MIRA INFORM REPORT

Report Date :

11.05.2013

IDENTIFICATION DETAILS

Name :	TOPCHEM PHARMACEUTICALS LIMITED
Registered Office :	Ballymote Business Park, Carrownanty, Ballymote 47215
Country :	Ireland
Financials (as on) :	31.12.2010
Date of Incorporation :	01.06.2006
Com. Reg. No.:	IE421160
Legal Form :	Private Company
Line of Business :	Research & development on natural sciences & engineering
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 – March 31^st 2013

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

Company Name	TOPCHEM PHARMACEUTICALS LIMITED	Company Number	IE421160
Registered Address	BALLYMOTE BUSINESS PARK
	CARROWNANTY
	BALLYMOTE
	47215
Website Address	-
Telephone Number		Fax Number
TPS	No	FPS	No
Incorporation Date	01/06/2006	Company Status	Financial Statements too old
Previous Name		Type	Other
Date of Change	-	Filing Date of Accounts	-

DIRECTORS/MANAGEMENT

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

Current Directors

Name	DONAL JOSEPH COVENEY	Date of Birth	27/06/1961
Officers Title		Nationality
Present Appointments	6	Function	Director
Appointment Date	01/06/2006
Address	51 PINE VALLEY PARK, RATHFARNHAM, DUBLIN 16, IRELAND
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	MARY CATHERINE COVENEY	Date of Birth	03/09/1961
Officers Title		Nationality
Present Appointments	5	Function	Director
Appointment Date	01/06/2006
Address	51 PINE VALLEY PARK, RATHFARNHAM, DUBLIN 16
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

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

There are no Writ details

Mortgage Summary

Outstanding	0
Satisfied	0

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type		Nominal Value	% of Total Share Count
TOPCHEM LABORATORIES	EUR	91,001	ORDINARY		1	100
Share Capital				€91,001

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

Average Payment Experience

N/A	11
Company DBT	IE Average DBT

Steady

Improving Worsening

Be the first to leave a payment experience
for this company

Within Terms 91+ Days

GROUP STRUCTURE & AFFILIATED COMPANIES

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group structure

No group structure

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2010	-	-	-€1,856,655	-
31/12/2009	-	-	-€2,102,234	-
31/12/2008	-	-	-€1,439,770	-

Profit & Loss

	Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06
	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	-	-	-	-	-	-	-	-	-
	Wages & Salaries	-	-	-	-	-	-	-	-	-
	Directors Emoluments	-	-	-	-	-	-	-	-	-
	Operating Profit	-	-	-	-	-	-	-	-	-
	Depreciation	-	-	-	-	€97,557	16.3%	€83,873	-	-
	Audit Fees	-	-	-	-	-	-	-	-	-
	Interest Payments	-	-	-	-	-	-	-	-	-
	Pre Tax Profit	-	-	-	-	-	-	-	-	-
	Taxation	-	-	-	-	-	-	-	-	-
	Profit After Tax	-	-	-	-	-	-	-	-	-
	Dividends Payable	-	-	-	-	-	-	-	-	-
	Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

	Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06
	Tangible Assets	€331,015	-6.6%	€354,407	-20.5%	€445,835	-1.6%	€453,282	-	0
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	€331,015	-6.6%	€354,407	-20.5%	€445,835	-1.6%	€453,282	-	0
	Stock	€53,573	999.9%	€259	-63.7%	€714	-54.4%	€1,566	-	0
	Trade Debtors	€408,031	851.2%	€42,896	198.3%	€14,379	-87.3%	€112,791	-	0
	Cash	€166	-95.1%	€3,411	3.9%	€3,284	999.9%	€62	-	0
	Other Debtors	0	-	0	-	0	-	0	-	0
	Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
	Total Current Assets	€461,770	891.6%	€46,566	153.4%	€18,377	-83.9%	€114,419	-	0
	Trade Creditors	€496,193	0.9%	€491,612	20.1%	€409,427	178.6%	€146,977	-	0
	Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
	Other Short Term Finance	0	-	0	-	0	-	0	-	0
	Miscellaneous Current Liabilities	0	-	0	-100%	€11,180	-23.9%	€14,685	-	0
	Total Current Liabilities	€496,193	0.9%	€491,612	16.9%	€420,607	160.2%	€161,662	-	0
	Bank Loans & Overdrafts and LTL	€2,153,247	7%	€2,011,595	35.6%	€1,483,375	41.8%	€1,045,779	-	0
	Other Long Term Finance	0	-100%	€1,874,976	26.4%	€1,483,375	41.8%	€1,045,779	-	0
	Total Long Term Liabilities	€2,153,247	7%	€2,011,595	35.6%	€1,483,375	41.8%	€1,045,779	-	0

Capital & Reserves

	Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06
	Called Up Share Capital	€91,001	-	€91,001	999.9%	€1	-	€1	-	-
	P & L Account Reserve	-€1,947,656	11.2%	-€2,193,235	-52.3%	-€1,439,771	-125.1%	-€639,741	-	-
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	-	-	-	-	-	-	-	-	-
	Shareholder Funds	-€1,856,655	11.7%	-€2,102,234	-46%	-€1,439,770	-125.1%	-€639,740	-	-

Other Financial Items

	Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06
	Net Worth	-€1,856,655	11.7%	-€2,102,234	-46%	-€1,439,770	-125.1%	-€639,740	-	-
	Working Capital	-€34,423	92.3%	-€445,046	-10.6%	-€402,230	-751.4%	-€47,243	-	-
	Total Assets	€792,785	97.7%	€400,973	-13.6%	€464,212	-18.2%	€567,701	-	-
	Total Liabilities	€2,649,440	5.8%	€2,503,207	31.5%	€1,903,982	57.7%	€1,207,441	-	-
	Net Assets	-€1,856,655	11.7%	-€2,102,234	-46%	-€1,439,770	-125.1%	-€639,740	-	-

Miscellaneous

	Date Of Accounts	31/12/10	(%)	31/12/09	(%)	31/12/08	(%)	31/12/07	(%)	31/12/06
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
	Capital Employed	€296,592	427.2%	-€90,639	-307.9%	€43,605	-89.3%	€406,039	-	-
	Number of Employees	-	-	-	-	-	-	-	-	-

Ratios

	Date Of Accounts	31/12/10	31/12/09	31/12/08	31/12/07	31/12/06
	Pre-tax profit margin %	-	-	-	-	-
	Current ratio	0.93	0.09	0.04	0.71	-
	Sales/Net Working Capital	-	-	-	-	-
	Gearing %	-116	-95.70	-103	-163.50	0
	Equity in %	-234.20	-524.30	-310.20	-112.70	-
	Creditor Days	-	-	-	-	-
	Debtor Days	-	-	-	-	-
	Liquidity/Acid Test	0.82	0.09	0.04	0.69	-
	Return On Capital Employed %	-	-	-	-	-
	Return On Total Assets Employed %	-	-	-	-	-
	Current Debt Ratio	-0.26	-0.23	-0.29	-0.25	-
	Total Debt Ratio	-1.42	-1.19	-1.32	-1.88	-
	Stock Turnover Ratio %	-	-	-	-	-
	Return on Net Assets Employed %	-	-	-	-

ADDITIONAL INFORMATION

SIC03	7310
SIC03 Description	RESEARCH & DEVELOPMENT ON NATURAL SCIENCES & ENGINEERING
SIC07	72190
SIC07 Description	OTHER RESEARCH AND EXPERIMENTAL DEVELOPMENT ON NATURAL SCIENCES AND ENGINEERING
Principal Activity

Current Company Secretary

Name		MARY CATHERINE COVENEY		Date of Birth	03/09/1961
Officers Title				Nationality
Present Appointments		5		Function	Company Secretary
Appointment Date		01/06/2006
Address		51 PINE VALLEY PARK, RATHFARNHAM, DUBLIN 16
	Auditors		RUSSELL BRENNAN KEANE
	Auditor Comments		The audit report states that there is uncertainty concerning the company being a 'going concern'
	Bankers		BANK OF IRELAND
	Bank Branch Code

Status History

No Status History found

Event History

Date	Description
08/02/2012	Annual Returns
08/02/2012	Annual Returns
08/02/2012	New Accounts Filed
08/02/2012	New Accounts Filed
15/12/2010	Annual Returns
15/12/2010	New Accounts Filed
17/02/2010	New Accounts Filed
17/02/2010	New Accounts Filed
08/12/2009	Annual Returns
09/11/2008	Annual Returns
09/11/2008	New Accounts Filed
16/04/2008	New Accounts Filed
15/04/2008	Annual Returns
01/06/2006	POREMA LIMITED has resigned as company secretary
01/06/2006	New Board Member (MARY CATHERINE COVENEY) appointed

Previous Company Names

No Previous Names found

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.54
UK Pound	1	Rs.84.19
Euro	1	Rs.71.11

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%)

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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.