MIRA
INFORM REPORT
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Report Date : |
23.11.2012 |
IDENTIFICATION DETAILS
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Name : |
INDUSTRIAS ELECTROMECANICAS GH SOCIEDAD ANONIMA |
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Registered Office : |
Apdo. 27 - B |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
1958 |
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Com. Reg. No.: |
A20019923 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Manufacturing Construction Machinery |
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No. of Employees : |
154 |
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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 : |
Slow But Correct |
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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
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Country Name |
Previous Rating (31.03.2011) |
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 AND ADDRESS
INDUSTRIAS
ELECTROMECANICAS GH SOCIEDAD ANONIMA
Apdo. 27 - B Salbatore
Beasain, 20200
Spain
Tel: +(34)
943805660
Fax: +(34)
943888721
Email: www.ghsa.com
Employees: 154
Company Type: Public
Subsidiary
Corporate Family: 4 Companies
Ultimate Parent: Servicios
Tecnicos Olaberria Sl
Incorporation Date: 1958
Auditor: Luis Artamendi
Michelena
Financials in: USD
(Millions)
Fiscal Year End: 10-Sep-2012
Reporting Currency: Euro
Annual Sales: 77.3
1
Net Income: 0.5
Total Assets: 83.2
Business Description
Construction Machinery Manufacturing
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
2952 -
Manufacture of machinery for mining, quarrying and construction |
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NAICS 2002: |
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UK SIC 2003: |
2952 -
Manufacture of machinery for mining, quarrying and construction |
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UK SIC 2007: |
2892 - Manufacture
of machinery for mining, quarrying and construction |
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US SIC 1987: |
Key Executives
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Name |
Title |
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Guerra Aguirrebengoa Vicente |
Managing Director |
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José Antuna |
Director de AdministraciĂ³n y Finanzas |
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Juan Aguirre |
Director Comercial y Marketing |
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Jose Antonio Guerra Altuna |
Joint Manager |
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José Antonio Astigarraga |
Director de Compras |
Registered No.(ESP): A20019923
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7687912
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.78035
Location
Apdo. 27 - B Salbatore
Beasain, 20200
Spain
Tel: +(34)
943805660
Fax: +(34)
943888721
Website: www.ghsa.com
Sales EUR(mil): 59.4
Assets EUR(mil): 64.9
Employees: 154
Fiscal Year End: 10-Sep-2012
Industry: Construction
and Agriculture Machinery
Incorporation Date: 1958
Company Type: Public
Subsidiary
Quoted Status: Not
Quoted
Registered No.(ESP): A20019923
Managing Director: Guerra
Aguirrebengoa Vicente
Industry
Codes
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ANZSIC 2006 Codes: |
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2462 |
- |
Mining and Construction Machinery Manufacturing |
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NACE 2002 Codes: |
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2952 |
- |
Manufacture of machinery for mining, quarrying and construction |
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NAICS 2002 Codes: |
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33312 |
- |
Construction Machinery Manufacturing |
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US SIC 1987: |
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3531 |
- |
Construction Machinery and Equipment |
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UK SIC 2003: |
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2952 |
- |
Manufacture of machinery for mining, quarrying and construction |
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UK SIC 2007: |
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2892 |
- |
Manufacture of machinery for mining, quarrying and construction |
Business
Description
Manufacture of lifting and handling equipment
More Business Descriptions
Construction Machinery Manufacturing
Financial
Data
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Financials in: |
EUR(mil) |
1 Year Growth |
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Revenue: |
59.4 |
-11.2% |
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Net Income: |
0.4 |
NA |
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Assets: |
64.9 |
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Current Assets: |
57.8 |
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Fixed Assets: |
7.1 |
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Long Term Debt: |
1.1 |
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Total Liabilities: |
64.9 |
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Net Worth: |
33.1 |
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Date of Financial Data: |
10-Sep-2012 |
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Branch
Offices
Location
Calle Enclusa S/N
Esparreguera, 08292
Tel: +(34) 937775813
Location
Vial Industrial 8
Olaberria, 20212
Tel: +(34) 943882950
Location
Calle Devesos 6
Meicende, 15008
Tel: +(34) 981275354
Key Corporate Relationships
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Auditor: |
Luis Artamendi Michelena |
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Bank: |
Banco Santander Central Hispano, S.A. |
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Auditor: |
Luis Artamendi Michelena |
Corporate
Structure News
Servicios
Tecnicos Olaberria Sl
Industrias Electromecanicas
Gh Sociedad Anonima
Total Corporate Family Members: 4
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Olaberria, Guipuzcoa |
Spain |
Construction and Agriculture Machinery |
9.0 |
37 |
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Subsidiary |
Beasain, Guipuzcoa |
Spain |
Construction and Agriculture Machinery |
77.3 |
154 |
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Subsidiary |
Biriatou |
France |
Construction and Agriculture Machinery |
8.3 |
7 |
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Subsidiary |
Olaberria, Guipuzcoa |
Spain |
Miscellaneous Capital Goods |
6.2 |
5 |
Board of Directors
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Joint Manager |
Director/Board Member |
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Joint Manager |
Director/Board Member |
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Joint Manager |
Director/Board Member |
Executives
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Managing Director |
Managing Director |
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Director de AdministraciĂ³n y Finanzas |
Administration Executive |
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Joint Manager |
Administration Executive |
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Joint Manager |
Administration Executive |
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Joint Manager |
Administration Executive |
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Joint Manager |
Administration Executive |
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Director Comercial y Marketing |
Sales Executive |
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Director de Compras |
Purchasing Executive |
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Director de Calidad |
Quality Executive |
Annual Profit & Loss
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2007 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.755078 |
0.719047 |
0.730637 |
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Consolidated |
No |
No |
No |
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Charges |
79.0 |
91.7 |
126.8 |
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Stock Reduction |
1.5 |
0.8 |
4.1 |
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Supplies |
56.8 |
64.5 |
98.3 |
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Goods
Consumption |
5.7 |
5.1 |
7.5 |
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Consumption
of Raw Materials |
29.2 |
33.5 |
52.1 |
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Miscellaneous
External Expenditures |
21.8 |
25.9 |
38.7 |
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Staff Costs |
10.8 |
11.6 |
9.8 |
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Wages
and Salaries |
8.3 |
8.9 |
7.5 |
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Social
Security Costs |
2.5 |
2.7 |
2.3 |
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Depreciation |
0.5 |
0.6 |
0.7 |
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Allowance for
Trade Operations |
-0.3 |
1.1 |
0.1 |
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Stock
Provision Variation |
- |
- |
0.3 |
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Losses
from Unrecovered Receivables |
- |
- |
-0.1 |
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Variation
of Other Trade Provisions |
-0.3 |
1.1 |
- |
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Other Operating
Charges |
9.6 |
12.1 |
13.1 |
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External
Services |
9.6 |
12.0 |
13.1 |
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Taxes |
0.0 |
0.0 |
0.1 |
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Operating
Benefits |
0.2 |
2.4 |
6.5 |
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Financials and
Similar Charges |
0.2 |
0.3 |
0.9 |
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Due
to Other Liabilities |
0.2 |
0.2 |
0.9 |
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Losses
from Financial Investments |
0.0 |
0.1 |
- |
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Changes in
Financial Investment Provisions |
- |
0.7 |
-0.6 |
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Exchange Losses |
- |
0.0 |
0.1 |
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Net Financial
Income |
0.2 |
- |
- |
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Profit From
Ordinary Activities |
0.5 |
1.4 |
6.3 |
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Changes in
Provisions for Assets |
-0.1 |
0.0 |
- |
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Losses From Assets
and Securities Portfolio |
- |
- |
0.0 |
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Extraordinary
Expenses |
- |
- |
0.3 |
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Extraordinary
Profit |
0.1 |
0.0 |
- |
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Profit Before
Taxes |
0.6 |
1.4 |
6.2 |
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Corporation Tax |
0.0 |
0.0 |
0.0 |
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Financial Year
Result (Profit) |
0.5 |
1.3 |
6.2 |
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Income |
79.6 |
93.0 |
132.9 |
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Net Total Sales |
78.7 |
92.8 |
132.2 |
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Sales |
77.2 |
91.4 |
130.1 |
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Rendering
of Services |
1.4 |
1.4 |
2.2 |
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Sales
Refunds |
- |
- |
-0.1 |
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Works Performed
for Fixed Assets |
- |
0.0 |
0.1 |
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Miscellaneous
Operating Income |
0.4 |
0.1 |
0.4 |
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Auxiliary
Income From Current Management |
0.1 |
0.1 |
0.1 |
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Grants |
0.4 |
0.0 |
0.0 |
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Charges
for Provisions |
- |
- |
0.3 |
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Income From Equity
Investment |
0.0 |
0.0 |
0.0 |
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Third
Parties |
0.0 |
0.0 |
0.0 |
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Income From Other
Securities and Receivables |
- |
- |
0.0 |
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From
Non-Group Companies |
- |
- |
0.0 |
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Income From
Miscellaneous Interests |
0.1 |
0.0 |
0.0 |
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Miscellaneous
Interests |
0.1 |
0.0 |
0.0 |
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Gains from
Exchange Rate |
0.3 |
- |
0.2 |
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Negative
Financial Results |
- |
1.0 |
0.2 |
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Extraordinary
Income |
- |
- |
0.1 |
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Negative
Extraordinary Results |
- |
- |
0.2 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2007 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.745406 |
0.696986 |
0.683971 |
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Consolidated |
No |
No |
No |
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|
|
|
Research
and Development Costs |
- |
- |
1.3 |
|
Goodwill |
1.0 |
1.0 |
1.7 |
|
Software |
0.1 |
0.0 |
0.2 |
|
Assets
Under Capital Lease |
- |
- |
0.3 |
|
Provisions |
- |
- |
-2.3 |
|
Total Intangible
Fixed Assets |
1.0 |
1.1 |
1.2 |
|
Land
and Construction |
0.6 |
0.6 |
1.5 |
|
Technical
Installations and Machinery |
1.7 |
2.1 |
4.9 |
|
Other
Installations, Tools, and Furniture |
- |
- |
2.3 |
|
Other
Tangible Assets |
- |
- |
0.9 |
|
Accumulated
Depreciation |
- |
- |
-7.4 |
|
Total Tangible
Fixed Assets |
2.2 |
2.7 |
2.1 |
|
Investments
in Group Companies |
5.5 |
3.0 |
- |
|
Receivables
from Group Companies |
0.8 |
0.8 |
1.9 |
|
Investments
in Associated Companies |
- |
- |
4.6 |
|
Provisions |
- |
- |
-1.3 |
|
Financial
Investments |
6.3 |
3.8 |
5.2 |
|
Total Fixed Assets |
9.5 |
7.6 |
8.5 |
|
Deferred Expenses |
- |
- |
0.0 |
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Raw
Materials and Other Consumables |
4.2 |
2.8 |
3.4 |
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Goods
in Process |
3.3 |
1.6 |
2.8 |
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Finished
Products |
7.7 |
11.6 |
12.8 |
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Payments
on Account |
0.0 |
0.5 |
- |
|
Provisions |
- |
- |
-0.3 |
|
Total Stocks |
15.2 |
16.6 |
18.7 |
|
Trade
Debtors |
41.6 |
51.0 |
83.1 |
|
Receivables,
Associated Companies |
- |
- |
2.2 |
|
Public
Bodies |
0.8 |
0.5 |
0.5 |
|
Provisions |
- |
- |
-9.0 |
|
Total Debtors |
42.4 |
51.5 |
76.9 |
|
Short-Term
Securities Portfolio |
14.1 |
8.6 |
3.0 |
|
Other
Receivables |
1.0 |
1.0 |
0.3 |
|
Short-Term
Guarantees and Deposits |
0.1 |
0.1 |
0.1 |
|
Total Short-Term
Investments |
15.3 |
9.7 |
3.4 |
|
Cash |
4.8 |
8.7 |
4.2 |
|
Total Current Assets |
77.5 |
86.4 |
103.1 |
|
Total Assets |
87.1 |
94.0 |
111.7 |
|
Legal
Reserve |
0.0 |
0.0 |
0.0 |
|
Miscellaneous
Reserves |
43.6 |
45.2 |
36.5 |
|
Total Reserves |
43.7 |
45.2 |
36.6 |
|
Profit or Loss for
the Financial Year |
0.5 |
1.4 |
6.6 |
|
Total Equity |
44.4 |
46.8 |
43.3 |
|
Other
Provisions |
1.1 |
1.2 |
0.3 |
|
Total Provisions for Liabilities and
Charges |
1.1 |
1.2 |
0.3 |
|
Loans
and Other Liabilities |
1.1 |
2.2 |
1.9 |
|
Long-Term
Liabilities from Capital Leases |
0.3 |
0.5 |
- |
|
Total Amounts Owed
to Credit Institutions |
1.4 |
2.7 |
1.9 |
|
Other
Creditors |
- |
- |
0.4 |
|
Long-Term
Payables to Public Bodies |
0.1 |
0.1 |
- |
|
Total Other
Creditors |
0.1 |
0.1 |
0.4 |
|
Total Long Term Liabilities |
1.5 |
2.8 |
2.3 |
|
Loans
and Other Liabilities |
3.4 |
0.5 |
15.0 |
|
Short-Term
Liabilities from Capital Leases |
0.2 |
0.2 |
- |
|
Total Amounts Owed
to Credit Institutions |
3.6 |
0.7 |
15.0 |
|
Advanced
Payments from Customers |
10.4 |
12.4 |
12.5 |
|
Amounts
Owed for Purchases of Goods or Services |
23.5 |
27.1 |
36.9 |
|
Total Trade
Creditors |
33.9 |
39.5 |
49.4 |
|
Public
Bodies |
0.4 |
0.4 |
0.7 |
|
Miscellaneous
Debts |
- |
- |
0.1 |
|
Wages
and Salaries Payable |
0.5 |
0.5 |
0.5 |
|
Total Other
Creditors |
0.9 |
1.0 |
1.3 |
|
Total Short Term Creditors |
38.5 |
41.2 |
65.7 |
|
Short Term Provisions for Liabilities and
Charges |
1.6 |
2.0 |
- |
|
Total
Liabilities and Equity |
87.1 |
94.0 |
111.7 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.16 |
|
|
1 |
Rs.88.03 |
|
Euro |
1 |
Rs.70.86 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.