MIRA INFORM REPORT

Report Date :

04.08.2012

IDENTIFICATION DETAILS

Name :	SPANCO EUROPE LTD

Registered Office :	Unit A Sovereign Park, Brenda Road, Hartlepool, TS25 1NN, Cleveland County

Country :	United Kingdom

Financials (as on) :	31.03.2011

Date of Incorporation :	04.11.2003

Com. Reg. No.:	04952694

Legal Form :	Private Subsidiary

Line of Business :	Operating a call centre, fulfilment service and software testing and development

No. of Employees :	125

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate
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, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

United Kingdom

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

Company name

Spanco Europe Ltd

Unit A Sovereign Park

Brenda Road

Hartlepool, TS25 1NN

United Kingdom

Employees:	125
Company Type:	Private Subsidiary
Corporate Family:	2 Companies
Ultimate Parent:	Spanco Telesystems & Solutions Ltd.

Quoted Status:	Non-quoted Company
Incorporation Date:	04-Nov-2003
Auditor:	P S J Alexander & Co

Financials in:

Fiscal Year End:	31-Mar-2011
Reporting Currency:	British Pound Sterling
Annual Sales:	4.8 ¹
Net Income:	(0.1)
Total Assets:	2.4

Business Description

Operating a call centre, fulfilment service and software testing and development.

Industry

Industry	Business Services
ANZSIC 2006:	6999 - Other Professional, Scientific and Technical Services Not Elsewhere Classified
NACE 2002:	7487 - Other business activities not elsewhere classified
NAICS 2002:	5619 - Other Support Services
UK SIC 2003:	7487 - Other business activities not elsewhere classified
US SIC 1987:	7389 - Business Services, Not Elsewhere Classified

Key Executives

Name	Title
Sanjay Kumar Mutha	Secretary
Jayendrakumar Naginbhai Patel	Director
Leslie James Stillwell	Director
Anil Wadhwa	Director

Financial Summary

FYE: 31-Mar-2011

USD (mil)

Key Figures
Current Assets	1.71
Fixed Assets	0.73
Total Liabilities	0.87
Net Worth	1.08

Key Ratios
Current Ratio	1.96
Acid Test	1.96

Registered No.(UK)

04952694

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6433939

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6238497

Corporate Overview

Location
Unit A Sovereign Park
Brenda Road
Hartlepool, TS25 1NN
Cleveland County
United Kingdom

Suggest Company URL

Sales GBP(mil):	3.1
Assets GBP(mil):	1.5
Employees:	125
Fiscal Year End:	31-Mar-2011



Industry:	Business Services

Registered Address:
Unit A, Sovereign Park
Brenda Road
Hartlepool, TS25 1NN
United Kingdom

Incorporation Date:	04-Nov-2003
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(UK):	04952694


Secretary:	Sanjay Kumar Mutha

Industry Codes

ANZSIC 2006 Codes:
6999	-	Other Professional, Scientific and Technical Services Not Elsewhere Classified

NACE 2002 Codes:
7487	-	Other business activities not elsewhere classified

NAICS 2002 Codes:
5619	-	Other Support Services

US SIC 1987:
7389	-	Business Services, Not Elsewhere Classified

UK SIC 2003:
7487	-	Other business activities not elsewhere classified

Top

Business Description

Operating a call centre, fulfilment service and software testing and development.

Source: Experian Ltd.

Top

Financial Data

Financials in:	GBP(mil)

Revenue:	3.1
Net Income:	-0.1
Assets:	1.5
Current Assets:	1.1
Fixed Assets:	0.5
Long Term Debt:	0.0
Total Liabilities:	0.6
Issued Capital:	1.2
Working Capital:	0.5
Net Worth:	0.7

Date of Financial Data:	31-Mar-2011

1 Year Growth

37.1%

Top

Key Corporate Relationships

Auditor:	P S J Alexander & Co

Auditor:	P S J Alexander & Co

	GBP(mil)
Audit Fees:	0.0
Non Audit Fees:	0.0
Audit Fiscal Year:	03-31-2011

Top


Corporate Family	Corporate Structure News:
	Spanco Europe Ltd
Spanco Europe Ltd Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees	Source
Spanco Telesystems & Solutions Ltd.	Parent
Spanco Europe Ltd	Subsidiary	Hartlepool	United Kingdom	Business Services	4.8	125	EXP

Spanco Europe Ltd

Hartlepool, , United Kingdom

Executives Report

Board of Directors

Name

Title

Function

Jayendrakumar Naginbhai Patel

Director

Director/Board Member

Age: 50

Leslie James Stillwell

Director

Director/Board Member

Age: 59

Anil Wadhwa

Director

Director/Board Member

Age: 38

Executives

Name

Title

Function

Sanjay Kumar Mutha

Secretary

Company Secretary

Age: 37

Directors and Shareholders Report

Main Office Address:
Unit A Sovereign Park
Brenda Road
Hartlepool
United Kingdom TS25 1NN

Annual Return Date: 04 Nov 2011
Total Issued Capital (GBP 000): 1,200

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Leslie Stillwell	Current	26 Aug 1952	2 Hine Close, Netherne On The Hill, Coulsdon, Surrey CR5 1RN	01 Apr 2012	NA	Current:2 Previous:6 Disqualifications:0
Anil Wadhwa	Current	20 Aug 1973	B/503 Sai Sanskar B Wing, Plot No.Cts No 39 Deonar Village, Mumbai, Chembur 400088	31 Jan 2009	NA	Current:1 Previous:0 Disqualifications:0
Jayendrakumar Naginbhai Patel	Current	25 Aug 1961	16 Melbourne Road, Teddington, Middlesex TW11 9QX	21 Nov 2006	NA	Current:4 Previous:2 Disqualifications:0
Gillian Anne Nutt	Previous	17 Jan 1954	36 Robbins Court, Emersons Green, Bristol, Avon BS16 7BG	04 Apr 2005	20 Jun 2005	Current:2 Previous:1 Disqualifications:0
Thomas Paul O'Hara	Previous	01 Nov 1966	8 Hanover Walk, Winlaton, Blaydon-On-Tyne, Tyne And Wear NE21 6ES	07 Jul 2005	02 Jun 2006	Current:0 Previous:1 Disqualifications:0
Kieron Patrick Sumner	Previous	30 Nov 1955	1 Averil Court, Maidenhead, Berkshire SL6 0LQ	21 Jun 2005	02 Jun 2006	Current:0 Previous:1 Disqualifications:0
Marilyn Anne Barnes	Previous	21 Nov 1965	66 Bathurst Drive, Ayr, South Ayrshire KA7 4UA	01 Mar 2005	18 Apr 2005	Current:2 Previous:1 Disqualifications:0
Carl Harris	Previous	20 Apr 1970	Halifax House, Main Street Breighton, Selby, North Yorkshire YO8 6DH	06 Nov 2003	07 Jul 2005	Current:0 Previous:3 Disqualifications:0
Kumar Bhalla	Previous	25 Feb 1969	10 Shenley Road, Hounslow, Middlesex TW5 0AD	01 Mar 2005	18 Apr 2005	Current:0 Previous:1 Disqualifications:0
Adarsh Bagaria	Previous	NA	6/15 Agarwal Nagar, Dr. Amedkar Road, Matunga Mumbai, India 400016	09 May 2006	31 Jan 2009	Current:0 Previous:1 Disqualifications:0

Corporate Directors

Company Name	Status	Registered Address	Appointment Date	Resignation Date
Hanover Directors Limited	Previous	44 Upper Belgrave Road, Bristol, Avon BS8 2XN	04 Nov 2003	06 Nov 2003

Individual Secretaries

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Sanjay Kumar Mutha	Current	11 May 1975	Nl-6-7 Flat No.9 Sector 15, Nerul Navi Mumbai, India 400706	09 May 2006	NA	Current:1 Previous:0 Disqualifications:0
James Philip Lewis Ogden	Previous	03 Oct 1961	Oakdene, Forge Close, York, North Yorkshire YO42 4QS	25 Feb 2005	09 May 2006	Current:29 Previous:104 Disqualifications:0
Sharon Robson	Previous	12 Jun 1965	Halifax House, Main Street, Selby, North Yorkshire YO8 6DH	07 Nov 2003	11 Mar 2005	Current:1 Previous:3 Disqualifications:0

Corporate Secretaries

Company Name	Status	Registered Address	Appointment Date	Resignation Date
Hcs Secretarial Limited	Previous	44 Upper Belgrave Road, Clifton, Bristol, Avon BS8 2XN	04 Nov 2003	06 Nov 2003

Individual Shareholders

Name	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Spanco Telesystems & Solutions Limited	1200000 Ordinary GBP 1.00	Ordinary	1,200,000	1.00	1,200,000.00	100.00

Corporate Shareholders

There are no corporate shareholders for this company.

Spanco Europe Ltd

Hartlepool, United Kingdom

Annual Profit & Loss

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	39 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.643394	0.627794	0.592803	0.498361	0.528925
Consolidated	No	No	No	No	No

Total Turnover	4.8	3.6	3.5	3.1	2.8
Cost of Sales	2.7	1.9	2.2	1.3	1.3
Gross Profit	2.2	1.7	1.4	1.8	1.5
Depreciation	0.1	0.1	0.1	0.1	0.1
Other Expenses	2.3	2.2	2.7	1.8	1.4
Operating Profit	-	-	-	-	0.1
Other Income	0.0	0.5	0.3	0.1	0.0
Interest Paid	0.0	0.1	0.2	0.0	0.0
Exceptional Income	0.0	0.0	1.1	0.0	0.0
Discontinued Operations	0.0	0.0	0.0	0.0	0.0
Profit Before Taxes	-0.1	-0.1	-0.1	0.1	0.1
Tax Payable / Credit	0.0	0.0	0.0	0.0	0.0
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	0.0	0.0	0.0	0.0	0.0
Profit After Taxes	-0.1	-0.1	-0.1	0.1	0.1
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.0	0.0	0.0	0.0	0.0
Non Audit Fees	0.0	0.0	0.0	0.0	-
Number of Employees	125	99	100	78	69
Wages	2.5	2.3	2.9	2.6	1.7
Social Security Costs	0.2	0.0	0.0	0.0	0.0
Pensions	0.0	0.0	-	0.0	0.0
Other Pension Costs	0.0	0.0	0.0	0.0	0.0
Employees Remuneration	2.7	2.3	2.9	2.6	1.7
Directors Emoluments	0.0	0.0	-	0.2	0.0
Other Costs	0.0	0.0	-	0.0	0.0
Directors Remuneration	0.0	0.0	0.1	0.2	0.0
Highest Paid Director	0.0	0.0	-	-	0.0

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.62385	0.659239	0.697666	0.503145	0.509853
Consolidated	No	No	No	No	No

Land & Buildings	0.0	0.0	0.0	0.0	0.0
Fixtures & Fittings	0.1	0.1	0.2	0.2	0.1
Plant & Vehicles	0.2	0.2	0.2	0.2	0.2
Total Tangible Fixed Assets	0.3	0.3	0.4	0.4	0.3
Intangible Assets	0.4	0.5	0.1	1.5	-0.2
Investments	0.0	0.0	0.0	0.0	0.0
Total Fixed Assets	0.7	0.8	0.5	1.9	0.1
Stocks	0.0	0.0	0.0	0.0	0.0
Work in Progress	0.0	0.0	0.0	0.0	0.0
Total Stocks Work In Progress	0.0	0.0	0.0	0.0	0.0
Trade Debtors	0.8	1.0	1.0	1.6	1.4
Inter-Company Debtors	0.4	0.4	0.0	0.1	-
Other Debtors	0.3	0.3	1.8	0.0	1.0
Total Debtors	1.6	1.8	2.8	1.7	2.5
Cash and Equivalents	0.2	0.1	0.1	0.1	0.1
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	1.7	1.8	2.9	1.8	2.5
Total Assets	2.4	2.7	3.4	3.6	2.7
Trade Creditors	0.3	0.2	0.1	0.2	0.2
Bank Overdraft	0.0	0.1	0.1	-	-
Inter-Company Creditors	0.1	0.4	0.3	0.0	0.0
Hire Purchase (Current Liability)	-	0.0	0.0	0.0	-
Finance Lease (Current Liability)	-	0.0	0.0	0.0	-
Total Finance Lease/Hire Purchase (Current Liability)	-	0.0	0.0	0.0	-
Accruals/Deferred Income (Current Liability)	0.1	0.1	0.1	0.0	0.1
Social Security/VAT	0.3	0.2	0.2	0.1	0.1
Corporation Tax	-	-	-	0.0	0.0
Other Current Liabilities	0.0	0.0	0.0	0.1	0.1
Total Current Liabilities	0.9	1.0	0.8	0.5	0.5
Group Loans (Long Term Liability)	0.0	0.0	0.9	0.8	0.0
Director Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Hire Purchase (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Leasing (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Loans	0.0	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Total Long Term Liabilities	0.0	0.0	0.9	0.9	0.0
Deferred Taxation	0.0	0.0	0.0	0.0	0.0
Other Provisions	0.0	0.1	0.1	0.0	0.0
Total Provisions	0.0	0.1	0.1	0.0	0.0
Issued Capital	1.9	1.8	1.7	2.4	2.4
Share Premium Accounts	0.0	0.0	0.0	0.0	0.0
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	-0.4	-0.3	-0.1	-0.1	-0.1
Other Reserves	0.0	0.0	0.0	0.0	0.0
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	1.5	1.6	1.6	2.3	2.2
Net Worth	1.1	1.0	1.5	0.8	2.4

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	39 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.643394	0.627794	0.592803	0.498361	0.528925
Consolidated	No	No	No	No	No

Net Cash Flow From Operating Activities	0.6	2.0	-2.7	-	-0.7
Net Cash Flow from ROI and Servicing of Finance	0.0	-0.1	-0.2	-	0.0
Taxation	0.0	0.0	0.0	-	0.0
Capital Expenditures	-0.1	-0.5	1.9	-	0.0
Acquisitions and Disposals	0.0	0.0	0.0	-	0.0
Paid Up Equity	0.0	0.0	0.0	-	0.0
Management of Liquid Resources	0.0	0.0	0.0	-	0.0
Net Cash Flow From Financing	-0.3	-1.4	0.8	-	0.7
Increase in Cash	0.2	0.0	-0.1	-	0.0

Annual Ratios

Financials in: USD (mil)

	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008	31-Mar-2007
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	39 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.62385	0.659239	0.697666	0.503145	0.509853
Consolidated	No	No	No	No	No

Current Ratio	1.96	1.76	3.72	3.71	5.55
Liquidity Ratio	1.96	1.76	3.72	3.71	5.55
Credit Period (Days)	57.65	108.82	121.31	194.22	137.61
Working Capital by Sales	16.80%	23.11%	70.10%	42.72%	54.14%
Trade Credit by Debtors	0.43	0.21	0.08	0.12	0.11
Return on Capital	-7.95%	-6.80%	-3.03%	2.08%	3.30%
Return on Assets	-5.11%	-4.13%	-2.34%	1.81%	2.74%
Profit Margin	-2.51%	-3.21%	-2.62%	2.17%	1.90%
Return on Shareholders Funds	-8.19%	-7.08%	-4.99%	2.85%	3.30%
Borrowing Ratio	6.26%	52.65%	95.79%	108.50%	0.06%
Equity Gearing	62.38%	58.41%	46.81%	63.42%	82.89%
Debt Gearing	-	-	64.00%	104.13%	-
Interest Coverage	-1,066.78	-1.77	-0.48	19.45	-
Sales by Tangible Assets	17.51	11.98	8.01	8.01	12.62
Average Remuneration per Employee	0.0	0.0	0.0	0.0	0.0
Profit per Employee	0.0	0.0	0.0	0.0	0.0
Sales per Employee	0.0	0.0	0.0	0.0	0.1
Capital Employed per Employee	0.0	0.0	0.0	0.0	0.0
Tangible Assets per Employee	0.0	0.0	0.0	0.0	0.0
Total Assets per Employee	0.0	0.0	0.0	0.0	0.0
Employee Remuneration by Sales	56.44%	64.70%	82.24%	84.67%	60.42%
Creditor Days (Cost of Sales Based)	44.46	43.00	16.49	56.66	30.95
Creditor Days (Sales Based)	24.52	22.90	10.10	23.91	14.58

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.08
UK Pound	1	Rs.87.02
Euro	1	Rs.68.36

INFORMATION DETAILS

Report Prepared by :

PDT

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.