MIRA INFORM REPORT

Report Date :

14.04.2008

IDENTIFICATION DETAILS

Name :	K.T.C. (EDIBLES) LIMITED
Registered Office :	Js Hse Moorcroft Dr, Moorcroft Pk, Wednesbury, W Mids
Country :	United Kingdom
Financials (as on) :	31.12.2006
Date of Incorporation :	29.06.1979
Com. Reg. No.:	01433723
Legal Form :	Private Limited Liability Company (GB)
Line of Business :	Foodstuff distributors. The Company sells edible oils and fats to its customer base within the U K market and overseas

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

Maximum Credit Limit :	GBP 137,100
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

Company Identification Details

Subject Reported on	K.T.C. (EDIBLES) LIMITED
Trading Address	J S Ho,Moorcroft Dri,WEDNESBURY,WS10 7DE
Telephone	0121-505-9200

	Average Risk - This company has an average risk status and should be treated with a degree of caution
Credit Limit	GBP 137,100
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	GBP 2,029,500
	Buying from this company? The Contract Limit is the recommended aggregate annual value for supply contracts.

Official Company Data

Legal Form	Private Limited Liability Company (GB)
Registration Number	01433723
Date of Incorporation	29/06/1979
Registered Office	Js Hse Moorcroft Dr, Moorcroft Pk, Wednesbury, W Mids
Date of Last Annual Return to Registry	21/03/2008
Activities	Foodstuff distributors. The Company sells edible oils and fats to its customer base within the U K market and overseas
Accounts	The last filed accounts cover the period to 31/12/2006 and were filed on 22/10/2007

Details of the most recent documents

Date Received	Description
21/03/2008	Annual Return
31/12/2006	Financial Statement / Set of Accounts

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Known Directors

DIRECTOR	SANTOKH SINGH KHERA
	(One or more of this director's other companies has adverse information related to it)
Occupation	DIRECTOR
Address	17, JESSON ROAD , WALSALL , WS1 3AY
Country of Origin	BRITISH
Date of Birth	10/06/1948
Appointment Date	21/03/1991
Other Appointments	21STCENTURY DRINKS LIMITED, BABLAKE HOUSE LIMITED, JAMMIN' (UK) LIMITED, K.T.C. (EDIBLES) LIMITED, OPENTHORPE ENGINEERING LIMITED, PRIMEGREEN PROPERTIES LIMITED
DIRECTOR	SUKHJINDER SINGH KHERA
	(One or more of this director's other companies has adverse information related to it)
Occupation	COMPANY DIRECTOR
Address	18, GORWAY ROAD , WALSALL , WS1 3BG
Country of Origin	BRITISH
Date of Birth	05/06/1950
Appointment Date	23/09/1993
Other Appointments	21STCENTURY DRINKS LIMITED, BABLAKE HOUSE LIMITED, GM DRUMWORKS LIMITED, JAMMIN' (UK) LIMITED, K.T.C. (EDIBLES) LIMITED, PIQUANT LIMITED, PRIMEGREEN PROPERTIES LIMITED, RAM KATHA VEDIC FESTIVAL , SEA ISLE LIMITED, THE WALSALL HEALTH EDUCATION TRUST
DIRECTOR	MICHAEL WILLIAM BALDREY
Occupation	DIRECTOR
Address	THE WHITE HOUSE , BURCOT , BROMSGROVE , WORCS , B60 1PH
Country of Origin	BRITISH
Date of Birth	13/03/1947
Appointment Date	21/03/1991
Other Appointments	HEWELL GRANGE TENNIS COURT CLUB LIMITED, JAMMIN' (UK) LIMITED, K.T.C. (EDIBLES) LIMITED MARTIN GRAHAM BOOTH
DIRECTOR
Occupation	DIRECTOR
Address	THE ROWANS 2, PADGBURY CLOSE , CONGLETON , CHESHIRE , CW12 4JU
Country of Origin	BRITISH
Date of Birth	30/01/1958
Appointment Date	01/07/1999
Other Appointments	K.T.C. (EDIBLES) LIMITED
DIRECTOR	JERNAIL SINGH
Occupation	DIRECTOR
Address	16, GORWAY ROAD , WALSALL , WS1 3BG
Country of Origin	INDIAN
Date of Birth	15/09/1928
Appointment Date	21/03/1991
Other Appointments	K.T.C. (EDIBLES) LIMITED
SECRETARY	BHIMA GODHANIA
Address	5 DON CLOSE, EDGBASTON , BIRMINGHAM , B15 3PN
Country of Origin	BRITISH
Date of Birth	20/12/1951
Appointment Date	21/03/1991

Recently Resigned Directors (last 3)

DIRECTOR	DAVID MICHAEL GREENWELL
Address	54 , CRESTBROOKE , NORTHALLERTON , NORTH YORKSHIRE , - -
Date of Birth	05/12/1961
Resignation Date	30/04/2001

Public Record Information

Summary of CCJ's/Scottish Decrees

There are 0 exact unsatisfied CCJs totalling GBP 0 in the last 72 months

Details of most recent CCJ's/Scottish Decrees

12/08/2005, a Judgment of "GBP" 347 was "Satisfied" in LIVERPOOL court (Case No. 5LV41030 ) against K T C (Edibles) Ltd, R/o Js Ho, Moorcroft Dr, Wednesbury, West Midlands, WS10 7DE

Operations

Activities	Foodstuff distributors. The Company sells edible oils and fats to its customer base within the U K market and overseas
Sic Code	Description
5133	Wholesale of dairy produce, eggs and edible oils and fats
5138	Wholesale of other food including fish, crustaceans and molluscs
Staff Employed	160
Auditors	Whitehouse Wolverson Armston Cox
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.
Bankers	Barclays Bank Plc
Sort Codes	209008
Bankers	HSBC Bank PLC
Sort Codes	404211
Bankers	HSBC Bank PLC
Sort Codes	404613

Financial Data

Profit and Loss

Number of Weeks	52	52	52	52
Accounts Date	31/12/2006	31/12/2005	31/12/2004	31/12/2003
Currency	GBP	GBP	GBP	GBP
Units	units	units	units	units
Consolidated?	No	No	No	No
SALES	86,753,602	71,689,444	64,219,234	58,564,403
Export Sales	3,043,302	2,567,946	2,403,299	2,012,943
Change in stocks of finished goods & in work in progress	-663,112	-1,538,691	307,847	-618,959
Raw materials, consumables	71,011,467	58,789,015	51,461,309	48,738,630
Subcontractors and other external costs	5,883,237	4,373,440	3,557,931	3,010,742
Cost of Goods Sold	76,231,592	61,623,764	55,327,087	51,130,413
GROSS PROFIT	10,522,010	10,065,680	8,892,147	7,433,990
Wages and Salaries	2,637,643	3,099,691	2,815,482	2,163,335
Depreciation	750,863	678,172	682,390	454,658
Other operating charges	5,834,874	5,214,964	4,173,529	3,617,518
Net Operating Profit(Loss)	1,298,630	1,072,853	1,220,746	1,198,479
Total Non Trading Income	0	0	0	0
Interest expenses & similar (-)	826,532	754,169	714,305	608,117
Financial Expenses	826,532	754,169	714,305	608,117
PRE TAX PROFIT	472,098	318,684	506,441	590,362
Other Taxation	74,966	37,764	0	184,867
Taxation	104,873	82,843	175,319	521
PROFIT AFTER TAX	292,259	198,077	331,122	404,974
Net Profit	292,259	198,077	331,122	404,974
Dividends Payable	71,640	20,751	0	0
RETAINED PROFITS	220,619	177,326	331,122	404,974

Balance Sheet

Number of Weeks	52	52	52	52
Accounts Date	31/12/2006	31/12/2005	31/12/2004	31/12/2003
Currency	GBP	GBP	GBP	GBP
Units	units	units	units	units
Consolidated?	No	No	No	No
TOTAL FIXED ASSETS	11,315,626	10,679,852	10,739,419	10,560,919
Land & buildings	7,848,476	7,901,876	7,955,276	7,990,173
Plant, machinery & equipment	3,047,150	2,357,976	2,364,143	2,487,998
Intermediate Assets	420,000	420,000	420,000	81,623
TOTAL CURRENT ASSETS	21,043,565	18,191,131	15,662,445	14,216,016
Stocks	5,067,227	5,166,985	3,906,705	3,564,703
Trade Debtors	15,013,129	12,590,030	11,400,290	10,242,124
Other Receivables	331,323	219,580	131,746	184,280
Prepaid expenses	329,424	211,736	221,240	222,859
Group Loans	173,091	-	-	-
Cash	128,433	2,050	2,050	2,050
Tax Recoverable	938	750	414	-
TOTAL ASSETS	32,359,191	28,870,983	26,401,864	24,776,935
TOTAL CURRENT LIABILITIES	23,802,900	20,713,463	18,287,607	17,333,091
Trade Creditors	9,401,340	8,343,344	6,833,446	6,375,455
Bank Overdraft	13,509,779	11,857,664	10,949,868	10,405,121
Taxes	232,526	149,358	84,629	56,263
Due From Group	182,842	-	-	-
Hire Purchase	213,620	121,273	146,731	159,626
Accruals & deferred income	262,793	241,824	272,933	336,176
WORKING CAPITAL	-2,759,335	-2,522,332	-2,625,162	-3,117,075
TOTAL LONG TERM LIABS	2,467,690	2,289,538	2,423,601	2,422,687
Taxation	869,653	794,687	757,444	582,461
Mortgages and loans	1,293,731	1,418,739	1,558,328	1,650,000
Total Hire Purchase / Leasing	304,306	76,112	107,829	190,226
NET ASSETS/(LIABILITIES)	8,556,291	8,157,520	8,114,257	7,443,844
SHARE CAPITAL + RESERVES	6,088,601	5,867,982	5,690,656	5,021,157
Issued Share Capital	200,000	200,000	200,000	200,000
Reserves	2,855,945	2,855,945	2,855,945	2,517,568
Profit and Loss account	3,032,656	2,812,037	2,634,711	2,303,589
SHAREHOLDERS FUNDS	6,088,601	5,867,982	5,690,656	5,021,157
CAPITAL EMPLOYED	8,556,291	8,157,520	8,114,257	7,443,844
TANGIBLE NET WORTH	6,088,601	5,867,982	5,690,656	5,020,032

Key Credit Ratios

Accounts Date	31/12/2006	31/12/2005	31/12/2004	31/12/2003
Current Ratio	0.88	0.88	0.86	0.82
Profit Before Tax	0.01	0.00	0.01	0.01
Creditors Days (D.P.O)	45.01	49.42	45.08	45.51
Quick Ratio	0.67	0.63	0.64	0.61
Return on Assets	1.48	1.12	1.95	2.39
T.N.W/Total Assets	0.19	0.20	0.22	0.20
Return on Capital	5.52	3.91	6.24	7.93
Working Capital/Sales	0.00	0.00	0.00	0.00
Equity Gearing	0.07	0.07	0.08	0.09
Stock Turnover	0.00	0.00	0.00	0.00
Solvency (%)	431.47	392.01	363.95	393.54

Financial Summary

Turnover	Turnover increased by more than 21% in the period. Turnover totalled GBP 86,753,602,units for the period.
Operating Profit	Totalled GBP 1,298,630,units In the period prior a profit of GBP 1,072,853,units was achieved.
Pre Tax	The subject made a profit of GBP 472,098,units compared with a profit of GBP 318,684,units in the previous period.
Working Capital	The company's working capital deficiency increased in the period and now stands at GBP 2,759,335,units
Tangible Net Worth	Net worth increased by 220,619 during the period and now stands at GBP 6,088,601,units
Fixed Assets	The subjects fixed assets increased during the period by GBP 635,774 to GBP 10,895,626,units and are now 34% of total assets compared with 36% in the previous period
Long Term Liabilities	The company's long term liabilities increased during the period by 8% and are now 41% of net worth compared with 39% in the previous period
Long Term Liabilities	Long term liabilities are now 8% of total assets compared with 8% in the previous period

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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%)

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