MIRA INFORM REPORT

 

 

Report No. :

354085

Report Date :

16.12.2015

 

IDENTIFICATION DETAILS

 

Name :

MACRO STAINLESS LIMITED

 

 

Registered Office :

Corcanree  Industrial  Estate Dock  Road Limerick 999938

 

 

Country :

Ireland

 

 

Financials (as on) :

31.10.2014

 

 

Date of Incorporation :

15.09.1992

 

 

Com. Reg. No.:

IE193297

 

 

Legal Form :

Other

 

 

Line of Business :

The supply of stainless steel.

 

 

No. of Employees :

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 :

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Ireland

A2

A2

 

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 summary

 

Registered  Address

Corcanree  Industrial  Estate Dock  Road Limerick 999938

Trading  Address

Corcanree  Industrial  Estate Dock  Road Limerick Limerick 376801

Website  Address

-

Eircode

-

Telephone  Number

(061)414555

Fax  Number

 

TPS

No

FPS

Yes

Incorporation  Date

15/09/1992

Company Number

IE193297

Previous  Name

 

Type

Other

 

 

FTSE  Index

-

Date  of  Change

-

Filing  Date  of  Accounts

-

Currency

EUR

Share  Capital

€39,679

SIC07

 

Charity  Number

-

SIC07 Description Principal  Activity

The supply of stainless steel.

 

 

 

 

Key financials

 

Year  to  Date

 

Turnover

Pre  Tax  Profit

Shareholder

Funds  Employees

31/10/2014

-

-

€2,121,996

-

31/10/2013

-

-

€2,072,033

-

31/10/2012

-

-

€2,078,066

-

 

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.

The credit limit on this company has risen 12.5% in comparison to the previously suggested credit limit.

Net Worth increased by 2.4% during the latest trading period.

A 4.6% growth in Total Assets occurred during the latest trading period.

The audit report contains no adverse comments.

 

 

Current Directors

 

Title

 

Function

Director

Name

THOMAS  ROWAN

Nationality

 

Date  of  Birth

12/1947

Present  Appointments

4

Latest  Address

6 WATERVILLE,  ENNIS  ROAD, LIMERICK

Appointment  Date

22/09/1992

 

 

 

 

Eircode

 

 

 

Title

 

Function

Director

Name

ANTHONY  MC  NAMARA

Nationality

 

Date  of  Birth

10/1955

Present  Appointments

2

Latest  Address

CAHIR  ROAD,  HUNGRET,  CO. LIMERICK.

Appointment  Date

22/09/1992

Eircode

 

 

 

 

 

Current Company Secretary     

                       

Title

 

Function

Company  Secretary

Name

ANTHONY  MC  NAMARA

Nationality

 

Date  of  Birth

10/1955

Present  Appointments

2

Latest  Address

CAHIR ROAD,  HUNGRET,  CO. LIMERICK.

Appointment  Date

22/09/1992

Eircode

 

 

 

 

 

Top 20 Shareholders 

                                               

Name

Currency

Share  Count

Share  Type

Nominal  Value

CORCANREE  HOLDINGS  LTD

EUR

31,250

ORDINARY

1.27

Profit & loss

 

 

31/10/14

(%)

31/10/13

(%)

31/10/12

(%)

31/10/11

(%)

31/10/10

Accounts

 

 

 

 

 

 

 

 

 

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

EUR

(%)

EUR

(%)

EUR

(%)

EUR

(%)

EUR

Consolidated

N

(%)

N

(%)

N

(%)

N

(%)

N

A/cs

 

 

 

 

 

 

 

 

 

Turnover

-

-

-

-

-

-

-

-

-

Export

-

-

-

-

-

-

-

-

-

Cost  of  Sales

-

-

-

-

-

-

-

-

-

Gross  Profit

-

-

-

-

-

-

€1,233,662

-9.3%

€1,360,871

Wages & Salaries

-

-

-

-

-

-

€593,027

4.5%

€567,306

Directors Emoluments

-

-

-

-

-

-

€193,239

-2.7%

€198,506

Operating  Profit

-

-

-

-

-

-

€142,459

-34.6%

€217,830

Depreciation

€36,218

9.2%

€33,165

-12.5%

€37,891

-28.1%

€52,680

1.8%

€51,737

Audit  Fees

-

-

-

-

-

-

-

-

-

Interest

-

-

-

-

-

-

€38,767

-23.7%

€50,836

Payments

 

 

 

 

 

 

 

 

 

Pre  Tax  Profit

-

-

-

-

-

-

€95,510

-42.8%

€167,009

Taxation

-

-

-

-

-

-

€1,300

174.4%

-€1,747

Profit  After  Tax

-

-

-

-

-

-

€96,810

-41.4%

€165,262

Dividends payable

-

-

-

-

-

-

-

-100%

€700,000

Retained profit

-

-

-

-

-

-

€96,810

118.1%

-€534,738

 

Balance sheet

 

Date Of Accounts

31/10/14

(%)

31/10/13

(%)

31/10/12

(%)

31/10/11

(%)

31/10/10

Tangible Assets

€243,426

1.8%

€239,005

-11.4%

€269.785

-9.6%

€298,381

-15%

€351,061

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

€243,426

1.8%

€239,005

-11.4%

€269,785

-9.6%

€298,381

-15%

€351,061

Stock

€1,611,070

-4.6%

€1,689,010

-14.2%

€1,968,872

25.3%

€1,571,606

9.3%

€1,437,708

Trade Debtors

€2,456,284

12.1%

€2,191,488

4.5%

€2,096,150

-9.4%

€2,314,493

31.3%

€1,762,082

Cash

€996

-

€996

-

€996

-

€996

-

€996

Other Debtors

0

-

0

-

0

-100%

€352,107

670.1%

€45,724

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

€4,068,350

4.8%

€3,881,494

-4.5%

€4,066,018

-4.1%

€4.239,202

30.06%

€3,246,510

Trade Creditors

€1,010,012

5.8%

€954,292

-19.3%

€1,182,906

-8.3%

€1,290,057

28.4%

€1,004,646

Bank Loans & Overdrafts

€884,255

2.8%

€860,586

-5.8%

€914,026

27.2%

€718,386

115.6%

€333,244

Other Short Term Finance

€11,070

-

0

-

0

-

0

-100%

€29,549

Miscellaneous Current Liabilities

€252,547

12.6%

€224,294

47.9%

€151,697

-57%

€352,672

136.4%

€149,174

Total Current Liabilities

€2,157,884

5.8%

€2,039,172

-9.3%

€2,248,629

-4.8%

€2,361,115

55.7%

€1,519,613

Bank Loans & Overdrafts and LTL

€916,151

5.3%

€869,880

-5.8%

€923,134

26.9%

€727,653

111.6%

€343,811

Other Long Term Finance

€24,908

-

0

-

0

-

0

-

0

Total Long Term Liabilities

€31,896

243.2%

€9,294

2%

€9,108

-1.7%

€9,267

-12.3%

€10,567

 

 

Capital & Reserves

 

Date Of Accounts

31/10/14

(%)

31/10/13

(%)

31/10/12

(%)

31/10/11

(%)

31/10/10

barchart-grey

Called Up Share Capital

€39,679

-

€39,679

-

€39,679

-

€39,679

-

€39,679

barchart-grey

P & L Account Reserve

€2,082,317

2.5%

€2,032,354

-0.3%

€2,038,387

-4.2%

€2,127,522

4.8%

€2,030,712

barchart-grey

Revaluation Reserve

-

-

-

-

-

 

-

-

-

barchart-grey

Sundry Reserves

-

-

-

-

-

 

-

-

-

barchart-grey

Shareholder Funds

€2,121,996

2.4%

€2,072,033

-0.3%

€2,078,066

-4.1%

€2,167,201

4.7%

€2,070,391

 

 

Other Financial Items

 

Date Of Accounts

31/10/14

(%)

31/10/13

(%)

31/10/12

(%)

31/10/11

(%)

31/10/10

barchart-grey

Net Worth

€2,121,996

2.4%

€2,072,033

-0.3%

€2,078,066

-4.1%

€2,167,201

4.7%

€2,070,391

barchart-grey

Working Capital

€1,910,466

3.7%

€1,842,322

1.4%

€1,817,389

-3.2%

€1,878,087

8.6%

€1,729,897

barchart-grey

Total Assets

€4,311,776

4.6%

€4,120,499

-5%

€4,335,803

-4.4%

€4,537,583

26.1%

€3,597,571

barchart-grey

Total Liabilities

€2,189,780

6.9%

€2,048,466

-9.3%

€2,257,737

-4.8%

€2,370,382

55.2%

€1,527,180

barchart-grey

Net Assets

€2,121,996

2.4%

€2,072,033

-0.3%

€2,078,066

-4.1%

€2,167,201

4.7%

€2,070,391

 

Cash Flow

 

Date Of Accounts

31/10/14

(%)

31/10/13

(%)

31/10/12

(%)

31/10/11

(%)

31/10/10

barchart-grey

Net Cashflow from Operations

-

-

-

-

-

-

-€347,943

-130.3%

€1,148,546

barchart-grey

Net Cashflow before Financing

-

-

-

-

-

100%

-€381,245

-215.5%

€330,137

barchart-grey

Net Cashflow from Financing

-

-

-

-

-

-

€381,245

215.5%

-€330,121

barchart-grey

Increase in Cash

-

-

-

-

-

-

-

-100%

€16

 

 

Miscellaneous

 

Date Of Accounts

31/10/14

(%)

31/10/13

(%)

31/10/12

(%)

31/10/11

(%)

31/10/10

Contingent Liability

No

-

No

-

No

-

No

-

No

barchart-grey

Capital Employed

€2,153,892

3.5%

€2,081,327

-0.3%

€2,087,174

-4.1%

€2,176,468

4.6%

€2,080,958

barchart-grey

Number of Employees

-

-

-

-

-

-

14

-6.7%

15

Accountants

Auditors

HDS PARTNERSHIP

Auditor Comments

The audit report contains no adverse comments

Bankers

BANK OF IRELAND

Bank Branch Code

90-41-81

 

Ratios

 

Date Of Accounts

31/10/14

31/10/13

31/10/12

31/10/11

31/10/10

Pre-tax profit margin %

-

-

-

-

-

Current ratio

1.89

1.90

1.81

1.80

2.14

Sales/Net Working Capital

-

-

-

-

-

Gearing %

43.20

42

44.40

33.60

16.60

Equity in %

49.20

50.30

47.90

47.80

57.50

Creditor Days

-

-

-

-

-

Debtor Days

-

-

-

-

-

Liquidity/Acid Test

1.13

1.07

0.93

1.12

1.19

Return On Capital Employed %

-

-

-

4.38

8.02

Return On Total Assets Employed %

-

-

-

2.10

4.64

Current Debt Ratio

1.01

0.98

1.08

1.08

0.73

Total Debt Ratio

1.03

0.98

1.08

1.09

0.73

Stock Turnover Ratio %

-

-

-

-

-

Return on Net Assets Employed %

-

-

-

4.40

8.06

 

 

Report notes

 

There are no notes to display.

 

 

Status history

 

No status history found

 

 

Event history

 

Date

 

Description

19/05/2015

Annual  Returns

19/05/2015

New  Accounts  Filed

07/08/2014

New  Accounts  Filed

07/08/2014

New  Accounts  Filed

06/08/2014

Annual  Returns

20/04/2013

New  Accounts  Filed

19/04/2013

Annual  Returns

06/09/2012

New  Accounts  Filed

06/09/2012

New  Accounts  Filed

05/09/2012

Annual  Returns

02/06/2011

Annual  Returns

02/06/2011

New  Accounts  Filed

02/06/2011

New  Accounts  Filed

14/09/2010

Annual  Returns

14/09/2010

New  Accounts  Filed

 

 

Previous Company Names

 

No Previous Names found

 

 

Received Documents

 

Writ Details

 

No writs found

 

 

Mortgage DETAILS    

 

Mortgage  Type:

A charge on uncalled share capital of the company. A charge on land, wherever situate, or any interest therein, but not including a charge for any rent or other periodical sum issuing out of land. A charge on book debts of the company. A floating charge on the undertakings or property of the company. A charge on goodwill, on a patent or licence under a patent, on a trademark or on a copyright or a licence under copyright.

Date  Charge  Created:

16/05/05

Date  Charge  Registered:

25/05/05

Date  Charge  Satisfied:

-

Status:

NOT  SATISFIED

Person(s)  Entitled:

THE  GOVERNOR  &  CO  OF  THE  BANK  OF  IRELAND

Amount Secured :

 

Details

All monies and/or obligations which now are, or at any time may become, due or owing to the security holder by the company on any account and all the other liabilities whatsoever of the company to the security holder whether actual or contingent and whether as principal debtor, guarantor, surety or otherwise

Mortgage Type:

A Debenture

Date Charge Created:

15/03/93

Date Charge Registered :

25/03/93

Date Charge Satisfied :

-

Status :

NOT SATISFIED

Persons Entitled :

BANK OF IRELAND COMMERCIAL FINANCE LTD.

Amount Secured

0

Details :

ALL SUMS NOW DUE OR HEREAFTER TO BECOME DUE FROM THE COMPANY T THE PERSONS ENTITLED.

 

 

Previous Director / Company Secretaries

 

No previous director details

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.67.04

UK Pound

1

Rs.101.67

Euro

1

Rs.73.93

IEP

1

Rs.73.23

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

               

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.