MIRA INFORM REPORT

Report Date :

15-12-2008

IDENTIFICATION DETAILS

Name :	BARCLAY CHEMICALS MANUFACTURING LIMITED

Registered Office :	Damastown Way, Damastown Industrial Park, Mulhuddart, Dublin 15

Country :	Ireland

Financials (as on) :	31.12.2005

Date of Incorporation :	10.01.1986

Legal Form :	Private Limited with Share Capital

Line of Business :	Agriculture, Hunting and Related Service Activities

RATING & COMMENTS

MIRA’s Rating :

RATING

STATUS

PROPOSED CREDIT LINE

<10

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

Status :	Poor

Payment Behaviour :	Slow

Litigation :	Clear

Name of the company

BARCLAY CHEMICALS MANUFACTURING LIMITED

Number IE111664

company summary

		Type	Private limited with Share Capital
Address	Damastown Way, Damastown Industrial Park, Mulhuddart, Dublin 15	Company Status	Section 17 (Southern Ireland)
Town Code	216410	Incorporated Date	10/01/1986

	Active CCJ's	0
	Value of CCJ's [?]	€0

	Current Directors	7
	Total Directorships	41

Trading to Date	31/12/07	31/12/06	31/12/05
Turnover	-	-	€26,468,000
Shareholder Funds	-	-	€9,030,000
Employees	-	-	40

	Trends
	Profitability
	Liquidity
	Shareholders Funds

Secondary Industry Code Details

	SIC Code	Description
	01XX	Agriculture, Hunting And Related Service Activities

Mortgage Details

Mortgage Type:	A charge on land, wherever situate, or any interest therein, but not including a charge for any rent or other periodical sum issuing out of land.
Date Charge Created:	28/03/2008	Date Charge Registered:	03/04/2008
Date Charge Satisfied:		Status:	NOT SATISFIED
Person(s) Entitled:	ULSTER BANK IRELAND LIMITED
Amount Secured:	The Indenture secures the payment and discharge of the Secured Liabilities. Unless otherwise defined in this Form Cl. capitalised terms have the meaning set out in the Annex hereto.

Mortgage Type:	DEBENTURE.
Date Charge Created:	13/06/2001	Date Charge Registered:	03/07/2001
Date Charge Satisfied:		Status:	NOT SATISFIED
Person(s) Entitled:	ULSTER BANK COMMERCIAL SERVICES LIMITED
Amount Secured:	ALL MONIES OBLIGATIONS AND LIABILITIES DUE OR TO BECOME DUE WITH INTEREST FROM THE COMPANY TO THE PERSON(S) ENTITLED

Mortgage Type:	DEED OF MORTGAGE AND CHARGE.
Date Charge Created:	26/06/2000	Date Charge Registered:	13/07/2000
Date Charge Satisfied:		Status:	NOT SATISFIED
Person(s) Entitled:	ULSTER BANK LIMITED
Amount Secured:	ALL MONIES, OBLIGATIONS AND LIABILITIES DUE OR TO BECOME DUE WITH INTEREST BY BENSTER LIMITED UNDER SPECIFIC AGREEMENT(S)

Mortgage Type:	SOLICITORS UNDERTAKING.
Date Charge Created:	02/05/2000	Date Charge Registered:	11/05/2000
Date Charge Satisfied:		Status:	NOT SATISFIED
Person(s) Entitled:	ULSTER BANK LIMITED
Amount Secured:	ALL SUMS DUE OR TO BECOME DUE BY THE COMPANY ON ANY ACCOUNT TOGETHER WITH INTEREST THEREON AND TO INCLUDE LETTERS OF GUARANTEE

Mortgage Type:	ASSIGNMENT OF BENEFIT OF CONTRACT.
Date Charge Created:	02/05/2000	Date Charge Registered:	11/05/2000
Date Charge Satisfied:		Status:	NOT SATISFIED
Person(s) Entitled:	ULSTER BANK LIMITED
Amount Secured:	ALL MONIES, OBLIGATIONS AND LIABILITIES DUE OR TO BECOME DUE WITH INTEREST UNDER SPECIFIC AGREEMENT(S)

Mortgage Type:	UNDERTAKING TO GRANT FIRST LEGAL MORTGAGE.
Date Charge Created:	02/05/2000	Date Charge Registered:	11/05/2000
Date Charge Satisfied:		Status:	NOT SATISFIED
Person(s) Entitled:	ULSTER BANK LIMITED
Amount Secured:	ALL SUMS DUE OR TO BECOME DUE BY THE COMPANY ON ANY ACCOUNT TOGETHER WITH INTEREST THEREON AND TO INCLUDE LETTERS OF GUARANTEE

Mortgage Type:	A DEBENTURE.
Date Charge Created:	22/02/1989	Date Charge Registered:	01/03/1989
Date Charge Satisfied:		Status:	NOT SATISFIED
Person(s) Entitled:	ULSTER BANK LIMITED
Amount Secured:	ALL SUMS DUE OR TO BECOME DUE WITH INTEREST

Mortgage Type:	A DEBENTURE.
Date Charge Created:	31/07/1986	Date Charge Registered:	19/08/1986
Date Charge Satisfied:	27/10/1989	Status:	FULLY SATISFIED
Person(s) Entitled:	INTERNATIONAL FACTORS (IRELAND) LIMITED
Amount Secured:	ALL SUMS NOW DUE OR HEREAFTER TO BECOME DUE FROM THE COMPANY TO THE PERSON(S) ENTITLED

Shareholders Details

	Name	Shares
	Barclay Chemicals (holdings) Limited	1,110,200 Ordinary A Eur 1.27
	Stembridge Limited	97,188 Ordinary C Eur 1.00
	Barclay Chemicals (holdings) Limited	165 Ordinary B Eur 1.27
	Ms Nuala Sheridan	51 Ordinary B Eur 1.27
	Philip Sheridan	51 Ordinary B Eur 1.27

Trading Address Details

	Address	Telephone Number	TCPS
	Damastown Way Damastown Industrial Park Mulhuddart Dublin 15 216410

accounts

Profit & Loss

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Months	12	-	12	-	12
Currency	EUR	-	EUR	-	EUR
Consolidated A/cs	N	-	N	-	N
Turnover	-	-	-	-	26,468,000
Export	-	-	-	-	-
Cost of Sales	-	-	-	-	20,755,000
Gross Profit	-	-	-	-	5,714,000
Wages & Salaries	-	-	-	-	-
Directors Emoluments	-	-	-	-	-
Operating Profits	-	-	-	-	39,000
Depreciation	-	-	-	-	-
Audit Fees	-	-	-	-	-
Interest Payments	-	-	-	-	147,000
Pre Tax Profit	-	-	-	-	-90,000
Taxation	-	-	-	-	25,000
Profit After Tax	-	-	-	-	-65,000
Dividends Payable	-	-	-	-	11,000
Retained Profits	-	-	-	-	-77,000

BALANCE SHEET

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Tangible Assets	-	-	-	-100.0 %	7,694,000
Intangible Assets	-	-	-	-	-
Total Fix Assets	-	-	-	-100.0 %	7,694,000
Total Current Assets	-	-	-	-100.0 %	12,567,000
Trade Debtors	-	-	-	-100.0 %	5,919,000
Stock	-	-	-	-100.0 %	4,790,000
Cash	-	-	-	-100.0 %	1,133,000
Other Current Assets	-	-	-	-100.0 %	724,000
Increase In Cash	-	100.0 %	-1,133,000	-343.2 %	465,830
Miscellaneous Current Assets	-	-	-	-	-
Total Assets	-		-	-100.0 %	20,261,000
Total Current Liabilities	-	-	-	-100.0 %	9,347,000
Trade Creditors	-	-	-	-100.0 %	4,701,000
Bank Overdraft	-	-	-	-100.0 %	2,376,000
Other Short Term Fin	-	-	-	-100.0 %	861,000
Miscellaneous Current Liabilities	-	-	-	-100.0 %	1,410,000
Other Long Term Fin	-	-	-	-100.0 %	1,883,000
Total Long Term Liabilities	-	-	-	-100.0 %	1,883,000
Bank Overdraft & LTL	-	-	-	-100.0 %	4,259,000
Total Liabilities	-	-	-	-100.0 %	11,230,000
Net Assets	-	-	-	-100.0 %	9,031,000
Working Capital	-	-	-	-100.0 %	3,220,000

CAPITALS & RESERVES

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Paid up equity	-	-	-	-100.0 %	1,791,000
P&L Account Reserve	-	-	-	-100.0 %	7,239,000
Sundry Reserves	-	-	-	-	-
Revaluation Reserve	-	-	-	-	-
Shareholder Funds	-	-	-	-100.0 %	9,030,000
Net Worth	-	-	-	-100.0 %	9,030,000

MISCELLANEOUS

Annual Accounts	01/07-12/07	Change (%)	01/06-12/06	Change (%)	01/05-12/05
Net Cashflow from Operations	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-
Contingent Liability	NO	-	NO	-	-
Capital Employed	-	-	-	-100.0 %	9,030,000
No of Employees	-	-	-	-	40

	Auditors
	AuditQualification	No Adverse Comments
	Bankers	ULSTER BANK LTD
	BankBranchCode

RATIOS

Annual Accounts	01/07-12/07	01/06-12/06	01/05-12/05
Pre-tax profit margin %	-	-	-0.3 %
Current ratio	-	-	1.34
Sales/Net Working Capital	-	-	8.22
Gearing %	-	-	47.2 %
Equity in %	-	-	44.6 %
Creditor Days	-	-	64.83
Debtor Days	-	-	81.62
Liquidity/Acid Test	-	-	0.83
Return On Capital Employed %	-	-	-1.0 %
Return On Total Assets Employed %	-	-	-0.4 %
Current Debt Ratio %	-	-	1.0 %
Total Debt Ratio %	-	-	1.2 %
Stock Turnover Ratio %	-	-	18.1 %
Return on Net Assets Employed %	-	-	-1.0 %

group structure

	Ultimate Parent Company	BARCLAY CHEMICALS (HOLDINGS) LIMITED
	Companies in Group	3

Company Name	Registered Number	Latest Annual Accounts
BARCLAY CHEMICALS (HOLDINGS) LIMITED	IE115017	31/12/2007
BARCLAY CHEMICALS LIMITED	IE061278	31/12/2007
BARCLAY CHEMICALS MANUFACTURING LIMITED<<<	IE111664	31/12/2007

Event History

Date	Description
04/08/2008	Annual Returns
04/08/2008	New Accounts Filed
17/10/2007	New Accounts Filed
16/10/2007	Annual Returns
03/10/2007	Annual Returns

directors

Name	SYDNET REID
Address	48 Lambourne Wood
	Brennanstown Road
	Dublin 18
Officers Title		Date Of Birth	10/06/1940
Honours		Present Appointments	1
Appointment Date	03/11/2006	Function	Director

Name	EMMET SHERIDAN
Address	91a Belmont Park
	Raheny
	Dublin 5
Officers Title		Date Of Birth	19/08/1977
Honours		Present Appointments	3
Appointment Date	03/11/2006	Function	Director

Name		MARTIN RYAN
Address		Copperfield House
		Cabragh
		Thurles
		CO TIPPERARY
Officers Title				Date Of Birth		11/05/1961
Honours				Present Appointments		1
Appointment Date		03/11/2006		Function		Director
Name	LISA SHEERAN
Address	22, FARMLEIGH CLOSE,
	FARMLEIGH WOOD,
	CASTLEKNOCK,
	DUBLIN 15.
Officers Title			Date Of Birth		22/05/1972
Honours			Present Appointments		9
Appointment Date	31/01/2004		Function		Company Secretary

Name	LISA SHEERAN
Address	22, FARMLEIGH CLOSE,
	FARMLEIGH WOOD,
	CASTLEKNOCK,
	DUBLIN 15.
Officers Title		Date Of Birth	22/05/1972
Honours		Present Appointments	9
Appointment Date	20/04/2001	Function	Director

Name	NUALA SHERIDAN
Address	CONVENT LANE
	COAST RD
	PORTMARNOCK
	CO DUBLIN
Officers Title		Date Of Birth	06/08/1947
Honours		Present Appointments	16
Appointment Date	08/06/1998	Function	Director

Name	PHILIP JOSEPH SHERIDAN
Address	CONVENT LANE
	COAST RD
	PORTMARNOCK
	CO DUBLIN
Officers Title		Date Of Birth	03/06/1944
Honours		Present Appointments	11
Appointment Date	10/01/1986	Function	Director

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.03
UK Pound	1	Rs.74.42
Euro	1	Rs.62.71

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

Web Address		Incorporation Date	10/01/1986
Type of Accounts	Full Accounts	Filing Date of Accounts
Company Type	Private Limited With Share Capital	Date of Latest Accounts	31/12/2007
Annual Return	14/06/2008

	Registered Address

	NDD	N
	Address
	Damastown Way Damastown Industrial Park Mulhuddart Dublin 15

	Mortgage Charges
	Outstanding	7	Satisfied	1