3decades

MIRA INFORM REPORT

Report No. :	517098
Report Date :	26.06.2018

IDENTIFICATION DETAILS

Name :	COMBILIFT UNLIMITED COMPANY

Registered Office :	Monaghan, Co Monaghan, 999948

Country :	Ireland

Date of Incorporation :	09.02.1986

Com. Reg. No.:	IE8280018

Legal Form :	ULC - Private Unlimited Company

Line of Business :	Machinery & Equipment Manufacturer (4-way forklifts and straddle carriers).

No. of Employees :	500 [2017]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

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

Country Name

Previous Rating

(31.12.2017)

Current Rating

(01.04.2018)

Ireland

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately 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 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 25% in 2015. In late 2014, the government introduced a fiscally neutral budget, marking the end of the austerity program. Continued growth of tax receipts has allowed the government to lower some taxes and increase public spending while keeping to its deficit-reduction targets. In 2015, GDP growth exceeded 26%. This increase reflected one-off statistical revisions, multinational corporate restructurings, and the aircraft leasing sector, rather than gains in the on the ground economy. Growth moderated to around 4.1% in 2017, but the recovering economy assisted lowering the deficit to 0.6% of GDP.

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% and a talented pool of high-tech laborers have been key factors in encouraging business investment. Loose tax residency requirements made Ireland a common destination for international firms seeking to avoid taxation. In 2014, amid growing international pressure, the government announced it would phase in more stringent tax laws, effectively closing a commonly used loophole.

Source : CIA

COMPANY NAME

Company name	COMBILIFT UNLIMITED COMPANY
Status	Active

Contact information

Company name	COMBILIFT UNLIMITED COMPANY
Trading name	Combilift Lifting Innovation Combilift
Registered address	MONAGHAN CO MONAGHAN 999948
Correspondence address	MONAGHAN CO MONAGHAN 999948
Telephone number	+3534780500
Website	www.combilift.com

Registration

Registration number	IE8280018
VAT-number	IE8280018G
Status	Active
Establishment date	09-02-1986
Legal form	ULC - PRIVATE UNLIMITED COMPANY
Subscribed share capital	EUR 2.006.186

Activities

Machinery & Equipment Manufacturer (4-way forklifts and straddle carriers).

Relations

Shareholders

COMBILIFT (IOM)2, 99,99%

Structure

Subsidiaries/participations:

None on record

Branches

No branches on record

Management

Name	ROBERT MOFFETT 102B DERRYNOOSE ROAD, DERRYNOOSE, ARMAGH BT60 3EZ, NORTHERN IRELAND.
Postition	Director
Since	10-02-1998

Name	MARTIN MCVICAR LATHLURGAN, CO. MONAGHAN
Postition	Director
Since	01-11-1999

Employees

Year	2017
	500

Bank

Allied Irish Bank

Payments

Average Invoice Value	9914.50
Invoices available	108
Paid	106
Outstanding	2

Remarks

Auditor: DBA Accountants

Finances

Turnover 2017 (own statement): EUR 225.000.000

Turnover 2016 (own statement): EUR 200.000.000

More Financial information not available.

Despite the legal obligation the entity did not file recent financials.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.15
UK Pound	1	INR 90.27
Euro	1	INR 79.35
Euro	1	INR 79.65

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

INFORMATION DETAILS

Analysis Done by :	PRI

Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.