MIRA
INFORM REPORT
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Report Date : |
29.06.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
TUBACEX TUBOS INOXIDABLES SA |
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Registered Office : |
C/ Tres Cruces, 8 Barrio De Gardea, Llodio, 01400 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
1993 |
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Com. Reg. No.: |
A01140227 |
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Legal Form : |
Public Subsidiary Company |
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Line of Business : |
Manufacturer of basic iron and steel and of ferro-alloys |
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No. of Employees : |
719 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
Tubacex Tubos Inoxidables Sa
C/ Tres Cruces, 8 Barrio De Gardea
Llodio, 01400
Spain
Tel: +(34) 946719300
Fax: +(34) 946725062
Web: www.tubacex.es
Synthesis
Employees: 719
Company Type: Public Subsidiary
Corporate Family: 9
Companies
Ultimate Parent: Tubacex
SA
Incorporation Date: 1993
Auditor: Kpmg Auditores Sl
Financials in: USD
(Millions)
Fiscal Year End:
28-Jul-2011
Reporting Currency: Euro
Annual Sales: 236.7
1
Net Income: 0.0
Total Assets: 299.4
Business Description
Manufacture of basic iron and steel and of ferro-alloys
Industry
Industry Iron and Steel
ANZSIC 2006: 2110 - Iron
Smelting and Steel Manufacturing
NACE 2002: 2710 - Manufacture
of basic iron and steel and of ferro-alloys
NAICS 2002: 331111 - Iron and
Steel Mills
UK SIC 2003: 2710 - Manufacture
of basic iron and steel and of ferro-alloys
US SIC 1987: 3312 - Steel
Works, Blast Furnaces (Including Coke Ovens), and Rolling Mills
Key Executives
|
Name |
Title |
|
Alvaro Videgain Muro |
Chief Executive Officer, Member Of The
Board, President |
|
Pascual Jover Laguardia |
Secretary |
|
Manuel Fernandez Muiños |
Member Of The Board |
|
Juan Antonio Garteizgogeascoa Iguain |
Member Of The Board |
|
Rafael Gortazar Landecho |
Member Of The Board |
Registered
No.(ESP): A01140227
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7281702
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6993007
Corporate Overview
Location
C/ Tres Cruces, 8 Barrio De Gardea
Llodio, 01400
Spain
Tel: +(34) 946719300
Fax: +(34) 946725062
Web: www.tubacex.es
Sales EUR(mil): 172.4
Assets EUR(mil): 209.4
Employees: 719
Fiscal Year End: 28-Jul-2011
Industry: Iron
and Steel
Incorporation Date: 1993
Company Type: Public
Subsidiary
Quoted Status: Not
Quoted
Registered No.(ESP): A01140227
Chief Executive Officer,
Member Of The Board,
President: Alvaro
Videgain Muro
Contents
Industry Codes
Business Description
Financial Data
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2110 - Iron Smelting and Steel Manufacturing
NACE 2002 Codes:
2710 - Manufacture of basic iron and steel and of ferro-alloys
NAICS 2002 Codes:
331111 - Iron and Steel Mills
US SIC 1987:
3312 - Steel Works, Blast Furnaces (Including Coke Ovens), and
Rolling Mills
UK SIC 2003:
2710 - Manufacture of basic iron and steel and of ferro-alloys
Business
Description
Manufacture of basic iron and steel and of ferro-alloys
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Corporate
Family |
Corporate
Structure News: |
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Tubacex Tubos Inoxidables Sa |
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Company
Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Llodio |
Spain |
Construction - Supplies and Fixtures |
685.2 |
1,876 |
|
|
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Subsidiary |
Llodio, Alava |
Spain |
Iron and Steel |
236.7 |
719 |
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Subsidiary |
Ternitz |
Austria |
Iron and Steel |
138.3 |
490 |
|
|
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Subsidiary |
Praha |
Czech Republic |
Miscellaneous Capital Goods |
0.6 |
3 |
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Subsidiary |
Amurrio, Alava |
Spain |
Iron and Steel |
278.8 |
201 |
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Subsidiary |
Artziniega, Alava |
Spain |
Iron and Steel |
12.0 |
50 |
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Subsidiary |
Abrera, Barcelona |
Spain |
Miscellaneous Capital Goods |
10.0 |
27 |
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Subsidiary |
Ayala, Alava |
Spain |
Miscellaneous Capital Goods |
22.0 |
51 |
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Subsidiary |
Amurrio, Alava |
Spain |
Miscellaneous Capital Goods |
59.4 |
17 |
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Executive report
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Board of
Directors |
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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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Member Of The Board |
Director/Board Member |
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Member Of The Board |
Director/Board Member |
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Chief Executive Officer, Member Of The Board, President |
Director/Board Member |
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Member Of The Board |
Director/Board Member |
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Executives |
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Chief Executive Officer, Member Of The Board, President |
Chief Executive Officer |
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Secretary |
Administration Executive |
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Annual Profit & Loss
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|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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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) |
0.755078 |
0.719047 |
0.683679 |
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Consolidated |
No |
No |
No |
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Charges |
251.2 |
465.6 |
575.1 |
|
Stock Reduction |
- |
36.0 |
- |
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Supplies |
162.8 |
321.9 |
399.6 |
|
Goods Consumption |
158.1 |
158.6 |
- |
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Consumption of Raw
Materials |
- |
158.6 |
393.6 |
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Miscellaneous External
Expenditures |
4.7 |
4.8 |
5.9 |
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Staff Costs |
43.7 |
47.0 |
75.4 |
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Wages and Salaries |
30.5 |
32.0 |
56.2 |
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Social Security Costs |
13.3 |
15.0 |
19.1 |
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Depreciation |
9.9 |
8.1 |
8.3 |
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Allowance for Trade Operations |
2.0 |
6.1 |
1.1 |
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Stock Provision
Variation |
0.4 |
-0.2 |
-0.2 |
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Variation of Other
Trade Provisions |
1.6 |
6.3 |
1.3 |
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Other Operating Charges |
36.1 |
46.7 |
69.6 |
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External Services |
33.3 |
41.1 |
64.2 |
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Taxes |
0.1 |
0.1 |
0.1 |
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Other Operating
Expenses |
2.7 |
5.4 |
5.3 |
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Operating Benefits |
- |
- |
32.2 |
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Financials and Similar Charges |
5.1 |
6.0 |
10.6 |
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Due to Liabilities
With Group Companies |
0.8 |
1.6 |
4.4 |
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Due to Other
Liabilities |
4.3 |
4.4 |
6.2 |
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Changes in Financial Investment Provisions |
- |
1.1 |
7.1 |
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Exchange Losses |
0.4 |
1.1 |
- |
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Profit From Ordinary Activities |
- |
- |
16.0 |
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Changes in Provisions for Assets |
1.4 |
1.4 |
- |
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Losses From Assets and Securities Portfolio |
- |
1.4 |
2.1 |
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Profit Before Taxes |
- |
- |
13.9 |
|
Corporation Tax |
-10.3 |
-11.2 |
1.3 |
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Financial Year Result (Profit) |
- |
- |
12.6 |
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Income |
232.6 |
284.1 |
587.8 |
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Net Total Sales |
228.3 |
282.3 |
549.7 |
|
Sales |
228.2 |
282.2 |
549.6 |
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Rendering of Services |
0.1 |
0.1 |
0.1 |
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Increase in Stocks |
1.0 |
- |
35.1 |
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Miscellaneous Operating Income |
2.5 |
1.6 |
1.5 |
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Auxiliary Income From
Current Management |
2.0 |
1.4 |
1.4 |
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Grants |
0.5 |
0.2 |
0.1 |
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Operating Losses |
22.7 |
182.0 |
- |
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Income From Equity Investment |
0.3 |
0.0 |
- |
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In Group Companies |
0.3 |
0.0 |
- |
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Income From Other Securities and Receivables |
0.2 |
- |
- |
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From Non-Group
Companies |
0.2 |
- |
- |
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Income From Miscellaneous Interests |
- |
0.1 |
1.5 |
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From Group Companies |
- |
0.0 |
0.4 |
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Miscellaneous
Interests |
- |
0.0 |
1.0 |
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Negative Financial Results |
5.0 |
8.1 |
16.3 |
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Ordinary Activities' Losses |
27.7 |
190.0 |
- |
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Capital Grants Transferred to Profit and Loss |
0.3 |
0.1 |
0.0 |
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Negative Extraordinary Results |
1.1 |
2.7 |
2.0 |
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Losses Before Taxes |
28.8 |
192.8 |
- |
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Financial Year Result (Losses) |
18.6 |
181.5 |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
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Consolidated |
No |
No |
No |
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Software |
0.0 |
- |
- |
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Total Intangible Fixed Assets |
0.0 |
- |
- |
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Land and Construction |
4.0 |
2.3 |
2.1 |
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Technical
Installations and Machinery |
43.9 |
44.1 |
33.7 |
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Other Installations,
Tools, and Furniture |
3.9 |
3.9 |
3.0 |
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Tangible Fixed Assets
Under Construction |
3.1 |
3.9 |
3.6 |
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Other Tangible Assets |
2.9 |
2.9 |
2.2 |
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Total Tangible Fixed Assets |
57.8 |
57.2 |
44.6 |
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Receivables from Group
Companies |
0.2 |
0.3 |
0.3 |
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Long-Term Securities
Portfolio |
0.0 |
0.0 |
0.0 |
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Financial Investments |
0.2 |
0.3 |
0.3 |
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Total Fixed Assets |
58.1 |
57.4 |
44.9 |
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Raw Materials and
Other Consumables |
34.1 |
26.1 |
35.3 |
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Goods in Process |
45.7 |
40.5 |
62.8 |
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Finished Products |
17.6 |
26.1 |
37.6 |
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Payments on Account |
0.0 |
0.0 |
0.0 |
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Total Stocks |
97.4 |
92.7 |
135.7 |
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Trade Debtors |
46.8 |
30.2 |
94.0 |
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Receivables, Group
Companies |
39.7 |
35.1 |
36.4 |
|
Other Debtors |
- |
0.0 |
0.1 |
|
Staff |
- |
0.0 |
- |
|
Public Bodies |
37.7 |
24.9 |
32.3 |
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Total Debtors |
124.2 |
90.1 |
162.8 |
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Short-Term Guarantees
and Deposits |
0.7 |
4.3 |
- |
|
Total Short-Term Investments |
0.7 |
4.3 |
- |
|
Cash |
0.6 |
1.6 |
14.9 |
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Total Current Assets |
222.8 |
188.7 |
313.4 |
|
Total Assets |
280.9 |
246.1 |
358.3 |
|
Revaluation Reserves |
0.6 |
0.7 |
0.6 |
|
Legal Reserve |
4.5 |
4.8 |
4.6 |
|
Miscellaneous Reserves |
74.0 |
78.8 |
66.5 |
|
Capital Adjustment to
Euros |
0.0 |
0.0 |
0.0 |
|
Total Reserves |
78.4 |
83.5 |
71.1 |
|
Prior Year Losses |
-19.8 |
- |
- |
|
Profit or Loss Brought Forward |
-19.8 |
- |
- |
|
Profit or Loss for the Financial Year |
-18.8 |
-21.2 |
12.0 |
|
Interim Dividend Paid |
- |
- |
-0.8 |
|
Total Equity |
60.6 |
84.6 |
103.7 |
|
Capital Grants |
0.8 |
0.3 |
0.3 |
|
Total Deferred Income |
0.8 |
0.3 |
0.3 |
|
Provisions for Pension
Fund |
10.5 |
12.9 |
14.9 |
|
Other Provisions |
1.0 |
1.0 |
1.0 |
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Total Provisions for Liabilities and Charges |
11.5 |
13.9 |
15.9 |
|
Loans and Other
Liabilities |
10.2 |
28.5 |
28.0 |
|
Total Amounts Owed to Credit Institutions |
10.2 |
28.5 |
28.0 |
|
Other Creditors |
3.6 |
2.4 |
1.5 |
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Long-Term Payables to
Public Bodies |
0.5 |
0.2 |
0.1 |
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Total Other Creditors |
4.1 |
2.5 |
1.7 |
|
Total Long Term Liabilities |
14.3 |
31.0 |
29.7 |
|
Loans and Other
Liabilities |
94.6 |
71.1 |
83.2 |
|
Total Amounts Owed to Credit Institutions |
94.6 |
71.1 |
83.2 |
|
Amounts Owed to Group
Companies |
72.1 |
20.3 |
73.4 |
|
Total Short-Term Amounts Owed to Group and
Associa |
72.1 |
20.3 |
73.4 |
|
Advanced Payments from
Customers |
2.8 |
1.5 |
4.3 |
|
Amounts Owed for
Purchases of Goods or Services |
17.4 |
16.8 |
29.6 |
|
Total Trade Creditors |
20.2 |
18.3 |
33.9 |
|
Public Bodies |
2.9 |
3.3 |
9.0 |
|
Miscellaneous Debts |
0.4 |
0.4 |
0.4 |
|
Wages and Salaries
Payable |
3.5 |
2.8 |
6.8 |
|
Total Other Creditors |
6.8 |
6.6 |
16.2 |
|
Provisions |
- |
7.0 |
2.1 |
|
Total Short Term Creditors |
193.6 |
123.3 |
208.8 |
|
Total Liabilities and Equity |
280.9 |
253.1 |
358.3 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.92 |
|
UK Pound |
1 |
Rs.88.91 |
|
Euro |
1 |
Rs.71.25 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.