MIRA INFORM REPORT

Report Date :

15.04.2008

IDENTIFICATION DETAILS

Name :	AIGIS BLAST PROTECTION LIMITED
Registered Office :	Davy Ct Central Pk, Castle Mound Way, Rugby, Warks CV23 0UZ
Country :	United Kingdom
Financials (as on) :	31.12.2006
Date of Incorporation :	04.10.2000
Com. Reg. No.:	04083550
Legal Form :	Private Limited Liability Company (GB)
Line of Business :	Manufacturers of Blast Protection Gear

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	GBP   180,200
Status :	Good
Payment Behaviour :	No Complaints
Litigation :	Clear

Company Identification Details

Subject Reported on	AIGIS BLAST PROTECTION LIMITED
Trading Address	Unit 9 Davy Court,Castle Mound Way,RUGBY,CV23 0UZ
Telephone	01788-557180

	There is a high degree of confidence this company will prove good for the assigned Credit Limit
Credit Limit	GBP   180,200
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	GBP   1,205,400
	Buying from this company? The Contract Limit is the recommended aggregate annual value for supply contracts.

Official Company Data

Legal Form	Private Limited Liability Company (GB)
Registration Number	04083550
Date of Incorporation	04/10/2000
Registered Office	9 Davy Ct Central Pk, Castle Mound Way, Rugby, Warks CV23 0UZ
Date of Last Annual Return to Registry	04/10/2007
Activities	Manufacturers of blast protection gear
Accounts	The last filed accounts cover the period to 31/12/2006 and were filed on 29/03/2007

Recently Filed Documents

Details of the most recent documents

Date Received	Description
04/10/2007	Annual Return
31/12/2006	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	NICOLAS  ROGERSON  (One or more of this director's other companies has adverse information related to it)
Occupation	DIRECTOR
Address	4,  REDFIELD LANE , LONDON , SW5 0RG
Country of Origin	BRITISH
Date of Birth	21/05/1943
Appointment Date	24/05/2001
Other Appointments	AIGIS BLAST PROTECTION LIMITED, TNCI UK LTD.
DIRECTOR	DAVID KENNETH ANTHONY LAWRENCE
Occupation	COMPANY DIRECTOR
Address	THE OLD POST HOUSE ,  THE SQUARE MORETON PINKEY , DAVENTRY , NORTHANTS , NN11 3SH
Country of Origin	BRITISH
Date of Birth	26/06/1941
Appointment Date	10/01/2002
Other Appointments	AIGIS BLAST PROTECTION LIMITED, CONCEPT 2 PROFIT LIMITED, THE COMFORT ZONES LIMITED
DIRECTOR	PETER DAVID ENGLISH
Occupation	INVESTOR DIRECTOR
Address	10,  COOMBE LANE WEST , KINGSTON UPON THAMES , SURREY , KT2 7BX
Country of Origin	BRITISH
Date of Birth	17/12/1941
Appointment Date	19/09/2005
Other Appointments	ACTIMAX PLC, AIGIS BLAST PROTECTION LIMITED, FORESIGHT GROUP LLP, I S SOLUTIONS PLC, IBIS MEDIA VCT 1 PLC , IBIS MEDIA VCT 2 PLC , ICORE LIMITED, P. & M. INVESTMENTS LIMITED, SOLITAIRE COMMUNICATIONS LTD, VENTURE CAPITAL FUNDING LIMITED
DIRECTOR	STUART JOHN DOUGHTY  (One or more of this director's other companies has adverse information related to it)
Occupation	CIVIL ENGINEER
Address	BRADLEY FARM HOUSE ,  KINLET , BEWDLEY , WORCS , DY12 3BU
Country of Origin	BRITISH
Date of Birth	13/09/1943
Appointment Date	01/12/2005
Other Appointments	AIGIS BLAST PROTECTION LIMITED, HAWFORD LODGE SCHOOL LIMITED, PARAMOUNT PERFORMANCE TUNING LIMITED, PARAMOUNT PRODUCTIONS LIMITED, SCOTT WILSON GROUP PLC , THE KING'S SCHOOL, WORCESTER
DIRECTOR	MARLO  OTTOUNI
Occupation	C E O
Address	44,  CHURCH LANE CHEVELEY , NEWMARKET , SUFFOLK , CB8 9DJ
Country of Origin	DUTCH
Date of Birth	31/12/1961
Appointment Date	01/11/2006
Other Appointments	AIGIS BLAST PROTECTION LIMITED
SECRETARY	MR  JULIAN HARE
Address	89 WYCHWOOD AVENUE,  KNOWLE , SOLIHULL , WEST MIDLANDS , B93 9DJ
Country of Origin	BRITISH
Date of Birth	17/05/1953
Appointment Date	15/05/2003

Recently Resigned Directors (last 3)

DIRECTOR	ROBERT WILLIAM NAYLER
Occupation	DIRECTOR
Address	92 , HILL CRESCENT , BEXLEY , KENT , - -
Country of Origin	BRITISH
Date of Birth	14/03/1970
Resignation Date	19/07/2006
DIRECTOR	DAVID JOHN CHRISTIAN
Occupation	ENGINEER
Address	44 , GISBORNE CRESCENT , DERBY , - -
Country of Origin	BRITISH
Date of Birth	14/03/1962
Resignation Date	15/05/2003
DIRECTOR	STEVEN JOHN HOLLAND
Occupation	ENGINEER
Address	93 , LONGMOOR ROAD , NOTTINGHAM , - -
Date of Birth	07/06/1965
Resignation Date	08/10/2002

Share Summary

Share Currency:	GBP
Priniciple Shareholders:	Type Of Share	No. of Shares	Value	%age
Mr Nicolas Rogerson	ORD	184,750	1,847.50	19.00
Foresight 2 VCT PLC	ORD	125,000	1,250.00	13.00
Mr David Christian	ORD	108,855	1,088.55	11.00
Foresight Technology VCT PLC	ORD	102,392	1,023.92	10.00
Mr David Lawrence	ORD	68,620	686.20	7.00
Kirstle Lawrence	ORD	68,619	686.19	7.00
Roy Nominees Ltd	ORD	50,712	507.12	5.00
Trivest VCT PLC	ORD	41,654	416.54	4.00
Mr Eamonn Cooney	ORD	40,240	402.40	4.00
Foresight 4 VCT PLC	ORD	34,375	343.75	3.00

Mortgages and Charges

Total Registered	2
Total Outstanding	1
Total Satisfied	1
Most Recent Mortgage	16/04/2003

Date Registered	29/04/2003
Type	395
Date Created	16/04/2003
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	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	19/12/2001
Type	395
Date Created	12/12/2001
Lender	AIB GROUP (UK) 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	Manufacturers of blast protection gear
Sic Code	Description
2840	Forging, pressing, stamping and roll forming of metal; powder metallurgy
Staff Employed	18
Auditors	Harben Barker Ltd
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.

Financial Data

Profit and Loss

Number of Weeks	52	52	52	52
Accounts Date	31/12/2006	30/09/2005	30/09/2004	30/09/2003
Currency	GBP	GBP	GBP	GBP
Units	units	units	units	units
Consolidated?	No	No	No	No
RETAINED PROFITS	-	-	-	-

Balance Sheet

Number of Weeks	52	52	52	52
Accounts Date	31/12/2006	30/09/2005	30/09/2004	30/09/2003
Currency	GBP	GBP	GBP	GBP
Units	units	units	units	units
Consolidated?	No	No	No	No
TOTAL FIXED ASSETS	65,178	46,050	19,088	18,356
Total Fixed Assets	60,396	-	-	-
Intangible Assets	4,782	6,507	7,887	8,607
TOTAL CURRENT ASSETS	2,051,525	3,099,538	670,178	120,544
Stocks	123,442	72,122	108,848	24,418
Trade Debtors	538,509	375,319	112,755	25,174
Cash	1,389,574	2,565,162	423,851	48,820
TOTAL ASSETS	2,116,703	3,145,588	689,266	138,900
TOTAL CURRENT LIABILITIES	512,140	415,496	239,080	79,041
Other Current Liabilities	512,140	-	-	-
WORKING CAPITAL	1,539,385	2,684,042	431,098	41,503
TOTAL LONG TERM LIABS	50,000	297,418	333,703	336,827
Other Long Term Liabilities	50,000	240,264	-	-
NET ASSETS/(LIABILITIES)	1,604,563	2,730,092	450,186	59,859
SHARE CAPITAL + RESERVES	1,554,563	2,432,674	116,483	-276,968
Issued Share Capital	9,980	9,980	6,667	80,000
Share Premium Accounts	3,099,609	3,099,608	546,502	73,169
Profit and Loss account	-1,555,026	-676,914	-436,686	-430,137
SHAREHOLDERS FUNDS	1,554,563	2,432,674	116,483	-276,968
CAPITAL EMPLOYED	1,604,563	2,730,092	450,186	59,859
TANGIBLE NET WORTH	1,549,781	2,426,167	108,596	-285,575

Key Credit Ratios

Accounts Date	31/12/2006	30/09/2005	30/09/2004	30/09/2003
Current Ratio	4.01	7.46	2.80	1.53
Profit Before Tax	-	-0.15	-0.03	-0.13
Creditors Days (D.P.O)	-	102.56	179.02	64.41
Quick Ratio	3.76	7.29	2.35	1.22
Return on Assets	-	-8.16	-2.98	-54.80
T.N.W/Total Assets	0.73	0.77	0.16	-2.06
Return on Capital	-	-9.38	-4.51	-119.28
Working Capital/Sales	-	0.02	0.01	0.00
Equity Gearing	0.31	0.10	-	-
Stock Turnover	-	0.00	0.00	0.00
Solvency (%)	36.27	29.38	527.44	-145.62

Financial Summary

Working Capital	The company's working capital decreased in the period by 43%
Tangible Net Worth	Net worth reduced by 876,386 during the period and now stands at GBP  1,549,781,units
Fixed Assets	The subjects fixed assets increased during the period by GBP  20,853 to GBP  60,396,units and are now 3% of total assets compared with 1% in the previous period
Long Term Liabilities	The company's long term liabilities reduced during the period by 83% and are now 3% of net worth compared with 12% in the previous period
Long Term Liabilities	Long term liabilities are now 2% of total assets compared with 9% 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.	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%)

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