MIRA INFORM REPORT

Report Date :

13.02.2013

IDENTIFICATION DETAILS

Name :	HEATONS
Registered Office :	Heatonhouse Ida Business Park Whitestown 28406
Country :	Ireland
Financials (as on) :	31.12.2002
Date of Incorporation :	17.08.1945
Com. Reg. No.:	IE011229
Legal Form :	Private unlimited with Share Capital
Line of Business :	Wholesale of Textiles
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	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

REGISTERED NAME & COMPANY SUMMARY

Company Name	HEATONS	Company Number	IE011229
Registered Address	HEATONHOUSE IDA BUSINESS PARK WHITESTOWN 28406
Website Address	-
Telephone Number		Fax Number
TPS	No	FPS	No
Incorporation Date	17/08/1945	Company Status	Financial Statements too old
Previous Name		Type	Private unlimited with Share Capital
Date of Change	-	Filing Date of Accounts	-
		Share Capital	€220,096
SIC03	5141	Currency	EUR
SIC03 Description	WHOLESALE OF TEXTILES
SIC07	46410
SIC07 Description	WHOLESALE OF TEXTILES
Principal Activity	Heatons is one of Ireland's largest independent groups of department stores, and specialises in fashions for all ages, footwear, home textiles and homewares. There are 30 branches throughout Ireland, North and South, with the most recent additions located in Bandon, Co. Cork and Coleraine, Northern Ireland. Approximately 50% of the properties are freehold and range in area from 5,500 sq. ft., t

DIRECTORS/MANAGEMENT

Directors

Total Current Directors	4
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	7

Current Directors

Name	HUGH HEATON	Date of Birth	02/10/1968
Officers Title		Nationality
Present Appointments	3	Function	Director
Appointment Date	15/12/1995
Address	NEWCOURT, ATHLONE, WESTMEATH.
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	MIKE ASHLEY	Date of Birth	09/12/1964
Officers Title		Nationality
Present Appointments	2	Function	Director
Appointment Date	15/05/2002
Address	6 THE WINDSOR, CHARTER CLOSE, GLAPWELL, DERBYSHIRE S44 5LU UNITED KINGDOM
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	MARK ORMSBY HEATON	Date of Birth	12/12/1959
Officers Title		Nationality
Present Appointments	8	Function	Director
Appointment Date	11/06/1984
Address	86 RATHGAR ROAD, RATHGAR, DUBLIN 6.
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	JOHN O'NEILL	Date of Birth	07/06/1956
Officers Title		Nationality
Present Appointments	11	Function	Director
Appointment Date	01/10/1986
Address	16 BURNABY WOODS, GREYSTONES, CO. WICKLOW.

NEGATIVE INFORMATION

CJ

Total Number of Exact CJs -	0	Total Value of Exact CJs -	€0
Total Number of Possible CJs -	1	Total Value of Possible CJs -	€5,510
Total Number of Satisfied CJs -	0	Total Value of Satisfied CJs -	€0

Exact CJ Details

There are no exact CJ details

Possible CJ Details

Date	Court	Amount	Status	Case Number	Date Paid	Registered CCJ / CJ Details
26/11/2008	Dublin	€5,510	JUDGEMENT	2008D15036		, I D A BUSINESS PARK, WHITESTOWN, TALLAGHT, DUBLIN 24, DUBLIN 24

Writ Details

Mortgage Summary

Outstanding	10
Satisfied	27

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Value	Share Type	Nominal Value
BELLATRIX ASSOCIATES LTD	EUR	183,412	ORDINARY	1.2
BELLATRIX HOLDINGS LTD	EUR	1	ORDINARY	1.2

Unable to report percentage holdings as filed Shareholder listing is not full.

PAYMENT INFORMATION

Summary – Payment History

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2002	€72,483,000	€2,352,000	€24,733,000	-
31/12/2001	€62,313,000	€1,794,000	€21,962,000	-

Payment Information Summary

Days Beyond Terms

Trend Indicator

N/A	10
Company DBT	IE Average DBT

Steady

Improving Worsening

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Statistics

Group	3 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	WARRNAMBOOL
Ownership Status	Intermediately Owned
Ultimate Holding Company	WARRNAMBOOL

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
WARRNAMBOOL	IE387014	30.11.2004	N
HEATONS	IE011229	31.12.2002	Y	€72,483,000
HEATONS (N.I.) LIMITED	NI035599	30.04.2012	N	£36,652,369

FINANCIAL INFORMATION

Financials

Profit & Loss

	Date Of Accounts	31/12/02	(%)	31/12/01	(%)	-	(%)	-	(%)	-
	Weeks	52	(%)	52	(%)	-	(%)	-	(%)	-
	Currency	EUR	(%)	EUR	(%)	-	(%)	-	(%)	-
	Consolidated A/cs	Y	(%)	Y	(%)	-	(%)	-	(%)	-
	Turnover	€72,483,000	16.3%	€62,313,000	-	-	-	-	-	-
	Export	-	-	-	-	-	-	-	-	-
	Cost of Sales	€45,309,000	14.9%	€39,433,000	-	-	-	-	-	-
	Gross Profit	€27,174,000	17.3%	€23,158,000	-	-	-	-	-	-
	Wages & Salaries	-	-	-	-	-	-	-	-	-
	Directors Emoluments	-	-	-	-	-	-	-	-	-
	Operating Profit	€4,441,000	33.9%	€3,316,000	-	-	-	-	-	-
	Depreciation	-	-100%	€2,152,000	-	-	-	-	-	-
	Audit Fees	-	-	-	-	-	-	-	-	-
	Interest Payments	€2,039,000	33.9%	€1,523,000	-	-	-	-	-	-
	Pre Tax Profit	€2,352,000	31.1%	€1,794,000	-	-	-	-	-	-
	Taxation	€67,000	198.5%	-€68,000	-	-	-	-	-	-
	Profit After Tax	€2,419,000	40.2%	€1,726,000	-	-	-	-	-	-
	Dividends Payable	€548,000	-	-	-	-	-	-	-	-
	Retained Profit	€1,871,000	8.5%	€1,725,000	-	-	-	-	-	-

Balance Sheet

	Date Of Accounts	31/12/02	(%)	31/12/01	(%)	-	(%)	-	(%)	-
	Tangible Assets	€43,933,000	12.2%	€39,153,000	-	-	-	-	-	-
	Intangible Assets	0	-	0	-	-	-	-	-	-
	Total Fixed Assets	€43,933,000	12.2%	€39,153,000	-	-	-	-	-	-
	Stock	€11,311,000	26.1%	€8,973,000	-	-	-	-	-	-
	Trade Debtors	€1,712,000	34.2%	€1,276,000	-	-	-	-	-	-
	Cash	€2,762,000	-4.6%	€2,895,000	-	-	-	-	-	-
	Other Debtors	€47,000	-64.9%	€134,000	-	-	-	-	-	-
	Miscellaneous Current Assets	0	-	0	-	-	-	-	-	-
	Total Current Assets	€15,832,000	19.2%	€13,277,000	-	-	-	-	-	-
	Trade Creditors	€6,718,000	-20.1%	€8,408,000	-	-	-	-	-	-
	Bank Loans & Overdrafts	0	-	0	-	-	-	-	-	-
	Other Short Term Finance	€3,779,000	20.5%	€3,137,000	-	-	-	-	-	-
	Miscellaneous Current Liabilities	€8,174,000	62.2%	€5,039,000	-	-	-	-	-	-
	Total Current Liabilities	€18,671,000	12.6%	€16,584,000	-	-	-	-	-	-
	Bank Loans & Overdrafts and LTL	€16,359,000	17.8%	€13,884,000	-	-	-	-	-	-
	Other Long Term Finance	€16,359,000	17.8%	€13,884,000	-	€13,884,000	-	-	-	-
	Total Long Term Liabilities	€16,359,000	17.8%	€13,884,000	-	-	-	-	-	-

Capital & Reserves

	Date Of Accounts	31/12/02	(%)	31/12/01	(%)	-	(%)	-	(%)	-
	Called Up Share Capital	€212,000	-0.9%	€214,000	-	-	-	-	-	-
	P & L Account Reserve	€11,259,000	19.9%	€9,390,000	-	-	-	-	-	-
	Revaluation Reserve	€12,852,000	7.5%	€11,950,000	-	-	-	-	-	-
	Sundry Reserves	€410,000	0.5%	€408,000	-	-	-	-	-	-
	Shareholder Funds	€24,733,000	12.6%	€21,962,000	-	-	-	-	-	-

Other Financial Items

	Date Of Accounts	31/12/02	(%)	31/12/01	(%)	-	(%)	-	(%)	-
	Net Worth	€24,733,000	12.6%	€21,962,000	-	-	-	-	-	-
	Working Capital	-€2,839,000	14.2%	-€3,307,000	-	-	-	-	-	-
	Total Assets	€59,765,000	14%	€52,430,000	-	-	-	-	-	-
	Total Liabilities	€35,030,000	15%	€30,468,000	-	-	-	-	-	-
	Net Assets	€24,735,000	12.6%	€21,962,000	-	-	-	-	-	-

Cash Flow

	Date Of Accounts	31/12/02	(%)	31/12/01	(%)	-	(%)	-	(%)	-
	Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
	Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
	Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

	Date Of Accounts	31/12/02	(%)	31/12/01	(%)	-	(%)	-	(%)	-
	Contingent Liability	-	-	-	-	-	-	-	-	-
	Capital Employed	€24,734,000	12.6%	€21,962,000	-	-	-	-	-	-
	Number of Employees	-	-	-	-	-	-	-	-	-
	Auditors	COONEY CAREY
	Auditor Comments	No Adverse Comments
	Bankers	ULSTER BANK LTD
	Bank Branch Code	98-50-10

Ratios

	Date Of Accounts	31/12/02	31/12/01	-	-	-
	Pre-tax profit margin %	3.24	2.88	-	-	-
	Current ratio	0.85	0.80	-	-	-
	Sales/Net Working Capital	-	-	-	-	-
	Gearing %	66.10	63.20	-	-	-
	Equity in %	41.40	41.90	-	-	-
	Creditor Days	33.83	49.25	-	-	-
	Debtor Days	8.62	7.47	-	-	-
	Liquidity/Acid Test	0.24	0.26	-	-	-
	Return On Capital Employed %	9.51	8.17	-	-	-
	Return On Total Assets Employed %	3.94	3.42	-	-	-
	Current Debt Ratio	0.75	0.76	-	-	-
	Total Debt Ratio	1.42	1.39	-	-	-
	Stock Turnover Ratio %	15.61	14.40	-	-	-
	Return on Net Assets Employed %	9.51	8.17	-	-

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Current Company Secretary

Name	BRENDAN DELANEY	Date of Birth	13/07/1950
Officers Title		Nationality
Present Appointments	317	Function	Company Secretary
Appointment Date	01/11/2002
Address	AVONLEA, DEMESNE, LUCAN, CO DUBLIN
Other Actions
Disqualified		Disqualified End Date
Disqualification Exception	No

Event History

Status History

No Status History found

Event History

Date	Description
13/10/2012	Annual Returns
08/10/2011	Annual Returns
15/09/2010	Annual Returns
26/10/2009	Annual Returns
13/07/2009	Annual Returns
19/03/2009	HUBERT ORMSBY HEATON has left the board
21/12/2008	Annual Returns
14/11/2008	VAL GANNON has left the board
29/11/2007	Annual Returns
01/11/2002	JOHN JAMES O'NEILL has resigned as company secretary
01/11/2002	New Company Secretary (BRENDAN DELANEY) appointed
22/05/2002	New Board Member (VAL GANNON) appointed
15/05/2002	SEAN FLANAGAN has left the board
15/05/2002	New Board Member (MIKE ASHLEY) appointed
28/02/2002	SEAN FLANAGAN has resigned as company secretary

Previous Company Names

No Previous Names found

Received Documents

Business Owner Links

	Business Name	Business No	Business Status.
	HEATONS	IE011229
	BHS	143058	NORMAL
	HEATONS	222432	NORMAL
	HEATONS	222431	NORMAL
	HEATONS	212225	NORMAL
	HEATONS	212224	NORMAL
	HEATONS	212223	NORMAL
	HEATONS	212222	NORMAL
	HEATONS	212221	NORMAL
	HEATONS	192276	NORMAL
	HEATONS	212220	NORMAL
	HEATON'S STORES	53300	NORMAL

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.96
UK Pound	1	Rs.84.49
Euro	1	Rs.72.23

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.