MIRA
INFORM REPORT
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Report Date : |
30.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHORTT STAINLESS STEEL LIMITED |
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Registered Office : |
Annacotty Business Park, Limerick |
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Country : |
Ireland |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
06.07.1984 |
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Com. Reg. No.: |
IE102031 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Blast furnaces and steel works. Manufacture of basic iron and steel and of ferro-alloys. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
EURO 1073800 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Company
Identification Details
Subject Reported on SHORTT STAINLESS STEEL LIMITED
Trading Address ANNACOTTY BUSINESS PARK,LIMERICK,
Telephone 061 216 000
Very
Low Risk - There is every confidence this company will prove good for the assigned Credit Limit
Credit Limit euro 1,073,800
Selling
to this company? The Credit Limit is the recommended maximum outstanding
debtor exposure at any one time.
Contract Limit euro 7,904,400
Buying
from this company? The Contract Limit is the recommended aggregate annual value for supply contracts.
Official Company Data
Legal Form Private Limited Liability Company (IE)
Registration Number IE102031
Date of
Incorporation 06/07/1984
Registered Office ANNACOTTY BUSINESS PARK, LIMERICK
Activities Blast furnaces & steel works
Recently Filed Documents
Details of the most recent documents
Date Received Description
It should be noted that there is no legal requirement to file
satisfaction details of mortgages/charges at Companies House.
Known Directors
DIRECTOR BRENDAN FRANCIS SHORTT
Occupation
Address 8 HEATHERDALE , LIMERICK ,
Date of
Birth 25/04/1938
Appointment
Date 06/07/1984
Other
Appointments SHORTT PROPERTIES AND INVESTMENTS
LIMITED, SHORTT STAINLESS
STEEL LIMITED, SHORTT STAINLESS STEEL SALES LIMITED
DIRECTOR MARIE SHORTT
Occupation
Address 8 HEATHERDALE , LIMERICK ,
Date of
Birth -
Appointment
Date 06/07/1984
Other Appointments SHORTT PROPERTIES AND INVESTMENTS
LIMITED, SHORTT STAINLESS
STEEL LIMITED, SHORTT STAINLESS STEEL SALES LIMITED
DIRECTOR DERMOT SHORTT
Occupation
Address 22 THE FAIRWAYS , LIMERICK ,
Date of
Birth 13/02/1963
Appointment
Date 02/12/1988
Other
Appointments SHORTT PROPERTIES AND INVESTMENTS
LIMITED, SHORTT STAINLESS
STEEL LIMITED
DIRECTOR PATRICK MCNAMARA
Occupation
Address 50 PARK GARDENS , LIMERICK ,
Date of
Birth 24/02/1945
Appointment
Date 15/08/1999
Other
Appointments SHORTT STAINLESS STEEL LIMITED
SECRETARY DERMOT SHORTT
Address 22 THE FAIRWAYS, CASTLETROY
, LIMERICK
Country
of Origin
Date of
Birth 13/02/1963
Appointment
Date 01/10/2003
Recently Resigned Directors (last 3)
None
Share Summary
Share Currency: GBP
Priniciple
Shareholders: Type
Of Share No. of Shares Value %age
Mr Dermot Shortt ORD 4,500
4,050.00 45.00
Ms Marie Shortt ORD 2,750
2,475.00 28.00
Mortgages and Charges
Total Registered 1
Total Outstanding 1
Total Satisfied 0
Date Registered 24/10/2001
Date Created 05/10/2001
Satisfied? No
Public Record Information
Summary of CCJ's/Scottish Decrees
There are no unsatisfied CCJs against the company.
Operations
Activities Blast furnaces & steel works
Sic Code Description
2710 Manufacture
of basic iron and steel and of ferro-alloys (ECSC)
Staff Employed 85
Financial Data
The following figures are shown in units of 000
Profit and Loss
Number of Weeks 52 52 52 52
Accounts Date 31/12/2006 31/12/2005 31/12/2004 31/12/2003
Currency euro euro euro euro
Consolidated? No No No No
SALES 21,249 - - -
Other operating
income 9 - - -
Cost of goods sold 12,721 - - -
GROSS PROFIT 8,529 - 5,534 1,635
Other Expenses 291 - - -
General
administration costs (-) 5,267 - 4,027 1,333
Wages and Salaries 3,399 - 2,614 730
Depreciation 711 - 224 82
Net Operating
Profit(Loss) 2,979 - 1,507 302
Non Trading Income 32 - 4 2
Total Non Trading Income 32 - 4 2
Interest expenses
& similar (-) 30 - 5 9
Financial Expenses 30 - 5 9
PRE TAX PROFIT 2,981 - 1,506 295
Other Taxation 0 - 0 0
Taxation 363 - 157 35
PROFIT AFTER TAX 2,618 - 1,349 261
Net Profit 2,618 - 1,349 261
Dividends Payable 13 - 1 0
RETAINED PROFITS 2,605 - 1,348 261
Balance Sheet
Number of Weeks 52 52 52 52
Accounts Date 31/12/2006 31/12/2005 31/12/2004 31/12/2003
Currency euro euro euro euro
Consolidated? No No No No
TOTAL FIXED ASSETS 2,366 2,966 1,866 544
Plant, machinery
& equipment 2,366 2,291 1,866 544
TOTAL CURRENT
ASSETS 10,526 6,982 6,792 5,329
Stocks 4,272 2,326 2,201 1,343
Trade Debtors 5,264 3,690 3,891 2,803
Prepaid
expenses 163 122 94 61
Cash 828 627 605 981
TOTAL ASSETS 12,891 9,948 8,658 5,873
TOTAL CURRENT
LIABILITIES 4,151 3,386 3,748 3,428
Trade
Creditors 3,079 2,419 2,783 2,910
Bank
Overdraft 195 207 - -
Loans From
Principals 19 63 148 -
Taxes 817 452 652 247
Other Current
Liabilities 33 6 6 149
Accruals
& deferred income 7 238 160 122
WORKING CAPITAL 6,375 3,596 3,044 1,901
TOTAL LONG TERM
LIABS 1,627 2,051 1,646 529
Mortgages and
loans 320 512 - -
Debts to
group companies 1,307 1,539 1,637 529
NET
ASSETS/(LIABILITIES) 8,740 6,562 4,910 2,445
SHARE CAPITAL +
RESERVES 7,114 4,511 3,264 1,916
Issued Share
Capital 13 13 13 13
Reserves 0 0 0 0
Profit and
Loss account 7,095 4,490 3,251 1,903
Investment
grants 6 8 - -
SHAREHOLDERS FUNDS 7,114 4,511 3,264 1,916
CAPITAL EMPLOYED 8,741 6,562 4,910 2,445
TANGIBLE NET WORTH 7,114 4,511 3,264 1,915
Key Credit Ratios
Accounts Date 31/12/2006 31/12/2005 31/12/2004 31/12/2003
Current Ratio 2.54 2.06 1.81 1.55
Profit Before Tax 0.14 - - -
Creditors Days (D.P.O) 88.35 - - -
Quick Ratio 1.51 1.38 1.22 1.16
Return on Assets 23.12 - 17.39 5.02
T.N.W/Total Assets 0.55 0.45 0.38 0.33
Return on Capital 34.10 - 30.67 12.07
Working Capital/Sales 0.00 - - -
Equity Gearing 0.05 0.03 0.02 0.04
Stock Turnover 0.00 - - -
Solvency (%) 81.22 120.53 165.26 206.63
Financial Summary
Working Capital The Company’s working capital improved in the
period by 77%
Tangible Net worth Net worth increased by 2,603,000 during the
period and now stands at euro 7,114,000
Fixed Assets The subjects fixed assets reduced during the
period by euro 600,000 to euro 2,366,000
and are now 18% of total assets compared with 30% in the previous period
Long Term
Liabilities The company's long term liabilities reduced
during the period by 29% and are now 23% of
net worth compared with 51% in the previous period
Long Term
Liabilities Long term liabilities are now 13% of total
assets compared with 23% in the previous
period
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)