MIRA INFORM REPORT

Report Date :

29.06.2011

IDENTIFICATION DETAILS

Name :	FEED FACTORS LIMITED
Formerly Known As :	TONRIND LIMITED
Registered Office :	118 College Road, Harrow, Middlesex, Ha1 1bq
Country :	United Kingdom
Financials (as on) :	31.12.2009
Date of Incorporation :	12.04.1994
Com. Reg. No.:	02918087
Legal Form :	Private Limited Company
Line of Business :	The Import, Marketing and Distribution of raw materials for manufacture of animal feed

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	GBP 122,000
Status :	Good
Payment Behaviour :	Usually Correct
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	FEED FACTORS LIMITED
Registration Number	02918087
VAT Number	GB466385806
Address	118-122 COLLEGE ROAD, HARROW, MIDDLESEX, HA1 1BQ.
Telephone	020 88616912
Facsimile	020 88634214
Email	trading@feedfactors.com
Web Address	www.feedfactors.com

Creditline Recommendations

Monthly Credit Guide

GBP 122,000

Payment Behaviors

( No Payment Analysis Data is Available )

Official Company Data

Legal Form	Private Limited
Registration Number	02918087
VAT Number	GB466385806
Subject Status	Trading
Date of Incorporation	12/04/1994
Registered Office	118 COLLEGE ROAD, HARROW, MIDDLESEX, HA1 1BQ.
History	28/05/2005 : The Registered Office address changed from DIAMOND HOUSE ROAD, 37-38 HATTON GARDEN, LOND.
	10/05/2005 : The Registered Office address changed from DIAMOND HOUSE, 37/38 HATTON GARDEN, LONDON, E.
	27/10/1999 : The Registered Office address changed from 26/29 ST CROSS STREET, LONDON, EC1N 8UH.
	7/11/1997 : The Registered Office address changed from 2/5 BENJAMIN STREET, LONDON, EC1M 5QL, EC1M 5.
	3/08/1994 : The Registered Office address changed from GREENWOOD HOUSE, 4/7 SALISBURY COURT, LONDON,.
	17/06/1994 : Change of name from TONRIND LIMITED.
	Business first established in 1876.
Date of Last Annual Return to Registry	12/04/2011
Accounts	The last filed accounts at Companies House are those to 31/12/2009
Accounting Reference Date	31/12

Operations

Activities	The import, marketing and distribution of raw materials for manufacture of animal feed.
Nace Code	5111
Premises	Leased,Offices
Staff Employed	9
Trading Divisions	DAVID T. BOYD
Trade Names	DAVID T. BOYD
Export Countries	No Export Activity
Bankers	FORTIS BANK SA/NV
Address	23 CAMOMILE STREET, LONDON.
Sort Code	405262
Auditors	MacIntyre Hudson LLP
Subsidiaries	DAVID T. BOYD & CO. LIMITED

Historical Graydon Rating

Date	Monthly Credit Guide
28/06/2011	122,000
28/03/2011	113,000
28/12/2010	130,000
28/09/2010	133,000
28/06/2010	75,500

Previous Searches

Search History Summary

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

Search History Details

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

Date	Description
17/06/2011	Other credit granting
12/06/2011	Other credit granting
12/04/2011	Miscellaneous
07/04/2011	Miscellaneous
07/04/2011	Other credit granting
07/04/2011	Other credit granting
27/11/2009	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	8
Number Outstanding	3
Number Partially Satisfied	0
Number Satisfied	5
Date of Latest Mortgage Created	21/12/2009
Date of Latest Satisfaction	09/01/2010

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	23/12/2009	21/12/2009	Debenture	MG01	Bank Leumi (Uk) Plc
	23/12/2009	21/12/2009	Charge Over Credit Balances	MG01	Bank Leumi (Uk) Plc
	08/02/2008	21/01/2008	Trade Finance Security Agreement	395	Bnp Paribas (Suisse) Sa
09/01/2010	01/03/2002	26/02/2002	Debenture	395	Fortis Bank Sa-Nv
29/01/2009	15/12/1997	05/12/1997	Charge Of Deposit	395	Meespierson Nv
21/05/2002	16/10/1997	30/09/1997	Legal Charge	395	David Edward Goldwater
29/01/2009	10/10/1997	30/09/1997	Mortgage Of Shares	395	Mees Pierson N.V.
29/01/2009	13/10/1994	26/09/1994	Debenture	395	Meespierson Nv

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

05/05/2005	Companies House Gazette	Change among directors of a company
12/11/2003	Companies House Gazette	"Resolutions which give vary
12/11/2003	Companies House Gazette	Resolutions or agreements to which section 380 applies (relating to shares rights or names)
12/11/2003	Companies House Gazette	Alteration in memorandum or articles of association
11/03/1999	Companies House Gazette	Change among directors of a company
03/05/1994	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	SAILESH MADHU OKHAI
Service Address	33 NORTHUMBERLAND ROAD, NORTH HARROW, MIDDLESEX, HA2 7RA.
Country of Origin	UNITED KINGDOM
Appointment Date	29/04/2005

Directors

Director	MR RAYMOND SHARON
Service Address	4 TOWERS ROAD, PINNER, MIDDLESEX, HA5 4SJ.
Country of Origin	UNITED KINGDOM
Date of Birth	10/08/1950
Appointment Date	18/04/1994
Other Directorships	DAVID T. BOYD & CO. LIMITED, PINNER ERUV COMPANY LIMITED

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	100
Shares	Ordinary B GBP 1.00
Issued Number	24
Principal Shareholder	69 Raymond Sharon
	31 Germaine Sharon
	8 Juliet Richman
	8 Suzanne Jaeger
	8 Jeremy Sharon

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	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	GBP	GBP	GBP	GBP
SALES	54746	43814	35154	19759
Cost of goods sold	51296	41877	32743	18601
GROSS PROFIT	3450	1937	2411	1158
Wages and Salaries	596	502	672	320
Directors Emoluments	145	194	132	179
Auditors Fees	25	24	14	12
Trading Profit	2341	1023	1211	493
Depreciation	2	6	6	7
OPERATING PROFIT	2339	1017	1205	486
Non Trading Income	41	35	59	22
Interest Payable	240	425	257	153
PRE TAX PROFIT	2140	627	1007	355
Taxation	589	173	290	91
PROFIT AFTER TAX	1551	454	717	264
Dividends Payable	200	245	150	52
RETAINED PROFITS	1351	209	567	212

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	36	38	44	50
Tangible Assets	36	38	44	50
Fixed Assets		2	8	14
Intermediate assets	36	36	36	36
TOTAL CURRENT ASSETS	10175	12351	10723	5207
Trade debtors	2645	5895	5630	1174
Stocks	5415	5409	3939	3927
Other Current Assets	2115	1047	1154	106
Misc Current Assets	131	79	86	43
Due From Group	39
Cash	1945	968	1068	63
TOTAL ASSETS	10211	12389	10767	5257
TOTAL CURRENT LIABILITIES	6619	10148	8735	3792
Trade creditors	1436	1882	402	1572
Short Term Loans	4274	7535	7151	1696
Bank Overdraft	4274	7334	6846	1328
Due To Group		201	305	368
Other Liabilities	909	731	1182	524
WORKING CAPITAL	3556	2203	1988	1415
NET ASSETS/(LIABILITIES)	3592	2241	2032	1465
SHARE CAPITAL + RESERVES	3592	2241	2032	1465
Profit and Loss account	3592	2241	2032	1465
SHAREHOLDERS FUNDS	3592	2241	2032	1465
CAPITAL EMPLOYED	3592	2241	2032	1465

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
Net Cashflow from Oper.	4599	337	(4073)	(277)
Increase in Cash	3748	(299)	(4513)	(478)
Directors Remuneration	145	194	132	179
Auditors Remuneration	25	24	14	12
Liquid Assets	4590	6863	6698	1237
Net Working Capital	3556	2203	1988	1415
Investments/Long Term Ass.	1
Tangible Net Worth(T.N.W)	3592	2241	2032	1465
Equity	3592	2241	2032	1465
Number of Years Trading	15	14	13	12
Number of Employees	9	9	10	9
Profit per Employee	237777.8	69666.7	100700	39444.4
Sales per Employee	6082888.9	4868222.2	3515400	2195444.4

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	1.5	1.2	1.2	1.4
Pre Tax Profit Margin%	3.9	1.4	2.9	1.8
Gross Profit%	6.3	4.4	6.9	5.9
Debtors Days (D.S.O)	18	49	58	22
Creditors Days (D.P.O)	10	16	4	29
Quick Ratio	0.7	0.7	0.8	0.3
W.I.P/Inventory Days	38.5	47.1	43.9	77.1
Return on Investment%	30.3	10.8	13.8	16.1
Return on Assets%	21	5.1	9.4	6.8
T.N.W/Total Assets%	35.2	18.1	18.9	27.9
Return on Capital%	59.6	28	49.6	24.2
Rtn on Shareholders Funds%	59.6	28	49.6	24.2
Working Capital/Sales%	6.5	5	5.7	7.2
Borrowing Ratio%	119	336.2	351.9	115.8
Equity Gearing%	54.3	22.1	23.3	38.6
Stock Turnover	10.1	8.1	8.9	5
Days Purchases Outstanding	10.2	16.4	4.5	30.8
Sales/Fixed Assets		21907	4394.3	1411.4

Key Industry Sector Trends

Year	2011	2010	2009	2008
Sample Size	387	10177	13869	14083
Pre-Tax Profit Margin	32.7	10.6	8.7	8.8
Current Ratio	1.7	1.6	1.6	1.6
Borrowing Ratio	1.2	74.9	74.7	101.9
Return on Capital	82.7	60.8	52.7	57.7
Creditors Days	237	245	202	305

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Wholesale on a fee or contract basis

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.

Turnover

Turnover increased by 25 % in the period and now totals GBP 54,746,000.

Operating Profit

Totalled GBP 2,339,000. In the year prior a Profit of GBP 1,017,000 was achieved.

Pre Tax Profit

The subject's profit increased by 241 % in the year.

Working Capital

The company's working capital has increased by 61 % in the period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.05
UK Pound	1	Rs.71.92
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%)

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.