MIRA INFORM REPORT

 

 

Report Date :

21.11.2013

 

IDENTIFICATION DETAILS

 

Name :

BASTA PARSONS LIMITED

 

 

Registered Office :

6 Harlech Grove, Clonskeagh, Dublin 14 , 216410    

 

 

Country :

Ireland

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

16.02.1998

 

 

Com. Reg. No.:

IE280319

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Manufacture and Distribution of hardware and security products

 

 

No. of Employees :

56

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

 

 

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

 

REGISTERED NAME & COMPANY SUMMARY

 

Summary – Company Information

 

Company Name

BASTA PARSONS LIMITED

Company Number

IE280319

Registered Address

6 HARLECH GROVE

 



 

CLONSKEAGH

 

 

DUBLIN 14

 

 

216410

 

Website Address

-

 

 

Telephone Number

 

Fax Number

 

TPS

No

FPS

No

Incorporation Date

16/02/1998

Company Status

Active - Accounts Filed

Previous Name

BASTA HARDWARE LIMITED

Type

Private limited with Share Capital

Date of Change

-

Filing Date of Accounts

-

 

 

Share Capital

€1,143,473

SIC03

20300

Currency

EUR

SIC03 Description

Manufacture of builders' carpentry and joinery

SIC07

16230

SIC07 Description

MANUFACTURE OF OTHER BUILDERS' CARPENTRY AND JOINERY

Principal Activity

The manufacture and distribution of hardware and security products.

 

 

DIRECTORS/MANAGEMENT

 

Total Current Directors

3

Total Current Secretaries

1

Total Previous Directors / Company Secretaries

3

 

Current Directors

 

Name

KEVIN NORTON

Date of Birth

26/08/1939

Officers Title

 

Nationality

 

Present Appointments

11

Function

Director

Appointment Date

23/12/1998

 

 

Address

8 SALAMANCA ANDRE, MOPUNT MERRION, DUBLIN 14

Other Actions

View Director Report

 

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

SUSAN URQUHART-KELLY

Date of Birth

05/04/1966

Officers Title

 

Nationality

 

Present Appointments

5

Function

Director

Appointment Date

13/06/2000

 

 

Address

39 WOODLEY PARK, KILMACUD, DUBLIN 14

Other Actions

View Director Report

 

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

PARAIC MORRIN

Date of Birth

11/04/1963

Officers Title

 

Nationality

 

Present Appointments

4

Function

Director

Appointment Date

01/01/1999

 

 

Address

RINSHINNA, BREFFEY, CASTLEBAR, CO MAYO

Other Actions

View Director Report

 

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Current Company Secretary

 

Name

PAUL KELLY

Date of Birth

13/12/1982

Officers Title

 

Nationality

 

Present Appointments

2

Function

Company Secretary

Appointment Date

11/06/2013

 

 

Address

38 GREENPORT, SLIGO

Other Actions

 

 

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

 

NEGATIVE INFORMATION

 

No negative information found.

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Top 20 Shareholders

 

Name

Currency

Share Count

Share Type

Nominal Value

BASTA HOLDINGS LTD

EUR

506,672

ORDINARY

 

ENTERPRISE IRELAND

EUR

500,000

PREFERENCE

 

 

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

 

 

PAYMENT INFORMATION

 

Key Financials

 

Year to Date

Turnover

Pre Tax Profit

Shareholder Funds

Employees

31/12/2011

-

-€20,135

€3,075,074

56

31/12/2010

-

-€38,107

€3,605,149

60

31/12/2009

-

-€478,618

€3,451,419

68

 

Payment Information Summary

 

Days Beyond Terms

Trend Indicator

                         Average Payment

Experience

 

N/A

26

Company DBT

UK Average DBT

Steady

   

Improving Worsening

Within Terms 91+ Days

 

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

 

Mortgage Summary

 

Outstanding

1

Satisfied

0

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Group Structure

 

Statistics

 

Group

4 companies

Linkages

0 companies

Countries

In 0 countries

 

Summary

 

Holding Company

BASTA HOLDINGS LIMITED

Ownership Status

Intermediately Owned

Ultimate Holding Company

BASTA LIMITED

 

 

FINANCIAL INFORMATION

 

Financials

 

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

-

-

-

-

-

-

-

-

-

Export

-

-

-

-

-

-

-

-

-

Cost of Sales

-

-

-

-

-

-

-

-

-

Gross Profit

€1,089,642

-20.9%

€1,377,110

47.9%

€931,029

-30.4%

€1,338,493

-42.4%

€2,325,058

Wages & Salaries

€1,606,084

-19.3%

€1,990,568

0%

€1,990,702

-26.5%

€2,706,867

-22.5%

€3,492,498

Directors Emoluments

€358,563

-1.7%

€364,686

100.8%

€181,618

3.2%

€175,936

-14.7%

€206,137

Operating Profit

-€102,318

-495.7%

€25,855

107.1%

-€365,420

70.8%

-€1,252,129

-999.9%

€127,941

Depreciation

€345,367

-23.7%

€452,824

-9.5%

€500,131

-10.8%

€560,759

-7.9%

€609,056

Audit Fees

€10,668

-16%

€12,706

4.4%

€12,173

-47.3%

€23,082

-14.4%

€26,969

Interest Payments

€222,817

25.1%

€178,162

-10.6%

€199,198

-10.8%

€223,234

6.6%

€209,370

Pre Tax Profit

-€20,135

47.2%

-€38,107

92%

-€478,618

63.6%

-€1,313,792

-242.9%

€919,324

Taxation

-

-100%

€136,996

-

-

100%

-€37,760

36.2%

-€59,202

Profit After Tax

-€20,135

-120.4%

€98,889

120.7%

-€478,618

64.6%

-€1,351,552

-257.1%

€860,122

Dividends Payable

€50,667

-

-

-100%

€23,000

-40.4%

€38,569

-92.4%

€506,672

Retained Profit

-€70,802

-171.6%

€98,889

119.7%

-€501,618

63.9%

-€1,390,121

-493.3%

€353,450

 

Balance Sheet

 

Date Of Accounts

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

(%)

31/12/07

Tangible Assets

€1,466,576

-17.4%

€1,776,215

-19.3%

€2,199,875

-15.4%

€2,599,383

-13.6%

€3,007,705

Intangible Assets

€32,258

-38.3%

€52,258

-21.3%

€66,401

-27.4%

€91,513

18.5%

€77,241

Total Fixed Assets

€1,498,834

-18%

€1,828,473

-19.3%

€2,266,276

-15.8%

€2,690,896

-12.8%

€3,084,946

Stock

€1,218,405

-12.6%

€1,394,400

10.6%

€1,260,924

-36.2%

€1,976,315

-31.8%

€2,899,590

Trade Debtors

€716,211

-4.1%

€746,616

-5.7%

€791,970

-29.3%

€1,120,959

-29.2%

€1,582,258

Cash

€3,098

-87%

€23,860

999.9%

€1,257

-95.8%

€30,000

-36.8%

€47,470

Other Debtors

€3,424,799

25.4%

€2,731,024

54.1%

€1,771,998

-29.2%

€2,502,077

25%

€2,001,419

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

€5,362,513

9.5%

€4,895,900

28%

€3,826,149

-32%

€5,629,351

-13.8%

€6,530,737

Trade Creditors

€122,035

34.7%

€90,568

-50.1%

€181,393

110.9%

€86,004

-82.6%

€494,966

Bank Loans & Overdrafts

€904,564

10.3%

€819,753

23.2%

€665,487

-13.7%

€770,862

-0.7%

€776,355

Other Short Term Finance

€711,894

65.2%

€431,014

-3.2%

€445,475

-79.1%

€2,128,083

34.6%

€1,580,536

Miscellaneous Current Liabilities

€375,719

-7.5%

€406,126

0.4%

€404,455

-19.8%

€504,205

-14.8%

€591,811

Total Current Liabilities

€2,114,212

21%

€1,747,461

3%

€1,696,810

-51.4%

€3,489,154

1.3%

€3,443,668

Bank Loans & Overdrafts and LTL

€2,576,625

17.6%

€2,191,516

36.1%

€1,609,683

-26.1%

€2,177,858

51.8%

€1,434,951

Other Long Term Finance

€500,000

-

€500,000

-

0

-

0

-

0

Total Long Term Liabilities

€1,672,061

21.9%

€1,371,763

45.3%

€944,196

-32.9%

€1,406,996

113.6%

€658,596

 

Capital & Reserves

 

Date Of Accounts

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

(%)

31/12/07

Called Up Share Capital

€643,473

-

€643,473

-

€643,473

-

€643,473

-

€643,473

P & L Account Reserve

€2,043,478

-20.3%

€2,565,392

6.7%

€2,403,503

1.5%

€2,368,021

-46.7%

€4,441,742

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

€388,123

-2.1%

€396,284

-2%

€404,443

-2%

€412,603

-3.6%

€428,204

Shareholder Funds

€3,075,074

-14.7%

€3,605,149

4.5%

€3,451,419

0.8%

€3,424,097

-37.9%

€5,513,419

 

Other Financial Items

 

Date Of Accounts

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

(%)

31/12/07

Net Worth

€3,042,816

-14.4%

€3,552,891

5%

€3,385,018

1.6%

€3,332,584

-38.7%

€5,436,178

Working Capital

€3,248,301

3.2%

€3,148,439

47.9%

€2,129,339

-0.5%

€2,140,197

-30.7%

€3,087,069

Total Assets

€6,861,347

2%

€6,724,373

10.4%

€6,092,425

-26.8%

€8,320,247

-13.5%

€9,615,683

Total Liabilities

€3,786,273

21.4%

€3,119,224

18.1%

€2,641,006

-46.1%

€4,896,150

19.4%

€4,102,264

Net Assets

€3,075,074

-14.7%

€3,605,149

4.5%

€3,451,419

0.8%

€3,424,097

-37.9%

€5,513,419

 

 

Miscellaneous

 

Date Of Accounts

31/12/11

(%)

31/12/10

(%)

31/12/09

(%)

31/12/08

(%)

31/12/07

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

€4,747,135

-4.6%

€4,976,912

13.2%

€4,395,615

-9%

€4,831,093

-21.7%

€6,172,015

Number of Employees

56

-6.7%

60

-11.8%

68

-27.7%

94

-23.6%

123

Auditors

GRANT THORNTON

Auditor Comments

The audit report contains no adverse comments

Bankers

ULSTER BANK LTD

Bank Branch Code

98-62-60

 

Ratios

 

Date Of Accounts

31/12/11

31/12/10

31/12/09

31/12/08

31/12/07

Pre-tax profit margin %

-

-

-

-

-

Current ratio

2.54

2.80

2.25

1.61

1.90

Sales/Net Working Capital

-

-

-

-

-

Gearing %

83.80

60.80

46.60

63.60

26

Equity in %

45

54

57.30

41.60

57.80

Creditor Days

-

-

-

-

-

Debtor Days

-

-

-

-

-

Liquidity/Acid Test

1.96

2

1.51

1.04

1.05

Return On Capital Employed %

-0.42

-0.76

-10.88

-27.19

14.90

Return On Total Assets Employed %

-0.29

-0.56

-7.85

-15.79

9.56

Current Debt Ratio

0.68

0.48

0.49

1.01

0.62

Total Debt Ratio

1.23

0.86

0.76

1.42

0.74

Stock Turnover Ratio %

-

-

-

-

-

Return on Net Assets Employed %

-0.65

-1.05

-13.86

-38.36

16.67

 

 

FOREIGN EXCHANGE RATES

 

Na

 

ADDITIONAL INFORMATION

 

Commentary

 

No exact match CCJs are recorded against the company.

There has been no significant change in the company's credit rating.

There has been no significant change in the company's credit limit.

There is insufficient data to indicate a change in this companies percentage of sales.

Net Worth decreased by 14.4% during the latest trading period.

A 2% growth in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 47.2% compared to the previous trading period.

The company saw a decrease in their Cash Balance of 87% during the latest trading period.

The audit report contains no adverse comments.

The company has undergone recent changes in its directorships.

The company is part of a group.

The company was established over 15 years ago.

 

Event History

 

Status History

 

No Status History found

 

Event History

 

Date

Description

11/06/2013

PATRICIA CASSIDY has resigned as company secretary

11/06/2013

New Company Secretary (PAUL KELLY) appointed

29/11/2012

New Accounts Filed

29/11/2012

New Accounts Filed

28/11/2012

Annual Returns

18/01/2012

Annual Returns

18/01/2012

New Accounts Filed

18/01/2012

New Accounts Filed

10/09/2011

Annual Returns

27/10/2010

New Accounts Filed

27/10/2010

New Accounts Filed

26/10/2010

Annual Returns

09/11/2009

Annual Returns

09/11/2009

New Accounts Filed

16/09/2008

Annual Returns

 

Previous Company Names

 

Date

Previous Name

N/A

BASTA HARDWARE LIMITED

04/02/1999

WORCESTER PARSONS MANUFACTURING LIMITED

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.56

UK Pound

1

Rs.100.77

Euro

1

Rs.84.71

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.