MIRA INFORM REPORT

Report Date :

26.04.2013

IDENTIFICATION DETAILS

Name :	THE RICE 'N SPICE INTERNATIONAL LTD.
Registered Office :	7 Redbridge Lane East Ilford, IG4 5ET
Country :	United Kingdom
Financials (as on) :	31.03.2012
Date of Incorporation :	04.01.2006
Com. Reg. No.:	05666049
Legal Form :	Private Independent
Line of Business :	Supplier of basmati rice, spices, nuts, lentils and various other Asian food products.
No. of Employees :	4

RATING & COMMENTS

MIRA’s Rating :

Ca

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
United Kingdom	A1	A1

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 second largest economy in Europe after Germany. 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 aimed 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 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. 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). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase.

Source : CIA

COMPANY NAME AND ADDRESS

The Rice 'n Spice International Ltd. 

7 Redbridge Lane East

Ilford, IG4 5ET

United Kingdom

(Trading Address) 

Tel: 020 8551 9894

www.ricenspice.net

company summary

Employees: 4

Company Type: Private Independent

Quoted Status: Non-quoted Company

Incorporation Date: 04-Jan-2006

Financials in: USD (Mil)

Fiscal Year End: 31-Mar-2012

Reporting Currency: British Pound Sterling

Annual Sales: NA

Total Assets: 1.0

Business Description

Thursday 6 December 2012 Welcome... Services & Products Falak Kernel Basmati Rice Daawat Traditional Inidian Basmati Rice Find out about our range of Asian Food products and services for exporters Learn more about the authentic flavour of Punjab - Top quality Super Kernel Basmati Get to know about traditional top quality Indian Basmati from the foothills of the Himalayas > More Info > More Info > More Info As a successful food business, we are constantly innovating to drive growth in our categories and develop the brands we represent. The Rice Spice International Ltd aims to be a leading supplier of Basmati rice, spices, nuts, lentils and various other Asian food products and brands for the UK and mainland Europe, delivering quality products and service to our customers, that meet changing consumer needs. Through a programme of organic growth and strategic alliances (with suppliers and customers) we have ambitious plans to grow the business further. The business was established in 2002 and has seen us develop and establish various brands and products. Our flagship Basmati rice brand, Falak, is one of the more recognisable and popular brands in food service and retail throughout key European markets. It is joined by Daawat Basmati Rice, our European brand which has also seen significant growth in market share in recent years. RNS, Double Horse, Devaaya, Areej and Sunbul complete our Basmati rice branded portfolio. In addition to the branded lines of Basmati Rice, we are also suppliers of all varieties of rice and various Asian food products, such as lentils, spices, papadoms, nuts and flours in desired brands as well as in own label packaging. We can supply almonds and cashew nuts at very competitive prices for the bulk buyer. The Rice Spice Int Ltd have experience in establishing, marketing and distributing leading Asian brands in the UK and in Europe. Mission statement - To be the first choice Basmati rice and Asian foods supplier for customers and consumers requiring consistent high quality at highly competitive prices in brands and own label while continuing to grow as a company at a sustainable rate providing greater returns to all stakeholders.

Industry

Industry	Retail (Grocery)
ANZSIC 2006:	360 - Grocery, Liquor and Tobacco Product Wholesaling
NACE 2002:	5138 - Wholesale of other food including fish, crustaceans and molluscs
NAICS 2002:	424460 - Fish and Seafood Merchant Wholesalers
UK SIC 2003:	5138 - Wholesale of other food including fish, crustaceans and molluscs
UK SIC 2007:	4638 - Wholesale of other food, including fish, crustaceans and molluscs
US SIC 1987:	514 - Groceries and Related Products

Key Executives

Name	Title
Anita Mathur	Secretary
Ajay Mathur	Director

Financial Summary

FYE: 31-Mar-2012

USD (mil)

Key Figures
Current Assets	1.01
Fixed Assets	0.03
Total Liabilities	0.69
Net Worth	0.20

Key Ratios
Current Ratio	1.46
Acid Test	1.33
Debt Gearing	6.99

Registered No. (UK): 05666049

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6267523
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6281078

Corporate Overview

Location
7 Redbridge Lane East
Ilford, IG4 5ET
Essex County 
United Kingdom

Tel: 020 8551 9894

www.ricenspice.net

Sales GBP(mil): NA

Assets GBP(mil): 0.7

Employees: 4

Fiscal Year End: 31-Mar-2012

Industry: Retail (Grocery)

Registered Address:
7 Redbridge Lane East
Redbridge
Ilford, IG4 5ET
United Kingdom

Incorporation Date: 04-Jan-2006

Company Type: Private Independent

Quoted Status: Not Quoted

Registered No.(UK): 05666049

Director: Ajay Mathur

Industry Codes

ANZSIC 2006 Codes:
360	-	Grocery, Liquor and Tobacco Product Wholesaling

NACE 2002 Codes:
5138	-	Wholesale of other food including fish, crustaceans and molluscs

NAICS 2002 Codes:
424460	-	Fish and Seafood Merchant Wholesalers

US SIC 1987:
514	-	Groceries and Related Products

UK SIC 2003:
5138	-	Wholesale of other food including fish, crustaceans and molluscs

UK SIC 2007:
4638	-	Wholesale of other food, including fish, crustaceans and molluscs

More Business Descriptions

Thursday 6 December 2012 Welcome... Services & Products Falak Kernel Basmati Rice Daawat Traditional Inidian Basmati Rice Find out about our range of Asian Food products and services for exporters Learn more about the authentic flavour of Punjab - Top quality Super Kernel Basmati Get to know about traditional top quality Indian Basmati from the foothills of the Himalayas > More Info > More Info > More Info As a successful food business, we are constantly innovating to drive growth in our categories and develop the brands we represent. The Rice Spice International Ltd aims to be a leading supplier of Basmati rice, spices, nuts, lentils and various other Asian food products and brands for the UK and mainland Europe, delivering quality products and service to our customers, that meet changing consumer needs. Through a programme of organic growth and strategic alliances (with suppliers and customers) we have ambitious plans to grow the business further. The business was established in 2002 and has seen us develop and establish various brands and products. Our flagship Basmati rice brand, Falak, is one of the more recognisable and popular brands in food service and retail throughout key European markets. It is joined by Daawat Basmati Rice, our European brand which has also seen significant growth in market share in recent years. RNS, Double Horse, Devaaya, Areej and Sunbul complete our Basmati rice branded portfolio. In addition to the branded lines of Basmati Rice, we are also suppliers of all varieties of rice and various Asian food products, such as lentils, spices, papadoms, nuts and flours in desired brands as well as in own label packaging. We can supply almonds and cashew nuts at very competitive prices for the bulk buyer. The Rice Spice Int Ltd have experience in establishing, marketing and distributing leading Asian brands in the UK and in Europe. Mission statement - To be the first choice Basmati rice and Asian foods supplier for customers and consumers requiring consistent high quality at highly competitive prices in brands and own label while continuing to grow as a company at a sustainable rate providing greater returns to all stakeholders.

Financial Data

Financials in:	GBP(mil)
Assets:	0.7
Current Assets:	0.6
Fixed Assets:	0.0
Long Term Debt:	0.1
Total Liabilities:	0.5
Issued Capital:	NaN
Working Capital:	0.2
Net Worth:	0.1
Date of Financial Data:	31-Mar-2012

1 Year Growth

NA

Board of Directors

Name	Title	Function
Ajay Mathur	Director	Director/Board Member
Biography: Ajay Mathur is the founder of The Rice ‘n Spice International Ltd and has pioneered the business over the years. By providing an exceptional service and through his personal relationships, he has seen the sales of our brands get stronger and gain significant market share in key European markets. He has worked with key brands and organisations within the rice industry in India, Pakistan, USA, Europe, Iraq and the UK. Mr Mathur has been involved in various innovations and actions in the Basmati rice trade, such as the introduction of consumer pack rice sales in India. Having set up efficient operations and developed sales and strategy for some of the biggest brands, The Rice ‘n Spice International Ltd was set up, by Mr Mathur, in the summer of 2002 based on similar successful models. Mr Mathur's experience, commitment and hard work have seen the company through an exciting journey and he and the company have gone from strength to strength and are now a well known importer and distributor of, primarily, Basmati rice as well as various other ethnic products. He thrives on good relations and respect within the food industry, and brings integrity, reliability and stability to the company. Age: 61

Executives

Name	Title	Function
Anita Mathur	Secretary	Company Secretary
Age: 61

Directors and Shareholders Report

Individual Directors
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Ajay  Mathur	Current	21 Nov 1951	30 The Glade,  Ilford, Essex IG5 0NF	10 Jan 2006	NA	Current:2 Previous:3 Disqualifications:0
Anita  Mathur	Current	22 Jun 1951	30 The Glade,  Ilford, Essex IG5 0NF	03 Jan 2008	NA	Current:3 Previous:2 Disqualifications:0
Anant  Mathur	Previous	07 May 1980	30 The Glade, Clayhill,  Ilford, Essex IG5 0NF	04 Jan 2006	11 Jan 2006	Current:0 Previous:3 Disqualifications:0
Anita  Mathur	Previous	22 Jun 1951	30 The Glade,  Ilford, Essex IG5 0NF	11 Jan 2006	12 Jan 2006	Current:3 Previous:2 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
Anita  Mathur	Current	22 Jun 1951	30 The Glade,  Ilford, Essex IG5 0NF	10 Jan 2006	NA	Current:3 Previous:2 Disqualifications:0
Anant  Mathur	Previous	07 May 1980	30 The Glade, Clayhill,  Ilford, Essex IG5 0NF	11 Jan 2006	12 Jan 2006	Current:0 Previous:3 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
Ajay Mathur	50 Ordinary GBP 1.00	Ordinary	50	1.00	50.00	50.00
Anita Mathur	50 Ordinary GBP 1.00	Ordinary	50	1.00	50.00	50.00
Corporate Shareholders There are no corporate shareholders for this company.

Annual Profit and Loss

Financials in: USD (mil)

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

	31-Mar-2012	31-Mar-2011	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	52 Weeks	65 Weeks	52 Weeks	52 Weeks	48 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.626752	0.643394	0.641508	0.545576	0.499878
Consolidated	No	No	No	No	No
Depreciation	0.0	0.0	0.0	0.0	0.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Dec-2009	31-Dec-2008	31-Dec-2007
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.628108	0.62385	0.619253	0.695531	0.502361
Consolidated	No	No	No	No	No
Total Tangible Fixed Assets	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	0.1
Total Stocks Work In Progress	0.1	0.2	0.1	0.0	0.0
Total Debtors	0.8	0.6	0.5	0.4	0.5
Cash and Equivalents	0.1	0.0	0.0	0.0	0.2
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	1.0	0.8	0.6	0.4	0.7
Total Assets	1.0	0.8	0.7	0.5	0.7
Trade Creditors	-	0.5	-	-	-
Bank Overdraft	-	0.0	-	-	0.0
Inter-Company Creditors	0.2	0.0	-	-	-
Director Loans (Current Liability)	-	0.0	0.1	-	-
Hire Purchase (Current Liability)	-	0.0	-	-	-
Finance Lease (Current Liability)	-	0.0	-	-	-
Total Finance Lease/Hire Purchase (Current Liability)	-	0.0	-	-	-
Total Short Term Loans	-	0.1	-	-	-
Accruals/Deferred Income (Current Liability)	-	0.0	-	-	-
Social Security/VAT	-	0.0	-	-	-
Corporation Tax	-	0.0	-	-	-
Dividends (Current Liability)	-	0.0	-	-	-
Other Current Liabilities	0.5	0.0	0.4	0.3	0.6
Total Current Liabilities	0.7	0.6	0.5	0.3	0.6
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	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	0.1	0.0	0.0	0.0	0.0
Total Long Term Liabilities	0.1	0.0	0.0	0.0	0.0
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	0.2	0.2	0.2	0.1	0.2
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	0.2	0.2	0.2	0.1	0.2
Net Worth	0.2	0.2	0.2	0.1	0.1

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	52 Weeks	65 Weeks	52 Weeks	52 Weeks	48 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.626752	0.643394	0.641508	0.545576	0.499878
Consolidated	No	No	No	No	No

Annual Ratios

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	52 Weeks	65 Weeks	52 Weeks	52 Weeks	48 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.628108	0.62385	0.619253	0.695531	0.502361
Consolidated	No	No	No	No	No
Current Ratio	1.46	1.31	1.36	1.29	1.20
Liquidity Ratio	1.33	0.95	1.10	1.16	1.13
Borrowing Ratio	100.86%	33.90%	58.34%	-	-
Equity Gearing	22.16%	26.91%	30.86%	28.28%	22.79%
Debt Gearing	6.99%	-	-	-	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.17
UK Pound	1	Rs.82.99
Euro	1	Rs.70.62

INFORMATION DETAILS

Report Prepared by :

NIT

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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