MIRA INFORM REPORT

Report Date :

07.03.2013

IDENTIFICATION DETAILS

Name :	CHAMPION PRODUCTS EUROPE LIMITED
Formerly Known As :	EMJOAN LIMITED
Registered Office :	Unit 4b Block 2 1st Floor Blanchardstown Corporate Park 216410
Country :	Ireland
Financials (as on) :	30.06.2011
Date of Incorporation :	07.02.2000
Com. Reg. No.:	IE320044
Legal Form :	--
Line of Business :	Other Business Support Service Activities
No. of Employees :	27

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 :	Regular
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

Summary – Company Information

Company Name	CHAMPION PRODUCTS EUROPE LIMITED	Company Number	IE320044
Registered Address	UNIT 4B BLOCK 2
	1ST FLOOR
	BLANCHARDSTOWN CORPORATE PARK
	216410
Website Address	-
Telephone Number	018864217	Fax Number
TPS	No	FPS	No
Incorporation Date	07/02/2000	Company Status	Active - Accounts Filed
Previous Name	EMJOAN LIMITED	Type	Other
Date of Change	-	Filing Date of Accounts	-
		Share Capital	€2,081,000
SIC03	74879	Currency	EUR
SIC03 Description	OTHER BUSINESS ACTIVITIES (NOT ELSEWHERE CLASSIFIED)
SIC07	82990
SIC07 Description	OTHER BUSINESS SUPPORT SERVICE ACTIVITIES N.E.C.
Principal Activity	The commercialisation of sporting goods bearing the "Champion' trademark through wholesale and licensed distributors, the management, development and control of all of the group's licensing activity, the sourcing and development of footwear products, the sale and control of footwear and the marketing activity related to institutional sponsorship agreements and new business developments.

DIRECTORS/MANAGEMENT

Directors

Total Current Directors	2
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	9

Current Directors

Name	SEAN DONOHUE	Date of Birth	13/04/1973
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	26/03/2008
Address	74 GLENDALE MEADOWS, LEIXLIP
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	CHRIS HAGGARTY	Date of Birth	02/05/1965
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	27/01/2006
Address	5 GRAYS DRIVE STANION, KEITORING NORTHANTS, NN14 IDE, UK

Directors

Previous Director/Company Secretaries

Name	Current Directorships		Previous Directorships
JOHN RYAN	1		74
SAURO MAMBRINI	0		1
ENRICO VERNETTI	0		1
GIGETTO FURLOTTI	0		1
BERD MILLIEN	4		2
JOHN GULLIVER	7		7
BERD MILLIEN	4		2
JONATHAN LYONS	0		4
LUCA PADULA		0		1

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	0
Satisfied	0

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

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
CHAMPION EUROPE SPA	EUR	2,081,000	ORDINARY	1	100

PAYMENT INFORMATION

Summary – Payment History

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
30/06/2011	€30,114,427	€3,975,545	€16,141,737	27
30/06/2010	€20,521,804	€6,184,587	€8,272,593	4
30/06/2009	€18,794,626	€5,721,007	€6,932,493	4

Payment Information Summary

Days Beyond Terms

Trend Indicator

N/A	10
Company DBT	IE Average DBT

Steady

Improving Worsening

Trade Debtors / Bad Debt Detail

No Debtor Data

Total Value

-

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Statistics

Group	2 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status	Intermediately Owned
Ultimate Holding Company	CHAMPION EUROPE SPA

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
CHAMPION EUROPE SPA	N/A	-	-
CHAMPION PRODUCTS EUROPE LIM...	IE320044	30.06.2011	N	€30,114,427

Business Owner Links

Business Name	Business No	Business Status.
CHAMPION PRODUCTS EUROPE LIMITED	IE320044
CHAMPION PRODUCTS EUROPE	207816	NORMAL

FINANCIAL INFORMATION

Financials

Profit & Loss

	Date Of Accounts	30/06/11	(%)	30/06/10	(%)	30/06/09	(%)	30/06/08	(%)	30/06/07
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	EUR	(%)	EUR	(%)	EUR	(%)	EUR	(%)	EUR
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	€30,114,427	46.7%	€20,521,804	9.2%	€18,794,626	2.4%	€18,356,484	28.3%	€14,305,667
	Export	-	-	-	-	-	-	-	-	-
	Cost of Sales	€15,778,867	89%	€8,350,659	52.2%	€5,486,330	-14.4%	€6,410,256	67.1%	€3,836,652
	Gross Profit	€14,335,560	17.8%	€12,171,145	-8.5%	€13,308,296	11.4%	€11,946,228	14.1%	€10,469,015
	Wages & Salaries	€1,669,211	423%	€319,173	5.7%	€301,970	-7.1%	€324,973	-31.4%	€473,846
	Directors Emoluments	€325,025	82.5%	€178,077	5.9%	€168,200	27.4%	€132,000	61%	€82,000
	Operating Profit	€3,741,574	-39.6%	€6,190,258	7.9%	€5,738,539	0.3%	€5,723,454	4.4%	€5,483,014
	Depreciation	€120,809	982%	€11,165	180.2%	€3,985	-28.9%	€5,605	-74.5%	€21,959
	Audit Fees	€38,000	111.1%	€18,000	-	€18,000	-	€18,000	12.5%	€16,000
	Interest Payments	€1,384	-75.9%	€5,739	-75.5%	€23,399	-48%	€44,989	-18.8%	€55,375
	Pre Tax Profit	€3,975,545	-35.7%	€6,184,587	8.1%	€5,721,007	-0.1%	€5,724,484	4.1%	€5,500,435
	Taxation	-€779,076	7.7%	-€844,487	-7.8%	-€783,684	2%	-€799,391	5.3%	-€844,504
	Profit After Tax	€3,196,469	-40.1%	€5,340,100	8.2%	€4,937,323	0.2%	€4,925,093	5.8%	€4,655,931
	Dividends Payable	€5,340,000	33.5%	€4,000,000	-18.8%	€4,925,000	146.3%	€2,000,000	-60%	€5,000,000
	Retained Profit	-€2,143,531	-260%	€1,340,100	999.9%	€12,323	-99.6%	€2,925,093	950.1%	-€344,069

Balance Sheet

	Date Of Accounts	30/06/11	(%)	30/06/10	(%)	30/06/09	(%)	30/06/08	(%)	30/06/07
	Tangible Assets	€5,012,573	999.9%	€154,435	27.9%	€120,769	76.2%	€68,555	-12.4%	€78,250
	Intangible Assets	€6,036,119	-8.6%	€6,601,548	-7.9%	€7,167,571	-6.7%	€7,678,871	-5.3%	€8,109,436
	Total Fixed Assets	€11,048,692	63.5%	€6,755,983	-7.3%	€7,288,340	-5.9%	€7,747,426	-5.4%	€8,187,686
	Stock	€1,068,814	176.7%	€386,247	187.4%	€134,395	-25.1%	€179,355	-22%	€229,871
	Trade Debtors	€2,735,464	1.9%	€2,684,352	395.3%	€541,930	-66.2%	€1,603,239	245.4%	€464,150
	Cash	€3,450,057	505.4%	€569,925	78.6%	€319,061	51.2%	€211,051	999.9%	€17,195
	Other Debtors	€6,133,315	-15.3%	€7,238,545	69.7%	€4,266,668	-20.8%	€5,384,940	60.8%	€3,349,431
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	€13,387,650	23.1%	€10,879,069	106.7%	€5,262,054	-28.7%	€7,378,585	81.7%	€4,060,647
	Trade Creditors	€5,428,395	281%	€1,424,793	75.6%	€811,555	83.7%	€441,850	-22.7%	€571,636
	Bank Loans & Overdrafts	0	-100%	€94,255	-	0	-	0	-	0
	Other Short Term Finance	€1,745,171	-75.4%	€7,102,097	72.3%	€4,121,128	-40.4%	€6,912,758	10.9%	€6,235,078
	Miscellaneous Current Liabilities	€1,121,039	51.2%	€741,314	8.2%	€685,218	-10.4%	€764,425	22.6%	€623,524
	Total Current Liabilities	€8,294,605	-11.4%	€9,362,459	66.7%	€5,617,901	-30.8%	€8,119,033	9.3%	€7,430,238
	Bank Loans & Overdrafts and LTL	0	-100%	€94,255	-	0	-100%	€86,808	-89.5%	€823,018
	Other Long Term Finance	0	-	0	-	0	-100%	€86,808	-89.5%	€823,018
	Total Long Term Liabilities	0	-	0	-	0	-100%	€86,808	-89.5%	€823,018

Capital & Reserves

	Date Of Accounts	30/06/11	(%)	30/06/10	(%)	30/06/09	(%)	30/06/08	(%)	30/06/07
	Called Up Share Capital	€2,081,000	108.1%	€1,000,000	-	€1,000,000	-	€1,000,000	-	€1,000,000
	P & L Account Reserve	€5,129,062	-29.5%	€7,272,593	22.6%	€5,932,493	0.2%	€5,920,170	97.7%	€2,995,077
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	€8,931,675	-	-	-	-	-	-	-	-
	Shareholder Funds	€16,141,737	95.1%	€8,272,593	19.3%	€6,932,493	0.2%	€6,920,170	73.2%	€3,995,077

Other Financial Items

	Date Of Accounts	30/06/11	(%)	30/06/10	(%)	30/06/09	(%)	30/06/08	(%)	30/06/07
	Net Worth	€10,105,618	504.7%	€1,671,045	810.8%	-€235,078	69%	-€758,701	81.6%	-€4,114,359
	Working Capital	€5,093,045	235.8%	€1,516,610	526.2%	-€355,847	51.9%	-€740,448	78%	-€3,369,591
	Total Assets	€24,436,342	38.6%	€17,635,052	40.5%	€12,550,394	-17%	€15,126,011	23.5%	€12,248,333
	Total Liabilities	€8,294,605	-11.4%	€9,362,459	66.7%	€5,617,901	-31.5%	€8,205,841	-0.6%	€8,253,256
	Net Assets	€16,141,737	95.1%	€8,272,593	19.3%	€6,932,493	0.2%	€6,920,170	73.2%	€3,995,077

Miscellaneous

Date Of Accounts	30/06/11	(%)	30/06/10	(%)	30/06/09	(%)	30/06/08	(%)	30/06/07
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	€16,141,737	95.1%	€8,272,593	19.3%	€6,932,493	-1.1%	€7,006,978	45.4%	€4,818,095
Number of Employees	27	575%	4	-	4	-	4	-33.3%	6
Auditors	DELOITTE & TOUCHE
Auditor Comments	The audit report contains no adverse comments
Bankers	BANK OF IRELAND
Bank Branch Code	90-04-20

Ratios

	Date Of Accounts	30/06/11	30/06/10	30/06/09	30/06/08	30/06/07
	Pre-tax profit margin %	13.20	30.14	30.44	31.19	38.45
	Current ratio	1.61	1.16	0.94	0.91	0.55
	Sales/Net Working Capital	5.91	13.53	-52.82	-24.79	-4.25
	Gearing %	0	1.10	0	1.30	20.60
	Equity in %	87.70	75	128.80	92.90	96.50
	Creditor Days	65.61	25.27	15.71	8.76	14.54
	Debtor Days	33.06	47.61	10.49	31.79	11.81
	Liquidity/Acid Test	1.48	1.12	0.91	0.88	0.52
	Return On Capital Employed %	24.62	74.75	82.52	81.69	114.16
	Return On Total Assets Employed %	16.26	35.06	45.58	37.84	44.90
	Current Debt Ratio	0.51	1.13	0.81	1.17	1.85
	Total Debt Ratio	0.51	1.13	0.81	1.18	2.06
	Stock Turnover Ratio %	3.54	1.88	0.71	0.97	1.61
	Return on Net Assets Employed %	24.62	74.75	82.52	82.72	137.68

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Commentary

Sales in the latest trading period increased 46.7% on the previous trading period.
Net Worth increased by 504.7% during the latest trading period.
A 38.6% growth in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 35.7% compared to the previous trading period.
The company saw an increase in their Cash Balance of 505.4% 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 was established over 13 years ago.

Current Company Secretary

Name	MATSACK TRUST LIMITED	Date of Birth	11/11/1969
Officers Title		Nationality
Present Appointments	1384	Function	Company Secretary
Appointment Date	29/09/2000
Address	70 SIR JOHN ROGERSON'S QUAY, DUBLIN 2.

Event History

Status History

No Status History found

Event History

Date	Description
05/12/2012	Annual Returns
30/01/2012	Annual Returns
30/01/2012	New Accounts Filed
13/01/2011	Annual Returns
13/01/2011	New Accounts Filed
15/12/2009	Annual Returns
14/12/2009	New Accounts Filed
20/01/2009	Annual Returns
16/01/2009	New Accounts Filed
26/03/2008	LUCA PADULA has left the board
26/03/2008	SAURO MAMBRINI has left the board
26/03/2008	GIGETTO FURLOTTI has left the board
26/03/2008	ENRICO VERNETTI has left the board
26/03/2008	New Board Member (SEAN DONOHUE) appointed
18/12/2007	Annual Returns

Previous Company Names

Date	Previous Name
N/A	EMJOAN LIMITED

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.71
UK Pound	1	Rs.82.79
Euro	1	Rs.71.43

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.