MIRA INFORM REPORT

Report Date :

11.09.2007

IDENTIFICATION DETAILS

Name :	TENNANTS TEXTILE COLOURS LIMITED
Registered Office :	69 Grosvenor Street, London, W1K 3BP
Country :	Ireland
Financials (as on) :	31.12.2005
Date of Incorporation :	30/03/1949
Com. Reg. No.:	00466545
Legal Form :	Private Limited Liability Company (GB)
Line of Business :	Pigment colours and dyestuffs manufacturers.

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

Company Identification Details

Subject Reported on	TENNANTS TEXTILE COLOURS LIMITED
Ultimate Holding Company	TENNANTS TEXTILE COLOURS LTD
Trading Address	31-33 RAVENHILL RD,BELFAST,BT6 8DP
Telephone	028-9045-1396

	Low Risk - There is a high degree of confidence this company will prove good for the assigned Credit Limit
Credit Limit	GBP   779,400
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	GBP   5,576,000
	Buying from this company? The Contract Limit is the recommended aggregate annual value for supply contracts.

Official Company Data

Legal Form	Private Limited Liability Company (GB)
Registration Number	00466545
Date of Incorporation	30/03/1949
Registered Office	69 Grosvenor Street, London, W1K 3BP
Date of Last Annual Return to Registry	01/04/2007
Activities	Pigment colours and dyestuffs manufacturers.
Accounts	The last filed accounts cover the period to 31/12/2005 and were filed on 17/10/2006

Recently Filed Documents

Details of the most recent documents

Date Received	Description
01/04/2007	Annual Return
31/12/2005	Financial Statement / Set of Accounts

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

Known Directors

DIRECTOR	GEORGE WILLIAM ALTON
Occupation
Address	2,  CASTLEKARIA MANOR CASTLEHILL ROAD , BELFAST , CO ANTRIM , BT4 3QL
Country of Origin	BRITISH
Date of Birth	05/07/1951
Appointment Date	17/03/1992
Other Appointments	TENNANTS TEXTILE COLOURS LIMITED, TENNANTS ORGANIC PIGMENTS LIMITED
DIRECTOR	KENNETH ALSTON ALEXANDER  (One or more of this director's other companies has adverse information related to it)
Occupation	COMPANY DIRECTOR
Address	MANOR FARM ,  CROOKHAM COMMON , THATCHAM , BERKS ,
Country of Origin	BRITISH
Date of Birth	21/11/1928
Appointment Date	01/04/1991
Other Appointments	SYNTHITE LIMITED, CHEMICAL AND PETROLEUM INVESTMENTS LIMITED, EMERY COLOURS LIMITED, TENNANTS CONSOLIDATED LIMITED, WATERLOO NOMINEES LIMITED, JAMES M.BROWN LIMITED,  TENNANTS TEXTILE COLOURS LIMITED, TENNANTS GROUP INVESTMENTS LIMITED, RUNNYMEDE DISPERSIONS LIMITED, TENNANTS (IT) INVESTMENTS LTD , BIP (OLDBURY) LIMITED
DIRECTOR	IAN STUART CONROY
Occupation	COMPANY DIRECTOR
Address	1,  CARRIG DENE BRIDGE ROAD HELENS BAY , BANGOR , CO DOWN , BT19 1XU
Country of Origin	BRITISH
Date of Birth	20/02/1951
Appointment Date	01/04/1991
Other Appointments	TENNANTS TEXTILE COLOURS LIMITED, TENNANTS ORGANIC PIGMENTS LIMITED
DIRECTOR	WILLIAM PAUL ALEXANDER  (One or more of this director's other companies has adverse information related to it)
Occupation	COMPANY DIRECTOR
Address	HEATHFIELD ,  PINEWOOD ROAD ASHLEY HEATH , MARKET DRAYTON , SHROPSHIRE , TF9 4PR
Country of Origin	BRITISH
Date of Birth	09/09/1954
Appointment Date	18/09/1996
Other Appointments	CHARLES TENNANT & CO. (LONDON) LIMITED, SYNTHITE LIMITED,  TENNANTS (LANCASHIRE) LIMITED, CHEMICAL AND PETROLEUM INVESTMENTS LIMITED, EMERY COLOURS LIMITED, TENNANTS CONSOLIDATED LIMITED, WATERLOO NOMINEES LIMITED, JAMES M.BROWN LIMITED, TENNANTS TEXTILE COLOURS LIMITED, TENNANTS GROUP INVESTMENTS LIMITED, TENNANTS INKS & COATINGS SUPPLIES LIMITED, TENNANTS (IT) INVESTMENTS LTD , EMERY REIMBOLD & STRICK LTD , KEY ORGANICS LIMITED, WEST BROMWICH RESIN MANUFACTURING LIMITED, BIONET RESEARCH LIMITED, SYNERGA LIMITED, TENNANTS DISTRIBUTION LIMITED,  MITCHANOL INTERNATIONAL LIMITED, KEY ORGANICS HOLDINGS LIMITED,  TENNANTS VENTURES LIMITED, BIP (OLDBURY) LIMITED, DALEWICK PROPERTIES LIMITED, CHARLES TENNANT AND COMPANY (NORTHERN IRELAND) LIMITED, TENNANTS TAR DISTILLERS AND ENGINEERING SUPPLIES LIMITED, CHARLES TENNANT & COMPANY, LIMITED
SECRETARY	MR  GEORGE ALTON
Address	2 CASTLEKARIA MANOR,  , BELFAST , COUNTY ANTRIM , BT4 3QL
Country of Origin	BRITISH
Date of Birth	05/07/1951
Appointment Date	01/04/2000

Recently Resigned Directors (last 3)

DIRECTOR	DR PETER JAMES WATT
Occupation	COMPANY DIRECTOR
Address	6 , LOUGH ERNE PARK , BELFAST , - -
Country of Origin	BRITISH
Date of Birth	02/12/1948
Resignation Date	09/07/2004
DIRECTOR	RONALD GOODWIN CLARK
Address	LA MESA LAURIES CLOSE , BOURNE END , HEMEL HEMPSTEAD , HERTS , - -
Date of Birth	14/08/1942
Resignation Date	09/04/2002
DIRECTOR	DUNCAN M ALEXANDER
Address	14A , ADELAIDE PARK , BELFAST , CO ANTRIM , - -
Date of Birth	27/04/1963
Resignation Date	31/12/1998

Share Summary

Priniciple Shareholders:	Type Of Share	No. of Shares	Value	%age
Waterloo Nominees Ltd				55.00
Tennants Consolidated Ltd				45.00

Mortgages and Charges

There are no mortgages

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations

Activities	Pigment colours and dyestuffs manufacturers.
Sic Code	Description
2414	Manufacture of other organic basic chemicals
2414	Manufacture of other organic basic chemicals
Staff Employed	60
Auditors	Ernst & Young LLP
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.
Bankers	Bank of Scotland St. James's Gate
Sort Codes	121103
Bankers	Ulster Bank Ltd
Sort Codes	980080

Financial Data

The following figures are shown in units of 000

Profit and Loss

Number of Weeks	52	52	52	52
Accounts Date	31/12/2005	31/12/2004	31/12/2003	31/12/2002
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
SALES	7,133	8,197	11,370	12,565
Change in stocks of finished goods & in work in progress	-561	28	269	12,341
Raw materials, consumables	3,581	3,497	5,570	-
Cost of Goods Sold	3,020	4,142	6,453	12,341
GROSS PROFIT	4,113	4,055	4,917	223
Other operating charges	4,585	1,387	1,471	192
Net Operating Profit(Loss)	-472	-391	114	31
Non Trading Income	89	96	93	96
Total Non Trading Income	89	96	93	96
Financial Expenses	0	0	0	0
PRE TAX PROFIT	-383	-294	207	127
Other Taxation	-8	15	91	0
Taxation	-123	-132	-69	26
PROFIT AFTER TAX	-252	-177	185	101
Net Loss	252	177	-	-
Dividends Payable	630	100	100	100
RETAINED PROFITS	-	-	85	1

Balance Sheet

Number of Weeks	52	52	52	52
Accounts Date	31/12/2005	31/12/2004	31/12/2003	31/12/2002
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
TOTAL FIXED ASSETS	1,141	1,423	1,688	1,635
Land & buildings	905	1,029	1,147	1,178
Plant, machinery & equipment	236	394	541	457
TOTAL CURRENT ASSETS	8,042	8,647	9,115	9,827
Stocks	3,790	3,172	3,200	3,469
Trade Debtors	1,134	1,598	1,692	2,512
Other Receivables	316	165	282	320
Group Loans	58	538	602	185
Cash	2,125	2,595	2,877	2,857
Tax Recoverable	618	448	461	483
TOTAL ASSETS	9,182	10,071	10,804	11,461
TOTAL CURRENT LIABILITIES	818	825	1,281	2,023
Trade Creditors	513	369	588	837
Taxes	72	61	86	149
Other Current Liabilities	224	258	397	885
Due From Group	10	37	111	52
WORKING CAPITAL	7,223	7,822	7,834	7,804
TOTAL LONG TERM LIABS	0	0	0	0
NET ASSETS/(LIABILITIES)	8,364	9,246	9,523	9,438
SHARE CAPITAL + RESERVES	8,364	9,246	9,523	9,438
Issued Share Capital	200	200	200	200
Reserves	257	257	257	257
Profit and Loss account	7,907	8,789	9,066	8,981
SHAREHOLDERS FUNDS	8,364	9,246	9,523	9,438
CAPITAL EMPLOYED	8,364	9,246	9,523	9,438
TANGIBLE NET WORTH	8,364	9,246	9,523	9,438

Key Credit Ratios

Accounts Date	31/12/2005	31/12/2004	31/12/2003	31/12/2002
Current Ratio	9.83	10.48	7.12	4.86
Profit Before Tax	-0.05	-0.04	0.02	0.01
Creditors Days (D.P.O)	62.00	32.52	33.26	24.75
Quick Ratio	-	-	-	-
Return on Assets	-4.17	-2.92	1.92	1.11
T.N.W/Total Assets	0.91	0.92	0.88	0.82
Return on Capital	-4.58	-3.18	2.17	1.35
Working Capital/Sales	0.01	0.01	0.01	0.01
Stock Turnover	0.00	0.00	0.00	0.00

Financial Summary

Turnover	Turnover decreased by more than 13% in the period. Turnover totaled GBP  7,133,000 for the period.
Operating Loss	Totaled GBP -472,000 In the period prior a loss of GBP   391,000 was achieved.
Pre Tax	The subject made a loss of GBP 383,000 compared with a loss of GBP 294,000 in the previous period.
Working Capital	The company's working capital decreased in the period by 8%
Tangible Net Worth	Net worth reduced by 882,000 during the period and now stands at GBP 8,364,000
Fixed Assets	The subjects fixed assets reduced during the period by GBP  282,000 to GBP  1,141,000 and are now 12% of total assets compared with 14% in the previous period

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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