MIRA INFORM REPORT

 

 

Report Date :

15.06.2012

 

IDENTIFICATION DETAILS

 

Name :

CAMERON IRELAND LIMITED

 

 

Registered Office :

Aghafad, Longford

 

 

Country :

Ireland

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

13.10.1976

 

 

Com. Reg. No.:

E0056759

 

 

Legal Form :

Private Subsidiary Company

 

 

Line of Business :

manufacturer of valves, chokes and actuators for the petroleum completion sector of the oil and gas industry

 

 

No. of Employees :

221

 

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 :

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)

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 & address 

 

Cameron Ireland Limited

Aghafad

Longford,

Ireland

 

 

Synthesis  

 

Employees:                  221

Company Type:            Private Subsidiary

Incorporation Date:         13-Oct-1976

Auditor:                        Ernst & Young  

Financials in:                 USD (Millions)

Fiscal Year End:                        31-Dec-2010

Reporting Currency:       Euro

Annual Sales:               96.2

Total Assets:                55.2

 

 

Business Description     

 

The manufacture of valves, chokes and actuators for the petroleum completion sector of the oil and gas industry.

 

Industry             

Industry            Miscellaneous Fabricated Products

ANZSIC 2006:    2299 - Other Fabricated Metal Product Manufacturing Not Elsewhere Classified

NACE 2002:      2913 - Manufacture of taps and valves

NAICS 2002:     33291 - Metal Valve Manufacturing

UK SIC 2003:    2913 - Manufacture of taps and valves

US SIC 1987:    3491 - Industrial Valves

 

           

Key Executives   

 

Name

Title

Carmel Strange

Secretary

William Lemmer

Director

George Mackie

Director

Bob Walker

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

Aghafad

Longford, Co. Longford County

Ireland

           

Sales EUR(mil):             72.6

Assets EUR(mil):           41.1

Employees:                   221

Fiscal Year End:            31-Dec-2010

Industry:                        Miscellaneous Fabricated Products

Incorporation Date:         13-Oct-1976

Company Type:             Private Subsidiary

Quoted Status:              Not Quoted

Registered No.(IRE):      E0056759

Director:                        William Lemmer

 

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

 

 

Industry Codes

 

ANZSIC 2006 Codes:

2429     -          Other Electronic Equipment Manufacturing

2299     -          Other Fabricated Metal Product Manufacturing Not Elsewhere Classified

 

NACE 2002 Codes:

3210     -          Manufacture of electronic valves and tubes and other electronic components

2913     -          Manufacture of taps and valves

 

NAICS 2002 Codes:

33291   -          Metal Valve Manufacturing

33441   -          Semiconductor and Other Electronic Component Manufacturing

 

US SIC 1987:

367       -          Electronic Components and Accessories

3491     -          Industrial Valves

 

UK SIC 2003:

3210     -          Manufacture of electronic valves and tubes and other electronic components

2913     -          Manufacture of taps and valves

 

Business Description

The manufacture of valves, chokes and actuators for the petroleum completion sector of the oil and gas industry.

 

Financial Data

Financials in:

EUR(mil)

 

Sales:

72.6

Assets:

41.1

Total Liabilities:

34.7

 

Working Capital:

11.6

 

Net Worth:

6.4

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

NA

NA

Key Corporate Relationships

Auditor:

Ernst & Young

 

Auditor:

Ernst & Young

 

 

 

 

 

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

William Lemmer

 

Director

Director/Board Member

 

George Mackie

 

Director

Director/Board Member

 

Bob Walker

 

Director

Director/Board Member

 

 

Executives

 

Name

Title

Function

 

Carmel Strange

 

Secretary

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

96.2

102.5

114.9

105.9

Cost of Sales

69.0

68.6

75.9

71.2

Gross Profit

27.2

33.9

39.0

34.7

Operating Profit

18.4

24.9

30.5

24.1

Non Trading Income

0.1

0.2

0.5

0.5

Interest Expenses

1.3

0.3

0.0

0.4

Pretax Profit

17.3

24.7

31.0

24.2

Taxation

0.9

1.1

3.5

1.9

Profit after Tax

16.3

23.7

27.5

22.3

Dividends Payable

26.7

90.4

-

17.6

Retained Profits

-10.4

-66.7

27.5

4.6

Value Added

33.9

41.3

47.4

38.6

Exports

71.0

102.5

114.9

105.9

Wages And Salaries

12.0

12.7

13.4

11.8

Auditors Fees

0.0

0.1

0.0

0.0

Depreciation

2.3

2.4

2.1

1.6

Number of Employees

221

224

237

230

 

 

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

20.9

23.5

24.0

22.6

Total Fixed Assets

20.9

23.5

24.0

22.6

Stocks

14.4

15.5

16.6

15.5

Trade Debtors

7.7

4.8

5.7

11.0

Cash

0.9

6.2

19.5

20.3

Miscellaneous Current Assets

11.3

11.8

37.9

11.2

Other Current Assets

12.2

18.0

57.5

31.5

Total Current Assets

34.3

38.3

79.8

58.0

Total Assets

55.2

61.8

103.8

80.5

Net assets

36.5

44.3

87.3

64.6

Total Current Liabilities

18.7

17.5

16.4

15.9

Total Debt

35.0

31.2

1.3

2.7

Total Long Term Liabilities

27.8

23.8

1.7

0.6

Total Liabilities

46.5

41.3

18.1

16.6

Share Capital And Other Reserves

2.0

2.2

2.0

2.2

Profit & Loss Account Reserve

6.6

18.3

83.6

61.8

Shareholders Funds

8.6

20.5

85.6

64.0

Capital Employed

36.5

44.3

87.3

64.6

Net Worth

8.6

20.5

85.6

64.0

Working Capital

15.6

20.9

63.3

42.0

Fixed Assets

20.9

23.5

24.0

22.6

Liquid Assets

19.9

22.8

63.1

42.5

Trade Creditors

8.5

7.8

12.8

9.8

Bank Overdraft

3.9

-

-

-

Miscellaneous Current Liabilities

6.2

9.7

3.6

6.2

    Other Short Term Finance

4.3

8.3

1.3

2.7

Other Current Liabilities

2.0

1.4

2.3

3.5

Short Term Loans

8.2

8.3

1.3

2.7

    Long Term Loans

26.8

22.9

-

-

Other Long Term Finance

26.8

22.9

-

-

Other Long Term Liabilities

1.0

0.9

1.7

0.6

Called Up Share Capital

1.2

1.3

1.3

1.3

Sundry Reserves (incl. Grants)

0.8

0.9

0.7

0.8

 

 

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

-3.0

6.0

20.6

19.0

 

 

Annual Ratios

 

 

 

 

31-Dec-2007

Period Length

52 Weeks

Filed Currency

-

Exchange Rate

-

Consolidated

No

 

 

Current Ratio

3.64

Liquidity Ratio

2.67

Stock Turnover

7.30

Net Worth / Total Liabilities

385.70%

Long Term Liab. / Net Worth

0.01

Pretax Profit / Capital Employed

39.95%

Pretax Profit / Total Assets

32.05%

Pretax Profit / Turnover

22.81%

Debtors Days

35.37

Creditors Days

31.56

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.79

UK Pound

1

Rs.86.37

Euro

1

Rs.70.07

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.