MIRA
INFORM REPORT
|
Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
COMEXI GROUP INDUSTRIES SA |
|
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Registered Office : |
Avd. Mas Pins, 135 - Poligon Industrial Girona, Riudellots De La
Selva, 17457 |
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Country : |
Spain |
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Financials (as on) : |
31.12.2011 |
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Year of Establishments: |
1957 |
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Com. Reg. No.: |
A17005299 |
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Legal Form : |
Public Subsidiary Company |
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Line of Business : |
Manufacture of general industrial machinery and equipment |
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No. of Employees : |
352 |
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 |
|
Status : |
Satisfactory |
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|
Payment Behaviour : |
Unknown |
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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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
Company name & address
Comexi Group Industries Sa
Avd. Mas Pins, 135 - Poligon Industrial Girona
Riudellots De La Selva, 17457
Spain
Tel: +(34) 972477744
Fax: +(34) 972477384
Web; www.comexi.com
Synthesis
Employees: 352
Company Type: Public
Subsidiary
Corporate Family: 2
Companies
Ultimate Parent: Comexi Group Industries Sa
Incorporation Date: 1957
Auditor: Auditoria I Control Auditors Slp
Financials in: USD
(Millions)
Fiscal Year End:
12-Jul-2012
Reporting Currency: Euro
Annual Sales: 115.8
1
Net Income: 2.3
Total Assets:
114.1
Business Description
Manufacture of general industrial machinery and equipment
Industry
Industry Miscellaneous Capital Goods
ANZSIC 2006: 2499 - Other
Machinery and Equipment Manufacturing Not Elsewhere Classified
NACE 2002: 2924 - Manufacture
of other general purpose machinery not elsewhere classified
NAICS 2002: 333999 - All Other
Miscellaneous General Purpose Machinery Manufacturing
UK SIC 2003: 2924 - Manufacture
of other general purpose machinery not elsewhere classified
UK SIC 2007: 2829 - Manufacture
of other general-purpose machinery n.e.c.
US SIC 1987: 3569 - General
Industrial Machinery and Equipment, Not Elsewhere Classified
Key Executives
|
Name |
Title |
|
Group Sl Comexi |
Single Partner |
|
Roure Rabasseda Josep |
Financial Director |
|
Felix Roca Batllori |
Director Financiero |
|
Melendez Albert Negre |
Joint Attorney |
|
Padrosa Miquel Marco |
Joint Attorney |
Registered No.(ESP): A17005299
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7512447
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.8160452
Corporate Overview
Location
Avd. Mas Pins, 135 - Poligon Industrial Girona
Riudellots De La Selva, 17457
Spain
Tel: +(34) 972477744
Fax: +(34) 972477384
Web: www.comexi.com
Sales EUR(mil): 87.0
Assets EUR(mil): 93.1
Employees: 352
Fiscal Year End: 12-Jul-2012
Industry: Miscellaneous
Capital Goods
Incorporation Date: 1957
Company Type: Public
Subsidiary
Quoted Status: Not
Quoted
Registered No.(ESP): A17005299
Director General: Jaume
Martinez
Industry Codes
ANZSIC 2006 Codes:
2499 - Other Machinery and Equipment Manufacturing Not Elsewhere
Classified
NACE 2002 Codes:
2924 - Manufacture of other general purpose machinery not
elsewhere classified
NAICS 2002 Codes:
333999 - All Other Miscellaneous General Purpose Machinery
Manufacturing
US SIC 1987:
3569 - General Industrial Machinery and Equipment, Not Elsewhere
Classified
UK SIC 2003:
2924 - Manufacture of other general purpose machinery not
elsewhere classified
UK SIC 2007:
2829 - Manufacture of other general-purpose machinery n.e.c.
Business
Description
Manufacture of plastic and rubber machinery
More Business
Descriptions
Manufacture of general industrial machinery and equipment
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Corporate Family |
Corporate
Structure News: |
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Comexi Group Industries Sa |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
|
Comexi Group Industries Sa |
Parent |
|
|
|
|
|
|
|
Comexi Group Industries Sa |
Subsidiary |
Riudellots De La Selva, Girona |
Spain |
Miscellaneous Capital Goods |
115.8 |
352 |
|
EXECUTIVE REpORT
|
Executives |
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Director General |
Managing Director |
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Financial Director |
Finance Executive |
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Director Financiero |
Finance Executive |
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Joint Attorney |
Legal Executive |
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|||
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Joint Attorney |
Legal Executive |
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Joint Attorney |
Legal Executive |
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Joint Attorney |
Legal Executive |
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Single Partner |
Partner |
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Annual profit & loss
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Charges |
127.1 |
116.3 |
75.2 |
|
Stock Reduction |
- |
- |
9.6 |
|
Supplies |
82.6 |
79.0 |
36.1 |
|
Goods
Consumption |
0.5 |
0.7 |
0.1 |
|
Consumption
of Raw Materials |
66.2 |
62.1 |
27.5 |
|
Miscellaneous
External Expenditures |
15.9 |
16.2 |
8.5 |
|
Staff Costs |
24.1 |
20.7 |
17.1 |
|
Wages
and Salaries |
18.9 |
16.2 |
13.4 |
|
Social
Security Costs |
5.2 |
4.6 |
3.7 |
|
Depreciation |
2.8 |
3.0 |
2.1 |
|
Allowance for
Trade Operations |
0.5 |
0.6 |
-0.9 |
|
Losses
from Unrecovered Receivables |
-0.1 |
-0.1 |
0.2 |
|
Variation
of Other Trade Provisions |
0.6 |
0.7 |
-1.1 |
|
Other Operating
Charges |
15.1 |
12.4 |
11.0 |
|
External
Services |
14.9 |
12.3 |
10.7 |
|
Taxes |
0.2 |
0.2 |
0.2 |
|
Operating
Benefits |
3.9 |
1.1 |
- |
|
Financials and
Similar Charges |
0.9 |
0.8 |
1.1 |
|
Due
to Liabilities With Group Companies |
- |
0.0 |
0.1 |
|
Due
to Other Liabilities |
0.9 |
0.8 |
1.0 |
|
Changes in
Financial Investment Provisions |
0.1 |
0.0 |
- |
|
Exchange Losses |
- |
- |
0.3 |
|
Profit From
Ordinary Activities |
3.2 |
1.0 |
- |
|
Extraordinary
Expenses |
- |
0.0 |
- |
|
Extraordinary
Profit |
0.3 |
0.1 |
0.6 |
|
Profit Before
Taxes |
3.5 |
1.1 |
- |
|
Corporation Tax |
1.0 |
-0.1 |
-1.2 |
|
Financial Year
Result (Profit) |
2.4 |
1.2 |
- |
|
Income |
129.5 |
117.6 |
74.6 |
|
Net Total Sales |
121.0 |
104.6 |
72.5 |
|
Sales |
117.2 |
102.7 |
71.2 |
|
Rendering
of Services |
4.5 |
2.5 |
1.7 |
|
Sales
Refunds |
-0.7 |
-0.6 |
-0.4 |
|
Increase in Stocks |
6.6 |
10.8 |
- |
|
Works Performed
for Fixed Assets |
0.1 |
- |
- |
|
Miscellaneous
Operating Income |
1.4 |
1.4 |
0.8 |
|
Auxiliary
Income From Current Management |
1.0 |
1.0 |
0.5 |
|
Grants |
0.3 |
0.3 |
0.3 |
|
Operating Losses |
- |
- |
1.6 |
|
Income From
Miscellaneous Interests |
0.3 |
0.2 |
0.8 |
|
Miscellaneous
Interests |
0.3 |
0.2 |
0.8 |
|
Profit
on Financial Investment |
- |
- |
0.0 |
|
Gains from
Exchange Rate |
0.0 |
0.5 |
- |
|
Negative
Financial Results |
0.7 |
0.1 |
0.7 |
|
Ordinary
Activities' Losses |
- |
- |
2.3 |
|
Profit on Disposal
of Assets |
0.0 |
- |
0.0 |
|
Capital Grants
Transferred to Profit and Loss |
0.1 |
0.1 |
0.1 |
|
Extraordinary
Income |
0.1 |
- |
0.5 |
|
Losses Before
Taxes |
- |
- |
1.7 |
|
Financial Year
Result (Losses) |
- |
- |
0.5 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Research
and Development Costs |
0.4 |
0.4 |
1.0 |
|
Concessions,
Patents, Trademarks |
0.0 |
0.0 |
0.0 |
|
Software |
1.1 |
1.2 |
1.2 |
|
Payments
on Account |
- |
- |
0.0 |
|
Total Intangible
Fixed Assets |
1.4 |
1.6 |
2.2 |
|
Land
and Construction |
24.3 |
25.6 |
27.8 |
|
Technical
Installations and Machinery |
3.9 |
4.7 |
5.6 |
|
Other
Installations, Tools, and Furniture |
0.8 |
0.9 |
1.1 |
|
Tangible
Fixed Assets Under Construction |
0.1 |
- |
0.1 |
|
Other
Tangible Assets |
0.7 |
0.8 |
0.9 |
|
Total Tangible
Fixed Assets |
29.8 |
31.9 |
35.5 |
|
Receivables
from Group Companies |
2.3 |
2.8 |
3.0 |
|
Long-Term
Guarantees and Deposits |
0.0 |
0.0 |
0.0 |
|
Financial
Investments |
2.3 |
2.9 |
3.0 |
|
Long-Term Trade
Receivables |
2.0 |
3.0 |
3.9 |
|
Total Fixed Assets |
35.6 |
39.4 |
44.6 |
|
Raw
Materials and Other Consumables |
8.1 |
6.9 |
12.0 |
|
Goods
in Process |
30.8 |
25.5 |
15.6 |
|
Payments
on Account |
0.8 |
0.5 |
0.6 |
|
Total Stocks |
39.7 |
33.0 |
28.3 |
|
Trade
Debtors |
34.0 |
36.3 |
33.6 |
|
Receivables,
Group Companies |
3.3 |
4.3 |
3.7 |
|
Other
Debtors |
- |
0.0 |
- |
|
Staff |
0.0 |
- |
- |
|
Public
Bodies |
4.5 |
5.9 |
4.2 |
|
Total Debtors |
41.9 |
46.5 |
41.5 |
|
Receivables
from Group Companies |
2.6 |
0.3 |
0.4 |
|
Other
Receivables |
0.1 |
0.1 |
0.3 |
|
Short-Term
Guarantees and Deposits |
- |
- |
1.2 |
|
Total Short-Term Investments |
2.7 |
0.4 |
1.9 |
|
Cash |
0.3 |
1.4 |
2.0 |
|
Prepayments and
Accrued Income |
0.7 |
0.1 |
0.0 |
|
Total Current Assets |
85.3 |
81.5 |
73.8 |
|
Total Assets |
120.9 |
120.9 |
118.4 |
|
Legal
Reserve |
0.2 |
0.1 |
0.1 |
|
Miscellaneous
Reserves |
39.1 |
40.3 |
45.4 |
|
Capital
Adjustment to Euros |
0.0 |
0.0 |
0.0 |
|
Total Reserves |
39.3 |
40.4 |
45.5 |
|
Prior
Year Losses |
- |
-0.5 |
- |
|
Profit or Loss
Brought Forward |
- |
-0.5 |
- |
|
Profit or Loss for
the Financial Year |
2.3 |
1.3 |
-0.6 |
|
Total Equity |
49.3 |
49.1 |
51.1 |
|
Capital
Grants |
0.3 |
0.2 |
0.1 |
|
Total Deferred Income |
0.3 |
0.2 |
0.1 |
|
Loans
and Other Liabilities |
6.3 |
7.0 |
6.9 |
|
Long-Term
Liabilities from Capital Leases |
- |
0.0 |
0.0 |
|
Total Amounts Owed
to Credit Institutions |
6.3 |
7.0 |
6.9 |
|
Amounts
Owed to Group Companies |
0.4 |
0.1 |
0.2 |
|
Total Debts with
Group or Affiliated Companies |
0.4 |
0.1 |
0.2 |
|
Long-Term
Payables to Public Bodies |
0.9 |
0.8 |
0.8 |
|
Total Other
Creditors |
0.9 |
0.8 |
0.8 |
|
Total Long Term Liabilities |
7.6 |
7.9 |
7.8 |
|
Loans
and Other Liabilities |
18.4 |
16.7 |
14.8 |
|
Short-Term
Liabilities from Capital Leases |
0.0 |
0.0 |
0.2 |
|
Total Amounts Owed
to Credit Institutions |
18.4 |
16.7 |
15.0 |
|
Amounts
Owed to Group Companies |
0.9 |
0.9 |
0.6 |
|
Total Short-Term
Amounts Owed to Group and Associa |
0.9 |
0.9 |
0.6 |
|
Advanced
Payments from Customers |
13.0 |
14.0 |
11.9 |
|
Amounts
Owed for Purchases of Goods or Services |
28.1 |
29.5 |
29.6 |
|
Total Trade
Creditors |
41.1 |
43.5 |
41.5 |
|
Public
Bodies |
0.9 |
0.9 |
0.8 |
|
Miscellaneous
Debts |
0.0 |
0.0 |
0.0 |
|
Wages
and Salaries Payable |
0.8 |
0.1 |
0.0 |
|
Guarantees
and Deposits Received at Short Term |
0.0 |
0.0 |
0.0 |
|
Total Other
Creditors |
1.7 |
1.0 |
0.8 |
|
Provisions |
1.6 |
1.5 |
1.4 |
|
Total Short Term Creditors |
63.7 |
63.6 |
59.3 |
|
Total
Liabilities and Equity |
120.9 |
120.9 |
118.4 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.33 |
|
UK Pound |
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.69.82 |
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.