MIRA INFORM REPORT

Report Date :

23^rd May 2006

IDENTIFICATION DETAILS

Name :	I.T.S. (EURO) EXPORTS LIMITED
Registered Office :	9 Vivian Avenue, Hendon Central, London, NW4 3UT.
Date of Incorporation :	19/07/1990
Com. Reg. No.:	02524085
Legal Form :	Private Limited with share capital
Line of Business :	Trading Company

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

Company Identification Details

Subject Reported on

I.T.S. (EURO) EXPORTS LIMITED

Risk Score
	Average Risk - This company has an average risk status and should be treated with a degree of caution
Credit Limit	GBP  2,900
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	GBP  20,600
	Buying from this company? The Contract Limit is the recommended aggregate annual value for supply contracts.

Official Company Data

Legal Form	Private Limited with share capital
Registration Number	02524085
Date of Incorporation	19/07/1990
Registered Office	9 VIVIAN AVENUE, HENDON CENTRAL, LONDON, NW4 3UT .
Date of Last Annual Return to Registry	19/07/2005
Activities	-  -  -
Accounts	The last filed accounts cover the period to 31/07/2004 and were presented to Companies House on 22/06/2005

Recently Filed Documents

Details of the most recent documents

Date Received	Description
17/08/1990	Notification Of A Change Among The Directors Of A Company

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

Known Directors

DIRECTOR	ANUP KUMAR VIDVARTHI
Occupation	COMPANY DIRECTOR
Address	18,  ALLINGTON ROAD , LONDON , NW4 3DJ
Country of Origin	BRITISH
Date of Birth	21/01/1948
Appointment Date	19/07/1991
Other Appointments	KENNON TRADING LIMITED
SECRETARY	ANJANA  VIDYARTHI
Address	18 , ALLINGTON ROAD , LONDON , NW4 3DJ
Country of Origin	BRITISH
Date of Birth	14/04/1953

Recently Resigned Directors (last 3)

None

Share Summary

Share Currency:	GBP
Issued at date of report:	2 ORD	Shares of 100 pence each
Prinicipal Shareholders:	Type Of Share	No. of Shares	Value
MR ANUP K VIDVARTHI	ORD	2	2.00

Mortgages and Charges

Total Registered	1
Total Outstanding	1
Total Satisfied	0
Most Recent Mortgage	18/12/2001

Date Registered	21/12/2001
Type	395
Date Created	18/12/2001
Lender	BANK OF BARODA
Secured On	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 FIXTURES FIXED PLANT AND MACHINERY
Satisfied?	No

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations

Activities	-  -  -
Sic Code	Description
7487
Auditors	AGGARWAL AND CO
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/07/2004.

Financial Data

Profit and Loss

The following figures are shown in units of GBP '000

Number of Weeks	52	52	52	52
Accounts Date	31/07/2004	31/07/2003	31/07/2002	31/07/2001
Currency	GBP '000	GBP '000	GBP '000	GBP '000
Consolidated?	No	No	No	No

Balance Sheet

The following figures are shown in units of GBP '000

Number of Weeks	52	52	52	52
Accounts Date	31/07/2004	31/07/2003	31/07/2002	31/07/2001
Currency	GBP '000	GBP '000	GBP '000	GBP '000
Consolidated?	No	No	No	No
TOTAL FIXED ASSETS	6	7	8	3
Tangible Assets	6	7	8	3
Fixed Assets	6	7	8	3
TOTAL CURRENT ASSETS	404	381	295	274
Total Debtors	404	306	291	272
Cash	0	75	5	2
TOTAL ASSETS	411	388	303	276
TOTAL CURRENT LIABILITIES	364	366	247	221
Other Current Liabilities	364	366	247	221
WORKING CAPITAL	40	15	48	53
NET ASSETS/(LIABILITIES)	46	22	56	56
SHARE CAPITAL + RESERVES	46	22	56	56
Issued Share Capital	0	0	0	0
Profit and Loss account	46	22	56	56
Sundry Reserves	0	0	0	0
SHAREHOLDERS FUNDS	46	22	56	56
CAPITAL EMPLOYED	46	22	56	56

Key Credit Ratios

Accounts Date	31/07/2004	31/07/2003	31/07/2002	31/07/2001
Current Ratio	1.11	1.04	1.20	1.24
Long Term Debt/T.N.W (%)	0.00	0.00	0.00	0.00
Quick Ratio	1.11	1.04	1.20	1.24
T.N.W/Total Assets	11.29	5.73	18.52	20.10
Equity Gearing	11.29	5.73	18.52	20.10

Financial Comparison

The following figures are shown in units of GBP '000

Number of Weeks	52	52	52	52
Accounts Date	31/07/2004	31/07/2003	31/07/2002	31/07/2001
Currency	GBP '000	GBP '000	GBP '000	GBP '000
Other Deferred Liabs	0	0	0	0
Tangible Net Worth(T.N.W)	46	22	56	56
Equity	46	22	56	56

Key Industry Sector Trends

	Company	Industry Averages
	31/07/2004	Lower	Median	Upper
Current Ratio	1.11	0.7	1	1.8

This comparison is based on the results of 0229638 companies in the same industrial sector: business services nes

Financial Summary
Working Capital	The company's working capital improved in the period by 170%
Tangible Net Worth	Net worth increased by 24,080 during the period and now stands at GBP 46,338
Fixed Assets	The subjects fixed assets reduced during the period by GBP 1,116 to GBP 6,326 and are now 2% of total assets compared with 2% in the previous period
Long Term Liabilities	Long term liabilities are now 0% of total assets compared with 0% in the previous period

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

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