MIRA INFORM REPORT

Report Date :

19.10.2008

IDENTIFICATION DETAILS

Name :	LANSDOWNE CHEMICALS PUBLIC LIMITED COMPANY
Registered Office :	Winstons House, Carterton, Oxford, OX18 3EZ
Country :	United Kingdom
Financials (as on) :	31.07.2007
Date of Incorporation :	13.10.1975
Legal Form :	Public Limited with Share Capital
Line of Business :	Processing and Sale of Chemicals.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	[£] 150,000
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

Name of the company

LANSDOWNE CHEMICALS PUBLIC LIMITED COMPANY

Number 01229506

company summary

Phone	01993843081	Type	Public limited with Share Capital
Address	WINSTONS HOUSE, CARTERTON, OXFORD, OX18 3EZ	Company Status	Active - Accounts Filed
Postcode	OX18 3EZ	Incorporated Date	13/10/1975

Todays Limit [£] 150,000

Active CCJ's	0
Value of CCJ's [£]	£0
Number Of Writs	0

Current Directors	5
Total Directorships	8

Trading to Date	31/07/07	31/07/06	31/07/05
Turnover	£19,303,141	£19,094,000	£13,099,000
Shareholder Funds	£4,006,298	£4,055,000	£3,710,000
Employees	20	20	18

Trends
Profitability
Liquidity
Shareholders Funds

company information

Registered Address		Trading Address
Telephone Number	01993843081	Telephone Number	01993 843081
TPS	N	TPS
Address		Address
WINSTONS HOUSE CARTERTON OXFORD OX18 3EZ		Winstons House Carterton Bampton OX18 3EZ

Web Address	lansdownechemicals.com	Incorporation Date	13/10/1975
Type of Accounts	Full Accounts	Filing Date of Accounts	28/02/2008
Company Type	Public Limited With Share Capital	Date of Latest Accounts	31/07/2007
Annual Return	23/03/2008

Industry:

Processing And Sale Of Chemicals.

SIC Code	Description
5155	Wholesale Of Chemical Products

Mortgage Charges
Outstanding	6	Satisfied	0

Shareholders
Share Capital	266000	Currency	Gbp

Previous Names Details

Previous Name(s)
Changed :	26/02/1988	Lansdowne Chemical Company Limited

Secondary Industry Code Details

SIC Code	Description
5155	Wholesale Of Chemical Products

Mortgage Details

Mortgage Type:
Date Charge Created:	16/01/2003	Date Charge Registered:	18/01/2003
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:
Amount Secured:
Details:

Mortgage Type:
Date Charge Created:	19/11/1997	Date Charge Registered:	22/11/1997
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:
Amount Secured:
Details:

Mortgage Type:
Date Charge Created:	19/11/1997	Date Charge Registered:	22/11/1997
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:
Amount Secured:
Details:

Mortgage Type:
Date Charge Created:	19/11/1997	Date Charge Registered:	22/11/1997
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:
Amount Secured:
Details:

Mortgage Type:
Date Charge Created:	19/11/1997	Date Charge Registered:	22/11/1997
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:
Amount Secured:
Details:

Mortgage Type:
Date Charge Created:	19/05/1987	Date Charge Registered:	22/05/1987
Date Charge Satisfied:		Status:	Outstanding
Person(s) Entitled:
Amount Secured:
Details:

Shareholders Details

Name	Shares
Cygnet Foundation	208,470 Ordinary Gbp 1.00
Sumitomo Corporation Europe Limited	44,000 Ordinary Gbp 1.00
Jessie Yull	13,530 Ordinary Gbp 1.00

Trading Address Details

Address	Telephone Number	TCPS
WINSTONS HOUSE BLACK BOURTON RD CARTERTON OXFORDSHIRE OX18 3EZ	01993843081	N
Winstons House Carterton Bampton OX18 3EZ
WINSTONS HOUSE BLACK BOURTON RD CARTERTON OXFORDSHIRE OX18 3EZ	01993843081	N

accounts

PROFIT & LOSS

Annual Accounts	08/06-07/07	Change (%)	08/05-07/06	Change (%)	08/04-07/05
Months	12	-	12	-	12
Currency	GBP	-	GBP	-	GBP
Consolidated A/cs	N	-	N	-	N
Turnover	19,303,141	1.1 %	19,094,000	45.8 %	13,099,000
Export	-	-	-	-	-
Cost of Sales	16,682,853	1.4 %	16,448,000	53.7 %	10,701,000
Gross Profit	2,620,288	-1.0 %	2,646,000	10.3 %	2,398,000
Wages & Salaries	837,262	1.2 %	827,000	7.0 %	773,000
Directors Emoluments	187,004	2.2 %	183,000	-7.1 %	197,000
Operating Profits	307,164	-61.1 %	790,000	44.7 %	546,000
Depreciation	342,328	103.8 %	168,000	40.0 %	120,000
Audit Fees	25,000	25.0 %	20,000	33.3 %	15,000
Interest Payments	246,748	100.6 %	123,000	146.0 %	50,000
Pre Tax Profit	64,628	-90.4 %	673,000	36.2 %	494,000
Taxation	-113,413	65.4 %	-328,000	-105.0 %	-160,000
Profit After Tax	-48,785	-114.1 %	345,000	3.3 %	334,000
Dividends Payable	-	-	-	-100.0 %	125,000
Retained Profits	-48,785	-114.1 %	345,000	65.1 %	209,000

BALANCE SHEET

Annual Accounts	08/06-07/07	Change (%)	08/05-07/06	Change (%)	08/04-07/05
Tangible Assets	3,320,849	52.8 %	2,174,000	14.8 %	1,893,000
Intangible Assets	521,155	-19.9 %	651,000	-16.8 %	782,000
Total Fix Assets	3,842,004	36.0 %	2,826,000	5.6 %	2,675,000
Total Current Assets	8,308,770	13.0 %	7,355,000	25.4 %	5,864,000
Trade Debtors	4,481,285	24.0 %	3,615,000	39.8 %	2,585,000
Stock	3,487,965	16.5 %	2,995,000	25.6 %	2,384,000
Cash	233,978	0.4 %	233,000	-	-
Other Current Assets	105,542	-79.4 %	512,000	-42.8 %	895,000
Increase In Cash	978	-99.6 %	233,000	432.9 %	-70,000
Miscellaneous Current Assets	-	-	-	-	-
Total Assets	12,150,774	19.3 %	10,181,000	19.2 %	8,539,000
Total Current Liabilities	6,584,329	19.3 %	5,518,000	14.2 %	4,830,000
Trade Creditors	4,281,939	40.2 %	3,054,000	-7.7 %	3,307,000
Bank Overdraft	1,613,045	-4.2 %	1,684,000	38.1 %	1,219,000
Other Short Term Fin	189,631	17.1 %	162,000	-	-
Miscellaneous Current Liabilities	499,714	-19.3 %	619,000	103.6 %	304,000
Other Long Term Fin	460,147	-24.3 %	608,000	-	-
Total Long Term Liabilities	1,560,147	156.6 %	608,000	-	-
Bank Overdraft & LTL	3,173,192	38.4 %	2,292,000	88.0 %	1,219,000
Total Liabilities	8,144,476	32.9 %	6,126,000	26.8 %	4,830,000
Net Assets	4,006,298	-1.2 %	4,055,000	9.3 %	3,709,000
Working Capital	1,724,441	-6.1 %	1,837,000	77.7 %	1,034,000

CAPITALS & RESERVES

Annual Accounts	08/06-07/07	Change (%)	08/05-07/06	Change (%)	08/04-07/05
Paid up equity	266,000	-	266,000	-	266,000
P&L Account Reserve	2,990,781	-1.6 %	3,040,000	12.8 %	2,694,000
Sundry Reserves	574,440	0.1 %	574,000	-	574,000
Revaluation Reserve	175,077	0.0 %	175,000	-	175,000
Shareholder Funds	4,006,298	-1.2 %	4,055,000	9.3 %	3,710,000
Net Worth	3,485,143	2.4 %	3,404,000	16.3 %	2,928,000

MISCELLANEOUS

Annual Accounts	08/06-07/07	Change (%)	08/05-07/06	Change (%)	08/04-07/05
Net Cashflow from Operations	1,083,655	275.0 %	289,000	-61.7 %	754,000
Net Cashflow before Financing	-873,364	-188.8 %	983,000	106.9 %	475,000
Net Cashflow from Financing	-	-	-	-	-
Contingent Liability	YES	-	NO	-	NO
Capital Employed	5,566,445	19.4 %	4,663,000	25.7 %	3,710,000
No of Employees	20	-	20	11.1 %	18

Auditors	JACKSON TAYLOR
AuditQualification	No Adverse Comments
Bankers	LLOYDS TSB BANK PLC
BankBranchCode

RATIOS

Annual Accounts	08/06-07/07	08/05-07/06	08/04-07/05
Pre-tax profit margin %	0.3 %	3.5 %	3.8 %
Current ratio	1.26	1.33	1.21
Sales/Net Working Capital	11.19	10.39	12.67
Gearing %	79.2 %	56.5 %	32.9 %
Equity in %	34.4 %	42.6 %	47.8 %
Creditor Days	80.74	58.38	92.15
Debtor Days	84.50	69.10	72.03
Liquidity/Acid Test	0.73	0.79	0.72
Return On Capital Employed %	1.2 %	14.4 %	13.3 %
Return On Total Assets Employed %	0.5 %	6.6 %	5.8 %
Current Debt Ratio %	1.6 %	1.4 %	1.3 %
Total Debt Ratio %	2.0 %	1.5 %	1.3 %
Stock Turnover Ratio %	18.1 %	15.7 %	18.2 %
Return on Net Assets Employed %	1.6 %	16.6 %	13.3 %

group structure

Ultimate Parent Company CYGNET FOUNDATION

Companies in Group 3

Company Name Registered Number Latest Annual Accounts

CYGNET FOUNDATION LIECHTENST. N/A

LANSDOWNE CHEMICALS PUBLIC LIMITED COMPANY<<<01229506 31/07/2007

CAVENDISH TECHNOLOGY (HOLDINGS) LIMITED 02588368 31/07/2005

Status History

Date	Description
No Status History

Event History

Date	Description
21/05/2008	Annual Returns
07/03/2008	New Accounts Filed
03/03/2008	New Board Member Mr S. Alexander Appointed
13/03/2007	New Accounts Filed
10/03/2006	New Accounts Filed
14/01/2005	New Accounts Filed
12/06/2004	Data Refresh
24/05/2004	Annual Returns
05/05/2004	New Accounts Filed
04/05/2004	New Accounts Filed
17/03/2004	Parent Company And Ultimate Parent
17/03/2004	Company Principal Activities
17/03/2004	New Account
02/03/2004	New Board Member
02/03/2004	Board Member Mr Watkinson-yull George Has Been Changed

directors

Name	Richard John Clarke
Address	3 Oaks Mead
	Carterton
	Oxfordshire
	OX18 1JX
Officers Title	Mr	Date Of Birth
Honours		Present Appointments	1
Appointment Date		Function	Company Secretary

Name	Stuart  Alexander
Address	14 Carlisle Avenue
	Lakeside Old Town
	Swindon
	SN3 1QA
Officers Title	Mr	Date Of Birth	05/08/1977
Honours		Present Appointments	1
Appointment Date	12/02/2008	Function	Director

Name	Robert  Moss
Address	55 Millwood End
	Long Hanborough
	Oxfordshire
	OX29 8BW
Officers Title	Mr	Date Of Birth	25/09/1968
Honours		Present Appointments	1
Appointment Date	04/02/2004	Function	Director

Name	Douglas John Chaplin
Address	Tanera
	Broad Town Road Farm, Broad Town
	Swindon
	Wiltshire
	SN4 7RB
Officers Title	Mr	Date Of Birth	26/09/1958
Honours		Present Appointments	2
Appointment Date	31/12/2003	Function	Director

Name	George  Watkinson Yull
Address	Xalet Carrecedo
	No 5 Urbanization, El Salze, Els Plans, Escas
	La Massana Ad400
	Principat D'andorra
Officers Title	Mr	Date Of Birth	22/12/1943
Honours		Present Appointments	3
Appointment Date	23/03/1992	Function	Director

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.68
UK Pound	1	Rs.84.37
Euro	1	Rs.65.70

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