Company name and address Top of Form

Corporate Overview

Corporate Structure News

Executives Report

Directors and Shareholders Report

Annual Profit & Loss

MIRA INFORM REPORT

Report Date :

18.02.2013

IDENTIFICATION DETAILS

Name :	CURRENCIES DIRECT LTD.

Registered Office :	51 Moorgate London, EC2R 6BH

Country :	United Kingdom

Financials (as on) :	30.06.2011

Date of Incorporation :	03.04.1995

Com. Reg. No.:	03041197

Legal Form :	Private Subsidiary

Line of Business :	Other Personal Services

No. of Employees :	75

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 :	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^th, 2012

Country Name

Previous Rating

(31.03.2011)

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 third largest economy in Europe after Germany and France. 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 aims 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 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to £325 billion (approximately $525 billion) as of February 2011. 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).

Source : CIA

Bottom of Form

Top of Form

Currencies Direct Ltd.

51 Moorgate


London, EC2R 6BH
United Kingdom
(Trading Address) Registered Address
Map

Tel:	+44 7847 9400
Fax:	02078479291

www.currenciesdirect.com

Employees:	75
Company Type:	Private Subsidiary
Corporate Family:	5 Companies
Ultimate Parent:	Azibo Holdings Ltd.

Quoted Status:	Non-quoted Company
Incorporation Date:	03-Apr-1995
Auditor:	Ernst & Young LLP

Financials in:	USD (mil)
Fiscal Year End:	30-Jun-2011
Reporting Currency:	British Pound Sterling
Annual Sales:	1,480.4 ¹
Net Income:	0.1
Total Assets:	48.6

Business Description

Currencies Direct Ltd. is a cost-saving alternative to high street banks for foreign exchange. It was established in 1996 to service clients with commercial foreign exchange needs as an organisation in a position to trade currency in bulk and pass the cost savings on to the client, rather than by a high street bank that would not be able to secure such rates in a small to medium sized transaction. The company offers services to individuals who need money abroad for whatever reason. Currencies Direct deals directly with the currency markets in order to offer rates that the banks find hard to beat. For businesses, the company assigns a dedicated currency specialist who watches the markets on behalf of the client and advises said client of advantageous rates and currency movements that may work against the client. Currencies Direct maintains its head offices in London.

Industry

Industry	Personal Services
ANZSIC 2006:	9539 - Other Personal Services Not Elsewhere Classified
NACE 2002:	9305 - Other service activities not elsewhere classified
NAICS 2002:	8129 - Other Personal Services
UK SIC 2003:	9305 - Other service activities not elsewhere classified
UK SIC 2007:	9609 - Other personal service activities n.e.c.
US SIC 1987:	7299 - Miscellaneous Personal Services, Not Elsewhere Classified

Key Executives

Name	Title
Keith Nigel Hatton	Chief Executive Officer
Neil Graham Morgan Redcliffe	Financial Director
Peter Loveday	Head of Private Sales
Leo Markides	IT Manager
Ruchi Arora	Head Of Offshore Operations

Financial Summary

FYE: 30-Jun-2011

USD (mil)

Key Figures
Current Assets	47.45
Fixed Assets	1.17
Total Liabilities	41.40
Net Worth	7.21

Key Ratios
Current Ratio	1.15
Acid Test	1.15

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6291059
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6228783

Location
51 Moorgate
London, EC2R 6BH
London County
United Kingdom

Tel:	+44 7847 9400
Fax:	02078479291

www.currenciesdirect.com

Sales GBP(mil):	931.3
Assets GBP(mil):	30.3
Employees:	75
Fiscal Year End:	30-Jun-2011


Industry:	Personal Services

Registered Address:
51 Moorgate
London, EC2R 6BH
United Kingdom

Incorporation Date:	03-Apr-1995
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(UK):	03041197


Chief Executive Officer:	Keith Nigel Hatton

Industry Codes

ANZSIC 2006 Codes:
9539	-	Other Personal Services Not Elsewhere Classified

NACE 2002 Codes:
9305	-	Other service activities not elsewhere classified

NAICS 2002 Codes:
8129	-	Other Personal Services

US SIC 1987:
7299	-	Miscellaneous Personal Services, Not Elsewhere Classified

UK SIC 2003:
9305	-	Other service activities not elsewhere classified

UK SIC 2007:
9609	-	Other personal service activities n.e.c.

Business Description

More Business Descriptions

Money Transfer Services

Currencies Direct company overview serving you since 1996. Currencies Direct are one of Europes largest independent foreign exchange specialists and were one of the first to recognise the need in the market for an expert secondary foreign exchange provider to traditional banks. Our private wealth management (high net worth individuals) payment proposition has received many recommendations and service awards from the Industry including the prestigious BT Entrepreneur award and has been recognised as one of the fastest growing Companies in UK. Our business model is designed as a solution provider and it uses the unique franchise concept by building global partnerships with Banks and affiliates. Our philosophy partners and not competitors has allowed us to build a presence all over Europe Australia and Africa. What gives us the edge as a David versus the Goliaths of the foreign exchange industry is our entrepreneurial spirit and our ability to embrace changes for the better - our vision sees no barriers in challenging and breaking down complex financial practices employed by large financial institutions.

Financial Data

Financials in:	GBP(mil)

Revenue:	931.3
Net Income:	0.0
Assets:	30.3
Current Assets:	29.6
Fixed Assets:	0.7
Long Term Debt:	0.0
Total Liabilities:	25.8
Issued Capital:	0.1
Working Capital:	3.8
Net Worth:	4.5

Date of Financial Data:	30-Jun-2011

1 Year Growth

-0.5%

10.5%

Key Corporate Relationships

Auditor:	Ernst & Young LLP
Bank:	Hsbc Bank PLC

Auditor:	Ernst & Young LLP

Auditor History
Ernst & Young LLP	30-Jun-2011
Ernst & Youngllp	30-Jun-2010
Ernst And Young LLP	30-Jun-2009
Ernst And Young LLP	30-Apr-2008
Ernst And Young LLP	30-Apr-2007

	GBP(mil)
Audit Fees:	0.1
Non Audit Fees:	0.0
Audit Fiscal Year:	06-30-2011

Currencies Direct Ltd.
Total Corporate Family Members: 5

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Azibo Holdings Ltd.	Parent
Currencies Direct Holdings Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Currencies Direct Ltd.	Subsidiary	London	United Kingdom	Personal Services	1,480.4	75
Tor Currency Exchange Ltd.	Subsidiary	Penzance	United Kingdom	Commercial Banks	699.4	71
Currencies Direct Financial Markets Ltd.	Subsidiary	London	United Kingdom	Investment Services

Board of Directors

Name

Title

Function

Mayank Bachubhai Patel

Managing Director -Chairman

Chairman

Biography:

Mayank is an investor and a serial entrepreneur with business interests spanning across 5 continents in financial services hospitality and the leisure industry. Two prominent brands in his portfolio include Currencies Direct Limited and Universal VAT services (UVS)...

Age: 45

David Miles

Director

Director/Board Member

Biography:

David joined Currencies Direct in March 2006 as Group Financial Controller. He is responsible for providing management and advice across the full range of the Groups activities including finance insurance tax and banking matters as well as leading operations HR and compliance. David has over 20 years experience in banking and Capital Markets and is a chartered accountant as well as a member of the Association of Corporate Treasurers.

Age: 49

Leslie William Priestley

Director

Director/Board Member

Biography:

Leslie Priestley is Chairman of Generali PanEurope Ltd.(a company registered in Eire) and Tenax Capital Ltd (a specialised hedge fund). He is a Fellow of the Chartered Institute of Bankers...

Age: 79

Executives

Name

Title

Function

Keith Nigel Hatton

Chief Executive Officer

Biography:

Keith joined Currencies Direct in May 2011 as Chief Executive Officer. He brings a wide range of banking management international and FX experience initially gained during 19 years with NatWest including 5 years in off-shore private banking and senior roles within corporate credit risk product development and management development. Subsequently he was Export Director of Bottomline Technologies and European Managing Director of Derivion now part of Metavante Corporation. More recently Keith was Chief Executive Officer of TTT Moneycorp. Keith is responsible for developing and executing Currencies Directs strategy and objectives through leadership of the Management Team.

Age: 55

Deepak Goyal

Corporate Partnerships Manager

Division Head Executive

Jigar Shah

Senior Group Operations Manager

Division Head Executive

Biography:

Jigar joined Currencies Direct in 2004 and was promoted to Senior Group Operations Manager in 2011. His key role is to manage the day to day operational tasks of the business and to enhance back office processes to make them more efficient. The role also includes working on different projects and developing and maintaining relationships with banks and other suppliers. After finishing his Bachelor of Commerce Degree in India Jigar decided to move to London to start his career. Joining Currencies Direct as a finance assistant he worked in a number of different departments such as IT Accounts and Compliance before honing his skills in Operations. The overall knowledge of the business gained through working in different departments helps him deliver more dynamic and tailor made solutions for our customers.

Ignacio Hernandez

Managing Director

Biography:

Ignacio is responsible for developing and implementing Currencies Direct strategy globally to grow and consolidate the companys position as one of the worlds leading foreign exchange and international payments providers. Educated at the Universidad Complutense of Madrid with a degree in Law Ignacio has worked in the international payments market for more than 10 years having worked closely with many tier one organisations. Prior to joining Currencies Direct he held strategic and business transformation roles with Thomas Cook Global & Financial Services and Travelex.

Mayank Bachubhai Patel

Managing Director -Chairman

Managing Director

Biography:

Age: 45

Ruchi Arora

Head Of Offshore Operations

Operations Executive

Biography:

Ruchi joined the organization in 2007 as Manager of Customer Service and Solutions prior to being appointed as Head of Offshore Operations in 2010. Ruchi started her career in sales for a leading US based Internet Provider and then moved into financial products and services with extensive experience in foreign exchange and global payments. She graduated with an Engineering Degree from the University of Pune India but has spent her entire career in offshore service provision.

Education:

University of Pune , India, Engineering

Neil Graham Morgan Redcliffe

Financial Director

Finance Executive

Age: 53

Education:

Cranfield School of Management, MBA

David Akiva

Manager Internal Audit

Accounting Executive

Biography:

David joined Currencies Direct as a senior project accountant in April 2007 with a focus on internal audit and controls. He has worked in the foreign exchange industry for 24 years on both the retail and corporate side of the business. He has built and implemented programmes and controls into all areas of the business along with a rigorous auditing process.

Phil Mchugh

Trading Floor Manager

Investment Executive

Sonal Patel

Director Treasury

Treasurer

Biography:

A member of the operating board Sonal has been with Currencies Direct for almost ten years having previously worked at ING Barings and World Bank. As Director of Treasury Operations Sonal is responsible for the day-to-day dealing proprietary trading and cash management functions of the Group.

Sara Cuthbert

Human Resources Manager

Human Resources Executive

Jarrad Hubble

Director Sales

Sales Executive

Biography:

Jarrad joined Currencies Direct in April 2008 and was appointed Director of Sales in 2010. Prior to joining Currencies Direct he held various senior business development and relationship management positions within the sports banking and concierge industries. Having been focused on sales and people management throughout his career he has a degree in Sport Management from Edith Cowan University in Perth Australia. Jarrad began his career at the Australian Institute of Sport where he was involved in the commercial management of their field hockey stadium.

Peter Loveday

Head of Private Sales

Sales Executive

Biography:

Peter joined the organisation in February 2003 and has held various roles in the Spanish division prior to being appointed Head of Private Sales in 2010. Peter is responsible for the Private Sales functions in the UK and business development across Southern Europe including partner relationships management of local branches and ensuring support for all the private and corporate customers in the region. Educated to honours degree level Peter has 26 years of experience in the real estate and foreign exchange industries.

Jose Ivars Lopez

Marketing Director

Marketing Executive

Biography:

Jose joined Currencies Direct in June 2008 heading the private client business development team in the UK. In 2009 he was appointed Head of Marketing. He has developed his career within sales and marketing mainly within the real estate sector. During his career in the international property development industry Jose has had numerous responsibilities including the development of products market development strategy and branding. Jose is currently on the board of trustees of the Anglo-Spanish Society in the UK and is a member of the Chartered Institute of Marketing.

Leo Markides

IT Manager

Information Executive

Biography:

Leo joined Currencies Direct in March 2011. He is responsible for the companys Information Technology architecture and providing senior level strategic and operational direction with the use of information to deliver value for Currencies Direct and its customers. Leo has extensive experience in creating and executing market entry and growth strategies in the foreign exchange and payments sectors with a number of businesses internationally including Moneygram the UK Post Office and American Express. His experience is enhanced by a Mathematics degree from Warwick University and an MBA from Harvard Business School.

Education:

Harvard Business School, MBA

Craig Montano

Head Of Information Technology

Information Executive

Biography:

Craig joined Currencies Direct in March 2010 as Head of Information Technology. His 20 year career in IT includes experience in a number of industries: investment banking stock broking outsourcing and managed IT services. Craig is responsible for IT operations infrastructure and applications that drive the companys cross border payment services. Craig has a degree in information systems from the University of South Africa and has worked in IT throughout his career which he started at a leading bank.

Nuria Escudero

Compliance Officer

Legal Executive

Zoe Duncombe-Wood

Head of Alliances and Partnerships

Other

Education:

Portsmouth University (Accountancy)

Mark O'Sullivan

Director Dealing

Other

Biography:

Mark OSullivan joined Currencies Direct in 2005 and was appointed Director of Dealing in 2008. Mark has over 20 years experience working in both the corporate and retail foreign exchange markets having worked for a number of companies including MW Marshalls Harlow Garban and GT Trading where he was a partner. Mark is held in high regard within the industry and regularly features on CNBC Bloomberg and in the Financial Times providing expert opinion on the currency markets.

Alex Tejada

Head Of Business Solutions

Other

Biography:

Alex joined Currencies Direct in November 2009 to drive the companys product and e-commerce development in his role as Head of Business Solutions. He started his career in Chicago with CGI a leading North American IT services firm. As a Risk Management and Credit and Collections consultant he has worked and lived in several countries in North America Europe and the Middle East giving him a global outlook to business. In his role as product manager on several key projects in consumer foreign exchange he developed long term profitable customer solutions combining an understanding of the technical and commercial aspects of the business. Alex has a bachelor of science in Industrial Engineering from the University of Central Florida.

Annual Return Date: 03 Apr 2012
Total Issued Capital (GBP 000): 100

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Keith Nigel Hatton	Current	18 Jan 1958	3Rd Floor 51 Moorgate, London , London EC2R 6BH	19 May 2011	NA	Current:3 Previous:1 Disqualifications:0
Mayank Bachubhai Patel	Current	10 Jul 1967	Grove Mill Windmill Hill, Coleshill, Amersham, Buckinghamshire HP7 0LZ	02 Oct 1996	NA	Current:3 Previous:1 Disqualifications:0
Neil Graham Morgan Redcliffe	Current	17 Mar 1959	10 Wimpole Mews, London , London W1G 8PE	16 Oct 2000	NA	Current:7 Previous:3 Disqualifications:0
David Miles	Current	09 Apr 1963	13 Sorrel Garth, Hitchin, Hertfordshire SG4 9PS	26 Jan 2011	NA	Current:4 Previous:0 Disqualifications:0
Leslie William George Priestley	Current	22 Sep 1933	1 Lambourn House, Holmbury Park, Bromley, Kent BR1 2WG	19 May 2005	NA	Current:3 Previous:10 Disqualifications:0
Martin Cox	Previous	31 Jul 1962	Old Barn Oasts Business Village Red Hill, Wateringbury, Maidstone, Kent ME18 5NN	11 Apr 2000	27 Jan 2003	Current:4 Previous:1 Disqualifications:0
John David Beckett Taylor Of Warwick	Previous	21 Sep 1952	39 Lynwood Road, London , London W5 1JQ	19 May 2005	20 Jul 2010	Current:0 Previous:4 Disqualifications:0
Peter Simon Ellis	Previous	12 May 1956	Currencies Mews, Badminton Court, Amersham, Buckinghamshire HP7 0DD	03 Apr 1995	30 May 2000	Current:4 Previous:1 Disqualifications:0
Antony Lynden-Lemon	Previous	01 Jul 1967	10 Sands Close, Rowde, Devizes, Wiltshire SN10 2QL	04 Aug 1997	02 Apr 1999	Current:0 Previous:1 Disqualifications:0
Yogesh Shetty	Previous	12 Dec 1962	57 Royston Park Road, Hatch End, Pinner, Middlesex HA5 4AB	01 Feb 2007	15 Feb 2008	Current:0 Previous:3 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Patrick Irikefe	Previous	09 Aug 1970	35 Clifford Way, Willesden, London NW10 1AP	07 Mar 2000	16 Oct 2000	Current:1 Previous:1 Disqualifications:0
John Jeffreys Daw	Previous	14 Jun 1965	Dickens House Enterprise Way, Maulden Road Industrial Estate, Bedford, Bedfordshire MK45 5BY	17 Nov 2004	20 Jul 2005	Current:20 Previous:9 Disqualifications:0
Mayank Patel	Previous	10 Jul 1967	90 Boston Place, London , London NW1 6EX	22 Apr 1999	07 Mar 2000	Current:0 Previous:1 Disqualifications:0
Daniele Maria Relf	Previous	07 Sep 1969	Tara 128A London Road, Redhill, Surrey RH1 2JU	NA	19 Feb 1997	Current:0 Previous:3 Disqualifications:0
Neil David Burns	Previous	NA	Flat 1 98 Maida Vale, Maida Vale, London W9 1PS	03 Apr 1995	25 Jun 1996	Current:0 Previous:1 Disqualifications:0
Neil Graham Morgan Redcliffe	Previous	17 Mar 1959	10 Wimpole Mews, London , London W1G 8PE	16 Oct 2000	07 Feb 2003	Current:7 Previous:3 Disqualifications:0
Kishor Odhavji Davdra	Previous	19 May 1950	95 Northumberland Road, Harrow, Middlesex HA2 7RA	07 Feb 2003	17 Nov 2004	Current:0 Previous:2 Disqualifications:0

Corporate Secretaries

Company Name	Status	Registered Address	Appointment Date	Resignation Date
Breams Registrars And Nominees Limited	Current	52 Bedford Row, London , London WC1R 4LR	28 Jul 2005	NA
Swift Incorporations Limited	Previous	26 Church Street, St John's Wood, London NW8 8EP	03 Apr 1995	03 Apr 1995

Corporate Shareholders

Company Name	Registration Number	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Currencies Direct Holdings Limited	06394648	100000 Ordinary GBP 1.00	Ordinary	100,000	1.00	100,000.00	100.00

Individual Shareholders

There are no individual shareholders for this company.

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

Financial Glossary

	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Apr-2008	30-Apr-2007
Period Length	52 Weeks	52 Weeks	61 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.629106	0.633607	0.627423	0.498433	0.523688
Consolidated	No	No	No	No	Yes

Turnover (UK)	-	-	-	-	1,795.0
Turnover (Exports)	-	-	-	-	139.0
Total Turnover	1,480.4	1,477.8	1,907.2	1,706.6	1,934.0
Cost of Sales	1,461.3	1,461.9	1,891.2	1,688.9	1,918.3
Gross Profit	19.1	15.8	16.0	17.7	15.7
Depreciation	0.6	0.6	0.6	0.8	0.6
Other Expenses	12.1	10.3	11.1	11.6	12.3
Operating Profit	7.1	5.6	4.9	6.1	3.4
Other Income	0.0	0.1	0.1	0.2	0.4
Interest Paid	0.0	0.0	0.0	0.0	0.1
Exceptional Income	0.0	0.0	0.0	0.0	0.0
Discontinued Operations	0.0	0.0	-	0.0	0.0
Profit Before Taxes	7.1	5.7	5.1	6.3	3.7
Tax Payable / Credit	1.3	1.1	0.7	0.9	1.1
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	5.7	6.2	2.8	0.0	2.3
Profit After Taxes	0.1	-1.6	1.6	5.4	0.3
Minority Interests (Profit & Loss)	-	0.0	0.0	0.0	0.0
Audit Fees	0.1	0.1	0.0	0.1	0.1
Non Audit Fees	0.0	-	0.0	0.0	-
Number of Employees	75	65	70	69	78
Wages	5.4	4.4	5.1	5.2	5.9
Social Security Costs	0.8	0.5	0.7	0.6	0.7
Pensions	-	0.0	0.0	0.0	0.0
Other Pension Costs	0.0	0.0	0.0	0.0	0.0
Employees Remuneration	6.1	5.0	5.8	5.8	6.6
Directors Emoluments	-	0.0	0.0	0.8	1.4
Other Costs	-	0.0	0.0	0.0	0.0
Directors Remuneration	1.2	0.0	0.0	0.8	1.4
Highest Paid Director	0.6	0.0	0.0	0.8	0.5

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Apr-2008	30-Apr-2007
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.622878	0.668405	0.60722	0.50491	0.500038
Consolidated	No	No	No	No	Yes

Land & Buildings	0.0	0.1	0.3	0.6	0.6
Fixtures & Fittings	0.9	0.9	1.3	1.6	1.7
Plant & Vehicles	0.1	0.0	0.0	0.1	0.2
Total Tangible Fixed Assets	1.0	1.1	1.6	2.3	2.4
Intangible Assets	0.0	0.0	0.0	0.0	0.0
Investments	0.1	0.1	0.1	0.2	0.0
Total Fixed Assets	1.2	1.3	1.8	2.4	2.4
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	27.6	81.5	-	-	-
Inter-Company Debtors	3.3	1.9	1.8	2.6	0.0
Director Loans	0.0	-	-	-	0.0
Other Debtors	2.2	2.1	96.0	123.4	68.7
Total Debtors	33.1	85.5	97.7	125.9	68.7
Cash and Equivalents	13.2	14.8	15.9	19.6	33.6
Other Current Assets	1.1	0.0	0.0	0.0	0.0
Total Current Assets	47.4	100.3	113.7	145.5	102.3
Total Assets	48.6	101.5	115.4	147.9	104.7
Trade Creditors	36.9	93.1	39.1	31.6	40.2
Bank Overdraft	0.0	-	-	-	-
Inter-Company Creditors	0.4	0.3	0.2	0.1	-
Director Loans (Current Liability)	0.0	-	-	-	-
Hire Purchase (Current Liability)	0.0	-	-	-	-
Finance Lease (Current Liability)	0.0	-	-	-	-
Total Finance Lease/Hire Purchase (Current Liability)	0.0	-	-	-	-
Total Short Term Loans	0.0	-	65.3	-	-
Accruals/Deferred Income (Current Liability)	1.6	0.6	0.5	0.8	1.2
Social Security/VAT	0.2	0.2	0.2	0.2	0.2
Corporation Tax	-	0.0	0.4	0.5	0.1
Other Current Liabilities	2.3	0.6	0.6	105.6	55.6
Total Current Liabilities	41.4	94.7	106.2	138.8	97.3
Group Loans (Long Term Liability)	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0
Deferred Taxation	0.0	0.0	0.0	0.0	0.0
Other Provisions	0.0	0.0	0.0	0.0	0.0
Total Provisions	0.0	0.0	0.0	0.0	0.0
Issued Capital	0.2	0.1	0.2	0.2	0.2
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	7.0	6.7	9.1	9.0	7.3
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	7.2	6.9	9.2	9.2	7.5
Net Worth	7.2	6.9	9.2	9.2	7.5

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Apr-2008	30-Apr-2007
Period Length	52 Weeks	52 Weeks	61 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.629106	0.633607	0.627423	0.498433	0.523688
Consolidated	No	No	No	No	Yes

Net Cash Flow From Operating Activities	-	8.1	3.4	-10.6	15.9
Net Cash Flow from ROI and Servicing of Finance	-	0.1	0.1	0.2	0.4
Taxation	-	-1.4	-0.8	-0.5	-2.1
Capital Expenditures	-	-0.3	-0.4	-1.2	-1.2
Acquisitions and Disposals	-	0.0	0.0	0.0	0.0
Paid Up Equity	-	-6.2	-2.8	-0.7	-2.3
Management of Liquid Resources	-	0.0	0.0	0.0	0.0
Net Cash Flow From Financing	-	0.0	0.0	0.0	0.0
Increase in Cash	-	0.4	-0.3	-12.8	10.6

Annual Ratios

Financials in: USD (mil)

	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Apr-2008	30-Apr-2007
Period Length	52 Weeks	52 Weeks	61 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.622878	0.668405	0.60722	0.50491	0.500038
Consolidated	No	No	No	No	Yes

Current Ratio	1.15	1.06	1.07	1.05	1.05
Liquidity Ratio	1.15	1.06	1.07	1.05	1.05
Credit Period (Days)	6.75	21.23	-	-	-
Working Capital by Sales	0.40%	0.40%	0.45%	0.40%	0.25%
Trade Credit by Debtors	1.33	1.14	-	-	-
Return on Capital	99.53%	77.86%	48.29%	67.63%	52.68%
Return on Assets	14.77%	5.28%	3.87%	4.19%	3.75%
Profit Margin	0.48%	0.38%	0.27%	0.37%	0.19%
Return on Shareholders Funds	99.53%	77.86%	48.29%	67.63%	52.68%
Borrowing Ratio	5.99%	4.26%	708.18%	1.04%	-
Equity Gearing	14.83%	6.78%	8.01%	6.20%	7.12%
Interest Coverage	-	-	-	-	65.43
Sales by Tangible Assets	1,464.36	1,251.76	1,049.45	744.22	842.61
Average Remuneration per Employee	0.1	0.1	0.1	0.1	0.1
Profit per Employee	0.1	0.1	0.1	0.1	0.1
Sales per Employee	19.9	21.6	24.0	24.4	26.0
Capital Employed per Employee	0.1	0.1	0.1	0.1	0.1
Tangible Assets per Employee	0.0	0.0	0.0	0.0	0.0
Total Assets per Employee	0.6	1.6	1.6	2.1	1.3
Employee Remuneration by Sales	0.41%	0.34%	0.30%	0.34%	0.34%
Creditor Days (Cost of Sales Based)	9.12	24.51	8.57	6.93	7.31
Creditor Days (Sales Based)	9.00	24.25	8.50	6.86	7.25

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.99
UK Pound	1	Rs.83.72
Euro	1	Rs.72.08

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.