MIRA
INFORM REPORT
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Report Date : |
07.11.2012 |
IDENTIFICATION DETAILS
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Name : |
DAVILETTO DESING SL |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.01.2006 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of luggage, handbags and the like, saddlery and harness |
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No. of Employees : |
10 (2012) |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
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.
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Source : CIA |
Company name
DAVILETTO DESING SL
CIF/NIF: B11850336
Company situation: Active
EXECUTIVE SUMMARY
Identification
Current Business Name: DAVILETTO DESING SL
Other names: NO
Current Address: CALLE ORENSE, 35 - ESC D .
PLT 3 A
Branches: 2
Telephone number: 956468260 Fax: 956463536
URL: www.daviletto.es
Corporate e-mail: davilettodesing@ncs.es
Trade Risk
Incidents: NO
Financial
Information
Balance sheet latest sales (2011): 1.725.261,28 €
(Mercantile Register)
Result: 25.446,04 €
Total Assets: 1.100.826,64 €
Share capital: 6.000,00 €
Employees: 10
Listed on a Stock Exchange: NO
Commercial
Information
Incorporation date: 02/08/2006
Activity: Leather industry: travel accessories
NACE 2009 CODE: 1512
International Operations: It does not import nor export
Corporate
Structure
Sole Administrator:
Other
Complementary Information
Latest act published in BORME: 15/10/2010 Annual Filed Accounts
Bank Entities: There are
The date when this report was last updated is 06/11/2012.
The information contained in this report has been investigated and
contrasted on 19/04/2012
Financial
situation
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Exercise:2011 |
Evolution |
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Treasury |
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Very good |
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Indebtedness |
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Average |
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Profitability |
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Average |
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Balance |
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Excellent |
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Performance
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Incidents |
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None or Negligible |
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Business
Trajectory |
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Good |
Rating Explanation
Financial situation
•
The company’s financial situation is normal.
•
The company’s financial situation evolution has
been positive.
•
The sales evolution and results has
been negative.
Company Structure
•
The company’s capitalization degree determines that
its structure is normal.
•
The company’s size is very small depending
on its sales volume.
•
The employees evolution has been positive.
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
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DATE |
CHANGE |
RESULTING NOTE |
EVENT |
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02/10/2012 |
Increase |
14 |
•
New financial statements have been uploaded. |
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04/01/2012 |
Equal |
12 |
•
New financial statements have been uploaded. |
INCIDENTS
Summary
LEGAL ACTIONS: No legal actions registered
ADMINISTRATIVE CLAIMS: No administrative claims registered
AFFECTED BY: No significant element.
FINANCIAL ELEMENTS AND SECTORIAL
COMPARATIVE
FINANCIAL ELEMENTS
Figures given in €
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|
31/12/2011 (12) |
% ASSETS |
31/12/2010 (12) |
% ASSETS |
31/12/2009 (12) |
% ASSETS |
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ASSETS |
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A) NON CURRENT ASSETS |
69.331,38 |
6,30 |
78.270,79 |
9,05 |
85.959,70 |
6,65 |
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B) CURRENT ASSETS |
1.031.495,26 |
93,70 |
786.960,53 |
90,95 |
1.205.847,67 |
93,35 |
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LIABILITIES |
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A) NET WORTH |
267.155,97 |
24,27 |
241.709,93 |
27,94 |
215.722,82 |
16,70 |
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B) NON CURRENT LIABILITIES |
612,67 |
0,06 |
7.773,22 |
0,90 |
14.595,42 |
1,13 |
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C) CURRENT LIABILITIES |
833.058,00 |
75,68 |
615.748,17 |
71,17 |
1.061.489,13 |
82,17 |
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Balance Sheet
Comments
Total assets of the company grew in 27,23%
between 2.010 and 2.011.
In spite of the assets’ growth, non current assets
decreased 11,42%.
This growth has been mainly financed with a debt increase
of 33,70%. Nevertheless Net Worth grew 10,53%.
Total assets of the company decreased in 33,02%
between 2.009 and 2.010.
This total assets decrease has been reflected in a reduction of non
current assets of 8,94%.
Assets reduction contrasts with net worth growth
of 12,05%. Therefore, the company’s indebtedness has reduced
in 42,06%.
Profit and loss
account analysis
Figures given in €
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|
31/12/2011 (12) |
% NET TURNOVER |
31/12/2010 (12) |
% NET TURNOVER |
31/12/2009 (12) |
% NET TURNOVER |
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SALES |
1.725.261,28 |
|
2.021.312,67 |
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3.220.096,33 |
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GROSS MARGIN |
453.196,36 |
26,27 |
478.508,41 |
23,67 |
563.275,25 |
17,49 |
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EBITDA |
81.440,88 |
4,72 |
79.891,61 |
3,95 |
95.667,29 |
2,97 |
|
EBIT |
72.462,69 |
4,20 |
69.764,00 |
3,45 |
86.009,79 |
2,67 |
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NET RESULT |
25.446,04 |
1,47 |
25.987,11 |
1,29 |
33.928,00 |
1,05 |
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EFFECTIVE TAX RATE (%) |
30,13 |
0,00 |
30,00 |
0,00 |
27,83 |
0,00 |
Profit and Loss
Account Comments
The company’s sales figure decreased
in 14,65% between 2.010 and 2.011.
The company’s EBIT grew
in 3,87% between 2.010 and 2.011.
This evolution implies a reduction in the company’s economic
profitability .
The result of these variations is a decrease of the company’s Operating
Profitability of 19,83% in the analysed period, being this
profitability of 7,40% in the year 2.011.
The Net Result of the company decreased
in 2,08% between 2.010 and 2.011.
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 11,26% in the analysed period, being equal
to 13,63% in the year 2.011 .
The company’s sales figure decreased
in 37,23% between 2.009 and 2.010.
The company’s EBIT decreased
in 18,89% 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 24,56% in the analysed period, being equal
to 9,23% in the year 2.010.
The Net Result of the company decreased
in 23,41% between 2.009 and 2.010.
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 29,51% in the analysed period, being equal
to 15,36% in the year 2.010 .
COMPARATIVE SECTOR ANALYSIS
Values table
Figures expressed in %
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COMPANY (2011) |
SECTOR |
DIFFERENCE |
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BALANCE SHEET ANALYSIS: % on the total
assets |
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ASSETS |
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A) NON CURRENT ASSETS |
6,30 |
32,58 |
-26,28 |
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A) CURRENT ASSETS |
93,70 |
67,42 |
26,28 |
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LIABILITIES |
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A) NET WORTH |
24,27 |
42,43 |
-18,16 |
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B) NON CURRENT LIABILITIES |
0,06 |
15,40 |
-15,35 |
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C) CURRENT LIABILITIES |
75,68 |
42,17 |
33,51 |
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COMPANY (2011) |
SECTOR |
DIFFERENCE |
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PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total
operating income |
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SALES |
100,00 |
98,99 |
1,01 |
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GROSS MARGIN |
26,27 |
46,84 |
-20,57 |
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EBITDA |
4,72 |
5,16 |
-0,44 |
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EBIT |
4,20 |
2,63 |
1,57 |
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NET RESULT |
1,47 |
0,96 |
0,51 |
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Sector Composition
Compared sector (NACE 2009): 1512
Number of companies: 150
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 -26,28% .
In liabilities composition the company turns to on a smaller scale to
self financing, being the Net Worth proportion 18,16% inferior. As a
consequence, external financing sources are more used by the company
( 18,16% more than the sector) .
The proportion that the sales mean to the company’s total ordinary
income is 100,00% , an 1,01% higher than in the sector .
The company’s EBIT was positive and was 4,20% with regard to
the total ordinary income, 1,57% 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. (0,04 in comparison
with 0,03) .
The company’s net result was positive and equal to 1,47% with
regard to the total ordinary income, 0,51% superior to the one of the
sector .
The financial results and the tax impact have had a negative impact on
the net result of the company with a worse behaviour that the one of the sector
.
OTHER DATA FROM
THE ANNUAL FINANCIAL REPORT
Results
Distribution
Source: annual financial report 2011
Figures given in €
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DISTRIBUTION BASE |
APPLICATION A |
||
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Profit and Loss Account Balance |
25.446,04 |
Legal Reserve |
0,00 |
|
Carry over |
0,00 |
Goodwill reserve |
0,00 |
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Voluntary reserves |
0,00 |
Special reserves |
0,00 |
|
Other reserves disposable at will |
0,00 |
Voluntary reserves |
25.446,04 |
|
Total of Amounts to be distributed |
25.446,04 |
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 |
25.446,04 |
company ADDRESSES
Current Legal Seat Address:
CALLE ORENSE, 35 - ESC D . PLT 3 A
28020 MADRID
Previous Seat Address:
CALLE FUENTONA 10
11660 PRADO
DEL REY CÁDIZ
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STREET |
POSTAL CODE |
TOWN |
PROVINCE |
|
AVENIDA DE CORTES, 44 |
11600 |
UBRIQUE |
Cádiz |
|
AVENIDA FERNANDO QUIÑONES (B), 3 |
11600 |
UBRIQUE |
Cádiz |
There are 2 branches registered
CORPORATE STRUCTURE
ADMINISTRATIVE LINKS
Governing body : 1 member (latest change: 27/09/2006)
Operative Board Members : 3 (latest change: 07/10/2009)
Main Board
members, Directors and Auditor
Governing body
|
POSITION |
NAME AND SURNAME |
DATE APPOINTMENT |
|
SOLE ADMINISTRATOR |
GALINDO LUQUE, JOSE ANTONIO |
27/09/2006 |
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There are 1 board members, directors and auditors registered
Board members remuneration
Source: Annual financial report 2010
Board members remuneration: 7.023,80 €
|
POSITION |
NAME AND SURNAME |
|
Manager |
GALINDO LUQUE, JOSE ANTONIO |
|
Financial Manager |
GALINDO LUQUE, JOSE ANTONIO |
|
Commercial Director |
GALINDO LUQUE, JOSE ANTONIO |
FINANCIAL LINKS
|
|
BUSINESS NAME |
TAX NUMBER/COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
GALINDO LUQUE PEDRO |
|
50,00 |
OWN SOURCES |
19/04/2012 |
|
|
GALINDO LUQUE JOSE ANTONIO |
|
50,00 |
OWN SOURCES |
19/04/2012 |
There are 2 direct financial links through shareholders
registered
BUSINESS INFORMATION
Incorporation date: 02/08/2006
Establishment date: 01/01/2006
Founder’s Name: LA TITULAR ES LA FUNDADORA INICIAL DEL NEGOCIO
Activity: Leather industry: travel accesories
NACE 2009 CODE: 1512
NACE 2009 Activity: Manufacture of luggage, handbags and the
like, saddlery and harness
Business: 1- LA FABRICACION, COMPRA, DISTRIBUCION, VENTA,
IMPORTACION Y EXPORTACION DE TODA CLASE DE ARTICULOS DE PIEL, SUSTITUTIVOS O
SUCEDANEOS. 2- LA COMPRAVENTA, EDIFICACION, MEJORA, ARRENDAMIENTO,Y EXPLOTACION
DE BIENES INMUE
(Enlargement)1- LA FABRICACION, COMPRA, DISTRIBUCION, VENTA, IMPORTACION
Y EXPORTACION DE TODA CLASE DE ARTICULOS DE PIEL, SUSTITUTIVOS O SUCEDANEOS. 2-
LA COMPRAVENTA, EDIFICACION, MEJORA, ARRENDAMIENTO Y EXPLOTACION DE BIENES
INMUE
Activity description: fabricacion y venta de articulos de piel.
Latest employees figure: 10 (2012)
% of fixed employees: 33,33%
% of temporary employees: 66,67%
% of men: 11,11%
% of women: 88,89%
Employees
evolution
|
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|
Source: Annual financial report 2011
|
CATEGORY |
AVERAGE NUMBER OF EMPLOYEES |
MEN |
WOMEN |
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Other managers |
1 |
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Administrative employees |
1 |
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Other qualified employees |
4 |
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Distribution by sexes |
|
1 |
8 |
SUPPLIERS
|
BUSINESS NAME |
INTERNATIONAL |
|
ELBEL S.L. |
NO |
|
ARTESANIA RAPE S.L. |
NO |
|
CACHE ARTESANO S.L. |
NO |
|
KOYAN 003 S.L. |
NO |
|
DIAMONT PIEL SL |
NO |
|
MARROQUINERIA DINMAR SL |
NO |
|
BALEN-PIEL 2000 SL |
NO |
There are 7 Suppliers
CLIENTS
|
BUSINESS NAME |
INTERNATIONAL |
|
J.P. DIAMONTTI S.L. |
NO |
|
ARTESANIA RAPE S.L. |
NO |
|
BALEN PIEL 2000 S.L |
NO |
|
DIAMONT PIEL S.L. |
NO |
|
ELBEL SL |
NO |
|
KOYAN 003 SL |
NO |
|
MARROQUINERIA DINMAR SL |
NO |
There are 7 Clients
|
ENTITY |
BRANCH |
ADDRESS |
TOWN OR CITY |
PROVINCE |
|
UNICAJA BANCO, S.A. |
4086 |
AVDA. DE ESPAÑA, S/N |
UBRIQUE |
Cádiz |
|
BANCO ESPAÑOL DE CREDITO, S.A. |
4086 |
PZ DE COLON 5 APDO. 11 |
UBRIQUE |
Cádiz |
|
BANCO SANTANDER, S.A. |
0139 |
CL CORREDERA 53 |
ARCOS DE LA FRONTERA |
Cádiz |
There are 3 bank entities registered
LEGAL STRUCTURE
Constitution Data
Register Date: 02/08/2006
Register town: Cádiz
Announcement number: 467006
Register data:
Volume 1819, Folio 55, Section 8, Sheet 33532,
Inscription I/A 1 (2006-09-12)
Share capital: 6.000 €
Legal form: Limited Liability Company
Share capital: 6.000,00 €
Obligation to fill in Financial Statements: YES
Chamber census: YES (2010)
B.O.R.M.E.
(OFFICIAL GAZETTE OF
THE MERCANTILE REGISTER)
Acts on activity: 1 (Last: 10/10/2007)
Acts on administrators: 1 (Last: 27/09/2006)
Acts on capital: 0
Acts on creation: 1 (Last: 27/09/2006)
Acts on filed accounts: 4 (Last: 15/10/2010, first:
08/08/2007)
Acts on identification: 1 (Last: 28/07/2008)
Acts on Information: 0
Latest acts in
B.O.R.M.E.
Other acts
|
ACT |
DATE |
NOTICE NUM. |
MERCANTILE REGISTER |
|
Annual Filed Accounts (2009) |
15/10/2010 |
835140 |
Madrid |
|
Annual Filed Accounts (2008) |
07/12/2009 |
982535 |
Madrid |
|
Annual Filed Accounts (2007) |
10/03/2009 |
86613 |
Madrid |
|
Change of registered address |
28/07/2008 |
364516 |
Madrid |
|
Registered activity enlargement |
10/10/2007 |
509187 |
Cádiz |
|
Annual Filed Accounts (2006) |
08/08/2007 |
259030 |
Cádiz |
|
Appointments |
27/09/2006 |
467006 |
Cádiz |
|
Constitution |
27/09/2006 |
467006 |
Cádiz |
There are 8 acts registered
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.60 |
|
UK Pound |
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.69.86 |
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.