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Report Date : |
13.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SOLER HISPANIA SL |
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Registered Office : |
C/ Avua Del Vimen, Parcelas 16 Y 18 - Pol. Indust L' Olleria, 46850 |
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Country : |
Spain |
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Financials (as on) : |
31.12.2011 |
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Year of Incorporation : |
1999 |
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Com. Reg. No.: |
B96947916 |
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Legal Form : |
Private Independent |
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Line of Business : |
Wholesale of other household goods |
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No. of Employees : |
48 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Spain |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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.
Source
: CIA
Soler Hispania Sl
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Business
Description
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Wholesale of other household goods |
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 0.7698705
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7668179
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Executives
Report
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
|
Consolidated |
No |
No |
No |
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|
|
|
|
|
Charges |
50.6 |
37.9 |
32.5 |
|
Supplies |
33.0 |
32.8 |
27.5 |
|
Goods Consumption |
31.9 |
32.1 |
27.0 |
|
Consumption of Raw
Materials |
1.1 |
0.6 |
0.5 |
|
Miscellaneous External
Expenditures |
0.0 |
0.0 |
- |
|
Staff Costs |
2.9 |
0.7 |
0.8 |
|
Wages and Salaries |
2.3 |
0.5 |
0.6 |
|
Social Security Costs |
0.6 |
0.1 |
0.2 |
|
Depreciation |
2.5 |
0.5 |
0.1 |
|
Allowance for Trade Operations |
0.4 |
0.1 |
- |
|
Variation of Other
Trade Provisions |
0.4 |
0.1 |
- |
|
Other Operating Charges |
9.4 |
3.3 |
3.4 |
|
External Services |
9.1 |
3.2 |
3.3 |
|
Taxes |
0.2 |
0.0 |
0.0 |
|
Operating Benefits |
1.4 |
1.0 |
0.8 |
|
Financials and Similar Charges |
1.8 |
0.5 |
0.5 |
|
Due to Liabilities With
Group Companies |
- |
- |
0.0 |
|
Due to Other
Liabilities |
1.8 |
0.5 |
0.5 |
|
Exchange Losses |
0.1 |
- |
- |
|
Profit From Ordinary Activities |
- |
0.5 |
0.3 |
|
Losses From Assets and Securities Portfolio |
0.0 |
- |
- |
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Extraordinary Expenses |
- |
0.1 |
- |
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Extraordinary Profit |
2.1 |
- |
0.4 |
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Profit Before Taxes |
1.6 |
0.4 |
0.8 |
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Corporation Tax |
0.5 |
0.2 |
0.2 |
|
Financial Year Result (Profit) |
1.1 |
0.3 |
0.5 |
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Income |
51.7 |
38.2 |
33.0 |
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Net Total Sales |
48.4 |
38.2 |
32.5 |
|
Sales |
48.7 |
38.3 |
32.7 |
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Rendering of Services |
0.0 |
0.0 |
0.0 |
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Sales Refunds |
-0.2 |
-0.2 |
-0.1 |
|
Miscellaneous Operating Income |
1.2 |
0.0 |
0.0 |
|
Auxiliary Income From
Current Management |
1.2 |
0.0 |
0.0 |
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Income From Equity Investment |
0.0 |
- |
- |
|
Third Parties |
0.0 |
- |
- |
|
Income From Miscellaneous Interests |
0.0 |
0.0 |
0.0 |
|
Miscellaneous
Interests |
0.0 |
0.0 |
0.0 |
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Gains from Exchange Rate |
- |
0.0 |
0.0 |
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Negative Financial Results |
1.9 |
0.5 |
0.5 |
|
Ordinary Activities' Losses |
0.5 |
- |
- |
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Extraordinary Income |
2.1 |
- |
0.4 |
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Negative Extraordinary Results |
- |
0.1 |
- |
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Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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|
|
|
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Concessions, Patents,
Trademarks |
0.0 |
- |
- |
|
Goodwill |
13.6 |
- |
- |
|
Software |
0.1 |
0.0 |
0.0 |
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Total Intangible Fixed Assets |
13.7 |
0.0 |
0.0 |
|
Land and Construction |
60.2 |
0.7 |
- |
|
Technical
Installations and Machinery |
1.3 |
1.1 |
0.2 |
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Other Installations,
Tools, and Furniture |
1.2 |
1.0 |
0.2 |
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Other Tangible Assets |
0.5 |
0.4 |
0.1 |
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Total Tangible Fixed Assets |
63.2 |
3.2 |
0.5 |
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Long-Term Securities
Portfolio |
0.0 |
- |
- |
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Other Receivables |
- |
0.2 |
- |
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Long-Term Guarantees
and Deposits |
0.0 |
- |
- |
|
Financial Investments |
0.0 |
0.2 |
- |
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Total Fixed Assets |
76.9 |
3.3 |
0.5 |
|
Goods for Resale |
20.4 |
19.0 |
20.2 |
|
Raw Materials and
Other Consumables |
0.7 |
1.3 |
- |
|
Payments on Account |
0.5 |
1.0 |
0.7 |
|
Total Stocks |
21.6 |
21.3 |
20.9 |
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Trade Debtors |
13.0 |
5.3 |
2.6 |
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Other Debtors |
0.0 |
0.0 |
0.6 |
|
Public Bodies |
0.0 |
- |
- |
|
Total Debtors |
13.1 |
5.3 |
3.2 |
|
Other Receivables |
0.2 |
- |
- |
|
Short-Term Guarantees
and Deposits |
0.0 |
0.2 |
0.0 |
|
Total Short-Term Investments |
0.2 |
0.2 |
0.0 |
|
Cash |
0.5 |
0.2 |
0.1 |
|
Prepayments and Accrued Income |
0.1 |
0.1 |
0.1 |
|
Total Current Assets |
35.5 |
27.1 |
24.4 |
|
Total Assets |
112.4 |
30.4 |
24.8 |
|
Legal Reserve |
48.8 |
0.4 |
0.0 |
|
Miscellaneous Reserves |
1.1 |
0.9 |
0.8 |
|
Total Reserves |
49.9 |
1.3 |
0.8 |
|
Profit or Loss for the Financial Year |
1.0 |
0.3 |
0.5 |
|
Total Equity |
63.2 |
3.6 |
3.5 |
|
Loans and Other
Liabilities |
9.7 |
- |
- |
|
Long-Term Liabilities
from Capital Leases |
1.6 |
1.7 |
- |
|
Total Amounts Owed to Credit Institutions |
11.3 |
1.7 |
- |
|
Other Creditors |
2.4 |
- |
- |
|
Long-Term Payables to
Public Bodies |
0.0 |
0.0 |
- |
|
Total Other Creditors |
2.4 |
0.0 |
- |
|
Total Long Term Liabilities |
13.8 |
1.8 |
- |
|
Loans and Other
Liabilities |
25.4 |
16.0 |
14.4 |
|
Short-Term Liabilities
from Capital Leases |
0.2 |
0.2 |
- |
|
Total Amounts Owed to Credit Institutions |
25.6 |
16.2 |
14.4 |
|
Advanced Payments from
Customers |
- |
0.6 |
0.7 |
|
Amounts Owed for
Purchases of Goods or Services |
7.2 |
7.5 |
6.0 |
|
Total Trade Creditors |
7.2 |
8.1 |
6.7 |
|
Public Bodies |
1.0 |
0.7 |
0.2 |
|
Miscellaneous Debts |
1.4 |
- |
- |
|
Wages and Salaries
Payable |
0.3 |
0.0 |
0.0 |
|
Total Other Creditors |
2.7 |
0.7 |
0.2 |
|
Total Short Term Creditors |
35.4 |
25.0 |
21.3 |
|
Total Liabilities and Equity |
112.4 |
30.4 |
24.8 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.89 |
|
|
1 |
Rs.90.88 |
|
Euro |
1 |
Rs.78.32 |
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.