MIRA INFORM REPORT

 

 

Report Date :

12.11.2012

 

IDENTIFICATION DETAILS

 

Name :

DANIELI PROCOME IBERICA SOCIEDAD ANONIMA

 

 

Registered Office :

C/ Portu Bidea, 2 - Pol. Sondikalde, Sondika, 48150

 

 

Country :

Spain 

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1972

 

 

Com. Reg. No.:

A28292373

 

 

Legal Form :

Public Subsidiary Company

 

 

Line of Business :

Manufacturer of machinery for metallurgy

 

 

No. of Employees :

44 employees

 

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: 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)

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 & address 

 

Danieli Procome Iberica Sociedad Anonima

C/ Portu Bidea, 2 - Pol. Sondikalde

Sondika, 48150

Spain

Tel:       +(34) 944803023

 

 

Synthesis 

 

Employees:                  44

Company Type:            Public Subsidiary

Incorporation Date:         1972

Auditor:                        Ernst & Young Sl          

Financials in:                 USD (Millions)

Fiscal Year End:            21-May-2012

Reporting Currency:       Euro

Annual Sales:                27.4  1

Net Income:                   3.2

Total Assets:                 21.2

 

 

Business Description     

 

Manufacture of machinery for metallurgy

 

Industry             

Industry            Miscellaneous Capital Goods

ANZSIC 2006:    2463 - Machine Tool and Parts Manufacturing

NACE 2002:      2951 - Manufacture of machinery for metallurgy

NAICS 2002:     333516 - Rolling Mill Machinery and Equipment Manufacturing

UK SIC 2003:    2951 - Manufacture of machinery for metallurgy

UK SIC 2007:    2891 - Manufacture of machinery for metallurgy

US SIC 1987:    3547 - Rolling Mill Machinery and Equipment

 

           

Key Executives   

 

Name

Title

Jose Benito Artaraz Zuluaga

Chief Executive Officer, Member Of The Board

Nigris Giovanni

President, Member Of The Board

Manuel Moreno Gonzalez

Secretary

Alessandro Della Vedova

Member Of The Board

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.736881

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7823

 

 

Corporate Overview

 

Location

C/ Portu Bidea, 2 - Pol. Sondikalde

Sondika, 48150

Spain

Tel:       +(34) 944803023

           

Sales EUR(mil):             20.2

Assets EUR(mil):           16.6

Employees:                   44

Fiscal Year End:            21-May-2012

Industry:                        Miscellaneous Capital Goods

Incorporation Date:         1972

Company Type:             Public Subsidiary

Quoted Status:              Not Quoted

Registered No.(ESP):     A28292373

 

Chief Executive Officer, Member Of The Board:

Jose Benito Artaraz Zuluaga

 

Contents

Industry Codes

Business Description

Financial Data

Branch Offices

Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

2463     -          Machine Tool and Parts Manufacturing

 

NACE 2002 Codes:

2951     -          Manufacture of machinery for metallurgy

 

NAICS 2002 Codes:

333516  -          Rolling Mill Machinery and Equipment Manufacturing

 

US SIC 1987:

3547     -          Rolling Mill Machinery and Equipment

 

UK SIC 2003:

2951     -          Manufacture of machinery for metallurgy

 

UK SIC 2007:

2891     -          Manufacture of machinery for metallurgy

 

Business Description

Manufacture of machinery for metallurgy

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

20.2

Net Income:

2.3

Assets:

16.6

Current Assets:

13.0

 

Fixed Assets:

3.6

 

Long Term Debt:

0.0

 

Total Liabilities:

16.6

 

Net Worth:

4.3

 

 

 

Date of Financial Data:

21-May-2012

 

1 Year Growth

184.6%

NA

NA

Branch Offices

Location
Zugazarte Etorbidea, 8
Getxo, 48930

 

Tel: +(34) 944804677

     

 

 

 

Key Corporate Relationships

Auditor:

Ernst & Young Sl

Bank:

Banco Bilbao Vizcaya Argentaria, S.A., Bilbao Bizkaia Kutxa,Aurrezki Kutxa Eta Bahitetxea, Caja De Ahorros De Santander Y Cantabria

 

Auditor:

Ernst & Young Sl

 

 

 

 

 

 

 

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Jose Benito Artaraz Zuluaga

 

Chief Executive Officer, Member Of The Board

Director/Board Member

 

Alessandro Della Vedova

 

Member Of The Board

Director/Board Member

 

Nigris Giovanni

 

President, Member Of The Board

Director/Board Member

 

 

Executives

 

Name

Title

Function

 

Jose Benito Artaraz Zuluaga

 

Chief Executive Officer, Member Of The Board

Chief Executive Officer

 

Nigris Giovanni

 

President, Member Of The Board

President

 

Manuel Moreno Gonzalez

 

Secretary

Administration 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

25.1

11.2

60.6

    Stock Reduction

1.5

0.6

30.6

    Supplies

16.2

5.5

26.6

        Goods Consumption

16.1

5.5

26.6

        Consumption of Raw Materials

0.0

-

0.0

    Staff Costs

4.4

2.1

2.1

        Wages and Salaries

3.8

1.8

1.8

        Social Security Costs

0.6

0.3

0.3

    Depreciation

0.3

0.2

0.2

    Allowance for Trade Operations

0.8

-0.1

0.0

        Variation of Other Trade Provisions

0.8

-0.1

0.0

    Other Operating Charges

1.1

0.5

0.7

        External Services

1.1

0.5

0.7

        Taxes

0.0

0.0

0.0

Operating Benefits

3.9

0.7

-

    Financials and Similar Charges

0.0

0.0

0.2

        Due to Liabilities With Group Companies

-

-

0.0

        Due to Other Liabilities

0.0

0.0

0.2

    Exchange Losses

-

0.1

-

Net Financial Income

0.2

2.7

-

Profit From Ordinary Activities

4.1

3.4

-

    Changes in Provisions for Assets

-0.1

2.0

0.0

Extraordinary Profit

0.1

-

-

Profit Before Taxes

4.2

1.4

-

    Corporation Tax

0.9

0.2

-

Financial Year Result (Profit)

3.2

1.2

-

Income

28.4

12.4

59.9

    Net Total Sales

28.1

9.4

59.7

        Sales

28.1

9.4

57.6

        Rendering of Services

-

-

2.0

    Works Performed for Fixed Assets

0.0

-

-

    Miscellaneous Operating Income

-

0.1

0.1

        Auxiliary Income From Current Management

-

0.1

0.1

Operating Losses

-

-

0.5

    Income From Equity Investment

-

2.9

-

        In Group Companies

-

2.9

-

    Income From Miscellaneous Interests

0.0

-

0.1

        From Group Companies

0.0

-

0.0

        Miscellaneous Interests

-

-

0.0

    Gains from Exchange Rate

0.2

-

0.0

Negative Financial Results

-

-

0.2

Ordinary Activities' Losses

-

-

0.7

Negative Extraordinary Results

-

2.0

0.0

Losses Before Taxes

-

-

0.7

Financial Year Result (Losses)

-

-

0.7

 

 

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

0.1

-

-

    Total Intangible Fixed Assets

0.1

-

-

        Land and Construction

1.7

1.8

1.9

        Technical Installations and Machinery

0.0

0.0

0.0

        Other Installations, Tools, and Furniture

1.1

1.3

1.6

        Other Tangible Assets

0.3

0.3

0.4

    Total Tangible Fixed Assets

3.1

3.4

3.9

        Investments in Group Companies

1.5

-

6.6

        Long-Term Securities Portfolio

-

1.4

-

    Financial Investments

1.5

1.4

6.6

Total Fixed Assets

4.7

4.9

10.5

        Goods for Resale

0.2

0.2

0.2

        Goods in Process

0.2

3.1

2.4

        Payments on Account

0.2

-

1.6

    Total Stocks

0.5

3.3

4.2

        Trade Debtors

1.9

2.2

1.2

        Receivables, Group Companies

9.4

2.5

2.2

        Other Debtors

0.0

0.0

0.0

        Staff

0.0

0.0

0.0

        Public Bodies

2.3

0.9

0.9

    Total Debtors

13.6

5.6

4.4

        Receivables from Group Companies

2.1

3.5

4.4

        Other Receivables

-

-

0.0

        Short-Term Guarantees and Deposits

0.0

0.0

-

    Total Short-Term Investments

2.2

3.6

4.4

    Cash

0.5

4.0

1.1

Total Current Assets

16.8

16.5

14.0

Total Assets

21.5

21.4

24.5

    Revaluation Reserves

4.0

4.1

4.4

        Legal Reserve

0.0

0.0

0.0

    Total Reserves

0.0

0.0

0.0

        Prior Year Losses

-1.5

-2.8

-2.3

    Profit or Loss Brought Forward

-1.5

-2.8

-2.3

    Profit or Loss for the Financial Year

3.0

1.2

-0.7

Total Equity

5.6

2.7

1.5

        Amounts Owed to Group Companies

3.1

3.4

6.5

    Total Short-Term Amounts Owed to Group and Associa

3.1

3.4

6.5

        Advanced Payments from Customers

3.4

12.4

-

        Amounts Owed for Purchases of Goods or Services

7.5

0.8

2.8

    Total Trade Creditors

10.9

13.2

2.8

        Public Bodies

0.5

0.1

0.1

        Miscellaneous Debts

-

1.8

0.9

        Wages and Salaries Payable

0.3

0.2

0.1

    Total Other Creditors

0.8

2.1

1.2

    Provisions

-

-

0.2

    Prepayments and Accrued Income

-

-

12.4

Total Short Term Creditors

14.8

18.7

23.0

Short Term Provisions for Liabilities and Charges

1.1

-

-

Total Liabilities and Equity

21.5

21.4

24.5

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.34

UK Pound

1

Rs.86.97

Euro

1

Rs.69.43

 

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%)

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