MIRA INFORM REPORT

Report Date :

25.08.2014

IDENTIFICATION DETAILS

Name :	SIERRA COMMUNICATIONS LIMITED

Registered Office :	Westland Park, Nangor Road, Dublin 12, 216410

Country :	Ireland

Financials (as on) :	30.04.2012

Date of Incorporation :	19.02.1985

Com. Reg. No.:	IE105844

Legal Form :	Not Available

Line of Business :	A group engaged in developing national and international support service provider to the telecommunications

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

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 – June 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Ireland

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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:	SIERRA COMMUNICATIONS LIMITED
Company No:	IE105844
Company Status:	Section 17 (Southern Ireland)

DIRECTORS/MANAGEMENT

Current Directors

Name	ALAN DOHERTY	Date of Birth	02/03/1964
Officers Title		Nationality
Present Appointments	12	Function	Director
Appointment Date	07/01/2013
Address	2 CLIFTON AVENUE, MONKSTOWN, CO DUBLIN
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	PATRICK CAROLAN	Date of Birth	31/03/1979
Officers Title		Nationality
Present Appointments	11	Function	Director
Appointment Date	07/09/2012
Address	144 MOUNTAINVIEW PARK, CHURCHTOWN, DUBLIN 14
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	SEAN CORKERY	Date of Birth	24/04/1958
Officers Title		Nationality
Present Appointments	8	Function	Director
Appointment Date	01/07/2013
Address	AUDREVALE RIVERS, ANNACOTTY, LIMERICK
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	THOMAS JOSEPH MALONE	Date of Birth	24/10/1972
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	01/11/2010
Address	LADYSTOWN NEWBRIDGE, CO. KILDARE
Disqualified		Disqualified End Date
Disqualification Exception	No

NEGATIVE INFORMATION

Total Number of Exact CJs -	Total Value of Exact CJs -	€0
Total Number of Possible CJs -	Total Value of Possible CJs -	€0
Total Number of Satisfied CJs -	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
SITESERV BV	EUR	9,200,890	CUMULATIVE PREFERENCE	1
SITESERV INVESTMENTS LTD	EUR	100,000	ORDINARY A	0.1
SITESERV INVESTMENTS LTD	EUR	4,096	ORDINARY B	0.1
SITESERV INVESTMENTS LTD	EUR	3,250	ORDINARY C	0.1

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

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	19 companies
Linkages	1 companies
Countries	In 1 countries

Summary

Holding Company	SITESERV INVESTMENTS LIMITED
Ownership Status	Wholly Owned
Ultimate Holding Company	SITESERV HOLDINGS LIMITED

Group structure

Business Owner Links

Business Name	Business No	Business Status.
SIERRA COMMUNICATIONS LIMITED	IE105844
HOLGATE INFRASTRUCTURE & MOTORWAY SERVICES	457510	NORMAL
SIERRA SUPPORT SERVICES GROUP	398883	NORMAL
HOLGATE	457511	NORMAL

Statistics

Group	19 companies
Linkages	1 companies
Countries	In 1 countries

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	30/04/13	(%)	30/04/12	(%)	30/04/11	(%)	30/04/10	(%)	30/04/09
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	EUR	(%)	EUR	(%)	EUR	(%)	EUR	(%)	EUR
Consolidated A/cs	Y	(%)	Y	(%)	Y	(%)	N	(%)	N
Turnover	-	-	€52,615,001	18.4%	€44,453,095	-	-	-	-
Export	-	-	€4,291,355	-	-	-	-	-	-
Cost of Sales	-	-100%	€41,117,593	22%	€33,703,604	-	-	-	-
Gross Profit	-	-	€11,497,408	7%	€10,749,491	-	-	-	-
Wages & Salaries	-	-	€13,764,086	24.1%	€11,093,928	-	-	-	-
Directors Emoluments	-	-	€279,995	111.3%	€132,525	-	-	-	-
Operating Profit	-	-	€4,293,969	-24.7%	€5,703,460	-	-	-	-
Depreciation	-	-	€862,336	7.6%	€801,622	-	-	-	-
Audit Fees	-	-	€20,000	-	€20,000	-	-	-	-
Interest Payments	-	-	€75,394	28%	€58,902	-	-	-	-
Pre Tax Profit	-	-	€4,219,510	-25.4%	€5,652,717	-	-	-	-
Taxation	-	-	-€30,572	-	-	-	-	-	-
Profit After Tax	-	-	€4,188,938	-25.9%	€5,652,717	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-	-	€4,188,938	-25.9%	€5,652,717	-	-	-

Balance Sheet

Date Of Accounts	30/04/13	(%)	30/04/12	(%)	30/04/11	(%)	30/04/10	(%)	30/04/09
Tangible Assets	0	-100%	€46,076,890	2.5%	€44,953,551	-	0	-	0
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	0	-100%	€46,076,890	2.5%	€44,953,551	-	0	-	0
Stock	0	-100%	€1,084,669	383.5%	€224,320	-	0	-	0
Trade Debtors	0	-100%	€3,346,313	54.7%	€2,163,077	-	0	-	0
Cash	0	-100%	€2,648,926	62.2%	€1,632,883	-	0	-	0
Other Debtors	0	-100%	€8,709,885	65.9%	€5,249,712	-	0	-	0
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	0	-100%	€15,789,793	70.3%	€9,269,992	-	0	-	0
Trade Creditors	0	-100%	€2,009,278	-20.3%	€2,519,758	-	0	-	0
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	0	-100%	€200,000	-	0	-	0	-	0
Miscellaneous Current Liabilities	0	-100%	€4,334,903	5.7%	€4,100,789	-	0	-	0
Total Current Liabilities	0	-100%	€6,544,181	-1.2%	€6,620,547	-	0	-	0
Bank Loans & Overdrafts and LTL	0	-100%	€4,206	-	0	-	0	-	0
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	0	-100%	€4,206	-	0	-	0	-	0

Capital & Reserves

Date Of Accounts	30/04/13	(%)	30/04/12	(%)	30/04/11	(%)	30/04/10	(%)	30/04/09
Called Up Share Capital	-	-100%	€3,532,288	999.9%	€10,735	-	-	-	-
P & L Account Reserve	-	-100%	€51,781,199	8.8%	€47,592,261	-	-	-	-
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-100%	€4,809	-	-	-	-	-	-
Shareholder Funds	-	-100%	€55,318,296	16.2%	€47,602,996	-	-	-	-

Other Financial Items

Date Of Accounts	30/04/13	(%)	30/04/12	(%)	30/04/11	(%)	30/04/10	(%)	30/04/09
Net Worth	-	-100%	€55,318,296	16.2%	€47,602,996	-	-	-	-
Working Capital	-	-100%	€9,245,612	249%	€2,649,445	-	-	-	-
Total Assets	-	-100%	€61,866,683	14.1%	€54,223,543	-	-	-	-
Total Liabilities	-	-100%	€6,548,387	-1.1%	€6,620,547	-	-	-	-
Net Assets	-	-100%	€55,318,296	16.2%	€47,602,996	-	-	-	-

Cash Flow

Date Of Accounts	30/04/13	(%)	30/04/12	(%)	30/04/11	(%)	30/04/10	(%)	30/04/09
Net Cashflow from Operations	-	-	€5,739,874	8.2%	€5,306,883	-	-	-	-
Net Cashflow before Financing	-	-100%	€4,440,606	-9.1%	€4,885,919	-	-	-	-
Net Cashflow from Financing	-	-	-€3,424,563	9.7%	-€3,794,325	-	-	-	-
Increase in Cash	-	-	€1,016,043	-6.9%	€1,091,594	-	-	-	-

Miscellaneous

Date Of Accounts	30/04/13	(%)	30/04/12	(%)	30/04/11	(%)	30/04/10	(%)	30/04/09
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	-	-100%	€55,322,502	16.2%	€47,602,996	-	-	-	-
Number of Employees	-	-	353	61.2%	219	-	-	-	-
Auditors	MAZARS
Auditor Comments	The audit report contains no adverse comments
Bankers	NATIONAL IRISH BANK
Bank Branch Code	95-18-23

Ratios

Date Of Accounts	30/04/13	30/04/12	30/04/11	30/04/10	30/04/09
Pre-tax profit margin %	-	8.02	12.72	-	-
Current ratio	-	2.41	1.40	-	-
Sales/Net Working Capital	-	5.69	16.78	-	-
Gearing %	0	0	0	0	0
Equity in %	-	89.40	87.80	-	-
Creditor Days	-	13.90	20.63	-	-
Debtor Days	-	23.15	17.71	-	-
Liquidity/Acid Test	-	2.24	1.36	-	-
Return On Capital Employed %	-	7.62	11.87	-	-
Return On Total Assets Employed %	-	6.82	10.42	-	-
Current Debt Ratio	-	0.11	0.13	-	-
Total Debt Ratio	-	0.11	0.13	-	-
Stock Turnover Ratio %	-	2.06	0.50	-	-
Return on Net Assets Employed %	-	7.62	11.87	-	-

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Enquiries Trend

There have been 72 enquiries in the last 12 months.

There are an average of 6 reports taken each month.

Current Company Secretary

Name	PATRICK CAROLAN	Date of Birth	-
Officers Title		Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	07/09/2012
Address	144 MOUNTAINVIEW PARK, CHURCHTOWN, DUBLIN 12

Status History

No Status History found

Event History

Date	Description
18/07/2014	Annual Returns
28/04/2014	New Accounts Filed
21/04/2014	Annual Returns
01/07/2013	New Board Member (SEAN CORKERY) appointed
30/06/2013	BRIAN HARVEY has left the board
26/01/2013	New Accounts Filed
26/01/2013	New Accounts Filed
16/01/2013	Annual Returns
07/01/2013	New Board Member (ALAN DOHERTY) appointed
07/09/2012	NIALL DEVEREUX has resigned as company secretary
07/09/2012	NIALL DEVEREUX has left the board
07/09/2012	New Company Secretary (PATRICK CAROLAN) appointed
07/09/2012	New Board Member (PATRICK CAROLAN) appointed
22/08/2012	New Accounts Filed
05/04/2012	New Accounts Filed

Limit History

Date

Limit

28/04/2014	-
17/04/2014	€415,000
01/03/2014	€410,000
17/10/2013	€405,000
26/09/2013	€410,000

14/08/2013	€400,000
23/04/2013	€405,000
26/01/2013	€420,000
03/03/2009	€0
12/01/2009	€1,041,000

Previous Company Names

Date	Previous Name
N/A	CIERA CONSTRUCTION & CIVIL ENGINEERING LIMITED
19/07/1991	SIERRA CONSTRUCTION & CIVIL ENGINEERING LIMITED

Received Documents

NOTES & COMMENTS

Commentary

No comments to display

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.43
UK Pound	1	Rs.100.23
Euro	1	Rs.80.35

INFORMATION DETAILS

Analysis Done by :	SUB

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.

Name			Number	Latest Key Financials	Rating	Limit	Turnover
SITESERV INVESTMENTS LIMITED				-	-	-

MIRA INFORM REPORT

REGISTERED NAME & COMPANY SUMMARY

DIRECTORS/MANAGEMENT

NEGATIVE INFORMATION

SHARE & SHARE CAPITAL INFORMATION

GROUP STRUCTURE & AFFILIATED COMPANIES

FINANCIAL INFORMATION

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Event History

Limit History

NOTES & COMMENTS

Unit