN AB	5563452209	31.12.2014	966 KSEK
BRINTESIA AVIATION AKTIEBOLAG	5563452217	31.12.2014
LARGUS HOLDING AB	5563635621	31.12.2014	914 KSEK
KONSULT AB HAVSÖRNARNA	5563830065	31.12.2014	728 KSEK
CORDOVA AKTIEBOLAG	5563830073	31.12.2014
AMAPOLA FLYG AB	5564136595	31.12.2014	425,349 KSEK
LARGUS AVIATION AB	5565193561	31.12.2014	84,038 KSEK
LARGUS FÖRVALTNINGS AB	5566716089	31.12.2014
CYMUS AB	5566767884	31.12.2014	109 KSEK
LARGUS INC		-	$160,000