MIRA INFORM REPORT

Report Date :

29.06.2012

IDENTIFICATION DETAILS

Name :	KUBE SOLUTIONS LIMITED
Registered Office :	K2 Aerodrome Business Park Rathcoole Dublin 24 496407
Country :	Ireland
Financials (as on) :	31.12.2010
Date of Incorporation :	25.01.2000
Legal Form :	Private limited with Share Capital
Line of Business :	Hardware Consultancy
No. of Employees :	16

RATING & COMMENTS

MIRA’s Rating :

Ba

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

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Ireland	A2	A2

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

REGISTERED NAME & COMPANY SUMMARY

Company Name	KUBE SOLUTIONS LIMITED	Company Number	IE319289
Registered Address	K2 AERODROME BUSINESS PARK
	RATHCOOLE
	DUBLIN 24
	496407
Website Address	-
Telephone Number	0863803257	Fax Number
TPS	No	FPS	No
Incorporation Date	25/01/2000	Company Status	Active - Accounts Filed
Previous Name		Type	Private limited with Share Capital
Date of Change	-	Filing Date of Accounts	-
		Share Capital	€100
SIC03	72100	Currency	EUR
SIC03 Description	Hardware consultancy
SIC07	62020
SIC07 Description	INFORMATION TECHNOLOGY CONSULTANCY ACTIVITIES
Principal Activity	The distribution, fulfillment and contract solutions.

DIRECTORS/MANAGEMENT

Directors

KUBE SOLUTIONS LIMITED

IE319289

Total Current Directors	2
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	9

Current Directors

Name	MORGAN CASSIDY	Date of Birth	10/05/1974
Officers Title		Nationality
Present Appointments	13	Function	Director
Appointment Date	20/02/2001
Address	32 BRENNANSTOWN AVENUE,  BRENNANSTOWN,  CABINTEELY,
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	BRIAN KELLY	Date of Birth	27/07/1967
Officers Title		Nationality
Present Appointments	4	Function	Director
Appointment Date	13/02/2006
Address	7 ASSUMPTA PARK,  SHANKILL,  CO. DUBLIN,
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	MORGAN CASSIDY	Date of Birth	10/05/1974
Officers Title		Nationality
Present Appointments	13	Function	Company Secretary
Appointment Date	10/10/2002
Address	32 BRENNANSTOWN AVENUE,  BRENNANSTOWN,  CABINTEELY,
Other Actions
Disqualified		Disqualified End Date
Disqualification Exception	No

Directors

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
DAVID O'CONNOR	1	5
MARK HOLMES	7	5
MARK HOLMES	7	5
ANDREW HOGG	4	1
SHANE CASSIDY	0	2
TOM HUNT	0	1
JOHN MCKEON	0	2
JOHN MCKEON	0	2
GRACE O'CONNOR	4	2

NEGATIVE INFORMATION

CJ

Total Number of Exact CJs -	0	Total Value of Exact CJs -	€0
Total Number of Possible CJs -	0	Total Value of Possible CJs -	€0
Total Number of Satisfied CJs -	0	Total Value of Satisfied CJs -	€0

Exact CJ Details

There are no exact CJ details

Possible CJ Details

There are no possible CJ details

Writ Details

Mortgage Summary

Outstanding	1
Satisfied	0

Full CCJ Details

Unregistered - Exact CJ Details

No CJs found

Unregistered - Possible CJ Details

No CJs found

Registered - Exact CJ Details

No CJs found

Registered - Possible CJ Details

No CJs found

Mortgage Details

Mortgage Details

Mortgage Type:	A floating charge on the undertakings or property of the company.
Date Charge Created:	21/01/04
Date Charge Registered:	23/01/04
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	BANK OF SCOTLAND (IRELAND) COMMERCIAL FINANCE LIMITED
Amount Secured:
Details:

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Individual Share Value
WAKEUP HOLDINGS LTD	95 ORDINARY EUR 1.00
BRIAN KELLY	5 ORDINARY EUR 1.00

PAYMENT INFORMATION

Summary – Payment History

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2010	-	€29,229	€665,890	16
31/12/2009	-	€37,141	€642,772	16
31/12/2008	-	€58,970	€614,704	19

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

N/A	10
Company DBT	UK Average DBT

Steady

Improving Worsening

Creditor & Debtor Details

Creditor Details

No Creditor Data

Total Value

-

Trade Debtors / Bad Debt Detail

No Debtor Data

Total Value

-

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Statistics

Group	2 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	WAKEUP HOLDINGS LIMITED
Ownership Status	Intermediately Owned
Ultimate Holding Company	WAKEUP HOLDINGS LIMITED

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
WAKEUP HOLDINGS LIMITED	IE398719	31.12.2010	N
KUBE SOLUTIONS LIMITED	IE319289	31.12.2010	N

Linkages

Statistics

Group	2 companies
Linkages	0 companies
Countries	In 0 countries

FINANCIAL INFORMATION

Financials

Profit & Loss

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/08/06
Weeks	52	(%)	52	(%)	52	(%)	70	(%)	52
Currency	EUR	(%)	EUR	(%)	EUR	(%)	EUR	(%)	EUR
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	-	-	-	-	-	-	-	-	€12,433,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	€10,398,000
Gross Profit	€1,114,376	-14.2%	€1,298,359	-30.7%	€1,874,866	-32%	€2,759,002	35.6%	€2,035,000
Wages & Salaries	€626,578	-3%	€646,046	-41%	€1,095,824	-31.6%	€1,602,590	-	-
Directors Emoluments	€156,649	-2.1%	€160,075	-46.5%	€298,997	-34.9%	€459,351	-	-
Operating Profit	€31,527	-26.7%	€43,021	-39.6%	€71,211	707.4%	€8,820	-97.6%	€369,000
Depreciation	€57,390	-6.9%	€61,636	-22.5%	€79,523	-35.9%	€123,974	-	-
Audit Fees	€8,500	-1.8%	€8,657	3.1%	€8,400	-1.6%	€8,540	-	-
Interest Payments	€2,329	-60.6%	€5,909	-52%	€12,315	-25.4%	€16,505	230.1%	€5,000
Pre Tax Profit	€29,229	-21.3%	€37,141	-37%	€58,970	916%	-€7,227	-102%	€364,000
Taxation	-€6,111	32.6%	-€9,073	21.2%	-€11,508	16.7%	-€13,823	75.3%	-€56,000
Profit After Tax	€23,118	-17.6%	€28,068	-40.9%	€47,462	325.5%	-€21,050	-106.8%	€308,000
Dividends Payable	-	-	-	-100%	€1,339	-93.9%	€22,130	-18%	€27,000
Retained Profit	€23,118	-17.6%	€28,068	-39.1%	€46,123	206.8%	-€43,180	-115.4%	€281,000

Balance Sheet

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/08/06
Tangible Assets	€174,899	-24.8%	€232,686	-18.7%	€286,302	-10.3%	€319,278	-2.1%	€326,000
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	€174,899	-24.8%	€232,686	-18.7%	€286,302	-10.3%	€319,278	-2.1%	€326,000
Stock	€325,058	50.5%	€216,051	-54.6%	€476,211	21%	€393,484	-0.9%	€397,000
Trade Debtors	€577,567	-1.6%	€586,971	-52.3%	€1,230,221	-32.3%	€1,818,396	-32.5%	€2,694,000
Cash	€30,950	85.3%	€16,702	-10.4%	€18,635	-45.3%	€34,064	-38.1%	€55,000
Other Debtors	€884,694	-2.3%	€905,612	-5.2%	€955,439	19.4%	€800,015	46.5%	€546,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	€1,818,269	5.4%	€1,725,336	-35.6%	€2,680,506	-12%	€3,045,959	-17.5%	€3,693,000
Trade Creditors	€529,792	79.5%	€295,073	-69.2%	€957,726	-20.4%	€1,202,483	-47.9%	€2,306,000
Bank Loans & Overdrafts	€327,823	-3.1%	€338,477	-38.5%	€550,696	-37.1%	€875,353	74%	€503,000
Other Short Term Finance	€60,248	34.6%	€44,772	-44.6%	€80,795	-59.1%	€197,439	272.5%	€53,000
Miscellaneous Current Liabilities	€385,026	-36.8%	€608,851	-13.9%	€707,076	55.3%	€455,197	7.9%	€422,000
Total Current Liabilities	€1,302,889	1.2%	€1,287,173	-43.9%	€2,296,293	-15.9%	€2,730,472	-16.9%	€3,285,000
Bank Loans & Overdrafts and LTL	€352,212	-3.9%	€366,554	-39.6%	€606,507	-35.6%	€941,537	50.4%	€626,000
Other Long Term Finance	€24,389	-13.1%	€28,077	-49.7%	€55,811	-15.7%	€66,184	-46.2%	€123,000
Total Long Term Liabilities	€24,389	-13.1%	€28,077	-49.7%	€55,811	-15.7%	€66,184	-46.2%	€123,000

Capital & Reserves

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/08/06
Called Up Share Capital	€100	-	€100	-	€100	-	€100	-	-
P & L Account Reserve	€665,790	3.6%	€642,672	4.6%	€614,604	8.1%	€568,481	-7.1%	€612,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	€665,890	3.6%	€642,772	4.6%	€614,704	8.1%	€568,581	-7.1%	€612,000

Other Financial Items

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/08/06
Net Worth	€665,890	3.6%	€642,772	4.6%	€614,704	8.1%	€568,581	-7.1%	€612,000
Working Capital	€515,380	17.6%	€438,163	14%	€384,213	21.8%	€315,487	-22.7%	€408,000
Total Assets	€1,993,168	1.8%	€1,958,022	-34%	€2,966,808	-11.8%	€3,365,237	-16.3%	€4,019,000
Total Liabilities	€1,327,278	0.9%	€1,315,250	-44.1%	€2,352,104	-15.9%	€2,796,656	-17.9%	€3,408,000
Net Assets	€665,890	3.6%	€642,772	4.6%	€614,704	8.1%	€568,581	-6.9%	€611,000

Cash Flow

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/08/06
Net Cashflow from Operations	€64,046	-76.9%	€277,159	-30.2%	€397,319	367.2%	-€148,694	-	-
Net Cashflow before Financing	€59,115	-76.6%	€252,777	-28.3%	€352,784	222.4%	-€288,157	-	-
Net Cashflow from Financing	-€34,213	19.5%	-€42,491	2.5%	-€43,564	58.6%	-€105,119	-	-
Increase in Cash	€24,902	-88.2%	€210,286	-32%	€309,220	178.6%	-€393,276	-	-

Miscellaneous

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/08/06
Contingent Liability	NO	-	NO	-	NO	-	NO	-	-
Capital Employed	€690,279	2.9%	€670,849	0%	€670,515	5.6%	€634,765	3.7%	€612,000
Number of Employees	16	-	16	-15.8%	19	-26.9%	26	52.9%	17
Auditors	CASEY AND COMPANY
Auditor Comments	The audit report contains no adverse comments
Bankers	BANK OF SCOTLAND
Bank Branch Code	99-04-00

Ratios

Date Of Accounts	31/12/10	31/12/09	31/12/08	31/12/07	31/08/06
Pre-tax profit margin %	-	-	-	-	2.93
Current ratio	1.40	1.34	1.17	1.12	1.12
Sales/Net Working Capital	-	-	-	-	-
Gearing %	52.90	57	98.70	165.60	102.30
Equity in %	33.40	32.80	20.70	16.90	15.20
Creditor Days	-	-	-	-	67.70
Debtor Days	-	-	-	-	79.09
Liquidity/Acid Test	1.14	1.17	0.95	0.97	1
Return On Capital Employed %	4.23	5.53	8.79	-1.13	59.48
Return On Total Assets Employed %	1.46	1.89	1.98	-0.21	9.06
Current Debt Ratio	1.95	2	3.73	4.80	5.37
Total Debt Ratio	1.99	2.04	3.82	4.91	5.57
Stock Turnover Ratio %	-	-	-	-	3.19
Return on Net Assets Employed %	4.38	5.77	9.59	-1.27	59.57

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Commentary

There has been no significant change in the company's credit rating.
The credit limit on this company has risen 233.3% in comparison to the previously suggested credit limit.
There is insufficient data to indicate a change in this companies percentage of sales.
Net Worth increased by 3.6% during the latest trading period.
A 1.8% growth in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 21.3% compared to the previous trading period.
The company saw an increase in their Cash Balance of 85.3% during the latest trading period.
The audit report contains no adverse comments.
The company has undergone recent changes in its directorships.
The company is part of a group.
The company was established over 12 years ago.

Event History

Status History

No Status History found

Event History

Date	Description
16/11/2011	Annual Returns
16/11/2011	New Accounts Filed
14/11/2011	TOM HUNT has left the board
15/10/2010	Annual Returns
15/10/2010	New Accounts Filed
15/10/2010	New Accounts Filed
23/02/2010	Annual Returns
19/11/2009	Annual Returns
19/11/2009	New Accounts Filed
19/11/2009	New Accounts Filed
26/08/2008	Annual Returns
18/08/2008	New Accounts Filed
01/08/2006	SHANE CASSIDY has left the board
13/02/2006	New Board Member (TOM HUNT) appointed
13/02/2006	New Board Member (BRIAN KELLY) appointed

Previous Company Names

No Previous Names found

Received Documents

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.92
UK Pound	1	Rs.88.91
Euro	1	Rs.71.25

INFORMATION DETAILS

Report Prepared by :

PRL

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.