Czech, Moravian & Slovak Chemicals Ltd page no. : 1

Attachment 1

Report Update On	11^th December, 1999
Correct Name	CZECH, MORAVIAN AND SLOVAK CHEMICALS LIMITED
Registered Office	Bletchington Park, Bletchington, Kidlington, Oxfordshire, OX5 3DW, U.K.
Tel. No.	01865 396439
Fax No.
E-Mail
Telex

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

Attachment 2

S U M M A R Y

Incorporated	1992	Status	Moderate
Registration No.	02759529	Chief Executive	Mr. Marilyn Frances Jarrett
Capital (GB£)	100	Payments	Slow
Sales (GB£)	4,008,000	Litigation	--
Net Worth (GB£)	(-) 122,000	Banking Reputation	Satisfactory
No. of Employees	7	Auditors	Miell & Company
Credit Rating	C (See attachment 3)

Company Identification Details

Subject Reported on	CZECH, MORAVIAN AND SLOVAK CHEMICALS LIMITED
Registered Number	02759529
Address	THE QUORUM, OXFORD BUSINESS PARK, OXFORD, OX4 2JZ.
Telephone	01865 396 439

Creditline Recommendations

Graydon Rating	0D Less than GBP 1 - This does not necessarily mean the company is not creditworthy
Monthly Credit Guide	GBP 0
Risk Category	HIGH RISK

Credit Risk Assessment

Cash transactions are advised

Official Company Data

Legal Form	Private Limited
Registration Number	02759529
VAT Number	GB585164517
Date of Incorporation	27/10/1992
Registered Office	BLETCHINGDON PARK, BLETCHINGDON, KIDLINGTON, OXFORDSHIRE, OX5 3DW.
History	13/03/1998 The Registered Office address changed from BIRKBY GRANGE, 85 BIRKBY HALL ROAD, HUDDERSFI. 22/07/1998 The Registered Office address changed from TEMPLE FIELDS, HARLOW, ESSEX, CM20 2BH, CM20. 04/06/1999 The Registered Office address changed from THE QUORUM, OXFORD BUSINESS PARK, OXFORD, OXF. 13/12/1995 The Registered Office address changed from DEIGHTON WORKS, PO BOX B22 LEEDS ROAD, HUDDER. 20/11/1992 Change of name from APPAZ LIMITED.
Date of Last Annual Return to Registry	27/10/1998
Accounts	The last filed accounts at Companies House are those to 31/12/1998

Registered Charges

Details of the most recent documents

Date Received	Type	Description
23/11/1998	395	Particulars of a mortgage or charge

There have been 1 registered charge documents filed at CRO since 1987

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Known Directors

Secretary	MARILYN FRANCES JARRETT
Address	47 WARKWORTH CLOSE, BANBURY, OXFORDSHIRE, OX16 0UL.
Country of Origin	UNITED KINGDOM
Other Directorships	RINVOL LTD., CMS CHEMICAL HOLDINGS LIMITED, THE IMPERIAL RAILWAY CO. LIMITED, VALENTIA AIR LIMITED.
Director	DR MICHAEL JOHN PEAGRAM
Address	BLETCHINGDON PARK, BLETCHINGDON, OXFORD, OXFORDSHIRE, OX5 3DW.
Country of Origin	UNITED KINGDOM
Other Directorships	YULE CATTO & CO PUBLIC LIMITED COMPANY, RINVOL LTD., COSMOS COLOURS LIMITED, SHOPLAN UK LIMITED, SIMCO 408 LIMITED, CMS CHEMICAL HOLDINGS LIMITED, CRC GROUP PLC, THE IMPERIAL RAILWAY CO. LIMITED, VALENTIA AIR LIMITED, STRAMAR INDUSTRIES LIMITED, WHITE ROSE TECHNOLOGY LIMITED.
Director	LYNVA JANE RUSSELL
Address	BRYN HEAD ROTCHER, HOLMFIRTH, HUDDERSFIELD.
Country of Origin	UNITED KINGDOM
Director	VANESSA MARY EASTWICK-FIELD
Address	155 BEANFIELD AVENUE, COVENTRY, WEST MIDLANDS, CV3 6NY.
Country of Origin	UNITED KINGDOM
Other Directorships	CMS CHEMICAL HOLDINGS LIMITED, BOHEMIAN ARTS LIMITED.
Director	ALAN PAUL ROBSON
Address	4 QUEENS ROAD, CHOLSEY, WALLINGFORD, OXFORDSHIRE, OX10 9QP.
Country of Origin	UNITED KINGDOM
Other Directorships	CMS CHEMICAL HOLDINGS LIMITED, BOHEMIAN ARTS LIMITED.
Director	JAMES BRYCE
Address	78 SILVER CRESCENT, CHISWICK, LONDON, W4 5SE.
Country of Origin	UNITED KINGDOM
Other Directorships	CMS CHEMICAL HOLDINGS LIMITED, BOHEMIAN ARTS LIMITED.

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	100
Principal Shareholder	19 Shares Holliday Chemical Holdings PLC

The above reflects the principal shareholder(s) by number of shares held, irrespective of share classification type.

Holding Company	CMS CHEMICAL HOLDINGS LTD
Ultimate Parent	Yule Catto & Co. PLC

Public Record Information

Summary of CCJs/Scottish Decrees since January 1997

Number of CCJs/Decrees 0

Total Amount of CCJs/Decrees GBP 0

Payment Analysis

Analysis indicates that the subject pays its suppliers on average between 60 and 69 days.

To contribute sales ledger information to Graydon, please contact Specialist Product Division, on 0181 975 1050 or email at peter.webber@graydon.co.uk

Operations

In order to ensure the accuracy of this report, certain information has been verified with the subject.

Activities	THE DISTRIBUTION OF CHEMICALS
Nace Code	5155 (1992)
Premises	Leased, Offices.
Staff Employed	7
Trade Names	CMS CHEMICALS
Import countries	CZECHOSLOVAKIA
Export countries	ALL OVER THE WORLD
Branches	OFFICES IN PRAGUE AND SLOVAKIA
Bankers	NATIONAL WESTMINSTER BANK PLC, 8 MARKET PLACE, HUDDERSFIELD, HD1 2AL.
Bank Sort Code	536107
Auditors	Miell & Co

Financial Data

Profit & Loss Account

The following figures are shown in 000's

Number of weeks	52	52	52	52
	31/12/1998	31/12/1997	31/12/1996	31/12/1995
Currency	GBP	GBP	GBP	GBP
SALES	4008	4242	3479	2975
UK sales	464	1454	1118	482
Export	3544	2788	2361	2493
Cost of goods sold	3515	3721	2992	2534
GROSS PROFIT	493	521	487	441
Wages and Salaries	203	172	163	130
Directors Emoluments	123	110	110	60
Auditors Fees	6	8	8	7
Non-Audit Fees	-	-	4	-
Trading Profit	52-	83	90-	28
Depreciation	21	15	9	4
OPERATING PROFIT	73-	68	99-	24
Non Trading Income	92-	9	13	-
Interest payable	46	59	11	7
PRE TAX PROFIT	211-	18	97-	17
Taxation	8-	5	29-	25
PROFIT AFTER TAX	203-	13	68-	8-
RETAINED PROFITS	203-	13	68-	8-

Balance Sheet

The following figures are shown in 000's

Number of weeks	52	52	52	52
	31/12/1998	31/12/1997	31/12/1996	31/12/1995
Currency	GBP	GBP	GBP	GBP
TOTAL FIXED ASSETS	60	60	55	18
Tangible Assets	60	60	55	18
Fixed Assets	60	60	55	18
TOTAL CURRENT ASSETS	1106	1177	992	1217
Trade debtors	916	427	320	660
Stocks	8	249	133	84
Other Current Assets	182	501	539	473
Misc. Current Assets	28	42	78	27
Due From Group	55	239	457	210
Cash	99	220	4	236
TOTAL ASSETS	1166	1237	1047	1235
TOTAL CURRENT LIABILITIES	1288	1256	1079	1199
Trade creditors	692	460	513	937
Short Term Loans	545	731	498	10
Bank Overdraft	365	674	434	-
Other Finance	180	-	-	-
Due To Group	-	57	64	10
Other Liabilities	51	65	68	252
WORKING CAPITAL	182-	79-	87-	18
NET ASSETS/ (LIABILITIES)	122-	19-	32-	36
SHARE CAPITAL & RESERVES
Share Cap. & Sundry Res.	135	35	35	35
Issued Share Capital	100	-	-	-
Sundry Reserves	35	35	35	35
Profit and Loss account	257-	54-	67-	1
SHAREHOLDERS FUNDS	122-	19-	32-	36
CAPITAL EMPLOYED	122-	19-	32-	36

Financial Comparison

The following Profit/Loss & Balance sheet figures are shown in 000's

Number of weeks	52	52	52	52
	31/12/1998	31/12/1997	31/12/1996	31/12/1995
Currency	GBP	GBP	GBP	GBP
Net Cashflow from Oper.	155	42	-	-
Increase in Cash	121-	216	-	-
Directors Remuneration	123	110	110	60
Auditors Remuneration	6	8	8	7
Liquid Assets	1015	647	324	896
Net Working Capital	182-	79-	87-	18
Tangible Net Worth(T.N.W)	122-	19-	32-	36
Equity	122-	19-	32-	36
Number of Years Trading	6	5	4	3
Number of Employees	7	7	5	5
Profit per Employee	30142.9-	2571.4	19400.0-	3400.0
Sales per Employee	572571.4	606000.0	695800.0	595000.0

Key Credit Ratios

	31/12/1998	31/12/1997	31/12/1996	31/12/1995
Current Ratio	0.9	0.9	0.9	1.0
Profit before Tax %	5.3-	0.4	2.8-	0.6
Gross Profit %	12.3	12.3	14.0	14.8
Debtors Days (D.S.O)	83	37	34	81
Creditors Days (D.P.O)	63	40	54	115
Quick Ratio	0.9	0.7	0.8	0.9
W.I.P/Inventory Days	0.8	24.4	16.2	12.1
Return on Investment %	39.0-	10.8	18.5-	52.2
Return on Assets %	18.1-	1.5	9.3-	1.4
Growth %	5.5-	21.9	16.9	-
T.N.W/Total Assets %	10.5-	1.5-	3.1-	2.9
Return on Capital %	173.0	94.7-	-	47.2
Rtn on Shareholders Funds%	173.0	94.7-	-	47.2
Working Capital/Sales %	4.5-	1.9-	2.5-	0.6
Borrowing Ratio %	446.7-	3847.4-	1556.3-	27.8
Equity Gearing %	9.5-	1.5-	3.0-	3.0
Stock Turnover	501.0	17.0	26.2	35.4
Days Purchases Outstanding	71.9	45.1	62.6	135.0

Key Industry Sector Trends

Year	1999	1998	1997	1996
Sample Size	771	4846	5435	5392
1) Pre-Tax Profit Margin	3.3	3.0	2.8	2.6
2) Current Ratio	1.5	1.4	1.3	1.3
3) Borrowing Ratio	89.6	117.1	119.4	123.7
4) Return on Capital	23.2	23.7	25.2	23.5
5) Creditors Days	50.0	70.0	63.0	65.0

Above figures relate to companies in 1992 Standard Industry Classification (Nace) sector : and scrap

Financial Summary

Auditors Report	The Auditors have either qualified their opinion on the accounts for 31/12/1998 or emphasised a matter of fundamental uncertainty. The qualification/matter specifically relates to the going concern concept which has only been adopted assuming certain parties continue their financial support.
Turnover	Turnover reduced from GBP 4,242,000 to GBP 4,008,000, a decrease of 6 % in the period.
Operating Loss	Totalled GBP 73,000. In the year prior a Profit of GBP 68,000 was achieved.
Pre-Tax Profit	The subject made a loss of GBP 211,000 in the period compared with a profit of GBP 18,000 in the previous period.
Working Capital	The company's working capital deficiency increased in the period and now totals GBP 182,000.