MIRA INFORM REPORT

Report No. :	341976
Report Date :	23.09.2015

IDENTIFICATION DETAILS

Name :	MARUBENI EUROPE PLC
Formerly Known As :	MARUBENI U.K. P.L.C.
Registered Office :	95 Gresham Street, London, EC2V 7AB
Country :	United Kingdom
Financials (as on) :	31.03.2015
Date of Incorporation :	11.02.1985
Com. Reg. No.:	01885084
Legal Form :	Public limited with Share Capital
Line of Business :	· Non-Specialised Wholesale Trade · International trading in a broad range of industrial, agricultural and consumer goods, commodities, natural resources and investments and the provision of financing, insurance, computer and other rela ted services. Accounts data converted from Euro.
No. of Employees :	147

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Good
Payment Behaviour :	Regular
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: MARUBENI EUROPE PLC

Company No: 01885084

Company Status: Active – Accounts Filed

Registered Address: 95 GRESHAM STREET LONDON EC2V 7AB

Company Summary

Registered Address 95 GRESHAM STREET, LONDON, EC2V 7AB

Trading Address 95 Gresham Street, London, EC2V 7AB

Website Address http://www.europe.marubeni.com

Telephone Number 02078268658

Fax Number --

TPS Yes

FPS No

Incorporation Date 11/02/1985

Previous Name MARUBENI U.K. P.L.C.

Type Public limited with Share Capital

FTSE Index -

Date of Change 01/04/1998

Filing Date of Accounts 27/06/2015

Currency GBP

Share Capital £63,208,882

SIC07 46900

Charity Number -

SIC07 Description NON-SPECIALISED WHOLESALE TRADE

Principal Activity International trading in a broad range of industrial, agricultural and consumer goods, commodities, natural resources and investments and the provision of financing, insurance, computer and other rela ted services. Accounts data converted from Euro.

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder Funds Employees

31/03/2015 £366,882,838 £6,962,379 £155,830,885 147

31/03/2014 £435,843,067 £5,462,558 £145,534,934 149

31/03/2013 £796,835,362 £5,751,121 £153,164,638 149

Mortgage Summary

Total Mortgage 4

Outstanding 0

Satisfied 4

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 made late payments on a medium percentage of invoices.

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

The company has more cash than short term bank borrowings.

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	5
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	51

Current Directors

Name	Hiroshi Urata	Date of Birth	27/10/1959
Officers Title	Mr	Nationality	Japanese
Present Appointments	1	Function	Director
Appointment Date	01/04/2014
Address	95 Gresham Street, London, EC2V 7NA

Name	Hironori Hanada	Date of Birth	28/12/1962
Officers Title	Mr	Nationality	Japanese
Present Appointments	2	Function	Director
Appointment Date	01/04/2014
Address	95 Gresham Street, London, EC2V 7NA

Name	Naoya Iwashita	Date of Birth	31/01/1957
Officers Title	Mr	Nationality	Japanese
Present Appointments	7	Function	Director
Appointment Date	01/04/2014
Address	95 Gresham Street, London, EC2V 7NA

Name	Jun Kakizoe	Date of Birth	04/03/1963
Officers Title	Mr	Nationality	Japanese
Present Appointments	1	Function	Director
Appointment Date	01/04/2015
Address	95 Gresham Street, London, EC2V 7NA

Name	Hiroyuki Miyazawa	Date of Birth	29/12/1958
Officers Title	Mr	Nationality	Japanese
Present Appointments	1	Function	Director
Appointment Date	01/04/2015
Address	95 Gresham Street, London, EC2V 7NA

Current Company Secretary

Name	Michael Hammill	Date of Birth	-
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Company Secretary
Appointment Date	01/04/2013
Address	95 Gresham Street, London, EC2V 7NA

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
MARUBENI CORP.	GBP	36,163,314	ORDINARY	1	57.21
MARUBENI DEUTSCHLAND GMBH	EUR	24,705,258	ORDINARY 1	1	39.09
MARUBENI CORP.	EUR	2,340,310	ORDINARY 1	1	3.7

Financials

Profit & Loss

	Date Of Accounts	31/03/15	(%)	31/03/14	(%)	31/03/13	(%)	31/12/11	(%)	31/12/10
	Weeks	52	(%)	52	(%)	65	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	Y	(%)	Y
	Turnover	£366,882,838	-15.8%	£435,843,067	-45.3%	£796,835,362	5.3%	£756,879,167	34.4%	£563,065,833
	Export	-	-	-	-	-	-	-	-	-
	Cost of Sales	£337,354,353	-17.5%	£408,739,520	-46.2%	£760,321,108	4.9%	£725,060,000	35.9%	£533,340,833
	Gross Profit	£29,528,484	8.9%	£27,103,547	-25.8%	£36,514,254	14.8%	£31,819,167	7%	£29,725,000
	Wages & Salaries	£15,987,818	4.6%	£15,289,860	-37.1%	£24,320,147	35.8%	£17,915,000	9%	£16,436,667
	Directors Emoluments	£2,025,081	38.1%	£1,466,858	-44.1%	£2,624,119	41%	£1,861,667	35.9%	£1,370,000
	Operating Profit	£5,440,344	2.2%	£5,322,107	-1.3%	£5,392,377	-24.7%	£7,160,833	17.1%	£6,117,500
	Depreciation	£388,391	0.2%	£387,675	-34.2%	£589,366	19.5%	£493,333	-4.5%	£516,667
	Audit Fees	£224,292	8.3%	£207,094	-19.2%	£256,246	15.2%	£222,500	1.5%	£219,167
	Interest Payments	£1,271,229	-48%	£2,445,002	-64%	£6,782,511	1.5%	£6,683,333	8.9%	£6,135,000
	Pre Tax Profit	£6,962,379	27.5%	£5,462,558	-5%	£5,751,121	-23.6%	£7,530,833	20.2%	£6,264,167
	Taxation	-£1,923,325	-55.1%	-£1,240,416	31%	-£1,796,925	12.7%	-£2,057,500	-0.4%	-£2,049,167
	Profit After Tax	£5,039,054	19.3%	£4,222,143	6.8%	£3,954,196	-27.8%	£5,473,333	29.9%	£4,215,000
	Dividends Payable	-	-	-	-	-	-	-	-	-
	Retained Profit	£5,039,054	19.3%	£4,222,143	6.8%	£3,954,196	-27.8%	£5,473,333	29.9%	£4,215,000

Balance Sheet

	Date Of Accounts	31/03/15	(%)	31/03/14	(%)	31/03/13	(%)	31/12/11	(%)	31/12/10
	Tangible Assets	£130,182,014	-4.5%	£136,358,295	-12.2%	£155,324,311	-51.2%	£318,106,667	41%	£225,584,167
	Intangible Assets	£18,631	4%	£17,915	1.7%	£17,617	-	0	-	0
	Total Fixed Assets	£130,200,645	-4.5%	£136,376,209	-12.2%	£155,341,928	-51.2%	£318,106,667	41%	£225,584,167
	Stock	£35,616,625	16.7%	£30,522,393	35.4%	£22,537,636	-19.8%	£28,108,333	23.4%	£22,774,167
	Trade Debtors	£57,569,330	3.9%	£55,395,199	-10.1%	£61,634,369	-32.2%	£90,871,667	-2.6%	£93,296,667
	Cash	£3,586,528	-16.7%	£4,307,417	70.4%	£2,527,226	-95.3%	£53,489,167	97.2%	£27,126,667
	Other Debtors	£58,090,290	3.5%	£56,131,852	-67.4%	£172,212,524	-54.9%	£381,657,500	-13.3%	£440,285,833
	Miscellaneous Current Assets	£2,517,377	224.1%	£776,783	-81.2%	£4,131,967	-	0	-	0
	Total Current Assets	£157,380,150	7%	£147,133,644	-44.1%	£263,043,722	-52.5%	£554,126,667	-5%	£583,483,333
	Trade Creditors	£24,541,741	-33.5%	£36,932,282	60%	£23,080,557	26.2%	£18,281,667	-20.2%	£22,917,500
	Bank Loans & Overdrafts	£2,042,279	-93.1%	£29,410,247	-75.4%	£119,746,156	104.8%	£58,460,000	8.8%	£53,750,000
	Other Short Term Finance	£36,925,116	1.3%	£36,462,917	-3.5%	£37,768,258	-90.6%	£401,669,167	-13.5%	£464,537,500
	Miscellaneous Current Liabilities	£55,196,704	115.1%	£25,655,321	-36.5%	£40,425,208	356.9%	£8,847,500	-5.7%	£9,380,833
	Total Current Liabilities	£118,705,840	-7.6%	£128,460,767	-41.9%	£221,020,179	-54.6%	£487,258,333	-11.5%	£550,585,833
	Bank Loans & Overdrafts and LTL	£15,086,349	-61.2%	£38,924,400	-76.3%	£163,946,989	-48.7%	£319,726,667	65.5%	£193,167,500
	Other Long Term Finance	0	-	0	-	0	-	0	-	0
	Total Long Term Liabilities	£13,044,070	37.1%	£9,514,153	-78.5%	£44,200,833	-83.1%	£261,266,667	87.4%	£139,417,500

.

Capital & Reserves

	Date Of Accounts	31/03/15	(%)	31/03/14	(%)	31/03/13	(%)	31/12/11	(%)	31/12/10
	Called Up Share Capital	£61,084,199	-	£61,084,199	-10.5%	£68,259,930	-3.9%	£71,035,833	-	£71,035,833
	P & L Account Reserve	£37,722,680	5.1%	£35,889,645	1.1%	£35,483,664	-2%	£36,212,500	15.3%	£31,401,667
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	£57,024,006	17.4%	£48,561,089	-1.7%	£49,421,044	200.2%	£16,460,000	-1%	£16,626,667
	Shareholder Funds	£155,830,885	7.1%	£145,534,934	-5%	£153,164,638	23.8%	£123,708,333	3.9%	£119,064,167

Other Financial Items

	Date Of Accounts	31/03/15	(%)	31/03/14	(%)	31/03/13	(%)	31/12/11	(%)	31/12/10
	Net Worth	£155,812,254	7.1%	£145,517,019	-5%	£153,147,021	23.8%	£123,708,333	3.9%	£119,064,167
	Working Capital	£38,674,310	107.1%	£18,672,877	-55.6%	£42,023,543	-37.2%	£66,868,333	103.3%	£32,897,500
	Total Assets	£287,580,795	1.4%	£283,509,853	-32.2%	£418,385,650	-52%	£872,233,333	7.8%	£809,067,500
	Total Liabilities	£131,749,910	-4.5%	£137,974,919	-48%	£265,221,012	-64.6%	£748,525,000	8.5%	£690,003,333
	Net Assets	£155,830,885	7.1%	£145,534,934	-5%	£153,164,638	23.8%	£123,708,333	3.9%	£119,064,167

Cash Flow

	Date Of Accounts	31/03/15	(%)	31/03/14	(%)	31/03/13	(%)	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	31/03/15	(%)	31/03/14	(%)	31/03/13	(%)	31/12/11	(%)	31/12/10
	Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
	Capital Employed	£168,874,955	8.9%	£155,049,086	-21.4%	£197,365,471	-48.7%	£384,975,000	48.9%	£258,481,667
	Number of Employees	147	-1.3%	149	-	149	-	149	6.4%	140
	Accountants
	Auditors	ERNST & YOUNG LLP
	Auditor Comments	The audit report contains no adverse comments
	Bankers	MIZUHO BANK
	Bank Branch Code

Ratios

	Date Of Accounts	31/03/15	31/03/14	31/03/13	31/12/11	31/12/10
	Pre-tax profit margin %	1.90	1.25	0.72	0.99	1.11
	Current ratio	1.33	1.15	1.19	1.14	1.06
	Sales/Net Working Capital	9.49	23.34	18.96	11.32	17.12
	Gearing %	9.70	26.70	107	258.50	162.20
	Equity in %	54.20	51.30	36.60	14.20	14.70
	Creditor Days	24.34	30.84	13.17	8.79	14.81
	Debtor Days	57.11	46.26	35.19	43.70	60.31
	Liquidity/Acid Test	1.02	0.90	1.08	1.07	1.01
	Return On Capital Employed %	4.12	3.52	2.91	1.95	2.42
	Return On Total Assets Employed %	2.42	1.92	1.37	0.86	0.77
	Current Debt Ratio	0.76	0.88	1.44	3.93	4.62
	Total Debt Ratio	0.84	0.94	1.73	6.05	5.79
	Stock Turnover Ratio %	9.70	7	2.82	3.71	4.04
	Return on Net Assets Employed %	4.46	3.75	3.75	6.08	5.26

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
22/08/2015	Annual Returns
06/07/2015	New Accounts Filed
06/07/2015	New Accounts Filed
13/04/2015	T. Saito has left the board
13/04/2015	S. Iwamatsu has left the board
13/04/2015	Mr Y. Kannondo has left the board
13/04/2015	New Board Member Mr H. Miyazawa appointed
13/04/2015	New Board Member Mr J. Kakizoe appointed
22/08/2014	Annual Returns
14/07/2014	New Accounts Filed
14/07/2014	New Accounts Filed
07/04/2014	Mr M. Uchiyama has left the board
07/04/2014	Y. Yuasa has left the board
07/04/2014	New Board Member N. Iwashita appointed
07/04/2014	New Board Member Mr H. Hanada appointed

Previous Company Names

Date	Previous Name
01/04/1998	MARUBENI U.K. P.L.C.

Writ Details

No writs found

Statistics

Group	50 companies
Linkages	240 companies
Countries	In 14 countries

Summary

Holding Company	-
Ownership Status	Intermediately Owned
Ultimate Holding Company	MARUBENI

Group Structure Full

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
MARUBENI	N/A	31.03.2015	-	€67,178,547,235
AGROVISTA B.V.	12035273	31.12.2013	Y	€252,986,254
AGROVISTA UK LIMITED	03525529	31.12.2013	N	£156,022,000
PROFARMA LIMITED	03226406	31.12.2013	N
ALPHA AMENITY LIMITED	03888773	31.12.2013	N
AXIA POWER HOLDINGS BV	N/A	-	-
GFS RENEWABLE ENERGY...	07748382	31.03.2014	Y	£40,072,000
MC GFS PARTICIPATI...	07748612	31.03.2014	N
MC GFS HOLDING CO...	07748771	31.03.2014	N
MC GFS INVESTME...	07748749	31.03.2014	Y	£40,072,000
MARUBENI EUROPOWER L...	02656798	31.03.2015	N	£10,816,000
CIA IGUACU DE CAFE SOL...	N/A	-	-
PANFOODS CO., LIMITED	01961948	31.03.2015	N	£70,598,346
JAPAN OFFSHORE WIND PO...	N/A	-	-
MARUBENI OFFSHORE PO...	07966585	31.03.2014	N
ATLANTIS INVESTORC...	07964020	31.03.2014	Y	£136,927,161
ATLANTIS EQUITYCO...	07964251	31.03.2014	Y	£136,927,161
ATLANTIS MIDCO...	07964404	31.03.2014	Y
SEAJACKS INTE...	07964749	31.03.2014	Y	£136,927,161
SEAJACKS IN...	07878126	31.03.2014	N
SEAJACKS 4...	08071473	31.03.2014	N
SEAJACKS 5...	08519434	31.03.2014	N
SEAJACKS CR...	06673292	31.03.2014	N	£2,982,537
SEAJACKS 1...	07965945	31.03.2014	N	£20,954,343
SEAJACKS 2...	07964961	31.03.2014	N	£22,186,951
SEAJACKS 3...	07964958	31.03.2014	N	£24,455,272
MARUBENI AGRO MACHINER...	08022039	31.03.2014	Y	£26,676,000
SPALDINGS HOLDINGS L...	04897291	31.03.2014	Y	£26,676,000
SPALDINGS LIMITED	01558147	31.03.2014	N	£26,676,000
MARUBENI AGROCHEMICAL...	07457698	31.03.2014	N
MARUBENI AUTO INVESTME...	04070688	31.03.2014	Y	£407,750,000
NORTON WAY MOTORS LI...	00730865	31.03.2014	N	£150,529,000
RRG GROUP LIMITED	01053351	31.03.2014	Y	£257,221,000
RRG (WEST YORKSHIR...	04905885	31.03.2014	N	£33,506,000
MARUBENI AVIATION INTE...	01769059	31.03.2015	N	£1,334,102
MARUBENI ENERGY EUROPE...	05786247	31.03.2015	N	£1,813,893
MARUBENI EUROPE PLC	01885084	31.03.2015	N	£366,882,838
MARUBENI FINANCE EUROP...	07983210	31.03.2015	N	£9,057,008
MARUBENI GAS DEVELOPME...	07515440	31.03.2014	N
MARUBENI - KOMATSU LIM...	01040079	31.03.2015	N	£127,176,000
MARUBENI LAFFAN REFINE...	07540656	31.03.2014	N
MARUBENI NORTH SEA LIM...	05119283	31.12.2013	N	£6,438,672
MARUBENI OIL & GAS (...	05537396	31.12.2013	N	£6,556,520
ENERGY NORTH SEA HOL...	SC254545	31.12.2013	N
MARUBENI OIL & GAS (...	SC238015	31.12.2013	N	£23,672,404
MARUBENI OIL & GAS...	03947050	31.12.2013	N	£33,560,003
MARUBENI PAPER & PAPER...	08261093	31.03.2014	N
MC UNI MAR INVESTMENT	N/A	-	-
MARPIT INVESTMENT LI...	08377648	31.03.2014	N
SMARTESTENERGY LIMITED	03994598	31.03.2014	N	£1,030,525,000

Other Linked Companies

Name	Number	Latest Key Financials	Turnover
KURARAY		31.12.2014	€3,527,795,642
THE YOKOHAMA RUBBER		31.12.2014	€5,361,433,386
FUYO GENERAL LEASE		31.03.2014	€3,787,470,309
THE NISSHIN OILLIO GROUP		31.03.2015	€2,823,442,149
UNIPRES		31.03.2015	€2,647,415,944
THE MARUETSU		28.02.2014	€2,795,599,345
S FOODS		28.02.2015	€1,835,918,675
AIN PHARMACIEZ		30.04.2015	€1,611,272,228
KATAKURA CHIKKARIN		31.03.2015	€162,100,515
SANKO GOSEI		31.05.2014	€370,709,053
OM2 NETWORK		31.01.2015	€310,807,896
HSIN TAO POWER		31.12.2011	€217,269,010
KAJI TECHNOLOGY		31.03.2015	€38,313,851
SOLXYZ		31.12.2014	€90,104,005
APACHE NORTH SEA LIMITED	04614761	31.12.2014	£1,010,317,186
M & G FINANZIARIA S.R.L.	AL226366	31.12.2013	€26,320,000
MARUBENI LP HOLDING B.V.	33288675	31.12.2013
APACHE NORTH SEA INVESTMENT	04714101	31.12.2008	£1,272,651,414
KURARAY EUROPE GMBH	HRB 78119	31.12.2013	€502,776,932
MARUBENI LNG INTERNATIONAL B.V.	34126482	31.03.2015

Mortgage Details

Mortgage Type:	DEED OF CONFIRMATION
Date Charge Created:	24/03/05
Date Charge Registered:	12/04/05
Date Charge Satisfied:	15/04/11
Status:	SATISFIED
Person(s) Entitled:	MIZUHO CORPORATE BANK, LTD AS AGENT AND TRUSTEE FOR ITSELF AND EACH OTHER FINANCE PARTY(SECURIT
Amount Secured:
Details:	THE CHARGE IS AND REMAINS IN FULL FORCEAND EFFECT NOTWITHSTANDING THE ENTRY INTO THE DEED OF CONFIRMATION AND THE AMENDMENTS TO THE FACILITY AGREEMENTSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Mortgage Type:	DEED OF CONFIRMATION
Date Charge Created:	18/01/05
Date Charge Registered:	27/01/05
Date Charge Satisfied:	15/04/11
Status:	SATISFIED
Person(s) Entitled:	MIZUHO CORPORATE BANK LIMITED (THE "SECURITY TRUSTEE")
Amount Secured:
Details:	THE CHARGE IS AND REMAINS IN FULL FORCEAND EFFECT NOTWITHSTANDING THE ENTRY INTO THE DEED OF CONFIRMATION AND THE AMENDMENTS TO THE FACILITY AGREEMENTSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	CHARGE OVER SHARES
Date Charge Created:	28/06/04
Date Charge Registered:	07/07/04
Date Charge Satisfied:	15/04/11
Status:	SATISFIED
Person(s) Entitled:	MIZUHO CORPORATE BANK LTD (THE SECURITY TRUSTEE)
Amount Secured:
Details:	ALL THE COMPANY'S RIGHTS TITLE AND INTERSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Mortgage Type:	SHARE CHARGE INCORPORATING A FIXED CHARGE
Date Charge Created:	30/03/01
Date Charge Registered:	14/04/01
Date Charge Satisfied:	28/06/04
Status:	SATISFIED
Person(s) Entitled:	THE INDUSTRIAL BANK OF JAPAN,LIMITED ON ITS OWN BEHALF AND AS AGENT ANDTRUSTEE FOR THE FINANCE
Amount Secured:	ALL MONIES,OBLIGATIONS AND LIABILITIES DUE OR TO BECOME DUE FROM THE COMPANY (MARUBENI OIL & GAS (U.K.) LIMITED),BY THESPONSOR (AS DEFINED) OR BY THE CHARGOR (MARUBENI EUROPE PLC) TO THE FINANCE PARTIES (AS DEFINED),OR ANY OF THEM,UNDER OR PURSUANT TO ANY FINANCE DOCUMENT (AS DEFINED) AND ALL OTHERMONIES AGREED TO BE PAID UNDER THE SHARE CHARGE
Details:	FIRST RANKING FIXED CHARGE OVER ALL RIGHT,TITLE,INTEREST AND BENEFIT IN AND TO THE SHARES (1,750,000REDEEMABLE ORDINARY SHARES OF $1 IN THE COMPANY) AND ALL DIVIDENDS,INTEREST AND OTHER INCOME THEREON SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Previous Director/Company Secretaries

Name		Current Directorships	Previous Directorships
Yosuke Yuasa		0	4
Yasushi Kannondo		0	2
Richard John Hanby Holmes		2	13
Satoshi Kaneda		0	12
Michiyuki Komai		0	5
Michiyuki Komai		0	5
Tetsuro Kitaoka		0	6
Kyoji Saito		0	1
Hideo Tanaka		1	6
Yasuhiro Ando		0	2
Yoshihiro Terao		2	6
Yoshihiro Terao		2	6
Hideya Taida		1	8
Kazuyuki Namikawa		0	4
Hitoshi Ehara		2	5
Hideyuki Yasue		3	12
Hidetaka Sasaki		0	2
Takaaki Saito		0	5
Ichiro Komatsu		0	5
Tadao Honda		0	1
Yuichi Ishimaru		0	5
Chiaki Takahata		0	7
Masahiro Ichimura		0	4
Yoshinobu Yamaguchi		0	1
Hirohiko Kubo		0	4
Shusuke Matsuo		0	2
Mitsugi Sonoda		0	9
Kazuya Matsui		2	6
Akinori Yamada		0	1
Kiyoshi Yoshimitsu		0	5
Kazutoshi Goto		0	3
Takemi Kaneko		0	3
Tetsuro Kamiya		0	1
Hitoshi Sakamoto		0	2
Tomoyuki Nakayama		0	3
Yasuhiro Nakaki		1	9
Tadashi Hiroe		0	2
Kazuro Gunji		0	3
Shigemasa Sonobe		0	4
Jun Matsuda		5	7
Shigeru Muto		1	6
Yutaka Nomura		0	4
Akihiko Watanabe		0	3
Masakazu Arimune		0	1
Kazuhiko Hayashi		0	1
Shingo Tsuda		0	4
Kazunori Takeda		0	1
Tatsuro Ishijima		0	1
Motoo Uchiyama		0	4
Seigo Iwamatsu		0	1
Tetsuaki Saito		0	1
Average Invoice Value	Ł733.31
Invoices available	18
Paid	18
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	7	8	2	1	0
Outstanding	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.63
UK Pound	1	Rs.101.73
Euro	1	Rs.73.26

INFORMATION DETAILS

Analysis Done by :	KAR
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%)

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.