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Report Date : |
19.07.2013 |
IDENTIFICATION DETAILS
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Name : |
LOGSTRUP (IRELAND) LIMITED |
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|
|
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Registered Office : |
Dunmore Road Tuam, |
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Country : |
Ireland |
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|
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Financials (as on) : |
31.08.2012 |
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Date of Incorporation : |
31.03.1977 |
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Com. Reg. No.: |
E0058370 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
The design, development and manufacture of electrical control panels. |
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No. of Employees : |
62 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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, 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 |
Logstrup (Ireland)
Limited
|
Dunmore Road |
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|
|
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|
Tuam, |
|
Ireland |
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(Registered Address) |
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Employees: |
62 |
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Company Type: |
Private Subsidiary |
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|
|
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Incorporation Date: |
31-Mar-1977 |
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Auditor: |
KPMG |
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Financials in: |
USD (mil) |
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Fiscal Year End: |
31-Aug-2012 |
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Reporting Currency: |
Euro |
|
Annual Sales: |
NA |
|
Total Assets: |
6.2 |
Business Description
|
The design, development and manufacture of electrical control panels. |
Industry
|
Industry |
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ANZSIC 2006: |
|
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NACE 2002: |
3430 - Manufacture of parts and accessories for
motor vehicles and their engines |
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NAICS 2002: |
33631 - Motor Vehicle Gasoline Engine and Engine
Parts Manufacturing |
|
UK SIC 2003: |
3430 - Manufacture of parts and accessories for
motor vehicles and their engines |
|
UK SIC 2007: |
2932 - Manufacture of other parts and accessories
for motor vehicles |
|
US SIC 1987: |
Key Executives
|
1 - Profit & Loss Item Exchange
Rate: USD 1 = EUR 0.7664758
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.799813
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31-Aug-2012 |
31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.766476 |
0.721101 |
0.733854 |
0.740447 |
|
Consolidated |
No |
No |
No |
No |
|
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|
|
|
|
|
Gross Profit |
2.3 |
2.9 |
2.8 |
3.3 |
|
Operating Profit |
0.4 |
0.8 |
0.9 |
1.0 |
|
Non Trading Income |
- |
0.0 |
0.0 |
- |
|
Interest Expenses |
0.1 |
0.1 |
0.1 |
0.1 |
|
Pretax Profit |
0.3 |
0.8 |
0.8 |
0.9 |
|
Taxation |
0.0 |
0.1 |
0.1 |
0.1 |
|
Profit after Tax |
0.2 |
0.6 |
0.8 |
0.8 |
|
Dividends Payable |
0.2 |
0.6 |
0.7 |
0.7 |
|
Retained Profits |
0.0 |
0.0 |
0.1 |
0.1 |
|
Value Added |
4.2 |
- |
4.4 |
4.7 |
|
Wages And Salaries |
3.1 |
- |
2.8 |
2.9 |
|
Auditors Fees |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation |
0.3 |
0.4 |
0.4 |
0.4 |
|
Number of Employees |
62 |
62 |
62 |
64 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Aug-2012 |
31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.799813 |
0.694541 |
0.786813 |
0.69684 |
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Consolidated |
No |
No |
No |
No |
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|
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Tangible Assets |
2.7 |
3.3 |
3.2 |
3.9 |
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Intangible Assets |
0.2 |
0.4 |
0.6 |
0.7 |
|
Total Fixed Assets |
2.9 |
3.7 |
3.8 |
4.6 |
|
Stocks |
1.2 |
1.5 |
1.2 |
1.0 |
|
Trade Debtors |
0.8 |
0.8 |
0.7 |
0.9 |
|
Cash |
0.1 |
0.0 |
0.0 |
0.3 |
|
Miscellaneous Current Assets |
1.2 |
1.8 |
1.5 |
1.1 |
|
Other Current Assets |
1.3 |
1.8 |
1.5 |
1.5 |
|
Total Current Assets |
3.3 |
4.1 |
3.4 |
3.4 |
|
Total Assets |
6.2 |
7.9 |
7.2 |
7.9 |
|
Net assets |
4.5 |
5.4 |
5.0 |
5.8 |
|
Total Current Liabilities |
1.7 |
2.5 |
2.2 |
2.2 |
|
Total Debt |
1.5 |
2.0 |
2.0 |
2.4 |
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Total Long Term Liabilities |
1.3 |
1.8 |
1.8 |
2.3 |
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Total Liabilities |
3.0 |
4.3 |
4.0 |
4.5 |
|
Share Capital And Other Reserves |
1.0 |
1.1 |
1.0 |
1.1 |
|
Profit & Loss Account Reserve |
2.2 |
2.5 |
2.2 |
2.4 |
|
Shareholders Funds |
3.1 |
3.6 |
3.2 |
3.5 |
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Capital Employed |
4.5 |
5.4 |
5.0 |
5.8 |
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Net Worth |
2.9 |
3.1 |
2.6 |
2.8 |
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Working Capital |
1.6 |
1.7 |
1.2 |
1.2 |
|
Fixed Assets |
2.7 |
3.3 |
3.2 |
3.9 |
|
Liquid Assets |
2.1 |
2.6 |
2.2 |
2.3 |
|
Trade Creditors |
1.0 |
1.1 |
1.0 |
0.7 |
|
Bank Overdraft |
- |
0.1 |
0.1 |
- |
|
Miscellaneous Current Liabilities |
0.7 |
1.2 |
1.1 |
1.4 |
|
Bank Loans - Current Portion |
0.2 |
0.2 |
0.2 |
0.2 |
|
Other Short Term Finance |
0.0 |
- |
0.0 |
0.0 |
|
Other Current Liabilities |
0.4 |
1.0 |
0.9 |
1.2 |
|
Short Term Loans |
0.3 |
0.4 |
0.4 |
0.2 |
|
Long Term Loans |
1.2 |
1.7 |
1.7 |
2.1 |
|
Long Term Bank Loans |
1.2 |
1.7 |
1.7 |
2.1 |
|
Other Long Term Finance |
- |
- |
- |
0.0 |
|
Other Long Term Liabilities |
0.1 |
0.1 |
0.1 |
0.1 |
|
Called Up Share Capital |
0.7 |
0.8 |
0.7 |
0.8 |
|
Sundry Reserves (incl. Grants) |
0.3 |
0.3 |
0.3 |
0.3 |
|
|
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Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Aug-2012 |
31-Aug-2011 |
31-Aug-2010 |
31-Aug-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
EUR |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.766476 |
0.721101 |
0.733854 |
0.740447 |
|
Consolidated |
No |
No |
No |
No |
|
|
|
|
|
|
|
Net Cashflow From Operating Activities |
1.3 |
1.3 |
1.0 |
1.7 |
|
Net Cashflow From ROI & Servicing Of Finance |
-0.7 |
-0.8 |
-0.8 |
-1.1 |
|
Net Cashflow Before Financing |
0.4 |
0.3 |
-0.2 |
0.3 |
|
Net Cashflow From Financing |
-0.2 |
-0.2 |
-0.2 |
0.7 |
|
Increase In Cash |
0.2 |
0.1 |
-0.4 |
1.0 |
|
Net Cash |
0.1 |
-0.1 |
-0.1 |
0.3 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.71 |
|
|
1 |
Rs.90.59 |
|
Euro |
1 |
Rs.78.22 |
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 |
|
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.