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Report Date : |
30.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
BIELTEX SL |
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|
|
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Registered Office : |
C/ Corsega, 329
5,3. Barcelona, 08037 |
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Country : |
Spain |
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Financials (as on) : |
31.12.2011 |
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Year of Incorporation : |
1994 |
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Com. Reg. No.: |
B60532850 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
Wholesale of textiles |
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No. of Employees : |
10 |
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 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Spain |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
SPAIN - ECONOMIC OVERVIEW
spain's mixed capitalist economy is the 13th largest
in the world, and its per capita income roughly matches that of Germany and France.
However, 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 0.1% in 2010, before turning positive in 2011, making Spain the last
major economy to emerge from the global recession. The reversal in Spain''s
economic growth reflected a significant decline in construction amid an
oversupply of housing and falling consumer spending, while exports actually
have begun to grow. Government efforts to boost the economy through stimulus
spending, extended unemployment benefits, and loan guarantees did not prevent a
sharp rise in the unemployment rate, which rose from a low of about 8% in 2007
to over 20% in 2011. The government budget deficit worsened from 3.8% of GDP in
2008 to 9.2% of GDP in 2010, more than three times the euro-zone limit. Madrid
cut the deficit to 8.5% of GDP in 2011, a larger deficit than the 6% target
negotiated between Spain and the EU. Spain''s large budget deficit and poor
economic growth prospects have made it vulnerable to financial contagion from
other highly-indebted euro zone members despite the government''s efforts to
cut spending, privatize industries, and boost competitiveness through labor
market reforms. Spanish banks'' high exposure to the collapsed domestic
construction and real estate market also poses a continued risk for the sector.
The government oversaw a restructuring of the savings bank sector in 2010, and
provided some $15 billion in capital to various institutions. Investors remain
concerned that Madrid may need to bail out more troubled banks. The Bank of
Spain, however, is seeking to boost confidence in the financial sector by
pressuring banks to come clean about their losses and consolidate into stronger
groups.
Source
: CIA
Bieltex Sl
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Business Description
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Wholesale of textiles |
Industry
|
Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
424310 - Piece Goods, Notions, and Other Dry Goods
Merchant Wholesalers |
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UK SIC 2003: |
|
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
|
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7506566
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.8124031
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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 |
|
|
|
|
|
|
Charges |
36.7 |
35.2 |
35.3 |
|
Supplies |
32.6 |
31.4 |
31.6 |
|
Goods
Consumption |
30.4 |
28.7 |
28.9 |
|
Consumption
of Raw Materials |
1.9 |
2.4 |
2.4 |
|
Miscellaneous
External Expenditures |
0.3 |
0.2 |
0.2 |
|
Staff Costs |
0.8 |
0.8 |
0.8 |
|
Wages
and Salaries |
0.6 |
0.7 |
0.7 |
|
Social
Security Costs |
0.1 |
0.1 |
0.1 |
|
Depreciation |
0.0 |
0.0 |
0.0 |
|
Allowance for Trade
Operations |
0.2 |
0.1 |
0.4 |
|
Stock
Provision Variation |
0.0 |
0.0 |
0.0 |
|
Losses
from Unrecovered Receivables |
0.2 |
0.1 |
0.3 |
|
Other Operating
Charges |
1.8 |
2.2 |
2.2 |
|
External
Services |
1.8 |
2.2 |
2.2 |
|
Taxes |
0.0 |
0.0 |
0.0 |
|
Operating Benefits |
2.9 |
1.3 |
0.2 |
|
Financials and Similar
Charges |
0.4 |
0.3 |
0.3 |
|
Due
to Other Liabilities |
0.4 |
0.3 |
0.3 |
|
Exchange Losses |
0.2 |
- |
- |
|
Profit From Ordinary Activities |
2.3 |
1.1 |
- |
|
Changes in
Provisions for Assets |
- |
0.1 |
- |
|
Extraordinary Profit |
0.0 |
- |
0.2 |
|
Profit Before Taxes |
2.3 |
1.1 |
0.2 |
|
Corporation Tax |
0.7 |
0.3 |
0.1 |
|
Financial Year Result (Profit) |
1.6 |
0.8 |
0.1 |
|
Income |
38.3 |
36.0 |
35.4 |
|
Net Total Sales |
38.3 |
35.8 |
35.0 |
|
Sales |
38.3 |
35.8 |
35.0 |
|
Miscellaneous
Operating Income |
0.0 |
0.1 |
0.1 |
|
Auxiliary
Income From Current Management |
0.0 |
0.1 |
0.1 |
|
Income From
Miscellaneous Interests |
0.0 |
0.1 |
0.1 |
|
Miscellaneous
Interests |
0.0 |
0.1 |
0.1 |
|
Gains from Exchange
Rate |
- |
0.0 |
0.0 |
|
Negative Financial Results |
0.6 |
0.2 |
0.2 |
|
Ordinary Activities' Losses |
- |
- |
0.0 |
|
Extraordinary
Income |
0.0 |
- |
0.2 |
|
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 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Land
and Construction |
1.2 |
1.3 |
0.7 |
|
Other
Installations, Tools, and Furniture |
0.0 |
0.0 |
0.0 |
|
Other
Tangible Assets |
0.0 |
0.0 |
0.0 |
|
Total Tangible
Fixed Assets |
1.2 |
1.3 |
0.8 |
|
Long-Term
Securities Portfolio |
0.0 |
- |
0.0 |
|
Financial
Investments |
0.0 |
- |
0.0 |
|
Total Fixed Assets |
1.2 |
1.3 |
0.8 |
|
Goods
for Resale |
5.6 |
4.9 |
6.1 |
|
Payments
on Account |
1.6 |
2.3 |
- |
|
Total Stocks |
7.2 |
7.2 |
6.1 |
|
Trade
Debtors |
8.5 |
11.9 |
11.5 |
|
Receivables,
Group Companies |
- |
0.0 |
- |
|
Other
Debtors |
- |
0.0 |
0.8 |
|
Public
Bodies |
0.6 |
0.4 |
0.8 |
|
Total Debtors |
9.1 |
12.3 |
13.1 |
|
Short-Term
Securities Portfolio |
0.3 |
0.5 |
0.5 |
|
Short-Term
Guarantees and Deposits |
0.0 |
0.3 |
0.0 |
|
Total Short-Term
Investments |
0.3 |
0.8 |
0.5 |
|
Cash |
1.8 |
0.4 |
1.2 |
|
Prepayments and
Accrued Income |
0.0 |
- |
0.0 |
|
Total Current Assets |
18.5 |
20.7 |
20.9 |
|
Total Assets |
19.7 |
22.0 |
21.7 |
|
Legal
Reserve |
0.2 |
0.1 |
0.1 |
|
Miscellaneous
Reserves |
1.4 |
0.9 |
0.9 |
|
Total Reserves |
1.6 |
1.0 |
1.0 |
|
Profit or Loss for
the Financial Year |
1.5 |
0.8 |
0.1 |
|
Total Equity |
4.4 |
3.2 |
2.6 |
|
Loans
and Other Liabilities |
0.2 |
0.3 |
0.2 |
|
Total Amounts Owed
to Credit Institutions |
0.2 |
0.3 |
0.2 |
|
Total Long Term Liabilities |
0.2 |
0.3 |
0.2 |
|
Loans
and Other Liabilities |
13.8 |
16.6 |
8.4 |
|
Total Amounts Owed to
Credit Institutions |
13.8 |
16.6 |
8.4 |
|
Amounts
Owed to Group Companies |
0.2 |
0.4 |
9.4 |
|
Total Short-Term
Amounts Owed to Group and Associa |
0.2 |
0.4 |
9.4 |
|
Amounts
Owed for Purchases of Goods or Services |
0.6 |
0.8 |
1.0 |
|
Total Trade
Creditors |
0.6 |
0.8 |
1.0 |
|
Public
Bodies |
0.2 |
0.3 |
0.1 |
|
Wages
and Salaries Payable |
0.0 |
0.0 |
- |
|
Total Other
Creditors |
0.2 |
0.3 |
0.1 |
|
Prepayments and
Accrued Income |
0.3 |
0.4 |
0.1 |
|
Total Short Term Creditors |
15.1 |
18.6 |
18.9 |
|
Total Liabilities and Equity |
19.7 |
22.0 |
21.7 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
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.