MIRA
INFORM REPORT
|
Report Date : |
14.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
AGRI AND INDUSTRIAL RUBBER LIMITED |
|
|
|
|
Formerly Known As : |
THE FLAT RUBBER COMPANY LIMITED |
|
|
|
|
Registered Office : |
Perssepark
Aughrim, Ballinasloe, Cogalway, 41205 |
|
|
|
|
Country : |
Ireland |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
16.03.1992 |
|
|
|
|
Com. Reg. No.: |
IE185898 |
|
|
|
|
Legal Form : |
Private limited with Share Capital |
|
|
|
|
Line of Business : |
Engaged in sale and installation of cattle
mats. |
|
|
|
|
No. of Employees : |
13 (31.12.2012) |
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 : |
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
Summary – Company
Information
|
Company
Name |
AGRI AND INDUSTRIAL RUBBER LIMITED |
Company
Number |
IE185898 |
|
Registered
Address |
PERSSEPARK AUGHRIM |
|
|
|
Website
Address |
- |
|
|
|
Telephone
Number |
|
|
|
|
TPS |
No |
|
|
|
Incorporation
Date |
16/03/1992 |
Company
Status |
Active - Accounts Filed |
|
Previous
Name |
THE
FLAT RUBBER COMPANY LIMITED |
Type |
Private limited with Share Capital |
|
Date
of Change |
- |
Filing
Date of Accounts |
- |
|
|
|
Share
Capital |
€197 |
|
SIC03 |
51479 |
Currency
|
EUR |
|
SIC03
Description |
WHOLESALE OF OTHER HOUSEHOLD GOODS (NOT
ELSEWHERE CLASSIFIED) |
||
|
SIC07 |
46499 |
||
|
SIC07
Description |
WHOLESALE OF HOUSEHOLD GOODS (OTHER THAN
MUSICAL INSTRUMENTS) N.E.C. |
||
|
Principal
Activity |
The sale and installation of cattle mats. |
||
DIRECTORS/MANAGEMENT
Directors
|
Total Current Directors |
2 |
|
Total Current Secretaries |
1 |
|
Total Previous Directors / Company
Secretaries |
0 |
Current Directors
|
Name |
Date of Birth |
21/01/1959 |
|
|
Officers Title |
|
Nationality |
|
|
Present Appointments |
6 |
Function |
Director |
|
Appointment Date |
18/02/1993 |
|
|
|
Address |
BRACKLOON, KILTULLA, ATHENRY, CO. GALWAY. |
||
|
Name |
MAUREEN EARLS |
Date of Birth |
28/04/1958 |
|
Officers Title |
|
Nationality |
|
|
Present Appointments |
2 |
Function |
Director |
|
Appointment Date |
14/05/1997 |
|
|
|
Address |
BRACKLOON KILTULLA, ATHENRY, CO. GALWAY |
||
Current Company Secretary
|
Name |
MICHAEL EARLS |
Date of Birth |
21/01/1959 |
|
Officers Title |
|
Nationality |
|
|
Present Appointments |
6 |
Function |
Company Secretary |
|
Appointment Date |
18/02/1993 |
|
|
|
Address |
BRACKLOON, KILTULLA, ATHENRY, CO. GALWAY. |
||
|
|
|
|
|
NEGATIVE INFORMATION
CJ
|
Total
Number of Exact CJs - |
Total
Value of Exact CJs - |
||
|
Total
Number of Possible CJs - |
Total
Value of Possible CJs - |
||
|
Total
Number of Satisfied CJs - |
Total
Value of Satisfied CJs - |
Exact CJ Details
There are no exact CJ details
Possible CJ Details
There are no possible CJ details
Writ Details
Mortgage Summary
|
Outstanding
|
2 |
|
Satisfied
|
2 |
SHARE & SHARE CAPITAL
INFORMATION
Top 20 Shareholders
|
Name |
Currency |
Share
Count |
Share
Type |
Nominal
Value |
|
MAUREEN EARLS |
EUR |
7,520 |
ORDINARY A |
0.01 |
|
MAUREEN EARLS |
EUR |
4,000 |
ORDINARY B |
0.01 |
|
GARY EARLS |
EUR |
2,000 |
ORDINARY B |
0.01 |
|
DAVID EARLS |
EUR |
2,000 |
ORDINARY B |
0.01 |
|
NIALL EARLS |
EUR |
2,000 |
ORDINARY B |
0.01 |
|
MICHAEL EARLS |
EUR |
1,880 |
ORDINARY A |
0.01 |
|
P.J. BURKE |
EUR |
250 |
ORDINARY REDEEMABLE |
0.01 |
Unable to report percentage holdings as filed
Shareholder listing is not full.
PAYMENT INFORMATION
Summary – Payment
History
Key Financials
|
Year
to Date |
Turnover |
Pre
Tax Profit |
Shareholder
Funds |
Employees |
|
31/12/2012 |
- |
€1,052,992 |
€4,683,445 |
13 |
|
31/12/2011 |
- |
€932,739 |
€3,769,324 |
11 |
|
31/12/2010 |
- |
-€311,026 |
€2,962,800 |
17 |
Payment Information
Summary
|
Days
Beyond Terms |
Trend Indicator |
Average
Payment Experience |
|
||||
|
Steady Improving Worsening |
Be the first to leave a payment experience
|
|
GROUP STRUCTURE & AFFILIATED
COMPANIES
Group Structure
Statistics
|
Group |
- |
|
Linkages
|
|
|
Countries
|
Group structure
No group structure
FINANCIAL INFORMATION
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 |
- |
|
- |
|
- |
|
- |
|
- |
|
Export |
- |
|
- |
|
- |
|
- |
|
- |
|
Cost of Sales |
- |
|
- |
|
- |
|
- |
|
- |
|
Gross Profit |
€3,059,238 |
|
€2,746,362 |
|
€1,971,400 |
|
€3,037,046 |
|
€4,073,196 |
|
Wages & Salaries |
€705,244 |
|
€604,287 |
|
€951,090 |
|
€958,801 |
|
€1,016,945 |
|
Directors Emoluments |
€165,893 |
|
€139,225 |
|
€135,194 |
|
€134,668 |
|
€108,820 |
|
Operating Profit |
€1,058,955 |
|
€957,382 |
|
-€291,581 |
|
€293,610 |
|
€900,243 |
|
Depreciation |
€142,334 |
|
€163,599 |
|
€274,163 |
|
€296,242 |
|
€286,312 |
|
Audit Fees |
- |
|
- |
|
- |
|
€14,000 |
|
€14,000 |
|
Interest Payments |
€34,279 |
|
€29,917 |
|
€30,632 |
|
€60,266 |
|
€68,143 |
|
Pre Tax Profit |
€1,052,992 |
|
€932,739 |
|
-€311,026 |
|
-€10,726 |
|
€712,591 |
|
Taxation |
-€138,969 |
|
-€126,215 |
|
€10,454 |
|
€1,747 |
|
-€109,247 |
|
Profit After Tax |
€914,023 |
|
€806,524 |
|
-€300,572 |
|
-€8,979 |
|
€603,344 |
|
Dividends Payable |
- |
|
- |
|
- |
|
- |
|
- |
|
Retained Profit |
€914,023 |
|
€806,524 |
|
-€300,572 |
|
-€8,979 |
|
€603,344 |
Balance Sheet
|
Date Of Accounts |
31/12/12 |
|
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
31/12/08 |
|
Tangible Assets |
€441,672 |
|
€383,187 |
|
€454,359 |
|
€662,272 |
|
€797,678 |
|
Intangible Assets |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
Total Fixed Assets |
€441,672 |
|
€383,187 |
|
€454,359 |
|
€662,272 |
|
€797,678 |
|
Stock |
€2,461,126 |
|
€1,352,859 |
|
€1,731,800 |
|
€1,387,340 |
|
€2,162,245 |
|
Trade Debtors |
€2,352,576 |
|
€1,884,476 |
|
€1,727,005 |
|
€1,151,882 |
|
€1,191,348 |
|
Cash |
€549,844 |
|
€1,161,006 |
|
€121,271 |
|
€719,665 |
|
€448,064 |
|
Other Debtors |
€485,565 |
|
€414,718 |
|
€311,251 |
|
€222,178 |
|
€384,580 |
|
Miscellaneous Current Assets |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
Total Current Assets |
€5,849,111 |
|
€4,813,059 |
|
€3,891,327 |
|
€3,481,065 |
|
€4,186,237 |
|
Trade Creditors |
€815,299 |
|
€550,642 |
|
€616,667 |
|
€388,559 |
|
€875,152 |
|
Bank Loans & Overdrafts |
€550,000 |
|
€565,607 |
|
€559,963 |
|
€3,847 |
|
€285,900 |
|
Other Short Term Finance |
€2,327 |
|
€15,978 |
|
€102,096 |
|
€155,572 |
|
€174,690 |
|
Miscellaneous Current Liabilities |
€236,012 |
|
€288,668 |
|
€83,206 |
|
€194,571 |
|
€168,914 |
|
Total Current Liabilities |
€1,603,638 |
|
€1,420,895 |
|
€1,361,932 |
|
€742,549 |
|
€1,504,656 |
|
Bank Loans & Overdrafts and LTL |
€553,700 |
|
€571,634 |
|
€580,917 |
|
€124,536 |
|
€472,920 |
|
Other Long Term Finance |
€3,700 |
|
€6,027 |
|
€20,954 |
|
€120,689 |
|
€187,020 |
|
Total Long Term Liabilities |
€3,700 |
|
€6,027 |
|
€20,954 |
|
€120,689 |
|
€187,020 |
Capital &
Reserves
|
Date Of Accounts |
31/12/12 |
|
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
31/12/08 |
|
Called Up Share Capital |
€196 |
|
€98 |
|
€98 |
|
€100 |
|
€100 |
|
P & L Account Reserve |
€4,683,232 |
|
€3,769,209 |
|
€2,962,685 |
|
€3,276,825 |
|
€3,285,804 |
|
Revaluation Reserve |
- |
|
- |
|
- |
|
- |
|
- |
|
Sundry Reserves |
€17 |
|
€17 |
|
€17 |
|
€3,174 |
|
€6,335 |
|
Shareholder Funds |
€4,683,445 |
|
€3,769,324 |
|
€2,962,800 |
|
€3,280,099 |
|
€3,292,239 |
Other Financial
Items
|
Date Of Accounts |
31/12/12 |
|
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
31/12/08 |
|
Net Worth |
€4,683,445 |
|
€3,769,324 |
|
€2,962,800 |
|
€3,280,099 |
|
€3,292,239 |
|
Working Capital |
€4,245,473 |
|
€3,392,164 |
|
€2,529,395 |
|
€2,738,516 |
|
€2,681,581 |
|
Total Assets |
€6,290,783 |
|
€5,196,246 |
|
€4,345,686 |
|
€4,143,337 |
|
€4,983,915 |
|
Total Liabilities |
€1,607,338 |
|
€1,426,922 |
|
€1,382,886 |
|
€863,238 |
|
€1,691,676 |
|
Net Assets |
€4,683,445 |
|
€3,769,324 |
|
€2,962,800 |
|
€3,280,099 |
|
€3,292,239 |
Cash Flow
|
Date Of Accounts |
31/12/12 |
|
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
31/12/08 |
|
Net Cashflow from Operations |
-€304,370 |
|
€1,207,492 |
|
-€861,576 |
|
€992,207 |
|
-€318,132 |
|
Net Cashflow before Financing |
-€579,675 |
|
€1,135,136 |
|
-€1,002,041 |
|
€631,264 |
|
-€1,310,112 |
|
Net Cashflow from Financing |
-€273 |
|
-€95,401 |
|
€407,494 |
|
-€77,610 |
|
€88,115 |
|
Increase in Cash |
-€579,948 |
|
€1,039,735 |
|
-€594,547 |
|
€553,654 |
|
-€1,221,997 |
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 |
€4,687,145 |
|
€3,775,351 |
|
€2,983,754 |
|
€3,400,788 |
|
€3,479,259 |
|
Number of Employees |
13 |
|
11 |
|
17 |
|
19 |
|
18 |
|
Auditors |
DHKN LIMITED |
||||||||
|
Auditor Comments |
The audit report contains no adverse
comments |
||||||||
|
Bankers |
ALLIED IRISH BANK |
||||||||
|
Bank Branch Code |
|
||||||||
Ratios
|
Date Of Accounts |
31/12/12 |
31/12/11 |
31/12/10 |
31/12/09 |
31/12/08 |
|
Pre-tax profit margin % |
- |
- |
- |
- |
- |
|
Current ratio |
3.65 |
3.39 |
2.86 |
4.69 |
2.78 |
|
Sales/Net Working Capital |
- |
- |
- |
- |
- |
|
Gearing % |
11.80 |
15.20 |
19.60 |
3.80 |
14.40 |
|
Equity in % |
74.40 |
72.50 |
68.20 |
79.20 |
66.10 |
|
Creditor Days |
- |
- |
- |
- |
- |
|
Debtor Days |
- |
- |
- |
- |
- |
|
Liquidity/Acid Test |
2.11 |
2.43 |
1.58 |
2.81 |
1.34 |
|
Return On Capital Employed % |
22.46 |
24.70 |
-10.42 |
-0.31 |
20.48 |
|
Return On Total Assets Employed % |
16.73 |
17.95 |
-7.15 |
-0.25 |
14.29 |
|
Current Debt Ratio |
0.34 |
0.37 |
0.45 |
0.22 |
0.45 |
|
Total Debt Ratio |
0.34 |
0.37 |
0.46 |
0.26 |
0.51 |
|
Stock Turnover Ratio % |
- |
- |
- |
- |
- |
|
Return on Net Assets Employed % |
22.48 |
24.74 |
-10.49 |
-0.32 |
21.64 |
ADDITIONAL INFORMATION
Commentary
|
No exact match CCJs are recorded against the
company. |
|
|
There is insufficient data to indicate a
change in this companies percentage of sales. |
|
|
Net Worth increased by 24.3% during the latest
trading period. |
|
|
A 21.1% growth in Total Assets occurred
during the latest trading period. |
|
|
Pre-tax profits increased by 12.9% compared
to the previous trading period. |
|
|
The company saw a decrease in their Cash
Balance of 52.6% during the latest trading period. |
|
|
The audit report contains no adverse
comments. |
|
|
No recent changes in directorship are
recorded. |
|
|
The company is not part of a group. |
|
|
The company was established over 21 years
ago. |
|
Event History
Status History
|
No Status History found |
Event History
|
Date |
Description |
|
27/11/2013 |
New Accounts Filed |
|
25/11/2013 |
Annual Returns |
|
03/12/2012 |
New Accounts Filed |
|
03/12/2012 |
New Accounts Filed |
|
27/11/2012 |
Annual Returns |
|
08/02/2012 |
Annual Returns |
|
30/11/2011 |
New Accounts Filed |
|
27/11/2010 |
Annual Returns |
|
27/11/2010 |
New Accounts Filed |
|
27/11/2010 |
New Accounts Filed |
|
02/12/2009 |
New Accounts Filed |
|
02/12/2009 |
New Accounts Filed |
|
30/11/2009 |
Annual Returns |
|
03/12/2008 |
New Accounts Filed |
|
02/12/2008 |
Annual Returns |
Previous Company
Names
|
Date |
Previous
Name |
|
N/A |
THE FLAT RUBBER COMPANY LIMITED |
|
18/02/1999 |
GRADUATE ELECTRONICS LIMITED |
|
16/03/1992 |
THE FLAT RUBBER COMPANY LIMITED |
Business Owner
Links
|
Business Name |
Business No |
Business Status. |
|
AGRI AND INDUSTRIAL RUBBER LIMITED |
IE185898 |
|
|
EASYFIX RUBBER PRODUCTS |
224367 |
NORMAL |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.52 |
|
UK Pound |
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.84.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.