MIRA INFORM REPORT

Report No. :	497074
Report Date :	12.03.2018

IDENTIFICATION DETAILS

Name :	RELIANCE FIBRES LIMITED
Registered Office :	Hyde House Edgware Road London NW9 6LH
Country :	United Kingdom
Financials (as on) :	31.12.2016
Date of Incorporation :	15.04.2004
Com. Reg. No.:	05102386
Legal Form :	Private limited with Share Capital
Line of Business :	· Other transportation support activities · Importer and exporter of commodities and other products.
No. of Employees :	6 (2016)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
United Kingdom	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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; 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 the UK’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 then CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which has continued under the Conservative government. However, the deficit still remains one of the highest in the G7, standing at 3.6% of GDP as of 2017, and the UK has pledged to lower its corporation tax from 20% to 17% by 2020. The UK had a debt burden of 90.4% GDP at the end of 2017.

The UK’s economy has begun to slow since the referendum vote to leave the EU in June 2016. A sustained depreciation of the British pound has increased consumer and producer prices, weighing on consumer spending without spurring a meaningful increase in exports. The UK has an extensive trade relationship with other EU members through its single market membership and economic observers have warned the exit will jeopardize its position as the central location for European financial services. Prime Minister MAY is seeking a new “deep and special” trade relationship with the EU following the UK’s exit. However, economists doubt that the UK will be able to preserve the benefits of EU membership without the obligations.

Source : CIA

Company Name and address

RELIANCE FIBRES LIMITED

HYDE HOUSE EDGWARE ROAD LONDON NW9 6LH

Company No.

05102386

Company Status

Active - Accounts Filed

Company Summary

Registered Address HYDE HOUSE
EDGWARE ROAD
LONDON
NW9 6LH

Trading Address Hyde House
Edgware Road
London
NW9 6LH

Website Address http://www.reliancefibres.com

Telephone Number 02082004086

Fax Number

TPS No

FPS Yes

Incorporation Date 15/04/2004

Previous Name

Type Private limited with Share Capital

FTSE Index -

Date of Change -

Filing Date of Accounts 29/06/2017

Currency GBP

Share Capital £100,000

SIC07 52290

Charity Number -

SIC07 Description OTHER TRANSPORTATION SUPPORT ACTIVITIES

Principal Activity Importer and exporter of commodities and other products.

Additional Information

CCJ's 0 (£0)

No CCJ Information To Display

Ultimate Holding Company EKMAN INVEST HOLDING AB

Accountant -

Mortgages 4

Group 5 companies

Linkages 36 companies

Countries In 19 countries

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder's Funds Employees

31/12/2016 - - £755,677 6

31/12/2015 - - £712,457 6

31/12/2014 - - £517,421 -

Mortgage Summary

Total Mortgage 4

Outstanding 1

Satisfied 3

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

Commentary

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

The latest Balance Sheet indicates a positive net working capital position.

There has been an increase in shareholders funds compared with the previous balance sheet.

This company trades in an industry with a moderate 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	6	Total Current Secretaries	1
Total Previous Directors / Company Secretaries	6	Total Person's With Significant Control	1

Current Directors

Title	Mr	Function	Director
Name	Pankaj Chowdhary	Nationality	British
Date of Birth	09/1966	Present Appointments	2
Latest Address	20 Edgeworth Crescent, London, London	Appointment Date	15/04/2004
Post Code	NW4 4HG
Title	Mrs	Function	Director
Name	Vibha Chowdhary	Nationality	Indian
Date of Birth	03/1969	Present Appointments	1
Latest Address	20 Edgeworth Crescent, London, London	Appointment Date	12/04/2010
Post Code	NW4 4HG

Title	Mr	Function	Director
Name	Frank Crowley	Nationality	American
Date of Birth	04/1959	Present Appointments	1
Latest Address	7th Floor Hyde House, The Hyde Edgware Road, London	Appointment Date	04/01/2016
Post Code	NW9 6LH
Title	Mr	Function	Director
Name	Neil Cooper	Nationality	American
Date of Birth	09/1962	Present Appointments	1
Latest Address	7th Floor Hyde House The Hyde, London	Appointment Date	04/01/2016
Post Code	NW9 6LH

Title	Mr	Function	Director
Name	Markus Ocklind	Nationality	Swedish
Date of Birth	04/1967	Present Appointments	1
Latest Address	7th Floor Hyde House The Hyde Edgware Road, London	Appointment Date	04/01/2016
Post Code	NW9 6LH
Title	Mr	Function	Director
Name	Hans Tidebrant	Nationality	Swedish
Date of Birth	02/1952	Present Appointments	1
Latest Address	7th Floor Hyde House The Hyde Edgware Road, London	Appointment Date	04/01/2016
Post Code	NW9 6LH

Current Company Secretary

Title	Mrs	Function	Company Secretary
Name	Vibha Chowdhary	Nationality
Date of Birth	-	Present Appointments	1
Latest Address	20 Edgeworth Crescent, London, London	Appointment Date	07/09/2010
Post Code	NW4 4HG

Top Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
EKMAN & CO AB	GBP	100,000	ORDINARY	1	100

Profit & Loss

	Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	31/12/13	(%)	31/12/12
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	-	-	-	-	-	-	-	-	-
	Export	-	-	-	-	-	-	-	-	-
	Cost of Sales	-	-	-	-	-	-	-	-	-
	Gross Profit	-	-	-	-	-	-	-	-	-
	Wages & Salaries	-	-	-	-	-	-	-	-	-
	Directors Emoluments	-	-	-	-	-	-	-	-	-
	Operating Profit	-	-	-	-	-	-	-	-	-
	Depreciation	£15,168	119.9%	£6,898	107.8%	£3,319	-37.2%	£5,282	-16.6%	£6,336
	Audit Fees	£15,000	-	-	-	-	-	-	-	-
	Interest Payments	-	-	-	-	-	-	-	-	-
	Pre Tax Profit	-	-	-	-	-	-	-	-	-
	Taxation	-	-	-	-	-	-	-	-	-
	Profit After Tax	-	-	-	-	-	-	-	-	-
	Dividends Payable	-	-	-	-	-	-	-	-	-
	Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

	Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	31/12/13	(%)	31/12/12
	Tangible Assets	£49,548	15.1%	£43,047	352.1%	£9,522	-40.5%	£15,995	-20.7%	£20,172
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	£49,548	15.1%	£43,047	352.1%	£9,522	-40.5%	£15,995	-20.7%	£20,172
	Stock	£312,083	92.8%	£161,853	326.8%	£37,920	-75.8%	£156,933	131.2%	£67,867
	Trade Debtors	£3,437,466	99.8%	£1,720,733	6.7%	£1,612,576	7.1%	£1,506,374	33.9%	£1,125,121
	Cash	£169,099	-61.5%	£439,146	89.9%	£231,196	63.3%	£141,579	-62%	£372,129
	Other Debtors	£151,359	75.8%	£86,091	-	0	-	0	-	0
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	£4,070,007	69%	£2,407,823	28%	£1,881,692	4.3%	£1,804,886	15.3%	£1,565,117
	Trade Creditors	£896,646	-27.7%	£1,239,449	-7.4%	£1,338,914	-3.4%	£1,386,387	18%	£1,175,374
	Bank Loans & Overdrafts	£61,545	-84.6%	£399,830	-	0	-	0	-	0
	Other Short Term Finance	£1,751,703	999.9%	£1,504	-	0	-	0	-	0
	Miscellaneous Current Liabilities	£637,733	999.9%	£32,749	-	0	-	0	-	0
	Total Current Liabilities	£3,347,627	100%	£1,673,532	25%	£1,338,914	-3.4%	£1,386,387	18%	£1,175,374
	Bank Loans & Overdrafts and LTL	£77,796	-83.3%	£464,711	999.9%	£34,879	155.5%	£13,650	791.6%	£1,531
	Other Long Term Finance	£12,153	-26.9%	£16,628	-	0	-	0	-	0
	Total Long Term Liabilities	£16,251	-75%	£64,881	86%	£34,879	155.5%	£13,650	791.6%	£1,531

Capital & Reserves

	Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	31/12/13	(%)	31/12/12
	Called Up Share Capital	£148,190	-	£148,190	48.2%	£100,000	-	£100,000	-	£100,000
	P & L Account Reserve	£607,487	7.7%	£564,267	35.2%	£417,421	30.1%	£320,844	4%	£308,384
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	-	-	-	-	-	-	-	-	-
	Shareholder Funds	£755,677	6.1%	£712,457	37.7%	£517,421	22.9%	£420,844	3.1%	£408,384

Other Financial Items

	Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	31/12/13	(%)	31/12/12
	Net Worth	£755,677	6.1%	£712,457	37.7%	£517,421	22.9%	£420,844	3.1%	£408,384
	Working Capital	£722,380	-1.6%	£734,291	35.3%	£542,778	29.7%	£418,499	7.4%	£389,743
	Total Assets	£4,119,555	68.1%	£2,450,870	29.6%	£1,891,214	3.9%	£1,820,881	14.9%	£1,585,289
	Total Liabilities	£3,363,878	93.5%	£1,738,413	26.5%	£1,373,793	-1.9%	£1,400,037	19%	£1,176,905
	Net Assets	£755,677	6.1%	£712,457	37.7%	£517,421	22.9%	£420,844	3.1%	£408,384

Miscellaneous

	Date Of Accounts	31/12/16	(%)	31/12/15	(%)	31/12/14	(%)	31/12/13	(%)	31/12/12
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
	Capital Employed	£771,928	-0.7%	£777,338	40.7%	£552,300	27.1%	£434,494	6%	£409,915
	Number of Employees	6	-	6	-	-	-	-	-	-
	Accountants
	Auditors	F W SMITH RICHES & CO
	Auditor Comments	The audit report contains no adverse comments
	Bankers	STATE BANK OF INDIA
	Bank Branch Code

Ratios

	Date Of Accounts	31/12/16	31/12/15	31/12/14	31/12/13	31/12/12
	Pre-tax profit margin %	-	-	-	-	-
	Current ratio	1.22	1.44	1.41	1.30	1.33
	Sales/Net Working Capital	-	-	-	-	-
	Gearing %	10.30	65.20	6.70	3.20	0.40
	Equity in %	18.30	29.10	27.40	23.10	25.80
	Creditor Days	-	-	-	-	-
	Debtor Days	-	-	-	-	-
	Liquidity/Acid Test	1.12	1.34	1.37	1.18	1.27
	Return On Capital Employed %	-	-	-	-	-
	Return On Total Assets Employed %	-	-	-	-	-
	Current Debt Ratio	4.42	2.34	2.58	3.29	2.87
	Total Debt Ratio	4.45	2.44	2.65	3.32	2.88
	Stock Turnover Ratio %	-	-	-	-	-
	Return on Net Assets Employed %	-	-	-	-	-

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
07/07/2017	New Accounts Filed
07/07/2017	New Accounts Filed
28/04/2017	Confirmation Statement
25/08/2016	Payment Data Update Received
25/08/2016	Payment Data Update Received
24/06/2016	Payment Data Update Received
18/05/2016	Payment Data Update Received
23/04/2016	New Accounts Filed
21/04/2016	Annual Returns
19/02/2016	Payment Data Update Received
19/01/2016	New Board Member Mr H. Tidebrant appointed
19/01/2016	New Board Member Mr M. Ocklind appointed
19/01/2016	New Board Member Mr N. Cooper appointed
19/01/2016	New Board Member Mr F. Crowley appointed
20/11/2015	Payment Data Update Received

Previous Company Names

No Previous Names found

Writ Details

No writs found

Statistics

Group	5 companies
Linkages	36 companies
Countries	In 19 countries

Summary

Holding Company	-
Ownership Status	Wholly Owned
Ultimate Holding Company	EKMAN INVEST HOLDING AB

Group Structure Full

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
EKMAN INVEST HOLDING AB	5567121602	31.12.2016	Y
EKMAN & CO AKTIEBOLAG	5560204595	31.12.2016	Y	3,280,530 KSEK
EKMAN HOLDING U.K. L...	03141454	31.12.2017	N
EKMAN U.K. LIMITED	00260677	31.12.2017	N
RELIANCE FIBRES LIMITED	05102386	31.12.2016	N

Other Linked Companies

Name	Number	Latest Key Financials	Turnover
EKMAN PULP & PAPER CO., LTD.	3010401042059	01.12.2012	5,300,000,000
EKMAN INVESTMENT AB	5560221268	31.12.2016	25 KSEK
JOHN CLAES PULP NV	821820919	31.12.2016
EKMAN ITALIA S.R.L.	MI763124	31.12.2016	€762,340
EKMAN DENMARK APS	34469350	31.12.2016
EKMAN BENELUX SA	472303985	31.12.2016
AKTIEBOLAGET JAN LIEBIG LTD	5561951525	31.12.2016
SCANDINAVIAN OVERSEAS PAPER CO, AKTIEBOLAG	5562314004	31.12.2016	7,242 KSEK
LEJE & THURNE AKTIEBOLAG	5560218538	31.12.2016
PERCY VON SCHOULTZ & CO AKTIEBOLAG	5560501727	31.12.2016
EKMAN PULP AB	5560135047	31.12.2016
DELTHIRNA SHIPPING AB	5560257510	31.12.2016
EKMAN RECYCLING EUROPE AB	5560397142	31.12.2016
AKTIEBOLAGET JAN LIEBIG INTERNATIONAL	5562148857	31.12.2016
FOREST S.R.L. IN LIQUIDAZIONE	MI1712474	31.12.2012	€1
CONSOLIDATED SHIPPING AB	5568190663	31.12.2016
EKMAN IBERICA	26903	31.12.2016	€359,219
EKMAN AG	355880	-
EKMAN & CO. GMBH	HRB 35716	31.12.2015
PPT PULP & PAPER TRADING GMBH	HRB 36102	-

Mortgage Details

Mortgage Type:
Date Charge Created:	22/04/13
Date Charge Registered:	24/04/13
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	HSBC BANK PLC;
Amount Secured:
Details:	N /ANOTIFICATION OF ADDITION TO OR AMENDMENT OF CHARGE.
Mortgage Type:	DEBENTURE
Date Charge Created:	15/12/11
Date Charge Registered:	16/12/11
Date Charge Satisfied:	12/01/17
Status:	SATISFIED
Person(s) Entitled:	HSBC BANK PLC;
Amount Secured:
Details:	FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL, BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY

Mortgage Type:	DEBENTURE
Date Charge Created:	11/07/05
Date Charge Registered:	15/07/05
Date Charge Satisfied:	22/09/12
Status:	SATISFIED
Person(s) Entitled:	STATE BANK OF INDIA
Amount Secured:
Details:	PLANT MACHINERY SECURITIES, DEBTS, INSURANCE, INTANGIBLE PROPERTY ALL OTHER PROPERTY ASSETS AND RIGHTS PRESENT AND FUTURE,SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Mortgage Type:	CHARGE OVER CASH DEPOSIT
Date Charge Created:	11/07/05
Date Charge Registered:	15/07/05
Date Charge Satisfied:	05/07/12
Status:	SATISFIED
Person(s) Entitled:	STATE BANK OF INDIA
Amount Secured:
Details:	THE SUM OF US$100,000 DEPOSITED IN THE ACCOUNT IN THE NAME OF THE COMPANY,SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Previous Director/Company Secretaries

Name	Current Active Appointments			Previous Appointments	Dissolved Companies
Mangilal Baid	0			3	8
Mangilal Baid	0			3	8
WILSON PARTNERS LIMITED	0			4	3
Vibha Chowdhary	0			1	0
BHARDWAJ CORPORATE SERVICES LIMITED	3			4383	16603
Ashok Bhardwaj	2			4653	17135
Total Persons With Significant Control		1	Total Statements			0
Active		1	Active			0
Ceased		0	Ceased			0

Active Persons With Significant Control

Name	Ekman & Co Ab	Kind	Corporate Entity With Significant Control
Address	Lilla Bommen 1, 411 04 Gothenburg	Notified On	06/04/2016
Post Code	-	Legal Form	Limited Company
Authority	Swedish Companies Act 2005	Place Registered	Sweden
Country Registered	Sweden	Registration Number	5560204595
Nature Of Control	Ownership Of Shares 75 To 100 Percent,Voting Rights 75 To 100 Percent,Right To Appoint And Remove Directors

Ceased Persons With Significant Control

No Ceased Persons With Significant Control To Display

Active Statements

No Active Statements To Display

Ceased Statements

No Ceased Statements To Display

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.08
UK Pound	1	INR 89.85
Euro	1	INR 80.16
GBP	1	INR 90.10

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.