Credit Assessment: CORVIA LIMITED (07011600)

1. Credit Opinion: CONDITIONAL

The credit opinion is CONDITIONAL due to the absence of filed financial statements in the data provided, combined with a ownership structure that introduces significant leverage risk. While the company demonstrates positive administrative compliance indicators, the "Bidco" ownership structure—characteristic of private equity acquisitions—raises material concerns regarding debt loading, inter-company obligations, and the true equity cushion available to unsecured creditors. Any credit facility should be contingent upon receiving and satisfactorily reviewing the latest filed accounts, group structure documentation, and inter-company position details.

2. Financial Strength

Limited data available for assessment. The share capital stands at £30,000, which is modest for an IT services business incorporated in 2009. However, this figure alone is insufficient to evaluate balance sheet health.

Critical concern: Ownership structure. The PSC register reveals that Ishtar Bidco Limited holds more than 75% of shares, more than 75% of voting rights, and the right to appoint/remove directors. "Bidco" entities are typically special purpose acquisition vehicles used in leveraged buyouts. This structure strongly suggests:

• The company is part of a private equity-backed group
• Group-level debt may sit above this entity
• Dividend and cash extraction policies may prioritise shareholder returns over creditor protection
• Inter-company loans or charges may exist that subordinate trade creditors

Mr John Alan Clarfelt holds between 25-50% of shares, likely representing management equity participation—a common feature in PE-backed structures.

Without sight of filed accounts, the true net asset position, leverage ratios, and capital adequacy cannot be determined.

3. Cash Flow Assessment

No financial data available to assess liquidity position, working capital, or cash generation capability.

The following information would be required for proper evaluation: - Current assets and current liabilities to calculate the current ratio - Net current assets/liabilities position (working capital) - Trade creditors and trade debtors aging - Cash and cash equivalents - Operating profit and EBITDA for debt service coverage calculations - Inter-company balances and their terms

The company's description—"Ticketer is here to make public transport personal"—suggests a technology platform serving the transport sector. This may involve recurring revenue models (SaaS), which can provide predictable cash flows. However, this assumption requires verification through filed accounts.

4. Monitoring Points

If a facility is advanced, the following require ongoing monitoring: