MIRA INFORM REPORT

Report Date :

15.06.2013

IDENTIFICATION DETAILS

Name :	WILLOWS INGREDIENTS LIMITED
Registered Office :	Phoenix House Broomhall Business Park Rathnew 999936
Country :	Ireland
Financials (as on) :	31.12.2011
Date of Incorporation :	19.04.2007
Com. Reg. No.:	IE438299
Legal Form :	Private limited with Share Capital
Line of Business :	Manufacture of other food products
No. of Employees :	Not Available

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 :	Satisfactory
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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Ireland	B1	B1

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 former 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 new KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland''s EU-IMF program. Ireland achieved moderate growth of 1.4% in 2011 and cut the budget deficit to 9.1% of GDP. Although the recovery slowed in 2012 because of weaker EU demand for Irish exports, Dublin managed to trim the deficit to about 8.5% of GDP.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

WILLOWS INGREDIENTS LIMITED

Summary – Company Information

Company Name	WILLOWS INGREDIENTS LIMITED	Company Number	IE438299
Registered Address	PHOENIX HOUSE
	BROOMHALL BUSINESS PARK
	RATHNEW
	999936
Website Address	-
Telephone Number		Fax Number
TPS	No	FPS	No
Incorporation Date	19/04/2007	Company Status	Active - Accounts Filed
Previous Name		Type	Private limited with Share Capital
Date of Change	-	Filing Date of Accounts	-
		Share Capital	€100
SIC03	1589	Currency	EUR
SIC03 Description	Manufacture of other food products
SIC07	10890
SIC07 Description	MANUFACTURE OF OTHER FOOD PRODUCTS N.E.C.
Principal Activity

DIRECTORS/MANAGEMENT

Directors

Total Current Directors	5
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	1

Current Directors

Name	DAVID SCRIVENS	Date of Birth	02/08/1961
Officers Title		Nationality
Present Appointments	8	Function	Director
Appointment Date	19/04/2007
Address	THE WILLOWS, KILLOWEN, GOREY, CO. WEXFORD
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	CARMELIA SCRIVENS	Date of Birth	22/08/1950
Officers Title		Nationality
Present Appointments	4	Function	Director
Appointment Date	19/04/2007
Address	THE WILLOWS, KILLOWEN, GOREY, COUNTY WEXFORD
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	DEREK CONWAY	Date of Birth	21/02/1977
Officers Title		Nationality
Present Appointments	3	Function	Director
Appointment Date	23/10/2012
Address	SUMMERS LANE, HUNTINGDON, GOREY, CO. WEXFORD
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	LAVINA CONWAY	Date of Birth	26/11/1979
Officers Title		Nationality
Present Appointments	4	Function	Director
Appointment Date	23/10/2012
Address	8 HONEY PARK, SALLYNOGGIN, CO. DUBLIN
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	PHILIP CONWAY	Date of Birth	11/06/1983
Officers Title		Nationality
Present Appointments	3	Function	Director
Appointment Date	23/10/2012
Address	28 THE VILLAGE APPARTMENTS, STEPASIDE VILLAGE, ENNISKERRY ROAD, DUBLIN 7
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	JOHN GORDON KING	Date of Birth	-
Officers Title		Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	26/03/2013
Address	5 RATHGAR AVENUE, DUBLIN 6

Directors

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
DAVID SCRIVENS	8	3

NEGATIVE INFORMATION

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

Writ Details

Mortgage Summary

Outstanding	1
Satisfied	1

Full CCJ Details

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 Details

Mortgage Type:	A floating charge on the undertakings or property of the company.
Date Charge Created:	06/07/07
Date Charge Registered:	27/07/07
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	BIBBY TRADE FACTORS LIMITED
Amount Secured:
Details:

Mortgage Type:	A charge on book debts of the company.
Date Charge Created:	02/05/07
Date Charge Registered:	09/05/07
Date Charge Satisfied:	11/01/10
Status:	FULLY SATISFIED
Person(s) Entitled:	CELTIC INVOICE DISCOUNTING LIMITED
Amount Secured:
Details:

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
DAVID SCRIVENS	EUR	50	ORDINARY	1	50
CARMELIA SCRIVENS	EUR	50	ORDINARY	1	50

PAYMENT INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2011	-	-	€293,628	-
31/12/2010	-	-	€237,740	-
31/12/2009	-	-	€98,220	-

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

N/A	11
Company DBT	UK Average DBT

Steady

Improving Worsening

Within Terms 91+ Days

Creditor & Debtor Details

Creditor Details

No Creditor Data

Total Value

-

Trade Debtors / Bad Debt Detail

No Debtor Data

Total Value

-

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group structure

No group structure

Linkages

Statistics

Group	0 companies
Linkages	0 companies
Countries	In 0 countries

FINANCIAL INFORMATION

Financials

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	(%)	39
Currency	EUR	(%)	EUR	(%)	EUR	(%)	EUR	(%)	EUR
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N

Balance Sheet

Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
Tangible Assets	€247,239	150.4%	€98,745	-17.4%	€119,554	748.8%	€14,085	999.9%	€884
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	€247,239	150.4%	€98,745	-17.4%	€119,554	748.8%	€14,085	999.9%	€884
Stock	€1,058,319	-17.8%	€1,286,949	112.9%	€604,485	16.7%	€518,059	816.4%	€56,534
Trade Debtors	€1,282,503	74.7%	€733,976	43.2%	€512,499	899.9%	€51,253	-36.4%	€80,526
Cash	€579,176	-41.6%	€991,055	999.9%	€16,038	-	0	-100%	€12,819
Other Debtors	0	-	0	-100%	€17,063	-	0	-	0
Miscellaneous Current Assets	0	-	0	-100%	€17,063	-	0	-	0
Total Current Assets	€2,919,998	-3.1%	€3,011,980	161.9%	€1,150,085	102%	€569,312	279.8%	€149,879
Trade Creditors	€1,496,351	10%	€1,360,692	105.9%	€660,796	33.5%	€495,064	295.2%	€125,278
Bank Loans & Overdrafts	€1,242,121	-14.8%	€1,458,145	233%	€437,864	999.9%	€32,017	36.7%	€23,414
Other Short Term Finance	€46,883	160.6%	€17,987	-28.3%	€25,084	-	0	-	0
Miscellaneous Current Liabilities	0	-100%	€6,344	87.6%	€3,381	-57.2%	€7,907	999.9%	€394
Total Current Liabilities	€2,785,355	-2%	€2,843,168	152.2%	€1,127,125	110.7%	€534,988	258.8%	€149,086
Bank Loans & Overdrafts and LTL	€1,330,375	-10.6%	€1,487,962	208.6%	€482,158	999.9%	€32,017	36.7%	€23,414
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	€88,254	196%	€29,817	-32.7%	€44,294	-	0	-	0

Capital & Reserves

Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
Called Up Share Capital	€100	-	€100	-	€100	-	€100	-	€100
P & L Account Reserve	€293,528	23.5%	€237,640	142.2%	€98,120	103.1%	€48,309	999.9%	€1,577
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	€293,628	23.5%	€237,740	142%	€98,220	102.9%	€48,409	999.9%	€1,677

Other Financial Items

Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
Net Worth	€293,628	23.5%	€237,740	142%	€98,220	102.9%	€48,409	999.9%	€1,677
Working Capital	€134,643	-20.2%	€168,812	635.2%	€22,960	-33.1%	€34,324	999.9%	€793
Total Assets	€3,167,237	1.8%	€3,110,725	145%	€1,269,639	117.6%	€583,397	287%	€150,763
Total Liabilities	€2,873,609	0%	€2,872,985	145.3%	€1,171,419	119%	€534,988	258.8%	€149,086
Net Assets	€293,628	23.5%	€237,740	142%	€98,220	102.9%	€48,409	999.9%	€1,677

Cash Flow

Date Of Accounts	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

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	€381,882	42.7%	€267,557	87.7%	€142,514	194.4%	€48,409	999.9%	€1,677
Number of Employees	-	-	-	-	-	-	-	-	-

Auditors	ATKINSON TURNER
Auditor Comments	The audit report contains no adverse comments
Bankers
Bank Branch Code

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	1.05	1.06	1.02	1.06	1.01
Sales/Net Working Capital	-	-	-	-	-
Gearing %	453.10	625.90	490.90	66.10	1396.20
Equity in %	9.30	7.60	7.70	8.30	1.10
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	0.66	0.60	0.48	0.09	0.62
Return On Capital Employed %	-	-	-	-	-
Return On Total Assets Employed %	-	-	-	-	-
Current Debt Ratio	9.48	11.95	11.47	11.05	88.90
Total Debt Ratio	9.78	12.08	11.92	11.05	88.90
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-	-	-	-	-

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Event History

Status History

No Status History found

Event History

Date	Description
26/03/2013	DAVID SCRIVENS has resigned as company secretary
26/03/2013	New Company Secretary (JOHN GORDON KING) appointed
23/10/2012	New Accounts Filed
23/10/2012	New Accounts Filed
23/10/2012	New Board Member (PHILIP CONWAY) appointed
23/10/2012	New Board Member (LAVINA CONWAY) appointed
23/10/2012	New Board Member (DEREK CONWAY) appointed
22/10/2012	Annual Returns
04/05/2011	Annual Returns
04/05/2011	New Accounts Filed
04/05/2011	New Accounts Filed
11/10/2010	New Accounts Filed
11/10/2010	New Accounts Filed
09/10/2010	Annual Returns
23/09/2009	Annual Returns

Previous Company Names

No Previous Names found

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.57.74
UK Pound	1	Rs.90.64
Euro	1	Rs.77.02

INFORMATION DETAILS

Report Prepared by :

SDA

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.