MIRA INFORM REPORT
|
Report Date : |
25.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
GLAXOSMITHKLINE DUNGARVAN LIMITED |
|
|
|
|
Formerly Known as: |
BUTFORD LIMITED |
|
|
|
|
Registered Office : |
Knockbrack, Dungarvan, Co Waterford, 697617 |
|
|
|
|
Country : |
Ireland |
|
|
|
|
Financials (as on) : |
31.12.2008 |
|
|
|
|
Date of Incorporation : |
05.07.1997 |
|
|
|
|
Com. Reg. No.: |
IE268666 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Manufacturer of basic pharmaceutical products |
|
|
|
|
No. of Employees : |
429 (2007) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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 |
REGISTERED NAME & COMPANY SUMMARY
|
Company
Name |
GLAXOSMITHKLINE
DUNGARVAN LIMITED |
Company
Number |
IE268666 |
|
Registered
Address |
KNOCKBRACK
DUNGARVAN
CO
WATERFORD 697617 |
|
|
|
|
|
||
|
|
|
||
|
|
|
||
|
Website
Address |
- |
|
|
|
Telephone
Number |
05822500 |
Fax
Number |
|
|
TPS |
No |
FPS |
No |
|
Incorporation
Date |
05/07/1997
|
Company
Status |
Section
17 (Southern Ireland) |
|
Previous
Name |
BUTFORD
LIMITED |
Type |
Other |
|
Date of
Change |
- |
Filing
Date of Accounts |
- |
|
|
|
Share
Capital |
€750,000 |
|
SIC03 |
24410 |
Currency |
EUR |
|
SIC03
Description |
Manufacture
of basic pharmaceutical products |
||
|
SIC07 |
21100 |
||
|
SIC07
Description |
MANUFACTURE
OF BASIC PHARMACEUTICAL PRODUCTS |
||
|
Principal
Activity |
The
manufacture and sale of pharmaceutical products. |
||
DIRECTORS/MANAGEMENT
Current Directors
|
Name |
Date of
Birth |
25/07/1965 |
|
|
Officers
Title |
|
Nationality |
|
|
Present
Appointments |
1 |
Function |
Director |
|
Appointment
Date |
19/05/2003 |
|
|
|
Address |
WHELAN'S
BRIDGE, KILMEADEN, CO. WATERFORD. |
||
|
Name |
Date of
Birth |
02/04/1946 |
|
|
Officers
Title |
|
Nationality |
|
|
Present
Appointments |
41 |
Function |
Director |
|
Appointment
Date |
17/12/2009 |
|
|
|
Address |
10
SHELDON, ST PATRICKS HILL, CO. CORK. |
||
|
Name |
Date of
Birth |
27/10/1960 |
|
|
Officers
Title |
|
Nationality |
|
|
Present
Appointments |
1 |
Function |
Director |
|
Appointment
Date |
26/08/2009 |
|
|
|
Address |
11
STRANDSIDE, ABBEYSIDE, DUNGARVAN, CO. WATERFORD. |
||
|
Name |
Date of
Birth |
10/01/1976 |
|
|
Officers
Title |
|
Nationality |
|
|
Present
Appointments |
2 |
Function |
Director |
|
Appointment
Date |
24/03/2009 |
|
|
|
Address |
GLENDINE,
YOUGHAL, CO. CORK. |
||
|
Name |
Date of
Birth |
23/01/1975 |
|
|
Officers
Title |
|
Nationality |
|
|
Present
Appointments |
1 |
Function |
Director |
|
Appointment
Date |
15/12/2011 |
|
|
|
Address |
12 THE
FASNET, LANCASTER GATE, WESTERN ROAD, CORK |
||
Current Company
Secretary
|
Name |
Date of
Birth |
- |
|
|
Officers
Title |
|
Nationality |
|
|
Present
Appointments |
4 |
Function |
Company
Secretary |
|
Appointment
Date |
17/12/2009 |
|
|
|
Address |
SOLICITORS,
12 SOUTH MALL, CORK |
||
NEGATIVE INFORMATION
CJ
|
Total
Number of Exact CJs - |
Total
Value of Exact CJs - |
||
|
Total
Number of Possible CJs - |
Total
Value of Possible CJs - |
||
|
Total
Number of Satisfied CJs - |
Total
Value of Satisfied CJs - |
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 |
|
SETFIRST
LTD |
EUR |
600,000 |
ORDINARY |
1.25 |
Unable to report percentage holdings as filed Shareholder listing is not full.
PAYMENT INFORMATION
Payment
Information Summary
|
Days
Beyond Terms |
Trend
Indicator |
Average
Payment Experience |
|
||||
|
Steady Improving
Worsening |
Be the
first to leave a payment experience |
|
GROUP STRUCTURE & AFFILIATED COMPANIES
Statistics
|
Group |
93
companies |
|
Linkages |
|
|
Countries
|
Summary
|
Holding
Company |
SETFIRST
LIMITED |
|
Ownership
Status |
Wholly
Owned |
|
Ultimate
Holding Company |
GLAXOSMITHKLINE
PLC |
FINANCIAL INFORMATION
Profit & Loss
|
|
Date Of
Accounts |
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
31/12/08 |
|
31/12/07 |
|
|
Weeks |
52 |
|
52 |
|
52 |
|
52 |
|
52 |
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
EUR |
|
EUR |
|
|
Consolidated
A/cs |
N |
|
N |
|
N |
|
N |
|
N |
|
|
Turnover |
- |
|
- |
|
- |
|
€153,566,000 |
|
€123,157,000 |
|
|
Export |
- |
|
- |
|
- |
|
€140,229,000 |
|
€110,944,000 |
|
|
Cost of
Sales |
- |
|
- |
|
- |
|
€69,319,000 |
|
€68,117,000 |
|
|
Gross
Profit |
- |
|
- |
|
- |
|
€84,247,000 |
|
€55,040,000 |
|
|
Wages
& Salaries |
- |
|
- |
|
- |
|
€24,510,000 |
|
€22,869,000 |
|
|
Directors
Emoluments |
- |
|
- |
|
- |
|
€435,000 |
|
€367,000 |
|
|
Operating
Profit |
- |
|
- |
|
- |
|
€20,057,000 |
|
€3,316,000 |
|
|
Depreciation |
- |
|
- |
|
- |
|
€6,982,000 |
|
€4,875,000 |
|
|
Audit
Fees |
- |
|
- |
|
- |
|
€32,000 |
|
€35,000 |
|
|
Interest
Payments |
- |
|
- |
|
- |
|
€1,456,000 |
|
€1,389,000 |
|
|
Pre Tax
Profit |
- |
|
- |
|
- |
|
€26,946,000 |
|
€10,614,000 |
|
|
Taxation |
- |
|
- |
|
- |
|
-€2,859,000 |
|
-€3,434,000 |
|
|
Profit
After Tax |
- |
|
- |
|
- |
|
€24,087,000 |
|
€7,180,000 |
|
|
Dividends
Payable |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Retained
Profit |
- |
|
- |
|
- |
|
€24,087,000 |
|
€7,180,000 |
Balance Sheet
|
|
Date Of
Accounts |
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
31/12/08 |
|
31/12/07 |
|
|
Tangible
Assets |
0 |
|
0 |
|
0 |
|
€115,080,000 |
|
€93,433,000 |
|
|
Intangible
Assets |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Total
Fixed Assets |
0 |
|
0 |
|
0 |
|
€115,080,000 |
|
€93,433,000 |
|
|
Stock |
0 |
|
0 |
|
0 |
|
€16,250,000 |
|
€11,104,000 |
|
|
Trade
Debtors |
0 |
|
0 |
|
0 |
|
€888,000 |
|
€347,000 |
|
|
Cash |
0 |
|
0 |
|
0 |
|
€585,000 |
|
€964,000 |
|
|
Other
Debtors |
0 |
|
0 |
|
0 |
|
€201,939,000 |
|
€214,914,000 |
|
|
Miscellaneous
Current Assets |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Total
Current Assets |
0 |
|
0 |
|
0 |
|
€219,662,000 |
|
€227,329,000 |
|
|
Trade
Creditors |
0 |
|
0 |
|
0 |
|
€1,784,000 |
|
€2,197,000 |
|
|
Bank
Loans & Overdrafts |
0 |
|
0 |
|
0 |
|
€96,000 |
|
€277,000 |
|
|
Other
Short Term Finance |
0 |
|
0 |
|
0 |
|
€39,370,000 |
|
€48,380,000 |
|
|
Miscellaneous
Current Liabilities |
0 |
|
0 |
|
0 |
|
€20,652,000 |
|
€19,579,000 |
|
|
Total
Current Liabilities |
0 |
|
0 |
|
0 |
|
€61,902,000 |
|
€70,433,000 |
|
|
Bank
Loans & Overdrafts and LTL |
0 |
|
0 |
|
0 |
|
€11,131,000 |
|
€8,679,000 |
|
|
Other
Long Term Finance |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Total
Long Term Liabilities |
0 |
|
0 |
|
0 |
|
€11,035,000 |
|
€8,402,000 |
Capital &
Reserves
|
|
Date Of
Accounts |
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
31/12/08 |
|
31/12/07 |
|
|
Called Up
Share Capital |
- |
|
- |
|
- |
|
€750,000 |
|
€750,000 |
|
|
P & L
Account Reserve |
- |
|
- |
|
- |
|
€259,924,000 |
|
€240,067,000 |
|
|
Revaluation
Reserve |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Sundry
Reserves |
- |
|
- |
|
- |
|
€1,131,000 |
|
€1,110,000 |
|
|
Shareholder
Funds |
- |
|
- |
|
- |
|
€261,805,000 |
|
€241,927,000 |
Other Financial
Items
|
|
Date Of
Accounts |
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
31/12/08 |
|
31/12/07 |
|
|
Net Worth |
- |
|
- |
|
- |
|
€261,805,000 |
|
€241,927,000 |
|
|
Working
Capital |
- |
|
- |
|
- |
|
€157,760,000 |
|
€156,896,000 |
|
|
Total
Assets |
- |
|
- |
|
- |
|
€334,742,000 |
|
€320,762,000 |
|
|
Total
Liabilities |
- |
|
- |
|
- |
|
€72,937,000 |
|
€78,835,000 |
|
|
Net
Assets |
- |
|
- |
|
- |
|
€261,805,000 |
|
€241,927,000 |
Miscellaneous
|
|
Date Of
Accounts |
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
31/12/08 |
|
31/12/07 |
|
|
Contingent
Liability |
NO |
|
NO |
|
NO |
|
YES |
|
YES |
|
|
Capital
Employed |
- |
|
- |
|
- |
|
€272,840,000 |
|
€250,329,000 |
|
|
Number of
Employees |
- |
|
- |
|
- |
|
- |
|
429 |
|
|
Auditors |
PRICEWATERHOUSECOOPERS
LLP |
||||||||
|
|
Auditor
Comments |
The audit
report contains no adverse comments |
||||||||
|
|
Bankers |
ALLIED
IRISH BANK |
||||||||
|
|
Bank
Branch Code |
|
|
|
|
|
|
|
|
|
Ratios
|
|
Date Of
Accounts |
31/12/11 |
31/12/10 |
31/12/09 |
31/12/08 |
31/12/07 |
|
|
Pre-tax
profit margin % |
- |
- |
- |
17.55 |
8.62 |
|
|
Current
ratio |
- |
- |
- |
3.55 |
3.23 |
|
|
Sales/Net
Working Capital |
- |
- |
- |
0.97 |
0.78 |
|
|
Gearing % |
0 |
0 |
0 |
4.30 |
3.60 |
|
|
Equity in
% |
- |
- |
- |
78.20 |
75.40 |
|
|
Creditor
Days |
- |
- |
- |
4.22 |
6.49 |
|
|
Debtor
Days |
- |
- |
- |
2.10 |
1.03 |
|
|
Liquidity/Acid
Test |
- |
- |
- |
3.28 |
3.07 |
|
|
Return On
Capital Employed % |
- |
- |
- |
9.87 |
4.24 |
|
|
Return On
Total Assets Employed % |
- |
- |
- |
8.04 |
3.30 |
|
|
Current
Debt Ratio |
- |
- |
- |
0.23 |
0.29 |
|
|
Total
Debt Ratio |
- |
- |
- |
0.27 |
0.32 |
|
|
Stock
Turnover Ratio % |
- |
- |
- |
10.58 |
9.02 |
|
|
Return on
Net Assets Employed % |
- |
- |
- |
10.29 |
4.39 |
ADDITIONAL INFORMATION
Status History
|
No Status
History found. |
Event History
|
Date |
Description |
|
20/10/2012 |
New
Accounts Filed |
|
20/10/2012 |
New
Accounts Filed |
|
19/10/2012 |
Annual
Returns |
|
15/12/2011 |
MICHAEL
WILLISON has left the board |
|
15/12/2011 |
New Board
Member (GREGOR MCNAB) appointed |
|
17/11/2011 |
Annual
Returns |
|
17/11/2011 |
New
Accounts Filed |
|
17/11/2011 |
New
Accounts Filed |
|
27/04/2011 |
MICHAEL
TYLER has left the board |
|
13/11/2010 |
Annual
Returns |
|
13/11/2010 |
New
Accounts Filed |
|
17/12/2009 |
DEREK
DEVEREUX has resigned as company secretary |
|
17/12/2009 |
CAROL
BERESFORD has resigned as company secretary |
|
17/12/2009 |
PADRAIC
JOHN DOHERTY has resigned as company secretary |
|
17/12/2009 |
New
Company Secretary (MESSRS RONAN DALY JERMYN) appointed |
Previous Company
Names
|
Date |
Previous
Name |
|
N/A |
BUTFORD
LIMITED |
|
05/07/1997 |
SMITHKLINE
BEECHAM DUNGARVAN LIMITED |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.61 |
|
UK Pound |
1 |
Rs.83.98 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.