MIRA INFORM REPORT

 

 

Report Date :

03.06.2014

 

IDENTIFICATION DETAILS

 

Name :

SHANNON ABRASIVES LIMITED

 

 

Formerly Known As :

DEL VAL ENTERPRISES LIMITED

 

 

Registered Office :

98 Henry Street, Limerick 999938

 

 

Country :

Ireland

 

 

Financials (as on) :

31.08.2012

 

 

Date of Incorporation :

08.07.1987

 

 

Com. Reg. No.:

IE123581

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Manufacture of Jewellery and Related Articles

 

 

No. of Employees :

Not Available 

 

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 :

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

B1

B1

 

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

 

 

 

 

Company name and address

 

Company Name:           SHANNON ABRASIVES LIMITED

Company No:                IE123581

Registered Address:      98 HENRY STREET

LIMERICK

999938

 

Operative Address :      Unit 10b, Knockbeg Point,

Shannon

Co Clare

Ireland

 

 

Company summary

 

Registered Address       98 HENRY STREET

LIMERICK

999938

 

Trading Address            1 MOUNT KENNETT PLACE

HENRY STREET

LIMERICK

LIMERICK

401

Website Address           -

 

TPS                              No

 

FPS                              No

 

Incorporation Date         08/07/1987

 

Previous Name              DEL VAL ENTERPRISES LIMITED

 

Type                             Private limited with Share Capital

 

FTSE Index                   -

 

Date of Change             -

 

Filing Date of Accounts             –

 

Currency                       EUR

 

Share Capital                €33,860

 

SIC07                           32120

SIC07 Description         MANUFACTURE OF JEWELLERY AND RELATED ARTICLES

 

Principal Activity           Accounts data converted from US Dollars.

 

 

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 decreased by 8% during the latest trading period.

A 4.9% decline 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 an increase in their Cash Balance of 21.7% 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 incurred a loss after tax and other appropriations, including dividends.

The company was established over 26 years ago.

 

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

 

Possible CJ Details

There are no possible CJ details

 

Total Current Directors

3

Total Current Secretaries

1

Total Previous Directors / Company Secretaries

0

 

Current Directors

Name

EUGENE O'DONNELL

Date of Birth

27/11/1949

Officers Title

Nationality

Present Appointments

1

Function

Director

Appointment Date

01/12/1991

Address

7 BALLYCASEYMORE HILL, SHANNON, CO CLARE, IRELAND

Other Actions

View Director Report

 

Name

THOMAS LAVELLE

Date of Birth

27/02/1957

Officers Title

Nationality

Present Appointments

2

Function

Director

Appointment Date

20/07/1987

Address

36 CLYBAUN HEIGHTS, KNOCKNACARRA, GALWAY

Other Actions

View Director Report

 

Name

GREGORY CAREY

Date of Birth

22/05/1953

Officers Title

Nationality

Present Appointments

1

Function

Director

Appointment Date

20/07/1987

Address

20 INIS SIODA, SHANNON, CO. CLARE., IRELAND

Other Actions

View Director Report

 

Current Company Secretary

Name

THOMAS LAVELLE

Date of Birth

27/02/1957

Officers Title

Nationality

Present Appointments

2

Function

Company Secretary

Appointment Date

20/07/1987

Address

36 CLYBAUN HEIGHTS, KNOCKNACARRA, GALWAY

 

Top 20 Shareholders

Name

Currency

Share Count

Share Type

Nominal Value

WILSON BORN

EUR

8,000

ORDINARY

1.27

THOMAS LAVELLE

EUR

8,000

ORDINARY

1.27

GREGORY CAREY

EUR

8,000

ORDINARY

1.27

EUGENE O'DONNELL

EUR

2,667

ORDINARY

1.27

Unable to report percentage holdings as filed Shareholder listing is not full.

 

 

Profit & Loss

 

Date Of Accounts

31/08/12

(%)

31/08/11

(%)

31/08/10

(%)

31/08/09

(%)

31/08/08

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

-

-

-

-

-

-

-

-

-

Wages & Salaries

-

-

-

-

-

-

-

-

-

Directors Emoluments

-

-

-

-

-

-

-

-

-

Operating Profit

-

-

-

-

-

-

-

-

-

Depreciation

-

-

-

-

-

-

€20,951

-32.3%

€30,958

Audit Fees

-

-

-

-

-

-

-

-

-

Interest Payments

-

-

-

-

-

-

-

-

-

Pre Tax Profit

-

-

-

-

-

-

-

-

-

Taxation

-

-

-

-

-

-

-

-

-

Profit After Tax

-

-

-

-

-

-

-

-

-

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

-

-

-

-

-

-

-

-

-

Balance Sheet

 

Date Of Accounts

31/08/12

(%)

31/08/11

(%)

31/08/10

(%)

31/08/09

(%)

31/08/08

Tangible Assets

€876,411

-37.6%

€1,404,725

-2.1%

€1,434,994

-4.7%

€1,506,548

-22.9%

€1,953,311

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

€876,411

-37.6%

€1,404,725

-2.1%

€1,434,994

-4.7%

€1,506,548

-22.9%

€1,953,311

Stock

€135,442

61.7%

€83,750

-46%

€154,965

84.2%

€84,135

-77.6%

€376,303

Trade Debtors

€552,011

16.2%

€474,854

-32.1%

€698,940

36.5%

€512,048

-35.2%

€789,920

Cash

€1,383,786

21.7%

€1,137,508

45.3%

€782,655

58.3%

€494,531

31.9%

€374,793

Other Debtors

0

-

0

-

0

-

0

-

0

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

€2,071,239

22.1%

€1,696,113

3.6%

€1,636,560

50%

€1,090,714

-29.2%

€1,541,017

Trade Creditors

€469,825

18.7%

€395,718

-11.5%

€447,265

63%

€274,473

-59.5%

€678,271

Bank Loans & Overdrafts

0

-

0

-

0

-

0

-

0

Other Short Term Finance

0

-

0

-

0

-

0

-

0

Miscellaneous Current Liabilities

€14,423

-48%

€27,754

-21.6%

€35,388

101.9%

€17,526

-

0

Total Current Liabilities

€484,247

14.4%

€423,472

-12.3%

€482,653

65.3%

€291,998

-56.9%

€678,271

Bank Loans & Overdrafts and LTL

0

-

0

-

0

-

0

-

0

Other Long Term Finance

0

-

0

-

0

-

0

-

0

Total Long Term Liabilities

0

-

0

-

0

-

0

-

0

.

 

Capital & Reserves

 

Date Of Accounts

31/08/12

(%)

31/08/11

(%)

31/08/10

(%)

31/08/09

(%)

31/08/08

Called Up Share Capital

€29,218

-

€29,218

-6.1%

€31,119

15.9%

€26,860

-15.4%

€31,750

P & L Account Reserve

€2,434,185

-8.1%

€2,648,147

3.5%

€2,557,783

12.3%

€2,278,404

-18.2%

€2,784,307

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

€2,463,403

-8%

€2,677,365

3.4%

€2,588,901

12.3%

€2,305,263

-18.1%

€2,816,057

 

 

Other Financial Items

 

Date Of Accounts

31/08/12

(%)

31/08/11

(%)

31/08/10

(%)

31/08/09

(%)

31/08/08

Net Worth

€2,463,403

-8%

€2,677,365

3.4%

€2,588,901

12.3%

€2,305,263

-18.1%

€2,816,057

Working Capital

€1,586,991

24.7%

€1,272,640

10.3%

€1,153,907

44.5%

€798,715

-7.4%

€862,746

Total Assets

€2,947,650

-4.9%

€3,100,837

1%

€3,071,554

18.3%

€2,597,262

-25.7%

€3,494,328

Total Liabilities

€484,247

14.4%

€423,472

-12.3%

€482,653

65.3%

€291,998

-56.9%

€678,271

Net Assets

€2,463,403

-8%

€2,677,365

3.4%

€2,588,901

12.3%

€2,305,263

-18.1%

€2,816,057

 

 

Miscellaneous

 

Date Of Accounts

31/08/12

(%)

31/08/11

(%)

31/08/10

(%)

31/08/09

(%)

31/08/08

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

€2,463,403

-8%

€2,677,365

3.4%

€2,588,901

12.3%

€2,305,263

-18.1%

€2,816,057

Number of Employees

-

-

-

-

-

-

-

-

-

Auditors

Auditor Comments

The company is exempt from audit

Bankers

ALLIED IRISH BANKS PLC

Bank Branch Code

93-51-31

 

 

Ratios

 

Date Of Accounts

31/08/12

31/08/11

31/08/10

31/08/09

31/08/08

Pre-tax profit margin %

-

-

-

-

-

Current ratio

4.28

4.01

3.39

3.74

2.27

Sales/Net Working Capital

-

-

-

-

-

Gearing %

0

0

0

0

0

Equity in %

83.60

86.30

84.30

88.80

80.60

Creditor Days

-

-

-

-

-

Debtor Days

-

-

-

-

-

Liquidity/Acid Test

3.99

3.80

3.06

3.44

1.71

Return On Capital Employed %

-

-

-

-

-

Return On Total Assets Employed %

-

-

-

-

-

Current Debt Ratio

0.19

0.15

0.18

0.12

0.24

Total Debt Ratio

0.19

0.15

0.18

0.12

0.24

Stock Turnover Ratio %

-

-

-

-

-

Return on Net Assets Employed %

-

-

-

-

-

 

Status History

No Status History found

Event History

Date

Description

06/08/2013

New Accounts Filed

06/08/2013

New Accounts Filed

03/08/2013

Annual Returns

07/07/2012

Annual Returns

07/07/2012

New Accounts Filed

07/07/2012

New Accounts Filed

12/07/2011

Annual Returns

11/07/2011

New Accounts Filed

11/07/2011

New Accounts Filed

29/07/2010

Annual Returns

29/07/2010

New Accounts Filed

29/07/2010

New Accounts Filed

23/06/2009

Annual Returns

23/06/2009

New Accounts Filed

16/07/2008

Annual Returns

 

Previous Company Names

Date

Previous Name

N/A

DEL VAL ENTERPRISES LIMITED

 

Statistics

Group

-

Linkages

0 companies

Countries

In 0 countries

 

Summary

Holding Company

-

Ownership Status

Ultimate Holding Company

-

 

Group structure

No group structure


Statistics

Group

0 companies

Linkages

0 companies

Countries

In 0 countries


Unregistered - Exact CJ Details

No CJs found

 

Unregistered - Possible CJ Details

No CJs found

 

Registered - Exact CJ Details

No CJs found

 

Registered - Possible CJ Details

No CJs found

 

Creditor Details

Total Number

Total Value

Trade Creditors

0

-

No Creditor Data

 

Trade Debtors / Bad Debt Detail

Total Number of Documented Trade

Total Value of Documented Trade

Trade Debtors

-

-

No Debtor Data

 

Previous Director/Company Secretaries

No Previous Director Details

 

 

Average Invoice Value

€115.93

Invoices available

2

Paid

2

Outstanding

0

 

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

 

Within Terms

0-30 Days

31-60 Days

61-90 Days

91+ Days

Paid

1

1

0

0

0

Outstanding

0

0

0

0

0

 

 

 

 

DIAMOND INDUSTRY – INDIA

 

-            From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

-            The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

-            The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

-            Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

-            Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

-            Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

-            Excerpts from Times of India dated 30th October 2010 is as under –

 

-            Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

 

-            The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.14

UK Pound

1

Rs.99.02

Euro

1

Rs.80.63

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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.