Company name and address

Corporate Overview

Financial Data

Corporate Structure News

Executives Report

Directors and Shareholders Report

Annual Profit & Loss

MIRA INFORM REPORT

Report Date :

10.10.2012

IDENTIFICATION DETAILS

Name :	E D & F MAN SUGAR LTD.

Registered Office :	Cottons Centre Hay's Lane London, SE1 2QE

Country :	United Kingdom

Financials (as on) :	30.09.2011

Date of Incorporation :	08.12.1950

Com. Reg. No.:	00489204

Legal Form :	Private Subsidiary

Line of Business :	Sugar merchants, brokers and distributors

No. of Employees :	73

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate
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 – 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

Top of Form

Bottom of Form

E D & F Man Sugar Ltd.

Cottons Centre

Hay's Lane

London, SE1 2QE

United Kingdom

Suggest Company URL

Employees:	73
Company Type:	Private Subsidiary
Corporate Family:	38 Companies
Ultimate Parent:	E D & F Man Holdings Ltd.

Quoted Status:	Non-quoted Company
Incorporation Date:	08-Dec-1950
Auditor:	Ernst & Young LLP

Financials in:	USD (mil)

Fiscal Year End:	30-Sep-2011
Reporting Currency:	US Dollar
Annual Sales:	NA
Net Income:	(48.8)
Total Assets:	743.5

Business Description

Sugar merchants, brokers and distributors.

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	3739 - Other Goods Wholesaling Not Elsewhere Classified
NACE 2002:	5118 - Agents specialising in the sale of particular products or ranges of products not elsewhere classified
NAICS 2002:	425120 - Wholesale Trade Agents and Brokers
UK SIC 2003:	5118 - Agents specialising in the sale of particular products or ranges of products not elsewhere classified
UK SIC 2007:	4618 - Agents specialised in the sale of other particular products
US SIC 1987:	5099 - Durable Goods, Not Elsewhere Classified

Key Executives

Name	Title
Gaynor Antigha Bassey	Secretary
Eduardo Francisco Carmona Alba	Director
Joaquin Munoz Alvarez De Toledo	Director
Jascha Bob Raadtgever	Director
Thomas William Slack	Director

Financial Summary

730.97

12.51

625.14

107.60

FYE: 30-Sep-2011

USD (mil)

Key Figures

Current Assets

Fixed Assets

Total Liabilities

Net Worth

Key Ratios

Current Ratio

1.17

Acid Test

0.84

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

Location
Cottons Centre
Hay's Lane
London, SE1 2QE
London County
United Kingdom

Suggest Company URL

Sales USD(mil):	NA
Assets USD(mil):	743.5
Employees:	73
Fiscal Year End:	30-Sep-2011


Industry:	Miscellaneous Capital Goods

Registered Address:
Cottons Centre
Hay S Lane
London, SE1 2QE
United Kingdom

Incorporation Date:	08-Dec-1950
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(UK):	00489204


Director:	Thomas William Slack

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
3739	-	Other Goods Wholesaling Not Elsewhere Classified

NACE 2002 Codes:
5118	-	Agents specialising in the sale of particular products or ranges of products not elsewhere classified

NAICS 2002 Codes:
425120	-	Wholesale Trade Agents and Brokers

US SIC 1987:
5099	-	Durable Goods, Not Elsewhere Classified

UK SIC 2003:
5118	-	Agents specialising in the sale of particular products or ranges of products not elsewhere classified

UK SIC 2007:
4618	-	Agents specialised in the sale of other particular products

Business Description

Sugar merchants, brokers and distributors.

Financials in:	USD(mil)

Net Income:	-48.8
Assets:	743.5
Current Assets:	731.0
Fixed Assets:	12.5
Long Term Debt:	7.6
Total Liabilities:	632.7
Issued Capital:	101.5
Working Capital:	105.8
Net Worth:	107.6

Date of Financial Data:	30-Sep-2011

1 Year Growth

2.6%

Key Corporate Relationships

Auditor:	Ernst & Young LLP

Auditor:	Ernst & Young LLP

	USD(mil)
Audit Fees:	0.3
Audit Fiscal Year:	09-30-2011

Total Corporate Family Members: 38

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
E D & F Man Holdings Ltd.	Parent	London	United Kingdom	Business Services		3,368
VolcafÃ© Holding Ltd	Subsidiary	Winterthur	Switzerland	Food Processing		1,700
CarcafÃ© C.I. Ltda	Subsidiary	BogotÃ¡ DC	Colombia	Food Processing	256.3	96
PNG Coffee Exports Ltd	Subsidiary	Goroka, Eastern Highlands Province	Papua New Guinea	Crops		85
Kyagalanyi Coffee Ltd	Subsidiary	Kampala	Uganda	Food Processing
Taylor Winch (Tanzania) Ltd	Subsidiary	Moshi	Tanzania	Food Processing
Taylor Winch (Coffee) Ltd	Subsidiary	Nairobi	Kenya	Food Processing
Agman Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services		113
E D & F Man Sugar Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Capital Goods		73
E D & F Man Shipping Ltd.	Subsidiary	London	United Kingdom	Water Transportation		24
E D & F Man Ship Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Femis Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Transportation		7
E D & F Man Sugar Overseas Holdings Ltd.	Subsidiary	London	United Kingdom	Business Services
E D & F Man Chile Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
E D & F Man Nicaragua Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Sugar Industry Investments (Romania) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
E D & F Man Liquid Products UK Ltd.	Subsidiary	Bootle	United Kingdom	Crops		15
E D & F Man Fishoils Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Capital Goods		7
E D & F Man Coffee Ltd.	Subsidiary	London	United Kingdom	Food Processing		1
Equalsong Co. Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Holco Man Ltd.	Subsidiary	London	United Kingdom	Business Services
Holco Trading Co Ltd.	Subsidiary	London	United Kingdom	Business Services
L.K.& S.Trading Co. Ltd.	Subsidiary	London	United Kingdom	Business Services
Gill & Duffus Landauer Ltd.	Subsidiary	London	United Kingdom	Business Services
Premier Man Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Ruleastral Ltd.	Subsidiary	London	United Kingdom	Business Services
Broadhurst Sugar Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Capital Goods
Agman Investments Ltd.	Subsidiary	London	United Kingdom	Business Services
E D & F Man Cocoa Ltd.	Subsidiary	London	United Kingdom	Business Services
Advanced Feed Fats Ltd.	Subsidiary	London	United Kingdom	Business Services
E D & F Man Trading Ltd.	Subsidiary	London	United Kingdom	Business Services
E D & F Man Capital Markets Ltd.	Subsidiary	London	United Kingdom	Investment Services	0.5	20
Volcafe France SASU	Subsidiary	Paris	France	Personal and Household Products	439.7	7
ED & F Man Sucre SARL	Subsidiary	Paris	France	Food Processing	5.7	4
Agman Louisiana, Inc.	Subsidiary	New Orleans, LA	United States	Miscellaneous Financial Services
ED&F Man Liquid Products Nederland B.V.	Subsidiary	Amsterdam	Netherlands	Business Services
ED&F Man Liquid Products LLC	Subsidiary	New Orleans, LA	United States	Miscellaneous Transportation		100
E D & F Man Treasury Management PLC	Subsidiary	London	United Kingdom	Business Services

Board of Directors

Name

Title

Function

Eduardo Francisco Carmona Alba

Director

Director/Board Member

Age: 48

Joaquin Munoz Alvarez De Toledo

Director

Director/Board Member

Age: 48

Jascha Bob Raadtgever

Director

Director/Board Member

Age: 36

Thomas William Slack

Director

Director/Board Member

Age: 47

Niels Vesterdal

Director

Director/Board Member

Age: 59

Executives

Name

Title

Function

Gaynor Antigha Bassey

Secretary

Company Secretary

Age: 54

Annual Return Date: 31 May 2012
Total Issued Capital (GBP 000): 101,522

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Thomas William Slack	Current	04 Jan 1965	9 Mount Pleasant Road, Chigwell, Essex IG7 5EP	02 Nov 2011	NA	Current:2 Previous:17 Disqualifications:0
Niels Vesterdal	Current	25 Apr 1953	Cottons Centre, Hays Lane, London , London SE1 2QE	31 May 1991	NA	Current:2 Previous:4 Disqualifications:0
Jascha Bob Raadtgever	Current	30 Jan 1976	Cottons Centre, Hay's Lane, London , London SE1 2QE	21 Jun 2010	NA	Current:3 Previous:0 Disqualifications:0
Eduardo Francisco Carmona	Current	01 Jan 1964	Fairmile Hall, 20 Icklingham Road, Cobham, Surrey KT11 2NQ	14 May 2003	NA	Current:5 Previous:1 Disqualifications:0
Joaquin Munoz Alvarez De Toledo	Current	08 Dec 1963	38 Oxberry Avenue, Fulham, London , London SW6 5SS	01 Jul 2003	NA	Current:1 Previous:1 Disqualifications:0
Joan Amanda Goff	Previous	21 Oct 1956	Kitts View, The Avenue, Chelmsford, Essex CM3 6LZ	01 Oct 1992	30 Apr 1999	Current:0 Previous:10 Disqualifications:0
Michael John Christopher Stone	Previous	10 May 1936	Cedar House, 78 Portsmouth Road, Cobham, Surrey KT11 1AN	31 May 1991	31 Dec 2003	Current:7 Previous:21 Disqualifications:0
Alun Wyn Jones	Previous	26 Apr 1957	36 Haldon Road, Wandsworth, London SW18 1QY	01 Apr 1993	26 Sep 2001	Current:0 Previous:2 Disqualifications:0
David Aaron Rosenzweig	Previous	17 Oct 1955	13 Harley Gardens, West Brompton, London SW10 9SW	31 May 1991	31 May 2000	Current:0 Previous:2 Disqualifications:0
Paul Anthony O'Hanlon	Previous	09 Jun 1949	27 Theberton Street, Islington, London , London N1 0QY	31 May 1991	04 Dec 1998	Current:1 Previous:13 Disqualifications:0
Jonathan Richard Boyle	Previous	03 Nov 1945	Lickfold House, Petworth, West Sussex GU28 9EY	16 Aug 1994	31 Jul 2006	Current:0 Previous:4 Disqualifications:0
Michael Anthony Justin Cronk	Previous	04 Feb 1950	11 Ashley Gardens, Ambrosden Avenue, London , London SW1P 1QD	NA	30 Sep 1994	Current:1 Previous:6 Disqualifications:0
Jean Paul Maricot	Previous	09 Sep 1954	70 Rue De Chezy, Neuilly 92200, Seine	06 Sep 1995	27 Nov 2000	Current:0 Previous:1 Disqualifications:0
Stephen Labrooy	Previous	26 Oct 1946	44K Randolph Avenue, Maida Vale, Maida Vale, London W9 1BE	NA	30 Apr 1992	Current:0 Previous:2 Disqualifications:0
Philip Michael Wainwright	Previous	27 Apr 1965	143 Fawnbrake Avenue, London , London SE24 0BG	18 Jun 1996	30 Apr 1999	Current:0 Previous:6 Disqualifications:0
Rafael Fernando Muguiro Sartorius	Previous	26 Sep 1957	14 Alexander Square, London , London SW3 2AX	06 Aug 1999	01 Jun 2005	Current:5 Previous:15 Disqualifications:0
Philip Robert De Pass	Previous	07 Jun 1958	New Grove, Petworth, West Sussex GU28 0BD	01 Apr 1993	28 May 2010	Current:0 Previous:3 Disqualifications:0
Bogdan Mark Zaremba	Previous	03 Sep 1955	38B Denbigh Road, Ealing, West Ealing, London W13 8NH	15 May 2000	30 Sep 2004	Current:1 Previous:7 Disqualifications:0
Athol Lee Harley	Previous	13 May 1950	12 Well Road, Hampstead, London , London NW3 1LH	14 Oct 1996	01 Oct 1999	Current:0 Previous:1 Disqualifications:0
Thomas William Slack	Previous	04 Jan 1965	9 Mount Pleasant Road, Chigwell, Essex IG7 5EP	27 Nov 2000	15 Oct 2007	Current:2 Previous:17 Disqualifications:0
James Hamilton Proudlock	Previous	04 May 1963	37 Franconia Road, London , London SW4 9NB	24 Apr 1996	09 Dec 1997	Current:0 Previous:4 Disqualifications:0
Farideh Bromfield	Previous	20 Nov 1958	Flat 1 14 Kidderpore Gardens, London , London NW3 7SR	16 Aug 1994	26 Jul 2006	Current:2 Previous:2 Disqualifications:0
Katharine Rowsell	Previous	04 May 1958	Dial House 39 Ledbury Road, Notting Hill, London W11 2AA	NA	27 Nov 1998	Current:1 Previous:1 Disqualifications:0
James Cessford	Previous	27 May 1961	Trevereux House Limpsfield Chart, Oxted, Surrey RH8 0TL	NA	21 May 1999	Current:2 Previous:2 Disqualifications:0
Lynn Rosanne Fordham	Previous	09 Apr 1963	61 Aldwych, London , London WC2B 4AE	NA	09 Aug 2000	Current:9 Previous:13 Disqualifications:0
Eduardo Francisco Carmona Alba	Previous	01 Jan 1964	Cherry Croft, 6 Broad Highway, Cobham, Surrey KT11 2RP	27 Feb 2001	01 Jan 2002	Current:0 Previous:7 Disqualifications:0
Andrew Hillyer Scott	Previous	07 Apr 1952	Lower Lye East Knoyle, Salisbury, Wiltshire SP3 6AQ	NA	09 Aug 1995	Current:10 Previous:14 Disqualifications:0
Robin Graham Bell	Previous	02 Aug 1953	Monument Lodge Pyotts Hill, Old Basing, Basingstoke, Hampshire RG24 8AP	31 May 1991	15 Jun 1995	Current:0 Previous:1 Disqualifications:0
Keith Jeffrey O'Hana	Previous	23 Sep 1961	53 Ashley Gardens, Ambrosden Avenue, London , London SW1P 1QF	31 May 1991	20 Jan 1995	Current:0 Previous:1 Disqualifications:0
Olivier Maurice Henri Bonavero	Previous	27 Mar 1978	Monmouth House 87-93 Westbourne Grove, Paddington, London W2 4UL	08 May 2007	05 Aug 2008	Current:2 Previous:2 Disqualifications:0
Jahn Eric Heller	Previous	13 Nov 1971	20 Wheat Wharf, 27 Shad Thames, London , London SE1 2YW	08 May 2007	05 May 2011	Current:0 Previous:8 Disqualifications:0
John Bernard Gordon Laing	Previous	07 Feb 1962	Home Farm Remenham Lane, Remenham, Henley-On-Thames, Oxfordshire RG9 2LS	21 Jun 2010	02 Nov 2011	Current:13 Previous:2 Disqualifications:0
John Martineau Kinder	Previous	15 Jul 1956	55 Thornhill Square, London , London N1 1BE	31 May 1991	31 Aug 1999	Current:25 Previous:17 Disqualifications:0
Sean Martin Diffley	Previous	31 Oct 1966	C51 Montevetro, 100 Battersea Church Road, London , London SW11 3YE	01 Jul 2003	03 Jan 2006	Current:0 Previous:1 Disqualifications:0
Philip John Woodhouse	Previous	08 Apr 1959	Grocers Hall, Princes Street, London , London EC2R 8AD	NA	31 Jul 1998	Current:5 Previous:2 Disqualifications:0
Simon John Mitchell	Previous	25 Jun 1956	7Th Floor Cottons Centre, Hays Lane, London , London SE1 2QE	08 May 2007	21 Jun 2010	Current:0 Previous:14 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
Gaynor Antigha Bassey	Current	07 Nov 1957	47 Aberdare Gardens, London , London NW6 3AL	28 Sep 2007	NA	Current:26 Previous:2 Disqualifications:0
Barry John Wakefield	Previous	NA	The Old Manse, 27 High Street, Huntingdon, Cambridgeshire PE26 1AE	03 Nov 1998	24 Mar 2000	Current:0 Previous:95 Disqualifications:0
Michael Stephen Perman	Previous	08 Mar 1957	30 Finsbury Square, London , London EC2A 1AG	03 Apr 1995	04 Apr 1996	Current:9 Previous:39 Disqualifications:0
Peter Lawrence Clarke	Previous	28 Oct 1959	Brattles Grange, Tibbs Court Lane, Tonbridge, Kent TN12 7AJ	04 Apr 1996	03 Nov 1998	Current:17 Previous:26 Disqualifications:0
Jane Alison Moore	Previous	10 May 1963	7B Chesterton Road, North Kensington, London W10 5LY	07 Apr 2000	28 Sep 2007	Current:0 Previous:28 Disqualifications:0
Anne Linda Cuttill	Previous	NA	24 Daffodil Avenue, Pilgrims Hatch, Brentwood, Essex CM15 9QH	08 Nov 1993	03 Apr 1995	Current:0 Previous:31 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries 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
Agman Holdings Limited	03901524	101522000 Ordinary GBP 1.00	Ordinary	101,522,000	1.00	101,522,000.00	100.00

Individual Shareholders

There are no individual shareholders for this company.

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	30-Sep-2011	30-Sep-2010	30-Sep-2009	31-Oct-2008	31-Oct-2007
Period Length	52 Weeks	52 Weeks	48 Weeks	52 Weeks	52 Weeks
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Consolidated	No	No	No	No	No

Gross Profit	-18.5	16.9	48.6	43.9	22.2
Depreciation	0.0	0.1	0.1	0.0	0.0
Other Expenses	30.5	33.9	31.4	41.9	35.6
Operating Profit	-49.0	-	17.2	2.0	-13.5
Other Income	6.6	21.9	52.6	5.1	23.7
Interest Paid	19.7	10.6	5.2	6.5	3.0
Exceptional Income	-3.0	0.0	4.4	0.0	-3.6
Discontinued Operations	0.0	0.0	0.0	0.0	0.0
Profit Before Taxes	-65.1	-5.8	68.9	0.7	3.6
Tax Payable / Credit	-16.3	-7.2	4.8	-0.6	-2.9
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	0.0	10.0	49.5	0.0	0.0
Profit After Taxes	-48.8	-8.6	14.6	1.2	6.6
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.3	0.2	0.3	0.4	0.5
Number of Employees	73	82	81	77	74
Wages	11.6	13.3	15.5	21.1	21.3
Social Security Costs	1.1	1.0	1.1	1.4	1.2
Pensions	-	0.1	0.1	0.1	0.1
Other Pension Costs	0.6	4.4	0.8	0.9	0.7
Employees Remuneration	13.4	18.8	17.3	23.4	23.2
Directors Emoluments	-	1.8	2.6	3.7	1.8
Other Costs	-	0.0	0.0	0.0	0.0
Directors Remuneration	-	1.9	2.7	3.9	1.9
Highest Paid Director	-	0.5	1.0	1.4	0.6

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	30-Sep-2011	30-Sep-2010	30-Sep-2009	31-Oct-2008	31-Oct-2007
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Consolidated	No	No	No	No	No

Land & Buildings	-	1.1	1.1	-	-
Fixtures & Fittings	-	0.0	0.0	-	-
Plant & Vehicles	-	0.0	0.0	-	-
Total Tangible Fixed Assets	1.1	1.1	1.2	1.2	1.2
Intangible Assets	0.0	0.0	0.0	0.0	0.0
Investments	11.4	14.4	5.4	5.6	5.6
Total Fixed Assets	12.5	15.5	6.5	6.8	6.8
Total Stocks Work In Progress	203.9	94.1	92.2	80.7	104.8
Trade Debtors	220.0	250.7	160.1	98.5	186.7
Inter-Company Debtors	140.2	123.7	368.7	132.1	45.1
Other Debtors	29.4	231.9	11.9	18.7	14.3
Total Debtors	389.5	606.3	540.7	249.4	246.1
Cash and Equivalents	0.0	0.7	1.6	0.2	1.0
Other Current Assets	137.5	226.2	273.2	133.5	79.3
Total Current Assets	731.0	927.3	907.7	463.7	431.2
Total Assets	743.5	942.8	914.3	470.6	438.0
Trade Creditors	223.2	150.5	128.5	188.8	161.1
Bank Overdraft	0.0	0.0	0.0	0.0	0.0
Inter-Company Creditors	313.8	386.1	337.0	12.0	31.1
Director Loans (Current Liability)	0.0	0.0	0.0	0.0	0.0
Hire Purchase (Current Liability)	0.0	0.0	0.0	0.0	0.0
Finance Lease (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	0.0	0.0
Total Short Term Loans	0.0	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Current Liability)	4.8	7.9	9.1	14.3	14.4
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
Dividends (Current Liability)	0.0	0.0	0.0	0.0	0.0
Other Current Liabilities	83.3	242.3	275.8	96.8	84.2
Total Current Liabilities	625.1	786.9	750.4	311.9	290.7
Group Loans (Long Term Liability)	-	0.0	0.0	0.0	0.0
Director Loans (Long Term Liability)	-	0.0	0.0	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	0.0	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	-	0.0	0.0	0.0	0.0
Other Long Term Liabilities	7.6	0.0	0.0	0.0	0.0
Total Long Term Liabilities	7.6	0.0	0.0	0.0	0.0
Deferred Taxation	0.0	0.0	0.9	2.1	3.5
Other Provisions	3.1	0.0	0.0	0.0	0.0
Total Provisions	3.1	0.0	0.9	2.1	3.5
Issued Capital	101.5	101.5	101.5	101.5	101.5
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	5.9	54.2	61.2	54.9	42.1
Other Reserves	0.2	0.2	0.2	0.2	0.2
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	107.6	155.9	162.9	156.5	143.8
Net Worth	107.6	155.9	162.9	156.5	143.8

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	30-Sep-2011	30-Sep-2010	30-Sep-2009	31-Oct-2008	31-Oct-2007
Period Length	52 Weeks	52 Weeks	48 Weeks	52 Weeks	52 Weeks
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Consolidated	No	No	No	No	No

Annual Ratios

Financials in: USD (mil)

	30-Sep-2011	30-Sep-2010	30-Sep-2009	31-Oct-2008	31-Oct-2007
Period Length	52 Weeks	52 Weeks	48 Weeks	52 Weeks	52 Weeks
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Consolidated	No	No	No	No	No

Current Ratio	1.17	1.18	1.21	1.49	1.48
Liquidity Ratio	0.84	1.06	1.09	1.23	1.12
Trade Credit by Debtors	1.01	0.60	0.80	1.92	0.86
Return on Capital	-55.03%	-3.72%	45.56%	0.41%	2.46%
Return on Assets	-8.76%	-0.62%	8.17%	0.14%	0.83%
Return on Shareholders Funds	-60.52%	-3.72%	45.82%	0.42%	2.52%
Borrowing Ratio	291.64%	247.64%	206.85%	7.66%	21.61%
Equity Gearing	14.47%	16.54%	17.82%	33.27%	32.82%
Interest Coverage	-3.30	-0.55	13.14	0.10	1.21
Average Remuneration per Employee	0.2	0.2	0.2	0.3	0.3
Profit per Employee	-0.9	-0.1	0.9	0.0	0.0
Capital Employed per Employee	1.6	1.9	2.0	2.1	2.0
Tangible Assets per Employee	0.0	0.0	0.0	0.0	0.0
Total Assets per Employee	10.2	11.5	11.3	6.1	5.9
Creditor Days (Cost of Sales Based)	4,403.79	-	-	-	-

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.37
UK Pound	1	Rs.83.99
Euro	1	Rs.67.99

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%)