MIRA INFORM REPORT

 

 

Report Date :

07.02.2014

 

IDENTIFICATION DETAILS

 

Name :

DISEDIS SL

 

 

Registered Office :

Crta. Las Rozas-El Escorial, Km 2., Rozas De Madrid (Las), 28230

 

 

Country :

Spain

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

1990

 

 

Com. Reg. No.:

B79380069

 

 

Legal Form :

Private Independent

 

 

Line of Business :

Wholesale of clothing and footwear

 

 

No. of Employees :

417

 

 

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

 

Company name & address

DISEDIS SL

                                                                                                                                                            

 

Crta. Las Rozas-El Escorial, Km 2.

 

 

Rozas De Madrid (Las), 28230

Spain

 

 

Tel:

+(34) 916363067

 

 

 

Employees:

417

Company Type:

Private Independent

 

 

Incorporation Date:

1990

Auditor:

Abante Audit Auditores Slp

Financials in:

 

 

Fiscal Year End:

03-Jan-2014

Reporting Currency:

Euro

Annual Sales:

42.1  1

Net Income:

0.0

Total Assets:

27.0

                                         

 

Business Description

 

 

Wholesale of clothing and footwear

 

 

Industry      

 

 

Industry

Clothing and Apparel Wholesale

ANZSIC 2006:

371 - Textile, Clothing and Footwear Wholesaling

ISIC Rev 4:

4641 - Wholesale of textiles, clothing and footwear

NACE Rev 2:

4642 - Wholesale of clothing and footwear

NAICS 2012:

4243 - Apparel, Piece Goods, and Notions Merchant Wholesalers

UK SIC 2007:

4642 - Wholesale of clothing and footwear

US SIC 1987:

513 - Apparel, Piece Goods, and Notions

 

 

Key Executives   

 

Name

Title

Maria Isabel Elizalde Barraquer

Member Of The Board, President

Carol Elizalde Amich

Administrator, Member Of The Board

Thais Elizalde Amich

Administrator, Member Of The Board

Miguel Angel Sanchez Paniagua

Member Of The Board

   

 

Registered No.(ESP): B79380069

 

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7530332

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7313522

 

 

Corporate Overview

 

Location
Crta. Las Rozas-El Escorial, Km 2.
Rozas De Madrid (Las), 28230
Spain

 

Tel:

+(34) 916363067

 

 

Sales EUR(mil):

31.7

Assets EUR(mil):

19.7

Employees:

417

Fiscal Year End:

03-Jan-2014

 

 

 

Industry:

Apparel and Accessories

Incorporation Date:

1990

Company Type:

Private Independent

Quoted Status:

Not Quoted

Registered No.(ESP):

B79380069

 

Member Of The Board, President:

Maria Isabel Elizalde Barraquer

 

 

Industry Codes

 

ANZSIC 2006 Codes:

371

-

Textile, Clothing and Footwear Wholesaling

 

ISIC Rev 4 Codes:

4641

-

Wholesale of textiles, clothing and footwear

 

NACE Rev 2 Codes:

4642

-

Wholesale of clothing and footwear

 

NAICS 2012 Codes:

4243

-

Apparel, Piece Goods, and Notions Merchant Wholesalers

 

US SIC 1987:

513

-

Apparel, Piece Goods, and Notions

 

UK SIC 2007:

4642

-

Wholesale of clothing and footwear

 

 

Business Description

 

Wholesale of clothing and footwear

 

 

Financial Data

 

Financials in:

EUR(mil)

 

Revenue:

31.7

Net Income:

0.0

Assets:

19.7

Current Assets:

9.8

 

Fixed Assets:

9.9

 

Long Term Debt:

3.0

 

Total Liabilities:

19.7

 

Issued Capital:

3.7

 

Net Worth:

10.4

 

 

 

Date of Financial Data:

03-Jan-2014

 

1 Year Growth

-6.4%

NA

NA

 

 

 

Branch Offices

 

Location
Isabel Ii, 19
Santander, 39002

 

Tel:

+(34) 942215580

Location
Poeta Emilio Prados, 1
Cordoba, 14012

 

Tel:

+(34) 957406026

Location
Conde De Peñalver, 18
Madrid, 28006

 

Tel:

+(34) 917049936

 

 

 

Key Corporate Relationships

 

Auditor:

Abante Audit Auditores Slp

Bank:

Caja De Ahorros De Santander Y Cantabria

 

Auditor:

Abante Audit Auditores Slp

 

 

 

 

 

Executives Report

 

Board of Directors

 

Name

Title

Function

Thais Elizalde Amich

 

Administrator, Member Of The Board

Director/Board Member

Carol Elizalde Amich

 

Administrator, Member Of The Board

Director/Board Member

Maria Isabel Elizalde Barraquer

 

Member Of The Board, President

Director/Board Member

Miguel Angel Sanchez Paniagua

 

Member Of The Board

Director/Board Member

Executives

 

Name

Title

Function

Maria Isabel Elizalde Barraquer

 

Member Of The Board, President

President

 

 

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

40.9

47.2

40.0

    Supplies

16.6

19.0

15.2

        Goods Consumption

16.6

19.0

15.2

    Staff Costs

10.7

12.3

11.0

        Wages and Salaries

8.2

9.4

8.5

        Social Security Costs

2.4

2.8

2.5

    Depreciation

2.4

2.5

2.1

    Allowance for Trade Operations

0.0

-

0.0

        Variation of Other Trade Provisions

0.0

-

0.0

    Other Operating Charges

10.9

12.7

10.8

        External Services

10.7

12.4

10.6

        Taxes

0.3

0.3

0.3

Operating Benefits

0.3

0.7

1.7

    Financials and Similar Charges

0.3

0.3

0.2

        Due to Other Liabilities

0.3

0.3

0.2

Profit From Ordinary Activities

0.1

0.5

1.5

    Losses From Assets and Securities Portfolio

0.0

0.4

0.3

    Extraordinary Expenses

0.0

-

-

Profit Before Taxes

-

0.2

1.4

    Corporation Tax

0.0

0.1

0.4

Financial Year Result (Profit)

-

0.1

1.0

Income

40.9

47.3

41.0

    Net Total Sales

40.8

47.1

40.7

        Sales

40.8

47.1

40.7

    Miscellaneous Operating Income

0.1

0.1

0.1

        Auxiliary Income From Current Management

0.1

0.1

0.1

    Income From Equity Investment

-

0.0

0.0

        Third Parties

-

0.0

0.0

    Income From Miscellaneous Interests

0.1

0.1

0.0

        Miscellaneous Interests

0.1

0.1

0.0

Negative Financial Results

0.2

0.2

0.1

    Extraordinary Income

-

0.1

0.2

Negative Extraordinary Results

0.1

0.3

0.1

Losses Before Taxes

0.0

-

-

Financial Year Result (Losses)

0.0

-

-

 

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

 

 

 

 

        Fees Paid for Premises

0.4

0.5

0.6

    Total Intangible Fixed Assets

0.4

0.5

0.6

        Land and Construction

0.5

0.5

0.5

        Technical Installations and Machinery

8.5

8.9

8.0

        Other Installations, Tools, and Furniture

0.7

0.7

0.6

        Tangible Fixed Assets Under Construction

-

0.3

-

        Other Tangible Assets

1.0

1.0

0.9

    Total Tangible Fixed Assets

10.7

11.3

10.0

        Long-Term Guarantees and Deposits

2.0

2.2

1.7

    Financial Investments

2.0

2.2

1.7

Total Fixed Assets

13.1

14.0

12.3

        Goods for Resale

6.3

8.0

6.3

    Total Stocks

6.3

8.0

6.3

        Trade Debtors

1.4

1.3

1.4

        Other Debtors

0.0

0.0

0.0

        Staff

0.0

0.0

0.0

        Public Bodies

0.0

0.1

0.0

    Total Debtors

1.5

1.4

1.5

        Investments in Group Companies

0.1

0.1

0.1

        Receivables from Group Companies

0.5

0.5

0.5

        Short-Term Securities Portfolio

-

-

0.5

        Other Receivables

0.1

0.6

0.0

    Total Short-Term Investments

0.7

1.2

1.1

    Cash

4.5

3.4

4.2

Total Current Assets

13.0

14.0

13.1

Total Assets

26.1

28.0

25.4

        Legal Reserve

8.9

8.6

8.2

    Total Reserves

8.9

8.6

8.2

    Profit or Loss for the Financial Year

0.0

0.1

1.0

Total Equity

13.8

13.5

14.2

        Loans and Other Liabilities

0.6

0.7

0.1

        Long-Term Liabilities from Capital Leases

2.5

3.2

1.9

    Total Amounts Owed to Credit Institutions

3.1

3.9

2.1

        Other Creditors

0.1

-

-

        Long-Term Payables to Public Bodies

0.9

0.9

0.9

    Total Other Creditors

0.9

0.9

0.9

Total Long Term Liabilities

4.0

4.8

2.9

        Loans and Other Liabilities

1.1

0.7

0.4

        Short-Term Liabilities from Capital Leases

1.3

1.6

1.8

    Total Amounts Owed to Credit Institutions

2.4

2.3

2.3

        Amounts Owed to Group Companies

0.0

0.0

0.0

    Total Short-Term Amounts Owed to Group and Associa

0.0

0.0

0.0

        Amounts Owed for Purchases of Goods or Services

5.2

6.8

5.0

    Total Trade Creditors

5.2

6.8

5.0

        Public Bodies

0.8

0.7

0.9

        Wages and Salaries Payable

0.0

-0.1

0.1

    Total Other Creditors

0.7

0.6

1.0

Total Short Term Creditors

8.3

9.7

8.2

Total Liabilities and Equity

26.1

28.0

25.4

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.50

UK Pound

1

Rs.101.92

Euro

1

Rs.84.50

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.