|
Report Date : |
13.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
EL CORTE INGLES SA |
|
|
|
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Registered Office : |
Cl. Hermosilla, 112 Madrid, 28009 |
|
|
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Country : |
Spain |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
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Year of Incorporation : |
1940 |
|
|
|
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Com. Reg. No.: |
A28017895 |
|
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Legal Form : |
Public Parent |
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Line of Business : |
Department Stores |
|
|
|
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No. of Employees : |
54,922 |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
No Complaints |
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
El Corte Ingles Sa
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Business
Description
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El Corte Ingles S.A. (El Corte Ingles) operates a wide range of retail
stores across Spain and Portugal. The group sells its products through hypermarkets,
department stores, supermarkets and opencor convenience stores. The product
line of the group includes food items, sea food products, consumer
electronics, computers and laptops, home appliances, books, music CDs/DVDs,
apparel, fashion apparels, jewellery, frames, sunglasses, perfumes,
cosmetics, toys and other related accessories. In addition, it also offers
mobile recharge, travel, insurance and information technology services to its
customers. The group carries out its operations along with its subsidiaries.
El Corte Ingles is headquartered in Madrid, Spain.The group focuses on
expanding its operations in various geographic markets through the launch of
new products and opening up of new stores. In 2011, the group started the
construction of large retail complex in Madrid and Hipercor centre in
Cordoba. It has also inagurated Marineda City commercial complex and Bricor
DIY and decoration chain shopping centre. It further, plans to expand its
travel service activities in Uruguay and Panama. |
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: |
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Key Executives
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1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7770674
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7781745
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El Corte Ingles
Sa The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic
projects and investments. More about Strategic Initiatives
|
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Partnerships |
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From this stronghold, I encourage you to provide nimble and
intelligent responses to the reality of a changing market; to the demands for
efficiency in a highly competitive industry and, especially, to new consumer needs.
This is what we have done throughout our history and what we will continue to
do in the future. With the dedication and collaboration of our teams, whom I
salute affectionately and gratefully for their work, which demonstrate every
day an admirable professional attitude, marked by dynamism, the contribution
of initiatives, ongoing service quality and improvements in management. And
with the assistance of our suppliers, who identify with the El Corte Inglés
style and are fundamental for our objectives of providing the latest market
innovations quickly, efficiently and safely. Our customers’ loyalty is our
Group’s main asset and we will continue to reward their trust with
excellent service and a stable, permanent commitment to achieving maximum satisfaction
in each sale transaction. |
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Sales and Distribution |
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The group, in the spring of 2011, launched Primeriti, an Internet
based private sales club which invites members via email to purchase articles
on the Internet at very low prices. El Corte Ingles also created a website,
www.decoraelcorteingles.es, for people interested in decoration displaying
latest trends in furniture, textiles, household items and decoration
accessories. Having such established e-commerce platform in a market with
growing importance for online shopping is a key strength of El Corte Ingles.Investment
strategyThe group has a strategy to continuously invest in its business to
report higher business growth in the future. Likewise, in FY2010, El Corte
Ingles invested a total of €1,015m, of which €810.32m was towards
property, plant and machinery; €137.49m towards non-current financial
assets, and €67.33 towards intangible assets. Majority of these were to
open new stores across various business lines and to refurbish and renovate
at existing establishments. |
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El Corte Ingles inaugurated the Tarragona and El Ejido (Almería)
shopping centers, began retail operations in a new building at Castellana
(Madrid), three new Bricor stores, enhanced projects such as the Gijón, Goya
(Madrid) and Cornellá (Barcelona) centers. The group’s Viajes El Corte
Inglés Group business lines opened four stores in Colombia and the Dominican
Republic markets. Further, in 2011, the group has plans to launch its travel
agency operations in Uruguay and Panama. Such new store openings and existing
store refurbishments will allow the group gain sustained business growth,
increase its equity, and make all its products and services available to a
wider customer base. Increased market presence would help the group in
achieving greater sales, increased proximity with customers, and ensuring
greater customer satisfaction to its customers.Online ShoppingEl Corte
Ingles, which is involved in selling merchandise to the customers through its
retail and online stores, is likely to benefit from the growing popularity of
online shopping. |
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|
El Corte Ingles, S.A. (El Corte Ingles) is a retailer offering a wide
range of food and non-food items to its customers primarily to Spaniards. Rise in
business activity, investment strategy, and e-commerce platform are its key
strengths, even as, geographic concentration and operational performance
remains major areas of concern. High unemployment levels and stiff competition
could have an adverse effect over the group’s results of operation and
financial condition. However, growing importance of online shopping and the
group’s constant business expansion measures would drive its earnings
capabilities.
The group has seen its e-commerce business flourish over the past few
years. El Corte Ingles’ website had more than 2.9 million registered users
and received over 103 million visitors, an increase of 5.2% as compared to the
previous year. The group has 29 proprietary stores, outstanding among which is
the new fashion store with over 300 labels, a virtual mannequin, personal
assistant and all Internet communication instruments. El Corte Ingles has also
launched new websites such as www.ohlamoda.es, dedicated to reporting on new
trends in fashion for women; and also extended its presence through various
Internet platforms such as Canal Mujer in MSN and social networks such as
Facebook. The group, in the spring of 2011, launched Primeriti, an Internet
based private sales club which invites members via email to purchase articles
on the Internet at very low prices. El Corte Ingles also created a website,
www.decoraelcorteingles.es, for people interested in decoration displaying
latest trends in furniture, textiles, household items and decoration
accessories. Having such established e-commerce platform in a market with
growing importance for online shopping is a key strength of El Corte Ingles.
The group has a strategy to continuously invest in its business to
report higher business growth in the future. Likewise, in FY2010, El Corte
Ingles invested a total of €1,015m, of which €810.32m was towards property,
plant and machinery; €137.49m towards non-current financial assets, and
€67.33 towards intangible assets. Majority of these were to open new stores
across various business lines and to refurbish and renovate at existing
establishments. During the FY 2010, the group opened two El Corte Ingles
centers, one in El Ejido (Almeria) which also houses a Hipercor, and another in
Tarragona. The group serviced retail area of its new building on the Castellana
(Madrid) which was incorporated into the already existing El Corte Ingles
center. The group also opened up three Bricor stores at Madrid-Xanadu, Los Barrios
(Cadiz) and Jerez de la Frontera (Cadiz).
Rise in Market Share: Business Activity
El Corte Ingles through its operating companies offers a wide range of
consumer goods and products mainly across Spain and other European countries.
The group operates through 11 business lines operating supermarkets and
departmental stores offering a wide range of food and non-food items. Food
items comprise sea foods, meat food products, bakery items, baked foods and
other food items. Non-food items include consumer electronics items, household
appliances, computers and laptops, computer peripherals, watches, jewelry,
cosmetics, home furnishings, CDs, cassettes, maxi-single and DVDs, perfumes and
cosmetics, video games, wine and related accessories. In addition, the group
also provides several value added services including travel, insurance and
other related services. The group reported total sales of €16,413.42m in
FY2010, an increase of 0.3%, as compared to €16,356.26m in FY2009. Bricor
DIY, Viajes El Corte Inglés Group, Supercor supermarkets, and Óptica 2000
were the strong contributors to such increase in revenues which was offset by
decline in business from Sfera, Hipercor hypermarkets, and Opencor convenience
stores. Such rise in business growth indicates that the group has gained on its
market share over the past fiscal.
El Corte Ingles has reported decline in its profits on FY2010 as
compared to FY2009. The group reported profit of €319.41m in FY2010, a
decrease of 13.5%, as compared to €339.17m in FY2009. This was mainly due to
severe decline in consumer spending in retail industry led by poor economic
conditions. Certain of the group’s business lines reported profits even under
such conditions. But business lines such as Hipercor hypermarkets Opencor
convenience stores, Optica 2000, and insurance group reported decline in
profitability. Improving operational performance of these business lines
remains a key area of concern for the group.
The group marks strong presence across Spain through numerous department
stores, hypermarkets, convenience stores. El Corte Ingles has limited presence
across Portugal and two new markets, namely, Colombia and the Dominican
Republic it has entered in FY2010. As compared to its competitors the group has
limited presence across diverse geographies which could constrain its ability
to mitigate any macroeconomic risks directly impacting its business. Thus, lack
of wide geographic presence across other European countries and emerging
economies remains an area of concern.
The group has been synonymous in expanding its business operations both
business line and market wise. El Corte Ingles inaugurated the Tarragona and El
Ejido (Almería) shopping centers, began retail operations in a new building at
Castellana (Madrid), three new Bricor stores, enhanced projects such as the
Gijón, Goya (Madrid) and Cornellá (Barcelona) centers. The group’s Viajes
El Corte Inglés Group business lines opened four stores in Colombia and the
Dominican Republic markets. Further, in 2011, the group has plans to launch its
travel agency operations in Uruguay and Panama. Such new store openings and
existing store refurbishments will allow the group gain sustained business
growth, increase its equity, and make all its products and services available
to a wider customer base. Increased market presence would help the group in
achieving greater sales, increased proximity with customers, and ensuring greater
customer satisfaction to its customers.
El Corte Ingles, which is involved in selling merchandise to the
customers through its retail and online stores, is likely to benefit from the growing
popularity of online shopping. Growing Internet penetration, along with the
rising familiarity of online shopping, has transformed the retailing industry.
Now, more and more customers prefer to shop online to save the time consumed in
journey and long queues for billing. According to EU’s "Barriers to
E-commerce" report, online shopping is getting increasingly popular. As
per the report, the number of people EU consumers buying at least one item
online has increased from 27% to 33%. Countries like Italy and Spain also
present fast growing markets for online shopping. It is expected that the
online spending in EU would grow by 16% reaching €232 billion in 2012. This
optimistic prediction is further accentuated by the fact that the 27-nation
European Union has a population of over 500 million. This changing trend would
encourage many retailers to focus on the new internet savvy customer segment
and venture into this growing retail format. The group already sells products
through its websites. Further enhancement of the website in the form of more
user friendly features and wider product offerings, will help the group in
increasing consumer traffic to its online shop. El Corne Ingles can leverage on
its presence in the online retail format to garner higher market share and
generate higher revenues from such booming industry.
The unemployment rate of Spain has been very high and cyclical since the
past 30 years. The country has an unemployment rate of 23% as compared to 20.6%
a year ago. This means that more than 5 million people are unemployed and that
50% of them are young people. Unemployment would restrict consumer spending on
luxury goods and services eventually lower sales revenues for retail companies
operating in the country. Operating in such tight consumer spending scenario
would be a challenging task.
The group operates in a highly competitive retail industry. It competes
with niche and diverse retailers across its area of operations. A few of the
key competitors of the group include Carrefour S.A., Mercadona SA, Grupo
Eroski, DinoSol Group, Groupe Auchan, S.A., and Grupo El Arbol. Most of these
competitors offer several customer-oriented optimization services to build
store traffic outpacing competition. Change in traffic patterns and the type,
number and location of competing stores could result in loss of customers and a
corresponding decrease in revenues for other store operators. Increase in
competition in terms of price, product and place could exert pressure over the
business, operating results and financial condition of the group.
|
El Corte Ingles
Sa |
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|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Madrid |
Spain |
Retail (Department and Discount) |
13,466.1 |
54,922 |
|
|
Subsidiary |
Madrid |
Spain |
Retail (Department and Discount) |
2,807.7 |
11,412 |
|
|
Subsidiary |
Madrid |
Spain |
Personal Services |
2,947.0 |
4,911 |
|
|
Subsidiary |
Lisboa |
Portugal |
Retail (Department and Discount) |
532.9 |
3,354 |
|
|
Subsidiary |
Madrid |
Spain |
Retail (Grocery) |
577.3 |
2,719 |
|
|
Subsidiary |
Madrid |
Spain |
Computer Services |
682.0 |
2,513 |
|
|
Subsidiary |
Madrid |
Spain |
Retail (Technology) |
287.3 |
728 |
|
|
Subsidiary |
Carnaxide, Oeiras |
Portugal |
Electronic Instruments and Controls |
29.9 |
38 |
|
|
Subsidiary |
Ciudad De Mexico, Distrito Federal |
Mexico |
Computer Services |
2.2 |
25 |
|
|
Subsidiary |
Madrid |
Spain |
Retail (Grocery) |
513.5 |
2,104 |
|
|
Subsidiary |
Madrid |
Spain |
Retail (Apparel) |
246.7 |
1,880 |
|
|
Subsidiary |
Madrid |
Spain |
Consumer Financial Services |
|
846 |
|
|
Centro De Seguros Y Servicios Correduria De Seguros
Sa Grupo De Seguros El Corteingles |
Subsidiary |
Madrid |
Spain |
Investment Services |
67.8 |
670 |
|
Subsidiary |
Mostoles, Madrid |
Spain |
Construction - Supplies and Fixtures |
180.2 |
655 |
|
|
Mostoles Industrial Portuguesa - Mobiliário Para
Cozinha, LDA |
Subsidiary |
Lisboa, Lisboa |
Portugal |
Retail (Specialty) |
0.8 |
5 |
|
Subsidiary |
Madrid |
Spain |
Construction Services |
19.1 |
227 |
|
|
Subsidiary |
Madrid |
Spain |
Insurance (Life) |
|
120 |
|
|
Centro De Seguros Y Servicios Correduria De Seguros
S.A., Grupo De Seguros El Corte Inglês |
Subsidiary |
Lisboa, Lisboa |
Portugal |
Investment Services |
0.8 |
14 |
|
Subsidiary |
Madrid |
Spain |
Printing and Publishing |
4.5 |
12 |
|
|
Subsidiary |
Milano, Milano |
Italy |
Miscellaneous Capital Goods |
2.1 |
11 |
|
|
Subsidiary |
Madrid |
Spain |
Advertising |
6.2 |
|
|
|
Subsidiary |
Chelmsford |
United Kingdom |
Personal Services |
|
|
|
|
Subsidiary |
Madrid |
Spain |
Retail (Department and Discount) |
|
|
|
|
Subsidiary |
Madrid |
Spain |
Personal Services |
|
|
|
|
Subsidiary |
Madrid |
Spain |
Computer Services |
|
|
|
|
Subsidiary |
Madrid |
Spain |
Insurance (Life) |
|
|
|
|
Subsidiary |
Madrid |
Spain |
Investment Services |
|
|
|
|
Subsidiary |
Madrid |
Spain |
Retail (Specialty) |
|
|
|
Executives Report
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Charges |
14,140.3 |
16,188.2 |
15,443.3 |
|
Supplies |
9,719.5 |
11,036.1 |
10,729.9 |
|
Goods Consumption |
9,672.1 |
10,974.1 |
10,664.6 |
|
Miscellaneous External
Expenditures |
47.4 |
62.0 |
65.2 |
|
Staff Costs |
2,314.8 |
2,596.8 |
2,412.0 |
|
Wages and Salaries |
1,802.0 |
2,034.6 |
1,880.4 |
|
Social Security Costs |
512.8 |
562.2 |
531.6 |
|
Depreciation |
420.0 |
505.3 |
458.8 |
|
Allowance for Trade Operations |
-78.9 |
-3.0 |
14.1 |
|
Stock Provision
Variation |
-81.0 |
0.7 |
5.7 |
|
Losses from
Unrecovered Receivables |
-0.3 |
0.5 |
-1.1 |
|
Variation of Other
Trade Provisions |
2.4 |
-4.2 |
9.6 |
|
Other Operating Charges |
1,447.3 |
1,531.0 |
1,422.5 |
|
External Services |
1,228.9 |
1,301.7 |
1,215.3 |
|
Taxes |
77.9 |
78.4 |
69.7 |
|
Other Operating
Expenses |
140.5 |
150.9 |
137.5 |
|
Operating Benefits |
290.9 |
423.6 |
480.7 |
|
Financials and Similar Charges |
277.6 |
254.0 |
230.3 |
|
Due to Liabilities
With Group Companies |
17.0 |
24.6 |
28.7 |
|
Due to Other
Liabilities |
260.3 |
228.9 |
201.2 |
|
Losses from Financial
Investments |
0.3 |
0.5 |
0.4 |
|
Changes in Financial Investment Provisions |
19.3 |
36.4 |
24.8 |
|
Net Financial Income |
109.8 |
329.0 |
153.8 |
|
Profit From Ordinary Activities |
400.7 |
752.6 |
634.5 |
|
Changes in Provisions for Assets |
100.8 |
181.1 |
123.2 |
|
Profit Before Taxes |
300.1 |
572.0 |
513.9 |
|
Corporation Tax |
-80.1 |
50.5 |
27.8 |
|
Financial Year Result (Profit) |
380.1 |
521.4 |
486.1 |
|
Income |
14,520.4 |
16,709.7 |
15,929.4 |
|
Net Total Sales |
13,445.8 |
15,364.6 |
14,835.5 |
|
Sales |
12,993.4 |
14,894.2 |
14,351.7 |
|
Rendering of Services |
452.4 |
470.3 |
483.7 |
|
Works Performed for Fixed Assets |
157.6 |
174.5 |
171.4 |
|
Miscellaneous Operating Income |
510.3 |
550.7 |
511.2 |
|
Auxiliary Income From Current
Management |
495.1 |
543.3 |
501.7 |
|
Grants |
7.9 |
7.4 |
9.3 |
|
Charges for Provisions |
7.3 |
0.0 |
0.1 |
|
Income From Equity Investment |
401.5 |
576.7 |
403.3 |
|
In Group Companies |
401.4 |
576.6 |
403.2 |
|
Third Parties |
0.1 |
0.1 |
0.1 |
|
Income From Other Securities and Receivables |
1.8 |
3.1 |
1.5 |
|
From Group Companies |
1.0 |
1.3 |
0.9 |
|
From Non-Group
Companies |
0.8 |
1.9 |
0.7 |
|
Income From Miscellaneous Interests |
3.0 |
36.8 |
2.5 |
|
From Group Companies |
0.1 |
0.2 |
0.1 |
|
Miscellaneous
Interests |
2.8 |
6.7 |
2.4 |
|
Profit on Financial
Investment |
0.1 |
29.9 |
- |
|
Gains from Exchange Rate |
0.4 |
2.9 |
1.6 |
|
Profit on Disposal of Assets |
0.1 |
0.5 |
2.5 |
|
Negative Extraordinary Results |
100.6 |
180.6 |
120.6 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Concessions, Patents,
Trademarks |
93.0 |
95.5 |
103.4 |
|
Goodwill |
14.1 |
13.9 |
14.3 |
|
Fees Paid for Premises |
0.4 |
0.8 |
1.1 |
|
Software |
305.4 |
296.5 |
314.0 |
|
Total Intangible Fixed Assets |
412.9 |
406.6 |
432.9 |
|
Land and Construction |
5,368.9 |
5,096.7 |
4,951.8 |
|
Technical Installations
and Machinery |
222.5 |
224.7 |
235.3 |
|
Other Installations,
Tools, and Furniture |
2,597.4 |
2,623.1 |
2,745.9 |
|
Tangible Fixed Assets
Under Construction |
171.4 |
142.3 |
219.7 |
|
Other Tangible Assets |
300.3 |
303.2 |
317.4 |
|
Total Tangible Fixed Assets |
8,660.4 |
8,390.1 |
8,470.2 |
|
Investments in Group
Companies |
3,942.1 |
3,792.9 |
4,129.5 |
|
Receivables from Group
Companies |
237.6 |
12.4 |
6.4 |
|
Investments in Associated
Companies |
32.2 |
30.9 |
33.7 |
|
Credits to Associated
Companies |
11.5 |
0.6 |
0.3 |
|
Long-Term Securities
Portfolio |
96.8 |
123.2 |
106.2 |
|
Other Receivables |
107.9 |
108.2 |
103.5 |
|
Long-Term Guarantees and
Deposits |
17.6 |
15.2 |
15.2 |
|
Financial Investments |
4,445.6 |
4,083.5 |
4,394.9 |
|
Total Fixed Assets |
13,519.0 |
12,880.2 |
13,297.9 |
|
Goods for Resale |
2,214.7 |
2,336.6 |
2,250.5 |
|
Raw Materials and
Other Consumables |
12.7 |
13.7 |
12.7 |
|
Total Stocks |
2,227.4 |
2,350.3 |
2,263.2 |
|
Trade Debtors |
205.1 |
190.3 |
199.1 |
|
Receivables, Group
Companies |
688.4 |
837.7 |
509.8 |
|
Receivables,
Associated Companies |
21.4 |
26.0 |
15.9 |
|
Other Debtors |
217.3 |
216.5 |
195.5 |
|
Public Bodies |
349.9 |
64.2 |
94.0 |
|
Total Debtors |
1,482.2 |
1,334.8 |
1,014.3 |
|
Receivables from Group
Companies |
8.0 |
0.0 |
0.0 |
|
Short-Term Guarantees
and Deposits |
0.6 |
7.4 |
61.1 |
|
Total Short-Term Investments |
8.5 |
7.4 |
61.1 |
|
Short-Term Treasury Shares |
417.2 |
367.6 |
332.0 |
|
Cash |
77.4 |
75.4 |
175.0 |
|
Prepayments and Accrued Income |
18.8 |
21.4 |
23.4 |
|
Total Current Assets |
4,231.6 |
4,156.8 |
3,868.9 |
|
Total Assets |
17,750.5 |
17,037.0 |
17,166.8 |
|
Revaluation Reserves |
231.2 |
239.7 |
232.0 |
|
Legal Reserve |
128.7 |
126.4 |
130.6 |
|
Reserves for Own
Shares |
109.4 |
113.4 |
109.8 |
|
Miscellaneous Reserves |
6,142.4 |
6,384.8 |
6,182.1 |
|
Total Reserves |
6,380.6 |
6,624.7 |
6,422.5 |
|
Profit or Loss for the Financial Year |
391.0 |
486.8 |
492.4 |
|
Total Equity |
7,646.3 |
7,983.3 |
7,800.1 |
|
Other Provisions |
88.3 |
9.9 |
10.1 |
|
Total Provisions for Liabilities and Charges |
88.3 |
9.9 |
10.1 |
|
Non-Convertible
Debentures |
1,872.1 |
1,745.1 |
1,591.8 |
|
Total Issued Debentures and Other Securities |
1,872.1 |
1,745.1 |
1,591.8 |
|
Loans and Other
Liabilities |
1,749.6 |
1,716.6 |
2,250.9 |
|
Long-Term Liabilities
from Capital Leases |
86.8 |
36.7 |
59.2 |
|
Total Amounts Owed to Credit Institutions |
1,836.4 |
1,753.3 |
2,310.1 |
|
Amounts Owed to Group
Companies |
126.1 |
1.0 |
1.1 |
|
Total Debts with Group or Affiliated Companies |
126.1 |
1.0 |
1.1 |
|
Other Creditors |
31.5 |
127.0 |
128.6 |
|
Long-Term Guarantees
and Deposits Received |
0.3 |
1.1 |
1.1 |
|
Long-Term Payables to Public
Bodies |
53.0 |
49.2 |
47.9 |
|
Total Other Creditors |
84.8 |
177.4 |
177.7 |
|
Total Long Term Liabilities |
3,919.4 |
3,676.8 |
4,080.7 |
|
Loans and Other
Liabilities |
2,538.4 |
1,654.0 |
1,198.4 |
|
Short-Term Liabilities
from Capital Leases |
12.4 |
20.6 |
12.0 |
|
Total Amounts Owed to Credit Institutions |
2,550.8 |
1,674.6 |
1,210.4 |
|
Amounts Owed to Group
Companies |
351.2 |
496.8 |
632.5 |
|
Amounts Owed to
Associated Companies |
1.0 |
1.4 |
1.7 |
|
Total Short-Term Amounts Owed to Group and
Associa |
352.2 |
498.2 |
634.3 |
|
Advanced Payments from
Customers |
168.1 |
155.2 |
14.9 |
|
Amounts Owed for
Purchases of Goods or Services |
2,082.7 |
2,210.3 |
2,347.5 |
|
Total Trade Creditors |
2,250.9 |
2,365.5 |
2,362.3 |
|
Public Bodies |
173.3 |
131.5 |
119.7 |
|
Bills of Exchange
Payable |
57.9 |
130.9 |
221.8 |
|
Miscellaneous Debts |
80.0 |
181.0 |
306.7 |
|
Wages and Salaries
Payable |
628.4 |
381.7 |
416.5 |
|
Total Other Creditors |
939.5 |
825.1 |
1,064.7 |
|
Provisions |
- |
- |
3.2 |
|
Prepayments and Accrued Income |
3.2 |
3.6 |
1.1 |
|
Total Short Term Creditors |
6,096.6 |
5,367.0 |
5,275.9 |
|
Total Liabilities and Equity |
17,750.5 |
17,037.0 |
17,166.8 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.27 |
|
|
1 |
Rs.91.16 |
|
Euro |
1 |
Rs.77.50 |
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 SCs 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.