MIRA INFORM REPORT

Report Date :

24.02.2011

IDENTIFICATION DETAILS

Name :	KERIO TECHNOLOGIES UK LIMITED

Registered Office :	Enterprise House Vision Park, Histon, Cambridge, Cb24 9zr.

Country :	United Kingdom

Financials (as on) :	31.12.2009

Date of Incorporation :	13.05.2002

Com. Reg. No.:	04436213

Legal Form :	Private Limited Company

Line of Business :	Development and Supply of Software for Internet Security and Communications.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	GBP 17,000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

United Kingdom

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company Identification Details

Subject Reported on	KERIO TECHNOLOGIES UK LIMITED
Registration Number	04436213
VAT Number	GB798708653
Address	ENTERPRISE HOUSE, VISION PARK, HISTON, CAMBRIDGE, CB4 9ZR.
Telephone	01223 202 130
Facsimile	01223 233 055
Email	info@kerio.co.uk
Web Address	www.kerio.co.uk

Creditline Recommendations

Monthly Credit Guide

GBP 17,000

Official Company Data

Legal Form	Private Limited
Registration Number	04436213
VAT Number	GB798708653
Subject Status	Trading
Date of Incorporation	13/05/2002
Registered Office	ENTERPRISE HOUSE VISION PARK, HISTON, CAMBRIDGE, CB24 9ZR.
History	6/05/2009 : The Registered Office address changed from ENTERPRISE HOUSE, VISION PARK, HISTON, CAMBRI.
	28/11/2005 : The Registered Office address changed from SHERATON HOUSE, CASTLE PARK, CAMBRIDGE, CB3.
	6/07/2002 : The Registered Office address changed from 119 HOWARD DRIVE, LETCHWORTH, HERTFORDSHIRE,.
	21/05/2002 : The Registered Office address changed from BURLINGTON HOUSE 40 BURLINGTON, RISE, EAST BA.
Date of Last Annual Return to Registry	02/05/2010
Accounts	The last filed accounts at Companies House are those to 31/12/2009
Accounting Reference Date	31/12

Operations

Activities	The development and supply of software for internet security and communications.
Nace Code	7260
Premises	Owned,Offices,Warehouse
Staff Employed	20
Import Countries	ALL OVER THE WORLD
Export Countries	ALL OVER THE WORLD
Bankers	HSBC BANK PLC
Address	LETCHWORTH.
Sort Code	402814
Auditors	Leadermans
Branches	111 W. SAINT JOHN STREET, SUITE 1100, SAN JOSE CA 95113, USA.
	ANGLICKE NABREZI 1/2434, 301 49 PLZEN, CZECH REPUBLIC.
	BERSENEVSKAJA QUAY B. 20/2, OFFICE 518, 119 072 MOSCOW, RUSSIAN FEDERATION.

Previous Searches

Search History Summary

Last 3 Months	Last 6 Months	Last 12 Months
2	2	4

Search History Details

The Search History Details shows details of the most recent 40 searches

Date	Description
27/01/2011	Other retail sale in specialised stores
27/01/2011	Other retail sale in specialised stores
07/07/2010	Other retail sale in specialised stores
29/06/2010	Miscellaneous
19/03/2008	Hotels

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Other Filings and Notices

Date

Source

Description

06/10/2008	Companies House Gazette	Change among directors of a company
18/04/2006	Companies House Gazette	Change among directors of a company
20/06/2002	Companies House Gazette	Change among directors of a company
21/05/2002	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	MR ALAN JOHN HUGHES
Service Address	ENTERPRISE HOUSE VISION PARK, HISTON, CAMBRIDGE, CB24 9ZR.
Country of Origin	UNITED KINGDOM
Date of Birth	31/10/1948
Appointment Date	31/08/2005
Other Directorships	KERIO TECHNOLOGIES DE LIMITED

Directors

Director	MR MARTIN VIKTORA
Service Address	ENTERPRISE HOUSE VISION PARK, HISTON, CAMBRIDGE, CB24 9ZR.
Country of Origin	CZECHOSLOVAKIA
Date of Birth	07/08/1973
Appointment Date	15/05/2002
Accountant	MR ALAN JOHN HUGHES
Service Address	ENTERPRISE HOUSE VISION PARK, HISTON, CAMBRIDGE, CB24 9ZR.
Country of Origin	UNITED KINGDOM
Date of Birth	31/10/1948
Appointment Date	18/04/2006
Other Directorships	KERIO TECHNOLOGIES DE LIMITED
Director	MR SCOTT RAYMOND SCHREIMAN
Service Address	ENTERPRISE HOUSE VISION PARK, HISTON, CAMBRIDGE, CB24 9ZR.
Country of Origin	USA
Date of Birth	25/06/1967
Appointment Date	06/10/2008
Other Directorships	KERIO TECHNOLOGIES DE LIMITED

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	1
Principal Shareholder	1 Kerio Technologies Inc.

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

Holding Company	Kerio Technologies Inc., a company incorporated in USA
Ultimate Parent	KERIO TECHNOLOGIES INC., a company incorporated in USA

Financial Data– Statutory Accounts

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	GBP	GBP	GBP	GBP
SALES			1844	1410
Cost of goods sold			840	638
GROSS PROFIT			1004	772
Directors Emoluments			124	89
Auditors Fees			3	3
Trading Profit			17	43
Depreciation			10	15
OPERATING PROFIT			7	28
Non Trading Income			4	1
PRE TAX PROFIT			11	29
Taxation			3	6
PROFIT AFTER TAX			8	23
RETAINED PROFITS			8	23

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	13	23	27	23
Tangible Assets	13	23	27	23
Fixed Assets			27	23
TOTAL CURRENT ASSETS	931	1012	426	240
Trade debtors	556	636	177	129
Other Current Assets	375	376	249	111
Misc Current Assets			32	24
Due From Group			57
Cash	375	376	160	87
TOTAL ASSETS	944	1035	453	263
TOTAL CURRENT LIABILITIES	882	1033	389	208
Trade creditors	882	1033	32	37
Short Term Loans			270	116
Due To Group			270	116
Other Liabilities			87	55
WORKING CAPITAL	49	(21)	37	32
NET ASSETS/(LIABILITIES)	62	2	64	55
SHARE CAPITAL + RESERVES	62	2	64	55
Profit and Loss account	62	2	64	55
SHAREHOLDERS FUNDS	62	2	64	55
CAPITAL EMPLOYED	62	2	64	55

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	GBP	GBP	GBP	GBP
Directors Remuneration			124	89
Auditors Remuneration			3	3
Liquid Assets	931	1012	337	216
Net Working Capital	49	(21)	37	32
Tangible Net Worth(T.N.W)	62	2	64	55
Equity	62	2	64	55
Number of Years Trading	7	6	5	4

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Current Ratio	1.1	1	1.1	1.2
Pre Tax Profit Margin%			0.6	2.1
Gross Profit%			54.4	54.8
Debtors Days (D.S.O)			35	33
Creditors Days (D.P.O)			6	10
Quick Ratio	1.1	1	1.1	1.2
Return on Investment%			3.3	17
Return on Assets%			2.4	11
T.N.W/Total Assets%	6.6	0.2	14.1	20.9
Return on Capital%			17.2	52.7
Rtn on Shareholders Funds%			17.2	52.7
Working Capital/Sales%			2	2.3
Borrowing Ratio%			421.9	210.9
Equity Gearing%	7	0.2	16.5	26.4
Days Purchases Outstanding			13.9	21.2
Sales/Fixed Assets			68.3	61.3

Key Industry Sector Trends

Year	2010	2009	2008	2007
Sample Size	22564	40094	39175	41576
Pre-Tax Profit Margin	29	31.6	35.4	28.7
Current Ratio	1.6	1.6	1.5	1.4
Borrowing Ratio	17.7	8.5	15	11.2
Return on Capital	171.6	183.9	237.3	169.9
Creditors Days	98	147	138	153

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Other computer related activities

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2009.

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 Profit and Loss Account shown on the Balance Sheet is GBP 60,000 increase. This suggests that the Company may have made a post-tax profit of GBP 60,000.

Working Capital

The subject has turned a deficient working capital of GBP 21,000 to surplus of GBP 49,000.

Fixed Assets

The subject's fixed assets reduced during the year by GBP 10,000 to GBP 13,000 and are now 1 % of total assets compared with 2 % in the previous year.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.20
UK Pound	1	Rs.73.16
Euro	1	Rs.61.88

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	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
----	NB	New Company	----

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.