MIRA
INFORM REPORT

Report Date :

24.12.2012

Tel. No.:

964 60 20 12

Fax No.:

964 60 03 61

IDENTIFICATION DETAILS

Name :

PERONDA CERAMICAS SA

Registered Office :

Avin. Manuel Escobedo, 26 Onda, 12200

Country :

Spain

Financials (as on) :

31.12.2011

Year of Establishment :

1951

Com. Reg. No.:

A12003950

Legal Form :

Public Independent

Line of Business :

Manufacture of ceramic tiles and flags

No. of Employees :

299

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

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

NOTES :

Any query related to this report can be made
on e-mail: [email-masked]
while quoting report number, name and date.

ECGC Country Risk Classification List – June 30th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Spain

A2

A2

Risk Category

ECGC
Classification

Insignificant

A1

Low

A2

Moderate

B1

High

B2

Very High

C1

Restricted

C2

Off-credit

D

SPAIN - ECONOMIC OVERVIEW

spain's mixed capitalist
economy is the 13th largest in the world, and its per capita income roughly
matches that of Germany and France. However, after almost 15 years of above
average GDP growth, the Spanish economy began to slow in late 2007 and entered
into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009,
ending a 16-year growth trend, and by another 0.1% in 2010, before turning
positive in 2011, making Spain the last major economy to emerge from the global
recession. The reversal in Spain's economic growth reflected a significant
decline in construction amid an oversupply of housing and falling consumer
spending, while exports actually have begun to grow. Government efforts to
boost the economy through stimulus spending, extended unemployment benefits,
and loan guarantees did not prevent a sharp rise in the unemployment rate,
which rose from a low of about 8% in 2007 to over 20% in 2011. The government
budget deficit worsened from 3.8% of GDP in 2008 to 9.2% of GDP in 2010, more
than three times the euro-zone limit. Madrid cut the deficit to 8.5% of GDP in
2011, a larger deficit than the 6% target negotiated between Spain and the EU.
Spain's large budget deficit and poor economic growth prospects have made it
vulnerable to financial contagion from other highly-indebted euro zone members
despite the government's efforts to cut spending, privatize industries, and
boost competitiveness through labor market reforms. Spanish banks' high
exposure to the collapsed domestic construction and real estate market also
poses a continued risk for the sector. The government oversaw a restructuring
of the savings bank sector in 2010, and provided some $15 billion in capital to
various institutions. Investors remain concerned that Madrid may need to bail
out more troubled banks. The Bank of Spain, however, is seeking to boost
confidence in the financial sector by pressuring banks to come clean about
their losses and consolidate into stronger groups.

Source : CIA

Company name and address

Top of Form

Bottom of Form

Top of Form

Peronda Ceramicas
Sa

Avin. Manuel Escobedo, 26

Onda, 12200

Spain

Tel:

+(34) 964776012

www.peronda.es

Employees:

299

Company Type:

Public Independent

Incorporation Date:

1951

Auditor:

Acr Auditors Group Slp

Financials
in:

USD (mil)

Fiscal Year End:

01-Oct-2012

Reporting Currency:

Euro

Annual Sales:

74.4  1

Net Income:

3.4

Total Assets:

99.5

Business
Description

Manufacture of ceramic tiles and flags

Industry

Industry

Construction - Supplies and Fixtures

ANZSIC 2006:

2029 - Other Ceramic Product Manufacturing

NACE 2002:

2630 - Manufacture of ceramic tiles and flags

NAICS 2002:

327122 - Ceramic Wall and Floor Tile Manufacturing

UK SIC 2003:

2630 - Manufacture of ceramic tiles and flags

UK SIC 2007:

2331 - Manufacture of ceramic tiles and flags

US SIC 1987:

3253 - Ceramic Wall and Floor Tile

Key Executives

Name

Title

Joaquin Peris Fornas

Member Of The Board, President

Vicente PiÃ±on Meneu

Financial Director

Garcia Carlos

Marketing Director

Manuel Gaya Obrero

Secretary, Member Of The Board

Vicente PiÃ±on

Director/General Manager

1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7710053

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.77785

Corporate Overview

Location

Avin. Manuel Escobedo, 26

Onda, 12200

Spain

Tel:

+(34) 964776012

www.peronda.es

Sales EUR(mil):

57.4

Assets EUR(mil):

77.4

Employees:

299

Fiscal Year End:

01-Oct-2012

Industry:

Construction
- Supplies and Fixtures

Incorporation Date:

1951

Company Type:

Public
Independent

Quoted Status:

Not Quoted

Registered No.(ESP):

A12003950

Member Of The Board, President:

Joaquin
Peris Fornas

Industry Codes

ANZSIC 2006 Codes:

2029

-

Other Ceramic Product Manufacturing

NACE 2002 Codes:

2630

-

Manufacture of ceramic tiles and flags

NAICS 2002 Codes:

327122

-

Ceramic Wall and Floor Tile Manufacturing

US SIC 1987:

3253

-

Ceramic Wall and Floor Tile

UK SIC 2003:

2630

-

Manufacture of ceramic tiles and flags

UK SIC 2007:

2331

-

Manufacture of ceramic tiles and flags

Business Description

Manufacture of ceramic tiles and flags

Financial Data

Financials in:

EUR(mil)

Revenue:

57.4

Net Income:

2.6

Assets:

77.4

Current Assets:

36.7

Fixed Assets:

40.7

Long Term Debt:

15.8

Total Liabilities:

77.4

Issued Capital:

2.3

Net Worth:

44.0

Date of Financial Data:

01-Oct-2012

1 Year
Growth

7.1%

NA

NA

Key Corporate Relationships

Auditor:

Acr Auditors Group Slp

Bank:

Banco Santander Central Hispano, S.A., Banco Bilbao Vizcaya
Argentaria, S.A., Commerzbank Aktiengesellschaft, S.E., Caja Ah.
Valencia, Castellon Y Alicante, Bancaja

Auditor:

Acr Auditors Group Slp

Executives Report

Board of Directors

Name

Title

Function

Juan Emilio Garcia Peris

Vice Chairman, Vice Secretary, Member Of The Board

Vice-Chairman

Manuel Gaya Obrero

Secretary, Member Of The Board

Director/Board Member

Joaquin Peris Fornas

Member Of The Board, President

Director/Board Member

Executives

Name

Title

Function

Joaquin Peris Fornas

Member Of The Board, President

President

Vicente PiÃ±on

Director/General Manager

Division Head Executive

Manuel Gaya Obrero

Secretary, Member Of The Board

Administration Executive

Vicente PiÃ±on Meneu

Financial Director

Finance Executive

Garcia Carlos

Marketing Director

Marketing Executive

Olmos Angel

Technical Manager

Engineering/Technical Executive

Garcia Peris Ismael

Commercial Manager

Commercial Executive

Annual Profit & Loss

31-Dec-2011

31-Dec-2010

31-Dec-2009

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate
(Period Average)

0.71919

0.755078

0.719047

Consolidated

No

No

No

Charges

77.5

69.7

69.0

Stock Reduction

-

1.6

10.4

Supplies

32.2

29.2

21.3

Goods Consumption

5.3

5.1

2.6

Consumption of Raw
Materials

25.9

22.7

17.6

Miscellaneous External
Expenditures

1.0

1.4

1.1

Staff Costs

16.7

13.8

13.8

Wages and Salaries

13.1

10.8

10.8

Social Security Costs

3.6

3.0

3.1

Depreciation

5.6

6.1

7.8

Allowance for Trade Operations

0.4

0.0

-

Variation of Other
Trade Provisions

0.4

0.0

-

Other Operating Charges

18.6

15.9

12.8

External Services

18.3

15.6

12.5

Taxes

0.3

0.3

0.3

Operating Benefits

7.5

4.6

3.0

Financials and Similar Charges

2.6

2.4

2.5

Due to Other Liabilities

2.5

2.4

2.5

Losses from Financial
Investments

0.1

-

-

Exchange Losses

0.2

-

0.3

Profit From Ordinary Activities

4.8

2.6

0.3

Losses From Assets and Securities Portfolio

0.1

-

-

Extraordinary Expenses

-

0.1

-

Extraordinary Profit

0.0

0.1

0.0

Profit Before Taxes

4.9

2.7

0.3

Corporation Tax

1.2

0.6

0.1

Financial Year Result (Profit)

3.7

2.1

0.2

Income

81.2

71.7

69.2

Net Total Sales

79.8

70.9

68.9

Sales

79.9

71.1

70.0

Rendering of Services

1.3

1.0

0.1

Sales Refunds

-1.4

-1.2

-1.2

Increase in Stocks

0.8

-

-

Miscellaneous Operating Income

0.3

0.2

0.2

Auxiliary Income From
Current Management

0.1

0.1

0.1

Grants

0.2

0.2

0.1

Income From Other Securities and Receivables

0.0

0.0

0.0

From Non-Group
Companies

0.0

0.0

0.0

Income From Miscellaneous Interests

0.1

0.1

0.1

From Group Companies

0.1

0.1

0.0

Miscellaneous
Interests

0.0

0.0

0.1

Gains from Exchange Rate

-

0.3

-

Negative Financial Results

2.6

2.0

2.7

Profit on Disposal of Assets

-

0.0

0.0

Capital Grants Transferred to Profit and Loss

0.0

0.2

-

Extraordinary Income

0.1

-

0.0

Annual Balance
Sheet

Financials in:
USD (mil)

31-Dec-2011

31-Dec-2010

31-Dec-2009

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.770327

0.745406

0.696986

Consolidated

No

No

No

Software

-

0.0

0.0

Total Intangible Fixed Assets

-

0.0

0.0

Land and Construction

29.4

31.0

33.9

Technical Installations
and Machinery

11.6

13.2

17.6

Other Installations,
Tools, and Furniture

0.5

0.6

0.8

Tangible Fixed Assets
Under Construction

0.2

0.4

0.7

Other Tangible Assets

0.5

0.6

0.8

Total Tangible Fixed Assets

42.2

45.8

53.7

Investments in Group
Companies

4.1

4.3

4.6

Receivables from Group
Companies

3.4

2.3

-

Investments in
Associated Companies

3.2

3.4

3.6

Long-Term Securities
Portfolio

-0.1

0.0

0.0

Long-Term Guarantees
and Deposits

0.0

0.6

0.0

Financial Investments

10.7

10.6

8.2

Total Fixed Assets

52.9

56.4

62.0

Goods for Resale

1.6

1.5

1.7

Raw Materials and
Other Consumables

0.3

0.3

0.3

Goods in Process

0.0

0.0

0.0

Finished Products

12.9

12.5

15.1

Payments on Account

-

0.1

-

Total Stocks

14.8

14.4

17.1

Trade Debtors

26.0

22.9

23.0

Receivables, Group
Companies

0.2

0.1

0.2

Receivables,
Associated Companies

0.3

0.2

0.4

Other Debtors

0.0

0.0

0.0

Staff

0.0

-

-

Public Bodies

0.8

0.5

1.1

Total Debtors

27.2

23.7

24.7

Receivables from Group
Companies

0.0

0.1

1.3

Short-Term Securities
Portfolio

0.1

0.0

0.0

Short-Term Guarantees
and Deposits

1.5

0.0

3.9

Total Short-Term Investments

1.6

0.1

5.3

Cash

4.0

5.8

6.9

Prepayments and Accrued Income

-

0.1

-

Total Current Assets

47.6

44.1

54.0

Total Assets

100.5

100.5

116.0

Legal Reserve

0.6

0.6

0.6

Miscellaneous Reserves

50.1

49.9

54.1

Capital Adjustment to
Euros

0.0

0.0

0.0

Total Reserves

50.7

50.5

54.8

Profit or Loss for the Financial Year

3.4

2.1

0.2

Total Equity

57.1

55.6

58.3

Capital Grants

0.4

0.4

0.5

Total Deferred Income

0.4

0.4

0.5

Loans and Other
Liabilities

18.7

20.8

28.5

Long-Term Liabilities
from Capital Leases

-

-

0.6

Total Amounts Owed to Credit Institutions

18.7

20.8

29.1

Other Creditors

-

0.2

-

Long-Term Payables to
Public Bodies

1.8

1.0

1.0

Total Other Creditors

1.8

1.1

1.0

Total Long Term Liabilities

20.5

22.0

30.1

Loans and Other
Liabilities

14.1

15.9

20.1

Short-Term Liabilities
from Capital Leases

-

0.6

0.9

Total Amounts Owed to Credit Institutions

14.1

16.5

21.0

Amounts Owed to Group
Companies

0.4

0.3

0.4

Amounts Owed to
Associated Companies

1.0

0.9

1.1

Total Short-Term Amounts Owed to Group and
Associa

1.4

1.2

1.5

Amounts Owed for
Purchases of Goods or Services

4.4

2.9

3.0

Total Trade Creditors

4.4

2.9

3.0

Public Bodies

0.6

0.1

0.4

Miscellaneous Debts

0.7

0.2

0.3

Wages and Salaries
Payable

1.3

1.0

1.0

Total Other Creditors

2.6

1.3

1.8

Total Short Term Creditors

22.5

21.9

27.2

Short Term Provisions for Liabilities and Charges

-

0.6

-

Total Liabilities and Equity

100.5

100.5

116.0

FOREIGN EXCHANGE RATES

Currency

Unit

Indian Rupees

US Dollar

1

Rs.55.08

UK Pound

1

Rs.89.53

Euro

1

Rs.72.77

INFORMATION DETAILS

Report
Prepared by :

PRL

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%)

PRIVATE
& CONFIDENTIAL : This information is provided
to you at your request, you having employed MIPL for such purpose. You will use
the information as aid only in determining the propriety of giving credit and
generally as an aid to your business and for no other purpose. You will hold
the information in strict confidence, and shall not reveal it or make it known
to the subject persons, firms or corporations or to any other. MIPL does not
warrant the correctness of the information as you hold it free of any liability
whatsoever. You will be liable to and indemnify MIPL for any loss, damage or
expense, occasioned by your breach or non observance of any one, or more of
these conditions

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