MIRA INFORM REPORT

Report Date :

31.12.2013

IDENTIFICATION DETAILS

Name :	CELESTIAL AVIATION TRADING 2 LIMITED

Registered Office :	Aviation House Shannon Co Clare 999924

Country :	Ireland

Financials (as on) :	31.12.2012

Date of Incorporation :	11.11.2004

Com. Reg. No.:	IE393510

Legal Form :	Private Company

Line of Business :	Renting and leasing of air passenger transport equipment

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Ireland

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 GD

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Name	CELESTIAL AVIATION TRADING 2 LIMITED	Company Number	IE393510
Registered Address	AVIATION HOUSE SHANNON CO CLARE 999924	Company Status	Active - Accounts Filed
Website Address	-	Type	Other
Telephone Number		Filing Date of Accounts	-
TPS	No
Incorporation Date	11/11/2004

DIRECTORS/MANAGEMENT

Total Current Directors	4
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	6

Current Directors

Name	DECLAN HARTNETT	Date of Birth	04/04/1962
Officers Title		Nationality
Present Appointments	87	Function	Director
Appointment Date	11/11/2004
Address	12 EDEN TERRACE, NORTH CIRCULAR ROAD, LIMERICK, IRELAND
Other Actions	View Director Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	SEAN P FLANNERY	Date of Birth	24/01/1956
Officers Title		Nationality
Present Appointments	74	Function	Director
Appointment Date	05/12/2008
Address	CLONKEEN GABLES BARRINGTON'S BRIDGE LISNAGRY, LIMERICK IRELAND
Other Actions	View Director Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	DIARMUID HYDE	Date of Birth	14/09/1959
Officers Title		Nationality
Present Appointments	107	Function	Director
Appointment Date	11/11/2004
Address	MURDEIRA, LEMONFIELD, CRECORA, CO LIMERICK
Other Actions	View Director Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	SEAMUS FITZGERALD	Date of Birth	25/02/1967
Officers Title		Nationality
Present Appointments	83	Function	Director
Appointment Date	27/11/2007
Address	79 LANSDOWNE PARK, ENNIS ROAD, LIMERICK

NEGATIVE INFORMATION

Total Number of Exact CJs -	Total Value of Exact CJs -	€0
Total Number of Possible CJs -	Total Value of Possible CJs -	€0
Total Number of Satisfied CJs -	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

There are no writ details

Mortgage Summary

Outstanding	0
Satisfied	0

SHARE & SHARE CAPITAL INFORMATION

Share Capital

€1

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
GE CAPITAL AVIATION SERVICES LTD	USD	1	ORDINARY	1	100

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

N/A	27
Company DBT	UK Average DBT

Steady

Improving Worsening

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	532 companies
Linkages	1186 companies
Countries	In 57 countries

Summary

Holding Company	GE CAPITAL AVIATION SERVICES LIMITED
Ownership Status	Intermediately Owned
Ultimate Holding Company	GENERAL ELECTRIC CO

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2012	€49,853,330	€16,574,285	€68,949,638	-
31/12/2011	€49,260,048	-€773,646	€56,126,921	-
31/12/2010	€52,721,802	€11,157,306	€59,037,921	-

Profit & Loss

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	EUR	(%)	EUR	(%)	EUR	(%)	EUR	(%)	EUR
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	€49,853,330	1.2%	€49,260,048	-6.6%	€52,721,802	-1.9%	€53,740,576	-18.4%	€65,896,395
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	-	-	-	-	-	-	-	-	-
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	€24,975,401	355.5%	€5,483,060	-	-	-	€16,798,695	-51.8%	€34,872,254
Depreciation	€14,436,014	-1.1%	€14,594,120	-14%	€16,968,486	-30.7%	€24,485,999	29.7%	€18,874,810
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	€6,615,899	3.8%	€6,372,599	-31.9%	€9,359,310	-10.3%	€10,430,048	-28.6%	€14,599,310
Pre Tax Profit	€16,574,285	999.9%	-€773,646	-106.9%	€11,157,306	49.6%	€7,460,229	-61.7%	€19,496,023
Taxation	-€3,751,568	-999.9%	€96,706	106.9%	-€1,394,364	-49.5%	-€932,630	73.7%	-€3,552,104
Profit After Tax	€12,822,717	999.9%	-€676,940	-106.9%	€9,762,942	49.6%	€6,527,599	-59.1%	€15,943,919
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	€12,822,717	999.9%	-€676,940	-106.9%	€9,762,942	49.6%	€6,527,599	-59.1%	€15,943,919

Balance Sheet

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Tangible Assets	€308,423,682	31.2%	€235,011,766	-11.9%	€266,815,729	-17.5%	€323,560,992	-10.4%	€361,083,538
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	€308,423,682	31.2%	€235,011,766	-11.9%	€266,815,729	-17.5%	€323,560,992	-10.4%	€361,083,538
Stock	0	-	0	-	0	-	0	-	0
Trade Debtors	€82,123	-91.7%	€987,012	-30.3%	€1,415,104	354.4%	€311,417	-80.8%	€1,626,020
Cash	0	-	0	-	0	-	0	-	0
Other Debtors	€6,140	-	0	-	0	-	0	-	0
Miscellaneous Current Assets	€768	-	0	-100%	€6,382	-98.4%	€390,894	999.9%	€8,921
Total Current Assets	€89,031	-91%	€987,012	-30.6%	€1,421,486	102.4%	€702,311	-57%	€1,634,941
Trade Creditors	0	-	0	-	0	-	0	-	0
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	€4,278,844	-91.1%	€48,303,736	-9%	€53,080,763	70.9%	€31,063,879	999.9%	€2,819,787
Total Current Liabilities	€4,278,844	-91.1%	€48,303,736	-9%	€53,080,763	70.9%	€31,063,879	999.9%	€2,819,787
Bank Loans & Overdrafts and LTL	€235,284,230	78.8%	€131,568,121	-15.7%	€156,118,531	-35.8%	€243,103,404	-23.1%	€316,330,271
Other Long Term Finance	€219,328,555	82.8%	€119,969,576	-18%	€146,390,687	-38.1%	€236,609,865	-23.9%	€310,769,363
Total Long Term Liabilities	€235,284,230	78.8%	€131,568,121	-15.7%	€156,118,531	-35.8%	€243,103,404	-23.1%	€316,330,271

Capital & Reserves

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Called Up Share Capital	-	-	-	-	-	-	-	-	-
P & L Account Reserve	€52,733,778	32.1%	€39,911,061	-5.4%	€42,184,302	28%	€32,961,579	24.7%	€26,433,980
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	€16,215,859	-	€16,215,859	-3.8%	€16,853,619	-1.6%	€17,134,441	-	€17,134,441
Shareholder Funds	€68,949,638	22.8%	€56,126,921	-4.9%	€59,037,921	17.8%	€50,096,020	15%	€43,568,421

Other Financial Items

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Net Worth	€68,949,638	22.8%	€56,126,921	-4.9%	€59,037,921	17.8%	€50,096,020	15%	€43,568,421
Working Capital	-€4,189,813	91.1%	-€47,316,723	8.4%	-€51,659,277	-70.1%	-€30,361,569	-999.9%	-€1,184,846
Total Assets	€308,512,712	30.7%	€235,998,778	-12%	€268,237,214	-17.3%	€324,263,303	-10.6%	€362,718,479
Total Liabilities	€239,563,074	33.2%	€179,871,857	-14%	€209,199,294	-23.7%	€274,167,283	-14.1%	€319,150,058
Net Assets	€68,949,638	22.8%	€56,126,921	-4.9%	€59,037,921	17.8%	€50,096,020	15%	€43,568,421

Miscellaneous

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	€304,233,868	62.1%	€187,695,042	-12.8%	€215,156,451	-26.6%	€293,199,424	-18.5%	€359,898,692

Ratios

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Pre-tax profit margin %	33.25	-1.57	21.16	13.88	29.59
Current ratio	0.02	0.02	0.03	0.02	0.58
Sales/Net Working Capital	-11.90	-1.04	-1.02	-1.77	-55.62
Gearing %	341.20	234.40	264.40	485.30	726.10
Equity in %	22.30	23.80	22	15.40	12
Creditor Days	-	-	-	-	-
Debtor Days	0.59	7.29	9.77	2.10	8.98
Liquidity/Acid Test	0.02	0.02	0.02	0.02	0.57
Return On Capital Employed %	5.44	-0.41	5.18	2.54	5.41
Return On Total Assets Employed %	5.37	-0.32	4.15	2.30	5.37
Current Debt Ratio	0.06	0.86	0.89	0.62	0.06
Total Debt Ratio	3.47	3.20	3.54	5.47	7.32
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	24.03	-1.37	18.89	14.89

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

SIC03	71239 View More
SIC03 Description	RENTING OF OTHER AIR TRANSPORT EQUIPMENT
SIC07	77351
SIC07 Description	RENTING AND LEASING OF AIR PASSENGER TRANSPORT EQUIPMENT
Principal Activity	Leasing of aircraft. Accounts data converted from US Dollar. T/O = Income.

Current Company Secretary

Name	BERNIE DUNWORTH	Date of Birth	-
Officers Title		Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	29/03/2010
Address	20A FITZHAVEN SQUARE, SOUTH CIRCULAR ROAD, LIMERICK

Number of Employees	-	-	-	-	-	-	-	-	-
Auditors	KPMG CHARTERED ACCOUNTANTS
Auditor Comments	The audit report contains no adverse comments
Bankers
Bank Branch Code

Status History

No Status History found

Event History

Date	Description
20/06/2013	New Accounts Filed	View Document
20/06/2013	New Accounts Filed	View Document
19/06/2013	Annual Returns	View Document
27/06/2012	New Accounts Filed	View Document
27/06/2012	New Accounts Filed	View Document
26/06/2012	Annual Returns	View Document
11/05/2011	Annual Returns	View Document
10/05/2011	New Accounts Filed	View Document
17/06/2010	Annual Returns	View Document
15/06/2010	New Accounts Filed	View Document
15/06/2010	New Accounts Filed	View Document
29/03/2010	JOHN LUDDEN has resigned as company secretary	View Document
29/03/2010	New Company Secretary (BERNIE DUNWORTH) appointed	View Document
17/06/2009	Annual Returns	View Document
17/06/2009	New Accounts Filed	View Document

Previous Company Names

No Previous Names found

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.
There has been no significant change in the company's credit rating.
Sales in the latest trading period increased 1.2% on the previous trading period.
Net Worth increased by 22.8% during the latest trading period.
A 30.7% growth in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 999.9% compared to the previous trading period.
The audit report contains no adverse comments.
No recent changes in directorship are recorded.
The company is part of a group.
The company was established over 9 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.00
UK Pound	1	Rs.102.17
Euro	1	Rs.85.19

INFORMATION DETAILS

Report Prepared by :

NIS

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.