MIRA
INFORM REPORT
|
Report Date : |
14.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
SRI APPAREL
LIMITED |
|
|
|
|
Registered Office : |
1 Ontario Terrace
Rathmines Dublin 6 216410 |
|
|
|
|
Country : |
Ireland |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
20.02.2008 |
|
|
|
|
Com. Reg. No.: |
IE453610 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Wholesale Of
Children's & Infants' Clothing |
|
|
|
|
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 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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
REGISTERED NAME &
COMPANY SUMMARY
Summary – Company Information
|
Company Name |
SRI APPAREL LIMITED |
Company Number |
IE453610 |
|
|
|
|
|
|
Registered Address
|
1 ONTARIO TERRACE |
Office Address |
3-Adelaide Court Adelaide Road Dublin2 Ireland |
|
Website Address |
- |
|
|
|
Telephone Number |
- |
|
|
|
TPS |
- |
|
|
|
Incorporation Date
|
20/02/2008 |
Company Status |
Active - Accounts
Filed |
|
Previous Name |
|
Type |
Other |
|
Date of Change |
- |
Filing Date of
Accounts |
- |
|
|
|
Share Capital |
€25,000 |
|
SIC03 |
51422 |
Currency |
EUR |
|
SIC03 Description |
WHOLESALE OF
CHILDREN'S & INFANTS' CLOTHING |
||
|
SIC07 |
46420 |
||
|
SIC07 Description |
WHOLESALE OF
CLOTHING AND FOOTWEAR |
||
|
Principal Activity
|
The wholesale of
clothing and accesories under the CAT brand. Accounts data converted from US
Dollars. |
||
DIRECTORS/MANAGEMENT
Directors
|
Total Current
Directors |
6 |
|
Total Current
Secretaries |
1 |
|
Total Previous
Directors / Company Secretaries |
6 |
Current Directors
|
Name |
Date of Birth |
02/09/1947 |
|
|
Officers Title |
|
Nationality |
|
|
Present
Appointments |
2 |
Function |
Director |
|
Appointment Date |
20/02/2008 |
|
|
|
Address |
6336 STRATTON
ROAD, BILLINGS MONTANA 59101, UNITED STATES OF AMERICA |
||
|
|
|
|
|
|
Name |
Date of Birth |
23/06/1945 |
|
|
Officers Title |
|
Nationality |
|
|
Present
Appointments |
2 |
Function |
Director |
|
Appointment Date |
20/02/2008 |
|
|
|
Address |
6335 STRATTON
ROAD, BILLINGS MT 59101, UNITED STATES OF AMERICA |
||
|
|
|
|
|
|
Name |
Date of Birth |
26/07/1967 |
|
|
Officers Title |
|
Nationality |
|
|
Present
Appointments |
3 |
Function |
Director |
|
Appointment Date |
20/02/2008 |
|
|
|
Address |
1375 MOOSE POINT
ROAD, BOZEMAN MONTANA 59715, UNITED STATES OF AMERICA |
||
|
|
|
|
|
|
Name |
Date of Birth |
01/06/1976 |
|
|
Officers Title |
|
Nationality |
|
|
Present
Appointments |
1 |
Function |
Director |
|
Appointment Date |
20/02/2008 |
|
|
|
Address |
11 GALLATIN DRIVE
B, BOZEMAN MONTANA 59715, UNITED STATES |
||
|
|
|
|
|
|
Name |
Date of Birth |
15/07/1974 |
|
|
Officers Title |
|
Nationality |
|
|
Present
Appointments |
2 |
Function |
Director |
|
Appointment Date |
20/02/2008 |
|
|
|
Address |
3645 HARPAR, BILLINGS
MONTANA 59102, UNITED STATES OF AMERICA |
||
|
|
|
|
|
|
Name |
Date of Birth |
12/04/1934 |
|
|
Officers Title |
|
Nationality |
|
|
Present
Appointments |
2 |
Function |
Director |
|
Appointment Date |
19/06/2012 |
|
|
|
Address |
4 WESTERTON RISE,
BALLINTEER, DUBLIN 16 |
||
|
|
|
|
|
Current Company Secretary
|
Name |
Date of Birth |
- |
|
|
Officers Title |
|
Nationality |
|
|
Present
Appointments |
1 |
Function |
Company Secretary |
|
Appointment Date |
21/06/2012 |
|
|
|
Address |
1375 MOOSE POINT
ROAD, BOZEMAN MONTANA 59715, UNITED STATES OF AMERICA |
||
Directors
Previous
Director/Company Secretaries
|
Name |
Current
Directorships |
Previous
Directorships |
|
168 |
943 |
|
|
168 |
943 |
|
|
1 |
4 |
|
|
19 |
351 |
|
|
2 |
1 |
|
|
2 |
2 |
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 |
0 |
Full CCJ Details
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 |
Mortgage Details
|
Mortgage Type: |
A charge on book
debts of the company. |
||
|
Date Charge
Created: |
28/01/09 |
|
|
|
Date Charge
Registered: |
18/02/09 |
|
|
|
Date Charge Satisfied: |
- |
|
|
|
Status: |
NOT SATISFIED |
|
|
|
Person(s)
Entitled: |
R. MICHAEL PRICE |
||
|
Amount Secured: |
|
||
|
Details: |
|
||
|
Mortgage Type: |
A charge on book
debts of the company. |
||
|
Date Charge
Created: |
26/01/09 |
|
|
|
Date Charge
Registered: |
16/02/09 |
|
|
|
Date Charge
Satisfied: |
- |
|
|
|
Status: |
NOT SATISFIED |
|
|
|
Person(s)
Entitled: |
300 NORTH 25TH
LIMITED LIABILITY COMPANY |
||
|
Amount Secured: |
|
||
|
Details: |
|
|
|
SHARE & SHARE CAPITAL INFORMATION
Top 20
Shareholders
|
Name |
Currency |
Share Count |
Share Type |
Nominal Value |
% of Total Share
Count |
|
J.P. DIVVER
HOLDING COMPANY |
EUR |
25,000 |
ORDINARY |
1 |
100 |
PAYMENT INFORMATION
Summary – Payment
History
Key Financials
|
Year to Date |
Turnover |
Pre Tax Profit |
Shareholder Funds |
Employees |
|
31/12/2012 |
- |
- |
€728,543 |
- |
|
31/12/2011 |
- |
- |
€698,596 |
- |
|
31/12/2010 |
- |
- |
€501,860 |
- |
Payment
Information Summary
|
Days Beyond Terms |
Trend Indicator |
|
||||
|
Steady Improving
Worsening |
|
GROUP STRUCTURE & AFFILIATED COMPANIES
Group Structure
Statistics
|
Group |
3 companies |
|
Linkages |
|
|
Countries |
Summary
|
Holding Company |
J. P. DIVVER
HOLDING COMPANY LIMITED |
|
Ownership Status |
Wholly Owned |
|
Ultimate Holding
Company |
J P DIVVER LLC |
Group structure
|
Company Name |
|
Registered Number |
Latest Key
Financials |
Consol. Accounts |
Turnover |
|
|
|
N/A |
- |
- |
|
|
|
IE412367 |
31.12.2012 |
N |
|
|
|
|
IE453610 |
31.12.2012 |
N |
|
J
P DIVVER LLC Trade Payment Data
|
Average Invoice
Value |
€128.73 |
|
Invoices available
|
8 |
|
Paid |
8 |
|
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 |
0 |
1 |
2 |
5 |
0 |
|
Outstanding |
0 |
0 |
0 |
0 |
0 |
FINANCIAL INFORMATION
Financials
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 |
- |
|
- |
|
- |
|
€1,706,237 |
|
€1,493,200 |
|
|
Wages &
Salaries |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Directors
Emoluments |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Operating Profit |
- |
|
- |
|
- |
|
€169,057 |
|
€136,138 |
|
|
Depreciation |
€670 |
|
€634 |
|
- |
|
- |
|
- |
|
|
Audit Fees |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Interest Payments |
- |
|
- |
|
- |
|
€37,582 |
|
- |
|
|
Pre Tax Profit |
- |
|
- |
|
- |
|
€131,474 |
|
€136,166 |
|
|
Taxation |
- |
|
- |
|
- |
|
-€17,256 |
|
-€18,723 |
|
|
Profit After Tax |
- |
|
- |
|
- |
|
€114,218 |
|
€117,443 |
|
|
Dividends Payable |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Retained Profit |
- |
|
- |
|
- |
|
€114,218 |
|
€117,443 |
Balance Sheet
|
|
Date Of Accounts |
31/12/12 |
|
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
31/12/08 |
|
|
Tangible Assets |
€3,188 |
|
€3,761 |
|
0 |
|
0 |
|
0 |
|
|
Intangible Assets |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Total Fixed Assets |
€3,188 |
|
€3,761 |
|
0 |
|
0 |
|
0 |
|
|
Stock |
€17,767 |
|
€122,621 |
|
€455,717 |
|
0 |
|
€26,377 |
|
|
Trade Debtors |
€4,679,170 |
|
€1,867,163 |
|
€1,450,365 |
|
€1,908,374 |
|
€933,492 |
|
|
Cash |
€1,386,077 |
|
€1,205,795 |
|
€1,496,333 |
|
€339,758 |
|
€28,057 |
|
|
Other Debtors |
€172,924 |
|
€312,975 |
|
0 |
|
0 |
|
€534,803 |
|
|
Miscellaneous
Current Assets |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Total Current
Assets |
€6,255,938 |
|
€3,508,555 |
|
€3,402,415 |
|
€2,248,131 |
|
€1,522,729 |
|
|
Trade Creditors |
€2,365,864 |
|
€1,354,193 |
|
€1,247,112 |
|
€1,190,203 |
|
€660,621 |
|
|
Bank Loans &
Overdrafts |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Other Short Term
Finance |
€85,654 |
|
€4,570 |
|
0 |
|
0 |
|
0 |
|
|
Miscellaneous
Current Liabilities |
€2,497,269 |
|
€907,326 |
|
€1,066,643 |
|
€259,418 |
|
€209,861 |
|
|
Total Current
Liabilities |
€4,948,788 |
|
€2,266,088 |
|
€2,313,755 |
|
€1,449,621 |
|
€870,483 |
|
|
Bank Loans &
Overdrafts and LTL |
€581,796 |
|
€547,632 |
|
€586,800 |
|
€495,195 |
|
€458,403 |
|
|
Other Long Term
Finance |
€581,796 |
|
€547,632 |
|
€586,800 |
|
0 |
|
€458,403 |
|
|
Total Long Term
Liabilities |
€581,796 |
|
€547,632 |
|
€586,800 |
|
€495,195 |
|
€458,403 |
Capital & Reserves
|
|
Date Of Accounts |
31/12/12 |
|
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
31/12/08 |
|
|
Called Up Share Capital |
€29,323 |
|
€29,323 |
|
€32,553 |
|
€29,700 |
|
€30,446 |
|
|
P & L Account
Reserve |
€654,959 |
|
€625,011 |
|
€420,171 |
|
€228,785 |
|
€117,443 |
|
|
Revaluation
Reserve |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Sundry Reserves |
€44,261 |
|
€44,261 |
|
€49,136 |
|
€44,830 |
|
€45,955 |
|
|
Shareholder Funds |
€728,543 |
|
€698,596 |
|
€501,860 |
|
€303,315 |
|
€193,843 |
Other Financial Items
|
|
Date Of Accounts |
31/12/12 |
|
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
31/12/08 |
|
|
Net Worth |
€728,543 |
|
€698,596 |
|
€501,860 |
|
€303,315 |
|
€193,843 |
|
|
Working Capital |
€1,307,151 |
|
€1,242,466 |
|
€1,088,660 |
|
€798,510 |
|
€652,246 |
|
|
Total Assets |
€6,259,126 |
|
€3,512,315 |
|
€3,402,415 |
|
€2,248,131 |
|
€1,522,729 |
|
|
Total Liabilities |
€5,530,583 |
|
€2,813,720 |
|
€2,900,555 |
|
€1,944,817 |
|
€1,328,886 |
|
|
Net Assets |
€728,543 |
|
€698,596 |
|
€501,860 |
|
€303,315 |
|
€193,843 |
Cash Flow
|
|
Date Of Accounts |
31/12/12 |
|
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
31/12/08 |
|
|
Net Cashflow from
Operations |
- |
|
- |
|
- |
|
€301,954 |
|
-€506,774 |
|
|
Net Cashflow
before Financing |
- |
|
- |
|
- |
|
€264,371 |
|
-€506,746 |
|
|
Net Cashflow from
Financing |
- |
|
- |
|
- |
|
€48,017 |
|
€534,803 |
|
|
Increase in Cash |
- |
|
- |
|
- |
|
€312,388 |
|
€28,057 |
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 |
€1,310,339 |
|
€1,246,227 |
|
€1,088,660 |
|
€798,510 |
|
€652,246 |
|
|
Number of
Employees |
- |
|
- |
|
- |
|
6 |
|
6 |
|
|
Auditors |
DEVANEY &
DURKIN |
||||||||
|
|
Auditor Comments |
The audit report
contains no adverse comments |
||||||||
|
|
Bankers |
ALLIED IRISH BANK |
||||||||
|
|
Bank Branch Code |
93-24-77 |
||||||||
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 |
1.26 |
1.55 |
1.47 |
1.55 |
1.75 |
|
|
Sales/Net Working
Capital |
- |
- |
- |
- |
- |
|
|
Gearing % |
79.90 |
78.40 |
116.90 |
163.30 |
236.50 |
|
|
Equity in % |
11.60 |
19.90 |
14.80 |
13.50 |
12.70 |
|
|
Creditor Days |
- |
- |
- |
- |
- |
|
|
Debtor Days |
- |
- |
- |
- |
- |
|
|
Liquidity/Acid
Test |
1.26 |
1.49 |
1.27 |
1.55 |
1.71 |
|
|
Return On Capital
Employed % |
- |
- |
- |
16.46 |
20.87 |
|
|
Return On Total
Assets Employed % |
- |
- |
- |
5.84 |
8.94 |
|
|
Current Debt Ratio |
6.79 |
3.24 |
4.61 |
4.77 |
4.49 |
|
|
Total Debt Ratio |
7.59 |
4.02 |
5.77 |
6.41 |
6.85 |
|
|
Stock Turnover
Ratio % |
- |
- |
- |
- |
- |
|
|
Return on Net
Assets Employed % |
- |
- |
- |
43.34 |
70.24 |
FOREIGN EXCHANGE RATES
Na
ADDITIONAL INFORMATION
Commentary
|
No exact match
CCJs are recorded against the company. |
|
|
There has been no
significant change in the company's credit rating. |
|
|
There is
insufficient data to indicate a change in this company's percentage of sales. |
|
|
Net Worth
increased by 4.3% during the latest trading period. |
|
|
A 78.2% 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 an
increase in their Cash Balance of 15% during the latest trading period. |
|
|
The audit report
contains no adverse comments. |
|
|
No recent changes
in directorship are recorded. |
|
|
The company is
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 6 years ago. |
|
Event History
Status History
|
No Status History
found |
Event History
|
Date |
Description |
|
22/10/2013 |
New Accounts Filed |
|
22/10/2013 |
New Accounts Filed |
|
21/10/2013 |
Annual Returns |
|
16/08/2012 |
New Accounts Filed |
|
16/08/2012 |
New Accounts Filed |
|
15/08/2012 |
Annual Returns |
|
07/08/2012 |
Annual Returns |
|
21/06/2012 |
KENNETH D TOLLIVER
has resigned as company secretary |
|
21/06/2012 |
New Company
Secretary (KURTIS CHARLES TOLLIVER) appointed |
|
19/06/2012 |
EAMONN MACKEN has
left the board |
|
19/06/2012 |
New Board Member
(EAMONN MACKEN) appointed |
|
19/10/2011 |
Annual Returns |
|
19/10/2011 |
New Accounts Filed |
|
19/10/2011 |
New Accounts Filed |
|
15/12/2010 |
Annual Returns |
Previous Company
Names
|
No Previous Names
found |
Received Documents
Linkages
Statistics
|
Group |
|
|
Linkages |
0 companies |
|
Countries |
In 0 countries |
NOTES & COMMENTS
Na
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.48 |
|
|
1 |
Rs.100.93 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.