MIRA
INFORM REPORT
|
Report Date : |
24th February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
ISABELLA CORDON SHOPPING CENTER S.L. |
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Registered Office : |
Avenida De Cadiz, 1, 11600 Ubrique (Cadiz) |
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Country : |
Spain |
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Financials (as on) : |
31.12.2003 |
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Date of Incorporation : |
21.11.2001 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Ø
Retail sale of textiles & footwear , etc. Ø Retail sale of
footwear and leather goods |
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 |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Identification and
Characteristics
Tax Number B11538162
NAME ISABELLA
CORDON SHOPPING CENTER S.L.
TRADE NAME ISABELLA
CORDON
BUSINESS ADDRESS AVENIDA
DE CADIZ, 1
Postcode 11600
UBRIQUE (CADIZ)
TELEPHONE 956462867
LEGAL FORM LIMITED
LIABILITY COMPANY
DATE FOUNDED 21/11/2001
CAPITAL 3.006,00 Euros
NUMBER OF EMPLOYEES 1
ACTIVITY 1651000 - Retail
sale of textiles & footwear , etc.
CNAE 5243 - Retail
sale of footwear and leather goods
Synthesis
INCIDENTS
COMMITMENTS Respected
INCIDENTS None
or Negligible
PREVIOUS
EXPERIENCE
PREVIOUS EXPERIENCE Average
Credit Appraisal
CREDIT ACCORDING
TO OBJECTIVE DATA (From 0 to 6.000.000,00 Euros):
FAVOURABLE
TOWARDS 1.202,02 Max.
Financial Elements
Figures given in Euros
|
|
Balance
sheet 2.002 (12) |
Balance
sheet 2.003 (12) |
%
Sales |
|
SALES |
1.786.839,46 |
465.120,00 |
|
|
ADDED VALUE |
27.649,05 |
38.437,77 |
8,26 |
|
BUSINESS RESULT |
12.192,92 |
9.987,31 |
2,15 |
|
OWN FUNDS |
15.056,06 |
25.053,57 |
|
|
DEBT |
537.521,11 |
324.400,71 |
|
|
TOTAL ASSET |
552.577,17 |
349.454,28 |
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|
The sales of 465.120,00
Euros show a change of -73,97% compared with
2.002 . |
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|
Added value grew by 39,02%
compared with the previous year. Shareholders equity are 25.053,57
Euros for an indebtedness of 324.400,71 Euros . |
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|
The result 9.987,31
Euros means financial profitability of 39,86% and
economic profitability of 2,86% . This result means growth of
-18,09% compared with the 2.002 . |
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THE FIGURES FOR THE LAST BALANCE SHEET ARE
RELEVANT: |
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SOURCE: FROM THE MERCANTILE REGISTER |
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DATE: 02/11/2004 |
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Comparative Sector Analysis
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Company |
Sector |
Difference |
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|
(2.003)
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|
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|
% of PRODUCTION VALUE |
|
|
|
|
SALES |
100,00 |
98,84 |
1,16 |
|
ADDED
VALUE |
8,26 |
21,72 |
-13,46 |
|
BUSINESS
RESULT |
2,15 |
2,18 |
-0,03 |
|
% OF TOTAL ASSETS |
|
|
|
|
OWN
FUNDS |
7,17 |
35,93 |
-28,76 |
|
DEBT |
92,83 |
64,07 |
28,76 |
Compared sector (CNAE): 524 - Otro
comercio al por menor de artículos nuevos en establecimientos especializados
Number of companies: 11.036
Size (Sales Figure): 0 - 2.800.000,00
Euros
The turnover of the company is 1,16% above
the mean for the sector.
The company’s added value was 8,26% s/
the production value, and 13,46% below the mean for the sector.
The company’s business result was
2,15% of the PV, 0,03% below the mean for the sector.
The company’s own resources are 7,17%
, 28,76% below the mean for the sector.
The company’s outside resources are
92,83% , 28,76% above the mean for the sector.
Legal Actions
No legal
incidences registered for this company in the official source
No claims registered
for this company in the official sources
AFFECTED BY:
No significant elemento
Main Board members, Directors and
Auditor
|
Position |
Surname and name |
Date of
appointment |
|
SOLE ADMINISTRATOR |
BENITEZ AGUILAR ANTONIO |
11/03/2002 |
Financial Links
|
Shareholders |
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Company Name |
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|
Source |
Information Date |
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BENITEZ AGUILAR ANTONIO |
|
100,00% |
B.O.R.M.E. |
11/03/2002 |
Proceedings published in the
B.O.R.M.E. (Official Mercantile Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Registration of accounts
(2003) |
06/09/2004 |
325094 |
CADIZ |
|
Registration of accounts
(2002) |
29/09/2003 |
485541 |
CADIZ |
|
Registration of accounts
(2001) |
13/09/2002 |
372489 |
CADIZ |
|
Establishment |
11/03/2002 |
113459 |
CADIZ |
|
Statement of unipersonality |
11/03/2002 |
113459 |
CADIZ |
Remarks for customer
The address included in your enquiry
(Poligono Industrial De Piel nave 6, Ubrique, Cadiz) to a branch.
Branches
|
Road |
Postal Code |
Town |
Province |
|
INDUSTRIAL ‘LA PIEL’ |
11600 |
UBRIQUE |
CADIZ |
Bank Entities
|
Entity |
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|
Town |
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CAJA DE AH. PROV. SAN FERNANDO DE SEVILLA
Y JEREZ |
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|
UBRIQUE |
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The information on the last account
contained in this report is extracted from the Mercantile Register file of the
legal address of the Company and dated 02/11/2004
Balance Sheet (ASSETS)
|
(Figures given in Euros) |
31/12/2002 (12)
|
31/12/2003 (12)
|
|
|
|
A) DUE FROM SHAREHOLDERS FOR UNCALLED
CAPITAL |
|
|
|
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B) FIXED ASSETS |
21.303,16 |
17.505,60 |
|
|
I. Establishment expenses |
158,36 |
117,49 |
|
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II. Intangible assets |
21.144,80 |
17.388,11 |
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III. Tangible assets |
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IV. Financial assets |
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|
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V. Owners equity |
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VI. Long term trade liabilities |
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|
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C) DEFERRED EXPENSES |
2.392,91 |
1.298,60 |
|
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D) CURRENT ASSETS |
528.881,10 |
330.650,08 |
|
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I. Not paid in shareholder capital |
|
|
|
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II. Inventory |
189.796,15 |
61.350,40 |
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III. Debtors |
338.309,54 |
266.373,70 |
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IV. Short term financial assets |
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V. Short term owners equity |
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|
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VI. Cash |
775,41 |
2.925,98 |
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VII. Prepaid expenses and accrued income |
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|
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ASSETS (A + B + C + D) |
552.577,17 |
349.454,28 |
Balance Sheet (LIABILITIES)
|
(Figures given in Euros) |
31/12/2002 (12)
|
31/12/2003 (12)
|
|
|
|
A) SHAREHOLDERS EQUITY |
15.056,06 |
25.053,57 |
|
|
I. Capital |
3.006,02 |
3.006,02 |
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II. Premium share account |
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|
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III. Revaluation reserve |
|
|
|
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IV. Reserves |
|
6.795,00 |
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Sundry reserves |
|
6.795,00 |
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V. Prior year earnings |
-142,88 |
5.265,24 |
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VI. Prior year profit or losses |
12.192,92 |
9.987,31 |
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VII. Dividend paid during the year |
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VIII. Own shares for change in capital |
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B) DEFERRED INCOME |
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|
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C) PROVISIONS FOR LIABILITIES AND EXPENSES |
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|
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D) LONG TERM LIABILITIES |
15.728,14 |
9.002,14 |
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E) SHORT TERM LIABILITIES |
521.792,97 |
315.398,57 |
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F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
552.577,17 |
349.454,28 |
Profit and Loss Account
|
(Figures given in Euros) |
31/12/2002 (12)
|
31/12/2003 (12)
|
|
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A) EXPENSES (A.1 a A.15) |
|
|
|
|
A.1 Operating Expenses |
1.757.752,72 |
424.068,10 |
|
|
A.3. Labor cost |
|
17.087,97 |
|
|
Wages |
|
13.656,94 |
|
|
Social security expenses |
|
3.431,03 |
|
|
A.3. Assets depreciation |
1.762,69 |
3.797,56 |
|
|
A.4. Variance in provision for current
assets |
6.170,00 |
|
|
|
A.5. Other operating costs |
1.437,69 |
2.614,13 |
|
|
A.I. OPERATING RESULT
(B.1-A.1-A.2-A.3-A.4-A.5) |
19.716,36 |
17.552,24 |
|
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A.6. Financial expenses |
958,20 |
1.743,96 |
|
|
Other companies debts |
958,20 |
1.743,96 |
|
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A.7. Variation in financial investments
provision |
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|
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A.8. Exchange losses |
|
|
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A.II. POSITIVE FINANCIAL RESULTS
(B.2+B.3-A.6-A.7-A.8) |
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|
|
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A.III. PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
18.758,38 |
15.808,91 |
|
|
A.9. Variation in provision in fixed
assets |
|
|
|
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A.10. Losses in fixed assets |
|
|
|
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A.11. Losses from shares and bonds |
|
|
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A.12. Extraordinary charges |
|
288,48 |
|
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A.13. Prior year’s expenses and losses |
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|
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A.IV. POSITIVE EXTRAORDINARY RESULT
(B.4+B.5+B.6+B.7+B.8-A.9-A.10-A.11-A.12-A.13) |
|
|
|
|
A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
18.758,38 |
15.520,43 |
|
|
A.14. Corporate Taxes |
6.565,46 |
5.533,12 |
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|
A.15. Other taxes |
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.14-A.15) |
12.192,92 |
9.987,31 |
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|
B) INCOMES (B.1 a B.8) |
|
|
|
|
B.1. Operating income |
1.786.839,46 |
465.120,00 |
|
|
Turnover |
1.786.839,46 |
465.120,00 |
|
|
B.I. OPERATING LOSSES
(A.1+A.2+A.3+A.4+A.5-B.1) |
|
|
|
|
B.2. Financial Income |
0,22 |
0,63 |
|
|
Other |
0,22 |
0,63 |
|
|
B.3. Gains on exchange |
|
|
|
|
B.II. FINANCIAL LOSSES
(A.6+A.7+A.8-B.2-B.3) |
957,98 |
1.743,33 |
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
|
|
|
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B.4. Gains from disposal of fixed assets |
|
|
|
|
B.5. Gains from dealing in own shares |
|
|
|
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B.6. Paid in surplus |
|
|
|
|
B.7. Extraordinary income |
|
|
|
|
B.8. Prior year’s income and profits |
|
|
|
|
B.IV. EXTRAORDINARY LOSSES
(A.9+A.10+A.11+A.12+A.13-B.4-B.5-B.6-B.7-B.8) |
|
288,48 |
|
|
B.V. LOSS BEFORE TAXES
(B.III+B.IV-A.III-A.IV) |
|
|
|
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B.VI. NET LOSS (B.V+A.14+A.15) |
|
|
Main Ratios
|
(Figures given in Euros) |
2.002 (12) |
2.003 (12) |
|
|
|
ACTIVITY |
|
|
|
|
Increase of the Sales Figures |
|
-73,97 |
|
|
Assets Turnover |
3,23 |
1,33 |
|
|
Productivity |
|
2,25 |
|
|
Increase of the Added Value |
|
39,02 |
|
|
PROFITABILITY |
|
|
|
|
Economic Profitability |
2,21 |
2,86 |
|
|
Financial Profitability |
80,98 |
39,86 |
|
|
Financial Expenses |
0,05 |
0,38 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
Customers’ Credit (In days of sales) |
68,00 |
206,00 |
|
|
Suppliers’ Credit (In days of sales) |
|
|
|
|
Working Capital (In days of sales) |
1,00 |
12,00 |
|
|
Working Capital Requirement (In days of
sales) |
1,00 |
10,00 |
|
|
Treasury (In days of sales) |
0,00 |
2,00 |
|
|
BALANCE |
|
|
|
|
Working Capital |
7.088,13 |
15.251,51 |
|
|
Working Capital Requirement |
6.312,72 |
12.325,53 |
|
|
Treasury |
775,41 |
2.925,98 |
|
|
Balance Ratio |
1,30 |
1,81 |
|
|
SOLVENCY |
|
|
|
|
Borrowing Ratio |
97,28 |
92,83 |
|
|
Own / Permanent Funds |
48,91 |
73,57 |
|
|
Payback Capacity |
0,30 |
0,69 |
|
|
LIQUIDITY |
|
|
|
|
General Liquidity |
1,01 |
1,05 |
|
|
Immediate Liquidity |
0,00 |
0,01 |
Sectorial Analysis
Summary of Assets, Liability
& Equity
|
(Figures given in Percentages) |
Company |
Sector |
Company |
|
|
2.003 |
|
|
|
Assets |
|||
|
DUE FROM SHAREHOLDERS
FOR UNCALLED CAPITAL |
0,00 |
0,07 |
-0,07 |
|
FIXED ASSETS |
5,01 |
33,31 |
-28,30 |
|
ACCRUED EXPENSES |
0,37 |
0,45 |
-0,08 |
|
CURRENT ASSETS |
94,62 |
66,16 |
28,46 |
|
TOTAL ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS EQUITY |
7,17 |
35,93 |
-28,76 |
|
ACCRUED INCOME |
0,00 |
0,19 |
-0,19 |
|
RISK AND EXPENDITURE
COVER |
0,00 |
0,06 |
-0,06 |
|
LONG-TERM CREDITORS |
2,58 |
14,34 |
-11,76 |
|
SHORT-TERM CREDITORS |
90,25 |
49,42 |
40,83 |
|
SHORT-TERM RISK AND
EXPENDITURE COVER |
0,00 |
0,06 |
-0,06 |
|
TOTAL LIABILITIES |
100,00 |
100,00 |
0,00 |
Analytical Account of Results
|
(Figures given in Percentages) |
Company |
Sector |
Company |
|
|
2.003 |
|
|
|
Net turnover |
100,00 |
98,84 |
1,16 |
|
Other operating income |
0,00 |
1,16 |
-1,16 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
91,17 |
67,19 |
23,98 |
|
Other operation expenses |
0,56 |
11,09 |
-10,52 |
|
Added value |
8,26 |
21,72 |
-13,46 |
|
Labor cost |
3,67 |
16,16 |
-12,49 |
|
Gross Economic Result |
4,59 |
5,56 |
-0,97 |
|
Assets depreciation |
0,82 |
1,86 |
-1,04 |
|
Variation in provision
for current assets |
0,00 |
0,09 |
-0,09 |
|
Net Economic Result |
3,77 |
3,60 |
0,17 |
|
Financial income |
0,00 |
0,22 |
-0,22 |
|
Financial expenses |
0,37 |
1,06 |
-0,68 |
|
Variation in financial
investment provision |
0,00 |
-0,00 |
0,00 |
|
Ordinary Activities
Result |
3,40 |
2,76 |
0,64 |
|
Extraordinary income |
0,00 |
0,41 |
-0,41 |
|
Extraordinary expenses |
0,06 |
0,16 |
-0,09 |
|
Variation in provision
in fixed assets |
0,00 |
0,00 |
-0,00 |
|
Results before Taxes |
3,34 |
3,01 |
0,32 |
|
Corporaye taxes |
1,19 |
0,84 |
0,35 |
|
Net Result |
2,15 |
2,18 |
-0,03 |
|
Assets depreciation |
0,82 |
1,86 |
-1,04 |
|
Provisions fund
variation |
0,00 |
0,09 |
-0,09 |
|
Net Self-Financing |
2,96 |
4,13 |
-1,17 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.003 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
-73,97 |
-6,11 |
2,83 |
12,89 |
|
Assets Turnover |
1,33 |
1,09 |
1,66 |
2,41 |
|
Fixed Assets Turnover |
24,74 |
3,33 |
8,08 |
19,39 |
|
Increase of the Added
Value |
39,02 |
-6,42 |
3,50 |
14,22 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
2,25 |
1,14 |
1,28 |
1,51 |
|
Change of Personnel
Costs |
|
-1,09 |
6,05 |
16,73 |
|
Average Personnel Costs |
17.087,97 |
12.905,88 |
16.593,77 |
21.454,96 |
|
Value Added by Employees |
38.437,77 |
16.580,34 |
22.010,87 |
29.657,02 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
13.784,87 |
5.533,92 |
13.733,33 |
31.534,80 |
|
Operating Cash Flow |
21.349,80 |
7.542,28 |
19.143,74 |
44.360,22 |
|
Change in Cash Flow |
-31,51 |
-25,85 |
-2,30 |
19,66 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
2,86 |
0,78 |
2,10 |
4,63 |
|
Financial Profitability |
39,86 |
3,21 |
8,69 |
17,17 |
|
Financial Expenses |
0,38 |
0,14 |
0,65 |
1,58 |
|
Gross Economic
Profitability |
6,11 |
4,23 |
7,47 |
11,86 |
|
Gross Financial
Profitability |
85,22 |
13,87 |
28,57 |
53,75 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
206,00 |
3,39 |
22,50 |
63,34 |
|
Suppliers’ Credit (In
days of sales) |
|
0,00 |
0,00 |
0,00 |
|
Working Capital (In days
of sales) |
11,00 |
1,69 |
30,59 |
77,12 |
|
Working Capital
Requirement (In days of sales) |
9,00 |
-27,06 |
5,75 |
45,44 |
|
Treasury (In days of
sales) |
2,00 |
5,47 |
18,35 |
44,87 |
|
Operating Current Assets |
255,00 |
101,79 |
150,27 |
225,03 |
|
BALANCE |
|
|
|
|
|
Working Capital |
15.251,51 |
1.137,40 |
32.269,32 |
104.829,74 |
|
Working Capital
Requirement |
12.325,53 |
-28.800,61 |
5.192,23 |
54.520,01 |
|
Treasury |
2.925,98 |
4.972,73 |
19.733,75 |
59.744,46 |
|
Balance Ratio |
1,81 |
1,03 |
1,72 |
3,65 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
92,83 |
52,61 |
72,86 |
85,61 |
|
Own / Permanent Funds |
73,57 |
51,96 |
89,19 |
100,00 |
|
Payback Capacity |
0,69 |
0,24 |
0,38 |
0,62 |
|
Long term Indebtedness |
2,58 |
0,00 |
3,83 |
20,61 |
|
Gearing |
1.394,83 |
211,02 |
368,49 |
694,98 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
1,07 |
1,14 |
1,34 |
1,85 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,05 |
1,01 |
1,27 |
1,85 |
|
Immediate Liquidity |
0,01 |
0,04 |
0,17 |
0,48 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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