MIRA
INFORM REPORT
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Report Date : |
10.04.2013 |
IDENTIFICATION DETAILS
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Name : |
ABASIC SL |
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Registered Office : |
C/Bruc, 49 Barcelona |
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Country : |
Spain |
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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
2003 |
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Com. Reg. No.: |
B63054068 |
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Legal Form : |
Private Parent Company |
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Line of Business : |
Design and Sale of Casual Clothing |
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No. of Employees : |
681 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
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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 & address
Abasic Sl
C/ Bruc, 49
Barcelona, 08009
Spain
Tel: +(34) 933043164
Fax: +(34) 933021907
Web: www.desigual.com
Synthesis
Employees: 681
Company Type: Private Parent
Corporate Family: 2
Companies
Incorporation Date: 2003
Auditor: Gasso Auditores Slp
Financials in: USD
(Millions)
Fiscal Year End:
23-Nov-2011
Reporting Currency: Euro
Annual Sales: 388.8
1
Net Income: 29.9
Total Assets: 285.3
Business Description
Design and sale of casual clothing
Industry
Industry Retail (Apparel)
ANZSIC 2006: 4251 - Clothing
Retailing
NACE 2002: 5242 - Retail sale
of clothing
NAICS 2002: 448110 - Men's
Clothing Stores
UK SIC 2003: 52424 - Retail
sale of other men's clothing
UK SIC 2007: 4771 - Retail sale
of clothing in specialised stores
US SIC 1987: 5611 - Men's and
Boys' Clothing and Accessory Stores
Key Executives
|
Name |
Title |
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Jorge Ramirez Martinell |
Non Consellor Secretary |
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Maria Oviols |
Director de Recursos Humanos |
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Manel Adell Domingo |
Vice Chairman, Member Of The Board, Chief
Executive Officer |
|
Christian Meyer |
Member Of The Board |
Registered No.(ESP):
B63054068
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7190468
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7489795
Corporate Overview
Location
C/ Bruc, 49
Barcelona, 08009
Spain
Tel: +(34) 933043164
Fax: +(34) 933021907
Web: www.desigual.com
Sales EUR(mil): 279.6
Assets EUR(mil): 213.7
Employees: 681
Fiscal Year End: 23-Nov-2011
Industry: Retail (Apparel)
Incorporation Date: 2003
Company Type: Private Parent
Quoted Status: Not Quoted
Registered No.(ESP): B63054068
Vice Chairman,
Member Of The Board, Chief Executive Officer:
Manel Adell Domingo
Contents
Industry Codes
Business Description
Brand/Trade Names
Financial Data
Branch Offices
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
4251 - Clothing Retailing
NACE 2002 Codes:
5242 - Retail sale of clothing
NAICS 2002 Codes:
448110 - Men's Clothing Stores
448120 - Women's Clothing Stores
448130 - Children's and Infants' Clothing Stores
US SIC 1987:
5611 - Men's and Boys' Clothing and Accessory Stores
5641 - Children's and Infants' Wear Stores
5621 - Women's Clothing Stores
UK SIC 2003:
52424 - Retail sale of other men's clothing
52423 - Retail sale of other women's clothing
52422 - Retail sale of children's and infants' clothing
UK SIC 2007:
4771 - Retail sale of clothing in specialised stores
Business
Description
Wholesale of textiles
More Business
Descriptions
Design and sale of casual clothing
Brand/Trade Names
Desigual
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Corporate Family |
Corporate
Structure News: |
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Abasic
Sl |
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Abasic Sl |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Abasic Sl |
Parent |
Barcelona |
Spain |
Retail (Apparel) |
388.8 |
681 |
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Sepalememe Sl |
Subsidiary |
Barcelona |
Spain |
Retail (Apparel) |
155.1 |
667 |
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Executive report
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Board
of Directors |
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Vice Chairman, Member Of The Board, Chief
Executive Officer |
Vice-Chairman |
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Member Of The Board |
Director/Board Member |
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Executives |
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Non Consellor Secretary |
Administration Executive |
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Director de Recursos Humanos |
Human Resources 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 |
|
Exchange Rate
(Period Average) |
0.755078 |
0.719047 |
0.683679 |
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Consolidated |
No |
No |
No |
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Charges |
351.7 |
250.7 |
138.7 |
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Supplies |
159.7 |
126.0 |
69.4 |
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Goods
Consumption |
137.9 |
100.3 |
63.9 |
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Consumption
of Raw Materials |
21.8 |
25.7 |
5.5 |
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Staff Costs |
33.9 |
23.7 |
15.3 |
|
Wages
and Salaries |
25.6 |
19.1 |
11.5 |
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Social
Security Costs |
8.3 |
4.6 |
3.8 |
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Depreciation |
6.5 |
4.8 |
2.7 |
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Allowance for Trade
Operations |
21.4 |
8.5 |
2.1 |
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Stock
Provision Variation |
15.8 |
4.5 |
1.1 |
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Losses
from Unrecovered Receivables |
5.6 |
4.0 |
1.0 |
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Other Operating
Charges |
112.4 |
73.5 |
43.8 |
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External
Services |
112.1 |
73.4 |
43.7 |
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Taxes |
0.2 |
0.1 |
0.1 |
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Operating
Benefits |
42.5 |
31.9 |
11.7 |
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Financials and
Similar Charges |
3.6 |
2.8 |
2.8 |
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Due
to Liabilities With Group Companies |
2.9 |
1.0 |
0.6 |
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Due
to Other Liabilities |
0.7 |
1.7 |
2.2 |
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Changes in
Financial Investment Provisions |
2.1 |
3.3 |
0.1 |
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Exchange Losses |
0.2 |
0.5 |
0.2 |
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Profit From
Ordinary Activities |
40.5 |
25.6 |
8.6 |
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Extraordinary
Expenses |
- |
0.1 |
- |
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Extraordinary
Profit |
0.0 |
- |
0.0 |
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Profit Before
Taxes |
40.5 |
25.6 |
8.6 |
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Corporation Tax |
12.0 |
7.5 |
2.4 |
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Financial Year
Result (Profit) |
28.5 |
18.1 |
6.3 |
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Income |
380.2 |
268.8 |
145.0 |
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Net Total Sales |
370.2 |
257.5 |
136.7 |
|
Sales |
370.2 |
257.5 |
136.7 |
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Miscellaneous
Operating Income |
6.2 |
11.0 |
8.3 |
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Auxiliary
Income From Current Management |
6.1 |
11.0 |
8.3 |
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Grants |
0.0 |
0.1 |
0.0 |
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Income From
Miscellaneous Interests |
3.8 |
0.3 |
0.0 |
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From
Group Companies |
0.2 |
- |
0.0 |
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Miscellaneous
Interests |
3.6 |
0.3 |
0.0 |
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Negative
Financial Results |
2.1 |
6.3 |
3.1 |
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Profit on Disposal
of Assets |
- |
- |
0.0 |
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Extraordinary
Income |
0.0 |
- |
0.0 |
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Negative
Extraordinary Results |
- |
0.1 |
- |
Annual Balance
Sheet
Financials in: USD (mil)
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|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
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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Software |
8.8 |
5.1 |
3.3 |
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Total Intangible
Fixed Assets |
8.8 |
5.1 |
3.3 |
|
Land
and Construction |
8.7 |
9.4 |
9.2 |
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Technical
Installations and Machinery |
0.1 |
0.1 |
0.1 |
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Other
Installations, Tools, and Furniture |
18.5 |
13.8 |
11.7 |
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Tangible
Fixed Assets Under Construction |
2.3 |
- |
- |
|
Other
Tangible Assets |
8.0 |
6.0 |
5.1 |
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Total Tangible
Fixed Assets |
37.5 |
29.2 |
26.1 |
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Investments
in Group Companies |
10.3 |
10.7 |
0.0 |
|
Long-Term
Securities Portfolio |
0.0 |
0.0 |
0.0 |
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Long-Term
Guarantees and Deposits |
2.4 |
0.2 |
0.1 |
|
Financial
Investments |
12.8 |
10.9 |
0.1 |
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Total Fixed Assets |
59.1 |
45.2 |
29.4 |
|
Goods
for Resale |
96.8 |
72.4 |
39.5 |
|
Raw
Materials and Other Consumables |
1.1 |
1.1 |
1.4 |
|
Payments
on Account |
0.1 |
- |
0.0 |
|
Total Stocks |
98.0 |
73.5 |
40.9 |
|
Trade
Debtors |
40.9 |
40.4 |
21.3 |
|
Receivables,
Group Companies |
18.7 |
33.8 |
7.9 |
|
Other
Debtors |
0.5 |
0.6 |
0.2 |
|
Public
Bodies |
16.7 |
13.4 |
4.1 |
|
Total Debtors |
76.7 |
88.3 |
33.5 |
|
Receivables
from Group Companies |
9.3 |
0.0 |
- |
|
Short-Term
Securities Portfolio |
0.2 |
0.2 |
0.2 |
|
Short-Term
Guarantees and Deposits |
19.7 |
6.5 |
0.1 |
|
Total Short-Term
Investments |
29.1 |
6.7 |
0.3 |
|
Cash |
22.2 |
13.6 |
5.4 |
|
Prepayments and
Accrued Income |
1.5 |
0.5 |
0.3 |
|
Total Current Assets |
227.6 |
182.6 |
80.3 |
|
Total Assets |
286.6 |
227.8 |
109.8 |
|
Legal
Reserve |
2.5 |
0.8 |
0.5 |
|
Miscellaneous
Reserves |
27.7 |
10.8 |
5.1 |
|
Total Reserves |
30.2 |
11.7 |
5.7 |
|
Profit or Loss for
the Financial Year |
28.9 |
18.7 |
6.0 |
|
Total Equity |
73.0 |
45.3 |
15.7 |
|
Provisions
for Pension Fund |
3.1 |
3.3 |
- |
|
Total Provisions for Liabilities and
Charges |
3.1 |
3.3 |
- |
|
Loans
and Other Liabilities |
2.5 |
2.8 |
3.5 |
|
Long-Term
Liabilities from Capital Leases |
2.6 |
4.1 |
5.1 |
|
Total Amounts Owed
to Credit Institutions |
5.1 |
6.9 |
8.5 |
|
Amounts
Owed to Group Companies |
81.1 |
64.4 |
5.9 |
|
Total Debts with
Group or Affiliated Companies |
81.1 |
64.4 |
5.9 |
|
Other
Creditors |
5.3 |
5.7 |
6.0 |
|
Long-Term
Payables to Public Bodies |
5.0 |
1.9 |
0.0 |
|
Total Other
Creditors |
10.3 |
7.6 |
6.0 |
|
Total Long Term Liabilities |
96.6 |
78.9 |
20.4 |
|
Loans
and Other Liabilities |
0.2 |
0.8 |
27.5 |
|
Short-Term
Liabilities from Capital Leases |
1.2 |
1.2 |
0.6 |
|
Total Amounts Owed
to Credit Institutions |
1.4 |
2.0 |
28.1 |
|
Amounts
Owed to Group Companies |
8.6 |
14.8 |
8.4 |
|
Total Short-Term
Amounts Owed to Group and Associa |
8.6 |
14.8 |
8.4 |
|
Advanced
Payments from Customers |
6.4 |
5.2 |
- |
|
Amounts
Owed for Purchases of Goods or Services |
91.6 |
76.4 |
34.9 |
|
Total Trade
Creditors |
98.0 |
81.6 |
34.9 |
|
Public
Bodies |
5.0 |
1.3 |
2.0 |
|
Miscellaneous
Debts |
0.0 |
- |
- |
|
Wages
and Salaries Payable |
1.0 |
0.6 |
0.3 |
|
Total Other
Creditors |
5.9 |
1.9 |
2.4 |
|
Total Short Term Creditors |
114.0 |
100.3 |
73.6 |
|
Total
Liabilities and Equity |
286.6 |
227.8 |
109.8 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.46 |
|
UK Pound |
1 |
Rs.83.13 |
|
Euro |
1 |
Rs.70.99 |
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 |
|
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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.