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Report Date : |
23.04.2013 |
IDENTIFICATION DETAILS
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Name : |
SERVEM LIMITED |
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Registered Office : |
Maxboley Duncormick |
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Country : |
Ireland |
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Financials (as on) : |
28.02.2012 |
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Date of Incorporation : |
13.02.2004 |
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Com. Reg. No.: |
E0381800 |
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Legal Form : |
Private Independent |
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Line of Business : |
Building and Other Industrial Cleaning Services |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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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 – 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 |
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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
Servem Limited
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|
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Business
Description
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Servem Limited is primarily engaged in the traditional cleaning
activities; window cleaning services; disinfecting and exterminating services;
specialised cleaning services; furnace and chimney cleaning services; and
cleaning activities not elsewhere classified. |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
7349 - Building Cleaning and Maintenance Services,
Not Elsewhere Classified |
Key Executives
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1 - Profit & Loss
Item Exchange Rate: USD 1 = EUR 0.7232698
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7455678
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Executives
Report
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Annual Balance
Sheet |
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Financials in: USD
(mil) |
|
|
28-Feb-2012 |
28-Feb-2011 |
28-Feb-2010 |
28-Feb-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.745568 |
0.724008 |
0.732762 |
0.787371 |
|
Consolidated |
No |
No |
No |
No |
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|
|
|
|
|
|
Tangible Assets |
0.1 |
0.1 |
0.2 |
0.2 |
|
Total Fixed Assets |
0.1 |
0.1 |
0.2 |
0.2 |
|
Stocks |
0.3 |
0.3 |
0.3 |
0.3 |
|
Trade Debtors |
- |
0.1 |
0.0 |
0.1 |
|
Cash |
0.1 |
0.0 |
0.0 |
0.0 |
|
Miscellaneous Current Assets |
0.0 |
- |
- |
- |
|
Other Current Assets |
0.1 |
0.0 |
0.0 |
0.0 |
|
Total Current Assets |
0.4 |
0.4 |
0.4 |
0.3 |
|
Total Assets |
0.5 |
0.5 |
0.5 |
0.5 |
|
Net assets |
0.2 |
0.4 |
0.3 |
0.4 |
|
Total Current Liabilities |
0.3 |
0.1 |
0.2 |
0.1 |
|
Total Long Term Liabilities |
0.3 |
0.4 |
0.4 |
0.4 |
|
Total Liabilities |
0.6 |
0.5 |
0.6 |
0.5 |
|
Share Capital And Other Reserves |
0.1 |
0.1 |
0.1 |
0.1 |
|
Profit & Loss Account Reserve |
- |
-0.2 |
-0.2 |
-0.1 |
|
Revaluation Reserve |
-0.2 |
- |
- |
- |
|
Shareholders Funds |
-0.1 |
0.0 |
-0.1 |
0.0 |
|
Capital Employed |
0.2 |
0.4 |
0.3 |
0.4 |
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Net Worth |
-0.1 |
0.0 |
-0.1 |
0.0 |
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Working Capital |
0.1 |
0.3 |
0.2 |
0.2 |
|
Liquid Assets |
0.1 |
0.1 |
0.1 |
0.1 |
|
Trade Creditors |
0.2 |
0.0 |
0.0 |
0.0 |
|
Bank Overdraft |
- |
0.0 |
0.1 |
0.0 |
|
Miscellaneous Current Liabilities |
0.1 |
0.1 |
0.1 |
0.1 |
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Annual Cash
Flows |
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Financials in:
USD (mil) |
|
|
28-Feb-2012 |
28-Feb-2011 |
28-Feb-2010 |
28-Feb-2009 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.72327 |
0.759157 |
0.711244 |
0.697482 |
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Consolidated |
No |
No |
No |
No |
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|
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Net Cash |
0.1 |
0.0 |
0.0 |
0.0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.82.45 |
|
Euro |
1 |
Rs.70.70 |
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 |
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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 |
|
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.