MIRA INFORM REPORT

 

 

Report No. :

345354

Report Date :

23.10.2015

 

IDENTIFICATION DETAILS

 

Name :

FEELYSTONE  BOYLE  LIMITED

 

 

Formerly Known As :

FEELYSTONE  INTELLECTUAL PROPERTY  LIMITED

 

 

Registered Office :

Greatmeadow, Boyle, Coroscommon, 95211

 

 

Country :

Ireland

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

06.09.2002

 

 

Legal Form :

Not Available

 

 

Line of Business :
  • Cutting,  shaping  and  finishing  of  stone
  • The processing, fabrication and retail of natural stone

 

 

No. of Employee :

Not Available

 

 

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, 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

 

Company  Name

 

FEELYSTONE  BOYLE  LIMITED

 

 

Registered  Address

 

GREATMEADOW, BOYLE, COROSCOMMON, 95211

 

 

Company  Summary

 

Registered  Address

GREATMEADOW

Trading  Address

GREATMEADOW

 

BOYLE

 

BOYLE

 

COROSCOMMON

 

COROSCOMMON

 

95211

 

COROSCOMMON

 

 

 

95211

Website  Address

-

 

 

Telephone  Number

 

Fax  Number

 

TPS

No

FPS

No

Incorporation  Date

06/09/2002

 

 

Previous  Name

FEELYSTONE  INTELLECTUAL

Type

Other

 

PROPERTY  LIMITED

 

 

FTSE  Index

-

Date  of  Change

-

Filing  Date  of  Accounts

-

Currency

EUR

Share  Capital

€4,100

SIC07

23700

Charity  Number

-

SIC07  Description

 

CUTTING,  SHAPING  AND  FINISHING  OF  STONE

The processing, fabrication and retail of natural stone

 

Principal  Activity

 

 

Key  Financials

 

Year  to  Date

Turnover

Pre  Tax  Profit

Shareholder

Funds  Employees

31/12/2014

-

-

€609,696

-

31/12/2013

-

-

€661,274

-

31/12/2012

-

-

€684,262

-

 

 

 

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.

There  is  insufficient  data  to  indicate  a  change  in  this  company's  percentage  of  sales. The  company  saw  an  increase  in  their  Cash  Balance  of  19.2%  during  the  latest  trading  period.

 

 

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

 

 

Total  Current  Directors

2

Total  Current  Secretaries

1

Total  Previous  Directors  /  Company

 

Secretaries

10

 

 

Current  Directors

 

Name

FINBARR  H.  FEELY

Date  of  Birth

20/04/1974

Officers  Title

 

Nationality

 

Present  Appointments

3

Function

Director

Appointment  Date

03/10/2003

 

 

Address

GREATMEADOW,  BOYLE,  CO.  ROSCOMMON.

 

 

Name

AOIFE  FEELY

Date  of  Birth

22/04/1978

Officers  Title

 

Nationality

 

Present  Appointments

1

Function

Director

Appointment  Date

07/12/2005

 

 

Address

GREATMEADOW,  BOYLE,  CO  ROSCOMMON

 

 

 

 

Current  Company  Secretary

 

Name

FINBARR  H.  FEELY

Date  of  Birth

20/04/1974

Officers  Title

 

Nationality

 

Present  Appointments

3

Function

Company  Secretary

Appointment  Date

07/12/2005

 

 

Address

GREATMEADOW,  BOYLE,  CO.  ROSCOMMON.

 

 

 

 

Top  20  Shareholders

 

Name

Currency

Share  Count

Share  Type

Nominal  Value

% of  Total  Share  Count

FINBAR  H.  FEELY

EUR

4,100

ORDINARY

1

100

 

 

Profit  &  Loss

 

Date    Of

31/12/14(%)

31/12/13(%)

31/12/12(%)

31/12/11(%)

31/12

 

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

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wages    &

 

-

-

-

-

-

-

-

-

-

 

Salaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directors

 

-

-

-

-

-

-

-

-

-

 

Emoluments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating    Profit-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Audit    Fees

 

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

-

-

-

-

-

-

-

-

-

 

Payments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre    Tax    Profit     -

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxation

 

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

 

 

Profit    After    Tax-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

-

-

-

-

-

-

-

-

-

 

Payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained    Profit  -

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                           

 

Balance  Sheet

 

 

Date  Of

Accounts

31/12/14

(%)

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

EUR

(%)

EUR

(%)

EUR

(%)

EUR

(%)

EUR

Consolidated

N

(%)

N

(%)

N

(%)

N

(%)

N

A/cs

 

 

 

 

 

 

 

 

 

Tangible  Assets

€1,711,642

-8%

€1,860,843

-4.1%

€1,940,977

-5.1%

€2,045,672

-6.5%

€2,187,880

Intangible

 

€2,900

-50%

€5,800

-33.3%

€8,700

-25%

€11,600

-20%

€14,500

Assets

 

 

 

 

 

 

 

 

 

Total  Fixed

 

 

 

 

 

 

 

 

 

Assets

€1,714,542

-8.1%

€1,866,643

-4.3%

€1,949,677

-5.2%

€2,057,272

-6.6%

€2,202,380

Stock

€373,477

16.6%

€320,373

-14.3%

€373,797

-24.8%

€496,964

-13.2%

€572,593

Trade  Debtors

€326,858

32.7%

€246,396

4.9%

€234,987

-16.9%

€282,751

-18.4%

€346,314

Cash

€33,384

19.2%

€28,011

999.9%

€322

-97.8%

€14,542

106.9%

€7,030

Other  Debtors

0

-

0

-

0

-

0

-

0

Miscellaneous

Current  Assets

0

-

0

-

0

-

0

-

0

Total  Current

Assets

€733,719

23.4%

€594,780

-2.4%

€609,106

-23.3%

€794,257

-14.2%

€925,937

Trade  Creditors

€663,822

-6.2%

€707,671

-5.9%

€752,381

0.1%

€751,385

-30.8%

€1,085,987

Bank  Loans  &

Overdrafts

€43,873

-87.4%

€348,102

129.6%

€151,627

30.1%

€116,550

-

0

Other  Short  Term

Finance

€7,776

-

0

-100%

€948

-93.4%

€14,298

-

0

Miscellaneous

Current

Liabilities

€11,302

-5.6%

€11,969

16.6%

€10,262

-73%

€38,044

38.5%

€27,464

Total  Current

Liabilities

€726,773

-31.9%

€1,067,742

16.7%

€915,218

-0.5%

€920,277

-17.3%

€1,113,451

Bank  Loans  &

Overdrafts  and

LTL

€1,155,665

7%

€1,080,509

-2.7%

€1,110,930

3.4%

€1,074,731

58.9%

€676,341

Other  Long  Term

Finance

€14,964

-

0

-

0

-100%

€641

-

0

Total  Long  Term

Liabilities

€1,111,792

51.8%

€732,407

-23.7%

€959,303

0.1%

€958,181

41.7%

€676,341

 

 

Capital  &  Reserves

 

Date  Of

Accounts

31/12/14

(%)

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

Called  Up  Share

Capital

€4,100

-

€4,100

-

€4,100

-

€4,100

-

€4,100

P  &  L  Account

Reserve

-€3,379,948

-1.5%

-€3,328,370

-0.7%

-€3,305,382

-9.6%

-€3,016,573

-13.8%

-€2,651,119

Revaluation

Reserve

-

-

-

-

-

-

-

-

-

Sundry

Reserves

€3,985,544

-

€3,985,544

-

€3,985,544

-

€3,985,544

-

€3,985,544

Shareholder Funds

€609,696

-7.8%

€661,274

-3.4%

€684,262

-29.7%

€973,071

-27.3%

€1,338,525

 

 

Other  Financial  Items

 

Date  Of

 

 

 

 

 

 

 

 

 

Accounts

31/12/14

(%)

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

Net  Worth

€606,796

-7.4%

€655,474

-3%

€675,562

-29.7%

€961,471

-27.4%

€1,324,025

Working  Capital

€6,946

101.5%

-€472,962

-54.5%

-€306,112

-142.9%

-€126,020

32.8%

-€187,514

Total  Assets

€2,448,261

-0.5%

€2,461,423

-3.8%

€2,558,783

-10.3%

€2,851,529

-8.8%

€3,128,317

Total  Liabilities

€1,838,565

2.1%

€1,800,149

-4%

€1,874,521

-0.2%

€1,878,458

5%

€1,789,792

Net  Assets

€609,696

-7.8%

€661,274

-3.4%

€684,262

-29.7%

€973,071

-27.3%

€1,338,525

 

 

Cash  Flow

 

Date  Of

 

 

 

 

 

 

 

 

 

Accounts

31/12/14

(%)

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

Net  Cashflow

from  Operations

-

-

-

-

-

-

-

-

-

Net  Cashflow

before  Financing

-

-

-

-

-

-

-

-

-

Net  Cashflow

from  Financing

-

-

-

-

-

-

-

-

-

Increase  in

Cash

-

-

-

-

-

-

-

-

-

 

                                                                                                           

Miscellaneous

 

Date  Of

 

 

 

 

 

 

 

 

 

Accounts

31/12/14

(%)

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

Contingent

Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital

Employed

€1,721,488

23.5%

€1,393,681

-15.2%

€1,643,565

-14.9%

€1,931,252

-4.1%

€2,014,866

Number  of

Employees

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

 

Accountants

AHERN  &  CO.

Auditors

 

Auditor

The  company  is  exempt  from  audit

Comments

 

Bankers

BANK  OF  IRELAND

Bank  Branch

90-53-28

Code

 

 

 

Ratios

 

Date Of Accounts

31/12/14

31/12/13

31/12/12

31/12/11

31/12/10

Pre-tax profit margin %

-

-

-

-

-

Current ratio

1.01

0.56

0.67

0.86

0.83

Sales/Net

 

 

 

 

 

Working Capital

 

 

 

 

 

Gearing %

189.50

163.40

162.40

110.40

50.50

Equity in %

24.90

26.90

26.80

34.30

43

Creditor Days

-

-

-

-

-

Debtor Days

-

-

-

-

-

Liquidity/Acid Test

0.49

0.25

0.25

0.32

0.31

Return On

 

 

 

 

 

Capital

Employed %

-

-

-

-

-

Return On Total

 

 

 

 

 

Assets

Employed %

-

-

-

-

-

Current Debt Ratio

1.19

1.61

1.33

0.94

0.83

Total Debt Ratio

3.01

2.72

2.73

1.93

1.33

Stock Turnover Ratio %

-

-

-

-

-

Return on Net

 

 

 

 

 

Assets Employed %

-

-

-

-

-

 

 

Previous  Company  Names

 

Date

 

Previous  Name

N/A

 

FEELYSTONE  INTELLECTUAL  PROPERTY  LIMITED

 

 

RECEIVED  DOCUMENTS

 

WRIT  DETAILS

 

No  writs  found

 

Statistics

 

Summary

 

Group

-

Holding  Company

-

Linkages

0 companies

Ownership  Status

 

Countries

In  0  countries

Ultimate  Holding  Company

-

 

 

GROUP  STRUCTURE

 

No  Group  Structure

 

MORTGAGE  DETAILS

 

Mortgage  Type:

A  charge  on  uncalled  share  capital  of  the  company.  A  charge  on  land,  wherever  situate,  or  any  intere

Date  Charge  Created:

29/04/11

Date  Charge  Registered:

05/05/11

Date  Charge  Satisfied:

-

Status:

NOT  SATISFIED

Person(s)  Entitled:

THE  GOVERNOR  AND  COMPANY  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  floating  charge  on  the  undertakings  or  property  of  the  company.

Date  Charge  Created:

22/10/07

Date  Charge  Registered:

26/10/07

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.

 

 

Previous  Director/Company  Secretaries

 

Name

Current  Directorships

Previous  Directorships

FINBARR  MARTIN  FEELY

0

6

FLORENCE  FEELY

8

11

FLORENCE  FEELY

8

11

PATRICK  FEELY

5

7

JON  ROCK

216

7507

EAMONN  DOYLE

18

6

COLIN  FEELY

0

1

GEMMA  FITZGERALD

33

878

MICHAEL  MEANEY

2

2

ICC  TRUST  &  CORPORATE  SERVICES  LIMITED

384

10529

 

 

Average  Invoice  Value

 

 

 

€299.50

 

Invoices  available

 

 

 

1

 

Paid

 

 

 

1

 

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

1

0

0

0

Outstanding

0

0

0

0

0

 

 

 

DIAMOND INDUSTRY – INDIA

 

-            From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

-            The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

-            The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

-            Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

-            Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

-            Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

-            Excerpts from Times of India dated 30th October 2010 is as under –

 

-            Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

 

-            The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.15

UK Pound

1

Rs.100.54

Euro

1

Rs.73.97

 

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

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NB

                                       New Business

 

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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.