MIRA INFORM REPORT

 

 

Report Date :

04.02.2014

 

IDENTIFICATION DETAILS

 

Name :

ORONA SDAD COOP – ORONA

 

 

Registered Office :

POLIGONO INDUSTRIAL LASTAOLA SN - HERNANI – GUIPÚZCOA

 

 

Country :

Spain

 

 

Financials as on:

2013

 

 

Date of Incorporation :

01.01.1963

 

 

Legal Form :

Cooperative

 

 

Line of Business :

Manufacture of lifting and handling equipment

 

 

No. of Employees :

400

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

 

 

 

EXECUTIVE SUMMARY

 

 

Name

 

ORONA SDAD COOP – ORONA

 

NIF / Fiscal code:

 

F20025318

 

Legal form:

 

Cooperative

 

Status:

 

Active

 

Location:

 

POLIGONO INDUSTRIAL LASTAOLA SN - HERNANI - GUIPÚZCOA

 

Telephone:

 

943336600

 

Activity:

 

 

NACE:

 

2822 - Manufacture of lifting and handling equipment

 

Size:

 

Large

 

Commercial scope:

 

National

 

Import / export:

 

Import: Yes, Export: Yes

 

 

Employees:

 

.

Financial Year

Number of Employees

 

.

 

.

 

2014

 

400

 

.

 

 

Economic-financial data

 

.

 

Financial Year

 

Turnover

 

.

 

.

 

2011

 

150000000

 

.

 

.

 

2012

 

145000000

 

.

 

.

 

2013

 

130000000

 

.

 

 

Total investments:

 

120000000

 

Unit:

 

Euros

 

Guarantees:

 

 

Properties Registered:

 

YES

 

Type of professional premises:

 

Owned

 

INVESTIGATION SUMMARY

 

It is a large size company engaged in the manufacture and installation of mechanical lifting systems. Parent company of the corporate group which belongs to an important industrial group, which has been operating for several years without incidents.

 

 

Enquiry Details

 

 

NIF / Fiscal code

 

00000000T

 

Name

 

ORONA S. COOP

 

Address

 

POLIGONO LASTAOLA, S/N 20120 HERNANI (GIPUZKO

 

City

 

HERNANI

 

Province

 

GUIPUZCOA

 

Postcode

 

20120

 

Telephone

 

000000000

 

Additional Information

 

WWW.ORONA-GROUP.COM

 

 

IDENTIFICATION

 

 

Company name / Name of the subject

 

ORONA SDAD COOP

 

Acronym

 

ORONA

 

Legal form

 

Cooperative

 

NIF / Fiscal code

 

F20025318

 

Status

 

Active

 

Start of activity

 

01/01/1963

 

Name of the maximum responsible

 

LAZKANOTEGI MUXIKA JOSE MIGUEL

 

Position of the maximum responsible

 

PRESIDENTE

 

Professional address

 

POLIGONO INDUSTRIAL LASTAOLA SN

 

City

 

HERNANI

 

Province

 

GUIPÚZCOA

 

Postcode

 

20120

 

Type of premises

 

Owned

 

Telephone

 

943336600

 

Fax

 

943336601

 

Website

 

www.orona.es

 

 

ACTIVITY

 

 

NACE

 

2822

 

Description of the NACE code

 

Manufacture of lifting and handling equipment

 

Comment about the activity

 

Design, manufacture and installation, repair and maintenance of elevators, escalators, mechanical walkways and ramps. Parent company of the Group Orona. It belongs to the Corporate Group Mondragón Corporación Cooperativa since 1968 It uses the trademark: - ORONA PREMISES Plind Lastaola sn 20120 Hernani (Guipúzcoa), registered office, factory, warehouse and central offices in an area of 70.000 square meters, believed to be owned by the subject. GOVERNING COUNCIL President LAZKANOTEGUI MUXIKA JOSE MIGUEL Secretary HUICI PERURENA FÁTIMA Member ORUETA JANNONE CARLOS SETTIMIO Member ÁLVAREZ DÍEZ JOSÉ Member AIZPURUA CEBEIRO IŃAKI Member ALDAYA OLASAGASTI MARTÍN Member OLANO GUERGUE JAVIER Member GANZABAL GARCIA FERNANDO Member SAENZ DE BURUAGA GABILONDO JOSE JAVIER Member ENCABO ELIZONDO MIGUEL Member TOLOSAALBISTUR MIKEL Member ARANBURUAGUIRRE IŃAKI General Director MUTUBERRÍA ETXEBERRÍA XABIER EMPRESAS VINCULADAS - ORONA HOLDING SA VAT No. A20839346 - ORONA EIC SDAD COOP - ASCENSORES GA-LO SL - BALEAR DE ASCENSORES SL - ASCENSORES BURGASDIHER SL - BAYFER SL - ORDENERGY SL

 

Franchise

 

No

 

% National commercial scope

 

60%

 

% European commercial scope

 

40%

 

Business size

 

Large

 

Import

 

Yes

 

Export

 

Yes

 

Industry situation

 

Decline

 

Business trend

 

Stable

 

Prospects

 

Recover lost market share

 

 

Employees

 

Year

 

Number of Employees

 

Fixed employees %

 

Part time employees %

 

2014

 

400

 

 

 

 

Orona Griup has over 4.000 employees.

 

 

LEGAL CLAIMS

 

 

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

 

 

 

 

REFERENCES

 

Banks

 

Bank name

 

Branch

 

Address

 

Telephone

 

LABORAL KUTXA

 

OP

 

HERNANI (GUIPÚZCOA)

 

 

KUTXA BANK

 

OP

 

HERNANI (GUIPÚZCOA)

 

 

BANCO SABADELL

 

OP

 

HERNANI (GUIPÚZCOA)

 

 

BANCO BILBAO VIZCAYA ARGENTARIA

 

OP

 

HERNANI (GUIPÚZCOA)

 

 

Bank references

Consulted sources do not provide information about customers.

 

 

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 2013 (Estimation)

 

Data in: Thousand of euros

 

 

ASSETS

 

 

LIABILITIES

 

Tangible fixed assets

 

50000

 

 

Capital

 

 

Transport

 

 

 

Long term creditors

 

10000

 

Machinery and fittings

 

 

 

Long term debts with Banks

 

 

Buildings and constructions

 

 

 

Short term creditors

 

30000

 

Intangible fixed assets

 

 

 

Short term debts with credit entities

 

 

Stock

 

10000

 

 

Fondos propios

 

40000

 

Debtors

 

25000

 

 

 

 

Cash

 

 

 

 

 

Financial investments

 

10000

 

 

 

 

TOTAL ASSETS

 

120000

 

 

TOTAL LIABILITIES

 

120000

 

WORKING CAPITAL

 

 

 

 

 

 

SALES EVOLUTION

 

 

Financial Year 2011

 

 

150000

 

 

 

Financial Year 2012

 

 

145000

 

 

 

Financial Year 2013

 

 

130000

 

 

 

Total sales volume of Orona Group amounts to about 590 million Euros. It is a large size company with a normal commercial evolution. The crisis of the sector determines its growth.

 

 

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 possibe to obtain information about the possible participation as a Shareholder in other other trading companies.

 

 

INVESTIGATION SUMMARY

 

It is a large size company engaged in the manufacture and installation of mechanical lifting systems. Parent company of the corporate group which belongs to an important industrial group, which has been operating for several years without incidents.

 

 

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.62.69

UK Pound

1

Rs.102.97

Euro

1

Rs.84.58

 

 

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.