MIRA INFORM REPORT

Report Date :

17.02.2011

IDENTIFICATION DETAILS

Correct Name :	HETEROCHEM (DIST.) LIMITED

Registered Office :	Unit 49, Baldoyle Industrial Estate, Baldoyle, Dublin 13, 216410

Country :	Ireland

Financials (as on) :	31.12.2009

Date of Incorporation :	16.06.1982

Com. Reg. No.:	IEO89972

Legal Form :	Private Limited By Shares

Line of Business :	Distribution of Chemical Products.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Poor

Payment Behaviour :	Unknown

Litigation :	--

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	HETEROCHEM (DIST.) LIMITED
Company Number	IE089972
Telephone Number	018393127
Address	UNIT 49, BALDOYLE INDUSTRIAL ESTATE, BALDOYLE, DUBLIN 13
Town Code	216410
Company Type	PRIVATE LIMITED BY SHARES
Incorporation Date	16/06/1982

Director Summary
Directorships	4
Total Directorships	25

Financial Information
Date	31/12/2009	%	31/12/2008	%	31/12/2007
Currency	NaN		NaN		NaN
Turnover	0	-100.0%	3,595,189	-	0
Shareholder Equity	0	-100.0%	2,257,381	10.1%	2,050,340
Number of employees	0	-	14	-	0

Accounts & Ratios

Period
Date From	01/01/2009	%	02/01/2008	%	01/01/2007
Date To	31/12/2009	-	31/12/2008	-	31/12/2007
Period of Month	12	-	12	-	12
Currency	EUR	-	EUR	-	EUR
Profit & Loss
Consolidated Accounts	N	-	N	-	N
Turnover	0	-100.0%	3,595,189	-	0
Export	-	-	-	-	-
Cost of Sales	-	-	2,688,056	-	-
Gross Profit	-	-	907,133	-	-
Operating Profit	-	-	250,795	-	-
Pre-Tax Profit	0	-100.0%	240,329	-	0
Tax	-	-	-33,288	-	-
Post-Tax Profit	-	-	207,041	-	-
Dividends	-	-	0	-	-
Retained Profit	-	-	207,041	-	-
Interest Payable	-	-	10,466	-	-
Directors Remuneration	-	-	109,780	-	-
Wages & Salaries	-	-	500,656	-	-
Depreciation of Tangibles	-	-	25,000	-37.6%	40,079
Auditor Fees	-	-	10,400	-	-

Capitals & Reserves
Called up Share Capital	0	-100.0%	18,076	0.0%	18,076
P&L Account Reserve	0	-100.0%	2,239,305	10.2%	2,032,264
Sundry Reserves	0	-	0	-	0
Revaluation Reserve	0	-	0	-	0
Shareholder Funds	0	-100.0%	2,257,381	10.1%	2,050,340
Net Worth	0	-100.0%	2,257,381	10.1%	2,050,340

Miscellaneous
Net Cash flow from Operations	0	100.0%	-190,525	-	0
Net Cash flow before Financing	0	-	0	-	0
Net Cash flow from Financing	0	-	0	-	0
Capital Employed	0	-100.0%	2,283,704	11.4%	2,050,340
No of Employees	0	-100.0%	14	-	0

Balance Sheet
Tangible Assets	0	-100.0%	71,395	450.1%	12,978
Intangible Assets	0	-	0	-	0
Total Fixed Assets	0	-100.0%	71,395	450.1%	12,978
Stocks & Work-in-Progress	0	-100.0%	251,210	-7.0%	270,067
Debtors
- Trade Debtors	0	-100.0%	744,517	-7.8%	807,910
Cash	0	-100.0%	75,743	-65.5%	219,247
Misc. Current Assets	0	-	0	-	0
Total Current Assets
Creditors
- Trade Creditors	0	-100.0%	553,817	-15.9%	658,254
- Bank Overdraft	0	-100.0%	117,139	-	0
Increase in Cash	-75,743	47.2%	-143,504	-	0
Total Current Liabilities	0	-100.0%	2,106,896	-11.2%	2,371,646
Other Short Term Loans	0	-100.0%	1,346,914	-13.4%	1,554,444
Miscellaneous Current Liabilities	0	-100.0%	89,026	-44.0%	158,948
Other Long Term Finance	0	-100.0%	26,323	-	0
Total Long Term Liabilities	0	-100.0%	26,323	-	0
Overdraft Long Term Liabilities	0	-100.0%	143,462	-	0
Liabilities	0	-100.0%	2,133,219	-10.1%	2,371,646
Net Assets	0	-100.0%	2,257,381	10.1%	2,050,340
Working Capital	0	-100.0%	2,212,309	8.6%	2,037,362
Current Assets	0	-100.0%	4,319,205	-2.0%	4,409,008
Other Current Assets	0	-100.0%	3,247,735	4.4%	3,111,784

Ratios
Date To	31/12/2009	%	31/12/2008	%	31/12/2007
Trading Performance
Pre-Tax Profit Margin	0.0%	-	6.7 %	-	0.0%
Return on Capital Employed	0.0%	-	10.5 %	-	0.0%
Return on Total Assets Employed	0.0%	-	5.5 %	-	0.0%
Return on Net Assets Employed	0.0%	-	10.6 %	-	0.0%
Sales/Net Working Capital	0.00	-	1.63	-	0.00
Operating Efficiency
Stock Turnover Ratio	0.0%	-	7.0 %	-	0.0%
Debtor Days	0.00	-	75.59	-	0.00
Creditor Days	0.00	-	56.23	-	0.00
Short Term Stability
Current Ratio	0.00	-	2.05	-	1.86
Liquidity Ratio/Acid Ratio	0.00	-	1.93	-	1.75
Current Debt Ratio	0.0%	-	0.9 %	-	1.2 %
Long Term Stability
Gearing	0.0%	-	6.4 %	-	0.0 %
Equity in Percentage	0.0%	-	51.4 %	-	46.4 %
Total Debt Ratio	0.0%	-	0.9 %	-	1.2 %

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	HUGHES CHEMICAL CORPORATION LIMITED
Number of company in Group	2
Company Name	Company Number	Accounts Date
HUGHES CHEMICAL CORPORATION LIMITED	IE110864	31/12/2009
HETEROCHEM (DIST.) LIMITED	IE089972	31/12/2009

Company History

Event History
Date	Description
01/10/2010	Annual Returns
18/05/2010	New Accounts Filed
17/05/2010	Annual Returns
01/04/2009	New Accounts Filed
30/03/2009	Annual Returns
12/06/2008	Annual Returns
30/05/2008	New Accounts Filed

Status History
No status history for this company.

Directors

Director
Directors Title
Name of Director	KIM DORAN
Address of Director	5, BROOKWOOD HALL,, BROOKWOOD AVENUE,, DUBLIN 5.
Postcode of Director
Date of Birth	08/05/1972
Nationality of Director
Director Honours
Present Appointments	2
Function	Director
Appointment Date	16/07/2002

Director
Directors Title
Name of Director	MARISSA HUGHES
Address of Director	9 SEAFIELD GROVE, CLNTARF, DUBLIN
Postcode of Director
Date of Birth	14/05/1955
Nationality of Director
Director Honours
Present Appointments	3
Function	Director
Appointment Date	04/09/1986

Director
Directors Title
Name of Director	RAYMOND HUGHES
Address of Director	9, SEAFIELD GROVE,, CLONTARF,, DUBLIN 3.
Postcode of Director
Date of Birth	06/04/1945
Nationality of Director
Director Honours
Present Appointments	10
Function	Company Secretary
Appointment Date	17/06/1982

Director
Directors Title
Name of Director	RAYMOND HUGHES
Address of Director	9, SEAFIELD GROVE,, CLONTARF,, DUBLIN 3.
Postcode of Director
Date of Birth	06/04/1945
Nationality of Director
Director Honours
Present Appointments	10
Function	Director
Appointment Date	17/06/1982

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.45
UK Pound	1	Rs.72.90
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
----	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	HETEROCHEM (DIST.) LIMITED
Company Number	IE089972
Registered Office Address	UNIT 49BALDOYLE INDUSTRIAL ESTATEBALDOYLEDUBLIN 13
Registered Office Post Code	216410
Registered Telephone No.	018393127
TPS Registered	N
Trading Address
Trading Postal Code	216410
Trading Telephone Number
TPS Registered	N

Auditor/Banker's Information
Auditor Name	HUGHES BLAKE
Auditor Qualification	No Adverse Comments
Banker Name	ALLIED IRISH BANKS PLC
Banker Sort Code

Other Information
Website Address
Incorporation Date	16/06/1982
Company Type	PRIVATE LIMITED BY SHARES
Type of Accounts	Full Accounts
Date of Latest Accounts	31/12/2009
Filing Date of Accounts
Annual Return Date	27/04/2010

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	18,076
Currency of Share	EUR

Name of Shareholder	HUGHES CHEMICAL CORP LTD
Nominal Value of each Share
Currency of Share	EUR

Industry Information
Industry Description	The importation and distribution of chemical products.