MIRA INFORM REPORT

Report Date :

15.06.2011

IDENTIFICATION DETAILS

Name :	GAMA MEDITERRANEAN FOODS LIMITED

Registered Office :	Unit B Horizon Business Centre, 84 Goodwin Road, London, N9 0BJ.

Country :	United Kingdom

Financials (as on) :	31.03.2010

Date of Incorporation :	30.07.2001

Com. Reg. No.:	04260968

Legal Form :	Private Limited

Line of Business :	Suppliers of Mediterranean and ethnic foods and drinks.

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 76,500
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 – 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

Company Identification Details

Subject Reported on	GAMA MEDITERRANEAN FOODS LIMITED
Registration Number	04260968
VAT Number	GB549272812
Address	UNIT B HORIZON BUSINESS CENTRE, 84 GOODWIN ROAD, LONDON, N9 0BJ.
Telephone	020 8807 7373
Facsimile	020 8884 4010
Email	info@gamauk.com
Web Address	www.gamauk.com

Creditline Recommendations

Monthly Credit Guide

GBP 76,500

Official Company Data

Legal Form	Private Limited
Registration Number	04260968
VAT Number	GB549272812
Subject Status	Trading
Date of Incorporation	30/07/2001
Registered Office	UNIT B HORIZON BUSINESS CENTRE, 84 GOODWIN ROAD, EDMONTON, LONDON, N9 0BJ.
History	6/09/2004 : Change of name from GAMA CASH & CARRY LIMITED.
Date of Last Annual Return to Registry	30/07/2010
Accounts	The last filed accounts at Companies House are those to 31/03/2010
Accounting Reference Date	31/03

Operations

Activities	Suppliers of Mediterranean and ethnic foods and drinks.
Nace Code	5139
Premises	Leased,Offices,Warehouse
Staff Employed	20
Import Countries	EUROPE
Export Countries	ALL OVER THE WORLD
Bankers	BARCLAYS BANK PLC
Address	WALTHAMSTOW.
Auditors	Alton & Co

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
03/06/2010	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	3
Number Outstanding	3
Number Partially Satisfied	0
Number Satisfied	0

Date of Latest Mortgage Created	28/11/2008

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	03/12/2008	28/11/2008	Fixed Floating Charge	395	Barclays Bank Plc
	21/10/2006	16/10/2006	Guarantee Debenture	395	Barclays Bank Plc
	10/01/2002	04/01/2002	Debenture	395	Barclays Bank Plc

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

25/06/2009	Companies House Gazette	Change among directors of a company
01/02/2007	Companies House Gazette	Change among directors of a company
11/08/2001	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	MR ERHAN SANCAK
Service Address	50 CLYDESDALE, ENFIELD, MIDDLESEX, EN3 4RJ.
Country of Origin	UNITED KINGDOM
Appointment Date	01/04/2009

Directors

Director	MR ALI SANCAK
Service Address	50 CLYDESDALE, ENFIELD, MIDDLESEX, EN3 4RJ.
Country of Origin	UNITED KINGDOM
Date of Birth	08/12/1958
Appointment Date	30/07/2001
Other Directorships	GAMA (IMPORT/EXPORT) LIMITED, HBC MANAGEMENT COMPANY LIMITED, SANNEL FOODS LIMITED, GAMA PLUS LIMITED

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	100
Principal Shareholder	100 Ali Sancak

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

Financial Data– Statutory Accounts

For annual accounts images, view the

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 CURRENT ASSETS	1434	1169	802	602
Trade debtors	610	662	378	182
Stocks	195	281	329	269
Other Current Assets	629	226	95	151
Cash	629	226	95	151
TOTAL ASSETS	1434	1169	802	602
TOTAL CURRENT LIABILITIES	592	543	323	275
Trade creditors	592	543	323	275
WORKING CAPITAL	842	626	479	327
TOTAL LONG TERM LIABS	226
NET ASSETS/(LIABILITIES)	616	626	479	327
SHARE CAPITAL + RESERVES	616	626	479	327
Profit and Loss account	616	626	479	327
SHAREHOLDERS FUNDS	616	626	479	327
CAPITAL EMPLOYED	842	626	479	327

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
Liquid Assets	1239	888	473	333
Net Working Capital	842	626	479	327
Other Deferred Liabs	226
Tangible Net Worth(T.N.W)	616	626	479	327
Equity	616	626	479	327
Number of Years Trading	9	8	7	6

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	2.4	2.2	2.5	2.2
Quick Ratio	2.1	1.6	1.5	1.2
T.N.W/Total Assets%	43	53.6	59.7	54.3
Equity Gearing%	75.3	115.3	148.3	118.9

Key Industry Sector Trends

Year	2011	2010	2009	2008
Sample Size	74	5655	8117	8125
Pre-Tax Profit Margin	1.7	2.3	2	1.8
Current Ratio	1.7	1.5	1.4	1.4
Borrowing Ratio	105.8	69.2	79.2	84.4
Return on Capital	32.1	27.4	27.6	29.4
Creditors Days	30	58	54	80

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Wholesale of food, beverages and tobacco

Financial Summary

Auditors Qualification

The company has taken advantage of exemptions under the Companies Act such that the accounts have not been audited or examined.

No Turnover

The company's balance sheet total is less than GBP 5,600,000 and is a medium sized company as defined by the Companies Act. It is not required to disclose turnover but it is likely to be in the range of GBP 2,800,000 - GBP 11,200,000.

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 shownon the Balance Sheet is GBP 10,000 decrease. This suggests that the Company may have made a post-tax loss of GBP 10,000.

Working Capital

The company's working capital has increased by 35 % in the period.

Long Term Liabilities

Long term liabilities were GBP 226,000 which are 16 % of total liabilities and 27 % of capital employed.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.87
UK Pound	1	Rs.72.83
Euro	1	Rs.64.37

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.