MIRA INFORM REPORT

 

 

Report Date :

18.10.2013

 

IDENTIFICATION DETAILS

 

Name :

ADOLFO DOMINGUEZ SA

 

 

Registered Office :

Calle 4 Parcela 8, Poligono Industrial San Ciprian de Vinas, San Cibrao Das Vinas, 32901

 

 

Country :

Spain

 

 

Financials (as on) :

28.02.2013

 

 

Date of Incorporation :

09.03.1989

 

 

Com. Reg. No.:

A32104226

 

 

Legal Form :

Public Parent Company

 

 

Line of Business :

subject is engaged in designing, confection, marketing and distributing of apparel and accessories for men, women and children, as well as in the retail of home furnishings, which are distributed under the Adolfo Dominguez, AD+, Linea U, Mi Casa and ADC brands

 

 

No. of Employees :

1,777

 

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 :

Moderate

 

 

Payment Behaviour :

Slow but Correct 

 

 

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 & address

 

Adolfo Dominguez SA

Calle 4 Parcela 8

Poligono Industrial San Ciprian de Vinas

San Cibrao Das Vinas, 32901

Spain

Tel:       34-988-398705

Fax:      34-988-246761

Web:    www.adolfodominguez.com

 

 

Synthesis 

 

Employees:                  1,777

Company Type:            Public Parent

Corporate Family:          5 Companies

Traded:                         Mercado Continuo Espana:         ADZ

Incorporation Date:         09-Mar-1989

Auditor:                        Deloitte SL       

Financials in:                 USD (Millions)

Fiscal Year End:            28-Feb-2013

Reporting Currency:       Euro

Annual Sales:               196.0  1

Net Income:                  (30.9)

Total Assets:                195.5  2

Market Value:               70.5 (23-Aug-2013)

 

 

Business Description     

 

Adolfo Dominguez SA is a Spain-based company primarily engaged in the textile industry. The Company’s activities include the design, confection, marketing and distribution of apparel and accessories for men, women and children, as well as in the retail of home furnishings, which are distributed under the Adolfo Dominguez, AD+, Linea U, Mi Casa and ADC brands. The Company is a parent of Grupo Adolfo Dominguez, a group which comprises a number of controlled entities with operations established in such countries as Argentina, Belgium, China, Panama, Mexico, the United States, France, Israel, Japan, Peru, Portugal, the United Kingdom and Germany, among others. As of February 29, 2012, the Company operated a network of 469 stores, and Puig SAU was its major shareholder with 15.01% of its interest. For the three months ended 31 May 2013, Adolfo Dominguez SA revenues decreased 14% to EUR25.5M. Net loss decreased 22% to EUR2.6M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Lower net loss reflects Staff Cost decrease of 12% to EUR11M (expense), Other Op. Expenses decrease of 14% to EUR8.9M (expense).

 

Industry             

Industry            Clothing and Apparel Manufacturing

ANZSIC 2006:    1351 - Clothing Manufacturing

ISIC Rev 4:        1410 - Manufacture of wearing apparel, except fur apparel

NACE Rev 2:     1413 - Manufacture of other outerwear

NAICS 2012:     315220 - Men’s and Boys’ Cut and Sew Apparel Manufacturing

UK SIC 2007:    14131 - Manufacture of men's outerwear, other than leather clothes and workwear

US SIC 1987:    2311 - Men's and Boys' Suits, Coats, and Overcoats

 

           

Key Executives   

 

Name

Title

Estanislao Carpio Martinez

General Director

Juan Manuel Fernandez Novo

Chief Financial Officer

Marta Rios Estrella

Non-Member Secretary of the Board

Stephen Maher

Director of Men Products Department

Modesto Lusquinos Garcia

Internal Auditor

 

 

Financial Summary    

 

 

As of 31-May-2013

Key Ratios

Company

Industry

Current Ratio (MRQ)

3.35

2.75

Quick Ratio (MRQ)

1.15

1.45

Debt to Equity (MRQ)

0.29

0.52

Net Profit Margin (TTM) %

-15.83

7.39

Return on Assets (TTM) %

-14.70

7.59

Return on Equity (TTM) %

-22.15

15.09

 

 

Stock Snapshot  

 

 

Traded: Mercado Continuo Espana: ADZ

 

As of 23-Aug-2013

   Financials in: EUR

Recent Price

5.69

 

EPS

-1.78

52 Week High

5.69

 

Price/Sales

0.35

52 Week Low

3.20

 

Price/Book

0.55

Avg. Volume (mil)

0.0061

 

Beta

1.02

Market Value (mil)

52.78

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

59.38%

53.26%

13 Week

46.27%

39.16%

52 Week

52.55%

27.89%

Year to Date

45.52%

36.82%

 

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.775626

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7631766

 

 

Corporate Overview

 

Location

Calle 4 Parcela 8

Poligono Industrial San Ciprian de Vinas

San Cibrao Das Vinas, 32901

Spain

Tel:       34-988-398705

Fax:      34-988-246761

Web:    www.adolfodominguez.com

           

Quote Symbol - Exchange

ADZ - Mercado Continuo Espana

Sales EUR(mil):             152.1

Assets EUR(mil):           149.2

Employees:                   1,777

Fiscal Year End:            28-Feb-2013

Industry:                        Apparel and Accessories

Incorporation Date:         09-Mar-1989

Company Type:             Public Parent

Quoted Status:              Quoted

Registered No.(ESP):     A32104226

General Director:            Estanislao Carpio Martinez

 

Industry Codes

ANZSIC 2006 Codes:

1351     -          Clothing Manufacturing

1334     -          Textile Finishing and Other Textile Product Manufacturing

4259     -          Other Personal Accessory Retailing

4251     -          Clothing Retailing

 

ISIC Rev 4 Codes:

1410     -          Manufacture of wearing apparel, except fur apparel

1399     -          Manufacture of other textiles n.e.c.

4771     -          Retail sale of clothing, footwear and leather articles in specialized stores

 

NACE Rev 2 Codes:

1413     -          Manufacture of other outerwear

1399     -          Manufacture of other textiles n.e.c.

1414     -          Manufacture of underwear

4771     -          Retail sale of clothing in specialised stores

 

NAICS 2012 Codes:

315220  -          Men’s and Boys’ Cut and Sew Apparel Manufacturing

315240  -          Women’s, Girls’, and Infants’ Cut and Sew Apparel Manufacturing

314999  -          All Other Miscellaneous Textile Product Mills

448190  -          Other Clothing Stores

448120  -          Women's Clothing Stores

448110  -          Men's Clothing Stores

315210  -          Cut and Sew Apparel Contractors

 

US SIC 1987:

2311     -          Men's and Boys' Suits, Coats, and Overcoats

5699     -          Miscellaneous Apparel and Accessory Stores

2337     -          Women's, Misses', and Juniors' Suits, Skirts, and Coats

2335     -          Women's, Misses', and Juniors' Dresses

2321     -          Men's and Boys' Shirts, Except Work Shirts

5621     -          Women's Clothing Stores

2399     -          Fabricated Textile Products, Not Elsewhere Classified

2331     -          Women's, Misses', and Juniors' Blouses and Shirts

5611     -          Men's and Boys' Clothing and Accessory Stores

 

UK SIC 2007:

14131   -          Manufacture of men's outerwear, other than leather clothes and workwear

14141   -          Manufacture of men's underwear

4771     -          Retail sale of clothing in specialised stores

1399     -          Manufacture of other textiles n.e.c.

14132   -          Manufacture of women's outerwear, other than leather clothes and workwear

 

Business Description

Adolfo Dominguez SA is a Spain-based company primarily engaged in the textile industry. The Company’s activities include the design, confection, marketing and distribution of apparel and accessories for men, women and children, as well as in the retail of home furnishings, which are distributed under the Adolfo Dominguez, AD+, Linea U, Mi Casa and ADC brands. The Company is a parent of Grupo Adolfo Dominguez, a group which comprises a number of controlled entities with operations established in such countries as Argentina, Belgium, China, Panama, Mexico, the United States, France, Israel, Japan, Peru, Portugal, the United Kingdom and Germany, among others. As of February 29, 2012, the Company operated a network of 469 stores, and Puig SAU was its major shareholder with 15.01% of its interest. For the three months ended 31 May 2013, Adolfo Dominguez SA revenues decreased 14% to EUR25.5M. Net loss decreased 22% to EUR2.6M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Lower net loss reflects Staff Cost decrease of 12% to EUR11M (expense), Other Op. Expenses decrease of 14% to EUR8.9M (expense).

 

More Business Descriptions

Retail sale of clothing in specialised stores

 

Head of a Group of Companies with interests in the manufacture, wholesale, retail, import and export of ladies' wear and menswear, including ready-to-wear garments, shoes, spectacles, jewellery, handbags and perfumes through exclusive shops and franchise outlets; soft furnishings; marketing and management services to Group companies

 

Mfr., Designer, Retailer & Distributor of Clothing & Accessories

 

Cut and Sew Apparel Contractors

 

Brand/Trade Names

DomĂ­nguez BĂ¡sico

Mujer

Hombre

U

Ăgua Fresca de Adolfo DomĂ­nguez

Adolfo DomĂ­nguez

Ăgua de Rosas de Adolfo DomĂ­nguez

Vetiver de Adolfo DomĂ­nguez

AlegrĂ­a

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

152.1

Net Income:

-23.9

Assets:

149.2

Long Term Debt:

24.9

 

Total Liabilities:

53.9

 

Working Capital:

0.1

 

 

 

Date of Financial Data:

28-Feb-2013

 

1 Year Growth

-2.6%

NA

-18.1%

 

Market Data

Quote Symbol:

ADZ

Exchange:

Mercado Continuo Espana

Currency:

EUR

Stock Price:

5.7

Stock Price Date:

08-23-2013

52 Week Price Change %:

52.6

Market Value (mil):

52,781.1

 

SEDOL:

5213115

ISIN:

ES0106000013

 

Equity and Dept Distribution:

10/2006, Scrip Issue, 1 new share for every 20 shares held.

\\vivek\Raw Foreign Reports\Adolfo Dominguez SA.htm - _Top42695575

 

Subsidiaries

Company

Percentage Owned

Country

Adolfo DomĂ­nguez - Japan Corporation Ltd

100%

JAPAN

Adolfo DomĂ­nguez USA Inc

100%

USA

Tormato SA de CV

100%

MEXICO

Adolfo DomĂ­nguez Shanghai Co Ltd

100%

PEOPLE'S REPUBLIC OF CHINA

Adolfo DomĂ­nguez PanamĂ¡ SA

51%

PANAMA

Adolfo DomĂ­nguez Israel Ltd

100%

ISRAEL

Adolfo DomĂ­nguez PerĂº SAC

51%

PERU

Adolfo DomĂ­nguez El Salvador SA

51%

EL SALVADOR

Trespass SA de CV

100%

MEXICO

Gig in the Sky SA

51%

COSTA RICA

Adolfo DomĂ­nguez Italia SRL

100%

ITALY

Adolfo DomĂ­nguez SARL

100%

FRANCE

Adolfo DomĂ­nguez Ltd

99.99%

UK

Adolfo DomĂ­nguez Belgique SA

99.60%

BELGIUM

Adolfo DomĂ­nguez Portugal - Moda Lda

55%

PORTUGAL

Adolfo DomĂ­nguez Luxembourg SA

98.20%

LUXEMBOURG

 

 

 

 

Branch Offices

Location
Paseo Gracia 32
Barcelona, 08007

 

Tel:

+(34) 934874170

 

 

Location
Calle Serrano 5
Madrid, 28001

 

Tel:

+(34) 915774744

Fax:

+(34) 914362600

 

 

 

Shareholders

 

 

Major Shareholders

Adolfo DomĂ­nguez FernĂ¡ndez (31.96%); Antonio Puig SA (15.01%); Luxury Liberty SA (10.36%); La PrevisiĂ³n Mallorquina de Seguros SA (7.66%); NCG Banco SA (5.05%)

 

 

 

 

Key Corporate Relationships

Auditor:

Deloitte SL

Bank:

Caja De Ahorros De Galicia

 

Auditor:

Deloitte SL, Deloitte SL, Deloitte Sl

 

 

 

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

Adolfo Dominguez SA

Adolfo Dominguez SA 
Total Corporate Family Members: 5 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Adolfo Dominguez SA

Parent

San Cibrao Das Vinas

Spain

Clothing and Apparel Manufacturing

196.0

1,777

Adolfo Dominguez Sarl

Subsidiary

Paris

France

Clothing and Apparel Stores

3.0

74

Adolfo Dominguez (Portugal) - Moda, LDA

Subsidiary

Lisboa, Lisboa

Portugal

Clothing and Apparel Stores

3.2

28

Adolfo Dominguez Ltd.

Subsidiary

London

United Kingdom

Clothing and Apparel Stores

1.7

11

Adolfo Dominguez

UK Branch/Trading address

Manchester

United Kingdom

Clothing and Apparel Stores

1.7

3

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Adolfo Dominguez Fernandez

 

Chairman, Chief Executive Officer, Executive Director

Chairman

 

Biography:

Mr. Adolfo Dominguez Fernandez serves as Chairman and Executive Member of the Board of Directors and Chief Executive Officer of Adolfo Dominguez SA. He has been on the Company's Board since March 12, 1992. He has also worked at Adolfo Dominguez El Salvador SA de CV, Adolfo Dominguez GMBH, Adolfo Dominguez Israel Ltd, Adolfo Dominguez Panama SA, Adolfo Dominguez Portugal Moda Lda, Adolfo Dominguez Shanghai Co Ltd, Adolfo Dominguez Belgique SA, Adolfo Dominguez Japan Corporation Ltd, Adolfo Dominguez Ltd, Adolfo Dominguez Luxembourg SA, Adolfo Dominguez Peru SA, Adolfo Dominguez SARL, Adolfo Dominguez USA Inc, Adolfo Dominguez USA LLC, GIG in the Sky SA, Tormato SA de CV and Trespass SA de CV.

 

Adolfo Dominguez Fernandez

 

Chairman

Chairman

 

 

Luis Carlos Croissier Batista Font

 

Vice Chairman, Independent Director

Vice-Chairman

 

 

Biography:

Mr. Luis Carlos Croissier Batista Font serves as Vice Chairman and Independent Member of the Board of Directors of Adolfo Dominguez SA. He has been on the Company's Board since February 26, 1997. He acts as Member of the Nominating and Remuneration and Audit Committees of the Company. He is former Minister of Industry, former Chairman of CNMV and former Chairman of INI. Mr. Croissier Batista has served as Independent Board Member of Repsol YPF SA, Testa Inmuebles en Renta SA, President of Eolia Renovables de Inversion SCR SA and General Administrator of Eurofocus Consultores SL. He holds a degree in Economic Sciences from Universidad Complutense de Madrid.

 

Age: 63

 

Education:

Universidad Complutense de Madrid (Economic Sciences)

 

Compensation/Salary:45,500

Compensation Currency: EUR

 

Angel Berges Lobera

 

Director

Director/Board Member

 

 

Compensation/Salary:43,000

Compensation Currency: EUR

 

Jose Maria Garcia-Planas Marcet

 

Independent Director

Director/Board Member

 

 

Biography:

Mr. Jose Maria Garcia-Planas Marcet serves as Independent Member of the Board of Directors of Adolfo Dominguez SA. He has been on the Company's Board since February 26, 1997. He acts as Chairman of the Nominating and Remuneration Committee of the Company. In addition, he has been Chairman of the Board and Chief Executive Officer of Artextil SA. He holds a Bachelors degree in Business Administration from ESADE.

 

Education:

ESADE, B (Business Administration)

 

Compensation/Salary:38,500

Compensation Currency: EUR

 

Maria Elena Gonzalez Alvarez

 

Executive Director, Director of Women Products Department

Director/Board Member

 

 

Biography:

Ms. Maria Elena Gonzalez Alvarez serves as Executive Member of the Board of Directors and Director of Women Products Department of Adolfo Dominguez SA. She has been on the Company's Board since May 25, 2005.

 

Liberty Sa Luxury

 

Member

Director/Board Member

 

 

Agnes Noguera Borel

 

Director, Representative of Luxury Liberty SA

Director/Board Member

 

 

Biography:

Ms. Agnes Noguera Borel serves as Member of the Board of Directors of Adolfo Dominguez SA, representing Luxury Liberty SA, and Chairman of the Audit Committee of the Company. She has been on the Company's Board since May 25, 2005. She has served as Member of the Board of Directors of Sogecable SA, Promotora de Informaciones SA and Bodegas Riojanas SA, as well as Chairman and Chief Executive Officer of Libertas 7 SA. She holds degrees in Law and Art History from Universidad de Valencia and has attended to Universidad de Barcelona.

 

Education:

Universidad de Valencia, B (Law)
Universidad de Valencia, B (Art History)
Universidad de Barcelona (Finance)

 

Jose Luis Nueno Iniesta

 

Member Of The Executive Comm.

Director/Board Member

 

 

Jose Luis Nueno Iniesta

 

Director

Director/Board Member

 

 

Biography:

Mr. Jose Luis Nueno Iniesta serves as Member of the Board of Directors and Member of the Nominating and Remuneration Committee of Adolfo Dominguez SA. He has been on the Company's Board since June 14, 2001. He is former Professor of Instituto de Estudios Superiores de la Empresa (IESE).

 

Compensation/Salary:43,000

Compensation Currency: EUR

 

 

 

Executives

 

Name

Title

Function

 

Estanislao Carpio Martinez

 

General Director

Chief Executive Officer

 

Biography:

Mr. Estanislao Carpio Martinez serves as General Director of Adolfo Dominguez SA. He was appointed to this post on September 7, 2012. For 16 years he worked at Grupo Camper, where he served as General Director until 2007, when he became Chief Operating Officer. He graduated in Industrial Engineering from Escuela Tecnica Superior de Ingenieros Industriales de Madrid and has attended to the High Management Program of IESE.

 

Age: 56

 

Education:

Instituto de Estudios Superiores de la Empresa (IESE) (Management)
Escuela Tecnica Superior de Ingenieros Industriales de Madrid (Industrial Engineering)

 

Adolfo Dominguez Fernandez

 

Chairman, Chief Executive Officer, Executive Director

Chief Executive Officer

 

 

Biography:

Mr. Adolfo Dominguez Fernandez serves as Chairman and Executive Member of the Board of Directors and Chief Executive Officer of Adolfo Dominguez SA. He has been on the Company's Board since March 12, 1992. He has also worked at Adolfo Dominguez El Salvador SA de CV, Adolfo Dominguez GMBH, Adolfo Dominguez Israel Ltd, Adolfo Dominguez Panama SA, Adolfo Dominguez Portugal Moda Lda, Adolfo Dominguez Shanghai Co Ltd, Adolfo Dominguez Belgique SA, Adolfo Dominguez Japan Corporation Ltd, Adolfo Dominguez Ltd, Adolfo Dominguez Luxembourg SA, Adolfo Dominguez Peru SA, Adolfo Dominguez SARL, Adolfo Dominguez USA Inc, Adolfo Dominguez USA LLC, GIG in the Sky SA, Tormato SA de CV and Trespass SA de CV.

 

Fernando Rodriguez Trebolle

 

Vice Secretary, Joint Attorney

Administration Executive

 

 

Marta Rios Estrella

 

Non-Member Secretary of the Board

Company Secretary

 

 

Biography:

Ms. Marta Rios Estrella serves as Non-Member Secretary of the Board of Adolfo Dominguez SA. Previously, she acted as Assistant to the Secretary of the Board at the Company. She is a Lawyer at the company Uria Menendez.

 

Berta Rodriguez

 

Secretary

Company Secretary

 

 

Ignacio Zarzalejos Toledano

 

Assistant to Secretary of the Board

Company Secretary

 

 

Biography:

Mr. Ignacio Zarzalejos Toledano serves as Assistant to Secretary of the Board of Adolfo Dominguez SA. He is a Lawyer at the company Uria Menendez. He also acts as Assistant to Secretary at the Company’s Audit Committee and Nominating and Remunerations

ommittee.

 

Juan Manuel Fernandez Novo

 

Chief Financial Officer

Finance Executive

 

 

Biography:

Mr. Juan Manuel Fernandez Novo serves as Chief Financial Officer of Adolfo Dominguez SA. He also served as Executive Member of the Board of Directors of the Company from February 26, 1997 to October 26, 2012. Mr. Fernandez Novo has served as Administrator of the Company's subsidiaries in Belgium, Italy, Luxembourg, the United Kingdom, Germany, Mexico, the United States of America, France, Tormato SA de CV (Mexico), Adolfo Dominguez Chile Lda, Adolfo Dominguez Shangai Co Ltd, Crazy Diamond SL, Adolfo Dominguez Panama SA, Adolfo Dominguez Israel Ltd, among others. He holds a degree in Economic Sciences.

 

Modesto Lusquinos Garcia

 

Internal Auditor

Accounting Executive

 

 

Stephen Maher

 

Director of Men Products Department

Product Management Executive

 

 

Hipolito Munoz

 

Director-Commercial

Commercial Executive

 

 

Luis Carlos Bertran

 

Lawyer (Adviser)

Legal Executive

 

 

Dorinda Casal Dominguez

 

Organizational Director

Other

 

 

 

 

Significant Developments

 

Adolfo Dominguez SA Announces Further Details On Share Capital Increase Jan 31, 2013

 

Adolfo Dominguez SA announced that, following the press release dated January 10, 2013 (registration number 180918), once declared closed and executed capital increase in the nominal amount of EUR 77,604 by issuing 129,340 new ordinary shares at a nominal value of 0.60 per share and a premium of EUR 3.2658 per share, the deed on the capital increase was registered in the Register of Orense. As a result, the share capital of the Company has been set at EUR 5,565,664.8, fully subscribed and paid, represented by 9,276,108 shares at a nominal value of EUR 0.60 per share. In addition, on January 31, 2013 the governing bodies of the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges agreed on the admission to trading of 129,340 new shares of the Company with effect from February 1, 2013.

 

Adolfo Dominguez SA's Shareholders Approve Share Capital Increase Jan 10, 2013

 

Adolfo Dominguez SA announced that the shareholders at the General Shareholders' Meeting, held on January 10, 2013, approved a share capital increase for a nominal value of EUR 77,604 through the issuance of 129,340 new ordinary shares. Each share has a nominal value of EUR 0.60 plus a premium of EUR 3.2658 per share.

 

Adolfo Dominguez SA Announces Further Details On Capital Increase Dec 04, 2012

 

Adolfo Dominguez SA announced that it will propose during the shareholders meeting on January 9, 2013 to increase the Company's capital for a nominal value of EUR 77,604 through the issuance of 129,340 shares. Each share has a nominal value of EUR 0.60 plus a premium of EUR 3.2658 per share, which in total is an issue price of EUR 3.8658 per share. The total premium amounts to EUR 422,398.572. The capital increase will be fully subscribed by Mr. Estanislao Carpio Martinez, the Company's General Director.

 

Adolfo Dominguez SA Plans Capital Increase Oct 29, 2012

 

Adolfo Dominguez SA announced that it plans a capital increase in the amount of approximately EUR 500,000. The capital increase will be a subject of approval of Extraordinary General Meeting of the Company.

 

 

 

Annual Profit & Loss

 

 

 

31-Dec-2012

31-Dec-2011

Period Length

12 Months

12 Months

Filed Currency

EUR

EUR

Exchange Rate (Period Average)

0.778237

0.71919

Consolidated

No

No

 

 

 

Charges

194.0

210.8

    Supplies

84.3

75.2

        Goods Consumption

73.0

62.9

        Consumption of Raw Materials

7.9

12.1

        Miscellaneous External Expenditures

3.3

0.2

    Staff Costs

59.6

65.8

        Wages and Salaries

46.5

51.1

        Social Security Costs

13.2

14.7

    Depreciation

17.0

18.2

    Allowance for Trade Operations

-11.9

0.5

        Stock Provision Variation

-13.4

-

        Losses from Unrecovered Receivables

1.4

0.5

    Other Operating Charges

44.0

50.2

        External Services

43.1

49.3

        Taxes

0.8

1.0

        Other Operating Expenses

0.0

-

    Financials and Similar Charges

1.3

1.2

        Due to Liabilities With Group Companies

-

-

        Due to Other Liabilities

1.3

1.2

    Changes in Financial Investment Provisions

0.5

0.7

    Exchange Losses

1.0

1.2

    Changes in Provisions for Assets

2.7

0.3

    Losses From Assets and Securities Portfolio

-

0.8

Extraordinary Profit

3.7

-

    Corporation Tax

-4.4

-3.5

Income

183.2

204.6

    Net Total Sales

172.7

199.1

        Sales

172.7

199.1

        Rendering of Services

0.0

0.0

    Miscellaneous Operating Income

3.8

4.5

        Auxiliary Income From Current Management

3.6

4.4

        Grants

0.2

0.1

Operating Losses

16.5

6.3

    Income From Miscellaneous Interests

0.4

0.6

        From Group Companies

0.0

0.0

        Miscellaneous Interests

0.4

0.6

Negative Financial Results

2.4

2.6

Ordinary Activities' Losses

18.9

8.9

    Profit on Disposal of Assets

6.1

-

    Capital Grants Transferred to Profit and Loss

0.3

0.4

Negative Extraordinary Results

-

0.8

Losses Before Taxes

15.2

9.7

Financial Year Result (Losses)

10.8

6.2

 

 

Annual Balance Sheet

 

 

31-Dec-2012

31-Dec-2011

Filed Currency

EUR

EUR

Exchange Rate

0.7566

0.770327

Consolidated

No

No

 

 

 

        Concessions, Patents, Trademarks

0.0

0.7

        Fees Paid for Premises

0.7

0.0

        Software

1.9

2.3

    Total Intangible Fixed Assets

2.6

3.0

        Land and Construction

18.6

27.4

        Technical Installations and Machinery

48.3

59.5

        Other Installations, Tools, and Furniture

7.1

8.8

        Tangible Fixed Assets Under Construction

-

0.1

        Other Tangible Assets

1.8

2.2

    Total Tangible Fixed Assets

75.8

98.0

        Investments in Group Companies

-

22.2

        Receivables from Group Companies

-

5.7

        Long-Term Securities Portfolio

3.2

-

        Other Receivables

11.0

3.4

        Long-Term Guarantees and Deposits

21.0

-

    Financial Investments

35.1

31.3

    Own Shares

-

-

    Long-Term Trade Receivables

-

0.6

Total Fixed Assets

113.5

132.9

        Goods for Resale

59.3

-

        Raw Materials and Other Consumables

1.2

1.5

        Finished Products

-

44.4

    Total Stocks

60.5

45.9

        Trade Debtors

19.2

18.6

        Other Debtors

19.9

0.3

        Public Bodies

10.4

5.8

    Total Debtors

49.6

24.8

        Short-Term Securities Portfolio

-

10.8

        Other Receivables

-

6.9

        Short-Term Guarantees and Deposits

3.6

-

    Total Short-Term Investments

3.6

17.7

    Cash

6.7

1.8

    Prepayments and Accrued Income

0.4

0.5

Total Current Assets

120.8

90.6

Total Assets

234.3

223.5

        Legal Reserve

1.5

1.4

        Miscellaneous Reserves

166.0

163.1

    Total Reserves

167.4

164.5

        Prior Year Losses

-5.9

0.0

    Profit or Loss Brought Forward

-5.9

0.0

    Profit or Loss for the Financial Year

-11.1

-5.8

Total Equity

157.7

165.8

        Capital Grants

0.3

0.5

Total Deferred Income

0.3

0.5

        Loans and Other Liabilities

20.6

23.4

    Total Amounts Owed to Credit Institutions

20.6

23.4

        Amounts Owed to Group Companies

-

-

    Total Debts with Group or Affiliated Companies

-

-

        Other Creditors

3.5

1.8

        Long-Term Payables to Public Bodies

0.4

0.4

    Total Other Creditors

3.9

2.2

Total Long Term Liabilities

24.5

25.7

        Loans and Other Liabilities

20.8

9.6

    Total Amounts Owed to Credit Institutions

20.8

9.6

        Amounts Owed to Group Companies

0.8

0.6

    Total Short-Term Amounts Owed to Group and Associa

0.8

0.6

        Amounts Owed for Purchases of Goods or Services

16.9

13.0

    Total Trade Creditors

16.9

13.0

        Public Bodies

7.3

3.1

        Miscellaneous Debts

1.5

0.4

        Wages and Salaries Payable

4.5

4.8

    Total Other Creditors

13.3

8.4

Total Short Term Creditors

51.7

31.5

Short Term Provisions for Liabilities and Charges

-

-

Total Liabilities and Equity

234.3

223.5

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

28-Feb-2013

29-Feb-2012

28-Feb-2011

28-Feb-2010

28-Feb-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
28-Feb-2013

Updated Normal 
29-Feb-2012

Updated Normal 
28-Feb-2011

Updated Normal 
28-Feb-2010

Reclassified Normal 
28-Feb-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.775626

0.723324

0.759157

0.711244

0.697482

Auditor

Deloitte SL

Deloitte SL

Deloitte SL

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

196.0

215.9

219.9

249.5

274.2

Revenue

196.0

215.9

219.9

249.5

274.2

Total Revenue

196.0

215.9

219.9

249.5

274.2

 

 

 

 

 

 

    Cost of Revenue

89.0

77.8

74.0

79.8

85.3

Cost of Revenue, Total

89.0

77.8

74.0

79.8

85.3

Gross Profit

107.0

138.1

145.9

169.7

188.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

25.4

-

-

-

-

    Labor & Related Expense

63.1

73.5

71.1

74.7

75.4

    Advertising Expense

2.2

3.0

2.6

-

-

Total Selling/General/Administrative Expenses

90.7

76.5

73.7

74.7

75.4

    Depreciation

16.9

20.7

19.2

20.3

19.0

Depreciation/Amortization

16.9

20.7

19.2

20.3

19.0

    Impairment-Assets Held for Use

14.8

-3.2

1.2

3.8

0.9

    Impairment-Assets Held for Sale

0.5

-

-

-

-

    Other Unusual Expense (Income)

-

-

-

-2.4

-

Unusual Expense (Income)

15.3

-3.2

1.2

1.4

0.9

    Other Operating Expense

26.3

59.4

58.7

70.4

84.7

    Other, Net

-0.3

-0.4

-0.4

-0.5

-0.5

Other Operating Expenses, Total

26.0

59.0

58.3

69.9

84.1

Total Operating Expense

237.9

230.7

226.4

246.1

264.8

 

 

 

 

 

 

Operating Income

-41.8

-14.9

-6.5

3.4

9.4

 

 

 

 

 

 

        Interest Expense - Non-Operating

-1.8

-1.2

-0.9

-1.3

-1.6

    Interest Expense, Net Non-Operating

-1.8

-1.2

-0.9

-1.3

-1.6

        Investment Income - Non-Operating

0.3

-0.6

-1.6

0.2

-0.3

    Interest/Investment Income - Non-Operating

0.3

-0.6

-1.6

0.2

-0.3

Interest Income (Expense) - Net Non-Operating Total

-1.5

-1.8

-2.5

-1.1

-1.9

    Other Non-Operating Income (Expense)

-0.8

-0.6

-0.5

-0.5

-0.3

Other, Net

-0.8

-0.6

-0.5

-0.5

-0.3

Income Before Tax

-44.1

-17.3

-9.5

1.8

7.2

 

 

 

 

 

 

Total Income Tax

-13.0

-3.8

-3.2

0.6

2.0

Income After Tax

-31.1

-13.5

-6.3

1.2

5.2

 

 

 

 

 

 

    Minority Interest

0.2

0.7

0.4

0.1

0.7

Net Income Before Extraord Items

-30.9

-12.8

-5.9

1.4

5.9

Net Income

-30.9

-12.8

-5.9

1.4

5.9

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-30.9

-12.8

-5.9

1.4

5.9

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-30.9

-12.8

-5.9

1.4

5.9

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

9.1

9.1

9.1

9.1

9.1

Basic EPS Excl Extraord Items

-3.38

-1.40

-0.65

0.15

0.64

Basic/Primary EPS Incl Extraord Items

-3.38

-1.40

-0.65

0.15

0.64

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

-30.9

-12.8

-5.9

1.4

5.9

Diluted Weighted Average Shares

9.1

9.1

9.1

9.1

9.1

Diluted EPS Excl Extraord Items

-3.38

-1.40

-0.65

0.15

0.64

Diluted EPS Incl Extraord Items

-3.38

-1.40

-0.65

0.15

0.64

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.08

0.18

Gross Dividends - Common Stock

0.0

0.0

0.0

0.9

2.0

Interest Expense, Supplemental

1.8

1.2

0.9

1.3

1.6

Depreciation, Supplemental

16.9

19.6

18.5

19.7

18.3

Total Special Items

15.3

-3.2

1.2

1.4

0.9

Normalized Income Before Tax

-28.8

-20.4

-8.2

3.2

8.1

 

 

 

 

 

 

Effect of Special Items on Income Taxes

5.4

-1.1

0.4

0.4

0.3

Inc Tax Ex Impact of Sp Items

-7.7

-4.9

-2.7

1.0

2.3

Normalized Income After Tax

-21.1

-15.5

-5.5

2.2

5.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-20.9

-14.9

-5.1

2.3

6.5

 

 

 

 

 

 

Basic Normalized EPS

-2.29

-1.63

-0.56

0.25

0.72

Diluted Normalized EPS

-2.29

-1.63

-0.56

0.25

0.72

Amort of Intangibles, Supplemental

-

1.0

0.7

0.6

0.7

Rental Expenses

23.9

28.9

29.9

33.1

39.9

Advertising Expense, Supplemental

2.2

3.0

2.6

2.0

2.3

Normalized EBIT

-26.6

-18.0

-5.2

4.8

10.3

Normalized EBITDA

-9.6

2.6

13.9

25.0

29.3

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

28-Feb-2013

29-Feb-2012

28-Feb-2011

28-Feb-2010

28-Feb-2009

UpdateType/Date

Updated Normal 
28-Feb-2013

Updated Normal 
29-Feb-2012

Updated Normal 
28-Feb-2011

Updated Normal 
28-Feb-2010

Updated Normal 
28-Feb-2009

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.763177

0.743179

0.724008

0.732762

0.787371

Auditor

Deloitte SL

Deloitte SL

Deloitte SL

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

12.2

13.9

22.8

25.8

13.3

    Short Term Investments

13.0

3.8

7.5

0.2

6.4

Cash and Short Term Investments

25.1

17.7

30.3

26.0

19.7

        Accounts Receivable - Trade, Gross

30.0

49.1

27.6

31.4

28.8

        Provision for Doubtful Accounts

-9.4

-6.5

-5.5

-5.2

-3.7

    Trade Accounts Receivable - Net

20.6

42.6

22.1

26.2

25.1

    Other Receivables

0.9

1.0

0.8

0.9

0.8

Total Receivables, Net

21.5

43.6

23.0

27.1

26.0

    Inventories - Finished Goods

-

-

-

29.2

24.9

    Inventories - Work In Progress

-

-

-

4.1

3.4

    Inventories - Raw Materials

0.5

1.2

2.6

1.2

0.8

    Inventories - Other

55.5

70.1

51.8

20.0

20.5

Total Inventory

56.0

71.3

54.4

54.6

49.5

    Other Current Assets

0.8

0.6

0.8

0.7

0.7

Other Current Assets, Total

0.8

0.6

0.8

0.7

0.7

Total Current Assets

103.4

133.2

108.4

108.4

95.9

 

 

 

 

 

 

        Land/Improvements

22.3

24.1

34.6

34.1

31.7

        Machinery/Equipment

157.2

174.9

184.3

175.5

160.7

        Construction in Progress

0.0

0.0

0.5

2.5

2.0

        Other Property/Plant/Equipment

4.7

1.4

3.2

3.1

2.5

    Property/Plant/Equipment - Gross

184.2

200.5

222.5

215.2

196.9

    Accumulated Depreciation

-29.5

-114.9

-108.7

-94.1

-74.8

Property/Plant/Equipment - Net

51.9

85.6

113.8

121.1

122.1

    Intangibles - Gross

9.9

12.2

14.4

13.7

12.2

    Accumulated Intangible Amortization

-8.7

-9.0

-10.5

-10.6

-9.6

Intangibles, Net

1.3

3.2

3.8

3.1

2.6

    LT Investment - Affiliate Companies

-

0.0

0.1

0.0

-

    LT Investments - Other

13.9

11.4

12.1

12.6

13.2

Long Term Investments

13.9

11.4

12.3

12.6

13.2

    Deferred Income Tax - Long Term Asset

24.5

11.1

6.6

3.3

1.0

    Other Long Term Assets

0.4

0.5

0.6

0.7

0.6

Other Long Term Assets, Total

24.9

11.6

7.3

4.0

1.6

Total Assets

195.5

245.0

245.5

249.3

235.3

 

 

 

 

 

 

Accounts Payable

19.6

23.9

20.4

21.9

23.3

Notes Payable/Short Term Debt

0.0

17.8

6.8

0.2

0.2

Current Portion - Long Term Debt/Capital Leases

3.4

3.4

3.4

3.3

2.1

    Income Taxes Payable

3.2

8.8

4.5

6.9

6.7

    Other Current Liabilities

2.3

0.7

0.4

0.5

0.1

Other Current liabilities, Total

5.5

9.5

4.9

7.4

6.8

Total Current Liabilities

28.5

54.5

35.6

32.9

32.4

 

 

 

 

 

 

    Long Term Debt

32.6

21.0

24.9

28.0

28.0

Total Long Term Debt

32.6

21.0

24.9

28.0

28.0

Total Debt

36.0

42.1

35.1

31.5

30.3

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.9

1.0

1.1

0.8

0.2

Deferred Income Tax

0.9

1.0

1.1

0.8

0.2

Minority Interest

0.6

1.3

2.0

2.0

2.0

    Reserves

0.3

0.3

0.3

0.3

0.3

    Other Long Term Liabilities

7.8

5.2

2.9

3.1

3.1

Other Liabilities, Total

8.0

5.5

3.3

3.4

3.4

Total Liabilities

70.7

83.2

66.8

67.2

65.9

 

 

 

 

 

 

    Common Stock

7.3

7.4

7.6

7.5

7.0

Common Stock

7.3

7.4

7.6

7.5

7.0

Additional Paid-In Capital

0.6

-

-

-

-

Retained Earnings (Accumulated Deficit)

118.2

153.6

170.5

175.3

163.7

Treasury Stock - Common

-0.7

-

-

-

-

    Translation Adjustment

-0.6

0.8

0.6

-0.7

-1.3

Other Equity, Total

-0.6

0.8

0.6

-0.7

-1.3

Total Equity

124.8

161.8

178.7

182.1

169.4

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

195.5

245.0

245.5

249.3

235.3

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

9.3

9.1

9.1

9.1

9.1

Total Common Shares Outstanding

9.3

9.1

9.1

9.1

9.1

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

1,777

1,929

2,515

2,461

2,538

Accumulated Intangible Amort, Suppl.

8.7

9.0

10.5

10.6

9.6

Deferred Revenue - Long Term

0.6

0.7

1.0

1.4

1.3

Total Long Term Debt, Supplemental

36.0

42.1

28.3

31.3

30.1

Long Term Debt Maturing within 1 Year

3.4

21.1

3.4

3.3

2.1

Long Term Debt Maturing in Year 2

5.5

3.4

3.5

3.4

2.8

Long Term Debt Maturing in Year 3

7.3

3.5

3.5

3.4

2.9

Long Term Debt Maturing in Year 4

7.8

5.2

3.6

3.5

3.0

Long Term Debt Maturing in Year 5

5.8

3.1

5.3

3.6

3.1

Long Term Debt Maturing in Year 6

4.4

3.2

3.1

-

3.2

Long Term Debt Maturing in 2-3 Years

12.9

7.0

7.0

6.8

5.6

Long Term Debt Maturing in 4-5 Years

13.7

8.3

9.0

7.1

6.1

Long Term Debt Matur. in Year 6 & Beyond

6.1

5.7

9.0

14.1

16.3

Total Operating Leases, Supplemental

45.5

78.0

87.3

206.8

221.2

Operating Lease Payments Due in Year 1

17.1

24.0

26.0

26.7

27.8

Operating Lease Payments Due in Year 2

4.5

8.1

8.7

17.4

19.6

Operating Lease Payments Due in Year 3

4.5

8.1

8.7

17.4

19.6

Operating Lease Payments Due in Year 4

4.5

8.1

8.7

17.4

19.6

Operating Lease Payments Due in Year 5

4.5

8.1

8.7

17.4

19.6

Operating Lease Pymts. Due in 2-3 Years

8.9

16.3

17.4

34.8

39.1

Operating Lease Pymts. Due in 4-5 Years

8.9

16.3

17.4

34.8

39.1

Oper. Lse. Pymts. Due in Year 6 & Beyond

10.5

21.4

26.6

110.4

115.2

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

28-Feb-2013

29-Feb-2012

28-Feb-2011

28-Feb-2010

28-Feb-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
28-Feb-2013

Updated Normal 
29-Feb-2012

Updated Normal 
28-Feb-2011

Updated Normal 
28-Feb-2010

Updated Normal 
28-Feb-2009

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.775626

0.723324

0.759157

0.711244

0.697482

Auditor

Deloitte SL

Deloitte SL

Deloitte SL

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-44.1

-17.3

-9.5

1.8

7.2

    Depreciation

16.9

20.7

19.2

20.3

19.0

Depreciation/Depletion

16.9

20.7

19.2

20.3

19.0

    Unusual Items

15.3

-3.2

2.2

3.8

2.2

    Other Non-Cash Items

5.0

3.7

2.4

2.5

1.3

Non-Cash Items

20.3

0.5

4.6

6.4

3.5

    Other Assets & Liabilities, Net

-3.0

-12.5

-5.4

1.5

5.6

    Other Operating Cash Flow

-0.6

-0.6

-2.0

-1.6

-4.9

Changes in Working Capital

-3.5

-13.1

-7.4

-0.2

0.7

Cash from Operating Activities

-10.4

-9.2

6.9

28.3

30.4

 

 

 

 

 

 

    Purchase of Fixed Assets

-0.9

-9.0

-12.4

-14.0

-36.4

Capital Expenditures

-0.9

-9.0

-12.4

-14.0

-36.4

    Sale of Fixed Assets

17.8

0.3

0.7

0.9

1.0

    Sale/Maturity of Investment

1.3

1.3

0.6

0.9

0.0

    Purchase of Investments

-3.9

-0.8

-0.5

-0.2

-0.2

    Other Investing Cash Flow

0.3

0.4

0.5

0.3

0.2

Other Investing Cash Flow Items, Total

15.5

1.2

1.3

1.8

1.0

Cash from Investing Activities

14.6

-7.7

-11.1

-12.3

-35.5

 

 

 

 

 

 

    Other Financing Cash Flow

-2.4

-1.7

-1.4

-1.3

-0.5

Financing Cash Flow Items

-2.4

-1.7

-1.4

-1.3

-0.5

    Cash Dividends Paid - Common

-

0.0

-0.8

-1.9

-7.9

Total Cash Dividends Paid

-

0.0

-0.8

-1.9

-7.9

Issuance (Retirement) of Stock, Net

0.6

-

-

-

-

        Long Term Debt Issued

3.0

15.3

6.8

0.0

30.1

        Long Term Debt Reduction

-5.1

-3.6

-3.7

-0.9

-15.1

    Long Term Debt, Net

-2.1

11.7

3.2

-0.9

15.0

Issuance (Retirement) of Debt, Net

-2.1

11.7

3.2

-0.9

15.0

Cash from Financing Activities

-3.9

10.0

0.9

-4.1

6.6

 

 

 

 

 

 

Foreign Exchange Effects

-1.6

-1.5

0.1

-0.1

1.6

Net Change in Cash

-1.4

-8.5

-3.2

11.9

3.2

 

 

 

 

 

 

Net Cash - Beginning Balance

13.4

22.8

24.9

14.7

11.8

Net Cash - Ending Balance

12.0

14.3

21.7

26.6

15.0

Cash Interest Paid

2.5

1.7

1.4

1.6

1.7

Cash Taxes Paid

0.6

0.6

2.0

1.6

4.9

 

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

28-Feb-2013

29-Feb-2012

28-Feb-2011

28-Feb-2010

28-Feb-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
28-Feb-2013

Updated Normal 
29-Feb-2012

Updated Normal 
28-Feb-2011

Updated Normal 
28-Feb-2010

Reclassified Normal 
28-Feb-2010

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.775626

0.723324

0.759157

0.711244

0.697482

Auditor

Deloitte SL

Deloitte SL

Deloitte SL

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales

191.4

211.7

215.3

245.1

269.4

    Other Revenues

4.7

4.2

4.6

4.4

4.8

Total Revenue

196.0

215.9

219.9

249.5

274.2

 

 

 

 

 

 

    G/L on Financial Instruments

0.5

-

-

-

-

    Other Operating Income/Expense

0.0

-

-

-

-

    Material Expenses

4.6

-

-

-

-

    Other Cost of Sales

71.3

-

-

-

-

    Stock Variation

13.2

-

-

-

-

    Cost of Sales

-

77.8

74.0

79.8

85.3

    Personnel

63.1

73.5

71.1

74.7

75.4

    Depreciation/Amortization in SGA

16.9

20.7

19.2

20.3

19.0

    Writedown of Assets

14.8

-3.2

1.2

3.8

0.9

    Provisions

-

-0.1

-0.1

-0.1

-0.2

    Other Other Op. Expenses

26.3

-

-

-

-

    Other Op. Expenses

-

59.4

58.7

70.4

84.7

    Rental Expense

23.9

-

-

-

-

    Property and Other Taxes

1.4

-

-

-

-

    Advertising Expense

2.2

3.0

2.6

-

-

    Extraordinary Income

-

-

-

-2.4

-

    Deferred Income

-0.2

-0.3

-0.4

-0.4

-0.4

Total Operating Expense

237.9

230.7

226.4

246.1

264.8

 

 

 

 

 

 

    Financial Income

0.3

0.4

0.5

0.3

0.2

    Financial Expense

-0.8

-0.6

-0.5

-0.5

-0.3

    Interest Expense

-1.8

-1.2

-0.9

-1.3

-1.6

    Conversion Diff.

0.0

-1.1

-1.2

-0.1

-0.5

    Sale of Investments

-

0.0

-0.9

0.0

-

Net Income Before Taxes

-44.1

-17.3

-9.5

1.8

7.2

 

 

 

 

 

 

Provision for Income Taxes

-13.0

-3.8

-3.2

0.6

2.0

Net Income After Taxes

-31.1

-13.5

-6.3

1.2

5.2

 

 

 

 

 

 

    Min. Interest

0.2

0.7

0.4

0.1

0.7

Net Income Before Extra. Items

-30.9

-12.8

-5.9

1.4

5.9

Net Income

-30.9

-12.8

-5.9

1.4

5.9

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-30.9

-12.8

-5.9

1.4

5.9

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-30.9

-12.8

-5.9

1.4

5.9

 

 

 

 

 

 

Basic Weighted Average Shares

9.1

9.1

9.1

9.1

9.1

Basic EPS Excluding ExtraOrdinary Items

-3.38

-1.40

-0.65

0.15

0.64

Basic EPS Including ExtraOrdinary Items

-3.38

-1.40

-0.65

0.15

0.64

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

-30.9

-12.8

-5.9

1.4

5.9

Diluted Weighted Average Shares

9.1

9.1

9.1

9.1

9.1

Diluted EPS Excluding ExtraOrd Items

-3.38

-1.40

-0.65

0.15

0.64

Diluted EPS Including ExtraOrd Items

-3.38

-1.40

-0.65

0.15

0.64

DPS-Ordinary Shares

0.00

0.00

0.00

0.08

0.18

Gross Dividends - Common Stock

0.0

0.0

0.0

0.9

2.0

Normalized Income Before Taxes

-28.8

-20.4

-8.2

3.2

8.1

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

-7.7

-4.9

-2.7

1.0

2.3

Normalized Income After Taxes

-21.1

-15.5

-5.5

2.2

5.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-20.9

-14.9

-5.1

2.3

6.5

 

 

 

 

 

 

Basic Normalized EPS

-2.29

-1.63

-0.56

0.25

0.72

Diluted Normalized EPS

-2.29

-1.63

-0.56

0.25

0.72

Rental Expense

23.9

28.9

29.9

33.1

39.9

Advertising Expense

2.2

3.0

2.6

2.0

2.3

Interest Expense

1.8

-

-

-

-

Interest Expense

-

1.2

0.9

1.3

1.6

Depreciation

16.9

19.6

18.5

19.7

18.3

Amortization of Intangibles

-

1.0

0.7

0.6

0.7

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

28-Feb-2013

29-Feb-2012

28-Feb-2011

28-Feb-2010

28-Feb-2009

UpdateType/Date

Updated Normal 
28-Feb-2013

Updated Normal 
29-Feb-2012

Updated Normal 
28-Feb-2011

Updated Normal 
28-Feb-2010

Updated Normal 
28-Feb-2009

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate

0.763177

0.743179

0.724008

0.732762

0.787371

Auditor

Deloitte SL

Deloitte SL

Deloitte SL

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Raw Materials

0.5

1.2

2.6

1.2

0.8

    Work in Progress

-

-

-

4.1

3.4

    Stocks/Shops

30.5

39.2

27.9

16.4

16.8

    Products/Storage

24.8

30.7

23.6

-

-

    Finished Goods

-

-

-

29.2

24.9

    Merchandise

-

-

-

3.3

3.6

    Advances

0.1

0.2

0.2

0.3

0.0

    Accounts Rcvbls.

30.0

49.1

27.6

31.4

28.8

    Provisions

-9.4

-6.5

-5.5

-5.2

-3.7

    ST Investments

13.0

3.8

7.5

0.2

6.4

    Income Tax Receivables, Net/Gross

0.9

-

-

-

-

    Public Administration

-

1.0

0.8

0.9

0.8

    Other Current Assets

0.8

0.6

0.8

0.7

0.7

    Cash and Equivalents

12.2

13.9

22.8

25.8

13.3

Total Current Assets

103.4

133.2

108.4

108.4

95.9

 

 

 

 

 

 

    Licen.Franc.Right,Contr. Mod.Design,G

0.0

-

-

-

-

    Property Rights Gross

1.9

-

-

-

-

    Computer Software, Gross

2.9

-

-

-

-

    Other Intangibles, Gross

5.1

-

-

-

-

    Intangibles, Gross

-

12.2

14.4

13.7

12.2

    AccAmortLicen.Franc.RightContr.Mod.Desig

0.0

-

-

-

-

    Acc Amort Property Rights

-1.3

-

-

-

-

    Acc Amort Computer Software

-2.5

-

-

-

-

    Acc Amort Other Intangibles

-4.9

-

-

-

-

    Amortisation of Intangibles

-

-9.0

-10.5

-10.6

-9.6

    Other Total Intangible Assets, Net

0.0

-

-

-

-

    Land/Buildings

22.3

24.1

34.6

34.1

31.7

    Installations

130.5

145.1

155.6

148.3

136.3

    Other Installations

26.7

29.8

28.7

27.2

24.4

    Other Tangibles

4.7

4.9

4.7

4.6

4.1

    Work in Progress

0.0

0.0

0.5

2.5

2.0

    Acc Depr Land & Buildings

-5.6

-

-

-

-

    Acc Depr Plant & Machinery

-0.1

-

-

-

-

    Acc Depr Furniture/Other

-19.5

-

-

-

-

    Acc Depr Other Tangible Fixed Assets

-4.4

-

-

-

-

    Depreciation

-

-114.9

-108.7

-94.1

-74.8

    Impairment

-

-3.5

-1.6

-1.4

-1.5

    Real Estate Investment

4.0

3.5

3.6

4.2

4.7

    LT Investments

9.9

8.0

8.5

8.4

8.5

    Deferred Tax

24.5

11.1

6.6

3.3

1.0

    Other Assets

0.4

0.5

0.6

0.7

0.6

    Participations

-

0.0

0.1

0.0

-

    Other Plant/Machinery, Net

-102.7

-

-

-

-

Total Assets

195.5

245.0

245.5

249.3

235.3

 

 

 

 

 

 

    Debts/Banks

3.4

3.4

3.4

3.3

2.1

    ST Debt

-

17.8

6.8

0.2

0.2

    Current Provisions

0.2

-

-

-

-

    Other Financial Liabilities

2.1

0.7

0.4

0.5

0.1

    Accounts Payable

19.6

23.9

20.4

21.9

23.3

    Tax on Current Earnings

3.2

8.8

4.5

6.9

6.7

Total Current Liabilities

28.5

54.5

35.6

32.9

32.4

 

 

 

 

 

 

    LT Debt/Banks

32.6

21.0

24.9

28.0

28.0

Total Long Term Debt

32.6

21.0

24.9

28.0

28.0

 

 

 

 

 

 

    Other LT Liabilities

7.2

4.5

1.9

1.7

1.8

    Provisions

0.3

0.3

0.3

0.3

0.3

    Deferred Income

0.6

0.7

1.0

1.4

1.3

    Deferred Tax

0.9

1.0

1.1

0.8

0.2

    Min. Interest(1)

0.6

1.3

2.0

2.0

2.0

Total Liabilities

70.7

83.2

66.8

67.2

65.9

 

 

 

 

 

 

    Treasury Shares

-0.7

-

-

-

-

    Additional Paid in Capital-Common Stock

0.6

-

-

-

-

    Share Capital

7.3

7.4

7.6

7.5

7.0

    Retained Earnings

176.7

196.6

210.4

208.4

186.4

    Reserves/Group

-27.2

-30.5

-33.7

-34.4

-27.9

    Exchange Difference

-0.6

0.8

0.6

-0.7

-1.3

    Profit & Loss

-31.4

-12.5

-6.2

1.3

5.2

Total Equity

124.8

161.8

178.7

182.1

169.4

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

195.5

245.0

245.5

249.3

235.3

 

 

 

 

 

 

    S/O-Ordinary Shares

9.3

9.1

9.1

9.1

9.1

Total Common Shares Outstanding

9.3

9.1

9.1

9.1

9.1

T/S-Ordinary Shares

0.0

0.0

0.0

0.0

0.0

Deferred Income-LT

0.6

0.7

1.0

1.4

1.3

AccAmortLicen.Franc.RightContr.Mod.Desig

0.0

-

-

-

-

Acc Amort Property Rights

1.3

-

-

-

-

Acc Amort Computer Software

2.5

-

-

-

-

Acc Amort Other Intangibles

4.9

-

-

-

-

Accumulated Intangible Amortization

-

9.0

10.5

10.6

9.6

Full-Time Employees

1,777

1,929

2,515

2,461

2,538

LT Debt Maturing within 1 Year

3.4

21.1

3.4

3.3

2.1

LT Debt Maturing in 2 Years

5.5

3.4

3.5

3.4

2.8

LT Debt Maturing in 3 Years

7.3

3.5

3.5

3.4

2.9

LT Debt Maturing in 4 Years

7.8

5.2

3.6

3.5

3.0

LT Debt Maturing in 5 Years

5.8

3.1

5.3

3.6

3.1

LT Debt Maturing in 6 Years

4.4

3.2

3.1

-

3.2

LT Debt - Remaining Maturities

1.7

2.6

5.8

14.1

13.1

Total Long Term Debt, Supplemental

36.0

42.1

28.3

31.3

30.1

Operating Lease Pymts. Due within 1 Year

17.1

24.0

26.0

26.7

27.8

Operating Lease Pymts. Due in Year 5

17.8

32.6

34.8

69.6

78.2

Operating Lease - Remaining Pymts.

10.5

21.4

26.6

110.4

115.2

Total Operating Leases, Supplemental

45.5

78.0

87.3

206.8

221.2

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

28-Feb-2013

29-Feb-2012

28-Feb-2011

28-Feb-2010

28-Feb-2009

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
28-Feb-2013

Updated Normal 
29-Feb-2012

Updated Normal 
28-Feb-2011

Updated Normal 
28-Feb-2010

Updated Normal 
28-Feb-2009

Filed Currency

EUR

EUR

EUR

EUR

EUR

Exchange Rate (Period Average)

0.775626

0.723324

0.759157

0.711244

0.697482

Auditor

Deloitte SL

Deloitte SL

Deloitte SL

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income Before Tax

-44.1

-17.3

-9.5

1.8

7.2

    Depreciation

16.9

20.7

19.2

20.3

19.0

    Writedown of Assets

13.4

2.7

0.2

0.8

1.8

    Provisions Received

3.1

1.4

0.6

1.3

-0.1

    Investments Impairment

0.5

0.0

0.9

-

-

    Sale of Assets

1.5

-5.9

1.0

3.0

0.3

    Financial Income

-0.3

-0.4

-0.5

-0.3

-0.2

    Financial Expenses

2.6

1.7

1.4

1.7

1.9

    Exchange Differences, Net

0.0

1.1

1.2

0.0

-0.1

    Capital Grants

-0.2

-0.3

-0.4

-0.4

-0.4

    Other Op.Activities

-0.1

0.1

0.2

0.2

0.1

    Change in working capita

-3.0

-

-

-

-

    Assets and Liabilities

-

-12.5

-5.4

1.5

5.6

    Tax Paid

-0.6

-0.6

-2.0

-1.6

-4.9

    Exchange Differences Paid

-

-

-

-

0.0

Cash from Operating Activities

-10.4

-9.2

6.9

28.3

30.4

 

 

 

 

 

 

    Interest Collected

0.3

-

-

-

-

    Financial Income/Interest Received

-

0.4

0.5

0.3

0.2

    Purchase of Tangibles

-0.9

-9.0

-12.4

-14.0

-36.4

    Purchase of Financial Assets

-3.9

-0.8

-0.4

-0.2

-0.2

    Group Companies Investments

-

0.0

-0.1

-

-

    Sale of Tangibles

17.8

0.3

0.7

0.9

1.0

    Sale of Financial Assets

1.3

1.3

0.6

0.9

0.0

Cash from Investing Activities

14.6

-7.7

-11.1

-12.3

-35.5

 

 

 

 

 

 

    Change in Other Equity

0.6

-

-

-

-

    Bank Debt

3.0

15.3

6.8

0.0

30.1

    Dividends Paid

-

0.0

-0.8

-1.9

-7.9

    Amortization of Bank Debt

-5.1

-3.6

-3.7

-0.9

-15.1

    Grants Received

0.2

-

-

-

-

    Interest Paid

-2.5

-1.7

-1.4

-1.6

-1.7

    Other Financing Cash Flow

0.0

-

0.0

0.4

1.2

Cash from Financing Activities

-3.9

10.0

0.9

-4.1

6.6

 

 

 

 

 

 

Foreign Exchange Effects

-1.6

-1.5

0.1

-0.1

1.6

Net Change in Cash

-1.4

-8.5

-3.2

11.9

3.2

 

 

 

 

 

 

Net Cash-Beginning Balance

13.4

22.8

24.9

14.7

11.8

Net Cash-Ending Balance

12.0

14.3

21.7

26.6

15.0

    Cash Interest Paid

2.5

1.7

1.4

1.6

1.7

    Cash Taxes Paid

0.6

0.6

2.0

1.6

4.9

 

 

Financial Health

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

Key Indicators USD (mil)

 

Quarter
Ending
31-May-2013

Quarter
Ending
Yr Ago

Annual
Year End
28-Feb-2013

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 

33.1

-14.21%

196.0

-2.61%

-5.01%

29.41%

Operating Income1 

-2.7

-

-41.8

-

-

-

Income Available to Common Excl Extraord Items1 

-3.3

-

-30.9

-

-

-

Basic EPS Excl Extraord Items1 

-0.36

-

-3.38

-

-

-

Capital Expenditures2 

0.9

-

0.9

-88.97%

-58.47%

-38.25%

Cash from Operating Activities2 

-10.4

-

-10.4

-

-

-

Free Cash Flow 

-11.5

-

-11.5

-

-

-

Total Assets3 

189.9

-20.04%

195.5

-18.08%

-6.53%

-3.70%

Total Liabilities3 

69.5

-13.89%

70.7

-12.80%

3.09%

2.79%

Total Long Term Debt3 

31.6

55.64%

32.6

59.92%

6.70%

51.64%

Employees3 

-

-

1777

-7.88%

-10.29%

-5.75%

Total Common Shares Outstanding3 

9.3

1.41%

9.3

1.41%

0.47%

0.28%

1-ExchangeRate: EUR to USD Average for Period

0.769642

 

0.775626

 

 

 

2-ExchangeRate: EUR to USD Average for Period

0.775626

 

0.775626

 

 

 

3-ExchangeRate: EUR to USD Period End Date

0.766517

 

0.763177

 

 

 

Key Ratios

 

28-Feb-2013

29-Feb-2012

28-Feb-2011

28-Feb-2010

28-Feb-2009

Profitability

Gross Margin 

54.59%

63.97%

66.35%

68.01%

68.89%

Operating Margin 

-21.34%

-6.89%

-2.95%

1.36%

3.43%

Pretax Margin 

-22.50%

-8.00%

-4.30%

0.73%

2.63%

Net Profit Margin 

-15.75%

-5.94%

-2.69%

0.55%

2.14%

Financial Strength

Current Ratio 

3.63

2.44

3.05

3.30

2.96

Long Term Debt/Equity 

0.26

0.13

0.14

0.15

0.17

Total Debt/Equity 

0.29

0.26

0.20

0.17

0.18

Management Effectiveness

Return on Assets 

-14.56%

-5.41%

-2.65%

0.48%

1.98%

Return on Equity 

-22.22%

-7.42%

-3.42%

0.73%

3.08%

Efficiency

Receivables Turnover 

6.23

6.37

9.15

8.80

8.54

Inventory Turnover 

1.44

1.22

1.42

1.44

1.37

Asset Turnover 

0.92

0.87

0.93

0.96

1.05

Market Valuation USD (mil)

Enterprise Value2 

88.5

.

Price/Sales (TTM)javascript:void(0)

0.36

Enterprise Value/Revenue (TTM) 

0.46

.

Price/Book (MRQ)javascript:void(0)

0.57

Market Cap as of 23-Aug-20131 

70.5

.

 

 

1-ExchangeRate: EUR to USD on 23-Aug-2013

0.748699

 

 

 

2-ExchangeRate: EUR to USD on 31-May-2013

0.766517

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

28-Feb-2013

29-Feb-2012

28-Feb-2011

28-Feb-2010

28-Feb-2009

Financial Strength

Current Ratio javascript:void(0);

3.63

2.44

3.05

3.30

2.96

Quick/Acid Test Ratio javascript:void(0);

1.64

1.12

1.50

1.61

1.41

Working Capital1 javascript:void(0);

75.0

78.7

72.8

75.5

63.4

Long Term Debt/Equity javascript:void(0);

0.26

0.13

0.14

0.15

0.17

Total Debt/Equity javascript:void(0);

0.29

0.26

0.20

0.17

0.18

Long Term Debt/Total Capital javascript:void(0);

0.20

0.10

0.12

0.13

0.14

Total Debt/Total Capital javascript:void(0);

0.22

0.21

0.16

0.15

0.15

Payout Ratio javascript:void(0);

0.00%

0.00%

0.00%

53.34%

27.45%

Effective Tax Rate javascript:void(0);

-

-

-

32.01%

28.17%

Total Capital1 javascript:void(0);

160.8

203.9

213.9

213.7

199.7

 

 

 

 

 

 

Efficiency

Asset Turnover javascript:void(0);

0.92

0.87

0.93

0.96

1.05

Inventory Turnover javascript:void(0);

1.44

1.22

1.42

1.44

1.37

Days In Inventory javascript:void(0);

253.04

299.66

257.92

254.02

265.79

Receivables Turnover javascript:void(0);

6.23

6.37

9.15

8.80

8.54

Days Receivables Outstanding javascript:void(0);

58.55

57.29

39.89

41.46

42.75

Revenue/Employee2 javascript:void(0);

112,125

108,911

91,676

98,392

95,709

Operating Income/Employee2 javascript:void(0);

-23,930

-7,508

-2,702

1,335

3,283

EBITDA/Employee2 javascript:void(0);

-14,261

2,886

5,280

9,330

9,914

 

 

 

 

 

 

Profitability

Gross Margin javascript:void(0);

54.59%

63.97%

66.35%

68.01%

68.89%

Operating Margin javascript:void(0);

-21.34%

-6.89%

-2.95%

1.36%

3.43%

EBITDA Margin javascript:void(0);

-12.72%

2.65%

5.76%

9.48%

10.36%

EBIT Margin javascript:void(0);

-21.34%

-6.89%

-2.95%

1.36%

3.43%

Pretax Margin javascript:void(0);

-22.50%

-8.00%

-4.30%

0.73%

2.63%

Net Profit Margin javascript:void(0);

-15.75%

-5.94%

-2.69%

0.55%

2.14%

COGS/Revenue javascript:void(0);

45.41%

36.03%

33.65%

31.99%

31.11%

SG&A Expense/Revenue javascript:void(0);

46.24%

35.45%

33.50%

29.94%

27.51%

 

 

 

 

 

 

Management Effectiveness

Return on Assets javascript:void(0);

-14.56%

-5.41%

-2.65%

0.48%

1.98%

Return on Equity javascript:void(0);

-22.22%

-7.42%

-3.42%

0.73%

3.08%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 javascript:void(0);

-1.24

-1.93

-0.63

1.51

-0.58

Operating Cash Flow/Share 2 javascript:void(0);

-1.14

-0.98

0.80

3.00

2.94

1-ExchangeRate: EUR to USD Period End Date

0.763177

0.743179

0.724008

0.732762

0.787371

2-ExchangeRate: EUR to USD Average for Period

0.763177

0.743179

0.724008

0.732762

0.787371

 

Current Market Multiples

Market Cap/Earnings (TTM) javascript:void(0);

-2.24

Market Cap/Equity (MRQ) javascript:void(0);

0.57

Market Cap/Revenue (TTM) javascript:void(0);

0.36

Market Cap/EBIT (TTM) javascript:void(0);

-2.88

Market Cap/EBITDA (TTM) javascript:void(0);

-8.21

Enterprise Value/Earnings (TTM) javascript:void(0);

-2.88

Enterprise Value/Equity (MRQ) javascript:void(0);

0.73

Enterprise Value/Revenue (TTM) javascript:void(0);

0.46

Enterprise Value/EBIT (TTM) javascript:void(0);

-3.70

Enterprise Value/EBITDA (TTM) javascript:void(0);

-10.55

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.58

UK Pound

1

Rs.98.51

Euro

1

Rs.83.49

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.