MIRA INFORM REPORT

Report Date :

03.03.2014

IDENTIFICATION DETAILS

Name :	DERMATECH INTERNATIONAL LTD.

Registered Office :	Unit 3 Plato Place London, SW6 4TU

Country :	United Kingdom

Financials (as on) :	31.12.2012

Date of Incorporation :	03.03.2000

Com. Reg. No.:	03939110

Legal Form :	Private Independent

Line of Business :	Agency in sale of various goods [We tried to confirm / obtain the detailed activity but the same is not available from any sources]

No. of Employees :	08

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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. 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

Company name and address

DERMATECH INTERNATIONAL LTD.

Unit 3 Plato Place


London, SW6 4TU
United Kingdom
(Trading Address) Registered Address
Map

Tel:	020 7736 9339

Suggest Company URL

Employees:	8
Company Type:	Private Independent

Quoted Status:	Non-quoted Company
Incorporation Date:	03-Mar-2000
Auditor:	Gibson Appleby

Financials in:

Fiscal Year End:	31-Dec-2012
Reporting Currency:	British Pound Sterling
Annual Sales:	1.9 ¹
Net Income:	0.3
Total Assets:	3.7

Business Description

Agency in sale of various goods.

Industry

Industry	Miscellaneous Wholesale
ANZSIC 2006:	3739 - Other Goods Wholesaling Not Elsewhere Classified
ISIC Rev 4:	4610 - Wholesale on a fee or contract basis
NACE Rev 2:	4619 - Agents involved in the sale of a variety of goods
NAICS 2012:	425120 - Wholesale Trade Agents and Brokers
UK SIC 2007:	4619 - Agents involved in the sale of a variety of goods
US SIC 1987:	5099 - Durable Goods, Not Elsewhere Classified

Key Executives

Name	Title
Joanne Duriya Margossian	Director, Secretary
Laura Toniato	Accountant

Financial Summary

FYE: 31-Dec-2012

USD (mil)

Key Figures
Current Assets	2.98
Fixed Assets	0.74
Total Liabilities	2.42
Net Worth	0.92

Key Ratios
Current Ratio	1.23
Acid Test	1.23
Debt Gearing	41.35

Registered No.(UK): 03939110

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6311738

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6190609

Corporate Overview

Location
Unit 3 Plato Place
London, SW6 4TU
London County
United Kingdom

Tel:	020 7736 9339

Sales GBP(mil):	1.2
Assets GBP(mil):	2.3
Employees:	8
Fiscal Year End:	31-Dec-2012


Industry:	Miscellaneous Capital Goods

Registered Address:
C/O Gibson Appleby
1 3 Ship Street
Shoreham By Sea, BN43 5DH
United Kingdom

Incorporation Date:	03-Mar-2000
Company Type:	Private Independent
Quoted Status:	Not Quoted
Previous Name:	Stargate Import/Export Ltd.
Registered No.(UK):	03939110


Director, Secretary:	Joanne Duriya Margossian

Industry Codes

ANZSIC 2006 Codes:
3739	-	Other Goods Wholesaling Not Elsewhere Classified

ISIC Rev 4 Codes:
4610	-	Wholesale on a fee or contract basis

NACE Rev 2 Codes:
4619	-	Agents involved in the sale of a variety of goods

NAICS 2012 Codes:
425120	-	Wholesale Trade Agents and Brokers

US SIC 1987:
5099	-	Durable Goods, Not Elsewhere Classified

UK SIC 2007:
4619	-	Agents involved in the sale of a variety of goods

Business Description

Agency in sale of various goods

More Business Descriptions

Import and Export Agents

Financial Data

Financials in:	GBP(mil)

Revenue:	1.2
Net Income:	0.2
Assets:	2.3
Current Assets:	1.8
Fixed Assets:	0.5
Long Term Debt:	0.2
Total Liabilities:	1.7
Issued Capital:	0.0
Working Capital:	0.3
Net Worth:	0.6

Date of Financial Data:	31-Dec-2012

1 Year Growth

-14.1%

Key Corporate Relationships

Auditor:	Gibson Appleby
Bank:	Bank Of Ireland

Auditor:	Gibson Appleby, Gibson Appleby

Auditor History
Gibson Appleby	31-Dec-2012
Gibson Appleby	31-Dec-2011
Gibson Appleby	31-Dec-2010
Gibson Appleby	31-Dec-2009
Gibson Appleby	31-Dec-2008

Executives Report

Board of Directors

Name

Title

Function

Joanne Duriya Margossian

Director, Secretary

Director/Board Member

Age: 40

Executives

Name

Title

Function

Joanne Duriya Margossian

Director, Secretary

Company Secretary

Age: 40

Laura Toniato

Accountant

Accounting Executive

Directors and Shareholders Report

Individual Directors
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Joanne Duriya Margossian	Current	03 May 1973	Hill Farm, Bickers Hill Road, Laxfield, Suffolk IP13 8HA	01 Jan 2005	NA	Current:2 Previous:0 Disqualifications:0
Nicole Margossian	Previous	01 Jan 1975	9 Dunworth Mews, Notting Hill, London, London W11 1LE	08 Mar 2000	31 Dec 2004	Current:0 Previous:1 Disqualifications:0
Noel Margossian	Previous	20 Dec 1940	Fulvens Hanger Fulvens, Peaslake, Guildford, Surrey GU5 9PG	07 Jul 2009	30 Sep 2011	Current:0 Previous:1 Disqualifications:0
Varouge Yervant Margossian	Previous	08 Apr 1931	Wykeham House Wykeham Rise, Totteridge Village, London, London N20 8AJ	08 Mar 2000	06 Jul 2009	Current:0 Previous:1 Disqualifications:0
Armenak Yacomb Simon Malconian	Previous	01 Apr 1936	Flat 1 Willow Court, London, London N12 8TN	03 Apr 2000	31 Dec 2007	Current:0 Previous:3 Disqualifications:0

Corporate Directors
Company Name	Status	Registered Address	Appointment Date	Resignation Date
Company Directors Limited	Previous	788-790 Finchley Road, London, London NW11 7TJ	03 Mar 2000	08 Mar 2000

Individual Secretaries
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Joanne Duriya Margossian	Current	03 May 1973	Hill Farm, Bickers Hill Road, Laxfield, Suffolk IP13 8HA	08 Mar 2000	NA	Current:2 Previous:0 Disqualifications:0

Corporate Secretaries

Company Name	Status	Registered Address	Appointment Date	Resignation Date
Temple Secretaries Limited	Previous	788-790 Finchley Road, London, London NW11 7TJ	03 Mar 2000	08 Mar 2000

Individual Shareholders

Name	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Joanne Duriya Margossian	200 1 Ordinary GBP 1.00	1 Ordinary	200	1.00	200.00	20.00
N Margossian	400 1 Ordinary GBP 1.00	1 Ordinary	400	1.00	400.00	40.00
Nicole Margossian	200 1 Ordinary GBP 1.00	1 Ordinary	200	1.00	200.00	20.00
R Margossian	200 1 Ordinary GBP 1.00	1 Ordinary	200	1.00	200.00	20.00

Corporate Shareholders

There are no corporate shareholders for this company.

Annual Profit & Loss

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.631174	0.623776	0.647573	0.641508	0.545576
Consolidated	No	No	No	No	No

Turnover (UK)	0.0	0.0	0.0	0.0	0.0
Turnover (Exports)	1.9	2.3	2.3	1.8	1.9
Total Turnover	1.9	2.3	2.3	1.8	1.9
Cost of Sales	-	-	-	-	0.0
Total Expenses	1.5	2.1	2.1	1.8	-
Gross Profit	-	-	-	-	1.9
Depreciation	0.0	0.0	0.0	0.0	0.0
Other Expenses	-	-	-	-	1.9
Operating Profit	0.4	-	0.1	0.0	0.0
Other Income	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0	0.0
Exceptional Income	0.0	0.0	0.0	0.0	0.0
Discontinued Operations	-	-	0.0	-	-
Profit Before Taxes	0.4	0.2	0.1	0.0	0.1
Tax Payable / Credit	0.1	0.0	0.0	0.0	0.0
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	0.0	0.0	0.0	0.0	0.1
Profit After Taxes	0.3	0.2	0.1	0.0	-0.1
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Directors Remuneration	0.2	0.7	0.7	0.6	0.3
Highest Paid Director	0.2	0.7	-	-	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.619061	0.643459	0.638712	0.619253	0.695531
Consolidated	No	No	No	No	No

Land & Buildings	0.7	0.7	0.7	0.0	0.0
Fixtures & Fittings	0.0	0.0	0.0	0.0	0.0
Plant & Vehicles	0.0	0.0	0.0	0.0	0.0
Total Tangible Fixed Assets	0.7	0.7	0.7	0.1	0.1
Intangible Assets	0.0	0.0	0.0	0.0	0.0
Investments	0.0	0.0	0.0	0.0	0.0
Total Fixed Assets	0.7	0.7	0.7	0.1	0.1
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
Other Debtors	0.0	0.0	0.1	0.1	0.1
Total Debtors	0.0	0.0	0.1	0.1	0.1
Cash and Equivalents	2.9	2.6	2.8	3.1	0.5
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	3.0	2.6	2.8	3.1	0.6
Total Assets	3.7	3.3	3.5	3.2	0.6
Trade Creditors	1.7	1.6	2.7	2.6	0.3
Bank Overdraft	0.0	0.0	-	-	-
Inter-Company Creditors	0.0	-	-	-	-
Director Loans (Current Liability)	0.0	-	-	0.0	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	-	-	-	-
Accruals/Deferred Income (Current Liability)	0.0	-	-	-	-
Social Security/VAT	0.0	0.0	-	-	0.0
Corporation Tax	0.1	0.0	0.0	0.0	0.0
Dividends (Current Liability)	0.0	-	-	-	-
Other Current Liabilities	0.6	0.7	0.4	0.3	0.0
Total Current Liabilities	2.4	2.4	3.1	2.9	0.4
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	0.4	0.4	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	0.4	0.4	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	0.0	0.0	0.0	0.0	0.0
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	0.9	0.6	0.4	0.3	0.3
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	0.9	0.6	0.4	0.3	0.3
Net Worth	0.9	0.6	0.4	0.3	0.3

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.631174	0.623776	0.647573	0.641508	0.545576
Consolidated	No	No	No	No	No

Annual Ratios

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.619061	0.643459	0.638712	0.619253	0.695531
Consolidated	No	No	No	No	No

Current Ratio	1.23	1.12	0.91	1.09	1.54
Liquidity Ratio	1.23	1.12	0.91	1.09	1.54
Working Capital by Sales	28.47%	12.45%	-11.84%	14.50%	13.58%
Return on Capital	32.32%	20.03%	33.42%	11.29%	23.62%
Return on Assets	11.29%	5.81%	4.07%	1.14%	9.65%
Profit Margin	21.48%	8.78%	6.22%	1.94%	4.09%
Return on Shareholders Funds	45.68%	33.63%	33.42%	11.29%	23.62%
Borrowing Ratio	43.88%	71.78%	-	-	2.18%
Equity Gearing	24.72%	17.26%	12.19%	10.09%	40.85%
Debt Gearing	41.35%	67.88%	-	-	-
Interest Coverage	31.10	19.75	-	-	-
Sales by Tangible Assets	263.00	318.00	329.00	3,760.00	2,677.00
Creditor Days (Cost of Sales Based)	324.02	262.61	424.43	500.69	-
Creditor Days (Sales Based)	324.02	262.61	424.43	500.69	82.21

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.07
UK Pound	1	Rs.103.61
Euro	1	Rs.85.03

INFORMATION DETAILS

Report Prepared by :

NIS

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.