MIRA INFORM REPORT

Report Date :

06.08.2011

IDENTIFICATION DETAILS

Name :	FREEWORLD TRADING LIMITED

Registered Office :	21 Annandale Street, Edinburgh, Eh7 4aw

Country :	United Kingdom

Financials (as on) :	30.06.2010

Date of Incorporation :	23.03.1995

Com. Reg. No.:	Sc156834

Legal Form :	Private Limited Company

Line of Business :	Traders in agricultural commodities

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	GBP 250,000

Status :	Good

Payment Behaviour :	No Complaints

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^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

United Kingdom

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

Company Identification Details

Subject Reported on	FREEWORLD TRADING LIMITED
Registration Number	SC156834
VAT Number	GB592940018
Address	21 ANNANDALE STREET, EDINBURGH, MIDLOTHIAN, EH7 4AW.
Telephone	0131 557 5600
Email	info@freeworld-trading.co.uk
Web Address	www.freeworld-trading.co.uk

Creditline Recommendations

Monthly Credit Guide

GBP 250,000

Official Company Data

Legal Form	Private Limited
Registration Number	SC156834
VAT Number	GB592940018
Subject Status	Trading
Date of Incorporation	23/03/1995
Registered Office	21 ANNANDALE STREET, EDINBURGH, EH7 4AW.
History	13/09/2007 : The Registered Office address changed from SUITE 3 104 CONSTITUTION STREET, THE CORK HOU.
	1/04/2005 : The Registered Office address changed from SUITE 3 104 CONSTITUTION STREET, THE CORK HOU.
	1/04/2004 : The Registered Office address changed from 33 EAST TRINITY RD, EDINBURGH, EH5 3DL.
	2/07/1996 : The Registered Office address changed from 5 ROYAL CRESCENT, EDINBURGH, EH3 6PZ.
Date of Last Annual Return to Registry	21/03/2011
Accounts	The last filed accounts at Companies House are those to 30/06/2010
Accounting Reference Date	30/06

Operations

Activities	Traders in agricultural commodities.
Nace Code	5121
Premises	Owned,Offices
Staff Employed	14
Import Countries	ALL OVER THE WORLD
Export Countries	ALL OVER THE WORLD
Bankers	ROYAL BANK OF SCOTLAND PLC
Address	EDINBURGH.
Sort Code	830310
Auditors	Cowan & Partners
Branches	OFFICES IN LONDON AND CHINA.
Associated Companies	Freeworld Holdings Ltd

Historical Rating

Date	Monthly Credit Guide
05/08/2011	250,000
05/05/2011	250,000
05/02/2011	247,000
05/11/2010	115,000
05/08/2010	115,000

Previous Searches

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
1	1	1

Search History Details

The Search History Details shows details of the most recent 40 searches

Date	Description
03/08/2011	Miscellaneous
09/01/2010	Other credit granting

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Summary of Mortgages, Charges and Satisfactions

Total Number of Mortgages/Charges Registered	9
Number Outstanding	4
Number Partially Satisfied	0
Number Satisfied	5

Date of Latest Mortgage Created	27/04/2011
Date of Latest Satisfaction	16/02/2010

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	05/05/2011	27/04/2011	Deed Of Charge Over Debtors	MG01S	Barclays Bank Plc
	21/04/2010	01/04/2010	Standard Security	MG01S	Barclays Bank Plc
	31/10/2009	26/10/2009	Floating Charge	MG01S	Barclays Bank Plc
	24/10/2009	05/10/2009	Floating Charge	MG01S	Barclays Bank Plc
12/02/2010	01/08/2008	17/07/2008	Floating Charge	410	Rbs Invoice Finance Limited
16/02/2010	12/03/2005	07/03/2005	Standard Security	410	The Royal Bank Of Scotland Plc
19/01/2010	15/10/2002	27/09/2002	Bond Floating Charge	410	The Royal Bank Of Scotland Plc
14/08/2004	21/07/1998	15/07/1998	Bond Floating Charge	410	Tsb Bank Scotland Plc
29/01/2001	24/07/1995	20/07/1995	Bond Floating Charge	410	The Governor And Company Of The Bank Of Scotland

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

Other Filings and Notices

Date

Source

Description

14/07/2008	Companies House Gazette	Change among directors of a company
26/02/2007	Companies House Gazette	Change among directors of a company
29/04/1999	Companies House Gazette	Change among directors of a company
29/03/1995	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	MANDEEP DAS
Service Address	33 EAST TRINITY ROAD, EDINBURGH, EH5 3DL.
Country of Origin	UNITED KINGDOM
Appointment Date	23/03/1995

Directors

Director	DR SANJOY DAS
Service Address	33 EAST TRINITY ROAD, EDINBURGH, EH5 3DL.
Country of Origin	UNITED KINGDOM
Date of Birth	27/04/1956
Appointment Date	23/03/1995
Other Directorships	FREEWORLD HOLDINGS LIMITED
Financial Controller	HIROSHI KIRIYAMA
Service Address	31 WAGGON ROAD, BRIGHTONS, FALKIRK, STIRLINGSHIRE, FK2 0EL.
Country of Origin	JAPAN
Date of Birth	03/05/1966
Appointment Date	28/11/2006

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	1,000
Principal Shareholder	500 Mandeep Das
	500 Sanjoy Das

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

Financial Data– Statutory Accounts

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	30/06/2010	30/06/2009	30/06/2008	30/06/2007
Currency	GBP	GBP	GBP	GBP
SALES	36863	32747
Cost of goods sold	33889	31109
GROSS PROFIT	2974	1638	1077	1848
Wages and Salaries	526	533	488	433
Directors Emoluments	116	114	154	194
Auditors Fees	7	6	6	7
Trading Profit	1173	743	394	781
Depreciation	1	1	2	4
OPERATING PROFIT	1172	742	392	777
Non Trading Income		28	5
Interest Payable	145	224	161	117
PRE TAX PROFIT	1027	546	236	660
Taxation	288	150	52	196
PROFIT AFTER TAX	739	396	184	464
RETAINED PROFITS	739	396	184	464

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	30/06/2010	30/06/2009	30/06/2008	30/06/2007
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	39	17	5	338
Tangible Assets	39	17	5	338
Fixed Assets	3	4	5	338
Intermediate assets	36	13
TOTAL CURRENT ASSETS	10469	8764	7547	6408
Trade debtors	5232	6004	5043	4031
Stocks	4095	2480	2204	2358
Other Current Assets	1142	280	300	19
Misc Current Assets	46	63	35	7
Cash	1096	217	265	12
TOTAL ASSETS	10508	8781	7552	6746
TOTAL CURRENT LIABILITIES	6682	5752	5371	4983
Trade creditors	3691	3111	2869	2322
Short Term Loans	885	2329	2167	2337
Bank Overdraft	788	52	1668	1440
Bank Loans				120
Other Finance	97	2277	70
Due To Directors			429	777
Other Liabilities	2106	312	335	324
WORKING CAPITAL	3787	3012	2176	1425
TOTAL LONG TERM LIABS	1030	972	519	285
Long Term Loans	1030	972	519	285
Bank Loans				285
Other Finance	424	556	519
Due To Directors	606	416
NET ASSETS/(LIABILITIES)	2796	2057	1662	1478
SHARE CAPITAL + RESERVES	2796	2057	1662	1478
Share Cap + Sundry Res	1	1	1	1
Issued Share Capital	1	1	1	1
Profit and Loss account	2795	2056	1661	1477
SHAREHOLDERS FUNDS	2796	2057	1662	1478
CAPITAL EMPLOYED	3826	3029	2181	1763

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	30/06/2010	30/06/2009	30/06/2008	30/06/2007
Currency	GBP	GBP	GBP	GBP
Net Cashflow from Oper.	593	1868	88	(47)
Increase in Cash	143	1568	25	(426)
Directors Remuneration	116	114	154	194
Auditors Remuneration	7	6	6	7
Liquid Assets	6328	6221	5308	4043
Net Working Capital	3787	3012	2176	1425
Long Term Debt(>12 Months)	1030	972	519	285
Tangible Net Worth(T.N.W)	2796	2057	1662	1478
Equity	2796	2057	1662	1478
Number of Years Trading	15	14	13	12
Number of Employees	14	14	14	15
Profit per Employee	73357.1	39000	16857.1	44000
Sales per Employee	2633071.4	2339071.4

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	30/06/2010	30/06/2009	30/06/2008	30/06/2007
Current Ratio	1.6	1.5	1.4	1.3
Long Term Debt/T.N.W	0.4	0.5	0.3	0.2
Pre Tax Profit Margin%	2.8	1.7
Gross Profit%	8.1	5
Debtors Days (D.S.O)	52	67
Creditors Days (D.P.O)	37	35
Quick Ratio	1	1.1	1	0.8
W.I.P/Inventory Days	44.1	29.1
Return on Investment%	24.9	14.4	9.1	19
Return on Assets%	9.8	6.2	3.1	9.8
T.N.W/Total Assets%	26.6	23.4	22	21.9
Return on Capital%	26.8	18	10.8	37.4
Rtn on Shareholders Funds%	36.7	26.5	14.2	44.7
Working Capital/Sales%	10.3	9.2
Borrowing Ratio%	68.5	160.5	161.6	177.4
Equity Gearing%	36.3	30.6	28.2	28.1
Stock Turnover	9	13.2
Days Purchases Outstanding	39.8	36.5
Sales/Fixed Assets	12287.7	8186.8
Debt Gearing	36.8	47.3	31.2	19.3

Key Industry Sector Trends

Year	2010	2009	2008	2007
Sample Size	869	1045	1083	1085
Pre-Tax Profit Margin	2.6	3.2	2.7	2.4
Current Ratio	1.3	1.3	1.3	1.3
Borrowing Ratio	116.2	67	58.9	87.2
Return on Capital	29.3	28.3	32.1	27.6
Creditors Days	52	42	70	46

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Wholesale of agricultural raw materials and live animals

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 30/06/2010.

Turnover

Turnover has increased by 13 %, a growth of GBP 4,116,000 in the period.

Operating Profit

Totalled GBP 1,172,000. In the year prior a Profit of GBP 742,000 was achieved.

Pre Tax Profit

The subject's profit increased by 88 % in the year.

Working Capital

The company's working capital has increased by 26 % in the period.

Net Worth

Net worth has increased by 36 % and now stands at GBP 2,796,000.

Long Term Liabilities

The company's long term liabilities increased during the period by 5% and are now 37 % of net worth compared with 47 % in the previous period.

Long Term Liabilities

Long term liabilities are now 10 % of total liabilities compared with 11 % in the previous period.

Long Term Liabilities

Long term liabilities are 27 % of capital employed, a decrease of 5 % over the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.80
UK Pound	1	Rs.72.86
Euro	1	Rs.63.11

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.