Jorin Limited – CASE STUDY – RBS’s exemplary support enables UK firm to capitalise on breakthrough export opportunity

UK Export Finance (UKEF)’s Bond Support Scheme, launched in 2011, is designed to give the country’s export community access to essential working capital. Jorin Ltd is an RBS customer that has secured a guarantee under the scheme.



  •  RBS’s detailed understanding of UKEF’s Bond Support Scheme helps export-focused Jorin Limited fund a vital oil and gas contract in Egypt.
  • Working to tight deadlines, the RBS team helps Jorin secure an 80% guarantee under the Bond Support Scheme, freeing up over GBP 67,000 in working capital.
  • Using its unique technology and intellectual property, Jorin is now focusing on winning new export business in the USA, Russia, India, China and the Middle East.

“Around 80% of our business comes from overseas and we are committed to winning even more export orders. This contract gave us a make-or-break opportunity to prove our credentials in the Egyptian market, which is rich with opportunities. If RBS hadn’t helped us secure a guarantee under the UKEF Bond Support Scheme, we could not have accepted the order. It’s as simple as that.”

This assessment comes from John Roth, Chairman of Jorin Limited, a Leicestershire based firm that has emerged as a market leader in providing online water quality monitoring services for a growing list of bluechip clients across the international oil and gas industry. Established in 1998, Jorin has developed a winning reputation based on its unique ViPA Visual Process Analyser, which uses a video microscope in an assembly comprising a video camera and lens plus a light source to examine a liquid’s particular content. ViPA is primarily used to monitor pollutants in water that is produced,
injected or discharged by onshore and offshore oil and gas installations. It is also used to monitor sea water quality and to control the oily water separation process. “There are plenty of operators who can monitor these pollutants. But,  crucially, Jorin is the only operator capable of identifying and profiling them,” notes John.

As demand for Jorin’s widely respected expertise increases, the business is actively seeking business in the USA, Russia, India, China and the Middle East with the help of initiatives such as the Bond Support Scheme.

Managed by UK Export Finance (UKEF), previously the Export Credits Guarantee Department, the Bond Support Scheme was introduced to help exporters raise contract bonds – such as performance bonds – as well as advanced payment guarantees (APGs). UKEF guarantees up to 80% for APGs and, for performance bonds, up to 50% of the value of a bond issued in favour of an overseas buyer.

Putting the Bond Support Scheme’s launch into context, Ian Fletcher, International Manager, T ransaction Services UK, RBS, says: “The initiative was launched at a critical time. While a growing number of UK businesses recognise that exporting to the world’s emerging markets offers the best hope for economic recovery, many of them have found it increasingly difficult to source the working funds to capitalise on overseas opportunities. At a time when UK banks have become increasingly risk averse, the scheme offers exporters very real benefits. Jorin is the first RBS client to secure a guarantee under the Bond Support Scheme and it is important that more people in the UK export community learn about how effective the UKEF support schemes are.”

Explaining the background to this milestone deal, John Roth comments: “As an exportfocused SME, we are an unusual bank customer – and this was an unusual contract. It involved manufacturing and supplying an oxygen and water-in-oil analyser, incorporating our ViPA technology, to Enppi, which is part of the Egyptian General Petroleum Corporation group. The contract was worth GBP 210,000 with a healthy profit margin. But the catch was that Enppi asked us to issue them with APGs covering 40% of the contract’s total value to protect them in case we failed to deliver. This meant that we would not have had sufficient working capital to manufacture the equipment covered by the contract before we shipped the final product.

“We had never before come across this situation so we called on Mike Millington, our relationship manager at RBS. In turn, Mike called on Ian Fletcher and they visited us within days to discuss our options and suggested that we consider the UKEF Bond Support Scheme.”

Working closely with Jorin’s in-house team to very tight deadlines, Ian and his colleagues helped submit a successful application to UKEF for an 80% guarantee under the Bond Support Scheme. This enabled RBS to release GBP 67,244 in working capital to Jorin, which was now in a position to accept the order.

Commenting on the speed and quality of RBS’s support, John Roth says: “The team’s professionalism was exemplary. We are a small business with only 15 employees, and it is difficult to keep abreast of developments outside our core area of expertise – including finance. But Mike and Ian responded immediately with the advice we needed and supported us throughout the application process. The fact that RBS was even prepared to give us a ‘yes’ in principle before the final agreement was signed and sealed meant that we could start planning ahead immediately. With contracts as important as this one, time is always of the essence.”

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Topics: Finance
Export Action Plan