MIRA
INFORM REPORT
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Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
ABCON INDUSTRIAL PRODUCTS LIMITED |
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Registered Office : |
CavMac Building Cavan Road Cootehill 178809 |
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Country : |
Ireland |
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Date of Incorporation : |
18.01.2005 |
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Com. Reg. No.: |
IE396578 |
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Legal Form : |
Private limited with Share Capital |
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Line of Business : |
Manufacture of other general machinery |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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|
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Payment Behaviour : |
Unknown |
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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 |
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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 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
Summary – Company Information
|
Company Name |
ABCON INDUSTRIAL PRODUCTS LIMITED |
Company Number |
IE396578 |
|
Registered Address |
CavMac Building |
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Cavan Road |
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Cootehill |
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178809 |
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Website Address |
- |
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Telephone Number |
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Fax Number |
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TPS |
No |
FPS |
No |
|
Incorporation Date |
18/01/2005 |
Company Status |
Section 17 (Southern Ireland) |
|
Previous Name |
|
Type |
Private limited with Share Capital |
|
Date of Change |
- |
Filing Date of Accounts |
- |
|
|
|
Share Capital |
€991,771 |
|
SIC03 |
2924 |
Currency |
EUR |
|
SIC03 Description |
Manufacture of other general machinery |
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|
SIC07 |
28290 |
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|
SIC07 Description |
MANUFACTURE OF OTHER GENERAL-PURPOSE
MACHINERY N.E.C. |
||
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Principal Activity |
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DIRECTORS/MANAGEMENT
Directors
|
Total Current Directors |
3 |
|
Total Current Secretaries |
1 |
|
Total Previous Directors / Company
Secretaries |
5 |
Current Directors
|
Name |
Date of Birth |
18/10/1960 |
|
|
Officers Title |
|
Nationality |
|
|
Present Appointments |
11 |
Function |
Director |
|
Appointment Date |
08/03/2005 |
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|
|
Address |
MULLAGHLAND, MULLAGH, KELLS, CO.MEATH |
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|
Name |
Date of Birth |
01/10/1963 |
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|
Officers Title |
|
Nationality |
|
|
Present Appointments |
14 |
Function |
Director |
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Appointment Date |
08/03/2005 |
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|
Address |
BALGREE, CARNAROSS, KELLS, CO.MEATH |
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Name |
Date of Birth |
26/08/1968 |
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|
Officers Title |
|
Nationality |
|
|
Present Appointments |
6 |
Function |
Director |
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Appointment Date |
08/03/2005 |
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Address |
RANTAVAN, MULLAGH, KELLS, CO MEATH |
||
Current Company Secretary
|
Name |
Date of Birth |
18/10/1960 |
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|
Officers Title |
|
Nationality |
|
|
Present Appointments |
11 |
Function |
Company Secretary |
|
Appointment Date |
08/03/2005 |
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|
Address |
MULLAGHLAND, MULLAGH, KELLS, CO.MEATH |
||
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
Mortgage Summary
|
Outstanding |
3 |
|
Satisfied |
0 |
SHARE & SHARE CAPITAL
INFORMATION
Top 20 Shareholders
|
Name |
Currency |
Share Count |
Share Type |
Nominal Value |
% of Total Share Count |
|
ENTERPRISE IRELAND LTD |
EUR |
936,215 |
PREFERENCE |
1 |
94.4 |
|
PSB INDUSTRIAL PRODUCTS LTD |
EUR |
55,556 |
ORDINARY |
1 |
5.6 |
PAYMENT INFORMATION
Key Financials
|
Year to Date |
Turnover |
Pre Tax Profit |
Shareholder Funds |
Employees |
|
31/12/2011 |
- |
- |
- |
- |
|
31/12/2010 |
- |
- |
- |
- |
|
31/12/2009 |
- |
- |
- |
- |
Payment
Information Summary
|
Days Beyond Terms |
Trend Indicator |
Average
Payment Experience |
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||||
|
Steady Improving Worsening |
|
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Within
TermsGROUP STRUCTURE & AFFILIATED
COMPANIES
Group Structure
|
Group |
7 companies |
|
Linkages |
|
|
Countries |
Summary
|
Holding Company |
PSB INDUSTRIAL PRODUCTS LIMITED |
|
Ownership Status |
Intermediately Owned |
|
Ultimate Holding Company |
PSB INDUSTRIAL PRODUCTS LIMITED |
Group structure
|
Company Name |
Registered Number |
Latest Key Financials |
Consol. Accounts |
Turnover |
|
|
IE397862 |
31.12.2011 |
Y |
|
|
|
IE396578 |
31.12.2011 |
N |
|
|
|
04508019 |
31.12.2012 |
N |
|
|
|
02154815 |
31.12.2012 |
N |
|
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|
IE263455 |
31.12.2011 |
N |
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|
IE430820 |
31.12.2011 |
N |
|
|
|
IE062132 |
31.12.2011 |
N |
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FINANCIAL INFORMATION
Na
FOREIGN EXCHANGE RATES
Na
ADDITIONAL INFORMATION
Event History
Status History
|
No Status History found |
Event History
|
Date |
Description |
|
13/12/2012 |
New Accounts Filed |
|
11/10/2012 |
New Accounts Filed |
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22/08/2012 |
New Accounts Filed |
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22/08/2012 |
New Accounts Filed |
|
11/08/2012 |
New Accounts Filed |
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07/08/2012 |
Annual Returns |
|
19/10/2011 |
New Accounts Filed |
|
15/10/2011 |
Annual Returns |
|
12/11/2010 |
Annual Returns |
|
12/11/2010 |
New Accounts Filed |
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21/10/2009 |
New Accounts Filed |
|
19/10/2009 |
Annual Returns |
|
12/10/2009 |
New Accounts Filed |
|
09/10/2009 |
Annual Returns |
|
31/10/2008 |
Annual Returns |
Previous Company Names
|
No Previous Names found |
NOTES & COMMENTS
Na
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.61 |
|
|
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 |
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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.