MIRA INFORM REPORT

 

 

Report Date :

19.10.2013

 

IDENTIFICATION DETAILS

 

Name :

SPECIAL STEELS LIMITED

 

 

Formerly Known As :

PARKMORE STEELS LIMITED

 

 

Registered Office :

12b Parkmore Industrial Estate, Long Mile Road, Dublin 12 216410

 

 

Country :

Ireland

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

21.01.2008

 

 

Com. Reg. No.:

IE452097

 

 

Legal Form :

Private limited by shares

 

 

Line of Business :

Suppliers  of Engineering Steel including Bright Steel, Black Steel, Mild Steel Tube & Tool Steel

 

 

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 :

No Complaints 

 

 

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 Summary

 

Company Name                                   SPECIAL STEELS LIMITED

Company Registration Number            IE452097

Country                                                IE

 

Activity Code                                       5118

Activity Description                              Suppliers  of Engineering Steel including Bright Steel, Black Steel, Mild

Steel Tube & Tool Steel

 

Company Status                                  Active - Accounts Filed

 

Latest Turnover                                   0.00 (EUR)

Latest Shareholders Equity                  443,737.00 (EUR)

 

 

Company Identification

 

Activities

Activity Code                                       5118

Activity Description                              Suppliers  of Engineering Steel including Bright Steel, Black Steel, Mild

Steel Tube & Tool Steel

 

Previous Names

Previous Name                                    PARKMORE STEELS LIMITED

Date Changed                                      21/01/2008

 

Basic Information

Company Name                                   SPECIAL STEELS LIMITED

Registered Company Name                 SPECIAL STEELS LIMITED

Company Registration Number            IE452097

Country                                                IE

Date of Company Registration             21/01/2008

Date of Starting Operations                 21/01/2008

 

Legal Form                                          PRIVATE LIMITED BY SHARES

Contact Address                                   12B PARKMORE INDUSTRIAL

ESTATE, LONG MILE ROAD, DUBLIN

12 216410

 

Main Address

 

Address                                    12B PARKMORE INDUSTRIAL ESTATE, LONG MILE ROAD, DUBLIN 12

216410

 

Current Directors Managers

 

Name                           JAMES FITZPATRICK

Address                        TILLYS TOWN BUNGALOW, LOWER SHANKILL, CO DUBLIN

Date of Birth                27/06/1958

Position                       Company Secretary

Date Appointed            14/10/2008

 

Name                           JAMES FITZPATRICK

Address                        TILLYS TOWN BUNGALOW, LOWER SHANKILL, CO DUBLIN

Date of Birth                27/06/1958

Position                       Director

Date Appointed            14/10/2008

 

Name                           RAYMOND KANE

Address                        9 GLENLAWN DRIVE, THE PARK, CABINTEELY, DUBLIN 18

Date of Birth                27/03/1966

Position                       Director

Date Appointed            16/06/2008

 

 

Share Capital Structure

 

Issued Share capital    200.00 (EUR)

Name                           RAYMOND KANE

Share Percent            75.00 %

 

Name                           JAMES FITZPATRICK

Share Percent                         25.00 %

 

Employee Information

 

Year                             2012

Number of Employees 0

 

Year                             2011

Number of Employees 0

 

Year                             2010

Number of Employees 0

 

Financial Statements

 

Profit & Loss

Financial Year                      2012                                     2011                                     2010

Number of Weeks                 52                                        52                                         52

Currency                               EUR                                    EUR                                     EUR Consolidated  Accounts                               False                                   False                                    False Revenue                                              0.00                                     0.00                                      0.00

Wages & Salaries                 0.00                                     0.00                                      0.00

Pension Costs                       0.00                                     0.00                                      0.00

Depreciation                         0.00                                     2,326.00                                13,227.00

Amortisation                         0.00                                     0.00                                      0.00

Profit Before Tax                  0.00                                     0.00                                      0.00

Other Appropriations            0.00                                     0.00                                      0.00

 

Balance Sheet

Financial Year                      2012                                     2011                                     2010

Number of Weeks                 52                                        52                                         52

Currency                               EUR                                    EUR                                     EUR Consolidated  Accounts                               False                                   False                                    False

Total Tangible Assets           0.00                                     0.00                                      10,726.00

Total Intangible Assets         0.00                                     0.00                                      0.00

Total Other Fixed Assets      0.00                                     0.00                                      0.00

Total Fixed Assets                0.00                                     0.00                                      10,726.00

Total Inventories                   312,282.00                           319,479.00                            312,897.00

Trade Receivables                581,480.00                           624,521.00                            419,334.00

Miscellaneous  Receivables 0.00                                     0.00                                      0.00

Total Receivables                 581,480.00                           624,521.00                            419,334.00

Cash                                      277,340.00                           204,876.00                            195,867.00

Other Current Assets            0.00                                     4,181.00                                9,877.00

Total Current Assets             1,171,102.00                        1,153,057.00                         937,975.00

Total Assets                           1,171,102.00                        1,153,057.00                         948,701.00

Trade Payables                     625,119.00                           725,547.00                            520,203.00

Bank Liabilities                     0.00                                     0.00                                      0.00

Other Loans/Finance            0.00                                     0.00                                      0.00

Miscellaneous  Liabilities        87,246.00                      53,887.00                      38,056.00

 

Total Current Liabilities        712,365.00                           779,434.00                            558,259.00

Bank Liabilities due after

1 year                                       0.00                                  0.00                                      0.00

Other Loans/Finance

due after 1 year                       0.00                                 0.00                                       0.00     

Miscellaneous  Liabilities

due after 1 year                    15,000.00                             57,500.00                              128,670.00

Total Long Term Liabilities  15,000.00                             57,500.00                              128,670.00

Total Liabilities                     727,365.00                           836,934.00                            686,929.00

Called Up Share Capital       200.00                                  200.00                                  200.00

Revenue Reserves                443,537.00                           315,923.00                            261,572.00

Other Reserves                     0.00                                     0.00                                      0.00

Total Shareholders  Equity   443,737.00                           316,123.00                            261,772.00

 

Other Financials

Contingent Liabilities           No                                       No                                        No

Working Capital                   458,737.00                           373,623.00                            379,716.00

Net Worth                               443,737.00                           316,123.00                            261,772.00

 

Ratios

 

Sales/Net Working Capital

0.00

0.00

0.00

Debtor Days

0.00

0.00

0.00

Creditor Days

0.00

0.00

0.00

Current Ratio

1.64

1.48

1.68

Liquidity Ratio/Acid Test

1.20

1.06

1.11

Current Debt Ratio

1.60

2.46

2.13

Gearing

3.38

18.19

49.15

Equity in Percentage

37.89

27.42

27.59

Total Debt Ratio

1.63

2.64

2.62

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.28

UK Pound

1

Rs.99.03

Euro

1

Rs.83.80

 

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 (1

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.