MIRA INFORM REPORT

Report Date :

03.11.2012

IDENTIFICATION DETAILS

Name :	K.S. INTERNATIONAL LTD.
Registered Office :	6 Sperrin Business Centre Stonefield Way Ruislip, HA4 0BG

Country :	United Kingdom

Financials (as on) :	31.03.2011

Date of Incorporation :	02.04.1992

Com. Reg. No.:	02703321

Legal Form :	Private Independent

Line of Business :	Trade as importers, exporters and wholesaling of electrical and motor accessories

No. of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

United Kingdom

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

K.S. International Ltd.

6 Sperrin Business Centre
Stonefield Way

Ruislip, HA4 0BG
United Kingdom


Tel:	02088427567
Fax:	02088427568

www.ks-international.com

Employees:	5
Company Type:	Private Independent

Quoted Status:	Non-quoted Company
Incorporation Date:	02-Apr-1992

Financials in:	USD (mil)

Fiscal Year End:	31-Mar-2011
Reporting Currency:	British Pound Sterling
Annual Sales:	NA
Total Assets:	3.2

Business Description

Trade as importers, exporters and wholesaling of electrical and motor accessories.

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
UK SIC 2007:	4532 - Retail trade of motor vehicle parts and accessories
US SIC 1987:	5531 - Auto and Home Supply Stores

Key Executives

Name	Title
Kalpen Patel	Managing Director
Renu Singh	Accounts Manager
Minesh Dhutia	Sales Advisor
Krutika Kalpan Patel	Secretary
Kalpen Patel	Director

Financial Summary

FYE: 31-Mar-2011

USD (mil)

Key Figures
Current Assets	1.09
Fixed Assets	2.11
Total Liabilities	0.99
Net Worth	1.18

Key Ratios
Current Ratio	1.10
Acid Test	0.33

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
6 Sperrin Business Centre
Stonefield Way
Ruislip, HA4 0BG
Middlesex County
United Kingdom

Tel:	02088427567
Fax:	02088427568

www.ks-international.com

Sales GBP(mil):	NA
Assets GBP(mil):	2.0
Employees:	5
Fiscal Year End:	31-Mar-2011


Industry:	Retail (Specialty)

Registered Address:
Unit 6
Sperrin Business Centre
Stonefield Way South Ruislip
Ruislip, HA4 0BG
United Kingdom

Incorporation Date:	02-Apr-1992
Company Type:	Private Independent
Quoted Status:	Not Quoted
Registered No.(UK):	02703321


Managing Director:	Kalpen Patel

Contents

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

UK SIC 2007:
4532	-	Retail trade of motor vehicle parts and accessories

Business Description

Trade as importers, exporters and wholesaling of electrical and motor accessories.

More Business Descriptions

Car Accessories and Parts

Financial Data

Financials in:	GBP(mil)

Assets:	2.0
Current Assets:	0.7
Fixed Assets:	1.3
Long Term Debt:	0.6
Total Liabilities:	1.3
Issued Capital:	NaN
Working Capital:	0.1
Net Worth:	0.7

Date of Financial Data:	31-Mar-2011

1 Year Growth

Executives Report

Board of Directors

Name

Title

Function

Krutika Kalpan Patel

Secretary

Director/Board Member

Executives

Name

Title

Function

Kalpen Patel

Managing Director

Krutika Kalpan Patel

Secretary

Company Secretary

Renu Singh

Accounts Manager

Accounting Executive

Minesh Dhutia

Sales Advisor

Sales Executive

Kalpen Patel

Director

Other

Directors and Shareholders Report

Annual Return Date: 02 Apr 2012

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Kalpan Patel	Current	02 Feb 1958	11 Blenheim Gardens, North Wembley, Wembley, Middlesex HA9 7NP	02 Apr 1992	NA	Current:1 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
Krutika Kalpan Patel	Current	NA	11 Blenheim Gardens, North Wembley, Wembley, Middlesex HA9 7NP	02 Apr 1992	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
Kalpan Patel	51 Ordinary GBP 1.00	Ordinary	51	1.00	51.00	51.00
Krutika Kalpan Patel	49 Ordinary GBP 1.00	Ordinary	49	1.00	49.00	49.00

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	31-Mar-2008	31-Mar-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.643394	0.627794	0.592803	0.498361	0.528925
Consolidated	No	No	No	No	No

Depreciation	0.0	0.2	0.2	0.2	0.1

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.62385	0.659239	0.697666	0.503145	0.509853
Consolidated	No	No	No	No	No

Total Tangible Fixed Assets	2.1	2.0	1.9	2.7	2.8
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	2.1	2.0	1.9	2.7	2.8
Total Stocks Work In Progress	0.8	0.6	0.6	0.1	0.1
Total Debtors	0.3	0.9	0.6	1.6	1.4
Cash and Equivalents	0.0	0.1	0.0	0.0	0.0
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	1.1	1.6	1.2	1.8	1.5
Total Assets	3.2	3.6	3.1	4.5	4.2
Other Current Liabilities	1.0	1.3	0.9	1.4	1.4
Total Current Liabilities	1.0	1.3	0.9	1.4	1.4
Other Long Term Liabilities	1.0	1.1	1.0	1.4	1.4
Total Long Term Liabilities	1.0	1.1	1.0	1.4	1.4
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	0.1	0.1	0.1	0.2	0.2
Retained Earnings	1.0	1.1	1.0	1.5	1.3
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	1.2	1.2	1.2	1.7	1.5
Net Worth	1.2	1.2	1.2	1.7	1.5

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.643394	0.627794	0.592803	0.498361	0.528925
Consolidated	No	No	No	No	No

Annual Ratios

Financials in: USD (mil)

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.62385	0.659239	0.697666	0.503145	0.509853
Consolidated	No	No	No	No	No

Current Ratio	1.10	1.30	1.26	1.27	1.05
Liquidity Ratio	0.33	0.82	0.62	1.17	1.01
Equity Gearing	36.92%	33.69%	38.05%	37.29%	34.25%

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.66
UK Pound	1	Rs.86.37
Euro	1	Rs.69.24

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%)

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.