MIRA
INFORM REPORT
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Report Date : |
07.02.2013 |
IDENTIFICATION DETAILS
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Name : |
PROYECTOS INTEGRALES SOLARES SL |
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Registered Office : |
Poligono Industrial Santos Justo Y Pastor, S/N 31510 Fustiñana Navarra |
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Country : |
Spain |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.01.2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
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No. of Employees : |
27 |
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 : |
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
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
PROYECTOS INTEGRALES SOLARES SL
CIF/NIF: B31856438
Company situation: Active
EXECUTIVE SUMMARY
Identification
Current Business Name: PROYECTOS INTEGRALES SOLARES SL
Commercial name: PROINSO
Other names: YES
Current Address: POLIGONO INDUSTRIAL SANTOS JUSTO
Y PASTOR, S/N
Telephone number: 948403637 Fax: 948412378
URL: www.proinso.net
Corporate e-mail: info@proinso.net
Trade Risk
Incidents: YES
R.A.I.: NO
EXPERIAN BUREAU EMPRESARIAL Bank and Multi - sectorial Defaults of
Payment: NO
Financial Information
Balance sheet latest sales (2011): 150.528.000,00 € (Mercantile Register)
Result: 3.057.000 €
Total Assets: 82.442.000 €
Share capital: 90.000,00 €
Employees: 27
Listed on a Stock Exchange: NO
Commercial Information
Incorporation date: 06/07/2005
Activity: Wholesale of radioelectric appliance
NACE 2009 CODE: 4652
International Operations: Imports and
Exports
Corporate Structure
President:
CHAVEZ
MARTINEZ, ALEJANDRO JAVIER
Parent Company:
Participations: 6
Other Complementary Information
Latest filed accounts in the Mercantile Register: 2011
Latest act published in BORME: 22/01/2013 Appointments
Latest press article: 29/10/2012 EXPANSIÓN (GENERAL
INFORMATION)
Bank Entities: There are
Rating Explanation
Financial situation
The company’s financial situation is normal.
The sales evolution and results has been negative.
The auditor’s opinion about the latest accounts has
been favourable.
Company Structure
The company’s capitalization degree determines that its structure
is normal.
The company’s size is big depending on its sales volume.
The employees evolution has been positive.
Performance and Incidences
The available information indicates that the company does not have
payment incidences.
He have detected recent legal actions or claims from the Administration
against this company.
Accounts Filing
The company files regularly its accounts.
Reasons of the last outstanding calculation in the note
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DATE |
CHANGE |
RESULTING NOTE |
EVENT |
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08/01/2013 |
Equal |
11 |
Variation in the rating system with regards to legal incidences
information. |
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30/11/2012 |
Reduction |
11 |
There has been a change in the formula version. |
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20/11/2012 |
Reduction |
13 |
New financial statements have been uploaded. |
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30/12/2011 |
Equal |
17 |
There has been a variation in the risk associated to the activity
sector of the company. |
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27/12/2011 |
Increase |
17 |
New financial statements have been uploaded. |
INCIDENTS
Summary
LEGAL ACTIONS: No legal actions registered
ADMINISTRATIVE CLAIMS: 1 ( Last:08/11/2010 )
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With the Social Security: |
0 |
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With the Tax Authorities: |
1 |
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With Other Official bodies: |
0 |
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AFFECTED BY: No significant element.
Latest Administrative Claims
figures expressed in €
WITH THE TAX AUTHORITIES.
Seizures
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DATE |
ORGANIZATION |
AMOUNT |
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08/11/2010 |
A.E.A.T. SERVICIO DE GESTION ECONOMICA |
|
Detail of the Latest Administrative Claims
figures expressed in €
Seizures
WITH THE TAX AUTHORITIES.
Phase: SEIZURE
Organization: A.E.A.T. SERVICIO DE GESTION ECONOMICA
Concept: Other debts
Date of the claim: 08/11/2010
Source: Published in the B.O.E. N. 277, on 16/11/2010, page 127.430
EXPERIAN BUREAU EMPRESARIAL BANK AND MULTI - SECTORIAL DEFAULTS OF
PAYMENT
R.A.I.
COMPANY NOT REGISTERED IN THE R.A.I.
This company is not registered in the Disputed Bills register (R.A.I.)
DATE AND TIME OF THE CONSULTATION
01/02/2013 15:02:33
Information from the Registro de Aceptaciones Impagados (RAI)- Disputed
Bills register.
It can only be used for information legitimate needs of the consulting
party, in accordance with its social or business activity, in order to grant a
credit or the monitoring or control of the already granted credits and can not
be transmitted or communicated to thirds, nor copied, duplicated, reproduced
nor implemented to any database , owned or external, or reused it in anyway,
direct or indirectly.
FINANCIAL ELEMENTS AND SECTORIAL COMPARATIVE
FINANCIAL ELEMENTS
Figures given in thousands €
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31/12/2011 (12) BALANCE SHEET |
% ASSETS |
31/12/2010 (12) BALANCE SHEET |
% ASSETS |
31/12/2009 (12) BALANCE SHEET |
% ASSETS |
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ASSETS |
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A) NON CURRENT ASSETS |
2.226,00 |
2,70 |
8.344,00 |
7,21 |
6.460,00 |
8,26 |
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B) CURRENT ASSETS |
80.216,00 |
97,30 |
107.452,00 |
92,79 |
71.749,00 |
91,74 |
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LIABILITIES |
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A) NET WORTH |
48.549,00 |
58,89 |
47.310,00 |
40,86 |
28.422,00 |
36,34 |
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B) NON CURRENT LIABILITIES |
971,00 |
1,18 |
1.533,00 |
1,32 |
464,00 |
0,59 |
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C) CURRENT LIABILITIES |
32.922,00 |
39,93 |
66.953,00 |
57,82 |
49.323,00 |
63,07 |
Profit and loss account analysis
Figures given in thousands €
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|
31/12/2011 (12) BALANCE SHEET |
% NET TURNOVER |
31/12/2010 (12) BALANCE SHEET |
% NET TURNOVER |
31/12/2009 (12) BALANCE SHEET |
% NET TURNOVER |
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SALES |
150.528,00 |
|
287.924,00 |
|
47.619,00 |
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GROSS MARGIN |
10.677,00 |
7,09 |
36.051,00 |
12,52 |
4.017,00 |
8,44 |
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EBITDA |
2.524,00 |
1,68 |
26.594,00 |
9,24 |
599,00 |
1,26 |
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EBIT |
4.417,00 |
2,93 |
24.776,00 |
8,61 |
578,00 |
1,21 |
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NET RESULT |
3.057,00 |
2,03 |
18.888,00 |
6,56 |
260,00 |
0,55 |
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EFFECTIVE TAX RATE (%) |
27,52 |
0,02 |
25,65 |
0,01 |
25,71 |
0,05 |
COMPARATIVE SECTOR ANALYSIS
Values table
Figures expressed in %
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COMPANY (2011) |
SECTOR |
DIFFERENCE |
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BALANCE SHEET ANALYSIS: % on the total assets |
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ASSETS |
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A) NON CURRENT ASSETS |
2,70 |
19,32 |
-16,62 |
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A) CURRENT ASSETS |
97,30 |
80,68 |
16,62 |
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LIABILITIES |
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A) NET WORTH |
58,89 |
23,53 |
35,36 |
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B) NON CURRENT LIABILITIES |
1,18 |
11,16 |
-9,98 |
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C) CURRENT LIABILITIES |
39,93 |
65,31 |
-25,38 |
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COMPANY (2011) |
SECTOR |
DIFFERENCE |
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PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income |
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SALES |
99,48 |
96,67 |
2,81 |
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GROSS MARGIN |
7,06 |
29,66 |
-22,60 |
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EBITDA |
1,67 |
5,93 |
-4,26 |
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EBIT |
2,92 |
4,04 |
-1,12 |
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NET RESULT |
2,02 |
1,77 |
0,25 |
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Sector Composition
Compared sector (NACE 2009): 4652
Number of companies: 18
Size (sales figure): > 40,000,000.00 Euros
OTHER DATA FROM THE ANNUAL FINANCIAL REPORT
Results Distribution
Source: annual financial report 2011
Figures given in €
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DISTRIBUTION BASE |
APPLICATION A |
||
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Profit and Loss Account Balance |
3.057.000,00 |
Legal Reserve |
17.000,00 |
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Carry over |
0,00 |
Goodwill reserve |
0,00 |
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Voluntary reserves |
0,00 |
Special reserves |
0,00 |
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Other reserves disposable at will |
0,00 |
Voluntary reserves |
3.040.000,00 |
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Total of Amounts to be distributed |
3.057.000,00 |
Dividends |
0,00 |
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Carry over and others |
0,00 |
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Compensation of previous exercises losses |
0,00 |
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Application total |
3.057.000,00 |
Auditing
Source: filing of annual financial statement 2011
Auditors’ opinion: FAVOURABLE
Auditor: DELOITTE S.L.
Auditor emphasis:
Without affecting
our audit opinion, we draw attention to that indicated in Note 17 of the
attached report, in which it is reported that the December 31, 2011 the Company
had accounts receivable and payable to Group companies Rivers Renewable (tied
with OPDE common to have a partner) in the amount of 1,399 thousand euros and
135, respectively, classified under "Clients Group and related
companies" and "Suppliers Group and related companies' balance sheet
at December 31, 2011 attached. As indicated in your letter, the date of
preparation of these financial statements attached, different lawsuits filed
between the two groups. In the accompanying financial statements the Directors
has not recorded any impairment of receivables Rios Renovables Group since they
consider that these amounts will be collected without any impact. In these
circumstances, the recoverability of receivables depend above and is linked to
the final outcome of the ongoing legal process and the agreements to which both
parties could arrive.
Also, without affecting our opinion, dated May 6, 2011 other auditors issued
their audit report on the financial statements for 2010, in which they express
a qualified opinion by omitting information. As indicated in Note 2.8 of the
attached report, the figures for these statements differ from those presented
for comparison with the figures for 2011.
Additionally, we draw attention to the company that makes a significant part of
their business operations and financing to companies belonging to the Group
(Notes 1, 12 and 17) so that the analysis of these financial statements should
be considering this circumstances. Transactions during the year 2011 and the
balances at end of that year with these companies are listed in Note 17 of the
attached report. Also, as indicated in Note 1, the Company, while participating
in the equity of other Group companies, has made no consolidated financial
statements to be relieved of this obligation by joining the Group in the
consolidation of a superior group ( OPDE) whose parent company is governed by
Spanish law.
Auditing fees: 14.000,00 €
Facts subsequent to the closing
Source: Annual financial report 2011
After the closure no relevant facts requiring their inclusion in the
annual accounts have taken place.
ADDRESSES
Current Legal Seat Address:
POLIGONO INDUSTRIAL SANTOS JUSTO Y PASTOR, S/N
31510 FUSTIÑANA NAVARRA
Previous Seat Address:
POLIGONO INDUSTRIAL LAS LABRADAS (VIAL PAIS VASCO) PARC. 13
31500 TUDELA NAVARRA
|
STREET |
POSTAL CODE |
TOWN |
PROVINCE |
|
CALLE VIAL PAIS VASCO (POL. LAS LABRADAS), 13 |
31500 |
TUDELA |
Navarra |
|
POLIGONO IND SAN PANCRACIO (NUMS 22-23) |
31550 |
RIBAFORADA |
Navarra |
|
AVENIDA ZARAGOZA (BJ), 78 |
31500 |
TUDELA |
Navarra |
CORPORATE STRUCTURE
ADMINISTRATIVE LINKS
Main Board members, Directors and Auditor
Governing body
|
POSITION |
NAME AND SURNAME |
DATE APPOINTMENT |
|
PRESIDENT |
CHAVEZ MARTINEZ, ALEJANDRO JAVIER |
14/09/2011 |
|
MANAGING DIRECTOR |
MIERES ROYO, JOSE ANTONIO |
14/09/2011 |
|
MANAGING DIRECTOR |
REMACHA ZAPATEL, FRANCISCO JAVIER |
14/09/2011 |
|
MANAGING DIRECTOR |
CARRERO DIEZ, GUSTAVO |
14/09/2011 |
|
MEMBER OF THE BOARD |
MIERES ROYO, JOSE ANTONIO |
14/09/2011 |
|
MEMBER OF THE BOARD |
BARRENECHEA UCIN, JOSE LUIS |
14/09/2011 |
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Auditor
|
POSITION |
NAME AND SURNAME |
DATE APPOINTMENT |
|
AUDITOR |
PRICEWATERHOUSECOOPERS AUDITORES SL |
27/02/2008 |
|
AUDITOR |
DELOITTE SL |
23/05/2012 |
Board members remuneration
Source: Annual financial
report 2011
Board
members remuneration: 0,00 €
|
POSITION |
NAME AND SURNAME |
|
Manager |
PEREZ, OSCAR |
|
Financial Manager |
SERRANO JUAN, ANGEL |
|
Human Resources Director |
SERRANO JUAN, ANGEL |
FINANCIAL LINKS
|
|
BUSINESS NAME |
TAX NUMBER/COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
OPDE INVESTMENT ESPAÑA SL |
B31840135 |
100,00 |
OWN SOURCES |
08/01/2013 |
There are 1 direct financial links through shareholders
Majority shareholder of OPDE INVESTMENT ESPAÑA SL
|
|
BUSINESS NAME |
TAX NUMBER/COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
RIOS & ENRIQUE SL |
B31859630 |
29,66 |
OWN SOURCES |
15/03/2012 |
|
|
BUSINESS NAME |
TAX NUMBER/COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
ALDROVI SL |
B31833189 |
34,00 |
B.O.R.M.E. |
29/11/2007 |
|
|
REMACHA ZAPATEL FRANCISCO JAVIER |
|
33,00 |
B.O.R.M.E. |
29/11/2007 |
|
|
RIOS GIL ADALBERTO |
|
33,00 |
B.O.R.M.E. |
29/11/2007 |
|
|
BUSINESS NAME |
TAX NUMBER/COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
PROINSO ITALIA SRL |
ITALY |
100,00 |
MERCANTILE REGISTER |
31/12/2011 |
|
|
PROINSO US L.L.C |
UNITED STATES |
100,00 |
MERCANTILE REGISTER |
31/12/2011 |
|
|
PROINSO DEUTSCHLAND |
GERMANY |
100,00 |
MERCANTILE REGISTER |
31/12/2011 |
|
|
PROINSO FRANCE |
FRANCE |
100,00 |
MERCANTILE REGISTER |
31/12/2011 |
|
|
PROINSO UK |
UNITED KINGDOM |
100,00 |
MERCANTILE REGISTER |
31/12/2011 |
|
|
PROINSO HELLAS S.A |
GREECE |
70,00 |
MERCANTILE REGISTER |
31/12/2011 |
There are 6 direct financial links through participations
registered
|
|
BUSINESS NAME |
TAX NUMBER/COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
PROINSO VALSOLAR S.L. (EXTINGUIDA) |
B06487714 |
60,00 |
B.O.R.M.E. |
01/07/2011 |
|
|
OPDE PARTICIPACIONES INDUSTRIALES SL. |
B31968225 |
41,60 |
B.O.R.M.E. |
11/10/2011 |
|
|
OPDE LEVANTE SOCIEDAD LIMITADA |
B97735203 |
10,00 |
B.O.R.M.E. |
22/06/2011 |
Company with rating inferior to 7
BUSINESS INFORMATION
Incorporation date: 06/07/2005
Establishment date: 01/01/2005
Founder’s Name: LA TITULAR ES LA FUNDADORA INICIAL DEL NEGCOCIO
Code: 1615400
Activity: Wholesale of radioelectric appliance
NACE 2009 CODE: 4652
NACE 2009 Activity: Wholesale of electronic and
telecommunications equipment and parts
Business: SOCIETY is: projects
of Photovoltaic Engineering, implementation and installation. EJECUCI0N WIRING AND INSTALLATION OF HIGH AND LOW VOLTAGE. - Production
of electricity
(Enlargement) IS INTENDED TO SOCIETY: Performing. PHOTOVOLTAIC ENGINEERING PROJECTS, implementation and
installation. Implementation and installation of electrical installations in high and low
voltage. Production of electricity
Activity description: distribution of
modules, inverters, trackers and solar structures.
Latest employees figure: 27 (2011)
% of fixed employees: 66,67%
% of temporary employees: 33,33%
% of men: 69,23%
% of women: 30,77%
Employees evolution
|
|
|
|
Source: Annual financial report 2011
|
CATEGORY |
AVERAGE NUMBER OF EMPLOYEES |
MEN |
WOMEN |
|
Distribution by sexes |
|
18 |
8 |
COMMERCIAL OPERATIONS
PURCHASES
Import Percentage: 87%
Imports from: UE
National Distribution: 13%
SALES
Export Percentage: 74%
Exports to: OTROS PAISES
National Distribution: 26%
SUPPLIERS
|
BUSINESS NAME |
INTERNATIONAL |
|
INGETEAM |
NO |
|
IBERICA LED |
NO |
|
SIEMENS |
NO |
|
PROYECTOS Y MONTAJES RIOSUR, S.L. |
NO |
|
RIOS RENOVABLES, S.L. |
NO |
|
PROINSO ITALIA S.R.L |
YES |
|
OPDE INVESTMENT ESPAÑA, S.L. |
NO |
CLIENTS
|
BUSINESS NAME |
INTERNATIONAL |
|
RIOS RINNOVABILI, S.R.L. |
YES |
|
RIOS RENOVABLES, S.L. |
NO |
|
PROINSO UK |
NO |
|
PROYECTOS Y MONTAJES RIOSUR SL |
NO |
El 80,00% de su cifra de negocio corresponde a módulos fotovoltaicos.
El 18,00% de su cifra de negocio corresponde a inversores solares.
El 2,00% de su cifra de negocio corresponde a otros.
Professional and advertising services
Source: Annual financial report 2011
Professional services
expenses: 1.155.000,00 €
Advertising services expenses: 761.000,00 €
|
ENTITY |
BRANCH |
ADDRESS |
TOWN OR CITY |
PROVINCE |
|
CAJA R. DE NAVARRA, S.C.C. |
0017 |
CABALLEROS TEMPLARIOS 1 |
RIBAFORADA |
Navarra |
|
CAIXABANK, S.A. |
|
|
TUDELA |
|
Discount facilities: 0
Credit policy: 1
Mortgage loan: 1
Loans with no real security: 0
|
|
|
|
Debt type: Credit policy |
Granted limit:20.700.000,00 € Used limit:12.408.000,00
€ Available limit:8.292.000,00
€ Source: Filed
Accounts (2011) |
|
|
|
|
Debt type: Mortgage loan |
Long term outstanding amount:86.000,00 € Short term outstanding
amount:5.000,00 € Total outstanding amount:91.000,00
€ Source: Filed
Accounts (2011) |
Brand name: SEVEN MOON (Valid)
Type: DENOMINATIVE Scope: COMMUNITARY
Date: 14/06/2007
Brand name: PROINSO VALSOLAR (Valid)
Type: DENOMINATIVE Scope: NATIONAL
Date: 09/01/2007
There are 2 brands, signs and commercial names
LEGAL STRUCTURE
Constitution Data
Register Date: 06/07/2005
Register town: Navarra
Announcement number: 365258
Register data:
Volume 1143, Folio 34, Section 8, Sheet 22914,
Inscription I/A 1 (2005-08-04)
Share capital: 3.006 €
Legal form: Limited Liability Company
Share capital: 90.000,00 €
Obligation to fill in Financial Statements: YES
Chamber census: YES (2010)
B.O.R.M.E. (OFFICIAL GAZETTE OF THE MERCANTILE REGISTER)
Acts on activity: 1 (Last: 10/10/2006)
Acts on administrators: 18 (Last: 22/01/2013, first: 18/08/2005)
Acts on capital: 1 (Last: 20/12/2011)
Acts on creation: 1 (Last: 18/08/2005)
Acts on filed accounts: 5 (Last: 27/09/2011, first:
13/09/2006)
Acts on identification: 2 (Last: 20/09/2010, first:
09/05/2008)
Acts on Information: 3 (Last: 04/06/2012, first:
29/11/2007)
Latest acts in B.O.R.M.E.
Other acts
|
ACT |
DATE |
NOTICE NUM. |
MERCANTILE REGISTER |
|
Appointments |
22/01/2013 |
32097 |
Navarra |
|
Resignations |
22/01/2013 |
32097 |
Navarra |
|
Appointments |
04/06/2012 |
236009 |
Navarra |
|
Other concepts |
04/06/2012 |
236008 |
Navarra |
|
Resignations |
21/12/2011 |
508573 |
Navarra |
|
Appointments |
20/12/2011 |
504920 |
Navarra |
|
Capital enlargement (IA) |
20/12/2011 |
504919 |
Navarra |
|
Re-elections |
20/12/2011 |
504918 |
Navarra |
|
Annual Filed Accounts (2009) |
27/09/2011 |
626999 |
Navarra |
|
Appointments |
26/09/2011 |
385341 |
Navarra |
PRESS ARTICLES
Press summary by type of information (last five years)
Legal notices: 0
Structural Data: 6 (Last: 14/11/2011, first: 23/01/2008)
Informative data: 10 (Last: 29/10/2012, first: 28/01/2009)
Financial Information: 3 (Last: 12/01/2011, first: 09/02/2008)
Negative information: 0
Business lines: 1 (Last: 11/10/2011)
Historical press releases: 3 (Last: 24/04/2007, first:
16/05/2006)
Latest press article published
29/10/2012 EXPANSIÓN (Page 6) GENERAL
INFORMATION
The
group PROINSO
has supplied solar inverters 432 are located in 4
new solar power plants located
in northern Greece. The new plants reach 7.6
MW and is expected each year, produce a power
of 11,000 MWh.
21/02/2012 EL ECONOMISTA (Page 17) GENERAL
INFORMATION
The
multinational PROINSO Navarre, dedicated
to the distribution of modules, inverters,
trackers and solar structures,
has supplied Colombia
10 isolated PV power of 50 kilowatts.
Specifically, has supplied modules
and SMA inverters for various plants in and around
Bogota.
The
supply in Colombia is part of
the strategy of betting on emerging markets such as Australia,
South Africa, India, Mexico and Brazil that PROINSO held in 2012 and 2013.
The
share of sales turnover in these
emerging markets accounted for
the CIA. 5% in 2011, a
share that is expected to increase to 15%.
14/11/2011 EL ECONOMISTA (Page 14) BRANCHES
PROINSO, a company specializing in
the distribution of modules, inverters,
trackers and fixed structures for
solar photovoltaic installations, has launched PROINSO
Store, an online store that provide leading brands photovoltaic
material initially to markets in the United States, Spain, Germany, and Italy .
Subsequently extended to other European markets, including the UK,
France and Greece, countries where the multinational has installer service
office.
11/10/2011 EL
ECONOMISTA (Page 15) PRODUCTION DATA
PROINSO has exceeded 1,000 MW (1
GW) module and inverter supplied worldwide. It
has achieved this award after
1.41 MW of
modules for a rooftop installation made for Wintersun in
Madrid. With this record, the Cia. exceeds
its leading position in the sector. The total provided
by PROINSO between January
and September 2011 totaled 197.75 MW, of which
126.47 MW are SMA
and 71.28 MW
for REC modules,
Trina and Canadian
Solar. This amount would be in
addition to modules and inverters
supplied since 2005, a total of 654 MW
of inverters and 355 GW (1009.75 MW) in the total period.
09/06/2011 DIARIO DE
NAVARRA (Page 26) GENERAL INFORMATION
The Navarre multinational PROINSO, specializing
in the distribution of modules, inverters, trackers and fixed structures for solar
photovoltaic installations, has signed its first contract in India, consisting of the provision for a two-megawatt solar project in the state of Maharastra. In addition, the Cia. reported
on 08/06/11 in a
statement that negotiates other
projects in that country that
exceed 20 megawatts. Therefore,
PROINSO and MERCASOLAR,
companies belonging to the group OPDE navarro, plan to
open before the end of 2011 a delegation in
India.
PROINSO expected to
reach in 2011 the 1,000 megawatts supplied.
Complementary Information
Financial Information
The stock closed at 31/12/2008 (Deposit
2008) is available at INFORMS, but has not been charged in their accounts to present the following anomaly: Heading Debt is
improperly presented with negative amount.
FINANCIAL INFORMATION
The information on the last Individual Filed Accounts contained in this
report is extracted from the Mercantile Register file of the legal address of
the Company and dated 20/11/2012.
SITUATION BALANCE-SHEET
Assets
Figures given in thousands €
|
|
31/12/2011 (12) |
% ASSETS |
31/12/2010 (12) |
% ASSETS |
31/12/2009 (12) |
% ASSETS |
|
A) NON CURRENT ASSETS |
2.226,00 |
2,70 |
8.344,00 |
7,21 |
6.460,00 |
8,26 |
|
I. Intangible assets |
19,00 |
0,02 |
28,00 |
0,02 |
3,00 |
0,00 |
|
2. Concessions |
3,00 |
0,00 |
3,00 |
0,00 |
3,00 |
0,00 |
|
5. Software |
16,00 |
0,02 |
25,00 |
0,02 |
|
|
|
II. Tangible fixed assets |
2.012,00 |
2,44 |
2.138,00 |
1,85 |
2.288,00 |
2,93 |
|
1. Property, plant and equipment |
1.235,00 |
1,50 |
1.260,00 |
1,09 |
1.420,00 |
1,82 |
|
2. Technical fittings and other tangible assets |
777,00 |
0,94 |
878,00 |
0,76 |
868,00 |
1,11 |
|
III. Real-estate investments |
|
|
|
|
|
|
|
IV. Long term investments in associated and affiliated companies |
195,00 |
0,24 |
6.178,00 |
5,34 |
3.971,00 |
5,08 |
|
1. Net worth instruments |
195,00 |
0,24 |
6.178,00 |
5,34 |
178,00 |
0,23 |
|
2. Credits to companies |
|
|
|
|
3.793,00 |
4,85 |
|
V. Long Term Financial Investments |
|
|
|
|
198,00 |
0,25 |
|
5. Other financial assets |
|
|
|
|
198,00 |
0,25 |
|
VI. Assets by deferred taxes |
|
|
|
|
|
|
|
VII. Non current commercial debts |
|
|
|
|
|
|
|
B) CURRENT ASSETS |
80.216,00 |
97,30 |
107.452,00 |
92,79 |
71.749,00 |
91,74 |
|
I. Non-current assets maintained for sale |
159,00 |
0,19 |
159,00 |
0,14 |
|
|
|
II. Stocks |
11.140,00 |
13,51 |
45.203,00 |
39,04 |
40.484,00 |
51,76 |
|
1. Goods available for sale |
10.212,00 |
12,39 |
42.440,00 |
36,65 |
35.347,00 |
45,20 |
|
6. Pre-payments to suppliers |
928,00 |
1,13 |
2.763,00 |
2,39 |
5.137,00 |
6,57 |
|
III. Trade Debtors and other receivable accounts |
12.999,00 |
15,77 |
19.824,00 |
17,12 |
20.796,00 |
26,59 |
|
1. Clients |
10.301,00 |
12,49 |
6.359,00 |
5,49 |
6.266,00 |
8,01 |
|
b) Clients for sales and short term services
rendering |
10.301,00 |
12,49 |
6.359,00 |
5,49 |
6.266,00 |
8,01 |
|
2. Clients group and associated companies |
2.578,00 |
3,13 |
8.241,00 |
7,12 |
14.530,00 |
18,58 |
|
3. Other debts |
96,00 |
0,12 |
|
|
|
|
|
6. Other credits with the Public Administrations |
24,00 |
0,03 |
5.224,00 |
4,51 |
|
|
|
IV. Short term investments in associated and affiliated companies |
48.896,00 |
59,31 |
39.230,00 |
33,88 |
5.211,00 |
6,66 |
|
2. Credits to companies |
48.896,00 |
59,31 |
39.230,00 |
33,88 |
5.211,00 |
6,66 |
|
V. Short term financial investments |
15,00 |
0,02 |
524,00 |
0,45 |
3.500,00 |
4,48 |
|
5. Other financial assets |
15,00 |
0,02 |
524,00 |
0,45 |
3.500,00 |
4,48 |
|
VI. Short term periodifications |
|
|
|
|
6,00 |
0,01 |
|
VII. Cash and equivalents |
7.007,00 |
8,50 |
2.512,00 |
2,17 |
1.752,00 |
2,24 |
|
1. Treasury |
814,00 |
0,99 |
2.512,00 |
2,17 |
1.752,00 |
2,24 |
|
2. Other cash equivalents |
6.193,00 |
7,51 |
|
|
|
|
|
TOTAL ASSETS (A + B) |
82.442,00 |
100,00 |
115.796,00 |
100,00 |
78.209,00 |
100,00 |
Net Worth and Liabilities
Figures given in thousands €
|
|
31/12/2011 (12) |
% ASSETS |
31/12/2010 (12) |
% ASSETS |
31/12/2009 (12) |
% ASSETS |
|
A) NET WORTH |
48.549,00 |
58,89 |
47.310,00 |
40,86 |
28.422,00 |
36,34 |
|
A-1) Equity |
48.549,00 |
58,89 |
47.310,00 |
40,86 |
28.422,00 |
36,34 |
|
I. Capital |
90,00 |
0,11 |
3,00 |
0,00 |
3,00 |
0,00 |
|
1. Authorized capital |
90,00 |
0,11 |
3,00 |
0,00 |
3,00 |
0,00 |
|
II. Issue premium |
|
|
|
|
|
|
|
III. Reserves |
45.402,00 |
55,07 |
28.421,00 |
24,54 |
28.161,00 |
36,01 |
|
1. Legal and statutory |
1,00 |
0,00 |
1,00 |
0,00 |
1,00 |
0,00 |
|
2. Other funds |
45.401,00 |
55,07 |
28.420,00 |
24,54 |
28.160,00 |
36,01 |
|
IV. (Net worth own shares and participations) |
|
|
|
|
|
|
|
V. Results from previous years |
|
|
-2,00 |
0,00 |
-2,00 |
0,00 |
|
2. (Prior years losses) |
|
|
-2,00 |
0,00 |
-2,00 |
0,00 |
|
VI. Other loans from partners |
|
|
|
|
|
|
|
VII. Exercise Result |
3.057,00 |
3,71 |
18.888,00 |
16,31 |
260,00 |
0,33 |
|
VIII. (Interim dividend) |
|
|
|
|
|
|
|
IX. Other net worth instruments |
|
|
|
|
|
|
|
A-2) Value changes adjustments |
|
|
|
|
|
|
|
I. Financial assets available for sale |
|
|
|
|
|
|
|
II. Coverage operations |
|
|
|
|
|
|
|
III. Non-current assets and related liabilities, maintained for sale |
|
|
|
|
|
|
|
IV. Conversion differences |
|
|
|
|
|
|
|
V. Other |
|
|
|
|
|
|
|
A-3) Received legacies, grants and subventions |
|
|
|
|
|
|
|
B) NON CURRENT LIABILITIES |
971,00 |
1,18 |
1.533,00 |
1,32 |
464,00 |
0,59 |
|
I. Long term provisions |
480,00 |
0,58 |
304,00 |
0,26 |
|
|
|
4. Other provisions |
480,00 |
0,58 |
304,00 |
0,26 |
|
|
|
II. Long term debts |
261,00 |
0,32 |
1.153,00 |
1,00 |
464,00 |
0,59 |
|
1. Debentures and other negotiable values |
|
|
1.153,00 |
1,00 |
464,00 |
0,59 |
|
2. Debts with bank entities |
261,00 |
0,32 |
|
|
|
|
|
III. Long term debts with associated and affiliated companies |
|
|
|
|
|
|
|
IV. Liabilities by deferred taxes |
230,00 |
0,28 |
76,00 |
0,07 |
|
|
|
V. Long term periodifications |
|
|
|
|
|
|
|
VI. Non current trade creditors |
|
|
|
|
|
|
|
VII. Long term debts with special characteristics |
|
|
|
|
|
|
|
C) CURRENT LIABILITIES |
32.922,00 |
39,93 |
66.953,00 |
57,82 |
49.323,00 |
63,07 |
|
I. Liabilities related with non-current assets maintained for sale |
|
|
|
|
|
|
|
II. Short term provisions |
|
|
|
|
|
|
|
III. Short term debts |
12.510,00 |
15,17 |
19.607,00 |
16,93 |
1.237,00 |
1,58 |
|
2. Debts with bank entities |
12.510,00 |
15,17 |
19.607,00 |
16,93 |
907,00 |
1,16 |
|
5. Other financial liabilities |
|
|
|
|
330,00 |
0,42 |
|
IV. Short term debts with associated and affiliated companies |
2.052,00 |
2,49 |
|
|
520,00 |
0,66 |
|
V. Trade creditors and other payable accounts |
18.360,00 |
22,27 |
47.346,00 |
40,89 |
47.566,00 |
60,82 |
|
1. Suppliers |
15.224,00 |
18,47 |
39.339,00 |
33,97 |
25.714,00 |
32,88 |
|
b) Short term suppliers |
15.224,00 |
18,47 |
39.339,00 |
33,97 |
25.714,00 |
32,88 |
|
2. Suppliers group and associated companies |
1.939,00 |
2,35 |
|
|
8.666,00 |
11,08 |
|
3. Different creditors |
|
|
4.083,00 |
3,53 |
2.297,00 |
2,94 |
|
4. Staff (pending remunerations) |
71,00 |
0,09 |
433,00 |
0,37 |
76,00 |
0,10 |
|
5. Liabilities by current taxes |
|
|
|
|
7.093,00 |
9,07 |
|
6. Other debts with Public Administrations |
30,00 |
0,04 |
59,00 |
0,05 |
172,00 |
0,22 |
|
7. Clients pre-payments |
1.096,00 |
1,33 |
3.432,00 |
2,96 |
3.548,00 |
4,54 |
|
VI. Short term periodifications |
|
|
|
|
|
|
|
VII. Short term debts with special characteristics |
|
|
|
|
|
|
|
TOTAL NET WORTH AND LIABILITIES (A + B + C) |
82.442,00 |
100,00 |
115.796,00 |
100,00 |
78.209,00 |
100,00 |
PROFIT AND LOSS ACCOUNT
Figures given in thousands €
|
|
31/12/2011 (12) |
%OPERATING INCOME |
31/12/2010 (12) |
%OPERATING INCOME |
31/12/2009 (12) |
%OPERATING INCOME |
|
A) CONTINUED OPERATIONS |
|
|
|
|
|
|
|
1. Net Turnover |
150.528,00 |
99,48 |
287.924,00 |
99,63 |
47.619,00 |
98,47 |
|
A) Sales |
149.289,00 |
98,66 |
287.905,00 |
99,62 |
47.619,00 |
98,47 |
|
b) Services provided |
1.239,00 |
0,82 |
19,00 |
0,01 |
|
|
|
2. Variation in stocks of finished goods and work in progress |
|
|
|
|
|
|
|
3. Works for its own assets |
|
|
|
|
|
|
|
4. Supplies |
-140.640,00 |
-92,94 |
-252.945,00 |
-87,53 |
-44.340,00 |
-91,69 |
|
a) Material consumed |
-139.845,00 |
-92,42 |
-252.322,00 |
-87,31 |
-44.442,00 |
-91,90 |
|
b) Raw materials consumed |
|
|
-7,00 |
0,00 |
-7,00 |
-0,01 |
|
c) Works carried out for other companies |
|
|
-373,00 |
-0,13 |
|
|
|
d) Deterioration on merchandises, raw materials and other supplies |
-795,00 |
-0,53 |
-243,00 |
-0,08 |
109,00 |
0,23 |
|
5. Other operating income |
789,00 |
0,52 |
1.072,00 |
0,37 |
738,00 |
1,53 |
|
a) Other incomes |
750,00 |
0,50 |
1.032,00 |
0,36 |
736,00 |
1,52 |
|
b) Operating grants included in the exercise result |
39,00 |
0,03 |
40,00 |
0,01 |
2,00 |
0,00 |
|
6. Labour cost |
-1.205,00 |
-0,80 |
-1.497,00 |
-0,52 |
-893,00 |
-1,85 |
|
a) Wages and similar expenses |
-951,00 |
-0,63 |
-1.277,00 |
-0,44 |
-707,00 |
-1,46 |
|
b) Social costs |
-254,00 |
-0,17 |
-220,00 |
-0,08 |
-186,00 |
-0,38 |
|
7. Other operating costs |
-5.465,00 |
-3,61 |
-9.598,00 |
-3,32 |
-2.416,00 |
-5,00 |
|
a) External services |
-7.676,00 |
-5,07 |
-7.369,00 |
-2,55 |
-2.259,00 |
-4,67 |
|
b) Taxes |
-9,00 |
-0,01 |
-15,00 |
-0,01 |
-66,00 |
-0,14 |
|
c) Losses, deterioration and variation on business operations
provisions |
2.278,00 |
1,51 |
-1.395,00 |
-0,48 |
|
|
|
d) Other day to day expenses |
-58,00 |
-0,04 |
-819,00 |
-0,28 |
-91,00 |
-0,19 |
|
8. Amortization of fixed assets |
-178,00 |
-0,12 |
-180,00 |
-0,06 |
-131,00 |
-0,27 |
|
9. Allocation of subventions on non financial investments and other |
|
|
|
|
|
|
|
10. Provisions excess |
588,00 |
0,39 |
|
|
1,00 |
0,00 |
|
11. Deterioration and result for fixed assets disposal |
|
|
|
|
|
|
|
12. Negative difference of business combinations |
|
|
|
|
|
|
|
13. Other results |
|
|
|
|
|
|
|
A.1) OPERATING RESULT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 +
12 + 13) |
4.417,00 |
2,92 |
24.776,00 |
8,57 |
578,00 |
1,20 |
|
14. Financial income |
2.411,00 |
1,59 |
1.345,00 |
0,47 |
40,00 |
0,08 |
|
b) From negotiable values and other financial instruments |
2.411,00 |
1,59 |
1.345,00 |
0,47 |
40,00 |
0,08 |
|
b 1) From group and associated companies |
2.391,00 |
1,58 |
1.267,00 |
0,44 |
|
|
|
b 2) From third parties |
20,00 |
0,01 |
78,00 |
0,03 |
40,00 |
0,08 |
|
15. Financial expenses |
-1.468,00 |
-0,97 |
-716,00 |
-0,25 |
-311,00 |
-0,64 |
|
a) For debts with associated and affiliated companies |
-65,00 |
-0,04 |
|
|
|
|
|
b) For debts with third parties |
-1.403,00 |
-0,93 |
-716,00 |
-0,25 |
-311,00 |
-0,64 |
|
16. Reasonable value variation on financial instruments |
|
|
|
|
|
|
|
17. Exchange differences |
-102,00 |
-0,07 |
|
|
|
|
|
18. Deterioration and result for disposal of financial instruments |
-1.040,00 |
-0,69 |
|
|
43,00 |
0,09 |
|
a) Deteriorations and losses |
-1.075,00 |
-0,71 |
|
|
43,00 |
0,09 |
|
b) Results for disposals and others |
35,00 |
0,02 |
|
|
|
|
|
19. Other financial income and expenses |
|
|
|
|
|
|
|
A.2) FINANCIAL RESULT (14 + 15 + 16 + 17 + 18 + 19) |
-199,00 |
-0,13 |
629,00 |
0,22 |
-228,00 |
-0,47 |
|
A.3) RESULT BEFORE TAXES (A.1 + A.2) |
4.218,00 |
2,79 |
25.405,00 |
8,79 |
350,00 |
0,72 |
|
20. Taxes on profits |
-1.161,00 |
-0,77 |
-6.517,00 |
-2,26 |
-90,00 |
-0,19 |
|
A.4) EXERCISE RESULT COMING FROM CONTINUED OPERATIONS (A.3 + 20) |
3.057,00 |
2,02 |
18.888,00 |
6,54 |
260,00 |
0,54 |
|
B) DISCONTINUED OPERATIONS |
|
|
|
|
|
|
|
21. Net of taxes exercise result coming from discontinued operations |
|
|
|
|
|
|
|
A.5) EXERCISE RESULT (A.4 + 21) |
3.057,00 |
2,02 |
18.888,00 |
6,54 |
260,00 |
0,54 |
NET WORTH CHANGES STATUS
Status of recognized income and expenses
Figures given in thousands €
|
NET WORTH CHANGES (1/3) |
31/12/2011 (12) |
31/12/2010 (12) |
31/12/2009 (12) |
|
A) PROFIT AND LOSS ACCOUNT RESULT |
3.057,00 |
18.888,00 |
260,00 |
|
INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH |
|
|
|
|
I. For valuation of financial instruments |
|
|
|
|
II. Cash flow coverage |
|
|
|
|
III. Received legacies, grants and subventions |
|
|
|
|
IV. For actuarial profits and losses and other adjustments |
|
|
|
|
V. Non-current assets and related liabilities, maintained for sale |
|
|
|
|
VI. Conversion differences |
|
|
|
|
VII. Tax effect |
|
|
|
|
B) TOTAL INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH (I + II +
III + IV +V+VI+VII) |
|
|
|
|
PROFIT AND LOSS ACCOUNT TRANSFERS |
|
|
|
|
VIII. For valuation of financial instruments |
|
|
|
|
IX. Cash flow coverage |
|
|
|
|
X. Received legacies, grants and subventions |
|
|
|
|
XI. Non-current assets and related liabilities, maintained for sale |
|
|
|
|
XII. Conversion differences |
|
|
|
|
XIII. Tax effect |
|
|
|
|
C) TOTAL TRANSFERS TO THE PROFIT AND LOSS ACCOUNT (VIII + IX + X + XI+
XII+ XIII) |
|
|
|
|
TOTAL INCOME AND EXPENSES RECOGNIZED (A + B + C) |
3.057,00 |
18.888,00 |
260,00 |
Total net worth changes status
Figures given in thousands €
|
NET WORTH CHANGES ( 2 /3) |
AUTHORIZED CAPITAL |
RESERVES |
RESULTS FROM PREVIOUS EXERCISES |
EXERCISE RESULT |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2008) |
3,00 |
4.466,00 |
-2,00 |
23.695,00 |
|
I. Adjustments by change of criteria in the exercise (2008) |
|
|
|
|
|
II. Adjustments by errors in the exercise (2008) |
|
|
|
|
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2009) |
3,00 |
4.466,00 |
-2,00 |
23.695,00 |
|
I. Total recognized income and expenses |
|
|
|
260,00 |
|
II. Operations with partners or owners |
|
|
|
|
|
III. Other net worth variations |
|
23.695,00 |
|
-23.695,00 |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2009) |
3,00 |
28.161,00 |
-2,00 |
260,00 |
|
I. Adjustments by change of criteria in the exercise (2009) |
|
|
|
|
|
II. Adjustments by errors in the exercise (2009) |
|
|
|
|
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2010) |
3,00 |
28.161,00 |
-2,00 |
260,00 |
|
I. Total recognized income and expenses |
|
|
|
18.888,00 |
|
II. Operations with partners or owners |
|
|
|
|
|
III. Other net worth variations |
|
260,00 |
|
-260,00 |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2010) |
3,00 |
28.421,00 |
-2,00 |
18.888,00 |
|
I. Adjustments by change of criteria in the exercise (2010) |
|
|
|
|
|
II. Adjustments by errors in the exercise (2010) |
|
|
|
-1.818,00 |
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2011) |
3,00 |
28.421,00 |
-2,00 |
17.070,00 |
|
I. Total recognized income and expenses |
|
|
|
3.057,00 |
|
II. Operations with partners or owners |
87,00 |
-87,00 |
|
|
|
1. Capital Increases |
87,00 |
|
|
|
|
2. (-) Capital reductions |
|
-87,00 |
|
|
|
III. Other net worth variations |
|
17.068,00 |
2,00 |
-17.070,00 |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2011) |
90,00 |
45.402,00 |
|
3.057,00 |
|
NET WORTH CHANGES ( 3 /3) |
TOTAL |
|
||
|
FINAL ACCOUNT BALANCE OF EXERCISE (2008) |
28.162,00 |
|
||
|
I. Adjustments by change of criteria in the exercise (2008) |
|
|
||
|
II. Adjustments by errors in the exercise (2008) |
|
|
||
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2009) |
28.162,00 |
|
||
|
I. Total recognized income and expenses |
260,00 |
|
||
|
II. Operations with partners or owners |
|
|
||
|
III. Other net worth variations |
|
|
||
|
FINAL ACCOUNT BALANCE OF EXERCISE (2009) |
28.422,00 |
|
||
|
I. Adjustments by change of criteria in the exercise (2009) |
|
|
||
|
II. Adjustments by errors in the exercise (2009) |
|
|
||
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2010) |
28.422,00 |
|
||
|
I. Total recognized income and expenses |
18.888,00 |
|
||
|
II. Operations with partners or owners |
|
|
||
|
III. Other net worth variations |
|
|
||
|
FINAL ACCOUNT BALANCE OF EXERCISE (2010) |
47.310,00 |
|
||
|
I. Adjustments by change of criteria in the exercise (2010) |
|
|
||
|
II. Adjustments by errors in the exercise (2010) |
-1.818,00 |
|
||
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2011) |
45.492,00 |
|
||
|
I. Total recognized income and expenses |
3.057,00 |
|
||
|
II. Operations with partners or owners |
|
|
||
|
1. Capital Increases |
|
|
||
|
2. (-) Capital reductions |
|
|
||
|
III. Other net worth variations |
|
|
||
|
FINAL ACCOUNT BALANCE OF EXERCISE (2011) |
48.549,00 |
|
||
CASH FLOW STATUS
Figures given in thousands €
|
|
31/12/2011 (12) |
31/12/2010 (12) |
31/12/2009 (12) |
|
A) CASH FLOW COMING FROM OPERATING ACTIVITIES |
|
|
|
|
1. exercise result before taxes |
4.218,00 |
25.405,00 |
350,00 |
|
2. Results adjustments |
-1.796,00 |
2.270,00 |
251,00 |
|
a) Amortization of fixed assets (+) |
178,00 |
180,00 |
131,00 |
|
b) Value correction for deterioration (+/-) |
671,00 |
2.415,00 |
-151,00 |
|
c) Change of Provisions (+/-) |
-1.667,00 |
304,00 |
|
|
f) Results for decline and disposal of financial instruments (+/-) |
-35,00 |
|
|
|
g) Financial income (-) |
-2.411,00 |
-1.345,00 |
-40,00 |
|
f) Financial expenses (+) |
1.468,00 |
716,00 |
311,00 |
|
3. Changes in current capital |
3.710,00 |
-36.760,00 |
9.465,00 |
|
a) Stocks (+/-) |
33.268,00 |
-4.113,00 |
-26.000,00 |
|
b) Debtors and other receivable accounts (+/-) |
3.433,00 |
-2.049,00 |
45.621,00 |
|
c) Other current assets (+/-) |
-3.246,00 |
-31.037,00 |
-3.500,00 |
|
d) Creditors and other payable accounts (+/-) |
-31.668,00 |
356,00 |
-6.656,00 |
|
e) Other current liabilities (+/-) |
1.923,00 |
|
|
|
f) Other non-current assets and liabilities (+/-) |
|
83,00 |
|
|
4. Other cash flow coming from operating activities |
943,00 |
-6.464,00 |
2.752,00 |
|
a) Interests payments (-) |
-1.468,00 |
-716,00 |
-311,00 |
|
c) Interests collections (+) |
2.411,00 |
1.345,00 |
40,00 |
|
d) Collections (payments) for profit tax (+/-) |
|
-7.093,00 |
3.023,00 |
|
5. Cash flow coming from operating activities (1 + 2 + 3 + 4) |
7.075,00 |
-15.549,00 |
12.818,00 |
|
B) CASH FLOW COMING FROM INVESTING ACTIVITIES |
|
|
|
|
6. Investment payments (-) |
-1.155,00 |
-6.221,00 |
-10.379,00 |
|
a) Group and associated companies |
-1.112,00 |
-6.000,00 |
-9.146,00 |
|
b) Intangible assets |
|
-34,00 |
|
|
c) Tangible assets |
-43,00 |
-187,00 |
-1.034,00 |
|
h) Other assets |
|
|
-199,00 |
|
7. Disinvestment collections (+) |
6.564,00 |
199,00 |
49,00 |
|
a) Group and associated companies |
6.055,00 |
|
49,00 |
|
h) Other assets |
509,00 |
199,00 |
|
|
8. Cash Flow in investment activities (6 + 7) |
5.409,00 |
-6.022,00 |
-10.330,00 |
|
C) CASH FLOW COMING FROM FINANCING ACTIVITIES |
|
|
|
|
9. Net worth instruments collections and payments |
|
|
|
|
10. Financial liabilities instruments collections and payments |
-7.989,00 |
22.331,00 |
-1.051,00 |
|
a) Issue |
|
23.182,00 |
520,00 |
|
2. Debts with bank entities (+) |
|
19.389,00 |
|
|
3. Debts with group and associated companies (+) |
|
3.793,00 |
520,00 |
|
b) Return and amortization of |
-7.989,00 |
-851,00 |
-1.571,00 |
|
2. Debts with bank entities (-) |
-7.989,00 |
|
-1.571,00 |
|
3. Debts with group and associated companies (-) |
|
-520,00 |
|
|
5. Other debts (-) |
|
-331,00 |
|
|
11. Payments for dividends and remunerations of other net worth
instruments |
|
|
|
|
12. Cash Flow in financing activities (9 + 10 + 11) |
-7.989,00 |
22.331,00 |
-1.051,00 |
|
D) Exchange rate variations effect |
|
|
|
|
E) NET CASH OR EQUIVALENTS INCREASE / REDUCTION (5 + 8 + 12 + D) |
4.495,00 |
760,00 |
1.437,00 |
|
Cash or equivalents at the beginning of the exercise |
2.512,00 |
1.752,00 |
|
|
Cash or equivalents at the end of the exercise |
7.007,00 |
2.512,00 |
1.752,00 |
RATIOS
|
|
31/12/2011 (12) |
CHANGE % |
31/12/2010 (12) |
CHANGE % |
31/12/2009 (12) |
|
BALANCE RATIOS |
|||||
|
Working Capital (€) |
47.294,00 |
16,78 |
40.499,00 |
80,59 |
22.426,00 |
|
Working capital ratio |
0,57 |
62,86 |
0,35 |
20,69 |
0,29 |
|
Soundness Ratio |
21,81 |
284,66 |
5,67 |
28,86 |
4,40 |
|
Average Collection Period (days) |
31 |
24,64 |
25 |
-84,21 |
157 |
|
Average Payment Period (days) |
50 |
-22,22 |
65 |
-82,49 |
370 |
|
LIQUIDITY RATIOS |
|||||
|
Current Ratio (%) |
243,66 |
51,82 |
160,49 |
10,33 |
145,47 |
|
Quick Ratio (%) |
21,33 |
369,82 |
4,54 |
-57,37 |
10,65 |
|
DEBT RATIOS |
|||||
|
Borrowing percentage (%) |
17,98 |
0,28 |
17,93 |
531,34 |
2,84 |
|
External Financing Average Cost |
0,10 |
233,33 |
0,03 |
-78,57 |
0,14 |
|
Debt Service Coverage |
2,10 |
257,89 |
-1,34 |
-882,35 |
0,17 |
|
Interest Coverage |
3,01 |
-91,30 |
34,60 |
1.760,22 |
1,86 |
|
GENERAL AND ACTIVITIES RATIOS |
|||||
|
Auto financing generated by sales (%) |
4,70 |
187,04 |
-5,40 |
-120,06 |
26,92 |
|
Auto financing generated by Assets (%) |
8,58 |
163,89 |
-13,43 |
-181,94 |
16,39 |
|
Breakdown Point |
1,03 |
-5,50 |
1,09 |
7,92 |
1,01 |
|
Average Sales Volume per Employee |
5.570,98 |
-51,32 |
11.443,72 |
428,70 |
2.164,50 |
|
Average Cost per Employee |
44,60 |
-25,04 |
59,50 |
46,59 |
40,59 |
|
Assets Turnover |
1,83 |
-26,51 |
2,49 |
308,20 |
0,61 |
|
Inventory Turnover (days) |
28 |
-55,87 |
64 |
-80,39 |
329 |
|
RESULTS RATIOS |
|||||
|
Return on Assets (ROA) (%) |
5,36 |
-74,95 |
21,40 |
2.791,89 |
0,74 |
|
Operating Profitability (%) |
6,29 |
-70,81 |
21,55 |
2.268,13 |
0,91 |
|
Return on Equity (ROE) (%) |
8,69 |
-83,82 |
53,70 |
4.265,85 |
1,23 |
SECTORIAL ANALYSIS
Balance Sheet and Financial Balance
Figures expressed in %
|
|
COMPANY (2011) |
SECTOR |
DIFFERENCE |
|
BALANCE SHEET ANALYSIS: % on the total assets |
|
|
|
|
ASSETS |
|||
|
A) NON CURRENT ASSETS |
2,70 |
19,32 |
-16,62 |
|
A) CURRENT ASSETS |
97,30 |
80,68 |
16,62 |
|
LIABILITIES |
|||
|
A) NET WORTH |
58,89 |
23,53 |
35,36 |
|
B) NON CURRENT LIABILITIES |
1,18 |
11,16 |
-9,98 |
|
C) CURRENT LIABILITIES |
39,93 |
65,31 |
-25,38 |
|
|
|
|
|
Results Analytical Account
Figures given in %
|
|
COMPANY (2011) |
SECTOR |
DIFFERENCE |
|
Net Turnover |
99,48 |
96,67 |
2,81 |
|
Other operating income |
0,52 |
3,33 |
-2,81 |
|
OPERATING INCOME |
100,00 |
100,00 |
0,00 |
|
Supplies |
-92,94 |
-70,27 |
-22,67 |
|
Variation in stocks of finished goods and work in progress |
|
-0,07 |
|
|
GROSS MARGIN |
7,06 |
29,66 |
-22,60 |
|
Other operating costs |
-3,61 |
-11,25 |
7,64 |
|
Labour cost |
-0,80 |
-11,87 |
11,07 |
|
GROSS OPERATING RESULT |
2,65 |
6,54 |
-3,89 |
|
Amortization of fixed assets |
-0,12 |
-2,42 |
2,30 |
|
Deterioration and result for fixed assets disposal |
|
0,55 |
|
|
Other expenses / income |
|
-0,63 |
|
|
NET OPERATING RESULT |
2,92 |
4,04 |
-1,12 |
|
Financial result |
-0,13 |
-1,57 |
1,44 |
|
RESULT BEFORE TAX |
2,79 |
2,47 |
0,32 |
|
Taxes on profits |
-0,77 |
-0,70 |
-0,07 |
|
RESULT COMING FROM CONTINUED OPERATIONS |
2,02 |
1,77 |
0,25 |
|
Exercise result coming from discontinued operations net of taxes |
|
0,00 |
|
|
NET RESULT |
2,02 |
1,77 |
0,25 |
|
Amortization of fixed assets |
-0,12 |
-2,42 |
2,30 |
|
Deterioration and provisions variation |
1,37 |
0,53 |
0,84 |
|
|
0,77 |
3,66 |
-2,89 |
Main Ratios
Figures given in thousands €
|
|
COMPANY (2011) |
PTILE25 |
PTILE50 |
PTILE75 |
|
BALANCE RATIOS |
|
|
|
|
|
Working Capital (€) |
47.294,00 |
4.697,92 |
11.163,99 |
27.231,76 |
|
Working capital ratio |
0,57 |
0,07 |
0,19 |
0,33 |
|
Soundness Ratio |
21,81 |
1,01 |
2,22 |
3,31 |
|
Average Collection Period (days) |
31 |
49 |
92 |
172 |
|
Average Payment Period (days) |
50 |
63 |
101 |
178 |
|
LIQUIDITY RATIOS |
|
|
|
|
|
Current Ratio (%) |
243,66 |
111,46 |
129,11 |
168,45 |
|
Quick Ratio (%) |
21,33 |
4,27 |
10,83 |
32,12 |
|
DEBT RATIOS |
|
|
|
|
|
Borrowing percentage (%) |
17,98 |
5,58 |
15,79 |
30,88 |
|
External Financing Average Cost |
0,10 |
0,03 |
0,05 |
0,11 |
|
Debt Service Coverage |
2,10 |
0,98 |
2,48 |
5,77 |
|
Interest Coverage |
3,01 |
1,27 |
3,11 |
9,39 |
|
GENERAL AND ACTIVITIES RATIOS |
|
|
|
|
|
Auto financing generated by sales (%) |
4,70 |
0,81 |
1,82 |
7,33 |
|
Auto financing generated by Assets (%) |
8,58 |
1,62 |
2,78 |
10,81 |
|
Breakdown Point |
1,03 |
1,01 |
1,02 |
1,08 |
|
Average Sales Volume per Employee |
5.570,98 |
359,30 |
565,03 |
2.562,53 |
|
Average Cost per Employee |
44,60 |
39,93 |
51,74 |
78,02 |
|
Assets Turnover |
1,83 |
1,02 |
1,46 |
2,45 |
|
Inventory Turnover (days) |
28 |
10 |
58 |
117 |
|
RESULTS RATIOS |
|
|
|
|
|
Return on Assets (ROA) (%) |
5,36 |
1,28 |
3,24 |
8,04 |
|
Operating Profitability (%) |
6,29 |
2,77 |
5,68 |
13,32 |
|
Return on Equity (ROE) (%) |
8,69 |
3,52 |
14,71 |
22,61 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.08 |
|
|
1 |
Rs.83.11 |
|
Euro |
1 |
Rs.72.01 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.