MIRA
INFORM REPORT
|
Report Date : |
04.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
VIDRES SA |
|
|
|
|
Registered Office : |
Apartado De Correos 141, Carretera Onda Km 3.400, 12540 Villareal, Castellón,
España |
|
|
|
|
Country : |
Spain |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Year of Establishments : |
1975 |
|
|
|
|
Com. Reg. No.: |
A12019295 |
|
|
|
|
Legal Form : |
Public Independent Company |
|
|
|
|
Line of Business : |
Manufacturer of paints, varnishes and similar
coatings, printing ink and mastics |
|
|
|
|
No. of Employees |
187 |
RATING & COMMENTS
|
MIRA’s Rating : |
ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
Spain experienced a prolonged
recession in the wake of the global financial crisis. GDP contracted by 3.7% in
2009, ending a 16-year growth trend, and continued contracting through most of
2013. Economic growth resumed in late 2013, albeit only modestly, as credit contraction
in the private sector, fiscal austerity, and high unemployment continued to
weigh on domestic consumption and investment. Exports, however, have been
resilient throughout the economic downturn, partially offsetting declines in
domestic consumption and helped to bring Spain's current account into surplus
in 2013 for the first time since 1986. The unemployment rate rose from a low of
about 8% in 2007 to more than 26% in 2013, straining Spain's public finances as
spending on social benefits increased while tax revenues fell. Spain's budget
deficit peaked at 11.1% of GDP in 2009. Spain gradually reduced the deficit to
6.8% of GDP in 2013, slightly above the 6.5% target negotiated between Spain
and the EU. Public debt has increased substantially - from 70.4% in 2010 to
93.7% in 2013. Rising labor productivity, moderating labor costs, and lower
inflation have helped to improve foreign investor interest in the economy and
to reduce government borrowing costs. The government's ongoing efforts to
implement reforms - labor, pension, health, tax, and education - are aimed at
supporting investor sentiment. The government also has shored up struggling
banks exposed to Spain's depressed domestic construction and real estate
sectors by successfully completing an EU-funded restructuring and
recapitalization program in December 2013.
|
Source : CIA |
Company name
& address
Vidres Sa
Apartado de Correos 141
Carretera Onda Km 3.400
12540 Villareal, Castellón, España, Spain
Tel:
+(34) 964520562
Fax:
+(34) 964527696 / 8
Email vidres@vidres.com
Web: www.vidres.com
Synthesis
Employees:
187
Company Type:
Public Independent Company
Incorporation Date: 1975
Auditor:
Grant Thornton Slp
Financials in: USD
(Millions)
Fiscal Year End: 24-Oct-2013
Reporting Currency: Euro
Annual Sales:
55.0 1
Net Income:
1.9
Total Assets: 61.3
Business
Description
Manufacturer of
paints, varnishes and similar coatings, printing ink and mastics
Industry
Industry Paint, Coating, and Adhesive
Manufacturing
ANZSIC 2006:
1916 - Paint and Coatings Manufacturing
ISIC Rev 4:
2022 - Manufacture of paints, varnishes and similar coatings, printing ink and
mastics
NACE Rev 2:
2030 - Manufacture of paints, varnishes and similar coatings, printing ink and
mastics
NAICS 2012:
3255 - Paint, Coating, and Adhesive Manufacturing
UK SIC 2007:
2030 - Manufacture of paints, varnishes and similar coatings, printing ink and
mastics
US SIC 1987:
2851 - Paints, Varnishes, Lacquers, Enamels, and Allied Products
Key Executives
|
Name |
Title |
|
Vicente Bort Martinez |
Managing Director |
|
Javier Bon Gorriz |
Secretary |
|
Francisco Javier Villar Castaño |
Vice Chairman |
|
Pascual Fontdemora Chabrera |
Member Of The Board |
1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7601031
2 - Balance Sheet
Item Exchange Rate: USD 1 = EUR 0.7252902
Corporate
Overview
Location
Apartado de Correos 141
Carretera Onda Km 3.400
12540 Villareal, Castellón, España, Spain
Tel: +(34)
964520562
Fax: +(34) 964527696/8
Email vidres@vidres.com
Web: www.vidres.com
Sales EUR(mil): 41.8
Assets EUR(mil): 44.4
Employees: 187
Fiscal Year End: 24-Oct-2013
Industry: Chemical Manufacturing
Incorporation Date: 1975
Company Type: Public Independent
Quoted Status: Not Quoted
Registered No.(ESP): A12019295
Vice Chairman: Francisco Javier Villar Castaño
Industry Codes
ANZSIC 2006
Codes:
1916 - Paint
and Coatings Manufacturing
ISIC Rev 4 Codes:
2022 - Manufacture
of paints, varnishes and similar coatings, printing ink and mastics
NACE Rev 2 Codes:
2030 - Manufacture
of paints, varnishes and similar coatings, printing ink and mastics
NAICS 2012 Codes:
3255 - Paint, Coating, and Adhesive
Manufacturing
US SIC 1987:
2851 - Paints, Varnishes, Lacquers, Enamels,
and Allied Products
UK SIC 2007:
2030 - Manufacture of paints, varnishes and
similar coatings, printing ink and mastics
Business Description
Manufacturer of
paints, varnishes and similar coatings, printing ink and mastics
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Executive report
|
Annual Profit
& Loss
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
|
Period
Length |
12
Months |
12
Months |
12
Months |
|
Filed
Currency |
EUR |
EUR |
EUR |
|
Exchange
Rate (Period Average) |
0.778237 |
0.71919 |
0.755078 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Charges |
55.1 |
55.2 |
46.4 |
|
Stock Reduction |
0.0 |
- |
- |
|
Supplies |
30.0 |
28.8 |
21.4 |
|
Goods
Consumption |
- |
0.1 |
- |
|
Consumption
of Raw Materials |
29.9 |
28.7 |
21.4 |
|
Miscellaneous
External Expenditures |
0.1 |
- |
- |
|
Staff Costs |
9.7 |
10.4 |
8.3 |
|
Wages and
Salaries |
7.7 |
8.3 |
6.7 |
|
Social
Security Costs |
2.0 |
2.0 |
1.6 |
|
Depreciation |
3.7 |
3.4 |
3.3 |
|
Allowance for Trade Operations |
0.3 |
0.5 |
0.4 |
|
Losses
from Unrecovered Receivables |
0.3 |
0.5 |
0.4 |
|
Other Operating Charges |
10.8 |
11.3 |
9.1 |
|
External
Services |
10.7 |
11.0 |
8.9 |
|
Taxes |
0.1 |
0.1 |
0.1 |
|
Other
Operating Expenses |
0.1 |
0.2 |
0.1 |
|
Operating Benefits |
2.1 |
3.4 |
4.7 |
|
Financials and Similar Charges |
0.2 |
0.2 |
0.2 |
|
Due to
Other Liabilities |
0.2 |
0.2 |
0.2 |
|
Changes in Financial Investment
Provisions |
0.0 |
0.0 |
2.8 |
|
Exchange Losses |
0.0 |
- |
0.0 |
|
Net Financial Income |
- |
0.1 |
- |
|
Profit From Ordinary Activities |
2.0 |
3.5 |
2.0 |
|
Changes in Provisions for Assets |
0.0 |
0.0 |
0.6 |
|
Extraordinary Profit |
0.2 |
0.7 |
0.1 |
|
Profit Before Taxes |
2.2 |
4.2 |
2.1 |
|
Corporation Tax |
0.3 |
0.6 |
0.3 |
|
Financial Year Result (Profit) |
1.9 |
3.6 |
1.8 |
|
Income |
57.0 |
58.8 |
48.2 |
|
Net Total Sales |
53.7 |
54.7 |
43.5 |
|
Sales |
56.9 |
57.9 |
46.1 |
|
Sales
Refunds |
-3.2 |
-3.2 |
-2.6 |
|
Increase in Stocks |
- |
0.3 |
1.3 |
|
Works Performed for Fixed Assets |
1.5 |
1.4 |
1.3 |
|
Miscellaneous Operating Income |
1.5 |
1.4 |
1.1 |
|
Auxiliary
Income From Current Management |
1.5 |
1.2 |
1.1 |
|
Grants |
0.0 |
0.2 |
0.0 |
|
Income From Miscellaneous
Interests |
0.1 |
0.3 |
0.3 |
|
From Group
Companies |
- |
0.0 |
- |
|
Miscellaneous
Interests |
0.1 |
0.3 |
0.3 |
|
Profit on
Financial Investment |
- |
0.0 |
- |
|
Gains from Exchange Rate |
- |
0.0 |
- |
|
Negative Financial Results |
0.1 |
- |
2.7 |
|
Profit on Disposal of Assets |
0.0 |
0.0 |
0.0 |
|
Capital Grants Transferred to Profit
and Loss |
0.1 |
0.6 |
0.2 |
|
Extraordinary Income |
0.0 |
0.1 |
0.4 |
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 |
|
|
|
|
|
|
Software |
0.1 |
0.0 |
0.0 |
|
Payments
on Account |
0.1 |
0.1 |
0.1 |
|
Total Intangible Fixed Assets |
0.2 |
0.2 |
0.2 |
|
Land and
Construction |
8.8 |
7.8 |
8.0 |
|
Technical
Installations and Machinery |
1.8 |
1.8 |
1.6 |
|
Other
Installations, Tools, and Furniture |
1.8 |
1.9 |
1.6 |
|
Tangible
Fixed Assets Under Construction |
0.9 |
0.4 |
0.2 |
|
Other
Tangible Assets |
2.3 |
2.5 |
2.2 |
|
Total Tangible Fixed Assets |
15.5 |
14.4 |
13.6 |
|
Investments
in Group Companies |
1.0 |
0.0 |
0.0 |
|
Long-Term
Securities Portfolio |
2.0 |
1.9 |
2.0 |
|
Financial Investments |
3.0 |
2.0 |
2.0 |
|
Total Fixed Assets |
18.7 |
16.6 |
15.8 |
|
Goods for
Resale |
- |
- |
0.1 |
|
Raw
Materials and Other Consumables |
4.5 |
5.5 |
3.3 |
|
Goods in
Process |
3.4 |
3.4 |
3.6 |
|
Finished
Products |
1.5 |
1.5 |
1.2 |
|
Payments
on Account |
0.0 |
0.3 |
- |
|
Total Stocks |
9.4 |
10.7 |
8.1 |
|
Trade
Debtors |
26.4 |
23.5 |
20.3 |
|
Receivables,
Group Companies |
- |
0.0 |
0.5 |
|
Other
Debtors |
0.0 |
0.0 |
0.0 |
|
Staff |
0.0 |
0.0 |
0.0 |
|
Public
Bodies |
1.8 |
1.2 |
0.3 |
|
Total Debtors |
28.2 |
24.7 |
21.1 |
|
Receivables
from Group Companies |
0.0 |
- |
- |
|
Short-Term
Securities Portfolio |
0.0 |
0.0 |
2.7 |
|
Other
Receivables |
0.6 |
0.6 |
0.6 |
|
Short-Term
Guarantees and Deposits |
1.3 |
2.7 |
4.1 |
|
Total Short-Term Investments |
1.9 |
3.2 |
7.4 |
|
Cash |
0.4 |
0.4 |
0.5 |
|
Prepayments and Accrued Income |
0.1 |
0.0 |
0.0 |
|
Total Current Assets |
40.1 |
39.1 |
37.0 |
|
Total Assets |
58.7 |
55.7 |
52.9 |
|
Revaluation Reserves |
1.1 |
1.0 |
1.1 |
|
Legal
Reserve |
0.0 |
0.0 |
0.0 |
|
Miscellaneous
Reserves |
29.3 |
26.9 |
27.3 |
|
Total Reserves |
29.4 |
27.0 |
27.3 |
|
Profit or Loss for the Financial
Year |
1.9 |
3.3 |
1.8 |
|
Interim Dividend Paid |
- |
-1.3 |
-0.7 |
|
Total Equity |
32.6 |
30.2 |
29.8 |
|
Capital
Grants |
0.2 |
0.2 |
0.1 |
|
Total Deferred Income |
0.2 |
0.2 |
0.1 |
|
Loans and
Other Liabilities |
6.5 |
7.3 |
7.5 |
|
Total Amounts Owed to Credit
Institutions |
6.5 |
7.3 |
7.5 |
|
Other
Creditors |
0.5 |
0.5 |
0.6 |
|
Long-Term
Payables to Public Bodies |
0.1 |
0.2 |
0.1 |
|
Total Other Creditors |
0.7 |
0.7 |
0.7 |
|
Total Long Term Liabilities |
7.2 |
8.0 |
8.2 |
|
Loans and
Other Liabilities |
4.4 |
4.7 |
4.6 |
|
Total Amounts Owed to Credit
Institutions |
4.4 |
4.7 |
4.6 |
|
Amounts
Owed to Group Companies |
- |
0.0 |
0.0 |
|
Total Short-Term Amounts Owed to
Group and Associa |
- |
0.0 |
0.0 |
|
Amounts
Owed for Purchases of Goods or Services |
13.0 |
11.3 |
9.4 |
|
Total Trade Creditors |
13.0 |
11.3 |
9.4 |
|
Public
Bodies |
0.6 |
0.6 |
0.4 |
|
Bills of
Exchange Payable |
0.0 |
0.0 |
0.0 |
|
Miscellaneous
Debts |
0.0 |
0.0 |
0.0 |
|
Wages and
Salaries Payable |
0.6 |
0.5 |
0.5 |
|
Total Other Creditors |
1.2 |
1.1 |
0.8 |
|
Provisions |
0.0 |
0.0 |
0.0 |
|
Total Short Term Creditors |
18.7 |
17.2 |
14.8 |
|
Total Liabilities and Equity |
58.7 |
55.7 |
52.9 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.12 |
|
UK Pound |
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.82.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.