MIRA INFORM REPORT
|
Report Date : |
28.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
MEADOWS & BYRNE MALAHIDE ROAD LIMITED |
|
|
|
|
Registered Office : |
Blarney Woollen Mills Blarney Co Cork 999937 |
|
|
|
|
Country : |
Ireland |
|
|
|
|
Financials (as on) : |
31.01.2013 |
|
|
|
|
Date of Incorporation : |
10.11.2008 |
|
|
|
|
Com. Reg. No.: |
IE464169 |
|
|
|
|
Legal Form : |
Not Available |
|
|
|
|
Line of Business : |
Retail of furniture, lighting, and similar (not musical instruments or scores) in specialised store |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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
|
Company Name |
MEADOWS & BYRNE
MALAHIDE ROAD LIMITED |
Company Number |
IE464169 |
|
Registered Address |
BLARNEY WOOLLEN MILLS |
|
|
|
Website Address |
- |
|
|
|
Telephone Number |
- |
|
|
|
TPS |
- |
|
|
|
Incorporation Date |
10/11/2008 |
Company Status |
Active - Accounts Filed |
|
Previous Name |
|
Type |
Other |
|
Date of Change |
- |
Filing Date of Accounts |
- |
|
|
|
Share Capital |
€100 |
|
SIC03 |
52440 |
Currency |
EUR |
|
SIC03 Description |
Retail sale of furniture, lighting equipment and household articles not elsewhere classified |
||
|
SIC07 |
47599 |
||
|
SIC07 Description |
RETAIL OF FURNITURE, LIGHTING, AND SIMILAR (NOT MUSICAL INSTRUMENTS OR SCORES) IN SPECIALISED STORE |
||
|
Principal Activity |
The operation of homestore outlets together with the operation of associated cafes. |
||
DIRECTORS/MANAGEMENT
Current Directors
|
Name |
Date of Birth |
22/09/1965 |
|
|
Officers Title |
|
Nationality |
|
|
Present Appointments |
42 |
Function |
Director |
|
Appointment Date |
10/11/2008 |
|
|
|
Address |
2 ASHBROOK, TERRYSLAND, CARRIGTWOHILL, CO. CORK. |
||
|
|
|
|
|
|
Name |
Date of Birth |
01/09/1951 |
|
|
Officers Title |
|
Nationality |
|
|
Present Appointments |
18 |
Function |
Director |
|
Appointment Date |
10/11/2008 |
|
|
|
Address |
WOODLEY, ROCHESTOWN ROAD, CORK |
||
NEGATIVE
INFORMATION
Commentary
|
No exact match CCJs are recorded against the company. |
|
|
The company's credit rating has dropped from 84 to 63 but the company still indicates good creditworthiness. |
|
|
Sales in the latest trading period increased 5.8% on the previous trading period. |
|
|
Net Worth decreased by 129.8% during the latest trading period. |
|
|
A 4.5% growth in Total Assets occurred during the latest trading period. |
|
|
Pre-tax profits decreased by 860.1% compared to the previous trading period. |
|
|
The audit report states that there is uncertainty concerning the company being a 'going concern'. |
|
|
No recent changes in directorship are recorded. |
|
|
The company is part of a group. |
|
|
The company was established over 5 years ago. |
|
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
SHARE
& SHARE CAPITAL INFORMATION
Top 20 Shareholders
|
Name |
Currency |
Share Count |
Share Type |
Nominal Value |
% of Total Share Count |
|
BLARNEY INVESTMENTS LTD |
EUR |
100 |
ORDINARY |
1 |
100 |
PAYMENT
INFORMATION
Payment Information Summary
|
Days Beyond Terms |
Trend Indicator |
|
||||
|
Steady
Improving Worsening |
|
GROUP
STRUCTURE & AFFILIATED COMPANIEs
Statistics
|
Group |
14 companies |
|
Linkages |
|
|
Countries |
Summary
|
Holding Company |
- |
|
Ownership Status |
Intermediately Owned |
|
Ultimate Holding Company |
THE BLARNEY WOOLLEN MILLS GROUP |
Group
structure
|
Company Name |
|
Registered Number |
Latest Key Financials |
Consol. Accounts |
Rating |
Limit |
Turnover |
|
|
IE317389 |
31.01.2004 |
N |
N/R |
- |
|
|
|
|
IE156136 |
31.12.2012 |
N |
88 |
€1,000 |
|
|
|
|
|
N/A |
- |
- |
- |
- |
|
|
|
IE141591 |
31.01.2013 |
N |
91 |
€165,000 |
€1,762,176 |
|
|
|
IE101881 |
31.01.2004 |
N |
N/R |
- |
|
|
|
|
IE025875 |
31.01.2003 |
N |
N/R |
- |
€28,489,000 |
|
|
|
IE115080 |
31.01.2013 |
N |
91 |
€50,000 |
|
|
|
|
IE505018 |
31.01.2013 |
N |
N/R |
- |
|
|
|
|
IE390954 |
31.01.2013 |
N |
59 |
€1,000 |
|
|
|
|
IE236067 |
31.01.2013 |
N |
34 |
€2,500 |
€4,118,855 |
|
|
|
IE189154 |
31.01.2004 |
N |
N/R |
- |
€56,577 |
|
|
|
IE204272 |
31.01.2004 |
N |
N/R |
- |
|
|
|
|
IE464169 |
31.01.2013 |
N |
56 |
€500 |
€1,492,934 |
|
|
|
IE417742 |
31.01.2013 |
N |
88 |
€500 |
€200,000 |
FINANCIAL
INFORMATION
Key Financials
|
Year to Date |
Turnover |
Pre Tax Profit |
Shareholder Funds |
Employees |
|
31/01/2013 |
€1,492,934 |
-€428,050 |
-€494,994 |
- |
|
31/01/2012 |
€1,463,349 |
-€291,923 |
-€66,944 |
- |
|
31/01/2011 |
€1,382,755 |
€38,407 |
€224,979 |
- |
Profit & Loss
|
|
Date Of Accounts |
31/01/13 |
|
31/01/12 |
|
31/01/11 |
|
31/01/10 |
|
31/01/09 |
|
|
Weeks |
52 |
|
52 |
|
52 |
|
52 |
|
12 |
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
EUR |
|
EUR |
|
|
Consolidated A/cs |
N |
|
N |
|
N |
|
N |
|
N |
|
|
Turnover |
€1,492,934 |
|
€1,463,349 |
|
€1,382,755 |
|
€1,398,192 |
|
€451,668 |
|
|
Export |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Cost of Sales |
€787,910 |
|
€688,210 |
|
€658,534 |
|
€800,706 |
|
€266,269 |
|
|
Gross Profit |
€705,024 |
|
€775,139 |
|
€724,221 |
|
€597,486 |
|
€185,399 |
|
|
Wages & Salaries |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Directors Emoluments |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Operating Profit |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Depreciation |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Audit Fees |
€2,508 |
|
€2,724 |
|
€2,040 |
|
€2,628 |
|
€928 |
|
|
Interest Payments |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Pre Tax Profit |
-€428,050 |
|
-€291,923 |
|
€38,407 |
|
€146,075 |
|
€40,397 |
|
|
Taxation |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Profit After Tax |
-€428,050 |
|
-€291,923 |
|
€38,407 |
|
€146,075 |
|
€40,397 |
|
|
Dividends Payable |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Retained Profit |
-€428,050 |
|
-€291,923 |
|
€38,407 |
|
€146,075 |
|
€40,397 |
Balance Sheet
|
|
Date Of Accounts |
31/01/13 |
|
31/01/12 |
|
31/01/11 |
|
31/01/10 |
|
31/01/09 |
|
|
Tangible Assets |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Intangible Assets |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Total Fixed Assets |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Stock |
€179,380 |
|
€234,629 |
|
€221,265 |
|
€112,335 |
|
€248,712 |
|
|
Trade Debtors |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Cash |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Other Debtors |
0 |
|
€431 |
|
€3,714 |
|
€74,237 |
|
0 |
|
|
Miscellaneous Current Assets |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Total Current Assets |
€179,380 |
|
€235,060 |
|
€224,979 |
|
€186,572 |
|
€248,712 |
|
|
Trade Creditors |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Bank Loans & Overdrafts |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Other Short Term Finance |
€674,374 |
|
€302,004 |
|
0 |
|
0 |
|
€208,215 |
|
|
Miscellaneous Current Liabilities |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Total Current Liabilities |
€674,374 |
|
€302,004 |
|
0 |
|
0 |
|
€208,215 |
|
|
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 |
31/01/13 |
|
31/01/12 |
|
31/01/11 |
|
31/01/10 |
|
31/01/09 |
|
|
Called Up Share Capital |
€100 |
|
€100 |
|
€100 |
|
€100 |
|
€100 |
|
|
P & L Account Reserve |
-€495,094 |
|
-€67,044 |
|
€224,879 |
|
€186,472 |
|
€40,397 |
|
|
Revaluation Reserve |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Sundry Reserves |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Shareholder Funds |
-€494,994 |
|
-€66,944 |
|
€224,979 |
|
€186,572 |
|
€40,497 |
Other Financial Items
|
|
Date Of Accounts |
31/01/13 |
|
31/01/12 |
|
31/01/11 |
|
31/01/10 |
|
31/01/09 |
|
|
Net Worth |
-€494,994 |
|
-€66,944 |
|
€224,979 |
|
€186,572 |
|
€40,497 |
|
|
Working Capital |
-€494,994 |
|
-€66,944 |
|
€224,979 |
|
€186,572 |
|
€40,497 |
|
|
Total Assets |
€179,380 |
|
€235,060 |
|
€224,979 |
|
€186,572 |
|
€248,712 |
|
|
Total Liabilities |
€674,374 |
|
€302,004 |
|
- |
|
- |
|
€208,215 |
|
|
Net Assets |
-€494,994 |
|
-€66,944 |
|
€224,979 |
|
€186,572 |
|
€40,497 |
Cash Flow
|
|
Date Of Accounts |
31/01/13 |
|
31/01/12 |
|
31/01/11 |
|
31/01/10 |
|
31/01/09 |
|
|
Net Cashflow from Operations |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Net Cashflow before Financing |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Net Cashflow from Financing |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Increase in Cash |
- |
|
- |
|
- |
|
- |
|
- |
Miscellaneous
|
|
Date Of Accounts |
31/01/13 |
|
31/01/12 |
|
31/01/11 |
|
31/01/10 |
|
31/01/09 |
|
|
Contingent Liability |
NO |
|
NO |
|
NO |
|
NO |
|
NO |
|
|
Capital Employed |
-€494,994 |
|
-€66,944 |
|
€224,979 |
|
€186,572 |
|
€40,497 |
|
|
Number of Employees |
- |
|
- |
|
- |
|
- |
|
- |
|
|
Auditors |
KPMG |
||||||||
|
|
Auditor Comments |
The audit report states that there is uncertainty concerning the company being a 'going concern' |
||||||||
|
|
Bankers |
ALLIED IRISH BANK |
||||||||
|
|
Bank Branch Code |
93-13-49 |
||||||||
Ratios
|
|
Date Of Accounts |
31/01/13 |
31/01/12 |
31/01/11 |
31/01/10 |
31/01/09 |
|
|
Pre-tax profit margin % |
-28.67 |
-19.95 |
2.78 |
10.45 |
8.94 |
|
|
Current ratio |
0.27 |
0.78 |
- |
- |
1.19 |
|
|
Sales/Net Working Capital |
-3.02 |
-21.86 |
6.15 |
7.49 |
11.15 |
|
|
Gearing % |
0 |
0 |
0 |
0 |
0 |
|
|
Equity in % |
-275.90 |
-28.50 |
100 |
100 |
16.30 |
|
|
Creditor Days |
- |
- |
- |
- |
- |
|
|
Debtor Days |
- |
- |
- |
- |
- |
|
|
Liquidity/Acid Test |
- |
- |
- |
- |
- |
|
|
Return On Capital Employed % |
86.47 |
436.07 |
17.07 |
78.29 |
99.75 |
|
|
Return On Total Assets Employed % |
-238.62 |
-124.19 |
17.07 |
78.29 |
16.24 |
|
|
Current Debt Ratio |
-1.36 |
-4.51 |
- |
- |
5.14 |
|
|
Total Debt Ratio |
-1.36 |
-4.51 |
- |
- |
5.14 |
|
|
Stock Turnover Ratio % |
12.01 |
16.03 |
16 |
8.03 |
55.06 |
|
|
Return on Net Assets Employed % |
86.47 |
436.07 |
17.07 |
78.29 |
99.75 |
FOREIGN
EXCHANGE RATES
Na
ADDITIONAL
INFORMATION
Mortgage Summary
|
Outstanding |
1 |
|
Satisfied |
0 |
Current Company Secretary
|
Name |
Date of Birth |
22/09/1965 |
|
|
Officers Title |
|
Nationality |
|
|
Present Appointments |
42 |
Function |
Company Secretary |
|
Appointment Date |
10/11/2008 |
|
|
|
Address |
2 ASHBROOK, TERRYSLAND, CARRIGTWOHILL, CO. CORK. |
||
Status History
|
No Status History found |
Event History
|
Date |
Description |
|
28/12/2013 |
Annual Returns |
|
28/12/2013 |
New Accounts Filed |
|
06/12/2012 |
New Accounts Filed |
|
05/12/2012 |
Annual Returns |
|
17/11/2011 |
Annual Returns |
|
17/11/2011 |
New Accounts Filed |
|
15/11/2010 |
Annual Returns |
|
15/11/2010 |
New Accounts Filed |
|
17/11/2009 |
Annual Returns |
|
17/11/2009 |
New Accounts Filed |
|
08/06/2009 |
Annual Returns |
|
10/11/2008 |
New Board Member (FREDA HAYES) appointed |
|
10/11/2008 |
New Company Secretary (ROBERT REARDON) appointed |
|
10/11/2008 |
New Board Member (ROBERT REARDON) appointed |
Previous Company
Names
|
No Previous Names found |
NOTES
& COMMENTS
Na
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.13 |
|
|
1 |
Rs.99.65 |
|
Euro |
1 |
Rs.82.91 |
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.