MIRA INFORM REPORT

Report Date :

24.02.2012

IDENTIFICATION DETAILS

Name :	ARDOUR WORLD LIMITED

Registered Office :	York House 8th Floor, Empire Way, Wembley, Middlesex, Ha9 0pa

Country :	United Kingdom

Financials (as on) :	31.03.2011

Date of Incorporation :	22.04.2003

Com. Reg. No.:	04741345

Legal Form :	Private Limited Company

Line of Business :	Metal Trading

No. of Employees :	09

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 – 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	ARDOUR WORLD LIMITED
Registration Number	04741345

Creditline Recommendations

Monthly Credit Guide

GBP 76,500

Official Company Data

Legal Form	Private Limited
Registration Number	04741345
Subject Status	Trading
Date of Incorporation	22/04/2003
Registered Office	YORK HOUSE 8TH FLOOR, EMPIRE WAY, WEMBLEY, MIDDLESEX, HA9 0PA.
History	26/07/2010 : The Registered Office address changed from 1 LITTLE ROWSHAM COURT, SOUTH HILL AVENUE, HA.
	28/04/2006 : The Registered Office address changed from 4 BRUCE HOUSE, 195 PRESTON HILL, HARROW, MIDD.
	22/12/2004 : The Registered Office address changed from 1 BRUCE HOUSE, 195 PRESTON HILL, HARROW, MIDD.
Date of Last Annual Return to Registry	22/04/2011
Accounts	The last filed accounts at Companies House are those to 31/03/2011
Accounting Reference Date	31/03

Operations

Activities	Metal trading.
Nace Code	7487
Staff Employed	9
Bankers	BARCLAYS BANK PLC
Address	NEWCASTLE U TYNE GOSFORTH.
Sort Code	205961
Auditors	King & King

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
16/02/2012	Miscellaneous
09/03/2010	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	5
Number Outstanding	4
Number Partially Satisfied	0
Number Satisfied	1

Date of Latest Mortgage Created	22/07/2011
Date of Latest Satisfaction	31/01/2009

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	29/07/2011	22/07/2011	Debenture	MG01	Santander UkPlc
	14/09/2010	09/09/2010	Rent Deposit Deed	MG01	Chesterfield Investments (No.5) Limited
	01/07/2008	24/06/2008	Rent Deposit Deed	395	Chesterfield Investments (No.5) Limited
31/01/2009	05/10/2007	19/09/2007	Debenture	395	Fortis Bank Sa-NvUk Branch
	03/10/2007	19/09/2007	General Letter Of Pledge	395	Fortis Bank S.A./N.V.

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

29/08/2008	Companies House Gazette	Change among directors of a company
22/03/2008	Companies House Gazette	Alteration in memorandum or articles of association
03/02/2007	Companies House Gazette	Change among directors of a company
30/04/2003	Companies House Gazette	Change among directors of a company
28/04/2003	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	MR ASHISH CHAUDHARI
Service Address	1A ROYSTON PARK ROAD, HATCH END, PINNER, HA5 4AA.
Country of Origin	INDIA
Date of Birth	08/01/1979
Appointment Date	04/11/2003
Other Directorships	GLOBAL METCORP LIMITED

Directors

Director	MR SUNDIP GOYAL
Service Address	2 CASSANDER PLACE, PINNER, MIDDLESEX, HA5 4QS.
Country of Origin	INDIA
Date of Birth	12/10/1971
Appointment Date	29/04/2003
Other Directorships	SOUTH HILL LODGE LIMITED
Director	MR ASHISH CHAUDHARI
Service Address	20 LEIGH COURT, BYRON HILL ROAD, HARROW, MIDDLESEX, HA2 0HZ.
Country of Origin	INDIA
Date of Birth	08/01/1979
Appointment Date	01/02/2006
Other Directorships	GLOBAL METCORP LIMITED

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	400,000
Principal Shareholder	200,000 Ashish Chaudhari
	104,000 VanitaGoyal
	96,000 SundipGoyal

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	31/03/2011	31/03/2010	31/03/2009	31/03/2008
Currency	GBP	GBP	GBP	GBP
SALES	44790
Cost of goods sold	43131
GROSS PROFIT	1659
Wages and Salaries	98
Directors Emoluments	24
Auditors Fees	6
Non-Audit Fees	2
Trading Profit	1124
Depreciation	3
OPERATING PROFIT	1121
Interest Payable	7
PRE TAX PROFIT	1114
Taxation	303
PROFIT AFTER TAX	811
Dividends Payable	90
RETAINED PROFITS	721

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/03/2011	31/03/2010	31/03/2009	31/03/2008
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	10	2	4	4
Tangible Assets	10	2	4	4
Fixed Assets	10
TOTAL CURRENT ASSETS	5998	3877	2186	1823
Trade debtors	4365	2361	1593	1271
Stocks	151	1352	416	462
Other Current Assets	1482	164	177	90
Misc Current Assets	635
Cash	847	164	177	90
TOTAL ASSETS	6008	3879	2190	1827
TOTAL CURRENT LIABILITIES	4153	2745	1598	1613
Trade creditors	3823	2745	1598	1613
Short Term Loans	6
Due To Directors	6
Other Liabilities	324
WORKING CAPITAL	1845	1132	588	210
NET ASSETS/(LIABILITIES)	1855	1134	592	214
SHARE CAPITAL + RESERVES	1855	1134	592	214
Share Cap + Sundry Res	400	400	75	75
Issued Share Capital	400
Profit and Loss account	1455	734	517	139
SHAREHOLDERS FUNDS	1855	1134	592	214
CAPITAL EMPLOYED	1855	1134	592	214

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/03/2011	31/03/2010	31/03/2009	31/03/2008
Currency	GBP	GBP	GBP	GBP
Net Cashflow from Oper.	1179
Increase in Cash	683
Directors Remuneration	24
Auditors Remuneration	6
Liquid Assets	5212	2525	1770	1361
Net Working Capital	1845	1132	588	210
Tangible Net Worth(T.N.W)	1855	1134	592	214
Equity	1855	1134	592	214
Number of Years Trading	8	7	6	5
Number of Employees	9
Profit per Employee	123777.8
Sales per Employee	4976666.7

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/03/2011	31/03/2010	31/03/2009	31/03/2008
Current Ratio	1.4	1.4	1.4	1.1
Pre Tax Profit Margin%	2.5
Gross Profit%	3.7
Debtors Days (D.S.O)	36
Creditors Days (D.P.O)	31
Quick Ratio	1.4	0.9	1.1	0.8
W.I.P/Inventory Days	1.3
Return on Investment%	60.2
Return on Assets%	18.5
T.N.W/Total Assets%	30.9	29.2	27	11.7
Return on Capital%	60.1
Rtn on Shareholders Funds%	60.1
Working Capital/Sales%	4.1
Borrowing Ratio%	0.3
Equity Gearing%	44.7	41.3	37	13.3
Stock Turnover	296.6
Days Purchases Outstanding	32.4
Sales/Fixed Assets	4479

Key Industry Sector Trends

Year	2011	2010	2009	2008
Sample Size	99999	99999	99999	99999
Pre-Tax Profit Margin	18.6	12.8	13.1	15.9
Current Ratio	1.6	1.8	1.8	1.8
Borrowing Ratio	46.7	46.9	41.6	44.4
Return on Capital	78.6	50.5	50.6	59.7
Creditors Days	359	523	505	212

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Miscellaneous business activities not elsewhere classified

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/03/2011.

Only Turnover

Turnover for the year was 44,790,000.

Operating Profit

Profit for the year was GBP 1,121,000.

Profit or Loss

Pre-tax Profit was GBP 1,114,000.

Working Capital

The company's working capital has increased by 63 % in the period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.25
UK Pound	1	Rs.77.19
Euro	1	Rs.65.29

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.