MIRA INFORM REPORT

Report Date :

10.05.2007

IDENTIFICATION DETAILS

Name :	ENTERTAINMENT RIGHTS DISTRIBUTION LTD

Registered Office :	58-60 Berners Street, London, W1T 3JS

Country :	United Kingdom

Financials (as on) :	31.12.2005

Date of Incorporation :	04/07/1991

Com. Reg. No.:	04/07/1991

Legal Form :	Private Limited Liability Company (GB)

Line of Business :	Intellectual Property Owner Distribution

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 :	Unknown

Litigation :	Clear

Company Identification Details


Subject Reported on	ENTERTAINMENT RIGHTS DISTRIBUTION LTD
Holding Company	ENTERTAINMENT RIGHTS PLC
Trading Address	COLET CT, 100 HAMMERSMITH RD,LONDON,W6 7JP

Telephone	020-8762-6200

Official Company Data


Legal Form	Private Limited Liability Company (GB)
Registration Number	02626682
Date of Incorporation	04/07/1991
Registered Office	58-60 Berners Street, London, W1T 3JS
Date of Last Annual Return to Registry	04/07/2006
Activities	Intellectual Property Owner Distribution
Accounts	The last filed accounts cover the period to 31/12/2005

Recently Filed Documents

Details of the most recent documents

Date Received	Description
04/07/2006	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 Directors

DIRECTOR

IRVIN FISHMAN

(One or more of this director's other companies has adverse information related to it)

Occupation

Address

10, COLEDALE DRIVE , STANMORE , MIDDX , HA7 2QF

Country of Origin

BRITISH

Date of Birth

14/03/1950

Appointment Date

03/08/1993

Other Appointments

WOODLAND ANIMATIONS LTD , TELL- TALE PRODUCTIONS LIMITED, LINK ENTERTAINMENT LTD , LINK LICENSING LTD , SLEEPY KID COMPANY LIMITED(THE), PRIMARY DESIGN LTD , MUSICAL TUNES LTD , ENTERTAINMENT RIGHTS PLC , TRANSYLVANIA PETS LTD , SIRIOL LTD , ENTERTAINMENT RIGHTS DISTRIBUTION LTD , CARRINGTON PRODUCTIONS INTERNATIONAL LTD , THE TIDINGS TRADING CO LTD , THE RICHARD DIGANCE CARD COMPANY LIMITED, LAVENDER CASTLE LTD , RIDGEWAY FILMS LTD , SEER MAGIC LTD , CLIPPER FILMS LTD , DOT FILMS LTD , BOOM BOOM LTD , TWEENIES LTD , TELL-TALE FILMS LTD , TELL-TALE THEATRE PRODUCTIONS LTD , ELLA TV LTD , SPROGS TV LTD , BOO TV LTD , SIRIOL SCOTLAND LTD , JIM JAM & SUNNY TV LTD , FUN SONG FACTORY TV LTD , TWEENIES MOVIE LTD , MESSAGING INTERNATIONAL PLC , JUST 4 YOU LTD , MUSICINMIND.COM PLC , HEDD.NET LTD , PANTHEON LEISURE PLC , SPORT IN SCHOOLS LTD

DIRECTOR

MICHAEL VERNON HEAP

(One or more of this director's other companies has adverse information related to it)

Occupation

COMPANY DIRECTOR

Address

4, THE LINKS , ASCOT , BERKS , SL5 7TN

Country of Origin

BRITISH

Date of Birth

29/05/1944

Appointment Date

17/02/1999

Other Appointments

DIRECTOR

JANE MARY SMITH

(One or more of this director's other companies has adverse information related to it)

Occupation

MANAGING DIRECTOR

Address

77A, WARRINGTON CRESCENT LITTLE VENICE , LONDON , W9 1EH

Country of Origin

BRITISH

Date of Birth

12/05/1962

Appointment Date

17/12/1999

Other Appointments

ENTERTAINMENT RIGHTS PLC , ENTERTAINMENT RIGHTS DISTRIBUTION LTD

DIRECTOR

ELIZABETH ANNE GAINES

(One or more of this director's other companies has adverse information related to it)

Occupation

FINANCE DIRECTOR

Address

CEDAR HOUSE 2, FAN COURT LONGCROSS ROAD LYNE , CHERTSEY , SURREY , KT16 0DJ

Date of Birth

12/10/1963

Appointment Date

31/10/2002

Other Appointments

WOODLAND ANIMATIONS LTD , FAN COURT RESIDENTS' ASSOCIATION LTD , TELL- TALE PRODUCTIONS LIMITED, LINK ENTERTAINMENT LTD , LINK LICENSING LTD , SLEEPY KID COMPANY LIMITED(THE), PRIMARY DESIGN LTD , MUSICAL TUNES LTD , ENTERTAINMENT RIGHTS PLC , TRANSYLVANIA PETS LTD , SIRIOL LTD , ENTERTAINMENT RIGHTS DISTRIBUTION LTD , CARRINGTON PRODUCTIONS INTERNATIONAL LTD , THE TIDINGS TRADING CO LTD , THE RICHARD DIGANCE CARD COMPANY LIMITED, LAVENDER CASTLE LTD , RIDGEWAY FILMS LTD , SEER MAGIC LTD , CLIPPER FILMS LTD , DOT FILMS LTD , BOOM BOOM LTD , TWEENIES LTD , TELL-TALE FILMS LTD , TELL-TALE THEATRE PRODUCTIONS LTD , ELLA TV LTD , SPROGS TV LTD , BOO TV LTD , JIM JAM & SUNNY TV LTD , FUN SONG FACTORY TV LTD , JUST 4 YOU LTD , FLAREHILL INVESTMENTS LTD , HEYTESBURY (UK) LTD

SECRETARY

MR IRVIN FISHMAN

Address

10 COLEDALE DRIVE, , STANMORE , MIDDLESEX , HA7 2QF

Country of Origin

BRITISH

Date of Birth

14/03/1950

Appointment Date

04/07/1994

Recently Resigned Directors (last 3)


DIRECTOR	CRAIG JOHN HEMMINGS
Occupation	COMPANY DIRECTOR
Address	CHARNOCK HOUSE , PRESTON ROAD , CHORLEY , LANCS , - -
Country of Origin	BRITISH
Date of Birth	11/04/1962
Resignation Date	05/10/2005
DIRECTOR	MR CRAIG JOHN HEMMINGS
Address	CHARNOCK HOUSE , PRESTON ROAD , CHORLEY , LANCS , - -
Date of Birth	11/04/1962
Resignation Date	22/02/2003
DIRECTOR	MARTIN POWELL
Address	16 , ASH HILL CLOSE , BUSHEY , HERTS , - -
Date of Birth	01/10/1956
Resignation Date	31/03/1999

Share Summary

Share information is not held for this company.

Mortgages and Charges


Total Registered	5
Total Outstanding	2
Total Satisfied	3
Most Recent Mortgage	08/01/2007


Date Registered	17/01/2007
Type	395
Date Created	08/01/2007
Lender	THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND (IN ITS CAPACITY AS SECURITY AGENT FOR THE
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO ALL OR ANY OF THE BENEFICIARIES ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details	ASSIGNED THE BENEFIT OF ALL ACQUISITION AGREEMENT CLAIMS,ALL RIGHTS,TITLE AND INTEREST FROM TIME TO TIME IN RESPECT OF SUMS PAYABLE TO IT PURSUANT TO THE INSURANCE POLICIES,THE HEDGING AGREEMENTS 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 SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
Satisfied?	No

Date Registered	05/05/2001
Type	395
Date Created	27/04/2001
Lender	THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER UNDER THE DEBENTURE
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

Date Registered	07/09/1999
Type	395
Date Created	23/08/1999
Lender	THE ROYAL BANK OF SCOTLAND plc
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?	Fully

Date Registered	07/09/1999
Type	403A
Date Created	23/08/1999
Lender	THE ROYAL BANK OF SCOTLAND plc
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?	Fully

Date Registered	09/07/1996
Type	395
Date Created	01/07/1996
Lender	NATIONAL WESTMINSTER BANK PLC
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	A SPECIFIC EQUITABLE CHARGE OVER ALL FREEHOLD AND LEASEHOLD PROPERTIES AND/OR THE PROCEEDS OF SALE THEREOF, FIXED AND FLOATING CHARGES OVER UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL, BOOKDEBTS AND THE BENEFITS OF ANY LICENCES SEE CHARGE PARTICULARS FORM FOR DETAILS .
Satisfied?	Fully

Date Registered	09/07/1996
Type	403A
Date Created	01/07/1996
Lender	NATIONAL WESTMINSTER BANK PLC
Secured On	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details	A SPECIFIC EQUITABLE CHARGE OVER ALL FREEHOLD AND LEASEHOLD PROPERTIES AND/OR THE PROCEEDS OF SALE THEREOF, FIXED AND FLOATING CHARGES OVER UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL, BOOKDEBTS AND THE BENEFITS OF ANY LICENCES SEE CHARGE PARTICULARS FORM FOR DETAILS .
Satisfied?	Fully

Date Registered	18/11/1995
Type	395
Date Created	14/11/1995
Lender	THE ROYAL BANK OF SCOTLAND plc
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?	Fully

Date Registered	18/11/1995
Type	403A
Date Created	14/11/1995
Lender	THE ROYAL BANK OF SCOTLAND plc
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?	Fully

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations


Activities	Intellectual Property Owner Distribution
Sic Code	Description
9272	Other recreational activities not elsewhere classified
6420	Telecommunications
Staff Employed	81
Auditors	KPMG Audit Plc
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	52
Accounts Date	31/12/2005	31/12/2004	31/12/2003	31/12/2002
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
SALES	19,082	12,834	12,716	12,734
Export Sales	7,851	8,510	6,867	5,851
Cost of goods sold	10,091	8,950	9,170	8,246
GROSS PROFIT	8,991	3,884	3,546	4,488
General administration costs (-)	2,290	2,530	2,238	2,640
Net Operating Profit(Loss)	6,701	1,354	1,308	1,848
Total Non Trading Income	0	0	0	0
Other financial charges	1,140	247	833
Financial Expenses	1,140	352	247	833
PRE TAX PROFIT	5,561	1,002	1,061	1,015
Other Taxation	1,317	53	77	0
Taxation	162	254	0	344
PROFIT AFTER TAX	4,081	695	984	671
Net Profit	4,081	695	984	671
Dividends Payable	0	0	0	0
RETAINED PROFITS	4,081	695	984	671

Balance Sheet

Number of Weeks	52	52	52	52
Accounts Date	31/12/2005	31/12/2004	31/12/2003	31/12/2002
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
TOTAL FIXED ASSETS	15,201	9,540	10,085	8,249
Intangible Assets	15,201	9,536	162	8,203
TOTAL CURRENT ASSETS	26,535	14,863	11,441	8,047
Trade Debtors	7,456	1,661	1,910	2,574
Other Receivables	1,772	658	1,383	195
Prepaid expenses	10,817	9,747	6,198	3,576
Group Loans	2,200	735	590	590
Cash	3,668	1,710	1,174	154
own shares	623	352
TOTAL ASSETS	41,736	24,403	21,526	16,296
TOTAL CURRENT LIABILITIES	36,574	6,098	6,653	3,240
Due From Group	24,378
Accruals & deferred income	12,197	6,003	6,653	3,113
WORKING CAPITAL	-10,039	8,765	4,787	4,807
TOTAL LONG TERM LIABS	653	17,879	15,141	12,746
Other Long Term Liabilities	653	116
NET ASSETS/(LIABILITIES)	5,161	18,305	14,873	13,056
SHARE CAPITAL + RESERVES	4,508	426	-269	310
Issued Share Capital	0	0	0	0
Profit and Loss account	4,508	426	-269	310
SHAREHOLDERS FUNDS	4,508	426	-269	310
CAPITAL EMPLOYED	5,161	18,305	14,872	13,056
TANGIBLE NET WORTH	-10,693	-9,110	-431	-7,892


Key Credit Ratios

Accounts Date	31/12/2005	31/12/2004	31/12/2003	31/12/2002
Current Ratio	0.73	2.44	1.72	2.48
Profit Before Tax	0.29	0.08	0.08	0.08
Creditors Days (D.P.O)	-	3.87	-	-
Quick Ratio	-	-	-	-
Return on Assets	-	6.74	9.25	12.54
T.N.W/Total Assets	-0.26	-0.37	-0.02	-0.48
Return on Capital	-	0.11	0.22	0.21
Working Capital/Sales	-0.01	0.01	0.00	0.00
Equity Gearing	-0.16	-0.01	0.00	-0.01
Stock Turnover	0.00	0.00	0.00	0.00

Financial Summary

Turnover	Turnover increased by more than 49% in the period. Turnover totaled GBP 19,082,000 for the period.
Operating Profit	Totaled GBP 6,701,000 In the period prior a profit of GBP 1,354,000 was achieved.
Pre Tax	The subject made a profit of GBP 5,561,000 compared with a profit of GBP 1,002,000 in the previous period.
Working Capital	The company's working capital deficiency increased in the period and now stands at GBP 10,039,000
Tangible Net Worth	Net worth reduced by 1,583,000 during the period and now stands at GBP -10,693,000
Long Term Liabilities	The company's long term liabilities reduced during the period by 46% and are now -120% of net worth compared with -262% in the previous period
Long Term Liabilities	Long term liabilities are now 31% of total assets compared with 98% 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