3decades

MIRA INFORM REPORT

Report No. :	512590
Report Date :	31.05.2018

IDENTIFICATION DETAILS

Name :	BRITISH STEEL LIMITED

Formerly Known As :	LONGS STEEL UK LIMITED

Registered Office :	Administration Building Brigg Road Scunthorpe Dn16 1bp

Country :	United Kingdom

Financials (as on) :	31.03.2017

Date of Incorporation :	13.02.2015

Com. Reg. No.:	09438207

Legal Form :	Private limited with Share Capital

Line of Business :	Subject is engaged in manufacture of basic iron and steel and of ferro-alloys.

No. of Employees :	4209

RATING & COMMENTS

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

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

United Kingdom

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

Company Name :BRITISH STEEL LIMITED

Company No :09438207

Company Status: Active - Accounts Filed

Registered Address: ADMINISTRATION BUILDINGBRIGG ROADSCUNTHORPEDN16 1BP

Company Summary

Registered Address ADMINISTRATION BUILDING
BRIGG ROAD
SCUNTHORPE
DN16 1BP

Trading Address Administration Building
Brigg Road
Scunthorpe
North Lincolnshire DN16 1BP
DN16 1BP

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

Telephone Number 01724404040

Fax Number

TPS No

FPS Yes

Incorporation Date 13/02/2015

Previous Name LONGS STEEL UK LIMITED

Type Private limited with Share Capital

FTSE Index -

Date of Change 01/06/2016

Filing Date of Accounts 23/11/2017

Currency GBP

Share Capital £1

SIC07 24100

Charity Number -

SIC07 Description MANUFACTURE OF BASIC IRON AND STEEL AND OF FERRO-ALLOYS

Principal Activity The manufacture and sale of steel throughout the world.

Additional Information

CCJ's 0 (£0)

No CCJ Information To Display

Ultimate Holding Company OLYMPUS STEEL 2 LTD

Accountant -

Mortgages 6

Group 7 companies

Linkages 396 companies

Countries In 47 countries

Key Financials

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

31/03/2017 £1,056,662,000 £92,304,000 £37,827,000 4209

31/03/2016 £672,466,000 -£122,072,000 -£122,072,000 4670

- - - - -

Mortgage Summary

Total Mortgage 6

Outstanding 5

Satisfied 1

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 highly 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.

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 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 -	-

Current Directors

Title	Mr	Function	Director
Name	Paul Raymond Martin	Nationality	British
Date of Birth	02/1966	Present Appointments	5
Latest Address	Administration Building Brigg Road, Scunthorpe, North Lincolnshire	Appointment Date	05/08/2015
Post Code	DN16 1BP
Title	Mr	Function	Director
Name	Roland Junck	Nationality	Luxembourger
Date of Birth	11/1955	Present Appointments	3
Latest Address	Administration Building Brigg Road, Scunthorpe, North Lincolnshire	Appointment Date	01/09/2016
Post Code	DN16 1BP

Title	Mr	Function	Director
Name	Gerald Reichmann	Nationality	Austrian
Date of Birth	12/1976	Present Appointments	2
Latest Address	Administration Building Brigg Road, Scunthorpe, North Lincolnshire	Appointment Date	01/11/2017
Post Code	DN16 1BP
Title	Mr	Function	Director
Name	Antonius Wilhelmus Marcus Jozef Deelen	Nationality	Dutch
Date of Birth	10/1965	Present Appointments	1
Latest Address	Administration Building Brigg Road, Scunthorpe, North Lincolnshire	Appointment Date	04/05/2018
Post Code	DN16 1BP

Current Company Secretary

Title	Mr	Function	Company Secretary
Name	Damian Hargreaves	Nationality
Date of Birth	-	Present Appointments	1
Latest Address	Administration Building Brigg Road, Scunthorpe, North Lincolnshire	Appointment Date	18/04/2016
Post Code	DN16 1BP

Top Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
BRITISH STEEL HOLDINGS LIMITED	GBP	1	ORDINARY	1	100

FINANCIALS

Profit & Loss

Date Of Accounts	31/03/17	(%)	31/03/16	(%)	-	(%)	-	(%)	-
Weeks	52	(%)	59	(%)	-	(%)	-	(%)	-
Currency	GBP	(%)	GBP	(%)	-	(%)	-	(%)	-
Consolidated A/cs	N	(%)	N	(%)	-	(%)	-	(%)	-
Turnover	£1,056,662,000	57.1%	£672,466,000	-	-	-	-	-	-
Export	£524,599,000	50.7%	£348,000,000	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	£170,990,000	-0.9%	£172,490,000	-	-	-	-	-	-
Directors Emoluments	£2,000,000	400%	£400,000	-	-	-	-	-	-
Operating Profit	£112,189,000	193.4%	-£120,069,000	-	-	-	-	-	-
Depreciation	-	-	-	-	-	-	-	-	-
Audit Fees	£250,000	208.6%	£81,000	-	-	-	-	-	-
Interest Payments	£21,790,000	987.9%	£2,003,000	-	-	-	-	-	-
Pre Tax Profit	£92,304,000	175.6%	-£122,072,000	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	-
Profit After Tax	£92,304,000	175.6%	-£122,072,000	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	£92,304,000	175.6%	-£122,072,000	-	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/03/17	(%)	31/03/16	(%)	-	(%)	-	(%)	-
Tangible Assets	£60,057,000	-	0	-	-	-	-	-	-
Intangible Assets	0	-	0	-	-	-	-	-	-
Total Fixed Assets	£60,057,000	-	0	-	-	-	-	-	-
Stock	£282,391,000	117.4%	£129,884,000	-	-	-	-	-	-
Trade Debtors	£158,776,000	21.2%	£130,963,000	-	-	-	-	-	-
Cash	£35,047,000	999.9%	£1,233,000	-	-	-	-	-	-
Other Debtors	£119,155,000	74.7%	£68,192,000	-	-	-	-	-	-
Miscellaneous Current Assets	0	-	0	-	-	-	-	-	-
Total Current Assets	£595,369,000	80.3%	£330,272,000	-	-	-	-	-	-
Trade Creditors	£191,976,000	43.7%	£133,574,000	-	-	-	-	-	-
Bank Loans & Overdrafts	£45,770,000	-	0	-	-	-	-	-	-
Other Short Term Finance	£40,817,000	-66.7%	£122,454,000	-	-	-	-	-	-
Miscellaneous Current Liabilities	£57,022,000	-39.7%	£94,544,000	-	-	-	-	-	-
Total Current Liabilities	£335,585,000	-4.3%	£350,572,000	-	-	-	-	-	-
Bank Loans & Overdrafts and LTL	£327,784,000	222.1%	£101,772,000	-	-	-	-	-	-
Other Long Term Finance	£188,036,000	95%	£96,408,000	-	£96,408,000	-	-	-	-
Total Long Term Liabilities	£282,014,000	177.1%	£101,772,000	-	-	-	-	-	-

Capital & Reserves

Date Of Accounts	31/03/17	(%)	31/03/16	(%)	-	(%)	-	(%)	-
Called Up Share Capital	-	-	-	-	-	-	-	-	-
P & L Account Reserve	-£29,768,000	75.6%	-£122,072,000	-	-	-	-	-	-
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£67,595,000	-	-	-	-	-	-	-	-
Shareholder Funds	£37,827,000	131%	-£122,072,000	-	-	-	-	-	-

Other Financial Items

Date Of Accounts	31/03/17	(%)	31/03/16	(%)	-	(%)	-	(%)	-
Net Worth	£37,827,000	131%	-£122,072,000	-	-	-	-	-	-
Working Capital	£259,784,000	999.9%	-£20,300,000	-	-	-	-	-	-
Total Assets	£655,426,000	98.5%	£330,272,000	-	-	-	-	-	-
Total Liabilities	£617,599,000	36.5%	£452,344,000	-	-	-	-	-	-
Net Assets	£37,827,000	131%	-£122,072,000	-	-	-	-	-	-

Cash Flow

Date Of Accounts	31/03/17	(%)	31/03/16	(%)	-	(%)	-	(%)	-
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/03/17	(%)	31/03/16	(%)	-	(%)	-	(%)	-
Contingent Liability	NO	-	NO	-	-	-	-	-	-
Capital Employed	£319,841,000	999.9%	-£20,300,000	-	-	-	-	-	-
Number of Employees	4209	-9.9%	4670	-	-	-	-	-	-
Accountants
Auditors	DELOITTE LLP
Auditor Comments	The audit report contains no adverse comments
Bankers
Bank Branch Code

Ratios

Date Of Accounts	31/03/17	31/03/16	-	-	-
Pre-tax profit margin %	8.74	-18.15	-	-	-
Current ratio	1.77	0.94	-	-	-
Sales/Net Working Capital	4.07	-33.13	-	-	-
Gearing %	866.50	-83.40	-	-	-
Equity in %	5.80	-37	-	-	-
Creditor Days	66.13	82.03	-	-	-
Debtor Days	54.69	80.43	-	-	-
Liquidity/Acid Test	0.93	0.57	-	-	-
Return On Capital Employed %	28.85	601.33	-	-	-
Return On Total Assets Employed %	14.08	-36.96	-	-	-
Current Debt Ratio	8.87	-2.87	-	-	-
Total Debt Ratio	16.32	-3.70	-	-	-
Stock Turnover Ratio %	26.72	19.31	-	-	-
Return on Net Assets Employed %	244.01	100	-	-	-

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
09/05/2018	Payment Data Update Received
09/05/2018	New Board Member Mr A.W. Deelen appointed
01/05/2018	Payment Data Update Received
02/03/2018	Confirmation Statement
04/01/2018	Payment Data Update Received
04/01/2018	Mr M.U. Yilmaz has left the board
28/12/2017	Mr P. Bernscher has left the board
04/12/2017	New Board Member Mr M.U. Yilmaz appointed
02/12/2017	New Accounts Filed
02/12/2017	New Accounts Filed
10/11/2017	Payment Data Update Received
10/11/2017	Mr D.M. Goldstein has left the board
10/11/2017	Mr R.C. Perlhagen has left the board
10/11/2017	Mr N.J. Meyohas has left the board
10/11/2017	Mr M.J. Meyohas has left the board

Previous Company Names

Date	Previous Name
01/06/2016	LONGS STEEL UK LIMITED

Writ Details

No writs found

Statistics

Group	7 companies
Linkages	396 companies
Countries	In 47 countries

Summary

Holding Company	BRITISH STEEL HOLDINGS LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	OLYMPUS STEEL 2 LTD

Group StructureFull

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
OLYMPUS STEEL 2 LTD	N/A	-	-
OLYMPUS STEEL LTD	N/A	-	-
BRITISH STEEL HOLDIN...	10185111	31.03.2017	Y	£990,554,000
BRITISH STEEL LIMITED	09438207	31.03.2017	N	£1,056,662,000
TRANSIT 2017 LIMITED	10820943	-	N
THE STEEL COMPANY...	IE176632	31.03.2017	N
TSP PROJECTS LIMITED	03033290	31.03.2017	N	£29,581,000

Mortgage Details

Mortgage Type:
Date Charge Created:	07/08/17
Date Charge Registered:	15/08/17
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	ING BELGIUM, BRUSSELS, GENEVA BRANCH;
Amount Secured:
Details:	N/ACONTAINS FIXED CHARGE.
Mortgage Type:
Date Charge Created:	28/07/17
Date Charge Registered:	15/08/17
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	ING BELGIUM, BRUSSELS, GENEVA BRANCH;
Amount Secured:
Details:	N/ACONTAINS FIXED CHARGE.

Mortgage Type:
Date Charge Created:	16/08/16
Date Charge Registered:	25/08/16
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	SANTANDER UK PLC AS SECURITY TRUSTEE FOR EACH GROUP MEMBER AS DEFINED IN CHARGE;
Amount Secured:
Details:	CONTAINS FIXED CHARGE.CONTAINS NEGATIVEPLEDGE.
Mortgage Type:
Date Charge Created:	31/05/16
Date Charge Registered:	07/06/16
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	OLYMPUS STEEL LIMITED;
Amount Secured:
Details:	REGISTERED TRADE MARKS AND PATENTS INCLUDING TRADE MARK NO1022213, PLEASE REFERTO SCHEDULE 2 PART 2 OF THE DEBENTURE FOR FURTHER TRADE MARKSCONTAINS FIXED CHARGE.CONTAINS FLOATING CHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.CONTAINS NEGATIVE PLEDGE.

Mortgage Type:
Date Charge Created:	31/05/16
Date Charge Registered:	01/06/16
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	PNC BUSINESS CREDIT A TRADING STYLE OF PNC FINANCIAL SERVICES UK LTD;
Amount Secured:
Details:	INTELLECTUAL PROPERTY REGISTERED IN AUSTRALIA WITH PATENT NUMBER 93558/98. FOR FURTHER DETAILS PLEASE REFER TO THE INSTRUMENT.CONTAINS FIXED CHARGE.CONTAINS FLOATING CHARGE.FLOATING CHARGE COVERS ALLTHE PROPERTY OR UNDERTAKING OF THE COMPANY.CONTAINS NEGATIVE PLEDGE.
Mortgage Type:
Date Charge Created:	28/10/14
Date Charge Registered:	23/09/15
Date Charge Satisfied:	22/06/16
Status:	SATISFIED
Person(s) Entitled:	CITIBANK N.A.,(AND ITS SUCCESSORS IN TITLE AND PERMITTED TRANSFEREES);
Amount Secured:
Details:	TITLE NUMBERS HS304988, HS321955, HS138613, HS203938, HS321926, HS34777CONTAINSFIXED CHARGE.CONTAINS FLOATING CHARGE.FLOATING CHARGE COVERS ALL THE PROPERTY OR UNDERTAKING OF THE COMPANY.CONTAINS NEGATIVE PLEDGE.

Previous Director/Company Secretaries

Name	Current Active Appointments			Previous Appointments	Dissolved Companies
Peter John Hogg	1			4	0
Steven Antony Mason	1			3	0
Torquil John Farquhar	2			2	0
Bimlendra Jha	3			2	0
Stanislaus Antoni Luczynski	0			1	0
Alastair Page	0			1	0
Sharone Vanessa Gidwani	0			1	0
Mesut Ugur Yilmaz	0			1	0
Peter Bernscher	0			3	0
Marc Joseph Meyohas	6			11	5
Nathaniel Jerome Meyohas	2			9	4
Daniel Moshe Goldstein	3			2	3
Richard Cal Perlhagen	4			2	2
Total Persons With Significant Control		1	Total Statements			0
Active		1	Active			0
Ceased		0	Ceased			0

Active Persons With Significant Control

Name	British Steel Holdings Limited	Kind	Corporate Entity With Significant Control
Address	31 Hill Street, London	Notified On	31/05/2016
Post Code	W1J 5LS	Legal Form	Private Limited Company
Authority	English Law	Place Registered	Uk Companies House
Country Registered	England	Registration Number	1018511
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
Average Invoice Value	£1212.48
Invoices available	4385
Paid	3766
Outstanding	619

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	2538	668	348	138	74
Outstanding	531	25	18	11	34

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.62
UK Pound	1	INR 89.70
Euro	1	INR 78.19
GBP	1	INR 89.88

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

INFORMATION DETAILS

Analysis Done by :	NIS

Report Prepared by :	DNS

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.