MIRA INFORM REPORT

Report Date :

04.03.2013

IDENTIFICATION DETAILS

Name :	LINEN DIRECT LIMITED
Registered Office :	Unit 6 Finglas Business Centre Jamestown Road Dublin 11 216410
Country :	Ireland
Financials (as on) :	31.03.2012
Date of Incorporation :	14.05.2003
Com. Reg. No.:	IE371041
Legal Form :	Private limited with Share Capital
Line of Business :	Other Business Support Service Activities
No. of Employees :	Not Available

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 :	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 (31.03.2011)	Current Rating (30.06.2012)
Ireland	A2	A2

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

IRELAND - ECONOMIC OVERVIEW

Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since the onset of the world financial crisis, with GDP falling by over 3% in 2008, nearly 7% in 2009, and less than 1% in 2010. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property and construction markets. Property prices rose more rapidly in Ireland in the decade up to 2007 than in any other developed economy. Since their 2007 peak, average house prices have fallen 47%. In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment, the export sector, dominated by foreign multinationals, has become a key component of Ireland's economy. Agriculture, once the most important sector, is now dwarfed by industry and services. In 2008 the COWEN government moved to guarantee all bank deposits, recapitalize the banking system, and establish partly-public venture capital funds in response to the country's economic downturn. In 2009, in continued efforts to stabilize the banking sector, the Irish Government established the National Asset Management Agency (NAMA) to acquire problem commercial property and development loans from Irish banks. Faced with sharply reduced revenues and a burgeoning budget deficit, the Irish Government introduced the first in a series of draconian budgets in 2009. In addition to across-the-board cuts in spending, the 2009 budget included wage reductions for all public servants. These measures were not sufficient. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP - because of additional government support for the banking sector. In late 2010, the former COWEN Government agreed to a $112 billion loan package from the EU and IMF to help Dublin further increase the capitalization of its banking sector and avoid defaulting on its sovereign debt. Since entering office in March 2011, the KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland's EU-IMF program. Ireland achieved moderate growth in 2011 and cut the budget deficit to 10.1% of GDP, although the recovery is expected to slow in 2012 as a result of the euro-zone debt crisis.

Source : CIA

Top of Form

Company name and address

Company Name	LINEN DIRECT LIMITED	Company Number	IE371041
Registered Address	UNIT 6 FINGLAS BUSINESS CENTRE
	JAMESTOWN ROAD
	DUBLIN 11
	216410
Website Address	-
Telephone Number		Fax Number
TPS	No	FPS	No
Incorporation Date	14/05/2003	Company Status	Active - Accounts Filed
Previous Name		Type	Private limited with Share Capital
Date of Change	-	Filing Date of Accounts	-
		Share Capital	€100
SIC03	7487	Currency	EUR
SIC03 Description	OTHER BUSINESS ACTIVITIES
SIC07	82990
SIC07 Description	OTHER BUSINESS SUPPORT SERVICE ACTIVITIES N.E.C.
Principal Activity

Commentary

There has been no significant change in the company's credit rating.
There is insufficient data to indicate a change in this companies percentage of sales.
Net Worth decreased by 0.5% during the latest trading period.
A 19.5% decline in Total Assets occurred during the latest trading period.
There is insufficient data to indicate a change in this companies pre-tax profit.
The company is exempt from audit.
No recent changes in directorship are recorded.
The company is not part of a group.
The negative change in the P&L Account Reserve suggests that the company made a loss after tax and other appropriations.
The company was established over 9 years ago.

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/03/2012	-	-	€757,303	-
31/03/2011	-	-	€761,057	-
31/03/2010	-	-	€665,441	-

Payment Information Summary

Days Beyond Terms

Trend Indicator

N/A	10
Company DBT	IE Average DBT

Steady

Improving Worsening

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	0
Satisfied	0

Total Current Directors	2
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	0

Current Directors

Name	TERRY MCMAHON	Date of Birth	23/03/1957
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	14/05/2003
Address	9 HOAR ROCK, SKERRIES, CO. DUBLIN
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	GARRETT MCMAHON	Date of Birth	23/05/1960
Officers Title		Nationality
Present Appointments	2	Function	Director
Appointment Date	14/05/2003
Address	20 QUAY STREET, SKERRIES, CO. DUBLIN
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	GARRETT MCMAHON	Date of Birth	23/05/1960
Officers Title		Nationality
Present Appointments	2	Function	Company Secretary
Appointment Date	14/05/2003
Address	20 QUAY STREET, SKERRIES, CO. DUBLIN
Other Actions
Disqualified		Disqualified End Date
Disqualification Exception	No

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
GARRETT MCMAHON	EUR	50	ORDINARY	1	50
TERRY MCMAHON	EUR	50	ORDINARY	1	50

Balance Sheet

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Tangible Assets	€14,487	-96.5%	€409,926	-0.8%	€413,290	1.5%	€407,182	3.6%	€393,043
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	€14,487	-96.5%	€409,926	-0.8%	€413,290	1.5%	€407,182	3.6%	€393,043
	Stock	€554,759	-10.5%	€619,779	70.7%	€363,183	-3.6%	€376,788	83.7%	€205,056
	Trade Debtors	€545,310	37.7%	€395,948	-10.6%	€442,712	51.9%	€291,399	-26%	€393,870
	Cash	€32,750	-	0	-	0	-	0	-100%	€8,123
	Other Debtors	€583	-	0	-	0	-100%	€12,170	-	0
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	€1,133,402	11.6%	€1,015,727	26%	€805,895	18.5%	€680,357	12.1%	€607,049
	Trade Creditors	€13,124	-90.6%	€140,181	20.6%	€116,232	105.2%	€56,644	-40.8%	€95,647
	Bank Loans & Overdrafts	€316,873	69.8%	€186,619	247.4%	€53,719	17.4%	€45,748	-11.3%	€51,602
	Other Short Term Finance	€4,034	8%	€3,735	8.7%	€3,435	-	0	-	0
	Miscellaneous Current Liabilities	€55,143	999.9%	€1,009	-89.4%	€9,540	-	0	-100%	€41,046
	Total Current Liabilities	€389,174	17.4%	€331,544	81.2%	€182,926	78.7%	€102,392	-45.6%	€188,295
	Bank Loans & Overdrafts and LTL	€318,285	-38.8%	€519,671	22.4%	€424,537	-6.5%	€454,239	46.9%	€309,182
	Other Long Term Finance	€1,412	-99.5%	€303,551	-1.2%	€307,286	-0.7%	€309,559	21.3%	€255,105
	Total Long Term Liabilities	€1,412	-99.6%	€333,052	-10.2%	€370,818	-9.2%	€408,491	58.6%	€257,580

Capital & Reserves

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Called Up Share Capital	€100	-	€100	-	€100	-	€100	-	€100
	P & L Account Reserve	€757,203	-0.5%	€760,957	14.4%	€665,341	15.4%	€576,556	4%	€554,117
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	-	-	-	-	-	-	-	-	-
	Shareholder Funds	€757,303	-0.5%	€761,057	14.4%	€665,441	15.4%	€576,656	4%	€554,217

Other Financial Items

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Net Worth	€757,303	-0.5%	€761,057	14.4%	€665,441	15.4%	€576,656	4%	€554,217
	Working Capital	€744,228	8.8%	€684,183	9.8%	€622,969	7.8%	€577,965	38%	€418,754
	Total Assets	€1,147,889	-19.5%	€1,425,653	16.9%	€1,219,185	12.1%	€1,087,539	8.7%	€1,000,092
	Total Liabilities	€390,586	-41.2%	€664,596	20%	€553,744	8.4%	€510,883	14.6%	€445,875
	Net Assets	€757,303	-0.5%	€761,057	14.4%	€665,441	15.4%	€576,656	4%	€554,217

Miscellaneous

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
	Capital Employed	€758,715	-30.7%	€1,094,109	5.6%	€1,036,259	5.2%	€985,147	21.4%	€811,797
	Number of Employees	-	-	-	-	-	-	-	-	-
	Auditors
	Auditor Comments	The company is exempt from audit
	Bankers	BANK OF IRELAND
	Bank Branch Code	90-05-51

Ratios

	Date Of Accounts	31/03/12	31/03/11	31/03/10	31/03/09	31/03/08
	Pre-tax profit margin %	-	-	-	-	-
	Current ratio	2.91	3.06	4.41	6.64	3.22
	Sales/Net Working Capital	-	-	-	-	-
	Gearing %	42	68.30	63.80	78.80	55.80
	Equity in %	66	53.40	54.60	53	55.40
	Creditor Days	-	-	-	-	-
	Debtor Days	-	-	-	-	-
	Liquidity/Acid Test	1.48	1.19	2.42	2.96	2.13
	Return On Capital Employed %	-	-	-	-	-
	Return On Total Assets Employed %	-	-	-	-	-
	Current Debt Ratio	0.51	0.43	0.27	0.17	0.33
	Total Debt Ratio	0.51	0.87	0.83	0.88	0.80
	Stock Turnover Ratio %	-	-	-	-	-
	Return on Net Assets Employed %	-	-	-	-	-

Status History

No Status History found

Event History

Date	Description
23/01/2013	New Accounts Filed
21/01/2013	Annual Returns
03/01/2012	New Accounts Filed
03/01/2012	New Accounts Filed
31/12/2011	Annual Returns
13/01/2011	Annual Returns
13/01/2011	New Accounts Filed
13/01/2011	New Accounts Filed
30/11/2009	Annual Returns
26/11/2009	New Accounts Filed
11/11/2008	Annual Returns
11/11/2008	New Accounts Filed
21/11/2007	Annual Returns
29/10/2007	New Accounts Filed
14/05/2003	New Board Member (TERRY MCMAHON) appointed

Previous Company Names

No Previous Names found

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Group structure

No group structure

Statistics

Group	0 companies
Linkages	0 companies
Countries	In 0 countries

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

Trade Debtors / Bad Debt Detail

No Debtor Data
Total Value	-

Previous Director/Company Secretaries

No Previous Director Details

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.48
UK Pound	1	Rs.82.72
Euro	1	Rs.71.27

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.