MIRA INFORM REPORT

Report Date :

12.03.2012

IDENTIFICATION DETAILS

Name :	COMMUNITY FOODS LTD.
Registered Office :	112 Brent Terrace Tilling Rd London, NW2 1LT
Country :	United Kingdom
Financials (as on) :	26.03.2011
Date of Incorporation :	01.09.1977
Com. Reg. No.:	01328083
Legal Form :	Private Subsidiary Company
Line of Business :	Non-specialised wholesale of food, beverages and tobacco
No. of Employees :	152

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 :	--

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 and address

Community Foods Ltd.

112 Brent Terrace
Tilling Rd
London, NW2 1LT
United Kingdom
Tel:	02084509411
Fax:	02082081803
www.communityfoods.co.uk

Employees:	152
Company Type:	Private Subsidiary
Corporate Family:	6 Companies
Ultimate Parent:	Community Foods Group Ltd.
Quoted Status:	Non-quoted Company
Incorporation Date:	01-Sep-1977
Auditor:	Grant Thornton UK LLP

Financials in:	USD (mil)
Fiscal Year End:	26-Mar-2011
Reporting Currency:	British Pound Sterling
Annual Sales:	103.2 ^1
Net Income:	1.2
Total Assets:	42.1

Business Description

Founded in 1971, Community Foods Ltd. is a provider of organic and natural food products. The company offers products under the Crazy Jack, Ethletic, Fair Deal Trading, Green Tips and Sanchi brands. It provides a variety of whole grains, nuts, pulses, herbs and spices. The company operates a warehouse to store several products. It offers product inspection and customer support solutions. The company provides one-stop export services. It also offers a range of products, such as rubber gloves, shoes and sports balls. The company deals in the procurement, sale and distribution of dried fruits and branded health food products. In addition, it offers buying tips.

Industry

Industry	Food Processing
ANZSIC 2006:	3609 - Other Grocery Wholesaling
NACE 2002:	5139 - Non-specialised wholesale of food, beverages and tobacco
NAICS 2002:	424490 - Other Grocery and Related Products Merchant Wholesalers
UK SIC 2003:	5139 - Non-specialised wholesale of food, beverages and tobacco
US SIC 1987:	5149 - Groceries and Related Products, Not Elsewhere Classified

Key Executives

Name	Title
Peter Woodhams	Finance Director
David Geoffrey Lewis	Marketing Director
John N Sherwood	Company Secretary
John Nichols	IT Manager
Andrew Howbrook	Facilities Manager

NEWS

Title	Date
They're stocking up for a healthier future Free Lance-Star (Fredericksburg, VA) (600 Words)	14-Apr-2011
Free cookery lessons Frome & Somerset Standard (82 Words)	17-Feb-2011
FROM KNIVES AND RIOTS TO A RICH SEAM OF COMMUNITY SPIRIT Evening Standard (London, UK) (673 Words)	4-Nov-2010
New Hope for Afghan Raisin Farmers New York Times (1908 Words)	9-Oct-2010
Seeds of hope in Afghan raisins International Herald Tribune (1843 Words)	8-Oct-2010

Financial Summary

FYE: 26-Mar-2011

USD (mil)

Key Figures
Current Assets	38.12
Fixed Assets	3.94
Total Liabilities	19.22
Net Worth	21.79

Key Ratios
Current Ratio	1.98
Acid Test	1.04

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6440046

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6216779

Corporate Overview

Location
112 Brent Terrace
Tilling Rd
London, NW2 1LT
London County
United Kingdom

Tel:	02084509411
Fax:	02082081803

www.communityfoods.co.uk

Sales GBP(mil):	66.4
Assets GBP(mil):	26.1
Employees:	152
Fiscal Year End:	26-Mar-2011

Industry:	Food Processing

Registered Address:
Micross
Brent Terrace
London, NW2 1LT
United Kingdom

Incorporation Date:	01-Sep-1977
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(UK):	01328083

Director:	David R Evans

Contents · Industry Codes · Business Description · Financial Data · Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
3609	-	Other Grocery Wholesaling

NACE 2002 Codes:
5139	-	Non-specialised wholesale of food, beverages and tobacco

NAICS 2002 Codes:
424490	-	Other Grocery and Related Products Merchant Wholesalers

US SIC 1987:
5149	-	Groceries and Related Products, Not Elsewhere Classified

UK SIC 2003:
5139	-	Non-specialised wholesale of food, beverages and tobacco

Business Description

Founded in 1971, Community Foods Ltd. is a provider of organic and natural food products. The company offers products under the Crazy Jack, Ethletic, Fair Deal Trading, Green Tips and Sanchi brands. It provides a variety of whole grains, nuts, pulses, herbs and spices. The company operates a warehouse to store several products. It offers product inspection and customer support solutions. The company provides one-stop export services. It also offers a range of products, such as rubber gloves, shoes and sports balls. The company deals in the procurement, sale and distribution of dried fruits and branded health food products. In addition, it offers buying tips.

More Business Descriptions

Community Foods Ltd. procures, sells and markets organic and conventional dried fruit, nuts, seeds, pulses, grains and branded health foods. It was founded in the early 1970s in London buying whole foods to service the health food consumer. The founders were concerned about poor quality, highly processed foods, the use of additives and preservatives, the indiscriminate use of pesticides and artificial fertiliser in crop production and the increasing use of health food supplements. The company bought whole grains, dried fruit, nuts, pulses, herbs and spices from throughout the world to service a small industry of health food shops and manufacturers. CF buyers travelled to Turkey, India, China and many other markets to meet producer groups and processors, and to establish direct links with farmers, packers and brokers. Community Foods Ltd. is in London.

Import and wholesale trade in health foods, dried fruits, nuts and grain

Health Food Retailers

Financial Data

Financials in:	GBP(mil)
Revenue:	66.4
Net Income:	0.8
Assets:	26.1
Current Assets:	23.7
Fixed Assets:	2.5
Long Term Debt:	0.0
Total Liabilities:	11.9
Issued Capital:	0.1
Working Capital:	11.7
Net Worth:	13.5
Date of Financial Data:	26-Mar-2011

1 Year Growth

23.9%

NA

2.5%

Key Corporate Relationships

Auditor:	Grant Thornton UK LLP
Bank:	Barclays Corporate
Auditor:	Grant Thornton UK LLP
Auditor History
Grant Thornton UK LLP	26-Mar-2011
Grant Thornton UK LLP	26-Mar-2010
Grant Thornton UK LLP	31-Mar-2009
Grant Thornton UK LLP	31-Mar-2008
Grant Thornton UK LLP	31-Mar-2007

	GBP(mil)
Audit Fees:	0.0
Non Audit Fees:	0.1
Audit Fiscal Year:	03-26-2011

Corporate Structure News:

Community Foods Group Ltd.
Community Foods Ltd.

Total Corporate Family Members: 6
Excluded Small Branches and/or Trading Addresses: 1 (Available via export)

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Community Foods Group Ltd.	Parent	London	United Kingdom	Food Processing	103.2	156
Community Foods (Holdings) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries		87
Community Foods Ltd.	Subsidiary	London	United Kingdom	Food Processing	103.2	152
Day+One Ltd.	Subsidiary	London	United Kingdom	Personal Services	12.1	63
Mmq Trustees Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries

Executives Report

Board of Directors

Name	Title	Function
John Crowley	Director	Director/Board Member
Joseph Erskine	Director	Director/Board Member
David R Evans	Director	Director/Board Member
John F Gibson	Director	Director/Board Member
William B Henry	Director	Director/Board Member
Martin L Rome	Director	Director/Board Member
Clive H Warner	Director	Director/Board Member

Executives

Name	Title	Function
John N Sherwood	Company Secretary	Administration Executive
Peter Woodhams	Finance Director	Finance Executive
Timothy Powell	Sales Director	Sales Executive
David Geoffrey Lewis	Marketing Director	Marketing Executive
Kingsley Newman	IT Manager	Information Executive
John Nichols	IT Manager	Information Executive
Andrew Howbrook	Facilities Manager	Facilities Executive

Directors and Shareholders Report

Annual Return Date: 14 Dec 2010
Total Issued Capital (GBP 000): 71

Individual Directors
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
David Alan Graham Lewis	Current	21 Dec 1969	Micross Brent Terrace, London , London NW2 1LT	01 Jan 2010	NA	Current:3 Previous:0 Disqualifications:0
David Geoffrey Lewis	Current	06 Mar 1951	Park Farm, Crewe Green, Crewe, Cheshire CW1 5UP	28 Sep 2006	NA	Current:5 Previous:1 Disqualifications:0
Clive Howard Warner	Current	24 May 1952	Micross Brent Terrace, London , London NW2 1LT	01 Jan 2010	NA	Current:4 Previous:16 Disqualifications:0
Martin Rome	Current	09 Feb 1961	46 Bishops Avenue, Northwood, Middlesex HA6 3DG	01 Jan 2010	NA	Current:5 Previous:5 Disqualifications:0
Joseph Erskine	Current	18 Nov 1957	Micross, Brent Terrace, London , London NW2 1LT	01 Jun 2010	NA	Current:1 Previous:0 Disqualifications:0
John Frederick Gibson	Current	01 Sep 1951	Old Orchard House Dipley Road, Hartley Witney, Hook, Hampshire RG27 8JP	03 Oct 2007	NA	Current:14 Previous:29 Disqualifications:0
William Bernard Henry	Current	20 Mar 1955	Woodside Cottage, Moor Green, Stevenage, Hertfordshire SG2 7AS	05 Apr 1990	NA	Current:6 Previous:0 Disqualifications:0
David Roger Evans	Current	13 Aug 1952	Typicca, Dryslwyn, Carmarthen, Carmarthenshire SA32 8RH	28 Sep 2006	NA	Current:6 Previous:1 Disqualifications:0
Timothy John Powell	Previous	06 Dec 1955	39C St George's Road, Enfield, Middlesex EN1 4TY	14 Dec 1990	31 Dec 2009	Current:0 Previous:3 Disqualifications:0
Denise Law	Previous	08 Jan 1957	31 Valley Avenue, Friern Park, North Finchley, London N12 9PG	NA	25 Mar 1996	Current:0 Previous:3 Disqualifications:0
Peter John Woodhams	Previous	29 Feb 1952	7 Sunset View, Barnet, Hertfordshire EN5 4LB	28 Nov 1995	31 Dec 2009	Current:0 Previous:7 Disqualifications:0
Finn Christensen	Previous	12 Mar 1937	Steanbow Farm, Pilton, Shepton Mallet, Somerset BA4 4EH	28 Sep 2006	03 Oct 2007	Current:2 Previous:5 Disqualifications:0
John Richard Law	Previous	09 Mar 1952	Flat 4 Highwood House, Highwood Hill, Mill Hill, London NW7 4HA	14 Dec 1990	25 Mar 1996	Current:0 Previous:1 Disqualifications:0
Ashley Marriott Scott	Previous	23 Jan 1957	61 Hazelwood Drive, St. Albans, Hertfordshire AL4 0UP	14 Dec 1990	20 Mar 1996	Current:0 Previous:1 Disqualifications:0
Maurice James Malcolm Groat	Previous	28 Feb 1961	Greenbanks, Salisbury Road, Blandford Forum, Dorset DT11 7SP	28 Sep 2006	31 Mar 2009	Current:2 Previous:12 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
John Norman Sherwood	Current	20 Dec 1946	Micross, Brent Terrace, London , London NW2 1LT	14 Sep 2009	NA	Current:5 Previous:2 Disqualifications:0
Denise Law	Previous	08 Jan 1957	31 Valley Avenue, Friern Park, North Finchley, London N12 9PG	NA	25 Mar 1996	Current:0 Previous:3 Disqualifications:0
Paul Antony Smith	Previous	NA	Elm Court 4 Oakhurst Avenue, East Barnet, Barnet, Hertfordshire EN4 8HA	11 Jun 1996	14 Sep 2009	Current:0 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
Community Foods (Holdings) Limited	03028876	71000 Ordinary GBP 1.00	Ordinary	71,000	1.00	71,000.00	100.00

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Annual Profit & Loss

Financials in: USD (mil)

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

	26-Mar-2011	26-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	52 Weeks	51 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.644005	0.628216	0.592803	0.498361	0.528925
Consolidated	No	No	No	No	No
Turnover (UK)	92.5	76.4	72.8	88.3	87.4
Turnover (Exports)	10.6	8.9	11.6	10.8	10.2
Total Turnover	103.2	85.4	84.3	99.1	97.6
Cost of Sales	91.6	79.5	75.3	85.6	85.7
Gross Profit	11.6	5.9	9.0	13.5	11.9
Depreciation	0.3	0.2	0.2	0.2	0.2
Other Expenses	10.2	8.8	8.5	9.4	10.7
Other Income	0.0	0.1	0.1	0.1	0.1
Interest Paid	0.1	0.1	0.4	0.2	0.3
Exceptional Income	-0.6	-0.7	-0.4	0.0	4.2
Discontinued Operations	0.0	0.0	0.0	0.0	0.0
Profit Before Taxes	0.6	-3.6	-0.2	4.0	5.3
Tax Payable / Credit	-0.6	0.0	0.0	1.2	0.3
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	0.0	0.0	0.8	0.0	0.0
Profit After Taxes	1.2	-3.6	-1.0	2.8	4.9
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.1	0.0	0.0	0.0	0.0
Non Audit Fees	0.1	0.0	0.0	0.0	0.0
Number of Employees	152	82	83	84	88
Wages	5.1	3.4	3.4	4.2	4.9
Social Security Costs	0.5	0.3	0.3	0.4	0.5
Pensions	0.1	0.5	0.5	0.5	0.3
Other Pension Costs	0.5	0.9	1.0	1.1	0.7
Employees Remuneration	6.1	4.7	4.8	5.7	6.1
Directors Emoluments	0.6	0.2	0.1	0.3	0.4
Other Costs	0.0	0.0	0.0	0.0	0.0
Directors Remuneration	0.6	0.8	0.6	0.8	0.7
Highest Paid Director	0.2	0.1	0.1	-	0.2

Annual Balance Sheet

Financials in: USD (mil)

	26-Mar-2011	26-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.621678	0.670938	0.697666	0.503145	0.509853
Consolidated	No	No	No	No	No
Land & Buildings	0.0	0.0	0.1	0.1	0.1
Fixtures & Fittings	0.5	0.2	0.1	0.1	0.1
Plant & Vehicles	0.7	0.6	0.3	0.6	0.6
Total Tangible Fixed Assets	1.2	0.8	0.4	0.8	0.8
Intangible Assets	0.7	0.1	0.1	0.2	0.0
Investments	2.0	3.5	3.3	2.5	3.0
Total Fixed Assets	3.9	4.4	3.9	3.5	3.8
Stocks	18.2	13.7	16.1	28.8	21.5
Work in Progress	0.0	0.0	0.0	0.0	0.0
Total Stocks Work In Progress	18.2	13.7	16.1	28.8	21.5
Trade Debtors	17.0	12.7	10.0	15.7	13.9
Inter-Company Debtors	0.5	1.3	0.8	0.1	0.0
Other Debtors	2.2	0.7	0.8	0.7	0.8
Total Debtors	19.7	14.7	11.6	16.4	14.7
Cash and Equivalents	0.2	0.0	0.0	1.3	0.0
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	38.1	28.4	27.8	46.5	36.3
Total Assets	42.1	32.8	31.7	50.0	40.0
Trade Creditors	7.5	5.2	2.9	7.9	4.6
Bank Overdraft	0.6	0.7	0.1	0.0	0.9
Inter-Company Creditors	0.0	0.7	0.3	0.0	0.7
Director Loans (Current Liability)	0.0	0.0	0.0	0.0	0.0
Total Finance Lease/Hire Purchase (Current Liability)	0.0	0.0	0.0	0.1	0.1
Total Short Term Loans	0.0	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Current Liability)	2.9	1.7	-	1.2	1.2
Social Security/VAT	0.0	0.1	0.1	0.2	0.2
Corporation Tax	0.0	0.0	0.0	0.6	0.0
Dividends (Current Liability)	0.0	0.0	0.0	0.0	0.0
Other Current Liabilities	8.2	4.3	5.8	7.8	1.6
Total Current Liabilities	19.2	12.7	9.3	17.7	9.3
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)	0.0	-	-	-	-
Leasing (Long Term Liability)	0.0	-	-	-	-
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.1
Other Long Term Loans	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.1
Deferred Taxation	0.0	-	0.0	0.0	0.0
Other Provisions	0.4	0.2	0.0	0.0	1.6
Total Provisions	0.4	0.2	0.0	0.1	1.7
Issued Capital	0.1	0.1	0.1	0.1	0.1
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	22.3	19.7	22.1	31.9	28.7
Other Reserves	0.1	0.1	0.1	0.1	0.1
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	22.5	19.9	22.3	32.2	29.0
Net Worth	21.8	19.7	22.2	32.0	29.0

Annual Cash Flows

Financials in: USD (mil)

	26-Mar-2011	26-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	52 Weeks	51 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.644005	0.628216	0.592803	0.498361	0.528925
Consolidated	No	No	No	No	No

Annual Ratios

Financials in: USD (mil)

	26-Mar-2011	26-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	52 Weeks	51 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.621678	0.670938	0.697666	0.503145	0.509853
Consolidated	No	No	No	No	No
Current Ratio	1.98	2.23	2.98	2.63	3.90
Liquidity Ratio	1.04	1.16	1.25	1.00	1.58
Stock Turnover	5.87	5.95	4.44	3.40	4.71
Credit Period (Days)	58.16	56.73	51.03	58.40	50.13
Working Capital by Sales	17.68%	19.27%	25.74%	29.37%	26.62%
Trade Credit by Debtors	0.44	0.41	0.29	0.50	0.33
Return on Capital	2.71%	-17.27%	-0.74%	12.33%	17.84%
Return on Assets	1.47%	-10.58%	-0.52%	7.96%	13.69%
Profit Margin	0.58%	-4.26%	-0.23%	4.06%	5.41%
Return on Shareholders Funds	2.76%	-17.47%	-0.74%	12.37%	18.91%
Borrowing Ratio	2.61%	7.09%	2.13%	0.33%	6.11%
Equity Gearing	53.45%	60.53%	70.49%	64.39%	72.42%
Debt Gearing	-	0.03%	0.01%	0.14%	0.26%
Interest Coverage	4.32	-36.47	-0.47	20.21	20.44
Sales by Tangible Assets	86.07	103.40	164.41	121.11	129.62
Average Remuneration per Employee	0.0	0.1	0.0	0.1	0.1
Profit per Employee	0.0	0.0	0.0	0.0	0.1
Sales per Employee	0.7	1.0	0.9	1.2	1.2
Capital Employed per Employee	0.2	0.2	0.3	0.4	0.3
Tangible Assets per Employee	0.0	0.0	0.0	0.0	0.0
Total Assets per Employee	0.3	0.4	0.4	0.6	0.5
Employee Remuneration by Sales	5.90%	5.46%	5.68%	5.74%	6.30%
Creditor Days (Cost of Sales Based)	28.83	25.24	16.77	33.92	18.92
Creditor Days (Sales Based)	25.59	23.51	14.98	29.31	16.61

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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.