MIRA INFORM REPORT

Report Date :

10.03.2012

IDENTIFICATION DETAILS

Name :	FLYING TRADE LTD.
Registered Office :	Griffins Court, 24 32 London Road, Newbury, RG14 1JX
Country :	United Kingdom
Financials (as on) :	31.12.2010
Date of Incorporation :	08.08.1988
Com. Reg. No.:	02285142
Legal Form :	Private Subsidiary Company
Line of Business :	Distributors of foodstuffs.
No. of Employees :	160

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 name & address

Flying Trade Ltd.

Griffins Court

24 32 London Road

Newbury, RG14 1JX

United Kingdom

Trading Address

Europa House,

4 Europa Way Parkeston,

Harwich Essex Co 12 4PT,

United Kingdom

Synthesis

Employees: 160

Company Type: Private Subsidiary

Corporate Family: 5 Companies

Ultimate Parent: Flying Trade Group PLC

Quoted Status: Non-quoted Company

Incorporation Date: 08-Aug-1988

Auditor: Griffins

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: British Pound Sterling

Annual Sales: 87.4 1

Net Income: 0.5

Total Assets: 29.0

Business Description

Distributors of foodstuffs.

Industry

Industry Retail (Grocery)

ANZSIC 2006: 4279 - Other Store-Based Retailing Not Elsewhere Classified

NACE 2002: 5212 - Other retail sale in non-specialised stores

NAICS 2002: 4451 - Grocery Stores

UK SIC 2003: 5212 - Other retail sale in non-specialised stores

US SIC 1987: 5399 - Miscellaneous General Merchandise Stores

Key Executives

Name	Title
Sukhjit Singh Dulai	Secretary
Harjit Singh Dulai	Director
Dinesh Patel	Director

News

Title	Date
Market reports Western Daily Press (UK) (3568 Words)	22-Feb-2012
Newcastle Emlyn mart Carmarthen Journal (240 Words)	25-Jan-2012
market report Western Mail (Wales) (510 Words)	27-Dec-2011
Dairy Shorthorn breeders took the bit between... Farmers Weekly (462 Words)	11-Nov-2011
Blue Texels Daily Post (Liverpool, UK) (66 Words)	15-Sep-2011

Financial Summary

FYE: 31-Dec-2010 USD (mil)

Key Figures

Current Assets 27.90

Fixed Assets 1.05

Total Liabilities 18.25

Net Worth 7.77

Key Ratios

Current Ratio 1.53

Acid Test 1.14

Debt Gearing 37.38

Registered No.(UK): 02285142

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6475734

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6387123

Corporate Overview

Location

Griffins Court

24 32 London Road

Newbury, RG14 1JX

Berkshire County

United Kingdom

Sales GBP(mil): 56.6

Assets GBP(mil): 18.5

Employees: 160

Fiscal Year End: 31-Dec-2010

Industry: Retail (Grocery)

Incorporation Date: 08-Aug-1988

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(UK): 02285142

Director: Harjit Singh Dulai

Contents

· Industry Codes

· Business Description

· Financial Data

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

4279 - Other Store-Based Retailing Not Elsewhere Classified

NACE 2002 Codes:

5212 - Other retail sale in non-specialised stores

NAICS 2002 Codes:

4451 - Grocery Stores

US SIC 1987:

5399 - Miscellaneous General Merchandise Stores

UK SIC 2003:

5212 - Other retail sale in non-specialised stores

Business Description

Distributors of foodstuffs.

Financial Data

Financials in:	GBP(mil)
Revenue:	56.6
Net Income:	0.3
Assets:	18.5
Current Assets:	17.8
Fixed Assets:	0.7
Long Term Debt:	1.9
Total Liabilities:	13.5
Issued Capital:	0.3
Working Capital:	6.2
Net Worth:	5.0
Date of Financial Data:	31-Dec-2010

1 Year Growth

-2.5%

NA

NA

Key Corporate Relationships

Auditor:	Griffins
Auditor:	Griffins
Auditor History
Griffins	31-Dec-2010
Griffins	31-Dec-2009
Griffins	31-Dec-2008
Griffins	31-Dec-2007
Griffins	31-Dec-2006

	GBP(mil)
Audit Fees:	0.0
Audit Fiscal Year:	12-31-2010

Corporate Family	Corporate Structure News:
	Flying Trade Group PLC Flying Trade Ltd.
Flying Trade Ltd. Total Corporate Family Members: 5 Excluded Small Branches and/or Trading Addresses: 1 (Available via export)

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Flying Trade Group PLC	Parent	Newbury	United Kingdom	Commercial Banks	87.4	207
Flying Trade Ltd.	Subsidiary	Newbury	United Kingdom	Retail (Grocery)	87.4	160
Surya Rice Ltd.	Subsidiary	Harwich	United Kingdom	Food Processing	3.1	48
Surya Hotels Ltd.	Subsidiary	Newbury	United Kingdom	Hotels and Motels

Executive report

Board of Directors

Name	Title	Function
Harjit Singh Dulai	Director	Director/Board Member
Dinesh Patel	Director	Director/Board Member

Executives

Name	Title	Function
Sukhjit Singh Dulai	Secretary	Company Secretary

Directors and Shareholders Report

Main Office Address: Griffins Court 24 32 London Road Newbury United Kingdom RG14 1JX

Annual Return Date: 29 Nov 2011 Total Issued Capital (GBP 000): 251

Individual Directors
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Dinesh Patel	Current	01 Jun 1953	3 Downs Valley, Hartley, Longfield, Kent DA3 7RA	10 Apr 2002	NA	Current:4 Previous:4 Disqualifications:0
Sukhjit Singh Dulai	Current	06 Aug 1966	Europa House 4 Europa Way, Harwich, Essex CO12 4PT	29 Nov 1993	NA	Current:20 Previous:4 Disqualifications:0
Harjit Singh Dulai	Current	23 Dec 1971	Shaftesbury House Clacton Road, Elmstead Market, Colchester, Essex CO7 7DB	25 May 2010	NA	Current:11 Previous:5 Disqualifications:0
Kewal Singh Dulai	Previous	06 Jun 1944	Europa House, Europa Way, Harwich, Essex CO12 4PT	29 Nov 1993	28 Jul 2003	Current:2 Previous:3 Disqualifications:0
Harjit Singh Dulai	Previous	23 Dec 1971	Shaftesbury House Clacton Road, Elmstead Market, Colchester, Essex CO7 7DB	31 Dec 2001	01 Sep 2007	Current:11 Previous:5 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
Sukhjit Singh Dulai	Current	06 Aug 1966	Europa House 4 Europa Way, Harwich, Essex CO12 4PT	29 Nov 1993	NA	Current:20 Previous:4 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Individual Shareholders

There are no individual shareholders for this company.

Corporate Shareholders
Company Name	Registration Number	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Flying Trade Group Plc	02407688	251000 Ordinary GBP 1.00	Ordinary	251,000	1.00	251,000.00	100.00

Annual Profit & Loss

Financials in: USD (mil)

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

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.647573	0.641508	0.545576	0.499878	0.543438
Consolidated	No	No	No	No	No
Total Turnover	87.4	90.5	82.6	59.9	45.4
Cost of Sales	78.5	81.4	74.7	53.8	40.3
Gross Profit	8.9	9.2	7.9	6.2	5.0
Depreciation	0.2	0.3	0.2	0.2	0.1
Other Expenses	5.0	5.1	4.7	4.0	3.1
Operating Profit	-	4.0	3.2	2.1	1.9
Other Income	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.2	0.2	0.6	0.3	0.2
Exceptional Income	0.0	0.0	0.0	0.0	0.0
Discontinued Operations	0.0	0.0	0.0	0.0	0.0
Profit Before Taxes	3.8	3.8	2.6	1.9	1.8
Tax Payable / Credit	0.9	1.1	0.8	0.6	0.5
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	2.3	1.4	0.5	0.6	0.6
Profit After Taxes	0.5	1.4	1.2	0.7	0.7
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.0	0.0	0.0	0.0	0.0
Number of Employees	160	-	120	85	55
Wages	-	-	2.3	2.6	1.2
Social Security Costs	-	-	0.0	0.0	0.1
Pensions	-	-	-	-	0.0
Other Pension Costs	-	-	0.0	0.0	0.0
Employees Remuneration	3.7	4.1	2.3	2.6	1.3
Directors Emoluments	-	-	-	-	0.0
Other Costs	-	-	-	-	0.0
Directors Remuneration	0.1	0.1	0.1	0.1	0.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.638712	0.619253	0.695531	0.502361	0.510947
Consolidated	No	No	No	No	No
Land & Buildings	0.0	0.0	0.0	0.0	0.0
Fixtures & Fittings	0.2	0.2	0.1	0.1	0.1
Plant & Vehicles	0.5	0.7	0.6	0.7	0.6
Total Tangible Fixed Assets	0.7	0.9	0.6	0.8	0.7
Intangible Assets	0.0	0.0	0.0	0.0	0.0
Investments	0.3	0.3	0.3	0.4	0.4
Total Fixed Assets	1.1	1.3	0.9	1.2	1.1
Stocks	7.0	5.7	6.4	9.5	3.8
Work in Progress	0.0	0.0	0.0	0.0	0.0
Total Stocks Work In Progress	7.0	5.7	6.4	9.5	3.8
Trade Debtors	13.3	12.7	11.4	12.4	9.2
Inter-Company Debtors	3.0	0.4	0.9	0.4	0.5
Director Loans	-	-	0.0	0.0	-
Other Debtors	2.8	0.5	0.8	2.8	0.1
Total Debtors	19.1	13.6	13.1	15.6	9.9
Cash and Equivalents	1.8	5.5	0.0	0.1	0.1
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	27.9	24.8	19.5	25.2	13.7
Total Assets	29.0	26.0	20.5	26.4	14.8
Trade Creditors	10.6	12.1	6.2	11.8	5.5
Bank Overdraft	5.6	0.7	4.8	7.0	2.7
Inter-Company Creditors	0.0	1.0	0.4	0.0	-
Director Loans (Current Liability)	0.3	0.2	-	-	0.0
Hire Purchase (Current Liability)	-	0.0	0.0	0.2	0.2
Finance Lease (Current Liability)	-	0.0	0.0	0.0	0.0
Total Finance Lease/Hire Purchase (Current Liability)	0.1	0.0	0.0	0.2	0.2
Total Short Term Loans	-	0.0	-	-	-
Accruals/Deferred Income (Current Liability)	0.3	-	-	-	-
Social Security/VAT	0.6	0.1	0.1	0.0	0.1
Corporation Tax	0.6	1.1	0.5	0.5	0.4
Other Current Liabilities	0.1	0.1	0.2	0.4	0.4
Total Current Liabilities	18.2	15.2	12.1	20.1	9.2
Group Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Director Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Hire Purchase (Long Term Liability)	0.2	0.0	0.1	0.1	0.2
Leasing (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Total Hire Purchase Loans (Long Term Liability)	0.2	0.0	0.1	0.1	0.2
Other Long Term Loans	2.7	3.3	2.8	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Total Long Term Liabilities	2.9	3.3	2.9	0.1	0.2
Deferred Taxation	0.0	0.0	0.0	0.1	0.1
Other Provisions	0.0	0.0	0.0	0.0	0.0
Total Provisions	0.0	0.0	0.0	0.1	0.1
Issued Capital	0.4	0.4	0.4	0.5	0.5
Share Premium Accounts	0.0	0.0	0.0	0.0	0.0
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	7.4	7.1	5.0	5.7	4.9
Other Reserves	0.0	0.0	0.0	0.0	0.0
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	7.8	7.5	5.4	6.2	5.4
Net Worth	7.8	7.5	5.4	6.2	5.4

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.647573	0.641508	0.545576	0.499878	0.543438
Consolidated	No	No	No	No	No
Net Cash Flow From Operating Activities	-0.9	11.2	-0.7	-2.2	1.3
Net Cash Flow from ROI and Servicing of Finance	-0.2	-0.2	-0.6	-0.3	-0.1
Taxation	-1.4	-0.6	-0.7	-0.4	-0.9
Capital Expenditures	0.2	-0.5	-0.3	-0.3	-0.1
Acquisitions and Disposals	0.0	0.0	0.0	0.0	0.0
Paid Up Equity	-2.3	-1.4	-0.5	-0.6	-0.6
Management of Liquid Resources	0.0	0.0	0.0	0.0	0.0
Net Cash Flow From Financing	-3.8	1.0	3.5	-0.5	0.1
Increase in Cash	-8.3	9.5	0.7	-4.3	-0.2

Annual Ratios

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.638712	0.619253	0.695531	0.502361	0.510947
Consolidated	No	No	No	No	No
Current Ratio	1.53	1.63	1.61	1.26	1.50
Liquidity Ratio	1.14	1.26	1.08	0.79	1.09
Stock Turnover	12.64	16.54	10.08	6.31	12.71
Credit Period (Days)	54.76	49.38	64.20	76.09	69.70
Working Capital by Sales	10.89%	10.20%	11.45%	8.63%	9.50%
Trade Credit by Debtors	0.80	0.95	0.54	0.95	0.59
Return on Capital	35.67%	36.76%	23.98%	29.07%	33.09%
Return on Assets	13.19%	15.31%	9.78%	7.00%	12.61%
Profit Margin	4.31%	4.24%	3.09%	3.10%	3.87%
Return on Shareholders Funds	49.15%	53.29%	37.06%	30.03%	34.71%
Borrowing Ratio	115.31%	69.04%	149.72%	119.16%	57.00%
Equity Gearing	26.84%	28.72%	26.39%	23.29%	36.34%
Debt Gearing	37.38%	44.38%	53.82%	1.96%	3.65%
Interest Coverage	23.53	18.70	4.04	6.69	11.18
Sales by Tangible Assets	119.99	99.87	101.66	73.54	72.49
Average Remuneration per Employee	0.0	-	0.0	0.0	0.0
Profit per Employee	0.0	-	0.0	0.0	0.0
Sales per Employee	0.6	-	0.5	0.7	0.9
Capital Employed per Employee	0.1	-	0.1	0.1	0.1
Tangible Assets per Employee	0.0	-	0.0	0.0	0.0
Total Assets per Employee	0.2	-	0.2	0.3	0.3
Employee Remuneration by Sales	4.20%	4.49%	2.74%	4.36%	2.87%
Creditor Days (Cost of Sales Based)	48.63	52.40	38.45	80.76	46.38
Creditor Days (Sales Based)	43.65	47.10	34.78	72.46	41.24

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.02
UK Pound	1	Rs.79.00
Euro	1	Rs.66.18

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.