MIRA INFORM REPORT

 

 

Report Date :

16.02.2011

 

IDENTIFICATION DETAILS

 

Name :

FAURECIA EMISSIONS CONTROL TECHNOLOGIES, PAMPLONA SL.

 

 

Registered Office :

Carretera Echauri, 13, 31160 Orkoien  Navarra

 

 

Country :

Spain

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

01.01.2007

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturer of electronic components

 

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 :

Unknown

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Spain

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name  

 

FAURECIA EMISSIONS CONTROL TECHNOLOGIES, PAMPLONA SL.

TAX NUMBER: B31920705

 

EXECUTIVE SUMMARY

  

Identification

Current Business Name: FAURECIA EMISSIONS CONTROL TECHNOLOGIES, PAMPLONA SL.

Other names:  YES

Current Address:  CARRETERA ECHAURI, 13

31160 ORKOIEN NAVARRA 

Branches:  1

Telephone number: 948327500 Fax: 948325005

URL:  www.emcontechnologies.com 

 

Trade Risk

 

Credit Appraisal: Caution suggested 

Incidents:  NO

Bank and business defaults of payment - ASNEF INDUSTRIAL:  NO

 

Financial Information

Balance sheet latest sales (2009): 175.095.000,00 € (Trade Register)

Result:  -797.000 €

Total Assets: 41.114.000 €

Social Capital:  1.957.000,00 €

Employees:  285

Listed on a Stock Exchange: NO

 

Commercial Information

 

Incorporation date:  26/03/2007

Activity:  Mfg. of electronic components

NACE 2009 CODE: 2611

International Operations:  Imports and Exports

 

Corporate Structure

 

Sole Administrator:

LELIEVRE BERNARD

Parent Company:

ET DUTCH HOLDINGS B.V.

 

Other Complementary Information

 

Latest act published in BORME:  30/11/2010 Appointments

Latest press article:  06/06/2009 DIARIO DE NAVARRA (CORPORATE INFORMATION)

Bank Entities:  There are

 

Credit Appraisal

 

Maximum Credit

(from 0 to 6,000,000 €)

Caution suggested 

 

 

Financial Situation

Exercise:2009

Treasury

Tense

Indebtedness

Heavy

Profitability

Null

Balance

Degraded

 

Performance

 

Incidents

None or Negligible

Business Trajectory

With exceptions

 

 

INCIDENTS

 

Summary

LEGAL ACTIONS: No legal actions registered

ADMINISTRATIVE CLAIMS: No administrative claims registered

AFFECTED BY: No significant element.

 

BANK AND BUSINESS DEFAULTS OF PAYMENT - ASNEF INDUSTRIAL

 

 

FINANCIAL ELEMENTS AND SECTORIAL COMPARATIVE

  

FINANCIAL ELEMENTS

 

The shaded amounts in the following financial statements have been converted to the norms established in the PGC2007 derived from RD 1514/2007 and 1515/2007, this way comparatives could be shown with the amounts of exercises initiated from 1/01/08.

 

Balance-sheet analysis

Figures given in thousands €

 

31/12/2009

(12)

 

%

ASSETS

 

31/12/2008

(12)

 

%

ASSETS

 

31/12/2007

(9)

 

%

ASSETS

 

ASSETS

 

 

 

 

 

 

A) NON CURRENT ASSETS

10.784,00

26,23

11.161,00

23,29

12.513,00

23,05

B) CURRENT ASSETS

30.330,00

73,77

36.761,00

76,71

41.771,00

76,95

LIABILITIES

 

 

 

 

 

 

A) NET WORTH

2.562,00

6,23

3.160,00

6,59

4.089,50

7,53

B) NON CURRENT LIABILITIES

6.176,00

15,02

6.294,00

13,13

5.820,50

10,72

C) CURRENT LIABILITIES

32.376,00

78,75

38.468,00

80,27

44.374,00

81,74

 

 

 

 

 

 

  A) NON CURRENT ASSETS

  B) CURRENT ASSETS

 

  A) NET WORTH

  B) NON CURRENT LIABILITIES

  C) CURRENT LIABILITIES

 

 

 Balance Sheet Comments

Total assets of the company  decreased in 14,21%  between 2.008 and 2.009.

This total assets decrease has been reflected in a reduction of non current assets of 3,38%.

Assets reduction is explained by Net Worth decrease of 18,92% and to indebtedness reduction of 13,87%.

Total assets of the company  decreased in 11,72%  between 2.007 and 2.008.

This total assets decrease has been reflected in a reduction of non current assets of 10,80%.

Assets reduction is explained by Net Worth decrease of 22,73% and to indebtedness reduction of 10,82%.

 

Profit and Loss Account Analysis

Figures given in thousands €

 

31/12/2009

(12)

 

% NET TURNOVER

31/12/2008

(12)

 

% NET TURNOVER

31/12/2007

(9)

 

% NET TURNOVER

SALES

175.095,00

 

251.619,00

 

156.522,00

 

GROSS MARGIN

33.583,00

19,18

36.839,00

14,64

23.180,00

14,81

EBITDA

1.179,00

0,67

2.325,00

0,92

4.123,00

2,63

EBIT

-855,00

-0,49

269,00

0,11

2.293,00

1,46

NET RESULT

-797,00

-0,46

-683,00

-0,27

1.197,00

0,76

EFFECTIVE TAX RATE (%)

-44,38

-0,03

-11,76

0,00

26,02

0,02

 Profit and Loss Account Comments

The company’s sales figure  decreased in 30,41% between 2.008 and 2.009.

The company’s EBIT  decreased in 417,84% between 2.008 and 2.009.

This evolution implies a reduction in the economic profitability of the company .

The result of these variations is a decrease of the company’s Operating Profitability of 22,96% in the analysed period, being this profitability of 4,06% in the year 2.009.

The Net Result of the company  decreased in 16,69% between 2.008 and 2.009.

The company’s Financial Profitability has been positively affected by the financial activities in comparison with EBITs behaviour .

The result of these variations is a reduction of the company’s economic profitability of 151,48% in the analysed period, being equal to -64,43% in the year 2.009 .

The company’s sales figure  grew in 60,76% between 2.007 and 2.008.

The company’s EBIT  decreased in 88,27% between 2.007 and 2.008.

This evolution implies a reduction in the economic profitability of the company .

The result of these variations is a decrease of the company’s Operating Profitability of 26,50% in the analysed period, being this profitability of 5,27% in the year 2.008.

The Net Result of the company  decreased in 157,06% between 2.007 and 2.008.

The company’s Financial Profitability has been negatively affected by the financial activities in comparison with EBITs behaviour .

The result of these variations is a reduction of the company’s economic profitability of 154,15% in the analysed period, being equal to -25,62% in the year 2.008 .

 

 

COMPARATIVE SECTOR ANALYSIS

 

Values table

Figures expressed in %

 

COMPANY

(2009)

 

SECTOR

DIFFERENCE

BALANCE SHEET ANALYSIS: % on the total assets

 

 

 

ASSETS

 

 

 

A) NON CURRENT ASSETS

26,23

21,85

4,38

A) CURRENT ASSETS

73,77

78,15

-4,38

LIABILITIES

 

 

 

A) NET WORTH

6,23

56,20

-49,97

B) NON CURRENT LIABILITIES

15,02

12,36

2,66

C) CURRENT LIABILITIES

78,75

31,44

47,30

 

 

 

 

 

COMPANY

(2009)

 

SECTOR

DIFFERENCE

PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income

 

 

 

SALES

98,48

98,76

-0,28

GROSS MARGIN

18,89

46,49

-27,60

EBITDA

0,66

11,91

-11,24

EBIT

-0,48

9,00

-9,48

NET RESULT

-0,45

6,50

-6,95

 

Sector Composition

Compared sector (NACE 2009): 2611

Number of companies: 16

Size (Sales Figure): > 7,000,000.00 Euros

 

Comments on the sectorial comparative

Compared to its sector the assets of the companies show  a greater proportion of non current assets. Specifically the difference with the sector average is 4,38% .

In liabilities composition the company appeals on a smaller scale to self financing, being the Net Worth proportion 49,97% inferior. As a consequence, external financing sources are more used by the company ( 49,97% more than the sector) .

The proportion that the sales mean to the company’s total ordinary income is 98,48% , an 0,28% lower than in the sector .

The company’s EBIT was negative and equal to  -0,48% with regard to the total ordinary income, 9,48% inferior to the one of the sector .

The company’s capacity to generate operating income is inferior to that of the sector as its ratio EBIT/Sales is inferior (0,00 in comparison with 0,09) .

The company’s net result was negative and equal to -0,45% with regard to the total ordinary income, 6,95% inferior to the one of the sector .

The financial results and the tax impact have had a positive impact on the net result of the company; the contrary that in the sector .

 

 

OTHER DATA FROM THE ANNUAL FINANCIAL REPORT

 

Results Distribution

Source: annual financial report 2009

Figures given in €

DISTRIBUTION BASE

APPLICATION A

Profit and Loss

-797.000,00

Legal Reserve

0,00

Carry over

0,00

Voluntary Reserve

0,00

Voluntary reserves

0,00

Prior years losses

-797.000,00

Reserves

0,00

Carry over

0,00

Other concepts

0,00

Other funds

0,00

Total of Amounts to be distributed

-797.000,00

Dividends

0,00

 

 

Other Applications

0,00

 

Auditing

Source: filing of annual financial statement 2009

Auditors’ opinion: FAVOURABLE WITH RESERVATIONS

Auditor: PRICEWATERHOUSECOOPERS AUDITORES S.L.

Auditing exceptions: 

LA MEMORIA ADJUNTA NO CONTIENE INFORMACION SOBRE LOS SUELDOS, DIETAS Y REMUNERACIONES DE CUALQUIER CLASE DEVENGADOS EN EL CURSO DEL EJERCICIO POR EL ADMINISTRADOR UNICO Y EL PERSONAL DE ALTA DIRECCION, ASI COMO DE LAS OBLIGACIONES CONTRAIDAS EN MATERIA DE PENSIONES O DE PAGO DE PRIMAS DE SEGUROS DE VIDA, SEGUN REQUIERE EL ARTICULO 200, INDICACION NOVENA Y DECIMA, DEL TEXTO REFUNDIDO DE LA LEY DE SOCIEDADES ANONIMAS.

Auditing fees: 95.000,00 €

 

Facts subsequent to the closing

Source: Annual financial report 2009

Con fecha 9 de febrero de 2010, “Faurecia Sistemas de Escape” y “Encom Technologies” se han unido para formar “Faurecia Tecnologνas de Control de Emisiones”. One Equity Partners forma parte de la nueva sociedad y el grupo PSA sigue manteniendo el control de la misma. De dicha operaciσn no se derivan pasivos ni obligaciones a tener en consideraciσn al cierre del ejercicio de estas cuentas anuales.

 

company ADDRESSES

  

Business address

Current Legal Seat Address: 

CARRETERA ECHAURI, 13

31160 ORKOIEN  NAVARRA

Previous Seat Address: 

CALLE JULIAN GAYARRE 24 - BJ

31005 PAMPLONA/IRUΡA  NAVARRA

Branches

STREET

POSTAL CODE

TOWN

PROVINCE

CALLE NEWTON (POL. INDUSTRIAL SESROVIRES), 30

08635

SANT ESTEVE SESROVIRES

Barcelona

There are 1 branches registered

 

 

CORPORATE STRUCTURE

 

ADMINISTRATIVE LINKS

  

Main Board members, Directors and Auditor

POSITION

NAME AND SURNAME

APPOINTMENT DATE

SOLE ADMINISTRATOR

LELIEVRE BERNARD

30/07/2010

 AUDITOR

APPOINTMENT DATE

ERNST & YOUNG SL

15/06/2010

There are 2 board members, directors and auditors registered

 

Functional Managers

POSITION

NAME AND SURNAME

General Manager

DUQUE ALONSO FRANCISCO JAVIER

Financial Director

ARANGUREN MIGUEL ANGEL

 

FINANCIAL LINKS

 

Shareholders

 

BUSINESS NAME

CIF / COUNTRY

%

SOURCE

DATE REP.

 

ET DUTCH HOLDINGS B.V.

NETHERLANDS

100,00

OWN SOURCES

16/02/2010

 

 

CREDIT INFORMATION

 

Constitution

Incorporation date: 26/03/2007

 

Origin / Foundation

Establishment date: 01/01/2007

Founder’s Name: LA TITULAR ES LA FUNDADORA INICIAL DEL NEGOCIO

 

Activity

Activity: Mfg. of electronic components

NACE 2009 CODE: 2611

NACE 2009 Activity: Manufacture of electronic components

Business: VENTA DE TUBOS DE ESCAPE

Environmental information: YES (Page 48)  Annual financial report 2009

 

Employees

Latest employees figure: 285 (2010)

% of fixed employees: 96,75%

% of temporary employees: 3,25%

% of men: 82,81%

% of women: 17,19%

 

Employees evolution

 

 

 

 

Employees distribution

Source: Annual financial report 2009

CATEGORY

AVERAGE NUMBER OF EMPLOYEES

MEN

WOMEN

Distribution by sexes

 

236

49

 

COMMERCIAL OPERATIONS

 

PURCHASES

Imports from: ALEMANIA, FRANCIA

SALES

Export Percentage: 37%

National Distribution: 63%

 

SUPPLIERS

BUSINESS NAME

INTERNATIONAL

EMCON GERMANY

YES

There are 1 Suppliers


CLIENTS

BUSINESS NAME

INTERNATIONAL

RENAULT

YES

GRUPO VOLKSWAGEN

YES

There are 2 Clients

 

Sales breakdown

•          El 45% de su cifra de negocio corresponde a Colectores .

•          El 12% de su cifra de negocio corresponde a Comercializado Faurecia .

•          El 3% de su cifra de negocio corresponde a Otros .

•          El 5% de su cifra de negocio corresponde a Marmitas .

•          El 12% de su cifra de negocio corresponde a Silenciosos .

•          El 21% de su cifra de negocio corresponde a Catalizadores .

 

Professional and advertising services

Source: Annual financial report 2009

  Professional services expenses: 190.000,00 €

 

Banks

ENTITY

BRANCH

ADDRESS

TOWN OR CITY

PROVINCE

BANCO SANTANDER, S.A.

 

 

ORKOIEN

 

There are 1 bank entities registered

 

Brands

FORMER NAMES: 

•          EMCON TECHNOLOGIES SPAIN SL

•          COMPONENTES INDUSTRIALES DE NAVARRA S.L.

 

LEGAL STRUCTURE

 

Constitution Data

Register Date: 26/03/2007

Register town: Navarra

Announcement number: 215194

Register data: 

Volume 1302, Folio 67, Section 8, Sheet 25923,

Inscription I/A 1 (2007-03-29)

Social Capital: 3.010 €

 

Current structure data

Legal form: Limited Liability Company

Social Capital: 1.957.000,00 €

 

 

Legal Aspects

Obligation to fill in Financial Statements: YES

Chamber census: YES (2009)

 

B.O.R.M.E. (OFFICIAL COMPANIES REGISTRY GAZETTE)

 

Summary

·           Acts on activity: 0

·           Acts on administrators: 13 (Last: 30/11/2010, first: 13/04/2007)

·           Acts on capital: 1 (Last: 12/07/2007)

·           Acts on creation: 1 (Last: 13/04/2007)

·           Acts on filed accounts: 3 (Last: 10/08/2010, first: 10/02/2009)

·           Acts on identification: 3 (Last: 30/07/2010, first: 12/07/2007)

·           Acts on Information: 1 (Last: 25/05/2007)

 

Latest acts in B.O.R.M.E.

Most relevant acts of the last twelve months

ACT

DATE

NOTICE NUM.

TRADE REGISTER

Change of business name

30/07/2010

300855

Navarra

 

Other acts

ACT

DATE

NOTICE NUM.

TRADE REGISTER

Appointments

30/11/2010

443084

Navarra

Resignations

30/07/2010

300857

Navarra

Appointments

30/07/2010

300856

Navarra

Appointments

30/07/2010

300855

Navarra

Resignations

30/07/2010

300855

Navarra

Appointments

30/07/2010

300854

Navarra

Resignations

30/07/2010

300853

Navarra

Latest filed accounts

ACT

DATE

NOTICE NUM.

TRADE REGISTER

Annual Filed Accounts (2009)

10/08/2010

298873

Navarra

Annual Filed Accounts (2008)

23/12/2009

1053967

Navarra

Annual Filed Accounts (2007)

10/02/2009

60741

Navarra

There are 22 acts registered

 

PRESS ARTICLES

 

Press summary by type of information (last five years)

Legal notices: 0

Structural Data: 0

Informative data: 7 (Last: 06/06/2009, first: 14/12/2008)

Financial Information: 0

Negative information: 0

Business lines: 0

Historical press releases: 0

 

Latest press article published

 06/06/2009 DIARIO DE NAVARRA - CORPORATE INFORMATION

LA DIRECCION DE EMCON (ANTIGUA ARVIN) QUE FABRICA SILENCIOSOS PARA AUTOMOVILES EN ORKOIEN, ANUNCIO EL 01/06/09 AL GOBIERNO FORAL QUE NO APLICARA MAS DIAS DEL ERE TEMPORAL QUE TENIA APROBADO DE FEBRERO HASTA JUNIO. SEGUN LA EMPRESA, HA UTILIZADO UNA MEDIA DE 9 DIAS DE LOS 37 QUE LE AUTORIZARON PARA 145 OPERARIOS DE TALLER. 

 

 07/02/2009 DIARIO DE NAVARRA - CORPORATE INFORMATION

EL GOBIERNO DE NAVARRA AUTORIZO EL 06/02/09 EL EXPEDIENTE DE REGULACION TEMPORAL PRESENTADO POR LA EMPRESA EMCON, DE ORKOIEN, (ANTIGUA ARVIN) PARA SUSPENDER LOS CONTRATOS DE 145 DE SUS TRABAJADORES, PRINCIPALMENTE PLANTILLA DE TALLER, DURANTE 37 DIAS LABORABLES ENTRE LOS MESES DE FEBRERO Y JULIO DE 2009. A DIFERENCIA DEL ERE PRESENTADO POR ESTA MISMA FIRMA EN NOVIEMBRE DE 2008, QUE FUE RECHAZADO POR LA AUTORIDAD LABORAL, EN ESTA OCASION, LA INSPECCION DE TRABAJO, EN SU INFORME, SI HA CONSIDERADO ACREDITADA LA BAJADA DE VENTAS QUE ALEGA LA EMPRESA. POR ESTE MOTIVO, Y A PESAR DEL INFORME NEGATIVO DEL COMITE, EL GOBIERNO FORAL HA DECIDIDO AUTORIZARLO. 

 

 03/02/2009 DIARIO DE NAVARRA - CORPORATE INFORMATION

EL COMITE Y DIRECCION DE EMCON, ANTIGUA ARVIN DE ORKOIEN, CERRARON EL 30/01/09 SIN ACUERDO EL PERIODO DE CONSULTAS DEL ERE TEMPORAL PRESENTADO POR LA EMPRESA PARA ENVIAR AL PARO HASTA 37 DIAS ENTRE FEBRERO Y JULIO DE 2009 A 145 DE SUS MAS DE 250 TRABAJADORES. ASI, SERA EL GOBIERNO DE NAVARRA QUIEN DECIDA AHORA SI AUTORIZA O NO EL ERE. 

 

There are 7 press articles registered for this company

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.50

UK Pound

1

Rs.73.07

Euro

1

Rs.61.63

 

 

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

 

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%)

 

 

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.