MIRA
INFORM REPORT
|
Report Date : |
07.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
EL CORTE INGLES SA |
|
|
|
|
Registered Office : |
Hermosilla, 112 Madrid, 28009 |
|
|
|
|
Country : |
Spain |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
1940 |
|
|
|
|
Com. Reg. No.: |
A28017895 |
|
|
|
|
Legal Form : |
Private Parent |
|
|
|
|
Line of Business : |
Subject operates supermarkets, hypermarkets, convenient
stores and department stores across Spain and Portugal |
|
|
|
|
No. of Employees : |
53,551 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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
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 11.1% of GDP in 2009. Spain gradually reduced the deficit to 6.8% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially - from 70.4% in 2010 to 93.7% 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 |
Company name and address
EL CORTE INGLES SA
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
Business Description
|
El Corte Ingles S.A. (El Corte Ingles) operates a wide range of retail stores across Spain and Portugal. The group sells its products through hypermarkets, department stores, supermarkets and opencor convenience stores. The product line of the group includes food items, sea food products, consumer electronics, computers and laptops, home appliances, books, music CDs/DVDs, apparel, fashion apparels, jewellery, frames, sunglasses, perfumes, cosmetics, toys and other related accessories. In addition, it also offers mobile recharge, travel, insurance and information technology services to its customers. The group carries out its operations along with its subsidiaries. El Corte Ingles is headquartered in Madrid, Spain.The group focuses on expanding its operations in various geographic markets through the launch of new products and opening up of new stores. In 2011, the group started the construction of large retail complex in Madrid and Hipercor centre in Cordoba. It has also inagurated Marineda City commercial complex and Bricor DIY and decoration chain shopping centre. It further, plans to expand its travel service activities in Uruguay and Panama. |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
ISIC Rev 4: |
|
|
NACE Rev 2: |
|
|
NAICS 2012: |
|
|
UK SIC 2007: |
|
|
US SIC 1987: |
|
|
|
Key Executives
|
Significant Developments
|
News
|
Registered No.(ESP): A28017895
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7522128
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7328582
Corporate Overview
|
|
|
|
|
|||||||||||||||||||||||||||||||
Industry Codes |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Description |
||||||||||||||||||||||||||
|
Brand/Trade Names
|
||||||||||||||||
|
|
|||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
From this stronghold, I
encourage you to provide nimble and intelligent responses to the reality of a
changing market; to the demands for efficiency in a highly competitive
industry and, especially, to new consumer needs. This is what we have done
throughout our history and what we will continue to do in the future. With
the dedication and collaboration of our teams,
whom I salute affectionately and gratefully for their work, which demonstrate
every day an admirable professional attitude, marked by dynamism, the
contribution of initiatives, ongoing service quality and improvements in
management. And with the assistance of our suppliers, who identify with the
El Corte Inglés style and are fundamental for our objectives of providing the
latest market innovations quickly, efficiently and safely. Our customers’
loyalty is our Group’s main asset and we will continue to reward their trust
with excellent service and a stable, permanent commitment to achieving
maximum satisfaction in each sale transaction. |
|
|
|
|
|
The group, in the
spring of 2011, launched Primeriti, an Internet based private sales club
which invites members via email to purchase articles on the Internet at very
low prices. El Corte Ingles also created a website,
www.decoraelcorteingles.es, for people interested in decoration displaying
latest trends in furniture, textiles, household items and decoration
accessories. Having such established e-commerce platform in a market with
growing importance for online shopping is a key strength of El Corte
Ingles.Investment strategyThe group has a strategy to continuously invest in its business to
report higher business growth in the future. Likewise, in FY2010, El Corte Ingles
invested a total of €1,015m, of which €810.32m was towards property, plant
and machinery; €137.49m towards non-current financial assets, and €67.33
towards intangible assets. Majority of these were to open new stores across
various business lines and to refurbish and renovate at existing
establishments. |
|
|
El Corte Ingles
inaugurated the Tarragona and El Ejido (Almería) shopping centers, began
retail operations in a new building at Castellana (Madrid), three new Bricor
stores, enhanced projects such as the Gijón, Goya (Madrid) and Cornellá
(Barcelona) centers. The group’s Viajes El Corte Inglés Group business lines
opened four stores in Colombia and the Dominican Republic markets. Further,
in 2011, the group has plans to launch its travel
agency operations in Uruguay and Panama. Such new store openings and existing
store refurbishments will allow the group gain sustained business growth,
increase its equity, and make all its products and services available to a
wider customer base. Increased market presence would help the group in
achieving greater sales, increased proximity with customers, and ensuring
greater customer satisfaction to its customers.Online ShoppingEl Corte
Ingles, which is involved in selling merchandise to the customers through its
retail and online stores, is likely to benefit from the growing popularity of
online shopping. |
|
Strengths/Weaknesses (SWOT)
|
Overview
El Corte Ingles, S.A. (El Corte Ingles) is a retailer offering a wide range of food and non-food items to its customers primarily to Spaniards. Rise in business activity, investment strategy, and e-commerce platform are its key strengths, even as, geographic concentration and operational performance remains major areas of concern. High unemployment levels and stiff competition could have an adverse effect over the group’s results of operation and financial condition. However, growing importance of online shopping and the group’s constant business expansion measures would drive its earnings capabilities.
Strengths
The group has seen its e-commerce business flourish over the past few years. El Corte Ingles’ website had more than 2.9 million registered users and received over 103 million visitors, an increase of 5.2% as compared to the previous year. The group has 29 proprietary stores, outstanding among which is the new fashion store with over 300 labels, a virtual mannequin, personal assistant and all Internet communication instruments. El Corte Ingles has also launched new websites such as www.ohlamoda.es, dedicated to reporting on new trends in fashion for women; and also extended its presence through various Internet platforms such as Canal Mujer in MSN and social networks such as Facebook. The group, in the spring of 2011, launched Primeriti, an Internet based private sales club which invites members via email to purchase articles on the Internet at very low prices. El Corte Ingles also created a website, www.decoraelcorteingles.es, for people interested in decoration displaying latest trends in furniture, textiles, household items and decoration accessories. Having such established e-commerce platform in a market with growing importance for online shopping is a key strength of El Corte Ingles.
The group has a strategy to continuously invest in its business to report higher business growth in the future. Likewise, in FY2010, El Corte Ingles invested a total of €1,015m, of which €810.32m was towards property, plant and machinery; €137.49m towards non-current financial assets, and €67.33 towards intangible assets. Majority of these were to open new stores across various business lines and to refurbish and renovate at existing establishments. During the FY 2010, the group opened two El Corte Ingles centers, one in El Ejido (Almeria) which also houses a Hipercor, and another in Tarragona. The group serviced retail area of its new building on the Castellana (Madrid) which was incorporated into the already existing El Corte Ingles center. The group also opened up three Bricor stores at Madrid-Xanadu, Los Barrios (Cadiz) and Jerez de la Frontera (Cadiz).
Rise in Market Share:
Business Activity
El Corte Ingles through its operating companies offers a wide range of consumer goods and products mainly across Spain and other European countries. The group operates through 11 business lines operating supermarkets and departmental stores offering a wide range of food and non-food items. Food items comprise sea foods, meat food products, bakery items, baked foods and other food items. Non-food items include consumer electronics items, household appliances, computers and laptops, computer peripherals, watches, jewelry, cosmetics, home furnishings, CDs, cassettes, maxi-single and DVDs, perfumes and cosmetics, video games, wine and related accessories. In addition, the group also provides several value added services including travel, insurance and other related services. The group reported total sales of €16,413.42m in FY2010, an increase of 0.3%, as compared to €16,356.26m in FY2009. Bricor DIY, Viajes El Corte Inglés Group, Supercor supermarkets, and Óptica 2000 were the strong contributors to such increase in revenues which was offset by decline in business from Sfera, Hipercor hypermarkets, and Opencor convenience stores. Such rise in business growth indicates that the group has gained on its market share over the past fiscal.
Weaknesses
El Corte Ingles has reported decline in its profits on FY2010 as compared to FY2009. The group reported profit of €319.41m in FY2010, a decrease of 13.5%, as compared to €339.17m in FY2009. This was mainly due to severe decline in consumer spending in retail industry led by poor economic conditions. Certain of the group’s business lines reported profits even under such conditions. But business lines such as Hipercor hypermarkets Opencor convenience stores, Optica 2000, and insurance group reported decline in profitability. Improving operational performance of these business lines remains a key area of concern for the group.
The group marks strong presence across Spain through numerous department stores, hypermarkets, convenience stores. El Corte Ingles has limited presence across Portugal and two new markets, namely, Colombia and the Dominican Republic it has entered in FY2010. As compared to its competitors the group has limited presence across diverse geographies which could constrain its ability to mitigate any macroeconomic risks directly impacting its business. Thus, lack of wide geographic presence across other European countries and emerging economies remains an area of concern.
Opportunities
The group has been synonymous in expanding its business operations both business line and market wise. El Corte Ingles inaugurated the Tarragona and El Ejido (Almería) shopping centers, began retail operations in a new building at Castellana (Madrid), three new Bricor stores, enhanced projects such as the Gijón, Goya (Madrid) and Cornellá (Barcelona) centers. The group’s Viajes El Corte Inglés Group business lines opened four stores in Colombia and the Dominican Republic markets. Further, in 2011, the group has plans to launch its travel agency operations in Uruguay and Panama. Such new store openings and existing store refurbishments will allow the group gain sustained business growth, increase its equity, and make all its products and services available to a wider customer base. Increased market presence would help the group in achieving greater sales, increased proximity with customers, and ensuring greater customer satisfaction to its customers.
Online Shopping
El Corte Ingles, which is involved in selling merchandise to the customers through its retail and online stores, is likely to benefit from the growing popularity of online shopping. Growing Internet penetration, along with the rising familiarity of online shopping, has transformed the retailing industry. Now, more and more customers prefer to shop online to save the time consumed in journey and long queues for billing. According to EU’s "Barriers to E-commerce" report, online shopping is getting increasingly popular. As per the report, the number of people EU consumers buying at least one item online has increased from 27% to 33%. Countries like Italy and Spain also present fast growing markets for online shopping. It is expected that the online spending in EU would grow by 16% reaching €232 billion in 2012. This optimistic prediction is further accentuated by the fact that the 27-nation European Union has a population of over 500 million. This changing trend would encourage many retailers to focus on the new internet savvy customer segment and venture into this growing retail format. The group already sells products through its websites. Further enhancement of the website in the form of more user friendly features and wider product offerings, will help the group in increasing consumer traffic to its online shop. El Corne Ingles can leverage on its presence in the online retail format to garner higher market share and generate higher revenues from such booming industry.
Threats
The unemployment rate of Spain has been very high and cyclical since the past 30 years. The country has an unemployment rate of 23% as compared to 20.6% a year ago. This means that more than 5 million people are unemployed and that 50% of them are young people. Unemployment would restrict consumer spending on luxury goods and services eventually lower sales revenues for retail companies operating in the country. Operating in such tight consumer spending scenario would be a challenging task.
Stiff Competition
The group operates in a highly competitive retail industry. It competes with niche and diverse retailers across its area of operations. A few of the key competitors of the group include Carrefour S.A., Mercadona SA, Grupo Eroski, DinoSol Group, Groupe Auchan, S.A., and Grupo El Arbol. Most of these competitors offer several customer-oriented optimization services to build store traffic outpacing competition. Change in traffic patterns and the type, number and location of competing stores could result in loss of customers and a corresponding decrease in revenues for other store operators. Increase in competition in terms of price, product and place could exert pressure over the business, operating results and financial condition of the group.
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Madrid |
Spain |
Department Stores |
12,702.5 |
53,551 |
|
|
Subsidiary |
Madrid |
Spain |
Department Stores |
2,582.5 |
10,632 |
|
|
Subsidiary |
Madrid |
Spain |
Travel and Reservation Services |
2,763.8 |
4,556 |
|
|
Subsidiary |
Lisboa |
Portugal |
Department Stores |
481.9 |
3,354 |
|
|
Subsidiary |
Madrid |
Spain |
Grocery Stores |
539.8 |
2,606 |
|
|
Subsidiary |
Madrid |
Spain |
Data Processing |
740.2 |
2,424 |
|
|
Subsidiary |
Madrid |
Spain |
Electronics and Appliances Stores |
223.2 |
650 |
|
|
Subsidiary |
Carnaxide, Oeiras |
Portugal |
Electronics Wholesale |
20.2 |
40 |
|
|
Subsidiary |
Ciudad De Mexico, Distrito Federal |
Mexico |
Computer System Design Services |
2.2 |
25 |
|
|
Subsidiary |
London |
United Kingdom |
Computer System Design Services |
|||
|
Subsidiary |
Madrid |
Spain |
Clothing and Apparel Stores |
284.7 |
1,928 |
|
|
Subsidiary |
Madrid |
Spain |
Grocery Stores |
342.9 |
1,650 |
|
|
Subsidiary |
Madrid |
Spain |
Banking |
846 |
||
|
Centro De Seguros Y Servicios Correduria De Seguros Sa Grupo De Seguros El Corteingles |
Subsidiary |
Madrid |
Spain |
Insurance Agents |
71.6 |
679 |
|
Subsidiary |
Mostoles, Madrid |
Spain |
Furniture Manufacturing |
180.2 |
655 |
|
|
Mostoles Industrial Portuguesa - Mobiliário Para Cozinha, LDA |
Subsidiary |
Lisboa, Lisboa |
Portugal |
Miscellaneous Store Retailers |
0.5 |
4 |
|
Subsidiary |
Madrid |
Spain |
Residential and Commercial Building Construction |
13.7 |
184 |
|
|
Subsidiary |
Madrid |
Spain |
Life and Health Insurance |
120 |
||
|
Telecor, Serviços De Telecomunicações, S.A. - Sucursal Em Portugal |
Subsidiary |
Lisboa, Lisboa |
Portugal |
Non-store Retail |
6.8 |
34 |
|
Centro De Seguros Y Servicios Correduria De Seguros S.A., Grupo De Seguros El Corte Inglês |
Subsidiary |
Lisboa, Lisboa |
Portugal |
Insurance Agents |
0.6 |
14 |
|
Subsidiary |
Madrid |
Spain |
Publishing |
3.5 |
12 |
|
|
Subsidiary |
Milano, Milano |
Italy |
Miscellaneous Wholesale |
2.1 |
8 |
|
|
Subsidiary |
Madrid |
Spain |
Advertising Services |
4.1 |
||
|
Subsidiary |
Madrid |
Spain |
Department Stores |
|||
|
Subsidiary |
Madrid |
Spain |
Travel and Reservation Services |
|||
|
Subsidiary |
Madrid |
Spain |
Computer System Design Services |
|||
|
Subsidiary |
Madrid |
Spain |
Life and Health Insurance |
|||
|
Subsidiary |
Madrid |
Spain |
Insurance Agents |
|||
|
Subsidiary |
Madrid |
Spain |
Gasoline Stations and Fuel Dealers |
|
CompanyName |
Location |
Employees |
Ownership |
|
Carrefour SA |
Boulogne-Billancourt, France |
364,969 |
Public |
|
Groupe Auchan SA |
Croix, France |
13 |
Private |
|
Grupo El Arbol Distribucion Y Supermercados Sa |
Valladolid, Spain |
7,076 |
Public |
|
Grupo Eroski |
Bilbao, Spain |
29,192 |
Private |
|
Mercadona Sa |
Tavernes Blanques, Valencia, Spain |
71,333 |
Public |
Executives Report
|
|
Significant Developments
|
News
Annual
Profit & Loss
|
31-Dec-2013 |
31-Dec-2012 |
31-Dec-2011 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate (Period Average) |
0.753272 |
0.778237 |
0.71919 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Charges |
13,776.6 |
14,140.3 |
16,188.2 |
|
Supplies |
9,261.9 |
9,719.5 |
11,036.1 |
|
Goods Consumption |
9,223.3 |
9,672.1 |
10,974.1 |
|
Miscellaneous External Expenditures |
38.6 |
47.4 |
62.0 |
|
Staff Costs |
2,270.0 |
2,314.8 |
2,596.8 |
|
Wages and Salaries |
1,739.5 |
1,802.0 |
2,034.6 |
|
Social Security Costs |
530.5 |
512.8 |
562.2 |
|
Depreciation |
439.4 |
420.0 |
505.3 |
|
Allowance for Trade Operations |
-202.4 |
-78.9 |
-3.0 |
|
Stock Provision Variation |
-205.2 |
-81.0 |
0.7 |
|
Losses from Unrecovered Receivables |
-0.4 |
-0.3 |
0.5 |
|
Variation of Other Trade Provisions |
3.2 |
2.4 |
-4.2 |
|
Other Operating Charges |
1,431.6 |
1,447.3 |
1,531.0 |
|
External Services |
1,210.9 |
1,228.9 |
1,301.7 |
|
Taxes |
99.3 |
77.9 |
78.4 |
|
Other Operating Expenses |
121.3 |
140.5 |
150.9 |
|
Operating Benefits |
507.5 |
290.9 |
423.6 |
|
Financials and Similar Charges |
329.1 |
277.6 |
254.0 |
|
Due to Liabilities With Group Companies |
15.0 |
17.0 |
24.6 |
|
Due to Other Liabilities |
313.8 |
260.3 |
228.9 |
|
Losses from Financial Investments |
0.3 |
0.3 |
0.5 |
|
Changes in Financial Investment Provisions |
22.9 |
19.3 |
36.4 |
|
Net Financial Income |
62.6 |
109.8 |
329.0 |
|
Profit From Ordinary Activities |
570.1 |
400.7 |
752.6 |
|
Changes in Provisions for Assets |
114.2 |
100.8 |
181.1 |
|
Losses From Assets and Securities Portfolio |
149.7 |
- |
- |
|
Profit Before Taxes |
306.2 |
300.1 |
572.0 |
|
Corporation Tax |
-39.9 |
-80.1 |
50.5 |
|
Financial Year Result (Profit) |
346.1 |
380.1 |
521.4 |
|
Income |
14,122.6 |
14,520.4 |
16,709.7 |
|
Net Total Sales |
12,684.7 |
13,445.8 |
15,364.6 |
|
Sales |
12,233.2 |
12,993.4 |
14,894.2 |
|
Rendering of Services |
451.5 |
452.4 |
470.3 |
|
Works Performed for Fixed Assets |
165.0 |
157.6 |
174.5 |
|
Miscellaneous Operating Income |
858.5 |
510.3 |
550.7 |
|
Auxiliary Income From Current Management |
546.1 |
495.1 |
543.3 |
|
Grants |
6.6 |
7.9 |
7.4 |
|
Charges for Provisions |
305.8 |
7.3 |
0.0 |
|
Income From Equity Investment |
409.7 |
401.5 |
576.7 |
|
In Group Companies |
409.6 |
401.4 |
576.6 |
|
Third Parties |
0.1 |
0.1 |
0.1 |
|
Income From Other Securities and Receivables |
1.3 |
1.8 |
3.1 |
|
From Group Companies |
0.7 |
1.0 |
1.3 |
|
From Non-Group Companies |
0.6 |
0.8 |
1.9 |
|
Income From Miscellaneous Interests |
2.3 |
3.0 |
36.8 |
|
From Group Companies |
0.1 |
0.1 |
0.2 |
|
Miscellaneous Interests |
2.2 |
2.8 |
6.7 |
|
Profit on Financial Investment |
0.1 |
0.1 |
29.9 |
|
Gains from Exchange Rate |
1.3 |
0.4 |
2.9 |
|
Profit on Disposal of Assets |
- |
0.1 |
0.5 |
|
Negative Extraordinary Results |
263.9 |
100.6 |
180.6 |
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
|
|
31-Dec-2013 |
31-Dec-2012 |
31-Dec-2011 |
|
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.723783 |
0.7566 |
0.770327 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Concessions, Patents, Trademarks |
131.4 |
93.0 |
95.5 |
|
Goodwill |
14.8 |
14.1 |
13.9 |
|
Fees Paid for Premises |
0.3 |
0.4 |
0.8 |
|
Software |
337.1 |
305.4 |
296.5 |
|
Total Intangible Fixed Assets |
483.5 |
412.9 |
406.6 |
|
Land and Construction |
5,872.1 |
5,368.9 |
5,096.7 |
|
Technical Installations and Machinery |
230.1 |
222.5 |
224.7 |
|
Other Installations, Tools, and Furniture |
2,686.0 |
2,597.4 |
2,623.1 |
|
Tangible Fixed Assets Under Construction |
109.1 |
171.4 |
142.3 |
|
Other Tangible Assets |
310.5 |
300.3 |
303.2 |
|
Total Tangible Fixed Assets |
9,207.9 |
8,660.4 |
8,390.1 |
|
Investments in Group Companies |
3,998.8 |
3,942.1 |
3,792.9 |
|
Receivables from Group Companies |
303.7 |
237.6 |
12.4 |
|
Investments in Associated Companies |
32.6 |
32.2 |
30.9 |
|
Credits to Associated Companies |
14.6 |
11.5 |
0.6 |
|
Long-Term Securities Portfolio |
139.7 |
96.8 |
123.2 |
|
Other Receivables |
77.0 |
107.9 |
108.2 |
|
Long-Term Guarantees and Deposits |
19.6 |
17.6 |
15.2 |
|
Financial Investments |
4,586.0 |
4,445.6 |
4,083.5 |
|
Total Fixed Assets |
14,277.4 |
13,519.0 |
12,880.2 |
|
Goods for Resale |
2,437.7 |
2,214.7 |
2,336.6 |
|
Raw Materials and Other Consumables |
14.2 |
12.7 |
13.7 |
|
Total Stocks |
2,451.9 |
2,227.4 |
2,350.3 |
|
Trade Debtors |
154.1 |
205.1 |
190.3 |
|
Receivables, Group Companies |
737.0 |
688.4 |
837.7 |
|
Receivables, Associated Companies |
22.9 |
21.4 |
26.0 |
|
Other Debtors |
367.9 |
217.3 |
216.5 |
|
Public Bodies |
534.6 |
349.9 |
64.2 |
|
Total Debtors |
1,816.4 |
1,482.2 |
1,334.8 |
|
Receivables from Group Companies |
0.1 |
8.0 |
0.0 |
|
Short-Term Guarantees and Deposits |
139.4 |
0.6 |
7.4 |
|
Total Short-Term Investments |
139.5 |
8.5 |
7.4 |
|
Short-Term Treasury Shares |
573.5 |
417.2 |
367.6 |
|
Cash |
73.5 |
77.4 |
75.4 |
|
Prepayments and Accrued Income |
22.3 |
18.8 |
21.4 |
|
Total Current Assets |
5,077.1 |
4,231.6 |
4,156.8 |
|
Total Assets |
19,354.5 |
17,750.5 |
17,037.0 |
|
Revaluation Reserves |
251.6 |
231.2 |
239.7 |
|
Legal Reserve |
134.5 |
128.7 |
126.4 |
|
Reserves for Own Shares |
119.0 |
109.4 |
113.4 |
|
Miscellaneous Reserves |
6,704.2 |
6,142.4 |
6,384.8 |
|
Total Reserves |
6,957.8 |
6,380.6 |
6,624.7 |
|
Profit or Loss for the Financial Year |
360.2 |
391.0 |
486.8 |
|
Total Equity |
8,242.2 |
7,646.3 |
7,983.3 |
|
Other Provisions |
176.7 |
88.3 |
9.9 |
|
Total Provisions for Liabilities and Charges |
176.7 |
88.3 |
9.9 |
|
Non-Convertible Debentures |
1,985.5 |
1,872.1 |
1,745.1 |
|
Total Issued Debentures and Other Securities |
1,985.5 |
1,872.1 |
1,745.1 |
|
Loans and Other Liabilities |
2,309.8 |
1,749.6 |
1,716.6 |
|
Long-Term Liabilities from Capital Leases |
77.2 |
86.8 |
36.7 |
|
Total Amounts Owed to Credit Institutions |
2,387.0 |
1,836.4 |
1,753.3 |
|
Amounts Owed to Group Companies |
242.3 |
126.1 |
1.0 |
|
Total Debts with Group or Affiliated Companies |
242.3 |
126.1 |
1.0 |
|
Other Creditors |
18.6 |
31.5 |
127.0 |
|
Long-Term Guarantees and Deposits Received |
0.2 |
0.3 |
1.1 |
|
Long-Term Payables to Public Bodies |
75.8 |
53.0 |
49.2 |
|
Total Other Creditors |
94.7 |
84.8 |
177.4 |
|
Total Long Term Liabilities |
4,709.5 |
3,919.4 |
3,676.8 |
|
Loans and Other Liabilities |
2,785.4 |
2,538.4 |
1,654.0 |
|
Short-Term Liabilities from Capital Leases |
13.6 |
12.4 |
20.6 |
|
Total Amounts Owed to Credit Institutions |
2,798.9 |
2,550.8 |
1,674.6 |
|
Amounts Owed to Group Companies |
392.5 |
351.2 |
496.8 |
|
Amounts Owed to Associated Companies |
1.1 |
1.0 |
1.4 |
|
Total Short-Term Amounts Owed to Group and Associa |
393.6 |
352.2 |
498.2 |
|
Advanced Payments from Customers |
166.9 |
168.1 |
155.2 |
|
Amounts Owed for Purchases of Goods or Services |
2,101.0 |
2,082.7 |
2,210.3 |
|
Total Trade Creditors |
2,267.9 |
2,250.9 |
2,365.5 |
|
Public Bodies |
122.8 |
173.3 |
131.5 |
|
Bills of Exchange Payable |
69.4 |
57.9 |
130.9 |
|
Miscellaneous Debts |
96.0 |
80.0 |
181.0 |
|
Wages and Salaries Payable |
472.1 |
628.4 |
381.7 |
|
Total Other Creditors |
760.3 |
939.5 |
825.1 |
|
Prepayments and Accrued Income |
5.4 |
3.2 |
3.6 |
|
Total Short Term Creditors |
6,226.2 |
6,096.6 |
5,367.0 |
|
Total Liabilities and Equity |
19,354.5 |
17,750.5 |
17,037.0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.32 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.84.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.