MIRA INFORM REPORT

Report Date :

23.08.2014

IDENTIFICATION DETAILS

Name :	N & C Enterprises Limited
Registered Office :	Blackhill Kill Co Kildare 341207
Country :	Ireland
Financials (as on) :	31.12.2013
Date of Incorporation :	29.12.1995
Com. Reg. No.:	IE242643
Legal Form :	Private Limited with Share Capital
Line of Business :	Quarrying of Ornamental and Building Stone, Limestone, Gypsum, Chalk and Slate
No. of Employee:	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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Ireland	A2	A2

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

REGISTERED NAME & COMPANY SUMMARY

Company Name: N & C Enterprises Limited

Company No.: IE242643

DIRECTORS/MANAGEMENT

Current Directors

Name	MICHAEL GAVIN	Date of Birth	16/09/1945
Officers Title		Nationality
Present Appointments	9	Function	Director
Appointment Date	01/07/2001
Address	BLACKHILL, KILL, CO. KILDARE.
Other Actions	View Director Report		View AML Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	MARIE GAVIN	Date of Birth	21/02/1945
Officers Title		Nationality
Present Appointments	12	Function	Director
Appointment Date	01/07/2001
Address	BLACKHILL, KILL, CO. KILDARE
Other Actions	View Director Report		View AML Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	CLEMENT GAVIN	Date of Birth	-
Officers Title		Nationality
Present Appointments	4	Function	Director
Appointment Date	29/12/1995
Address	BLACKHILL, KILL, NAAS, CO KILDARE
Other Actions	View Director Report		View AML Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	JOSEPH GAVIN	Date of Birth	20/03/1982
Officers Title		Nationality
Present Appointments	5	Function	Director
Appointment Date	19/05/2008
Address	BLACKHILL, KILL, CO.KILDARE

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
NIALL GAVIN	2	1

NEGATIVE INFORMATION

CJ

Total Number of Exact CJs -	0	Total Value of Exact CJs -	€0
Total Number of Possible CJs -	0	Total Value of Possible CJs -	€0
Total Number of Satisfied CJs -	0	Total Value of Satisfied CJs -	€0

Possible CJ Details

There are no possible CJ details

Writ Details

Unregistered - Exact CJ Details

No CJs found

Unregistered - Possible CJ Details

No CJs found

Registered - Exact CJ Details

No CJs found

Registered - Possible CJ Details

No CJs found

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value
CLEMENT GAVIN	EUR	40	ORDINARY	1.27
MICHAEL GAVIN	EUR	26	ORDINARY	1.27
MARIE GAVIN	EUR	25	ORDINARY	1.27
JOSEPH GAVIN	EUR	9	ORDINARY	1.27

Unable to report percentage holdings as filed Shareholder listing is not full.

PAYMENT INFORMATION

Payment Trend

Worsening

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group structure

No group structure

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	EUR	(%)	EUR	(%)	EUR	(%)	EUR	(%)	EUR
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	-	-	-	-	-	-	-	-	-
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	-	-	-	-	-	-	-	-	-
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	-	-	-	-	-	-	-	-	-
Depreciation	€155,780	-2.9%	€160,476	-5.4%	€169,664	-6.1%	€180,771	-13.7%	€209,347
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	-	-	-	-	-	-	-	-	-
Pre Tax Profit	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	-
Profit After Tax	-	-	-	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Tangible Assets	€653,607	-18.5%	€801,752	-14.3%	€935,823	-13.2%	€1,077,613	-13.2%	€1,241,329
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	€653,607	-18.5%	€801,752	-14.3%	€935,823	-13.2%	€1,077,613	-13.2%	€1,241,329
Stock	€370,892	-6.3%	€395,779	-3.3%	€409,425	-7.1%	€440,714	75.4%	€251,250
Trade Debtors	€523,206	12.7%	€464,270	-24.4%	€613,709	-21.6%	€782,668	12.9%	€693,135
Cash	€306,690	-27.1%	€420,626	-22.2%	€540,812	21.3%	€445,804	-9.9%	€494,819
Other Debtors	0	-	0	-	0	-	0	-	0
Miscellaneous Current Assets	0	-	0	-100%	€3,618	112.8%	€1,700	-	0
Total Current Assets	€1,200,788	-6.2%	€1,280,675	-18.3%	€1,567,564	-6.2%	€1,670,886	16.1%	€1,439,204
Trade Creditors	€478,354	14.9%	€416,234	-3.5%	€431,211	-11.7%	€488,254	-	0
Bank Loans & Overdrafts	€38,877	-43.5%	€68,848	999.9%	€2,283	-39.6%	€3,778	98.2%	€1,906
Other Short Term Finance	€45,805	-24.2%	€60,465	-35.3%	€93,483	-4.7%	€98,049	4%	€94,253
Miscellaneous Current Liabilities	€82,482	-30%	€117,811	2.9%	€114,446	-22.9%	€148,455	-67%	€449,972
Total Current Liabilities	€645,518	-2.7%	€663,358	3.4%	€641,423	-13.1%	€738,536	35.2%	€546,131
Bank Loans & Overdrafts and LTL	€63,708	-43.8%	€113,421	31.3%	€86,355	999.9%	€3,778	98.2%	€1,906
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	€24,831	-44.3%	€44,573	-47%	€84,072	-	0	-	0

Capital & Reserves

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Called Up Share Capital	€127	-	€127	-	€127	-	€127	-	€127
P & L Account Reserve	€1,183,919	-13.9%	€1,374,369	-22.7%	€1,777,765	-11.5%	€2,009,836	-5.8%	€2,134,275
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	€1,184,046	-13.9%	€1,374,496	-22.7%	€1,777,892	-11.5%	€2,009,963	-5.8%	€2,134,402

Other Financial Items

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Worth	€1,184,046	-13.9%	€1,374,496	-22.7%	€1,777,892	-11.5%	€2,009,963	-5.8%	€2,134,402
Working Capital	€555,270	-10.1%	€617,317	-33.3%	€926,141	-0.7%	€932,350	4.4%	€893,073
Total Assets	€1,854,395	-11%	€2,082,427	-16.8%	€2,503,387	-8.9%	€2,748,499	2.5%	€2,680,533
Total Liabilities	€670,349	-5.3%	€707,931	-2.4%	€725,495	-1.8%	€738,536	35.2%	€546,131
Net Assets	€1,184,046	-13.9%	€1,374,496	-22.7%	€1,777,892	-11.5%	€2,009,963	-5.8%	€2,134,402

Cash Flow

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/12/13	(%)	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	€1,208,877	-14.8%	€1,419,069	-23.8%	€1,861,964	-7.4%	€2,009,963	-5.8%	€2,134,402
Number of Employees	-	-	-	-	-	-	-	-	-
Auditors
Auditor Comments	The company is exempt from audit
Bankers	ALLIED IRISH BANKS PLC
Bank Branch Code	93-32-44

Ratios

Date Of Accounts	31/12/13	31/12/12	31/12/11	31/12/10	31/12/09
Pre-tax profit margin %	-	-	-	-	-
Current ratio	1.86	1.93	2.44	2.26	2.64
Sales/Net Working Capital	-	-	-	-	-
Gearing %	5.40	8.30	4.90	0.20	0.10
Equity in %	63.90	66	71	73.10	79.60
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	1.28	1.33	1.80	1.66	2.17
Return On Capital Employed %	-	-	-	-	-
Return On Total Assets Employed %	-	-	-	-	-
Current Debt Ratio	0.54	0.48	0.36	0.36	0.25
Total Debt Ratio	0.56	0.51	0.40	0.36	0.25
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-	-	-	-	-

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Enquiries Trend

There have been 45 enquiries in the last 12 months.

There are an average of 4 reports taken each month.

Current Company Secretary

Name	CLEMENT GAVIN	Date of Birth	-
Officers Title		Nationality
Present Appointments	4	Function	Company Secretary
Appointment Date	29/12/1995
Address	BLACKHILL, KILL, NAAS, CO KILDARE

Status History

No Status History found

Event History

Date	Description
12/07/2014	New Accounts Filed
10/07/2014	Annual Returns
12/11/2013	New Accounts Filed
09/11/2013	Annual Returns
26/11/2012	New Accounts Filed
26/11/2012	New Accounts Filed
24/11/2012	Annual Returns
15/11/2011	Annual Returns
15/11/2011	New Accounts Filed
30/04/2010	Annual Returns
29/04/2010	New Accounts Filed
29/03/2010	Annual Returns
27/03/2010	New Accounts Filed
09/11/2009	Annual Returns
09/11/2009	New Accounts Filed

Previous Company Names

No Previous Names found

Business Owner Links

Business Name	Business No	Business Status.
N & C ENTERPRISES LIMITED	IE242643
GAVIN TRANSPORT	418728	NORMAL
LEINSTER PAVING PRODUCTS	396357	NORMAL
ECO FIRE LOG	476115	NORMAL
PINK RECYCLING	400857	CEASED
ECO FIRE	476103	NORMAL

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.

There has been no significant change in the company's credit rating.

There has been no significant change in the company's credit limit.

There is insufficient data to indicate a change in this company's percentage of sales.

Net Worth decreased by 13.9% during the latest trading period.

A 11% decline in Total Assets occurred during the latest trading period.

There is insufficient data to indicate a change in this company's pre-tax profit.

The company saw a decrease in their Cash Balance of 27.1% during the latest trading period.

The company is exempt from audit.

No recent changes in directorship are recorded.

The company is not part of a group.

The movement in accumulated earnings would indicate that the company incurred a loss after tax and other appropriations, including dividends.

The company was established over 18 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.44
UK Pound	1	Rs.100.24
Euro	1	Rs.80.35

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	SDA

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.