MIRA INFORM REPORT

Report Date :

05.03.2013

IDENTIFICATION DETAILS

Name :	SOX EXPRESS LIMITED
Registered Office :	Ida Industrial Estate Lisfannon, Buncrana, Co Donegal 999945
Country :	Ireland
Financials (as on) :	31.12.2010
Date of Incorporation :	27.01.2009
Com. Reg. No.:	IE466722
Legal Form :	Private limited with Share Capital
Line of Business :	Agents in Textiles, Clothing, Footwear & Leather Goods
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

CA

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
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)
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

REGISTERED NAME & COMPANY SUMMARY

Company Name	SOX EXPRESS LIMITED	Company Number	IE466722
Registered Address	IDA INDUSTRIAL ESTATE LISFANNON
	BUNCRANA
	CO DONEGAL
	999945
Website Address	-
Telephone Number	-	Fax Number
TPS	-	FPS	No
Incorporation Date	27/01/2009	Company Status	Financial Statements too old
Previous Name		Type	Private limited with Share Capital
Date of Change	-	Filing Date of Accounts	-
		Share Capital	€60
SIC03	5116	Currency	EUR
SIC03 Description	AGENTS IN TEXTILES, CLOTHING, FOOTWEAR & LEATHER GOODS
SIC07
SIC07 Description
Principal Activity

DIRECTORS/MANAGEMENT

Total Current Directors	4
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	1

Current Directors

Name	SAMUEL JAMES CONDIT	Date of Birth	06/05/1946
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	29/05/2009
Address	ALCOT HOUSE, 101 GLENSHANE ROAD, LONDONDERRY, BT47 3SF
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	ALAN GEORGE CONDIT	Date of Birth	08/11/1972
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	29/05/2009
Address	8 CLARENDON GARDENS, MAIDA VALE, LONDON, W9 1AY
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	LETITIA MCDAID	Date of Birth	08/04/1969
Officers Title		Nationality

Present Appointments	1	Function	Director
Appointment Date	27/01/2009
Address	COCKHILL ROAD, BUNCRANA, CO. DONEGAL
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	FRANK FRIEL	Date of Birth	20/10/1935
Officers Title		Nationality
Present Appointments	6	Function	Director
Appointment Date	27/01/2009
Address	LISFANNON HEIGHTS, FAHAN, CO DONEGAL
Other Actions	View Director Report

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

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
SOUTHERN CIRCLE LTD	EUR	50	ORDINARY	1	83.33
INGLEBY LTD	EUR	10	ORDINARY	1	16.67

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

Average Payment Experience

N/A	10
Company DBT	IE Average DBT

Steady

Improving Worsening

Be the first to leave a payment experience
for
Within Terms 91+ Days

GROUP STRUCTURE & AFFILIATED COMPANIES

Group	2 companies
Linkages	3 companies
Countries	In 2 countries

Summary

Holding Company	-
Ownership Status	Intermediately Owned
Ultimate Holding Company	SOUTHERN CIRCLE LTD

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
SOUTHERN CIRCLE LTD	N/A	-	-
SOX EXPRESS LIMITED	IE466722	31.12.2010	N

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2010	-	-	-€284,481	-
31/12/2009	-	-	-€91,487	-

Profit & Loss

	Date Of Accounts	31/12/10	(%)	31/12/09	(%)	-	(%)	-	(%)	-
	Weeks	52	(%)	48	(%)	-	(%)	-	(%)	-
	Currency	EUR	(%)	EUR	(%)	-	(%)	-	(%)	-
	Consolidated A/cs	N	(%)	N	(%)	-	(%)	-	(%)	-
	Turnover	-	-	-	-	-	-	-	-	-
	Export	-	-	-	-	-	-	-	-	-
	Cost of Sales	-	-	-	-	-	-	-	-	-
	Gross Profit	-	-	-	-	-	-	-	-	-
	Wages & Salaries	-	-	-	-	-	-	-	-	-
	Directors Emoluments	-	-	-	-	-	-	-	-	-
	Operating Profit	-	-	-	-	-	-	-	-	-
	Depreciation	-	-	-	-	-	-	-	-	-
	Audit Fees	-	-	-	-	-	-	-	-	-
	Interest Payments	-	-	-	-	-	-	-	-	-
	Pre Tax Profit	-	-	-	-	-	-	-	-	-
	Taxation	-	-	-	-	-	-	-	-	-
	Profit After Tax	-	-	-	-	-	-	-	-	-
	Dividends Payable	-	-	-	-	-	-	-	-	-
	Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

	Date Of Accounts	31/12/10	(%)	31/12/09	(%)	-	(%)	-	(%)	-
	Tangible Assets	€66,986	-10.6%	€74,910	-	-	-	-	-	-
	Intangible Assets	0	-	0	-	-	-	-	-	-
	Total Fixed Assets	€66,986	-10.6%	€74,910	-	-	-	-	-	-
	Stock	€136,573	-	0	-	-	-	-	-	-
	Trade Debtors	€590,631	347.4%	€132,011	-	-	-	-	-	-
	Cash	€357,309	595.7%	€51,360	-	-	-	-	-	-
	Other Debtors	0	-	0	-	-	-	-	-	-
	Miscellaneous Current Assets	0	-	0	-	-	-	-	-	-
	Total Current Assets	€1,084,513	491.4%	€183,371	-	-	-	-	-	-
	Trade Creditors	€64,283	104.6%	€31,423	-	-	-	-	-	-
	Bank Loans & Overdrafts	0	-	0	-	-	-	-	-	-
	Other Short Term Finance	0	-	0	-	-	-	-	-	-
	Miscellaneous Current Liabilities	€1,033,799	999.9%	€48,069	-	-	-	-	-	-
	Total Current Liabilities	€1,098,082	999.9%	€79,492	-	-	-	-	-	-
	Bank Loans & Overdrafts and LTL	€337,898	25%	€270,276	-	-	-	-	-	-
	Other Long Term Finance	0	-	0	-	0	-	-	-	-
	Total Long Term Liabilities	€337,898	25%	€270,276	-	-	-	-	-	-

Capital & Reserves

Date Of Accounts	31/12/10	(%)	31/12/09	(%)	-	(%)	-	(%)	-
Called Up Share Capital	€60	-	€60	-	-	-	-	-	-
P & L Account Reserve	-€284,541	-210.8%	-€91,547	-	-	-	-	-	-
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	-€284,481	-211%	-€91,487	-	-	-	-	-	-
Date Of Accounts	31/12/10	(%)	31/12/09	(%)	-	(%)	-	(%)	-
Called Up Share Capital	€60	-	€60	-	-	-	-	-	-
P & L Account Reserve	-€284,541	-210.8%	-€91,547	-	-	-	-	-	-
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	-€284,481	-211%	-€91,487	-	-	-	-	-	-

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Mortgage Summary

Outstanding	0
Satisfied	0

Current Company Secretary

Name	FRANK FRIEL	Date of Birth	20/10/1935
Officers Title		Nationality
Present Appointments	6	Function	Company Secretary
Appointment Date	27/01/2009
Address	LISFANNON HEIGHTS, FAHAN, CO DONEGAL

Status History

No Status History found

Event History

Date	Description
04/10/2011	New Accounts Filed
04/10/2011	New Accounts Filed
03/10/2011	Annual Returns
28/09/2010	Annual Returns
28/09/2010	New Accounts Filed
12/01/2010	Annual Returns
12/01/2010	Annual Returns
12/01/2010	Annual Returns
12/01/2010	Annual Returns
29/05/2009	New Board Member (ALAN GEORGE CONDIT) appointed
29/05/2009	New Board Member (SAMUEL JAMES CONDIT) appointed
27/01/2009	USMAN SHAFI has left the board
27/01/2009	New Board Member (LETITIA MCDAID) appointed
27/01/2009	New Board Member (USMAN SHAFI) appointed
27/01/2009	New Board Member (FRANK FRIEL) appointed

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.48
UK Pound	1	Rs.82.71
Euro	1	Rs.71.27

INFORMATION DETAILS

Report Prepared by :

NLM

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.