MIRA INFORM REPORT

Report Date :

30.11.2011

IDENTIFICATION DETAILS

Name :	HEALY CHEMICALS IRELAND LIMITED

Registered Office :	Hcl House Cookstown Industrial Estate, Tallaght, Dublin 24, 216410

Country :	Ireland

Financials (as on) :	31.12.2009

Date of Incorporation :	02.07.1984

Com. Reg. No.:	IE101919

Legal Form :	Private Limited By Shares

Line of Business :	A group engaged in the importation and distribution of bulk chemicals.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Ireland

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

REGISTERED NAME & COMPANY SUMMARY

Company Summary
Company Name	HEALY CHEMICALS IRELAND LIMITED
Company Number	IE101919
Address	HCL HOUSE COOKSTOWN INDUSTRIAL ESTATE, TALLAGHT, DUBLIN 24,
Town Code	216410
Company Type	PRIVATE LIMITED BY SHARES
Incorporation Date	02/07/1984

CREDIT RECOMMENDATION

Current Credit Limit: 0 Euro

DIRECTORS/MANAGEMENT

Directors

Director
Directors Title
Name of Director	GARETH HEALY
Address of Director	37 GLEANN NA RI, DRUID VALLEY, CHERRYWOOD, DUBLIN 18
Postcode of Director
Date of Birth	07/07/1982
Nationality of Director
Director Honours
Present Appointments	1
Function	Director
Appointment Date	01/09/2011

Director
Directors Title
Name of Director	ANTHONY HEALY
Address of Director	2 MARINE VIEW,, ROCK ROAD,, BLACKROCK,, CO.DUBLIN
Postcode of Director
Date of Birth	02/12/1978
Nationality of Director
Director Honours
Present Appointments	2
Function	Company Secretary
Appointment Date	01/08/2008

Director
Directors Title
Name of Director	ANTHONY HEALY
Address of Director	2 MARINE VIEW,, ROCK ROAD,, BLACKROCK,, CO.DUBLIN
Postcode of Director
Date of Birth	02/12/1978
Nationality of Director
Director Honours
Present Appointments	2
Function	Director
Appointment Date	19/08/2010

Director
Directors Title
Name of Director	MAURICE ANTHONY HEALY
Address of Director	HILLSIDE, WHITEHALL ROAD, CHURCHTOWN, DUBLIN 14
Postcode of Director
Date of Birth	13/06/1953
Nationality of Director
Director Honours
Present Appointments	12
Function	Director
Appointment Date	10/09/1985

Director
Directors Title
Name of Director	NED CAMPION
Address of Director	81 Meadow Grove,, Churchtown, Dublin 16
Postcode of Director
Date of Birth	19/07/1937
Nationality of Director
Director Honours
Present Appointments	1
Function	Director
Appointment Date	09/11/2004

Director
Directors Title
Name of Director	ADELAIDE HEALY
Address of Director	Hillside, Whitehall Road,, Churchtown,, Dublin 16
Postcode of Director
Date of Birth	10/07/1953
Nationality of Director
Director Honours
Present Appointments	2
Function	Director
Appointment Date	09/11/2004

Director
Directors Title
Name of Director	DAVID ANCHELL
Address of Director	NEW INN,, CASHEL,, CO. TIPPERARY.
Postcode of Director
Date of Birth	31/05/1954
Nationality of Director
Director Honours
Present Appointments	8
Function	Director
Appointment Date	01/01/2005
Director Summary
Directorships		7
Total Directorships		28

NEGATIVE INFORMATION

CCJ Summary

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

SHARE & SHARE CAPITAL INFORMATION

Shareholders information
Shares Held	184,112
Currency of Share	EUR

Name of Shareholder	ADELAIDE HEALY
Nominal Value of each Share
Currency of Share	EUR

PAYMENT INFORMATION

Record of Payments

No record of payments for company.

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Ultimate Parent Company Name
Parent Company Name	HEALY CHEMICALS IRELAND LIMITED
Number of company in Group	4
Company Name	Company Number	Accounts Date
HEALY CHEMICALS IRELAND LIMITED	IE101919	31/12/2009
-HEALY CHEMICALS (U.K.) HOLDINGS LIMITED	02750658	31/12/2010
ENSCO 774 LIMITED	07136652	31/12/2010
HEALY CHEMICALS LIMITED	03100489	30/06/2011

FINANCIAL INFORMATION

Financial Information
Date	31/12/2009	%	31/12/2008	%	31/12/2007
Currency	NaN		NaN		NaN
Turnover	4,859,482	-1.3%	4,923,821	-11.1%	5,537,167
Shareholder Equity	5,735,922	15.4%	4,969,423	-2.3%	5,088,731
Number of employees	0	-	0	-	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	Y	-	Y	-	Y
Turnover	4,859,482	-1.3%	4,923,821	-11.1%	5,537,167
Export	-	-	-	-	-
Cost of Sales	3,778,817	-2.3%	3,867,751	-15.6%	4,584,121
Gross Profit	1,080,665	2.3%	1,056,070	10.8%	953,046
Operating Profit	379,082	-29.2%	535,365	9.4%	489,541
Pre-Tax Profit	946,968	-10.9%	1,063,337	-15.7%	1,261,580
Tax	-212,750	-12.1%	-189,736	39.6%	-314,288
Post-Tax Profit	734,218	-16.0%	873,601	-7.8%	947,292
Dividends	130,225	-27.3%	179,244	-4.1%	186,864
Retained Profit	603,993	-13.0%	694,357	-8.7%	760,428
Interest Payable	179,886	-42.4%	312,339	-33.2%	467,594
Directors Remuneration	354,315	-9.5%	391,608	-2.0%	399,619
Wages & Salaries	-	-	-	-	671,176
Depreciation of Tangibles	38,928	3.7%	37,544	-56.8%	87,004
Auditor Fees	21,500	17.0%	18,375	5.0%	17,500

Capitals & Reserves
Called up Share Capital	184,112	0.0%	184,112	0.0%	184,112
P&L Account Reserve	5,157,439	17.5%	4,390,940	-2.6%	4,510,248
Sundry Reserves	0	-	0	-	0
Revaluation Reserve	394,371	0.0%	394,371	0.0%	394,371
Shareholder Funds	5,735,922	15.4%	4,969,423	-2.3%	5,088,731
Net Worth	5,735,922	15.4%	4,969,423	-2.3%	5,088,731

Miscellaneous
Net Cashflow from Operations	1,846,265	-12.7%	2,114,555	215.8%	669,493
Net Cashflow before Financing	-954,128	-174.3%	-347,802	-2,233.8%	-14,903
Net Cashflow from Financing	-954,128	-174.3%	-347,802	-2,233.8%	-14,903
Capital Employed	6,867,874	8.3%	6,340,099	-6.6%	6,785,606
No of Employees	0	-	0	-	0

Balance Sheet
Tangible Assets	5,395,686	14.1%	4,728,126	-5.8%	5,017,932
Intangible Assets	0	-	0	-	0
Total Fixed Assets	5,395,686	14.1%	4,728,126	-5.8%	5,017,932
Stocks & Work-in-Progress	161,055	-11.7%	182,364	-25.7%	245,358
Debtors
- Trade Debtors	1,080,206	36.7%	790,054	-39.1%	1,297,330
Cash	311,743	-36.2%	488,980	-10.1%	543,755
Misc. Current Assets	0	-	0	-	0
Total Current Assets
Creditors
- Trade Creditors	464,860	-36.3%	730,083	-27.9%	1,012,415
- Bank Overdraft	300,492	-19.0%	370,822	-50.0%	741,375
Increase in Cash	-177,237	-223.6%	-54,775	-	0
Total Current Liabilities	904,431	-26.9%	1,237,665	-35.9%	1,930,613
Other Short Term Loans	0	-	0	-	0
Miscellaneous Current Liabilities	139,079	1.7%	136,760	-22.7%	176,823
Other Long Term Finance	0	-	0	-100.0%	95,954
Total Long Term Liabilities	1,131,952	-17.4%	1,370,676	-19.2%	1,696,875
Overdraft Long Term Liabilites	1,432,444	-17.7%	1,741,498	-28.6%	2,438,250
Liabilities	2,036,383	-21.9%	2,608,341	-28.1%	3,627,488
Net Assets	5,735,922	15.4%	4,969,423	-2.3%	5,088,731
Working Captial	1,472,188	-8.7%	1,611,973	-8.8%	1,767,674
Current Assets	2,376,619	-16.6%	2,849,638	-22.9%	3,698,287
Other Current Assets	823,615	-40.7%	1,388,240	-13.9%	1,611,844

Ratios
Date To	31/12/2009	%	31/12/2008	%	31/12/2007
Trading Performance
Pre-Tax Profit Margin	19.5 %	-	21.6 %	-	22.8 %
Return on Capital Employed	13.8 %	-	16.8 %	-	18.6 %
Return on Total Assets Employed	12.2 %	-	14.0 %	-	14.5 %
Return on Net Assets Employed	16.5 %	-	21.4 %	-	24.8 %
Sales/Net Working Capital	3.30	-	3.05	-	3.13
Operating Efficiency
Stock Turnover Ratio	3.3 %	-	3.7 %	-	4.4 %
Debtor Days	81.14	-	58.57	-	85.52
Creditor Days	34.92	-	54.12	-	66.74
Short Term Stability
Current Ratio	2.63	-	2.30	-	1.92
Liquidity Ratio/Acid Ratio	2.44	-	2.15	-	1.78
Current Debt Ratio	0.2 %	-	0.2 %	-	0.4 %
Long Term Stability
Gearing	25.0 %	-	35.0 %	-	47.9 %
Equity in Percentage	73.8 %	-	65.6 %	-	58.4 %
Total Debt Ratio	0.4 %	-	0.5 %	-	0.7 %

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Auditor/Banker's Information
Auditor Name	WHELAN DOWLING & ASSOCIATES
Auditor Qualification	No Adverse Comments
Banker Name	ALLIED IRISH BANKS PLC
Banker Sort Code

Other Information
Website Address
Incorporation Date	02/07/1984
Company Type	PRIVATE LIMITED BY SHARES
Type of Accounts	Group
Date of Latest Accounts	31/12/2009
Filing Date of Accounts
Annual Return Date	18/08/2010

Industry Information
Industry Description	A group engaged in the importation and distribution of bulk chemicals.

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

Company History

Event History
Date	Description
01/09/2011	New Board Member (GARETH HEALY) appointed
09/09/2010	Annual Returns
08/09/2010	New Accounts Filed
08/09/2010	New Accounts Filed
19/08/2010	New Board Member (ANTHONY HEALY) appointed
21/12/2009	Annual Returns
21/12/2009	New Accounts Filed
21/12/2009	New Accounts Filed
11/01/2009	Annual Returns
11/01/2009	New Accounts Filed

Status History
No status history for this company.

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

Other Images
30-08-2011	B10 CHANGE IN DIRS/SEC
04-10-2010	B10 CHANGE IN DIRS/SEC
19-05-2009	B10 CHANGE IN DIRS/SEC
15-01-2008	B47 NOTICE(LETTER) OF RESIGNATION OF AUDITOR
23-09-1985	B10 CHANGE IN DIRS/SEC
23-09-1985	B2 CHANGE IN SITUATION OF REG OFFICE.
02-07-1984	B10 CHANGE IN DIRS/SEC
02-07-1984	CERTIFICATE
02-07-1984	A1 APPLICATION TO REGISTER AS A NEW COMPANY,
02-07-1984	AMENDED MEMORANDUM AND ARTICLES.
02-07-1984	AMENDED MEMORANDUM AND ARTICLES.

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.93
UK Pound	1	Rs.80.62
Euro	1	Rs.69.36

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.

Address Information
Company Name	HEALY CHEMICALS IRELAND LIMITED
Company Number	IE101919
Registered Office Address	HCL HOUSE COOKSTOWN INDUSTRIAL ESTATETALLAGHTDUBLIN 24
Registered Office Post Code	216410
TPS Registered	N