MIRA INFORM REPORT

Report Date :

06.06.2014

IDENTIFICATION DETAILS

Name :	FLYING TRADE LIMITED
Formerly Known As :	FLYING TRADE FINANCE LIMITED
Registered Office :	Griffins Court, 24-32 London Road, Newbury RG14 1JX
Country :	United Kingdom
Financials (as on) :	31.12.2012
Date of Incorporation :	08.08.1988
Com. Reg. No.:	02285142
Legal Form :	Private limited with Share Capital
Line of Business :	Subject is engaged in distributors of foodstuffs.
No. of Employees :	137

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 :	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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
United Kingdom	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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

REGISTERED NAME & COMPANY SUMMARY

Summary – Company Information

Company Name	FLYING TRADE LIMITED	Company Number	02285142
Registered Address	GRIFFINS COURT 24-32 LONDON ROAD NEWBURY RG14 1JX	Trading Address	Harwich Industrial Estate Europa Way Harwich Essex CO12 4PT
Website Address	http://www.suryafoods.com
Telephone Number	-
TPS	-
Incorporation Date	08/08/1988	Company Status	Active - Accounts Filed
Previous Name	FLYING TRADE FINANCE LIMITED	Type	Private limited with Share Capital
Date of Change	15/02/1991	Filing Date of Accounts	09/08/2013
		Share Capital	£251,000
SIC03	5212	Currency	GBP
SIC03 Description	Other retail non-specialised stores
SIC07	47190
SIC07 Description	OTHER RETAIL SALE IN NON-SPECIALISED STORES
Principal Activity	A distributors of foodstuffs.

DIRECTORS/MANAGEMENT

Directors

Total Current Directors	2
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	2

Current Directors

Name	Sukhjit Singh Dulai	Date of Birth	06/08/1966
Officers Title	Mr	Nationality	British
Present Appointments	28	Function	Director
Appointment Date	29/11/1993
Address	Shaftesbury House, Clacton Road, Elmstead Market, Colchester, Essex, CO7 7DB
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Harjit Singh Dulai	Date of Birth	23/12/1971
Officers Title	Mr	Nationality	British
Present Appointments	16	Function	Director
Appointment Date	25/05/2010
Address	Shaftesbury House Clacton Road, Elmstead Market, Colchester, Essex, CO7 7DB
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Sukhjit Singh Dulai	Date of Birth	06/08/1966
Officers Title	Mr	Nationality	British
Present Appointments	28	Function	Company Secretary
Appointment Date	29/11/1993
Address	Shaftesbury House, Clacton Road, Elmstead Market, Colchester, Essex, CO7 7DB

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	1	Total Value of Exact CCJs -	£6,472
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	1	Total Value of Satisfied CCJs -	£1,221
Total Number of Writs -	-

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
20/12/2013	NORTHAMPTON CCMCC	£6,472	Judgement	3YU13654	-
06/08/2008	NORTHAMPTON CCBC	£1,221	Satisfied	8XH83095	30/09/2008

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	2
Satisfied	5

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
FLYING TRADE GROUP PLC	GBP	251,000	ORDINARY	1	100

PAYMENT INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2012	£62,677,767	£3,133,971	£7,150,833	137
31/12/2011	£61,497,626	£2,871,085	£5,843,789	141
31/12/2010	£56,605,259	£2,439,262	£4,963,222	160

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

24	15
Company DBT	UK Average DBT

Steady

Improving Worsening

31 - 60 Days.

Within Terms 91+ Days

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Statistics

Group	7 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	FLYING TRADE GROUP PLC
Ownership Status	Wholly Owned
Ultimate Holding Company	FLYING TRADE GROUP PLC

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
FLYING TRADE GROUP PLC	02407688	31.12.2012	Y	£66,972,086
FLYING TRADE LIMITED	02285142	31.12.2012	N	£62,677,767
SURYA HOTELS LIMITED	07241976	31.12.2012	N	£3,966,181
GREAT HALLINGBURY EVEN...	07270865	31.12.2012	N	£1,499,602
SCREWED LIMITED	07311442	27.04.2012	N
TOWER BLOCK 13 LIMITED	07633424	31.12.2012	N
SURYA RICE LIMITED	02929921	31.12.2012	N	£2,056,429

FINANCIAL INFORMATION

Financials

Profit & Loss

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£62,677,767	1.9%	£61,497,626	8.6%	£56,605,259	-2.5%	£58,085,981	28.9%	£45,065,874
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£54,845,375	-0.7%	£55,246,537	8.7%	£50,812,450	-2.7%	£52,215,088	28.1%	£40,767,929
Gross Profit	£7,832,392	25.3%	£6,251,089	7.9%	£5,792,809	-1.3%	£5,870,893	36.6%	£4,297,945
Wages & Salaries	£3,039,889	20.8%	£2,516,906	6%	£2,374,856	-8.9%	£2,607,674	31.3%	£1,985,867
Directors Emoluments	£29,600	-29%	£41,667	4.2%	£40,000	11.1%	£36,000	-	£36,000
Operating Profit	£3,310,389	8.3%	£3,055,348	20.1%	£2,542,949	-2.1%	£2,597,417	50.2%	£1,729,105
Depreciation	£235,830	44.2%	£163,528	23.5%	£132,402	-20.9%	£167,365	32.9%	£125,919
Audit Fees	£19,750	16.2%	£16,999	-30.6%	£24,500	2.1%	£24,000	140%	£10,000
Interest Payments	£176,418	-4.3%	£184,263	77.7%	£103,687	-21.3%	£131,817	-61.8%	£345,035
Pre Tax Profit	£3,133,971	9.2%	£2,871,085	17.7%	£2,439,262	-1.1%	£2,465,600	77.1%	£1,392,386
Taxation	-£326,927	33.4%	-£490,519	18.6%	-£602,366	13.4%	-£695,922	-63.6%	-£425,500
Profit After Tax	£2,807,044	17.9%	£2,380,566	29.6%	£1,836,896	3.8%	£1,769,678	83%	£966,886
Dividends Payable	£1,500,000	-	£1,500,000	-	£1,500,000	66.7%	£900,000	200%	£300,000
Retained Profit	£1,307,044	48.4%	£880,566	161.4%	£336,896	-61.3%	£869,678	30.4%	£666,886

Balance Sheet

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Tangible Assets	£983,182	30.9%	£751,238	11.8%	£671,762	-14.1%	£781,597	21.5%	£643,281
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£983,182	30.9%	£751,238	11.8%	£671,762	-14.1%	£781,597	21.5%	£643,281
Stock	£6,125,264	-35.6%	£9,504,742	112.2%	£4,479,632	27.5%	£3,512,390	-21.5%	£4,471,817
Trade Debtors	£9,131,634	16.7%	£7,823,256	-7.9%	£8,491,644	8%	£7,859,019	-0.9%	£7,927,088
Cash	£2,600,930	44.3%	£1,801,920	57.6%	£1,143,583	-66.2%	£3,380,987	999.9%	£9,778
Other Debtors	£3,884,488	66.7%	£2,330,293	-37.2%	£3,707,754	544.4%	£575,340	-51.4%	£1,182,725
Miscellaneous Current Assets	£223	-	0	-	0	-	0	-	0
Total Current Assets	£21,742,539	1.3%	£21,460,211	20.4%	£17,822,613	16.3%	£15,327,736	12.8%	£13,591,408
Trade Creditors	£7,754,339	3.9%	£7,466,306	10.3%	£6,769,297	-9.7%	£7,495,570	74.5%	£4,294,553
Bank Loans & Overdrafts	£5,370,482	-7.1%	£5,781,755	61.9%	£3,570,372	778%	£406,664	-87.8%	£3,329,358
Other Short Term Finance	£369,386	97.6%	£186,915	-37.2%	£297,857	-59.4%	£734,193	168.5%	£273,482
Miscellaneous Current Liabilities	£220,000	-77.2%	£965,667	-5.2%	£1,018,665	32.9%	£766,204	44.1%	£531,828
Total Current Liabilities	£13,714,207	-4.8%	£14,400,643	23.5%	£11,656,191	24%	£9,402,631	11.5%	£8,429,221
Bank Loans & Overdrafts and LTL	£7,231,163	-6.7%	£7,748,772	42.3%	£5,445,334	118.9%	£2,487,039	-53.8%	£5,378,177
Other Long Term Finance	£621,647	30.8%	£475,411	284.2%	£123,730	324.8%	£29,127	-50.8%	£59,259
Total Long Term Liabilities	£1,860,681	-5.4%	£1,967,017	4.9%	£1,874,962	-9.9%	£2,080,375	1.5%	£2,048,819

Capital & Reserves

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Called Up Share Capital	£251,000	-	£251,000	-	£251,000	-	£251,000	-	£251,000
P & L Account Reserve	£6,899,833	23.4%	£5,592,789	18.7%	£4,712,222	7.7%	£4,375,327	24.8%	£3,505,649
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£7,150,833	22.4%	£5,843,789	17.7%	£4,963,222	7.3%	£4,626,327	23.2%	£3,756,649

Other Financial Items

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Net Worth	£7,150,833	22.4%	£5,843,789	17.7%	£4,963,222	7.3%	£4,626,327	23.2%	£3,756,649
Working Capital	£8,028,332	13.7%	£7,059,568	14.5%	£6,166,422	4.1%	£5,925,105	14.8%	£5,162,187
Total Assets	£22,725,721	2.3%	£22,211,449	20.1%	£18,494,375	14.8%	£16,109,333	13.2%	£14,234,689
Total Liabilities	£15,574,888	-4.8%	£16,367,660	21%	£13,531,153	17.8%	£11,483,006	9.6%	£10,478,040
Net Assets	£7,150,833	22.4%	£5,843,789	17.7%	£4,963,222	7.3%	£4,626,327	23.2%	£3,756,649

Cash Flow

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Net Cashflow from Operations	£5,098,926	789.9%	£572,951	199.2%	-£577,308	-108.1%	£7,163,209	999.9%	-£370,476
Net Cashflow before Financing	£2,181,449	224.1%	-£1,758,275	40.6%	-£2,960,031	-154.5%	£5,430,155	455.5%	-£1,527,665
Net Cashflow from Financing	-£971,166	-573.2%	£205,229	108.4%	-£2,441,081	-468.5%	£662,469	-64.8%	£1,883,214
Increase in Cash	£1,210,283	177.9%	-£1,553,046	71.2%	-£5,401,112	-188.7%	£6,092,624	999.9%	£355,549

Miscellaneous

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£9,011,514	15.4%	£7,810,806	14.2%	£6,838,184	2%	£6,706,702	15.5%	£5,805,468
Number of Employees	137	-2.8%	141	-11.9%	160	-	-	-	-
Auditors	GRIFFINS
Auditor Comments	The audit report contains additional comments
Bankers	LLOYDS TSB BANK PLC
Bank Branch Code

Ratios

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Pre-tax profit margin %	5	4.67	4.31	4.24	3.09
Current ratio	1.59	1.49	1.53	1.63	1.61
Sales/Net Working Capital	7.81	8.71	9.18	9.80	8.73
Gearing %	101.10	132.60	109.70	53.80	143.20
Equity in %	31.50	26.30	26.80	28.70	26.40
Creditor Days	45.03	44.19	43.52	46.97	34.68
Debtor Days	53.03	46.30	54.60	49.24	64.02
Liquidity/Acid Test	1.13	0.83	1.14	1.25	1.08
Return On Capital Employed %	34.77	36.75	35.67	36.76	23.98
Return On Total Assets Employed %	13.79	12.92	13.18	15.30	9.78
Current Debt Ratio	1.91	2.46	2.34	2.03	2.24
Total Debt Ratio	2.17	2.80	2.72	2.48	2.78
Stock Turnover Ratio %	9.77	15.45	7.91	6.04	9.92
Return on Net Assets Employed %	43.82	49.13	49.14	53.29	37.06

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Multiple CCJ's recorded against the company.

Sales in the latest trading period increased 1.9% on the previous trading period.

Net Worth increased by 22.4% during the latest trading period.

A 2.3% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 9.2% compared to the previous trading period.

The company saw an increase in their Cash Balance of 44.3% during the latest trading period.

The audit report contains additional comments.

No recent changes in directorship are recorded.

The company is part of a group.

The company was established over 25 years ago.

Event History

Status History

No Status History found

Event History

Date	Description
14/12/2013	Annual Returns
19/08/2013	New Accounts Filed
19/08/2013	New Accounts Filed
04/12/2012	Annual Returns
13/10/2012	New Accounts Filed
13/10/2012	New Accounts Filed
13/10/2012	New Accounts Filed
05/09/2012	Mr D. Patel has left the board
12/12/2011	Annual Returns
11/07/2011	New Accounts Filed
03/12/2010	Annual Returns
08/10/2010	New Accounts Filed
08/10/2010	New Accounts Filed
27/05/2010	New Board Member Mr H.S. Dulai appointed
04/12/2009	Annual Returns

Previous Company Names

Date	Previous Name
15/02/1991	FLYING TRADE FINANCE LIMITED

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.30
UK Pound	1	Rs.99.34
Euro	1	Rs.80.70

INFORMATION DETAILS

Report Prepared by :

NNA

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.