MIRA
INFORM REPORT
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Report Date : |
03.02.2014 |
IDENTIFICATION DETAILS
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Name : |
IRISH AGGREGATES (MUNSTER) LIMITED |
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Registered Office : |
Classis Ovens, Cork
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Country : |
Ireland |
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Financials (as on) : |
30.04.2012 |
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Date of Incorporation : |
05.05.1988 |
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Com. Reg. No.: |
E0131611 |
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Legal Form : |
Private
Subsidiary Company |
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Line of Business : |
suppliers of building
materials to the construction and landscaping industries in Ireland. Subject markets
and sells a range of dry dashing, coloured renders, decorative aggregates,
landscaping materials, and specialist sand and gravel products. distributor of silica
and paving sand for various water filtration and roofing applications. |
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No. of Employees : |
20 (2011) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Ireland |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 saless 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.
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Source : CIA |
Company
name & address
Irish Aggregates
(Munster) Limited
Classis Ovens,
Cork, Ireland
Tel: +353 021 4872733
Fax: +353 021 4871705
Synthesis
Employees: 20
(2011)
Company Type: Private
Subsidiary
Incorporation
Date: 05-May-1988
Auditor: Grant
Thornton UK LLP
Financials in: USD (millions)
Fiscal Year End: 30-Apr-2012
Reporting
Currency: Euro
Annual Sales: NA
Total Assets: 6.7
Business
Description
Irish Aggregates
(Munster) Limited is one of the leading suppliers of building materials to the
construction and landscaping industries in Ireland. The company markets and
sells a range of dry dashing, coloured renders, decorative aggregates,
landscaping materials, and specialist sand and gravel products. It also maintains
a stock of mortar, beads, marbles, cobbles and paving stones in packages of
various sizes. In addition, the company distributes silica and paving sand for
various water filtration and roofing applications. It also offers external and
internal renders in various shades.
Industry
Industry Residential and Commercial Building
Construction
ANZSIC 2006: 30 - Building Construction
ISIC Rev 4: 41 - Construction of buildings
NACE Rev 2: 41 - Construction of buildings
NAICS 2012: 236 - Construction of Buildings
UK SIC 2007: 41 - Construction of buildings
US SIC 1987: 15 - Building Construction General
Contractors and Operative Builders
Key
Executives
Name Title
Simon M Cdowell Secretary, Director
Chris Mc Dowell Director ICC
Information
1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7323776
2 - Balance Sheet
Item Exchange Rate: USD 1 = EUR 0.7545
Corporate
Overview
Location
Classis
Ovens,
Cork, Ireland
Tel: +353
021 4872733
Fax: +353
021 4871705
Sales EUR(mil): NA
Assets EUR(mil): 5.0
Employees: 20 (2011)
Fiscal Year End: 30-Apr-2012
Industry: Construction Services
Incorporation Date: 05-May-1988
Company Type: Private Subsidiary
Quoted Status: Not Quoted
Registered No.(IRE): E0131611
Secretary,
Director: Simon M Cdowell
Industry Codes
ANZSIC 2006
Codes:
30 - Building
Construction
ISIC Rev 4 Codes:
41 - Construction
of buildings
NACE Rev 2 Codes:
41 - Construction
of buildings
NAICS 2012 Codes:
236 - Construction
of Buildings
US SIC 1987:
15 - Building
Construction General Contractors and Operative Builders
UK SIC 2007:
41 - Construction
of buildings
Business Description
Irish Aggregates
(Munster) Limited is one of the leading suppliers of building materials to the
construction and landscaping industries in Ireland. The company markets and
sells a range of dry dashing, coloured renders, decorative aggregates,
landscaping materials, and specialist sand and gravel products. It also
maintains a stock of mortar, beads, marbles, cobbles and paving stones in
packages of various sizes. In addition, the company distributes silica and
paving sand for various water filtration and roofing applications. It also
offers external and internal renders in various shades.
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Executive report
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Board of
Directors |
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Secretary, Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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Secretary, Director |
Company Secretary |
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Annual
Profit & Loss
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30-Apr-2011 |
30-Apr-2010 |
30-Apr-2009 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.752909 |
0.707549 |
0.717707 |
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Consolidated |
No |
No |
No |
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Gross Profit |
2.0 |
2.6 |
4.2 |
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Operating Profit |
-0.1 |
-0.2 |
0.1 |
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Interest Expenses |
0.0 |
0.1 |
0.1 |
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Pretax Profit |
-0.2 |
-0.3 |
0.0 |
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Taxation |
0.0 |
0.0 |
0.0 |
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Profit after Tax |
-0.2 |
-0.3 |
0.0 |
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Dividends Payable |
- |
0.0 |
0.0 |
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Retained Profits |
-0.2 |
-0.3 |
- |
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Value Added |
1.4 |
1.7 |
2.8 |
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Wages And Salaries |
1.1 |
1.5 |
2.0 |
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Directors’ Emoluments |
0.1 |
0.1 |
0.1 |
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Auditors Fees |
0.0 |
0.0 |
0.0 |
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Depreciation |
0.3 |
0.3 |
0.4 |
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Number of Employees |
20 |
27 |
37 |
Annual Balance Sheet
Financials in: USD (mil)
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30-Apr-2012 |
30-Apr-2011 |
30-Apr-2010 |
30-Apr-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
EUR |
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Exchange Rate |
0.7545 |
0.674036 |
0.752078 |
0.75466 |
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Consolidated |
No |
No |
No |
No |
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Tangible Assets |
5.0 |
5.9 |
5.6 |
5.9 |
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Total Fixed Assets |
5.0 |
5.9 |
5.6 |
5.9 |
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Stocks |
0.7 |
0.8 |
0.8 |
1.3 |
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Trade Debtors |
- |
0.8 |
0.9 |
1.6 |
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Cash |
0.2 |
0.3 |
0.7 |
0.4 |
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Miscellaneous Current Assets |
0.7 |
0.2 |
0.2 |
0.2 |
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Other Current Assets |
0.9 |
0.5 |
0.9 |
0.6 |
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Total Current Assets |
1.6 |
2.1 |
2.7 |
3.5 |
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Total Assets |
6.7 |
8.0 |
8.2 |
9.3 |
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Net assets |
5.9 |
7.0 |
7.1 |
7.6 |
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Total Current Liabilities |
0.7 |
1.0 |
1.1 |
1.7 |
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Total Debt |
- |
1.2 |
1.8 |
2.5 |
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Total Long Term Liabilities |
0.3 |
0.7 |
1.3 |
1.5 |
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Total Liabilities |
1.1 |
1.7 |
2.4 |
3.2 |
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Profit & Loss Account Reserve |
5.6 |
6.3 |
5.8 |
6.1 |
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Shareholders Funds |
5.6 |
6.3 |
5.8 |
6.1 |
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Capital Employed |
5.9 |
7.0 |
7.1 |
7.6 |
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Net Worth |
5.6 |
6.3 |
5.8 |
6.1 |
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Working Capital |
0.9 |
1.1 |
1.5 |
1.7 |
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Fixed Assets |
- |
5.9 |
5.6 |
5.9 |
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Liquid Assets |
0.9 |
1.3 |
1.8 |
2.2 |
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Trade Creditors |
- |
0.3 |
0.3 |
0.5 |
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Miscellaneous Current Liabilities |
0.7 |
0.6 |
0.8 |
1.2 |
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Bank Loans - Current Portion |
- |
0.3 |
0.3 |
0.3 |
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Other Short Term Finance |
- |
0.2 |
0.2 |
0.7 |
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Other Current Liabilities |
- |
0.1 |
0.3 |
0.3 |
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Short Term Loans |
- |
0.5 |
0.5 |
1.0 |
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Long Term Loans |
- |
0.7 |
1.2 |
1.5 |
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Long Term Bank Loans |
- |
0.7 |
1.2 |
1.5 |
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Other Long Term Liabilities |
- |
0.0 |
0.0 |
0.0 |
Annual Cash Flows
Financials in: USD (mil)
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30-Apr-2012 |
30-Apr-2011 |
30-Apr-2010 |
30-Apr-2009 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
EUR |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.732378 |
0.752909 |
0.707549 |
0.717707 |
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Consolidated |
No |
No |
No |
No |
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Net Cash |
0.2 |
0.3 |
0.7 |
0.4 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.48 |
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UK Pound |
1 |
Rs.102.95 |
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Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.