MIRA INFORM REPORT
|
Report Date : |
23.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
CLAROCHEM IRELAND LIMITED |
|
|
|
|
Registered Office : |
Damastown,
Mulhuddart , |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
06.02.1991
|
|
|
|
|
Com. Reg. No.: |
IE169797 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacture of basic pharmaceutical products |
|
|
|
|
No. of Employees
: |
31 |
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 |
|
Maximum Credit Limit : |
€100,000 |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
a2 |
a2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
REGISTERED NAME & COMPANY
SUMMARY
|
Company
Name |
CLAROCHEM IRELAND LIMITED |
Company
Number |
IE169797 |
|
Registered
Address |
DAMASTOWN |
|
|
|
|
MULHUDDART |
|
|
|
|
|
|
|
|
|
216410 |
|
|
|
Website
Address |
- |
|
|
|
Telephone
Number |
018206111 |
Fax
Number |
|
|
TPS |
No |
FPS |
No |
|
Incorporation
Date |
06/02/1991 |
Company
Status |
Active - Accounts Filed |
|
Previous
Name |
|
Type |
Other |
|
Date of
Change |
- |
Filing
Date of Accounts |
- |
|
|
|
Share
Capital |
€2,032,000 |
|
SIC03 |
24410 |
Currency
|
EUR |
|
SIC03
Description |
Manufacture of basic pharmaceutical products |
||
|
SIC07 |
21100 |
||
|
SIC07
Description |
MANUFACTURE OF BASIC PHARMACEUTICAL PRODUCTS |
||
|
Principal
Activity |
The development, manufacture and sale of
active pharmaceutical ingredients. |
||
CREDIT RECOMENDATION
Current
Credit Limit: €100,000
DIRECTORS/MANAGEMENT
|
Total Current Directors |
5 |
|
Total Current Secretaries |
1 |
|
Total Previous Directors / Company Secretaries |
12 |
Current Directors
|
Name |
ROBERTO ANGELO FUSCO |
Date of Birth |
21/12/1941 |
|
Officers Title |
|
Nationality |
|
|
Present Appointments |
1 |
Function |
Director |
|
Appointment Date |
18/06/2009 |
|
|
|
Address |
VIA
GIOVANNI PASCOLI, 70/4, 20133 MILAON, |
||
|
Name |
Date of Birth |
07/02/1945 |
|
|
Officers Title |
|
Nationality |
|
|
Present Appointments |
1 |
Function |
Director |
|
Appointment Date |
18/06/2009 |
|
|
|
Address |
VIA FRANCESCO DE, LEMENE 46,
20151, |
||
|
Name |
Date of Birth |
21/06/1974 |
|
|
Officers Title |
|
Nationality |
|
|
Present Appointments |
1 |
Function |
Director |
|
Appointment Date |
18/06/2009 |
|
|
|
Address |
|
||
|
Name |
Date of Birth |
17/01/1963 |
|
|
Officers Title |
|
Nationality |
|
|
Present Appointments |
1 |
Function |
Director |
|
Appointment Date |
18/06/2009 |
|
|
|
Address |
11 |
||
|
Name |
Date of Birth |
17/06/1962 |
|
|
Officers Title |
|
Nationality |
|
|
Present Appointments |
1 |
Function |
Director |
|
Appointment Date |
29/06/2010 |
|
|
|
Address |
VIALE VITTORIO |
||
Current Company Secretary
|
Name |
Date of Birth |
08/02/1991 |
|
|
Officers Title |
|
Nationality |
|
|
Present Appointments |
121 |
Function |
Company Secretary |
|
Appointment Date |
18/06/2009 |
|
|
|
Address |
|
||
Previous Director/Company Secretaries
|
Name |
Current Directorships |
Previous
Directorships |
|
74 |
46 |
|
|
18 |
25 |
|
|
1008 |
576 |
|
|
0 |
1 |
|
|
0 |
1 |
|
|
0 |
1 |
|
|
0 |
1 |
|
|
3 |
2 |
|
|
0 |
2 |
|
|
2 |
2 |
|
|
3 |
2 |
|
|
0 |
5 |
NEGATIVE INFORMATION
CJ
|
Total Number of Exact CJs - |
Total Value of Exact CJs
- |
||
|
Total Number of Possible CJs - |
Total Value of Possible
CJs - |
||
|
Total Number of Satisfied CJs - |
Total Value of Satisfied
CJs - |
Exact CJ Details
There are no exact CJ details
Possible CJ Details
There are no possible CJ details
Writ Details
-
SHARE & SHARE CAPITAL
INFORMATION
Top 20 Shareholders
|
Name |
Individual Share Value |
|
MEDINCO SPA |
1,625,600 ORDINARY B EUR 1.00 |
|
MEDINCO SPA |
304,800 ORDINARY C EUR 1.00 |
|
MEDINCO SPA |
101,600 ORDINARY A EUR 1.00 |
PAYMENT INFORMATION
Na
GROUP STRUCTURE & AFFILIATED COMPANIES
|
Summary
|
Group structure
|
Company Name |
|
|
Registered Number |
Latest Key Financials |
Consol. Accounts |
Turnover |
|
|||||||||
|
MEDINCO SPA |
|
|
N/A |
- |
- |
|
|
|||||||||
|
CLAROCHEM IRELAND LIMITED |
|
|
IE169797 |
31.12.2010 |
N |
|
|
||||||||
|
|
2 companies |
|||||||||||||||
|
Linkages
|
0 companies |
|||||||||||||||
|
Countries
|
In 0 countries |
|||||||||||||||
FINANCIAL INFORMATION
Profit & Loss
|
Date Of Accounts |
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
(%) |
31/12/06 |
|
Weeks |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
|
Currency |
EUR |
(%) |
EUR |
(%) |
EUR |
(%) |
EUR |
(%) |
EUR |
|
Consolidated A/cs |
N |
(%) |
N |
(%) |
N |
(%) |
N |
(%) |
N |
|
Turnover |
- |
- |
- |
- |
€7,704,808 |
-29% |
€10,857,927 |
-14.2% |
€12,657,000 |
|
Export |
- |
- |
- |
- |
€3,357,278 |
-51.3% |
€6,899,589 |
- |
- |
|
Cost of Sales |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Gross Profit |
€2,592,588 |
-28.8% |
€3,640,182 |
- |
- |
- |
- |
- |
€12,657,000 |
|
Wages & Salaries |
€1,741,100 |
-6.4% |
€1,860,100 |
-6.6% |
€1,991,744 |
-1.6% |
€2,023,871 |
- |
- |
|
Directors Emoluments |
€198,310 |
- |
- |
-100% |
€13,000 |
- |
€13,000 |
- |
- |
|
Operating Profit |
-€1,653,087 |
-212.8% |
-€528,398 |
- |
- |
- |
- |
- |
€4,711,000 |
|
Depreciation |
€847,542 |
-3.3% |
€876,755 |
-7.1% |
€944,212 |
-4.4% |
€987,874 |
- |
- |
|
Audit Fees |
€13,750 |
-9.4% |
€15,172 |
-24.3% |
€20,030 |
9.7% |
€18,264 |
- |
- |
|
Interest Payments |
€8,607 |
53.3% |
€5,615 |
-2.9% |
€5,781 |
-21.6% |
€7,374 |
84.4% |
€4,000 |
|
Pre Tax Profit |
-€1,661,646 |
-215.5% |
-€526,645 |
-153.5% |
€984,882 |
-73.8% |
€3,752,666 |
-20.8% |
€4,738,000 |
|
Taxation |
€53,981 |
-14.7% |
€63,252 |
999.9% |
-€6,128 |
96.7% |
-€186,203 |
55.9% |
-€422,000 |
|
Profit After Tax |
-€1,607,665 |
-246.9% |
-€463,393 |
-147.3% |
€978,754 |
-72.6% |
€3,566,463 |
-17.4% |
€4,316,000 |
|
Dividends Payable |
- |
- |
- |
- |
- |
-100% |
€5,000,000 |
- |
€5,000,000 |
|
Retained Profit |
-€1,607,665 |
-246.9% |
-€463,393 |
-147.3% |
€978,754 |
168.3% |
-€1,433,537 |
-109.6% |
-€684,000 |
Balance Sheet
|
Date Of Accounts |
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
(%) |
31/12/06 |
|
Tangible Assets |
€4,456,616 |
-12.2% |
€5,077,011 |
-13.2% |
€5,850,731 |
-12.1% |
€6,656,278 |
-6.5% |
€7,119,000 |
|
Intangible Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Fixed Assets |
€4,456,616 |
-12.2% |
€5,077,011 |
-13.2% |
€5,850,731 |
-12.1% |
€6,656,278 |
-6.5% |
€7,119,000 |
|
Stock |
€947,542 |
-6.1% |
€1,008,740 |
-66.4% |
€3,005,581 |
19% |
€2,525,655 |
15.7% |
€2,182,000 |
|
Trade Debtors |
€1,564,578 |
-4.8% |
€1,643,957 |
139.4% |
€686,597 |
91.4% |
€358,812 |
-66.7% |
€1,079,000 |
|
Cash |
€110,712 |
-33.9% |
€167,442 |
-95.5% |
€3,719,855 |
55% |
€2,400,557 |
-25% |
€3,199,000 |
|
Other Debtors |
€155,399 |
19.8% |
€129,730 |
-86.6% |
€967,427 |
-29.7% |
€1,376,969 |
2.9% |
€1,338,000 |
|
Miscellaneous Current
Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Current Assets |
€2,778,231 |
-5.8% |
€2,949,869 |
-64.8% |
€8,379,460 |
25.8% |
€6,661,993 |
-14.6% |
€7,798,000 |
|
Trade Creditors |
€913,256 |
72.3% |
€530,160 |
485.3% |
€90,584 |
-81.6% |
€491,208 |
-1% |
€496,000 |
|
Bank Loans & Overdrafts |
€624,907 |
249.3% |
€178,891 |
- |
0 |
- |
0 |
- |
0 |
|
Other Short Term Finance |
€57,505 |
25.2% |
€45,943 |
999.9% |
€2,798 |
-74.9% |
€11,160 |
- |
0 |
|
Miscellaneous Current
Liabilities |
€48,991 |
-22.6% |
€63,299 |
-93.8% |
€1,027,333 |
55.5% |
€660,750 |
-17.5% |
€801,000 |
|
Total Current Liabilities |
€1,644,659 |
101% |
€818,293 |
-27% |
€1,120,715 |
-3.6% |
€1,163,118 |
-10.3% |
€1,297,000 |
|
Bank Loans &
Overdrafts and LTL |
€2,218,596 |
24.4% |
€1,783,314 |
999.9% |
€50,939 |
-32.4% |
€75,370 |
-28.9% |
€106,000 |
|
Other Long Term Finance |
€1,569,980 |
- |
€1,569,980 |
- |
0 |
- |
0 |
- |
0 |
|
Total Long Term
Liabilities |
€1,593,689 |
-0.7% |
€1,604,423 |
999.9% |
€50,939 |
-32.4% |
€75,370 |
-28.9% |
€106,000 |
Capital & Reserves
|
Date Of Accounts |
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
(%) |
31/12/06 |
|
Called Up Share Capital |
€2,032,000 |
- |
€2,032,000 |
- |
€2,032,000 |
- |
€2,032,000 |
- |
€2,032,000 |
|
P & L Account Reserve |
€1,964,499 |
-45% |
€3,572,164 |
-67.6% |
€11,026,537 |
9.7% |
€10,047,783 |
-12.5% |
€11,481,000 |
|
Revaluation Reserve |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Sundry Reserves |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Shareholder Funds |
€3,996,499 |
-28.7% |
€5,604,164 |
-57.1% |
€13,058,537 |
8.1% |
€12,079,783 |
-10.6% |
€13,513,000 |
Other Financial Items
|
Date Of Accounts |
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
(%) |
31/12/06 |
|
Net Worth |
€3,996,499 |
-28.7% |
€5,604,164 |
-57.1% |
€13,058,537 |
8.1% |
€12,079,783 |
-10.6% |
€13,513,000 |
|
Working Capital |
€1,133,572 |
-46.8% |
€2,131,576 |
-70.6% |
€7,258,745 |
32% |
€5,498,875 |
-15.4% |
€6,501,000 |
|
Total Assets |
€7,234,847 |
-9.9% |
€8,026,880 |
-43.6% |
€14,230,191 |
6.8% |
€13,318,271 |
-10.7% |
€14,917,000 |
|
Total Liabilities |
€3,238,348 |
33.7% |
€2,422,716 |
106.8% |
€1,171,654 |
-5.4% |
€1,238,488 |
-11.7% |
€1,403,000 |
|
Net Assets |
€3,996,499 |
-28.7% |
€5,604,164 |
-57.1% |
€13,058,537 |
8.1% |
€12,079,783 |
-10.6% |
€13,514,000 |
Cash Flow
|
Date Of Accounts |
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
(%) |
31/12/06 |
|
Net Cashflow from
Operations |
-€335,583 |
-119.7% |
€1,705,275 |
61.9% |
€1,053,036 |
-79.4% |
€5,114,392 |
- |
- |
|
Net Cashflow before
Financing |
-€502,746 |
90.6% |
-€5,344,629 |
-690% |
€905,946 |
213.5% |
-€797,965 |
- |
- |
|
Net Cashflow from
Financing |
- |
-100% |
€1,613,125 |
290.3% |
€413,352 |
- |
- |
- |
- |
|
Increase in Cash |
-€502,746 |
86.5% |
-€3,731,504 |
-382.8% |
€1,319,298 |
265.3% |
-€797,965 |
- |
- |
Miscellaneous
|
Date Of Accounts |
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
(%) |
31/12/07 |
(%) |
31/12/06 |
|
Contingent Liability |
NO |
- |
NO |
- |
YES |
- |
YES |
- |
- |
|
Capital Employed |
€5,590,188 |
-22.5% |
€7,208,587 |
-45% |
€13,109,476 |
7.9% |
€12,155,153 |
-10% |
€13,513,000 |
|
Number of Employees |
31 |
- |
31 |
-8.8% |
34 |
-2.9% |
35 |
2.9% |
34 |
|
Auditors |
RSM FARRELL GRANT SPARKS |
||||||||
|
Auditor Comments |
The audit report contains no adverse comments |
||||||||
|
Bankers |
BANK OF |
||||||||
|
Bank Branch Code |
90-13-94 |
||||||||
Ratios
|
Date Of Accounts |
31/12/10 |
31/12/09 |
31/12/08 |
31/12/07 |
31/12/06 |
|
Pre-tax profit margin % |
- |
- |
12.78 |
34.56 |
37.43 |
|
Current ratio |
1.69 |
3.60 |
7.48 |
5.73 |
6.01 |
|
Sales/Net Working Capital |
- |
- |
1.06 |
1.97 |
- |
|
Gearing % |
55.50 |
31.80 |
0.40 |
0.60 |
0.80 |
|
Equity in % |
55.20 |
69.80 |
91.80 |
90.70 |
90.60 |
|
Creditor Days |
- |
- |
4.27 |
16.47 |
14.30 |
|
Debtor Days |
- |
- |
32.43 |
12.03 |
31.12 |
|
Liquidity/Acid Test |
1.11 |
2.37 |
4.79 |
3.56 |
4.33 |
|
Return On Capital
Employed % |
-29.72 |
-7.30 |
7.51 |
30.87 |
35.06 |
|
Return On Total Assets
Employed % |
-22.96 |
-6.56 |
6.92 |
28.17 |
31.76 |
|
Current Debt Ratio |
0.41 |
0.14 |
0.08 |
0.09 |
0.10 |
|
Total Debt Ratio |
0.81 |
0.43 |
0.08 |
0.10 |
0.10 |
|
Stock Turnover Ratio % |
- |
- |
39 |
23.26 |
17.24 |
|
Return on Net Assets
Employed % |
-41.57 |
-9.39 |
7.54 |
31.07 |
35.06 |
FOREIGN
EXCHANGE RATES
Na
ADDITIONAL
INFORMATION
Key Financials
|
Year to Date |
Turnover |
Pre Tax Profit |
Shareholder Funds |
Employees |
|
31/12/2010 |
- |
-€1,661,646 |
€3,996,499 |
31 |
|
31/12/2009 |
- |
-€526,645 |
€5,604,164 |
31 |
|
31/12/2008 |
€7,704,808 |
€984,882 |
€13,058,537 |
34 |
Mortgage Summary
|
Outstanding |
0 |
|
Satisfied |
0 |
Status History
|
No Status History found |
Event History
|
Date |
Description |
|
04/10/2011 |
New Accounts Filed |
|
04/10/2011 |
New Accounts Filed |
|
03/10/2011 |
Annual Returns |
|
22/09/2010 |
Annual Returns |
|
22/09/2010 |
New Accounts Filed |
|
22/09/2010 |
New Accounts Filed |
|
29/06/2010 |
New Board Member (SANTE LANZI) appointed |
|
12/04/2010 |
Annual Returns |
|
18/06/2009 |
DECLAN HAYES has left the board |
|
18/06/2009 |
BRADWELL LIMITED has resigned as company
secretary |
|
18/06/2009 |
LUIGI CALETTI has left the board |
|
18/06/2009 |
RICCARDO BRAGLIA has left the board |
|
18/06/2009 |
New Board Member (ROBERTO ANGELO FUSCO)
appointed |
|
18/06/2009 |
New Board Member (BRIAN JOSEPHY KEAVENY)
appointed |
|
18/06/2009 |
New Board Member (SIMONE REBUZZINI) appointed |
Limit History
|
Date |
Limit |
|
04/10/2011 |
€100,000 |
|
22/09/2010 |
€100,000 |
|
02/07/2010 |
€375,000 |
|
25/03/2010 |
€340,000 |
|
13/03/2010 |
€335,000 |
|
10/12/2009 |
€330,000 |
|
07/08/2009 |
€335,000 |
|
22/07/2009 |
€340,000 |
|
04/07/2009 |
€340,000 |
|
06/05/2009 |
€325,000 |
Previous Company Names
|
No Previous Names found |
NOTES
& COMMENTS
Na
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.99 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.63.40 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.