MIRA INFORM REPORT
|
Report No. : |
315660 |
|
Report Date : |
17.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SRI APPAREL LIMITED |
|
|
|
|
Registered Office : |
1 Ontario Terrace Rathmines Dublin 6 216410 |
|
|
|
|
Country : |
Ireland |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
20.02.2008 |
|
|
|
|
Com. Reg. No.: |
IE453610 |
|
|
|
|
Legal Form : |
Not Available |
|
|
|
|
Line of Business : |
Subject is engaged in retail sale of clothing in specialised stores |
|
|
|
|
No. of Employee : |
Not Available |
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 : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 dropped sharply during the world financial crisis and the subsequent collapse of its domestic property market and construction industry. Faced with sharply reduced revenues and a burgeoning budget deficit from efforts to stabilize its fragile banking sector, the Irish Government introduced the first in a series of draconian budgets in 2009. 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. 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 banking sector and avoid defaulting on its sovereign debt. In March 2011, the KENNY government intensified austerity measures to meet the deficit targets under Ireland's EU-IMF bailout program. 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. In 2014, the economy rapidly picked up and GDP grew by 3.6%. The recovering economy assisted lowering the deficit to 4.2% of GDP. In late 2014, the government introduced a fiscally neutral budget, marking the end of the austerity program. 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. Ireland’s low corporation tax of 12.5% has been central to encouraging business investment. Loose tax residency requirements made Ireland a common destination for international firms seeking to avoid taxation. Amid growing international pressure the government announced it would phase in more stringent tax laws, effectively closing a loophole.
|
Source
: CIA |
Company Name
SRI
APPAREL LIMITED
Company
No
IE453610
Company
Status
Active
- Accounts Filed
Address
1 ONTARIO TERRACE RATHMINES DUBLIN 6 216410
Company Summary
Registered
Address
1
ONTARIO TERRACE
RATHMINES
DUBLIN 6
216410
Trading
Address
29
EARLSFORT TERRACE
DUBLIN 2
DUBLIN 2
216410
Website
Address -
Telephone
Number -
Fax
Number
TPS
-
FPS
No
Incorporation
Date 20/02/2008
Previous
Name
Type
Other
FTSE
Index -
Date
of Change -
Filing
Date of Accounts -
Currency
EUR
Share
Capital €25,000
SIC07
47710
Charity
Number -
SIC07
Description RETAIL SALE OF
CLOTHING IN SPECIALISED STORES
Principal Activity The wholesale of
clothing and accesories under the CAT brand. Accounts data converted from US
Dollars.
Key
Financials
Year
to Date Turnover Pre Tax Profit Shareholder Funds
Employees
31/12/2013
- - €412,235 -
31/12/2012
- - €740,549 -
31/12/2011
- - €698,596 -
Mortgage
Summary
Total
Mortgage 2
Outstanding 2
Satisfied 0
Trade
Debtors / Bad Debt Summary
Total
Number of Documented Trade 0
Total
Value of Documented Trade €0
Commentary
|
No
exact match CCJs are recorded against the company. |
|
|
A
25.4% growth in Total Assets occurred during the latest trading period. |
|
|
The
company saw an increase in their Cash Balance of 13% during the latest
trading period. |
|
|
The
audit report contains no adverse comments. |
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 - |
|
Total
Current Directors |
6 |
|
Total
Current Secretaries |
1 |
|
Total
Previous Directors / Company Secretaries |
7 |
Current
Directors
|
Name |
Date
of Birth |
27/03/1968 |
|
|
Officers
Title |
Nationality |
||
|
Present
Appointments |
5 |
Function |
Director |
|
Appointment
Date |
04/12/2014 |
||
|
Address |
15
BERWICK CRESCENT, SWORDS, CO. DUBLIN |
||
|
Name |
Date
of Birth |
02/09/1947 |
|
|
Officers
Title |
Nationality |
||
|
Present
Appointments |
1 |
Function |
Director |
|
Appointment
Date |
20/02/2008 |
||
|
Address |
6336
STRATTON ROAD, BILLINGS MONTANA 59101, UNITED STATES OF AMERICA |
||
|
Name |
Date
of Birth |
23/06/1945 |
|
|
Officers
Title |
Nationality |
||
|
Present
Appointments |
1 |
Function |
Director |
|
Appointment
Date |
20/02/2008 |
||
|
Address |
6335
STRATTON ROAD, BILLINGS MT 59101, UNITED STATES OF AMERICA |
||
|
Name |
Date
of Birth |
26/07/1967 |
|
|
Officers
Title |
Nationality |
||
|
Present
Appointments |
2 |
Function |
Director |
|
Appointment
Date |
20/02/2008 |
||
|
Address |
1375
MOOSE POINT ROAD, BOZEMAN MONTANA 59715, UNITED STATES OF AMERICA |
||
|
Name |
Date
of Birth |
01/06/1976 |
|
|
Officers
Title |
Nationality |
||
|
Present
Appointments |
1 |
Function |
Director |
|
Appointment
Date |
20/02/2008 |
||
|
Address |
11
GALLATIN DRIVE B, BOZEMAN MONTANA 59715, UNITED STATES |
||
|
Name |
Date
of Birth |
15/07/1974 |
|
|
Officers
Title |
Nationality |
||
|
Present
Appointments |
1 |
Function |
Director |
|
Appointment
Date |
20/02/2008 |
||
|
Address |
3645
HARPAR, BILLINGS MONTANA 59102, UNITED STATES OF AMERICA |
||
Current Company Secretary
|
Name |
Date
of Birth |
- |
|
|
Officers
Title |
Nationality |
||
|
Present
Appointments |
1 |
Function |
Company
Secretary |
|
Appointment
Date |
21/06/2012 |
||
|
Address |
1375
MOOSE POINT ROAD, BOZEMAN MONTANA 59715, UNITED STATES OF AMERICA |
||
Top
20 Shareholders
|
Currency |
Share
Count |
Share
Type |
Nominal
Value |
%
of Total Share Count |
|
|
J.P.
DIVVER HOLDING CO. |
EUR |
25,000 |
ORDINARY
|
1 |
100 |
Profit & Loss
|
Date
Of Accounts |
31/12/13 |
(%) |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
|
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 |
- |
- |
- |
- |
- |
- |
- |
- |
€1,706,237 |
|
Wages
& Salaries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Directors
Emoluments |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Operating
Profit |
- |
- |
- |
- |
- |
- |
- |
- |
€169,057 |
|
Depreciation |
€913 |
33.9% |
€681 |
7.6% |
€634 |
- |
- |
- |
- |
|
Audit
Fees |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Interest
Payments |
- |
- |
- |
- |
- |
- |
- |
- |
€37,582 |
|
Pre
Tax Profit |
- |
- |
- |
- |
- |
- |
- |
- |
€131,474 |
|
Taxation |
- |
- |
- |
- |
- |
- |
- |
100% |
-€17,256 |
|
Profit
After Tax |
- |
- |
- |
- |
- |
- |
- |
-100% |
€114,218 |
|
Dividends
Payable |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Retained
Profit |
- |
- |
- |
- |
- |
- |
- |
-100% |
€114,218 |
Balance
Sheet
|
Date
Of Accounts |
31/12/13 |
(%) |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
|
Tangible
Assets |
€2,328 |
-28.2% |
€3,241 |
-13.8% |
€3,761 |
- |
0 |
- |
0 |
|
Intangible
Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total
Fixed Assets |
€2,328 |
-28.2% |
€3,241 |
-13.8% |
€3,761 |
- |
0 |
- |
0 |
|
Stock |
€19,469 |
7.8% |
€18,060 |
-85.3% |
€122,621 |
-73.1% |
€455,717 |
- |
0 |
|
Trade
Debtors |
€6,363,145 |
33.8% |
€4,756,283 |
154.7% |
€1,867,163 |
28.7% |
€1,450,365 |
-24% |
€1,908,374 |
|
Cash |
€1,592,392 |
13% |
€1,408,920 |
16.8% |
€1,205,795 |
-19.4% |
€1,496,333 |
340.4% |
€339,758 |
|
Other
Debtors |
0 |
-100% |
€175,774 |
-43.8% |
€312,975 |
- |
0 |
- |
0 |
|
Miscellaneous
Current Assets |
€493 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total
Current Assets |
€7,975,499 |
25.4% |
€6,359,036 |
81.2% |
€3,508,555 |
3.1% |
€3,402,415 |
51.3% |
€2,248,131 |
|
Trade
Creditors |
€6,933,233 |
188.3% |
€2,404,855 |
77.6% |
€1,354,193 |
8.6% |
€1,247,112 |
4.8% |
€1,190,203 |
|
Bank
Loans & Overdrafts |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other
Short Term Finance |
0 |
-100% |
€87,066 |
999.9% |
€4,570 |
- |
0 |
- |
0 |
|
Miscellaneous
Current Liabilities |
€6,249 |
-99.8% |
€2,538,422 |
179.8% |
€907,326 |
-14.9% |
€1,066,643 |
311.2% |
€259,418 |
|
Total
Current Liabilities |
€6,939,482 |
38% |
€5,030,344 |
122% |
€2,266,088 |
-2.1% |
€2,313,755 |
59.6% |
€1,449,621 |
|
Bank
Loans & Overdrafts and LTL |
€626,111 |
5.9% |
€591,384 |
8% |
€547,632 |
-6.7% |
€586,800 |
18.5% |
€495,195 |
|
Other
Long Term Finance |
0 |
-100% |
€591,384 |
8% |
€547,632 |
-6.7% |
€586,800 |
- |
0 |
|
Total
Long Term Liabilities |
€626,111 |
5.9% |
€591,384 |
8% |
€547,632 |
-6.7% |
€586,800 |
18.5% |
€495,195 |
Capital
& Reserves
|
Date
Of Accounts |
31/12/13 |
(%) |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
|
Called
Up Share Capital |
€29,807 |
- |
€29,807 |
1.6% |
€29,323 |
-9.9% |
€32,553 |
9.6% |
€29,700 |
|
P
& L Account Reserve |
€337,438 |
-49.3% |
€665,752 |
6.5% |
€625,011 |
48.8% |
€420,171 |
83.7% |
€228,785 |
|
Revaluation
Reserve |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Sundry
Reserves |
€44,990 |
- |
€44,990 |
1.6% |
€44,261 |
-9.9% |
€49,136 |
9.6% |
€44,830 |
|
Shareholder
Funds |
€412,235 |
-44.3% |
€740,549 |
6% |
€698,596 |
39.2% |
€501,860 |
65.5% |
€303,315 |
Other
Financial Items
|
Date
Of Accounts |
31/12/13 |
(%) |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
|
Net
Worth |
€412,235 |
-44.3% |
€740,549 |
6% |
€698,596 |
39.2% |
€501,860 |
65.5% |
€303,315 |
|
Working
Capital |
€1,036,017 |
-22% |
€1,328,692 |
6.9% |
€1,242,466 |
14.1% |
€1,088,660 |
36.3% |
€798,510 |
|
Total
Assets |
€7,977,827 |
25.4% |
€6,362,277 |
81.1% |
€3,512,315 |
3.2% |
€3,402,415 |
51.3% |
€2,248,131 |
|
Total
Liabilities |
€7,565,592 |
34.6% |
€5,621,728 |
99.8% |
€2,813,720 |
-3% |
€2,900,555 |
49.1% |
€1,944,817 |
|
Net
Assets |
€412,235 |
-44.3% |
€740,549 |
6% |
€698,596 |
39.2% |
€501,860 |
65.5% |
€303,315 |
Cash
Flow
|
Date
Of Accounts |
31/12/13 |
(%) |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
|
Net
Cashflow from Operations |
- |
- |
- |
- |
- |
- |
- |
-100% |
€301,954 |
|
Net
Cashflow before Financing |
- |
- |
- |
- |
- |
- |
- |
-100% |
€264,371 |
|
Net
Cashflow from Financing |
- |
- |
- |
- |
- |
- |
- |
-100% |
€48,017 |
|
Increase
in Cash |
- |
- |
- |
- |
- |
- |
- |
-100% |
€312,388 |
Miscellaneous
|
Date
Of Accounts |
31/12/13 |
(%) |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
(%) |
31/12/09 |
|
Contingent
Liability |
NO |
- |
NO |
- |
NO |
- |
NO |
- |
NO |
|
Capital
Employed |
€1,038,345 |
-22% |
€1,331,933 |
6.9% |
€1,246,227 |
14.5% |
€1,088,660 |
36.3% |
€798,510 |
|
Number
of Employees |
- |
- |
- |
- |
- |
- |
- |
- |
6 |
|
Auditors |
DEVANEY
& DURKIN |
||||||||
|
Auditor
Comments |
The
audit report contains no adverse comments |
||||||||
|
Bankers |
ALLIED
IRISH BANK |
||||||||
|
Bank
Branch Code |
93-24-77 |
||||||||
Ratios
|
Date
Of Accounts |
31/12/13 |
31/12/12 |
31/12/11 |
31/12/10 |
31/12/09 |
|
Pre-tax
profit margin % |
- |
- |
- |
- |
- |
|
Current
ratio |
1.15 |
1.26 |
1.55 |
1.47 |
1.55 |
|
Sales/Net
Working Capital |
- |
- |
- |
- |
- |
|
Gearing
% |
151.90 |
79.90 |
78.40 |
116.90 |
163.30 |
|
Equity
in % |
5.20 |
11.60 |
19.90 |
14.80 |
13.50 |
|
Creditor
Days |
- |
- |
- |
- |
- |
|
Debtor
Days |
- |
- |
- |
- |
- |
|
Liquidity/Acid
Test |
1.14 |
1.26 |
1.49 |
1.27 |
1.55 |
|
Return
On Capital Employed % |
- |
- |
- |
- |
16.46 |
|
Return
On Total Assets Employed % |
- |
- |
- |
- |
5.84 |
|
Current
Debt Ratio |
16.83 |
6.79 |
3.24 |
4.61 |
4.77 |
|
Total
Debt Ratio |
18.35 |
7.59 |
4.02 |
5.77 |
6.41 |
|
Stock
Turnover Ratio % |
- |
- |
- |
- |
- |
|
Return
on Net Assets Employed % |
- |
- |
- |
- |
43.34 |
Event History
|
Date |
Description |
|
04/12/2014 |
EAMONN
MACKEN has left the board |
|
04/12/2014 |
New
Board Member (GARETH SMITH) appointed |
|
18/09/2014 |
New
Accounts Filed |
|
18/09/2014 |
New
Accounts Filed |
|
13/09/2014 |
Annual
Returns |
|
22/10/2013 |
New
Accounts Filed |
|
22/10/2013 |
New
Accounts Filed |
|
21/10/2013 |
Annual
Returns |
|
16/08/2012 |
New
Accounts Filed |
|
16/08/2012 |
New
Accounts Filed |
|
15/08/2012 |
Annual
Returns |
|
07/08/2012 |
Annual
Returns |
|
21/06/2012 |
KENNETH
D TOLLIVER has resigned as company secretary |
|
21/06/2012 |
New
Company Secretary (KURTIS CHARLES TOLLIVER) appointed |
|
19/06/2012 |
EAMONN
MACKEN has left the board |
Statistics
|
Group |
3
companies |
|
Linkages |
|
|
Countries |
Summary
|
Holding
Company
|
J.
P. DIVVER HOLDING COMPANY LIMITED |
|
Ownership
Status
|
Wholly
Owned |
|
Ultimate
Holding Company
|
JPD
LLC |
Group
Structure
|
Company
Name |
Registered
Number |
Latest
Key Financials |
Consol.
Accounts |
Turnover |
|
|
|
N/A
|
- |
- |
||
|
|
IE412367
|
31.12.2013 |
N |
||
|
|
IE453610
|
31.12.2013 |
N |
Mortgage
Details
|
Mortgage
Type: |
A
charge on book debts of the company. |
||
|
Date
Charge Created: |
28/01/09 |
||
|
Date
Charge Registered: |
18/02/09 |
||
|
Date
Charge Satisfied: |
- |
||
|
Status: |
NOT
SATISFIED |
||
|
Person(s)
Entitled: |
R.
MICHAEL PRICE |
||
|
Amount
Secured: |
|||
|
Details: |
|||
|
Mortgage
Type: |
A
charge on book debts of the company. |
||
|
Date
Charge Created: |
26/01/09 |
||
|
Date
Charge Registered: |
16/02/09 |
||
|
Date
Charge Satisfied: |
- |
||
|
Status: |
NOT
SATISFIED |
||
|
Person(s)
Entitled: |
300
NORTH 25TH LIMITED LIABILITY COMPANY |
||
|
Amount
Secured: |
|||
|
Details: |
|||
Previous
Director/Company Secretaries
|
Name |
Current
Directorships |
Previous
Directorships |
|
168 |
943 |
|
|
168 |
943 |
|
|
1 |
4 |
|
|
23 |
371 |
|
|
1 |
3 |
|
|
0 |
2 |
|
|
2 |
1 |
|
|
Average
Invoice Value
|
€152.31
|
|
|
Invoices
available
|
4
|
|
|
Paid
|
4
|
|
|
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 |
0 |
0 |
0 |
4 |
0 |
|
Outstanding |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.37 |
|
|
1 |
Rs.92.44 |
|
Euro |
1 |
Rs.66.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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.