MIRA INFORM REPORT
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Report Date : |
25.04.2013 |
IDENTIFICATION DETAILS
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Name : |
MANUFACTURES INDUSTRIALS DE TORTELLA SOCIEDAD
ANONIMA |
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Registered Office : |
Ctra Argelaguer Bajo, Tortella, 17853 |
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Country : |
Spain |
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Financials (as on) : |
31.12.2011 |
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Year of Establishments: |
1985 |
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Com. Reg. No.: |
A17095779 |
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Legal Form : |
Public Independent Company |
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Line of Business : |
Manufacturer of other textiles |
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No. of Employees : |
37 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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
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.
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Source : CIA |
Company name & address
Manufactures Industrials De Tortella Sociedad Anonima
Ctra Argelaguer Bajo
Tortella, 17853
Spain
Tel: +(34) 972287087
Fax: +(34) 972687397
Web: www.mitsa.com
Synthesis
Employees: 37
Company Type: Public Independent
Incorporation Date: 1985
Financials in: USD
(Millions)
Fiscal Year End:
29-Oct-2012
Reporting Currency: Euro
Annual Sales: 6.4
1
Net Income: 0.1
Total Assets: 8.5
Business Description
Manufacture of other textiles n.e.c.
Industry
Industry Textiles - Non Apparel
ANZSIC 2006: 1332 - Rope,
Cordage and Twine Manufacturing
NACE 2002: 1754 - Manufacture
of other textiles not elsewhere classified
NAICS 2002: 31499 - All Other
Textile Product Mills
UK SIC 2003: 1754 - Manufacture
of other textiles not elsewhere classified
UK SIC 2007: 1399 - Manufacture
of other textiles n.e.c.
US SIC 1987: 2299 - Textile
goods, Not Elsewhere Classified
Key Executives
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Name |
Title |
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Guillaumes Josep Anglada |
Combined Chief Executive Officer, President |
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Vila Manel Planas |
Secretary |
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Joan Curos Santaeularia |
Chief Executive Officer, Vice Chairman |
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Josep Anglada Guillaumes |
Member |
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Bandranas Ferran Curos |
Member Of The Board |
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.774053
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.77245
Corporate Overview
Location
Ctra Argelaguer Bajo
Tortella, 17853
Spain
Tel: +(34) 972287087
Fax: +(34) 972687397
Web www.mitsa.com
Sales EUR(mil): 5.0
Assets EUR(mil): 6.6
Employees: 37
Fiscal Year End: 29-Oct-2012
Industry: Textiles - Non Apparel
Incorporation Date: 1985
Company Type: Public Independent
Quoted Status: Not Quoted
Registered No.(ESP): A17095779
Combined Chief
Executive Officer, President:
Guillaumes Josep Anglada
Industry Codes
ANZSIC 2006 Codes:
1332 - Rope, Cordage and Twine Manufacturing
NACE 2002 Codes:
1754 - Manufacture of other textiles not elsewhere classified
NAICS 2002 Codes:
31499 - All Other Textile Product Mills
US SIC 1987:
2299 - Textile goods, Not Elsewhere Classified
UK SIC 2003:
1754 - Manufacture of other textiles not elsewhere classified
UK SIC 2007:
1399 - Manufacture of other textiles n.e.c.
Business
Description
Manufacture of other textiles n.e.c.
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Executive report
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Board of
Directors |
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Chief Executive Officer, Vice Chairman |
Vice-Chairman |
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Combined Chief Executive Officer, Vice Chairman |
Vice-Chairman |
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Member |
Director/Board Member |
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Member Of The Board |
Director/Board Member |
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Executives |
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Combined Chief Executive Officer, President |
Chief Executive Officer |
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Secretary |
Administration Executive |
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Annual profit & loss
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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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) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Charges |
6.9 |
8.2 |
7.2 |
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Staff Costs |
1.1 |
0.9 |
0.8 |
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Wages
and Salaries |
0.8 |
0.7 |
0.7 |
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Social
Security Costs |
0.2 |
0.2 |
0.2 |
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Depreciation |
0.1 |
0.1 |
0.1 |
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Other Operating
Charges |
1.5 |
1.5 |
1.5 |
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Operating
Benefits |
0.2 |
0.6 |
0.8 |
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Financials and
Similar Charges |
0.0 |
0.0 |
0.1 |
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Due
to Other Liabilities |
0.0 |
0.0 |
0.1 |
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Exchange Losses |
- |
- |
0.0 |
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Net Financial
Income |
0.0 |
0.1 |
- |
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Profit From
Ordinary Activities |
0.2 |
0.6 |
0.8 |
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Extraordinary
Profit |
0.0 |
0.0 |
0.0 |
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Profit Before
Taxes |
0.2 |
0.6 |
0.8 |
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Corporation Tax |
0.0 |
0.2 |
0.2 |
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Financial Year
Result (Profit) |
0.1 |
0.5 |
0.6 |
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Income |
7.0 |
8.7 |
7.8 |
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Net Total Sales |
6.9 |
8.6 |
7.7 |
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Gains from
Exchange Rate |
0.0 |
0.1 |
- |
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Negative
Financial Results |
- |
- |
0.0 |
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Extraordinary
Income |
0.0 |
0.0 |
0.0 |
Annual Balance Sheet
Financials in: USD (mil)
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Total Intangible
Fixed Assets |
0.0 |
0.0 |
- |
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Total Tangible
Fixed Assets |
0.1 |
0.2 |
0.2 |
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Financial
Investments |
2.9 |
3.0 |
3.2 |
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Own Shares |
0.5 |
0.5 |
- |
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Total Fixed Assets |
3.5 |
3.7 |
3.4 |
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Total Stocks |
1.0 |
0.8 |
0.7 |
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Total Debtors |
2.7 |
3.1 |
3.6 |
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Total Short-Term
Investments |
- |
- |
0.5 |
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Cash |
1.4 |
2.3 |
2.7 |
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Total Current Assets |
5.0 |
6.2 |
7.5 |
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Total Assets |
8.5 |
9.9 |
10.9 |
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Total Reserves |
6.2 |
6.0 |
5.8 |
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Profit or Loss for
the Financial Year |
0.1 |
0.5 |
0.6 |
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Total Equity |
6.4 |
6.5 |
6.5 |
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Total Short Term Creditors |
2.1 |
3.4 |
4.4 |
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Total
Liabilities and Equity |
8.5 |
9.9 |
10.9 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.30 |
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UK Pound |
1 |
Rs.82.88 |
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Euro |
1 |
Rs.70.80 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.