MIRA
INFORM REPORT
|
Report Date : |
13.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
IXIA TECHNOLOGIES
INTERNATIONAL LIMITED |
|
|
|
|
Formerly Known As : |
DINTWELL LIMITED |
|
|
|
|
Registered Office : |
1 St Floor La Touche House Custom House Dock 216410 |
|
|
|
|
Country : |
Ireland |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
07.12.1999 |
|
|
|
|
Com. Reg. No.: |
IE316514 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Design, development, marketing, sales and support of advanced software based test systems and integrated suites of testing applications. Accounts data converted from US Dollars |
|
|
|
|
No. of Employees : |
11 |
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 : |
Good |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Ireland |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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. 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
Summary – Company Information
|
Company Name |
IXIA TECHNOLOGIES INTERNATIONAL LIMITED |
Company Number |
IE316514 |
|
Registered Address
|
1 ST FLOOR |
|
|
|
Website Address |
- |
|
|
|
Telephone Number |
|
|
|
|
TPS |
No |
|
|
|
Incorporation Date
|
07/12/1999 |
Company Status |
Active - Accounts
Filed |
|
Previous Name |
DINTWELL LIMITED |
Type |
Other |
|
Date of Change |
- |
Filing Date of
Accounts |
- |
|
|
|
Share Capital |
€2 |
|
SIC03 |
72220 |
Currency |
EUR |
|
SIC03 Description |
Other software
consultancy and supply |
||
|
SIC07 |
62020 |
||
|
SIC07 Description |
INFORMATION
TECHNOLOGY CONSULTANCY ACTIVITIES |
||
|
Principal Activity
|
The design, development,
marketing, sales and support of advanced software based test systems and
integrated suites of testing applications. Accounts data converted from US
Dollars. |
||
DIRECTORS/MANAGEMENT
Directors
|
Total Current
Directors |
4 |
|
Total Current
Secretaries |
2 |
|
Total Previous
Directors / Company Secretaries |
3 |
Current Directors
|
Name |
Date of Birth |
19/06/1953 |
|
|
Officers Title |
|
Nationality |
|
|
Present
Appointments |
22 |
Function |
Director |
|
Appointment Date |
01/01/2001 |
|
|
|
Address |
PIPERHALL,
BLESSINGTON, CO. WICKLOW. |
||
|
|
|
|
|
|
Name |
Date of Birth |
01/02/1967 |
|
|
Officers Title |
|
Nationality |
|
|
Present
Appointments |
1 |
Function |
Director |
|
Appointment Date |
28/08/2009 |
|
|
|
Address |
108 STAGECOACH
ROAD, BELL CANYON, CA 91307, UNITED STATES |
||
|
|
|
|
|
|
Name |
Date of Birth |
29/04/1951 |
|
|
Officers Title |
|
Nationality |
|
|
Present
Appointments |
2 |
Function |
Director |
|
Appointment Date |
30/09/2009 |
|
|
|
Address |
470 22ND STREET,
SANTA MONICA, CA 90402, UNITED STATES |
||
|
|
|
|
|
|
Name |
Date of Birth |
03/06/1955 |
|
|
Officers Title |
|
Nationality |
|
|
Present
Appointments |
1 |
Function |
Director |
|
Appointment Date |
22/06/2010 |
|
|
|
Address |
24909 PASEO DEL
RANCHO, CALABASAS, CALIFORNIA 91302, USA |
||
|
|
|
|
|
Current Company
Secretary
|
Name |
Date of Birth |
- |
|
|
Officers Title |
|
Nationality |
|
|
Present
Appointments |
1 |
Function |
Company Secretary |
|
Appointment Date |
28/08/2009 |
|
|
|
Address |
3 OLD SCHOOL
CLOSE, NAILSWORTH, GLOUCESTERSHIRE, GL6 0NY |
||
|
|
|
|
|
|
Name |
Date of Birth |
29/04/1951 |
|
|
Officers Title |
|
Nationality |
|
|
Present
Appointments |
2 |
Function |
Company Secretary |
|
Appointment Date |
30/09/2009 |
|
|
|
Address |
470 22ND STREET,
SANTA MONICA, CA 90402, UNITED STATES |
||
|
|
|
|
|
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 |
0 |
|
Satisfied |
0 |
SHARE & SHARE CAPITAL INFORMATION
Top 20
Shareholders
|
Name |
Currency |
Share Count |
Share Type |
Nominal Value |
% of Total Share
Count |
|
CATAPULT
COMMUNICATIONS CORP |
EUR |
2 |
ORDINARY |
1 |
100 |
PAYMENT INFORMATION
Key Financials
|
Year to Date |
Turnover |
Pre Tax Profit |
Shareholder Funds |
Employees |
|
31/12/2012 |
€126,024,315 |
€15,143,353 |
€31,311,972 |
11 |
|
31/12/2011 |
€111,241,731 |
€14,461,139 |
€18,719,102 |
10 |
|
31/12/2010 |
€83,507,901 |
€439,432 |
€5,693,769 |
5 |
Payment Information Summary
|
Days Beyond Terms |
Trend Indicator |
|
||||
|
Steady Improving
Worsening |
|
GROUP STRUCTURE & AFFILIATED COMPANIES
Group Structure
Statistics
|
Group |
4 companies |
|
Linkages |
|
|
Countries |
Summary
|
Holding Company |
- |
|
Ownership Status |
Intermediately
Owned |
|
Ultimate Holding
Company |
IXIA |
Group structure
|
Company Name |
|
Registered Number |
Latest Key
Financials |
Consol. Accounts |
Turnover |
|
|
|
- |
- |
$412,000,000 |
|
|
|
|
- |
- |
$22,295,000 |
|
|
|
IE316514 |
31.12.2012 |
N |
€126,024,315 |
|
|
|
02333291 |
31.12.2012 |
N |
£10,700,018 |
FINANCIAL INFORMATION
Financials
Profit & Loss
|
|
Date Of Accounts |
31/12/12 |
|
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
30/09/08 |
|
|
Weeks |
52 |
|
52 |
|
52 |
|
65 |
|
52 |
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
EUR |
|
EUR |
|
|
Consolidated A/cs |
N |
|
N |
|
N |
|
N |
|
N |
|
|
Turnover |
€126,024,315 |
|
€111,241,731 |
|
€83,507,901 |
|
€31,668,749 |
|
€21,604,401 |
|
|
Export |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Cost of Sales |
€18,520,177 |
|
€18,035,582 |
|
€17,122,770 |
|
€14,145,131 |
|
€9,473,477 |
|
|
Gross Profit |
€107,504,138 |
|
€93,206,149 |
|
€66,385,131 |
|
€17,523,617 |
|
€12,130,924 |
|
|
Wages &
Salaries |
€552,696 |
|
€477,948 |
|
€2,028,930 |
|
€2,016,058 |
|
€850,944 |
|
|
Directors
Emoluments |
€14,229 |
|
€15,505 |
|
€15,496 |
|
€19,238 |
|
€16,272 |
|
|
Operating Profit |
€15,236,056 |
|
€11,402,033 |
|
-€154,913 |
|
-€2,239,832 |
|
-€2,652,391 |
|
|
Depreciation |
€48,134 |
|
€48,134 |
|
€2,754 |
|
- |
|
€5,730 |
|
|
Audit Fees |
€26,596 |
|
€30,580 |
|
€29,124 |
|
€9,879 |
|
€9,370 |
|
|
Interest Payments |
€93,887 |
|
€468,282 |
|
€534,980 |
|
€85,463 |
|
€17 |
|
|
Pre Tax Profit |
€15,143,353 |
|
€14,461,139 |
|
€439,432 |
|
-€2,842,717 |
|
-€2,577,147 |
|
|
Taxation |
-€2,550,305 |
|
-€1,133,445 |
|
-€737,219 |
|
-€193,871 |
|
€21,735 |
|
|
Profit After Tax |
€12,593,048 |
|
€13,327,694 |
|
-€297,787 |
|
-€3,036,588 |
|
-€2,555,413 |
|
|
Dividends Payable |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Retained Profit |
€12,593,048 |
|
€13,327,694 |
|
-€297,787 |
|
-€3,036,588 |
|
-€2,555,413 |
Balance Sheet
|
|
Date Of Accounts |
31/12/12 |
|
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
30/09/08 |
|
|
Tangible Assets |
€695,972 |
|
€509,032 |
|
€423,932 |
|
€759,490 |
|
€1,235,013 |
|
|
Intangible Assets |
€9,545,647 |
|
€14,656,329 |
|
€17,146,658 |
|
€23,246,252 |
|
€6,378,467 |
|
|
Total Fixed Assets |
€10,241,619 |
|
€15,165,361 |
|
€17,570,591 |
|
€24,005,743 |
|
€7,613,480 |
|
|
Stock |
€11,022,814 |
|
€4,294,141 |
|
€3,287,215 |
|
€2,632,364 |
|
€1,235,886 |
|
|
Trade Debtors |
€31,146,337 |
|
€20,692,657 |
|
€29,136,443 |
|
€6,465,111 |
|
€2,602,040 |
|
|
Cash |
€9,251,704 |
|
€14,086,365 |
|
€7,067,946 |
|
€606,111 |
|
€2,165,087 |
|
|
Other Debtors |
€22,168,916 |
|
€882,641 |
|
€67,371 |
|
€919,990 |
|
€1,657,129 |
|
|
Miscellaneous
Current Assets |
€438,708 |
|
€268,791 |
|
€29,612 |
|
€5,452 |
|
€246,073 |
|
|
Total Current
Assets |
€74,028,479 |
|
€40,224,595 |
|
€39,588,587 |
|
€10,629,029 |
|
€7,906,215 |
|
|
Trade Creditors |
€1,462,870 |
|
€805,891 |
|
€3,612,319 |
|
€765,720 |
|
€849,152 |
|
|
Bank Loans &
Overdrafts |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Other Short Term
Finance |
€10,559,281 |
|
€19,557,656 |
|
€10,192,566 |
|
€1,041,688 |
|
€2,462,152 |
|
|
Miscellaneous
Current Liabilities |
€17,532,413 |
|
€13,676,351 |
|
€15,430,485 |
|
€5,359,763 |
|
€3,671,087 |
|
|
Total Current
Liabilities |
€29,554,565 |
|
€34,039,898 |
|
€29,235,370 |
|
€7,167,171 |
|
€6,982,391 |
|
|
Bank Loans &
Overdrafts and LTL |
€23,403,561 |
|
€2,630,955 |
|
€22,230,038 |
|
€21,736,968 |
|
€73,825 |
|
|
Other Long Term
Finance |
€20,603,612 |
|
0 |
|
€20,107,260 |
|
€19,277,311 |
|
0 |
|
|
Total Long Term
Liabilities |
€23,403,561 |
|
€2,630,955 |
|
€22,230,038 |
|
€21,736,968 |
|
€73,825 |
Capital &
Reserves
|
|
Date Of Accounts |
31/12/12 |
|
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
30/09/08 |
|
|
Called Up Share
Capital |
€1 |
|
€1 |
|
€2 |
|
€1 |
|
€1 |
|
|
P & L Account
Reserve |
€31,311,970 |
|
€18,719,101 |
|
€5,693,768 |
|
€5,730,631 |
|
€8,161,340 |
|
Revaluation
Reserve |
- |
|
- |
|
- |
|
- |
|
- |
|
|
|
Sundry Reserves |
- |
|
- |
|
- |
|
- |
|
€302,139 |
|
|
Shareholder Funds |
€31,311,972 |
|
€18,719,102 |
|
€5,693,769 |
|
€5,730,632 |
|
€8,463,480 |
Other Financial
Items
|
|
Date Of Accounts |
31/12/12 |
|
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
30/09/08 |
|
|
Net Worth |
€21,766,325 |
|
€4,062,773 |
|
-€11,452,889 |
|
-€17,515,620 |
|
€2,085,013 |
|
|
Working Capital |
€44,473,914 |
|
€6,184,697 |
|
€10,353,217 |
|
€3,461,858 |
|
€923,825 |
|
|
Total Assets |
€84,270,098 |
|
€55,389,956 |
|
€57,159,177 |
|
€34,634,771 |
|
€15,519,696 |
|
|
Total Liabilities |
€52,958,126 |
|
€36,670,854 |
|
€51,465,408 |
|
€28,904,139 |
|
€7,056,216 |
|
|
Net Assets |
€31,311,972 |
|
€18,719,102 |
|
€5,693,769 |
|
€5,730,632 |
|
€8,463,480 |
Cash Flow
|
|
Date Of Accounts |
31/12/12 |
|
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
30/09/08 |
|
|
Net Cashflow from
Operations |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Net Cashflow
before Financing |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Net Cashflow from
Financing |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Increase in Cash |
- |
|
- |
|
- |
|
- |
|
- |
Miscellaneous
|
|
Date Of Accounts |
31/12/12 |
|
31/12/11 |
|
31/12/10 |
|
31/12/09 |
|
30/09/08 |
|
|
Contingent
Liability |
YES |
|
YES |
|
YES |
|
YES |
|
YES |
|
|
Capital Employed |
€54,715,533 |
|
€21,350,058 |
|
€27,923,808 |
|
€27,467,600 |
|
€8,537,305 |
|
|
Number of
Employees |
11 |
|
10 |
|
5 |
|
4 |
|
13 |
|
|
Auditors |
MCINERNEY SAUNDERS |
||||||||
|
|
Auditor Comments |
The audit report
contains no adverse comments |
||||||||
|
|
Bankers |
HSBC BANK PLC |
||||||||
|
|
Bank Branch Code |
99-02-31 |
||||||||
Ratios
|
|
Date Of Accounts |
31/12/12 |
31/12/11 |
31/12/10 |
31/12/09 |
30/09/08 |
|
|
Pre-tax profit
margin % |
12.02 |
13 |
0.53 |
-8.98 |
-11.93 |
|
|
Current ratio |
2.50 |
1.18 |
1.35 |
1.48 |
1.13 |
|
|
Sales/Net Working
Capital |
2.83 |
17.99 |
8.07 |
9.15 |
23.39 |
|
Gearing % |
74.70 |
14.10 |
390.40 |
379.30 |
0.90 |
|
|
|
Equity in % |
41.90 |
46 |
14.20 |
50.30 |
92.60 |
|
|
Creditor Days |
4.22 |
2.63 |
15.74 |
11 |
14.30 |
|
|
Debtor Days |
89.96 |
67.70 |
127 |
92.88 |
43.84 |
|
|
Liquidity/Acid
Test |
2.13 |
1.05 |
1.24 |
1.11 |
0.95 |
|
|
Return On Capital Employed
% |
27.67 |
67.73 |
1.57 |
-10.34 |
-30.18 |
|
|
Return On Total
Assets Employed % |
17.97 |
26.10 |
0.76 |
-8.20 |
-16.60 |
|
|
Current Debt Ratio |
0.94 |
1.81 |
5.13 |
1.25 |
0.82 |
|
|
Total Debt Ratio |
1.69 |
1.95 |
9.03 |
5.04 |
0.83 |
|
|
Stock Turnover
Ratio % |
8.74 |
3.86 |
3.93 |
8.31 |
5.72 |
|
|
Return on Net
Assets Employed % |
48.36 |
77.25 |
7.71 |
-49.60 |
-30.45 |
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. |
|
|
Sales in the
latest trading period increased 13.3% on the previous trading period. |
|
|
Net Worth increased
by 435.8% during the latest trading period. |
|
|
A 52.1% growth in
Total Assets occurred during the latest trading period. |
|
|
Pre-tax profits
increased by 4.7% compared to the previous trading period. |
|
|
The company saw a
decrease in their Cash Balance of 34.3% 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 company was
established over 14 years ago. |
|
Event History
Status History
|
No Status History
found |
Event History
|
Date |
Description |
|
12/10/2013 |
New Accounts Filed |
|
12/10/2013 |
New Accounts Filed |
|
10/10/2013 |
Annual Returns |
|
20/10/2012 |
New Accounts Filed |
|
20/10/2012 |
New Accounts Filed |
|
19/10/2012 |
Annual Returns |
|
18/10/2011 |
Annual Returns |
|
18/10/2011 |
New Accounts Filed |
|
18/10/2011 |
New Accounts Filed |
|
10/11/2010 |
Annual Returns |
|
10/11/2010 |
New Accounts Filed |
|
10/11/2010 |
New Accounts Filed |
|
16/08/2010 |
Annual Returns |
|
22/06/2010 |
New Board Member (THOMAS
BRADFORD MILLER) appointed |
|
30/09/2009 |
BARBARA FAIRHURST
has left the board |
Previous Company
Names
|
Date |
Previous Name |
|
N/A |
DINTWELL LIMITED |
NOTES & COMMENTS
Na
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.09 |
|
|
1 |
Rs.101.59 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
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.