|
Report Date : |
22.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SFERA JOVEN SA |
|
|
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Registered Office : |
Cl. Hermosilla, 112 Madrid, 28009 |
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Country : |
Spain |
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Financials (as on) : |
31.12.2012 |
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Year of Incorporation : |
2001 |
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Com. Reg. No.: |
A83036137 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Women's, Men's & Childrens' Apparel Stores |
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No. of Employees : |
1,880 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Spain |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
SPAIN - ECONOMIC OVERVIEW
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 0.3% in 2010; GDP expanded 0.4% in 2011, before
contracting 1.4% in 2012. The economy has once again fallen into recession as deleveraging
in the private sector, fiscal consolidation, and continued high unemployment
weigh on domestic demand and investment, even as exports have shown signs of
resiliency. The unemployment rate rose from a low of about 8% in 2007 to 26.0%
in 2012. The economic downturn has also hurt Spain's public finances. The
government budget deficit peaked at 11.2% of GDP in 2010 and the process to
reduce this imbalance has been slow despite the central government's efforts to
raise new tax revenue and cut spending. Spain reduced its budget deficit to
9.4% of GDP in 2011, and roughly 7.4% of GDP in 2012, above the 6.3% target
negotiated between Spain and the EU. Although Spain's large budget deficit and
poor economic growth prospects remain a source of concern for foreign
investors, the government's ongoing efforts to cut spending and introduce
flexibility into the labor markets are intended to assuage these concerns. The
government is also taking steps to shore up the banking system, namely by using
up to $130 billion in EU funds to recapitalize struggling banks exposed to the
collapsed domestic construction and real estate sectors.
Source
: CIA
Sfera Joven Sa
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Business
Description
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Women's, Men's & Childrens' Apparel Stores |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7760908
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.76895
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Sfera Joven Sa |
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|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Madrid |
Spain |
Retail (Department and Discount) |
15,259.9 |
55,760 |
|
|
Subsidiary |
Madrid |
Spain |
Retail (Department and Discount) |
2,807.7 |
11,412 |
|
|
Subsidiary |
Madrid |
Spain |
Personal Services |
2,947.0 |
4,911 |
|
|
Subsidiary |
Lisboa |
Portugal |
Retail (Department and Discount) |
532.9 |
3,354 |
|
|
Subsidiary |
Madrid |
Spain |
Retail (Grocery) |
577.3 |
2,719 |
|
|
Subsidiary |
Madrid |
Spain |
Computer Services |
682.0 |
2,513 |
|
|
Subsidiary |
Madrid |
Spain |
Retail (Technology) |
287.3 |
728 |
|
|
Subsidiary |
Carnaxide, Oeiras |
Portugal |
Electronic Instruments and Controls |
29.9 |
38 |
|
|
Subsidiary |
Ciudad De Mexico, Distrito Federal |
Mexico |
Computer Services |
2.2 |
25 |
|
|
Subsidiary |
Madrid |
Spain |
Retail (Grocery) |
513.5 |
2,104 |
|
|
Subsidiary |
Madrid |
Spain |
Retail (Apparel) |
246.7 |
1,880 |
|
|
Subsidiary |
Madrid |
Spain |
Consumer Financial Services |
|
846 |
|
|
Centro De Seguros Y Servicios Correduria De Seguros
Sa Grupo De Seguros El Corteingles |
Subsidiary |
Madrid |
Spain |
Investment Services |
67.8 |
670 |
|
Subsidiary |
Mostoles, Madrid |
Spain |
Construction - Supplies and Fixtures |
180.2 |
655 |
|
|
Subsidiary |
Villarrubia De Santiago, Toledo |
Spain |
Furniture and Fixtures |
6.6 |
47 |
|
|
Mostoles Industrial Portuguesa - MobiliĂ¡rio Para
Cozinha, LDA |
Subsidiary |
Lisboa, Lisboa |
Portugal |
Retail (Specialty) |
0.8 |
5 |
|
Subsidiary |
Madrid |
Spain |
Construction Services |
19.1 |
227 |
|
|
Seguros El Corte Inglés, Vida, Pensiones y
Reaseguros, S.A. |
Subsidiary |
Madrid |
Spain |
Insurance (Life) |
|
120 |
|
Centro De Seguros Y Servicios Correduria De Seguros
S.A., Grupo De Seguros El Corte InglĂªs |
Subsidiary |
Lisboa, Lisboa |
Portugal |
Investment Services |
0.8 |
14 |
|
Subsidiary |
Madrid |
Spain |
Printing and Publishing |
4.5 |
12 |
|
|
Subsidiary |
Milano, Milano |
Italy |
Miscellaneous Capital Goods |
2.1 |
11 |
|
|
Subsidiary |
Madrid |
Spain |
Advertising |
6.2 |
|
|
|
Subsidiary |
Chelmsford |
United Kingdom |
Personal Services |
|
|
|
|
Subsidiary |
Madrid |
Spain |
Retail (Department and Discount) |
|
|
|
|
Subsidiary |
Madrid |
Spain |
Personal Services |
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|
|
|
Subsidiary |
Madrid |
Spain |
Computer Services |
|
|
|
|
Subsidiary |
Madrid |
Spain |
Insurance (Life) |
|
|
|
|
Subsidiary |
Madrid |
Spain |
Investment Services |
|
|
|
|
Subsidiary |
Madrid |
Spain |
Retail (Specialty) |
|
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Executives
Report
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Charges |
260.5 |
269.2 |
267.7 |
|
Supplies |
126.6 |
130.4 |
130.9 |
|
Goods Consumption |
123.1 |
126.9 |
127.6 |
|
Consumption of Raw
Materials |
3.4 |
3.4 |
3.0 |
|
Miscellaneous External
Expenditures |
0.1 |
0.1 |
0.2 |
|
Staff Costs |
58.3 |
62.8 |
52.5 |
|
Wages and Salaries |
45.4 |
48.7 |
40.3 |
|
Social Security Costs |
13.0 |
14.1 |
12.1 |
|
Depreciation |
11.6 |
12.6 |
13.2 |
|
Allowance for Trade Operations |
0.2 |
0.3 |
-0.6 |
|
Stock Provision
Variation |
0.2 |
0.3 |
-0.6 |
|
Other Operating Charges |
52.5 |
65.9 |
80.9 |
|
External Services |
50.2 |
63.9 |
- |
|
Taxes |
0.4 |
0.4 |
- |
|
Other Operating
Expenses |
1.8 |
1.6 |
80.9 |
|
Financials and Similar Charges |
0.0 |
0.0 |
0.0 |
|
Due to Other
Liabilities |
0.0 |
0.0 |
0.0 |
|
Changes in Financial Investment Provisions |
0.0 |
-0.4 |
0.7 |
|
Exchange Losses |
1.0 |
1.2 |
- |
|
Net Financial Income |
- |
- |
2.4 |
|
Changes in Provisions for Assets |
10.0 |
-10.9 |
- |
|
Losses From Assets and Securities Portfolio |
- |
8.9 |
- |
|
Extraordinary Profit |
4.1 |
2.0 |
1.3 |
|
Profit Before Taxes |
2.4 |
- |
- |
|
Corporation Tax |
0.3 |
-1.6 |
-9.8 |
|
Financial Year Result (Profit) |
2.1 |
- |
- |
|
Income |
262.6 |
265.7 |
246.7 |
|
Net Total Sales |
246.0 |
256.0 |
239.8 |
|
Sales |
245.4 |
256.6 |
239.5 |
|
Rendering of Services |
0.6 |
-0.6 |
0.3 |
|
Miscellaneous Operating Income |
2.5 |
9.7 |
2.5 |
|
Auxiliary Income From
Current Management |
2.5 |
9.7 |
2.5 |
|
Grants |
0.0 |
0.1 |
0.0 |
|
Operating Losses |
0.7 |
6.4 |
34.6 |
|
Income From Equity Investment |
- |
- |
0.0 |
|
Income From Miscellaneous Interests |
0.0 |
0.0 |
0.6 |
|
Miscellaneous
Interests |
0.0 |
0.0 |
- |
|
Profit on Financial
Investment |
- |
- |
0.6 |
|
Gains from Exchange Rate |
- |
- |
2.5 |
|
Negative Financial Results |
1.0 |
0.7 |
- |
|
Ordinary Activities' Losses |
1.7 |
7.1 |
32.1 |
|
Profit on Disposal of Assets |
14.1 |
- |
1.3 |
|
Losses Before Taxes |
- |
5.1 |
30.8 |
|
Financial Year Result (Losses) |
- |
3.5 |
21.0 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Concessions, Patents,
Trademarks |
0.0 |
0.0 |
- |
|
Software |
0.1 |
0.1 |
0.6 |
|
Payments on Account |
0.0 |
0.2 |
- |
|
Total Intangible Fixed Assets |
0.1 |
0.4 |
0.6 |
|
Land and Construction |
11.6 |
11.4 |
- |
|
Tangible Fixed Assets
Under Construction |
2.3 |
1.4 |
- |
|
Other Tangible Assets |
113.6 |
117.6 |
149.8 |
|
Total Tangible Fixed Assets |
127.6 |
130.5 |
149.8 |
|
Investments in
Associated Companies |
16.4 |
16.3 |
16.5 |
|
Long-Term Guarantees
and Deposits |
6.3 |
7.3 |
8.9 |
|
Financial Investments |
22.7 |
23.7 |
25.3 |
|
Total Fixed Assets |
150.4 |
154.5 |
175.8 |
|
Goods for Resale |
60.8 |
49.1 |
37.3 |
|
Total Stocks |
60.8 |
49.1 |
37.3 |
|
Trade Debtors |
- |
- |
0.0 |
|
Receivables, Group
Companies |
3.0 |
2.6 |
1.6 |
|
Other Debtors |
0.0 |
2.2 |
3.4 |
|
Public Bodies |
1.0 |
1.9 |
0.8 |
|
Total Debtors |
4.0 |
6.7 |
5.7 |
|
Short-Term Guarantees
and Deposits |
0.0 |
0.0 |
0.0 |
|
Total Short-Term Investments |
0.0 |
0.0 |
0.0 |
|
Cash |
5.0 |
3.6 |
19.1 |
|
Prepayments and Accrued Income |
0.2 |
1.2 |
0.5 |
|
Total Current Assets |
70.0 |
60.7 |
62.7 |
|
Total Assets |
220.4 |
215.2 |
238.5 |
|
Legal Reserve |
1.7 |
1.6 |
1.7 |
|
Miscellaneous Reserves |
-1.4 |
0.5 |
-2.2 |
|
Total Reserves |
0.2 |
2.1 |
-0.5 |
|
Prior Year Losses |
-57.0 |
-52.8 |
-33.2 |
|
Profit or Loss Brought Forward |
-57.0 |
-52.8 |
-33.2 |
|
Profit or Loss for the Financial Year |
2.1 |
-3.3 |
-21.3 |
|
Total Equity |
149.0 |
146.1 |
151.7 |
|
Amounts Owed to Group
Companies |
0.1 |
0.1 |
0.1 |
|
Total Debts with Group or Affiliated Companies |
0.1 |
0.1 |
0.1 |
|
Long-Term Payables to
Public Bodies |
1.0 |
- |
0.4 |
|
Total Other Creditors |
1.0 |
- |
0.4 |
|
Total Long Term Liabilities |
1.1 |
0.1 |
0.5 |
|
Amounts Owed to Group
Companies |
32.8 |
22.8 |
46.9 |
|
Total Short-Term Amounts Owed to Group and
Associa |
32.8 |
22.8 |
46.9 |
|
Amounts Owed for
Purchases of Goods or Services |
27.1 |
32.8 |
24.6 |
|
Total Trade Creditors |
27.1 |
32.8 |
24.6 |
|
Public Bodies |
2.0 |
1.9 |
1.9 |
|
Bills of Exchange
Payable |
5.1 |
7.3 |
7.5 |
|
Miscellaneous Debts |
2.3 |
3.2 |
3.3 |
|
Wages and Salaries
Payable |
1.0 |
0.9 |
1.1 |
|
Total Other Creditors |
10.4 |
13.4 |
13.9 |
|
Total Short Term Creditors |
70.3 |
69.0 |
85.3 |
|
Total Liabilities and Equity |
220.4 |
215.2 |
237.5 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.