MIRA INFORM REPORT

Report Date :

25.10.2011

IDENTIFICATION DETAILS

Name :	SIMPORTEX LIMITED

Registered Office :	452a Finchley Road, London, Nw11 8dg.

Country :	United Kingdom

Financials (as on) :	31.12.2010

Date of Incorporation :	04.11.1964

Com. Reg. No.:	00826063

Legal Form :	Private Limited Company

Line of Business :	Suppliers Import and export.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	GBP 53,500

Status :	Moderate

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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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	SIMPORTEX LIMITED
Registration Number	00826063
Address	452A FINCHLEY ROAD, LONDON, NW11 8DG.
Telephone	020 7437 5484
Facsimile	020 7494 1945
Email	enquiries@simportex.com
Web Address	www.simportex.com

Creditline Recommendations

Monthly Credit Guide

GBP 53,500

Payment Behaviour

( No Payment Analysis Data is Available )

Official Company Data

Legal Form	Private Limited
Registration Number	00826063
Subject Status	Trading
Date of Incorporation	04/11/1964
Registered Office	452A FINCHLEY ROAD, LONDON, NW11 8DG.
History	24/12/2004 : The Registered Office address changed from 2ND FLOOR, MITRE HOUSE, 177-183 REGENT STREET.
	16/01/2002 : The Registered Office address changed from 2ND FLOOR, MITRE HOUSE, 177-183 REGENT STREET.
	6/02/1995 : The Registered Office address changed from 184-186 REGENT STREET, LONDON, W1R 5DF.
	Previously located at 184-186 REGENT ST, LONDON W1R 5DF.
Date of Last Annual Return to Registry	31/12/2010
Accounts	The last filed accounts at Companies House are those to 31/12/2010
Accounting Reference Date	31/12

Operations

Activities	Suppliers Import and export.
Nace Code	5170
Premises	Leased,Offices,Warehouse
Staff Employed	4
Import Countries	ALL OVER THE WORLD
Export Countries	ALL OVER THE WORLD
Bankers	BNP PARIBAS
Address	LONDON BRANCH.
Sort Code	234635
Auditors	Everett & Son
Subsidiaries	HOMEJEWEL LIMITED

Historical Rating

Date	Monthly Credit Guide
22/10/2011	53,500
22/07/2011	43,000
22/04/2011	43,000
22/01/2011	41,000
22/10/2010	81,000

Previous Searches

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
1	1	1

Search History Details

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

Date	Description
11/10/2011	Miscellaneous
19/11/2008	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	11
Number Outstanding	1
Number Partially Satisfied	1
Number Satisfied	9

Date of Latest Mortgage Created	02/09/2003
Date of Latest Partial Satisfaction	19/09/1997
Date of Latest Satisfaction	10/03/2007

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	04/09/2003	02/09/2003	Legal Charge	395	Barclays Bank Plc
10/03/2007	13/12/2000	11/12/2000	Security Agreement Over Hedging Account (As Defined)	395	Bnp Paribas London Branch
18/10/2002	07/08/2000	27/07/2000	Declaration Of Assignment	395	Ubs Ag
18/10/2002	07/08/2000	27/07/2000	Pledge And Assignment Of Goods	395	Ubs Ag
18/10/2002	07/08/2000	27/07/2000	Charge/Declaration Of Pledge	395	Ubs Ag
10/03/2007	10/12/1999	26/11/1999	Trade Finance Agreement	395	Banque Nationale De Paris London Branch
01/03/1999	21/03/1997	07/03/1997	Charge	395	Banque Indosuez
25/01/2000	22/10/1992	16/10/1992	Debenture	395	Banque Nationale De Paris P.L.C.
	24/11/1988	22/11/1988	Debenture	N/A	Vishwa Nath Singhania
	10/11/1982	05/11/1982	Letter Of Set Off	N/A	Bank Of Credit And Commerce International Societe Anonyme Li

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

07/12/2006	Companies House Gazette	Alteration in memorandum or articles of association
24/10/1998	Companies House Gazette	Alteration in memorandum or articles of association
17/02/1998	Companies House Gazette	Change among directors of a company
01/12/1997	Companies House Gazette	"Resolutions which give vary
01/12/1997	Companies House Gazette	Alteration in memorandum or articles of association
01/12/1997	Companies House Gazette	Special resolutions passed under section 95 disapplication of pre-emption rights
01/12/1997	Companies House Gazette	Resolutions or agreements to which section 380 applies (relating to shares rights or names)
13/02/1996	Companies House Gazette	Alteration in memorandum or articles of association
02/11/1988	Companies House Gazette	Documents delivered by a company under section 241 (annual accounts)
15/01/1988	Companies House Gazette	Documents delivered by a company under section 241 (annual accounts)

Company Secretary

Secretary	VISHWA NATH SINGHANIA
Service Address	12 QUEENS WAY, HENDON, LONDON, NW4 2TN.
Country of Origin	UNITED KINGDOM
Date of Birth	15/03/1937
Appointment Date	31/12/1991
Other Directorships	HOMEJEWEL LIMITED

Directors

Accountant	ASHOK KUMAR SINGHANIA
Service Address	16 DORCHESTER GARDENS, LONDON, NW11 6BN.
Country of Origin	UNITED KINGDOM
Date of Birth	05/05/1960
Appointment Date	01/01/1998
Other Directorships	AJANTA (LONDON) LIMITED, SIMPORTEX (LONDON) LIMITED
Director	GOMTI DEVI SINGHANIA
Service Address	12 QUEENS WAY, HENDON, LONDON, NW4 2TN.
Country of Origin	UNITED KINGDOM
Date of Birth	24/03/1944
Appointment Date	31/12/1991
Director	VISHWA NATH SINGHANIA
Service Address	12 QUEENS WAY, HENDON, LONDON, NW4 2TN.
Country of Origin	UNITED KINGDOM
Date of Birth	15/03/1937
Appointment Date	31/12/1991
Other Directorships	HOMEJEWEL LIMITED

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	93,000
Shares	Ordinary A GBP 1.00
Issued Number	7,000
Principal Shareholder	32,500 Gomti Devi Singhania
	32,500 Vishwa Nath Singhania
	14,000 Poonam Singhania
	14,000 Ashok Kumar Singhania
	7,000 V N & G D Singhania Grandchildren Settlement

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	31/12/2010	31/12/2009	31/12/2008	31/12/2007
Currency	GBP	GBP	GBP	GBP
SALES			45432	57505
Cost of goods sold			44827	57051
GROSS PROFIT			605	454
Wages and Salaries			102	113
Directors Emoluments			72	72
Auditors Fees			22	4
Trading Profit			146	41
Depreciation			4	5
OPERATING PROFIT			142	36
Non Trading Income				8
Interest Payable			51	25
PRE TAX PROFIT			91	19
Taxation			3	1
PROFIT AFTER TAX			88	18
RETAINED PROFITS			88	18

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2010	31/12/2009	31/12/2008	31/12/2007
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	333	336	343	338
Tangible Assets	333	336	343	338
Fixed Assets			318	322
Intermediate assets			25	16
TOTAL CURRENT ASSETS	474	735	1350	959
Trade debtors	92	697	330	14
Stocks	31	27	29	29
Other Current Assets	351	11	991	916
Misc Current Assets			264	156
Cash	351	11	727	760
TOTAL ASSETS	807	1071	1693	1297
TOTAL CURRENT LIABILITIES	46	55	740	502
Trade creditors	46	55	100	191
Short Term Loans			206	211
Bank Overdraft				211
Bank Loans			206
Other Liabilities			434	100
WORKING CAPITAL	428	680	610	457
TOTAL LONG TERM LIABS	583	620	397	327
Long Term Loans			395	325
Other Finance			395	325
Other Liabilities			2	2
NET ASSETS/(LIABILITIES)	178	396	556	468
SHARE CAPITAL + RESERVES	178	396	556	468
Share Cap + Sundry Res	100	100	100	100
Issued Share Capital			100	100
Profit and Loss account	78	296	456	368
SHAREHOLDERS FUNDS	178	396	556	468
CAPITAL EMPLOYED	761	1016	953	795

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2010	31/12/2009	31/12/2008	31/12/2007
Currency	GBP	GBP	GBP	GBP
Directors Remuneration			72	72
Auditors Remuneration			22	4
Liquid Assets	443	708	1057	774
Net Working Capital	428	680	610	457
Long Term Debt(>12 Months)			395	325
Other Deferred Liabs	583	620	2	2
Tangible Net Worth(T.N.W)	178	396	556	468
Equity	178	396	556	468
Number of Years Trading	46	45	44	43
Number of Employees			4	4
Profit per Employee			22750	4750
Sales per Employee			11358000	14376250

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/12/2010	31/12/2009	31/12/2008	31/12/2007
Current Ratio	10.3	13.4	1.8	1.9
Long Term Debt/T.N.W			0.7	0.7
Pre Tax Profit Margin%			0.2
Gross Profit%			1.3	0.8
Debtors Days (D.S.O)			3
Creditors Days (D.P.O)			1	1
Quick Ratio	9.6	12.9	1.8	1.9
W.I.P/Inventory Days			0.2	0.2
Return on Investment%			12.3	4.4
Return on Assets%			5.4	1.5
T.N.W/Total Assets%	22.1	37	32.8	36.1
Return on Capital%			9.5	2.4
Rtn on Shareholders Funds%			16.4	4.1
Working Capital/Sales%			1.3	0.8
Borrowing Ratio%			108.1	114.5
Equity Gearing%	28.3	58.7	48.9	56.5
Stock Turnover			1566.6	1982.9
Days Purchases Outstanding			0.8	1.2
Sales/Fixed Assets			142.9	178.6
Debt Gearing			71	69.4

Key Industry Sector Trends

Year	2011	2010	2009	2008
Sample Size	475	2231	2122	2017
Pre-Tax Profit Margin	4.4	(0.4)	(0.1)	1.2
Current Ratio	1.8	1.7	1.7	1.7
Borrowing Ratio	142.4	59.9	41.5	(10.8)
Return on Capital	(2)	29.4	18.7	21
Creditors Days	48	126	108	87

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

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2010.

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 shownon the Balance Sheet is GBP 218,000 decrease. This suggests that the Company may have made a post-tax loss of GBP 218,000.

Working Capital

The company's working capital, while remaining positive, decreased by 37 % in the period.

Net Worth

Net worth reduced by GBP 218,000 during the period and now stands at GBP 178,000.

Fixed Assets

The subject's fixed assets reduced during the year by GBP 3,000 to GBP 333,000 and are now 41 % of total assets compared with 31 % in the previous year.

Long Term Liabilities

The company's long term liabilities reduced during the period by 5 % and are now 328 % of net worth compared with 157 % in the previous period.

Long Term Liabilities

Long term liabilities are now 72 % of total liabilities compared with 58 % in the previous period.

Long Term Liabilities

Long term liabilities are 77 % of capital employed, an increase of 16 % over the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.87
UK Pound	1	Rs.79.73
Euro	1	Rs.69.52

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.