MIRA INFORM REPORT

 

 

Report Date :

24.02.2011

 

IDENTIFICATION DETAILS

 

Name :

OLD RIDEL S.L.

 

 

Registered Office :

Calle Sant Oleguer, 16, 08202 Sabadell  Barcelona

 

 

Country :

Spain

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

29.05.2000

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Retail sale of clothes

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

90.000,00 €

 

 

Status :

Good

 

 

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 – 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

 

OLD RIDEL S.L.

TAX NUMBER: B62290226

 

EXECUTIVE SUMMARY

 

Identification

Current Business Name: OLD RIDEL S.L.

Other names:  YES

Current Address:  CALLE SANT OLEGUER, 16

08202 SABADELL BARCELONA 

Branches:  2

Telephone number: 937251670 Fax: 937275766

 

 

Trade Risk

 

Credit Appraisal: 90.000,00 €

Incidents:  NO

Bank and business defaults of payment - ASNEF INDUSTRIAL:  NO

 

Financial Information

Balance sheet latest sales (2009): 3.658.117,14 € (Trade Register)

Result: 64.115,07 €

Total Assets: 1.332.527,85 €

Social Capital:  60.000,00 €

Employees:  23

Listed on a Stock Exchange: NO

 

Commercial Information

 

Incorporation date:  29/05/2000

Activity:  Retail sale of clothes

NACE 2009 CODE: 4771

International Operations: No business relationships registered

 

Corporate Structure

 

Administrator: 

 SAUQUET CANET SANTIAGO

 

Other Complementary Information

 

Latest act published in BORME:  04/11/2010 Annual Filed Accounts

Bank Entities:  There are

 

The date when this report was last updated is 23/02/2011.

 

Credit Appraisal

 

Maximum Credit

(from 0 to 6,000,000 €)

Favourable to 90.000,00 €

 

 

Financial Situation

Exercise:2009

Treasury

Excellent

Indebtedness

Very low

Profitability

Average

Balance

Excellent

 

Performance

 

Incidents

None or Negligible

Business Trajectory

Superior

 

 

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 €

 

31/12/2009

(12)

 

%

ASSETS

 

31/12/2008

(12)

 

%

ASSETS

 

31/12/2007

(12)

 

%

ASSETS

 

ASSETS

 

 

 

 

 

 

A) NON CURRENT ASSETS

414.251,36

31,09

296.816,78

23,85

265.832,10

17,92

B) CURRENT ASSETS

918.276,49

68,91

947.736,42

76,15

1.217.233,98

82,08

LIABILITIES

 

 

 

 

 

 

A) NET WORTH

985.519,01

73,96

921.403,94

74,03

864.142,17

58,27

B) NON CURRENT LIABILITIES

 

 

 

 

 

 

C) CURRENT LIABILITIES

347.008,84

26,04

323.149,26

25,97

618.923,91

41,73

 

 

 

 

 

  A) NON CURRENT ASSETS

  B) CURRENT ASSETS

 

  A) NET WORTH

  C) CURRENT LIABILITIES

 

 Balance Sheet Comments

Total assets of the company  grew in 7,07%  between 2.008 and 2.009.

This growth is a consequence of non current assets increase in 39,56%.

This growth has been mainly financed with a debt increase of 7,38%. Nevertheless Net Worth grew 6,96%.

Total assets of the company  decreased in 16,08%  between 2.007 and 2.008.

In spite of the decrease in the amount of total assets, non current assets grew 11,66%.

Assets reduction contrasts with net worth growth of 6,63%. Therefore, the company’s indebtedness has reduced in 47,79%.

 

Profit and Loss Account Analysis

Figures given in €

 

31/12/2009

(12)

 

% NET TURNOVER

31/12/2008

(12)

 

% NET TURNOVER

31/12/2007

(12)

 

% NET TURNOVER

SALES

3.658.117,14

 

3.831.937,35

 

4.638.155,86

 

GROSS MARGIN

1.494.411,88

40,85

1.586.753,76

41,41

1.925.511,44

41,51

EBITDA

163.837,35

4,48

229.838,00

6,00

280.374,59

6,04

EBIT

100.729,96

2,75

120.912,48

3,16

150.053,31

3,24

NET RESULT

64.115,07

1,75

57.261,77

1,49

87.543,11

1,89

EFFECTIVE TAX RATE (%)

25,26

0,00

48,15

0,00

22,00

0,00

 

Profit and Loss Account Comments

The company’s sales figure  decreased in 4,54% between 2.008 and 2.009.

The company’s EBIT  decreased in 16,69% 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 47,64% in the analysed period, being this profitability of 9,67% in the year 2.009.

The Net Result of the company  grew in 11,97% between 2.008 and 2.009.

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 27,44% in the analysed period, being equal to 8,70% in the year 2.009 .

The company’s sales figure  decreased in 17,38% between 2.007 and 2.008.

The company’s EBIT  decreased in 19,42% 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 2,33% in the analysed period, being this profitability of 18,47% in the year 2.008.

The Net Result of the company  decreased in 34,59% between 2.007 and 2.008.

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 7,70% in the analysed period, being equal to 11,99% 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

31,09

43,50

-12,41

A) CURRENT ASSETS

68,91

56,50

12,41

LIABILITIES

 

 

 

A) NET WORTH

73,96

46,55

27,41

B) NON CURRENT LIABILITIES

 

14,56

 

C) CURRENT LIABILITIES

26,04

38,89

-12,85

 

 

 

 

 

 

COMPANY

(2009)

 

SECTOR

DIFFERENCE

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

 

 

 

SALES

100,00

98,30

1,70

GROSS MARGIN

40,85

38,85

2,00

EBITDA

4,48

6,20

-1,72

EBIT

2,75

3,72

-0,97

NET RESULT

1,75

2,36

-0,61

 

Sector Composition

Compared sector (NACE 2009): 4771

Number of companies: 122

Size (Sales Figure): 2,800,000.00 - 7,000,000.00 Euros

 

Comments on the sectorial comparative

Compared to its sector the assets of the companies show  an inferior proportion of non current assets. Specifically the difference with the sector average is -12,41% .

In liabilities composition the company appeals on a wider scale to self financing, being the proportion of Net Worth of 27,41% major. As a consequence, external financing sources are less used by the company ( 27,41% less than the sector) .

The proportion that the sales mean to the company’s total ordinary income is 100,00% , an 1,70% higher than in the sector .

The company’s EBIT was positive and was 2,75% with regard to the total ordinary income, 0,97% 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 (0,03 in comparison with 0,04) .

The company’s net result was positive and equal to 1,75% with regard to the total ordinary income, -0,61% inferior to the one of the sector .

The financial results and the tax impact have had a less negative impact on the net result of the company that in the sector .

 

company ADDRESSES

   

Business address

Current Legal Seat Address: 

CALLE SANT OLEGUER, 16

08202 SABADELL  BARCELONA

 

Characteristics of the current address

Type of establishment: office

Owners: rented

Local Situation: secondary

 

Branches

STREET

POSTAL CODE

TOWN

PROVINCE

CALLE VICTOR BALAGUER, 14

08205

SABADELL

Barcelona

CALLE JUAN RAMON JIMENEZ

28232

LAS ROZAS DE MADRID

Madrid

 

 

CORPORATE STRUCTURE

  

ADMINISTRATIVE LINKS

 

Main Board members, Directors and Auditor

POSITION

NAME AND SURNAME

APPOINTMENT DATE

ADMINISTRATOR

SAUQUET CANET SANTIAGO

23/03/2004

ADMINISTRATOR

SAUQUET BUXO MARIA

23/03/2004

ADMINISTRATOR

BUXO RICART MARIA ANTONIA

23/03/2004

 

 

CREDIT INFORMATION  

 

Constitution

Incorporation date: 29/05/2000

 

Activity

Activity: Retail sale of clothes

NACE 2009 CODE: 4771

NACE 2009 Activity: Retail sale of clothing in specialised stores

Business: LA VENTA DE TODA CLASE DE PRENDAS CONFECCIONADAS PARA EL VESTIDO PARA SENORA, CABALLERO Y NINOS, COMPLEMENTOS DEL VESTIR DE TODA CLASE, ASI COMO CUALQUIER OTRA ACTIVIDAD CONEXA A LA ANTERIOR ETC.

 

Employees

Latest employees figure: 23 (2009)

% of fixed employees: 60,87%

% of temporary employees: 39,13%

 

Employees evolution

 

 

 

Banks

ENTITY

BRANCH

ADDRESS

TOWN OR CITY

PROVINCE

BANCO DE SABADELL, S.A.

 

 

SABADELL

 

 

Brands

Brand name: OLD RIDEL (Valid)

Type: DENOMINATIVE    Scope: COMMUNITARY    Date: 03/11/1998

Brand name: OLD RITTER (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 01/01/1900

 

 

LEGAL STRUCTURE

 

Constitution Data

Register Date: 29/05/2000

Register town: Barcelona

Announcement number: 294807

Social Capital: 60.000 €

 

Current structure data

Legal form: Limited Liability Company

Social Capital: 60.000,00 €

 

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: 4 (Last: 23/03/2004, first: 07/08/2000)

·         Acts on capital: 0

·         Acts on creation: 1 (Last: 07/08/2000)

·         Acts on filed accounts: 10 (Last: 04/11/2010, first: 08/02/2002)

·         Acts on identification: 0

·         Acts on Information: 0

 

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

Other acts

ACT

DATE

NOTICE NUM.

TRADE REGISTER

Appointments

23/03/2004

143601

Barcelona

Resignations

23/03/2004

143601

Barcelona

Appointments

07/08/2000

294808

Barcelona

Appointments

07/08/2000

294807

Barcelona

Constitution

07/08/2000

294807

Barcelona

 

Latest filed accounts

ACT

DATE

NOTICE NUM.

TRADE REGISTER

Annual Filed Accounts (2009)

04/11/2010

980123

Barcelona

Annual Filed Accounts (2008)

27/10/2009

765008

Barcelona

Annual Filed Accounts (2007)

30/10/2008

1020467

Barcelona

  

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.20

UK Pound

1

Rs.73.17

Euro

1

Rs.61.88

 

 

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.