MIRA INFORM REPORT

Report Date :

23.09.2014

IDENTIFICATION DETAILS

Name :	NATCO FOODS LIMITED
Formerly Known As :	T.CHOITHRAM & SONS (STORES) LIMITED
Registered Office :	Unit 2 Swan Business Park, Osier Way Buckingham MK18 1TB
Country :	United Kingdom
Financials (as on) :	31.12.2012
Date of Incorporation :	28.11.1963
Com. Reg. No.:	00782674
Legal Form :	Private Limited with Share Capital
Line of Business :	· Non-Specialized Wholesale of Foods, Beverage and Tobacco Importation, Distributors and Sale of Foodstuffs.
No. of Employees :	142

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Slow but correct
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

Company Name:

NATCO FOODS LIMITED

DIRECTORS/MANAGEMENT

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

Current Directors

Name	Ramchand Dharamdas Rajwani	Date of Birth	15/04/1930
Officers Title	Mr	Nationality	Indian
Present Appointments	7	Function	Director
Appointment Date	24/06/1991
Address	P O Box 5115, Dubai
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Ramesh Pohumal Thanwani	Date of Birth	03/09/1946
Officers Title	Mr	Nationality	Indian
Present Appointments	6	Function	Director
Appointment Date	24/06/1991
Address	P O Box 5115, Dubai
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Lekhraj Thakurdas Pagarani	Date of Birth	24/07/1954
Officers Title	Mr	Nationality	British
Present Appointments	6	Function	Director
Appointment Date	24/06/1991
Address	P.o. Box 5115, Dubai
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Luke Pagarani	Date of Birth	25/10/1983
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	18/06/2013
Address	Unit 2 Swan Business Park, Osier Way, Buckingham, MK18 1TB

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Kishore Thakurdas Pagarani	0	6
Thakurdas Choithram Pagarani	0	5
Sakti Bhattacharya	0	6
Jaiprakash Thakurdas Pagarani	0	1

NEGATIVE INFORMATION

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 6

Total Value of Documented Trade £27,556

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -	\csukserver01002INT'L CREDIT REPORT2014.09.002014.09.17CCJDetails.aspx?CompanyNumber=00782674
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -	\csukserver01002INT'L CREDIT REPORT2014.09.002014.09.17CCJDetails.aspx?CompanyNumber=00782674
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -	\csukserver01002INT'L CREDIT REPORT2014.09.002014.09.17CCJDetails.aspx?CompanyNumber=00782674
Total Number of Writs -

Exact CCJ Details

No CCJs found

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

Mortgage Details

Mortgage Type:	CERTIFICATE OF PLEDGE
Date Charge Created:	30/03/93
Date Charge Registered:	14/04/93
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BANK OF INDIA
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	ALL GOODS WHICH ARE NOW OR WHICH SHALL BE HEREAFTER DELIVERED BY THE COMPANY INTO THE POSSESSION OFBANK OF INDIA OR IT\S AGENTS ON BANK OF INDIA\S BEHALF AND UPON ALL BILLS OF LADING, WARRANTS, DELIVERY ORDERS AND UPON ALL DOCUMENTS OF TITLE AND SECURITIES WHATSOEVER WHICH ARE NOW OR WHICH SHALL BEHEREAFTER DEPOSITED BY THE COMPANY WITH BANK OF INDIA.

Mortgage Type:	LETTER OF HYPOTHECATION
Date Charge Created:	30/03/93
Date Charge Registered:	14/04/93
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BANK OF INDIA
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE
Details:	ALL BILLS AND/OR DOCUMENTS WHICH THE COMPANY MAY FROM TIME TO TIME HAND TO BANKOF INDIA FOR PURCHASEOR DISCOUNT OR AGAINST WHICH BANK OF INDIA MAY MAKE ADVANCES AND THE GOODS THEREBY REPRESENTED ANDTHE PROCEEDS THEREOF.

Mortgage Type:	A GENERAL LETTER OF HYPOTHECATION
Date Charge Created:	05/06/91
Date Charge Registered:	15/06/91
Date Charge Satisfied:	23/08/93
Status:	SATISFIED
Person(s) Entitled:	BANK OF BARODA
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	ALL BILLS OF EXCHANGE PROMISSORY NOTES AND NEGOTIABLE INSTRUMENTS OF ANY DESCRIPTIONPLEASE SEE FORM395 FOR DETAILS

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	24/04/91
Date Charge Registered:	25/04/91
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	BARCLAYS BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	UNIT 2 PUMP LANE HAYES

Creditor Details

	Total Number	Total Value
Trade Creditors	0	-

No Creditor Data

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	6	£27,556

Company Name	Amount	Statement Date
G B Goods Ltd	£12,604	08/07/2014
Fruitasia Limited	£5,680	19/03/2013
Ahmeds Valley Food Ltd	£4,603	09/05/2014
Chambers & Knight Limited	£1,980	09/07/2014
Fresher Foods Ltd	£1,680	01/02/2012
Al Zam Zam Foods Ltd	£1,009	05/06/2014

Average Invoice Value	£4270.63
Invoices available	45
Paid	29
Outstanding	16

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	8	14	5	0	2
Outstanding	0	2	1	1	12

SHARE & SHARE CAPITAL INFORMATION

Total Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
T. CHOITHRAM & SONS (LONDON) LTD	GBP	3,250,000	ORDINARY	1	100

PAYMENT INFORMATION

Trade Payment Information

Average Invoice Value	4270.63
Invoices available	45
Paid	29
Outstanding	16

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	5 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	T.CHOITHRAM & SONS(LONDON)LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	T CHOITHRAM INTERNATIONAL SA

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
TCHOITHRAM INTERNATIONA...	N/A	-	-
T.CHOITHRAM & SONS(LON...	00673744	31.12.2012	Y	£62,447,111
TRIGON SNACKS TRADIN...	08711597	-	N
NATCO FOODS LIMITED	00782674	31.12.2012	N	£55,757,580
NATCO NATURAL FOOD...	03289857	31.12.2012	N

FINANCIAL INFORMATION

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	£55,757,580	-5.1%	£58,743,206	6.7%	£55,063,515	-0.8%	£55,527,370	-0.8%	£55,993,523
Export	£705,097	12%	£629,513	-7.7%	£682,132	83.4%	£371,844	-19.9%	£464,139
Cost of Sales	£48,835,125	-4%	£50,860,632	9.1%	£46,626,978	-3.3%	£48,235,082	-1.4%	£48,941,138
Gross Profit	£6,922,455	-12.2%	£7,882,574	-6.6%	£8,436,537	15.7%	£7,292,288	3.4%	£7,052,385
Wages & Salaries	£3,303,158	-6.1%	£3,518,453	5.2%	£3,344,118	-7.7%	£3,621,985	-7.8%	£3,927,732
Directors Emoluments	-	-	-	-	-	-100%	£61,061	-30.7%	£88,116
Operating Profit	£171,944	-86.2%	£1,249,862	-50%	£2,500,257	145.3%	£1,019,408	46%	£698,006
Depreciation	£453,046	-8.1%	£493,083	-11.9%	£559,824	5.4%	£531,130	-13.3%	£612,878
Audit Fees	£19,650	-	£19,650	8.2%	£18,165	-	£18,165	-10%	£20,176
Interest Payments	£141,926	-0.4%	£142,470	-25.7%	£191,769	-15.1%	£225,747	-57.5%	£531,177
Pre Tax Profit	£30,018	-97.3%	£1,107,392	-52%	£2,308,488	190.9%	£793,661	369%	£169,225
Taxation	£10,329	103.8%	-£271,764	27%	-£372,414	-	-	-	-
Profit After Tax	£40,347	-95.2%	£835,628	-56.8%	£1,936,074	143.9%	£793,661	369%	£169,225
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	£40,347	-95.2%	£835,628	-56.8%	£1,936,074	143.9%	£793,661	369%	£169,225

Balance Sheet

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Tangible Assets	£3,238,644	-5.7%	£3,434,162	-10.2%	£3,824,532	-4.7%	£4,014,305	-9.9%	£4,454,338
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£3,238,644	-5.7%	£3,434,162	-10.2%	£3,824,532	-4.7%	£4,014,305	-9.9%	£4,454,338
Stock	£8,848,817	-2.8%	£9,104,443	4.2%	£8,736,001	4.2%	£8,382,645	16.2%	£7,212,489
Trade Debtors	£5,309,756	-12.3%	£6,056,453	9.6%	£5,525,777	8.1%	£5,110,360	-9.4%	£5,641,201
Cash	£4,250	-	£4,250	-98.6%	£301,867	-9.8%	£334,553	59.5%	£209,788
Other Debtors	£576,362	4.9%	£549,569	98.7%	£276,535	-69.4%	£903,922	152.4%	£358,158
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£14,739,185	-6.2%	£15,714,715	5.9%	£14,840,180	0.7%	£14,731,480	9.8%	£13,421,636
Trade Creditors	£4,987,556	-7.2%	£5,373,511	2.8%	£5,227,954	-14.4%	£6,104,569	-17.7%	£7,415,164
Bank Loans & Overdrafts	£3,453,653	-20.5%	£4,344,022	58.5%	£2,740,525	-18.5%	£3,363,511	15.9%	£2,901,494
Other Short Term Finance	£3,301,196	9%	£3,028,010	-16%	£3,604,433	-13.6%	£4,169,512	167.1%	£1,561,038
Miscellaneous Current Liabilities	£366,033	-35.9%	£570,854	0.9%	£565,578	13%	£500,514	10.1%	£454,730
Total Current Liabilities	£12,108,438	-9.1%	£13,316,397	9.7%	£12,138,490	-14.1%	£14,138,106	14.6%	£12,332,426
Bank Loans & Overdrafts and LTL	£3,967,155	-18.4%	£4,860,960	1.5%	£4,786,833	-11.8%	£5,427,350	-18.9%	£6,694,863
Other Long Term Finance	£52,064	53.3%	£33,958	-98%	£1,661,385	-19.5%	£2,063,839	-45.6%	£3,793,369
Total Long Term Liabilities	£513,502	-0.7%	£516,938	-74.7%	£2,046,308	-0.8%	£2,063,839	-45.6%	£3,793,369

Capital & Reserves

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Called Up Share Capital	£3,250,000	-	£3,250,000	-	£3,250,000	-	£3,250,000	-	£3,250,000
P & L Account Reserve	£2,105,889	2%	£2,065,542	67.9%	£1,229,914	274.2%	-£706,160	52.9%	-£1,499,821
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£5,355,889	0.8%	£5,315,542	18.7%	£4,479,914	76.1%	£2,543,840	45.3%	£1,750,179

Other Financial Items

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Net Worth	£5,355,889	0.8%	£5,315,542	18.7%	£4,479,914	76.1%	£2,543,840	45.3%	£1,750,179
Working Capital	£2,630,747	9.7%	£2,398,318	-11.2%	£2,701,690	355.3%	£593,374	-45.5%	£1,089,210
Total Assets	£17,977,829	-6.1%	£19,148,877	2.6%	£18,664,712	-0.4%	£18,745,785	4.9%	£17,875,974
Total Liabilities	£12,621,940	-8.8%	£13,833,335	-2.5%	£14,184,798	-12.5%	£16,201,945	0.5%	£16,125,795
Net Assets	£5,355,889	0.8%	£5,315,542	18.7%	£4,479,914	76.1%	£2,543,840	45.3%	£1,750,179

Cash Flow

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

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	£5,869,391	0.6%	£5,832,480	-10.6%	£6,526,222	41.6%	£4,607,679	-16.9%	£5,543,548
Number of Employees	142	-	142	-3.4%	147	-2.6%	151	-16.1%	180
Auditors	BDO LLP
Auditor Comments	The audit report contains no adverse comments
Bankers
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 %	0.05	1.89	4.19	1.43	0.30
Current ratio	1.22	1.18	1.22	1.04	1.09
Sales/Net Working Capital	21.19	24.49	20.38	93.58	51.41
Gearing %	74.10	91.40	106.90	213.40	382.50
Equity in %	29.80	27.80	24	13.60	9.80
Creditor Days	32.56	33.29	34.55	40.01	48.20
Debtor Days	34.66	37.52	36.52	33.50	36.67
Liquidity/Acid Test	0.48	0.49	0.50	0.44	0.50
Return On Capital Employed %	0.51	18.98	35.37	17.22	3.05
Return On Total Assets Employed %	0.16	5.78	12.36	4.23	0.94
Current Debt Ratio	2.26	2.50	2.70	5.55	7.04
Total Debt Ratio	2.35	2.60	3.16	6.36	9.21
Stock Turnover Ratio %	15.87	15.49	15.86	15.09	12.88
Return on Net Assets Employed %	0.56	20.83	51.52	31.19	9.66

FOREIGN EXCHANGE RATES

NA

ADDITIONAL INFORMATION

Current Company Secretary

Name	Ramesh Pohumal Thanwani	Date of Birth	-
Officers Title	Mr	Nationality	Indian
Present Appointments	6	Function	Company Secretary
Appointment Date	12/08/2003
Address	Po Box 5115 Dubai, United Arab Emirates

Status History

No Status History found

Event History

Date	Description
08/07/2014	Annual Returns
14/10/2013	New Accounts Filed
14/10/2013	New Accounts Filed
08/07/2013	Annual Returns
02/07/2013	New Board Member Mr L. Pagarani appointed
25/07/2012	New Accounts Filed
06/07/2012	Annual Returns
15/07/2011	New Accounts Filed
08/07/2011	Annual Returns
07/07/2010	Annual Returns
25/06/2010	New Accounts Filed
25/06/2010	New Accounts Filed
01/02/2010	Mr K.T. Pagarani has left the board
14/08/2009	New Accounts Filed
14/08/2009	New Accounts Filed

Previous Company Names

Date	Previous Name
02/05/2003	T.CHOITHRAM & SONS(STORES)LIMITED

NOTES & COMMENTS

NA

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.79
UK Pound	1	Rs.99.30
Euro	1	Rs.78.16

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%)

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