MIRA INFORM
REPORT
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Report Date : |
04.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
VAYOIL TEXTIL SA |
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Registered Office : |
Calle Louis Pasteur (Pq.
Tecnologico), 2 46980 Paterna Valencia |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
26.03.1993 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Wholesale of Textiles. |
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 : |
6,000,000 € |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
VAYOIL TEXTIL SA
TAX NUMBER
A96169230
Identification
Current Business Name : VAYOIL TEXTIL SA
Other names : YES
Current Address : CALLE LOUIS PASTEUR (PQ. TECNOLOGICO), 2 46980 PATERNA VALENCIA
Telephone number : 961366520 Fax: 961366521
URL : www.vayoiltextil.es
Corporate e-mail : vayoiltextil@vayoiltextil.es
Trade Risk
Credit Appraisal : 120.000,00 €
Incidents : NO
Bank and business defaults of payment - ASNEF
INDUSTRIAL: NO
Financial Information
Balance sheet latest sales (2009) : 5.747.773,13 € (Trade Register)
Result : 259.427,34 €
Total Assets : 3.811.249,06 €
Social Capital : 845.880,00 €
Employees : 18
Listed on a Stock Exchange : NO
Commercial Information
Incorporation date : 26/03/1993
Activity : Wholesale of textiles
NACE 2009 CODE : 4641
International Operations : Exports
Corporate Structure
Administrador : ESTEVE INIGO LUIS GABRIEL
Other Complementary Information
Latest act published in BORME : 07/10/2010 Annual Filed Accounts
Latest press article : 29/05/2008 EXPANSION DE VALENCIA (FINANCIAL DATA)
Bank Entities : There are
Credit Appraisal
Maximum Credit
(from 0 to 6,000,000 €)
Favourable to 120.000,00 €
Financial Situation
Exercise:2009
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Treasury |
Excellent |
|
Indebtedness |
Very low |
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Profitability |
Average |
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Balance |
Excellent |
Performance
|
Incidents |
None or Negligible |
|
Business
Trajectory |
Excellent |
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Summary
LEGAL ACTIONS : No legal actions registered
ADMINISTRATIVE CLAIMS : No administrative claims registered
AFFECTED BY : No significant element.
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 |
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ASSETS |
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||
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A) NON CURRENT ASSETS |
659.136,73 |
17,29 |
698.705,65 |
19,81 |
697.843,94 |
16,52 |
||
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B) CURRENT ASSETS |
3.152.112,33 |
82,71 |
2.829.012,13 |
80,19 |
3.526.281,56 |
83,48 |
||
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LIABILITIES |
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A) NET WORTH |
2.326.698,38 |
61,05 |
1.819.814,11 |
51,59 |
1.432.919,13 |
33,92 |
||
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B) NON CURRENT LIABILITIES |
326.682,70 |
8,57 |
342.141,63 |
9,70 |
485.779,38 |
11,50 |
||
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C) CURRENT LIABILITIES |
1.157.867,98 |
30,38 |
1.365.762,04 |
38,72 |
2.305.426,99 |
54,58 |
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Balance Sheet Comments
Total assets of the company grew in 8,04%
between 2.008 and 2.009.
In spite of the assets’ growth, non current assets
decreased 5,66%.
This growth has been financed with a Net Worth increase
of 27,85%; this company’s net increase has also covered the reduction
of 13,08% of company’s indebtedness.
Total assets of the company decreased in 16,49%
between 2.007 and 2.008.
In spite of the decrease in the amount of total assets, non
current assets grew 0,12%.
Assets reduction contrasts with net worth growth
of 27,00%. Therefore, the company’s indebtedness has reduced
in 38,81%.
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 |
5.747.773,13 |
|
8.110.588,72 |
|
10.008.158,62 |
|
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GROSS MARGIN |
1.696.450,28 |
29,51 |
2.126.514,23 |
26,22 |
2.382.829,07 |
23,81 |
|
EBITDA |
412.229,91 |
7,17 |
510.035,16 |
6,29 |
822.786,35 |
8,22 |
|
EBIT |
364.460,17 |
6,34 |
458.191,00 |
5,65 |
659.529,94 |
6,59 |
|
NET RESULT |
259.427,34 |
4,51 |
310.471,37 |
3,83 |
419.613,87 |
4,19 |
|
EFFECTIVE TAX RATE (%) |
29,96 |
0,00 |
29,98 |
0,00 |
32,49 |
0,00 |
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Profit and Loss Account Comments
The company’s sales figure decreased
in 29,13% between 2.008 and 2.009.
The company’s EBIT decreased
in 20,46% 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 25,17% in the analysed period,
being this profitability of 10,82% in the year 2.009.
The Net Result of the company decreased
in 16,44% 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 32,91% in the analysed period,
being equal to 15,88% in the year 2.009 .
The company’s sales figure decreased
in 18,96% between 2.007 and 2.008.
The company’s EBIT decreased
in 30,53% 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 16,90% in the analysed period,
being this profitability of 14,46% in the year 2.008.
The Net Result of the company decreased
in 26,01% 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 45,44% in the analysed period,
being equal to 23,67% in the year 2.008 .
COMPARATIVE SECTOR ANALYSIS
Values table
Figures
expressed in %
|
|
COMPANY (2009) |
SECTOR |
DIFFERENCE |
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BALANCE SHEET ANALYSIS: % on
the total assets |
|
|
|
|
ASSETS |
|||
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A) NON CURRENT ASSETS |
17,29 |
20,57 |
-3,28 |
|
A) CURRENT ASSETS |
82,71 |
79,43 |
3,28 |
|
LIABILITIES |
|||
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A) NET WORTH |
61,05 |
37,28 |
23,77 |
|
B) NON CURRENT LIABILITIES |
8,57 |
7,28 |
1,29 |
|
C) CURRENT LIABILITIES |
30,38 |
55,43 |
-25,05 |
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COMPANY (2009) |
SECTOR |
DIFFERENCE |
|
PROFIT AND LOSS ACCOUNT
ANALYSIS: % on the total operating income |
|
|
|
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SALES |
98,72 |
98,88 |
-0,16 |
|
GROSS MARGIN |
29,14 |
30,30 |
-1,16 |
|
EBITDA |
7,08 |
5,74 |
1,34 |
|
EBIT |
6,26 |
4,32 |
1,94 |
|
NET RESULT |
4,46 |
2,11 |
2,35 |
Sector Composition
Compared sector (NACE 2009) : 4641
Number of companies : 164
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 -3,28% .
In liabilities composition the company appeals on a wider
scale to self financing, being the proportion of Net Worth
of 23,77% major. As a consequence, external financing sources are
less used by the company ( 23,77% less than the sector) .
The proportion that the sales mean to the company’s total
ordinary income is 98,72% , an 0,16% lower than in the
sector .
The company’s EBIT was positive and was 6,26% with
regard to the total ordinary income, 1,94% 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. (0,06 in comparison with 0,04) .
The company’s net result was positive and equal
to 4,46% with regard to the total ordinary income, 2,35% superior
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 .
OTHER DATA FROM THE ANNUAL FINANCIAL REPORT
Results Distribution
Source: annual financial
report 2009
Figures
given in €
|
DISTRIBUTION BASE |
APPLICATION A |
||
|
Profit and Loss Account Balance |
259.427,34 |
Legal Reserve |
25.942,73 |
|
Carry over |
0,00 |
Goodwill reserve |
0,00 |
|
Voluntary reserves |
0,00 |
Special reserves |
0,00 |
|
Other reserves disposable at will |
0,00 |
Voluntary reserves |
233.484,61 |
|
Total of Amounts to be distributed |
259.427,34 |
Dividends |
0,00 |
|
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Carry over and others |
0,00 |
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Compensation of previous exercises losses |
0,00 |
|
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Application total |
259.427,34 |
Auditing
Source: filing of annual financial
statement 2009
Auditors’ opinion: FAVOURABLE
Auditor: T.C. AUDITORES IV S.L.
Auditing fees: 7.030,00 €
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 LOUIS
PASTEUR (PQ. TECNOLOGICO), 2
46980 PATERNA
Previous
Seat Address:
CALLE ROLL DEL COLOMER 7
46138 RAFELBUÑOL VALENCIA
CORPORATE STRUCTURE
ADMINISTRATIVE LINKS
Main Board members, Directors and Auditor
|
POSITION |
NAME AND SURNAME |
APPOINTMENT DATE |
|
|
ADMINISTRATOR |
ESTEVE INIGO LUIS GABRIEL |
20/02/2009 |
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|
ADMINISTRATOR |
FERREIRA DE ALMEIDA JOAQUIM |
20/02/2009 |
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AUDITOR |
APPOINTMENT DATE |
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TECEA
AUDITORES SOCIEDAD LIMITADA PROFESIONAL |
04/08/2010 |
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Functional Managers
|
POSITION |
NAME AND SURNAME |
|
General Manager |
ESTEVE INIGO LUIS GABRIEL |
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Financial Director |
LUCERO ENRIQUE |
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Human Resources Director |
AMON MONICA |
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Commercial Director |
GARCIA RAMON |
FINANCIAL LINKS
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
ESTEVE INIGO LUIS GABRIEL |
|
50,00 |
OWN SOURCES |
29/01/2010 |
|
|
FERREIRA DE ALMEIDA JOAQUIN |
|
50,00 |
OWN SOURCES |
29/01/2010 |
CREDIT INFORMATION
Incorporation date: 26/03/1993
Code: 1617100
Activity: Wholesale of textiles
NACE 2009 CODE: 4641
NACE 2009 Activity: Wholesale of textiles
Business: THE MANUFACTURE OF MATTERS AND TEXTILE ARTICLES. COMMERCIALIZATION,
IMPORT AND EXPORT OF THESE ARTICLES BY OWN ACCOUNT AND OR BY MEANS OF THE
INTERMEDIATION IN ITS COMMERCE.
Latest employees figure: 18 (2010)
% of fixed employees: 77,78%
% of temporary employees: 22,22%
% of men: 64,29%
% of women: 35,71%
Employees evolution
|
|
|
|
Source: Annual financial
report 2009
|
CATEGORY |
AVERAGE NUMBER OF EMPLOYEES |
MEN |
WOMEN |
|
Members of the board |
1 |
1 |
0 |
|
Senior management |
1 |
0 |
0 |
|
Other managers |
4 |
3 |
1 |
|
Support intellectuals and scientists, technicians and
professionals |
0 |
0 |
0 |
|
Administrative employees |
4 |
1 |
4 |
|
Sales representatives and similar |
3 |
3 |
0 |
|
Other qualified employees |
1 |
1 |
0 |
|
Non qualified employees |
0 |
0 |
0 |
SALES
Export Percentage: 5%
Exports to: UE Y OTROS PAISES
National Distribution: 95%
•
El 100% de su
cifra de negocios corresponde a la actividad principal.
|
ENTITY |
BRANCH |
ADDRESS |
TOWN OR CITY |
PROVINCE |
|
BANCO POPULAR
ESPAÑOL, S.A. |
1262 |
MAYOR, 63 |
MASSAMAGRELL |
|
|
CAJA AH.
VALENCIA, CASTELLON Y ALICANTE, BANCAJA |
0489 |
CIUDAD DE |
PATERNA |
|
Figures given in €
|
ENTITY |
ASSERTS INVOLVED IN THE
ACTIVITY |
UP TO 1 YEAR |
FROM 1 TO 5 YEARS |
MORE THAN 5 YEARS |
|
|
|
50.088,84 |
294.471,60 |
26.586,17 |
FORMER NAMES:
•
VAYOIL SOCIEDAD LIMITADA.
Brand name: SOFT SYSTEM BY VAYOIL (Valid)
Type: DENOMINATIVE Scope: NATIONAL
Date: 28/02/2008
Brand name: SOFT-SYSTEM BY VAYOIL TEXTIL,
S.A. (Valid)
Type: JOINT Scope: NATIONAL
Date: 06/03/2003
LEGAL STRUCTURE
Constitution Data
Register Date: 26/03/1993
Register town:
Announcement number: 239599
Social Capital: 3.005,06 €
Legal form: Joint-stock Company
Social Capital: 845.880,00 €
Paid-up capital: 845.880,00 €
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: 18/09/1995)
Acts on administrators: 14 (Last:
04/08/2010, first: 30/06/1993)
Acts on capital: 6 (Last: 10/02/2010, first:
03/11/1995)
Acts on creation: 1 (Last: 30/06/1993)
Acts on filed accounts: 15 (Last:
07/10/2010, first: 15/11/1996)
Acts on identification: 6 (Last:
29/01/2004, first: 18/09/1995)
Acts on Information: 4 (Last:
04/07/2000, first: 18/09/1995)
Latest acts in B.O.R.M.E.
Other acts
|
ACT |
DATE |
NOTICE NUM. |
TRADE REGISTER |
|
Appointments |
04/08/2010 |
307547 |
|
|
Capital enlargement |
10/02/2010 |
57917 |
|
|
Re-elections |
20/02/2009 |
92973 |
|
|
Appointments |
28/12/2007 |
648089 |
|
|
Appointments |
14/08/2007 |
424534 |
|
|
Capital enlargement |
29/08/2006 |
429096 |
|
|
Appointments |
15/12/2005 |
531372 |
|
|
Change of registered address |
29/01/2004 |
51742 |
|
Latest filed accounts
|
ACT |
DATE |
NOTICE NUM. |
TRADE REGISTER |
|
Annual Filed Accounts (2009) |
07/10/2010 |
774388 |
|
|
Annual Filed Accounts (2008) |
29/09/2009 |
558823 |
|
|
Annual Filed Accounts (2007) |
07/10/2008 |
798647 |
|
Press summary by type of information (last five years)
Legal notices: 0
Structural Data: 0
Informative data: 1 (Last: 22/06/2007)
Financial Information: 2 (Last: 29/05/2008, first:
14/11/2006)
Negative information: 0
Business lines: 0
Historical press releases: 10 (Last:
13/04/2005, first: 03/10/1998)
Latest press article
published
29/05/2008 EXPANSION
ESTA EMPRESA,
ESPECIALIZADA EN FABRICACION DE EQUIPAMIENTO INTEGRAL DE LENCERIA PARA
HOSTELERIA, SUPERO EL PASADO EJERCICIO LOS 10 MM DE EUROS DE FACTURACION, CON
UN AUMENTO DEL 4,3% SOBRE 2006. LAS VENTAS A OTROS PAISES APORTARON EL 10% DEL
NEGOCIO TOTAL, MAS DE UN MILLON DE EUROS.
22/06/2007 EL
ECONOMISTA - GENERAL INFORMATION
ESTA EMPRESA
VALENCIANA, QUE YA SE HA HECHO UN HUECO EN EL MERCADO DE LA LENCERIA PARA
HOTELES, SUMINISTRA TAMBIEN EQUIPAMIENTO TEXTIL A CLINICAS PRIVADAS, AUNQUE
ESTE SEGMENTO SOLO REPRESENTA EL 5% DE LAS VENTAS. LA FIRMA, QUE OPERA
PRINCIPALMENTE EN EL MERCADO NACIONAL, PRETENDE AUMENTAR EL PORCENTAJE DE SUS
EXPORTACIONES, QUE ACTUALMENTE SUPONEN UN 8% DE SU FACTURACION, AL 20% A
FINALES DE 2009. LA CIA. QUIERE AUMENTAR SU PRESENCIA EN EUROPA, DONDE HA
COMENZADO A MONTAR UNA RED DE DISTRIBUCION PROPIA Y DONDE ESTA CERRANDO
CONTRATOS CON CADENAS HOTELERAS. EN 2006 ALCANZO UN VOLUMEN DE NEGOCIO DE 9,5
MM., CANTIDAD QUE PREVE AUMENTAR ALREDEDOR DE UN 9% EN 2007.
14/11/2006 EXPANSION
DE VALENCIA - FINANCIAL DATA
LA EMPRESA TEXTIL
VALENCIANA VAYOIL ESTA LOGRANDO REMONTAR SU SITUACION ECONOMICA PESE A LA
COMPETENCIA ASIATICA. LA FIRMA, QUE EN 2002 TUVO UN SIGNIFICATIVO BAJON EN SUS
VENTAS, CERRO EL PASADO AÑO CON 8,2 MM. DE CIFRA DE NEGOCIO Y LAS PREVISIONES
PARA ESTE AÑO ESTIMAN UN INCREMENTO DEL 15%. LA FIRMA TIENE SUS OFICINAS DE
DISEÑO EN VALENCIA Y DIVERSOS CENTROS EN ONTENIENTE, POR LO QUE VA A
REESTRUCTURARLOS PARA UNIFICARLOS EN UN SOLO LOCAL, PARA LO QUE HA ARRENDADO
UNAS INSTALACIONES DE 4.000 MTS. CUADRADOS EN LA ZONA INDUSTRIAL. VAYOIL TIENE
LA PLANTA DE PRODUCCION EN GUIMARAES(PORTUGAL) DONDE EMPLEA 350 PERSONAS,
FRENTE A LAS 25 PERSONAS DE VALENCIA Y ONTENIENTE
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.96 |
|
|
1 |
Rs.73.37 |
|
Euro |
1 |
Rs.62.33 |
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 Company |
---- |
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.