MIRA INFORM REPORT
|
Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
MECALUX SA |
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Registered Office : |
Cl Silici 1, Cornella De Llobregat, 08940, |
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Country : |
Spain |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1966 |
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Com. Reg. No.: |
A08244998 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Manufacture and sale of metallic shelving and storage systems
logistics, including logistics software. |
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No. of Employees : |
1,363 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Spain |
A2 |
A2 |
|
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.
Source
: CIA
Company Name and Address
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Mecalux Sa |
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Business Description
Head of a Group of Companies with interests in the manufacture and sale of
metallic shelving and storage systems logistics, including logistics software
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
337215 - Showcase,
Partition, Shelving, and Locker Manufacturing |
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UK SIC 2007: |
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US SIC 1987: |
2542 -
Office and Store Fixtures, Partitions, Shelving, and Lockers, Except Wood |
Key Executives
|
Name |
Title |
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Jordi Catala Masdeu |
CEO |
|
Puig Molias Isabel |
Financial Director |
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Pere Kirchner Ballu |
Secretary |
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Concepcion Marti Jose Maria |
Computer Science Director |
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David Ortiz Fernandez |
Director-IT |
News
|
Title |
Date |
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WIPO
PUBLISHES PATENT OF MECALUX, ALBERT FORES RAFOLS FOR "SYSTEM FOR
CONVEYING BOXES AND THE LIKE PRODUCED ON THE BASIS OF A CONVEYOR
CIRCUIT"... |
26-Nov-2012 |
|
WIPO
PUBLISHES PATENT OF MECALUX, ALBERT FORES RAFOLS FOR "LIFTING CRADLE AND
STACKER CRANE FOR TRANSPORTING LOADS" (SPANISH INVENTOR) |
25-Oct-2012 |
Registered No.(ESP): A08244998
1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7662201
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.7449273
Corporate Overview
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ANZSIC 2006 Codes: |
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2519 |
- |
Other Furniture Manufacturing |
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5420 |
- |
Software Publishing |
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3499 |
- |
Other Machinery and Equipment Wholesaling Not Elsewhere Classified |
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ISIC Rev 4 Codes: |
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3100 |
- |
Manufacture of furniture |
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5820 |
- |
Software publishing |
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4659 |
- |
Wholesale of other machinery and equipment |
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NACE Rev 2 Codes: |
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3101 |
- |
Manufacture of office and shop furniture |
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5829 |
- |
Other software publishing |
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4669 |
- |
Wholesale of other machinery and equipment |
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NAICS 2012 Codes: |
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337215 |
- |
Showcase, Partition, Shelving, and Locker Manufacturing |
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511210 |
- |
Software Publishers |
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423440 |
- |
Other Commercial Equipment Merchant Wholesalers |
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US SIC 1987: |
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2542 |
- |
Office and Store Fixtures, Partitions, Shelving, and Lockers, Except
Wood |
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7372 |
- |
Prepackaged Software |
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5046 |
- |
Commercial Equipment, Not Elsewhere Classified |
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UK SIC 2007: |
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3101 |
- |
Manufacture of office and shop furniture |
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4669 |
- |
Wholesale of other machinery and equipment |
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5829 |
- |
Other software publishing |
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Corporate structure news
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Total Corporate Family Members: 17 |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Barcelona |
Spain |
Metal Products Manufacturing |
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Subsidiary |
Cornella De Llobregat, Barcelona |
Spain |
Furniture Manufacturing |
230.6 |
1,363 |
|
|
Subsidiary |
Gliwice |
Poland |
Machinery Wholesale |
|
600 |
|
|
Subsidiary |
Gijon, Asturias |
Spain |
Metal Products Manufacturing |
|
500 |
|
|
Subsidiary |
Cincinnati, OH |
United States |
Machinery Wholesale |
|
3 |
|
|
Subsidiary |
Hortolandia, SP |
Brazil |
Metal Products Manufacturing |
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Subsidiary |
Tijuana, Baja California |
Mexico |
Metal Products Manufacturing |
81.7 |
430 |
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Subsidiary |
Guadalajara, Jalisco |
Mexico |
Furniture Manufacturing |
12.0 |
10 |
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Subsidiary |
Leganes, Madrid |
Spain |
Machinery Wholesale |
36.9 |
104 |
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|
Subsidiary |
Paris, Wessous |
France |
Machinery Wholesale |
58.7 |
74 |
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|
Subsidiary |
San Giuliano Milanese, MI |
Italy |
Machinery Wholesale |
12.3 |
26 |
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Subsidiary |
Birmingham |
United Kingdom |
Specialty Construction Trade Contractors |
4.3 |
12 |
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|
Subsidiary |
Linda A Velha, Oeiras |
Portugal |
Professional and Commercial Equipment Wholesale |
3.8 |
11 |
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Subsidiary |
Neuss, Nordrhein-Westfalen |
Germany |
Machinery Wholesale |
|
10 |
|
|
Subsidiary |
Bruxelles |
Belgium |
Machinery Wholesale |
7.5 |
5 |
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Unit |
Cornella |
Spain |
Publishing |
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Subsidiary |
Buenos Aires |
Argentina |
Metal Products Manufacturing |
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Executives Report
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Annual
Profit & Loss
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|
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 |
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|
|
|
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Charges |
282.6 |
309.8 |
288.3 |
|
Stock Reduction |
1.6 |
1.6 |
- |
|
Supplies |
119.5 |
140.2 |
139.0 |
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Goods Consumption |
20.6 |
28.1 |
35.0 |
|
Consumption of Raw
Materials |
98.8 |
111.9 |
103.9 |
|
Miscellaneous External
Expenditures |
0.1 |
0.2 |
0.0 |
|
Staff Costs |
69.3 |
80.3 |
74.9 |
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Wages and Salaries |
53.4 |
63.7 |
59.1 |
|
Social Security Costs |
15.9 |
16.6 |
15.8 |
|
Depreciation |
11.3 |
13.3 |
13.1 |
|
Allowance for Trade Operations |
1.3 |
-0.1 |
0.3 |
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Losses from
Unrecovered Receivables |
1.3 |
-0.1 |
0.3 |
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Other Operating Charges |
56.3 |
65.4 |
62.7 |
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External Services |
55.8 |
64.9 |
62.3 |
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Taxes |
0.5 |
0.6 |
0.4 |
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Other Operating
Expenses |
0.0 |
0.0 |
0.1 |
|
Financials and Similar Charges |
27.2 |
1.2 |
4.9 |
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Due to Liabilities
With Group Companies |
0.2 |
1.0 |
- |
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Due to Other
Liabilities |
5.3 |
6.3 |
5.2 |
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Losses from Financial
Investments |
21.7 |
-6.1 |
-0.3 |
|
Exchange Losses |
0.3 |
2.3 |
- |
|
Net Financial Income |
- |
11.8 |
2.9 |
|
Changes in Provisions for Assets |
-3.1 |
4.1 |
0.0 |
|
Losses From Assets and Securities Portfolio |
- |
- |
1.4 |
|
Extraordinary Profit |
3.9 |
- |
- |
|
Corporation Tax |
-1.1 |
1.5 |
-7.9 |
|
Income |
256.3 |
282.8 |
254.5 |
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Net Total Sales |
227.1 |
253.7 |
226.2 |
|
Sales |
235.5 |
265.6 |
240.4 |
|
Rendering of Services |
9.9 |
8.7 |
4.4 |
|
Sales Refunds |
-18.3 |
-20.7 |
-18.7 |
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Increase in Stocks |
- |
- |
12.5 |
|
Works Performed for Fixed Assets |
3.9 |
5.0 |
7.1 |
|
Miscellaneous Operating Income |
6.1 |
7.1 |
0.0 |
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Auxiliary Income From Current
Management |
6.0 |
6.7 |
0.0 |
|
Grants |
0.1 |
0.2 |
0.0 |
|
Charges for Provisions |
0.1 |
0.1 |
0.0 |
|
Operating Losses |
22.1 |
35.0 |
44.2 |
|
Income From Equity Investment |
18.2 |
14.6 |
3.0 |
|
In Group Companies |
18.2 |
14.6 |
3.0 |
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Income From Other Securities and Receivables |
0.1 |
0.4 |
0.3 |
|
From Non-Group
Companies |
0.1 |
0.4 |
0.3 |
|
Income From Miscellaneous Interests |
0.1 |
0.2 |
0.1 |
|
Miscellaneous
Interests |
0.1 |
0.2 |
0.1 |
|
Profit on Financial
Investment |
- |
0.0 |
- |
|
Gains from Exchange Rate |
- |
- |
4.4 |
|
Negative Financial Results |
9.1 |
- |
- |
|
Ordinary Activities' Losses |
31.2 |
23.2 |
41.3 |
|
Profit on Disposal of Assets |
0.2 |
0.9 |
- |
|
Capital Grants Transferred to Profit and Loss |
0.6 |
0.9 |
0.8 |
|
Negative Extraordinary Results |
- |
2.2 |
0.5 |
|
Losses Before Taxes |
27.3 |
25.5 |
41.8 |
|
Financial Year Result (Losses) |
26.3 |
27.0 |
33.8 |
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 |
|
|
|
|
|
|
Research and
Development Costs |
9.1 |
10.3 |
10.6 |
|
Concessions, Patents,
Trademarks |
0.2 |
0.2 |
0.2 |
|
Goodwill |
61.1 |
71.4 |
78.3 |
|
Software |
1.7 |
1.7 |
2.0 |
|
Payments on Account |
7.0 |
4.1 |
1.4 |
|
Total Intangible Fixed Assets |
79.0 |
87.6 |
92.5 |
|
Land and Construction |
23.6 |
23.9 |
26.2 |
|
Technical
Installations and Machinery |
23.7 |
26.0 |
29.7 |
|
Other Installations,
Tools, and Furniture |
13.7 |
15.0 |
17.2 |
|
Tangible Fixed Assets
Under Construction |
0.3 |
0.3 |
0.3 |
|
Other Tangible Assets |
5.8 |
6.4 |
7.3 |
|
Total Tangible Fixed Assets |
67.1 |
71.5 |
80.6 |
|
Investments in Group
Companies |
175.9 |
164.9 |
117.8 |
|
Receivables from Group
Companies |
0.6 |
0.4 |
57.9 |
|
Long-Term Guarantees
and Deposits |
1.4 |
1.3 |
1.4 |
|
Financial Investments |
177.9 |
166.6 |
177.1 |
|
Total Fixed Assets |
324.0 |
325.7 |
350.2 |
|
Raw Materials and
Other Consumables |
9.6 |
10.4 |
16.7 |
|
Goods in Process |
1.1 |
1.1 |
2.3 |
|
Finished Products |
21.7 |
22.9 |
24.0 |
|
Payments on Account |
0.2 |
0.0 |
0.2 |
|
Total Stocks |
32.5 |
34.4 |
43.3 |
|
Trade Debtors |
30.5 |
34.1 |
41.7 |
|
Receivables, Group
Companies |
25.7 |
32.4 |
38.5 |
|
Other Debtors |
0.1 |
0.1 |
0.2 |
|
Public Bodies |
46.6 |
50.3 |
50.7 |
|
Total Debtors |
103.0 |
116.9 |
131.2 |
|
Other Receivables |
2.9 |
1.3 |
- |
|
Short-Term Guarantees
and Deposits |
0.0 |
0.1 |
5.7 |
|
Total Short-Term Investments |
2.9 |
1.5 |
5.7 |
|
Cash |
5.5 |
16.6 |
24.5 |
|
Prepayments and Accrued Income |
0.2 |
1.2 |
0.7 |
|
Total Current Assets |
144.1 |
170.6 |
205.4 |
|
Total Assets |
468.1 |
496.3 |
555.6 |
|
Revaluation Reserves |
2.2 |
2.2 |
2.3 |
|
Legal Reserve |
8.4 |
8.2 |
8.5 |
|
Miscellaneous Reserves |
104.8 |
103.7 |
106.9 |
|
Total Reserves |
113.1 |
111.9 |
115.4 |
|
Prior Year Losses |
-76.6 |
-50.1 |
-17.5 |
|
Profit or Loss Brought Forward |
-76.6 |
-50.1 |
-17.5 |
|
Profit or Loss for the Financial Year |
-27.0 |
-25.2 |
-34.3 |
|
Total Equity |
304.7 |
326.7 |
363.4 |
|
Capital Grants |
5.1 |
5.3 |
5.9 |
|
Total Deferred Income |
5.1 |
5.3 |
5.9 |
|
Loans and Other Liabilities |
1.9 |
3.0 |
6.8 |
|
Total Amounts Owed to Credit Institutions |
1.9 |
3.0 |
6.8 |
|
Amounts Owed to Group
Companies |
4.1 |
0.0 |
0.3 |
|
Total Debts with Group or Affiliated Companies |
4.1 |
0.0 |
0.3 |
|
Other Creditors |
5.6 |
5.5 |
3.5 |
|
Long-Term Payables to
Public Bodies |
4.6 |
7.3 |
9.7 |
|
Total Other Creditors |
10.1 |
12.8 |
13.2 |
|
Total Long Term Liabilities |
16.1 |
15.8 |
20.3 |
|
Loans and Other
Liabilities |
74.8 |
90.1 |
107.4 |
|
Total Amounts Owed to Credit Institutions |
74.8 |
90.1 |
107.4 |
|
Amounts Owed to Group
Companies |
21.0 |
13.3 |
6.8 |
|
Total Short-Term Amounts Owed to Group and
Associa |
21.0 |
13.3 |
6.8 |
|
Advanced Payments from
Customers |
1.7 |
0.8 |
8.1 |
|
Amounts Owed for
Purchases of Goods or Services |
34.7 |
33.8 |
33.7 |
|
Total Trade Creditors |
36.4 |
34.6 |
41.8 |
|
Public Bodies |
2.8 |
2.8 |
3.4 |
|
Miscellaneous Debts |
1.2 |
0.7 |
0.6 |
|
Wages and Salaries
Payable |
5.4 |
6.5 |
5.3 |
|
Total Other Creditors |
9.4 |
9.9 |
9.3 |
|
Prepayments and Accrued Income |
0.6 |
0.6 |
0.6 |
|
Total Short Term Creditors |
142.2 |
148.5 |
166.0 |
|
Total Liabilities and Equity |
468.1 |
496.3 |
555.6 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.83.87 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.