MIRA INFORM REPORT

Report Date :

02.01.2014

IDENTIFICATION DETAILS

Name :	GE CAPITAL AVIATION SERVICES LIMITED
Formerly Known As :	GE CAPITAL AVIATION MANAGEMENT LIMITED
Registered Office :	Aviation House Shannon Co Clare 607024
Country :	Ireland
Financials (as on) :	31.12.2012
Date of Incorporation :	28.07.1993
Com. Reg. No.:	IE205625
Legal Form :	Private Company
Line of Business :	Subject is engaged in financing, leasing, lending and management services to other related group companies in the aviation industry
No. of Employees :	232

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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, 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 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. 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

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Name	GE CAPITAL AVIATION SERVICES LIMITED	Company Number	IE205625
Registered Address	AVIATION HOUSE SHANNON CO CLARE 607024
Website Address	-
Telephone Number	061706500
TPS	No
Incorporation Date	28/07/1993	Company Status	Active - Accounts Filed
Previous Name	GE CAPITAL AVIATION MANAGEMENT LIMITED	Type	Other
Date of Change	-	Filing Date of Accounts	-

DIRECTORS/MANAGEMENT

Total Current Directors	13
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	37

Current Directors

Name	NORMAN CHEE TAH LIU	Date of Birth	26/11/1957
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	01/01/2005
Address	300 CHESTNUT HILL ROAD, WILTON, CONNECTICUT, 06897
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	DEIRDRE FRANCES NORRIS	Date of Birth	17/04/1966
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	01/01/2005
Address	24 REVINGTON PARK, NORTH CIRCULAR ROAD, LIMERICK.
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	DAVID LIVINGSTONE LLOYD	Date of Birth	28/08/1952
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	01/01/2005
Address	176 EAST 71ST STREET, NEW YORK, NY 10021, USA.
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	DECLAN HARTNETT	Date of Birth	04/04/1962
Officers Title		Nationality
Present Appointments	87	Function	Director
Appointment Date	19/05/2003
Address	12 EDEN TERRACE, NORTH CIRCULAR ROAD, LIMERICK, IRELAND
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	JOHN ABBOTT	Date of Birth	11/09/1954
Officers Title		Nationality
Present Appointments	2	Function	Director
Appointment Date	06/11/2009
Address	1516 CROSS HIGHWAY, FAIRFIELD, CT 06824, USA
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	MICHAEL ELLISON	Date of Birth	05/12/1958
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	08/12/2006
Address	OLD PAROCHIAL HOUSE, SIXMILEBRIDGE, CO CLARE
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	JOHN LUDDEN	Date of Birth	28/11/1963
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	08/12/2006
Address	1 CAHERCALLA WOOD, CAHERCALLA ROAD, ENNIS, CO CLARE
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	SEAMUS FITZGERALD	Date of Birth	25/02/1967
Officers Title		Nationality
Present Appointments	83	Function	Director
Appointment Date	07/12/2007
Address	79 LANSDOWNE PARK, ENNIS ROAD, LIMERICK
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	SEAN P FLANNERY	Date of Birth	24/01/1956
Officers Title		Nationality
Present Appointments	74	Function	Director
Appointment Date	05/12/2008
Address	CLONKEEN GABLES BARRINGTON'S BRIDGE LISNAGRY, LIMERICK IRELAND
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	DIARMUID HYDE	Date of Birth	14/09/1959
Officers Title		Nationality
Present Appointments	107	Function	Director
Appointment Date	19/05/2003
Address	MURDEIRA, LEMONFIELD, CRECORA, CO LIMERICK
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	DIARMUID HOGAN	Date of Birth	28/05/1968
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	06/11/2009
Address	5 HILLANDALE LANE, WESTPORT, CONNECTICUT, CT 06880
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	MARK POLLARD	Date of Birth	22/01/1956
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	14/04/2011
Address	MOLUA, BALLINA, KILALLOE, CO CLARE
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	GREGORY HONG	Date of Birth	23/06/1964
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	08/11/2011
Address	16 SAINT CLAIRE AVENUE, OLD GREENWICH, CONNECTICUT 06870, U S A

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

Exact CJ Details

There are no exact CJ details

Possible CJ Details

There are no possible CJ details

Writ Details

There are no writ details

Mortgage Summary

Outstanding	0
Satisfied	0

SHARE & SHARE CAPITAL INFORMATION

Share Capital

€50,003

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value
GE CAPITAL AVIATION FUNDING	USD	50,000	ORDINARY
GE CAPITAL AVIATION FUNDING	EUR	2	ORDINARY 1	1.27

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

N/A	27
Company DBT	UK Average DBT

Steady

Improving Worsening

Be the first to leave a payment experience
for this company Click Here

Within Terms 91+ Days

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	532 companies
Linkages	1186 companies
Countries	In 57 countries

Summary

Holding Company	-
Ownership Status	Wholly Owned
Ultimate Holding Company	GENERAL ELECTRIC CO

Business Owner Links

Business Name	Business No	Business Status.
GE CAPITAL AVIATION SERVICES LIMITED	IE205625
GPA GROUP	129168	NORMAL
GPA	129169	NORMAL
AIR TARA	129167	NORMAL
GE CAPITAL AVIATION SERVICES	131768	NORMAL
GECAS	131767	NORMAL
GUINNESS PEAT AVIATION	129170	NORMAL

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2012	€164,151,806	€95,337,250	€2,133,708,695	232
31/12/2011	€148,274,417	€5,096,238	€2,130,933,394	217
31/12/2010	€100,041,470	-€16,740,264	€1,902,529,413	213

Profit & Loss

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	EUR	(%)	EUR	(%)	EUR	(%)	EUR	(%)	EUR
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	€164,151,806	10.7%	€148,274,417	48.2%	€100,041,470	-24.6%	€132,722,462	-14.2%	€154,696,563
	Export	-	-	-	-	-	-	-	-	-
	Cost of Sales	-	-	-	-	-	-	-	-	-
	Gross Profit	-	-	-	-	-	-	-	-	-
	Wages & Salaries	€37,550,214	-14.2%	€43,773,917	47.8%	€29,613,437	-10%	€32,917,171	-17%	€39,638,399
	Directors Emoluments	€11,443,509	24.3%	€9,203,160	8.5%	€8,485,096	12.3%	€7,558,439	36.7%	€5,530,091
	Operating Profit	€3,151,378	-30.9%	€4,562,054	126.6%	-€17,180,670	-155.8%	€30,770,716	169.2%	€11,429,179
	Depreciation	€1,727,655	5.4%	€1,638,625	0%	€1,639,364	-10%	€1,821,361	-60.2%	€4,570,698
	Audit Fees	€795,903	-8.5%	€869,584	417.3%	€168,104	-8%	€182,692	-88.8%	€1,635,752
	Interest Payments	€3,621,859	31.7%	€2,749,205	13.8%	€2,415,977	6.5%	€2,268,018	-14.2%	€2,642,181
	Pre Tax Profit	€95,337,250	999.9%	€5,096,238	130.4%	-€16,740,264	-152.5%	€31,882,149	-40.9%	€53,944,133
	Taxation	€357,658	112.5%	-€2,868,936	-144.2%	€6,486,601	-2.1%	€6,627,614	304.2%	€1,639,807
	Profit After Tax	€95,694,907	999.9%	€2,227,301	121.7%	-€10,253,664	-126.6%	€38,509,763	-30.7%	€55,583,940
	Dividends Payable	€76,750,565	-	-	-100%	€38,818,186	-79%	€185,090,405	69.9%	€108,930,379
	Retained Profit	€18,944,342	750.6%	€2,227,301	104.5%	-€49,071,849	66.5%	-€146,580,642	-174.8%	-€53,346,439

Balance Sheet

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Tangible Assets	€2,159,543,703	-0.1%	€2,162,061,121	11.3%	€1,943,060,595	5.8%	€1,836,098,370	3.3%	€1,776,745,397
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Total Fixed Assets	€2,159,543,703	-0.1%	€2,162,061,121	11.3%	€1,943,060,595	5.8%	€1,836,098,370	3.3%	€1,776,745,397
	Stock	0	-	0	-	0	-	0	-	0
	Trade Debtors	€4,889,011	20.9%	€4,043,220	22.5%	€3,299,567	-12.1%	€3,753,865	108.6%	€1,799,571
	Cash	0	-	0	-	0	-	0	-	0
	Other Debtors	€198,990,423	1.3%	€196,495,262	10.6%	€177,741,054	-18.3%	€217,501,179	-50%	€434,638,042
	Miscellaneous Current Assets	€3,881,276	90%	€2,043,100	-44.1%	€3,651,752	140.8%	€1,516,411	98.1%	€765,568
	Total Current Assets	€207,760,710	2.6%	€202,581,582	9.7%	€184,692,373	-17.1%	€222,771,455	-49%	€437,203,180
	Trade Creditors	€39,910	-86.6%	€297,025	999.9%	€4,168	-99.5%	€803,010	-	0
	Bank Loans & Overdrafts	0	-	0	-	0	-100%	€5,557	-86.8%	€42,171
	Other Short Term Finance	€8,909,973	9%	€8,177,773	-63.6%	€22,455,808	999.9%	€1,587,265	-90.2%	€16,233,440
	Miscellaneous Current Liabilities	€24,807,318	-9%	€27,274,081	76.2%	€15,475,315	-33.7%	€23,332,451	-37.7%	€37,458,478
	Total Current Liabilities	€33,757,201	-5.6%	€35,748,878	-5.8%	€37,935,291	47.4%	€25,728,284	-52.1%	€53,734,089
	Bank Loans & Overdrafts and LTL	€199,838,517	0.9%	€197,960,430	5.7%	€187,288,263	-3.3%	€193,592,867	-9.5%	€213,826,930
	Other Long Term Finance	€174,185,408	21.3%	€143,611,053	-17.2%	€173,533,586	-2.1%	€177,263,833	-10.2%	€197,375,336
	Total Long Term Liabilities	€199,838,517	0.9%	€197,960,430	5.7%	€187,288,263	-3.3%	€193,587,310	-9.4%	€213,784,759

Capital & Reserves

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Called Up Share Capital	€38,375	-	€38,375	10.5%	€34,732	-	€34,732	-14.3%	€40,549
	P & L Account Reserve	€32,337,316	15.7%	€27,940,276	17.1%	€23,852,741	-67.8%	€74,137,441	-71.4%	€259,143,018
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	€2,101,333,004	-0.1%	€2,102,954,743	11.9%	€1,878,641,940	6.4%	€1,765,382,059	4.6%	€1,687,246,162
	Shareholder Funds	€2,133,708,695	0.1%	€2,130,933,394	12%	€1,902,529,413	3.4%	€1,839,554,232	-5.5%	€1,946,429,730

Other Financial Items

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Net Worth	€2,133,708,695	0.1%	€2,130,933,394	12%	€1,902,529,413	3.4%	€1,839,554,232	-5.5%	€1,946,429,730
	Working Capital	€174,003,509	4.3%	€166,832,704	13.7%	€146,757,082	-25.5%	€197,043,172	-48.6%	€383,469,092
	Total Assets	€2,367,304,413	0.1%	€2,364,642,703	11.1%	€2,127,752,967	3.3%	€2,058,869,825	-7%	€2,213,948,577
	Total Liabilities	€233,595,718	0%	€233,709,309	3.8%	€225,223,554	2.7%	€219,315,593	-18%	€267,518,847
	Net Assets	€2,133,708,695	0.1%	€2,130,933,394	12%	€1,902,529,413	3.4%	€1,839,554,232	-5.5%	€1,946,429,730

Miscellaneous

	Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
	Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
	Capital Employed	€2,333,547,212	0.2%	€2,328,893,825	11.4%	€2,089,817,676	2.8%	€2,033,141,542	-5.9%	€2,160,214,489

Ratios

	Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
	Pre-tax profit margin %	58.08	3.44	-16.73	24.02	34.87
	Current ratio	6.15	5.67	4.87	8.66	8.14
	Sales/Net Working Capital	0.94	0.89	0.68	0.67	0.40
	Gearing %	9.40	9.30	9.80	10.50	11
	Equity in %	90.10	90.10	89.40	89.30	87.90
	Creditor Days	0.08	0.72	0.01	2.20	-
	Debtor Days	10.84	9.92	12	10.29	4.23
	Liquidity/Acid Test	6.15	5.66	4.86	8.65	8.13
	Return On Capital Employed %	4.08	0.21	-0.80	1.56	2.49
	Return On Total Assets Employed %	4.02	0.21	-0.78	1.54	2.43
	Current Debt Ratio	0.01	0.01	0.01	0.01	0.02
	Total Debt Ratio	0.10	0.10	0.11	0.11	0.13
	Stock Turnover Ratio %	-	-	-	-	-
	Return on Net Assets Employed %	4.46	0.23	-0.87	1.73

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

SIC03	67130 View More
SIC03 Description	Activities auxiliary to financial intermediation not elsewhere classified
SIC07	66190
SIC07 Description	ACTIVITIES AUXILIARY TO FINANCIAL INTERMEDIATION N.E.C.
Principal Activity	The provision of financing, leasing, lending and management services to other related group companies in the aviation industry. Accounts data converted from US Dollars. T/O = Income.

Current Company Secretary

Name	DIARMUID HYDE	Date of Birth	14/09/1959
Officers Title		Nationality
Present Appointments	107	Function	Company Secretary
Appointment Date	28/01/2011
Address	MURDEIRA, LEMONFIELD, CRECORA, CO LIMERICK

	Number of Employees	232	6.9%	217	1.9%	213	-0.5%	214	-2.7%	220
	Auditors	KPMG
	Auditor Comments	The audit report contains no adverse comments
	Bankers	NATIONAL IRISH BANK
	Bank Branch Code	95-18-23

Status History

No Status History found

Event History

Date	Description
19/09/2013	GERARD M KENNEALLY has left the board
20/06/2013	New Accounts Filed
20/06/2013	New Accounts Filed
19/06/2013	Annual Returns
20/06/2012	New Accounts Filed
19/06/2012	Annual Returns
08/11/2011	New Board Member (GREGORY HONG) appointed
15/08/2011	ANNE KENNELLY KRATKY has left the board
02/07/2011	New Accounts Filed
02/07/2011	New Accounts Filed
30/06/2011	Annual Returns
14/04/2011	New Board Member (MARK POLLARD) appointed
04/04/2011	HENRY ALLAN HUBSCHMAN has left the board
28/01/2011	JOHN LUDDEN has resigned as company secretary
28/01/2011	New Company Secretary (DIARMUID HYDE) appointed

Previous Company Names

Date	Previous Name
N/A	GE CAPITAL AVIATION MANAGEMENT LIMITED
28/07/1993	GE CAPITAL AVIATION SERVICES LIMITED

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.
There has been no significant change in the company's credit rating.
The credit limit on this company has risen 3.8% in comparison to the previously suggested credit limit.
Sales in the latest trading period increased 10.7% on the previous trading period.
Net Worth increased by 0.1% during the latest trading period.
A 0.1% growth in Total Assets occurred during the latest trading period.
Pre-tax profits increased by 999.9% compared to the previous trading period.
The audit report contains no adverse comments.
The company has undergone recent changes in its directorships.
The company is part of a group.
The company was established over 20 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.93
UK Pound	1	Rs.102.39
Euro	1	Rs.85.12

INFORMATION DETAILS

Report Prepared by :

NIS

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.