MIRA INFORM REPORT

Report Date :

26.07.2012

IDENTIFICATION DETAILS

Name :	TENNANTS TEXTILE COLOURS LIMITED
Registered Office :	12 Upper Belgrave Street London SW1X 8BA
Country :	Ireland
Financials (as on) :	31.12.2011
Date of Incorporation :	30.03.1949
Com. Reg. No.:	00466545
Legal Form :	Private limited with Share Capital
Line of Business :	Manufacture of Dyes & Pigments
No. of Employees :	39

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Ireland	A2	A2

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 Name	TENNANTS TEXTILE COLOURS LIMITED	Company Number	00466545
Registered Address	12 UPPER BELGRAVE STREET	Trading Address	35-43 Ravenhill Road Belfast County Antrim BT6 8DP
	LONDON
	SW1X 8BA
Website Address	http://www.tennantstextilecolours.com
Telephone Number	-	Fax Number
TPS	-	FPS	No
Incorporation Date	30/03/1949	Company Status	Active - Accounts Filed
Previous Name		Type	Private limited with Share Capital
Date of Change	-	Filing Date of Accounts	24/04/2012
		Share Capital	£200,000
SIC03	2412	Currency	GBP
SIC03 Description	MANUFACTURE OF DYES & PIGMENTS
SIC07	20120
SIC07 Description	MANUFACTURE OF DYES AND PIGMENTS
Principal Activity	Manufacture and sale of colours and associated products.

DIRECTORS/MANAGEMENT

Total Current Directors	4
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	11

Current Directors

Name	William Paul Alexander	Date of Birth	09/09/1954
Officers Title	Mr	Nationality	British
Present Appointments	29	Function	Director
Appointment Date	18/09/1996
Address	Heathfield Pinewood Road,  Ashley Heath,  Market Drayton,  TF9 4PR
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Andrew Clive Gingell	Date of Birth	07/05/1954
Officers Title	Mr	Nationality	British
Present Appointments	18	Function	Director
Appointment Date	18/05/2009
Address	8 Oaks Lane,  Shirley,  Croydon,  CR0 5HP
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Gary Phillips	Date of Birth	30/09/1969
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	21/02/2011
Address	14 Farnham Park,  Bangor West,  Bangor,  BT20 3SR
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Brian John Butler	Date of Birth	18/08/1964
Officers Title	Mr	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	05/04/2011
Address	1 Park Manor,  Park Road,  Newtownabbey,  BT36 4QH
Other Actions	View Director Report	View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Timothy Sydney William Glenn	Date of Birth	-
Officers Title	Mr	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	05/04/2011
Address	52 Manse Road,  Carryduff,  Belfast,  BT8 8DA
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

NEGATIVE INFORMATION

Please complete

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Individual Share Value
WATERLOO NOMINEES LTD	110,000 ORDINARY GBP 1.00
TENNANTS CONSOLIDATED LTD	90,000 ORDINARY GBP 1.00

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

N/A	N/A
Company DBT	UK Average DBT

Steady

Improving Worsening

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Exact CCJ Details

There are no exact CCJ details

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	0
Satisfied	0

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	38 companies
Linkages	51 companies
Countries	In 6 countries

Summary

Holding Company	TENNANTS CONSOLIDATED LIMITED
Ownership Status	Intermediately Owned
Ultimate Holding Company	TENNANTS CONSOLIDATED LIMITED

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
TENNANTS CONSOLIDATED LIMITED	00250915	31.12.2011	Y	£409,208,000
DALEWICK PROPERTIES LIMITED	05598085	31.12.2011	N
CHARLES TENNANT & COMPANY (E...	IE008820	31.12.2011	N	€8,506,016
CHARLES TENNANT AND COMPANY...	NI001969	31.12.2010	Y	£33,943,926
TENNANTS BUILDING PRODUCTS...	IE268801	31.12.2010	Y
CHEMICAL AND PETROLEUM INVES...	00247347	31.12.2011	N
NORTHERN ROAD MARKINGS LIM...	NI017320	31.12.2011	N
KESTREL THERMO-PLASTICS...	NI020599	31.12.2011	N
SYNTHITE LIMITED	00164640	31.12.2011	N	£62,809,000
BIP (OLDBURY) LIMITED	05262589	31.12.2011	N	£27,627,000
TENNANTS (IT) INVESTMENTS LTD	01961339	31.12.2011	N
IRISH TAR & BITUMEN SUPPLIERS	IE009677	-	N
JAMES M.BROWN LIMITED	00382434	31.12.2011	N	£15,788,000
RATAUDS LIMITED	00085256	31.12.2011	N
KEY ORGANICS LIMITED	02055784	31.12.2011	N
BIONET RESEARCH LIMITED	02238207	31.12.2011	N
SYNERGA LIMITED	02439562	31.12.2011	N
LEEK CHEMICALS LTD	03434540	31.12.2011	N
RUNNYMEDE DISPERSIONS LIMITED	01220160	31.12.2011	N
TENNANTS DISTRIBUTION LIMITED	03133273	31.12.2011	N	£80,155,000
MARK DAY LIMITED	04177447	31.12.2011	N
ARROWSPED LOGISTICS LIMITED	03715075	31.12.2011	N
CHARLES TENNANT & COMPANY,...	SC008811	31.12.2011	Y	£14,840,000
JOHN C. WALKER LIMITED	SC036825	31.12.2010	N
ANDERSON GIBB & WILSON L...	SC037403	31.12.2010	N
CHARLES TENNANT & CO. (LON...	00162212	31.12.2011	N
TENNANT TRADING (CHEMICALS...	00861424	31.12.2011	N
TENNANTS (LANCASHIRE) LIMITED	00246637	31.12.2011	N
JOSEPH CROWTHER (CHEMICA...	00259949	31.12.2011	N
TENNANTS FINE CHEMICALS LIMITED	00646784	31.12.2011	N	£47,705,000
TENNANTS GROUP INVESTMENTS L...	00998651	31.12.2011	N
TENNANTS VENTURES LIMITED	05122679	31.12.2011	N
MEDIFILL U.K. LTD.	05265975	31.12.2008	N
TENNANTS INKS & COATINGS SUP...	01303839	31.12.2011	N
TENNANTS TEXTILE COLOURS LIM...	00466545	31.12.2011	N	£8,530,559
TENNANTS (WAREHOUSING) LIMITED	00407085	31.12.2011	N
TENNANTS TAR DISTILLERS AND...	NI001972	31.12.2010	N
WATERLOO NOMINEES LIMITED	00277688	31.12.2011	N

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2011	£8,530,559	£279,672	£6,249,090	39
31/12/2010	£8,398,930	£79,493	£6,072,754	37
31/12/2009	£6,306,246	£36,591	£6,042,551	35

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	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£8,530,559	1.6%	£8,398,930	33.2%	£6,306,246	-3.8%	£6,554,281	-2.2%	£6,699,905
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£7,139,626	-	£6,859,540	-	-	-	-	-	-
Gross Profit	£1,390,933	-9.6%	£1,539,390	-	-	-	-	-	-
Wages & Salaries	£2,074,988	4.7%	£1,982,362	9.9%	£1,803,912	-7.2%	£1,943,344	-10.2%	£2,163,257
Directors Emoluments	£345,523	4.6%	£330,411	4.2%	£317,032	-20.8%	£400,461	53%	£261,797
Operating Profit	£276,698	266.8%	£75,430	206.1%	£24,641	-89.1%	£225,610	121.9%	-£1,027,972
Depreciation	£123,788	9.4%	£113,152	-23%	£147,026	-16.6%	£176,293	-16.7%	£211,647
Audit Fees	£16,350	2.3%	£15,975	3.1%	£15,500	-	£15,500	2.6%	£15,100
Interest Payments	-	-	-	-	-	-	-	-	-
Pre Tax Profit	£279,672	251.8%	£79,493	117.2%	£36,591	-88.6%	£319,898	133.2%	-£963,013
Taxation	-£93,336	-137.6%	-£39,290	-679.1%	-£5,043	97.4%	-£192,928	-172.9%	£264,747
Profit After Tax	£186,336	363.5%	£40,203	27.4%	£31,548	-75.2%	£126,970	118.2%	-£698,266
Dividends Payable	£10,000	-	£10,000	-75%	£40,000	-	-	-	-
Retained Profit	£176,336	483.8%	£30,203	457.3%	-£8,452	-106.7%	£126,970	118.2%	-£698,266

Balance Sheet

Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
Tangible Assets	£550,975	15.2%	£478,102	-9.6%	£528,956	-18.5%	£649,325	-16.7%	£779,231
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£550,975	15.2%	£478,102	-9.6%	£528,956	-18.5%	£649,325	-16.7%	£779,231
Stock	£3,677,096	43.1%	£2,569,844	9.2%	£2,353,951	-5.3%	£2,485,490	4.2%	£2,385,278
Trade Debtors	£1,348,022	-3.7%	£1,399,466	-0.4%	£1,405,483	37.4%	£1,022,986	-24.5%	£1,354,074
Cash	£1,030,049	-28.3%	£1,437,127	-18.6%	£1,764,865	-21.6%	£2,250,216	45.8%	£1,543,802
Other Debtors	£342,833	-49.9%	£683,626	-45.2%	£1,247,392	1.6%	£1,228,096	36%	£902,864
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£6,398,000	5.1%	£6,090,063	-10.1%	£6,771,691	-3.1%	£6,986,788	12.9%	£6,186,018
Trade Creditors	£538,416	333.8%	£124,124	-67.3%	£379,356	-30.1%	£542,918	255.7%	£152,647
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-100%	£17,949
Other Short Term Finance	0	-100%	£2,656	11.1%	£2,391	-	0	-100%	£15,049
Miscellaneous Current Liabilities	£161,469	-56.2%	£368,631	176.2%	£133,477	-55.4%	£299,320	165.6%	£112,699
Total Current Liabilities	£699,885	41.3%	£495,411	-3.8%	£515,224	-38.8%	£842,238	182.3%	£298,344
Bank Loans & Overdrafts and LTL	0	-	0	-100%	£742,872	-	£742,872	-2.4%	£760,821
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	0	-	0	-100%	£742,872	-	£742,872	-	£742,872

Capital & Reserves

Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
Called Up Share Capital	£200,000	-	£200,000	-	£200,000	-	£200,000	-	£200,000
P & L Account Reserve	£5,791,850	3.1%	£5,615,514	0.5%	£5,585,311	-0.2%	£5,593,763	2.3%	£5,466,793
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	£257,240	-	£257,240	-	£257,240	-	£257,240	-	£257,240
Shareholder Funds	£6,249,090	2.9%	£6,072,754	0.5%	£6,042,551	-0.1%	£6,051,003	2.1%	£5,924,033

Other Financial Items

Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
Net Worth	£6,249,090	2.9%	£6,072,754	0.5%	£6,042,551	-0.1%	£6,051,003	2.1%	£5,924,033
Working Capital	£5,698,115	1.8%	£5,594,652	-10.6%	£6,256,467	1.8%	£6,144,550	4.4%	£5,887,674
Total Assets	£6,948,975	5.8%	£6,568,165	-10%	£7,300,647	-4.4%	£7,636,113	9.6%	£6,965,249
Total Liabilities	£699,885	41.3%	£495,411	-60.6%	£1,258,096	-20.6%	£1,585,110	52.2%	£1,041,216
Net Assets	£6,249,090	2.9%	£6,072,754	0.5%	£6,042,551	-0.1%	£6,051,003	2.1%	£5,924,033

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	£6,249,090	2.9%	£6,072,754	-10.5%	£6,785,423	-0.1%	£6,793,875	1.9%	£6,666,905
Number of Employees	39	5.4%	37	5.7%	35	-	35	-27.1%	48
Auditors	GRANT THORNTON UK LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	BANK OF SCOTLAND
Bank Branch Code	12-01-03

Ratios

Date Of Accounts	31/12/11	31/12/10	31/12/09	31/12/08	31/12/07
Pre-tax profit margin %	3.28	0.95	0.58	4.88	-14.37
Current ratio	9.14	12.29	13.14	8.30	20.73
Sales/Net Working Capital	1.50	1.50	1.01	1.07	1.14
Gearing %	0	0	12.30	12.30	12.80
Equity in %	89.90	92.50	82.80	79.20	85.10
Creditor Days	22.97	5.37	21.89	30.15	8.29
Debtor Days	57.52	60.65	81.12	56.81	73.57
Liquidity/Acid Test	3.88	7.10	8.57	5.34	12.74
Return On Capital Employed %	4.47	1.30	0.53	4.70	-14.44
Return On Total Assets Employed %	4.02	1.21	0.50	4.18	-13.82
Current Debt Ratio	0.11	0.08	0.08	0.13	0.05
Total Debt Ratio	0.11	0.08	0.20	0.26	0.17
Stock Turnover Ratio %	43.10	30.59	37.32	37.92	35.60
Return on Net Assets Employed %	4.47	1.30	0.60	5.28	-16.2

FOREIGN EXCHANGE RATES

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ADDITIONAL INFORMATION

Commentary

No exact match CCJs are recorded against the company.
The company's credit rating has increased from 91 to 98 which indicates very good creditworthiness.
The credit limit on this company has fallen 16.7% in comparison to the previously suggested credit limit.
Sales in the latest trading period increased 1.6% on the previous trading period.
Net Worth increased by 2.9% during the latest trading period.
A 5.8% growth in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 251.8% compared to the previous trading period.
The company saw a decrease in their Cash Balance of 28.3% during the latest trading period.
The audit report contains no adverse comments.
No recent changes in directorship are recorded.
The company is part of a group.
The company has changed its registered address recently.
The company was established over 63 years ago.

Status History

No Status History found

Event History

Date	Description
07/05/2012	New Accounts Filed
07/05/2012	New Accounts Filed
17/04/2012	Annual Returns
30/01/2012	Change in Reg.Office
30/01/2012	Change of Company Postcode
23/09/2011	Change of Company Postcode
07/07/2011	Mr G.W. Alton has left the board
06/05/2011	New Accounts Filed
09/04/2011	Annual Returns
08/04/2011	Mr G.W. Alton has resigned as company secretary
08/04/2011	New Board Member Mr B.J. Butler appointed
08/04/2011	New Company Secretary Mr T.S. Glenn appointed
24/02/2011	New Board Member Mr G. Phillips appointed
08/12/2010	Mr I.S. Conroy has left the board
16/06/2010	New Accounts Filed

NOTES & COMMENTS

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.37
UK Pound	1	Rs.87.44
Euro	1	Rs.68.04

INFORMATION DETAILS

Report Prepared by :

PRL

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.