MIRA
INFORM REPORT
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Report Date : |
27.11.2012 |
IDENTIFICATION DETAILS
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Name : |
MIGUEL GALLEGO SA |
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Registered Office : |
Ctra. Madrid-Cajdiz - Km. 556, Dos Hermanas, 41700 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
1960 |
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Com. Reg. No.: |
A41012766 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Extraction and refining of olive and sunflower oils |
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No. of Employees : |
186 employees |
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 & address
Miguel Gallego Sa
Ctra. Madrid-CĂ¡diz - Km. 556
Dos Hermanas, 41700
Spain
Tel: +(34) 954720550
Fax: +(34) 954729552
Web: www.migasa.com
Synthesis
Employees: 186
Company Type: Public Parent
Corporate Family: 3
Companies
Incorporation Date: 1960
Auditor: Avanter Auditores Slp
Financials in: USD
(Millions)
Fiscal Year End:
03-Feb-2012
Reporting Currency: Euro
Annual Sales: 646.4
1
Net Income: 28.6
Total Assets: 313.6
Business Description
Extraction and refining of olive and sunflower oils
Industry
Industry Food Processing
ANZSIC 2006: 1150 - Oil and Fat
Manufacturing
NACE 2002: 1543 - Manufacture
of margarine and similar edible fats
NAICS 2002: 311225 - Fats and
Oils Refining and Blending
UK SIC 2003: 1543 - Manufacture
of margarine and similar edible fats
UK SIC 2007: 1042 - Manufacture
of margarine and similar edible fats
US SIC 1987: 2079 - Shortening,
Table Oils, Margarine, and Other Edible Fats and Oils, Not Elsewhere Classified
Key Executives
|
Name |
Title |
|
Antonio Gallego Jurado |
Chief Executive Officer, Member Of The Board |
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Maria Reyes Martinez Labrado |
Member Of The Board, President |
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Morales Lopez Manuel |
Financial Director, Managing Director |
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Reyes Martinez Labrad0 |
Administrator |
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Jurado Diego Gallego |
Member Of The Board |
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7217539
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7597816
Corporate Overview
Location
Ctra. Madrid-CĂ¡diz - Km. 556
Dos Hermanas, 41700
Spain
Tel: +(34) 954720550
Fax: +(34) 954729552
Web: www.migasa.com
Sales EUR(mil): 466.6
Assets EUR(mil): 238.2
Employees: 186
Fiscal Year End: 03-Feb-2012
Industry: Food Processing
Incorporation Date: 1960
Company Type: Public Parent
Quoted Status: Not Quoted
Registered No.(ESP): A41012766
Chief Executive
Officer, Member Of The Board:
Antonio Gallego Jurado
Contents
Industry Codes
Business Description
Financial Data
Branch Offices
Subsidiaries
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
1150 - Oil and Fat Manufacturing
NACE 2002 Codes:
1543 - Manufacture of margarine and similar edible fats
NAICS 2002 Codes:
311225 - Fats and Oils Refining and Blending
US SIC 1987:
2079 - Shortening, Table Oils, Margarine, and Other Edible Fats
and Oils, Not Elsewhere Classified
UK SIC 2003:
1543 - Manufacture of margarine and similar edible fats
UK SIC 2007:
1042 - Manufacture of margarine and similar edible fats
Business
Description
Manufacture of vegetable and animal oils and fats
More Business Descriptions
Extraction and refining of olive and sunflower oils
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Corporate Family |
Corporate
Structure News: |
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Miguel
Gallego SA |
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Miguel Gallego Sa |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Miguel Gallego Sa |
Parent |
Dos Hermanas, Sevilla |
Spain |
Food Processing |
646.4 |
186 |
|
Mengibar Sa |
Subsidiary |
Dos Hermanas, Sevilla |
Spain |
Chemical Manufacturing |
37.3 |
38 |
|
Compañia Extremeña De
Aceites Y Cereales S.L. |
Subsidiary |
Plasencia, Caceres |
Spain |
Food Processing |
57.8 |
5 |
Executive report
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Board of
Directors |
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Member Of The Board |
Director/Board Member |
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Chief Executive Officer, Member Of The Board |
Director/Board Member |
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Administrator |
Director/Board Member |
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Member Of The Board, President |
Director/Board Member |
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Member Of The Board |
Director/Board Member |
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Executives |
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Chief Executive Officer, Member Of The Board |
Chief Executive Officer |
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Member Of The Board, President |
President |
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Financial Director, Managing Director |
Managing Director |
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Administrator |
Administration Executive |
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Non Consellor Secretary |
Administration Executive |
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Annual Profit & Loss
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|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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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 |
0.683679 |
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Consolidated |
No |
No |
No |
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Charges |
611.6 |
585.1 |
754.2 |
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Stock Reduction |
- |
7.5 |
- |
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Supplies |
565.7 |
538.8 |
710.4 |
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Goods Consumption |
541.3 |
520.4 |
693.0 |
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Consumption of Raw
Materials |
14.8 |
5.3 |
4.0 |
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Miscellaneous External
Expenditures |
9.6 |
13.2 |
13.4 |
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Staff Costs |
8.3 |
7.1 |
7.3 |
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Wages and Salaries |
6.5 |
5.6 |
5.7 |
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Social Security Costs |
1.8 |
1.5 |
1.5 |
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Depreciation |
2.1 |
2.0 |
1.2 |
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Allowance for Trade Operations |
2.1 |
0.0 |
3.2 |
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Losses from
Unrecovered Receivables |
2.1 |
0.0 |
3.2 |
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Other Operating Charges |
22.6 |
20.1 |
20.8 |
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External Services |
22.3 |
19.9 |
20.6 |
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Taxes |
0.3 |
0.2 |
0.2 |
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Operating Benefits |
27.2 |
15.6 |
15.6 |
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Financials and Similar Charges |
2.8 |
4.3 |
7.9 |
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Due to Liabilities
With Group Companies |
0.3 |
0.9 |
1.3 |
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Due to Other
Liabilities |
2.5 |
3.4 |
6.7 |
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Losses from Financial
Investments |
0.0 |
0.1 |
0.0 |
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Changes in Financial Investment Provisions |
0.0 |
0.0 |
0.0 |
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Exchange Losses |
- |
0.7 |
0.3 |
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Net Financial Income |
5.9 |
- |
- |
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Profit From Ordinary Activities |
33.1 |
12.3 |
13.9 |
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Changes in Provisions for Assets |
-0.6 |
0.6 |
-0.3 |
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Losses From Assets and Securities Portfolio |
- |
- |
0.1 |
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Extraordinary Expenses |
- |
- |
0.0 |
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Extraordinary Profit |
2.8 |
0.4 |
0.2 |
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Profit Before Taxes |
35.9 |
12.7 |
14.1 |
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Corporation Tax |
8.5 |
3.9 |
3.2 |
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Financial Year Result (Profit) |
27.4 |
8.7 |
10.9 |
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Income |
638.9 |
593.8 |
765.0 |
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Net Total Sales |
617.9 |
589.8 |
754.1 |
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Sales |
613.7 |
586.3 |
751.1 |
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Rendering of Services |
4.2 |
3.5 |
3.0 |
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Increase in Stocks |
7.2 |
- |
3.0 |
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Miscellaneous Operating Income |
2.9 |
1.3 |
1.4 |
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Auxiliary Income From
Current Management |
2.7 |
1.1 |
0.8 |
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Grants |
0.2 |
0.2 |
0.6 |
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Income From Equity Investment |
6.0 |
0.0 |
2.8 |
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In Group Companies |
6.0 |
- |
2.5 |
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In Associated
Companies |
- |
- |
0.2 |
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Third Parties |
- |
0.0 |
- |
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Income From Miscellaneous Interests |
1.4 |
1.7 |
3.7 |
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From Group Companies |
1.1 |
0.9 |
2.3 |
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From Associated
Companies |
0.3 |
0.3 |
0.7 |
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Miscellaneous
Interests |
0.0 |
0.1 |
0.2 |
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Profit on Financial
Investment |
0.0 |
0.4 |
0.6 |
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Gains from Exchange Rate |
1.4 |
- |
- |
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Negative Financial Results |
- |
3.3 |
1.7 |
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Profit on Disposal of Assets |
0.0 |
- |
- |
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Capital Grants Transferred to Profit and Loss |
0.0 |
0.0 |
0.0 |
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Extraordinary Income |
2.1 |
1.0 |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
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Consolidated |
No |
No |
No |
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Concessions, Patents,
Trademarks |
9.4 |
- |
- |
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Software |
0.0 |
0.0 |
0.0 |
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Total Intangible Fixed Assets |
9.4 |
0.0 |
0.0 |
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Land and Construction |
14.2 |
14.6 |
14.3 |
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Technical Installations
and Machinery |
8.7 |
8.4 |
5.4 |
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Other Installations,
Tools, and Furniture |
0.8 |
0.8 |
0.5 |
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Tangible Fixed Assets
Under Construction |
0.7 |
0.1 |
2.2 |
|
Other Tangible Assets |
1.2 |
1.2 |
0.8 |
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Total Tangible Fixed Assets |
25.7 |
25.1 |
23.1 |
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Investments in Group
Companies |
18.0 |
43.6 |
33.6 |
|
Investments in
Associated Companies |
0.8 |
1.8 |
1.4 |
|
Credits to Associated
Companies |
8.2 |
9.7 |
2.1 |
|
Long-Term Securities
Portfolio |
0.1 |
0.1 |
0.1 |
|
Long-Term Guarantees
and Deposits |
0.1 |
0.1 |
0.1 |
|
Financial Investments |
27.2 |
55.3 |
37.2 |
|
Total Fixed Assets |
62.2 |
80.4 |
60.4 |
|
Goods for Resale |
71.0 |
78.4 |
72.2 |
|
Raw Materials and
Other Consumables |
0.5 |
1.0 |
1.2 |
|
Goods in Process |
0.4 |
- |
- |
|
Finished Products |
12.7 |
4.3 |
7.7 |
|
Byproducts and
Recovered Materials |
2.4 |
0.1 |
4.1 |
|
Payments on Account |
18.3 |
9.1 |
15.4 |
|
Total Stocks |
105.2 |
93.0 |
100.5 |
|
Trade Debtors |
47.6 |
50.5 |
48.9 |
|
Receivables, Group
Companies |
18.3 |
13.3 |
14.8 |
|
Receivables, Associated
Companies |
13.2 |
9.6 |
10.6 |
|
Staff |
0.0 |
0.0 |
0.0 |
|
Public Bodies |
10.0 |
2.5 |
4.8 |
|
Total Debtors |
89.1 |
75.9 |
79.2 |
|
Receivables from Group
Companies |
60.8 |
39.5 |
38.6 |
|
Credits to Associated
Companies |
1.0 |
0.6 |
0.6 |
|
Short-Term Securities
Portfolio |
0.0 |
0.0 |
0.0 |
|
Other Receivables |
0.4 |
0.0 |
0.0 |
|
Short-Term Guarantees
and Deposits |
0.2 |
0.1 |
1.4 |
|
Total Short-Term Investments |
62.4 |
40.3 |
40.6 |
|
Cash |
0.4 |
1.8 |
3.0 |
|
Prepayments and Accrued Income |
0.3 |
0.1 |
0.0 |
|
Total Current Assets |
257.4 |
211.1 |
223.3 |
|
Total Assets |
319.6 |
291.5 |
283.7 |
|
Legal Reserve |
0.4 |
0.4 |
0.4 |
|
Miscellaneous Reserves |
94.2 |
90.4 |
81.6 |
|
Capital Adjustment to
Euros |
0.0 |
0.0 |
0.0 |
|
Total Reserves |
94.6 |
90.8 |
82.0 |
|
Profit or Loss for the Financial Year |
27.7 |
9.0 |
10.3 |
|
Total Equity |
123.7 |
101.3 |
93.7 |
|
Capital Grants |
0.1 |
0.1 |
0.1 |
|
Total Deferred Income |
0.1 |
0.1 |
0.1 |
|
Provisions for Taxes |
0.9 |
0.9 |
0.9 |
|
Total Provisions for Liabilities and Charges |
0.9 |
0.9 |
0.9 |
|
Loans and Other
Liabilities |
19.1 |
26.8 |
20.7 |
|
Total Amounts Owed to Credit Institutions |
19.1 |
26.8 |
20.7 |
|
Long-Term Guarantees
and Deposits Received |
0.0 |
0.2 |
0.4 |
|
Long-Term Payables to
Public Bodies |
2.5 |
0.7 |
0.0 |
|
Total Other Creditors |
2.5 |
0.9 |
0.5 |
|
Total Long Term Liabilities |
21.6 |
27.7 |
21.2 |
|
Loans and Other
Liabilities |
110.6 |
72.6 |
75.6 |
|
Total Amounts Owed to Credit Institutions |
110.6 |
72.6 |
75.6 |
|
Amounts Owed to Group
Companies |
28.6 |
56.9 |
66.3 |
|
Amounts Owed to
Associated Companies |
1.7 |
3.4 |
4.0 |
|
Total Short-Term Amounts Owed to Group and
Associa |
30.3 |
60.3 |
70.3 |
|
Amounts Owed for
Purchases of Goods or Services |
28.4 |
25.2 |
17.0 |
|
Total Trade Creditors |
28.4 |
25.2 |
17.0 |
|
Public Bodies |
3.4 |
1.5 |
0.7 |
|
Miscellaneous Debts |
0.5 |
1.8 |
4.2 |
|
Wages and Salaries
Payable |
0.0 |
0.0 |
0.0 |
|
Total Other Creditors |
3.9 |
3.4 |
4.9 |
|
Total Short Term Creditors |
173.3 |
161.4 |
167.9 |
|
Total Liabilities and Equity |
319.6 |
291.5 |
283.7 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.69 |
|
UK Pound |
1 |
Rs.89.20 |
|
Euro |
1 |
Rs.72.10 |
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.