MIRA INFORM REPORT

Report Date :

19.02.2011

IDENTIFICATION DETAILS

Correct Name :	HEATONS
Registered Office :	Heatonhouse, Ida Business Park, Whitestown, Tallaght Dublin 24 28406
Country :	Ireland
Financials (as on) :	31.12.2002
Date of Incorporation :	17.08.1945
Com. Reg. No.:	IE011229
Legal Form :	Private Unlimited With Share Capital
Line of Business :	Independent groups of department stores

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
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	A2	A2

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	HEATONS
Company Number	IE011229
Telephone Number
Address	HEATONHOUSE, IDA BUSINESS PARK, WHITESTOWN, TALLAGHT DUBLIN 24
Town Code	28406
Company Type	PRIVATE UNLIMITED WITH SHARE CAPITAL
Incorporation Date	17/08/1945

Company Status Summary
Company Status	Financial Statements too old
Limit (€)	0
Active CCJ's	0
Value of CCJ's (€)	0
Writs	0

Director Summary
Directorships	5
Total Directorships	22

Financial Information
Date	31/12/2002	%	31/12/2001
Currency	NaN		NaN
Turnover	72,483,000	16.3%	62,313,000
Shareholder Equity	24,733,000	12.6%	21,962,000
Number of employees	0	-	0

Company Information

Address Information
Company Name	HEATONS
Company Number	IE011229
Registered Office Address	HEATONHOUSEIDA BUSINESS PARKWHITESTOWNTALLAGHT DUBLIN 24
Registered Office Post Code	28406
Registered Telephone No.
TPS Registered	N
Trading Address
Trading Postal Code	28406
Trading Telephone Number
TPS Registered	N

Auditor/Banker's Information
Auditor Name	COONEY CAREY
Auditor Qualification	No Adverse Comments
Banker Name	ULSTER BANK LTD
Banker Sort Code	98-50-10

Other Information
Website Address
Incorporation Date	17/08/1945
Company Type	PRIVATE UNLIMITED WITH SHARE CAPITAL
Type of Accounts	Group
Date of Latest Accounts	31/12/2002
Filing Date of Accounts
Annual Return Date	07/09/2010

Industry Information
Industry Description	Heatons is one of Ireland's largest independent groups of department stores, and specialises in fashions for all ages, footwear, home textiles and homewares. There are 30 branches throughout Ireland,

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	220,096
Currency of Share	EUR
Name of Shareholder	BELLATRIX ASSOCIATES LTD
Nominal Value of each Share
Currency of Share	EUR

Accounts & Ratios

Period
Date From	01/01/2002	%	01/01/2001
Date To	31/12/2002	-	31/12/2001
Period of Month	12	-	12
Currency	EUR	-	EUR
Profit & Loss
Consolidated Accounts	Y	-	Y
Turnover	72,483,000	16.3%	62,313,000
Export	0	-	0
Cost of Sales	45,309,000	14.9%	39,433,000
Gross Profit	27,174,000	17.3%	23,158,000
Operating Profit	4,441,000	33.9%	3,316,000
Pre-Tax Profit	2,352,000	31.1%	1,794,000
Tax	67,000	198.5%	-68,000
Post-Tax Profit	2,419,000	40.2%	1,726,000
Dividends	548,000	-	0
Retained Profit	1,871,000	8.5%	1,725,000
Interest Payable	2,039,000	33.9%	1,523,000
Directors Remuneration	0	-	0
Wages & Salaries	0	-	0
Depreciation of Tangibles	0	-100.0%	2,152,000
Auditor Fees	0	-	0

Capitals & Reserves
Called up Share Capital	212,000	-0.9%	214,000
P&L Account Reserve	11,259,000	19.9%	9,390,000
Sundry Reserves	410,000	0.5%	408,000
Revaluation Reserve	12,852,000	7.5%	11,950,000
Shareholder Funds	24,733,000	12.6%	21,962,000
Net Worth	24,733,000	12.6%	21,962,000

Miscellaneous
Net Cashflow from Operations	0	-	0
Net Cashflow before Financing	0	-	0
Net Cashflow from Financing	0	-	0
Capital Employed	24,734,000	12.6%	21,962,000
No of Employees	0	-	0

Balance Sheet
Tangible Assets	43,933,000	12.2%	39,153,000
Intangible Assets	0	-	0
Total Fixed Assets	43,933,000	12.2%	39,153,000
Stocks & Work-in-Progress	11,311,000	26.1%	8,973,000
Debtors
- Trade Debtors	1,712,000	34.2%	1,276,000
Cash	2,762,000	-4.6%	2,895,000
Misc. Current Assets	0	-	0
Total Current Assets
Creditors
- Trade Creditors	6,718,000	-20.1%	8,408,000
- Bank Overdraft	0	-	0
Increase in Cash	-133,000	-	0
Total Current Liabilities	18,671,000	12.6%	16,584,000
Other Short Term Loans	3,779,000	20.5%	3,137,000
Miscellaneous Current Liabilities	8,174,000	62.2%	5,039,000
Other Long Term Finance	16,359,000	17.8%	13,884,000
Total Long Term Liabilities	16,359,000	17.8%	13,884,000
Overdraft Long Term Liabilites	16,359,000	17.8%	13,884,000
Liabilities	35,030,000	15.0%	30,468,000
Net Assets	24,735,000	12.6%	21,962,000
Working Captial	-2,839,000	14.2%	-3,307,000
Current Assets	15,832,000	19.2%	13,277,000
Other Current Assets	47,000	-64.9%	134,000

Ratios
Date To	31/12/2002	%	31/12/2001
Trading Performance
Pre-Tax Profit Margin	3.2 %	-	2.9 %
Return on Capital Employed	9.5 %	-	8.2 %
Return on Total Assets Employed	3.9 %	-	3.4 %
Return on Net Assets Employed	9.5 %	-	8.2 %
Sales/Net Working Capital	-25.53	-	-18.84
Operating Efficiency
Stock Turnover Ratio	15.6 %	-	14.4 %
Debtor Days	8.62	-	7.47
Creditor Days	33.83	-	49.25
Short Term Stability
Current Ratio	0.85	-	0.80
Liquidity Ratio/Acid Ratio	0.24	-	0.26
Current Debt Ratio	0.8 %	-	0.8 %
Long Term Stability
Gearing	66.1 %	-	63.2 %
Equity in Percentage	41.4 %	-	41.9 %
Total Debt Ratio	1.4 %	-	1.4 %

Rating & Limit

Credit Information
Limit (€)	0

CCJ Summary

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

Record of Payments

Case Number	2008D15036
Date of CCJs	26/11/2008
Date Paid
Court	Dublin
Status	JG
Amount	5510

Group Structure

Ultimate Parent Company Name
Parent Company Name	WARRNAMBOOL
Number of company in Group	3
Company Name	Company Number	Accounts Date
WARRNAMBOOL	IE387014
-HEATONS	IE011229	31/12/2002
HEATONS (N.I.) LIMITED	NI035599	30/04/2010

Company History

Event History
Date	Description
15/09/2010	Annual Returns
26/10/2009	Annual Returns
13/07/2009	Annual Returns
19/03/2009	HUBERT ORMSBY HEATON has left the board
21/12/2008	Annual Returns
14/11/2008	VAL GANNON has left the board

Status History

No status history for this company.

Directors

Director

Directors Title
Name of Director	BRENDAN DELANEY
Address of Director	AVONLEA, DEMESNE, LUCAN, CO DUBLIN
Postcode of Director
Date of Birth	13/07/1950
Nationality of Director
Director Honours
Present Appointments	0
Function	Company Secretary
Appointment Date	01/11/2002

Director
Directors Title
Name of Director	MARK ORMSBY HEATON
Address of Director	86 RATHGAR ROAD, RATHGAR, DUBLIN 6.
Postcode of Director
Date of Birth	12/12/1959
Nationality of Director
Director Honours
Present Appointments	7
Function	Director
Appointment Date	11/06/1984

Director
Directors Title
Name of Director	MIKE ASHLEY
Address of Director	6 THE WINDSOR, CHARTER CLOSE, GLAPWELL, DERBYSHIRE S44 5LU, UNITED KINGDOM
Postcode of Director
Date of Birth	09/12/1964
Nationality of Director
Director Honours
Present Appointments	2
Function	Director
Appointment Date	15/05/2002

Director
Directors Title
Name of Director	HUGH HEATON
Address of Director	NEWCOURT,, ATHLONE,, WESTMEATH.
Postcode of Director
Date of Birth	02/10/1968
Nationality of Director
Director Honours
Present Appointments	3
Function	Director
Appointment Date	15/12/1995

Director
Directors Title
Name of Director	JOHN O'NEILL
Address of Director	16 BURNABY WOODS, GREYSTONES, CO. WICKLOW.
Postcode of Director
Date of Birth	07/06/1956
Nationality of Director
Director Honours
Present Appointments	10
Function	Director
Appointment Date	01/10/1986

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.18
UK Pound	1	Rs.73.04
Euro	1	Rs.61.43

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

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.