MIRA INFORM REPORT

Report Date :

22.06.2011

IDENTIFICATION DETAILS

Name :	KUDOS SHOWER PRODUCTS LIMITED

Formerly Known As :	PRESTIGE SHOWER PRODUCTS LIMITED

Registered Office :	Unit 1, Elmsfield Park, Holme, Carnforth, La6 1rj

Country :	United Kingdom

Financials (as on) :	31.12.2009

Date of Incorporation :	19.05.1999

Com. Reg. No.:	03774284

Legal Form :	Private limited with Share Capital

Line of Business :	Research, design and manufacture of high quality bathroom accessories

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 :	£100,000

Status :	Good

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

United Kingdom

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

Bottom of Form

REGISTERED NAME & COMPANY SUMMARY

Company Name	KUDOS SHOWER PRODUCTS LIMITED	Company Number	03774284
Registered Address	UNIT 1	Trading Address	Unit 1 Elmsfield Park, Holme Carnforth Lancashire LA6 1RJ
	ELMSFIELD PARK, HOLME
	CARNFORTH
	LA6 1RJ

Website Address	http://www.kudosshowers.co.uk
Telephone Number	01539564040	Fax Number
TPS	No	FPS	No
Incorporation Date	19/05/1999	Company Status	Active - Accounts Filed
Previous Name	PRESTIGE SHOWER PRODUCTS LIMITED	Type	Private limited with Share Capital
		Filing Date of Accounts	30/09/2010
Date of Change	06/06/2000	Share Capital	£80,000
Sic Code	7487	Currency	GBP
Sic Description	OTHER BUSINESS ACTIVITIES
Principal Activity	Research, design and manufacture of high quality bathroom accessories.

CREDIT RECOMENDATION

Current Credit Limit:

Limit	£100,000	Previous Limit	-
Contract Limit	£1,500,000

Last 3 Years /Limit

Date	Limit
31/12/2010	£100,000
31/12/2009	-
31/12/2008	£250,000

Rating History

Date	Rating	Description
12/10/2010	78	Very Good Credit Worthiness
02/10/2010	Not Rated	Financial Statements too old
04/09/2010	61	Good Credit Worthiness
25/02/2010	62	Good Credit Worthiness
24/02/2010	Not Rated	Financial Statements too old
04/02/2010	Not Rated	Dissolution
14/11/2009	Not Rated	Financial Statements too old
02/10/2009	62	Good Credit Worthiness
20/02/2009	61	Good Credit Worthiness
10/10/2008	85	Very Good Credit Worthiness

Limit History

Date	Limit
12/10/2010	£100,000
02/10/2010	-
04/09/2010	£110,000
25/02/2010	£115,000
04/02/2010	-
14/11/2009	-
02/10/2009	£100,000
20/02/2009	£100,000
10/10/2008	£250,000
05/11/2007	£125,000

DIRECTORS/MANAGEMENT

Current Directors

Name	Bruce Raymond Ledwith	Date of Birth	08/02/1952
Officers Title	Mr	Nationality	British
Present Appointments	9	Function	Director
Appointment Date	03/08/1999
Address	2 Earnshaw Barns, Middlewich, Byley, CW10 9NE
Other Actions	http://app.creditsafeuk.com/CSUKLive/webpages/PeopleSearch/DirectorSummary.aspx?Pnr=905531513	http://app.creditsafeuk.com/CSUKLive/webpages/PeopleSearch/Consumersearch.aspx?Pnr=905531513	javascript:__doPostBack('Directors1$reCurrentDirectors$ctl00$lbTraceButton','')

Name	David Gannon	Date of Birth	23/04/1963
Officers Title	Mr	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	19/03/2008
Address	2 Lidget Croft, Bradley, Keighley, BD20 9DJ
Other Actions	http://app.creditsafeuk.com/CSUKLive/webpages/PeopleSearch/DirectorSummary.aspx?Pnr=905908054	http://app.creditsafeuk.com/CSUKLive/webpages/PeopleSearch/Consumersearch.aspx?Pnr=905908054	javascript:__doPostBack('Directors1$reCurrentDirectors$ctl01$lbTraceButton','')

Name	Christopher Schofield	Date of Birth	24/12/1962
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	03/08/1999
Address	Sampool Farm, High Sampool, Levens, LA8 8EQ
Other Actions	http://app.creditsafeuk.com/CSUKLive/webpages/PeopleSearch/DirectorSummary.aspx?Pnr=906559296	http://app.creditsafeuk.com/CSUKLive/webpages/PeopleSearch/Consumersearch.aspx?Pnr=906559296	javascript:__doPostBack('Directors1$reCurrentDirectors$ctl02$lbTraceButton','')

Name	James Grant Watson	Date of Birth	28/07/1952
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	01/05/2001
Address	Spout House, , Heversham, LA7 7EE
Other Actions	http://app.creditsafeuk.com/CSUKLive/webpages/PeopleSearch/DirectorSummary.aspx?Pnr=907820286	http://app.creditsafeuk.com/CSUKLive/webpages/PeopleSearch/Consumersearch.aspx?Pnr=907820286	javascript:__doPostBack('Directors1$reCurrentDirectors$ctl03$lbTraceButton','')

Name	Mark Joseph Buchanan	Date of Birth	12/08/1969
Officers Title	Mr	Nationality	Australian
Present Appointments	5	Function	Director
Appointment Date	14/12/2006
Address	3 Coles Drive, , Arnside, LA5 0EJ
Other Actions	http://app.creditsafeuk.com/CSUKLive/webpages/PeopleSearch/DirectorSummary.aspx?Pnr=910930506	http://app.creditsafeuk.com/CSUKLive/webpages/PeopleSearch/Consumersearch.aspx?Pnr=910930506	javascript:__doPostBack('Directors1$reCurrentDirectors$ctl04$lbTraceButton','')

Current Company Secretary

Name	Mark Joseph Buchanan	Date of Birth	12/08/1969
Officers Title	Mr	Nationality	Australian
Present Appointments	5	Function	Company Secretary
Appointment Date	10/11/2005
Address	3 Coles Drive, , Arnside, LA5 0EJ
Other Actions		http://app.creditsafeuk.com/CSUKLive/webpages/PeopleSearch/Consumersearch.aspx?Pnr=910930506	javascript:__doPostBack('Directors1$reCompanySec$ctl00$lbCompSecTraceButton','')

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	0

Exact CCJ Details

There are no exact CCJ details

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Individual Share Value
KUDOS INTERNATIONAL LIMITED	80,000 ORDINARY GBP 1.00

PAYMENT INFORMATION

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure Summary

Company Name	KUDOS SHOWER PRODUCTS LIMITED	Company Number	03774284
Holding Company	KUDOS INTERNATIONAL LIMITED	Ownership Status	Wholly Owned
Ultimate Holding Company	KUDOS INTERNATIONAL LIMITED	Companies in group	2

Group structure

Company Name		Safe Number		Registered Number		Latest Key Financials		Consol. Accounts		Rating		Limit		Turnover
	KUDOS INTERNATIONAL LIMITED		UK06102001		06458837		31.12.2009		Y		36		£11,500		£7,737,663
	KUDOS SHOWER PRODUCTS LIMITED		UK03429189		03774284		31.12.2009		N		78		£100,000		£7,509,932

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2009	£7,509,932	£588,186	£4,622,965	70
31/12/2008	£9,039,230	£1,192,870	£3,875,243	80
31/12/2007	-	£2,030,582	£2,768,464	86

Profit & Loss

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£7,509,932	-16.9%	£9,039,230	-	-	-	£11,200,483	-	-
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£3,860,162	-15.2%	£4,551,537	-	-	-	£6,355,474	-	-
Gross Profit	£3,649,770	-18.7%	£4,487,693	-23.9%	£5,897,752	21.7%	£4,845,009	10.7%	£4,377,607
Wages & Salaries	£1,210,128	-31.9%	£1,776,289	-25.8%	£2,392,937	-30.1%	£3,421,920	95.8%	£1,747,355
Directors Emoluments	£37,177	-71.7%	£131,189	-46.6%	£245,568	-30.2%	£351,910	31.4%	£267,812
Operating Profit	£665,834	-49.6%	£1,320,401	-36.8%	£2,088,748	285.3%	£542,131	-69.4%	£1,770,039
Depreciation	£128,416	-31.9%	£188,451	-0.6%	£189,632	28.8%	£147,213	34.5%	£109,463
Audit Fees	-	-	-	-	-	-	£6,500	23.8%	£5,250
Interest Payments	£77,648	-39.1%	£127,531	111.1%	£60,417	249.1%	£17,308	-18.8%	£21,320
Pre Tax Profit	£588,186	-50.7%	£1,192,870	-41.3%	£2,030,582	261.6%	£561,604	-68%	£1,755,350
Taxation	£159,536	285.3%	-£86,091	88.5%	-£745,873	-388.6%	-£152,641	73.4%	-£573,508
Profit After Tax	£747,722	-32.4%	£1,106,779	-13.8%	£1,284,709	214.1%	£408,963	-65.4%	£1,181,842
Dividends Payable	-	-	-	-	-	-100%	£800,000	-	-
Retained Profit	£747,722	-32.4%	£1,106,779	-13.8%	£1,284,709	428.5%	-£391,037	-133.1%	£1,181,842

Balance Sheet

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Tangible Assets	£4,531,716	32.9%	£3,409,742	289.9%	£874,441	131.1%	£378,424	42.6%	£265,341
Intangible Assets	£482,982	-33.2%	£722,966	-24.7%	£960,000	-	0	-	0
Total Fixed Assets	£5,014,698	21.3%	£4,132,708	125.3%	£1,834,441	384.8%	£378,424	42.6%	£265,341
Stock	£936,245	-28.9%	£1,316,545	-14.9%	£1,546,900	10.2%	£1,403,095	16.9%	£1,199,779
Trade Debtors	£1,012,140	-13.3%	£1,167,804	-49.6%	£2,318,140	12.8%	£2,055,618	101.2%	£1,021,591
Cash	£10,863	-82.3%	£61,537	233.7%	£18,439	591.6%	£2,666	-99.8%	£1,502,055
Other Debtors	£205,095	-4.5%	£214,824	-52.2%	£449,221	750.7%	£52,805	-34.4%	£80,496
Miscellaneous Current Assets	0	-	0	-	0	-100%	£1,700,000	-	0
Total Current Assets	£2,164,343	-21.6%	£2,760,710	-36.3%	£4,332,700	-16.9%	£5,214,184	37.1%	£3,803,921
Trade Creditors	£471,277	83.4%	£256,973	2.9%	£249,801	-58%	£594,602	38%	£430,921
Bank Loans & Overdrafts	£652,693	-11.9%	£740,516	-29.1%	£1,044,412	-35.3%	£1,614,710	-	0
Other Short Term Finance	£930,653	-7%	£1,001,027	999.9%	£4,975	6.9%	£4,654	10.8%	£4,202
Miscellaneous Current Liabilities	£408,453	-55.9%	£926,659	-53.3%	£1,983,605	6.1%	£1,868,759	15%	£1,624,367
Total Current Liabilities	£2,463,076	-15.8%	£2,925,175	-10.9%	£3,282,793	-19.6%	£4,082,725	98.2%	£2,059,490
Bank Loans & Overdrafts and LTL	£745,693	-10.5%	£833,516	-28.2%	£1,160,296	-29.3%	£1,640,838	999.9%	£134,980
Other Long Term Finance	0	-	0	-100%	£7,830	-44.7%	£14,167	-	0
Total Long Term Liabilities	£93,000	-	£93,000	-19.7%	£115,884	343.5%	£26,128	-80.6%	£134,980

Capital & Reserves

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Called Up Share Capital	£80,000	-	£80,000	-	£80,000	-	£80,000	-	£80,000
P & L Account Reserve	£4,492,965	20%	£3,745,243	41.9%	£2,638,464	94.9%	£1,353,755	-22.4%	£1,744,792
Revaluation Reserve	-	-	-	-	-	-100%	£50,000	-	-
Sundry Reserves	£50,000	-	£50,000	-	£50,000	-	-	-100%	£50,000
Shareholder Funds	£4,622,965	19.3%	£3,875,243	40%	£2,768,464	86.6%	£1,483,755	-20.9%	£1,874,792

Other Financial Items

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Net Worth	£4,139,983	31.3%	£3,152,277	74.3%	£1,808,464	21.9%	£1,483,755	-20.9%	£1,874,792
Working Capital	-£298,733	-81.6%	-£164,465	-115.7%	£1,049,907	-7.2%	£1,131,459	-35.1%	£1,744,431
Total Assets	£7,179,041	4.1%	£6,893,418	11.8%	£6,167,141	10.3%	£5,592,608	37.4%	£4,069,262
Total Liabilities	£2,556,076	-15.3%	£3,018,175	-11.2%	£3,398,677	-17.3%	£4,108,853	87.2%	£2,194,470
Net Assets	£4,622,965	19.3%	£3,875,243	40%	£2,768,464	86.6%	£1,483,755	-20.9%	£1,874,792

Cash Flow

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Net Cashflow from Operations	£701,018	-26.1%	£948,900	-5.8%	£1,007,026	544.5%	£156,248	-92.3%	£2,026,506
Net Cashflow before Financing	£136,750	121.3%	-£641,227	-208.3%	£592,086	153.4%	-£1,108,719	-174.1%	£1,496,645
Net Cashflow from Financing	-£99,601	-133.4%	£298,221	260.3%	-£186,015	-121%	£884,619	999.9%	-£67,464
Increase in Cash	£37,149	110.8%	-£343,006	-184.5%	£406,071	281.2%	-£224,100	-114.3%	£1,564,109

Miscellaneous

Date Of Accounts	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06	(%)	31/12/05
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£4,715,965	18.8%	£3,968,243	37.6%	£2,884,348	91%	£1,509,883	-24.9%	£2,009,772
Number of Employees	70	-12.5%	80	-7%	86	-1.1%	87	6.1%	82
Auditors	EVOULUTION AUDIT LLP
Auditor Comments	The audit report contains additional comments
Bankers	BANK OF SCOTLAND
Bank Branch Code	12-08-83

Ratios

Date Of Accounts	31/12/09	31/12/08	31/12/07	31/12/06	31/12/05
Pre-tax profit margin %	7.83	13.20	-	5.01	-
Current ratio	0.88	0.94	1.32	1.28	1.85
Sales/Net Working Capital	-25.14	-54.96	-	9.90	-
Gearing %	16.10	21.50	41.90	110.60	7.20
Equity in %	69	62.80	53.20	26.50	46.10
Creditor Days	22.84	10.34	-	19.32	-
Debtor Days	49.05	47.02	-	66.80	-
Liquidity/Acid Test	0.49	0.49	0.84	0.93	1.26
Return On Capital Employed %	12.47	30.06	70.40	37.20	87.34
Return On Total Assets Employed %	8.19	17.30	32.92	10.04	43.14
Current Debt Ratio	0.53	0.75	1.18	2.75	1.10
Total Debt Ratio	0.55	0.77	1.22	2.76	1.17
Stock Turnover Ratio %	12.46	14.56	-	12.53	-
Return on Net Assets Employed %	12.72	30.78	73.34	37.85	93.63

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade Debtors / Bad Debt -	1
Total Value of Documented Trade Debtors / Bad Debt -	£157

Mortgage Summary

Outstanding	3
Satisfied	6

Total Current Directors	5
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	3

Status History

Date	Description
24/02/2010	Compulsory strike off cancelled
04/02/2010	Dissolution (First Gazt)

Event History

Date	Description
12/10/2010	New Accounts Filed	View Document
12/10/2010	New Accounts Filed	View Document
09/06/2010	Annual Returns	View Document
25/02/2010	New Accounts Filed	View Document
25/02/2010	New Accounts Filed	View Document
21/06/2009	Annual Returns	View Document
10/10/2008	New Accounts Filed	View Document
11/08/2008	Annual Returns	View Document
19/03/2008	New Board Member Mr D. Gannon appointed	View Document
05/11/2007	New Accounts Filed	View Document
14/12/2006	New Board Member Mr M.J. Buchanan appointed	View Document
08/08/2006	New Accounts Filed	View Document
10/11/2005	New Company Secretary Mr M.J. Buchanan appointed	View Document
10/11/2005	Mr B.R. Ledwith has resigned as company secretary	View Document
27/06/2005	New Accounts Filed	View Document

Previous Company Names

Date	Previous Name	Companies House Documents
06/06/2000	PRESTIGE SHOWER PRODUCTS LIMITED	View Document
09/08/1999	MERONDALE LIMITED	View Document

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.91
UK Pound	1	Rs.72.90
Euro	1	Rs.64.48

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.