MIRA INFORM REPORT

 

 

Report Date :           

06.08.2011

 

IDENTIFICATION DETAILS

 

Name :

VIRANI FOOD PRODUCTS LTD.

 

 

Registered Office :

10-14 Stewarts Road, Finedon Road Ind Est, Wellingborough, NN8 4RJ

 

 

Country :

United Kingdom 

 

 

Financials (as on) :

31.07.2010

 

 

Com. Reg. No.:

01121605

 

 

Date of Incorporation :

06.07.1973

 

 

Legal Form :

Private Parent Company

 

 

Line of Business :

Processing spices and running of flourmill

 

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

 

Status :

Satisfactory

 

 

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

United Kingdom 

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Company name & address 

 

Virani Food Products Ltd.

 

10-14 Stewarts Road

Finedon Road Ind Est

Wellingborough, NN8 4RJ

United Kingdom

 

Tel:       01933230500

Fax:      01933230510

 Web:   www.virani.com

 

 

Synthesis  

 

Employees:                  36

Company Type:            Private Parent

Corporate Family:          2 Companies

Quoted Status:              Non-quoted Company

Incorporation Date:         06-Jul-1973

Auditor:                        Psj Alexander And Co   

Financials in:                 USD (MIllions)

Fiscal Year End:            31-Jul-2010

Reporting Currency:       British Pound Sterling

Annual Sales:               12.6  1

Net Income:                  0.3

Total Assets:                9.5

 

 

Business Description     

 

Processing spices and running of flourmill.

 

Industry

Industry            Food Processing

ANZSIC 2006:    1161 - Grain Mill Product Manufacturing

NACE 2002:      1561 - Manufacture of grain mill products

NAICS 2002:     31121 - Flour Milling and Malt Manufacturing

UK SIC 2003:    1561 - Manufacture of grain mill products

US SIC 1987:    204 - Grain Mill Products

 

Key Executives   

 

Name

Title

Keith Jamieson

Finance Co-Ordinator

Penny Elmer

Sales Co-Ordinator

Nareshbabu Devshi Shah

Secretary

Lionel McLaughlin

Operations Manager

Rachael Kingsnorth

Human Resource Manager

 

 

Financial Summary    

 

FYE: 31-Jul-2010

USD (mil)

Key Figures

 

Current Assets

5.19

Fixed Assets

4.27

Total Liabilities

4.07

Net Worth

5.31

 

Key Ratios

 

Current Ratio

1.27

Acid Test

0.63

 

 

Registered No.(UK): 01121605

 

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6371955

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6385288

 

 

Corporate Overview

 

Location

10-14 Stewarts Road

Finedon Road Ind Est

Wellingborough, NN8 4RJ

Northamptonshire County

United Kingdom

Tel:       01933230500

Fax:      01933230510

Web:    www.virani.com

           


Sales GBP(mil):             8.0

Assets GBP(mil):           6.0

Employees:                   36

Fiscal Year End:            31-Jul-2010

Industry:                        Food Processing

           

Registered Address:

10-14 Stewarts Rd

Finedon Rd Ind Est

Wellingborough, NN8 4RJ

United Kingdom

 

Incorporation Date:         06-Jul-1973

Company Type:             Private Parent

Quoted Status:              Not Quoted

Registered No.(UK):       01121605

Director:                        Ranjan Nareshbabu Shah

 

Contents

·         Industry Codes

·         Business Description

·         Financial Data

·         Key Corporate Relationships

 

 

Industry Codes

 

ANZSIC 2006 Codes:

1140     -          Fruit and Vegetable Processing

1161     -          Grain Mill Product Manufacturing

 

NACE 2002 Codes:

1587     -          Manufacture of condiments and seasonings

1561     -          Manufacture of grain mill products

 

NAICS 2002 Codes:

31194   -          Seasoning and Dressing Manufacturing

31121   -          Flour Milling and Malt Manufacturing

 

US SIC 1987:

2035     -          Pickled Fruits and Vegetables, Vegetable Sauces and Seasonings, and Salad Dressings

204       -          Grain Mill Products

 

UK SIC 2003:

1587     -          Manufacture of condiments and seasonings

1561     -          Manufacture of grain mill products

Business Description

Processing spices and running of flourmill.

 

More Business Descriptions

Food Product Manufacturers

 

 

Financial Data

Financials in:

GBP(mil)

 

Revenue:

8.0

Net Income:

0.2

Assets:

6.0

Current Assets:

3.3

 

Fixed Assets:

2.7

 

Long Term Debt:

0.0

 

Total Liabilities:

2.6

 

Issued Capital:

0.8

 

Working Capital:

0.7

 

Net Worth:

3.4

 

 

 

Date of Financial Data:

31-Jul-2010

 

1 Year Growth

NA

NA

NA

 

Key Corporate Relationships

Auditor:

Psj Alexander And Co

Bank:

Hsbc Bank PLC

 

Auditor:

Psj Alexander And Co

 

Auditor History

Psj Alexander And Co

31-Jul-2010

Psj Alexander And Co

31-Jul-2009

Psj Alexander And Co

31-Jul-2008

Psj Alexander And Co

31-Jul-2007

P S J Alexander And Co

31-Jul-2006

 

 

 

GBP(mil)

Audit Fees:

0.0

Audit Fiscal Year:

07-31-2010

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

Virani Food Products Ltd.


Total Corporate Family Members: 2 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Virani Food Products Ltd.

Parent

Wellingborough

United Kingdom

Food Processing

12.6

36

Virani's Indian Kitchen Ltd.

Subsidiary

Wellingborough

United Kingdom

Food Processing

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Tanoj Jivraj Shah

 

Director

Director/Board Member

 

Ranjan Nareshbabu Shah

 

Director

Director/Board Member

 

Milan Naresh Shah

 

Director

Director/Board Member

 

 

Executives

 

Name

Title

Function

 

Lionel McLaughlin

 

Operations Manager

Operations Executive

 

Nareshbabu Devshi Shah

 

Secretary

Company Secretary

 

Keith Jamieson

 

Finance Co-Ordinator

Finance Executive

 

Rachael Kingsnorth

 

Human Resource Manager

Human Resources Executive

 

Penny Elmer

 

Sales Co-Ordinator

Sales Executive

 

 

 

 


Directors and Shareholders Report

 

Main Office Address:
10-14 Stewarts Road
Wellingborough
United Kingdom NN8 4RJ

Tel: 01933230500
Fax: 01933230510
URL: http://www.virani.com

Annual Return Date: 31 Mar 2011
Total Issued Capital (GBP 000): 750

 

Individual Directors

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Nareshbabu Devshi 
Shah

Current

16 May 1946

16 White Delves, 
Wellingborough, Northamptonshire NN8 5XW

31 Mar 1992

NA

Current:6
Previous:0
Disqualifications:0

 

Milan Naresh 
Shah

Current

29 Jul 1971

10-14 Stewarts Road, Finedon Road Industrial Estate, 
Wellingborough, Northamptonshire NN8 4RJ

01 Jan 1994

NA

Current:9
Previous:2
Disqualifications:0

 

Tanoj Jivraj 
Shah

Current

07 May 1963

10-14 Stewarts Road, Finedon Road Industrial Estate, 
Wellingborough, Northamptonshire NN8 4RJ

01 May 1994

NA

Current:3
Previous:1
Disqualifications:0

 

Ranjan Nareshbabu 
Shah

Current

12 Dec 1944

10-14 Stewarts Rd, Finedon Rd Ind Est, 
Wellingborough, Northamptonshire NN8 4RJ

31 Mar 1992

NA

Current:1
Previous:0
Disqualifications:0

 

Devshi Samat 
Shah

Previous

01 Jan 1920

North South Road, Parle, 
Juhu Scheme, Bombay 56

31 Mar 1992

29 Mar 1999

Current:0
Previous:1
Disqualifications:0

 

Jivraj Samat 
Shah

Previous

25 Dec 1927

North South Road, 
Parle Juhu Scheme, Bombay 56

31 Mar 1992

29 Mar 1999

Current:0
Previous:1
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Directors

 

There are no corporate directors for this company.

 

 

Individual Secretaries

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Nareshbabu Devshi 
Shah

Current

16 May 1946

16 White Delves, 
Wellingborough, Northamptonshire NN8 5XW

31 Mar 1992

NA

Current:6
Previous:0
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Secretaries

 

There are no corporate secretaries for this company.

 

 

Individual Shareholders

 

Name

Share Details 
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Milan Naresh Shah

54807 Ordinary GBP 1.00

Ordinary

54,807

1.00

54,807.00

7.31

Naresh Devesh Shah

37501 Ordinary GBP 1.00

Ordinary

37,501

1.00

37,501.00

5.00

Samat Holdings Ltd

306000 Ordinary GBP 1.00

Ordinary

306,000

1.00

306,000.00

40.80

Tanoj Jivraj Shah

43846 Ordinary GBP 1.00

Ordinary

43,846

1.00

43,846.00

5.85

Virani Food Products Pension Scheme

86704 Ordinary GBP 1.00

Ordinary

86,704

1.00

86,704.00

11.56

 

 

 

 

 

 

 

 

Corporate Shareholders

 

Company Name

Registration Number

Share Details 
(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Virani (UK) Ltd

02863275

221142 Ordinary GBP 1.00

Ordinary

221,142

1.00

221,142.00

29.49

 

 

 

 

Annual Profit & Loss

 

Financials in: USD (mil)          

Except for share items (millions) and per share items (actual units)   

 

 

 

31-Jul-2010

31-Jul-2009

31-Jul-2008

31-Jul-2007

31-Jul-2006

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.637195

0.636663

0.500129

0.513635

0.560247

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Total Turnover

12.6

-

-

9.0

7.3

Cost of Sales

9.7

-

-

5.9

5.3

Gross Profit

2.9

-

-

3.0

2.0

Depreciation

0.1

0.1

0.2

0.2

0.2

Other Expenses

2.4

-

-

2.4

2.0

Operating Profit

-

-

-

0.6

-

Other Income

0.0

-

-

0.0

0.3

Interest Paid

0.0

-

-

0.0

0.1

Exceptional Income

0.0

-

-

0.0

0.0

Discontinued Operations

0.0

-

-

-

-

Profit Before Taxes

0.5

-

-

0.6

0.2

Tax Payable / Credit

0.1

-

-

0.2

0.0

Extraordinary Items/Debits

0.0

-

-

0.0

0.0

Dividends

0.0

-

-

0.1

0.1

Profit After Taxes

0.3

-

-

0.3

0.1

Minority Interests (Profit & Loss)

0.0

-

-

0.0

0.0

Audit Fees

0.0

-

-

0.0

0.0

Number of Employees

36

-

-

-

-

Wages

1.1

-

-

-

-

Social Security Costs

0.1

-

-

-

-

Other Pension Costs

0.0

-

-

-

-

Employees Remuneration

1.2

-

-

-

-

Directors Remuneration

0.3

-

-

0.4

0.3

Highest Paid Director

0.1

-

-

-

-

 

spacebar

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Jul-2010

31-Jul-2009

31-Jul-2008

31-Jul-2007

31-Jul-2006

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.638529

0.603191

0.504821

0.492114

0.535604

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Land & Buildings

3.3

-

-

3.9

3.6

Fixtures & Fittings

0.1

-

-

0.0

0.0

Plant & Vehicles

0.3

-

-

0.5

0.5

Total Tangible Fixed Assets

3.7

3.6

4.3

4.4

4.1

Intangible Assets

0.0

0.0

0.0

0.0

0.0

Investments

0.6

0.6

0.7

0.8

0.7

Total Fixed Assets

4.3

4.2

5.0

5.2

4.9

Stocks

2.6

-

-

-

-

Work in Progress

0.0

-

-

-

-

Total Stocks Work In Progress

2.6

2.1

3.6

1.9

1.5

Trade Debtors

2.4

-

-

1.1

0.9

Inter-Company Debtors

0.0

-

-

0.0

0.0

Director Loans

0.0

-

-

-

-

Other Debtors

0.1

-

-

0.1

0.2

Total Debtors

2.5

2.1

1.8

1.3

1.1

Cash and Equivalents

0.1

0.1

0.0

0.0

0.0

Other Current Assets

0.0

0.0

0.0

0.0

0.0

Total Current Assets

5.2

4.3

5.4

3.2

2.6

Total Assets

9.5

8.5

10.4

8.3

7.5

Trade Creditors

2.1

-

-

1.1

1.2

Bank Overdraft

1.6

-

-

0.0

0.2

Inter-Company Creditors

0.0

-

-

-

-

Director Loans (Current Liability)

0.0

-

-

-

-

Hire Purchase (Current Liability)

0.0

-

-

0.0

-

Finance Lease (Current Liability)

0.0

-

-

0.0

-

Total Finance Lease/Hire Purchase (Current Liability)

0.0

-

-

0.0

0.0

Total Short Term Loans

0.0

-

-

-

-

Accruals/Deferred Income (Current Liability)

0.2

-

-

-

-

Social Security/VAT

0.0

-

-

0.2

0.1

Corporation Tax

0.1

-

-

-

-

Dividends (Current Liability)

0.0

-

-

-

-

Other Current Liabilities

0.0

3.0

3.0

0.1

0.1

Total Current Liabilities

4.1

3.0

3.0

1.5

1.5

Group Loans (Long Term Liability)

0.0

-

-

0.0

0.0

Director Loans (Long Term Liability)

0.0

-

-

0.0

0.0

Hire Purchase (Long Term Liability)

0.0

-

-

0.0

0.0

Leasing (Long Term Liability)

0.0

-

-

0.0

0.0

Total Hire Purchase Loans (Long Term Liability)

0.0

-

-

0.0

0.0

Other Long Term Loans

0.0

-

-

0.0

0.0

Accruals/Deferred Income (Long Term Liability)

0.0

-

-

0.0

0.0

Other Long Term Liabilities

0.0

0.2

0.4

0.0

0.0

Total Long Term Liabilities

0.0

0.2

0.4

0.0

0.0

Deferred Taxation

0.1

-

-

0.1

0.1

Other Provisions

0.0

0.1

0.1

0.0

0.0

Total Provisions

0.1

0.1

0.1

0.1

0.1

Issued Capital

1.2

1.2

1.5

1.5

1.4

Share Premium Accounts

0.2

0.2

0.2

0.2

0.2

Revaluation Reserve

2.6

2.7

3.3

3.3

3.1

Retained Earnings

1.3

1.1

1.8

1.6

1.2

Other Reserves

0.1

0.1

0.1

0.1

0.1

Minority Interests (Balance Sheet)

0.0

0.0

0.0

0.0

0.0

Total Shareholders Funds

5.3

5.3

6.9

6.7

5.9

Net Worth

5.3

5.3

6.9

6.7

5.9

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-Jul-2010

31-Jul-2009

31-Jul-2008

31-Jul-2007

31-Jul-2006

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate (Period Average)

0.637195

0.636663

0.500129

0.513635

0.560247

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Net Cash Flow From Operating Activities

0.2

-

-

-

-

Net Cash Flow from ROI and Servicing of Finance

0.0

-

-

-

-

Taxation

0.1

-

-

-

-

Capital Expenditures

-0.4

-

-

-

-

Acquisitions and Disposals

0.0

-

-

-

-

Paid Up Equity

0.0

-

-

-

-

Management of Liquid Resources

0.0

-

-

-

-

Net Cash Flow From Financing

0.2

-

-

-

-

Increase in Cash

0.0

-

-

-

-

 

Annual Ratios

 

Financials in: USD (mil)

 

 

 

31-Jul-2010

31-Jul-2009

31-Jul-2008

31-Jul-2007

31-Jul-2006

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

GBP

GBP

GBP

GBP

GBP

Exchange Rate

0.638529

0.603191

0.504821

0.492114

0.535604

Consolidated

No

No

No

No

No

 

 

 

 

 

 

Current Ratio

1.27

1.44

1.78

2.12

1.74

Liquidity Ratio

0.63

0.73

0.59

0.85

0.72

Stock Turnover

4.81

-

-

4.94

4.98

Credit Period (Days)

69.24

-

-

43.25

43.80

Working Capital by Sales

8.89%

-

-

17.79%

14.56%

Trade Credit by Debtors

0.88

-

-

1.02

1.28

Return on Capital

8.44%

-

-

8.96%

3.49%

Return on Assets

4.81%

-

-

7.36%

2.79%

Profit Margin

3.62%

-

-

6.54%

2.75%

Return on Shareholders Funds

8.56%

-

-

9.09%

3.53%

Borrowing Ratio

30.99%

-

-

0.45%

3.02%

Equity Gearing

56.16%

62.49%

66.12%

80.95%

79.05%

Debt Gearing

-

-

-

-

0.12%

Interest Coverage

11.87

-

-

22.34

1.76

Sales by Tangible Assets

3.41

-

-

2.13

1.83

Average Remuneration per Employee

0.0

-

-

-

-

Profit per Employee

0.0

-

-

-

-

Sales per Employee

0.3

-

-

-

-

Capital Employed per Employee

0.1

-

-

-

-

Tangible Assets per Employee

0.1

-

-

-

-

Total Assets per Employee

0.3

-

-

-

-

Employee Remuneration by Sales

9.42%

-

-

-

-

Creditor Days (Cost of Sales Based)

79.00

-

-

66.61

77.12

Creditor Days (Sales Based)

60.93

-

-

44.04

55.86

 

 

 

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.