MIRA INFORM REPORT

Report Date :

13^th June, 2006.

IDENTIFICATION DETAILS

Name :	IMPERIAL MARBLE & GRANITE

Registered Office :	8 PARK WAY, EDGWARE, MIDDLESEX, HA8 5EZ

Country :	United Kingdom

Financials (as on) :	31.03.2005

Date of Incorporation :	12/03/1996

Com. Reg. No.:	03171597

Legal Form :	Private Limited

Line of Business :	The retail and wholesale of marbles, tiles and granites.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Company Identification Details

Subject Reported on

IMPERIAL MARBLE & GRANITE IMPORTERS LIMITED

Address

715 NORTH CIRCULAR ROAD, LONDON, NW2 7AH.

Telephone

020 8452 6331

Facsimile

020 8450 5645

Creditline Recommendations

Graydon Rating :6B
:GBP 250k-499k financial strength rating based on net worth plus

net current assets/liabilities

Monthly Credit Guide :GBP 31,500

Risk Category :LOW NORMAL RISK

Official Company Data

Legal Form	Private Limited
Registration Number	03171597
Date of Incorporation	12/03/1996
Registered Office	8 PARK WAY, EDGWARE, MIDDLESEX, HA8 5EZ.
History	5/02/1999 : Change of name from EUROTIMEX LIMITED.
	7/03/2000 : The Registered Office address changed from 22 BUCKINGHAM GARDENS, EDGWARE, MIDDLESEX, HA.
	13/01/1997 : The Registered Office address changed from 111 BURNT OAK BROADWAY, EDGWARE, MIDDLESEX, H.
	13/02/2001 : The Registered Office address changed from 715 NORTH CIRCULAR ROAD, LONDON, NW2 7AH.
	15/03/2002 : The Registered Office address changed from 89 BROOMGROVE GARDENS, EDGWARE, MIDDLESEX, HA.
	1/12/1998 : Change of name from UNIT 23 HARK WORKS,HAREFIELD, UB9 6HU.
Date of Last Annual Return to Registry	12/03/2006
Accounts	The last filed accounts at Companies House are those to 31/03/2005
Accounting Reference Date	31/03

Operations

Activities	The retail and wholesale of marbles, tiles and granites.
Nace Code	5170
Premises	Leased,Warehouse,Showroom,Offices
Staff Employed	10
Import Countries	EUROPE
Export Countries	No Export Activity
Auditors	Asad Rahim & Co

Historical Graydon Rating

Date	Graydon Rating	Monthly Credit Guide
13/06/2006	6B	31,500
13/03/2006	6B	30,000
13/12/2005	6B	30,000
13/09/2005	6B	30,000
13/06/2005	6B	30,000

Public Record Information

Summary of CCJ's/Scottish Decrees

Summary of Mortgages, Charges and Satisfactions

Total Number of Mortgages/Charges Registered	1
Number Outstanding	1
Number Partially Satisfied	0
Number Satisfied	0

Date of Latest Mortgage Created	16/11/2004

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	19/11/2004	16/11/2004	Rent Deposit Deed	395	Glp Properties Ab

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Other Filings and Notices

Date

Source

Description

29/08/1996

Companies House Gazette

Change among the directors of a company

Company Secretary

Secretary	KIM SHARON COHEN
Address	98 COPSE WOOD WAY, NORTHWOOD, MIDDLESEX, HA6 2UB.
Country of Origin	UNITED KINGDOM
Date of Birth	17/07/1957
Appointment Date	28/03/1996

Directors

Director	KIM SHARON COHEN
Address	98 COPSE WOOD WAY, NORTHWOOD, MIDDLESEX, HA6 2UB.
Country of Origin	UNITED KINGDOM
Date of Birth	17/07/1957
Appointment Date	28/03/1996
Director	MR DAVID COHEN
Address	98 COPSE WOOD WAY, NORTHWOOD, MIDDLESEX, HA6 2UB.
Country of Origin	UNITED KINGDOM
Date of Birth	22/08/1951
Appointment Date	28/03/1996
Other Directorships	BALTIC STONE LTD., CAPITAL BATHROOMS LTD, IMPERIAL MGL LIMITED

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	100
Principal Shareholder	70 David Cohen
	30 Kim Cohen

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

Payment Analysis

( No Payment Analysis Data is Available )

Financial Data

For annual accounts images, view the Document Image list

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/03/2005	31/03/2004	31/03/2003	31/03/2002
Currency	GBP	GBP	GBP	GBP
SALES			1117	1194
Cost of goods sold			619	700
GROSS PROFIT			498	494
Directors Emoluments			65	65
Auditors Fees			3	3
Trading Profit			178	218
Depreciation			15	18
OPERATING PROFIT			163	200
Non Trading Income			1	1
Interest Payable				2
PRE TAX PROFIT			164	199
Taxation			32	42
PROFIT AFTER TAX			132	157
Dividends Payable			91	104
RETAINED PROFITS			41	53

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/03/2005	31/03/2004	31/03/2003	31/03/2002
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	81	48	67	45
Tangible Assets	81	48	67	45
Fixed Assets			67	45
TOTAL CURRENT ASSETS	581	435	357	398
Trade debtors	169	88	74	65
Stocks	350	202	149	145
Other Current Assets	62	145	134	188
Misc Current Assets			4	4
Cash	62	145	130	184
TOTAL ASSETS	662	483	424	443
TOTAL CURRENT LIABILITIES	392	243	216	276
Trade creditors	392	243	127	186
Short Term Loans			1	1
Due To Directors			1	1
Other Liabilities			88	89
WORKING CAPITAL	189	192	141	122
NET ASSETS/(LIABILITIES)	270	240	208	167
SHARE CAPITAL + RESERVES	270	240	208	167
Profit and Loss account	270	240	208	167
SHAREHOLDERS FUNDS	270	240	208	167
CAPITAL EMPLOYED	270	240	208	167

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/03/2005	31/03/2004	31/03/2003	31/03/2002
Currency	GBP	GBP	GBP	GBP
Directors Remuneration			65	65
Auditors Remuneration			3	3
Liquid Assets	231	233	204	249
Net Working Capital	189	192	141	122
Tangible Net Worth(T.N.W)	270	240	208	167
Equity	270	240	208	167
Number of Years Trading	9	8	7	6

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/03/2005	31/03/2004	31/03/2003	31/03/2002
Current Ratio	1.5	1.8	1.7	1.4
Pre Tax Profit Margin%			14.7	16.7
Gross Profit%			44.6	41.4
Debtors Days (D.S.O)			24	20
Creditors Days (D.P.O)			41	57
Quick Ratio	0.6	1	1	0.9
W.I.P/Inventory Days			87.9	75.6
Return on Investment%			78.5	119.6
Return on Assets%			38.7	44.9
T.N.W/Total Assets%	40.8	49.7	49.1	37.7
Return on Capital%			78.8	119.2
Rtn on Shareholders Funds%			78.8	119.2
Working Capital/Sales%			12.6	10.2
Borrowing Ratio%			0.5	0.6
Equity Gearing%	68.9	98.8	96.3	60.5
Stock Turnover			7.5	8.2
Days Purchases Outstanding			74.9	97

Key Industry Sector Trends

Year	2006	2005	2004	2003
Sample Size	165	8511	13369	13159
Pre-Tax Profit Margin	11.8	4.9	2.9	2.7
Current Ratio	1.9	1.6	1.5	1.5
Borrowing Ratio	84.2	33.3	35.8	36
Return on Capital	79.9	39.9	40.2	34.8
Creditors Days	48	132	126	138

Above figures relate to companies in 1992 Standard Industry Classification (Nace) sector : Other wholesale

Financial Summary

Auditors Qualification

The company has taken advantage of exemptions under the Companies Act such that the accounts have not been audited or examined.

No Turnover

The company's balance sheet total is less than GBP 2,800,001 and therefore this is a small company as defined by the Companies Act.It is not required to disclose turnover but it is likely to be less than GBP 5,600,000.

No Pre-Tax Profit

The Company is exempt from the requirement to file a Profit Loss Account. We note that the difference on the Shareholders Funds shown on the Balance Sheet is GBP 30,000 increase. This suggests that the Company may have made a post-tax profit of GBP 30,000.

Working Capital

The company's working capital remains positive but reduced by 2 % in the period.

Fixed Assets

The subject's fixed assets increased during the year by GBP 33,000 to GBP 81,000 and are now 12 % of total assets compared with 9 % in the previous year.

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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

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