MIRA INFORM REPORT

Report Date :

26.03.2013

IDENTIFICATION DETAILS

Name :	CARRYMACARRY NET WORKS LIMITED
Registered Office :	Church Brae Greencastle Co Donegal 375219
Country :	Ireland
Financials (as on) :	31.08.2011
Date of Incorporation :	11.04.1978
Com. Reg. No.:	IE062208
Legal Form :	Private Limited Company
Line of Business :	Manufacturers Netting For The Fishing Industry. Subject Also Make a Wide Range of Twisted and Braided Rope and Twines To Suit their Customers Every Need.
No. of Employees :	Not Available

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 :	Good
Payment Behaviour :	Regular
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 30^th, 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
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 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

REGISTERED NAME & COMPANY SUMMARY

Company Name	CARRYMACARRY NET WORKS LIMITED	Company Number	IE062208
Registered Address	CHURCH BRAE
	GREENCASTLE
	CO DONEGAL
	375219
Website Address	-
Telephone Number	0749381096	Fax Number
TPS	No	FPS	No
Incorporation Date	11/04/1978	Company Status	Active - Accounts Filed
Previous Name		Type	Other
Date of Change	-	Filing Date of Accounts	-
		Share Capital	€228,553
SIC03		Currency	EUR
SIC03 Description
SIC07 Description	Manufacturers Netting For The Fishing Industry. Subject Also Make a Wide Range of Twisted and Braided Rope and Twines To Suit their Customers Every Need.
Principal Activity

DIRECTORS/MANAGEMENT

Current Directors

Name	CHARLES MC LAUGHLIN	Date of Birth	14/01/1974
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	31/08/1996
Address	CHURCH BRAE, GREENCASTLE, CO. DONEGAL
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	AGNES MCLAUGHLIN	Date of Birth	14/04/1974
Officers Title		Nationality
Present Appointments	2	Function	Director
Appointment Date	12/03/2008
Address	CHURCH BRAE, GREENCASTLE, CO. DONEGAL

NEGATIVE INFORMATION

CJ

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

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value
AGNES MCLAUGHLIN	EUR	90,000	ORDINARY	1.27
CHARLES MCLAUGHLIN	EUR	90,000	ORDINARY	1.27

Unable to report percentage holdings as filed Shareholder listing is not full.

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

N/A	10
Company DBT	IE Average DBT

Steady

Improving Worsening

GROUP STRUCTURE & AFFILIATED COMPANIES

Group structure

No group structure.

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/08/2011	-	-	€1,386,121	-
31/08/2010	-	-	€1,334,045	-
31/08/2009	-	-	€1,281,580	-

Profit & Loss

Date Of Accounts	31/08/11	(%)	31/08/10	(%)	31/08/09	(%)	31/08/08	(%)	31/08/07
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	EUR	(%)	EUR	(%)	EUR	(%)	EUR	(%)	EUR
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	-	-	-	-	-	-	-	-	-
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	-	-	-	-	-	-	-	-	-
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	-	-	-	-	-	-	-	-	-
Depreciation	€64,694	-7.6%	€70,036	36.8%	€51,203	9.5%	€46,754	10.5%	€42,293
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	-	-	-	-	-	-	-	-	-
Pre Tax Profit	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	-
Profit After Tax	-	-	-	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/08/11	(%)	31/08/10	(%)	31/08/09	(%)	31/08/08	(%)	31/08/07
Tangible Assets	€697,545	-5.4%	€737,689	-2.8%	€758,958	7.3%	€707,424	9.2%	€647,889
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	€697,545	-5.4%	€737,689	-2.8%	€758,958	7.3%	€707,424	9.2%	€647,889
Stock	€469,850	12.4%	€418,000	3.7%	€403,000	34%	€300,742	-4%	€313,200
Trade Debtors	€409,154	-10.8%	€458,694	22.6%	€374,270	-13.9%	€434,809	36.7%	€318,131
Cash	€299,364	8.6%	€275,542	12.7%	€244,600	-1%	€247,142	76.1%	€140,359
Other Debtors	0	-	0	-	0	-	0	-	0
Miscellaneous Current Assets	€19,744	-	€19,744	-51.8%	€40,968	-2.8%	€42,142	-24.3%	€55,644
Total Current Assets	€1,198,112	2.2%	€1,171,980	10.3%	€1,062,838	3.7%	€1,024,835	23.9%	€827,334
Trade Creditors	€267,716	-4.6%	€280,699	125.4%	€124,528	-9%	€136,878	-54.2%	€298,593
Bank Loans & Overdrafts	0	-	0	-100%	€63,175	-41.3%	€107,655	-	0
Other Short Term Finance	0	-	0	-100%	€217	-	€217	-	0
Miscellaneous Current Liabilities	€17,986	-28.8%	€25,273	-61.1%	€64,984	-19%	€80,223	-	0
Total Current Liabilities	€285,702	-6.6%	€305,972	21%	€252,904	-22.2%	€324,973	8.8%	€298,593
Bank Loans & Overdrafts and LTL	€223,834	-17%	€269,652	-23.1%	€350,487	-9.6%	€387,602	141.2%	€160,685
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	€223,834	-17%	€269,652	-6.1%	€287,312	2.6%	€279,947	74.2%	€160,685

Capital & Reserves

Date Of Accounts	31/08/11	(%)	31/08/10	(%)	31/08/09	(%)	31/08/08	(%)	31/08/07
Called Up Share Capital	€228,553	-	€228,553	-	€228,553	-	€228,553	-	€228,553
P & L Account Reserve	€1,068,477	4.8%	€1,019,363	4.8%	€972,327	12.3%	€865,566	15.3%	€750,481
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	€89,091	3.4%	€86,129	6.7%	€80,700	142.9%	€33,220	-10%	€36,911
Shareholder Funds	€1,386,121	3.9%	€1,334,045	4.1%	€1,281,580	13.7%	€1,127,339	11%	€1,015,945

Other Financial Items

Date Of Accounts	31/08/11	(%)	31/08/10	(%)	31/08/09	(%)	31/08/08	(%)	31/08/07
Net Worth	€1,386,121	3.9%	€1,334,045	4.1%	€1,281,580	13.7%	€1,127,339	11%	€1,015,945
Working Capital	€912,410	5.4%	€866,008	6.9%	€809,934	15.7%	€699,862	32.4%	€528,741
Total Assets	€1,895,657	-0.7%	€1,909,669	4.8%	€1,821,796	5.2%	€1,732,259	17.4%	€1,475,223
Total Liabilities	€509,536	-11.5%	€575,624	6.6%	€540,216	-10.7%	€604,920	31.7%	€459,278
Net Assets	€1,386,121	3.9%	€1,334,045	4.1%	€1,281,580	13.7%	€1,127,339	11%	€1,015,945

Miscellaneous

Date Of Accounts	31/08/11	(%)	31/08/10	(%)	31/08/09	(%)	31/08/08	(%)	31/08/07
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	€1,609,955	0.4%	€1,603,697	2.2%	€1,568,892	11.5%	€1,407,286	19.6%	€1,176,630
Number of Employees	-	-	-	-	-	-	-	-	-
Auditors
Auditor Comments	The company is exempt from audit
Bankers	ALLIED IRISH BANK
Bank Branch Code	93-73-55

Ratios

Date Of Accounts	31/08/11	31/08/10	31/08/09	31/08/08	31/08/07
Pre-tax profit margin %	-	-	-	-	-
Current ratio	4.19	3.83	4.20	3.15	2.77
Sales/Net Working Capital	-	-	-	-	-
Gearing %	16.10	20.20	27.30	34.40	15.80
Equity in %	73.10	69.90	70.30	65.10	68.90
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	2.54	2.46	2.60	2.22	1.72
Return On Capital Employed %	-	-	-	-	-
Return On Total Assets Employed %	-	-	-	-	-
Current Debt Ratio	0.20	0.22	0.19	0.28	0.29
Total Debt Ratio	0.36	0.43	0.42	0.53	0.45
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-	-	-	-	-

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Current Company Secretary

Name	AGNES MCLAUGHLIN	Date of Birth	14/04/1974
Officers Title		Nationality
Present Appointments	2	Function	Company Secretary
Appointment Date	12/03/2008
Address	CHURCH BRAE, GREENCASTLE, CO. DONEGAL

Status History

No Status History found.

Event History

Date	Description
18/06/2012	New Accounts Filed
18/06/2012	New Accounts Filed
14/06/2012	Annual Returns
15/06/2011	New Accounts Filed
14/06/2011	Annual Returns
22/06/2010	New Accounts Filed
19/06/2010	Annual Returns
23/06/2009	New Accounts Filed
17/06/2009	Annual Returns
19/06/2008	New Accounts Filed
19/06/2008	Annual Returns
12/03/2008	PATRICK SNR. MC LAUGHLIN has left the board
12/03/2008	MARGARET MC LAUGHLIN has left the board
12/03/2008	MARGARET MC LAUGHLIN has resigned as company secretary
12/03/2008	New Board Member (AGNES MCLAUGHLIN) appointed

Previous Company Names

No Previous Names found.

NOTES & COMMENTS

Commentary

There has been no significant change in the company's credit rating.
There is insufficient data to indicate a change in this companies percentage of sales.
Net Worth increased by 3.9% during the latest trading period.
A 0.7% decline in Total Assets occurred during the latest trading period.
There is insufficient data to indicate a change in this companies pre-tax profit.
The company saw an increase in their Cash Balance of 8.6% during the latest trading period.
The company is exempt from audit.
No recent changes in directorship are recorded.
The company is not part of a group.
The positive change in the P&L Account Reserve suggests that the company made a profit after tax and other appropriations.
The company was established over 34 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.10
UK Pound	1	Rs.82.46
Euro	1	Rs.70.49

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%)

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.