MIRA
INFORM REPORT
|
Report Date : |
16.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
CLAROCHEM IRELAND LIMITED |
|
|
|
|
Registered Office : |
Damastown, Mulhuddart, Dublin 15, 216410 |
|
|
|
|
Country : |
Ireland |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
06.02.1991 |
|
|
|
|
Com. Reg. No.: |
IE169797 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Manufacture of basic pharmaceutical products |
|
|
|
|
No. of Employees : |
37 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 |
REGISTERED NAME & COMPANY SUMMARY
Company Name: CLAROCHEM
IRELAND LIMITED
Company No:
IE169797
Registered Address: DAMASTOWN
MULHUDDART
DUBLIN 15
216410
Company information
Registered Address: DAMASTOWN
MULHUDDART
DUBLIN 15
216410
Trading Address : Arthur Cox Building, Earlsfort Terrace,
Dublin 2
Dublin 2
216410
Telephone Number : 018206111
TPS : No
FPS : No
Incorporation Date : 06.02.1991
Type : Other
Currency : EUR
Share Capital : €3,532,000
SIC07 : 21100
SIC07 Description : MANUFACTURE
OF BASIC PHARMACEUTICAL PRODUCTS
Principal Activity : The
development, manufacture and sale of active pharmaceutical ingredients.
DIRECTORS/MANAGEMENT
|
Total Current Directors |
3 |
|
Total Current Secretaries |
1 |
|
Total Previous Directors / Company
Secretaries |
14 |
Current Directors
|
Name |
Date of Birth |
21/12/1941 |
|
|
Officers Title |
|
Nationality |
|
|
Present Appointments |
1 |
Function |
Director |
|
Appointment Date |
18/06/2009 |
|
|
|
Address |
VIA GIOVANNI PASCOLI, 70/4, 20133 MILAON,
ITALY |
||
|
Other Actions |
|
|
|
|
Name |
Date of Birth |
17/01/1963 |
|
|
Officers Title |
|
Nationality |
|
|
Present Appointments |
1 |
Function |
Director |
|
Appointment Date |
18/06/2009 |
|
|
|
Address |
11 HAMPTON PARK, ST HELENS WOOD,
BOOTERSTOWN, CO DUBLIN |
||
|
Other Actions |
|
|
|
|
Name |
Date of Birth |
17/06/1962 |
|
|
Officers Title |
|
Nationality |
|
|
Present Appointments |
1 |
Function |
Director |
|
Appointment Date |
29/06/2010 |
|
|
|
Address |
VIALE VITTORIO VENETO, 18 20124, MILANO,
ITALY |
||
|
Other Actions |
|
|
|
Current Company Secretary
|
Name |
Date of Birth |
08/02/1991 |
|
|
Officers Title |
|
Nationality |
|
|
Present Appointments |
143 |
Function |
Company Secretary |
|
Appointment Date |
18/06/2009 |
|
|
|
Address |
|
|
|
Previous Director/Company Secretaries
|
Name |
Current Directorships |
Previous Directorships |
|
1097 |
643 |
|
|
0 |
2 |
|
|
3 |
2 |
|
|
0 |
1 |
|
|
0 |
1 |
|
|
0 |
1 |
|
|
0 |
1 |
|
|
0 |
5 |
|
|
4 |
2 |
|
|
18 |
25 |
|
|
0 |
1 |
|
|
0 |
1 |
|
|
67 |
54 |
|
|
3 |
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 - |
Possible CJ Details
There are no possible CJ 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 |
SHARE & SHARE CAPITAL INFORMATION
Top 20 Shareholders
|
Name |
Currency |
Share Count |
Share Type |
Nominal Value |
% of Total Share Count |
|
MEDINCO SPA |
EUR |
3,532,000 |
ORDINARY |
1 |
100 |
PAYMENT INFORMATION
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 |
|
Average Invoice Value |
n/a |
|
Invoices available |
n/a |
|
Paid |
n/a |
|
Outstanding |
n/a |
|
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 |
|
|
|
|
|
|
Outstanding |
|
|
|
|
|
GROUP STRUCTURE & AFFILIATED COMPANIES
Statistics
|
Group |
2 companies |
|
Linkages |
|
|
Countries |
Summary
|
Holding Company |
- |
|
Ownership Status |
Wholly Owned |
|
Ultimate Holding Company |
MEDINCO S.P.A. |
Group structure
|
Company Name |
|
Registered Number |
Latest Key Financials |
Consol. Accounts |
Turnover |
|
|
04441340157 |
31.12.2011 |
- |
€40,591 |
|
|
|
IE169797 |
31.12.2012 |
N |
|
Statistics
|
Group |
|
|
Linkages |
3 companies |
|
Countries |
In 1 countries |
Other Linked companies
|
|
Number |
Latest Key Financials |
||
|
|
MI381251 |
31.12.2012 |
€10,466,692 |
|
|
|
BG167479 |
31.12.2012 |
€24,883,153 |
|
|
|
MI601857 |
31.12.2012 |
€23,936,910 |
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 |
- |
- |
- |
- |
- |
- |
- |
- |
€7,704,808 |
|
Export |
- |
- |
- |
- |
- |
- |
- |
- |
€3,357,278 |
|
Cost of Sales |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Gross Profit |
€2,971,309 |
-16.4% |
€3,553,896 |
37.1% |
€2,592,588 |
-28.8% |
€3,640,182 |
- |
- |
|
Wages & Salaries |
€1,934,333 |
1.9% |
€1,898,022 |
9% |
€1,741,100 |
-6.4% |
€1,860,100 |
-6.6% |
€1,991,744 |
|
Directors Emoluments |
€183,666 |
-5.2% |
€193,731 |
-2.3% |
€198,310 |
- |
- |
-100% |
€13,000 |
|
Operating Profit |
-€1,132,025 |
-121.1% |
-€511,937 |
69% |
-€1,653,087 |
-212.8% |
-€528,398 |
- |
- |
|
Depreciation |
€752,877 |
-8.5% |
€822,418 |
-3% |
€847,542 |
-3.3% |
€876,755 |
-7.1% |
€944,212 |
|
Audit Fees |
- |
- |
€13,500 |
-1.8% |
€13,750 |
-9.4% |
€15,172 |
-24.3% |
€20,030 |
|
Interest Payments |
€44,613 |
6.5% |
€41,886 |
386.7% |
€8,607 |
53.3% |
€5,615 |
-2.9% |
€5,781 |
|
Pre Tax Profit |
-€1,176,634 |
-112.5% |
-€553,810 |
66.7% |
-€1,661,646 |
-215.5% |
-€526,645 |
-153.5% |
€984,882 |
|
Taxation |
€17,113 |
-74.2% |
€66,385 |
23% |
€53,981 |
-14.7% |
€63,252 |
999.9% |
-€6,128 |
|
Profit After Tax |
-€1,159,521 |
-137.9% |
-€487,425 |
69.7% |
-€1,607,665 |
-246.9% |
-€463,393 |
-147.3% |
€978,754 |
|
Dividends Payable |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Retained Profit |
-€1,159,521 |
-137.9% |
-€487,425 |
69.7% |
-€1,607,665 |
-246.9% |
-€463,393 |
-147.3% |
€978,754 |
Balance Sheet
|
Date Of Accounts |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
|
Tangible Assets |
€4,144,819 |
-0.9% |
€4,182,076 |
-6.2% |
€4,456,616 |
-12.2% |
€5,077,011 |
-13.2% |
€5,850,731 |
|
Intangible Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Fixed Assets |
€4,144,819 |
-0.9% |
€4,182,076 |
-6.2% |
€4,456,616 |
-12.2% |
€5,077,011 |
-13.2% |
€5,850,731 |
|
Stock |
€1,779,960 |
56% |
€1,140,914 |
20.4% |
€947,542 |
-6.1% |
€1,008,740 |
-66.4% |
€3,005,581 |
|
Trade Debtors |
€1,362,825 |
-51.5% |
€2,809,920 |
79.6% |
€1,564,578 |
-4.8% |
€1,643,957 |
139.4% |
€686,597 |
|
Cash |
€15,697 |
-94.7% |
€294,147 |
165.7% |
€110,712 |
-33.9% |
€167,442 |
-95.5% |
€3,719,855 |
|
Other Debtors |
€169,107 |
-48.3% |
€327,180 |
110.5% |
€155,399 |
19.8% |
€129,730 |
-86.6% |
€967,427 |
|
Miscellaneous Current Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Current Assets |
€3,327,589 |
-27.2% |
€4,572,161 |
64.6% |
€2,778,231 |
-5.8% |
€2,949,869 |
-64.8% |
€8,379,460 |
|
Trade Creditors |
€911,239 |
-21.9% |
€1,167,111 |
27.8% |
€913,256 |
72.3% |
€530,160 |
485.3% |
€90,584 |
|
Bank Loans & Overdrafts |
€400,946 |
-34.3% |
€610,171 |
-2.4% |
€624,907 |
249.3% |
€178,891 |
- |
0 |
|
Other Short Term Finance |
€674,892 |
-29.2% |
€953,796 |
999.9% |
€57,505 |
25.2% |
€45,943 |
999.9% |
€2,798 |
|
Miscellaneous Current Liabilities |
€75,808 |
2.3% |
€74,115 |
51.3% |
€48,991 |
-22.6% |
€63,299 |
-93.8% |
€1,027,333 |
|
Total Current Liabilities |
€2,062,885 |
-26.5% |
€2,805,193 |
70.6% |
€1,644,659 |
101% |
€818,293 |
-27% |
€1,120,715 |
|
Bank Loans & Overdrafts and LTL |
€1,960,916 |
-35.7% |
€3,050,141 |
37.5% |
€2,218,596 |
24.4% |
€1,783,314 |
999.9% |
€50,939 |
|
Other Long Term Finance |
€1,559,970 |
-36.1% |
€2,439,970 |
55.4% |
€1,569,980 |
- |
€1,569,980 |
- |
0 |
|
Total Long Term Liabilities |
€1,559,970 |
-36.1% |
€2,439,970 |
53.1% |
€1,593,689 |
-0.7% |
€1,604,423 |
999.9% |
€50,939 |
Capital &
Reserves
|
Date Of Accounts |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
|
Called Up Share Capital |
€3,532,000 |
73.8% |
€2,032,000 |
- |
€2,032,000 |
- |
€2,032,000 |
- |
€2,032,000 |
|
P & L Account Reserve |
€317,553 |
-78.5% |
€1,477,074 |
-24.8% |
€1,964,499 |
-45% |
€3,572,164 |
-67.6% |
€11,026,537 |
|
Revaluation Reserve |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Sundry Reserves |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Shareholder Funds |
€3,849,553 |
9.7% |
€3,509,074 |
-12.2% |
€3,996,499 |
-28.7% |
€5,604,164 |
-57.1% |
€13,058,537 |
Other Financial Items
|
Date Of Accounts |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
|
Net Worth |
€3,849,553 |
9.7% |
€3,509,074 |
-12.2% |
€3,996,499 |
-28.7% |
€5,604,164 |
-57.1% |
€13,058,537 |
|
Working Capital |
€1,264,704 |
-28.4% |
€1,766,968 |
55.9% |
€1,133,572 |
-46.8% |
€2,131,576 |
-70.6% |
€7,258,745 |
|
Total Assets |
€7,472,408 |
-14.6% |
€8,754,237 |
21% |
€7,234,847 |
-9.9% |
€8,026,880 |
-43.6% |
€14,230,191 |
|
Total Liabilities |
€3,622,855 |
-30.9% |
€5,245,163 |
62% |
€3,238,348 |
33.7% |
€2,422,716 |
106.8% |
€1,171,654 |
|
Net Assets |
€3,849,553 |
9.7% |
€3,509,074 |
-12.2% |
€3,996,499 |
-28.7% |
€5,604,164 |
-57.1% |
€13,058,537 |
Cash Flow
|
Date Of Accounts |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
(%) |
31/12/08 |
|
Net Cashflow from Operations |
-€575,273 |
-163.3% |
-€218,457 |
34.9% |
-€335,583 |
-119.7% |
€1,705,275 |
61.9% |
€1,053,036 |
|
Net Cashflow before Financing |
-€1,290,321 |
-70.8% |
-€755,625 |
-50.3% |
-€502,746 |
90.6% |
-€5,344,629 |
-690% |
€905,946 |
|
Net Cashflow from Financing |
€1,500,000 |
- |
- |
- |
- |
-100% |
€1,613,125 |
290.3% |
€413,352 |
|
Increase in Cash |
€209,679 |
127.7% |
-€755,625 |
-50.3% |
-€502,746 |
86.5% |
-€3,731,504 |
-382.8% |
€1,319,298 |
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 |
- |
YES |
|
Capital Employed |
€5,409,523 |
-9.1% |
€5,949,044 |
6.4% |
€5,590,188 |
-22.5% |
€7,208,587 |
-45% |
€13,109,476 |
|
Number of Employees |
37 |
2.8% |
36 |
16.1% |
31 |
- |
31 |
-8.8% |
34 |
|
Auditors |
RSM FARRELL GRANT SPARKS |
||||||||
|
Auditor Comments |
The audit report contains no adverse
comments |
||||||||
|
Bankers |
BANK OF IRELAND |
||||||||
|
Bank Branch Code |
90-04-20 |
||||||||
Ratios
|
Date Of Accounts |
31/12/12 |
31/12/11 |
31/12/10 |
31/12/09 |
31/12/08 |
|
Pre-tax profit margin % |
- |
- |
- |
- |
12.78 |
|
Current ratio |
1.61 |
1.63 |
1.69 |
3.60 |
7.48 |
|
Sales/Net Working Capital |
- |
- |
- |
- |
1.06 |
|
Gearing % |
50.90 |
86.90 |
55.50 |
31.80 |
0.40 |
|
Equity in % |
51.50 |
40.10 |
55.20 |
69.80 |
91.80 |
|
Creditor Days |
- |
- |
- |
- |
4.27 |
|
Debtor Days |
- |
- |
- |
- |
32.43 |
|
Liquidity/Acid Test |
0.75 |
1.22 |
1.11 |
2.37 |
4.79 |
|
Return On Capital Employed % |
-21.75 |
-9.30 |
-29.72 |
-7.30 |
7.51 |
|
Return On Total Assets Employed % |
-15.74 |
-6.32 |
-22.96 |
-6.56 |
6.92 |
|
Current Debt Ratio |
0.53 |
0.79 |
0.41 |
0.14 |
0.08 |
|
Total Debt Ratio |
0.94 |
1.49 |
0.81 |
0.43 |
0.08 |
|
Stock Turnover Ratio % |
- |
- |
- |
- |
39 |
|
Return on Net Assets Employed % |
-30.56 |
-15.78 |
-41.57 |
-9.39 |
7.54 |
FOREIGN EXCHANGE RATES
Na
ADDITIONAL INFORMATION
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 9.7% during the latest trading period.
A 14.6% decline in Total Assets occurred during the latest trading
period.
Pre-tax profits decreased by 112.5% compared to the previous trading
period.
The company saw a decrease in their Cash Balance of 94.7% during the
latest trading period.
The audit report contains no adverse comments.
The company has undergone recent changes in its directorships.
The company is part of a group.
The company was established over 23 years ago.
Status History
|
No Status History found |
Event History
|
Date |
Description |
|
08/10/2013 |
New Accounts Filed |
|
08/10/2013 |
New Accounts Filed |
|
07/10/2013 |
Annual Returns |
|
07/06/2013 |
SIMONE REBUZZINI has left the board |
|
07/06/2013 |
CLAUDIO REBUZZINI has left the board |
|
13/09/2012 |
New Accounts Filed |
|
12/09/2012 |
Annual Returns |
|
04/10/2011 |
New Accounts Filed |
|
04/10/2011 |
New Accounts Filed |
|
03/10/2011 |
Annual Returns |
|
22/09/2010 |
Annual Returns |
|
22/09/2010 |
New Accounts Filed |
|
22/09/2010 |
New Accounts Filed |
|
29/06/2010 |
New Board Member (SANTE LANZI) appointed |
|
12/04/2010 |
Annual Returns |
Previous Company Names
|
No Previous Names found |
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 : |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.