MIRA
INFORM REPORT
|
Report Date : |
13.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
GIOSEPPO SL |
|
|
|
|
Registered Office : |
C/ Marie Curie, 38 - Elche Parque Empresarial Elche, 03295
|
|
|
|
|
Country : |
Spain |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
1990 |
|
|
|
|
Com. Reg. No.: |
B03503034 |
|
|
|
|
Legal Form : |
Private Independent |
|
|
|
|
Line of Business : |
Manufacture of footwear |
|
|
|
|
No. of Employees : |
57 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
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 |
Company name and address
GIOSEPPO SL
|
C/ Marie Curie, 38 - Elche Parque Empresarial Elche, 03295 Spain
|
|
|
||||||||||||||||||||||||||||||||||
Business Description
Manufacture of footwear
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
|
|
NAICS 2002: |
|
|
UK SIC 2003: |
|
|
UK SIC 2007: |
|
|
US SIC 1987: |
Key Executives
|
Name |
Title |
|
Naper-Inmo Sl |
Single Partner |
|
Navarro Pertusa Jose Miguel |
Administrator |
Registered No.(ESP): B03503034
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7764266
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.7864072
|
|
|
|
|
|
ANZSIC 2006 Codes: |
||
|
1352 |
- |
Footwear Manufacturing |
|
NACE 2002 Codes: |
||
|
1930 |
- |
Manufacture of footwear |
|
NAICS 2002 Codes: |
||
|
31621 |
- |
Footwear Manufacturing |
|
US SIC 1987: |
||
|
314 |
- |
Footwear, Except Rubber |
|
UK SIC 2003: |
||
|
1930 |
- |
Manufacture of footwear |
|
UK SIC 2007: |
||
|
1520 |
- |
Manufacture of footwear |
Manufacture of footwear
|
|
|
|
|
|
Auditor: |
Francisco Manuel Gonzalvez Albero |
|
Bank: |
Banco Bilbao Vizcaya Argentaria, S.A. |
|
|
|
|
Auditor: |
Francisco Manuel Gonzalvez Albero |
Executives Report
Board of Directors
|
|
|
|||
|
Administrator |
Director/Board Member |
Executives
|
|
|
|||
|
Administrator |
Administration Executive |
|||
|
Single Partner |
Partner |
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 |
37.6 |
38.2 |
32.4 |
|
Supplies |
21.0 |
21.0 |
18.6 |
|
Goods
Consumption |
20.7 |
20.9 |
18.5 |
|
Consumption
of Raw Materials |
0.3 |
0.1 |
0.1 |
|
Staff Costs |
2.1 |
1.6 |
1.4 |
|
Wages and
Salaries |
1.6 |
1.2 |
1.1 |
|
Social
Security Costs |
0.5 |
0.3 |
0.3 |
|
Depreciation |
0.6 |
0.5 |
0.3 |
|
Allowance for Trade Operations |
0.4 |
0.1 |
0.1 |
|
Losses from
Unrecovered Receivables |
0.4 |
0.1 |
0.1 |
|
Other Operating Charges |
12.5 |
12.6 |
10.5 |
|
External
Services |
12.5 |
12.5 |
10.3 |
|
Taxes |
0.0 |
0.0 |
0.0 |
|
Other
Operating Expenses |
0.0 |
0.1 |
0.1 |
|
Operating Benefits |
1.3 |
3.8 |
3.5 |
|
Financials and Similar Charges |
0.4 |
0.3 |
0.4 |
|
Due to
Liabilities With Group Companies |
0.3 |
0.1 |
0.1 |
|
Due to
Other Liabilities |
0.1 |
0.2 |
0.3 |
|
Losses from
Financial Investments |
0.0 |
0.0 |
- |
|
Changes in Financial Investment
Provisions |
0.2 |
1.3 |
- |
|
Exchange Losses |
0.1 |
- |
- |
|
Net Financial Income |
0.2 |
- |
0.3 |
|
Profit From Ordinary Activities |
1.5 |
2.5 |
3.8 |
|
Changes in Provisions for Assets |
0.0 |
0.0 |
- |
|
Losses From Assets and Securities
Portfolio |
- |
- |
0.0 |
|
Extraordinary Profit |
0.0 |
0.1 |
0.0 |
|
Profit Before Taxes |
1.5 |
2.6 |
3.8 |
|
Corporation Tax |
0.3 |
0.8 |
1.1 |
|
Financial Year Result (Profit) |
1.3 |
1.9 |
2.7 |
|
Income |
38.8 |
40.1 |
35.1 |
|
Net Total Sales |
37.7 |
39.3 |
33.9 |
|
Sales |
38.3 |
40.0 |
34.5 |
|
Sales
Refunds |
-0.6 |
-0.6 |
-0.6 |
|
Increase in Stocks |
- |
- |
0.1 |
|
Miscellaneous Operating Income |
0.2 |
0.2 |
0.3 |
|
Auxiliary
Income From Current Management |
0.1 |
0.1 |
0.1 |
|
Grants |
0.1 |
0.1 |
0.2 |
|
Income From Equity Investment |
0.7 |
- |
- |
|
In Group
Companies |
0.7 |
- |
- |
|
Income From Miscellaneous
Interests |
0.2 |
0.2 |
0.3 |
|
From Group
Companies |
- |
- |
0.0 |
|
Miscellaneous
Interests |
0.2 |
0.2 |
0.2 |
|
Profit on
Financial Investment |
- |
- |
0.1 |
|
Gains from Exchange Rate |
- |
0.2 |
0.5 |
|
Negative Financial Results |
- |
1.2 |
- |
|
Profit on Disposal of Assets |
0.0 |
0.0 |
- |
|
Extraordinary Income |
0.0 |
0.1 |
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 |
|
|
|
|
|
|
Research
and Development Costs |
-0.1 |
- |
- |
|
Software |
0.4 |
0.1 |
0.0 |
|
Payments
on Account |
- |
- |
0.0 |
|
Total Intangible Fixed Assets |
0.3 |
0.1 |
0.0 |
|
Land and
Construction |
0.2 |
0.3 |
0.4 |
|
Technical
Installations and Machinery |
1.0 |
1.1 |
1.2 |
|
Other Installations,
Tools, and Furniture |
0.8 |
0.9 |
0.9 |
|
Other
Tangible Assets |
1.1 |
1.2 |
1.3 |
|
Total Tangible Fixed Assets |
3.1 |
3.4 |
3.8 |
|
Investments
in Group Companies |
0.0 |
0.0 |
0.0 |
|
Long-Term Securities
Portfolio |
0.1 |
0.1 |
0.0 |
|
Other
Receivables |
- |
- |
0.8 |
|
Long-Term
Guarantees and Deposits |
0.1 |
0.1 |
- |
|
Financial Investments |
0.2 |
0.3 |
0.8 |
|
Total Fixed Assets |
3.6 |
3.8 |
4.6 |
|
Goods for Resale |
2.9 |
2.5 |
1.5 |
|
Payments
on Account |
0.8 |
0.6 |
0.4 |
|
Total Stocks |
3.7 |
3.1 |
1.9 |
|
Trade
Debtors |
5.9 |
7.0 |
3.9 |
|
Public
Bodies |
2.3 |
1.6 |
0.7 |
|
Total Debtors |
8.3 |
8.7 |
4.6 |
|
Short-Term
Securities Portfolio |
0.2 |
0.2 |
0.3 |
|
Other
Receivables |
- |
- |
0.0 |
|
Short-Term
Guarantees and Deposits |
0.2 |
0.1 |
1.2 |
|
Total Short-Term Investments |
0.4 |
0.3 |
1.6 |
|
Cash |
3.5 |
3.3 |
3.7 |
|
Prepayments and Accrued Income |
0.1 |
0.1 |
- |
|
Total Current Assets |
15.9 |
15.5 |
11.8 |
|
Total Assets |
19.5 |
19.3 |
16.5 |
|
Legal
Reserve |
0.0 |
0.0 |
0.0 |
|
Miscellaneous
Reserves |
8.4 |
6.9 |
5.3 |
|
Total Reserves |
8.4 |
6.9 |
5.3 |
|
Profit or Loss for the Financial
Year |
1.2 |
2.0 |
2.8 |
|
Total Equity |
9.6 |
8.9 |
8.1 |
|
Loans and
Other Liabilities |
1.0 |
1.3 |
1.7 |
|
Total Amounts Owed to Credit
Institutions |
1.0 |
1.3 |
1.7 |
|
Long-Term Payables
to Public Bodies |
0.3 |
0.2 |
0.1 |
|
Total Other Creditors |
0.3 |
0.2 |
0.1 |
|
Total Long Term Liabilities |
1.3 |
1.5 |
1.8 |
|
Loans and
Other Liabilities |
1.3 |
2.0 |
0.4 |
|
Total Amounts Owed to Credit
Institutions |
1.3 |
2.0 |
0.4 |
|
Amounts
Owed to Group Companies |
4.4 |
4.3 |
1.1 |
|
Total Short-Term Amounts Owed to
Group and Associa |
4.4 |
4.3 |
1.1 |
|
Advanced
Payments from Customers |
0.0 |
0.0 |
0.0 |
|
Amounts Owed
for Purchases of Goods or Services |
1.6 |
2.4 |
5.0 |
|
Total Trade Creditors |
1.6 |
2.5 |
5.0 |
|
Public
Bodies |
0.1 |
0.1 |
0.1 |
|
Wages and
Salaries Payable |
0.0 |
- |
- |
|
Total Other Creditors |
0.1 |
0.1 |
0.1 |
|
Total Short Term Creditors |
7.3 |
8.9 |
6.6 |
|
Short Term Provisions for Liabilities and Charges |
1.2 |
- |
- |
|
Total Liabilities and Equity |
19.5 |
19.3 |
16.5 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.27 |
|
|
1 |
Rs.91.15 |
|
Euro |
1 |
Rs.77.50 |
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.