MIRA INFORM REPORT

Report Date :

09.07.2014

IDENTIFICATION DETAILS

Name :	NORSCAFF LIMITED

Registered Office :	2 Killymoyle Road, Dungannon, County Tyrone, BT70 1SA

Country :	Ireland

Financials (as on) :	31.07.2013

Date of Incorporation :	22.07.1999

Com. Reg. No.:	NI036612

Legal Form :	Private limited with Share Capital

Line of Business :	· Non-Specialised Wholesale Trade · Scaffolding specialists

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Ireland

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property market and construction industry. 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 an even more important 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 to stabilize Ireland’s public finances. 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 country’s deeply troubled banking sector. In late 2010, the former COWEN government agreed to a $92 billion loan package from the EU and IMF to help Dublin recapitalize Ireland’s fragile 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 has grown slowly since 2011, but managed to reduce the budget deficit to 7.2% of GDP in 2013. In late 2013, Ireland formally exited its EU-IMF bailout program, benefiting from its strict adherence to deficit-reduction targets and success in refinancing a large amount of banking-related debt.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Name:	NORSCAFF LIMITED
Company Number:	NI036612

Registered Address	2 KILLYMOYLE ROAD	Trading Address	2 Killymoyle Road
	DUNGANNON		Dungannon
	COUNTY TYRONE		County Tyrone
	BT70 1SA		BT70 1SA
Website Address	http://www.norscaff.co.uk	Telephone Number	02887767126
Fax Number		TPS	No
FPS	No	Incorporate Date	22/07/1999
Type	Private limited with Share Capital	FTSE Index	-
		Date of Change	-
Filing Date of Accounts	30/04/2014	Currency	GBP
Share Capital	£2	SIC07	46900
SIC07 Description	NON-SPECIALISED WHOLESALE TRADE	Principal Activity	Scaffolding specialists

DIRECTORS/MANAGEMENT

Current Directors

Name	Brendan Declan Rafferty	Date of Birth	05/05/1961
Officers Title	Mr	Nationality	Irish
Present Appointments	2	Function	Director
Appointment Date	22/07/1999
Address	2 Killymoyle Road, Dungannon, County Tyrone, BT70 1SA
Other Actions	View Director Report	View Consumer Report

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Alison Margaret Rafferty	0	1

NEGATIVE INFORMATION

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Exact CCJ Details

No CCJs found

Possible CCJs Details

There are no possible CCJ details

Writ Details

No writs found

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
BRENDAN DECLAN RAFFERTY	GBP	2	ORDINARY	1	100

PAYMENT INFORMATION

Mortgage Summary

Total Mortgage	0
Outstanding	0
Satisfies	0

Trade Debtors/Bad Debts Summary

Total Number of Documented Trade	0
Total Value of Documented Trade	£0

Average Invoice Value	£372.16
Invoices available	6
Paid	5
Outstanding	1

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

Enquiries Trend

There have been 39 enquiries in the last 12 months.

There are an average of 3 reports taken each month.

	3 MONTHS	6 MONTHS	9 MONTHS
Enquiries	7	14	26

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	0	2	2	1	0
Outstanding	0	0	0	0	1

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group structure

No group structure

FINANCIAL INFORMATION

Year to Date	Turnover	Pre Tax Profit	Shareholders	Funds Employees
31/07/2013	-	-	£1,101,342	-
31/07/2012	-	-	£1,047,360	-
31/07/2011	-	-	£981,211	-

Profit & Loss

Date Of Accounts	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/07/10	(%)	31/07/09
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	-	-	-	-	-	-	-	-	-
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	-	-	-	-	-	-	-	-	-
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	-	-	-	-	-	-	-	-	-
Depreciation	£9,746	39.5%	£6,988	156.6%	£2,723	-6.4%	£2,909	-25.5%	£3,903
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	-	-	-	-	-	-	-	-	-
Pre Tax Profit	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	-
Profit After Tax	-	-	-	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/07/10	(%)	31/07/09
Tangible Assets	£33,744	-5.5%	£35,718	200.7%	£11,880	-18.6%	£14,603	-13.4%	£16,857
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£33,744	-5.5%	£35,718	200.7%	£11,880	-18.6%	£14,603	-13.4%	£16,857
Stock	£644,500	8.3%	£595,000	-8.5%	£650,000	-25.1%	£867,658	-15.6%	£1,027,768
Trade Debtors	£506,575	12.5%	£450,110	-4.4%	£471,029	7.4%	£438,620	14%	£384,911
Cash	£253,184	-8.6%	£277,106	26.4%	£219,223	136.5%	£92,692	1.2%	£91,591
Other Debtors	0	-	0	-	0	-	0	-	0
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£1,404,259	6.2%	£1,322,216	-1.3%	£1,340,252	-4.2%	£1,398,970	-7%	£1,504,270
Trade Creditors	£324,007	7.4%	£301,553	-18.7%	£370,921	-7.8%	£402,304	-17.2%	£485,660
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	0	-	0	-	0	-	0	-	0
Total Current Liabilities	£324,007	7.4%	£301,553	-18.7%	£370,921	-7.8%	£402,304	-17.2%	£485,660
Bank Loans & Overdrafts and LTL	£12,654	40.3%	£9,021	-	0	-	0	-	0
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£12,654	40.3%	£9,021	-	0	-	0	-	0

Capital & Reserves

Date Of Accounts	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/07/10	(%)	31/07/09
Called Up Share Capital	£100	-	£100	-	£100	-	£100	-	£100
P & L Account Reserve	£1,101,242	5.2%	£1,047,260	6.7%	£981,111	-3%	£1,011,169	-2.3%	£1,035,367
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£1,101,342	5.2%	£1,047,360	6.7%	£981,211	-3%	£1,011,269	-2.3%	£1,035,467

Other Financial Items

Date Of Accounts	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/07/10	(%)	31/07/09
Net Worth	£1,101,342	5.2%	£1,047,360	6.7%	£981,211	-3%	£1,011,269	-2.3%	£1,035,467
Working Capital	£1,080,252	5.8%	£1,020,663	5.3%	£969,331	-2.7%	£996,666	-2.2%	£1,018,610
Total Assets	£1,438,003	5.9%	£1,357,934	0.4%	£1,352,132	-4.3%	£1,413,573	-7.1%	£1,521,127
Total Liabilities	£336,661	8.4%	£310,574	-16.3%	£370,921	-7.8%	£402,304	-17.2%	£485,660
Net Assets	£1,101,342	5.2%	£1,047,360	6.7%	£981,211	-3%	£1,011,269	-2.3%	£1,035,467

Miscellaneous

Date Of Accounts	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/07/10	(%)	31/07/09
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£1,113,996	5.5%	£1,056,381	7.7%	£981,211	-3%	£1,011,269	-2.3%	£1,035,467

Ratios

Date Of Accounts	31/07/13	31/07/12	31/07/11	31/07/10	31/07/09
Pre-tax profit margin %	-	-	-	-	-
Current ratio	4.33	4.38	3.61	3.48	3.10
Sales/Net Working Capital	-	-	-	-	-
Gearing %	1.10	0.90	0	0	0
Equity in %	76.60	77.10	72.60	71.50	68.10
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	2.34	2.41	1.86	1.32	0.98
Return On Capital Employed %	-	-	-	-	-
Return On Total Assets Employed %	-	-	-	-	-
Current Debt Ratio	0.29	0.28	0.37	0.39	0.46
Total Debt Ratio	0.30	0.29	0.37	0.39	0.46
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-	-	-	-	-

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Current Company Secretary

Name	Patricia Yvonne Rafferty	Date of Birth	-
Officers Title	Ms	Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	22/07/1999
Address	2 Killymoyle Road, Dungannon, County Tyrone, BT70 1SA

Number of Employees	-	-	-	-	-	-	-	-	-
Auditors
Auditor Comments	The company is exempt from audit
Bankers	BANK OF IRELAND
Bank Branch Code	90-48-51

Status History

No Status History found

Event History

Date	Description
06/05/2014	New Accounts Filed
06/05/2014	New Accounts Filed
04/12/2013	Annual Returns
04/05/2013	New Accounts Filed
12/11/2012	Annual Returns
03/05/2012	New Accounts Filed
15/09/2011	Annual Returns
08/07/2011	New Accounts Filed
13/09/2010	Annual Returns
24/04/2010	Annual Returns
24/04/2010	Annual Returns
24/04/2010	New Accounts Filed
09/10/2009	New Board Member Mr B.D. Rafferty appointed
09/10/2009	New Company Secretary Ms P.Y. Rafferty appointed
25/03/2009	New Accounts Filed

Previous Company Names

No Previous Names found

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.

There is insufficient data to indicate a change in this company's percentage of sales.

Net Worth increased by 5.2% during the latest trading period.

A 5.9% growth in Total Assets occurred during the latest trading period.

There is insufficient data to indicate a change in this company's pre-tax profit.

The company saw a decrease in their Cash Balance of 8.6% during the latest trading period.

The company is exempt from audit.

No recent changes in directorship are recorded.

The company is not part of a group.

The movement in accumulated earnings would indicate that the company made a profit after tax and other appropriations, including dividends.

The company was established over 14 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.80
UK Pound	1	Rs.102.42
Euro	1	Rs.81.32

INFORMATION DETAILS

Analysis Done by :	SUM

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
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.