MIRA INFORM REPORT

Report Date :

14.07.2011

IDENTIFICATION DETAILS

Name :	VINCOM COMMODITIES LIMITED
Registered Office :	3rd Floor 104 New Bond Street, London, W1S 1SU.
Country :	United Kingdom
Financials (as on) :	31.03.2010
Date of Incorporation :	02.03.2004
Com. Reg. No.:	05060421
Legal Form :	Private Limited
Line of Business :	The purchase and sale of metals.

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 118,000
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 31^st, 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

Company Identification Details

Subject Reported on	VINCOM COMMODITIES LIMITED
Registration Number	05060421
VAT Number	GB858956257
Address	104 NEW BOND STREET, LONDON, W1S 1SU.
Telephone	020 7493 9790
Facsimile	020 7493 9818
Email	info@vincomuk.com
Web Address	www.vincomuk.com

Creditline Recommendations

Monthly Credit Guide

GBP 118,000

Official Company Data

Legal Form	Private Limited
Registration Number	05060421
VAT Number	GB858956257
Subject Status	Trading
Date of Incorporation	02/03/2004
Registered Office	3RD FLOOR 104 NEW BOND STREET, LONDON, W1S 1SU.
History	22/06/2011 : The Registered Office address changed from 84 CARR ROAD, NORTHOLT, MIDDLESEX, UB5 4RD, U.
	Previously located at 3 CARLOS PLACE, LONDON, W1K 3AN.
Date of Last Annual Return to Registry	15/02/2011
Accounts	The last filed accounts at Companies House are those to 31/03/2010
Accounting Reference Date	31/03

Operations

Activities	The purchase and sale of metals.
Nace Code	5152
Premises	Rented,Offices
Staff Employed	3
Import Countries	ALL OVER THE WORLD
Export Countries	ALL OVER THE WORLD
Bankers	BARCLAYS BANK PLC
Address	LONDON.
Sort Code	209900
Auditors	Shea & Co Ltd

Previous Searches

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
0	0	0

Search History Details

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

Date	Description
23/02/2010	Miscellaneous

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	6
Number Outstanding	2
Number Partially Satisfied	0
Number Satisfied	4
Date of Latest Mortgage Created	02/03/2011
Date of Latest Satisfaction	25/02/2011

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	05/03/2011	02/03/2011	Charge Over Credit Balance	MG01	Israel Discount Bank Limited
	26/01/2011	10/01/2011	Trade Finance Security Agreement	MG01	Israel Discount Bank Limited
03/06/2010	01/02/2010	27/01/2010	Debenture	MG01	Bank Hapoalim B.M.
25/02/2011	26/11/2005	23/11/2005	First Party Charge Over Credit Balances	395	Bank Leumi (Uk) Plc
25/02/2011	26/11/2005	23/11/2005	Debenture	395	Bank Leumi (Uk) Plc
17/11/2010	02/04/2005	29/03/2005	General Charge Of Receivables And Contract Rights	395	Absa Bank Limited

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

20/04/2011	Companies House Gazette	Notification of any change among the company's directors
14/03/2008	Companies House Gazette	Alteration in memorandum or articles of association
19/08/2006	Companies House Gazette	Change among directors of a company
16/05/2006	Companies House Gazette	Alteration in memorandum or articles of association
08/04/2005	Companies House Gazette	Alteration in memorandum or articles of association
09/03/2005	Companies House	Notice of striking-off action discontinued
12/02/2005	Companies House Gazette	Change among directors of a company
12/01/2005	Companies House	First notification of strike-off action in London Gazette (section 652)
11/01/2005	Companies House Gazette	First notice from Companies House to dissolve company in 3 months
08/03/2004	Companies House Gazette	Change among directors of a company
02/03/2004	Companies House	Miscellaneous Document

Company Secretary

Secretary	MR ANIL KUMAR
Service Address	54 PORTMAN TOWERS, 95 GEORGE STREET, LONDON, W1H 7HW.
Country of Origin	INDIA
Date of Birth	01/02/1961
Appointment Date	08/04/2004
Other Directorships	"R" HOUSE CHINA & GLASS LIMITED, RANKON LIMITED, RANSAT CERAMICS LIMITED, VINCOM SPECIAL ALLOYS LTD, VINCOM SPECIAL METALS LTD, YPO EUROPE ONE LTD

Directors

Director	MR ANIL KUMAR
Service Address	54 PORTMAN TOWERS, 95 GEORGE STREET, LONDON, W1H 7HW.
Country of Origin	INDIA
Date of Birth	01/02/1961
Appointment Date	08/04/2004
Other Directorships	"R" HOUSE CHINA & GLASS LIMITED, RANKON LIMITED, RANSAT CERAMICS LIMITED, VINCOM SPECIAL ALLOYS LTD, VINCOM SPECIAL METALS LTD, YPO EUROPE ONE LTD

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	7,500
Principal Shareholder	7,500 Verus Crown Trent Ltd

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

Holding Company	Verus Crown Trent Ltd, a company incorporated in JERSEY
Ultimate Parent	BIO-VERUS HOLDINGS LTD, a company incorporated in BRITISH VIRGIN ISLANDS

Financial Data– Statutory Accounts

For annual accounts images, view the

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Currency	GBP	GBP	GBP	GBP
SALES	223000	128590	76003	21910
Export			76003	21910
Cost of goods sold	218995	125890	74454	21283
GROSS PROFIT	4005	2700	1549	627
Wages and Salaries	38	36	6
Directors Emoluments	12	12	2
Auditors Fees	8	9	7	6
Trading Profit	1335	622	498	383
Depreciation	4	4
OPERATING PROFIT	1331	618	498	383
Non Trading Income	(1121)	32		(53)
Interest Payable	165	448	384	342
PRE TAX PROFIT	45	202	114	(12)
Taxation	11
PROFIT AFTER TAX	34	202	114	(12)
RETAINED PROFITS	34	202	114	(12)

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	4	8
Tangible Assets	4	8
Fixed Assets	4	8
TOTAL CURRENT ASSETS	17227	13950	9190	6055
Trade debtors	16274	13861	7981	6052
Other Current Assets	953	89	1209	3
Misc Current Assets	19	32	1208
Due From Group	61	56
Cash	873	1	1	3
TOTAL ASSETS	17231	13958	9190	6055
TOTAL CURRENT LIABILITIES	11909	8671	4105	5259
Trade creditors	7401	4119	1861	1421
Short Term Loans	3077	3769	1892	3816
Bank Overdraft	2628	3456	1652	3816
Due To Group	444	312	240
Due To Directors	5	1
Other Liabilities	1431	783	352	22
WORKING CAPITAL	5318	5279	5085	796
NET ASSETS/(LIABILITIES)	5322	5287	5085	796
SHARE CAPITAL + RESERVES	5322	5287	5085	796
Share Cap + Sundry Res	5000	5000	5000	825
Issued Share Capital	5000	5000	5000	825
Profit and Loss account	322	287	85	(29)
SHAREHOLDERS FUNDS	5322	5287	5085	796
CAPITAL EMPLOYED	5322	5287	5085	796

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Currency	GBP	GBP	GBP	GBP
Net Cashflow from Oper.	2	(1)	(2)	(1106)
Increase in Cash	2	(2)	2	(1501)
Directors Remuneration	12	12	2
Auditors Remuneration	8	9	7	6
Liquid Assets	17147	13862	7982	6055
Net Working Capital	5318	5279	5085	796
Tangible Net Worth(T.N.W)	5322	5287	5085	796
Equity	5322	5287	5085	796
Number of Years Trading	6	5	4	3
Number of Employees	3	3
Profit per Employee	15000	67333.3
Sales per Employee	74333333.3	42863333.3

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Current Ratio	1.4	1.6	2.2	1.2
Pre Tax Profit Margin%		0.2	0.1	(0.1)
Gross Profit%	1.8	2.1	2	2.9
Debtors Days (D.S.O)	27	39	38	101
Creditors Days (D.P.O)	12	12	9	24
Quick Ratio	1.4	1.6	2.2	1.2
Return on Investment%	2.5	7.2	7.1	7.2
Return on Assets%	0.3	1.4	1.2	(0.2)
T.N.W/Total Assets%	30.9	37.9	55.3	13.1
Return on Capital%	0.8	3.8	2.2	(1.5)
Rtn on Shareholders Funds%	0.8	3.8	2.2	(1.5)
Working Capital/Sales%	2.4	4.1	6.7	3.6
Borrowing Ratio%	57.8	71.3	37.2	479.4
Equity Gearing%	44.7	61	123.9	15.1
Days Purchases Outstanding	12.3	11.9	9.1	24.4
Sales/Fixed Assets	55750	16073.8

Key Industry Sector Trends

Year	2011	2010	2009	2008
Sample Size	116	4476	6378	6495
Pre-Tax Profit Margin	7.3	3.6	2.6	3.6
Current Ratio	1.6	1.6	1.7	1.5
Borrowing Ratio	50.3	99.2	95.6	105.1
Return on Capital	30.7	21.8	19.9	25.7
Creditors Days	27	53	51	54

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Wholesale of non-agricultural intermediate products, waste and scrap

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/03/2010.

Turnover

Turnover increased by 73 % in the period and now totals GBP 223,000,000.

Operating Profit

Totalled GBP 1,331,000. In the year prior a Profit of GBP 618,000 was achieved.

Pre Tax Profit

The subject's profit decreased by 77 % over the previous year.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.59
UK Pound	1	Rs.71.07
Euro	1	Rs.62.40

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.