MIRA INFORM REPORT

Report Date :

08.09.2012

IDENTIFICATION DETAILS

Name :	FINGAL MEMORIALS AND MONUMENTS LIMITED
Registered Office :	Malahide Road Balgriffin Co Dublin 216410
Country :	Ireland
Financials (as on) :	30.04.2011
Date of Incorporation :	22/09/1989
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 :

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 31^st, 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

IRELAND - 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	FINGAL MEMORIALS AND MONUMENTS LIMITED	Company Number	IE149655
Registered Address	MALAHIDE ROAD
	BALGRIFFIN
	CO DUBLIN
	216410
Website Address	-
Telephone Number		Fax Number
TPS	No	FPS	No
Incorporation Date	22/09/1989	Company Status	Active - Accounts Filed
Previous Name		Type	Private limited with Share Capital
Date of Change	-	Filing Date of Accounts	-
		Share Capital	€3
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

Directors

Total Current Directors	4
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	1

Current Directors

Name	CATHERINE MCGOWAN	Date of Birth	-
Officers Title		Nationality
Present Appointments	2	Function	Director
Appointment Date	03/10/1989
Address	21 THE COURT,  SEATOWN PARK SWORDS,  CO. DUBLIN,
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	GAVIN MCGOWAN	Date of Birth	05/10/1938
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	14/12/2010
Address	HOMEFIELD,  MALAHIDE ROAD,  BALGRIFFIN,
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	COLIN MCGOWAN	Date of Birth	11/09/1984
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	14/12/2010
Address	HOMEFIELD,  MALAHIDE ROADBALGRIFFIN,  CO DUBLIN,
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	DEREK J. MCGOWAN	Date of Birth	-
Officers Title		Nationality
Present Appointments	2	Function	Director
Appointment Date	03/10/1989
Address	HOMEFIELD,  ST. DOOLAGHS,  MALAHIDE ROAD,
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	CATHERINE MCGOWAN	Date of Birth	-
Officers Title		Nationality
Present Appointments	2	Function	Company Secretary
Appointment Date	03/10/1989
Address	21 THE COURT,  SEATOWN PARK SWORDS,  CO. DUBLIN,

Directors

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
BRENDAN MCGOWAN	0	1

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	3
Satisfied	0

Full CCJ Details

Unregistered - Exact CJ Details

No CJs found

Unregistered - Possible CJ Details

No CJs found

Registered - Exact CJ Details

No CJs found

Registered - Possible CJ Details

No CJs found

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Individual Share Value
DEREK MCGOWAN	1 ORDINARY EUR 1.27
CATHERINE MCGOWAN	1 ORDINARY EUR 1.27

PAYMENT INFORMATION

Summary – Payment History

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
30/04/2011	-	-	€863,154	-
30/04/2010	-	-	€860,703	-
30/04/2009	-	-	€868,809	-

Payment Information Summary

Days Beyond Terms

Trend Indicator

N/A	10
Company DBT	IE Average DBT

Steady

Improving Worsening

Creditor & Debtor Details

Creditor Details

No Creditor Data

Total Value

-

Trade Debtors / Bad Debt Detail

No Debtor Data

Total Value

-

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group structure

No group structure

Linkages

Statistics

Group	0 companies
Linkages	0 companies
Countries	In 0 countries

FINANCIAL INFORMATION

Financials

Profit & Loss

Date Of Accounts	30/04/11	(%)	30/04/10	(%)	30/04/09	(%)	30/04/08	(%)	30/04/07
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	€14,691	-40.6%	€24,750	-18.2%	€30,254	2.9%	€29,407	-5.5%	€31,133
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	-	-	-	-	-	-	-	-	-
Pre Tax Profit	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	-
Profit After Tax	-	-	-	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

Date Of Accounts	30/04/11	(%)	30/04/10	(%)	30/04/09	(%)	30/04/08	(%)	30/04/07
Tangible Assets	€2,036,213	0.3%	€2,029,971	-1.2%	€2,054,721	-1.1%	€2,077,675	999.9%	€103,927
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	€2,036,213	0.3%	€2,029,971	-1.2%	€2,054,721	-1.1%	€2,077,675	999.9%	€103,927
Stock	€220,791	3.7%	€212,869	-0.4%	€213,705	-2.6%	€219,470	-11.6%	€248,279
Trade Debtors	€55,641	177.8%	€20,032	-73.2%	€74,640	52.6%	€48,897	-38.7%	€79,759
Cash	€271,694	-17.5%	€329,223	18.4%	€278,144	169.5%	€103,202	-69.4%	€337,345
Other Debtors	0	-	0	-100%	€2,192	-71.2%	€7,604	-8.7%	€8,333
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	€548,126	-2.5%	€562,124	-1.2%	€568,681	50%	€379,173	-43.7%	€673,716
Trade Creditors	€45,600	-22.4%	€58,777	-54.8%	€130,120	2.8%	€126,577	100.8%	€63,045
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	€157,401	12.5%	€139,882	52.5%	€91,740	7.1%	€85,655	-9.9%	€95,066
Total Current Liabilities	€203,001	2.2%	€198,659	-10.5%	€221,860	4.5%	€212,232	34.2%	€158,111
Bank Loans & Overdrafts and LTL	€1,518,184	-0.9%	€1,532,733	-	€1,532,733	-	€1,532,733	999.9%	€32,400
Other Long Term Finance	€32,733	-	€32,733	-	€32,733	-	€32,733	1%	€32,400
Total Long Term Liabilities	€1,518,184	-0.9%	€1,532,733	-	€1,532,733	-	€1,532,733	999.9%	€32,400

Capital & Reserves

Date Of Accounts	30/04/11	(%)	30/04/10	(%)	30/04/09	(%)	30/04/08	(%)	30/04/07
Called Up Share Capital	€3	-	€3	-	€3	-	€3	-	€3
P & L Account Reserve	€863,151	0.3%	€860,700	-0.9%	€868,806	22%	€711,880	21.2%	€587,129
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	€863,154	0.3%	€860,703	-0.9%	€868,809	22%	€711,883	21.2%	€587,132

Other Financial Items

Date Of Accounts	30/04/11	(%)	30/04/10	(%)	30/04/09	(%)	30/04/08	(%)	30/04/07
Net Worth	€863,154	0.3%	€860,703	-0.9%	€868,809	22%	€711,883	21.2%	€587,132
Working Capital	€345,125	-5%	€363,465	4.8%	€346,821	107.8%	€166,941	-67.6%	€515,605
Total Assets	€2,584,339	-0.3%	€2,592,095	-1.2%	€2,623,402	6.8%	€2,456,848	215.9%	€777,643
Total Liabilities	€1,721,185	-0.6%	€1,731,392	-1.3%	€1,754,593	0.6%	€1,744,965	815.9%	€190,511
Net Assets	€863,154	0.3%	€860,703	-0.9%	€868,809	22%	€711,883	21.2%	€587,132

Miscellaneous

Date Of Accounts	30/04/11	(%)	30/04/10	(%)	30/04/09	(%)	30/04/08	(%)	30/04/07
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	€2,381,338	-0.5%	€2,393,436	-0.3%	€2,401,542	7%	€2,244,616	262.3%	€619,532
Number of Employees	-	-	-	-	-	-	-	-	-
Auditors	SEAMUS J. WARD & CO.
Auditor Comments	The audit report contains no adverse comments
Bankers
Bank Branch Code

Ratios

Date Of Accounts	30/04/11	30/04/10	30/04/09	30/04/08	30/04/07
Pre-tax profit margin %	-	-	-	-	-
Current ratio	2.70	2.83	2.56	1.79	4.26
Sales/Net Working Capital	-	-	-	-	-
Gearing %	175.90	178.10	176.40	215.30	5.50
Equity in %	33.40	33.20	33.10	29	75.50
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	1.61	1.75	1.60	0.75	2.69
Return On Capital Employed %	-	-	-	-	-
Return On Total Assets Employed %	-	-	-	-	-
Current Debt Ratio	0.23	0.23	0.25	0.29	0.26
Total Debt Ratio	1.99	2.01	2.01	2.45	0.32
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-	-	-	-	-

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Event History

Status History

No Status History found

Event History

Date	Description
10/01/2012	Annual Returns
10/01/2012	New Accounts Filed
10/01/2012	New Accounts Filed
13/01/2011	Annual Returns
13/01/2011	New Accounts Filed
14/12/2010	New Board Member (COLIN MCGOWAN) appointed
14/12/2010	New Board Member (GAVIN MCGOWAN) appointed
10/03/2010	Annual Returns
09/03/2010	New Accounts Filed
30/12/2008	Annual Returns
24/12/2008	New Accounts Filed
14/12/2007	Annual Returns
14/12/2007	New Accounts Filed
02/09/2004	BRENDAN MCGOWAN has left the board
01/03/2002	New Board Member (BRENDAN MCGOWAN) appointed

Previous Company Names

No Previous Names found

Received Documents

Mortgage Details

Mortgage Details

Mortgage Type:	A charge on land, wherever situate, or any interest therein, but not including a charge for any rent
Date Charge Created:	08/10/07
Date Charge Registered:	23/10/07
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	DANSKE BANK A/S
Amount Secured:
Details:

Mortgage Type:	A charge for the purpose of securing any issue of debentures.
Date Charge Created:	27/08/07
Date Charge Registered:	06/09/07
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	DANSKE BANK A/S
Amount Secured:
Details:

Mortgage Type:	A FLOATING CHARGE.
Date Charge Created:	01/11/96
Date Charge Registered:	20/11/96
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	NATIONAL IRISH BANK LIMITED
Amount Secured:	0
Details:	ALL SUMS DUE AND OWING OR TO BECOME DUE OR OWING WHETHER FOR PRINCIPAL OR INTEREST

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.52
UK Pound	1	Rs.88.49
Euro	1	Rs.70.20

INFORMATION DETAILS

Report Prepared by :

PRL

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.