MIRA
INFORM REPORT
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Report Date : |
06.09.2012 |
IDENTIFICATION DETAILS
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Name : |
SCHMIDT-CLEMENS SPAIN SA |
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Registered Office : |
Ctra Estella-Vitoria Km 12 Murieta, 31280 |
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Country : |
Spain |
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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
1974 |
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Com. Reg. No.: |
A31055585 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Manufacture of tubes, pipes, hollow profiles and related fittings, of steel |
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No. of Employees : |
178 |
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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 : |
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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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.
Source
: CIA
Company name and address
Schmidt-Clemens
Spain Sa
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Business
Description
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Manufacture of tubes, pipes, hollow profiles and related fittings, of
steel |
Industry
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Industry |
Construction - Supplies and Fixtures |
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ANZSIC 2006: |
2122 - Steel Pipe and Tube Manufacturing |
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NACE 2002: |
2722 - Manufacture of steel tubes |
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NAICS 2002: |
331210 - Iron and Steel Pipe and Tube
Manufacturing from Purchased Steel |
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UK SIC 2003: |
2722 - Manufacture of steel tubes |
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UK SIC 2007: |
2420 - Manufacture of tubes, pipes, hollow
profiles and related fittings, of steel |
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US SIC 1987: |
3317 - Steel Pipe and Tubes |
Key Executives
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1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.735553
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7784858
Corporate Overview
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Executives Report
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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 |
93.6 |
107.0 |
173.0 |
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Stock Reduction |
6.1 |
- |
4.0 |
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Supplies |
57.9 |
72.9 |
126.8 |
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Goods Consumption |
0.3 |
1.2 |
13.8 |
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Consumption of Raw
Materials |
55.4 |
66.3 |
105.9 |
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Miscellaneous External
Expenditures |
2.3 |
5.4 |
7.0 |
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Staff Costs |
10.7 |
11.2 |
12.1 |
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Wages and Salaries |
8.3 |
8.7 |
9.4 |
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Social Security Costs |
2.4 |
2.5 |
2.7 |
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Depreciation |
1.2 |
1.3 |
1.6 |
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Allowance for Trade Operations |
0.1 |
-2.1 |
1.5 |
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Stock Provision Variation |
0.1 |
-2.1 |
1.5 |
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Other Operating Charges |
13.6 |
17.1 |
20.4 |
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External Services |
13.6 |
17.0 |
20.4 |
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Taxes |
0.1 |
0.1 |
0.0 |
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Other Operating
Expenses |
0.0 |
0.0 |
0.0 |
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Operating Benefits |
12.6 |
20.9 |
22.8 |
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Financials and Similar Charges |
0.1 |
0.1 |
0.5 |
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Due to Other
Liabilities |
0.1 |
0.1 |
0.5 |
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Exchange Losses |
0.0 |
0.3 |
0.4 |
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Net Financial Income |
0.6 |
0.4 |
- |
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Profit From Ordinary Activities |
13.2 |
21.3 |
22.3 |
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Losses From Assets and Securities Portfolio |
- |
0.0 |
0.0 |
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Extraordinary Profit |
0.1 |
0.1 |
0.1 |
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Profit Before Taxes |
13.3 |
21.4 |
22.4 |
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Corporation Tax |
3.8 |
6.0 |
5.7 |
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Financial Year Result (Profit) |
9.5 |
15.4 |
16.7 |
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Income |
103.1 |
122.3 |
189.7 |
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Net Total Sales |
101.9 |
106.5 |
188.6 |
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Sales |
100.8 |
103.4 |
186.8 |
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Rendering of Services |
1.1 |
3.1 |
1.8 |
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Increase in Stocks |
- |
14.6 |
- |
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Miscellaneous Operating Income |
0.4 |
0.3 |
0.5 |
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Auxiliary Income From
Current Management |
- |
0.3 |
- |
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Grants |
0.4 |
0.1 |
0.5 |
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Income From Equity Investment |
- |
0.1 |
0.0 |
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Third Parties |
- |
0.1 |
0.0 |
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Income From Miscellaneous Interests |
0.7 |
0.7 |
0.4 |
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From Group Companies |
0.4 |
0.7 |
0.4 |
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Miscellaneous
Interests |
0.2 |
- |
- |
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Negative Financial Results |
- |
- |
0.5 |
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Profit on Disposal of Assets |
0.0 |
- |
- |
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Capital Grants Transferred to Profit and Loss |
0.1 |
0.1 |
0.1 |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
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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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Software |
0.0 |
0.1 |
- |
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Total Intangible Fixed Assets |
0.0 |
0.1 |
- |
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Land and Construction |
2.3 |
2.6 |
2.7 |
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Technical
Installations and Machinery |
2.8 |
2.4 |
2.4 |
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Other Installations,
Tools, and Furniture |
0.5 |
0.4 |
0.4 |
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Tangible Fixed Assets
Under Construction |
0.1 |
0.5 |
0.4 |
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Other Tangible Assets |
0.1 |
0.1 |
0.1 |
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Total Tangible Fixed Assets |
5.8 |
6.1 |
6.0 |
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Long-Term Guarantees
and Deposits |
0.0 |
0.0 |
0.0 |
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Financial Investments |
0.0 |
0.0 |
0.0 |
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Total Fixed Assets |
5.9 |
6.2 |
6.0 |
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Goods for Resale |
- |
- |
0.1 |
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Raw Materials and
Other Consumables |
2.6 |
1.2 |
2.3 |
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Goods in Process |
13.9 |
21.4 |
6.2 |
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Finished Products |
0.6 |
1.2 |
0.9 |
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Byproducts and
Recovered Materials |
1.6 |
0.8 |
2.8 |
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Payments on Account |
- |
- |
0.3 |
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Total Stocks |
18.7 |
24.6 |
12.6 |
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Trade Debtors |
6.1 |
5.7 |
22.2 |
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Receivables, Group
Companies |
1.8 |
0.0 |
0.0 |
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Public Bodies |
1.1 |
1.2 |
0.3 |
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Total Debtors |
9.0 |
6.9 |
22.6 |
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Receivables from Group
Companies |
16.1 |
17.5 |
15.0 |
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Short-Term Securities
Portfolio |
0.1 |
- |
1.0 |
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Total Short-Term Investments |
16.2 |
17.5 |
16.0 |
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Cash |
0.8 |
1.7 |
2.5 |
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Prepayments and Accrued Income |
0.0 |
0.0 |
0.2 |
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Total Current Assets |
44.7 |
50.8 |
53.8 |
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Total Assets |
50.6 |
56.9 |
59.8 |
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Legal Reserve |
1.0 |
1.1 |
1.1 |
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Miscellaneous Reserves |
13.1 |
12.5 |
10.1 |
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Total Reserves |
14.1 |
13.6 |
11.2 |
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Profit or Loss for the Financial Year |
9.6 |
15.9 |
15.8 |
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Total Equity |
28.8 |
34.9 |
32.3 |
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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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Loans and Other
Liabilities |
- |
0.0 |
0.1 |
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Total Amounts Owed to Credit Institutions |
- |
0.0 |
0.1 |
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Other Creditors |
1.7 |
0.8 |
1.1 |
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Long-Term Payables to
Public Bodies |
0.0 |
0.1 |
0.1 |
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Total Other Creditors |
1.7 |
0.9 |
1.1 |
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Total Long Term Liabilities |
1.7 |
0.9 |
1.3 |
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Loans and Other
Liabilities |
0.1 |
0.2 |
0.8 |
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Total Amounts Owed to Credit Institutions |
0.1 |
0.2 |
0.8 |
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Amounts Owed to Group
Companies |
- |
- |
0.0 |
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Total Short-Term Amounts Owed to Group and
Associa |
- |
- |
0.0 |
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Advanced Payments from
Customers |
12.0 |
5.9 |
11.2 |
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Amounts Owed for
Purchases of Goods or Services |
3.9 |
8.5 |
8.5 |
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Total Trade Creditors |
16.0 |
14.4 |
19.7 |
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Public Bodies |
2.7 |
5.3 |
4.8 |
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Miscellaneous Debts |
0.4 |
0.3 |
- |
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Wages and Salaries
Payable |
0.7 |
0.7 |
0.6 |
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Total Other Creditors |
3.9 |
6.3 |
5.5 |
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Total Short Term Creditors |
19.9 |
20.9 |
26.1 |
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Short Term Provisions for Liabilities and Charges |
0.1 |
0.1 |
0.1 |
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Total Liabilities and Equity |
50.6 |
56.9 |
59.9 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.89 |
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|
1 |
Rs.88.63 |
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Euro |
1 |
Rs.70.02 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.