MIRA INFORM REPORT
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Report Date : |
02.10.2012 |
IDENTIFICATION DETAILS
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Name : |
ORNACOM SL |
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Registered Office : |
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Country : |
Spain |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
23.09.2002 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale of flowers and plants |
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No. of Employees : |
7 |
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) |
|
Spain |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Source
: CIA |
Identification
Current
Business Name: ORNACOM SL
Other
names: NO
Current
Address: CALLE 25 D’ABRIL, 22 - 4 10
Branches: 1
Telephone
number: 961303411 Fax: 961303411
URL: www.ornacom.com
Corporate
e-mail: info@ornacom.com
Trade Risk
Credit
appraisal: 32.000,00 €
Incidents: NO
Financial Information
Balance
sheet latest sales (2011): 1.652.644,68 € (Mercantile
Register)
Result: 20.279,46 €
Total
Assets: 528.894,83 €
Share
capital: 3.006,00 €
Employees: 7
Listed on a Stock
Exchange: NO
Commercial Information
Incorporation
date: 23/09/2002
Activity: Wholesale of flowers and plants
NACE
2009 CODE: 4622
International
Operations: Imports
Corporate Structure
Administrator:
Other Complementary Information
Latest act published in BORME: 06/09/2011 Annual
Filed Accounts
Bank Entities: There are not
Rating Informa 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 positive.
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
|
DATE |
CHANGE |
RESULTING
NOTE |
EVENT |
|
30/08/2012 |
Increase |
15 |
•
New financial statements have been
uploaded. |
|
08/10/2011 |
Increase |
12 |
•
New financial statements have been
uploaded. |
Summary
LEGAL
ACTIONS: No legal actions registered at
ADMINISTRATIVE
CLAIMS: No administrative claims registered at
AFFECTED BY: No
significant element.
FINANCIAL
ELEMENTS AND SECTORIAL COMPARATIVE
FINANCIAL ELEMENTS
Figures
given in €
|
|
31/12/2011 (12) |
% ASSETS |
31/12/2010 (12) |
% ASSETS |
31/12/2009 (12) |
% ASSETS |
|
ASSETS |
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A) NON CURRENT ASSETS |
41.857,63 |
7,91 |
56.546,69 |
11,37 |
35.791,88 |
7,51 |
|
B) CURRENT ASSETS |
487.037,20 |
92,09 |
440.995,02 |
88,63 |
440.934,97 |
92,49 |
|
LIABILITIES |
|
|
|
|
|
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|
A) NET WORTH |
70.262,61 |
13,28 |
49.916,85 |
10,03 |
48.208,22 |
10,11 |
|
B) NON CURRENT LIABILITIES |
32.133,21 |
6,08 |
43.742,26 |
8,79 |
25.907,01 |
5,43 |
|
C) CURRENT LIABILITIES |
426.499,01 |
80,64 |
403.882,60 |
81,18 |
402.611,62 |
84,45 |
Balance Sheet Coemments
Total
assets of the company grew in 6,30%
between 2.010 and 2.011.
In
spite of the assets’ growth, non current assets decreased 25,98%.
This
growth has been financed, on a wider scale, with a Net Worth increase
of 40,76% and in a smaller proportion with an debt increase
of 2,46%.
Total
assets of the company grew in 4,37%
between 2.009 and 2.010.
This
growth is a consequence of non current assets increase in 57,99%.
This
growth has been mainly financed with a debt increase of 4,46%. Nevertheless
Net Worth grew 3,54%.
Profit and loss account analysis 
Figures
given in €
|
|
31/12/2011 (12) |
% NET TURNOVER |
31/12/2010 (12) |
% NET TURNOVER |
31/12/2009 (12) |
% NET TURNOVER |
|
SALES |
1.652.644,68 |
|
748.461,10 |
|
546.703,97 |
|
|
GROSS MARGIN |
484.466,12 |
29,31 |
373.257,46 |
49,87 |
288.883,77 |
52,84 |
|
EBITDA |
53.684,11 |
3,25 |
23.659,79 |
3,16 |
15.285,05 |
2,80 |
|
EBIT |
31.755,42 |
1,92 |
12.354,42 |
1,65 |
4.104,48 |
0,75 |
|
NET RESULT |
20.279,46 |
1,23 |
1.708,63 |
0,23 |
1.946,99 |
0,36 |
|
EFFECTIVE TAX RATE (%) |
16,88 |
0,00 |
16,25 |
0,00 |
13,00 |
0,00 |
Profit and Loss Account Comments
The
company’s sales figure grew in 120,81% between 2.010 and 2.011.
The
company’s EBIT grew
in 157,04% between 2.010 and 2.011.
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 130,67% in the analysed period, being equal
to 10,98% in the year 2.011.
The
Net Result of the company grew
in 1.086,88% between 2.010 and 2.011.
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 749,14% in the analysed period, being equal
to 34,72% in the year 2.011 .
The
company’s sales figure grew
in 36,90% between 2.009 and 2.010.
The company’s
EBIT grew in 201,00% 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 48,29% in the analysed period, being equal
to 4,76% in the year 2.010.
The
Net Result of the company decreased
in 12,24% 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 11,85% in the analysed period, being equal
to 4,09% 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 |
7,91 |
45,93 |
-38,02 |
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A) CURRENT ASSETS |
92,09 |
54,07 |
38,02 |
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LIABILITIES |
|||
|
A) NET WORTH |
13,28 |
43,09 |
-29,81 |
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B) NON CURRENT LIABILITIES |
6,08 |
19,30 |
-13,22 |
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C) CURRENT LIABILITIES |
80,64 |
37,61 |
43,03 |
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COMPANY (2011) |
SECTOR |
DIFFERENCE |
|
PROFIT AND LOSS ACCOUNT
ANALYSIS: % on the total operating income |
|
|
|
|
SALES |
99,27 |
98,93 |
0,34 |
|
GROSS MARGIN |
29,10 |
41,47 |
-12,37 |
|
EBITDA |
3,22 |
5,11 |
-1,88 |
|
EBIT |
1,91 |
2,45 |
-0,54 |
|
NET RESULT |
1,22 |
1,00 |
0,22 |
Sector Composition
Compared
sector (NACE 2009): 4622
Number
of companies: 324
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 -38,02% .
In liabilities
composition the company turns to on a smaller scale to self financing, being
the Net Worth proportion 29,81% inferior. As a consequence, external
financing sources are more used by the company ( 29,81% more than the
sector) .
The
proportion that the sales mean to the company’s total ordinary income
is 99,27% , an 0,34% higher than in the sector .
The
company’s EBIT was positive and was 1,91% 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 (0,02 in comparison
with 0,02) .
The
company’s net result was positive and equal to 1,22% with regard to
the total ordinary income, 0,22% superior to the one of the sector .
The
financial results and the tax impact have had a less negative impact on the net
result of the company that in the sector .
ADDRESSES
Current
Legal Seat Address:
CALLE 25
D’ABRIL, 22 - 4 10
46113 MONCADA
VALENCIA
Previous
Seat Address:
CAMINO DE
LA COSSA 2
MASARROCHOS 46112 VALENCIA
Characteristics of the current address
Type
of establishment:
Owners: rented
Local Situation: secondary
|
STREET |
POSTAL CODE |
TOWN |
PROVINCE |
|
PLAZA CREU DE
QUINTANA (PTA 2), 1 |
46113 |
MONCADA |
Valencia |
CORPORATE STRUCTURE
ADMINISTRATIVE LINKS
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Distribution of the
administration board |
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Governing body : 2 members (latest
change: 17/12/2002) |
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Main Board members, Directors
and Auditor
Governing body
|
POSITION |
NAME AND SURNAME |
DATE APPOINTMENT |
|
ADMINISTRATOR |
BASOMBA GARCIA, MIGUEL |
17/12/2002 |
|
ADMINISTRATOR |
BASOMBA GARCIA, RAMON |
17/12/2002 |
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There are 2 board members, directors and auditors registered
FINANCIAL LINKS
|
|
BUSINESS NAME |
TAX NUMBER/COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
BASOMBA GARCIA MANUEL |
|
50,00 |
OWN SOURCES |
05/07/2007 |
|
|
BASOMBA GARCIA RAMON |
|
50,00 |
OWN SOURCES |
05/07/2007 |
There are 2 direct financial links through shareholders registered
BUSINESS INFORMATION
Incorporation date: 23/09/2002
Establishment date: 23/09/2002
Activity
Informa
Code: 1612210
Informa
Activity: Wholesale of flowers and plants
NACE
2009 CODE: 4622
NACE
2009 Activity: Wholesale of flowers and plants
Business: 1. EL COMERCIO
AL POR MAYOR Y MENOR DE PLANTAS, SIMIENTES, ABONOS Y SUSTANCIAS FERTILIZANTES,
ASI COMO ELEMENTOS ACCESORIOS PROPIOS PARA DECORACION DE JARDINERIA Y
HORTICULTURA.
Employees
Latest
employees figure: 7 (2011)
% of
fixed employees: 85,71%
% of temporary employees: 14,29%
COMMERCIAL OPERATIONS
PURCHASES
Imports from: HOLANDA
SALES
Regional Distribution: 100%
LEGAL STRUCTURE
Constitution Data
Register
Date: 23/09/2002
Register
town: Valencia
Announcement
number: 508110
Share capital: 3.006
€
Current structure data
Legal
form: Limited Liability Company
Share capital: 3.006,00 €
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: 0
Acts
on administrators: 1 (Last: 17/12/2002)
Acts
on capital: 0
Acts
on creation: 1 (Last: 17/12/2002)
Acts
on filed accounts: 9 (Last: 06/09/2011, first: 17/09/2003)
Acts
on identification: 1 (Last: 19/08/2005)
Acts
on Information: 0
Latest acts in B.O.R.M.E.
Other acts
|
ACT |
DATE |
NOTICE NUM. |
MERCANTILE REGISTER |
|
Annual Filed
Accounts (2010) |
06/09/2011 |
443565 |
Valencia |
|
Annual Filed
Accounts (2009) |
30/08/2010 |
413076 |
Valencia |
|
Annual Filed
Accounts (2008) |
02/09/2009 |
309597 |
Valencia |
|
Annual Filed
Accounts (2007) |
01/09/2008 |
376703 |
Valencia |
|
Annual Filed
Accounts (2006) |
11/09/2007 |
449558 |
Valencia |
|
Annual Filed
Accounts (2005) |
16/10/2006 |
758504 |
Valencia |
|
Annual Filed
Accounts (2004) |
14/10/2005 |
739472 |
Valencia |
|
Change of registered address |
19/08/2005 |
366848 |
Valencia |
|
Annual Filed Accounts (2003) |
20/09/2004 |
450700 |
Valencia |
|
Annual Filed
Accounts (2002) |
17/09/2003 |
381430 |
Valencia |
There are 12 acts registered
ADDITIONAL INFORMATION
This
company has been consulted was last displayed on 06/09/2012, 1
times in the last quarter and 188 total times.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
|
|
1 |
Rs.85.16 |
|
Euro |
1 |
Rs.67.78 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.