|
Report Date : |
21.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
ULMA C Y E . SOC. COOP - ULMA |
|
|
|
|
Registered Office : |
Pº. Otadui, 3 - Oñati – Guipúzcoa |
|
|
|
|
Country : |
Spain |
|
|
|
|
Financials (as on) : |
2012 |
|
|
|
|
Date of Incorporation : |
08.09.1961 |
|
|
|
|
Legal Form : |
Cooperative |
|
|
|
|
Line of Business : |
engaged in the manufacturing of
formwork, scaffolding & civil engineering. |
|
|
|
|
No. of Employees : |
600 (2014) |
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 |
|
|
|
|
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
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 |
|
Name |
ULMA
C Y E . SOC. COOP - ULMA |
|
NIF
/ Fiscal code: |
F20023065 |
|
Legal
form: |
Cooperative |
|
Status: |
Active |
|
Location: |
Pº.
Otadui, 3 - Oñati - Guipúzcoa |
|
Telephone: |
943034900 |
|
Number
of Branches: |
1 |
|
Partners: |
|
|
|
a
sociedad la componen un total de 600 socios cooperativisatas |
|
Activity: |
|
|
NACE: |
4299
- Construction of other civil engineering projects n.e.c. |
|
Size: |
Large |
|
Commercial
scope: |
International |
|
Import
/ export: |
Import:
Yes, Export: Yes |
|
Employees: |
|||
|
. |
Financial
Year |
Number
of Employees |
. |
|
. |
2014 |
600 |
. |
|
|
Its capacity to repay its financial obligations is uncertain. High probability of failure to meet some of its obligations. High sensitivity to financial environment changes. |
|
Insolvency
Risk: |
16,3
% |
|
Legal
Claims: |
Yes |
|
Business
trend: |
Stable |
|
Prospects: |
Business
Consolidation |
|
Industry
situation: |
Maturity |
|
Economic-financial
data |
|||
|
. |
Financial
Year |
Turnover |
. |
|
. |
2012 |
92331000 |
. |
|
Total
investments: |
348794000 |
|
Unit: |
Euros |
|
Guarantees: |
|
|
Branch
ownership: |
1
in right of property 0 in renting premises |
INVESTIGATION
SUMMARY
|
|
|
The company was incorporated in 1961 and is formed by 600 cooperative members. \par Consulted sources do not reflect anything against the subject, although it should be noted that it is integrated into the Corporación Cooperativa de Mondragon, of which it flagship company, FAGOR, presented some months ago a creditors’ meeting and apparently there is no viability. \par According to the above, we consider that the subject can stay involved in normal credit operations, although it would be desirable to monitor its commercial evolution to check the impact that the operation of C.C.M. may have on the subject. \par With this we conclude our investigations. |
|
Enquiry Details
|
|
|
NIF
/ Fiscal code |
00000000T |
|
Name |
ULMA C Y E S COOP |
|
Address |
P S OTADUI 3 |
|
City |
ONATI |
|
Province |
GUIPUZCOA |
|
Postcode |
20560 |
|
Telephone |
999999999 |
IDENTIFICATION
|
|
|
Company
name / Name of the subject |
ULMA
C Y E . SOC. COOP |
|
Acronym |
ULMA |
|
Legal
form |
Cooperative |
|
NIF
/ Fiscal code |
F20023065 |
|
Status |
Active |
|
Start
of activity |
08/09/1961 |
|
Name
of the maximum responsible |
Aitor
Ayastuy |
|
Position
of the maximum responsible |
Manager |
|
Professional
address |
Pº.
Otadui, 3 |
|
City |
Oñati |
|
Province |
Guipúzcoa |
|
Postcode |
20560 |
|
Telephone |
943034900 |
|
Fax |
943034920 |
|
Website |
|
|
Email |
|
|
Branch
Offices |
||
|
Branch |
Used
for / as |
Type
of premises |
|
Garibai,
9 de GARIBAI (Guipúzcoa) |
Fábrica |
Owned |
|
Partners |
||
|
Name |
Fiscal
code |
Participation
percentage |
|
a
sociedad la componen un total de 600 socios cooperativisatas |
|
|
ACTIVITY
|
|
|
NACE |
4299 |
|
Description
of the NACE code |
Construction
of other civil engineering projects n.e.c. |
|
Comment
about the activity |
It
is engaged in the manufacture of formwork, scaffolding & civil
engineering. It
belong to C.C.M., Corporación Cooperativa Mondragón. |
|
Franchise |
No |
|
%
National commercial scope |
50% |
|
%
International commercial scope |
50% |
|
Comment
about the commercial scope |
Its
commercial scope is national and international. |
|
Business
size |
Large |
|
Comment
about the business size |
Company
of some importance among similar companies. |
|
Import |
Yes |
|
Export |
Yes |
|
Industry
situation |
Maturity |
|
Business
trend |
Stable |
|
Prospects |
Business
Consolidation |
Employees
|
|||
|
Year |
Number
of Employees |
Fixed
employees % |
Part
time employees % |
|
2014 |
600 |
|
|
|
The
company has 600 employees in our country while internationally employs about
2,000 people. |
Payment Behaviors
|
|
Normal |
|
According
to the consulted sources, the company complies with its payment obligations. |
|
Commercial
History |
|
The
company was incorporated in 08-09-1961. |
LEGAL CLAIMS
|
|||||
|
Claimant |
Stage |
Amount |
Date |
Address |
Source |
|
AYUNTAMIENTO
DE VALLADOLID |
EMBARGO |
|
27/11/2012 |
|
|
REFERENCES
|
|
Banks |
|||
|
Bank
name |
Branch |
Address |
Telephone |
|
LABORAL
KUTXA |
OP |
SAN
SEBASTIÁN (Guipuzcoa) |
|
|
BANCO
DE SANTANDER |
Of.
Empresas |
SAN
SEBASTIÁN (Guipuzcoa) |
|
|
BBVA |
|
|
|
|
Bank
references |
Nada
en contra |
|
Suppliers'
references |
Among
its main suppliers we can find: KAUFMANN, ACELOR, etc. |
FINANCIAL DATA 2012
(Public Sources) Data in: Euros |
|
ASSETS |
|
LIABILITIES |
||
|
Tangible
fixed assets |
255622000 |
|
Capital |
59630000 |
|
Transport |
|
|
Long
term creditors |
136789000 |
|
Machinery
and fittings |
|
|
Long
term debts with Banks |
105384000 |
|
Buildings
and constructions |
|
|
Short
term creditors |
52407000 |
|
Intangible
fixed assets |
|
|
Short
term debts with credit entities |
|
|
Stock |
1435000 |
|
Resultados
ejercicio |
-1564000 |
|
Debtors |
33071000 |
|
Patrimonio
Neto |
159598000 |
|
Cash |
80000 |
|
|
|
|
Otros
activos |
58578 |
|
|
|
|
TOTAL
ASSETS |
348794000 |
|
TOTAL
LIABILITIES |
348794000 |
|
WORKING
CAPITAL |
|
|
|
|
|
SALES EVOLUTION |
||||
|
|
Financial
Year |
|
|
|
|
|
Financial
Year |
|
|
|
|
|
Financial
Year 2012 |
|
92331000 |
|
|
According
to the sources consulted, the subject is in a normal financial situation. |
INVESTIGATION SUMMARY
|
|
The company was incorporated in 1961 and is formed by 600 cooperative members. \par Consulted sources do not reflect anything against the subject, although it should be noted that it is integrated into the Corporación Cooperativa de Mondragon, of which it flagship company, FAGOR, presented some months ago a creditors’ meeting and apparently there is no viability. \par According to the above, we consider that the subject can stay involved in normal credit operations, although it would be desirable to monitor its commercial evolution to check the impact that the operation of C.C.M. may have on the subject. \par With this we conclude our investigations. |
|
CONSULTED
SOURCES
|
|
Investigation, Board of Administration (according to
registry), Public institution, Chamber of Commerce, Internal/external DB, Subject |
|
Sr.:
Mikel Martínez |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.28 |
|
UK Pound |
1 |
Rs.103.84 |
|
Euro |
1 |
Rs.85.70 |
INFORMATION DETAILS
|
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.