MIRA
INFORM REPORT
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Report Date : |
02.01.2014 |
IDENTIFICATION DETAILS
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Name : |
STEDDELL LIMITED |
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Registered Office : |
West Pier, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
20.11.2007 |
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Com. Reg. No.: |
E0449367 |
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Legal Form : |
Private
Subsidiary Company |
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Line of Business : |
Renting and
leasing of air transport equipment |
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No. of Employees : |
06 |
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 : |
Unknown |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 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.
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Source : CIA |
Company
name & address
Steddell Limited
West Pier
Dun Laoghaire,
Ireland
Synthesis
Employees: 6
Company Type: Private
Subsidiary
Incorporation
Date: 20-Nov-2007
Auditor: Ernst
& Young
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2012
Reporting
Currency: US Dollar
Annual Sales: 4.1
Total Assets: 0.2
Business
Description
The leasing and
subleasing of jet aircraft.
Industry
Industry
Commercial and Industrial Rental
ANZSIC 2006: 6639 - Other Goods and Equipment Rental and
Hiring Not Elsewhere Classified
ISIC Rev 4: 7730 - Renting and leasing of other
machinery, equipment and tangible goods
NACE Rev 2: 7735 - Renting and leasing of air
transport equipment
NAICS 2012: 532411 - Commercial Air, Rail, and Water
Transportation Equipment Rental and Leasing
UK SIC 2007: 77351 - Renting and leasing of passenger
air transport equipment
US SIC 1987: 7359 - Equipment Rental and Leasing, Not
Elsewhere Classified
Key
Executives
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Name |
Title |
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Declan Cotter |
Secretary, Director |
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Gregory Azzara |
Director |
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James Conroy |
Director |
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Gavin Mercer |
Director |
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Maurice Prendergast |
Director |
1 - Profit &
Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet
Item Exchange Rate: USD 1 = USD 1
Corporate
Overview
Location
West Pier
Dun Laoghaire, County Dublin County
Ireland
Sales USD(mil): 4.1
Assets USD(mil): 0.2
Employees: 6
Fiscal Year End: 31-Dec-2012
Industry: Rental
and Leasing
Incorporation Date: 20-Nov-2007
Company Type: Private
Subsidiary
Quoted Status: Not
Quoted
Registered No.(IRE): E0449367
Secretary, Director: Declan Cotter
Industry Codes
ANZSIC 2006 Codes:
6639 - Other Goods and Equipment Rental and
Hiring Not Elsewhere Classified
ISIC Rev 4 Codes:
7730 - Renting and leasing of other
machinery, equipment and tangible goods
NACE Rev 2 Codes:
7735 - Renting
and leasing of air transport equipment
NAICS 2012 Codes:
532411 - Commercial
Air, Rail, and Water Transportation Equipment Rental and Leasing
US SIC 1987:
7359 - Equipment
Rental and Leasing, Not Elsewhere Classified
UK SIC 2007:
77351 - Renting
and leasing of passenger air transport equipment
Business Description
The leasing and
subleasing of jet aircraft.
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Executive report
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Board
of Directors |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Secretary, Director |
Director/Board Member |
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Director |
Director/Board Member |
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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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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
USD |
USD |
USD |
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Exchange Rate
(Period Average) |
1 |
1 |
1 |
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Consolidated |
No |
No |
No |
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Turnover |
4.1 |
4.1 |
2.2 |
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Operating Profit |
0.0 |
0.0 |
0.0 |
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Pretax Profit |
0.0 |
0.0 |
0.0 |
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Taxation |
0.0 |
0.0 |
- |
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Profit after Tax |
0.0 |
0.0 |
0.0 |
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Dividends Payable |
0.0 |
- |
- |
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Retained Profits |
0.0 |
0.0 |
0.0 |
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Auditors Fees |
0.0 |
0.0 |
0.0 |
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Non-audit fees |
0.0 |
0.0 |
- |
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Number of Employees |
6 |
5 |
3 |
Annual Balance Sheet
Financials in: USD (mil)
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Filed Currency |
USD |
USD |
USD |
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Exchange Rate |
1 |
1 |
1 |
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Consolidated |
No |
No |
No |
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Cash |
0.0 |
0.0 |
0.0 |
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Miscellaneous Current Assets |
0.2 |
0.2 |
0.2 |
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Other Current Assets |
0.2 |
0.2 |
0.2 |
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Total Current
Assets |
0.2 |
0.2 |
0.2 |
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Total Assets |
0.2 |
0.2 |
0.2 |
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Net assets |
0.0 |
0.0 |
0.0 |
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Total Current
Liabilities |
0.2 |
0.2 |
0.2 |
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Total
Liabilities |
0.2 |
0.2 |
0.2 |
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Share Capital And Other Reserves |
- |
0.0 |
0.0 |
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Profit & Loss Account Reserve |
0.0 |
0.0 |
0.0 |
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Shareholders
Funds |
0.0 |
0.0 |
0.0 |
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Capital Employed |
0.0 |
0.0 |
0.0 |
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Net Worth |
0.0 |
0.0 |
0.0 |
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Working Capital |
0.0 |
0.0 |
0.0 |
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Liquid Assets |
0.2 |
0.2 |
0.2 |
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Miscellaneous Current Liabilities |
0.2 |
0.2 |
0.2 |
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Other Current Liabilities |
0.2 |
0.2 |
0.2 |
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Sundry Reserves (incl. Grants) |
- |
0.0 |
0.0 |
Annual Cash Flows
Financials in: USD (mil)
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
USD |
USD |
USD |
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Exchange Rate
(Period Average) |
1 |
1 |
1 |
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Consolidated |
No |
No |
No |
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Net Cashflow
From Operating Activities |
0.0 |
0.0 |
0.0 |
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Net Cashflow From ROI & Servicing Of
Finance |
0.0 |
- |
- |
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Net Cashflow Before Financing |
0.0 |
0.0 |
0.0 |
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Net Cashflow
From Financing |
- |
- |
0.0 |
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Increase In Cash |
0.0 |
0.0 |
0.0 |
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Net Cash |
0.0 |
0.0 |
0.0 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.93 |
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UK Pound |
1 |
Rs.102.39 |
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Euro |
1 |
Rs.85.12 |
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 |
-- |
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.