MIRA INFORM REPORT

Report Date :

31.10.2014

IDENTIFICATION DETAILS

Name :	SONGKARN LIMITED
Registered Office :	Gladstone House, 77-79 High Street Egham TW20 9HY
Country :	United Kingdom
Financials (as on) :	31.12.2013
Date of Incorporation :	09.05.1978
Legal Form :	Private Limited with Share Capital
Line of Business :	Non-Specialised Wholesale Trade.
No. of Employees :	Not Available

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. 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, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. 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. Falling 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 included 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 about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to 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 £375 billion (approximately $605 billion) as of December 2013. 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, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

SONGKARN LIMITED

DIRECTORS/MANAGEMENT

Current Directors

Name	Subhash Chander Sachdev	Date of Birth	18/12/1940
Officers Title		Nationality	Indian
Present Appointments	2	Function	Director
Appointment Date	29/12/1991
Address	46 Aqua House, 41 Mellis Avenue, Kew, Surrey, TW9 4EL

Name	Dev Sachdev	Date of Birth	28/08/1979
Officers Title	Mr	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	04/11/2002
Address	891 Great West Road, Isleworth, Middlesex, TW7 5PD

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
DART SECRETARIAL SERVICES LTD	5	22
Ranjit Singh Sandhu	0	1
Satvir Kaur Sachdev	3	2
Satvir Kaur Sachdev	3	2
Puja Sachdev	2	2
Puja Sachdev	2	2

NEGATIVE INFORMATION

Mortgage Summary

Total Mortgage 13

Outstanding 7

Satisfied 6

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

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 -	-

Mortgage Details

Mortgage Type:	CHARGE ON CASH DEPOSIT
Date Charge Created:	19/01/06
Date Charge Registered:	25/01/06
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	CANARA BANK
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	THE DEPOSIT SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	LEGAL CHARGE AND ASSIGNMENT
Date Charge Created:	22/05/98
Date Charge Registered:	26/05/98
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	CANARA BANK
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FREEHOLD PROPERTY K/A 891 GREAT WEST ROAD IN THE LONDON BOROUGH OF HOUNSLOW T/NP138506 TOGETHER WITHALL RENTAL INCOMETHE FIXED PLANT MACHINERY AND FIXTURES ALL THE GOODWILL THE BOOK DEBTS ALL COVENANTS FLOATING CHARGE OVER ALL MOVEABLE PLANT MACHINERY IMPLEMENTS UTENSILS FURNITURE AND EQUIPMENT

Mortgage Type:	DEBENTURE
Date Charge Created:	22/05/98
Date Charge Registered:	26/05/98
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	CANARA BANK
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Mortgage Type:	LETTER OF LIEN
Date Charge Created:	01/08/97
Date Charge Registered:	14/08/97
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	CANARA BANK
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	ALL MONIES FROM TIME TO TIME STANDING TO THE CREDIT OF THE COMPANY

Mortgage Type:	LETTER OF HYPOTHECATION
Date Charge Created:	01/08/97
Date Charge Registered:	14/08/97
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	CANARA BANK
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE
Details:	ALL BILLS OF EXCHANGE SHIPPING DOCUMENTS DOCK WARRANTS DELIVERY ORDERS WAREHOUSE RECEIPTS INSURANCEPOLICES AND DOCUMENTS RELATING TO GOODS AND ALL MARKETABLE SECURITIES IN WHICH THE COMPANY HAS AN INTEREST

Mortgage Type:	DEBENTURE
Date Charge Created:	17/06/96
Date Charge Registered:	29/06/96
Date Charge Satisfied:	09/07/98
Status:	SATISFIED
Person(s) Entitled:	UNITED BANK LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF THE FINANCE DOCUMENTS (AS DEFINED IN THE DEBENTURE)
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	SECURITY AGREEMENT OVER CASH DEPOSITS
Date Charge Created:	26/03/96
Date Charge Registered:	02/04/96
Date Charge Satisfied:	27/07/11
Status:	SATISFIED
Person(s) Entitled:	UNITED BANK LIMITED
Amount Secured:
Details:	DEPOSIT BEING ANY SUM OR SUMS FROM TIMETO TIME DEPOSITED IN EACH ACCOUNTSEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	CORPORATE GUARANTEE AND MEMORANDUM OF CASH COLLATERAL
Date Charge Created:	01/12/95
Date Charge Registered:	12/12/95
Date Charge Satisfied:	27/07/11
Status:	SATISFIED
Person(s) Entitled:	UNITED BANK LIMITED
Amount Secured:
Details:	MONIES ON DEPOSIT AT UNITED BANK LIMITED AT 42 BELL ROAD HOUNSLOW HELD UNDER LIEN BY UNITED BANK LIMITED

Mortgage Type:	LETTER OF HYPOTHECATION
Date Charge Created:	05/01/95
Date Charge Registered:	13/01/95
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	CANARA BANK
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	ALL BILLS OF EXCHANGE SHIPPING DOCUMENTS DOC/WARRANTS DELIVERY ORDERS WAREHOUSERECEIPTS POLICIES OFINSURANCE SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	LETTER OF LIEN
Date Charge Created:	05/01/95
Date Charge Registered:	13/01/95
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	CANARA BANK
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	ANY MONIES FROM TIME TO TIME STANDING TO THE CREDIT OF THE COMPANIES SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	04/11/91
Date Charge Registered:	08/11/91
Date Charge Satisfied:	06/12/95
Status:	SATISFIED
Person(s) Entitled:	UNITED BANK LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	23 AND 25 GREAT PORTLAND STREET LONDON W.1.

Mortgage Type:	DEBENTURE
Date Charge Created:	12/03/82
Date Charge Registered:	25/03/82
Date Charge Satisfied:	09/07/98
Status:	SATISFIED
Person(s) Entitled:	UNITED BANK LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED & FLOATING CHARGE OVER UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL UNCALLED CAPITAL.

Mortgage Type:	LEGAL MORTGAGE
Date Charge Created:	27/11/81
Date Charge Registered:	02/12/81
Date Charge Satisfied:	03/08/11
Status:	SATISFIED
Person(s) Entitled:	UNITED BANK LIMITED
Amount Secured:
Details:	F/H 891 GREAT WEST ROAD ISLEWORTH, HOUNSLOW TITLE NO P 138506

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
SUBHASH CHANDER SACHDEV	GBP	195,000	ORDINARY	1	78
RAM SACHDEV	GBP	21,250	ORDINARY	1	8.5
DEV SACHDEV	GBP	21,250	ORDINARY	1	8.5
AMAR SACHDEV	GBP	12,500	ORDINARY	1	5

PAYMENT INFORMATION

Average Invoice Value	n/a
Invoices available	n/a
Paid	n/a
Outstanding	n/a

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid
Outstanding

GROUP STRUCTURE & AFFILIATED COMPANIES

Group structure

No group structure

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
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	£10,595	30.2%	£8,138	-9.7%	£9,011	20.4%	£7,485	16.1%	£6,445
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	-	-	-	-	-	-	-	-	-
Pre Tax Profit	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	-
Profit After Tax	-	-	-	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Tangible Assets	£664,028	0.2%	£662,654	-1.2%	£670,792	-1.3%	£679,803	3.3%	£658,285
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£664,028	0.2%	£662,654	-1.2%	£670,792	-1.3%	£679,803	3.3%	£658,285
Stock	£679,807	9.8%	£619,359	5.8%	£585,209	21.3%	£482,381	-4.9%	£507,070
Trade Debtors	£354,105	19.5%	£296,270	-9%	£325,648	13%	£288,251	21.7%	£236,894
Cash	£638,110	13.4%	£562,767	-1.4%	£570,638	9.8%	£519,776	-4.9%	£546,599
Other Debtors	0	-	0	-	0	-	0	-	0
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£1,672,022	13.1%	£1,478,396	-0.2%	£1,481,495	14.8%	£1,290,408	0%	£1,290,563
Trade Creditors	£1,161,772	-0.7%	£1,169,895	-1.4%	£1,186,865	7.1%	£1,107,775	-5.5%	£1,171,994
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	£1,161,772	-0.7%	£1,169,895	-1.4%	£1,186,865	7.1%	£1,107,775	-5.5%	£1,171,994
Bank Loans & Overdrafts and LTL	0	-	0	-	0	-100%	£320	-	0
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	0	-	0	-	0	-100%	£320	-	0

Capital & Reserves

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Called Up Share Capital	£250,000	-	£250,000	-	£250,000	-	£250,000	-	£250,000
P & L Account Reserve	£582,421	54.7%	£376,563	2.3%	£368,095	40.9%	£261,267	55.6%	£167,944
Revaluation Reserve	£341,857	-0.8%	£344,592	-0.8%	£347,327	-1%	£350,849	-2.2%	£358,910
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£1,174,278	20.9%	£971,155	0.6%	£965,422	12%	£862,116	11%	£776,854

Other Financial Items

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Worth	£1,174,278	20.9%	£971,155	0.6%	£965,422	12%	£862,116	11%	£776,854
Working Capital	£510,250	65.4%	£308,501	4.7%	£294,630	61.3%	£182,633	54%	£118,569
Total Assets	£2,336,050	9.1%	£2,141,050	-0.5%	£2,152,287	9.2%	£1,970,211	1.1%	£1,948,848
Total Liabilities	£1,161,772	-0.7%	£1,169,895	-1.4%	£1,186,865	7.1%	£1,108,095	-5.5%	£1,171,994
Net Assets	£1,174,278	20.9%	£971,155	0.6%	£965,422	12%	£862,116	11%	£776,854

Cash Flow

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£1,174,278	20.9%	£971,155	0.6%	£965,422	11.9%	£862,436	11%	£776,854
Number of Employees	-	-	-	-	-	-	-	-	-
Auditors
Auditor Comments	The company is exempt from audit
Bankers	NATIONAL WESTMINSTER BANK PLC
Bank Branch Code	53-61-01

Ratios

Date Of Accounts	31/12/13	31/12/12	31/12/11	31/12/10	31/12/09
Pre-tax profit margin %	-	-	-	-	-
Current ratio	1.44	1.26	1.25	1.16	1.10
Sales/Net Working Capital	-	-	-	-	-
Gearing %	0	0	0	0	0
Equity in %	50.30	45.40	44.90	43.80	39.90
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	0.85	0.73	0.75	0.72	0.66
Return On Capital Employed %	-	-	-	-	-
Return On Total Assets Employed %	-	-	-	-	-
Current Debt Ratio	0.98	1.20	1.22	1.28	1.50
Total Debt Ratio	0.98	1.20	1.22	1.28	1.50
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-	-	-	-	-

FOREIGN EXCHANGE RATES

N/A

ADDITIONAL INFORMATION

Status History

No Status History found

Event History

Date	Description
22/04/2014	New Accounts Filed
17/01/2014	Annual Returns
05/07/2013	New Accounts Filed
07/01/2013	Annual Returns
23/06/2012	New Accounts Filed
23/06/2012	New Accounts Filed
17/01/2012	Annual Returns
13/10/2011	New Accounts Filed
25/07/2011	Ms P. Sachdev has resigned as company secretary
25/07/2011	Ms P. Sachdev has left the board
20/01/2011	Annual Returns
10/06/2010	Change in Reg.Office
10/06/2010	Change of Company Postcode
23/04/2010	New Accounts Filed
26/01/2010	Annual Returns

Previous Company Names

No Previous Names found

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.

Net Worth increased by 20.9% during the latest trading period.

A 9.1% growth in Total Assets occurred during the latest trading period.

There is insufficient data to indicate a change in this company's percentage of sales.

There is insufficient data to indicate a change in this company's pre-tax profit.

The company saw an increase in their Cash Balance of 13.4% 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 35 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.46
UK Pound	1	Rs.98.21
Euro	1	Rs.77.45

INFORMATION DETAILS

Analysis Done by :	SUB
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%)

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.