MIRA INFORM REPORT

Report Date :

11.12.2012

IDENTIFICATION DETAILS

Name :	UNICHEM LIMITED
Registered Office :	The Ward, Co Dublin, Zip Code 216410
Country :	Ireland
Financials (as on) :	31.12.2011
Date of Incorporation :	14.09.1972
Com. Reg. No.:	IE038559
Legal Form :	Private limited with Share Capital
Line of Business :	Wholesaler of chemical products
No. of Employees :	35 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

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

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Ireland	A2	A2

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

Ireland - ECONOMIC OVERVIEW

Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since the onset of the world financial crisis, with GDP falling by over 3% in 2008, nearly 7% in 2009, and less than 1% in 2010. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property and construction markets. Property prices rose more rapidly in Ireland in the decade up to 2007 than in any other developed economy. Since their 2007 peak, average house prices have fallen 47%. In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment, the export sector, dominated by foreign multinationals, has become a key component of Ireland's economy. Agriculture, once the most important sector, is now dwarfed by industry and services. In 2008 the COWEN government moved to guarantee all bank deposits, recapitalize the banking system, and establish partly-public venture capital funds in response to the country's economic downturn. In 2009, in continued efforts to stabilize the banking sector, the Irish Government established the National Asset Management Agency (NAMA) to acquire problem commercial property and development loans from Irish banks. Faced with sharply reduced revenues and a burgeoning budget deficit, the Irish Government introduced the first in a series of draconian budgets in 2009. In addition to across-the-board cuts in spending, the 2009 budget included wage reductions for all public servants. These measures were not sufficient. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP - because of additional government support for the banking sector. In late 2010, the former COWEN Government agreed to a $112 billion loan package from the EU and IMF to help Dublin further increase the capitalization of its banking sector and avoid defaulting on its sovereign debt. Since entering office in March 2011, the KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland's EU-IMF program. Ireland achieved moderate growth in 2011 and cut the budget deficit to 10.1% of GDP, although the recovery is expected to slow in 2012 as a result of the euro-zone debt crisis.

Source CIA

Company Name

UNICHEM LIMITED

Company No:

IE038559

Registered Address

THE WARD

CO DUBLIN

216410

Company summary

Company Name	UNICHEM LIMITED	Company Number	IE038559
Registered Address	THE WARD
	CO DUBLIN
	216410
Website Address	-
Telephone Number		Fax Number
TPS	No	FPS	No
Incorporation Date	14/09/1972	Company Status	Active - Accounts Filed
Previous Name		Type	Private limited with Share Capital
Date of Change	-	Filing Date of Accounts	-
		Share Capital	€62,217
SIC03	51550	Currency	EUR
SIC03 Description	Wholesale of chemical products
SIC07	46750
SIC07 Description	WHOLESALE OF CHEMICAL PRODUCTS
Principal Activity	The importation and distribution of agricultural and horticultural fertilisers, chemicals and garden products.

Commentary

The company's credit rating has increased from not rated to 94 which indicates very good creditworthiness.
There is insufficient data to indicate a change in this companies percentage of sales.
Net Worth increased by 7% during the latest trading period.
A 11.3% growth in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 1.1% compared to the previous trading period.
The audit report contains no adverse comments.
No recent changes in directorship are recorded.
The company is not part of a group.
The company was established over 40 years ago.

* Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2011	-	€246,288	€3,636,226	35
31/12/2010	-	€243,685	€3,430,897	36
31/12/2009	-	€460,210	€3,229,538	-

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

N/A	10
Company DBT	IE Average DBT

Steady

ImprovingWorsening

Be the first to leave a payment experience
for this company
Within Terms91+ Days

CJ

Total Number of Exact CJs -	0	Total Value of Exact CJs -	€0
Total Number of Possible CJs -	0	Total Value of Possible CJs -	€0
Total Number of Satisfied CJs -	0	Total Value of Satisfied CJs -	€0

Exact CJ Details

There are no exact CJ details

Possible CJ Details

There are no possible CJ details

Mortgage Summary

Outstanding	7
Satisfied	0

Total Current Directors	3
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	0

Current Directors

Name	JOHN O'DRISCOLL	Date of Birth	02/06/1964
Officers Title		Nationality
Present Appointments	2	Function	Director
Appointment Date	01/01/1902
Address	BALLYMACARNEY,  THE WARD,  CO. DUBLIN,

Name	DENIS J O'DRISCOLL	Date of Birth	09/01/1928
Officers Title		Nationality
Present Appointments	4	Function	Director
Appointment Date	05/12/1972
Address	BALLYMACARNEY,  THE WARD,  CO DUBLIN,

Name	BARRY O'DRISCOLL	Date of Birth	24/08/1968
Officers Title		Nationality
Present Appointments	6	Function	Director
Appointment Date	14/06/1990
Address	BALLYMACARNEY,  THE WARD,  CO DUBLIN,

Current Company Secretary

Name	BARRY O'DRISCOLL	Date of Birth	24/08/1968
Officers Title		Nationality
Present Appointments	6	Function	Company Secretary
Appointment Date	14/06/1990
Address	BALLYMACARNEY,  THE WARD,  CO DUBLIN,

Top 20 Shareholders

Name	Individual Share Value
BARRY O'DRISCOLL	24,500 ORDINARY EUR 1.27
DENIS J. O'DRISCOLL	14,700 ORDINARY EUR 1.27
BRIDESHEAD LTD	9,800 ORDINARY EUR 1.27

Profit & Loss

Date Of Accounts	31/12/11	31/12/10	31/12/09	31/12/08	31/12/07
Weeks	52	52	52	52	52
Currency	EUR	EUR	EUR	EUR	EUR
Consolidated A/cs	N	N	N	N	N
Turnover	-	-	-	-	-
Export	-	-	-	-	-
Cost of Sales	-	-	-	-	-
Gross Profit	€2,420,316	€2,405,364	€2,644,330	€2,766,297	€2,636,613
Wages & Salaries	€1,277,917	€1,342,238	-	-	-
Directors Emoluments	€156,264	€150,864	-	-	-
Operating Profit	€277,575	€265,859	€502,344	€441,577	€391,732
Depreciation	€126,589	€170,064	€192,613	€201,479	€216,539
Audit Fees	€25,125	€25,125	€25,000	€25,000	€29,000
Interest Payments	€31,287	€22,174	€42,134	€94,679	€77,741
Pre Tax Profit	€246,288	€243,685	€460,210	€346,898	€313,991
Taxation	-€40,959	-€42,326	-€61,163	-€61,852	-€55,404
Profit After Tax	€205,329	€201,359	€399,047	€285,046	€258,587
Dividends Payable	-	-	-	-	-
Retained Profit	€205,329	€201,359	€399,047	€285,046	€258,587

Balance Sheet

Date Of Accounts	31/12/11	31/12/10	31/12/09	31/12/08	31/12/07
Tangible Assets	€751,001	€777,590	€844,991	€832,574	€854,878
Intangible Assets	€60,000	€90,000	€120,000	€150,000	€180,000
Total Fixed Assets	€811,001	€867,590	€964,991	€982,574	€1,034,878
Stock	€2,509,394	€2,038,983	€1,900,100	€2,264,946	€2,352,862
Trade Debtors	€1,722,613	€1,614,100	€1,516,325	€1,900,194	€2,267,446
Cash	0	0	0	0	0
Other Debtors	€643,689	€590,102	€467,447	€500,029	€512,044
Miscellaneous Current Assets	0	0	0	0	0
Total Current Assets	€4,875,696	€4,243,185	€3,883,872	€4,665,169	€5,132,352
Trade Creditors	€886,778	€760,196	€719,359	€1,240,995	€1,729,675
Bank Loans & Overdrafts	€615,733	€373,513	€618,188	€1,350,273	€1,469,672
Other Short Term Finance	€41,811	€73,582	€74,566	€63,139	€152,854
Miscellaneous Current Liabilities	€262,927	€109,045	€138,291	€131,394	€204,159
Total Current Liabilities	€1,807,249	€1,316,336	€1,550,404	€2,785,801	€3,556,360
Bank Loans & Overdrafts and LTL	€858,955	€737,055	€687,109	€1,381,724	€1,535,097
Other Long Term Finance	€12,075	€53,886	€68,921	€31,451	€65,425
Total Long Term Liabilities	€243,222	€363,542	€68,921	€31,451	€65,425

Capital & Reserves

Date Of Accounts	31/12/11	31/12/10	31/12/09	31/12/08	31/12/07
Called Up Share Capital	€62,217	€62,217	€62,217	€62,217	€62,217
P & L Account Reserve	€3,574,009	€3,368,680	€3,167,321	€2,768,274	€2,483,228
Revaluation Reserve	-	-	-	-	-
Sundry Reserves	-	-	-	-	-
Shareholder Funds	€3,636,226	€3,430,897	€3,229,538	€2,830,491	€2,545,445

Other Financial Items

Date Of Accounts	31/12/11	31/12/10	31/12/09	31/12/08	31/12/07
Net Worth	€3,576,226	€3,340,897	€3,109,538	€2,680,491	€2,365,445
Working Capital	€3,068,447	€2,926,849	€2,333,468	€1,879,368	€1,575,992
Total Assets	€5,686,697	€5,110,775	€4,848,863	€5,647,743	€6,167,230
Total Liabilities	€2,050,471	€1,679,878	€1,619,325	€2,817,252	€3,621,785
Net Assets	€3,636,226	€3,430,897	€3,229,538	€2,830,491	€2,545,445

Cash Flow

Date Of Accounts	31/12/11	31/12/10	31/12/09	31/12/08	31/12/07
Net Cashflow from Operations	-	€135,422	€944,342	€532,291	-€9,950
Net Cashflow before Financing	-	€50,832	€836,460	€190,873	-€256,984
Net Cashflow from Financing	-	€276,806	-€104,375	-€71,474	-€119,740
Increase in Cash	-	€327,638	€732,085	€119,399	-€376,724

Miscellaneous

Date Of Accounts	31/12/11	31/12/10	31/12/09	31/12/08	31/12/07
	Contingent Liability	NO	NO	NO	NO	NO
Capital Employed	€3,879,448	€3,794,439	€3,298,459	€2,861,942	€2,610,870
Number of Employees	35	36	-	-	-
Auditors	LOMBARD
Auditor Comments	The audit report contains no adverse comments
Bankers	ULSTER BANK LTD
Bank Branch Code	98-50-00

Ratios

Date Of Accounts	31/12/11	31/12/10	31/12/09	31/12/08	31/12/07
Pre-tax profit margin %	-	-	-	-	-
Current ratio	2.70	3.22	2.51	1.67	1.44
Sales/Net Working Capital	-	-	-	-	-
Gearing %	23.60	21.50	21.30	48.80	60.30
Equity in %	64.60	68.30	68.30	51.50	42.50
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	1.30	1.67	1.27	0.86	0.78
Return On Capital Employed %	6.34	6.42	13.95	12.12	12.03
Return On Total Assets Employed %	4.33	4.76	9.49	6.14	5.09
Current Debt Ratio	0.49	0.38	0.48	0.98	1.39
Total Debt Ratio	0.56	0.48	0.50	0.99	1.42
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	6.77	7.10	14.25	12.25	12.34

Status History

No Status History found

*Event History

Date	Description
05/12/2012	New Accounts Filed
05/12/2012	New Accounts Filed
04/12/2012	Annual Returns
27/04/2011	New Accounts Filed
27/04/2011	New Accounts Filed
26/04/2011	Annual Returns
10/08/2010	Annual Returns
09/08/2010	New Accounts Filed
24/11/2009	Annual Returns
24/11/2009	New Accounts Filed
28/08/2008	Annual Returns
27/08/2008	New Accounts Filed
14/06/1990	New Company Secretary (BARRY O'DRISCOLL) appointed
14/06/1990	New Board Member (BARRY O'DRISCOLL) appointed
05/12/1972	New Board Member (DENIS J O'DRISCOLL) appointed

Previous Company Names

No Previous Names found

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group structure

No group structure

Statistics

Group	0 companies
Linkages	0 companies
Countries	In 0 countries

Unregistered - Exact CJ Details

No CJs found

Unregistered - Possible CJ Details

No CJs found

Registered - Exact CJ Details

No CJs found

Registered - Possible CJ Details

No CJs found

Mortgage Details

Mortgage Type:	A MORTGAGE.
Date Charge Created:	03/08/90
Date Charge Registered:	16/08/90
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	IRISH INTERCONTINENTAL BANK LIMITED
Amount Secured:	0
Details:	ALL SUMS NOW DUE OR HEREAFTER TO BECOME DUE FROM THE COMPANY TO THE PERSON(S) ENTITLED

Mortgage Type:	A MORTGAGE.
Date Charge Created:	03/08/90
Date Charge Registered:	16/08/90
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	IRISH INTERCONTINENTAL BANK LIMITED
Amount Secured:	0
Details:	ALL SUMS NOW DUE OR HEREAFTER TO BECOME DUE FROM THE COMPANY TO THE PERSON(S) ENTITLED

Mortgage Type:	EQUITABLE MORTGAGE BY DEPOSIT OF LAND CERTIFI.
Date Charge Created:	30/07/90
Date Charge Registered:	01/08/90
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	ULSTER BANK LIMITED
Amount Secured:	0
Details:	ALL SUMS DUE BY THE COMPANY TO THE LENDER(S) ON ANY ACCOUNT AND TO INCLUDE LETTERS OF GUARANTEE

Mortgage Type:	EQUITABLE MORTGAGE BY DEPOSIT OF LAND CERTIFI.
Date Charge Created:	03/08/88
Date Charge Registered:	08/08/88
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	ULSTER BANK LIMITED
Amount Secured:	0
Details:	ALL SUMS DUE/TO BECOME DUE BY THE COMPANY ON ANY ACCOUNT AND TO INCLUDE LETTERS OF GUARANTEE

Mortgage Type:	DEED OF CHATTEL MORTGAGE.
Date Charge Created:	19/02/87
Date Charge Registered:	25/02/87
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	INDUSTRIAL CREDIT CORPORATION PLC
Amount Secured:	0
Details:	ALL SUMS NOW DUE OR HEREAFTER TO BECOME DUE FROM THE COMPANY TO THE PERSON(S) ENTITLED

Mortgage Type:	LETTER OF UNDERTAKING FROM SOLICITORS.
Date Charge Created:	11/06/86
Date Charge Registered:	20/06/86
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	ULSTER BANK LIMITED
Amount Secured:	0
Details:	ALL SUMS NOW DUE OR HEREAFTER TO BECOME DUE FROM THE COMPANY TO THE PERSON(S) ENTITLED

Mortgage Type:	LETTER OF UNDERTAKING FROM SOLICITORS.
Date Charge Created:	09/05/86
Date Charge Registered:	23/05/86
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	ULSTER BANK LIMITED
Amount Secured:	0
Details:	ALL SUMS NOW DUE OR HEREAFTER TO BECOME DUE FROM THE COMPANY TO THE PERSON(S) ENTITLED

Creditor Details

No Creditor Data
Total Value	-

Trade Debtors / Bad Debt Detail

No Debtor Data
Total Value	-

Previous Director/Company Secretaries

No Previous Director Details

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.34
UK Pound	1	Rs.87.09
Euro	1	Rs.70.13

INFORMATION DETAILS

Report Prepared by :

MNL

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.