MIRA
INFORM REPORT
|
Report Date : |
01.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
LIPIDOS SANTIGA SA. |
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Registered Office : |
Carretera Ripollet A Santiga B-141, Km 4,3, Santa Perpetua De Mogoda,
08130 |
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Country : |
Spain |
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Financials (as on) : |
31.12.2011 |
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Year of Establishments: |
1968 |
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Com. Reg. No.: |
A58352311 |
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Legal Form : |
Public Subsidiary Company |
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Line of Business : |
Production of fats and essential oils for use in the food and perfume
industries |
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No. of Employees : |
145 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – 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 |
Company name & address
Lipidos Santiga Sa.
Carretera Ripollet A Santiga B-141, Km 4,3
Santa Perpetua De Mogoda, 08130
Spain
Tel: +(34) 935443022
Fax: +(34) 935443555
Web: www.lipsa.es
Synthesis
Employees: 145
Company Type: Public Subsidiary
Corporate Family: 2
Companies
Ultimate Parent: Agrindus
SA
Incorporation Date: 1968
Auditor: Kpmg Auditores Sl
Financials in: USD
(Millions)
Fiscal Year End:
03-Oct-2012
Reporting Currency: Euro
Annual Sales: 582.7
1
Net Income: 1.3
Total Assets:
314.8
Business Description
Production of fats and essential oils for use in the food and perfume
industries
Industry
Industry Food Processing
ANZSIC 2006: 1150 - Oil and Fat
Manufacturing
NACE 2002: 1541 - Manufacture
of crude oils and fats
NAICS 2002: 311223 - Other
Oilseed Processing
UK SIC 2003: 1541 - Manufacture
of crude oils and fats
UK SIC 2007: 1041 - Manufacture
of oils and fats
US SIC 1987: 2076 - Vegetable Oil
Mills, Except Corn, Cottonseed, and Soybean
Key Executives
|
Name |
Title |
|
Francisco Soler Rodriguez |
Member Of The Board, Chief Executive Officer |
|
Antonio Soler Soler |
President, Member Of The Board |
|
Francesc Roig Navarro |
Director Financiero |
|
Josep Godall Castell |
Secretary, Member Of The Board |
|
Antonio Soler Rodriguez |
Member Of The Board, Vice Chairman |
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7711641
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7726488
Corporate Overview
Location
Carretera Ripollet A Santiga B-141, Km 4,3
Santa Perpetua De Mogoda, 08130
Spain
Tel: +(34) 935443022
Fax: +(34) 935443555
Web: www.lipsa.es
Sales EUR(mil): 449.3
Assets EUR(mil): 243.2
Employees: 145
Fiscal Year End: 03-Oct-2012
Industry: Food
Processing
Incorporation Date: 1968
Company Type: Public
Subsidiary
Quoted Status: Not
Quoted
Registered No.(ESP): A58352311
Member Of The
Board, Chief Executive Officer:
Francisco Soler Rodriguez
Industry Codes
ANZSIC 2006 Codes:
1150 - Oil and Fat Manufacturing
NACE 2002 Codes:
1541 - Manufacture of crude oils and fats
1543 - Manufacture of margarine and similar edible fats
NAICS 2002 Codes:
311223 - Other Oilseed Processing
311222 - Soybean Processing
311613 - Rendering and Meat Byproduct Processing
311225 - Fats and Oils Refining and Blending
US SIC 1987:
2076 - Vegetable Oil Mills, Except Corn, Cottonseed, and Soybean
2075 - Soybean Oil Mills
2077 - Animal and Marine Fats and Oils
2079 - Shortening, Table Oils, Margarine, and Other Edible Fats
and Oils, Not Elsewhere Classified
UK SIC 2003:
1541 - Manufacture of crude oils and fats
1543 - Manufacture of margarine and similar edible fats
UK SIC 2007:
1041 - Manufacture of oils and fats
1042 - Manufacture of margarine and similar edible fats
Business
Description
Manufacture of oils and fats
More Business
Descriptions
Production of fats and essential oils for use in the food and perfume
industries
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Corporate Family |
Corporate
Structure News: |
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Lipidos
Santiga Sa. |
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Lipidos Santiga Sa. |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Agrindus SA |
Parent |
|
|
|
|
|
|
|
Lipidos Santiga Sa. |
Subsidiary |
Santa Perpetua De Mogoda, Barcelona |
Spain |
Food Processing |
582.7 |
145 |
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Executive report
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Board of
Directors |
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Member Of The Board, Vice Chairman |
Vice-Chairman |
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Member Of The Board |
Director/Board Member |
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Member Of The Board |
Director/Board Member |
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Secretary, Member Of The Board |
Director/Board Member |
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Member Of The Board, Chief Executive Officer |
Director/Board Member |
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President, Member Of The Board |
Director/Board Member |
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Executives |
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Member Of The Board, Chief Executive Officer |
Chief Executive Officer |
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President, Member Of The Board |
President |
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Secretary, Member Of The Board |
Administration Executive |
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Director Financiero |
Finance Executive |
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Annual
Profit & Loss
|
|
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 |
|
|
|
|
|
|
Charges |
629.6 |
401.4 |
400.8 |
|
Supplies |
557.8 |
335.5 |
341.7 |
|
Goods Consumption |
545.8 |
- |
- |
|
Consumption of Raw
Materials |
11.9 |
333.7 |
341.7 |
|
Miscellaneous External
Expenditures |
- |
1.7 |
0.0 |
|
Staff Costs |
10.6 |
11.3 |
11.2 |
|
Wages and Salaries |
8.5 |
9.2 |
8.9 |
|
Social Security Costs |
2.1 |
2.1 |
2.2 |
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Depreciation |
7.1 |
6.6 |
5.8 |
|
Allowance for Trade Operations |
1.6 |
0.5 |
1.3 |
|
Stock Provision
Variation |
1.1 |
- |
- |
|
Variation of Other
Trade Provisions |
0.5 |
0.5 |
1.3 |
|
Other Operating Charges |
30.3 |
27.1 |
31.9 |
|
External Services |
28.9 |
25.6 |
31.5 |
|
Taxes |
0.5 |
0.4 |
0.3 |
|
Other Operating
Expenses |
0.9 |
1.2 |
- |
|
Operating Benefits |
20.9 |
21.4 |
12.9 |
|
Financials and Similar Charges |
8.1 |
5.6 |
4.7 |
|
Due to Other
Liabilities |
8.1 |
5.6 |
4.4 |
|
Losses from Financial
Investments |
- |
- |
0.2 |
|
Changes in Financial Investment Provisions |
8.7 |
11.9 |
- |
|
Exchange Losses |
4.8 |
- |
- |
|
Profit From Ordinary Activities |
1.9 |
7.8 |
11.9 |
|
Losses From Assets and Securities Portfolio |
0.1 |
0.0 |
- |
|
Extraordinary Expenses |
- |
0.0 |
0.0 |
|
Extraordinary Profit |
0.1 |
0.4 |
0.0 |
|
Profit Before Taxes |
1.9 |
8.2 |
11.9 |
|
Corporation Tax |
0.6 |
2.9 |
4.3 |
|
Financial Year Result (Profit) |
1.4 |
5.3 |
7.6 |
|
Income |
631.0 |
406.6 |
408.4 |
|
Net Total Sales |
624.8 |
397.7 |
402.4 |
|
Sales |
615.5 |
388.7 |
393.6 |
|
Rendering of Services |
9.5 |
9.0 |
8.9 |
|
Sales Refunds |
-0.2 |
-0.1 |
-0.1 |
|
Increase in Stocks |
2.1 |
3.2 |
0.2 |
|
Works Performed for Fixed Assets |
- |
0.7 |
- |
|
Miscellaneous Operating Income |
1.4 |
0.8 |
2.2 |
|
Auxiliary Income From
Current Management |
1.2 |
0.7 |
2.1 |
|
Grants |
0.2 |
0.0 |
0.1 |
|
Income From Equity Investment |
0.1 |
0.1 |
0.1 |
|
Third Parties |
0.1 |
0.1 |
0.1 |
|
Income From Other Securities and Receivables |
0.0 |
0.0 |
0.1 |
|
From Non-Group
Companies |
0.0 |
0.0 |
0.1 |
|
Income From Miscellaneous Interests |
2.4 |
1.9 |
1.6 |
|
From Group Companies |
2.3 |
1.8 |
0.3 |
|
Miscellaneous
Interests |
0.1 |
0.2 |
0.3 |
|
Profit on Financial
Investment |
- |
- |
1.0 |
|
Gains from Exchange Rate |
- |
1.8 |
1.9 |
|
Negative Financial Results |
19.0 |
13.5 |
1.1 |
|
Profit on Disposal of Assets |
- |
- |
0.0 |
|
Capital Grants Transferred to Profit and Loss |
0.2 |
0.4 |
0.0 |
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 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Software |
3.3 |
2.3 |
1.1 |
|
Payments on Account |
7.9 |
8.2 |
- |
|
Total Intangible Fixed Assets |
11.1 |
10.5 |
1.1 |
|
Land and Construction |
23.2 |
21.5 |
11.7 |
|
Technical
Installations and Machinery |
42.9 |
24.9 |
28.8 |
|
Other Installations,
Tools, and Furniture |
0.9 |
0.5 |
0.6 |
|
Tangible Fixed Assets
Under Construction |
0.3 |
23.4 |
18.7 |
|
Other Tangible Assets |
0.4 |
0.2 |
0.3 |
|
Total Tangible Fixed Assets |
67.6 |
70.5 |
60.1 |
|
Investments in Group
Companies |
9.8 |
9.7 |
1.8 |
|
Receivables from Group
Companies |
51.6 |
55.8 |
44.5 |
|
Long-Term Securities
Portfolio |
1.3 |
1.4 |
1.5 |
|
Long-Term Guarantees
and Deposits |
0.0 |
0.0 |
0.0 |
|
Financial Investments |
62.7 |
66.9 |
47.8 |
|
Total Fixed Assets |
141.4 |
147.9 |
109.0 |
|
Raw Materials and
Other Consumables |
64.9 |
49.8 |
57.9 |
|
Goods in Process |
14.7 |
14.0 |
11.6 |
|
Byproducts and
Recovered Materials |
0.9 |
0.2 |
0.0 |
|
Total Stocks |
80.5 |
64.0 |
69.5 |
|
Trade Debtors |
76.1 |
63.9 |
30.9 |
|
Receivables, Group Companies |
0.0 |
0.2 |
0.3 |
|
Receivables,
Associated Companies |
0.1 |
2.2 |
3.1 |
|
Other Debtors |
1.3 |
0.1 |
0.0 |
|
Staff |
0.0 |
0.0 |
- |
|
Public Bodies |
3.3 |
0.6 |
5.9 |
|
Total Debtors |
80.8 |
67.0 |
40.1 |
|
Receivables from Group
Companies |
2.2 |
0.7 |
0.0 |
|
Short-Term Securities
Portfolio |
- |
4.1 |
7.3 |
|
Total Short-Term Investments |
2.2 |
4.7 |
7.3 |
|
Cash |
10.1 |
9.2 |
2.2 |
|
Prepayments and Accrued Income |
0.8 |
0.3 |
0.3 |
|
Total Current Assets |
174.3 |
145.3 |
119.3 |
|
Total Assets |
315.8 |
293.2 |
228.3 |
|
Revaluation Reserves |
1.5 |
1.4 |
1.4 |
|
Legal Reserve |
0.4 |
0.4 |
0.4 |
|
Miscellaneous Reserves |
46.5 |
51.9 |
47.3 |
|
Total Reserves |
46.9 |
52.3 |
47.7 |
|
Profit or Loss for the Financial Year |
1.3 |
5.3 |
7.8 |
|
Total Equity |
51.6 |
61.0 |
59.1 |
|
Capital Grants |
0.4 |
0.2 |
0.1 |
|
Total Deferred Income |
0.4 |
0.2 |
0.1 |
|
Provisions for Pension
Fund |
0.2 |
0.2 |
0.2 |
|
Other Provisions |
0.2 |
0.2 |
- |
|
Total Provisions for Liabilities and Charges |
0.4 |
0.4 |
0.2 |
|
Loans and Other
Liabilities |
75.5 |
62.5 |
50.7 |
|
Long-Term Liabilities
from Capital Leases |
- |
2.0 |
0.4 |
|
Total Amounts Owed to Credit Institutions |
75.5 |
64.5 |
51.1 |
|
Other Creditors |
1.7 |
0.9 |
1.8 |
|
Long-Term Payables to
Public Bodies |
4.9 |
4.9 |
5.3 |
|
Total Other Creditors |
6.7 |
5.8 |
7.0 |
|
Total Long Term Liabilities |
82.1 |
70.3 |
58.1 |
|
Loans and Other
Liabilities |
93.7 |
100.9 |
64.5 |
|
Short-Term Liabilities
from Capital Leases |
- |
0.3 |
0.1 |
|
Total Amounts Owed to Credit Institutions |
93.7 |
101.3 |
64.5 |
|
Amounts Owed to Group Companies |
0.8 |
1.9 |
1.3 |
|
Amounts Owed to
Associated Companies |
0.1 |
0.2 |
0.1 |
|
Total Short-Term Amounts Owed to Group and
Associa |
0.9 |
2.1 |
1.5 |
|
Amounts Owed for
Purchases of Goods or Services |
79.8 |
50.1 |
37.9 |
|
Total Trade Creditors |
79.8 |
50.1 |
37.9 |
|
Public Bodies |
3.8 |
0.6 |
0.6 |
|
Miscellaneous Debts |
1.6 |
5.1 |
4.5 |
|
Wages and Salaries
Payable |
0.4 |
1.3 |
1.1 |
|
Total Other Creditors |
5.8 |
7.0 |
6.2 |
|
Total Short Term Creditors |
180.2 |
160.6 |
110.1 |
|
Short Term Provisions for Liabilities and Charges |
1.1 |
0.7 |
0.6 |
|
Total Liabilities and Equity |
315.8 |
293.2 |
228.3 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.49 |
|
UK Pound |
1 |
Rs.86.01 |
|
Euro |
1 |
Rs.73.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
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.