MIRA
INFORM REPORT
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Report Date : |
13.09.2012 |
IDENTIFICATION DETAILS
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Name : |
FARMHAND LIMITED |
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Registered Office : |
Damastown Rise Damastown Industrial Park Dublin |
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Country : |
Ireland |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
08.04.2000 |
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Com. Reg. No.: |
E0325523 |
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Legal Form : |
Private Independent |
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Line of Business : |
Wholesale of agricultural machinery and accessories and implements, including tractors |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Ireland |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
Company name and address
Farmhand Limited
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Business
Description
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Farmhand Limited is one of the leading distributors of machines for
farming applications in Ireland. The company offers a range of wearing and
fast moving parts for tractors. In addition, it provides spare parts for
ploughs, sprayers and mowers. The company offers several harrows, fertiliser
spreaders and seed drilling machines. It additionally provides a variety of
vegetation control equipment. The company offers various machines used for
grass harvesting applications. In addition, it exports its products through a
network of distributors. The company offers front hitches and loaders for
tractors that are used for agricultural applications. |
Industry
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Industry |
Construction and Agriculture Machinery |
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ANZSIC 2006: |
3411 - Agricultural and Construction
Machinery Wholesaling |
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NACE 2002: |
5188 - Wholesale of agricultural machinery
and accessories and implements, including tractors |
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NAICS 2002: |
423820 - Farm and Garden Machinery and
Equipment Merchant Wholesalers |
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UK SIC 2003: |
5188 - Wholesale of agricultural machinery
and accessories and implements, including tractors |
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UK SIC 2007: |
4661 - Wholesale of agricultural
machinery, equipment and supplies |
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US SIC 1987: |
5083 - Farm and Garden Machinery and
Equipment |
Key Executives
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News
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1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064
Corporate Overview
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Executives Report
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Annual Profit
& Loss
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
EUR |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
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Consolidated |
No |
No |
No |
No |
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Turnover |
- |
16.4 |
28.6 |
30.2 |
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Cost of Sales |
- |
12.5 |
21.7 |
22.7 |
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Gross Profit |
3.8 |
4.0 |
6.9 |
7.5 |
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Operating Profit |
-0.1 |
-0.4 |
1.1 |
1.5 |
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Non Trading Income |
0.0 |
0.1 |
-0.9 |
0.2 |
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Interest Expenses |
0.0 |
0.0 |
0.0 |
0.0 |
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Pretax Profit |
-0.2 |
-0.3 |
0.2 |
1.8 |
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Taxation |
0.0 |
0.0 |
0.1 |
0.2 |
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Profit after Tax |
-0.1 |
-0.4 |
0.1 |
1.5 |
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Retained Profits |
-0.1 |
-0.4 |
0.1 |
1.5 |
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Value Added |
- |
2.2 |
4.1 |
4.8 |
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Wages And Salaries |
- |
2.1 |
2.4 |
2.8 |
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Directors’ Emoluments |
0.2 |
0.5 |
0.6 |
0.9 |
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Auditors Fees |
0.0 |
0.0 |
0.0 |
0.0 |
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Depreciation |
0.2 |
0.3 |
0.3 |
0.2 |
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Number of Employees |
- |
39 |
39 |
41 |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Filed Currency |
EUR |
EUR |
EUR |
EUR |
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Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
0.683971 |
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Consolidated |
No |
No |
No |
No |
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Tangible Assets |
4.9 |
5.3 |
5.4 |
0.9 |
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Total Fixed Assets |
4.9 |
5.3 |
5.4 |
0.9 |
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Stocks |
5.8 |
7.1 |
9.7 |
7.4 |
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Trade Debtors |
2.7 |
3.5 |
3.9 |
4.7 |
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Cash |
1.2 |
1.5 |
0.2 |
2.0 |
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Miscellaneous Current Assets |
0.3 |
0.4 |
0.4 |
5.7 |
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Other Current Assets |
1.6 |
1.9 |
0.6 |
7.7 |
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Total Current Assets |
10.1 |
12.4 |
14.1 |
19.8 |
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Total Assets |
14.9 |
17.7 |
19.5 |
20.7 |
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Net assets |
13.0 |
14.1 |
14.3 |
14.4 |
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Total Current Liabilities |
2.0 |
3.6 |
5.3 |
6.3 |
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Total Debt |
0.3 |
0.5 |
1.2 |
1.5 |
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Total Long Term Liabilities |
0.2 |
0.4 |
0.6 |
- |
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Total Liabilities |
2.2 |
4.0 |
5.8 |
6.3 |
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Share Capital And Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
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Profit & Loss Account Reserve |
12.8 |
13.8 |
13.7 |
14.3 |
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Shareholders Funds |
12.8 |
13.8 |
13.7 |
14.4 |
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Capital Employed |
13.0 |
14.1 |
14.3 |
14.4 |
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Net Worth |
12.8 |
13.8 |
13.7 |
14.4 |
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Working Capital |
8.1 |
8.8 |
8.9 |
13.5 |
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Fixed Assets |
0.9 |
1.0 |
1.3 |
0.9 |
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Intermediate Assets |
4.0 |
4.3 |
4.1 |
- |
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Liquid Assets |
4.3 |
5.3 |
4.5 |
12.4 |
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Trade Creditors |
1.2 |
2.1 |
3.3 |
3.2 |
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Bank Overdraft |
0.0 |
- |
0.1 |
0.0 |
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Miscellaneous Current Liabilities |
0.8 |
1.5 |
1.9 |
3.1 |
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Bank Loans - Current Portion |
- |
- |
0.5 |
1.5 |
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Other Short Term Finance |
0.1 |
0.2 |
0.1 |
- |
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Other Current Liabilities |
0.6 |
1.3 |
1.3 |
1.6 |
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Short Term Loans |
0.1 |
0.2 |
0.7 |
1.5 |
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Long Term Loans |
0.2 |
0.4 |
0.6 |
- |
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Other Long Term Finance |
0.2 |
0.4 |
0.6 |
- |
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Called Up Share Capital |
0.0 |
0.0 |
0.0 |
0.0 |
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Annual Cash
Flows |
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Financials in:
USD (mil) |
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
EUR |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
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Consolidated |
No |
No |
No |
No |
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Net Cashflow From Operating Activities |
- |
1.9 |
3.8 |
-2.4 |
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Net Cashflow From ROI & Servicing Of Finance |
- |
0.0 |
0.0 |
0.1 |
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Net Cashflow Before Financing |
- |
2.0 |
-0.8 |
-2.7 |
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Net Cashflow From Financing |
- |
-0.7 |
-1.0 |
1.4 |
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Increase In Cash |
- |
1.3 |
-1.8 |
-1.3 |
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Net Cash |
1.2 |
1.5 |
0.2 |
1.8 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.26 |
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1 |
Rs.88.85 |
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Euro |
1 |
Rs.71.13 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.