MIRA INFORM REPORT

Report Date :

11.12.2014

IDENTIFICATION DETAILS

Name :	INTECSA INGENIERIA INDUSTRIAL SA Y MAKIBER SA UTE DAP-NPK LEY 18/1982

Registered Office :	C/ Via De Los Poblados, 11 - Madrid – Madrid

Country :	Spain

Date of Incorporation :	01.01.2014

Legal Form :	Partnership Between Two or More Companies

Line of Business :	Engineering Activities and Related Technical Consultancy

No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Project Under Implementation
Payment Behaviour :	Unknown
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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Spain

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 11.4% of GDP in 2009. Spain gradually reduced the deficit to just under 7% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to 93.4% 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

EXECUTIVE SUMMARY

Name

INTECSA INGENIERIA INDUSTRIAL SA Y MAKIBER SA UTE DAP-NPK LEY 18/1982

NIF / Fiscal code:

U86910403

Legal form:

Partnership between two or more companies

Status:

Active

Location:

C/ Via De Los Poblados, 11 - Madrid - Madrid

Type of professional premises: Leased

Telephone:

917497000

Partners:

INTECSA INGENIERIA INDUSTRIAL SA - 90%

MAKIBER, SA (DRAGADOS INDUSTRIAL) - 10%

Real estate of partners:

Activity:

NACE:

7112 - Engineering activities and related technical consultancy

Size:

Large

Commercial scope:

International

Import / export:

Import: No, Export: Yes

Legal Claims:

Business trend:

Stable

Prospects:

Business Consolidation

Industry situation:

Maturity

Economic-financial data

Financial Year

Turnover

Unit:

Euros

Guarantees:

Properties Registered:

INVESTIGATION SUMMARY

It is a join venture engaged in the developing of phosphate diammonium storages projects for the company Saudi Arabian Mining Company (Ma'aden) in Ras Al Khair, in the east coast of Arabia Saudí.

Enquiry Details

NIF / Fiscal code

00000000T

Name

INTECSA INDUSTRIAL

Address

C/ VIA DE LOS POBLADOS 11 28033 MADRID

Province

MADRID

Telephone

000000000

Additional Information

REFERENCIA DE SI HAY OTRAS UTES O RELACIÓN UTE

IDENTIFICATION

Company name / Name of the subject

INTECSA INGENIERIA INDUSTRIAL SA Y MAKIBER SA UTE DAP-NPK LEY 18/1982

Legal form

Partnership between two or more companies

NIF / Fiscal code

U86910403

Status

Active

Start of activity

01/01/2014

Professional address

C/ VIA DE LOS POBLADOS, 11

City

MADRID

Province

MADRID

Postcode

28033

Type of premises

Leased

Telephone

917497000

Fax

917497001

Partners

Name

Fiscal code

Participation percentage

INTECSA INGENIERIA INDUSTRIAL SA

A79036851

90%

MAKIBER, SA (DRAGADOS INDUSTRIAL)

A28232825

10%

ACTIVITY

NACE

7112

Description of the NACE code

Engineering activities and related technical consultancy

Comment about the activity

This is a join venture of companies which has been adjudicated by the company Saudi Arabian Mining Company (Ma'aden), comprising the engineering, supply of equipment and materials, construction, commissioning and creation of a new storage facilities for diammonium phosphate (DAP) with a capacity of 240,000 tons. The works also comprise modifications of existing facilities DAP plants in operation and built by Intecsa Industrial in 2011, and construction of the stores, new conveyors, transfer towers or electric substation. The facility is in Ras Al Khair, in Arabia Saudí east coast. The contrat has commencement in January 2014 and it has an execution plaze of 24 months. - C/ VIA DE LOS POBLADOS, 11, 28033-MADRID, has its headquarter and administrative offices which shares with INTECSA.

Franchise

% International commercial scope

100%

Business size

Large

Import

Export

Yes

Industry situation

Maturity

Business trend

Stable

Prospects

Business Consolidation

Other comments about the activity

Sources close to the holder have refused to provide details about the project that has been mentioned so the data referred to in this direction have been obtained entirely on outside sources.

LEGAL CLAIMS

According to official sources, there are no legal claims registered under the subject's name

REFERENCES

Banks

It was not possible to obtain any information relative to the banks with which the subject operates.

Clients

It was not possible to determine the details of the clients with which the subject deals.

Suppliers

It has not been possible to determine the details of the suppliers who deal with the subject.

FINANCIAL DATA 2014 (Estimation)

Data in: Euros

ASSETS			LIABILITIES
Tangible fixed assets			Capital
Transport			Long term creditors
Machinery and fittings			Long term debts with Banks
Buildings and constructions			Short term creditors
Intangible fixed assets			Short term debts with credit entities
Stock
Debtors
Cash
TOTAL ASSETS			TOTAL LIABILITIES
WORKING CAPITAL

SALES EVOLUTION
	Financial Year
	Financial Year
	Financial Year

The budget turnkey project to be developed by the company is 51 million euros (70 million dollars).

SOCIAL BODIES OF MERCANTILE COMPANIES

It was impossible to confirm the information about the Board of Administration from BORME (Mercantile Registry Gazette)

SHAREHOLDER

It has not been possible to obtain information about the possible participation as a Shareholder in other trading companies.

INVESTIGATION SUMMARY

It is a join venture engaged in the developing of phosphate diammonium storages projects for the company Saudi Arabian Mining Company (Ma'aden) in Ras Al Khair, in the east coast of Arabia Saudí.

CONSULTED SOURCES

Investigation, Board of Administration (according to registry), Public institution, Chamber of Commerce, Internal/external DB, Subject

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.95
UK Pound	1	Rs.97.16
Euro	1	Rs.76.75

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	TPT

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%)

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