MIRA
INFORM REPORT
|
Report Date : |
03.01.2013 |
IDENTIFICATION DETAILS
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Name : |
THE BOTANY WEAVING MILL, LIMITED |
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Registered Office : |
Vauxhall Avenue Cork
Street Dublin , 8 |
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Country : |
Ireland |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
26.06.1934 |
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Com. Reg. No.: |
E0008724 |
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Legal Form : |
Private Parent |
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Line of Business : |
Manufacturers and Suppliers of antistatic aircraft seat fabrics,
curtains and carpets |
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No. of Employees : |
63 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
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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
THE BOTANY WEAVING MILL, LIMITED
Vauxhall Avenue
Cork Street
Dublin , 8
Ireland
Tel: +353 1 453 2278
Fax: +353 1 454 4428
Website: www.botanyweaving.com
Employees: 63
Company Type: Private Parent
Corporate Family: 2 Companies
Incorporation Date: 26-Jun-1934
Auditor: Buckley & Co
Financials in: USD
(In Millions)
Fiscal Year End: 30-Sep-2011
Reporting Currency: Euro
Annual Sales: 23.5
Total Assets: 14.4
Business Description
Botany Weaving Mill
Limited is one of the leading manufacturers and suppliers of antistatic aircraft
seat fabrics, curtains and carpets in Ireland. The company designs and develops
steam- and sewn-pleated curtains. It also manufactures blankets and leather.
The company additionally provides pre-cut carpets and seat and headrest covers.
It offers a range of interior design, stock keeping and product testing
services. In addition, the company uses computer aided design technology to
design its products. It supplies products and services to the airline industry.
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: |
2231 -
Broadwoven Fabric Mills, Wool (Including Dyeing and Finishing) |
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Key Executives
|
Name |
Title |
|
Jonathon Hackett |
Secretary, Director |
|
Simon Hackett |
Director |
|
Margueritte Hackett |
Director |
Registered No.(IRE):E0008724
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.717768
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.7453231
Location
Vauxhall Avenue
Cork Street
Dublin , 8
Ireland
Tel: +353
1 453 2278
Fax: +353
1 454 4428
Website: www.botanyweaving.com
Sales EUR(mil): 16.9
Assets EUR(mil): 10.8
Employees: 63
Fiscal Year End: 30-Sep-2011
Industry: Apparel and
Accessories
Incorporation Date: 26-Jun-1934
Company Type: Private Parent
Quoted Status: Not Quoted
Registered No.(IRE): E0008724
Secretary, Director: Jonathon Hackett
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ANZSIC
2006 Codes: |
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1312 |
- |
Natural Textile Manufacturing |
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NACE
2002 Codes: |
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1722 |
- |
Woollen-type weaving |
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NAICS
2002 Codes: |
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313210 |
- |
Broadwoven Fabric Mills |
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US SIC
1987: |
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|
2231 |
- |
Broadwoven Fabric Mills, Wool
(Including Dyeing and Finishing) |
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UK SIC
2003: |
||
|
1722 |
- |
Woollen-type weaving |
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UK SIC
2007: |
||
|
1320 |
- |
Weaving of textiles |
Botany Weaving Mill Limited is one of the leading manufacturers and suppliers of antistatic aircraft seat fabrics, curtains and carpets in Ireland. The company designs and develops steam- and sewn-pleated curtains. It also manufactures blankets and leather. The company additionally provides pre-cut carpets and seat and headrest covers. It offers a range of interior design, stock keeping and product testing services. In addition, the company uses computer aided design technology to design its products. It supplies products and services to the airline industry.
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Financials in: |
EUR(mil) |
1 Year Growth |
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Revenue: |
16.9 |
NA |
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Assets: |
10.8 |
NA |
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Total Liabilities: |
4.8 |
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Working Capital: |
4.2 |
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Net Worth: |
6.0 |
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Date of Financial Data: |
30-Sep-2011 |
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Company |
Percentage Owned |
Country |
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Danring Limited |
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Ireland |
|
Neolane Limited |
|
Ireland |
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Auditor: |
Buckley & Co |
|
Auditor: |
Buckley & Co |
Corporate
Structure News
The
Botany Weaving Mill, Limited
Total Corporate Family Members: 2
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Dublin |
Ireland |
Apparel and Accessories |
23.5 |
63 |
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Subsidiary |
Dublin |
Ireland |
Business Services |
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Board of Directors
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Secretary,
Director |
Director/Board
Member |
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Director |
Director/Board Member |
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Director |
Director/Board
Member |
Executives
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Secretary, Director |
Company Secretary |
Annual Profit & Loss
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|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
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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) |
0.717768 |
0.740255 |
0.73971 |
0.666382 |
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Consolidated |
No |
No |
No |
No |
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Turnover |
23.5 |
19.3 |
17.8 |
21.3 |
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Cost of Sales |
18.9 |
15.8 |
14.0 |
17.3 |
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Gross Profit |
4.6 |
3.5 |
3.7 |
4.0 |
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Operating Profit |
0.8 |
0.2 |
0.6 |
0.8 |
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Non Trading Income |
-0.4 |
-0.4 |
-0.3 |
-0.6 |
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Interest Expenses |
0.1 |
0.1 |
0.1 |
0.1 |
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Pretax Profit |
0.2 |
-0.3 |
0.3 |
0.2 |
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Taxation |
0.0 |
0.0 |
0.0 |
-0.1 |
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Profit after Tax |
0.2 |
-0.3 |
0.3 |
0.3 |
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Retained Profits |
0.2 |
-0.3 |
0.3 |
0.3 |
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Value Added |
4.5 |
3.6 |
3.7 |
4.6 |
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Wages And Salaries |
3.0 |
2.7 |
2.5 |
2.9 |
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Directors’ Emoluments |
0.1 |
0.1 |
0.1 |
0.3 |
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Auditors Fees |
0.0 |
0.0 |
0.0 |
0.0 |
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Depreciation |
0.4 |
0.4 |
0.4 |
0.5 |
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Number of Employees |
63 |
60 |
55 |
40 |
Annual Balance
Sheet
Financials in: USD (mil)
|
|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.745323 |
0.732493 |
0.684135 |
0.711921 |
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Consolidated |
No |
No |
No |
No |
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Tangible Assets |
3.9 |
4.9 |
5.0 |
5.1 |
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Total Fixed Assets |
3.9 |
4.9 |
5.0 |
5.1 |
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Stocks |
3.3 |
3.3 |
2.8 |
3.6 |
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Trade Debtors |
3.2 |
2.5 |
3.2 |
3.0 |
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Cash |
3.7 |
2.2 |
1.5 |
2.4 |
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Miscellaneous Current Assets |
0.2 |
0.9 |
1.0 |
0.3 |
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Other Current Assets |
4.0 |
3.0 |
2.5 |
2.7 |
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Total Current Assets |
10.5 |
8.9 |
8.5 |
9.4 |
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Total Assets |
14.4 |
13.8 |
13.5 |
14.5 |
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Net assets |
9.6 |
9.8 |
10.1 |
9.7 |
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Total Current Liabilities |
4.9 |
4.0 |
3.4 |
4.8 |
|
Total Debt |
2.8 |
2.5 |
2.0 |
2.0 |
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Total Long Term Liabilities |
1.5 |
1.9 |
1.2 |
1.6 |
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Total Liabilities |
6.4 |
5.9 |
4.7 |
6.3 |
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Share Capital And Other Reserves |
1.0 |
1.0 |
1.1 |
1.1 |
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Profit & Loss Account Reserve |
6.8 |
6.7 |
7.5 |
6.9 |
|
Revaluation Reserve |
0.2 |
0.2 |
0.2 |
0.2 |
|
Shareholders Funds |
8.0 |
7.9 |
8.8 |
8.2 |
|
Capital Employed |
9.6 |
9.8 |
10.1 |
9.7 |
|
Net Worth |
8.0 |
7.9 |
8.8 |
8.2 |
|
Working Capital |
5.7 |
4.9 |
5.1 |
4.6 |
|
Fixed Assets |
3.5 |
3.9 |
4.6 |
4.8 |
|
Intermediate Assets |
0.4 |
1.0 |
0.4 |
0.4 |
|
Liquid Assets |
7.2 |
5.6 |
5.7 |
5.7 |
|
Trade Creditors |
2.4 |
2.9 |
2.1 |
1.9 |
|
Bank Overdraft |
0.4 |
0.6 |
0.4 |
0.1 |
|
Miscellaneous Current Liabilities |
2.0 |
0.5 |
0.9 |
2.8 |
|
Bank Loans - Current Portion |
0.2 |
0.1 |
0.1 |
0.1 |
|
Other Short Term Finance |
0.9 |
0.2 |
0.5 |
0.6 |
|
Other Current Liabilities |
0.9 |
0.2 |
0.4 |
2.2 |
|
Short Term Loans |
1.5 |
0.9 |
1.0 |
0.7 |
|
Long Term Loans |
1.3 |
1.6 |
1.0 |
1.3 |
|
Long Term Bank Loans |
1.2 |
1.4 |
0.6 |
0.6 |
|
Other Long Term Finance |
0.1 |
0.2 |
0.5 |
0.7 |
|
Other Long Term Liabilities |
0.2 |
0.2 |
0.2 |
0.3 |
|
Called Up Share Capital |
0.9 |
0.9 |
1.0 |
0.9 |
|
Sundry Reserves (incl. Grants) |
0.1 |
0.1 |
0.1 |
0.1 |
Annual
Cash Flows
Financials in: USD (mil)
|
|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.717768 |
0.740255 |
0.73971 |
0.666382 |
|
Consolidated |
No |
No |
No |
No |
|
|
|
|
|
|
|
Net Cashflow From Operating Activities |
2.2 |
0.0 |
-0.9 |
2.3 |
|
Net Cashflow From ROI & Servicing Of Finance |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Net Cashflow Before Financing |
2.1 |
-0.1 |
-1.0 |
1.3 |
|
Net Cashflow From Financing |
0.2 |
0.7 |
-0.2 |
-0.2 |
|
Increase In Cash |
2.3 |
0.5 |
-1.2 |
1.1 |
|
Net Cash |
3.5 |
1.6 |
1.0 |
2.5 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.88.76 |
|
Euro |
1 |
Rs.72.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.