MIRA INFORM REPORT

Report Date :

24.02.2011

IDENTIFICATION DETAILS

Name :	CHANELLE PHARMACEUTICALS MANUFACTURING LIMITED

Registered Office :	Dublin Road, Loughrea, Co Galway, Co. Galway, 451205

Country :	Ireland

Financials (as on) :	30.04.2010

Date of Incorporation :	14.06.1984

Com. Reg. No.:	IE101615

Legal Form :	Private Limited By Shares

Line of Business :	Manufacture of Veterinary and Human Pharmaceutical Products.

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	€ 315,000
Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Ireland

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company Summary

Company Summary
Company Name	CHANELLE PHARMACEUTICALS MANUFACTURING LIMITED
Company Number	IE101615
Telephone Number	091841788
Address	DUBLIN ROAD, LOUGHREA, CO GALWAY, CO. GALWAY.
Town Code	451205
Company Type	PRIVATE LIMITED BY SHARES
Incorporation Date	14/06/1984

Company Status Summary
Limit (€)	315,000
Active CCJ's	0
Value of CCJ's (€)	0
Writs	0

Director Summary
Directorships	6
Total Directorships	NaN

Financial Information
Date	30/04/2010	%	30/04/2009	%	30/04/2008
Currency	NaN		NaN		NaN
Turnover	0	-	0	-	0
Shareholder Equity	12,245,331	11.5%	10,986,447	15.0%	9,551,177
Number of employees	0	-	0	-	0

Accounts & Ratios

Period
Date From	01/05/2009	%	01/05/2008	%	02/05/2007
Date To	30/04/2010	-	30/04/2009	-	30/04/2008
Period of Month	12	-	12	-	12
Currency	EUR	-	EUR	-	EUR
Profit & Loss
Consolidated Accounts	N	-	N	-	N
Turnover	0	-	0	-	0
Export	-	-	-	-	-
Cost of Sales	-	-	-	-	-
Gross Profit	931,411	46.7%	634,904	-69.7%	2,097,046
Operating Profit	1,599,152	13.0%	1,415,142	30.8%	1,081,591
Pre-Tax Profit	1,470,279	14.8%	1,281,135	33.5%	959,366
Tax	0	-	0	-	0
Post-Tax Profit	1,470,279	14.8%	1,281,135	33.5%	959,366
Dividends	17,025	-16.8%	20,475	0.0%	20,475
Retained Profit	1,453,254	15.3%	1,260,660	34.3%	938,891
Interest Payable	128,873	-3.8%	134,007	9.6%	122,225
Directors Remuneration	-	-	-	-	-
Wages & Salaries	-	-	-	-	-
Depreciation of Tangibles	855,165	4.7%	816,444	-36.8%	1,291,142
Auditor Fees	25,400	24.5%	20,400	0.0%	20,400

Capitals & Reserves
Called up Share Capital	1,183,088	-12.7%	1,355,588	0.0%	1,355,588
P&L Account Reserve	9,061,365	19.1%	7,608,111	19.9%	6,347,451
Sundry Reserves	2,000,878	-1.1%	2,022,748	9.4%	1,848,138
Revaluation Reserve	0	-	0	-	0
Shareholder Funds	12,245,331	11.5%	10,986,447	15.0%	9,551,177
Net Worth	2,150,316	-11.3%	2,425,449	-6.8%	2,601,596

Miscellaneous
Net Cash flow from Operations	3,393,155	104.2%	1,661,506	51.7%	1,095,599
Net Cash flow before Financing	-172,500	-	0	-	0
Net Cash flow from Financing	-172,500	-	0	-	0
Capital Employed	13,646,977	9.7%	12,444,890	17.2%	10,620,460
No of Employees	0	-	0	-	0

Balance Sheet
Tangible Assets	8,489,656	-0.7%	8,553,157	-2.1%	8,735,550
Intangible Assets	10,095,015	17.9%	8,560,998	23.2%	6,949,581
Total Fixed Assets	18,584,671	8.6%	17,114,155	9.1%	15,685,131
Stocks & Work-in-Progress	1,544,834	12.8%	1,370,094	6.0%	1,293,043
Debtors
- Trade Debtors	0	-	0	-	0
Cash	0	-	0	-	0
Misc. Current Assets	0	-	0	-	0
Total Current Assets
Creditors
- Trade Creditors	3,037,118	219.6%	950,384	14.2%	832,117
- Bank Overdraft	2,535,932	47.5%	1,719,853	85.9%	925,096
Increase in Cash	0	-	0	-	0
Total Current Liabilities	12,855,608	33.6%	9,619,710	2.1%	9,417,603
Other Short Term Loans	6,674,224	4.6%	6,383,060	-7.8%	6,919,470
Miscellaneous Current Liabilities	608,334	7.4%	566,413	-23.6%	740,920
Other Long Term Finance	116,245	32.2%	87,899	-44.5%	158,460
Total Long Term Liabilities	1,401,646	-3.9%	1,458,443	36.4%	1,069,283
Overdraft Long Term Liabilities	3,937,578	23.9%	3,178,296	59.4%	1,994,379
Liabilities	14,257,254	28.7%	11,078,153	5.6%	10,486,886
Net Assets	12,245,331	11.5%	10,986,447	15.0%	9,551,177
Working Capital	-4,937,694	-5.7%	-4,669,265	7.8%	-5,064,671
Current Assets	7,917,914	59.9%	4,950,445	13.7%	4,352,932
Other Current Assets	6,373,080	78.0%	3,580,351	17.0%	3,059,889

Ratios
Date To	30/04/2010	%	30/04/2009	%	30/04/2008
Trading Performance
Pre-Tax Profit Margin	0.0%	-	0.0%	-	0.0%
Return on Capital Employed	10.8 %	-	10.3 %	-	9.0 %
Return on Total Assets Employed	5.5 %	-	5.8 %	-	4.8 %
Return on Net Assets Employed	12.0 %	-	11.7 %	-	10.0 %
Sales/Net Working Capital	0.00	-	0.00	-	0.00
Operating Efficiency
Stock Turnover Ratio	0.0%	-	0.0%	-	0.0%
Debtor Days	0.00	-	0.00	-	0.00
Creditor Days	0.00	-	0.00	-	0.00
Short Term Stability
Current Ratio	0.62	-	0.51	-	0.46
Liquidity Ratio/Acid Ratio	0.49	-	0.37	-	0.32
Current Debt Ratio	1.0 %	-	0.9 %	-	1.0 %
Long Term Stability
Gearing	32.2 %	-	28.9 %	-	20.9 %
Equity in Percentage	74.6 %	-	81.4 %	-	73.0 %
Total Debt Ratio	1.2 %	-	1.0 %	-	1.1 %

CCJ Summary

CCJ Summary
CCJ's Amount	0
CCJ's Value (€)	0
Writs	0

Record of Payments

No record of payments for company.

Group Structure

Ultimate Parent Company Name
Parent Company Name	CHANELLE PHARMA GROUP LIMITED
Number of company in Group	2
Company Name	Company Number	Accounts Date
CHANELLE PHARMA GROUP LIMITED	IE152076	30/04/2010
CHANELLE PHARMACEUTICALS MANUFACTURING L	IE101615	30/04/2010

Company History

Event History
Date	Description
05/02/2011	Annual Returns
05/02/2011	New Accounts Filed
05/02/2011	New Accounts Filed
24/06/2010	KELLEY BURKE has left the board
11/03/2010	PATRICK O'SULLIVAN has left the board
04/02/2010	Annual Returns
04/02/2010	New Accounts Filed
01/01/2010	MARY ESTHER BURKE has left the board
01/01/2010	MARY ESTHER BURKE has resigned as company secretary
01/01/2010	New Company Secretary (MICHAEL BURKE) appointed
20/04/2009	New Board Member (MATTHEW JOHN BROWNE) appointed
20/04/2009	New Board Member (PATRICK O'SULLIVAN) appointed
13/02/2009	Annual Returns
13/02/2009	New Accounts Filed
22/02/2008	Annual Returns

Status History
No status history for this company.

Directors

Director
Directors Title
Name of Director	MICHAEL BURKE
Address of Director	ATHENRY ROAD, LOUGHREA, CO. GALWAY
Postcode of Director
Date of Birth	25/10/1947
Nationality of Director
Director Honours
Present Appointments	6
Function	Company Secretary
Appointment Date	01/01/2010

Director
Directors Title
Name of Director	CHANELLE MCCOY
Address of Director	LODGE DOWN, LAMBOURN WOODLANDS,, HUNGERFORD,, BERKSHIRE, RG17 7BJ, U.K.
Postcode of Director
Date of Birth	26/06/1976
Nationality of Director
Director Honours
Present Appointments	25
Function	Director
Appointment Date	30/06/2002

Director
Directors Title
Name of Director	HILARY BURKE
Address of Director	42 Aspect Court, Imperial Wharf, Fulham, SW6 2TN,, London, England
Postcode of Director
Date of Birth	13/03/1982
Nationality of Director
Director Honours
Present Appointments	19
Function	Director
Appointment Date	19/04/2007

Director
Directors Title
Name of Director	MICHAEL JAMES BURKE
Address of Director	THE SQUARE, BARRACK STREET, LOUGHREA, CO. GALWAY
Postcode of Director
Date of Birth	20/06/1980
Nationality of Director
Director Honours
Present Appointments	20
Function	Director
Appointment Date	04/07/2005

Director
Directors Title
Name of Director	MICHAEL H BURKE
Address of Director	CHANELLE HOUSE, BARRACK STREET, LOUGHREA, CO GALWAY
Postcode of Director
Date of Birth	25/10/1947
Nationality of Director
Director Honours
Present Appointments	more than 50 directorships exist
Function	Director
Appointment Date	14/06/1984

Director
Directors Title
Name of Director	MATTHEW BROWNE
Address of Director	28 SYDNEY AVE.,, BLACKROCK,, CO. DUBLIN.
Postcode of Director
Date of Birth	31/05/1942
Nationality of Director
Director Honours
Present Appointments	4
Function	Director
Appointment Date	20/04/2009

Image Accounts

Accounts Images
30-04-2010
30-04-2009
30-04-2008
30-04-2007

Returns Images
30-04-2010
30-04-2009
30-04-2008
30-04-2007
07-02-1990

Other Images
21-07-2010	B10 CHANGE IN DIRS/SEC
21-07-2010	B10 CHANGE IN DIRS/SEC
06-04-2010	B10 CHANGE IN DIRS/SEC
19-01-2010	B10 CHANGE IN DIRS/SEC
30-09-2009	B10 CHANGE IN DIRS/SEC
13-05-2009	B10 CHANGE IN DIRS/SEC
13-10-2008	C1 MORT/ CHARGE CREATED BY IRISH COMPANY
13-10-2008	CERTIFICATE
26-07-2007	CERTIFICATE
09-02-1990	C1 MORT/ CHARGE CREATED BY IRISH COMPANY
25-04-1985	AMENDED MEMORANDUM AND ARTICLES.
25-04-1985	G1 SPECIAL RESOLUTION
14-06-1984	B10 CHANGE IN DIRS/SEC
14-06-1984	A1 APPLICATION TO REGISTER AS A NEW COMPANY,
14-06-1984	AMENDED MEMORANDUM AND ARTICLES.
14-06-1984	AMENDED MEMORANDUM AND ARTICLES.
14-06-1984	CERTIFICATE

Creditsafe CreditNet

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.20
UK Pound	1	Rs.73.16
Euro	1	Rs.61.88

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	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
----	NB	New Company	----

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

Address Information
Company Name	CHANELLE PHARMACEUTICALS MANUFACTURING LIMITED
Company Number	IE101615
Registered Office Address	DUBLIN ROADLOUGHREACO GALWAYCO. GALWAY.
Registered Office Post Code	451205
Registered Telephone No.	091841788
TPS Registered	N
Trading Address
Trading Postal Code	451205
Trading Telephone Number
TPS Registered	N

Auditor/Banker's Information
Auditor Name	MICHAEL MCEVOY & CO
Auditor Qualification	No Adverse Comments
Banker Name	ULSTER BANK IRELAND LIMITED
Banker Sort Code	98-57-50

Other Information
Website Address
Incorporation Date	14/06/1984
Company Type	PRIVATE LIMITED BY SHARES
Type of Accounts	Medium Company
Date of Latest Accounts	30/04/2010
Filing Date of Accounts
Annual Return Date	30/12/2010

Mortgage Information
Mortgages(s) Outstanding	0
Mortgages(s) Satisfied	0

Mortgage Type
Date Charge Created
Date Charge Registered
Date Charge Satisfied
Status
Person(s) Entitled
Amount Secured
Details

Shareholders information
Shares Held	1,355,588
Currency of Share	EUR

Name of Shareholder	CHANELLE PHARMA GROUP LTD
Nominal Value of each Share
Currency of Share	EUR

Industry Information
Industry Description	The manufacture of veterinary and human pharmaceutical products.