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Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
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Name : |
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Formerly Known As : |
SYNTHETIC PACKAGING LIMITED |
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Registered Office : |
Clara, Co Offaly 163220 |
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Country : |
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Financials (as on) : |
2012 |
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Date of Incorporation : |
18.07.1984 |
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Com. Reg. No.: |
IE102221 |
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Legal Form : |
Single Member Private Company Limited By Shares |
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Line of Business : |
Manufacture of plastic packing goods |
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No. of Employees : |
17 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
THRACE SYNTHETIC PACKAGING LIMITED
Company Name
THRACE
SYNTHETIC PACKAGING LIMITED
Company Registration Number IE102221
Country IE
Activity Code 25220
Activity Description Manufacture of
plastic packing goods
Company Status Active - Accounts
Filed
Latest Turnover 8,654,204.00 (EUR)
Latest Shareholders Equity 2,350,078.00 (EUR)
Profit Before Tax 417,036.00
(EUR)
Activities
Activity Code 25220
Activity Description Manufacture of
plastic packing goods
Previous Name SYNTHETIC
PACKAGING LIMITED
Date Changed 22/04/1993
Previous Name SYNTHETIC
INDUSTRIES LIMITED
Date Changed 15/01/1985
Previous Name KADUNA LIMITED
Date Changed 18/07/1984
Company Name THRACE SYNTHETIC
PACKAGING LIMITED
Registered Company Name THRACE SYNTHETIC
PACKAGING LIMITED
Company Registration Number IE102221
Country IE
Date of Company Registration 18/07/1984
Date of Starting Operations 18/07/1984
Legal Form SINGLE MEMBER PRIVATE COMPANY LIMITED BY
SHARES
Type of Ownership Company Status Active - Accounts Filed
Principal Activity Code
Principal Activity Description The distribution of polypropylene products.
Contact Address CLARA, CO OFFALY 163220
Address CLARA, CO OFFALY 163220
Name GEORGIOS BRAIMIS
Address 30 B KIFISSON
STREET, ATHENS 14562, GREECE
Date of Birth 18/12/1966
Position Director
Date Appointed 12/01/2012
Name DIMITRIS MALAMOS
Address 5 IKAROU STREET, 14564
KIFISSIA, ATHENS, GREECE
Date of Birth 16/02/1976
Position Director
Date Appointed 01/01/2011
Name COLIN JOHNSON
Address 11 CHALLUM PLACE,
BROUGHTY FERRY, DUNDEE DD5 35Z, SCOTLAND
Date of Birth 19/05/1969
Position Director
Date Appointed 01/01/2011
Name KEVIN CROTHERS
Address 12 COLLEGE HILL,
MULLINGAR, CO. WESTMEATH, IRELAND
Date of Birth 16/04/1970
Position Company Secretary
Date Appointed 29/09/2010
Name KEVIN CROTHERS
Address 12 COLLEGE HILL,
MULLINGAR, CO. WESTMEATH, IRELAND
Date of Birth 16/04/1970
Position Director
Date Appointed 01/04/2008
Name AIDAN DEVERY
Address LISSANISKY, CLARA,
CO. OFFALY
Date of Birth 13/09/1960
Position Director
Date Appointed 28/02/2001
Name KONSTANTINIS
CHALIORIS
Address 20 MARINOU ANTIPA
STR, 17455 ATHENS, GREECE
Date of Birth 02/09/1962
Position Director
Date Appointed 04/07/2000
Name STEPHEN DUFFY
Address ROS BAN HOUSE,
BUNARKAIG, ACHNACARRY, BY SPEAN BRIDGE, SCOTLAND PH 34 4EJ
Date of Birth 05/10/1946
Position Director
Date Appointed 04/07/2000
Issued Share capital 1,000,000.00 (EUR)
Name SYNTHETIC HOLDINGS
LTD
Company Name Registration Number Status Last Financials
|
1 THRACE PLASTICS CO SA Other |
|||
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2 DON & LOW LIMITED SC005657 Active 31/12/2011 |
|||
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|||
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3 DON
& LOW (HOLDINGS) LIMITED |
SC026425 |
NonActive |
31/12/2011 |
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3 DON
& LOW NONWOVENS LIMITED |
SC014156 |
NonActive |
31/12/2011 |
|
2 SYNTHETIC (HOLDINGS) LIMITED |
NI026913 |
Active |
31/12/2011 |
|
3 THRACE SYNTHETIC PACKAGING LIMITED |
IE102221 |
Active |
31/12/2012 |
|
4 ARNO
LIMITED |
IE238183 |
NonActive |
31/12/2012 |
|
3 SYNTHETIC TEXTILES LIMITED |
NI011181 |
NonActive |
31/12/2011 |
Affiliate Name DON
& LOW LIMITED
Affiliate ID GB003/0/SC005657
Country GB
Affiliate Name DON
& LOW (HOLDINGS) LIMITED
Affiliate ID GB003/0/SC026425
Country GB
Affiliate Name DON
& LOW NONWOVENS LIMITED
Affiliate ID GB003/0/SC014156
Country GB
Affiliate Name SYNTHETIC
TEXTILES LIMITED
Affiliate ID GB003/0/NI011181
Country GB
Year 2012
Number of Employees 17
Year 2011
Number of Employees 17
Year 2010
Number of Employees 15
Name BANK OF IRELAND
Bank Code 90-16-93
Financial Year
2012 2011 2010
Number of Weeks 52 52 52
Currency EUR EUR EUR
Consolidated
Accounts
False False False
Revenue 8,654,204.00 8,580,846.00 8,128,797.00
Operating Costs 8,226,168.00 8,129,950.00 7,672,023.00
Operating Profit 428,036.00 450,896.00 456,774.00
Wages & Salaries 609,129.00 556,483.00 684,914.00
Pension Costs 63,306.00 -48,064.00 39,000.00
Depreciation 24,385.00 25,824.00
24,020.00
Amortisation 0.00 0.00 0.00
Financial Expenses
33,000.00 47,000.00
43,000.00
Profit Before Tax 417,036.00 431,896.00 447,774.00
Tax -63,896.00 -58,115.00 -58,380.00
Profit After Tax 353,140.00 373,781.00 389,394.00
Dividends 0.00 3,500,000.00 0.00
Minority Interests
0.00 0.00 0.00
Other Appropriations 0.00 0.00 0.00
Retained Profit 353,140.00 -3,126,219.00 389,394.00
Financial Year
2012 2011 2010
Number of Weeks 52 52 52
Currency EUR EUR EUR
Consolidated Accounts False False False
Total Tangible Assets 157,975.00 182,360.00 208,184.00
Total Intangible Assets 0.00 0.00 0.00
Total Other Fixed Assets 45,728.00 28,470.00
34,080.00
Total Fixed Assets 203,703.00 210,830.00 242,264.00
Total Inventories 1,675,410.00 1,669,434.00 1,266,887.00
Trade Receivables
1,629,457.00 1,475,799.00 1,907,749.00
Miscellaneous Receivables 380,539.00 3,403,904.00 6,380,747.00
Total Receivables 2,009,996.00 4,879,703.00 8,288,496.00
Cash 423,557.00 602,791.00 205,137.00
Other Current Assets
0.00 0.00 0.00
Total Current Assets 4,108,963.00 7,151,928.00 9,760,520.00
Total Assets 4,312,666.00 7,362,758.00 10,002,784.00
Trade Payables
190,103.00 137,499.00 60,581.00
Bank Liabilities
0.00 0.00 0.00
Other Loans/Finance 1,140,609.00 1,045,154.00 490,162.00
Miscellaneous Liabilities 250,876.00 212,126.00 277,218.00
Total Current Liabilities
1,581,588.00 1,394,779.00 827,961.00
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 381,000.00 199,000.00 256,000.00
after 1 year Year
Total Long Term Liabilities 381,000.00 199,000.00 256,000.00
Total Liabilities 1,962,588.00 1,593,779.00 1,083,961.00
Called Up Share Capital
1,000,000.00 4,609,291.00 4,609,291.00
Revenue Reserves 1,238,383.00 1,047,993.00 4,197,837.00
Other Reserves 111,695.00 111,695.00 111,695.00
Total Shareholders Equity 2,350,078.00 5,768,979.00 8,918,823.00
Other Financials
Contingent Liabilities No No No
Working Capital 2,527,375.00 5,757,149.00 8,932,559.00
Net Worth 2,350,078.00 5,768,979.00 8,918,823.00
Pre-Tax Profit Margin
4.82 5.03 5.51
Return on Capital Employed 15.27 7.23 4.88
Return on Total Assets 9.67 5.86 4.47
Employed
Return on Net Assets
Employed 17.74 7.48 5.02
Sales/Net Working Capital 3.42 1.49 0.91
Stock Turnover Ratio 19.35 19.45
15.58
Debtor Days 68.53 62.60
85.42
Creditor Days 7.99 5.83 2.71
Current Ratio 2.60 5.13 11.79
Liquidity Ratio/Acid Test 1.53 3.93 10.25
Current Debt Ratio 0.67 0.24 0.09
Gearing 16.21 3.45 2.87
Equity in Percentage 54.49 78.35
89.16
Total Debt Ratio 0.83 0.27 0.12
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.62.48 |
|
UK Pound |
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.83.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
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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 |
|
<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.