MIRA INFORM REPORT
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Report Date : |
24.11.2011 |
IDENTIFICATION DETAILS
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Name : |
INDUSTRIAS Y CONFECCIONES SA |
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Registered Office : |
Cl. Tomas Breton, 62, Madrid, 28045 |
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Country : |
Spain |
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Financials (as on) : |
31.12.2009 |
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Year of Establishment : |
1955 |
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Com. Reg. No.: |
A28057388 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Manufacture of ready made clothing for men, women and children;
knitwear and leather clothing; police force and army uniforms |
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No. of Employees
: |
1,932 Persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Spain |
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 & address
Industrias Y Confecciones Sa
Cl. Tomas Breton, 62
Madrid, 28045
Spain
Tel: +(34) 917748200
Fax: 34 917 488 308
Web: www.induyco.es
synthesis
Employees: 1,932
Company Type: Public Parent
Corporate Family: 3
Companies
Incorporation Date: 1955
Auditor: Bdo Auditores Sl
Financials in: USD
(Millions)
Fiscal Year End:
20-Jan-2011
Reporting Currency: Euro
Annual Sales: 425.7
1
Net Income: 3.4
Total Assets: 277.2
Business Description
Head of a Group of
Companies with interests in the manufacture of ready made clothing for men,
women and children; knitwear and leather clothing; police force and army
uniforms. The company is the largest supplier to El Corté Inglés group.
Industry
Industry Apparel and Accessories
ANZSIC 2006: 1351 - Clothing
Manufacturing
NACE 2002: 1822 - Manufacture
of other outerwear
NAICS 2002: 315222 - Men's and
Boys' Cut and Sew Suit, Coat, and Overcoat Manufacturing
UK SIC 2003: 18221 -
Manufacture of other men's outerwear
US SIC 1987: 2311 - Men's and
Boys' Suits, Coats, and Overcoats
Key Executives
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Name |
Title |
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César Álvarez Álvarez |
Director General |
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Isidoro Álvarez Álvarez |
Presidente |
|
Cándido Formariz |
Finance Director |
|
José Bardón |
Director de Marketing |
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Juan Manuel de Mingo y
Contreras |
Board Secretary |
Registered No.(ESP): A28057388
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7584158
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7456009
Corporate Overview
Location
Cl. Tomas Breton, 62
Madrid, 28045
Spain
Tel: +(34) 917748200
Fax: 34 917 488 308
Web: www.induyco.es
Sales EUR(mil): 322.8
Assets EUR(mil): 206.7
Employees: 1,932
Fiscal Year End: 20-Jan-2011
Industry: Apparel and Accessories
Incorporation Date: 1955
Company Type: Public Parent
Quoted Status: Not Quoted
Registered No.(ESP): A28057388
Director General: César
Álvarez Álvarez
Contents
· Industry Codes
· Business Description
· Brand/Trade Names
· Financial Data
· Branch Offices
· Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
1340 - Knitted Product Manufacturing
1351 - Clothing Manufacturing
NACE 2002 Codes:
1772 - Manufacture of knitted and crocheted pullovers, cardigans
and similar articles
1822 - Manufacture of other outerwear
1823 - Manufacture of underwear
1821 - Manufacture of workwear
NAICS 2002 Codes:
315224 - Men's and Boys' Cut and Sew Trouser, Slack and Jean
Manufacturing
315191 - Outerwear Knitting Mills
315225 - Men's and Boys' Cut and Sew Work Clothing Manufacturing
315222 - Men's and Boys' Cut and Sew Suit, Coat, and Overcoat
Manufacturing
315223 - Men's and Boys' Cut and Sew Shirt (except Work Shirt)
Manufacturing
US SIC 1987:
2311 - Men's and Boys' Suits, Coats, and Overcoats
2325 - Men's and Boys' Separate Trousers and Slacks
2326 - Men's and Boys' Work Clothing
2321 - Men's and Boys' Shirts, Except Work Shirts
2253 - Knit Outerwear Mills
UK SIC 2003:
1772 - Manufacture of knitted and crocheted pullovers, cardigans
and similar articles
1821 - Manufacture of workwear
18221 - Manufacture of other men's outerwear
18231 - Manufacture of men's underwear
Business
Description
Manufacture of other outerwear
More Business
Descriptions
· Head of a Group of Companies with interests in the manufacture of ready made clothing for men, women and children; knitwear and leather clothing; police force and army uniforms. The company is the largest supplier to El Corté Inglés group.
· Cut and Sew Apparel Contractors
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Corporate Family |
Corporate Structure News: |
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Industrias Y
Confecciones Sa |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Madrid |
Spain |
Apparel and Accessories |
425.7 |
1,932 |
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Subsidiary |
Madrid |
Spain |
Retail (Apparel) |
29.7 |
549 |
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Subsidiary |
Madrid |
Spain |
Apparel and Accessories |
12.2 |
301 |
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Executive report
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Board of Directors |
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Presidente |
Chairman |
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Director General |
Director/Board Member |
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Member Of The Board |
Director/Board Member |
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Member Of The Board |
Director/Board Member |
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Member Of The Board |
Director/Board Member |
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Member Of The Board |
Director/Board Member |
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Member Of The Board |
Director/Board Member |
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Executives |
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Director General |
Chief Executive Officer |
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Presidente |
President |
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Managing Director |
Managing Director |
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Board Secretary |
Administration Executive |
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Finance Director |
Finance Executive |
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Director de Personal |
Human Resources Executive |
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Director de Marketing |
Marketing Executive |
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Marketing Director |
Marketing Executive |
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Commercial Manager |
Commercial Executive |
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Joint Attorney |
Legal Executive |
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Joint Attorney |
Legal Executive |
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Annual Profit & Loss
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|
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Period
Length |
12
Months |
12
Months |
12
Months |
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Filed
Currency |
EUR |
EUR |
EUR |
|
Exchange
Rate (Period Average) |
0.719047 |
0.683679 |
0.730637 |
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Consolidated |
No |
No |
No |
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Charges |
600.7 |
632.1 |
761.6 |
|
Stock Reduction |
4.1 |
14.5 |
4.9 |
|
Supplies |
306.5 |
370.5 |
446.8 |
|
Goods
Consumption |
27.0 |
41.3 |
44.0 |
|
Consumption
of Raw Materials |
189.8 |
217.9 |
279.0 |
|
Miscellaneous
External Expenditures |
89.7 |
111.3 |
123.7 |
|
Staff Costs |
179.4 |
163.2 |
197.2 |
|
Wages and
Salaries |
156.3 |
135.8 |
169.5 |
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Social
Security Costs |
23.2 |
27.4 |
27.7 |
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Depreciation |
5.2 |
7.5 |
7.1 |
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Allowance for Trade Operations |
34.0 |
1.0 |
1.7 |
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Stock
Provision Variation |
1.9 |
0.0 |
0.2 |
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Losses
from Unrecovered Receivables |
19.2 |
0.6 |
0.9 |
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Variation
of Other Trade Provisions |
12.8 |
0.4 |
0.6 |
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Other Operating Charges |
54.8 |
65.5 |
88.6 |
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External
Services |
51.9 |
64.4 |
87.6 |
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Taxes |
3.0 |
1.1 |
1.0 |
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Financials and Similar Charges |
8.2 |
8.4 |
7.0 |
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Due to
Other Liabilities |
8.2 |
8.4 |
7.0 |
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Changes in Financial Investment
Provisions |
1.4 |
1.3 |
-0.1 |
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Exchange Losses |
0.7 |
0.3 |
0.2 |
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Losses From Assets and Securities
Portfolio |
- |
- |
0.2 |
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Extraordinary Expenses |
0.1 |
- |
1.4 |
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Extraordinary Profit |
115.7 |
2.3 |
32.8 |
|
Profit Before Taxes |
9.8 |
- |
7.6 |
|
Corporation Tax |
6.2 |
- |
6.5 |
|
Financial Year Result (Profit) |
3.6 |
- |
1.0 |
|
Income |
604.3 |
615.8 |
762.6 |
|
Net Total Sales |
449.0 |
574.1 |
678.0 |
|
Sales |
421.2 |
529.0 |
612.7 |
|
Rendering
of Services |
31.5 |
49.8 |
70.7 |
|
Sales
Refunds |
-3.7 |
-4.7 |
-5.4 |
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Works Performed for Fixed Assets |
0.0 |
0.2 |
0.2 |
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Miscellaneous Operating Income |
38.9 |
37.5 |
47.3 |
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Auxiliary
Income From Current Management |
38.9 |
37.5 |
47.3 |
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Operating Losses |
96.1 |
10.3 |
21.0 |
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Income From Equity Investment |
0.0 |
0.1 |
0.3 |
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Third
Parties |
0.0 |
0.1 |
0.3 |
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Income From Miscellaneous
Interests |
0.5 |
1.7 |
2.5 |
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Miscellaneous
Interests |
0.4 |
1.7 |
1.3 |
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Profit on
Financial Investment |
0.0 |
- |
1.1 |
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Gains from Exchange Rate |
- |
- |
0.1 |
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Negative Financial Results |
9.8 |
8.2 |
4.3 |
|
Ordinary Activities' Losses |
105.9 |
18.5 |
25.3 |
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Profit on Disposal of Assets |
115.9 |
0.2 |
32.4 |
|
Extraordinary Income |
- |
2.1 |
2.0 |
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Losses Before Taxes |
- |
16.3 |
- |
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Financial Year Result (Losses) |
- |
16.3 |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Filed
Currency |
EUR |
EUR |
EUR |
|
Exchange
Rate |
0.696986 |
0.719399 |
0.683971 |
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Consolidated |
No |
No |
No |
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Concessions,
Patents, Trademarks |
0.1 |
0.1 |
1.0 |
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Fees Paid
for Premises |
0.1 |
0.2 |
4.3 |
|
Software |
1.6 |
1.9 |
16.5 |
|
Accumulated
Depreciation |
- |
- |
-18.3 |
|
Total Intangible Fixed Assets |
1.8 |
2.2 |
3.5 |
|
Land and
Construction |
2.6 |
64.6 |
26.1 |
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Technical
Installations and Machinery |
5.1 |
9.4 |
50.8 |
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Other
Installations, Tools, and Furniture |
7.3 |
13.4 |
72.7 |
|
Other
Tangible Assets |
1.6 |
2.9 |
15.5 |
|
Accumulated
Depreciation |
- |
- |
-109.5 |
|
Total Tangible Fixed Assets |
16.6 |
90.2 |
55.6 |
|
Investments
in Group Companies |
1.6 |
1.9 |
9.6 |
|
Receivables
from Group Companies |
- |
0.1 |
0.1 |
|
Investments
in Associated Companies |
4.9 |
5.8 |
29.3 |
|
Long-Term
Securities Portfolio |
- |
0.8 |
1.8 |
|
Other
Receivables |
0.0 |
0.0 |
0.0 |
|
Long-Term
Guarantees and Deposits |
1.1 |
1.7 |
0.9 |
|
Provisions |
- |
- |
-0.7 |
|
Long-Term
Receivables from Public Bodies |
- |
- |
25.6 |
|
Financial Investments |
7.6 |
10.3 |
66.6 |
|
Long-Term Trade Receivables |
75.4 |
73.0 |
0.4 |
|
Total Fixed Assets |
101.4 |
175.7 |
126.2 |
|
Raw
Materials and Other Consumables |
7.6 |
8.8 |
16.2 |
|
Goods in
Process |
24.8 |
32.9 |
16.3 |
|
Finished
Products |
47.8 |
43.6 |
57.3 |
|
Provisions |
- |
- |
-4.6 |
|
Total Stocks |
80.2 |
85.2 |
85.3 |
|
Trade
Debtors |
10.2 |
21.5 |
39.1 |
|
Receivables,
Group Companies |
8.5 |
11.5 |
17.5 |
|
Receivables,
Associated Companies |
7.6 |
10.3 |
15.8 |
|
Other
Debtors |
2.4 |
2.2 |
5.2 |
|
Staff |
0.4 |
0.4 |
0.4 |
|
Public
Bodies |
0.1 |
6.8 |
1.8 |
|
Provisions |
- |
- |
-3.4 |
|
Total Debtors |
29.2 |
52.7 |
76.3 |
|
Other
Receivables |
10.3 |
16.6 |
0.0 |
|
Short-Term
Guarantees and Deposits |
43.7 |
13.3 |
1.3 |
|
Total Short-Term Investments |
54.0 |
29.9 |
1.3 |
|
Cash |
31.7 |
27.5 |
39.3 |
|
Prepayments and Accrued Income |
0.1 |
2.1 |
27.8 |
|
Total Current Assets |
195.2 |
197.5 |
230.0 |
|
Total Assets |
296.6 |
373.3 |
356.2 |
|
Legal
Reserve |
7.6 |
7.3 |
7.7 |
|
Miscellaneous
Reserves |
31.1 |
45.6 |
46.8 |
|
Capital
Adjustment to Euros |
0.0 |
0.1 |
0.1 |
|
Total Reserves |
38.7 |
53.0 |
54.6 |
|
Profit or Loss for the Financial
Year |
3.7 |
-15.5 |
1.1 |
|
Total Equity |
80.3 |
74.2 |
94.3 |
|
Other
Provisions |
3.0 |
2.9 |
3.1 |
|
Total Provisions for Liabilities and Charges |
3.0 |
2.9 |
3.1 |
|
Loans and
Other Liabilities |
20.7 |
27.9 |
6.4 |
|
Total Amounts Owed to Credit
Institutions |
20.7 |
27.9 |
6.4 |
|
Amounts
Owed to Associated Companies |
1.4 |
0.4 |
0.2 |
|
Total Short-Term Amounts Owed to
Group and Associa |
1.4 |
0.4 |
0.2 |
|
Amounts
Owed for Purchases of Goods or Services |
58.0 |
58.0 |
80.5 |
|
Debts
Represented by Notes Payable |
- |
- |
0.1 |
|
Total Trade Creditors |
58.0 |
58.0 |
80.6 |
|
Public
Bodies |
35.9 |
14.5 |
22.7 |
|
Miscellaneous
Debts |
42.7 |
171.0 |
121.4 |
|
Wages and
Salaries Payable |
17.6 |
18.4 |
24.8 |
|
Total Other Creditors |
96.2 |
203.8 |
168.9 |
|
Provisions |
37.0 |
6.1 |
2.7 |
|
Total Short Term Creditors |
213.3 |
296.2 |
258.8 |
|
Total Liabilities and Equity |
296.6 |
373.3 |
356.2 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.10 |
|
UK Pound |
1 |
Rs.81.30 |
|
Euro |
1 |
Rs.70.07 |
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.