MIRA INFORM REPORT

Report Date :

28.01.2011

IDENTIFICATION DETAILS

Name :	Baralan International LIMITED

Registered Office :	276 Chase Road, London N14 6HA

Country :	United Kingdom

Financials (as on) :	31.12.2009

Date of Incorporation :	14.12.1983

Com. Reg. No.:	01778028

Legal Form :	Private Limited Company

Line of Business :	Miscellaneous Service Activities.

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 32,500
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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

United Kingdom

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

Company Identification Details

Subject Reported on	BARALAN INTERNATIONAL LIMITED
Registration Number	01778028
Address	276 CHASE ROAD, LONDON, N14 6HA.
Telephone	020 88866000

Creditline Recommendations

Monthly Credit Guide

GBP 32,500

Official Company Data

Legal Form	Private Limited
Registration Number	01778028
Subject Status	Trading
Date of Incorporation	14/12/1983
Registered Office	148 WALTON STREET, LONDON, SW3 2JJ.
Date of Last Annual Return to Registry	11/04/2010
Accounts	The last filed accounts at Companies House are those to 31/12/2009
Accounting Reference Date	31/12

Operations

Activities	General Business Classification: Miscellaneous service activities
Nace Code	9305
Staff Employed	2
Bankers	NATIONAL WESTMINSTER BANK
Auditors	L.H. Newman & Co
Branches	276 CHASE ROAD, LONDON, N14 6HA.

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Other Filings and Notices

Date

Source

Description

13/04/2010	Companies House Gazette	Notification of any change among the company's directors
16/06/2009	Companies House Gazette	Change among directors of a company
31/10/1994	Companies House Gazette	Change among directors of a company
07/12/1988	Companies House Gazette	Documents delivered by a company under section 241 (annual accounts)
04/09/1985	Companies House Gazette	Change in the situation of a company's registered office

Company Secretary

Secretary	LUCIA DALTON
Service Address	48 MAYFIELD AVENUE, SOUTHGATE, LONDON, N14 6DU.
Country of Origin	UNITED KINGDOM
Appointment Date	17/09/1996

Directors

Director	MR ROLAND MORRIS BARANES
Service Address	5 VIA R. MARENCO, MILAN, LOMBARDIA, 20 144.
Country of Origin	ITALY
Date of Birth	25/07/1958
Appointment Date	12/06/2009
Director	MR ROBERT ROY BARANES
Service Address	81 VIA GHIBELLINA, FIRENZE, 50122.
Country of Origin	ITALY
Date of Birth	08/09/1955
Appointment Date	12/06/2009

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	10,000
Principal Shareholder	9,500 Baralan International SPA
	500 Laborplast SRL

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

Holding Company

Baralan International SPA, a company incorporated in ITALY

Financial Data– Statutory Accounts

Profit & Loss Accounts are not available for companies categorised as small companies under the companies act.

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	1	1	2	1
Tangible Assets	1	1	2	1
TOTAL CURRENT ASSETS	197	186	182	153
Trade debtors	41	38	25	46
Other Current Assets	156	148	157	107
Cash	156	148	157	107
TOTAL ASSETS	198	187	184	154
TOTAL CURRENT LIABILITIES	15	19	29	17
Trade creditors	15	19	29	17
WORKING CAPITAL	182	167	153	136
NET ASSETS/(LIABILITIES)	183	168	155	137
SHARE CAPITAL + RESERVES	183	168	155	137
Share Cap + Sundry Res	10	10	10	10
Profit and Loss account	173	158	145	127
SHAREHOLDERS FUNDS	183	168	155	137
CAPITAL EMPLOYED	183	168	155	137

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	GBP	GBP	GBP	GBP
Liquid Assets	197	186	182	153
Net Working Capital	182	167	153	136
Tangible Net Worth(T.N.W)	183	168	155	137
Equity	183	168	155	137
Number of Years Trading	26	25	24	23

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Current Ratio	13.1	9.8	6.3	9
Quick Ratio	13.1	9.8	6.3	9
T.N.W/Total Assets%	92.4	89.8	84.2	89
Equity Gearing%	1220	884.2	534.5	805.9

Key Industry Sector Trends

Year	2010	2009	2008	2007
Sample Size	25453	53312	51763	48463
Pre-Tax Profit Margin	12.2	10.7	12.9	12.7
Current Ratio	1.6	1.5	1.5	1.5
Borrowing Ratio	7.3	(0.8)	7.2	9.5
Return on Capital	70.4	61.9	64.7	63.1
Creditors Days	69	119	94	114

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Other service activities

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2009.

No Turnover

The company's balance sheet total is less than GBP 2,800,001 and therefore this is a small company as defined by the Companies Act.It is not required to disclose turnover but it is likely to be less than GBP 5,600,000.

No Pre-Tax Profit

The Company is exempt from the requirement to file a Profit Loss Account. We note that the difference on the Profit and Loss Account shown on the Balance Sheet is GBP 15,000 increase. This suggests that the Company may have made a post-tax profit of GBP 15,000.

Working Capital

The subject's working capital has improved by 15,000 in the period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.57
UK Pound	1	Rs.72.50
Euro	1	Rs.62.46

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 Company	----

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.