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Report Date : |
24.09.2013 |
IDENTIFICATION DETAILS
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Name : |
INSTITUTE FOR INTERNATIONAL RESEARCH ESPANA SL |
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Registered Office : |
Calle Fortuny 6 Madrid, 28010 |
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Country : |
Spain |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1987 |
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Com. Reg. No.: |
B78503752 |
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Legal Form : |
Private Independent |
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Line of Business : |
Subject is engaged in Organisation of conventions and trade shows. |
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No. of Employees : |
96 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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-- |
NB |
New Business |
-- |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Spain |
A2 |
A2 |
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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
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Institute For International Research Espana Sl |
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Organisation of conventions and trade shows |
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Industry |
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ANZSIC 2006: |
6999 - Other Professional, Scientific and Technical Services Not Elsewhere Classified |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
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Registered No.(ESP): B78503752
1 - Profit & Loss Item
Exchange Rate: USD 1 = EUR 0.7756995
2 - Balance Sheet Item Exchange
Rate: USD 1 = EUR 0.7499748
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Financial data
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Annual Profit & Loss |
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Financials in: USD (mil) |
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate (Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Charges |
13.2 |
11.5 |
12.0 |
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Supplies |
0.1 |
0.1 |
0.1 |
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Consumption of Raw Materials |
0.1 |
0.1 |
0.1 |
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Staff Costs |
5.4 |
4.7 |
4.1 |
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Wages and Salaries |
4.4 |
3.8 |
3.2 |
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Social Security Costs |
1.0 |
1.0 |
0.8 |
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Depreciation |
0.1 |
0.0 |
0.0 |
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Allowance for Trade Operations |
0.1 |
0.0 |
0.0 |
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Losses from Unrecovered Receivables |
0.1 |
0.0 |
0.0 |
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Other Operating Charges |
7.0 |
6.4 |
7.8 |
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External Services |
7.0 |
6.3 |
7.7 |
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Taxes |
0.1 |
0.1 |
0.1 |
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Operating Benefits |
- |
0.3 |
- |
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Financials and Similar Charges |
0.2 |
0.1 |
0.0 |
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Due to Liabilities With Group Companies |
0.2 |
0.1 |
0.0 |
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Exchange Losses |
0.0 |
0.0 |
- |
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Net Financial Income |
- |
- |
0.1 |
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Profit From Ordinary Activities |
- |
0.2 |
0.0 |
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Losses From Assets and Securities Portfolio |
0.1 |
- |
- |
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Extraordinary Expenses |
- |
0.0 |
- |
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Profit Before Taxes |
- |
0.2 |
0.0 |
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Corporation Tax |
0.0 |
0.1 |
- |
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Financial Year Result (Profit) |
- |
0.1 |
0.0 |
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Income |
11.6 |
11.6 |
12.0 |
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Net Total Sales |
11.5 |
11.5 |
11.9 |
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Rendering of Services |
11.5 |
11.5 |
11.9 |
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Miscellaneous Operating Income |
0.1 |
0.1 |
0.0 |
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Auxiliary Income From Current Management |
0.1 |
0.1 |
0.0 |
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Grants |
0.0 |
0.0 |
- |
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Operating Losses |
1.3 |
- |
0.1 |
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Income From Miscellaneous Interests |
- |
- |
0.1 |
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From Group Companies |
- |
- |
0.1 |
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Gains from Exchange Rate |
- |
- |
0.0 |
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Negative Financial Results |
0.2 |
0.1 |
- |
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Ordinary Activities' Losses |
1.5 |
- |
- |
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Negative Extraordinary Results |
0.1 |
0.0 |
- |
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Losses Before Taxes |
1.6 |
- |
- |
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Financial Year Result (Losses) |
1.6 |
- |
- |
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Annual Balance Sheet |
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Financials in: USD (mil) |
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Concessions, Patents, Trademarks |
1.2 |
1.4 |
- |
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Goodwill |
0.9 |
1.0 |
- |
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Total Intangible Fixed Assets |
2.1 |
2.4 |
- |
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Other Installations, Tools, and Furniture |
0.0 |
0.0 |
0.0 |
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Other Tangible Assets |
0.0 |
0.0 |
0.0 |
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Total Tangible Fixed Assets |
0.0 |
0.0 |
0.0 |
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Long-Term Guarantees and Deposits |
0.1 |
0.1 |
0.1 |
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Financial Investments |
0.1 |
0.1 |
0.1 |
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Total Fixed Assets |
2.2 |
2.5 |
0.1 |
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Payments on Account |
- |
0.0 |
0.0 |
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Total Stocks |
- |
0.0 |
0.0 |
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Trade Debtors |
1.2 |
1.9 |
2.0 |
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Other Debtors |
0.0 |
0.0 |
- |
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Public Bodies |
0.2 |
0.2 |
0.5 |
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Total Debtors |
1.5 |
2.1 |
2.5 |
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Other Receivables |
0.0 |
0.2 |
1.0 |
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Short-Term Guarantees and Deposits |
0.1 |
0.1 |
0.1 |
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Total Short-Term Investments |
0.1 |
0.3 |
1.0 |
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Cash |
0.3 |
0.2 |
0.3 |
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Prepayments and Accrued Income |
0.1 |
0.3 |
0.2 |
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Total Current Assets |
1.9 |
2.9 |
4.0 |
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Total Assets |
4.1 |
5.4 |
4.1 |
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Legal Reserve |
0.0 |
0.0 |
0.0 |
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Miscellaneous Reserves |
-3.0 |
-3.2 |
- |
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Total Reserves |
-3.0 |
-3.2 |
0.0 |
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Retained Earnings |
0.3 |
0.3 |
0.3 |
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Partners Contribution to Loss Compensation |
4.5 |
- |
- |
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Profit or Loss Brought Forward |
4.9 |
0.3 |
0.3 |
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Profit or Loss for the Financial Year |
-1.5 |
0.1 |
0.0 |
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Total Equity |
0.4 |
-2.8 |
0.3 |
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Long-Term Payables to Public Bodies |
0.4 |
0.4 |
- |
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Total Other Creditors |
0.4 |
0.4 |
- |
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Total Long Term Liabilities |
0.4 |
0.4 |
- |
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Amounts Owed to Group Companies |
2.0 |
6.2 |
2.3 |
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Total Short-Term Amounts Owed to Group and Associa |
2.0 |
6.2 |
2.3 |
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Advanced Payments from Customers |
0.1 |
0.0 |
0.1 |
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Amounts Owed for Purchases of Goods or Services |
0.7 |
0.7 |
0.7 |
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Total Trade Creditors |
0.7 |
0.8 |
0.7 |
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Public Bodies |
0.2 |
0.2 |
0.2 |
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Miscellaneous Debts |
0.1 |
0.1 |
0.1 |
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Wages and Salaries Payable |
0.0 |
0.0 |
0.1 |
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Total Other Creditors |
0.3 |
0.3 |
0.3 |
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Prepayments and Accrued Income |
0.1 |
0.4 |
0.5 |
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Total Short Term Creditors |
3.2 |
7.6 |
3.8 |
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Short Term Provisions for Liabilities and Charges |
0.2 |
0.2 |
- |
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Total Liabilities and Equity |
4.1 |
5.4 |
4.1 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.52 |
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1 |
Rs.100.26 |
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Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.