MIRA
INFORM REPORT
|
Report Date : |
23.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
ALLAVIATION LEASING (IGO NO. 3) LIMITED |
|
|
|
|
Registered Office : |
2 Grand Canal Square, Grand Canal Harbour, Dublin 2, 216410 |
|
|
|
|
Country : |
Ireland |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
20.02.2008 |
|
|
|
|
Com. Reg. No.: |
IE453620 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
· Engaged in renting and leasing of air passenger transport equipment · Engaged in purchasing and Leasing of Aircraft. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property market and construction industry. 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 an even more important 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 to stabilize Ireland’s public finances. 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 country’s deeply troubled banking sector. In late 2010, the former COWEN government agreed to a $92 billion loan package from the EU and IMF to help Dublin recapitalize Ireland’s fragile 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 has grown slowly since 2011, but managed to reduce the budget deficit to 7.2% of GDP in 2013. In late 2013, Ireland formally exited its EU-IMF bailout program, benefiting from its strict adherence to deficit-reduction targets and success in refinancing a large amount of banking-related debt.
|
Source : CIA |
Company name & address
|
Company Name: |
ALLAVIATION LEASING (IGO NO. 3) LIMITED |
|
Company No: |
IE453620 |
|
Registered Address: |
|
2 GRAND CANAL SQUARE |
|
GRAND CANAL HARBOUR |
|
DUBLIN 2 |
|
216410 |
Company summary
|
Company Name |
ALLAVIATION LEASING (IGO NO. 3) LIMITED |
Company Number |
IE453620 |
|
Registered
Address |
2 GRAND CANAL SQUARE |
|
|
|
Incorporation Date |
20/02/2008 |
Company Status |
Active - Accounts Filed |
|
Previous Name |
Type |
Private Company |
|
|
Date of Change |
- |
Filing Date of Accounts |
- |
|
|
|
Share Capital |
€1 |
|
SIC03 |
71231 |
Currency |
EUR |
|
SIC03 Description |
Engaged in RENTING OF PASSENGER AIR TRANSPORT
EQUIPMENT |
||
|
SIC07 |
77351 |
||
|
SIC07 Description |
RENTING AND LEASING OF AIR PASSENGER TRANSPORT EQUIPMENT |
||
|
Principal Activity |
Engaged in purchasing
and Leasing of Aircraft Commenced trading on 20.02.08. Accounts data converted from US
Dollars. T/O = Operating income. |
||
Commentary
|
No exact match CCJs are recorded against the company. |
|
|
Sales in the latest trading period decreased 0.2% on the previous
trading period. |
|
|
Net Worth decreased by 20.1% during the latest trading period. |
|
|
A 0.9% decline in Total Assets occurred during the latest trading
period. |
|
|
Pre-tax profits decreased by 2.3% compared to the previous trading
period. |
|
|
The company saw an increase in their Cash Balance of 31.6% during the
latest trading period. |
|
|
The audit report contains no adverse comments. |
|
|
No recent changes in directorship are recorded. |
|
|
The company is part of a group. |
|
|
The company was established over 6 years ago. |
|
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Key Financials
|
Year to Date |
Turnover |
Pre Tax Profit |
Shareholder Funds |
Employees |
|
30/06/2012 |
€2,736,053 |
-€364,139 |
-€2,175,307 |
- |
|
30/06/2011 |
€2,742,867 |
-€355,848 |
-€1,811,168 |
- |
|
30/06/2010 |
€2,851,248 |
-€373,728 |
-€1,512,556 |
- |
Payment Information Summary
|
Days Beyond
Terms |
Trend Indicator |
Average Payment Experience |
|||||
|
Steady Improving Worsening |
Be the first to leave a
payment experience |
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%20LIMITED%20-%20263349%2023-Apr-2014_files/image005.gif){kind=small}
CJ
|
Total Number of Exact CJs - |
Total Value of Exact CJs - |
||
|
Total Number of Possible CJs - |
Total Value of Possible CJs - |
||
|
Total Number of Satisfied CJs - |
Total Value of Satisfied CJs - |
Exact CJ Details
There are no exact CJ details
Possible CJ Details
There are no possible CJ details
Mortgage Summary
|
Outstanding |
3 |
|
Satisfied |
0 |
|
Total Current Directors |
2 |
|
Total Current Secretaries |
1 |
|
Total Previous Directors / Company Secretaries |
2 |
Current Directors
|
Name |
Date of Birth |
22/03/1976 |
|
|
Officers Title |
Nationality |
||
|
Present Appointments |
156 |
Function |
Director |
|
Appointment Date |
29/02/2008 |
||
|
Address |
6 WINTON ROAD, RANELAGH, DUBLIN 6. |
||
|
Name |
Date of Birth |
23/05/1973 |
|
|
Officers Title |
Nationality |
||
|
Present Appointments |
102 |
Function |
Director |
|
Appointment Date |
29/02/2008 |
||
|
Address |
29 LABURNUM ROAD, CLONSKEAGH, DUBLIN 14 |
||
Current Company Secretary
|
Name |
Date of Birth |
18/02/1988 |
|
|
Officers Title |
Nationality |
||
|
Present Appointments |
366 |
Function |
Company Secretary |
|
Appointment Date |
20/02/2008 |
||
|
Address |
|||
Top 20 Shareholders
|
Currency |
Share Count |
Share Type |
Nominal Value |
% of Total Share Count |
|
|
ALLAVIATION FUNDING (IRELAND) LTD |
EUR |
1 |
ORDINARY |
1 |
100 |
Profit & Loss
|
Date Of Accounts |
30/06/12 |
30/06/11 |
30/06/10 |
30/06/09 |
30/06/08 |
|
Weeks |
52 |
52 |
52 |
52 |
19 |
|
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Consolidated A/cs |
N |
N |
N |
N |
N |
|
Turnover |
€2,736,053 |
€2,742,867 |
€2,851,248 |
€2,392,505 |
€754,884 |
|
Export |
- |
- |
- |
- |
- |
|
Cost of Sales |
- |
- |
- |
- |
- |
|
Gross Profit |
- |
- |
- |
- |
- |
|
Wages & Salaries |
- |
- |
- |
- |
- |
|
Directors Emoluments |
- |
- |
- |
- |
- |
|
Operating Profit |
- |
- |
- |
-€318,041 |
-€775,476 |
|
Depreciation |
€1,239,318 |
€1,239,318 |
€1,288,060 |
€1,089,325 |
- |
|
Audit Fees |
€6,167 |
€6,280 |
€6,395 |
€7,581 |
€16,657 |
|
Interest Payments |
€1,758,060 |
€1,755,108 |
€1,826,574 |
€1,548,219 |
€487,045 |
|
Pre Tax Profit |
-€364,139 |
-€355,848 |
-€373,728 |
-€318,041 |
-€775,476 |
|
Taxation |
- |
- |
- |
- |
- |
|
Profit After Tax |
-€364,139 |
-€355,848 |
-€373,728 |
-€318,041 |
-€775,476 |
|
Dividends Payable |
- |
- |
- |
- |
- |
|
Retained Profit |
-€364,139 |
-€355,848 |
-€373,728 |
-€318,041 |
-€775,476 |
Balance Sheet
|
Date Of Accounts |
30/06/12 |
30/06/11 |
30/06/10 |
30/06/09 |
30/06/08 |
|
Tangible Assets |
€25,612,584 |
€26,851,902 |
€29,196,030 |
€25,780,702 |
€32,301,553 |
|
Intangible Assets |
0 |
0 |
0 |
0 |
0 |
|
Total Fixed Assets |
€25,612,584 |
€26,851,902 |
€29,196,030 |
€25,780,702 |
€32,301,553 |
|
Stock |
0 |
0 |
0 |
0 |
0 |
|
Trade Debtors |
0 |
0 |
0 |
0 |
0 |
|
Cash |
€4,037,326 |
€3,067,376 |
€2,653,524 |
€1,152,404 |
€207,678 |
|
Other Debtors |
€116,433 |
€120,272 |
€95,642 |
€112,868 |
€124,237 |
|
Miscellaneous Current Assets |
0 |
0 |
0 |
0 |
0 |
|
Total Current Assets |
€4,153,759 |
€3,187,648 |
€2,749,166 |
€1,265,272 |
€331,915 |
|
Trade Creditors |
0 |
0 |
0 |
0 |
0 |
|
Bank Loans & Overdrafts |
0 |
0 |
0 |
0 |
0 |
|
Other Short Term Finance |
€2,698,670 |
€2,588,162 |
€2,376,340 |
€1,925,871 |
€2,208,739 |
|
Miscellaneous Current Liabilities |
€4,146,196 |
€3,181,164 |
€2,954,475 |
€1,443,326 |
€558,338 |
|
Total Current Liabilities |
€6,844,866 |
€5,769,326 |
€5,330,814 |
€3,369,197 |
€2,767,077 |
|
Bank Loans & Overdrafts and LTL |
€25,096,784 |
€26,081,392 |
€28,126,938 |
€24,639,896 |
€30,641,865 |
|
Other Long Term Finance |
€25,096,784 |
€26,081,392 |
€28,126,938 |
€24,639,896 |
€30,641,865 |
|
Total Long Term Liabilities |
€25,096,784 |
€26,081,392 |
€28,126,938 |
€24,639,896 |
€30,641,865 |
Capital & Reserves
|
Date Of Accounts |
30/06/12 |
30/06/11 |
30/06/10 |
30/06/09 |
30/06/08 |
|
Called Up Share Capital |
€2 |
€2 |
€2 |
€1 |
€2 |
|
P & L Account Reserve |
-€2,175,308 |
-€1,811,169 |
-€1,512,558 |
-€963,120 |
-€775,476 |
|
Revaluation Reserve |
- |
- |
- |
- |
- |
|
Sundry Reserves |
- |
- |
- |
- |
- |
|
Shareholder Funds |
-€2,175,307 |
-€1,811,168 |
-€1,512,556 |
-€963,119 |
-€775,475 |
Other Financial Items
|
Date Of Accounts |
30/06/12 |
30/06/11 |
30/06/10 |
30/06/09 |
30/06/08 |
|
Net Worth |
-€2,175,307 |
-€1,811,168 |
-€1,512,556 |
-€963,119 |
-€775,475 |
|
Working Capital |
-€2,691,107 |
-€2,581,678 |
-€2,581,648 |
-€2,103,925 |
-€2,435,162 |
|
Total Assets |
€29,766,343 |
€30,039,550 |
€31,945,196 |
€27,045,974 |
€32,633,467 |
|
Total Liabilities |
€31,941,650 |
€31,850,718 |
€33,457,753 |
€28,009,093 |
€33,408,942 |
|
Net Assets |
-€2,175,307 |
-€1,811,168 |
-€1,512,556 |
-€963,119 |
-€775,475 |
Miscellaneous
|
Date Of Accounts |
30/06/12 |
30/06/11 |
30/06/10 |
30/06/09 |
30/06/08 |
|
Contingent Liability |
YES |
YES |
YES |
YES |
YES |
|
Capital Employed |
€22,921,477 |
€24,270,224 |
€26,614,382 |
€23,676,777 |
€29,866,391 |
|
Number of Employees |
- |
- |
- |
- |
- |
|
Auditors |
KPMG |
||||
|
Auditor Comments |
The audit report contains no adverse comments |
||||
|
Bankers |
ALLIED IRISH BANK PLC |
||||
|
Bank Branch Code |
|||||
Ratios
|
Date Of Accounts |
30/06/12 |
30/06/11 |
30/06/10 |
30/06/09 |
30/06/08 |
|
Pre-tax profit margin % |
-13.31 |
-12.97 |
-13.11 |
-13.29 |
-102.73 |
|
Current ratio |
0.61 |
0.55 |
0.52 |
0.38 |
0.12 |
|
Sales/Net Working Capital |
-1.02 |
-1.06 |
-1.10 |
-1.14 |
-0.31 |
|
Gearing % |
-1153.70 |
-1440 |
-1859.60 |
-2558.30 |
-3951.40 |
|
Equity in % |
-7.30 |
-6 |
-4.70 |
-3.60 |
-2.40 |
|
Creditor Days |
- |
- |
- |
- |
- |
|
Debtor Days |
- |
- |
- |
- |
- |
|
Liquidity/Acid Test |
0.60 |
0.55 |
0.51 |
0.37 |
0.11 |
|
Return On Capital Employed % |
-1.58 |
-1.46 |
-1.40 |
-1.34 |
-2.59 |
|
Return On Total Assets Employed % |
-1.22 |
-1.18 |
-1.16 |
-1.17 |
-2.37 |
|
Current Debt Ratio |
-3.14 |
-3.18 |
-3.52 |
-3.49 |
-3.56 |
|
Total Debt Ratio |
-14.68 |
-17.58 |
-22.12 |
-29.08 |
-43.08 |
|
Stock Turnover Ratio % |
- |
- |
- |
- |
- |
|
Return on Net Assets Employed % |
16.73 |
19.64 |
24.70 |
33.02 |
100 |
Status History
No Status History found
Event History
|
Date |
Description |
|
06/06/2013 |
New Accounts Filed |
|
06/06/2013 |
New Accounts Filed |
|
05/06/2013 |
Annual Returns |
|
16/06/2012 |
New Accounts Filed |
|
16/06/2012 |
New Accounts Filed |
|
14/06/2012 |
Annual Returns |
|
23/05/2011 |
New Accounts Filed |
|
23/05/2011 |
New Accounts Filed |
|
20/05/2011 |
Annual Returns |
|
02/06/2010 |
Annual Returns |
|
02/06/2010 |
New Accounts Filed |
|
02/06/2010 |
New Accounts Filed |
|
03/07/2009 |
WILLIAM CUMBERLIDGE has left the board |
|
15/05/2009 |
New Accounts Filed |
|
14/05/2009 |
Annual Returns |
Previous Company Names
No Previous Names found
Statistics
|
Group |
14 companies |
|
Linkages |
|
|
Countries |
Summary
|
Holding Company |
ALLAVIATION FUNDING (IRELAND) LIMITED |
|
Ownership Status |
Intermediately Owned |
|
Ultimate Holding Company |
HNA GROUP (HONG KONG) CO LTD |
Group structure
|
COMPANY NAME |
REGISTERED NUMBER |
LATEST KEY FINANCIALS |
CONSOL. ACCOUNTS |
TURNOVER |
|
|
|
|
N/A |
- |
- |
|
|
|
|
N/A |
- |
- |
|
|
|
IE453939 |
30.06.2012 |
N |
€511,424 |
|
|
|
IE453620 |
30.06.2012 |
N |
€2,736,053 |
|
|
|
IE453621 |
30.06.2012 |
N |
€2,728,335 |
|
|
|
IE461132 |
30.06.2012 |
N |
€2,598,036 |
|
|
|
IE416750 |
31.03.2013 |
N |
€14,520,005 |
|
|
|
IE491503 |
31.12.2012 |
N |
€10,592,241 |
|
|
|
05076668 |
31.12.2012 |
N |
||
|
|
|
N/A |
- |
- |
|
|
|
IE317044 |
31.12.2012 |
N |
€13,211,705 |
|
|
|
IE407381 |
30.06.2012 |
N |
€16,290,291 |
|
|
|
IE425105 |
30.06.2012 |
N |
€17,518,808 |
|
|
|
IE491430 |
31.12.2012 |
N |
€8,489,896 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.71 |
|
UK Pound |
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.83.77 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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
(10%)3
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.