MIRA INFORM REPORT

 

 

Report Date :

19.12.2013

 

IDENTIFICATION DETAILS

 

Name :

MACRO STAINLESS LIMITED

 

 

Registered Office :

Corcanree Industrial Estate, Dock Road, Limerick

 

 

Country :

Ireland

 

 

Financials (as on) :

31.10.2012

 

 

Date of Incorporation :

15.09.1992

 

 

Com. Reg. No.:

E0193297

 

 

Legal Form :

Private Subsidiary

 

 

Line of Business :

Supplier of stainless steel.

 

 

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

 

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Ireland

B1

B1

 

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 former 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 new KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland's EU-IMF program. Ireland achieved moderate growth of 1.4% in 2011 and cut the budget deficit to 9.1% of GDP. Although the recovery slowed in 2012 because of weaker EU demand for Irish exports, Dublin managed to trim the deficit to about 8.5% of GDP.

 

Source : CIA

 

Company name & address

 

MACRO STAINLESS LIMITED                                                                                                                                                                                                                                                                                                                                        

 

 

Corcanree Industrial Estate

Dock Road

 

Limerick,

Ireland

(Registered Address)

 

 

 

Employees:

NA

Company Type:

Private Subsidiary

Corporate Family:

2 Companies

Ultimate Parent:

Corcanree Holdings Limited

 

 

Incorporation Date:

15-Sep-1992

Auditor:

HDS Partnership

Financials in:

               

 

 

Fiscal Year End:

31-Oct-2012

Reporting Currency:

Euro

Annual Sales:

NA

Total Assets:

5.6

 

 

Business Description

 

 

Supplier of stainless steel.

 

 

Industry      

 

 

Industry

Metal Products Manufacturing

ANZSIC 2006:

21 - Primary Metal and Metal Product Manufacturing

ISIC Rev 4:

24 - Manufacture of basic metals

NACE Rev 2:

24 - Manufacture of basic metals

NAICS 2012:

331 - Primary Metal Manufacturing

UK SIC 2007:

24 - Manufacture of basic metals

US SIC 1987:

33 - Primary Metal Industries

 

 

Key Executives   

      

Name

Title

Anthony Mc Namara

Secretary, Director

Thomas Rowan

Director

 

 

Registered No.(IRE): E0193297

 

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7744105 


2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7710325

 

Corporate Overview

 

Location
Corcanree Industrial Estate
Dock Road
Limerick, Ireland

 

 

 

 

Sales EUR(mil):

NA

Assets EUR(mil):

4.3

Employees:

NA

Fiscal Year End:

31-Oct-2012

 

 

 

Industry:

Metal Mining

Incorporation Date:

15-Sep-1992

Company Type:

Private Subsidiary

Quoted Status:

Not Quoted

Registered No.(IRE):

E0193297

 

Secretary, Director:

Anthony Mc Namara

 

 

Industry Codes

 

ANZSIC 2006 Codes:

21

-

Primary Metal and Metal Product Manufacturing

 

ISIC Rev 4 Codes:

24

-

Manufacture of basic metals

 

NACE Rev 2 Codes:

24

-

Manufacture of basic metals

 

NAICS 2012 Codes:

331

-

Primary Metal Manufacturing

 

US SIC 1987:

33

-

Primary Metal Industries

 

UK SIC 2007:

24

-

Manufacture of basic metals

 

 

Business Description

 

Supplier of stainless steel

 

 

Financial Data

 

Financials in:

EUR(mil)

 

Assets:

4.3

Total Liabilities:

2.3

 

Working Capital:

1.8

 

Net Worth:

2.1

 

 

 

Date of Financial Data:

31-Oct-2012

 

1 Year Growth

NA

 

 

Key Corporate Relationships

 

Auditor:

HDS Partnership

 

Auditor:

HDS Partnership

 

 

 

 

Corporate Family

 

Total Corporate Family Members: 2 

                                                                 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Corcanree Holdings Limited

Parent

Limerick

Ireland

Holding Companies

 

 

Macro Stainless Limited

Subsidiary

Limerick

Ireland

Metal Products Manufacturing

 

 

 

 

 

Executives Report

 

Board of Directors

 

 

Name

Title

Function

 

Anthony Mc Namara

 

Secretary, Director

Director/Board Member

 

Thomas Rowan

 

Director

Director/Board Member

 

 

Executives

 

 

Name

Title

Function

 

Anthony Mc Namara

 

Secretary, Director

Company Secretary

 

 

 

Annual Profit & Loss

 

 

 

 

31-Oct-2011

31-Oct-2010

31-Oct-2009

Period Length

52 Weeks

52 Weeks

52 Weeks

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.71848

0.74401

0.733348

Consolidated

No

No

No

 

 

 

 

Gross Profit

1.7

1.8

1.5

Operating Profit

0.2

0.3

-0.5

Non Trading Income

0.0

-

-

Interest Expenses

0.1

0.1

0.1

Pretax Profit

0.1

0.2

-0.5

Taxation

0.0

0.0

0.0

Profit after Tax

0.1

0.2

-0.5

Dividends Payable

-

0.9

-

Retained Profits

0.1

-0.7

-0.5

Value Added

0.9

1.0

0.4

Wages And Salaries

0.6

0.5

0.7

Directors’ Emoluments

0.3

0.3

0.3

Auditors Fees

-

-

0.0

Depreciation

0.1

0.1

0.1

Number of Employees

14

15

16

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Oct-2012

31-Oct-2011

31-Oct-2010

31-Oct-2009

Filed Currency

EUR

EUR

EUR

EUR

Exchange Rate

0.771032

0.716949

0.719476

0.677759

Consolidated

No

No

No

No

 

 

 

 

 

Tangible Assets

0.4

0.4

0.5

0.5

Total Fixed Assets

0.4

0.4

0.5

0.5

Stocks

2.6

2.2

2.0

2.7

Trade Debtors

-

3.2

2.4

2.6

Cash

0.0

0.0

0.0

0.0

Miscellaneous Current Assets

2.7

0.5

0.1

1.0

Other Current Assets

2.7

0.5

0.1

1.0

Total Current Assets

5.3

5.9

4.5

6.3

Total Assets

5.6

6.3

5.0

6.8

Net assets

2.7

3.0

2.9

3.9

Total Current Liabilities

2.9

3.3

2.1

2.9

Total Debt

-

1.0

0.5

1.0

Total Long Term Liabilities

0.0

0.0

0.0

0.0

Total Liabilities

2.9

3.3

2.1

2.9

Share Capital And Other Reserves

0.1

0.1

0.1

0.1

Profit & Loss Account Reserve

2.6

3.0

2.8

3.8

Shareholders Funds

2.7

3.0

2.9

3.8

Capital Employed

2.7

3.0

2.9

3.9

Net Worth

2.7

3.0

2.9

3.8

Working Capital

2.4

2.6

2.4

3.4

Contingent Liability

-

-

-

0.5

Fixed Assets

-

0.4

0.5

0.5

Liquid Assets

2.7

3.7

2.5

3.6

Trade Creditors

1.5

1.8

1.4

1.5

Bank Overdraft

-

-

0.5

-

Miscellaneous Current Liabilities

1.4

1.5

0.2

1.4

    Bank Loans - Current Portion

-

1.0

-

0.9

    Other Short Term Finance

-

-

0.0

0.0

Other Current Liabilities

-

0.5

0.2

0.4

Short Term Loans

-

1.0

0.5

1.0

    Long Term Loans

-

-

-

0.0

Other Long Term Finance

-

-

-

0.0

Other Long Term Liabilities

-

0.0

0.0

0.0

Called Up Share Capital

-

0.1

0.1

0.1

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

 

31-Oct-2012

31-Oct-2011

31-Oct-2010

31-Oct-2009

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.774411

0.71848

0.74401

0.733348

Consolidated

No

No

No

No

 

 

 

 

 

Net Cashflow From Operating Activities

-

-0.5

1.5

1.4

Net Cashflow From ROI & Servicing Of Finance

-

-0.1

-1.0

-0.1

Net Cashflow Before Financing

-

-0.5

0.4

1.3

Net Cashflow From Financing

-

0.5

-0.4

-1.3

Net Cash

0.0

0.0

-0.4

0.0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.92

UK Pound

1

Rs.100.83

Euro

1

Rs.85.27

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.