MIRA INFORM REPORT

 

 

Report Date :

13.09.2014              

 

IDENTIFICATION DETAILS

 

Name :

IRELAND WEST PLASTICS LIMITED

 

 

Formerly Known As :

IRELAND WEST (PLASTIC) CONVERTERS LIMITED

 

 

Registered Office :

Standard House, Ballybrit, Galway 264005

 

 

Country :

Ireland

 

 

Financials (as on) :

31.07.2013

 

 

Date of Incorporation :

16.04.1980

 

 

Com. Reg. No.:

IE074838

 

 

Legal Form :

Private Company

 

 

Line of Business :

·         Manufacture Of Plastic Plates, Sheets, Tubes And Profiles

·         The Production Of Domestic And Industrial Film And Foil Wrapping Products

 

 

No. of Employees :

18

 

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 :

Satisfactory

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Ireland

B1

A2

 

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

 

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Name:

IRELAND WEST PLASTICS LIMITED

Company Number:

IE074838

 

Registered Address

STANDARD HOUSE

Trading Address

STANDARD HOUSE

 

BALLYBRIT

 

BALLYBRIT

 

GALWAY

 

GALWAY

 

264005

 

GALWAY

 

 

 

264005

Website Address

--

Telephone Number

--

Fax Number

--

 

TPS

Incorporate Date

16/04/1980

Previous Name

IRELAND WEST (PLASTIC) CONVERTERS LIMITED

Type

Private Company

Other

 

Date of Change

-

Filing Date of Accounts

-

Currency

EUR

Share Capital

€146,020

SIC 07

22210

Charity Number

-

SIC 07 Description

MANUFACTURE OF PLASTIC PLATES, SHEETS, TUBES AND PROFILES.

Principal Activity

The production of domestic and industrial film and foil wrapping products.

 

 

DIRECTORS/MANAGEMENT

 

Current Directors

Name

BARBARA CUNNINGHAM

Date of Birth

05/10/1939

Officers Title

 

Nationality

 

Present Appointments

10

Function

Director

Appointment Date

01/07/1984

 

 

Address

TEMECULA, COOLOUGH ROAD, MENLO, GALWAY.

Other Actions

View Director Report

 

View AML Report

 

 

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

MICHAEL CUNNINGHAM

Date of Birth

04/10/1937

Officers Title

 

Nationality

 

Present Appointments

18

Function

Director

Appointment Date

05/05/1980

 

 

Address

TEMECULA, COOLOUGH ROAD, MENLO, GALWAY.

Other Actions

View Director Report

 

View AML Report

 

 

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

MARGO QUINN

Date of Birth

11/06/1963

Officers Title

 

Nationality

 

Present Appointments

4

Function

Director

Appointment Date

28/03/2014

 

 

Address

25 CUL AITINN CLYBAUN ROAD, KNOCKNACARRA GALWAY

Other Actions

View Director Report

 

View AML Report

 

 

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

PETER CUNNINGHAM

Date of Birth

08/03/1973

Officers Title

 

Nationality

 

Present Appointments

4

Function

Director

Appointment Date

28/03/2014

 

 

Address

47 CAISEAL CAM ROSCAM, GALWAY

Other Actions

View Director Report

 

View AML Report

 

 

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

NOEL CUNNINGHAM

Date of Birth

04/01/1977

Officers Title

 

Nationality

 

Present Appointments

4

Function

Director

Appointment Date

28/03/2014

 

 

Address

36 THE MAPLES DR. MANNIX ROAD, SALTHILL GALWAY

Other Actions

View Director Report

 

View AML Report

 

 

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

HUGH FITZGERALD

Date of Birth

09/05/1978

Officers Title

 

Nationality

 

Present Appointments

4

Function

Director

Appointment Date

28/03/2014

 

 

Address

8 WASHINGTON GROVE BUTTERFIELD AVENUE, RATHFARNHAM DUBLIN 14

Other Actions

View Director Report

 

View AML Report

 

 

 

Disqualified

 

Disqualified End Date

 

Disqualification Exception

No

 

 

 

Name

PAUL CUNNINGHAM

Date of Birth

25/09/1979

Officers Title

 

Nationality

 

Present Appointments

4

Function

Director

Appointment Date

28/03/2014

 

 

Address

195 BOIREANN BHEAG ROSCAM, GALWAY

 

Previous Director/Company Secretaries

Name

Current Directorships

Previous Directorships

TIMOTHY O'MAHONY

1

2

 

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

 

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

 

Name

Currency

Share Count

Share Type

Nominal Value

TEMECULA EMLON LTD

EUR

115,000

ORDINARY

1.27

Unable to report percentage holdings as filed Shareholder listing is not full.


PAYMENT INFORMATION

 

Mortgage Summary

Total Mortgage

0

Summary

0

Satisfied

0

 

Trade debtors / Bad debts Summary

Total Number of Documented Trade

0

Total Value of Documented Trade

€0

 

Trade Payment Information

Average Invoice Value

98.33

Invoices available

7

Paid

7

Outstanding

0

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

2

2

3

0

0

Outstanding

0

0

0

0

0

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Statistics

Group

4 companies

Linkages

0 companies

Countries

In 0 countries

 

Summary

Holding Company

TEMECULA EMLON LIMITED

Ownership Status

Wholly Owned

Ultimate Holding Company

TEMECULA EMLON LIMITED

 

Group structure

Company Name

 

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

TEMECULA EMLON LIMITED

 

IE506574

31.07.2013

N

 

COMPUTER MANUAL STATIO...

 

IE091331

31.07.2013

N

 

CUNNINGHAM PRINTERS LI...

 

IE050945

31.07.2013

N

 

IRELAND WEST PLASTICS...

 

IE074838

31.07.2013

N

 

 

Business Owner Links

 

Business Name

Business No

Business Status.

IRELAND WEST PLASTICS LIMITED

IE074838

 

 

  WESTERN PLASTICS

275409

NORMAL

 

 

FINANCIAL INFORMATION

 

Key Financials

Year to Date

Turnover

Pre Tax Profit

Shareholder

Funds Employee

31/07/2013

-

€794,367

€6,826,431

18

31/07/2012

-

-€496,476

€6,144,225

17

31/07/2011

-

€619,744

€6,091,614

-

 

Profit & Loss

 

Date Of Accounts

31/07/13

(%)

31/07/12

(%)

31/07/11

(%)

31/07/10

(%)

31/07/09

 

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

€1,793,917

-1.1%

€1,813,405

19.3%

€1,520,024

0.3%

€1,516,177

-0.3%

€1,520,014

Wages & Salaries

€709,577

6.5%

€666,195

9.7%

€607,416

-

-

-

-

Directors Emoluments

€5,409

-2.2%

€5,529

2.2%

€5,409

-

-

-

-

Operating Profit

€792,091

-6%

€842,343

36.2%

€618,509

-16.2%

€738,146

10.1%

€670,545

Depreciation

€62,341

3.9%

€59,973

14.2%

€52,512

0.7%

€52,151

-26.2%

€70,692

Audit Fees

-

-

-

-

-

-

€12,950

-

€12,950

Interest Payments

-

-

-

-

-

-

-

-

-

Pre Tax Profit

€794,367

260%

-€496,476

-180.1%

€619,744

332.2%

€143,379

-85.2%

€970,230

Taxation

-€112,161

14.3%

-€130,913

-999.9%

-€2,616

85.1%

-€17,543

70.4%

-€59,222

Profit After Tax

€682,206

208.7%

-€627,389

-201.7%

€617,128

390.4%

€125,836

-86.2%

€911,008

Dividends Payable

-

-

-

-

-

-100%

€56,061

-

-

Retained Profit

€682,206

208.7%

-€627,389

-201.7%

€617,128

784.5%

€69,775

-92.3%

€911,008

 

Balance Sheet

 

Date Of Accounts

31/07/13

(%)

31/07/12

(%)

31/07/11

(%)

31/07/10

(%)

31/07/09

Tangible Assets

€484,133

-3.9%

€503,869

-74%

€1,941,273

28%

€1,516,747

-38.7%

€2,474,952

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

€484,133

-3.9%

€503,869

-74%

€1,941,273

28%

€1,516,747

-38.7%

€2,474,952

Stock

€1,924,466

-22.1%

€2,471,212

47.4%

€1,676,356

23.3%

€1,359,603

-8.1%

€1,479,027

Trade Debtors

€2,040,374

-7.6%

€2,207,512

20.7%

€1,828,192

14.1%

€1,602,100

28.7%

€1,244,596

Cash

€3,297,207

181.7%

€1,170,423

-62.7%

€3,136,384

211.6%

€1,006,557

72.3%

€584,054

Other Debtors

€29,215

-81.2%

€155,003

-62.5%

€413,819

-23.2%

€539,153

657.1%

€71,214

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

€7,291,262

21.4%

€6,004,150

-14.9%

€7,054,751

56.5%

€4,507,413

33.4%

€3,378,891

Trade Creditors

€40,605

999.9%

€876

-99.9%

€585,179

41.6%

€413,310

65.3%

€250,109

Bank Loans & Overdrafts

0

-

0

-

0

-

0

-

0

Other Short Term Finance

€327,768

999.9%

€15,065

-99.3%

€2,088,882

-

0

-

0

Miscellaneous Current Liabilities

€580,591

66.9%

€347,853

51%

€230,349

55.3%

€148,293

148.4%

€59,704

Total Current Liabilities

€948,964

160.9%

€363,794

-87.5%

€2,904,410

417.2%

€561,603

81.3%

€309,813

Bank Loans & Overdrafts and LTL

0

-

0

-

0

-

0

-100%

€1,267,674

Other Long Term Finance

0

-

0

-

0

-

0

-100%

€1,267,674

Total Long Term Liabilities

0

-

0

-

0

-

0

-100%

€1,267,674

 

Capital & Reserves

 

Date Of Accounts

31/07/13

(%)

31/07/12

(%)

31/07/11

(%)

31/07/10

(%)

31/07/09

Called Up Share Capital

€146,020

-

€146,020

-

€146,020

-

€146,020

-

€146,020

P & L Account Reserve

€6,680,411

11.4%

€5,998,205

0.9%

€5,945,594

11.8%

€5,316,537

28.7%

€4,130,336

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

€6,826,431

11.1%

€6,144,225

0.9%

€6,091,614

11.5%

€5,462,557

27.7%

€4,276,356

 

Other Financial Items

 

Date Of Accounts

31/07/13

(%)

31/07/12

(%)

31/07/11

(%)

31/07/10

(%)

31/07/09

Net Worth

€6,826,431

11.1%

€6,144,225

0.9%

€6,091,614

11.5%

€5,462,557

27.7%

€4,276,356

Working Capital

€6,342,298

12.4%

€5,640,356

35.9%

€4,150,341

5.2%

€3,945,810

28.6%

€3,069,078

Total Assets

€7,775,395

19.5%

€6,508,019

-27.7%

€8,996,024

49.3%

€6,024,160

2.9%

€5,853,843

Total Liabilities

€948,964

160.9%

€363,794

-87.5%

€2,904,410

417.2%

€561,603

-64.4%

€1,577,487

Net Assets

€6,826,431

11.1%

€6,144,225

0.9%

€6,091,614

11.5%

€5,462,557

27.7%

€4,276,356

 

Cash Flow

 

Date Of Accounts

31/07/13

(%)

31/07/12

(%)

31/07/11

(%)

31/07/10

(%)

31/07/09

Net Cashflow from Operations

€2,194,732

188.2%

-€2,487,554

-197%

€2,565,039

-

-

-

-

Net Cashflow before Financing

€2,126,784

180.4%

-€2,645,961

-224.9%

€2,117,898

-

-

-

-

Net Cashflow from Financing

-

-100%

€680,000

999.9%

€11,929

-

-

-

-

Increase in Cash

€2,126,784

208.2%

-€1,965,961

-192.3%

€2,129,827

-

-

-

-

 

Miscellaneous

 

Date Of Accounts

31/07/13

(%)

31/07/12

(%)

31/07/11

(%)

31/07/10

(%)

31/07/09

 

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

€6,826,431

11.1%

€6,144,225

0.9%

€6,091,614

11.5%

€5,462,557

-1.5%

€5,544,030

 

Ratios

 

Date Of Accounts

31/07/13

31/07/12

31/07/11

31/07/10

31/07/09

Pre-tax profit margin %

-

-

-

-

-

Current ratio

7.68

16.50

2.43

8.03

10.91

Sales/Net Working Capital

-

-

-

-

-

Gearing %

0

0

0

0

29.60

Equity in %

87.80

94.40

67.70

90.70

73.10

Creditor Days

-

-

-

-

-

Debtor Days

-

-

-

-

-

Liquidity/Acid Test

5.65

9.71

1.85

5.60

6.13

Return On Capital Employed %

11.63

-8.08

10.17

2.62

17.50

Return On Total Assets Employed %

10.21

-7.62

6.88

2.38

16.57

Current Debt Ratio

0.13

0.05

0.47

0.10

0.07

Total Debt Ratio

0.13

0.05

0.47

0.10

0.36

Stock Turnover Ratio %

-

-

-

-

-

Return on Net Assets Employed %

11.63

-8.08

10.17

2.62

22.68

 

FOREIGN EXCHANGE RATES

 

N/a

 

 

ADDITIONAL INFORMATION

 

Current Company Secretary

Name

MICHAEL CUNNINGHAM

Date of Birth

04/10/1937

Officers Title

 

Nationality

 

Present Appointments

18

Function

Company Secretary

Appointment Date

05/05/1980

 

 

Address

TEMECULA, COOLOUGH ROAD, MENLO, GALWAY.

 

Number of Employees

18

5.9%

17

-

-

-

-

-

-

 

Auditors

DHKN LIMITED

 

Auditor Comments

The audit report contains no adverse comments

 

Bankers

BANK OF IRELAND

 

Bank Branch Code

 

 

Status History

No Status History found

 

Event History

Date

Description

30/06/2014

New Accounts Filed

30/06/2014

New Accounts Filed

26/06/2014

Annual Returns

28/03/2014

New Board Member (PAUL CUNNINGHAM) appointed

28/03/2014

New Board Member (HUGH FITZGERALD) appointed

28/03/2014

New Board Member (NOEL CUNNINGHAM) appointed

28/03/2014

New Board Member (PETER CUNNINGHAM) appointed

28/03/2014

New Board Member (MARGO QUINN) appointed

01/07/2013

New Accounts Filed

01/07/2013

New Accounts Filed

29/06/2013

Annual Returns

30/06/2012

New Accounts Filed

27/06/2012

Annual Returns

06/07/2011

New Accounts Filed

02/07/2011

Annual Returns

 

Previous Company Names

Date

Previous Name

N/A

IRELAND WEST (PLASTIC) CONVERTERS LIMITED

 

 

NOTES & COMMENTS

 

Commentary

No exact match CCJs are recorded against the company.

Net Worth increased by 11.1% during the latest trading period.

A 19.5% growth in Total Assets occurred during the latest trading period.

 

There is insufficient data to indicate a change in this company's percentage of sales.

Pre-tax profits increased by 260% compared to the previous trading period.

The company saw an increase in their Cash Balance of 181.7% 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 34 years ago.


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.84

UK Pound

1

Rs.98.72

Euro

1

Rs.78.64

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

PDT

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.