MIRA INFORM REPORT
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Report Date : |
10.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SPINREACT SA |
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Registered Office : |
Carretera De Santa Coloma, Nº 7, Sant Esteve
De Ba, La Vall D'En Bas, 17176 |
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Country : |
Spain |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
1975 |
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Com. Reg. No.: |
A17027202 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Manufacture of other chemical products |
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No. of Employees : |
71 |
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
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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
and address
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Spinreact Sa |
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Employees: |
71 |
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Company Type: |
Public Subsidiary |
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Incorporation Date: |
1975 |
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Auditor: |
Bdo Auditores Sl |
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Fiscal Year End: |
25-Aug-2011 |
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Reporting Currency: |
Euro |
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Annual Sales: |
21.8 1 |
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Net Income: |
2.3 |
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Total Assets: |
23.1 |
Business
Description
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SPINREACT, S.A. (SPINREACT) is a medical
device company, based in Spain. It develops, manufactures and markets
in-vitro diagnostic reagents and products for the in-vitro diagnostic market.
Its products include clinical biochemistry, serology, immunochemistry, group
blood coagulation and dedicated lines, rapid test, drug abuse, instrument and
micropipette. The clinical biochemistry product includes sustrates,
electrolytes, lipids and enzymes. Its blood grouping reagents includes blood
groups reagents, antibody detection reagents and platelets reagents. The
company is certified with ISO 9001-2000 and ISO 13485-2003 for its quality
management systems. It operates through a network of distributors in more
than ninety countries. The company has its commercial office in Barcelona.
SPINREACT is headquartered in Girona, Spain. |
Industry
Key
Executives
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Registered
No.(ESP)
A17027202
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7226292
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.696767
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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 |
19.1 |
17.7 |
16.8 |
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Staff Costs |
3.5 |
3.5 |
3.4 |
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Wages and Salaries |
2.8 |
2.8 |
2.8 |
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Social Security Costs |
0.7 |
0.7 |
0.6 |
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Depreciation |
0.3 |
0.3 |
0.3 |
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Other Operating Charges |
3.0 |
2.8 |
3.0 |
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Operating Benefits |
2.7 |
2.6 |
2.1 |
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Financials and Similar Charges |
0.0 |
0.1 |
0.1 |
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Due to Liabilities
With Group Companies |
- |
0.0 |
0.1 |
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Due to Other
Liabilities |
0.0 |
0.1 |
0.0 |
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Exchange Losses |
- |
0.1 |
- |
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Net Financial Income |
0.3 |
0.0 |
0.3 |
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Profit From Ordinary Activities |
3.0 |
2.7 |
2.4 |
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Losses From Assets and Securities Portfolio |
0.0 |
0.0 |
- |
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Extraordinary Profit |
- |
0.0 |
0.0 |
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Profit Before Taxes |
3.0 |
2.7 |
2.4 |
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Corporation Tax |
0.8 |
0.7 |
0.6 |
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Financial Year Result (Profit) |
2.2 |
2.0 |
1.8 |
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Income |
21.3 |
19.8 |
18.6 |
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Net Total Sales |
20.8 |
19.5 |
18.2 |
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Gains from Exchange Rate |
0.2 |
- |
0.1 |
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Capital Grants Transferred to Profit and Loss |
0.0 |
0.1 |
0.0 |
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Extraordinary Income |
- |
- |
0.0 |
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Negative Extraordinary Results |
0.0 |
- |
- |
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Annual Balance Sheet |
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Financials in:
USD (mil) |
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
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Consolidated |
No |
No |
No |
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Concessions, Patents,
Trademarks |
0.0 |
0.0 |
0.0 |
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Software |
0.1 |
0.1 |
0.1 |
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Payments on Account |
0.0 |
0.0 |
0.0 |
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Total Intangible Fixed Assets |
0.1 |
0.1 |
0.1 |
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Technical
Installations and Machinery |
0.9 |
0.8 |
0.6 |
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Other Installations,
Tools, and Furniture |
0.8 |
0.7 |
0.5 |
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Tangible Fixed Assets
Under Construction |
0.0 |
0.0 |
0.2 |
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Other Tangible Assets |
0.2 |
0.2 |
0.1 |
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Total Tangible Fixed Assets |
1.9 |
1.7 |
1.4 |
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Receivables from Group
Companies |
4.2 |
3.9 |
- |
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Other Receivables |
- |
- |
3.1 |
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Long-Term Guarantees
and Deposits |
0.1 |
0.1 |
0.0 |
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Financial Investments |
4.2 |
3.9 |
3.2 |
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Total Fixed Assets |
6.2 |
5.7 |
4.7 |
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Goods for Resale |
0.8 |
0.6 |
0.9 |
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Raw Materials and
Other Consumables |
2.0 |
1.9 |
1.5 |
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Goods in Process |
1.6 |
2.0 |
1.6 |
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Finished Products |
1.1 |
1.0 |
0.3 |
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Total Stocks |
5.5 |
5.5 |
4.3 |
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Trade Debtors |
8.4 |
8.4 |
7.0 |
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Receivables, Group
Companies |
0.1 |
0.1 |
0.2 |
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Other Debtors |
0.0 |
0.0 |
0.0 |
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Staff |
0.0 |
- |
- |
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Public Bodies |
0.2 |
0.2 |
0.2 |
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Total Debtors |
8.7 |
8.8 |
7.4 |
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Cash |
1.1 |
1.2 |
1.4 |
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Prepayments and Accrued Income |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
15.4 |
15.5 |
13.2 |
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Total Assets |
21.6 |
21.2 |
17.9 |
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Legal Reserve |
0.0 |
0.0 |
0.0 |
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Miscellaneous Reserves |
14.7 |
13.7 |
11.5 |
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Capital Adjustment to
Euros |
0.0 |
0.0 |
0.0 |
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Total Reserves |
14.8 |
13.7 |
11.5 |
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Partners Contribution
to Loss Compensation |
0.0 |
0.0 |
0.0 |
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Profit or Loss Brought Forward |
0.0 |
0.0 |
0.0 |
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Profit or Loss for the Financial Year |
2.2 |
2.1 |
1.7 |
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Total Equity |
17.2 |
16.0 |
13.4 |
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Capital Grants |
0.1 |
0.1 |
0.1 |
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Total Deferred Income |
0.1 |
0.1 |
0.1 |
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Other Creditors |
0.7 |
0.7 |
0.5 |
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Long-Term Payables to
Public Bodies |
0.1 |
0.1 |
0.1 |
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Total Other Creditors |
0.8 |
0.8 |
0.6 |
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Total Long Term Liabilities |
0.8 |
0.8 |
0.6 |
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Amounts Owed to Group
Companies |
0.3 |
0.5 |
0.3 |
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Total Short-Term Amounts Owed to Group and
Associa |
0.3 |
0.5 |
0.3 |
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Advanced Payments from
Customers |
0.1 |
- |
- |
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Amounts Owed for
Purchases of Goods or Services |
2.2 |
2.9 |
2.4 |
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Total Trade Creditors |
2.4 |
2.9 |
2.4 |
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Public Bodies |
0.3 |
0.4 |
0.6 |
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Miscellaneous Debts |
0.3 |
0.3 |
0.2 |
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Wages and Salaries
Payable |
0.3 |
0.3 |
0.3 |
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Total Other Creditors |
0.9 |
1.0 |
1.1 |
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Total Short Term Creditors |
3.6 |
4.4 |
3.8 |
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Total Liabilities and Equity |
21.6 |
21.2 |
17.9 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.37 |
|
|
1 |
Rs.83.99 |
|
Euro |
1 |
Rs.67.99 |
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 |
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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 |
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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 |
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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 |
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-- |
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.