MIRA
INFORM REPORT
|
Report Date : |
05.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
LAMONT FIREPLACES LTD |
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Formerly Known As : |
GRANITEX LIMITED |
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Registered Office : |
1 Wattstown Business Park, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
21.10.1996 |
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Com. Reg. No.: |
NI031454 |
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|
Legal Form : |
Private limited with Share Capital |
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Line of Business : |
·
Manufacturers
of Luxury Work Surfaces manufacturing and installing
of granite worktops and fireplaces throughout Subject
product range include Sinquastone, Granite, Marble, Micro Marble, Ceramic,
Slate, Limestone & Tiles |
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|
|
|
No. of Employees |
Not Available |
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 |
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Payment Behaviour : |
Slow but Correct |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Ireland |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 |
Company name & address
|
Company Name: |
LAMONT FIREPLACES LTD |
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Company No: |
NI031454 |
|
Registered Address: |
|
1 WATTSTOWN BUSINESS PARK |
|
NEWBRIDGE ROAD |
|
COLERAIN |
|
BT52 1BS |
Company summary
|
Company Name |
LAMONT FIREPLACES LTD |
Company Number |
NI031454 |
|
|
Registered Address |
1 WATTSTOWN BUSINESS PARK |
Trading Address |
1 Wattstown
Business Park |
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Website Address |
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Telephone Number |
02870328883 |
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TPS |
No |
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Incorporation Date |
21/10/1996 |
Company Status |
Active - Accounts Filed |
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|
Previous Name |
GRANITEX LIMITED |
Type |
Private limited with Share Capital |
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|
Date of Change |
24/10/1996 |
Filing Date of
Accounts |
30/09/2013 |
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|
|
|
Share Capital |
£439,096 |
|
|
SIC03 |
5248 |
Currency |
GBP |
|
|
Principal Activity |
·
Manufacturer of
Luxury Work Surfaces manufacturing and installing
of granite worktops and fireplaces throughout Northern Ireland and the
Republic of Ireland Subject
product range include Sinquastone, Granite, Marble, Micro Marble, Ceramic,
Slate, Limestone & Tiles |
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Commentary
|
CCJ recorded against the company. |
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|
There is insufficient data to indicate a change in this company's
percentage of sales. |
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Net Worth increased by 7.2% during the latest trading period. |
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A 7.1% growth in Total Assets occurred during the latest trading
period. |
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There is insufficient data to indicate a change in this company's
pre-tax profit. |
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The company saw an increase in their Cash Balance of 167.5% during the
latest trading period. |
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The company is exempt from audit. |
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No recent changes in directorship are recorded. |
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The company is not part of a group. |
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The movement in accumulated earnings would indicate that the company
made a profit after tax and other appropriations, including dividends. |
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The company was established over 17 years ago. |
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Key Financials
|
Year to Date |
Turnover |
Pre Tax Profit |
Shareholder Funds |
Employees |
|
31/12/2012 |
- |
- |
£4,663,917 |
- |
|
31/12/2011 |
- |
- |
£4,369,208 |
- |
|
31/12/2010 |
- |
- |
£4,086,359 |
- |
Payment Information Summary
|
Days Beyond
Terms |
Trend Indicator |
Average
Payment Experience |
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||||
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Steady Improving Worsening |
Be the first to
leave a payment experience |
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CCJ
|
Total Number of Exact CCJs - |
Total Value of Exact CCJs - |
||
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Total Number of Possible CCJs - |
Total Value of Possible CCJs - |
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Total Number of Satisfied CCJs - |
Total Value of Satisfied CCJs - |
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|
|
Total Number of Writs - |
- |
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Exact CCJ Details
|
Date |
Court |
Amount |
Status |
Case Number |
Date Paid |
|
02/08/2008 |
CIVIL PROCESSING CENTRE |
£5,581 |
Judgement |
07/102517 |
- |
Possible CCJ Details
There are no possible CCJ details
Writ Details
There are no writ details
Mortgage Summary
|
Outstanding |
4 |
|
Satisfied |
0 |
|
Total Current Directors |
1 |
|
Total Current Secretaries |
1 |
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Total Previous Directors / Company Secretaries |
0 |
Current Directors
|
Name |
Date of Birth |
07/02/1952 |
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Officers Title |
|
Nationality |
British |
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Present Appointments |
1 |
Function |
Director |
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Appointment Date |
21/10/1996 |
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Address |
1 Kensington Manor, Coleraine, Co Londonderry, BT52 1WD |
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Current Company Secretary
|
Name |
Date of Birth |
- |
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Officers Title |
Ms |
Nationality |
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|
Present Appointments |
1 |
Function |
Company Secretary |
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Appointment Date |
21/10/1996 |
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Address |
1 Kensington Manor, Knocklyn Road, Coleraine, Co Londonderry, BT52 1WD |
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Top 20 Shareholders
|
Currency |
Share Count |
Share Type |
Nominal Value |
% of Total Share Count |
|
|
MILLAR ANDREW LAMONT |
GBP |
439,096 |
ORDINARY |
1 |
100 |
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 |
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 |
£176,022 |
£182,656 |
£163,154 |
£162,434 |
£178,941 |
|
Audit Fees |
- |
£6,000 |
£5,000 |
- |
- |
|
Interest Payments |
- |
- |
- |
- |
- |
|
Pre Tax Profit |
- |
- |
- |
- |
- |
|
Taxation |
- |
- |
- |
- |
- |
|
Profit After Tax |
- |
- |
- |
- |
- |
|
Dividends Payable |
- |
- |
- |
- |
- |
|
Retained Profit |
- |
- |
- |
- |
- |
Balance Sheet
|
Date Of Accounts |
31/12/12 |
31/12/11 |
31/12/10 |
31/12/09 |
31/12/08 |
|
Tangible Assets |
£2,951,208 |
£2,980,515 |
£2,825,785 |
£2,385,560 |
£2,540,265 |
|
Intangible Assets |
£121,574 |
£131,706 |
£141,838 |
£151,970 |
£162,102 |
|
Total Fixed Assets |
£3,072,782 |
£3,112,221 |
£2,967,623 |
£2,537,530 |
£2,702,367 |
|
Stock |
£1,846,651 |
£1,515,870 |
£1,312,313 |
£1,555,424 |
£1,775,546 |
|
Trade Debtors |
£412,751 |
£590,828 |
£822,000 |
£850,462 |
£956,257 |
|
Cash |
£433,022 |
£161,899 |
£295,759 |
£265,992 |
£3,198 |
|
Other Debtors |
0 |
0 |
0 |
0 |
0 |
|
Miscellaneous Current Assets |
0 |
0 |
0 |
0 |
0 |
|
Total Current Assets |
£2,692,424 |
£2,268,597 |
£2,430,072 |
£2,671,878 |
£2,735,001 |
|
Trade Creditors |
£679,465 |
£587,276 |
£780,237 |
£866,864 |
£1,198,856 |
|
Bank Loans & Overdrafts |
0 |
0 |
0 |
0 |
0 |
|
Other Short Term Finance |
0 |
0 |
0 |
0 |
£28,050 |
|
Miscellaneous Current Liabilities |
0 |
0 |
0 |
0 |
0 |
|
Total Current Liabilities |
£679,465 |
£587,276 |
£780,237 |
£866,864 |
£1,226,906 |
|
Bank Loans & Overdrafts and LTL |
£421,824 |
£424,334 |
£531,099 |
£604,566 |
£808,815 |
|
Other Long Term Finance |
0 |
0 |
0 |
0 |
£35,772 |
|
Total Long Term Liabilities |
£421,824 |
£424,334 |
£531,099 |
£604,566 |
£808,815 |
Capital & Reserves
|
Date Of Accounts |
31/12/12 |
31/12/11 |
31/12/10 |
31/12/09 |
31/12/08 |
|
Called Up Share Capital |
£439,096 |
£439,096 |
£439,096 |
£439,096 |
£439,096 |
|
P & L Account Reserve |
£4,222,556 |
£3,927,427 |
£3,644,159 |
£3,295,359 |
£2,960,301 |
|
Revaluation Reserve |
- |
- |
- |
- |
- |
|
Sundry Reserves |
£2,265 |
£2,685 |
£3,104 |
£3,523 |
£2,250 |
|
Shareholder Funds |
£4,663,917 |
£4,369,208 |
£4,086,359 |
£3,737,978 |
£3,401,647 |
Other Financial Items
|
Date Of Accounts |
31/12/12 |
31/12/11 |
31/12/10 |
31/12/09 |
31/12/08 |
|
Net Worth |
£4,542,343 |
£4,237,502 |
£3,944,521 |
£3,586,008 |
£3,239,545 |
|
Working Capital |
£2,012,959 |
£1,681,321 |
£1,649,835 |
£1,805,014 |
£1,508,095 |
|
Total Assets |
£5,765,206 |
£5,380,818 |
£5,397,695 |
£5,209,408 |
£5,437,368 |
|
Total Liabilities |
£1,101,289 |
£1,011,610 |
£1,311,336 |
£1,471,430 |
£2,035,721 |
|
Net Assets |
£4,663,917 |
£4,369,208 |
£4,086,359 |
£3,737,978 |
£3,401,647 |
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 |
£5,085,741 |
£4,793,542 |
£4,617,458 |
£4,342,544 |
£4,210,462 |
|
Number of Employees |
- |
- |
- |
- |
- |
|
Auditors |
|
||||
|
Auditor Comments |
The company is exempt from audit |
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|
Bankers |
BANK OF IRELAND |
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|
Bank Branch Code |
90-48-00 |
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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 |
3.96 |
3.86 |
3.11 |
3.08 |
2.23 |
|
Sales/Net Working Capital |
- |
- |
- |
- |
- |
|
Gearing % |
9 |
9.70 |
13 |
16.20 |
23.80 |
|
Equity in % |
82.60 |
83.20 |
77.70 |
73.90 |
64.50 |
|
Creditor Days |
- |
- |
- |
- |
- |
|
Debtor Days |
- |
- |
- |
- |
- |
|
Liquidity/Acid Test |
1.24 |
1.28 |
1.43 |
1.28 |
0.78 |
|
Return On Capital Employed % |
- |
- |
- |
- |
- |
|
Return On Total Assets Employed % |
- |
- |
- |
- |
- |
|
Current Debt Ratio |
0.14 |
0.13 |
0.19 |
0.23 |
0.36 |
|
Total Debt Ratio |
0.23 |
0.23 |
0.32 |
0.39 |
0.59 |
|
Stock Turnover Ratio % |
- |
- |
- |
- |
- |
|
Return on Net Assets Employed % |
- |
- |
- |
- |
- |
Status History
|
No Status History found |
Event History
|
Date |
Description |
|
26/10/2013 |
Annual Returns |
|
04/10/2013 |
New Accounts Filed |
|
26/10/2012 |
Annual Returns |
|
02/10/2012 |
New Accounts Filed |
|
02/10/2012 |
New Accounts Filed |
|
27/10/2011 |
Annual Returns |
|
24/09/2011 |
New Accounts Filed |
|
04/12/2010 |
Annual Returns |
|
18/08/2010 |
New Accounts Filed |
|
11/06/2010 |
Annual Returns |
|
09/10/2009 |
New Board Member Mr M.A. Lamont appointed |
|
09/10/2009 |
New Company Secretary Ms A.L. Lamont appointed |
|
27/08/2009 |
New Accounts Filed |
|
27/08/2009 |
New Accounts Filed |
|
10/07/2008 |
New Accounts Filed |
Previous Company Names
|
Date |
Previous Name |
|
24/10/1996 |
GRANITEX LIMITED |
Statistics
|
Group |
- |
|
Linkages |
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Countries |
Summary
|
Holding Company |
- |
|
Ownership Status |
|
|
Ultimate Holding Company |
- |
Group structure
No group structure
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.90 |
|
UK Pound |
1 |
Rs.103.26 |
|
Euro |
1 |
Rs.85.14 |
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.