MIRA INFORM REPORT

Report Date :

08.01.2011

IDENTIFICATION DETAILS

Name :	DIRECT PRESS MARKETING LIMITED

Registered Office :	Unit 1 Churchill Business Park, Hortons Way, Westerham, Kent, Tn16 1bt.

Country :	United Kingdom

Financials (as on) :	31.03.2010

Date of Incorporation :	11.08.1998

Com. Reg. No.:	03613183

Legal Form :	Private Limited Company

Line of Business :	The supply of equipment to the graphic arts industry, in particular used printing presses and ancillary equipment

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	GBP 83,000
Status :	Satisfactory
Payment Behaviour :	No Complaints
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	DIRECT PRESS MARKETING LIMITED
Registration Number	03613183
Address	UNIT 1, CHURCHILL BUSINESS PK, WESTERHAM, KENT, TN16 1BT.

Creditline Recommendations

Monthly Credit Guide

GBP 83,000

Official Company Data

Legal Form	Private Limited
Registration Number	03613183
Subject Status	Trading
Date of Incorporation	11/08/1998
Registered Office	UNIT 1 CHURCHILL BUSINESS PARK, HORTONS WAY, WESTERHAM, KENT, TN16 1BT.
History	26/08/2000 : The Registered Office address changed from AVIATION HOUSE 157 MAIN ROAD, BIGGIN HILL, WE.
	8/09/1999 : The Registered Office address changed from GREYTHORNE OFFICE, GRAYS ROAD, WESTERHAM, KEN.
	17/09/1998 : Change of name from FILEDISK LIMITED.
	14/09/1998 : The Registered Office address changed from 1 MITCHELL LANE, BRISTOL, BS1 6BU, BS1 6BU.
Date of Last Annual Return to Registry	11/08/2010
Accounts	The last filed accounts at Companies House are those to 31/03/2010
Accounting Reference Date	31/03

Operations

Activities	The supply of equipment to the graphic arts industry, in particular used printing presses and ancillary equipment.
Premises	Offices,HEAD OFFICE
Staff Employed	10
Auditors	McKenzies
Subsidiaries	PRESSBUYER.COM LIMITED

Historical Rating

Date	Monthly Credit Guide
07/01/2011	83,000
07/10/2010	75,000
07/07/2010	76,500
07/04/2010	81,500
07/01/2010	114,000

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Summary of Mortgages, Charges and Satisfactions

Total Number of Mortgages/Charges Registered	5
Number Outstanding	3
Number Partially Satisfied	0
Number Satisfied	2

Date of Latest Mortgage Created	21/10/2010
Date of Latest Satisfaction	22/01/2010

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	09/11/2010	21/10/2010	Charge Of Deposit	MG01	National Westminster Bank Plc
	08/04/2009	02/04/2009	Debenture	395	National Westminster Bank Plc
22/01/2010	03/12/2004	01/12/2004	Charge Of Deposit	395	National Westminster Bank Plc
22/01/2010	28/07/1999	19/07/1999	Charge Over Sub-Hire Agreements	395	Close Asset Finance Ltd
	01/03/1999	19/02/1999	Charge Over Credit Balances	395	National Westminster Bank Plc

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

Other Filings and Notices

Date

Source

Description

08/03/2010	Companies House Gazette	Notification of any change among the company's directors
31/08/2007	Companies House Gazette	Change among directors of a company
19/11/1999	Companies House Gazette	Change among directors of a company
23/10/1998	Companies House Gazette	Change among directors of a company
14/09/1998	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	MR MARK ST JOHN SHELDRICK
Service Address	UNIT 1 CHURCHILL BUSINESS PARK, HORTONS WAY, WESTERHAM, KENT, TN16 1BT.
Country of Origin	UNITED KINGDOM
Appointment Date	17/02/2010

Directors

Director	MARK ST JOHN SHELDRICK
Service Address	1 HETHERSETT CLOSE, REIGATE, SURREY, RH2 0HQ.
Country of Origin	UNITED KINGDOM
Date of Birth	30/11/1965
Appointment Date	21/10/1998
Other Directorships	HETHERSETT MANAGEMENT COMPANY LIMITED, D. M. D. GRAPHIC SERVICES LIMITED, THE ELMS (REIGATE) NO 1 MANAGEMENT COMPANY LIMITED, PRESSBUYER.COM LIMITED, MMI UK LTD, LAMEPRIDE LIMITED, GATTON HOLDINGS LIMITED
Director	DAVID MICHAEL GRACE
Service Address	2 SOUTHVIEW CLOSE, NEWLANDS PARK, COPTHORNE, WEST SUSSEX, RH10 3XU.
Country of Origin	UNITED KINGDOM
Date of Birth	16/04/1965
Appointment Date	17/11/1999
Director	DEAN BECKETT
Service Address	134 COTTIMORE AVENUE, WALTON ON THAMES, SURREY, KT12 2AG.
Country of Origin	UNITED KINGDOM
Date of Birth	21/03/1977
Appointment Date	16/08/2007

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	425
Principal Shareholder	375 Mark St John Sheldrick
	50 David Michael Grace

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

Financial Data– Statutory Accounts

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	65	52
Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/12/2006
Currency	GBP	GBP	GBP	GBP
SALES	16422	13239	14951	13664
Cost of goods sold	14646	11584	13048	12180
GROSS PROFIT	1776	1655	1903	1484
Wages and Salaries	611	416	692	592
Directors Emoluments	427	277	445	357
Auditors Fees	8	18	18	22
Non-Audit Fees	2	12	12	17
Trading Profit	826	1164	744	442
Depreciation	8	8	12	10
OPERATING PROFIT	818	1156	732	432
Non Trading Income	1	11	17	24
Interest Payable	1	76	139	180
PRE TAX PROFIT	818	1091	610	276
Taxation	233	255	158	85
PROFIT AFTER TAX	585	836	452	191
Dividends Payable	100
RETAINED PROFITS	485	836	452	191

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	65	52
Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/12/2006
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	14	12	14	35
Tangible Assets	14	12	14	35
Fixed Assets	14	12	14	35
TOTAL CURRENT ASSETS	4061	5235	3501	2250
Trade debtors	2184	2497	764	799
Stocks	486	1437	1766	928
Other Current Assets	1391	1301	971	523
Misc Current Assets	278	823	868	409
Cash	1113	478	103	114
TOTAL ASSETS	4075	5247	3515	2285
TOTAL CURRENT LIABILITIES	2666	3041	2145	1367
Trade creditors	1437	2262	675	111
Short Term Loans			170	255
Other Finance				18
Due To Directors			170	237
Other Liabilities	1229	779	1300	1001
WORKING CAPITAL	1395	2194	1356	883
NET ASSETS/(LIABILITIES)	1409	2206	1370	918
SHARE CAPITAL + RESERVES	1409	2206	1370	918
Share Cap + Sundry Res	1	1	1	1
Issued Share Capital		1	1	1
Sundry Reserves	1
Profit and Loss account	1408	2205	1369	917
SHAREHOLDERS FUNDS	1409	2206	1370	918
CAPITAL EMPLOYED	1409	2206	1370	918

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	65	52
Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/12/2006
Currency	GBP	GBP	GBP	GBP
Net Cashflow from Oper.	2283	642	159	192
Increase in Cash	635	375	(12)	(125)
Directors Remuneration	427	277	445	357
Auditors Remuneration	8	18	18	22
Liquid Assets	3297	2975	867	913
Net Working Capital	1395	2194	1356	883
Tangible Net Worth(T.N.W)	1409	2206	1370	918
Equity	1409	2206	1370	918
Number of Years Trading	12	11	10	8
Number of Employees	10	10	10	10
Profit per Employee	81800	109100	61000	27600
Sales per Employee	1642200	1323900	1495100	1366400

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/03/2010	31/03/2009	31/03/2008	31/12/2006
Current Ratio	1.5	1.7	1.6	1.6
Pre Tax Profit Margin%	5	8.2	4.1	2
Gross Profit%	10.8	12.5	12.7	10.9
Debtors Days (D.S.O)	49	69	19	21
Creditors Days (D.P.O)	32	62	16	3
Quick Ratio	1.3	1.2	0.8	1
W.I.P/Inventory Days	12.1	45.3	49.4	27.8
Return on Investment%	58.1	52.9	48.6	38.9
Return on Assets%	20.1	20.8	17.4	12.1
T.N.W/Total Assets%	34.6	42	39	40.2
Return on Capital%	58.1	49.5	44.5	30.1
Rtn on Shareholders Funds%	58.1	49.5	44.5	30.1
Working Capital/Sales%	8.5	16.6	9.1	6.5
Borrowing Ratio%			12.4	27.8
Equity Gearing%	52.9	72.5	63.9	67.2
Stock Turnover	33.8	9.2	8.5	14.7
Days Purchases Outstanding	35.8	71.3	18.9	3.3
Sales/Fixed Assets	1173	1103.3	1067.9	390.4

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/03/2010.

Turnover

Turnover increased by 24 % in the period and now totals GBP 16,422,000.

Operating Profit

Totalled GBP 818,000. In the year prior a Profit of GBP 1,156,000 was achieved.

Pre Tax Profit

The subject's profit decreased by 25 % over the previous year.

Working Capital

The company's working capital, while remaining positive, decreased by 36 % in the period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.37
UK Pound	1	Rs.70.38
Euro	1	Rs.58.93

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 Business	----

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.