MIRA INFORM REPORT

Report Date :

04.05.2007

IDENTIFICATION DETAILS

Name :	VERTICAL UK LLP
Registered Office :	3rd Floor, 5 Lloyds Avenue, London, EC3N 3AE
Country :	United Kingdom
Financials (as on) :	31.12.2005
Date of Incorporation :	28/01/2003
Com. Reg. No.:	OC303782
Legal Form :	Limited Partnership (GB)
Line of Business :	Trading

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 :	Regular
Litigation :	Clear

Company Identification Details

Subject Reported on	VERTICAL UK LLP
Holding Company
Trading Address	AMICORP HO,81 FENCHURCH ST,LONDON,EC3M 4BT

Credit Limit	GBP   832,200
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	GBP   2,453,900
	Buying from this company? The Contract Limit is the recommended aggregate annual value for supply contracts.

Official Company Data

Legal Form	Limited Partnership (GB)
Registration Number	OC303782
Date of Incorporation	28/01/2003
Registered Office	3rd Floor, 5 Lloyds Avenue, London, EC3N 3AE
Date of Last Annual Return to Registry	28/01/2007
Activities	Trading
Accounts	The last filed accounts cover the period to 31/12/2005

Recently Filed Documents

Details of the most recent documents

Date Received	Description
28/01/2007	Annual Return
31/12/2005	Financial Statement / Set of Accounts

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

Known Members

DIRECTOR	DYNAMO BUSINESS VENTURES LTD
Occupation
Address	MARCY BUILDING, 2ND FLOOR ,  PO BOX 2416 ROAD TOWN , TORTOLA , BRITISH VIRGIN ISLANDS ,
Date of Birth	-
Appointment Date	28/01/2003
DIRECTOR	ALDWYCH TEMPLE VENTURE CAPITAL LIMITED
Occupation
Address	MARCY BUILDING, 2ND FLOOR ,  PO BOX 2416 ROAD TOWN , TORTOLA , BRITISH VIRGIN ISLANDS ,
Date of Birth	-
Appointment Date	28/01/2003

Recently Resigned Members (last 3)

None

Share Summary

Share information is not held for this company.

Mortgages and Charges

Total Registered	22
Total Outstanding	22
Total Satisfied	0
Most Recent Mortgage	04/10/2006

Date Registered	07/10/2006
Type	395
Date Created	04/10/2006
Lender	BANQUE CANTONALE VAUDOISE
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP TO THE CHARGEE
Details	ALL SECURITIES PAPER HOLDINGS SERVEYS AND DEPOSIT BOOKS AND THEIR RESPECTIVE CREDITS, INSURANCE POLICES OTHER PROPERTY OR ASSETS AND ALL RIGHTS INCLUDING DIVIDENDS, SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	07/10/2006
Type	395
Date Created	04/10/2006
Lender	BANQUE CANTONALE VAUDOISE
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP TO THE CHARGEE
Details	ALL CLAIMS RELATING TO THE SALE OF GOODS, SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	07/10/2006
Type	395
Date Created	04/10/2006
Lender	BANQUE CANTONALE VAUDOISE
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP TO THE CHARGEE
Details	ALL CLAIMS RELATING TO GOODS AND RIGHTS RELATING TO THOSE GOODS, ALL CLAIMS DERIVING FROM THE SALE OF GOODS, SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	30/05/2006
Type	395
Date Created	18/05/2006
Lender	NATEXIS BANQUES POPULAIRES
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details	RIGHTS AND INTERESTS TO PROCEEDS OR CLAIMS UNDER THE INSURANCES SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	19/05/2006
Type	395
Date Created	15/05/2006
Lender	ING BELGIUM S.A.
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP TO THE CHARGEE UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details	ALL SECURITIES VALUABLES CLAIMS DOCUMENTS RELATING TO CLAIMS OR PARTICIPATIONS AND ALL OTHER ASSETS SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	20/03/2006
Type	395
Date Created	09/03/2006
Lender	NATEXIS BANQUES POPULAIRES
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details	ALL THE RIGHTS TITLE AND INTEREST TO THE EXPORT RECEIVABLES PAYABLE BY THE EXPORTER UNDER THE EXPORT CONTRACT SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	17/03/2006
Type	395
Date Created	24/02/2006
Lender	ABN AMRO BANK N.V.
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details	FIRST FIXED CHARGE ALL BOOK AND OTHER DEBTS ALL RIGHTS IN RESPECT OF ANY AMOUNT STANDING TO THE CREDIT OF ANY ACCOUNT FIRST FLOATING CHARGE SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	03/09/2005
Type	395
Date Created	25/08/2005
Lender	ING BELGIUM, S.A.
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM VERTICAL NORTH AMERICA INC. TO THE CHARGEE UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details	ALL SECURITIES, VALUABLES, CLAIMS, DOCUMENTS RELATING TO CLAIMS OR PARTICIPATIONS, MONIES, AMOUNTS OUTSTANDING IN ANY CURRENCY AND ALL OTHER ASSETS INCLUDING ALL DUE AND FUTURE RIGHTS AND PROCEEDS DERIVING FROM THEM (INTEREST, DIVIDENDS, WARRANTS, STOCK DIVIDENDS ETC.) WHICH ARE OR WILL BE HELD EITHER ENTIRELY OR IN PART UNDER WHATEVER DESIGNATION BY THE BANK OR ELSEWHERE IN THE NAME OF THE BANK FOR ACCOUNT OF THE PLEDGOR SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	21/06/2005
Type	395
Date Created	13/06/2005
Lender	BANQUE CANTONALE DE GENEVE
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM VERTICAL EUROPE LLP TO THE CHARGEE
Details	ALL PAPER SECURITIES STOCKS BONDS COUPONS OF PAPER SECURITIES SAVINGS ACCOUNTS BOOKS DEPOSIT ACCOUNTS BOOKS AND ANY OTHER ASSET IN PRESENT OR FUTURE POSSESSION OF THE CHARGEE SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	21/06/2005
Type	9999
Date Created	13/06/2005
Lender	BANQUE CANTONALE DE GENEVE
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM VERTICAL EUROPE LLP TO THE CHARGEE
Details	ALL PAPER SECURITIES STOCKS BONDS COUPONS OF PAPER SECURITIES SAVINGS ACCOUNTS BOOKS DEPOSIT ACCOUNTS BOOKS AND ANY OTHER ASSET IN PRESENT OR FUTURE POSSESSION OF THE CHARGEE SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	17/05/2005
Type	395
Date Created	13/05/2005
Lender	BANQUE CANTONALE DE GENEVE
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	ALL RECEIVABLES SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	17/05/2005
Type	395
Date Created	13/05/2005
Lender	BANQUE CANTONALE DE GENEVE
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	ALL NEGOTIABLE INSTRUMENTS AND PRODUCE AND GOODS AND ALL BILLS SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	17/05/2005
Type	395
Date Created	13/05/2005
Lender	BANQUE CANTONALE DE GENEVE
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	ALL PRODUCE AND GOODS AND BILLS OF EXCHANGE DRAWN SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	30/11/2004
Type	395
Date Created	18/11/2004
Lender	CREDIT LYONNAIS (SUISSE) S.A.
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP OR ITS BENEFICIARIES TO THE CHARGEE UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details	ALL GOODS BELONGING TO THE COMPANY, GOODS BEING TRANSPORTED, MANUFACTURED IN SAFEKEEPING OR ON DEPOSIT, ALL DOCUMENTS, SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	30/11/2004
Type	395
Date Created	18/11/2004
Lender	CREDIT LYONNAIS (SUISSE) S.A.
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP TO THE CHARGEE
Details	ALL THE COMPANY'S PRESENT AND FUTURE CLAIMS FROM BUSINESS DEALINGS, INCLUDING RELATED RIGHTS, SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	30/11/2004
Type	395
Date Created	18/11/2004
Lender	CREDIT LYONNAIS (SUISSE) S.A.
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP TO THE CHARGEE
Details	ALL BEARER OR TO ORDER SECURITIES AND OTHER ASSETS, NON-BEARER ITEMS AND THE CREDITS SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	11/11/2004
Type	395
Date Created	04/11/2004
Lender	BNP PARIBAS (SUISSE) SA
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details	ASSIGNMENT OF MONEYS AND RECEIVABLES AND INSURANCES. PLEDGE AND HYPOTHECATION OF GOODS AND DOCUMENTS SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	28/01/2004
Type	395
Date Created	08/01/2004
Lender	ING BELGIUM SA
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	ANY RIGHTS TO THE GOODS IN RELATION TO WHICH THE BANK WILL HAVE EXTENDED CREDIT FACILITIES AS WELL AS ANY CLAIMS ARISING IN CONNECTION TO THE FURTHER SALE OF SUCH GOODS SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	28/01/2004
Type	395
Date Created	08/01/2004
Lender	ING BELGIUM, S.A.
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	ALL SECURITIES, VALUABLES, CLAIMS, DOCUMENTS, RELATING TO CLAIMS OR PARTICIPATIONS, MONIES AMOUNTS OUTSTANDING IN ANY CURRENCY AND ALL OTHER ASSETS INCLUDING ALL DUE FUTURE RIGHTS AND PROCEEDS DERIVING FROM THEM SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	15/08/2003
Type	395
Date Created	31/07/2003
Lender	BANQUE CANTONALE DE GENEVE
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP TO THE CHARGEE UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details	ASSIGNS THE CLAIM(S) WITH ALL RIGHTS RELATED AS RIGHT OF PLEDGE, DEED OF SURETYSHIP, RETENTION OF TITLE SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	15/08/2003
Type	395
Date Created	31/07/2003
Lender	BANQE CANTONALE DE GENEVE
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP TO THE CHARGEE UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details	PLEDGES ALL PAPER SECURITIES, STOCKS, BONDS, COUPONS OF PAPER SECURITIES INCLUDING ALL RIGHTS RESULTING FROM THEM, ALL OTHER CLAIMS AND RIGHTS, ALL ACCOUNTABLE CLAIMS. SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No
Date Registered	24/07/2003
Type	395
Date Created	17/07/2003
Lender	BANQUE CANTONALE DE GENEVE
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	ALL ITS RIGHT, TITLE AND INTEREST IN AND TO THE RECEIVABLES EXISTING AT THE DATE OF THE ASSIGNMENT, AND IN AND TO FUTURE RECEIVABLES
Satisfied?	No
Date Registered	24/07/2003
Type	395
Date Created	17/07/2003
Lender	BANQUE CANTONALE DE GENEVE
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE LIMITED LIABILITY PARTNERSHIP TO THE CHARGEE
Details	ALL ITS RIGHTS AND INTERESTS IN GOODS WITHOUT EXCEPTION, HELD ON OR AFTER THE DATE OF THE PLEDGE. THE CLAIMS AND RIGHTS AGAINST ANY INSURANCE COMPANY IN RESPECT OF THE GOODS PLEDGED
Satisfied?	No

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations

Activities	Trading
Sic Code	Description
5170	Other wholesale
5170	Other wholesale
Staff Employed	10
Auditors	Ford Bull Watkins
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.

Financial Data

The following figures are shown in units of 000

Profit and Loss

Number of Weeks	52	52	52
Accounts Date	31/12/2005	31/12/2004	31/12/2003
Currency	GBP	US Dollar	US Dollar
Consolidated?	No	No	No
SALES	152,974	119,179	13,696
Other operating income	73	68
Cost of goods sold	145,326	112,241	12,882
GROSS PROFIT	7,648	6,938	814
General administration costs (-)	5,161	3,966	987
Wages and Salaries	1,665	884	461
Depreciation	12	1
Net Operating Profit(Loss)	2,560	3,040	-173
Non Trading Income	178	16	5
Other financial income	4
Total Non Trading Income	182	16	5
Interest expenses & similar (-)	341	83	7
Financial Expenses	341	83	7
PRE TAX PROFIT	2,401	2,973	-175
PROFIT AFTER TAX	2,401	2,973	-175
Net Profit	2,401	2,973
Dividends Payable	0	0	0
RETAINED PROFITS	2,401	2,973

Balance Sheet

Number of Weeks	52	52	52
Accounts Date	31/12/2005	31/12/2004	31/12/2003
Currency	GBP	US Dollar	US Dollar
Consolidated?	No	No	No
TOTAL FIXED ASSETS	660	57	33
Plant, machinery & equipment	65	23
Intermediate Assets	595	34	33
TOTAL CURRENT ASSETS	48,711	20,721	8,438
Stocks	9,122	4,383	2,618
Trade Debtors	27,679	9,126	3,339
Other Receivables	416	17	0
Prepaid expenses	934
Cash	10,559	7,195	2,306
TOTAL ASSETS	49,371	20,778	8,472
TOTAL CURRENT LIABILITIES	28,909	13,563	5,455
Trade Creditors	3,496	3,212	2,794
Bank Overdraft	25,083	10,328	2,658
Other Current Liabilities	300
Accruals & deferred income	30	23	3
WORKING CAPITAL	19,802	7,158	2,984
TOTAL LONG TERM LIABS	16,045	2,798	3,017
Mortgages and loans	1,360	2,798
Debts to group companies	9,486
Other Long Term Liabilities	5,199	3,017
NET ASSETS/(LIABILITIES)	20,462	7,215	3,017
SHARE CAPITAL + RESERVES	4,417	4,417	0
Reserves	4,417
Profit and Loss account	0	4,417	0
SHAREHOLDERS FUNDS	4,417	4,417	0
CAPITAL EMPLOYED	20,462	7,215	3,017
TANGIBLE NET WORTH	4,417	4,417	0

Key Credit Ratios

Accounts Date	31/12/2005	31/12/2004	31/12/2003
Current Ratio	1.68	1.53	1.55
Profit Before Tax	0.02	0.02	-0.01
Creditors Days (D.P.O)	8.78	10.45	79.17
Quick Ratio	-	-	-
Return on Assets	4.92	14.33	-
T.N.W/Total Assets	0.09	0.21	0.00
Return on Capital	0.12	0.41	-
Working Capital/Sales	0.00	0.00	0.00
Equity Gearing	0.00	-	0.00

Financial Summary
Turnover	Turnover increased by more than 28% in the period. Turnover totalled GBP  152,974,000 for the period.
Operating Profit	Totalled GBP  2,560,000 In the period prior a profit of GBP   3,040,000 was achieved.
Pre Tax	The subject made a profit of GBP  2,401,000 compared with a profit of GBP  2,973,000 in the previous period.
Working Capital	The company's working capital improved in the period by 177%
Tangible Net Worth	Net worth increased by ,000 during the period and now stands at GBP  4,417,000
Fixed Assets	The subjects fixed assets increased during the period by GBP  42,000 to GBP  65,000 and are now 0% of total assets compared with 0% in the previous period
Long Term Liabilities	The company's long term liabilities increased during the period by 470% and are now 364% of net worth compared with 64% in the previous period
Long Term Liabilities	Long term liabilities are now 33% of total assets compared with 14% 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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