MIRA INFORM REPORT

Report Date :

21.08.2014

IDENTIFICATION DETAILS

Name :	GLAXOSMITHKLINE DUNGARVAN
Formerly Known As :	BUTFORD LIMITED
Registered Office :	Knockbrack Dungarvan Co Waterford 222817
Country :	Ireland
Date of Incorporation :	05.07.1997
Legal Form :	Private Company
Line of Business :	Manufacture and sale of pharmaceutical products.
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 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Ireland	B1	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property market and construction industry. 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 an even more important 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 to stabilize Ireland’s public finances. 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 country’s deeply troubled banking sector. In late 2010, the former COWEN government agreed to a $92 billion loan package from the EU and IMF to help Dublin recapitalize Ireland’s fragile 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 has grown slowly since 2011, but managed to reduce the budget deficit to 7.2% of GDP in 2013. In late 2013, Ireland formally exited its EU-IMF bailout program, benefiting from its strict adherence to deficit-reduction targets and success in refinancing a large amount of banking-related debt.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

GLAXOSMITHKLINE DUNGARVAN

Registered Address	Knockbrack Dungarvan Co Waterford 222817	Trading Address	Knockbrack Dungarvan Co Waterford, Co Waterford 697617
Website Address	-
Telephone Number	05822500	Filing Date of Accounts	30/01/2014
TPS	-	Share Capital	£750,000
Incorporation Date	05/07/1997	Currency	EUR
Previous Name	BUTFORD LIMITED
Date of Change	-
SIC07	21100
SIC07 Description	Manufacturing of fragrances, lubricant hair and body products
Principal Activity	The manufacture and sale of pharmaceutical products.

DIRECTORS/MANAGEMENT

Current Directors

Name	FRANK O'ROURKE	Date of Birth	27/10/1960
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	26/08/2009
Address	11 STRANDSIDE, ABBEYSIDE, DUNGARVAN, CO. WATERFORD.
Other Actions	View Director Report		View AML Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	PATRICK CORKERY	Date of Birth	10/01/1976
Officers Title		Nationality
Present Appointments	2	Function	Director
Appointment Date	24/03/2009
Address	GLENDINE, YOUGHAL, CO. CORK.
Other Actions	View Director Report		View AML Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	DECLAN BAILEY	Date of Birth	25/07/1965
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	19/05/2003
Address	WHELAN'S BRIDGE, KILMEADEN, CO. WATERFORD.
Other Actions	View Director Report		View AML Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	NICHOLAS COMYN	Date of Birth	02/04/1946
Officers Title		Nationality
Present Appointments	37	Function	Director
Appointment Date	17/12/2009
Address	10 SHELDON, ST PATRICKS HILL, CO. CORK.

Current Company Secretary

Name	R.D.J. LIMITED	Date of Birth	-
Officers Title		Nationality
Present Appointments	3	Function	Company Secretary
Appointment Date	17/12/2009
Address	2 PARK PLACE, CITYGATE PARK, MAHON, CORK

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
MICHAEL TYLER	0	2
CAROL BERESFORD	0	4
CAROL BERESFORD	0	4
BELINDA DOLBEAR	0	3
MICHAEL WILLISON	0	2
PADRAIC JOHN DOHERTY	1	2
VINCENT CURTIN	0	3
JIMMY WEMYSS	0	1
PASCHAL PHELAN	2	2
TRACY LOCKHART	0	2
GREGOR MCNAB	0	1
DEREK DEVEREUX	0	1

NEGATIVE INFORMATION

Mortgage

Total Mortgage 0

Outstanding 0

Satisfied 0

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade €0

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

Possible CJ Details

There are no possible CJ 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
SETFIRST LTD	EUR	600,000	ORDINARY	1.25

PAYMENT INFORMATION

Average Invoice Value	n/a
Invoices available	n/a
Paid	n/a
Outstanding	n/a

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid
Outstanding

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	91 companies
Linkages	143 companies
Countries	In 45 countries

Summary

Holding Company	SETFIRST LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	GLAXOSMITHKLINE PLC

Other Linked companies

Name	Number	Latest Key Financials	Rating	Limit	Turnover
GLAXOSMITHKLINE PAKISTAN		31.12.2013	42	€670,000	€202,120,291
GLAXOSMITHKLINE INTERNATIONAL (LUXEMBOURG) S.À R.L.	B73232	31.12.2012	68	€875,000
GLAXOSMITHKLINE	00208407	31.12.2012	34	€1,050,000	€106,740,376
SETFIRST (NO. 2) LIMITED	FC025752	31.12.2008	N/R	-
GLAXO WELLCOME PRODUCTION	410352777	31.12.2013	99	€5,000,000	€312,327,399
GLAXOSMITHKLINE S.P.A.	VR29640	31.12.2012	67	€6,060,000	€839,708,855
GLAXOSMITHKLINE MANUFACTURING S.P.A.	VR325375	31.12.2012	44	€489,000	€176,522,451
LABORATOIRE GLAXOSMITHKLINE	642041362	31.12.2013	100	€5,000,000	€1,213,569,710
GROUPE GLAXOSMITHKLINE	592052146	31.12.2013	100	€685,000
GLAXOSMITHKLINE BIOLOGICALS	338460017	31.12.2013	67	€420,000	€129,982,183
SMITHKLINE BEECHAM HOLDINGS (UK) LIMITED	03890815	31.12.2009	N/R	-
GLAXOSMITHKLINE AKTIEBOLAG	5562366343	31.12.2012	84	50,000 KSEK	864,309 KSEK
GLAXOSMITHKLINE OY	01083784	31.12.2011	76	€10,000	€113,425,000
GLAXO PROPERTIES B.V.	30102544	31.12.2012	81	€2,700,000
GLAXOSMITHKLINE SANTE GRAND PUBLIC	672012580	31.12.2013	81	€1,350,000	€182,038,542
MIXIS FRANCE	339627234	31.12.2012	N/R	-
VIIV HEALTHCARE S.R.L.	VR372785	31.12.2012	view rating	view limit	€108,896,488
GLAXOSMITHKLINE AS	930606308	31.12.2013	82	5,900 KNOK	642,884 KNOK
GLAXOSMITHKLINE CONSUMER HEALTHCARE S.P.A	MI598024	31.12.2012	89	€3,595,000	€216,192,127
GLAXOSMITHKLINE CONSUMER HEALTHCARE B.V.	33147823	31.12.2012	74	€7,550,000	€56,141,000

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	EUR	(%)	EUR	(%)	EUR	(%)	EUR	(%)	EUR
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	-	-	-	-	-	-	-	-	€153,566,000
Export	-	-	-	-	-	-	-	-	€140,229,000
Cost of Sales	-	-	-	-	-	-	-	-100%	€69,319,000
Gross Profit	-	-	-	-	-	-	-	-	€84,247,000
Wages & Salaries	-	-	-	-	-	-	-	-	€24,510,000
Directors Emoluments	-	-	-	-	-	-	-	-	€435,000
Operating Profit	-	-	-	-	-	-	-	-	€20,057,000
Depreciation	-	-	-	-	-	-	-	-	€6,982,000
Audit Fees	-	-	-	-	-	-	-	-	€32,000
Interest Payments	-	-	-	-	-	-	-	-	€1,456,000
Pre Tax Profit	-	-	-	-	-	-	-	-	€26,946,000
Taxation	-	-	-	-	-	-	-	-	-€2,859,000
Profit After Tax	-	-	-	-	-	-	-	-	€24,087,000
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-	-	-	-	-	-	-	-	€24,087,000

Balance Sheet

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Tangible Assets	0	-	0	-	0	-	0	-100%	€115,080,000
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	0	-	0	-	0	-	0	-100%	€115,080,000
Stock	0	-	0	-	0	-	0	-100%	€16,250,000
Trade Debtors	0	-	0	-	0	-	0	-100%	€888,000
Cash	0	-	0	-	0	-	0	-100%	€585,000
Other Debtors	0	-	0	-	0	-	0	-100%	€201,939,000
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	0	-	0	-	0	-	0	-100%	€219,662,000
Trade Creditors	0	-	0	-	0	-	0	-100%	€1,784,000
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-100%	€96,000
Other Short Term Finance	0	-	0	-	0	-	0	-100%	€39,370,000
Miscellaneous Current Liabilities	0	-	0	-	0	-	0	-100%	€20,652,000
Total Current Liabilities	0	-	0	-	0	-	0	-100%	€61,902,000
Bank Loans & Overdrafts and LTL	0	-	0	-	0	-	0	-100%	€11,131,000
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	0	-	0	-	0	-	0	-100%	€11,035,000

.

Capital & Reserves

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Called Up Share Capital	-	-	-	-	-	-	-	-100%	€750,000
P & L Account Reserve	-	-	-	-	-	-	-	-100%	€259,924,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-100%	€1,131,000
Shareholder Funds	-	-	-	-	-	-	-	-100%	€261,805,000

Other Financial Items

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Net Worth	-	-	-	-	-	-	-	-100%	€261,805,000
Working Capital	-	-	-	-	-	-	-	-100%	€157,760,000
Total Assets	-	-	-	-	-	-	-	-100%	€334,742,000
Total Liabilities	-	-	-	-	-	-	-	-100%	€72,937,000
Net Assets	-	-	-	-	-	-	-	-100%	€261,805,000

Cash Flow

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

Miscellaneous

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Contingent Liability	NO	-	NO	-	NO	-	NO	-	YES
Capital Employed	-	-	-	-	-	-	-	-100%	€272,840,000
Number of Employees	-	-	-	-	-	-	-	-	-
Auditors	PRICEWATERHOUSECOOPERS LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	ALLIED IRISH BANK
Bank Branch Code

Ratios

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Pre-tax profit margin %	-	-	-	-	17.55
Current ratio	-	-	-	-	3.55
Sales/Net Working Capital	-	-	-	-	0.97
Gearing %	0	0	0	0	4.30
Equity in %	-	-	-	-	78.20
Creditor Days	-	-	-	-	4.22
Debtor Days	-	-	-	-	2.10
Liquidity/Acid Test	-	-	-	-	3.28
Return On Capital Employed %	-	-	-	-	9.87
Return On Total Assets Employed %	-	-	-	-	8.04
Current Debt Ratio	-	-	-	-	0.23
Total Debt Ratio	-	-	-	-	0.27
Stock Turnover Ratio %	-	-	-	-	10.58
Return on Net Assets Employed %	-	-	-	-	10.29

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Status History

No Status History found

Event History

Date	Description
31/12/2013	GREGOR MCNAB has left the board
23/09/2013	New Accounts Filed
20/10/2012	New Accounts Filed
20/10/2012	New Accounts Filed
19/10/2012	Annual Returns
15/12/2011	MICHAEL WILLISON has left the board
15/12/2011	New Board Member (GREGOR MCNAB) appointed
17/11/2011	Annual Returns
17/11/2011	New Accounts Filed
17/11/2011	New Accounts Filed
27/04/2011	MICHAEL TYLER has left the board
13/11/2010	Annual Returns
13/11/2010	New Accounts Filed
17/12/2009	DEREK DEVEREUX has resigned as company secretary
17/12/2009	PADRAIC JOHN DOHERTY has resigned as company secretary

Previous Company Names

Date	Previous Name
N/A	BUTFORD LIMITED
05/07/1997	SMITHKLINE BEECHAM DUNGARVAN LIMITED

NOTES & COMMENTS

Commentary

No comments to display.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.67
UK Pound	1	Rs.100.81
Euro	1	Rs.80.73

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	SMN

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.