MIRA INFORM REPORT

 

 

Report Date :

23.10.2013

 

IDENTIFICATION DETAILS

 

Name :

MC MONAGLE (FIREPLACES) LIMITED

 

 

Registered Office :

Turris Hill, Mountcharles, Co Donegal  209619

 

 

Country :

Ireland

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

06.08.1980

 

 

Com. Reg. No.:

IE076946

 

 

Legal Form :

Single Member Private Company Limited By Shares

 

 

Line of Business :

Subject is engaged in general construction & civil engineering

 

 

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 :

Satisfactory

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 name

 

MC MONAGLE (FIREPLACES) LIMITED

 

 

Company Summary

 

 

Company Name            MC MONAGLE (FIREPLACES)   Company Registration             IE076946

                                       LIMITED        

Country            IE        

Activity Code    4521                  Activity Description      General construction & civil engineering

Company Status          Active - Accounts Filed               Latest Turnover            0.00 (EUR)

Latest Shareholders  Equity     539,812.00 (EUR)

 

 

Company Identification

 

Activities

Activity Code    4521

Activity Description      General construction & civil engineering

 

 

Basic Information

 

Company Name                                    MC MONAGLE (FIREPLACES) LIMITED   

Registered Company Name                  MC MONAGLE (FIREPLACES) LIMITED

Company Registration Number           IE076946          

Country                                                IE

Date of Company Registration             06/08/1980       

Date of Starting Operations                 06/08/1980

Legal Form                                           SINGLE MEMBER PRIVATE COMPANY LIMITED BY SHARES

Company Status                                  Active - Accounts Filed

Contact Address                                  TURRIS HILL,  MOUNTCHARLES,

CO DONEGAL   209619

Contact Telephone Number                 0749735085

 

Main Address

 

Address          TURRIS HILL,   MOUNTCHARLES,  CO DONEGAL  209619

Telephone        0749735085

 

 

Current Directors Managers

 

Name                            JULIE PARKINSON

Address                      BENROE,  BRUCKLESS,  CO.DONEGAL

Date of Birth                 05/08/1979

Position                       Company Secretary

Date Appointed            05/12/2011

 

Name                            JULIE PARKINSON

Address                      BENROE,  BRUCKLESS,  CO.DONEGAL

Date of Birth                 05/08/1979

Position                       Director

Date Appointed            05/12/2011

 

Name                            BRIAN MC MONAGLE

Address                      BENRUE,  BRUCKLESS,  CO. DONEGAL

Date of Birth                 06/03/1980

Position                       Director

Date Appointed            26/10/2009

 

 

Share Capital Structure

 

Issued Share capital    50,002.50 (EUR)

Name                            MYRA MCMONAGLE

 

 

Employee Information

 

Year                                          2012

Number of Employees             0

 

Year                                          2011

Number of Employees             0

 

Year                                          2010

Number of Employees             0

 

 

Bankers

 

Name                            ULSTER BANK LTD

Bank Code                    98-55-60

 

 

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                             55,186.00          71,543.00          77,177.00

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 351,658.00        409,434.00        522,026.00

Total Intangible Assets            0.00                  0.00                  0.00

Total Other Fixed Assets          0.00                  0.00                  0.00

Total Fixed Assets                   351,658.00        409,434.00        522,026.00

Total Inventories                      124,553.00        179,650.00        208,884.00

Trade Receivables                    84,201.00          87,570.00          130,327.00

Miscellaneous  Receivables     0.00                  0.00                  0.00

Total Receivables                     84,201.00          87,570.00          130,327.00

Cash                                         53,815.00          14,506.00          51.00

Other Current Assets   0.00                  1.00                  0.00

Total Current Assets                 262,569.00        281,727.00        339,262.00

Total Assets                             614,227.00        691,161.00        861,288.00

Trade Payables                        28,124.00          57,337.00          45,873.00

Bank Liabilities                        550.00               1,087.00            5,373.00

Other Loans/Finance                6,040.00            6,117.00            11,344.00

Miscellaneous  Liabilities         26,992.00          12,668.00          14,141.00

Total Current Liabilities           61,706.00          77,209.00          76,731.00

Bank Liabilities due

after 1 year                               0.00                  0.00                  0.00

Other Loans/Finance    0.00                  0.00                  0.00

due after 1 year

Miscellaneous  Liabilities      12,709.00          18,749.00          8,445.00

due after 1 year

Total Long Term Liabilities      12,709.00          18,749.00          8,445.00

Total Liabilities                        74,415.00          95,958.00          85,176.00

Called Up Share Capital           50,003.00          50,003.00          50,003.00

Revenue Reserves                    489,019.00        544,410.00        626,554.00

Other Reserves                         790.00               790.00               99,555.00

Total Shareholders  Equity       539,812.00        595,203.00        776,112.00

Other Financials

Contingent Liabilities   No                    No                    No

Working Capital                       200,863.00        204,518.00        262,531.00

Net Worth                                 539,812.00        595,203.00        776,112.00

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

4.26

3.65

4.42

Liquidity Ratio/Acid Test

2.23

1.32

1.69

Current Debt Ratio

0.11

0.12

0.09

Gearing

2.46

3.33

1.78

Equity in Percentage

87.88

86.12

90.11

Total Debt Ratio

0.13

0.16

0.10

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.78

UK Pound

1

Rs.99.66

Euro

1

Rs.84.49

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.