MIRA INFORM REPORT

 

 

Report Date :

02.09.2013

 

IDENTIFICATION DETAILS

 

Name :

LEE SPORTS DISTRIBUTORS LIMITED 

 

 

Registered Office :

Unit F1, South Link Park, Ballycurreen,  Kinsale Road Cork   180014

 

 

Country :

Ireland

 

 

Date of Incorporation :

08.12.1992

 

 

Com. Reg. No.:

IE196484

 

 

Legal Form :

Private Limited By Shares

 

 

Line of Business :

Manufacture of other outerwear

 

 

No. of Employees :

Not Available

 

 

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

Company Summary

 

Company Name            

LEE SPORTS DISTRIBUTORS   Company Registration    IE196484

LIMITED

 

 

 

            Number

 

Country            IE        

Activity Code   1822      Activity Description      Manufacture of other outerwear

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

Credit Limit      500.00 (EUR)     Latest Shareholders  Equity     -267,413.00 (EUR)

 

 

Basic Information

 

Company Name                                   LEE SPORTS DISTRIBUTORS LIMITED 

Registered Company Name                LEE SPORTS DISTRIBUTORS LIMITED

Company Registration Number           IE196484          

Country                                                IE

VAT Registration Number      

VAT Registration Date

Date of Company Registration            08/12/1992       

Date of Starting Operations                08/12/1992

Commercial Court      

Legal Form                                          PRIVATE LIMITED BY SHARES

Type of Ownership     

Company Status                                  Active - Accounts Filed

Principal Activity Code                        Principal Activity Description

 

Contact Address         

UNIT F1,   SOUTH LINK

PARK,   BALLYCURREEN,  KINSALE ROAD CORK   180014

 

Main Address

Address          UNIT F1,   SOUTH LINK PARK,   BALLYCURREEN,  KINSALE ROAD CORK   180014

 

Current Directors Managers

Name   ANNE O'CONNELL

Address          57 WEST AVENUE,  PARKGATE,  FRANKFIELD,  CORK

Date of Birth     09/10/1963

Position            Director

Date Appointed                     08/12/1992

 

 

Name                                     JOHN O'CONNELL

Address                              57 WEST AVENUE,  PARKGATE,  FRANKFIELD,  CORK

Date of Birth                        18/09/1964

Position                               Company Secretary

Date Appointed                   08/12/1992

 

 

Name                                     JOHN O'CONNELL

Address                              57 WEST AVENUE,  PARKGATE,  FRANKFIELD,  CORK

Date of Birth                        18/09/1964

Position                               Director

Date Appointed                   08/12/1992

 

Share Capital Structure

Issued Share capital           200.00 (EUR)

Name                                   JOHN O'CONNELL

 

 

Name                                   ANNE O'CONNELL

 

Employee Information

Year                                     2013

Number of Employees        0

 

 

Year                                     2012

Number of Employees        0

 

 

Year                                     2011

Number of Employees        0

 

 

Financial Statements

 

 

Profit & Loss

Financial Year                    2013                                     2012                                     2011

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                       11,758.00                             24,684.00                              37,587.00

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                    2013                                     2012                                     2011

Number of Weeks               52                                        52                                         52

Currency                             EUR                                    EUR                                     EUR Consolidated  Accounts                             False                                   False                                    False Total Tangible Assets                                  14,357.00                             26,115.00                              45,253.00

Total Intangible Assets       0.00                                     0.00                                      0.00

Total Other Fixed Assets    0.00                                     0.00                                      0.00

Total Fixed Assets              14,357.00                             26,115.00                              45,253.00

Total Inventories                 520,094.00                           694,780.00                            878,774.00

Trade Receivables              270,579.00                           309,641.00                            327,521.00

Miscellaneous  Receivables                                           0.00                                      0.00      0.00

Total Receivables               270,579.00                           309,641.00                            327,521.00

Cash                                    0.00                                     0.00                                      0.00

Other Current Assets          0.00                                     0.00                                      0.00

Total Current Assets           790,673.00                           1,004,421.00                         1,206,295.00

Total Assets                         805,030.00                           1,030,536.00                         1,251,548.00

Trade Payables                   35,224.00                             130,859.00                            168,817.00

Bank Liabilities                   318,071.00                           321,072.00                            304,088.00

Other Loans/Finance          179,038.00                           205,511.00                            264,459.00

Miscellaneous  Liabilities    302,121.00                           224,581.00                            218,442.00

Total Current Liabilities      834,454.00                           882,023.00                            955,806.00

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                  237,989.00                           227,461.00                            291.159.00

 

Total Long Term Liabilities 237,989.00                          227,461.00                            291,159.00

Total Liabilities                   1,072,443.00                        1,109,484.00                         1,246,965.00

Called Up Share Capital     200.00                                  200.00                                  200.00

Revenue Reserves              -267,613.00                          -79,148.00                             4,383.00

Other Reserves                   0.00                                     0.00                                      0.00

Total Shareholders  Equity                                            -267,413.00                           -78,948.00         4,583.00

Other Financials

Contingent Liabilities         No                                       No                                        No

Working Capital                  -43,781.00                            122,398.00                            250,489.00

Net Worth                            -267,413.00                          -78,948.00                             4,583.00

 

 

 

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

0.95

1.14

1.26

Liquidity Ratio/Acid Test

0.32

0.35

0.34

Current Debt Ratio

-3.12

-11.17

208.55

Gearing

-207.94

-694.80

12,988.15

Equity in Percentage

-33.22

-7.66

0.37

Total Debt Ratio

-4.01

-14.05

272.08

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.57

UK Pound

1

Rs.103.34

Euro

1

Rs.88.16

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.