MIRA INFORM REPORT
|
Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
SELCONET SA |
|
|
|
|
Registered Office : |
C/ Albert Einstein, 2 - Elche Pol Ind Las Saladas,
Elche, 03203 |
|
|
|
|
Country : |
Spain |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
2000 |
|
|
|
|
Com. Reg. No.: |
A53458972 |
|
|
|
|
Legal Form : |
Public Independent |
|
|
|
|
Line of Business : |
Wholesale of Clothing and Footwear. |
|
|
|
|
No. of Employees : |
22 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
|
|
|
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
|
Selconet Sa |
|
|
|
||||||||||||||||||||||||||||||||||||
Business Description
Wholesale of clothing and footwear
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
ISIC Rev 4: |
|
|
NACE Rev 2: |
|
|
NAICS 2012: |
4243 -
Apparel, Piece Goods, and Notions Merchant Wholesalers |
|
UK SIC 2007: |
|
|
US SIC 1987: |
Key Executives
|
Name |
Title |
|
Martinez Rabadan Francisco |
Administrator |
Registered No.(ESP): A53458972
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7709242
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.7568471
|
|
|
|
|
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
Key Corporate Relationships
|
|
|||||
|
|
|
|
||
Executives Report
|
Board
of Directors |
|
|
|
|
||||
|
Administrator |
Director/Board Member |
|
|
Executives |
|
|
|
|
||||
|
Administrator |
Administration Executive |
|
Annual Profit & Loss
|
|
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 |
7.6 |
7.4 |
6.0 |
|
Staff Costs |
0.7 |
0.6 |
0.3 |
|
Wages
and Salaries |
0.6 |
0.5 |
0.3 |
|
Social
Security Costs |
0.1 |
0.1 |
0.1 |
|
Depreciation |
0.1 |
0.1 |
0.1 |
|
Other Operating
Charges |
1.0 |
1.3 |
0.7 |
|
Operating
Benefits |
0.4 |
0.5 |
0.1 |
|
Financials and
Similar Charges |
0.3 |
0.4 |
0.1 |
|
Due
to Other Liabilities |
0.1 |
0.1 |
0.1 |
|
Losses
from Financial Investments |
0.2 |
0.3 |
- |
|
Exchange Losses |
0.0 |
- |
- |
|
Profit From
Ordinary Activities |
0.1 |
0.0 |
0.1 |
|
Extraordinary
Expenses |
- |
- |
0.0 |
|
Extraordinary
Profit |
0.0 |
0.1 |
- |
|
Profit Before
Taxes |
0.1 |
0.1 |
0.0 |
|
Corporation Tax |
0.0 |
0.0 |
0.0 |
|
Financial Year
Result (Profit) |
0.1 |
0.1 |
0.0 |
|
Income |
7.6 |
7.5 |
6.0 |
|
Net Total Sales |
7.3 |
7.1 |
5.8 |
|
Gains from
Exchange Rate |
- |
- |
0.0 |
|
Negative
Financial Results |
0.3 |
0.4 |
0.1 |
|
Extraordinary
Income |
0.0 |
0.1 |
- |
|
Negative
Extraordinary Results |
- |
- |
0.0 |
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 |
|
|
|
|
|
|
Total Intangible
Fixed Assets |
0.1 |
0.1 |
0.1 |
|
Total Tangible
Fixed Assets |
0.5 |
0.2 |
0.1 |
|
Financial
Investments |
0.0 |
0.0 |
0.0 |
|
Total Fixed Assets |
0.6 |
0.3 |
0.2 |
|
Total Stocks |
0.3 |
0.1 |
0.4 |
|
Total Debtors |
2.7 |
2.3 |
2.0 |
|
Total Short-Term
Investments |
- |
0.0 |
- |
|
Cash |
0.3 |
0.4 |
0.2 |
|
Total Current Assets |
3.3 |
2.9 |
2.7 |
|
Total Assets |
3.9 |
3.2 |
2.9 |
|
Total Reserves |
0.2 |
0.3 |
0.3 |
|
Profit or Loss for
the Financial Year |
0.1 |
0.1 |
0.0 |
|
Total Equity |
0.4 |
0.4 |
0.4 |
|
Total Long Term Liabilities |
0.4 |
0.2 |
0.1 |
|
Total Short Term Creditors |
3.1 |
2.5 |
2.3 |
|
Total Liabilities
and Equity |
3.9 |
3.2 |
2.9 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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%)