MIRA INFORM REPORT

 

 

Report Date :

25.05.2013

 

IDENTIFICATION DETAILS

 

Name :

TAISAL TRADING LIMITED

 

 

Registered Office :

Suite 2  1St Floor The Avenue Beacon Court Sandyford Dublin , 18

 

 

Country :

Ireland

 

 

Financials (as on) :

30.09.2012

 

 

Date of Incorporation :

27.10.1989

 

 

Com. Reg. No.:

E0150971

 

 

Legal Form :

Private Independent

 

 

Line of Business :

The international trading of petrochemicals, plastics and various products.

 

 

No. of Employees :

5

 

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

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

Company name 

 

TAISAL TRADING LIMITED

                                                                                                                                                                  

 

Suite 2

1St Floor The Avenue

Beacon Court Sandyford

Dublin , 18

Ireland

(Registered Address)

 

Employees:

5

Company Type:

Private Independent

 

 

Incorporation Date:

27-Oct-1989

Auditor:

Haydon

Financials in:

USD (In Millions)

Fiscal Year End:

30-Sep-2012

Reporting Currency:

US Dollar

Annual Sales:

73.5

Total Assets:

19.9

 

 

Business Description

 

 

The international trading of petrochemicals, plastics and various products.

 

 

Industry            

 

Industry

Business Services

ANZSIC 2006:

6999 - Other Professional, Scientific and Technical Services Not Elsewhere Classified

NACE 2002:

7487 - Other business activities not elsewhere classified

NAICS 2002:

5619 - Other Support Services

UK SIC 2003:

7487 - Other business activities not elsewhere classified

UK SIC 2007:

8299 - Other business support service activities n.e.c.

US SIC 1987:

7389 - Business Services, Not Elsewhere Classified

 

 

Key Executives

 

Name

Title

Salim Patheria

Secretary, Director

Taizun H Patheria

Director

 

Registered No.(IRE):      E0150971

 

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

 

 

Corporate Overview

 

Location
Suite 2
1St Floor The Avenue
Beacon Court Sandyford
Dublin , 18
Ireland

 

 

 

 

Sales USD(mil):

73.5

Assets USD(mil):

19.9

Employees:

5

Fiscal Year End:

30-Sep-2012

 

Industry:

Business Services

Incorporation Date:

27-Oct-1989

Company Type:

Private Independent

Quoted Status:

Not Quoted

Registered No.(IRE):

E0150971

 

Secretary, Director:

Salim Patheria

 

 

Industry Codes

 

ANZSIC 2006 Codes:

6999

-

Other Professional, Scientific and Technical Services Not Elsewhere Classified

 

NACE 2002 Codes:

7487

-

Other business activities not elsewhere classified

 

NAICS 2002 Codes:

5619

-

Other Support Services

 

US SIC 1987:

7389

-

Business Services, Not Elsewhere Classified

 

UK SIC 2003:

7487

-

Other business activities not elsewhere classified

 

UK SIC 2007:

8299

-

Other business support service activities n.e.c.

 

 

Business Description

 

The international trading of petrochemicals, plastics and various products.

 

 

Financial Data

 

Financials in:

USD(mil)

 

Revenue:

73.5

Assets:

19.9

Total Liabilities:

10.6

 

Working Capital:

9.3

 

Net Worth:

9.3

 

 

 

Date of Financial Data:

30-Sep-2012

 

1 Year Growth

NA

NA

 

 

Key Corporate Relationships

 

Auditor:

Haydon

 

Auditor:

Haydon

 

Board of Directors

 

Name

Title

Function

Salim Patheria

 

Secretary, Director

Director/Board Member

Taizun H Patheria

 

Director

Director/Board Member

 

 

Executives

 

Name

Title

Function

Salim Patheria

 

Secretary, Director

Company Secretary

 

Annual Profit & Loss

 

 

 

30-Sep-2012

30-Sep-2011

30-Sep-2010

30-Sep-2009

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

USD

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

1

Consolidated

No

No

No

No

 

 

 

 

 

Turnover

73.5

59.0

-

-

Cost of Sales

69.6

55.6

-

-

Gross Profit

3.8

3.4

2.4

1.0

Operating Profit

3.5

2.9

2.1

0.6

Non Trading Income

0.0

0.0

0.0

0.0

Pretax Profit

3.5

2.9

2.1

0.7

Taxation

0.4

0.4

0.3

0.1

Profit after Tax

3.0

2.6

1.8

0.6

Retained Profits

3.0

2.6

1.8

0.6

Value Added

3.6

3.1

2.2

0.8

Wages And Salaries

0.2

0.2

0.2

0.2

Directors’ Emoluments

0.1

0.1

0.1

0.1

Auditors Fees

0.0

0.0

0.0

0.0

Depreciation

0.0

0.0

0.0

0.0

Number of Employees

5

5

4

4

 

 

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

30-Sep-2012

30-Sep-2011

30-Sep-2010

30-Sep-2009

Filed Currency

USD

USD

USD

USD

Exchange Rate

1

1

1

1

Consolidated

No

No

No

No

 

 

 

 

 

Tangible Assets

0.0

0.0

0.0

0.0

Total Fixed Assets

0.0

0.0

0.0

0.0

Stocks

-

-

0.1

-

Trade Debtors

13.1

6.8

-

3.9

Cash

6.6

5.3

3.2

2.2

Miscellaneous Current Assets

0.2

0.0

4.2

-

Other Current Assets

6.8

5.3

7.4

2.2

Total Current Assets

19.9

12.2

7.5

6.0

Total Assets

19.9

12.2

7.5

6.0

Net assets

9.3

6.3

3.7

2.0

Total Current Liabilities

10.6

5.9

3.8

4.0

Total Debt

-

-

-

0.1

Total Long Term Liabilities

-

-

-

0.1

Total Liabilities

10.6

5.9

3.8

4.1

Share Capital And Other Reserves

0.2

0.1

0.1

0.1

Profit & Loss Account Reserve

9.2

6.1

3.5

1.7

Shareholders Funds

9.3

6.3

3.7

1.9

Capital Employed

9.3

6.3

3.7

2.0

Net Worth

9.3

6.3

3.7

1.9

Working Capital

9.3

6.3

3.7

2.0

Fixed Assets

0.0

0.0

0.0

0.0

Liquid Assets

19.9

12.2

7.4

6.0

Trade Creditors

10.2

5.3

-

4.0

Miscellaneous Current Liabilities

0.5

0.6

3.8

0.0

Other Current Liabilities

0.5

0.6

3.8

0.0

    Long Term Loans

-

-

-

0.1

Other Long Term Finance

-

-

-

0.1

Called Up Share Capital

0.2

0.1

0.1

0.1

 

 

 

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

30-Sep-2012

30-Sep-2011

30-Sep-2010

30-Sep-2009

Period Length

52 Weeks

52 Weeks

52 Weeks

52 Weeks

Filed Currency

USD

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

1

Consolidated

No

No

No

No

 

 

 

 

 

Net Cashflow From Operating Activities

1.8

2.6

-

-

Net Cashflow From ROI & Servicing Of Finance

0.0

0.0

-

-

Net Cashflow Before Financing

1.3

2.1

-

-

Increase In Cash

1.3

2.1

-

-

Net Cash

6.6

5.3

3.2

2.2

 

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 :

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%)

 

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.