MIRA INFORM REPORT

Report Date :

24.05.2014

IDENTIFICATION DETAILS

Name :	H.R. DENNE LIMITED

Registered Office :	C/O R. Elwood & Co. Ltd., 40 Bedford Street, Belfast, BT2 7FF

Country :	Ireland

Financials (as on) :	31.10.2012

Date of Incorporation :	23.07.1992

Com. Reg. No.:	NI026725

Legal Form :	Limited Company

Line of Business :	Wholesale of clothing and footwear

No. of Employees	Not Available

RATING & COMMENTS

MIRA’s Rating :

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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Ireland

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately 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

Company Name: Telephone Number

H.R. DENNE LIMITED 02890242866

Fax Number

Limited Company Company Summary

Company Number:

NI026725

Registered Address

C/O R. ELWOOD & CO. LTD.

40 BEDFORD STREET

BELFAST

BT2 7FF

Trading Address

40 Bedford Street

Belfast

County Antrim

BT2 7FF

Website Address

http://www.hrdenne.com

Previous Name

MOYNE SHELF COMPANY (NO. 43) LIMITED

Type

Private limited with Share Capital

FTSE Index

Date of Change

23/07/1992

Filing Date of Accounts

22/05/2013

Currency

GBP

Share Capital

£2

SIC07

46420

SIC07 Description

WHOLESALE OF CLOTHING AND FOOTWEAR

Principal Activity

Overalls and mens shirts under wear.

DIRECTORS/MANAGEMENT

Name	Mervyn Arnold	Date of Birth	09/06/1926
Officers Title	Mr	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	25/06/1992
Address	4 Warren Avenue, Donaghadee, Co Down, BT21 0PE
Other Actions	View Director Report	View Consumer Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Brian John McKee	Date of Birth	28/04/1967
Officers Title	Mr	Nationality	British
Present Appointments	6	Function	Director
Appointment Date	26/07/1999
Address	71 Crawley Down Road, Felbridge, East Grinstead, West Sussex, RH19 2PP
Other Actions	View Director Report	View Consumer Report

Current Company Secretary

Name	Niall Gilchrist Arnold	Date of Birth	28/06/1971
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Company Secretary
Appointment Date	25/06/1992
Address	4 Warren Avenue, Donaghadee, Co Down, BT21 0PE

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Alan Charles Samways	0	1
John McKee	3	3

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Exact CCJ Details

No CCJs found

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

Mortgage Details

Mortgage Type:	MORTGAGE OR CHARGE
Date Charge Created:	23/04/07
Date Charge Registered:	24/04/07
Date Charge Satisfied:	11/08/11
Status:	SATISFIED
Person(s) Entitled:	THE ROYAL BANK OF SCOTLAND PLC
Amount Secured:
Details:	ALL MONIES LEGAL CHARGEBY WAY OF LEGAL MORTGAGE: 50 STUART ROAD, LONDON, SE15 3BE (THE "PROPERTY") ALL COVENANTS AND RIGHTS AFFECTING OR CONCERNING THE PROPERTY AND ANY SHARE FROM TIME TO TIME HELD BYTHE COMPANY IN ANY LANDLORD OR MANGEMENT COMPANY OF THE PROPERTY.

Mortgage Type:	MORTGAGE OR CHARGE
Date Charge Created:	25/03/93
Date Charge Registered:	26/03/93
Date Charge Satisfied:	12/04/07
Status:	SATISFIED
Person(s) Entitled:	NORTHERN BANK LIMITED
Amount Secured:	N/A
Details:	FREEHOLD PROPERTY 50 STUART ROAD, PECKHAM, LONDON

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
R ELWOOD & CO LTD	GBP	2	ORDINARY	1	100

PAYMENT INFORMATION

Average Invoice Value	£739.84
Invoices available	1
Paid	1
Outstanding	0

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	0	1	0	0	0
Outstanding	0	0	0	0	0

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	3 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	R. ELWOOD AND COMPANY LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	R. ELWOOD AND COMPANY LIMITED

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Limit	Turnover
R. ELWOOD AND COMPANY LI...	NI002896	31.10.2012	N	£100,000
H.R. DENNE LIMITED	NI026725	31.10.2012	N	£100,000
UNIFORMULA LIMITED	00923775	31.10.2012	N	-

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	31/10/12	(%)	31/10/11	(%)	31/10/10	(%)	31/10/09	(%)	31/10/08
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	-	-	-	-	-	-	-	-	-
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	-	-	-	-	-	-	-	-	-
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	-	-	-	-	-	-	-	-	-
Depreciation	£16,013	81.4%	£8,828	65.4%	£5,337	3.6%	£5,152	-45.9%	£9,521
Audit Fees	£4,894	-9.8%	£5,425	6.1%	£5,115	1.7%	£5,031	39.5%	£3,606
Interest Payments	-	-	-	-	-	-	-	-	-
Pre Tax Profit	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	-
Profit After Tax	-	-	-	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/10/12	(%)	31/10/11	(%)	31/10/10	(%)	31/10/09	(%)	31/10/08
Tangible Assets	£1,128,548	41%	£800,469	27.3%	£629,037	-0.7%	£633,513	5.1%	£602,772
Intangible Assets	£18,000	-20%	£22,500	-16.7%	£27,000	-14.3%	£31,500	-12.5%	£36,000
Total Fixed Assets	£1,146,548	39.3%	£822,969	25.4%	£656,037	-1.3%	£665,013	4.1%	£638,772
Stock	£563,689	27.2%	£443,094	-31.3%	£645,434	18.6%	£544,171	4.2%	£522,315
Trade Debtors	£350,722	-31.8%	£514,310	20.1%	£428,123	-0.6%	£430,750	16.8%	£368,873
Cash	£112,535	0.4%	£112,069	381.5%	£23,273	309%	£5,690	-89.3%	£52,949
Other Debtors	0	-	0	-	0	-	0	-	0
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£1,026,946	-4%	£1,069,473	-2.5%	£1,096,830	11.9%	£980,611	3.9%	£944,137
Trade Creditors	£882,310	14.9%	£768,004	-16.4%	£918,180	12.8%	£813,853	9.4%	£744,018
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	0	-	0	-	0	-	0	-	0
Total Current Liabilities	£882,310	14.9%	£768,004	-16.4%	£918,180	12.8%	£813,853	9.4%	£744,018
Bank Loans & Overdrafts and LTL	0	-	0	-100%	£11,923	-67.5%	£36,650	-38.1%	£59,185
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	0	-	0	-100%	£11,923	-67.5%	£36,650	-38.1%	£59,185

Capital & Reserves

Date Of Accounts	31/10/12	(%)	31/10/11	(%)	31/10/10	(%)	31/10/09	(%)	31/10/08
Called Up Share Capital	£2	-	£2	-	£2	-	£2	-	£2
P & L Account Reserve	£1,137,531	1.2%	£1,124,436	178.7%	£403,425	3%	£391,694	4.1%	£376,279
Revaluation Reserve	£153,651	-	-	-100%	£419,337	3.9%	£403,425	-	£403,425
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£1,291,184	14.8%	£1,124,438	36.7%	£822,764	3.5%	£795,121	2%	£779,706

Other Financial Items

Date Of Accounts	31/10/12	(%)	31/10/11	(%)	31/10/10	(%)	31/10/09	(%)	31/10/08
Net Worth	£1,273,184	15.5%	£1,101,938	38.5%	£795,764	4.2%	£763,621	2.7%	£743,706
Working Capital	£144,636	-52%	£301,469	68.7%	£178,650	7.1%	£166,758	-16.7%	£200,119
Total Assets	£2,173,494	14.9%	£1,892,442	8%	£1,752,867	6.5%	£1,645,624	4%	£1,582,909
Total Liabilities	£882,310	14.9%	£768,004	-17.4%	£930,103	9.4%	£850,503	5.9%	£803,203
Net Assets	£1,291,184	14.8%	£1,124,438	36.7%	£822,764	3.5%	£795,121	2%	£779,706

Cash Flow

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

Miscellaneous

Date Of Accounts	31/10/12	(%)	31/10/11	(%)	31/10/10	(%)	31/10/09	(%)	31/10/08
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£1,291,184	14.8%	£1,124,438	34.7%	£834,687	0.4%	£831,771	-0.8%	£838,891
Number of Employees	-	-	-	-	-	-	-	-	-
Auditors	MCCREERY TURKINGTON STOCKMAN LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	NORTHERN BANK LTD
Bank Branch Code

Ratios

Date Of Accounts	31/10/12	31/10/11	31/10/10	31/10/09	31/10/08
Pre-tax profit margin %	-	-	-	-	-
Current ratio	1.16	1.39	1.19	1.20	1.27
Sales/Net Working Capital	-	-	-	-	-
Gearing %	0	0	1.40	4.60	7.60
Equity in %	59.90	60.10	47.70	49.30	50.40
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	0.52	0.81	0.49	0.53	0.56
Return On Capital Employed %	-	-	-	-	-
Return On Total Assets Employed %	-	-	-	-	-
Current Debt Ratio	0.68	0.68	1.11	1.02	0.95
Total Debt Ratio	0.68	0.68	1.13	1.06	1.03
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-	-	-	-	-

Creditor Details

	Total Number	Total Value
Trade Creditors	0	-

No Creditor Data

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	-	-

No Debtor Data

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

TPS

FPS

Incorporation Date

25/06/1992

Status History

No Status History found

Event History

Date	Description
28/06/2013	Annual Returns
29/05/2013	New Accounts Filed
28/06/2012	Annual Returns
19/04/2012	New Accounts Filed
01/07/2011	Annual Returns
03/06/2011	New Accounts Filed
10/09/2010	New Board Member Mr B.J. McKee appointed
06/09/2010	New Company Secretary Mr N.G. Arnold appointed
18/08/2010	New Board Member Mr M. Arnold appointed
23/07/2010	Annual Returns
17/04/2010	New Accounts Filed
17/04/2010	New Accounts Filed
09/10/2009	New Board Member Mr B. McKee appointed
09/10/2009	New Board Member Mr M. Arnold appointed
09/10/2009	New Company Secretary Mr N.G. Arnold appointed

Previous Company Names

Date	Previous Name	Companies House Documents
23/07/1992	MOYNE SHELF COMPANY (NO. 43) LIMITED	View Document

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.
There is insufficient data to indicate a change in this company's percentage of sales.
Net Worth increased by 15.5% during the latest trading period.

A 14.9% growth in Total Assets occurred during the latest trading period.
There is insufficient data to indicate a change in this company's pre-tax profit.
The company saw an increase in their Cash Balance of 0.4% 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 movement in accumulated earnings would indicate that the company made a profit after tax and other appropriations, including dividends.
The company was established over 21 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.48
UK Pound	1	Rs.98.67
Euro	1	Rs.79.80

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	PDT

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.