MIRA INFORM REPORT

Report Date :

06.08.2012

IDENTIFICATION DETAILS

Name :	SQF 2009 LIMITED
Registered Office :	Woodbridge Road, East Road Industrial Estate, Sleaford, Lincolnshire, Ng34 7jx.
Country :	United Kingdom
Financials (as on) :	31.03.2012
Date of Incorporation :	15.10.2009
Com. Reg. No.:	07045183
Legal Form :	Private Limited
Line of Business :	Engaged in import, processing and distribution of dehydrated and canned foods.
No. of Employees :	90

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

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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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	SQF 2009 LIMITED
Registration Number	07045183
Address	WOODBRIDGE ROAD, EAST ROAD INDUSTRIAL ESTATE, SLEAFORD, LINCOLNSHIRE, NG34 7JX.

Official Company Data

Legal Form	Private Limited
Registration Number	07045183
Subject Status	Trading
Date of Incorporation	15/10/2009
Registered Office	WOODBRIDGE ROAD, EAST ROAD INDUSTRIAL ESTATE, SLEAFORD, LINCOLNSHIRE, NG34 7JX.
Date of Last Annual Return to Registry	15/10/2011
Accounts	The last filed accounts at Companies House are those to 31/03/2012
Accounting Reference Date	31/03

Operations

Activities	A group engaged in import, processing and distribution of dehydrated and canned foods.
Nace Code	1531
Auditors	PKF (UK) LLP
Subsidiaries	SLEAFORD FOOD GROUP LIMITED

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
13/01/2011	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	11/12/2009

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	12/12/2009	11/12/2009	Omnibus Guarantee And Set-Off Agreement	MG01	Lloyds Tsb Bank Plc
	12/12/2009	11/12/2009	All Assets Debenture	MG01	Lloyds Tsb Commercial Finance Limited
	12/12/2009	11/12/2009	Debenture	MG01	Lloyds Tsb 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
01/06/2012		Companies House Gazette		All documents required to be delivered to the registrar under section 441 (annual accounts and reports)
07/01/2011		Companies House Gazette		Notification of any change among the company's directors
20/11/2010		Companies House Gazette		Any amendment to company's articles (including every resolution or agreement required to be embodied in or annexed to copies of the company's articles issued by
21/11/2009		Companies House Gazette		Notification of any change among the company's directors
23/10/2009		Companies House Gazette		Notification of any change among the company's directors

Directors

Director	MR JAMES PATRICK ARNOLD
Service Address	BROOK HOUSE SPRING LANE, HORBLING, SLEAFORD, LINCOLNSHIRE, NG34 0PF.
Country of Origin	UNITED KINGDOM
Date of Birth	23/01/1965
Appointment Date	19/11/2009
Other Directorships	SLEAFORD QUALITY FOODS LIMITED, ARNOLDS QUICK DRIED FOODS LIMITED, SLEAFORD TRADING COMPANY LIMITED, SLEAFORD LIMITED, SLEAFORD FOOD GROUP LIMITED
Director	MR ANIL BHAVARLAL JAIN
Service Address	GROVE HOUSE 551 LONDON ROAD, ISLEWORTH, MIDDLESEX, TW7 4DS.
Country of Origin	INDIA
Date of Birth	10/03/1965
Appointment Date	02/11/2010
Other Directorships	SLEAFORD QUALITY FOODS LIMITED, ARNOLDS QUICK DRIED FOODS LIMITED, JAIN (EUROPE) LIMITED, SLEAFORD FOOD GROUP LIMITED
Director	MR ATUL JAIN
Service Address	GROVE HOUSE 551 LONDON ROAD, ISLEWORTH, MIDDLESEX, TW7 4DS.
Country of Origin	INDIA
Date of Birth	06/01/1969
Appointment Date	02/11/2010
Other Directorships	SLEAFORD QUALITY FOODS LIMITED, ARNOLDS QUICK DRIED FOODS LIMITED, SLEAFORD FOOD GROUP LIMITED
Director	MR SUVAN KUMAR SHARMA
Service Address	GROVE HOUSE 551 LONDON ROAD, ISLEWORTH, MIDDLESEX, TW7 4DS.
Country of Origin	UNITED KINGDOM
Date of Birth	21/04/1972
Appointment Date	02/11/2010
Other Directorships	SLEAFORD QUALITY FOODS LIMITED, ARNOLDS QUICK DRIED FOODS LIMITED, SLEAFORD FOOD GROUP LIMITED

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	100
Principal Shareholder	100 James Arnold

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

Ultimate Parent

JAIN IRRIGATION SYSTEMS LTD, a company incorporated in INDIA

Financial Data– Statutory Accounts

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	65	63
Accounts Date	31/03/2012	31/12/2010
Consolidated	Yes	Yes
Currency	GBP	GBP
SALES	39062	28399
UK sales	37773	27793
Export	1289	606
Cost of goods sold	32080	22565
GROSS PROFIT	6982	5834
Wages and Salaries	2868	2088
Directors Emoluments	272	261
Auditors Fees	13	12
Trading Profit	769	1630
Depreciation	306	223
OPERATING PROFIT	463	1407
Non Trading Income	5
Interest Payable	110	107
PRE TAX PROFIT	358	1300
Taxation	40	298
PROFIT AFTER TAX	318	1002
RETAINED PROFITS	318	1002

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	65	63
Accounts Date	31/03/2012	31/12/2010
Consolidated	Yes	Yes
Currency	GBP	GBP
TOTAL FIXED ASSETS	2973	2778
Tangible Assets	2973	2778
Fixed Assets	2973	2778
TOTAL CURRENT ASSETS	15546	7584
Trade debtors	5163	5136
Stocks	9962	2303
Other Current Assets	421	145
Misc Current Assets	263	123
Cash	158	22
TOTAL ASSETS	18519	10362
TOTAL CURRENT LIABILITIES	15831	7814
Trade creditors	5818	3737
Short Term Loans	9715	3328
Bank Overdraft	4055	3292
Other Finance	38	36
Due To Group	5622
Other Liabilities	298	749
WORKING CAPITAL	(285)	(230)
TOTAL LONG TERM LIABS	507	685
Long Term Loans	131	260
Other Finance	131	260
Other Liabilities	376	425
NET ASSETS/(LIABILITIES)	2181	1863
SHARE CAPITAL + RESERVES	2181	1863
Share Cap + Sundry Res	860	860
Sundry Reserves	860	860
Profit and Loss account	1321	1003
SHAREHOLDERS FUNDS	2181	1863
CAPITAL EMPLOYED	2688	2548

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	65	63
Accounts Date	31/03/2012	31/12/2010
Consolidated	Yes	Yes
Currency	GBP	GBP
Net Cashflow from Oper.	486	1341
Increase in Cash	37	(119)
Directors Remuneration	272	261
Auditors Remuneration	13	12
Liquid Assets	5321	5158
Net Working Capital	(285)	(230)
Long Term Debt(>12 Months)	131	260
Other Deferred Liabs	376	425
Tangible Net Worth(T.N.W)	2181	1863
Equity	2181	1863
Number of Years Trading	3	1
Number of Employees	90	86
Profit per Employee	3977.8	15116.3
Sales per Employee	434022.2	330220.9

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/03/2012	31/12/2010
Consolidated	Yes	Yes
Current Ratio	1	1
Long Term Debt/T.N.W	0.1	0.1
Pre Tax Profit Margin%	0.9	4.6
Gross Profit%	17.9	20.5
Debtors Days (D.S.O)	48	66
Creditors Days (D.P.O)	54	48
Quick Ratio	0.4	0.7
W.I.P/Inventory Days	113.3	37.3
Return on Investment%	3.8	23.9
Return on Assets%	1.9	12.5
T.N.W/Total Assets%	11.8	18
Return on Capital%	13.3	51
Rtn on Shareholders Funds%	16.4	69.8
Working Capital/Sales%	(0.7)	(0.8)
Borrowing Ratio%	451.4	192.6
Equity Gearing%	13.3	21.9
Stock Turnover	3.9	12.3
Days Purchases Outstanding	66.2	60.4
Sales/Fixed Assets	13.1	10.2
Debt Gearing	6	14

Key Industry Sector Trends

Year	2011	2010	2009	2008
Sample Size	312	397	394	404
Pre-Tax Profit Margin	0.6	3.2	3.1	3.5
Current Ratio	1.7	1.4	1.4	1.4
Borrowing Ratio	58.9	58.6	57.7	39.2
Return on Capital	19.4	20.4	17.5	17.3
Creditors Days	56	39	42	49

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Processing and preserving of fruit and vegetables

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/03/2012.

Turnover

Turnover increased by 38 % in the period and now totals GBP 39,062,000.

Operating Profit

Totalled GBP 463,000. In the year prior a Profit of GBP 1,407,000 was achieved.

Pre Tax Profit

The subject's profit decreased by 72 % over the previous year.

Working Capital

The company's working capital deficiency increased in the period and now totals GBP 285,000.

Net Worth

Net worth has increased by 17 % and now stands at GBP 2,181,000.

Fixed Assets

The subject's fixed assets increased during the year by GBP 195,000 to GBP 2,973,000 and are now 16 % of total assets compared with 26 % in the previous year.

Long Term Liabilities

The company's long term liabilities reduced during the period by 25 % and are now 23 % of net worth compared with 37 % in the previous period.

Long Term Liabilities

Long term liabilities are now 3 % of total liabilities compared with 7 % in the previous period.

Long Term Liabilities

Long term liabilities are 19 % of capital employed, a decrease of 8 % over the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.08
UK Pound	1	Rs.87.03
Euro	1	Rs.68.36

INFORMATION DETAILS

Report Prepared by :

SDA

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.