MIRA
INFORM REPORT
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Report Date : |
08.01.2014 |
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Tel. No.: |
353 0 51353190 |
IDENTIFICATION DETAILS
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Name : |
F.L.I. INTERNATIONAL LIMITED |
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Registered Office : |
Six Crossroads, Waterford |
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Country : |
Ireland |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
13.02.1989 |
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Com. Reg. No.: |
E0140221 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
Subject is engaged in installing clay and neosynthetic
lining systems for environmental containment projects for the water, waste,
chemical, industrial & mining industries. |
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No. of Employees : |
150 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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
F.L.I. INTERNATIONAL LIMITED
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Business Description
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A group engaged in installing clay and neosynthetic
lining systems for environmental containment projects for the water, waste,
chemical, industrial & mining industries. |
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
43999 - Specialised construction activities (other than scaffold
erection) n.e.c. |
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US SIC 1987: |
Key Executives
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Name |
Title |
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Peter Gaynor |
Secretary, Director |
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Michael Flick |
Director |
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Anne Flynn |
Director |
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Michael Joseph Flynn |
Director |
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Cormac Mccarthy |
Director |
Registered No.(IRE): E0140221
1 - Profit & Loss Item Exchange Rate: USD
1 = EUR 0.7782366
2 - Balance Sheet Item Exchange Rate: USD 1 =
EUR 0.7566
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ANZSIC 2006 Codes: |
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32 |
- |
Construction Services |
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ISIC Rev 4 Codes: |
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4390 |
- |
Other specialized construction activities |
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NACE Rev 2 Codes: |
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4399 |
- |
Other specialised construction activities n.e.c. |
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NAICS 2012 Codes: |
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238990 |
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All Other Specialty Trade Contractors |
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US SIC 1987: |
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179 |
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Miscellaneous Special Trade Contractors |
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UK SIC 2007: |
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43999 |
- |
Specialised construction activities (other than
scaffold erection) n.e.c. |
A group engaged in installing clay and neosynthetic
lining systems for environmental containment projects for the water, waste,
chemical, industrial & mining industries.
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Corporate Family
Total Corporate Family Members: 6
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Waterford |
Ireland |
Architecture and Engineering |
51.3 |
150 |
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Subsidiary |
Waterford |
Ireland |
Specialty Construction Trade Contractors |
51.3 |
150 |
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Subsidiary |
Letchworth Garden City |
United Kingdom |
Specialty Construction Trade Contractors |
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40 |
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Subsidiary |
Bristol |
United Kingdom |
Waste Management |
0.0 |
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Subsidiary |
Bristol |
United Kingdom |
Waste Management |
0.0 |
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Subsidiary |
Letchworth |
United Kingdom |
Metal Products Manufacturing |
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Executives Report
Board of Directors
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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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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 |
31-Dec-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) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
Yes |
Yes |
Yes |
Yes |
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Turnover |
51.3 |
50.2 |
48.4 |
52.9 |
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Cost of Sales |
40.2 |
39.3 |
38.0 |
40.7 |
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Gross Profit |
11.1 |
10.9 |
10.5 |
12.2 |
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Operating Profit |
1.3 |
1.5 |
0.7 |
0.0 |
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Non Trading Income |
0.1 |
0.1 |
0.0 |
0.0 |
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Interest Expenses |
0.3 |
0.3 |
0.1 |
0.3 |
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Pretax Profit |
1.2 |
1.2 |
0.5 |
-0.3 |
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Taxation |
0.4 |
0.6 |
0.4 |
0.5 |
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Profit after Tax |
0.8 |
0.7 |
0.1 |
-0.8 |
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Dividends Payable |
0.1 |
0.1 |
- |
- |
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Retained Profits |
0.6 |
0.5 |
0.1 |
-0.8 |
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Value Added |
11.3 |
11.6 |
11.5 |
13.4 |
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Exports |
- |
50.2 |
48.4 |
52.9 |
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Wages And Salaries |
8.6 |
8.6 |
9.1 |
11.1 |
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Directors’
Emoluments |
1.2 |
1.3 |
1.2 |
1.1 |
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Auditors Fees |
0.1 |
0.1 |
0.1 |
0.1 |
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Non-audit fees |
0.1 |
0.1 |
0.1 |
- |
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Depreciation |
0.5 |
0.6 |
0.8 |
1.1 |
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Number of Employees |
150 |
148 |
159 |
180 |
Annual Balance
Sheet
Financials in: USD (mil)
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|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
EUR |
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Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
Yes |
Yes |
Yes |
Yes |
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Tangible Assets |
4.0 |
3.7 |
4.8 |
4.7 |
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Intangible Assets |
3.7 |
4.0 |
4.4 |
5.0 |
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Total Fixed Assets |
7.7 |
7.7 |
9.2 |
9.7 |
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Stocks |
1.3 |
1.5 |
2.0 |
3.8 |
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Trade Debtors |
15.4 |
12.9 |
11.0 |
10.8 |
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Cash |
8.1 |
12.3 |
12.4 |
5.4 |
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Miscellaneous Current Assets |
4.0 |
3.7 |
2.4 |
2.0 |
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Other Current Assets |
12.1 |
16.0 |
14.8 |
7.4 |
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Total Current Assets |
28.8 |
30.4 |
27.8 |
22.0 |
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Total Assets |
36.6 |
38.1 |
37.0 |
31.7 |
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Net assets |
14.2 |
15.1 |
13.4 |
14.3 |
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Total Current Liabilities |
22.4 |
23.0 |
23.6 |
17.4 |
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Total Debt |
8.6 |
9.7 |
11.1 |
9.6 |
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Total Long Term Liabilities |
4.5 |
6.4 |
5.0 |
5.5 |
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Total Liabilities |
26.9 |
29.3 |
28.6 |
23.0 |
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Share Capital And Other Reserves |
0.4 |
0.4 |
0.4 |
0.4 |
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Profit & Loss Account Reserve |
9.2 |
8.4 |
7.9 |
8.3 |
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Shareholders Funds |
9.6 |
8.8 |
8.3 |
8.8 |
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Capital Employed |
14.2 |
15.1 |
13.4 |
14.3 |
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Net Worth |
5.9 |
4.8 |
3.9 |
3.7 |
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Working Capital |
6.5 |
7.5 |
4.2 |
4.6 |
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Fixed Assets |
4.0 |
3.7 |
3.8 |
4.7 |
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Intermediate Assets |
- |
- |
1.0 |
- |
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Liquid Assets |
27.5 |
28.9 |
25.8 |
18.2 |
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Trade Creditors |
16.5 |
16.8 |
14.5 |
10.6 |
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Bank Overdraft |
- |
- |
3.7 |
0.4 |
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Miscellaneous Current Liabilities |
5.9 |
6.1 |
5.4 |
6.4 |
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Bank Loans - Current Portion |
1.8 |
1.6 |
1.0 |
1.1 |
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Other Short Term Finance |
2.2 |
2.0 |
2.1 |
2.6 |
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Other Current Liabilities |
1.9 |
2.4 |
2.3 |
2.8 |
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Short Term Loans |
4.0 |
3.7 |
6.8 |
4.1 |
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Long Term Loans |
4.5 |
6.0 |
4.3 |
5.5 |
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Long Term Bank Loans |
4.2 |
5.8 |
4.2 |
5.4 |
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Other Long Term Finance |
0.4 |
0.2 |
0.1 |
0.2 |
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Other Long Term Liabilities |
- |
0.4 |
0.8 |
- |
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Called Up Share Capital |
0.1 |
0.1 |
0.1 |
0.1 |
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Sundry Reserves (incl. Grants) |
0.3 |
0.3 |
0.3 |
0.3 |
Annual Cash Flows
Financials in: USD (mil)
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|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-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 |
|
Exchange Rate (Period Average) |
0.778237 |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
Yes |
Yes |
Yes |
Yes |
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Net Cashflow From Operating Activities |
-1.2 |
3.4 |
6.7 |
3.7 |
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Net Cashflow From ROI & Servicing Of
Finance |
-0.3 |
-0.3 |
-0.1 |
-0.3 |
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Net Cashflow Before Financing |
-3.0 |
1.4 |
5.2 |
3.0 |
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Net Cashflow From Financing |
-1.3 |
2.7 |
-1.2 |
-2.5 |
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Increase In Cash |
-4.3 |
4.1 |
4.0 |
0.6 |
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Net Cash |
7.8 |
13.2 |
8.6 |
4.8 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.38 |
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|
1 |
Rs.102.25 |
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Euro |
1 |
Rs.84.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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 |
|
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%)