MIRA
INFORM REPORT

Report Date :

24.12.2012

Tel. No.:

+44 0 1372 230020

IDENTIFICATION DETAILS

Name :

UNICORN INGREDIENTS LTD

Registered Office :

9 Bridle Close Surbiton Road Kingston Upon Thames, KT1 2JW

Country :

United Kingdom

Financials (as on) :

31.03.2011

Date of Incorporation :

28.03.2008

Com. Reg. No.:

06547767

Legal Form :

Private Independent

Line of Business :

Wholesale of other food including fish, crustaceans and
molluscs

No. of Employees :

7

RATING & COMMENTS

MIRA’s Rating :

B

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively
below average.

Small

Status :

Moderate

Payment Behaviour :

Slow but correct

Litigation :

Clear

NOTES :

Any query related to this report can be made
on e-mail: [email-masked]
while quoting report number, name and date.

ECGC Country Risk Classification List – June 30th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

United Kingdom

A1

A1

Risk Category

ECGC
Classification

Insignificant

A1

Low

A2

Moderate

B1

High

B2

Very High

C1

Restricted

C2

Off-credit

D

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading
power and financial center, is the third largest economy in Europe after
Germany and France. Over the past two decades, the government has greatly
reduced public ownership and contained the growth of social welfare programs.
Agriculture is intensive, highly mechanized, and efficient by European
standards, producing about 60% of food needs with less than 2% of the labor
force. The UK has large coal, natural gas, and oil resources, but its oil and
natural gas reserves are declining and the UK became a net importer of energy
in 2005. Services, particularly banking, insurance, and business services,
account by far for the largest proportion of GDP while industry continues to
decline in importance. After emerging from recession in 1992, Britain's economy
enjoyed the longest period of expansion on record during which time growth
outpaced most of Western Europe. In 2008, however, the global financial crisis
hit the economy particularly hard, due to the importance of its financial
sector. Sharply declining home prices, high consumer debt, and the global
economic slowdown compounded Britain's economic problems, pushing the economy
into recession in the latter half of 2008 and prompting the then BROWN (Labour)
government to implement a number of measures to stimulate the economy and
stabilize the financial markets; these include nationalizing parts of the
banking system, temporarily cutting taxes, suspending public sector borrowing
rules, and moving forward public spending on capital projects. Facing burgeoning
public deficits and debt levels, in 2010 the CAMERON-led coalition government
(between Conservatives and Liberal Democrats) initiated a five-year austerity
program, which aims to lower London's budget deficit from over 10% of GDP in
2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George
OSBORNE announced additional austerity measures through 2017 because of
slower-than-expected economic growth and the impact of the euro-zone debt
crisis. The CAMERON government raised the value added tax from 17.5% to 20% in
2011. It has pledged to reduce the corporation tax rate to 23% by 2015. The
Bank of England (BoE) implemented an asset purchase program of up to £325
billion (approximately $525 billion) as of February 2011. During times of economic
crisis, the BoE coordinates interest rate moves with the European Central Bank,
but Britain remains outside the European Economic and Monetary Union (EMU).

Source
: CIA

Company name and address

Top of Form

Bottom of Form

Top of Form

Unicorn Ingredients
Ltd

9 Bridle Close

Surbiton Road

Kingston Upon Thames, KT1 2JW

United Kingdom

Registered Address

(Trading Address)

4-6 South Street, Epsom Surry LT 18 7PF

Employees:

7

Company Type:

Private Independent

Quoted Status:

Non-quoted Company

Incorporation Date:

28-Mar-2008

Auditor:

James Worley & Sons

Financials
in:

USD (mil)

Fiscal Year End:

31-Mar-2011

Reporting Currency:

British Pound Sterling

Annual Sales:

19.2  1

Net Income:

0.0

Total Assets:

5.5

Business Description

Wholesale of grain.

Industry

Industry

Retail (Grocery)

ANZSIC 2006:

360 - Grocery, Liquor and Tobacco Product
Wholesaling

NACE 2002:

5138 - Wholesale of other food including fish,
crustaceans and molluscs

NAICS 2002:

424460 - Fish and Seafood Merchant Wholesalers

UK SIC 2003:

5138 - Wholesale of other food including fish,
crustaceans and molluscs

UK SIC 2007:

4638 - Wholesale of other food, including fish,
crustaceans and molluscs

US SIC 1987:

514 - Groceries and Related Products

Key Executives

Name

Title

Sally Claire Horan

Secretary

Nicola Janice Divers

Director

Francis James Horan

Director

Financial Summary

FYE: 31-Mar-2011

USD (mil)

Key Figures

Current Assets

5.48

Fixed Assets

0.04

Total Liabilities

4.32

Net Worth

0.12

Key Ratios

Current Ratio

1.27

Acid Test

0.84

Debt Gearing

898.09

1 - Profit &
Loss Item Exchange Rate: USD 1 = GBP 0.6433939

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6238497

Corporate Overview

Location

9 Bridle Close

Surbiton Road

Kingston Upon Thames, KT1 2JW

Surrey County

United Kingdom

Suggest Company URL

Sales GBP(mil):

12.4

Assets GBP(mil):

3.4

Employees:

7

Fiscal Year End:

31-Mar-2011

Industry:

Retail
(Grocery)

Registered Address:

9 Bridle Close

Surbiton Road

Kingston Upon Thames, United Kingdom

Incorporation Date:

28-Mar-2008

Company Type:

Private
Independent

Quoted Status:

Not Quoted

Registered No.(UK):

06547767

Director:

Nicola
Janice Divers

Industry Codes

ANZSIC 2006 Codes:

360

-

Grocery, Liquor and Tobacco Product Wholesaling

NACE 2002 Codes:

5138

-

Wholesale of other food including fish, crustaceans and
molluscs

NAICS 2002 Codes:

424460

-

Fish and Seafood Merchant Wholesalers

US SIC 1987:

514

-

Groceries and Related Products

UK SIC 2003:

5138

-

Wholesale of other food including fish, crustaceans and
molluscs

UK SIC 2007:

4638

-

Wholesale of other food, including fish, crustaceans and
molluscs

Business Description

Wholesale of grain.

Financial Data

Financials in:

GBP(mil)

Revenue:

12.4

Net Income:

0.0

Assets:

3.4

Current Assets:

3.4

Fixed Assets:

0.0

Long Term Debt:

0.7

Total Liabilities:

3.4

Issued Capital:

0.0

Working Capital:

0.7

Net Worth:

0.1

Date of Financial Data:

31-Mar-2011

1 Year
Growth

21.6%

NA

NA

Key Corporate Relationships

Auditor:

James Worley & Sons

Auditor:

James Worley & Sons

GBP(mil)

Audit Fees:

0.0

Audit Fiscal Year:

03-31-2011

Executives Report

Board of Directors

Name

Title

Function

Nicola Janice Divers

Director

Director/Board Member

Age: 52

Francis James Horan

Director

Director/Board Member

Age: 50

Executives

Name

Title

Function

Sally Claire Horan

Secretary

Company Secretary

Directors and Shareholders Report

Individual Directors

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

Nicola Janice

Divers

Current

23 Nov 1960

26 Stanhope Avenue,

Keston, Kent BR2 7JR

28 Mar 2009

NA

Current:2

Previous:0

Disqualifications:0

Francis James

Horan

Current

17 Sep 1962

186 Park Road,

Kingston Upon Thames, Surrey KT2 5LS

28 Mar 2008

NA

Current:2

Previous:1

Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

Sally Claire

Horan

Current

NA

186 Park Road,

Kingston Upon Thames, Surrey KT2 5LS

28 Mar 2008

NA

Current:1

Previous:0

Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Individual Shareholders

Name

Share Details

(As Reported)

Share Type

# of Shares

Share Price (GBP)

Share Value (GBP)

% of Total Shares

Colano Ltd

1 Ordinary GBP 1.00

Ordinary

1

1.00

1.00

25.00

Francis James Horan

1 Ordinary GBP 1.00

Ordinary

1

1.00

1.00

25.00

New Tapstones Ltd

1 Ordinary GBP 1.00

Ordinary

1

1.00

1.00

25.00

Nikki Divers

1 Ordinary GBP 1.00

Ordinary

1

1.00

1.00

25.00

Corporate Shareholders

There are no corporate shareholders for this company.

Annual Profit & Loss

Financials in: USD (mil)

Except for share items (millions) and per
share items (actual units)

Financial Glossary

31-Mar-2011

31-Mar-2010

31-Mar-2009

Period Length

52 Weeks

52 Weeks

53 Weeks

Filed Currency

GBP

GBP

GBP

Exchange Rate
(Period Average)

0.643394

0.627794

0.592803

Consolidated

No

No

No

Turnover (UK)

10.7

12.5

-

Turnover (Exports)

8.5

3.7

-

Total Turnover

19.2

16.2

6.7

Cost of Sales

18.4

15.4

6.3

Gross Profit

0.8

0.8

0.4

Depreciation

0.0

0.0

0.0

Other Expenses

0.4

0.5

0.2

Operating Profit

0.4

-

-

Other Income

0.0

0.0

0.0

Interest Paid

0.1

0.1

0.0

Exceptional Income

0.0

0.0

0.0

Discontinued Operations

0.0

-

-

Profit Before Taxes

0.3

0.3

0.2

Tax Payable / Credit

0.1

0.1

0.0

Extraordinary Items/Debits

0.0

0.0

0.0

Dividends

0.2

0.2

0.2

Profit After Taxes

0.0

0.1

0.0

Minority Interests (Profit & Loss)

0.0

0.0

0.0

Audit Fees

0.0

0.0

-

Number of Employees

7

-

-

Wages

0.2

-

-

Social Security Costs

0.0

-

-

Other Pension Costs

0.0

-

-

Employees Remuneration

0.2

0.1

-

Annual Balance
Sheet

Financials in:
USD (mil)

Financial Glossary

31-Mar-2011

31-Mar-2010

31-Mar-2009

Filed Currency

GBP

GBP

GBP

Exchange Rate

0.62385

0.659239

0.697666

Consolidated

No

No

No

Land & Buildings

0.0

0.0

0.0

Fixtures & Fittings

0.0

0.0

0.0

Plant & Vehicles

0.0

0.0

0.0

Total Tangible Fixed Assets

0.0

0.0

0.0

Intangible Assets

0.0

0.0

0.0

Investments

0.0

0.0

0.0

Total Fixed Assets

0.0

0.0

0.0

Stocks

1.9

-

-

Work in Progress

0.0

-

-

Total Stocks Work In Progress

1.9

1.7

0.9

Trade Debtors

3.1

1.9

1.5

Other Debtors

0.1

0.1

0.3

Total Debtors

3.2

1.9

1.9

Cash and Equivalents

0.5

0.5

0.4

Other Current Assets

0.0

0.0

0.0

Total Current Assets

5.5

4.2

3.1

Total Assets

5.5

4.2

3.2

Trade Creditors

4.0

2.8

2.1

Accruals/Deferred Income (Current Liability)

0.2

-

-

Social Security/VAT

-

0.1

0.0

Corporation Tax

0.1

-

-

Other Current Liabilities

0.1

0.2

0.1

Total Current Liabilities

4.3

3.1

2.2

Group Loans (Long Term Liability)

0.0

-

-

Director Loans (Long Term Liability)

0.0

-

-

Hire Purchase (Long Term Liability)

0.0

-

-

Leasing (Long Term Liability)

0.0

-

-

Total Hire Purchase Loans (Long Term Liability)

0.0

-

-

Other Long Term Loans

1.1

-

-

Accruals/Deferred Income (Long Term Liability)

0.0

-

-

Other Long Term Liabilities

0.0

1.0

1.0

Total Long Term Liabilities

1.1

1.0

1.0

Deferred Taxation

0.0

0.0

0.0

Other Provisions

0.0

0.0

0.0

Total Provisions

0.0

0.0

0.0

Issued Capital

0.0

0.0

0.0

Share Premium Accounts

0.0

0.0

0.0

Revaluation Reserve

0.0

0.0

0.0

Retained Earnings

0.1

0.1

0.0

Other Reserves

0.0

0.0

0.0

Minority Interests (Balance Sheet)

0.0

0.0

0.0

Total Shareholders Funds

0.1

0.1

0.0

Net Worth

0.1

0.1

0.0

Annual Cash
Flows

Financials in:
USD (mil)

Financial Glossary

31-Mar-2011

31-Mar-2010

31-Mar-2009

Period Length

52 Weeks

52 Weeks

53 Weeks

Filed Currency

GBP

GBP

GBP

Exchange Rate
(Period Average)

0.643394

0.627794

0.592803

Consolidated

No

No

No

Net Cash Flow From Operating Activities

0.3

-

-

Net Cash Flow from ROI and Servicing of Finance

-0.1

-

-

Taxation

-0.1

-

-

Capital Expenditures

0.0

-

-

Acquisitions and Disposals

0.0

-

-

Paid Up Equity

-0.2

-

-

Management of Liquid Resources

0.0

-

-

Net Cash Flow From Financing

0.0

-

-

Increase in Cash

-0.1

-

-

Annual Ratios

Financials in:
USD (mil)

31-Mar-2011

31-Mar-2010

31-Mar-2009

Period Length

52 Weeks

52 Weeks

53 Weeks

Filed Currency

GBP

GBP

GBP

Exchange Rate

0.62385

0.659239

0.697666

Consolidated

No

No

No

Current Ratio

1.27

1.35

1.44

Liquidity Ratio

0.84

0.79

1.04

Stock Turnover

10.72

8.98

6.33

Credit Period (Days)

56.27

43.76

101.25

Working Capital by Sales

5.87%

7.00%

17.22%

Trade Credit by Debtors

1.30

1.52

1.34

Return on Capital

26.83%

29.32%

17.85%

Return on Assets

5.85%

7.76%

5.48%

Profit Margin

1.63%

2.11%

3.11%

Return on Shareholders Funds

267.79%

370.77%

14,117.74%

Borrowing Ratio

898.09%

-

-

Equity Gearing

2.18%

2.09%

0.04%

Debt Gearing

898.09%

-

-

Interest Coverage

4.55

5.12

6.51

Sales by Tangible Assets

500.19

489.75

479.24

Average Remuneration per Employee

0.0

-

-

Profit per Employee

0.0

-

-

Sales per Employee

2.8

-

-

Capital Employed per Employee

0.2

-

-

Tangible Assets per Employee

0.0

-

-

Total Assets per Employee

0.8

-

-

Employee Remuneration by Sales

0.99%

0.67%

-

Creditor Days (Cost of Sales Based)

76.49

69.93

143.35

Creditor Days (Sales Based)

73.19

66.40

135.39

FOREIGN EXCHANGE RATES

Currency

Unit

Indian Rupees

US Dollar

1

Rs.55.08

UK Pound

1

Rs.89.53

Euro

1

Rs.72.77

INFORMATION DETAILS

Report
Prepared by :

PRL

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%)