MIRA INFORM REPORT

Report Date :

25.04.2014

IDENTIFICATION DETAILS

Name :	X-SELL SERVICES LIMITED

Registered Office :	Suite 2.8 Central House 1 Ballards Lane London N3 1LQ

Country :	United Kingdom

Financials (as on) :	31.03.2013

Date of Incorporation :	07.04.2009

Com. Reg. No.:	06872787

Legal Form :	Private limited with Share Capital

Line of Business :	Agents Specialized In The Sale Of Other Particular Products

No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 :	Slow

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 – September 30, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

United Kingdom

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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. 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, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. 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. Falling 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 included 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 about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to 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 £375 billion (approximately $605 billion) as of December 2013. 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, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

Source : CIA

Summary – Company Information

Company Name	X-SELL SERVICES LIMITED	Company Number	06872787
Registered Address	SUITE 2.8 CENTRAL HOUSE 1 BALLARDS LANE LONDON N3 1LQ	Trading Address	Suite 2.8 Central House 1 Ballards Lane London N3 1LQ
Website Address	-
Telephone Number	-
TPS	-
Incorporation Date	07/04/2009	Company Status	Active - Accounts Filed
Previous Name		Type	Private limited with Share Capital
Date of Change	-	Filing Date of Accounts	16/12/2013
		Share Capital	£4
SIC03	5118	Currency	GBP
SIC03 Description	Agents in particular products
SIC07	46180
SIC07 Description	AGENTS SPECIALIZED IN THE SALE OF OTHER PARTICULAR PRODUCTS
Principal Activity

Trading Addresse

104 Lichfield Grove, Finchley Central, London N3 2JN, United Kingdom

Commentary

No exact match CCJs are recorded against the company.
There has been no significant change in the company's credit limit.
There is insufficient data to indicate a change in this company's percentage of sales.
Net Worth increased by 41.8% during the latest trading period.
A 16.4% growth in Total Assets occurred during the latest trading period.
There is insufficient data to indicate a change in this company's pre-tax profit.
The company saw an increase in their Cash Balance of 865.6% during the latest trading period.
The company is exempt from audit.
No recent changes in directorship are recorded.
The company is not part of a group.
The movement in accumulated earnings would indicate that the company made a profit after tax and other appropriations, including dividends.
The company was established over 4 years ago.

Summary – Payment History

Last 3 Years Credit Rating/Limit

Date	Rating	Limit
31/12/2013	40	£500
31/12/2012	5	£0
31/12/2011	9	£0

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/03/2013	-	-	-£8,095	-
31/03/2012	-	-	-£12,617	-
31/03/2011	-	-	-£2,885	-

Payment Information Summary

Days Beyond Terms

Trend Indicator

Average Payment Experience

N/A	16
Company DBT	UK Average DBT

Steady

Improving Worsening

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Within Terms 91+ Days

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	0
Satisfied	0

Directors

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

Current Directors

Name	Deepak Hingorani	Date of Birth	08/01/1957
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	07/04/2009
Address	Suite 2.8 Central House, 1 Ballards Lane, London, N3 1LQ

Current Company Secretary

Name	AVAR SECRETARIES LIMITED	Date of Birth	-
Officers Title		Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	07/04/2009
Address	Suite 2.8 Central House, 1 Ballards Lane, London, N3 1LQ

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
MR DEEPAK HINGORANI	GBP	2	ORDINARY	1	50
SARLA SHIVO HINGORANI	GBP	1	ORDINARY	1	25
GAURAV NIKI HINGORANI	GBP	1	ORDINARY	1	25

Financials

Profit & Loss

Date Of Accounts	31/03/13	31/03/12	31/03/11	31/03/10	-
Weeks	52	52	52	52	-
Currency	GBP	GBP	GBP	GBP	-
Consolidated A/cs	N	N	N	N	-
Turnover	-	-	-	-	-
Export	-	-	-	-	-
Cost of Sales	-	-	-	-	-
Gross Profit	-	-	-	-	-
Wages & Salaries	-	-	-	-	-
Directors Emoluments	-	-	-	-	-
Operating Profit	-	-	-	-	-
Depreciation	£277	-	-	-	-
Audit Fees	-	-	-	-	-
Interest Payments	-	-	-	-	-
Pre Tax Profit	-	-	-	-	-
Taxation	-	-	-	-	-
Profit After Tax	-	-	-	-	-
Dividends Payable	-	-	-	-	-
Retained Profit	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/03/13	31/03/12	31/03/11	31/03/10	-
Tangible Assets	£556	0	0	0	-
Intangible Assets	£4,571	£9,143	£13,714	£18,285	-
Total Fixed Assets	£5,127	£9,143	£13,714	£18,285	-
Stock	0	0	0	0	-
Trade Debtors	£11,679	£43,270	£60,379	£144,522	-
Cash	£50,249	£5,204	£1,131	£174	-
Other Debtors	0	0	0	0	-
Miscellaneous Current Assets	0	0	0	0	-
Total Current Assets	£61,928	£48,474	£61,510	£144,696	-
Trade Creditors	£75,150	£70,234	£78,109	£154,591	-
Bank Loans & Overdrafts	0	0	0	0	-
Other Short Term Finance	0	0	0	0	-
Miscellaneous Current Liabilities	0	0	0	0	-
Total Current Liabilities	£75,150	£70,234	£78,109	£154,591	-
Bank Loans & Overdrafts and LTL	0	0	0	0	-
Other Long Term Finance	0	0	0	0	-
Total Long Term Liabilities	0	0	0	0	-

Capital & Reserves

Date Of Accounts	31/03/13	31/03/12	31/03/11	31/03/10	-
Called Up Share Capital	£4	£4	£4	£4	-
P & L Account Reserve	-£8,099	-£12,621	-£2,889	£8,386	-
Revaluation Reserve	-	-	-	-	-
Sundry Reserves	-	-	-	-	-
Shareholder Funds	-£8,095	-£12,617	-£2,885	£8,390	-

Other Financial Items

Date Of Accounts	31/03/13	31/03/12	31/03/11	31/03/10	-
Net Worth	-£12,666	-£21,760	-£16,599	-£9,895	-
Working Capital	-£13,222	-£21,760	-£16,599	-£9,895	-
Total Assets	£67,055	£57,617	£75,224	£162,981	-
Total Liabilities	£75,150	£70,234	£78,109	£154,591	-
Net Assets	-£8,095	-£12,617	-£2,885	£8,390	-

Cash Flow

Date Of Accounts	31/03/13	31/03/12	31/03/11	31/03/10	-
Net Cashflow from Operations	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-
Increase in Cash	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/03/13	31/03/12	31/03/11	31/03/10	-
Contingent Liability	NO	NO	NO	NO	-
Capital Employed	-£8,095	-£12,617	-£2,885	£8,390	-
Number of Employees	-	-	-	-	-
Auditors
Auditor Comments	The company is exempt from audit
Bankers
Bank Branch Code

Ratios

Date Of Accounts	31/03/13	31/03/12	31/03/11	31/03/10	-
Pre-tax profit margin %	-	-	-	-	-
Current ratio	0.82	0.69	0.79	0.94	-
Sales/Net Working Capital	-	-	-	-	-
Gearing %	0	0	0	0	-
Equity in %	-13	-26	-4.70	5.80	-
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	0.82	0.69	0.78	0.93	-
Return On Capital Employed %	-	-	-	-	-
Return On Total Assets Employed %	-	-	-	-	-
Current Debt Ratio	-9.28	-5.56	-27.07	18.42	-
Total Debt Ratio	-9.28	-5.56	-27.07	18.42	-
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-	-	-	-

Event History

Status History

No Status History found

Event History

Date	Description
21/12/2013	New Accounts Filed
23/10/2013	Annual Returns
04/02/2013	New Accounts Filed
22/10/2012	Annual Returns
05/01/2012	New Accounts Filed
05/10/2011	Annual Returns
02/02/2011	New Accounts Filed
27/10/2010	Annual Returns
08/06/2010	Change in Reg.Office
08/06/2010	Change of Company Postcode
05/10/2009	Annual Returns
09/04/2009	Change of Name
09/04/2009	Change in Reg.Office
09/04/2009	Change of Company Postcode
09/04/2009	New Board Member Mr D. Hingorani appointed

Rating History

Date	Rating	Description
21/12/2013	40	Creditworthy
04/02/2013	22	Caution - Credit at your discretion
01/02/2013	19	Caution - Credit at your discretion
05/01/2013	Not Rated	Financial Statements too old
22/12/2012	5	Caution - Credit at your discretion
05/01/2012	19	Caution - Credit at your discretion
04/01/2012	30	Creditworthy
01/01/2012	Not Rated	Financial Statements too old
18/12/2011	9	Caution - Credit at your discretion
06/10/2011	30	Creditworthy

Limit History

Date	Limit
21/12/2013	£500
05/01/2012	£0
04/01/2012	£500
18/12/2011	£0
06/10/2011	£500
05/10/2011	£0
02/02/2011	£500
26/10/2010	£0
05/10/2009	£500
09/04/2009	£500

Previous Company Names

No Previous Names found

Group Structure

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group structure

No group structure

Linkages

Statistics

Group	0 companies
Linkages	0 companies
Countries	In 0 countries

Full CCJ Details

Exact CCJ Details

No CCJs found

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

Creditor & Debtor Details

Creditor Details

	No Creditor Data
Total Value		-

Trade Debtors / Bad Debt Detail

	No Debtor Data
Total Value		-

Directors

Previous Director/Company Secretaries

No Previous Director Details

Trade Payment Data

Average Invoice Value	n/a
Invoices available	n/a
Paid	n/a
Outstanding	n/a

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid
Outstanding

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.06
UK Pound	1	Rs. 102.76
Euro	1	Rs. 84.48

INFORMATION DETAILS

Analysis Done by :	RSM

Report Prepared by :	DPT

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.