MIRA INFORM REPORT

 

 

Report Date :

04.12.2012

 

IDENTIFICATION DETAILS

 

Name :

CUT STONE PRODUCTS LIMITED

 

 

Registered Office :

Ahavallen Ballylongford Listowel 380822

 

 

Country :

Ireland

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

02.02.2005

 

 

Reg. No.:

IE397139

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Cutting, Shaping & Finishing of Stone

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow but Correct

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Ireland

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

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, with GDP falling by over 3% in 2008, nearly 7% in 2009, and less than 1% in 2010. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property and construction markets. 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 a key component of Ireland's economy. Agriculture, once the most important sector, is now dwarfed by industry and services. In 2008 the 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. 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 banking sector. In late 2010, the former COWEN Government agreed to a $112 billion loan package from the EU and IMF to help Dublin further increase the capitalization of its banking sector and avoid defaulting on its sovereign debt. Since entering office in March 2011, the KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland's EU-IMF program. Ireland achieved moderate growth in 2011 and cut the budget deficit to 10.1% of GDP, although the recovery is expected to slow in 2012 as a result of the euro-zone debt crisis.

Source : CIA

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Name

CUT STONE PRODUCTS LIMITED

Company Number

IE397139

Registered Address

AHAVALLEN

 



 

BALLYLONGFORD

 

 

LISTOWEL

 

 

380822

 

Website Address

-

 

 

Telephone Number

 

Fax Number

 

TPS

No

FPS

No

Incorporation Date

02/02/2005

Company Status

Active - Accounts Filed

Previous Name

 

Type

Private limited with Share Capital

Date of Change

-

Filing Date of Accounts

-

 

 

Share Capital

€100

SIC03

2670

Currency

EUR

SIC03 Description

CUTTING, SHAPING & FINISHING OF STONE

SIC07

23700

SIC07 Description

CUTTING, SHAPING AND FINISHING OF STONE

Principal Activity

 

 

 

 

 

DIRECTORS/MANAGEMENT

 

 

Total Current Directors

2

Total Current Secretaries

1

Total Previous Directors / Company Secretaries

1

 

Current Directors

 

Name

PATRICK FITZELL

Date of Birth

08/05/1953

Officers Title

 

Nationality

 

Present Appointments

1

Function

Director

Appointment Date

02/02/2005

 

 

Address

AHAVALLEN,  BALLYLONGFORD,  LISTOWEL, 

Other Actions

View Director Report

 

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

SEAN BROWNE

Date of Birth

22/10/1975

Officers Title

 

Nationality

 

Present Appointments

4

Function

Director

Appointment Date

02/02/2005

 

 

Address

MAIN STREET,  BALLYBUNION,  CO. KERRY, 

Other Actions

View Director Report

 

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Current Company Secretary

Name

SEAN BROWNE

Date of Birth

22/10/1975

Officers Title

 

Nationality

 

Present Appointments

4

Function

Company Secretary

Appointment Date

03/02/2005

 

 

Address

MAIN STREET,  BALLYBUNION,  CO. KERRY, 

 

Previous Director/Company Secretaries

 

Name

Current Directorships

Previous Directorships

COMPANY SERVICES LIMITED

5488

14274

 

 

NEGATIVE INFORMATION

 

CJ

 

Total Number of Exact CJs -

0

Total Value of Exact CJs -

€0

Total Number of Possible CJs -

0

Total Value of Possible CJs -

€0

Total Number of Satisfied CJs -

0

Total Value of Satisfied CJs -

€0

 

Exact CJ Details

There are no exact CJ details

 

Possible CJ Details

There are no possible CJ details

 

Writ Details

 

Mortgage Summary

Outstanding

0

Satisfied

0

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Share Capital

€100

Currency

EUR

 

Top 20 Shareholders

Name

Individual Share Value

SEAN BROWNE

50 ORDINARY EUR 1.00

PATRICK FITZELL

50 ORDINARY EUR 1.00

 

PAYMENT INFORMATION

 

Payment Information Summary

Days Beyond Terms

Trend Indicator

Average Payment Experience

 

 

N/A

10

Company
DBT

IE Average
DBT

Steady

   

Improving Worsening


Within Terms 91+ Days

 

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Statistics

Group

-

Linkages

0 companies

Countries

In 0 countries

 

Summary

Holding Company

-

Ownership Status

 

Ultimate Holding Company

-

 

Group structure

No group structure

 

 

FINANCIAL INFORMATION

 

Key Financials

Year to Date

Turnover

Pre Tax Profit

Shareholder Funds

Employees

31/12/2011

-

-

€80,072

-

31/12/2010

-

-

€72,511

-

31/12/2009

-

-

€64,208

-

 

Profit & Loss

 

 

Date Of Accounts

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

(%)

31/12/07

 

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

 

Currency

EUR

(%)

EUR

(%)

EUR

(%)

EUR

(%)

EUR

 

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

-

-

-

-

-

-

-

-

-

Export

-

-

-

-

-

-

-

-

-

Cost of Sales

-

-

-

-

-

-

-

-

-

Gross Profit

-

-

-

-

-

-

-

-

-

Wages & Salaries

-

-

-

-

-

-

-

-

-

Directors Emoluments

-

-

-

-

-

-

-

-

-

Operating Profit

-

-

-

-

-

-

-

-

-

Depreciation

-

-

-

-

€959

91.8%

€500

-

€500

Audit Fees

-

-

-

-

-

-

-

-

-

Interest Payments

-

-

-

-

-

-

-

-

-

Pre Tax Profit

-

-

-

-

-

-

-

-

-

Taxation

-

-

-

-

-

-

-

-

-

Profit After Tax

-

-

-

-

-

-

-

-

-

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

-

-

-

-

-

-

-

-

-

 

Balance Sheet

 

 

Date Of Accounts

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

(%)

31/12/07

Tangible Assets

€9,098

-13.5%

€10,523

199.6%

€3,512

75.6%

€2,000

-20%

€2,500

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

€9,098

-13.5%

€10,523

199.6%

€3,512

75.6%

€2,000

-20%

€2,500

Stock

€85,000

-

€85,000

13.3%

€75,000

7.1%

€70,000

-

€70,000

Trade Debtors

€5,000

-25%

€6,664

471%

€1,167

-

0

-100%

€11,608

Cash

€7,814

999.9%

€445

-

0

-100%

€4,718

-

0

Other Debtors

0

-

0

-

0

-

0

-

0

Miscellaneous Current Assets

0

-

0

-100%

€6,513

999.9%

€121

-

0

Total Current Assets

€97,814

6.2%

€92,109

11.4%

€82,680

10.5%

€74,839

-8.3%

€81,608

Trade Creditors

€21,734

-

€21,734

-1.1%

€21,984

-

0

-

0

Bank Loans & Overdrafts

0

-

0

-

0

-

0

-100%

€11,319

Other Short Term Finance

€3,403

-

€3,403

-

0

-100%

€20,000

-7.2%

€21,544

Miscellaneous Current Liabilities

€1,703

-31.4%

€2,484

-

0

-100%

€2,626

-42.1%

€4,538

Total Current Liabilities

€26,840

-2.8%

€27,621

25.6%

€21,984

-2.8%

€22,626

-39.5%

€37,401

Bank Loans & Overdrafts and LTL

0

-100%

€2,500

-

0

-

0

-100%

€11,400

Other Long Term Finance

0

-

0

-

0

-

0

-

0

Total Long Term Liabilities

0

-100%

€2,500

-

0

-

0

-100%

€81

 

 

 

Capital & Reserves

 

 

Date Of Accounts

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

(%)

31/12/07

Called Up Share Capital

€100

-

€100

-

€100

-

€100

-

€100

P & L Account Reserve

€79,972

10.4%

€72,411

13%

€64,108

18.5%

€54,113

16.3%

€46,526

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

€80,072

10.4%

€72,511

12.9%

€64,208

18.4%

€54,213

16.3%

€46,626

 

Other Financial Items

 

 

Date Of Accounts

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

(%)

31/12/07

Net Worth

€80,072

10.4%

€72,511

12.9%

€64,208

18.4%

€54,213

16.3%

€46,626

Working Capital

€70,974

10.1%

€64,488

6.2%

€60,696

16.2%

€52,213

18.1%

€44,207

Total Assets

€106,912

4.2%

€102,632

19.1%

€86,192

12.2%

€76,839

-8.6%

€84,108

Total Liabilities

€26,840

-10.9%

€30,121

37%

€21,984

-2.8%

€22,626

-39.6%

€37,482

Net Assets

€80,072

10.4%

€72,511

12.9%

€64,208

18.4%

€54,213

16.3%

€46,626

 

Cash Flow

 

 

Date Of Accounts

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

(%)

31/12/07

Net Cashflow from Operations

-

-

-

-

-

-

-

-

-

Net Cashflow before Financing

-

-

-

-

-

-

-

-

-

Net Cashflow from Financing

-

-

-

-

-

-

-

-

-

Increase in Cash

-

-

-

-

-

-

-

-

-

 

Miscellaneous

 

 

Date Of Accounts

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

(%)

31/12/07

 

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

€80,072

6.7%

€75,011

16.8%

€64,208

18.4%

€54,213

16.1%

€46,707

Number of Employees

-

-

-

-

-

-

-

-

-

Ratios

 

 

Date Of Accounts

31/12/11

31/12/10

31/12/09

31/12/08

31/12/07

Pre-tax profit margin %

-

-

-

-

-

Current ratio

3.64

3.33

3.76

3.31

2.18

Sales/Net Working Capital

-

-

-

-

-

Gearing %

0

3.40

0

0

24.40

Equity in %

74.90

70.70

74.50

70.60

55.40

Creditor Days

-

-

-

-

-

Debtor Days

-

-

-

-

-

Liquidity/Acid Test

0.47

0.25

0.34

0.21

0.31

Return On Capital Employed %

-

-

-

-

-

Return On Total Assets Employed %

-

-

-

-

-

Current Debt Ratio

0.33

0.38

0.34

0.41

0.80

Total Debt Ratio

0.33

0.41

0.34

0.41

0.80

Stock Turnover Ratio %

-

-

-

-

-

Return on Net Assets Employed %

-

-

-

-

 

 

 

FOREIGN EXCHANGE RATES

 

N/a

 

 

ADDITIONAL INFORMATION

 

SIC03

2670

SIC03 Description

CUTTING, SHAPING & FINISHING OF STONE

SIC07

23700

SIC07 Description

CUTTING, SHAPING AND FINISHING OF STONE

Principal Activity

 

 

Auditors

 

Auditor Comments

The company is exempt from audit

 

Bankers

ALLIED IRISH BANK

 

Bank Branch Code

 

 

 

Event History

 

Date

Description

02/10/2012

New Accounts Filed

02/10/2012

New Accounts Filed

29/09/2012

Annual Returns

04/10/2011

New Accounts Filed

04/10/2011

New Accounts Filed

03/10/2011

Annual Returns

20/09/2010

Annual Returns

16/09/2010

New Accounts Filed

02/10/2009

Annual Returns

02/10/2009

New Accounts Filed

05/10/2008

Annual Returns

05/10/2008

New Accounts Filed

17/10/2007

New Accounts Filed

04/10/2007

Annual Returns

03/02/2005

COMPANY SERVICES LIMITED has resigned as company secretary

 

Previous Company Names

 

No Previous Names found

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.56

UK Pound

1

Rs.87.45

Euro

1

Rs.71.08

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.