MIRA INFORM REPORT

Report Date :

12.03.2014

IDENTIFICATION DETAILS

Name :	TAJ FOODS LIMITED
Registered Office :	C/O Unit 4, Cromwell Business Centre, 10 River Road, Barking, Essex, Ig11 0dg
Country :	United Kingdom
Financials (as on) :	31.12.2012
Date of Incorporation :	09.01.2006
Com. Reg. No.:	05669542
Legal Form :	Private limited with Share Capital
Line of Business :	Subject is the UK and Europe’s leading Ethnic Food Brand within the Branded FMCG Food Market (Fast Moving Consumer Goods). Subject products ranges includes Snacks and Savouries, Confectionery, Vegetables, Samosas, Herbs, Ready Meals, Ice Creams & Drinks
No. of Employees	Not Available

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 but Correct
Litigation :	Clear

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

Company Name	TAJ FOODS LIMITED	Company Number	05669542
Registered Address	C/O UNIT 4, CROMWELL BUSINESS CENTRE 10 RIVER ROAD BARKING ESSEX IG11 0DG	Trading Address	10 River Road Barking Essex IG11 0DG
Website Address	http://www.tajfoods.com
Telephone Number	02085941542
TPS	No
Incorporation Date	09/01/2006	Company Status	Active - Accounts Filed
Previous Name		Type	Private limited with Share Capital
Date of Change	-	Filing Date of Accounts	30/08/2013

DIRECTORS/MANAGEMENT

Total Current Directors	4
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	0

Current Directors

Name	Shubhprabha Solanki	Date of Birth	02/10/1955
Officers Title	Mrs	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	09/01/2006
Address	10 River Road, Barking, Essex, IG11 0DG
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Anil Kumar Solanki	Date of Birth	10/09/1954
Officers Title	Mr	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	09/01/2006
Address	10 River Road, Barking, Essex, IG11 0DG
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Jimal Solanki	Date of Birth	18/02/1988
Officers Title	Mr	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	04/02/2008
Address	10 River Road, Barking, Essex, IG11 0DG
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Nishal Solanki	Date of Birth	22/05/1986
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	04/02/2008
Address	10 River Road, Barking, Essex, IG11 0DG

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Exact CCJ Details

There are no exact CCJ details

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	2
Satisfied	0

SHARE & SHARE CAPITAL INFORMATION

Share Capital

£100

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
MR ANIL KUMAR SOLANKI	GBP	20	ORDINARY	1	20
MR JIMAL SOLANKI	GBP	20	ORDINARY	1	20
MR NISHAL SOLANKI	GBP	20	ORDINARY	1	20
SHUBHPRABHA SOLANKI	GBP	20	ORDINARY	1	20
DEVIK SOLANKI	GBP	20	ORDINARY	1	20

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

17	15
Company DBT	UK Average DBT

Steady

Improving Worsening

91 + Days.

Within Terms 91+ Days

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade Debtors / Bad Debt -	1
Total Value of Documented Trade Debtors / Bad Debt -	£563

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group structure

No group structure

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2012	-	-	£294,539	-
31/12/2011	-	-	£163,592	-
31/12/2010	-	-	£47,587	-

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	-	-	-	-	-	-	-	-	-
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	-	-	-	-	-	-	-	-	-
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	-	-	-	-	-	-	-	-	-
Depreciation	£21,050	20.4%	£17,482	240.6%	£5,132	-	-	-	-
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	-	-	-	-	-	-	-	-	-
Pre Tax Profit	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	-
Profit After Tax	-	-	-	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Tangible Assets	£97,456	-13.4%	£112,558	153%	£44,481	-2.8%	£45,741	-	0
Intangible Assets	£675,000	-	0	-	0	-	0	-	0
Total Fixed Assets	£772,456	586.3%	£112,558	153%	£44,481	-2.8%	£45,741	-	0
Stock	£414,495	35.3%	£306,424	768.1%	£35,300	-	0	-	0
Trade Debtors	£516,576	72.5%	£299,541	449.1%	£54,551	102.6%	£26,919	-	0
Cash	£30,463	-40.5%	£51,230	697.6%	£6,423	-70.4%	£21,732	-	0
Other Debtors	0	-	0	-	0	-	0	-	0
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£961,534	46.3%	£657,195	582.6%	£96,274	97.9%	£48,651	-	0
Trade Creditors	£595,328	132.4%	£256,161	174.9%	£93,168	-1.2%	£94,292	-	0
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	0	-	0	-	0	-	0	-	0
Total Current Liabilities	£595,328	132.4%	£256,161	174.9%	£93,168	-1.2%	£94,292	-	0
Bank Loans & Overdrafts and LTL	£844,123	141.2%	£350,000	-	0	-	0	-	0
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£844,123	141.2%	£350,000	-	0	-	0	-	0

Capital & Reserves

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Called Up Share Capital	£100	-	£100	-	£100	-	£100	-	-
P & L Account Reserve	£294,439	80.1%	£163,492	244.3%	£47,487	-	-	-	-
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£294,539	80%	£163,592	243.8%	£47,587	999.9%	£100	-	-

Other Financial Items

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Net Worth	-£380,461	-332.6%	£163,592	243.8%	£47,587	999.9%	£100	-	-
Working Capital	£366,206	-8.7%	£401,034	999.9%	£3,106	106.8%	-£45,641	-	-
Total Assets	£1,733,990	125.3%	£769,753	446.9%	£140,755	49.1%	£94,392	-	-
Total Liabilities	£1,439,451	137.5%	£606,161	550.6%	£93,168	-1.2%	£94,292	-	-
Net Assets	£294,539	80%	£163,592	243.8%	£47,587	999.9%	£100	-	-

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	£1,138,662	121.7%	£513,592	979.3%	£47,587	999.9%	£100	-	-

Ratios

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Pre-tax profit margin %	-	-	-	-	-
Current ratio	1.62	2.57	1.03	0.52	-
Sales/Net Working Capital	-	-	-	-	-
Gearing %	286.60	213.90	0	0	0
Equity in %	27.80	21.30	33.80	0.10	-
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	0.91	1.36	0.65	0.51	-
Return On Capital Employed %	-	-	-	-	-
Return On Total Assets Employed %	-	-	-	-	-
Current Debt Ratio	2.02	1.56	1.95	942.92	-
Total Debt Ratio	4.88	3.70	1.95	942.92	-
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-	-	-	-

ADDITIONAL INFORMATION

Main Activity	Subject is the UK and Europe’s leading Ethnic Food Brand within the Branded FMCG Food Market (Fast Moving Consumer Goods).
Product details	Snacks and Savouries, Confectionery, Vegetables, Samosas, Herbs, Ready Meals, Ice Creams & Drinks

Current Company Secretary

Name	Shubhprabha Solanki	Date of Birth	02/10/1955
Officers Title	Mrs	Nationality	British
Present Appointments	5	Function	Company Secretary
Appointment Date	09/01/2006
Address	10 River Road, Barking, Essex, IG11 0DG

	Number of Employees	-	-	-	-	-	-	-	-	-
	Auditors
	Auditor Comments	The company is exempt from audit

Status History

No Status History found

Previous Company Names

No Previous Names found

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.
There is insufficient data to indicate a change in this company's percentage of sales.
Net Worth decreased by 332.6% during the latest trading period.
A 125.3% growth in Total Assets occurred during the latest trading period.
There is insufficient data to indicate a change in this company's pre-tax profit.
The company saw a decrease in their Cash Balance of 40.5% during the latest trading period.
The company is exempt from audit.
No recent changes in directorship are recorded.
The company is not part of a group.
The movement in accumulated earnings would indicate that the company made a profit after tax and other appropriations, including dividends.
The company was established over 7 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.70
UK Pound	1	Rs.100.97
Euro	1	Rs.84.16

INFORMATION DETAILS

Report Prepared by :

MNL

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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