MIRA INFORM REPORT

 

 

Report Date :

27.09.2011

 

IDENTIFICATION DETAILS

 

Name :

HAFELE IRELAND LIMITED      

 

 

Registered Office :

Kilcoole Industrial Estate Kilcoole Wicklow

 

 

Country :

Ireland

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

18.06.1986

 

 

Com. Reg. No.:

E0114927

 

 

Legal Form :

Private Subsidiary

 

 

Line of Business :

Wholesale of other household goods

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

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 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Ireland

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

Top of Form

Bottom of Form

Hafele Ireland Limited                

 

 

Kilcoole Industrial Estate

Kilcoole

 

Wicklow,

Ireland

 

Tel:

+353 01 287 3488

Fax:

01 287 3563

 

www.hafele.com/ie

 

Employees:

40

Company Type:

Private Subsidiary

 

 

Incorporation Date:

18-Jun-1986

Auditor:

KPMG

Financials in:

USD (mil)

 

 

Fiscal Year End:

31-Dec-2010

Reporting Currency:

Euro

Annual Sales:

NA

Total Assets:

12.6

                                      

Business Description       

 

Established in 1985, Hafele Ireland Limited is one of the leading distributors and suppliers of furniture fittings, fixtures and architectural ironmongery products in Ireland. The company offers expertise in the design and development of decorative hardware products and electronic locking systems. It also designs and develops customised fittings for kitchens, bathrooms, bedrooms and shops. In addition, the company offers architectural hardware support services for the construction of hospitals, hotels, factories, retail stores, and residential and commercial buildings. It also maintains a stock of hinges, stays, castors and furniture fittings in various sizes and designs.

          

Industry                                                                                                                               

 

Industry

Furniture and Fixtures

ANZSIC 2006:

3731 - Furniture and Floor Covering Wholesaling

NACE 2002:

5147 - Wholesale of other household goods

NAICS 2002:

423210 - Furniture Merchant Wholesalers

UK SIC 2003:

51471 - Wholesale of furniture

US SIC 1987:

5021 - Furniture

                        

Key Executives           

   

 

Name

Title

Brendan Kevin Smith

Secretary, Director

Michael W Smith

Director

Sibylle A. Thierer

Director

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

 


Corporate Overview

 

Location
Kilcoole Industrial Estate
Kilcoole
Wicklow, Ireland

 

Tel:

+353 01 287 3488

Fax:

01 287 3563

 

www.hafele.com

Sales EUR(mil):

NA

Assets EUR(mil):

9.4

Employees:

40

Fiscal Year End:

31-Dec-2010

 

Industry:

Furniture and Fixtures

Incorporation Date:

18-Jun-1986

Company Type:

Private Subsidiary

Quoted Status:

Not Quoted

Registered No.(IRE):

E0114927

 

Director:

Michael W Smith

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

 

ANZSIC 2006 Codes:

2229

-

Other Structural Metal Product Manufacturing

3731

-

Furniture and Floor Covering Wholesaling

 

NACE 2002 Codes:

5147

-

Wholesale of other household goods

2811

-

Manufacture of metal structures and parts of structures

 

NAICS 2002 Codes:

423210

-

Furniture Merchant Wholesalers

33231

-

Plate Work and Fabricated Structural Product Manufacturing

 

US SIC 1987:

3441

-

Fabricated Structural Metal

5021

-

Furniture

 

UK SIC 2003:

51471

-

Wholesale of furniture

2811

-

Manufacture of metal structures and parts of structures

 

 

Business Description

Established in 1985, Hafele Ireland Limited is one of the leading distributors and suppliers of furniture fittings, fixtures and architectural ironmongery products in Ireland. The company offers expertise in the design and development of decorative hardware products and electronic locking systems. It also designs and develops customised fittings for kitchens, bathrooms, bedrooms and shops. In addition, the company offers architectural hardware support services for the construction of hospitals, hotels, factories, retail stores, and residential and commercial buildings. It also maintains a stock of hinges, stays, castors and furniture fittings in various sizes and designs.

 

 

 

 

 

 

 

Financial Data

 

Financials in:

EUR(mil)

 

Assets:

9.4

Total Liabilities:

2.8

 

Working Capital:

1.5

 

Net Worth:

6.7

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

NA

 

Key Corporate Relationships

Auditor:

KPMG

 

Auditor:

KPMG

 

 

 

 

 

 

 

 

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

Brendan Kevin Smith

 

Secretary, Director

Director/Board Member

Michael W Smith

 

Director

Director/Board Member

Sibylle A. Thierer

 

Director

Director/Board Member

 

Executives

 

Name

Title

Function

Brendan Kevin Smith

 

Secretary, Director

Company Secretary

 

 

Annual Profit & Loss

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

Consolidated

No

No

No

No

 

 

 

 

 

Turnover

-

15.0

22.1

25.3

Cost of Sales

-

10.8

15.4

17.1

Gross Profit

3.1

4.2

6.6

8.2

Operating Profit

-0.8

-0.5

0.9

2.4

Non Trading Income

0.0

0.0

0.0

0.0

Interest Expenses

0.1

0.1

0.2

0.1

Pretax Profit

-0.9

-0.6

0.8

2.4

Taxation

0.0

-

0.1

0.3

Profit after Tax

-0.9

-0.6

0.7

2.1

Dividends Payable

-

0.2

0.9

0.5

Retained Profits

-0.9

-0.8

-0.2

1.5

Value Added

1.6

1.9

3.5

4.5

Exports

-

2.1

2.4

2.6

Wages And Salaries

1.8

1.7

2.0

1.6

Directors’ Emoluments

-

0.4

0.5

0.4

Auditors Fees

-

0.0

0.0

0.0

Depreciation

0.3

0.4

0.4

0.3

Number of Employees

40

46

49

50

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Filed Currency

EUR

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

0.683971

Consolidated

No

No

No

No

 

 

 

 

 

Tangible Assets

7.9

8.5

8.6

8.6

Total Fixed Assets

7.9

8.5

8.6

8.6

Stocks

2.3

2.4

3.1

3.4

Trade Debtors

2.3

3.3

3.9

5.3

Cash

0.0

0.3

0.5

1.4

Miscellaneous Current Assets

0.1

0.2

0.2

0.2

Other Current Assets

0.2

0.5

0.7

1.6

Total Current Assets

4.8

6.2

7.7

10.3

Total Assets

12.6

14.7

16.3

18.9

Net assets

9.9

12.0

12.8

15.0

Total Current Liabilities

2.7

2.6

3.5

4.0

Total Debt

2.5

2.6

3.6

4.9

Total Long Term Liabilities

1.0

1.5

1.9

3.2

Total Liabilities

3.7

4.1

5.3

7.2

Share Capital And Other Reserves

0.2

0.2

0.2

0.2

Profit & Loss Account Reserve

8.7

10.3

10.8

11.6

Shareholders Funds

8.9

10.6

11.0

11.8

Capital Employed

9.9

12.0

12.8

15.0

Net Worth

8.9

10.6

11.0

11.8

Working Capital

2.1

3.5

4.3

6.4

Fixed Assets

7.9

8.5

8.6

8.6

Liquid Assets

2.4

3.8

4.6

6.9

Trade Creditors

0.4

0.2

0.0

0.8

Bank Overdraft

0.5

0.2

-

-

Miscellaneous Current Liabilities

1.8

2.2

3.4

3.2

    Bank Loans - Current Portion

0.4

0.4

1.2

0.7

    Other Short Term Finance

0.6

0.5

0.5

1.0

Other Current Liabilities

0.8

1.3

1.7

1.5

Short Term Loans

1.5

1.1

1.8

1.7

    Long Term Loans

1.0

1.5

1.9

3.2

    Long Term Bank Loans

1.0

1.5

1.8

3.2

Other Long Term Finance

0.0

0.0

0.1

-

Other Long Term Liabilities

-

-

-

0.0

Called Up Share Capital

0.2

0.2

0.2

0.2

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

0.730637

Consolidated

No

No

No

No

 

 

 

 

 

Net Cash

-0.5

0.1

0.5

1.3

 

 

 

Annual Ratios

 

 

 

 

 

 

31-Dec-2007

Period Length

52 Weeks

Filed Currency

-

Exchange Rate

-

Consolidated

No

 

 

Current Ratio

2.60

Liquidity Ratio

1.74

Stock Turnover

7.88

Net Worth / Total Liabilities

164.11%

Long Term Liab. / Net Worth

0.27

Pretax Profit / Capital Employed

16.86%

Pretax Profit / Total Assets

13.32%

Pretax Profit / Turnover

9.34%

Debtors Days

71.65

Creditors Days

10.31

 

 

 

Bottom of Form

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.62

UK Pound

1

Rs.76.68

Euro

1

Rs.66.47

 

 

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.