MIRA INFORM REPORT

Report Date :

03.05.2014

IDENTIFICATION DETAILS

Name :	PROFAST LIMITED
Formerly Known As :	PIPEFLOW WESTWOOD (IRELAND) LIMITED
Registered Office :	Western Industrial Estate Knockmitten Lane Naas Road 216410
Country :	Ireland
Financials (as on) :	31.12.12
Date of Incorporation :	02.08.1977
Com. Reg. No.:	IE059507
Legal Form :	Private Company
Line of Business :	Wholesale of hardware, plumbing and heating equipment and supplies
No. of Employees	13

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
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

Company Name	PROFAST LIMITED	Company Number	IE059507
Registered Address	WESTERN INDUSTRIAL ESTATE KNOCKMITTEN LANE NAAS ROAD 216410	Office Address	UNIT 11, WESTERN INDL ESTDUBLINNAAS ROAD DUBLIN IRELAND
Website Address	-
Telephone Number	014566666
TPS	No
Incorporation Date	02/08/1977	Company Status	Active - Accounts Filed
Previous Name	PIPEFLOW WESTWOOD (IRELAND) LIMITED	Type	Other
Date of Change	-	Filing Date of Accounts	-
		Share Capital	€48,750
SIC03	51540	Currency	EUR
SIC03 Description	Wholesale of hardware, plumbing and heating equipment and supplies
SIC07	46740
SIC07 Description	WHOLESALE OF HARDWARE, PLUMBING AND HEATING EQUIPMENT AND SUPPLIES
Principal Activity	The sale of fasteners, fixings and tools.

DIRECTORS/MANAGEMENT

Current Directors

Name	BRENDAN FLYNN	Date of Birth	23/09/1953
Officers Title		Nationality
Present Appointments	2	Function	Director
Appointment Date	21/07/1999
Address	TASALTA, FERNDALE GLENN, RATHMICHAEL, CO DUBLIN
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	GARY FANAGAN	Date of Birth	22/10/1958
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	21/07/1999
Address	84 DARGLEWOOD, KNOCKLYON, DUBLIN 16.
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	PAUL ROBERT GRANT	Date of Birth	22/11/1961
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	11/04/2013
Address	2 MEADOWVALE, HILLSBOROUGH OLD ROAD, LISBURN, COUNTY ANTRIM
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	HELEN FLYNN	Date of Birth	09/05/1953
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	01/01/2014
Address	TASALTA, FERNDALE GLEN, RATHMICHAEL, DUBLIN 18

Current Company Secretary

Name	PAUL GRANT	Date of Birth	-
Officers Title		Nationality
Present Appointments	1	Function	Company Secretary
Appointment Date	12/05/2011
Address	C/O 26-30 RYDALMERE STREET, BELFAST, NORTHERN IRELAND, BT12 6GF

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
DAMIAN JOSEPH POWER	0	1
BRIAN BELL	1	2
SHEILA BELL	0	1
MICHAEL O'GRADY	0	1
TERESA O'GRADY	0	1
IAIN LEONARD GILLESPIE	0	1
ERIC MARTIN	0	1
PAULA MCGRANE	0	2
FRANCES ORMSBY	0	1

NEGATIVE INFORMATION

CJ

Total Number of Exact CJs -	0	Total Value of Exact CJs -	€0
Total Number of Possible CJs -	0	Total Value of Possible CJs -	€0
Total Number of Satisfied CJs -	0	Total Value of Satisfied CJs -	€0

Exact CJ Details

There are no exact CJ details

Possible CJ Details

There are no possible CJ details

Mortgage Summary

Outstanding	3
Satisfied	0

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 land, wherever situate, or any interest therein, but not including a charge for any rent
Date Charge Created:	08/08/03
Date Charge Registered:	15/08/03
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	ULSTER BANK IRELAND LIMITED
Amount Secured:
Details:	All monies are due to Ulster Bank Ireland Limited (the "Security Trustee") under a composite debenture and guarantee between the Company and the Security Trustee dated 8 August 2003 (the "Debenture") or which at any time thereafter may become due to the Security Trustee (for and on behalf of itself (cont'd on Schedule 1 attached to C1)

Mortgage Type:	A CHARGE.
Date Charge Created:	26/02/91
Date Charge Registered:	11/03/91
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	ULSTER BANK LIMITED
Amount Secured:	0
Details:	ALL SUMS DUE OR TO BECOME DUE WITH INTEREST

Mortgage Type:	A DEBENTURE.
Date Charge Created:	08/08/84
Date Charge Registered:	20/08/84
Date Charge Satisfied:	-
Status:	NOT SATISFIED
Person(s) Entitled:	ULSTER BANK LIMITED
Amount Secured:
Details:	ALL SUMS NOW DUE OR HEREAFTER TO BECOME DUE FROM THE COMPANY TO THE PERSON(S) ENTITLED

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value
PROFAST (NI) LTD	EUR	37,500	ORDINARY	1.3

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

N/A	29
Company DBT	UK Average DBT

Steady

Improving Worsening

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.

GROUP STRUCTURE & AFFILIATED COMPANIES

Group	6 companies
Linkages	0 companies
Countries	In 0 countries

Holding Company	PROFAST (NI) LIMITED
Ownership Status	Intermediately Owned
Ultimate Holding Company	PROFAST HOLDINGS LIMITED

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
PROFAST HOLDINGS LIMITED	NI030007	31.12.2012	Y	£9,605,281
PROFAST GROUP LIMITED	NI029743	31.12.2012	Y	£9,605,281
APTUS FASTENER SYSTE...	02691080	31.12.2012	N
PROFAST (NI) LIMITED	NI003765	31.12.2012	N	£3,610,492
PROFAST LIMITED	IE059507	31.12.2012	N
PROFAST (UK) LTD	03057477	31.12.2012	N

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2012	-	-€152,415	€1,006,033	13
31/12/2011	-	-€60,061	€1,161,652	15
31/12/2010	-	-	€1,234,132	-

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	€661,326	-14.7%	€775,434	-	-	-	€866,759	-45%	€1,575,848
Wages & Salaries	€424,868	-12.9%	€487,518	-	-	-	€592,090	-28.6%	€828,967
Directors Emoluments	€182,916	-26.3%	€248,243	-	-	-	€218,379	-22%	€280,016
Operating Profit	-€138,630	-173.9%	-€50,608	-	-	-	-€198,706	-421.6%	€61,793
Depreciation	€20,912	0.8%	€20,754	-20.3%	€26,047	-21%	€32,991	5.8%	€31,181
Audit Fees	€7,308	11%	€6,585	-	-	-	€4,860	-29.5%	€6,891
Interest Payments	€13,785	45.8%	€9,453	-	-	-	€11,613	-69.6%	€38,257
Pre Tax Profit	-€152,415	-153.8%	-€60,061	-	-	-	-€210,241	-993.3%	€23,536
Taxation	-€3,204	74.2%	-€12,419	-	-	-	€9,599	156.1%	-€17,105
Profit After Tax	-€155,619	-114.7%	-€72,480	-	-	-	-€200,642	-999.9%	€6,431
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-€155,619	-114.7%	-€72,480	-	-	-	-€200,642	-999.9%	€6,431

Balance Sheet

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Tangible Assets	€309,071	-1.5%	€313,624	-6.2%	€334,378	-7.2%	€360,425	-8%	€391,708
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	€309,071	-1.5%	€313,624	-6.2%	€334,378	-7.2%	€360,425	-8%	€391,708
Stock	€502,889	14.6%	€438,713	-19.6%	€545,702	-8.9%	€599,304	-27.1%	€822,233
Trade Debtors	€424,667	-50.7%	€861,145	-11%	€967,677	153.2%	€382,132	-61.3%	€986,894
Cash	€36,318	-58.8%	€88,120	149.8%	€35,276	-1.2%	€35,695	-69.1%	€115,379
Other Debtors	€458,543	-	0	-	0	-100%	€482,459	1.9%	€473,301
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	€1,422,417	2.5%	€1,387,978	-10.4%	€1,548,655	3.3%	€1,499,590	-37.5%	€2,397,807
Trade Creditors	€212,303	13.4%	€187,192	-47.6%	€356,897	42.2%	€250,922	-43.2%	€441,818
Bank Loans & Overdrafts	€38,507	-	0	-	0	-	0	-100%	€6,427
Other Short Term Finance	€322,316	82.2%	€176,945	-	0	-100%	€103,003	-82.7%	€597,007
Miscellaneous Current Liabilities	€144,629	-17.7%	€175,813	-39.8%	€292,004	150.6%	€116,531	-24.4%	€154,062
Total Current Liabilities	€717,755	32.9%	€539,950	-16.8%	€648,901	37.9%	€470,456	-60.8%	€1,199,314
Bank Loans & Overdrafts and LTL	€46,207	-	0	-	0	-	0	-100%	€6,427
Other Long Term Finance	€7,700	-	0	-	0	-	0	-	0
Total Long Term Liabilities	€7,700	-	0	-	0	-	0	-	0

Capital & Reserves

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Called Up Share Capital	€48,750	-	€48,750	-	€48,750	-	€48,750	-	€48,750
P & L Account Reserve	€957,283	-14%	€1,112,902	-6.1%	€1,185,382	-11.6%	€1,340,809	-13%	€1,541,451
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	€1,006,033	-13.4%	€1,161,652	-5.9%	€1,234,132	-11.2%	€1,389,559	-12.6%	€1,590,201

Other Financial Items

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Net Worth	€1,006,033	-13.4%	€1,161,652	-5.9%	€1,234,132	-11.2%	€1,389,559	-12.6%	€1,590,201
Working Capital	€704,662	-16.9%	€848,028	-5.7%	€899,754	-12.6%	€1,029,134	-14.1%	€1,198,493
Total Assets	€1,731,488	1.8%	€1,701,602	-9.6%	€1,883,033	1.2%	€1,860,015	-33.3%	€2,789,515
Total Liabilities	€725,455	34.4%	€539,950	-16.8%	€648,901	37.9%	€470,456	-60.8%	€1,199,314
Net Assets	€1,006,033	-13.4%	€1,161,652	-5.9%	€1,234,132	-11.2%	€1,389,559	-12.6%	€1,590,201

Cash Flow

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
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	(%)	31/12/08
Contingent Liability	YES	-	YES	-	NO	-	YES	-	YES
Capital Employed	€1,013,733	-12.7%	€1,161,652	-5.9%	€1,234,132	-11.2%	€1,389,559	-12.6%	€1,590,201
Number of Employees	13	-13.3%	15	-	-	-	18	-5.3%	19
Auditors	GOLDBLATT MCGUIGAN
Auditor Comments	The audit report contains no adverse comments
Bankers	ULSTER BANK LTD
Bank Branch Code	98-50-80

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	1.98	2.57	2.39	3.19	2
Sales/Net Working Capital	-	-	-	-	-
Gearing %	4.60	0	0	0	0.40
Equity in %	58.10	68.30	65.50	74.70	57
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	1.28	1.75	1.54	1.91	1.31
Return On Capital Employed %	-15.03	-5.17	-	-15.13	1.48
Return On Total Assets Employed %	-8.80	-3.52	-	-11.30	0.84
Current Debt Ratio	0.71	0.46	0.52	0.33	0.75
Total Debt Ratio	0.72	0.46	0.52	0.33	0.75
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-15.15	-5.17	-	-15.13	1.48

Creditor Details

No Creditor Data

Total Value

-

Trade Debtors / Bad Debt Detail

No Debtor Data

Total Value

-

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Status History

No Status History found.

Event History

Date	Description
01/01/2014	New Board Member (HELEN FLYNN) appointed
19/09/2013	New Accounts Filed
19/09/2013	New Accounts Filed
18/09/2013	Annual Returns
11/04/2013	New Board Member (PAUL ROBERT GRANT) appointed
20/08/2012	New Accounts Filed
18/08/2012	Annual Returns
08/09/2011	New Accounts Filed
07/09/2011	Annual Returns
12/05/2011	FRANCES ORMSBY has resigned as company secretary
12/05/2011	New Company Secretary (PAUL GRANT) appointed
05/08/2010	Annual Returns
04/08/2010	New Accounts Filed
24/08/2009	Annual Returns
24/08/2009	New Accounts Filed

Previous Company Names

Date	Previous Name
N/A	PIPEFLOW WESTWOOD (IRELAND) LIMITED

Business Owner Links

Business Name	Business No	Business Status.
PROFAST LIMITED	IE059507
PIPEFLOW WESTWOOD (IRELAND)	145339	NORMAL

NOTES & COMMENTS

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 decreased by 13.4% during the latest trading period.
A 1.8% growth in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 153.8% compared to the previous trading period.
The company saw a decrease in their Cash Balance of 58.8% 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 36 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.23
UK Pound	1	Rs.101.68
Euro	1	Rs.83.46

INFORMATION DETAILS

Analysis Done by :	RAS
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%)

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