MIRA INFORM REPORT

 

 

Report Date :

19.05.2012

 

IDENTIFICATION DETAILS

 

Name :

SWECAN SPAIN COOPERATION SL

 

 

Registered Office :

Calle Puerto Viejo, 34 38400 Puerto De La Cruz Tenerife 

 

 

Country :

Spain

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

22.03.2002

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Assitence given to companies

 

 

No. of Employees :

1

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Slow

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)

Spain

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name 

 

SWECAN SPAIN COOPERATION SL

CIF/NIF: B38674073

Company situation: Active

  

 

EXECUTIVE SUMMARY

   

 Identification

Current Business Name: SWECAN SPAIN COOPERATION SL

Other names: NO

Current Address:  CALLE PUERTO VIEJO, 34

38400 PUERTO DE LA CRUZ TENERIFE 

Telephone number: 922368345 Fax: 922386730

 Trade Risk

Incidents:  NO

EXPERIAN BUREAU EMPRESARIAL Bank and Multi - sectorial Defaults of Payment:  NO

 Financial Information

Balance sheet latest sales (2010): 3.311,43 € (Commercial Registry)

Result:  -14.222,21 €

Total Assets: 2.014,71 €

Share capital:  3.100,00 €

Employees:  1

Listed on a Stock Exchange: NO

 

 Commercial Information

Incorporation date:  22/03/2002

Activity:  Assitence given to companies

NACE 2009 CODE: 6399

International Operations: No business relationships registered

 

Corporate Structure

Administrator: 

 MOJAVER, ARMAN

Parent Company: 

 MOJAVER HAGHIGHI NASSER

 Other Complementary Information

Latest act published in BORME:  27/09/2011 Annual Filed Accounts

Bank Entities:  There are

 

The date when this report was last updated is 18/05/2012.

 

 

TRADE RISK

   

 Financial Situation

Exercise:2010

 

Evolution            

 

Treasury

Very degraded

 

 

Indebtedness

Very Heavy

 

 

Profitability

Very Negative

 

 

Balance

Very Degraded

 

 

 Performance

Incidents

None or Negligible

Business Trajectory

With exceptions

 

Rating Explication

Financial Situation

•          The company’s financial situation is very unfavourable.

•          The company’s financial situation evolution has been positive.

•          The sales evolution and results has been positive.

Company Structure

•          The company’s capitalization degree determines that its structure is weak.

•          The company’s size is  very small depending on its sales volume.

•          The employees evolution has been stable.

Performance and Incidences

•          The available information indicates that the company does not have payment incidences.

•          He have detected no recent legal actions or claims from the Administration against this company

Accounts Filing

•          The company files regularly its accounts.

 Reasons of the last outstanding calculation in the note

DATE

CHANGE

RESULTING NOTE

EVENT

11/11/2011

  Equal

3

•          New financial statements have been uploaded.

 

27/09/2011

  Equal

3

•          There has been a change in the formula version.

 

 

  INCIDENTS

 

 Summary

LEGAL ACTIONS: No legal actions registered.

ADMINISTRATIVE CLAIMS: No administrative claims registered

AFFECTED BY: No significant element.

 

EXPERIAN BUREAU EMPRESARIAL BANK AND MULTI - SECTORIAL DEFAULTS OF PAYMENT

  Summary

COMPANY NOT INCLUDED IN EXPERIAN BUREAU EMPRESARIAL BANK AND MULTI - SECTORIAL DEFAULTS OF PAYMENT

•          There is no information related to the nif/cif consulted in the in the EXPERIAN BUREAU EMPRESARIAL BANK AND MULTI - SECTORIAL DEFAULTS OF PAYMENT file

This information comes from Experian Bureau Empresarial Service, property of Experian Bureau de Crιdito S.A. It could just be used for businessmen or professionals and for the own aims of the business, and could not be transferred or transmitted to third parties, copied, duplicate or reproduce, nor incorporate to any owned or external database, or reuse it in any direct or indirect way. Experian Bureau de Crιdito S.A. may file you for damages it may suffer in case of breaching any of the afore mentioned obligations. Experian would not be responsible of the lack of accuracy in the supplied information when it coincides with the one supplied by the creditor entities.

 

FINANCIAL ELEMENTS AND SECTORIAL COMPARATIVE

  

FINANCIAL ELEMENTS

 

 Balance-sheet analysis

Figures given in €

 

31/12/2010

(12)

 

%

ASSETS

 

31/12/2009

(12)

 

%

ASSETS

 

31/12/2008

(12)

 

%

ASSETS

 

ASSETS

 

 

 

 

 

 

A) NON CURRENT ASSETS

368,39

18,29

154,53

8,67

221,34

8,35

B) CURRENT ASSETS

1.646,32

81,71

1.628,65

91,33

2.428,94

91,65

LIABILITIES

 

 

 

 

 

 

A) NET WORTH

-60.050,90

-2.980,62

-45.828,69

-2.570,05

-28.990,44

-1.093,86

B) NON CURRENT LIABILITIES

 

 

 

 

 

 

C) CURRENT LIABILITIES

62.065,61

3.080,62

47.611,87

2.670,05

31.640,72

1.193,86

 

 

 

 

 

 

  A) NON CURRENT ASSETS

  B) CURRENT ASSETS

 

  A) NET WORTH

  C) CURRENT LIABILITIES

 

 

 

Balance Sheet Comments

Total assets of the company  grew in 12,98%  between 2.009 and 2.010.

This growth is a consequence of non current assets increase in 138,39%.

This growth has been financed with an indebtedness increase of 30,36. Besides, Net Worth has reduced in 31,03%, which explains a part of the indebtedness increase.

Total assets of the company  decreased in 32,72%  between 2.008 and 2.009.

This total assets decrease has been reflected in a reduction of non current assets of 30,18%.

This assets reduction has meant a net worth decrease of 58,08%. Nevertheless, indebtedness has experienced a growth of 50,48%.

 

Profit and Loss Account Analysis

Figures given in €

 

31/12/2010

(12)

 

% NET TURNOVER

31/12/2009

(12)

 

% NET TURNOVER

31/12/2008

(12)

 

% NET TURNOVER

SALES

3.311,43

 

618,61

 

2.401,26

 

GROSS MARGIN

3.513,10

106,09

618,61

100,00

2.401,26

100,00

EBITDA

-14.094,37

-425,63

-16.771,44

-2.711,15

-32.065,14

-1.335,35

EBIT

-14.222,21

-429,49

-16.838,25

-2.721,95

-32.111,76

-1.337,29

NET RESULT

-14.222,21

-429,49

-16.838,25

-2.721,95

-32.090,44

-1.336,40

 

Profit and Loss Account Comments

The company’s sales figure  grew in 435,30% between 2.009 and 2.010.

The company’s EBIT  grew in 15,54% between 2.009 and 2.010.

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 25,62% in the analysed period, being equal to -699,57% in the year 2.010.

The Net Result of the company  grew in 15,54% between 2.009 and 2.010.

The company’s Financial Profitability has not been 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 35,55% in the analysed period, being equal to 23,68% in the year 2.010 .

The company’s sales figure  decreased in 74,24% between 2.008 and 2.009.

The company’s EBIT  grew in 47,56% 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 22,26% in the analysed period, being equal to -940,53% in the year 2.009.

The Net Result of the company  grew in 47,53% 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 66,81% in the analysed period, being equal to 36,74% in the year 2.009 .

 

COMPARATIVE SECTOR ANALYSIS

 

Values table

Figures expressed in %

 

COMPANY

(2010)

 

SECTOR

DIFFERENCE

 

 

 

 

BALANCE SHEET ANALYSIS: % on the total assets

 

 

 

 

 

 

 

ASSETS

 

 

 

 

A) NON CURRENT ASSETS

18,29

52,96

-34,68

 

 

 

 

A) CURRENT ASSETS

81,71

47,04

34,68

 

 

 

 

LIABILITIES

 

 

 

 

A) NET WORTH

-2.980,62

46,41

-3.027,03

 

 

 

 

B) NON CURRENT LIABILITIES

 

21,78

 

 

 

 

 

C) CURRENT LIABILITIES

3.080,62

31,81

3.048,81

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPANY

(2010)

 

SECTOR

DIFFERENCE

 

 

 

 

PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income

 

 

 

 

 

 

 

SALES

94,26

94,99

-0,73

 

 

 

 

GROSS MARGIN

100,00

75,15

24,85

 

 

 

 

EBITDA

-401,19

8,85

-410,04

 

 

 

 

EBIT

-404,83

5,18

-410,02

 

 

 

 

NET RESULT

-404,83

3,14

-407,97

 

 

 

 

 

Sector Composition

Compared sector (NACE 2009): 6399

Number of companies: 220

Size (sales figure): 0 - 2,800,000.00 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 -34,68% .

In liabilities composition the company turns to on a smaller scale to self financing, being the Net Worth proportion 3.027,03% inferior. As a consequence, external financing sources are more used by the company ( 3.027,03% more than the sector) .

The proportion that the sales mean to the company’s total ordinary income is 94,26% , an 0,73% lower than in the sector .

The company’s EBIT was negative and equal to  -404,83% with regard to the total ordinary income, 410,02% inferior to the one of the sector .

The company’s capacity to generate operating income is inferior to that of the sector as its ratio EBIT/Sales is inferior (-4,29 in comparison with 0,05) .

The company’s net result was negative and equal to -404,83% with regard to the total ordinary income, 407,97% inferior to the one of the sector .

The financial results and the tax impact have had a neutral impact on the net result of the company and negative in the sector .

 

ADDRESSES

  

 Business address

Current Legal Seat Address: 

CALLE PUERTO VIEJO, 34

38400 PUERTO DE LA CRUZ  TENERIFE

Previous Seat Address: 

CALLE SAN RAFAEL ED SAN ANTONIO 2 PTL C

38400 PUERTO DE LA CRUZ  TENERIFE

 

 CORPORATE STRUCTURE

  

ADMINISTRATIVE LINKS

  Summary

 

 

 

 

Distribution of the administration board

 

Governing body : 2 members (latest change: 10/06/2008)

Non-current positions : 1 (latest change: 10/06/2008)

 

 

  Men (100%)

 

 

Main Board members, Directors and Auditor

Governing body

POSITION

NAME AND SURNAME

DATE 

APPOINTMENT

ADMINISTRATOR

MOJAVER, ARMAN

10/06/2008

ADMINISTRATOR

SETAYESH SHAHNAZ

10/06/2008

 

 

 

 

 

FINANCIAL LINKS

 

 Shareholders

 

BUSINESS NAME

TAX NUMBER/COUNTRY

%

SOURCE

DATE REP.

 

MOJAVER HAGHIGHI NASSER

 

Major.

OWN SOURCES

14/10/2002

 

BUSINESS INFORMATION

  

 Constitution

Incorporation date: 22/03/2002

 Activity

Code: 1849000

Activity: Assitence given to companies

NACE 2009 CODE: 6399

NACE 2009 Activity: Other information service activities n.e.c.

Business: IMPORT, EXPORT SALES AND REPRESENTATION OF HOUSEHOLD POTTERY, GLASS, perfumery, cosmetics, GAMES, HOUSEHOLD ITEMS HOUSEHOLD ITEMS AND GENERAL OWN MARKETING IN BAZAARS, AND COMP

 Employees

Latest employees figure: 1 (2010)

% of fixed employees: 100,00%

 Employees evolution

 

 

 

 Banks

ENTITY

BRANCH

ADDRESS

TOWN OR CITY

PROVINCE

CAIXABANK, S.A.

 

 

PUERTO DE LA CRUZ

 

 

 

LEGAL STRUCTURE

  

 Constitution Data

Register Date: 22/03/2002

Register town: Tenerife

Announcement number: 278403

Share capital: 3.100 €

 Current structure data

Legal form: Limited Liability Company

Share capital: 3.100,00 €

 

 Legal Aspects

Obligation to fill in Financial Statements: YES

Chamber census: YES (2010)

B.O.R.M.E. (OFFICIAL GAZETTE OF THE COMMERCIAL REGISTRY)

  Summary

  Acts on activity: 0

  Acts on administrators: 3 (Last: 10/06/2008, first: 27/06/2002)

  Acts on capital: 0

  Acts on creation: 1 (Last: 27/06/2002)

  Acts on filed accounts: 9 (Last: 27/09/2011, first: 23/04/2008)

  Acts on identification: 1 (Last: 10/06/2008)

  Acts on Information: 1 (Last: 10/06/2008)

 

Latest acts in B.O.R.M.E.

Most relevant acts of the last twelve months

ACT

DATE

NOTICE NUM.

COMMERCIAL REGISTRY

Annual Filed Accounts (2010)

27/09/2011

635197

Tenerife

Other acts

ACT

DATE

NOTICE NUM.

COMMERCIAL REGISTRY

Annual Filed Accounts (2009)

27/08/2010

400931

Tenerife

Annual Filed Accounts (2008)

24/09/2009

472715

Tenerife

Annual Filed Accounts (2007)

24/09/2008

644477

Tenerife

Change of registered address

10/06/2008

289971

Tenerife

Modification of the Articles of Association

10/06/2008

289971

Tenerife

Appointments

10/06/2008

289971

Tenerife

Resignations

10/06/2008

289971

Tenerife

Annual Filed Accounts (2005)

02/06/2008

157725

Tenerife

Annual Filed Accounts (2006)

23/04/2008

132460

Tenerife

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.87

UK Pound

1

Rs.86.46

Euro

1

Rs.69.49

 

 

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%)

 

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