MIRA INFORM REPORT

Report Date :

27.05.2011

IDENTIFICATION DETAILS

Name :	DROMONE ENGINEERING LIMITED
Registered Office :	Dromone, Oldcastle, Co Meath, Co. Meath.336004
Country :	Ireland
Financials (as on) :	31.12.2009
Date of Incorporation :	19.05.1978
Com. Reg. No.:	IE062756
Legal Form :	Private Limited By Shares
Line of Business :	The design, manufacture and marketing of a range of specialised attachments for agricultural tractors and construction excavators

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	(€) 165,000
Status :	Good
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
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	DROMONE ENGINEERING LIMITED
Company Number	IE062756
Telephone Number
Address	DROMONE, OLDCASTLE, CO MEATH, CO. MEATH.
Town Code	336004
Company Type	PRIVATE LIMITED BY SHARES
Incorporation Date	19/05/1978

Company Status Summary
Limit (€)	165,000
Active CCJ's	0
Value of CCJ's (€)	0
Writs	0

Director Summary
Directorships	4
Total Directorships	13

Financial Information
Date	31/12/2009	%	31/12/2008	%	31/12/2007
Currency	NaN		NaN		NaN
Turnover	0	-	0	-	0
Shareholder Equity	7,035,108	-3.6%	7,301,382	-6.1%	7,774,406
Number of employees	91	-	113	-	103

Company Information

Address Information
Company Name	DROMONE ENGINEERING LIMITED
Company Number	IE062756
Registered Office Address	DROMONEOLDCASTLECO MEATHCO. MEATH.
Registered Office Post Code	336004
Registered Telephone No.
TPS Registered	N
Trading Address
Trading Postal Code
Trading Telephone Number
TPS Registered

Auditor/Banker's Information
Auditor Name	GRANT THORNTON
Auditor Qualification	No Adverse Comments
Banker Name	BANK OF IRELAND
Banker Sort Code

Other Information
Website Address
Incorporation Date	19/05/1978
Company Type	PRIVATE LIMITED BY SHARES
Type of Accounts	Medium Company
Date of Latest Accounts	31/12/2009
Filing Date of Accounts
Annual Return Date	13/07/2010

Industry Information
Industry Description	The design, manufacture and marketing of a range of specialised attachments for agricultural tractors and construction excavators.

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	1,100,863
Currency of Share	EUR
Name of Shareholder	PATRICK MCCORMICK
Nominal Value of each Share
Currency of Share	EUR

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	-	0	-	0
Export	-	-	-	-	-
Cost of Sales	-	-	-	-	-
Gross Profit	1,546,950	-45.2%	2,824,327	-31.2%	4,107,907
Operating Profit	-223,314	47.9%	-429,034	-163.0%	681,104
Pre-Tax Profit	-259,830	48.2%	-501,147	-174.1%	676,511
Tax	0	-100.0%	40,686	-0.7%	40,989
Post-Tax Profit	-259,830	43.6%	-460,461	-164.2%	717,500
Dividends	0	-100.0%	5,612	18.0%	4,755
Retained Profit	-259,830	44.3%	-466,073	-165.4%	712,745
Interest Payable	36,619	-52.6%	77,207	496.7%	12,938
Directors Remuneration	85,146	-28.2%	118,629	-1.5%	120,405
Wages & Salaries	2,298,629	-43.3%	4,053,156	6.3%	3,813,483
Depreciation of Tangibles	244,264	-16.1%	291,021	-8.4%	317,859
Auditor Fees	20,000	-4.8%	21,000	5.0%	20,000

Capitals & Reserves
Called up Share Capital	1,100,863	0.0%	1,100,863	0.0%	1,100,863
P&L Account Reserve	5,287,263	-4.7%	5,547,093	-7.8%	6,013,166
Sundry Reserves	398,237	-1.6%	404,681	-1.7%	411,632
Revaluation Reserve	248,745	0.0%	248,745	0.0%	248,745
Shareholder Funds	7,035,108	-3.6%	7,301,382	-6.1%	7,774,406
Net Worth	7,035,108	-3.6%	7,301,382	-6.1%	7,774,406

Miscellaneous
Net Cashflow from Operations	1,259,881	281.4%	330,319	153.4%	-618,011
Net Cashflow before Financing	-516,202	-700.8%	85,926	-72.2%	308,740
Net Cashflow from Financing	-516,202	-700.8%	85,926	-72.2%	308,740
Capital Employed	7,385,312	-0.2%	7,401,735	-8.7%	8,108,340
No of Employees	91	-19.5%	113	9.7%	103

Balance Sheet
Tangible Assets	2,393,916	-7.6%	2,591,795	-6.0%	2,756,417
Intangible Assets	0	-	0	-	0
Total Fixed Assets	2,393,916	-7.6%	2,591,795	-6.0%	2,756,417
Stocks & Work-in-Progress	3,974,650	-22.1%	5,103,745	-2.5%	5,233,329
Debtors
- Trade Debtors	1,412,366	-30.7%	2,037,484	-29.0%	2,869,411
Cash	1,137,744	138.7%	476,615	78.9%	266,464
Misc. Current Assets	0	-	0	-	0
Total Current Assets
Creditors
- Trade Creditors	548,907	-29.8%	782,328	-51.6%	1,615,641
- Bank Overdraft	304,207	-67.7%	941,319	44.6%	651,193
Increase in Cash	661,129	214.6%	210,151	-	0
Total Current Liabilities	1,705,531	-45.2%	3,111,933	-16.0%	3,706,484
Other Short Term Loans	226,490	-69.1%	732,979	30.3%	562,727
Miscellaneous Current Liabilities	625,927	-4.5%	655,307	-25.3%	876,923
Other Long Term Finance	0	-100.0%	56,822	-76.6%	243,337
Total Long Term Liabilities	350,204	249.0%	100,353	-69.9%	333,934
Overdraft Long Term Liabilites	654,411	-37.2%	1,041,672	5.7%	985,127
Liabilities	2,055,735	-36.0%	3,212,286	-20.5%	4,040,418
Net Assets	7,035,108	-3.6%	7,301,382	-6.1%	7,774,406
Working Captial	4,991,396	3.8%	4,809,940	-10.1%	5,351,923
Current Assets	6,696,927	-15.5%	7,921,873	-12.5%	9,058,407
Other Current Assets	172,167	-43.4%	304,029	-55.9%	689,203

Ratios
Date To	31/12/2009	%	31/12/2008	%	31/12/2007
Trading Performance
Pre-Tax Profit Margin	0.0%	-	0.0%	-	0.0%
Return on Capital Employed	-3.5 %	-	-6.8 %	-	8.3 %
Return on Total Assets Employed	-2.9 %	-	-4.8 %	-	5.7 %
Return on Net Assets Employed	-3.7 %	-	-6.9 %	-	8.7 %
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	3.93	-	2.55	-	2.44
Liquidity Ratio/Acid Ratio	1.59	-	0.90	-	1.03
Current Debt Ratio	0.2 %	-	0.4 %	-	0.5 %
Long Term Stability
Gearing	9.3 %	-	14.3 %	-	12.7 %
Equity in Percentage	77.4 %	-	69.4 %	-	65.8 %
Total Debt Ratio	0.3 %	-	0.4 %	-	0.5 %

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

No Group Structure for this company.

Company History

Event History
Date	Description
28/07/2010	New Accounts Filed
22/07/2010	Annual Returns
31/08/2009	New Accounts Filed
31/08/2009	New Accounts Filed
26/08/2009	Annual Returns
26/10/2008	New Accounts Filed
10/10/2008	Annual Returns

Status History

No status history for this company.

Directors

Director
Directors Title
Name of Director	WILLIAM EGENTON
Address of Director	OAK LODGE, BALLARDAN GREAT, DUNDERRY, NAVAN, COUNTY MEATH
Postcode of Director
Date of Birth	15/05/1969
Nationality of Director
Director Honours
Present Appointments	1
Function	Director
Appointment Date	07/11/2002

Director
Directors Title
Name of Director	PATRICK MCCORMICK
Address of Director	DROMONE, OLDCASTLE, CO. MEATH
Postcode of Director
Date of Birth	01/07/1951
Nationality of Director
Director Honours
Present Appointments	4
Function	Director
Appointment Date	19/05/1978

Director
Directors Title
Name of Director	SUSAN MCCORMICK
Address of Director	DROMONE, OLDCASTLE, CO MEATH
Postcode of Director
Date of Birth	04/07/1950
Nationality of Director
Director Honours
Present Appointments	4
Function	Company Secretary
Appointment Date	19/05/1978

Director
Directors Title
Name of Director	SUSAN MCCORMICK
Address of Director	DROMONE, OLDCASTLE, CO MEATH
Postcode of Director
Date of Birth	04/07/1950
Nationality of Director
Director Honours
Present Appointments	4
Function	Director
Appointment Date	19/05/1978

Image Accounts

Accounts Images

31-12-2009

31-12-2008

31-12-2007

31-12-2006

Returns Images

31-12-2009

31-12-2008

31-12-2007

31-12-2006

29-07-1987

16-04-1986

16-04-1986

16-04-1986

29-03-1983

29-03-1983

29-03-1983

29-03-1983

Other Images
27-07-2009	B10 CHANGE IN DIRS/SEC
21-04-2008	B77 AUTHORISE AGENT
21-04-1989	B5 RETURN OF ALLOTMENTS.
02-07-1985	G1 SPECIAL RESOLUTION
02-07-1985	AMENDED MEMORANDUM AND ARTICLES.
30-01-1984	C1 MORT/ CHARGE CREATED BY IRISH COMPANY
11-02-1983	B5 RETURN OF ALLOTMENTS.
15-12-1978	B5 RETURN OF ALLOTMENTS.
04-07-1978	B10 CHANGE IN DIRS/SEC
04-07-1978	B2 CHANGE IN SITUATION OF REG OFFICE.
04-07-1978	AMENDED MEMORANDUM AND ARTICLES.
04-07-1978	G1Q CHANGE OF NAME SPECIAL RESOLUTION
19-05-1978	CERTIFICATE
19-05-1978	A1 APPLICATION TO REGISTER AS A NEW COMPANY,
19-05-1978	MEMORANDUM AND ARTICLES
19-05-1978	MEMORANDUM AND ARTICLES

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.29
UK Pound	1	Rs.73.84
Euro	1	Rs.64.18

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 Business	--

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.