MIRA
INFORM REPORT
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Report Date : |
18.02.2014 |
IDENTIFICATION DETAILS
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Name : |
ALIMENTOS FRIORIZADOS SA |
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Registered Office : |
Calle Duero 9, Terrassa, 08223 |
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Country : |
Spain |
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Financials (as on) : |
31.12.2012 |
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Year of Establishment : |
1985 |
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Com. Reg. No.: |
A08996852 |
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Legal Form : |
Public Independent |
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Line of Business : |
Wholesaler of other food, including fish, crustaceans and molluscs |
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No of Employees : |
77 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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.
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Source
: CIA |
COMPANY details
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Alimentos Friorizados Sa |
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Business Description
Wholesale of other food, including fish, crustaceans and molluscs
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
4638
- Wholesale of other food, including fish, crustaceans and molluscs |
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NAICS 2012: |
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UK SIC 2007: |
4638
- Wholesale of other food, including fish, crustaceans and molluscs |
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US SIC 1987: |
Key Executives
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Name |
Title |
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Inversiones Sl Plancton De |
Single Partner |
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Gual Balmanya Greenfisk Carlos |
Chief Buyer |
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7675076
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7513678
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Industry Codes
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ANZSIC 2006 Codes: |
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360 |
- |
Grocery, Liquor and Tobacco Product
Wholesaling |
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ISIC Rev 4 Codes: |
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4630 |
- |
Wholesale of food, beverages and tobacco |
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NACE Rev 2 Codes: |
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4638 |
- |
Wholesale of other food, including fish,
crustaceans and molluscs |
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NAICS 2012 Codes: |
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424460 |
- |
Fish and Seafood Merchant Wholesalers |
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US SIC 1987: |
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514 |
- |
Groceries and Related Products |
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UK SIC 2007: |
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4638 |
- |
Wholesale of other food, including fish,
crustaceans and molluscs |
Wholesale of other food, including fish, crustaceans and molluscs
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Executives Report
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Executives |
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Chief Buyer |
Merchandise Management Executive |
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Single Partner |
Partner |
Annual
Profit & Loss
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
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Consolidated |
No |
No |
No |
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Charges |
37.1 |
41.6 |
34.1 |
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Supplies |
28.3 |
31.7 |
25.6 |
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Goods
Consumption |
26.7 |
30.0 |
24.2 |
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Consumption
of Raw Materials |
1.5 |
1.6 |
1.4 |
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Staff Costs |
2.6 |
2.8 |
2.3 |
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Wages
and Salaries |
2.1 |
2.2 |
1.7 |
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Social
Security Costs |
0.6 |
0.7 |
0.6 |
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Depreciation |
0.3 |
0.3 |
0.3 |
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Allowance for Trade
Operations |
0.1 |
0.2 |
0.0 |
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Losses
from Unrecovered Receivables |
0.1 |
0.2 |
0.0 |
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Other Operating
Charges |
5.1 |
5.3 |
4.8 |
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External
Services |
5.0 |
5.3 |
4.7 |
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Taxes |
0.0 |
0.0 |
0.0 |
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Operating
Benefits |
1.9 |
3.6 |
2.9 |
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Financials and
Similar Charges |
0.1 |
0.1 |
0.0 |
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Due
to Other Liabilities |
0.1 |
0.1 |
0.0 |
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Net Financial
Income |
0.1 |
0.4 |
0.8 |
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Profit From
Ordinary Activities |
2.0 |
4.0 |
3.7 |
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Extraordinary
Expenses |
0.1 |
0.0 |
0.0 |
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Profit Before
Taxes |
1.9 |
3.9 |
3.7 |
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Corporation Tax |
0.6 |
1.2 |
1.1 |
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Financial Year
Result (Profit) |
1.3 |
2.7 |
2.6 |
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Income |
38.5 |
44.3 |
36.7 |
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Net Total Sales |
38.3 |
40.8 |
35.9 |
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Sales |
38.3 |
40.8 |
35.9 |
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Increase in Stocks |
- |
3.0 |
- |
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Income From Equity
Investment |
- |
0.0 |
- |
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In
Group Companies |
- |
0.0 |
- |
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Income From Other
Securities and Receivables |
0.0 |
0.0 |
0.0 |
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From
Non-Group Companies |
0.0 |
0.0 |
0.0 |
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Income From
Miscellaneous Interests |
0.0 |
0.4 |
0.0 |
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Miscellaneous
Interests |
0.0 |
0.0 |
0.0 |
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Profit
on Financial Investment |
- |
0.4 |
- |
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Gains from
Exchange Rate |
0.1 |
0.1 |
0.8 |
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Profit on Disposal
of Assets |
0.0 |
- |
- |
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Negative
Extraordinary Results |
0.1 |
0.0 |
0.0 |
Annual
Balance Sheet
Financials in: USD (mil)
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|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
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Consolidated |
No |
No |
No |
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Concessions,
Patents, Trademarks |
- |
- |
0.0 |
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Software |
- |
- |
0.0 |
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Technical
Installations and Machinery |
0.6 |
0.7 |
0.7 |
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Other
Installations, Tools, and Furniture |
0.5 |
0.6 |
0.6 |
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Other
Tangible Assets |
0.3 |
0.3 |
0.4 |
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Total Tangible
Fixed Assets |
1.4 |
1.6 |
1.6 |
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Investments
in Group Companies |
0.0 |
0.0 |
0.0 |
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Other
Receivables |
- |
- |
0.0 |
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Long-Term
Guarantees and Deposits |
0.0 |
0.0 |
0.0 |
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Financial
Investments |
0.0 |
0.0 |
0.0 |
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Total Fixed Assets |
1.4 |
1.6 |
1.6 |
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Goods
for Resale |
7.1 |
8.1 |
5.5 |
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Payments
on Account |
0.0 |
0.3 |
0.0 |
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Total Stocks |
7.1 |
8.4 |
5.5 |
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Trade
Debtors |
8.4 |
8.0 |
8.1 |
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Other
Debtors |
0.0 |
0.0 |
0.0 |
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Public
Bodies |
0.1 |
0.2 |
0.3 |
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Total Debtors |
8.6 |
8.3 |
8.4 |
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Cash |
0.7 |
0.0 |
0.2 |
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Prepayments and
Accrued Income |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
16.4 |
16.7 |
14.1 |
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Total Assets |
17.9 |
18.3 |
15.7 |
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Revaluation
Reserves |
19.7 |
9.6 |
2.1 |
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Legal
Reserve |
0.3 |
0.3 |
0.3 |
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Statutory
Reserves |
5.3 |
5.2 |
5.4 |
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Miscellaneous
Reserves |
-13.8 |
-6.7 |
-1.4 |
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Total Reserves |
-8.2 |
-1.2 |
4.3 |
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Profit or Loss for
the Financial Year |
1.4 |
2.6 |
2.6 |
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Total Equity |
14.2 |
12.3 |
10.4 |
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Loans
and Other Liabilities |
1.4 |
2.7 |
0.7 |
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Total Amounts Owed
to Credit Institutions |
1.4 |
2.7 |
0.7 |
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Amounts
Owed to Group Companies |
0.6 |
1.0 |
0.6 |
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Total Short-Term
Amounts Owed to Group and Associa |
0.6 |
1.0 |
0.6 |
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Amounts
Owed for Purchases of Goods or Services |
1.4 |
1.9 |
2.8 |
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Total Trade
Creditors |
1.4 |
1.9 |
2.8 |
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Public
Bodies |
0.2 |
0.4 |
1.1 |
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Miscellaneous
Debts |
- |
- |
0.0 |
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Wages
and Salaries Payable |
0.1 |
0.1 |
0.1 |
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Total Other
Creditors |
0.2 |
0.5 |
1.2 |
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Total Short Term Creditors |
3.6 |
6.1 |
5.3 |
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Total
Liabilities and Equity |
17.9 |
18.3 |
15.7 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs. 61.95 |
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|
1 |
Rs. 104.02 |
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Euro |
1 |
Rs. 84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
RATING EXPLANATIONS
|
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 |
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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.