MIRA
INFORM REPORT
|
Report Date : |
02.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAYORAL MODA INFANTIL SA |
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Registered Office : |
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Country : |
Spain |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
14.12.1981 |
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Legal Form : |
Sole Corporation |
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Line of Business : |
Manufacture of other outerwear |
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 |
|
Maximum Credit Limit : |
4.157.000,00 € |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Spain |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
MAYORAL MODA INFANTIL SA
TAX NUMBER: A29076049
Company situation: Active
EXECUTIVE SUMMARY
Identification
Current Business Name: MAYORAL MODA INFANTIL SA
Other names: YES
Current Address: CALLE LA OROTAVA, 118
Telephone number: 952045204 Fax: 952045200
URL: www.mayoral.es
Corporate e-mail: ventas@mayoral.es
Trade Risk
Credit Appraisal: 4.157.000,00 €
Incidents: NO
Bank and business defaults of payment - ASNEF EMPRESAS: YES
Financial Information
Latest sales known (2010): 156.681.775,71
€ (Estimated)
Balance sheet latest sales (2009): 149.220.738,78 €
(Trade Register)
Result: 18.525.027,24 €
Total Assets: 141.643.749,04 €
Social Capital: 2.033.000,00 €
Employees: 190
Listed on a Stock Exchange: NO
Commercial Information
Incorporation date: 14/12/1981
Activity: Mass textile mfg. of kids clothes
NACE 2009 CODE: 1413
International Operations: Imports and
Exports
Corporate Structure
Sole Administrator:
Parent Company:
Participations: 14
Other Complementary Information
Latest act published in BORME: 02/03/2011 Appointments
Latest press article: 28/04/2011 SUR (BRANCHES)
Bank Entities: There are
TRADE RISK
Credit Appraisal
Maximum Credit
(from 0 to
6,000,000 €)
Favourable to 4.157.000,00 €
Financial Situation
Exercise:2009
|
Treasury |
Excellent |
|
Indebtedness |
Very slight |
|
Profitability |
Good |
|
Balance |
Excellent |
Performance
|
Incidents |
Exceptional |
|
Business
Trajectory |
Good |
Latest investigations carried out indicate that the company has some
payment incident.
Summary
LEGAL ACTIONS: No legal actions
ADMINISTRATIVE CLAIMS: No administrative claims
AFFECTED BY:
1 Company / Companies in Insolvency Proceedings.
BANK AND BUSINESS DEFAULTS OF PAYMENT - ASNEF EMPRESAS
Summary
•
The total unpaid amount registered in ASNEF
Empresas is the maximum since there are non-payment information on this debtor.
•
In the last month the amount of unpaid debt has
followed an evolution stable having remained stable also in the
last year.
|
CHARACTERISTICS OF THE OPERATION |
NON-PAYMENT CHARACTERISTICS |
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Creditor Type |
Product |
Amount of the operations |
Situation |
Number of non-payments |
Non-payment amount |
Date of the first non-payment |
Date of the last non-payment |
|
Credit Insurance Companies |
Insurance |
- |
Other |
1 |
1.030,37 |
10/05/2007 |
10/05/2007 |
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1.030,37 |
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This information has been obtained through a consultation made to the
ASNEF EMPRESAS file. It can just be used for credit granting, monitoring and
credit control. This information could not be uploaded in any database nor
reused and could not be copied or reproduced or transferred to third parties.
ASNEF EMPRESAS is a brand property of Equifax Ibérica, S.L.
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.
Figures given in €
|
|
31/12/2009 (12) |
% ASSETS |
31/12/2008 (12) |
% ASSETS |
31/12/2007 (12) |
% ASSETS |
||
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ASSETS |
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|
|
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||
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A) NON CURRENT ASSETS |
50.395.627,57 |
35,58 |
52.751.226,34 |
38,17 |
41.007.307,68 |
30,93 |
||
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B) CURRENT ASSETS |
91.248.121,47 |
64,42 |
85.441.063,68 |
61,83 |
91.571.842,34 |
69,07 |
||
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LIABILITIES |
|
|
|
|
|
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A) NET WORTH |
109.450.353,76 |
77,27 |
98.925.326,52 |
71,59 |
95.948.137,32 |
72,37 |
||
|
B) NON CURRENT LIABILITIES |
2.848.873,31 |
2,01 |
4.924.213,05 |
3,56 |
5.977.563,20 |
4,51 |
||
|
C) CURRENT LIABILITIES |
29.344.521,97 |
20,72 |
34.342.750,45 |
24,85 |
30.653.449,50 |
23,12 |
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Balance Sheet Comments
Total assets of the company grew in 2,50%
between 2.008 and 2.009.
In spite of the assets’ growth, non current assets decreased 4,47%.
This growth has been financed with a Net Worth increase
of 10,64%; this company’s net increase has also covered the reduction
of 18,01% of company’s indebtedness.
Total assets of the company grew in 4,23%
between 2.007 and 2.008.
This growth is a consequence of non current assets increase
in 28,64%.
This growth has been mainly financed with a debt increase
of 7,20%. Nevertheless Net Worth grew 3,10%.
Profit and Loss Account Analysis
Figures given in €
|
|
2010 |
31/12/2009 (12) |
% NET TURNOVER |
31/12/2008 (12) |
% NET TURNOVER |
|
SALES |
156.681.775,71 |
149.220.738,78 |
|
134.700.715,03 |
|
|
GROSS MARGIN |
|
55.954.714,76 |
37,50 |
53.363.429,60 |
39,62 |
|
EBITDA |
|
28.998.740,07 |
19,43 |
26.790.793,41 |
19,89 |
|
EBIT |
|
25.068.438,44 |
16,80 |
23.980.162,09 |
17,80 |
|
NET RESULT |
|
18.525.027,24 |
12,41 |
17.955.095,30 |
13,33 |
|
EFFECTIVE TAX RATE (%) |
|
28,57 |
0,00 |
28,58 |
0,00 |
Profit and Loss Account Comments
The company’s sales figure grew
in 10,78% between 2.008 and 2.009.
The company’s EBIT grew
in 4,54% between 2.008 and 2.009.
This evolution implies an increase in the company’s economic
profitability .
The result of these variations is an increase of the company’s Economic
Profitability of 5,50% in the analysed period, being equal
to 20,33% in the year 2.009.
The Net Result of the company grew
in 3,17% 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 6,81% in the analysed period, being equal
to 23,69% in the year 2.009 .
The company’s sales figure grew in 6,65% between 2.007 and 2.008.
The company’s EBIT decreased
in 1,72% 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 4,75% in the analysed period, being this
profitability of 19,27% in the year 2.008.
The Net Result of the company decreased
in 4,76% 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 9,41% in the analysed period, being equal
to 25,42% in the year 2.008 .
COMPARATIVE SECTOR ANALYSIS
Values table
Figures expressed in %
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COMPANY (2009) |
SECTOR |
DIFFERENCE |
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BALANCE SHEET ANALYSIS: % on the total
assets |
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ASSETS |
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|||
|
A) NON CURRENT ASSETS |
35,58 |
24,92 |
10,66 |
|
|
|
|
|
A) CURRENT ASSETS |
64,42 |
75,08 |
-10,66 |
|
|
|
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LIABILITIES |
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|
|
|||
|
A) NET WORTH |
77,27 |
40,68 |
36,59 |
|
|
|
|
|
B) NON CURRENT LIABILITIES |
2,01 |
4,30 |
-2,29 |
|
|
|
|
|
C) CURRENT LIABILITIES |
20,72 |
55,02 |
-34,30 |
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COMPANY (2009) |
SECTOR |
DIFFERENCE |
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PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total
operating income |
|
|
|
|
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|
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|
SALES |
99,66 |
97,34 |
2,31 |
|
|
|
|
|
GROSS MARGIN |
37,37 |
30,07 |
7,30 |
|
|
|
|
|
EBITDA |
19,37 |
5,50 |
13,87 |
|
|
|
|
|
EBIT |
16,74 |
4,27 |
12,47 |
|
|
|
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|
NET RESULT |
12,37 |
2,28 |
10,09 |
|
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|
|
Sector Composition
Compared sector (NACE 2009): 1413
Number of companies: 48
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 10,66% .
In liabilities composition the company appeals on a wider scale to self
financing, being the proportion of Net Worth of 36,59% major. As a
consequence, external financing sources are less used by the company
( 36,59% less than the sector) .
The proportion that the sales mean to the company’s total ordinary
income is 99,66% , an 2,31% higher than in the sector .
The company’s EBIT was positive and was 16,74% with regard to
the total ordinary income, 12,47% superior to the one of the sector .
The company’s capacity to generate operating income is superior to that
of the sector as its ratio EBIT/Sales is greater. (0,17 in comparison
with 0,04) .
The company’s net result was positive and equal to 12,37% with
regard to the total ordinary income, 10,09% superior to the one of
the sector .
The financial results and the tax impact have had a negative impact on
the net result of the company with a worse behaviour that the one of 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 |
18.525.027,24 |
Legal Reserve |
0,00 |
|
Carry over |
0,00 |
Voluntary Reserve |
10.525.027,24 |
|
Voluntary reserves |
0,00 |
Prior years losses |
0,00 |
|
Reserves |
0,00 |
Carry over |
0,00 |
|
Other concepts |
0,00 |
Other funds |
0,00 |
|
Total of Amounts to be distributed |
18.525.027,24 |
Dividends |
8.000.000,00 |
|
|
|
Other Applications |
0,00 |
Auditing
Source: filing of annual financial statement 2009
Auditors’ opinion: FAVOURABLE
Auditor: TEAM AUDITORES S.L.
Auditing fees: 33.800,00 €
Facts subsequent to the closing
Source: Annual financial report 2009
Posterior to the closure there were no relevant facts that require the
inclusion in the annual accounts.
ADDRESSES
Current Legal Seat Address:
CALLE LA OROTAVA, 118
29006 MALAGA MÁLAGA
Previous Seat Address:
CAMINO PRADOS S/N
29006 MALAGA
MÁLAGA
Characteristics of the current address
Type of establishment: office,factory,warehouse
Owners: owned; with no official confirmation
Local Situation: secondary
CORPORATE STRUCTURE
ADMINISTRATIVE LINKS
Governing body : 1 member (latest change:
28/01/2010)
Other Positions : 7 (latest change: 01/07/2009)
Auditor : 2 (latest change: 02/03/2011)
Operative Board Members : 4 (latest change: 19/01/2010)
Non-current positions : 20 (latest change: 02/03/2011)
Main Board members, Directors and Auditor
Governing body
|
POSITION |
NAME AND SURNAME |
DATE APPOINTMENT |
|
SOLE ADMINISTRATOR |
INDUMENTA PUERI SL |
28/01/2010 |
|
|
|
|
Auditor
|
POSITION |
NAME AND SURNAME |
DATE APPOINTMENT |
|
AUDITOR |
GOMEZ GARCIA, RAFAEL |
02/03/2011 |
|
AUDITOR |
JIMENEZ CHACON, JOSE MARIA |
02/03/2011 |
Board members remuneration
Source: Annual
financial report 2009
Board
members remuneration: 0,00 €
|
POSITION |
NAME AND SURNAME |
|
General Manager |
DOMINGUEZ DE LA MASA, MANUEL |
|
Commercial Director |
DOMINGUEZ, RAFAEL |
|
Exports Director |
DEL MONTE, FERNANDO |
|
IT Director |
ABOLAFIO GOMEZ, FRANCISCO |
FINANCIAL LINKS
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
INDUMENTA PUERI SL |
B92549781 |
100,00 |
OWN SOURCES |
17/01/2011 |
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
MAYORAL INTERNATIONAL STORES SA |
A92027804 |
100,00 |
OWN SOURCES |
11/01/2011 |
|
|
MAYORAL ITALIA SRL |
ITALY |
100,00 |
TRADE REG. |
31/12/2009 |
|
|
MAYORAL HELLAS SRL |
GREECE |
100,00 |
TRADE REG. |
31/12/2009 |
|
|
MAYORAL SHANGAI TRADING CO LTD |
CHINA |
100,00 |
TRADE REG. |
31/12/2009 |
|
|
MAYORAL POLSKA SP |
POLAND |
100,00 |
TRADE REG. |
31/12/2009 |
|
|
MAYORAL UKRAINE LTD |
UKRAINE |
100,00 |
TRADE REG. |
31/12/2009 |
BUSINESS INFORMATION
Incorporation date: 14/12/1981
Establishment date: 01/01/1941
Founder’s Name: DOMINGUEZ TOLEDO
NACE 2009 CODE: 1413
NACE 2009 Activity: Manufacture of other outerwear
Business: FABRICACION, DISTRIBUCION Y VENTA DE MODA INFANTIL
Enlargement) 1. The preparation, distribution and sale of
textile articles. 2. Lageneracion electricity. 3. The sale, design, promotion,
implementation, commissioning, maintenance, management and operation of solar
thermal installations, photovoltaic, eol.
Environmental information: YES (Page 32) Annual
financial report 2009
Latest employees figure: 190 (2011)
% of fixed employees: 85,33%
% of temporary employees: 14,67%
% of men: 57,89%
% of women: 42,11%
Employees evolution
|
|
|
|
Source: Annual financial report 2009
|
CATEGORY |
AVERAGE NUMBER OF EMPLOYEES |
MEN |
WOMEN |
|
Distribution by sexes |
|
110 |
80 |
PURCHASES
Import Percentage: 76%
Imports from: UNION EUROPEA RESTO DEL MUNDO
National Distribution: 24%
SALES
Cash collections: 40%
Credit collections: 60%
Export Percentage: 63%
Exports to: EUROPA, ORIENTE MEDIO, EEUU, CANADA, ITALIA,
PORTUGAL, MEXICO, GRECIA, RUSIA
National Distribution: 27%
|
ENTITY |
BRANCH |
ADDRESS |
TOWN OR CITY |
PROVINCE |
|
BANCO ESPAŃOL DE CREDITO, S.A. |
4314 |
CL ALAMEDA PRINCIPAL 12 APDO. 93 |
MALAGA |
Málaga |
|
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
2341 |
MARQUES DE LARIOS, 12-14 |
MALAGA |
Málaga |
FORMER NAMES:
•
CONFECCIONES MAYORAL SA
Brand name: NEWBORN MAYORAL (Valid)
Type: JOINT Scope: NATIONAL Date: 25/03/2011
Brand name: NEWBORN (Valid)
Type: GRAPHICAL Scope: COMMUNITARY
Date: 23/02/2010
Brand name: NUKUTAVAKE (Valid)
Type: GRAPHICAL Scope: COMMUNITARY
Date: 08/09/2008
Brand name: EL MAYORAL (Valid)
Type: JOINT Scope: NATIONAL Date: 26/05/2008
Brand name: MAYORAL (Valid)
Type: DENOMINATIVE Scope: NATIONAL
Date: 26/05/2008
LEGAL STRUCTURE
Constitution Data
Register Date: 14/12/1981
Legal form: Sole Corporation
Social Capital: 2.033.000,00 €
Paid-up capital: 2.033.000,00 €
Obligation to fill in Financial Statements: YES
Chamber census: YES (2009)
B.O.R.M.E. (OFFICIAL
COMPANIES REGISTRY GAZETTE)
Acts on activity: 1 (Last: 31/03/2010)
Acts on administrators: 36 (Last: 02/03/2011, first:
13/02/1991)
Acts on capital: 6 (Last: 09/03/2005, first:
15/03/2000)
Acts on creation: 0
Acts on filed accounts: 20 (Last: 03/09/2010, first:
22/10/1991)
Acts on identification: 2 (Last: 10/01/2008, first:
06/02/2002)
Acts on Information: 8 (Last: 10/01/2008, first:
24/04/1990)
Acts on proceedings: 2 (Last: 09/03/2005, first:
17/12/2004)
Latest acts in B.O.R.M.E.
Other acts
|
ACT |
DATE |
NOTICE NUM. |
TRADE REGISTER |
|
Appointments |
02/03/2011 |
94798 |
Málaga |
|
Registered activity enlargement |
31/03/2010 |
133778 |
Málaga |
|
Appointments |
28/01/2010 |
36518 |
Málaga |
|
Resignations |
28/01/2010 |
36518 |
Málaga |
|
Re-elections |
28/01/2010 |
36517 |
Málaga |
|
Appointments |
01/07/2009 |
297640 |
Málaga |
|
Resignations |
22/06/2009 |
280550 |
Málaga |
|
Appointments |
06/11/2008 |
508989 |
Málaga |
Latest filed accounts
|
ACT |
DATE |
NOTICE NUM. |
TRADE REGISTER |
|
Annual Filed Accounts (2009) |
03/09/2010 |
441436 |
Málaga |
|
Annual Filed Accounts (2008) |
03/09/2009 |
319334 |
Málaga |
|
Annual Filed Accounts (2007) |
08/09/2008 |
439652 |
Málaga |
Press summary by type of information (last five years)
Legal notices: 1 (Last: 16/07/2007)
Structural Data: 1 (Last: 28/04/2011)
Informative data: 1 (Last: 03/05/2009)
Financial Information: 3 (Last: 02/03/2011, first: 15/10/2006)
Negative information: 0
Business lines: 0
Historical press releases: 35 (Last: 18/10/2005, first:
25/10/1993)
Latest press article published
28/04/2011 SUR (Page 7) BRANCHES
MAYORAL
aims to allocate 400 million garments a year worldwide, almost double now,
double its turnover in the next 7 years. And it is building 3 ships approved
storage with its headquarters in the San Luis industrial estate in Malaga, with
an investment of 20 million. The initiative will add to its current staff,
consisting of 400 direct and 5,000 indirect employees, another 20 professionals
dedicated to monitoring equipment. The first tests were carried out in December
and is expected in April 2012 that all the machinery is ready and will work to
expand their conclusion.
ANDALUCIA EXPANSION 02/03/2011 - FINANCIAL DATA
MAYORAL
expects to reach sales of 240 million in 2011, almost double those recorded in
2006. In addition, 14.2% will mean 210 million more over 2010. Rafael
Dominguez, the firm's commercial director, explains that the latter figure is
still provisional because you just close the accounts. In addition, the new
line of baby clothes is, 2 years later, 12% of group revenues from Malaga.
Currently, the weight is 63% outside its main markets, in order, Italy,
Portugal, Mexico, Greece and Russia. It has also entered the U.S. through a
subsidiary focused on wholesale business. Cia. plans to invest 50 million over
4 years.
02/03/2011 SOUTH (Page 8) FINANCIAL DATA
The
Governing Council authorized the 01/03/11 to the Agency for Innovation and
Development of Andalusia (IDEA) grant an incentive amounting to 2.58 million
MAYORAL for modernization project that will mark the Cia. Malaga in their
facilities. Specifically it is an automated warehouse for the classification of
goods and picking a decentralized manner with an investment of 15.23 million
and create 20 jobs.
Complementary Information
Current situation
According BORME (Second
Section) dated 3/12/04, the company is in the process of partial division, being beneficiary Indument
PUERI SL NIF: B92549781.
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.58 |
|
|
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.64.80 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.