MIRA INFORM REPORT

Report Date :

26.03.2012

IDENTIFICATION DETAILS

Name :	COMEX IMPORT & EXPORT CO. LTD.

Registered Office :	Unit 11 Landmark Commercial Centre Commercial Road London, N18 1UB

Country :	United Kingdom

Financials (as on) :	31.12.2010

Date of Incorporation :	16.06.1982

Com. Reg. No.:	01643947

Legal Form :	Private Independent

Line of Business :	Sale of motor vehicle parts and accessories

No. of Employees :	2

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company
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, 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 name and address

Top of Form

Bottom of Form

Comex Import & Export Co. Ltd.

Unit 11
Landmark Commercial Centre
Commercial Road
London, N18 1UB
United Kingdom


Tel:	020 8807 1411

www.comexuk.com

Employees:	2
Company Type:	Private Independent

Quoted Status:	Non-quoted Company
Incorporation Date:	16-Jun-1982
Auditor:	Cartwrights

Financials in:	USD (mil)

Fiscal Year End:	31-Dec-2010
Reporting Currency:	British Pound Sterling
Annual Sales:	2.7 ¹
Net Income:	0.0
Total Assets:	3.1

Business Description

Importers and exporters of motor spares and ancillary products.

Industry

Industry	Retail (Specialty)
ANZSIC 2006:	3921 - Motor Vehicle Parts Retailing
NACE 2002:	5030 - Sale of motor vehicle parts and accessories
NAICS 2002:	441310 - Automotive Parts and Accessories Stores
UK SIC 2003:	5030 - Sale of motor vehicle parts and accessories
US SIC 1987:	5531 - Auto and Home Supply Stores

Key Executives

Name	Title
Ajitkumar Amirchand Ghelani	Secretary
Ashvin Ghelani	Director

Financial Summary

FYE: 31-Dec-2010

USD (mil)

Key Figures
Current Assets	2.50
Fixed Assets	0.61
Total Liabilities	2.10
Net Worth	0.61

Key Ratios
Current Ratio	1.19
Acid Test	0.38
Debt Gearing	67.17

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
Unit 11
Landmark Commercial Centre
Commercial Road
London, N18 1UB
London County
United Kingdom

Tel:	020 8807 1411

www.comexuk.com

Sales GBP(mil):	1.7
Assets GBP(mil):	2.0
Employees:	2
Fiscal Year End:	31-Dec-2010


Industry:	Retail (Specialty)

Registered Address:
Unit 11 Landmark Commercial
Centre 19 Commercial Road
Edmonton London
London, N18 1UB
United Kingdom

Incorporation Date:	16-Jun-1982
Company Type:	Private Independent
Quoted Status:	Not Quoted
Registered No.(UK):	01643947


Director:	Ashvin Ghelani

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
3921	-	Motor Vehicle Parts Retailing

NACE 2002 Codes:
5030	-	Sale of motor vehicle parts and accessories

NAICS 2002 Codes:
441310	-	Automotive Parts and Accessories Stores

US SIC 1987:
5531	-	Auto and Home Supply Stores

UK SIC 2003:
5030	-	Sale of motor vehicle parts and accessories

Business Description

Importers and exporters of motor spares and ancillary products.

More Business Descriptions

Import and Export Agents

Financial Data

Financials in:	GBP(mil)

Revenue:	1.7
Net Income:	NaN
Assets:	2.0
Current Assets:	1.6
Fixed Assets:	0.4
Long Term Debt:	0.3
Total Liabilities:	1.6
Issued Capital:	0.0
Working Capital:	0.3
Net Worth:	0.4

Date of Financial Data:	31-Dec-2010

1 Year Growth

-8.4%

Key Corporate Relationships

Auditor:	Cartwrights
Bank:	Barclays Bank PLC

Auditor:	Cartwrights

Executives Report

Board of Directors

Name

Title

Function

Ashvin Ghelani

Director

Director/Board Member

Executives

Name

Title

Function

Ajitkumar Amirchand Ghelani

Secretary

Company Secretary

Directors and Shareholders Report

Annual Return Date: 23 Oct 2011

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Ashvin Ghelani	Current	23 Apr 1955	43 Oakdale, Southgate, Southgate, London N14 5RA	23 Oct 1991	NA	Current:1 Previous:0 Disqualifications:0
Ajitkumar Amirchand Ghelani	Current	11 Jul 1958	43 Oakdale, Southgate, London N14 5RA	03 Nov 1997	NA	Current:2 Previous:0 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
Ajitkumar Amirchand Ghelani	Current	11 Jul 1958	43 Oakdale, Southgate, London N14 5RA	01 Sep 2002	NA	Current:2 Previous:0 Disqualifications:0
Jagruti Amarchand Ghelani	Previous	21 Nov 1974	43 Oakdale, Southgate, Southgate, London N14 5RA	30 Apr 1993	01 Sep 2002	Current:0 Previous:1 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
Ajitkumar A Ghelani	1 Ordinary GBP 1.00	Ordinary	1	1.00	1.00	50.00
Ashvin Ghelani	1 Ordinary GBP 1.00	Ordinary	1	1.00	1.00	50.00

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-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	2.7	3.0	3.9	2.8	4.0
Cost of Sales	2.5	2.9	3.7	2.7	3.8
Gross Profit	0.1	0.1	0.2	0.1	0.2
Depreciation	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.1	0.1	0.1	0.2
Other Income	0.0	0.0	0.1	0.1	0.1
Interest Paid	0.0	0.0	0.0	0.0	0.0
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	0.1	0.1	0.1	0.0	0.0
Tax Payable / Credit	0.0	0.0	0.0	0.0	0.0
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	0.1	0.0	0.1	0.1	0.0
Profit After Taxes	0.0	0.0	0.0	0.0	0.0
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Pensions	-	-	-	0.0	0.0
Directors Emoluments	-	-	-	0.0	0.0
Other Costs	-	-	-	0.0	0.0
Directors Remuneration	0.0	0.0	0.0	0.0	0.0

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	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	0.6	0.6	0.6	-	0.8
Fixtures & Fittings	0.0	0.0	0.0	-	0.0
Plant & Vehicles	0.0	0.0	0.0	-	0.0
Total Tangible Fixed Assets	0.6	0.6	0.6	0.8	0.8
Intangible Assets	0.0	0.0	0.0	0.0	0.0
Investments	0.0	0.0	0.0	0.0	0.0
Total Fixed Assets	0.6	0.6	0.6	0.8	0.8
Total Stocks Work In Progress	1.7	1.4	1.0	1.0	0.6
Trade Debtors	0.1	0.2	0.3	0.7	0.5
Other Debtors	0.1	0.0	0.0	0.1	0.0
Total Debtors	0.2	0.2	0.3	0.8	0.5
Cash and Equivalents	0.6	0.5	0.6	1.8	0.8
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	2.5	2.1	2.0	3.6	1.8
Total Assets	3.1	2.8	2.5	4.4	2.6
Trade Creditors	0.7	0.5	0.7	0.6	0.5
Bank Overdraft	0.0	0.0	0.0	0.0	0.0
Director Loans (Current Liability)	0.1	0.1	0.1	0.1	0.1
Accruals/Deferred Income (Current Liability)	0.0	0.0	0.1	0.0	0.0
Social Security/VAT	0.0	0.0	0.0	0.0	0.0
Corporation Tax	0.0	0.0	0.0	0.0	0.0
Other Current Liabilities	1.3	1.0	0.8	2.4	0.8
Total Current Liabilities	2.1	1.7	1.6	3.1	1.4
Group Loans (Long Term Liability)	0.0	0.0	0.0	-	0.0
Director Loans (Long Term Liability)	0.4	0.0	0.3	0.0	0.0
Hire Purchase (Long Term Liability)	0.0	0.0	0.0	-	0.0
Leasing (Long Term Liability)	0.0	0.0	0.0	-	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0	0.0	-	0.0
Other Long Term Loans	0.0	0.4	0.1	-	0.5
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	0.1	0.0
Other Long Term Liabilities	0.0	0.0	0.0	0.4	0.0
Total Long Term Liabilities	0.4	0.4	0.4	0.5	0.5
Deferred Taxation	0.0	0.0	0.0	0.0	0.0
Other Provisions	0.0	0.0	0.0	0.0	0.0
Total Provisions	0.0	0.0	0.0	0.0	0.0
Issued Capital	0.0	0.0	0.0	0.0	0.0
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	0.6	0.6	0.5	0.7	0.7
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	0.6	0.6	0.5	0.7	0.7
Net Worth	0.6	0.6	0.5	0.7	0.7

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	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

Annual Ratios

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	0.638712	0.619253	0.695531	0.502361	0.510947
Consolidated	No	No	No	No	No

Current Ratio	1.19	1.24	1.22	1.14	1.32
Liquidity Ratio	0.38	0.42	0.61	0.83	0.93
Stock Turnover	1.58	2.21	3.09	2.81	7.60
Credit Period (Days)	16.59	23.28	36.54	92.31	41.17
Working Capital by Sales	15.06%	13.29%	11.60%	15.94%	10.75%
Trade Credit by Debtors	5.74	2.74	2.20	0.79	1.03
Return on Capital	6.84%	6.76%	10.06%	3.18%	3.43%
Return on Assets	2.24%	2.57%	3.66%	0.90%	1.61%
Profit Margin	2.58%	2.28%	3.06%	1.41%	1.01%
Return on Shareholders Funds	11.44%	11.30%	17.00%	5.50%	5.85%
Borrowing Ratio	81.99%	80.28%	80.35%	20.93%	83.48%
Equity Gearing	19.57%	22.71%	21.51%	16.41%	27.57%
Debt Gearing	67.17%	67.16%	68.85%	4.22%	70.55%
Interest Coverage	-	2.35	3.40	1.04	1.14
Sales by Tangible Assets	4.40	4.90	5.33	3.51	5.35
Creditor Days (Cost of Sales Based)	100.10	66.83	83.94	75.22	44.48
Creditor Days (Sales Based)	95.21	63.71	80.50	72.51	42.48

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.90
UK Pound	1	Rs.80.77
Euro	1	Rs.67.40

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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