MIRA
INFORM REPORT
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Report Date : |
07.06.2013 |
IDENTIFICATION DETAILS
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Name : |
SIEMSGLUSS IBERICA SA |
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Registered Office : |
Pol. Ind. Sant Antoni, S/N, Sant Vicenc Dels Horts, 08620 |
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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.: |
A08931198 |
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Legal Form : |
Public Independent Company |
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Line of Business : |
Wholesaler of chemical products |
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No. of Employees : |
12 |
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 : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
Siemsgluss Iberica Sa
Pol. Ind. Sant Antoni, S/N
Sant VicenC Dels Horts, 08620
Spain
Tel: +(34) 936768787
Fax: +(34) 936360874
Synthesis
Employees: 12
Company Type: Public Independent
Incorporation Date: 1985
Auditor: Morison Ac Slp
Financials in: USD
(Millions)
Fiscal Year End: 04-Oct-2012
Reporting Currency: Euro
Annual Sales: 38.5 1
Net Income: 1.7
Total Assets: 18.6
Business Description
Wholesale of chemical products
Industry
Industry Chemical Manufacturing
ANZSIC 2006: 3323 - Industrial
and Agricultural Chemical Product Wholesaling
NACE 2002: 5155 - Wholesale
of chemical products
NAICS 2002: 4246 - Chemical
and Allied Products Merchant Wholesalers
UK SIC 2003: 5155 - Wholesale
of chemical products
UK SIC 2007: 4675 - Wholesale
of chemical products
US SIC 1987: 516 - Chemicals
and Allied Products
Key Executives
Name Title
Saldanha Alburquerque Jeronimo Fabian Managing
Director
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.771223
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7747316
Corporate Overview
Location
Pol. Ind. Sant Antoni, S/N
Sant VicenC Dels Horts, 08620
Spain
Tel: +(34) 936768787
Fax: +(34) 936360874
Sales EUR(mil) : 29.7
Assets EUR(mil): 14.4
Employees: 12
Fiscal Year End: 04-Oct-2012
Industry: Chemical
Manufacturing
Incorporation Date: 1985
Company Type: Public
Independent
Quoted Status: Not
Quoted
Registered No.(ESP): A08931198
Managing Director: Saldanha
Alburquerque Jeronimo Fabian
Industry Codes
ANZSIC 2006 Codes:
3323 - Industrial and Agricultural Chemical Product Wholesaling
NACE 2002 Codes:
5155 - Wholesale of chemical products
NAICS 2002 Codes:
4246 - Chemical and Allied Products Merchant Wholesalers
US SIC 1987:
516 - Chemicals and Allied Products
UK SIC 2003:
5155 - Wholesale of chemical products
UK SIC 2007:
4675 - Wholesale of chemical products
Business
Description
Wholesale of chemical products
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Executive report
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Executives |
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Managing Director |
Managing Director |
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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 |
41.3 |
36.2 |
34.3 |
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Supplies |
36.8 |
32.2 |
30.8 |
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Goods Consumption |
36.4 |
32.2 |
30.8 |
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Miscellaneous External
Expenditures |
0.4 |
- |
- |
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Staff Costs |
1.0 |
0.9 |
0.9 |
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Wages and Salaries |
0.8 |
0.8 |
0.8 |
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Social Security Costs |
0.1 |
0.1 |
0.1 |
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Depreciation |
0.0 |
0.0 |
0.0 |
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Allowance for Trade Operations |
0.0 |
0.0 |
0.0 |
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Losses from
Unrecovered Receivables |
0.0 |
0.0 |
0.0 |
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Other Operating Charges |
2.5 |
2.2 |
1.8 |
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External Services |
2.5 |
2.2 |
1.8 |
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Taxes |
0.0 |
0.0 |
0.0 |
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Other Operating
Expenses |
- |
- |
0.0 |
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Operating Benefits |
2.5 |
2.3 |
2.0 |
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Financials and Similar Charges |
0.2 |
0.2 |
0.1 |
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Due to Liabilities
With Group Companies |
0.1 |
0.2 |
0.0 |
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Due to Other Liabilities |
0.1 |
0.0 |
0.1 |
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Exchange Losses |
- |
0.1 |
- |
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Net Financial Income |
0.1 |
- |
- |
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Profit From Ordinary Activities |
2.6 |
2.0 |
1.9 |
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Extraordinary Profit |
0.0 |
0.0 |
- |
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Profit Before Taxes |
2.6 |
2.1 |
1.9 |
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Corporation Tax |
0.8 |
0.6 |
0.6 |
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Financial Year Result (Profit) |
1.8 |
1.4 |
1.4 |
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Income |
43.1 |
37.7 |
35.6 |
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Net Total Sales |
41.3 |
37.7 |
35.5 |
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Sales |
41.3 |
37.6 |
35.4 |
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Rendering of Services |
0.0 |
0.0 |
0.0 |
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Increase in Stocks |
1.5 |
- |
- |
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Miscellaneous Operating Income |
- |
- |
0.0 |
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Auxiliary Income From
Current Management |
- |
- |
0.0 |
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Income From Miscellaneous Interests |
0.0 |
0.0 |
0.0 |
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From Group Companies |
0.0 |
0.0 |
- |
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Miscellaneous
Interests |
0.0 |
0.0 |
0.0 |
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Gains from Exchange Rate |
0.3 |
- |
0.1 |
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Negative Financial Results |
- |
0.3 |
0.0 |
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Extraordinary Income |
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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Software |
0.0 |
0.0 |
0.0 |
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Total Intangible Fixed Assets |
0.0 |
0.0 |
0.0 |
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Land and Construction |
0.0 |
0.0 |
0.0 |
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Technical
Installations and Machinery |
0.0 |
0.0 |
0.0 |
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Other Installations,
Tools, and Furniture |
0.0 |
0.0 |
0.0 |
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Other Tangible Assets |
0.0 |
0.0 |
0.0 |
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Total Tangible Fixed Assets |
0.1 |
0.1 |
0.1 |
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Long-Term Guarantees
and Deposits |
0.0 |
0.0 |
0.0 |
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Financial Investments |
0.0 |
0.0 |
0.0 |
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Total Fixed Assets |
0.1 |
0.2 |
0.1 |
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Goods for Resale |
7.5 |
7.3 |
4.1 |
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Payments on Account |
0.0 |
0.0 |
0.2 |
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Total Stocks |
7.5 |
7.4 |
4.3 |
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Trade Debtors |
10.2 |
11.8 |
10.3 |
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Receivables, Group
Companies |
- |
0.4 |
- |
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Public Bodies |
- |
0.0 |
0.0 |
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Total Debtors |
10.2 |
12.2 |
10.3 |
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Other Receivables |
- |
0.0 |
- |
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Short-Term Guarantees
and Deposits |
- |
- |
0.0 |
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Total Short-Term Investments |
- |
0.0 |
0.0 |
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Cash |
0.8 |
0.8 |
0.7 |
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Prepayments and Accrued Income |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
18.5 |
20.4 |
15.3 |
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Total Assets |
18.7 |
20.5 |
15.4 |
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Legal Reserve |
0.1 |
0.1 |
0.2 |
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Miscellaneous Reserves |
5.0 |
3.7 |
2.6 |
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Total Reserves |
5.1 |
3.8 |
2.7 |
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Profit or Loss for the Financial Year |
1.7 |
1.5 |
1.4 |
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Total Equity |
7.5 |
6.0 |
4.9 |
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Loans and Other
Liabilities |
3.6 |
5.2 |
4.2 |
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Short-Term Liabilities
from Capital Leases |
- |
- |
0.0 |
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Total Amounts Owed to Credit Institutions |
3.6 |
5.2 |
4.2 |
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Amounts Owed to Group
Companies |
0.9 |
0.4 |
0.6 |
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Total Short-Term Amounts Owed to Group and
Associa |
0.9 |
0.4 |
0.6 |
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Advanced Payments from
Customers |
- |
0.0 |
- |
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Amounts Owed for
Purchases of Goods or Services |
6.1 |
8.3 |
5.2 |
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Total Trade Creditors |
6.1 |
8.3 |
5.2 |
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Public Bodies |
0.5 |
0.5 |
0.4 |
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Wages and Salaries
Payable |
0.1 |
0.1 |
0.1 |
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Total Other Creditors |
0.6 |
0.6 |
0.5 |
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Total Short Term Creditors |
11.1 |
14.5 |
10.5 |
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Short Term Provisions for Liabilities and Charges |
0.0 |
0.0 |
- |
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Total Liabilities and Equity |
18.7 |
20.5 |
15.4 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.87 |
|
UK Pound |
1 |
Rs.87.65 |
|
Euro |
1 |
Rs.74.52 |
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.