MIRA INFORM REPORT

 

 

Report Date :

15.12.2014

 

IDENTIFICATION DETAILS

 

Name :

SPECIAL STEELS LIMITED

 

 

Registered Office :

12B Parkmore Industrial Estate, Long Mile Road, Dublin 12 216410

 

 

Country :

Ireland

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

21.01.2008

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Agents Specialized In The Sale Of Other Particular Products

 

 

No of Employees :

4

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Ireland

A2

A2

 

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

Company Summary

 

Registered Address

12B PARKMORE INDUSTRIAL

Trading Address

12B PARKMORE INDUSTRIAL

 

ESTATE

 

ESTATE

 

LONG MILE ROAD

 

LONG MILE ROAD

 

DUBLIN 12

 

DUBLIN 12

 

216410

 

DUBLIN 12

 

 

 

216410

Website Address

-

 

 

Telephone Number

-

Fax Number

-

TPS

-

FPS

No

 

 

 

 

Incorporation Date

21/01/2008

Type

Private limited with Share Capital

Previous Name

-

FTSE Index

-

 

 

Filing Date of Accounts

-

Date of Change

-

Share Capital

€200

Currency

-

Charity Number

-

SIC07

EUR

 

 

SIC07 Description

46180

 

 

Principal Activity

AGENTS SPECIALIZED IN THE SALE OF OTHER PARTICULAR PRODUCTS

 

 

Key Financials

 

Year to Date

Turnover

Pre Tax Profit

Shareholder

Funds Employees

31/12/2013

-

-

€587,2~79

4

31/12/2012

-

-

€443,737

-

31/12/2011

-

-

€316,123

-

 

 

Mortgage Summary

 

Total Mortgage                  0

Outstanding                       0

Satisfied                             0

 

 

Trade Debtors / Bad Debt Summary

 

Total Number of Documented Trade                             0

Total Value of Documented Trade                                €0

 

 

Commentary

 

No exact match CCJs are recorded against the company.

Net Worth increased by 32.3% during the latest trading period.

A 9.6% growth in Total Assets occurred during the latest trading period.

The company saw an increase in their Cash Balance of 18.1% during the latest trading period.

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

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

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 made a profit after tax and other appropriations, including dividends.

The company was established over 6 years ago.

 

 

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

 

 

Payment Information

 

Average Invoice Value                          184.65

Invoices available                                            1

Paid                                                                 1

Outstanding                                                     0

 

 

Total Current Directors                                       2

Total Current Secretaries                                    1

Total Previous Directors / Company

Secretaries                                                        3

 

 

Current Directors

 

Name

JAMES FITZPATRICK                  Date of Birth

27/06/1958

Officers Title

            Nationality

 

Present Appointments

3                                                  Function

Director

Appointment Date

14/10/2008

 

Address

TILLYS TOWN BUNGALOW, LOWER SHANKILL, CO DUBLIN

 

Name

RAYMOND KANE                       Date of Birth

27/03/1966

Officers Title

          Nationality

 

Present Appointments

1                                                  Function

Director

Appointment Date

16/06/2008

 

Address

9 GLENLAWN DRIVE, THE PARK, CABINTEELY, DUBLIN 18

 

Current Company Secretary

 

Name

JAMES FITZPATRICK                  Date of Birth

27/06/1958

Officers Title

            Nationality

 

Present Appointments

3                                                    Function

Company Secretary

Appointment Date

14/10/2008

 

Address

TILLYS TOWN BUNGALOW, LOWER SHANKILL, CO DUBLIN

 

 

Top 20 Shareholders

 

Name

Currency      Share Count         Share Type        Nominal Value

% of Total Share Count

RAYMOND KANE

EUR                    150                     ORDINARY                1

75

JAMES FITZPATRICK

EUR                     50                      ORDINARY                1

25

 

Profit & Loss

 

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/2010

 (%)

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 & ^U Salaries

€201,311

-

-

-

-

-

-

-

-

Directors  Emoluments

-

-

-

-

-

-

-

-

-

Operating Profit

 

 

 

 

 

 

 

 

Depreciation

-

-

-

100%

€2,326

-82.4%

€13,227

-

-

Audit Fees

-

-

-

-

-

-

-

-

-

Interest

-

-

-

-

-

-

-

-

-

Payments

-

-

-

-

-

-

-

-

-

Pre Tax Profit

-

-

-

-

-

-

-

-

-

Taxation

-

-

-

-

-

-

-

-

-

Profit After Tax

-

-

-

-

-

-

-

-

-

Dividends U-W 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

0

-

0

-

0

-100%

€10,726

-10.3%   €11,953

Intangible Assets

0

-

0

-

0

-

0

-           0

Total Fixed Assets

0

-

0

-

0

-100%

€10,726

-10.3%   €11,953

Stock

€441,954

41.5%

€312,282

-2.3%

€319,479

2.1%

€312,897

13.8%    €275,042

Trade Debtors

€514,552

-11.5%

€581,480

-6.9%

€624,521

48.9%

€419,334

9.7%      €382,291

Cash

€327,496

18.1%

€277,340

35.4%

€204,876

4.6%

€195,867

-21.1%   €248,186

Other Debtors

0

-

0

-

0

-

0

      -        0

Miscellaneous Current Assets

0

-

0

-100%

€4,181

-57.7%

€9,877

-          0

Total Current Assets

€1,284,002

9.6%

€1,171,102

1.6%

€1,153,057

22.9%    €937,975

3.6%      €905,519

Trade Creditors

€624,160

-0.2%

€625,119

-13.8%

€725,547

39.5%

€520,203

23.1%    €422,511

Bank Loans &  Overdrafts

0

-

0

-

0

-

0

-            0

Other Short Term Finance

0

-

0

-

0

-

0

-            0

Miscellaneous Current Liabilities

€72,563

-16.8%

€87,246

61.9%

€53,887

41.6%

€38,056

-43.2%    €66,990

 

Total Current Liabilities

€696,723

-2.2%

€712,365

-8.6%

€779,434 39.6%

€558,259         14%               €489,501

 

 

 

 

 

 

 

Bank Loans & Overdrafts and LTL

0

-100%

€15,000

-73.9%

€57,500  -55.3%

€128,670      -46.5%         €240,501

Other Long Term Finance

0

-

0

-

0                -

0                     -                  0

Total Long Term Liabilities

0

-100%

€15,000

-73.9%

€57,500   -55.3%

€128,670      -46.5%             €240,501

 

Capital & Reserves

 

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11       (%)

31/12/10         (%)                 31/12/09

Called Up Share  Capital

€200

-

€200

-

€200

€200            100%          €100

P& L Account Reserve

€587,079

32.4%

€443,537

40.4%

€315,923   20.8%

€261,572     39.6%          €187,370

Revaluation Reserve

-

-

-

-

-                   -

-                    -                 -

Sundry  Reserves

-

-

-

-

-                   -

-                    -                 -

Shareholder Funds

€587,279

32.3%

€443,737

40.4%

€316,123     20.8%       €261,772     39.6%    €187,470

 

Other Financial Items

 

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11        (%)

31/12/10       (%)             31/12/09

Net Worth

€587,279

32.3%

€443,737

404%

€316,123     20.8%

€261,772   39.6%           €187,470

Working Capital

€587,279

28%

€458,737

22.8%

€373,623     -1.6°/

€379,716     -8.7%          €416,018

Total Assets

€1,284,002

9.6%

€1,171,102

1.6%

€1,153,057 21.5%

€948,701       3.4%          €917,472

Total Liabilities

€696,723

4.2%

€727,365

-13.1%

€836,934     21.8%

€686,929     -5.9%           €730,002

Net Assets

€587,279

32.3%

€443,737

40.4%

€316,123      20.8%

€261,772   39.6%            €187,470

 

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

€587,279

28%

€458,737

22.8%

€373,623 -4.3%

€390,442     -8.8%          €427,971

Number of Employees

4

-

-

-

-                    -

-                       -                  -

Auditors

Auditor

Comments         The company is exempt from audit

Bankers

Bank Branch

Code

 

 

Date Of Accounts

31/12/13

31/12/12

31/12/11

31/12/10

31/12/09

Pre-tax profit margin %

-

-

-

-

-

Current ratio

1.84

1.64

1.48

1.68

1.85

Sales/Net Working Capital

-

-

-

-

-

Gearing %

0

3.40

18.20

49.20

128.30

Equity in %

45.70

37.90

27.40

27.60

20.40

Creditor Days

-

-

-

-

-

Debtor Days

-

-

-

-

-

Liquidity/Acid Test

1.20

1.20

1.06

1.11

1.28

Return On

Capita| Employed %

-

-

-

-

-

Return On Total

-

-

-

-

-

Assets Employed %

-

-

-

-

-

Current Debt Ratio

1.18

1.60

2.46

2.13

2.61

Total Debt Ratio

1.18

1.63

2.64

2.62

3.89

Stock Turnover Ratio %

-

-

-

-

-

Return on Net Assets Employed %

-

-

-

-

-

 

 

Report Notes

 

There are no notes to display.

 

Status History

 

No Status History found

 

Event History

 

Date

Description

04/10/2014

New Accounts Filed

18/09/2014

New Accounts Filed

13/09/2014

Annual Returns

04/06/2013

New Accounts Filed

03/06/2013

Annual Returns

27/06/2012

New Accounts Filed

27/06/2012

New Accounts Filed

26/06/2012

Annual Returns

23/05/2011

New Accounts Filed

23/05/2011

New Accounts Filed

20/05/2011

Annual Returns

30/03/2010

Annual Returns

30/03/2010

New Accounts Filed

24/09/2009

Annual Returns

23/09/2009

New Accounts Filed

 

 

Previous Company Names

 

No Previous Names found

 

 

Received Documents

 

Writ Details

 

No writs found

 

 

Previous Director/Company Secretaries

 

Name                                       Current Directorships                           Previous Directorships

MICHAEL FOYNES                               22                                                         55

MICHAEL FOYNES                               22                                                         55

MARGARET FOYNES                           1                                                          2

 

 

 

Average Invoice Value                                                 €184.65

Invoices available                                                        1

Paid                                                                             1

Outstanding                                                                  0

 

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

 

 

Within Terms               0-30 Days         31-60 Days        61-90 Days        91+ Days

Paid                             1                                  0                      0                      0                      0

Outstanding                 0                                  0                      0                      0                      0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 62.44

UK Pound

1

Rs. 98.15

Euro

1

Rs. 77.38

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

DPT

 

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.