MIRA INFORM REPORT

 

 

Report Date :

23.11.2012

 

IDENTIFICATION DETAILS

 

Name :

Stock Plus Sl

 

 

Registered Office :

Calle Girona, S/N 43560 La Senia Tarragon

 

 

 

 

Country :

Spain

 

 

 

 

Financials (as on) :

31.12.2010

 

 

 

 

Date of Incorporation :

16.08.1989

 

 

 

 

Legal Form :

Limited Liability Company

 

 

 

 

Line of Business :

Manufacturer of Plastic Materials

 

 

 

 

No. of Employees :

25

 

 

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

 

Maximum Credit Limit

From 0 to 6,000,000 €

 

 

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

(31.03.2011)

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

 

 

 

 

Identification

 

Current Business Name              : STOCK PLUS SL

Other names                             :  YES

Current Address             :  CALLE GIRONA, S/N

43560 LA SENIA TARRAGONA 

Branches                                  :  3

Telephone number                      : 977575245 Fax: 977570165

URL                                          :  www.stockplus.es

Corporate e-mail                        :  stockplus@stockplus.es

 

 

Trade Risk

 

Credit appraisal                          : 195.000,00 €

Incidents                                   :  NO

 

 

Financial Information

 

Balance sheet latest sales (2010): 7.105.555,54 € (Mercantile Register)

Result                                         : 31.447,49 €

Total Assets                                : 6.225.505,09 €

Share capital                               :  300.006,00 €

Employees:  25

Listed on a Stock Exchange         : NO

 

 

Commercial Information

 

Incorporation date                      :  16/08/1989

Activity                                      :  Mfg. of plastic materials

NACE 2009 CODE                     : 2222

International Operations              :  Imports and Exports

 

 

Corporate Structure

 

Sole Administrator                     :GASCO CUARTIELLA, DAVID

Participations                            :  1

 

 

Other Complementary Information

 

Latest act published in BORME  :  05/01/2012 Appointments

Latest press article                    :  10/08/2003 LA VANGUARDIA (BRANCHES)

Bank Entities                             :  There are

 

The date when this report was last updated is 05/11/2012.

The information contained in this report has been investigated and contrasted on 26/01/2012

 

 

TRADE RISK

 

Credit appraisal

Maximum Credit

(from 0 to 6,000,000 €)

 

Favourable to 195.000,00 €

 

 

Rating Informa Explanation

 

Financial situation

The company’s financial situation is normal.

The company’s financial situation evolution has been positive.

The sales evolution has been  positive  not the results one, which has been  negative.

The auditor’s opinion about the latest accounts has been favourable.

 

Company Structure

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

The company’s size is  medium depending on its sales volume.

The employees evolution has been negative.

 

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

10/02/2012

Increase

14

New financial statements have been uploaded.

 

INCIDENTS

 

 

Summary

LEGAL ACTIONS: No legal actions registered

ADMINISTRATIVE CLAIMS: No administrative claims registered

AFFECTED BY:

2 Company / Companies in Insolvency Proceedings.

 

EXPERIAN BUREAU EMPRESARIAL BANK AND MULTI - SECTORIAL DEFAULTS OF PAYMENT

 

 

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

1.626.452,30

26,13

1.905.374,58

31,07

2.149.611,03

28,32

B) CURRENT ASSETS

4.599.052,79

73,87

4.227.876,15

68,93

5.440.654,24

71,68

LIABILITIES

 

 

 

 

 

 

A) NET WORTH

1.730.595,20

27,80

1.700.855,63

27,73

1.653.033,91

21,78

B) NON CURRENT LIABILITIES

747.468,06

12,01

788.599,77

12,86

1.092.605,78

14,39

C) CURRENT LIABILITIES

3.747.441,83

60,19

3.643.795,33

59,41

4.844.625,58

63,83

 

Balance Sheet Comments

 

Total assets of the company  grew in 1,50%  between 2.009 and 2.010.

In spite of the assets’ growth, non current assets decreased 14,64%.

This growth has been financed, on a wider scale, with a Net Worth increase of 1,75% and in a smaller proportion with an debt increase of 1,41%.

Total assets of the company  decreased in 19,20%  between 2.008 and 2.009.

This total assets decrease has been reflected in a reduction of non current assets of 11,36%.

Assets reduction contrasts with net worth growth of 2,89%. Therefore, the company’s indebtedness has reduced in 25,35%.

 

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

7.105.555,54

 

6.281.702,87

 

11.542.448,78

 

GROSS MARGIN

2.450.670,16

34,49

2.464.463,13

39,23

3.319.513,45

28,76

EBITDA

500.865,83

7,05

528.828,36

8,42

705.998,45

6,12

EBIT

201.171,94

2,83

247.132,33

3,93

377.988,44

3,27

NET RESULT

31.447,49

0,44

47.821,72

0,76

44.719,98

0,39

EFFECTIVE TAX RATE (%)

30,00

0,00

30,00

0,00

30,00

0,00

 

Profit and Loss Account Comments

The company’s sales figure  grew in 13,12% between 2.009 and 2.010.

The company’s EBIT  decreased in 18,60% between 2.009 and 2.010.

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 21,54% in the analysed period, being this profitability of 8,05% in the year 2.010.

The Net Result of the company  decreased in 34,24% 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 35,32% in the analysed period, being equal to 2,60% in the year 2.010 .

The company’s sales figure  decreased in 45,58% between 2.008 and 2.009.

The company’s EBIT  decreased in 34,62% between 2.008 and 2.009.

This evolution implies a reduction in the company’s economic profitability .

The result of these variations is an increase of the company’s Economic Profitability of 7,66% in the analysed period, being equal to 10,26% in the year 2.009.

The Net Result of the company  grew in 6,94% between 2.008 and 2.009.

The company’s Financial Profitability has been positively affected by the financial activities in comparison with EBITs behaviour .

The result of these variations is an increase of the company’s Economic Profitability of 3,88% in the analysed period, being equal to 4,02% 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

26,13

49,20

-23,08

 

A) CURRENT ASSETS

73,87

50,80

23,08

 

LIABILITIES

 

A) NET WORTH

27,80

40,73

-12,93

 

B) NON CURRENT LIABILITIES

12,01

18,78

-6,78

 

C) CURRENT LIABILITIES

60,19

40,49

19,70

 

 

 

 

 

 

 

COMPANY

(2010)

 

SECTOR

DIFFERENCE

 

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

 

 

 

 

SALES

99,60

98,46

1,13

 

GROSS MARGIN

34,35

41,82

-7,47

 

EBITDA

7,02

9,41

-2,39

 

EBIT

2,82

3,36

-0,54

 

NET RESULT

0,44

2,66

-2,22

 

 

Sector Composition

Compared sector (NACE 2009)   : 2222

Number of companies                 : 52

Size (sales figure)                      : 7,000,000.00 - 40,000,000.00 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 -23,08% .

In liabilities composition the company turns to on a smaller scale to self financing, being the Net Worth proportion 12,93% inferior. As a consequence, external financing sources are more used by the company ( 12,93% more than the sector) .

The proportion that the sales mean to the company’s total ordinary income is 99,60% , an 1,13% higher than in the sector .

The company’s EBIT was positive and was 2,82% with regard to the total ordinary income, 0,54% 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 (0,03 in comparison with 0,03) .

The company’s net result was positive and equal to 0,44% with regard to the total ordinary income, -2,22% inferior 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 2010

Figures given in €

 

DISTRIBUTION BASE

APPLICATION A

Profit and Loss Account Balance

31.447,49

Legal Reserve

0,00

Carry over

0,00

Goodwill reserve

0,00

Voluntary reserves

0,00

Special reserves

0,00

Other reserves disposable at will

0,00

Voluntary reserves

31.447,49

Total of Amounts to be distributed

31.447,49

Dividends

0,00

 

 

Carry over and others

0,00

 

 

Compensation of previous exercises losses

0,00

 

 

Application total

31.447,49

 

Auditing

Source                          : filing of annual financial statement 2010

Auditors’ opinion            : FAVOURABLE

Auditor                          : ASENSIO Y ASOCIADOS AUDITORES CONSULTORES S.L.U.P.

Auditing fees                 : 8.913,00 €

 

Facts subsequent to the closing

Source                          : Annual financial report 2010

 

After the closure no relevant facts requiring their inclusion in the annual accounts have taken place.

 

 

ADDRESSES

 

Business address

Current Legal Seat Address:

CALLE GIRONA, S/N

43560 LA SENIA  TARRAGONA

 

Characteristics of the current address

Type of establishment    : office, factory

Owners                         : owned; with no official confirmation

 

Branches

STREET

POSTAL CODE

TOWN

PROVINCE

CALLE DE SICANIA, 25

43560

LA SENIA

Tarragona

PARTIDA PLA BASSA, S/N

43560

LA SENIA

Tarragona

CARRETERA SANTA BARBARA

43560

LA SENIA

Tarragona

There are 3 branches registered

 

 

CORPORATE STRUCTURE

 

ADMINISTRATIVE LINKS

 

Summary

Governing body                          : 1 member (latest change: 11/09/1997)

Other Positions                          : 2 (latest change: 27/12/2000)

Auditor                                       : 1 (latest change: 20/12/2011)

Operative Board Members           : 6 (latest change: 18/05/2011)

Non-current positions                  : 3 (latest change: 28/10/1993)

 

Main Board members, Directors and Auditor

Governing body

POSITION

NAME AND SURNAME

DATE

APPOINTMENT

SOLE ADMINISTRATOR

GASCO CUARTIELLA, DAVID

11/09/1997

 

 

 

 

Auditor

POSITION

NAME AND SURNAME

DATE

APPOINTMENT

AUDITOR

ASENSIO Y ASOCIADOS AUDITORES CONSULTORES SOCIEDAD

20/12/2011

There are 4 board members, directors and auditors registered

 

Board members remuneration

Source: Annual financial report 2010

Board members remuneration: 84.148,56 €

 

Functional Managers

POSITION

NAME AND SURNAME

General Manager

GASCO CUARTIELLA, DAVID

Financial Manager

GASCO CUARTIELLA, JUAN VICENTE

Human Resources Director

GASCO CUARTIELLA, JUAN VICENTE

Commercial Director

GASCO CUARTIELLA, SANTIAGO

Marketing Director

GASCO CUARTIELLA, SANTIAGO

IT Director

BRIONES CABALLERO, YOLANDA

 

FINANCIAL LINKS

 

Shareholders

 

BUSINESS NAME

TAX NUMBER/COUNTRY

%

SOURCE

DATE REP.

 

GASCO CUARTIELLA DAVID

 

33,33

OWN SOURCES

19/05/2011

 

GASCO CUARTIELLA SANTIAGO

 

33,33

OWN SOURCES

19/05/2011

 

GASCO CUARTIELLA JUAN VICENTE

 

33,33

OWN SOURCES

19/05/2011

There are 3 direct financial links through shareholders registered

 

Participations

 

BUSINESS NAME

TAX NUMBER/COUNTRY

%

SOURCE

DATE REP.

 

 

LA CAΡADA TOCHOSA SA

A46072948

0,01

OWN SOURCES

10/05/2012

There are 1 direct financial links through participations registered

Company with rating inferior to 7

 

 

BUSINESS INFORMATION

 

Constitution

Incorporation date                      : 16/08/1989

 

Origin / Establishment

Establishment date                    : 01/01/1989

Founder’s Name                        : LA TITULAR

 

Activity

Code                                         : 1482200

Activity                                       Mfg. of plastic materials

NACE 2009 CODE                     : 2222

NACE 2009 Activity                    : Manufacture of plastic packing goods

Business                                   : COMERCIALIZACION DE PRODUCTOS PARA EL EMBALAJE, COLAS Y ADHESIVOS EN GENERAL Y LA MANIPULACION DE LOS MISMOS.

Activity description                     : FABRICACION Y COMERCIALIZACION DE FILM Y PRODUCTOS PARA EL EMBALAJE, COLAS Y ADHESIVOS EN GENERAL Y LA MANIPULACION DE LOS MISMOS.

 

Employees

Latest employees figure: 25 (2012)

% of fixed employees: 79,41%

% of temporary employees: 20,59%

 

Employees distribution

Source: Annual financial report 2010

CATEGORY

AVERAGE NUMBER OF EMPLOYEES

MEN

WOMEN

Senior management

3

 

 

Administrative employees

7

 

 

Sales representatives and similar

2

 

 

Other qualified employees

13

 

 

Non qualified employees

9

 

 

 

COMMERCIAL OPERATIONS

 

PURCHASES

Imports from: UE

 

SALES

Export Percentage: 1%

Exports to: UE

 

Sales breakdown

El 100% de su cifra de negocio corresponde a la importaciσn, exportaciσn y comercializaciσn de productos para el embalaje colas y adhesivos en general y la manipulaciσn de los mismos.

 

Banks

ENTITY

BRANCH

ADDRESS

TOWN OR CITY

PROVINCE

BANCO DE SABADELL, S.A.

 

 

LA SENIA

 

BANCO POPULAR ESPAΡOL, S.A.

 

 

LA SENIA

 

CAIXABANK, S.A.

 

 

LA SENIA

 

BANKIA, S.A.

 

 

TORTOSA

 

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

 

 

VINAROT

 

There are 5 bank entities registered.

 

Summary of bank operations

Discount facilities: 0

Credit policy: 1

Mortgage loan: 0

Loans with no real security: 0

 

Bank operations

Debt type: Credit policy

Granted limit:1.235.000,00 €

Used limit:516.712,21 €

Available limit:718.287,79 €

Source: Filed Accounts (2010)

There are 1 bank operations registered

 

Brands

FORMER NAMES:

 

STOCK INFORMATICA SOCIEDAD LIMITADA.

 

Brand name: CREAMOS SOLUCIONES STOCKY (Valid)

Type: JOINT    Scope: NATIONAL    Date: 18/07/2002

Brand name: STOCK (Valid)

Type: JOINT    Scope: NATIONAL    Date: 18/07/2002

There are 8 brands, signs and commercial names

 

 

LEGAL STRUCTURE

 

Constitution Data

Register Date: 16/08/1989

 

Current structure data

Legal form: Limited Liability Company

Share capital: 300.006,00 €

 

Legal Aspects

Obligation to fill in Financial Statements: YES

Chamber census: YES (2010)

 

B.O.R.M.E. (OFFICIAL GAZETTE OF THE MERCANTILE REGISTER)

 

Summary

Acts on activity: 1 (Last: 04/07/1995)

Acts on administrators: 9 (Last: 05/01/2012, first: 28/10/1993)

Acts on capital: 5 (Last: 25/04/2001, first: 07/01/1994)

Acts on creation: 0

Acts on filed accounts: 20 (Last: 14/10/2010, first: 02/12/1991)

Acts on identification: 1 (Last: 04/07/1995)

Acts on Information: 2 (Last: 11/09/1997, first: 28/10/1993)

 

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

Other acts

ACT

DATE

NOTICE NUM.

MERCANTILE REGISTER

Appointments

05/01/2012

7613

Tarragona

Officially cancelling of an appointment

05/01/2012

7613

Tarragona

Annual Filed Accounts (2009)

14/10/2010

829424

Tarragona

Annual Filed Accounts (2009)

08/10/2010

787606

Valencia

Annual Filed Accounts (2008)

23/11/2009

921548

Tarragona

Annual Filed Accounts (2007)

18/11/2008

1103686

Tarragona

Re-elections

13/11/2008

521246

Tarragona

Annual Filed Accounts (2006)

12/11/2007

1001923

Tarragona

Annual Filed Accounts (2005)

24/08/2007

310706

Tarragona

Annual Filed Accounts (2004)

29/11/2005

999355

Tarragona

 

There are 38 acts registered

 

PRESS ARTICLES

 

Press summary by type of information (last five years)

Legal notices: 0

Structural Data: 0

Informative data: 0

Financial Information: 0

Negative information: 0

Business lines: 0

Historical press releases: 1 (Last: 10/08/2003)

 

Latest press article published

No press articles about this company have been loaded in the last 5 years, if you wish you can check the historical press releases (news with more than 5 years)

There are 1 press articles registered for this company

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.16

UK Pound

1

Rs.70.86

Euro

1

Rs.70.86

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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