MIRA INFORM REPORT

Report Date :

28.10.2014

IDENTIFICATION DETAILS

Name :	DUNNES STORES

Formerly Known As :	TACADO

Registered Office :	46-50 South Great George's Street, Dublin 2, 999930

Country :	Ireland

Date of Incorporation :	16.12.1999

Com. Reg. No.:	IE317228

Legal Form :	Private unlimited with Share Capital

Line of Business :	Not Available [We tried to confirm / obtain the detailed activity but the same is not available from any sources]

No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Ireland

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. 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 Number	IE317228
Company Name	DUNNES STORES
Registered Address	46-50 SOUTH GREAT GEORGE'S STREET, DUBLIN 2, 999930
Website Address	-
Telephone Number		TPS	No
Incorporation Date	16/12/1999
SIC07
SIC07 Description
Principal Activity

Type	Private unlimited with Share Capital
FTSE Index	-
Share Capital	€250
Currency	EUR
Accounts Due Date	-
Filing Date of Accounts	-

Charity Number	-

Fax Number
FPS	No

DIRECTORS/MANAGEMENT

Current Directors

Name	MARGARET HEFFERNAN	Date of Birth	09/03/1942
Officers Title		Nationality
Present Appointments	163	Function	Director
Appointment Date	28/01/2000
Address	DILKUSHA, STILLORGAN ROAD, DUBLIN 4

Name	FRANCIS DUNNE	Date of Birth	23/05/1943
Officers Title		Nationality
Present Appointments	163	Function	Director
Appointment Date	28/01/2000
Address	HAMWOOD STUD, DUNBOYNE, CO MEATH

Current Company Secretary

Name	THOMAS JOHN SHERIDAN	Date of Birth	04/12/1957
Officers Title		Nationality
Present Appointments	195	Function	Company Secretary
Appointment Date	01/11/2002
Address	193 ROEBUCK CASTLE, ROEBUCK ROAD, CLONSKEAGH, DUBLIN 14

NEGATIVE INFORMATION

CJ's	0 (€0)
Mortgages	0

Total Number of Exact CJs -	Total Value of Exact CJs -	€0
Total Number of Possible CJs -	Total Value of Possible CJs -	€0
Total Number of Satisfied CJs -	Total Value of Satisfied CJs -	€0

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value
BENLETTERY LTD	EUR	100	ORDINARY	2
GREEN ARCH CORP.	EUR	25	ORDINARY	2

PAYMENT INFORMATION

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company

DUNNES HOLDING COMPANY

Group	64 companies
Linkages	0 companies
Countries	In 0 countries

Statistics

Group	64 companies
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status	Intermediately Owned
Ultimate Holding Company	DUNNES HOLDING COMPANY

Group structure

Business Owner Links

Business Name	Business No	Business Status.
DUNNES STORES	IE317228
BRIAN TUCKER	466480	NORMAL
DUNNES DELIVERY	368369	NORMAL
DUNNES STORES DIRECT DELIVERY	368368	NORMAL
DUNNES STORES DELIVERY	368367	NORMAL
DUNNES DIRECT DELIVERY	368358	NORMAL
REFLECTIONS CAFE BRASSERIE	366307	NORMAL
CAFE REFLECT	366306	NORMAL
CAFE RECHARGE	366305	NORMAL
DUNNES CONVENIENCE	345172	NORMAL
DUNNES CITY	345171	NORMAL
DUNNES HOME	345170	NORMAL
DUNNES HOUSE & HOME	345169	NORMAL
KABARET	299966	NORMAL
DUNNES STORES SIMPLY BETTER	238285	NORMAL
TIMEPIECE RESTAURANT	230266	NORMAL
BETTER VALUE CONVENIENTLY YOURS	194386	NORMAL
DUNNES CONVENIENTLY YOURS	194385	NORMAL
CENTERED	194383	NORMAL
CENTERED	193075	NORMAL
DUNNESSTORES	179345	NORMAL
DUNNES	179344	NORMAL
VALUECLUB	179343	NORMAL
SAVIDA	179342	NORMAL
DUNNES VALUECLUB	179341	NORMAL
DUNNES ONLINE	179340	NORMAL
DUNNES STORES-VALUECLUB	179339	NORMAL
DUNNES STORES TASTE	238287	NORMAL

FINANCIALS

Miscellaneous

Date Of Accounts	28/01/12	(%)	-	(%)	-	(%)	-	(%)	-
Contingent Liability	NO	-	-	-	-	-	-	-	-
Capital Employed	-	-	-	-	-	-	-	-	-
Number of Employees	-	-	-	-	-	-	-	-	-
Auditors	ERNST & YOUNG
Auditor Comments	The audit report contains no adverse comments
Bankers	BANK OF IRELAND
Bank Branch Code	90-07-89

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Status History

Date	Description
11/12/2012	Petitions Winding-Up (Gazette)

Event History

Date	Description
11/01/2014	Annual Returns
12/01/2013	New Accounts Filed
09/01/2013	Annual Returns
23/12/2011	Annual Returns
12/01/2011	Annual Returns
30/06/2010	LAURENCE HOWARD has resigned as company secretary
18/01/2010	Annual Returns
05/12/2008	Annual Returns
09/07/2008	New Company Secretary (LAURENCE HOWARD) appointed
18/12/2007	Annual Returns
01/11/2002	New Company Secretary (THOMAS JOHN SHERIDAN) appointed
28/01/2000	New Board Member (MARGARET HEFFERNAN) appointed
28/01/2000	New Board Member (FRANCIS DUNNE) appointed

Previous Company Names

Date	Previous Name
N/A	TACADO

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.23
UK Pound	1	Rs.98.53
Euro	1	Rs.77.75

INFORMATION DETAILS

Analysis Done by :	DIV

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%)

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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.