MIRA INFORM REPORT

Report Date :

25.04.2013

IDENTIFICATION DETAILS

Name :	INTELSAT GLOBAL SALES & MARKETING LTD.

Formerly Known as:	INTELSAT U.K., LTD

Registered Office :	100 New Bridge Street , London, Ec4v 6ja

Country :	United Kingdom

Financials (as on) :	31.12.2011

Date of Incorporation :	30.10.2000

Com. Reg. No.:	04098445

Legal Form :	Private limited with Share Capital

Line of Business :	Providing global of fixed satellite communications services worldwide, with customers that include leading telecommunications companies, multinational corporations, internet service, media broadcasters and government/military organizations

No. of Employees :	36

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	Slow but Correct

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^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

United Kingdom

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

United Kingdom ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the second largest economy in Europe after Germany. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Name	INTELSAT GLOBAL SALES & MARKETING LTD.	Company Number	04098445
Registered Address	100 NEW BRIDGE STREET	Trading Address	Building 5 Chiswick Park 566 Chiswick High Road London, London W4 5YF
	LONDON
	EC4V 6JA

Website Address	http://www.intelsat.com
Telephone Number	-	Fax Number
TPS	-	FPS	No
Incorporation Date	30/10/2000	Company Status	Active - Accounts Filed
Previous Name	INTELSAT U.K., LTD.	Type	Private limited with Share Capital
Date of Change	23/07/2001	Filing Date of Accounts	28/09/2012
		Share Capital	£2
SIC03	6420	Currency	GBP
SIC03 Description	TELECOMMUNICATIONS
SIC07	61300
SIC07 Description	SATELLITE TELECOMMUNICATIONS ACTIVITIES
Principal Activity	Providing global of fixed satellite communications services worldwide, with customers that include leading telecommunications companies, multinational corporations, internet service, media broadcasters and government/military organizations. Accounts data converted from US Dollars.

DIRECTORS/MANAGEMENT

Total Current Directors	4
Total Current Secretaries	2
Total Previous Directors / Company Secretaries	18

Current Directors

Name	Robert Patrick Cummins	Date of Birth	17/03/1969
Officers Title	Mr	Nationality	British
Present Appointments	9	Function	Director
Appointment Date	09/06/2009
Address	15a Vaughan Avenue, London, W6 0XS
Other Actions	View Director Report	View Consumer Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Jean-Philippe Gillet	Date of Birth	02/12/1965
Officers Title		Nationality	French
Present Appointments	3	Function	Director
Appointment Date	29/09/2006
Address	45 Rue Du Faubourg Saint Honore, 75009 Paris
Other Actions	View Director Report	View Consumer Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Andrew Seth Faiola	Date of Birth	21/07/1971
Officers Title	Mr	Nationality
Present Appointments	4	Function	Director
Appointment Date	01/08/2008
Address	1 Reynolds Road, London, W4 5AR
Other Actions	View Director Report	View Consumer Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Kurt Charles Riegelman	Date of Birth	23/11/1963
Officers Title	Mr	Nationality	American
Present Appointments	4	Function	Director
Appointment Date	10/06/2009
Address	2083 Kedge Drive, Vienna, Va 22181

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 -	-

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

Mortgage Summary

Outstanding	3
Satisfied	1

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
INTELSAT OPERATIONS SA	GBP	2	ORDINARY	1	100

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

Average Payment Experience

N/A	10
Company DBT	UK Average DBT

Steady

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	9 companies
Linkages	1 companies
Countries	In 1 countries

Summary

Holding Company	-
Ownership Status	Wholly Owned
Ultimate Holding Company	INTELSAT GLOBAL HOLDINGS

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
INTELSAT GLOBAL HOLDINGS	N/A	-	-
INTELSAT GLOBAL S.A.	B149927	-	-
INTELSAT		-	-	$583,000
PANAMSAT SATELLITE EUROP...	05482991	31.12.2011	N	£14,810,384
INTELSAT INTERNATIONAL SYS...	N/A	-	-
PANAMSAT EUROPE LIMITED	03161074	31.12.2010	N
INTELSAT OPERATIONS SA	N/A	-	-
INTELSAT GLOBAL SALES &...	04098445	31.12.2011	N	£637,010,960
INTELSAT UK FINANCIAL...	05573780	31.12.2011	N

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2011	£637,010,960	-£8,051,892	£13,730,881	36
31/12/2010	£947,637,846	-£6,658,964	£168,813,788	34
31/12/2009	£924,750,626	£31,731,818	£173,445,022	33

Profit & Loss

Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	Y
Turnover	£637,010,960	-32.8%	£947,637,846	2.5%	£924,750,626	16.5%	£793,692,196	-16.7%	£952,403,128
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£619,832,188	-33.3%	£929,829,257	3.3%	£900,269,594	15.1%	£782,127,685	-13.4%	£903,152,273
Gross Profit	£17,178,773	-3.5%	£17,808,588	-27.3%	£24,481,032	111.7%	£11,564,510	-76.5%	£49,250,855
Wages & Salaries	£4,029,352	10.2%	£3,654,920	-5.1%	£3,851,338	-11.2%	£4,334,871	-74.3%	£16,834,462
Directors Emoluments	£705,307	19.3%	£591,180	-7.3%	£638,038	138.4%	£267,630	-62.2%	£708,650
Operating Profit	£5,550,808	-31.1%	£8,052,507	-48.3%	£15,561,974	202.8%	£5,138,973	-55%	£11,409,621
Depreciation	£131,897	4.8%	£125,810	30.7%	£96,283	-35.8%	£149,897	-78.8%	£705,858
Audit Fees	£61,923	-3.5%	£64,189	-9.1%	£70,608	-22.4%	£91,030	-50.8%	£185,017
Interest Payments	£13,947,613	-7.6%	£15,100,456	-26.5%	£20,557,160	-41.8%	£35,308,897	-47.4%	£67,070,446
Pre Tax Profit	-£8,051,892	-20.9%	-£6,658,964	-121%	£31,731,818	493.9%	-£8,054,982	18.1%	-£9,835,230
Taxation	-£5,517,989	-399.7%	£1,840,940	126.3%	-£7,001,733	-370.1%	-£1,489,258	82%	-£8,267,821
Profit After Tax	-£13,569,880	-181.6%	-£4,818,024	-119.5%	£24,730,085	359.1%	-£9,544,241	47.3%	-£18,103,051
Dividends Payable	-	-	-	-100%	£136,226,972	-	-	-	-
Retained Profit	-£13,569,880	-181.6%	-£4,818,024	95.7%	-£111,496,887	-999.9%	-£9,544,241	47.3%	-£18,103,051

Balance Sheet

Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
Tangible Assets	£609,111,400	-21%	£770,568,714	0.4%	£767,333,590	8.5%	£707,494,842	999.9%	£9,780,772
Intangible Assets	0	-	0	-	0	-	0	-100%	£15,881,449
Total Fixed Assets	£609,111,400	-21%	£770,568,714	0.4%	£767,333,590	8.5%	£707,494,842	999.9%	£25,662,222
Stock	0	-	0	-	0	-	0	-	0
Trade Debtors	£86,155,799	0%	£86,132,614	-13.2%	£99,277,232	1.9%	£97,403,204	-36.6%	£153,609,579
Cash	£23,727,166	-28%	£32,970,666	-35.3%	£50,993,003	114.9%	£23,727,394	-75.8%	£97,913,147
Other Debtors	£48,528,082	22.1%	£39,759,291	-4%	£41,415,367	-79.2%	£198,970,749	-76.4%	£844,212,106
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£158,411,047	-0.3%	£158,862,571	-17.1%	£191,685,602	-40.1%	£320,101,347	-70.8%	£1,095,734,832
Trade Creditors	0	-	0	-	0	-	0	-	0
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£667,785,002	-2.4%	£684,533,025	-3.6%	£710,345,337	-9.2%	£781,891,006	-11.9%	£887,077,428
Miscellaneous Current Liabilities	£43,441,080	-2.4%	£44,487,451	3%	£43,188,266	6.2%	£40,657,240	-47.4%	£77,249,878
Total Current Liabilities	£711,226,082	-2.4%	£729,020,476	-3.3%	£753,533,603	-8.4%	£822,548,246	-14.7%	£964,327,306
Bank Loans & Overdrafts and LTL	£42,565,484	34.7%	£31,597,022	-1.4%	£32,040,567	64.1%	£19,521,180	-67.2%	£59,549,675
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£42,565,484	34.7%	£31,597,022	-1.4%	£32,040,567	64.1%	£19,521,180	-67.2%	£59,549,675

Capital & Reserves

Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
Called Up Share Capital	-	-	-	-	-	-	-	-	-
P & L Account Reserve	£13,250,356	-92.1%	£168,324,026	96.8%	£85,518,968	297%	£21,542,056	123.9%	-£90,260,420
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£480,525	-1.9%	£489,762	-99.4%	£87,926,054	-46.4%	£163,984,707	-12.7%	£187,780,493
Shareholder Funds	£13,730,881	-91.9%	£168,813,788	-2.7%	£173,445,022	-6.5%	£185,526,763	90.2%	£97,520,073

Other Financial Items

Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
Net Worth	£13,730,881	-91.9%	£168,813,788	-2.7%	£173,445,022	-6.5%	£185,526,763	127.3%	£81,638,623
Working Capital	-£552,815,035	3%	-£570,157,905	-1.5%	-£561,848,001	-11.8%	-£502,446,899	-482.4%	£131,407,526
Total Assets	£767,522,447	-17.4%	£929,431,286	-3.1%	£959,019,192	-6.7%	£1,027,596,189	-8.4%	£1,121,397,054
Total Liabilities	£753,791,566	-0.9%	£760,617,498	-3.2%	£785,574,170	-6.7%	£842,069,426	-17.8%	£1,023,876,981
Net Assets	£13,730,881	-91.9%	£168,813,788	-2.7%	£173,445,022	-6.5%	£185,526,763	90.2%	£97,520,073

Miscellaneous

Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
Contingent Liability	NO	-	NO	-	NO	-	YES	-	YES
Capital Employed	£56,296,365	-71.9%	£200,410,809	-2.5%	£205,485,590	0.2%	£205,047,943	30.5%	£157,069,748
Number of Employees	36	5.9%	34	3%	33	10%	30	-76.7%	129
Auditors	KPMG AUDIT PLC
Auditor Comments	The audit report contains no adverse comments
Bankers
Bank Branch Code

Ratios

Date Of Accounts	31/12/11	31/12/10	31/12/09	31/12/08	31/12/07
Pre-tax profit margin %	-1.26	-0.70	3.43	-1.01	-1.03
Current ratio	0.22	0.22	0.25	0.39	1.14
Sales/Net Working Capital	-1.15	-1.66	-1.65	-1.58	7.25
Gearing %	310	18.70	18.50	10.50	61.10
Equity in %	1.80	18.20	18.10	18.10	8.80
Creditor Days	-	-	-	-	-
Debtor Days	49.23	33.08	39.07	44.67	58.70
Liquidity/Acid Test	0.22	0.21	0.25	0.38	1.13
Return On Capital Employed %	-14.30	-3.32	15.44	-3.92	-6.26
Return On Total Assets Employed %	-1.04	-0.71	3.30	-0.78	-0.87
Current Debt Ratio	51.79	4.31	4.34	4.43	9.88
Total Debt Ratio	54.89	4.50	4.52	4.53	10.49
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-58.64	-3.94	18.29	-4.34	-10.08

ADDITIONAL INFORMATION

Current Company Secretary

Name	ABOGADO NOMINEES LIMITED	Date of Birth	-
Officers Title		Nationality	British
Present Appointments	476	Function	Company Secretary
Appointment Date	14/12/2000
Address	100 New Bridge Street, London, EC4V 6JA
Other Actions		View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Robert Patrick Cummins	Date of Birth	17/03/1969
Officers Title	Mr	Nationality	British
Present Appointments	9	Function	Company Secretary
Appointment Date	09/06/2009
Address	15a Vaughan Avenue, London, W6 0XS

Status History

No Status History found

Event History

Date	Description
16/10/2012	Annual Returns
10/10/2012	New Accounts Filed
19/10/2011	Annual Returns
13/10/2011	New Accounts Filed
13/10/2011	New Accounts Filed
20/10/2010	Annual Returns
25/09/2010	New Accounts Filed
06/11/2009	New Accounts Filed
02/11/2009	Annual Returns
26/06/2009	Ms S. Andrade has resigned as company secretary
26/06/2009	Mr S.R. Spengler has left the board
26/06/2009	New Board Member Mr K.C. Riegelman appointed
26/06/2009	New Board Member Mr R.P. Cummins appointed
26/06/2009	New Company Secretary Mr R.P. Cummins appointed
10/02/2009	New Accounts Filed

Previous Company Names

Date	Previous Name	Companies House Documents
23/07/2001	INTELSAT U.K., LTD.
15/12/2000	PLANETNEPTUNE LIMITED

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.

The credit limit on this company has risen 10% in comparison to the previously suggested credit limit.

Sales in the latest trading period decreased 32.8% on the previous trading period.

Net Worth decreased by 91.9% during the latest trading period.

A 17.4% decline in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 20.9% compared to the previous trading period.

The company saw a decrease in their Cash Balance of 28% during the latest trading period.

The audit report contains no adverse comments.

No recent changes in directorship are recorded.

The company is part of a group.

The company was established over 12 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.30
UK Pound	1	Rs.82.88
Euro	1	Rs.70.80

INFORMATION DETAILS

Report Prepared by :

MNL

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.