MIRA
INFORM REPORT
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Report Date : |
21.03.2014 |
IDENTIFICATION DETAILS
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Name : |
INDAR ELECTRIC SL |
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Registered Office : |
Poligono Industrial Txara, S/N, Beasain, 20200 |
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Country : |
Spain |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1997 |
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Com. Reg. No.: |
B20597993 |
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Legal Form : |
Private Independent |
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Line of Business : |
Subject is engaged in the design, manufacture and technical assistance
of electrical equipment. |
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No. of Employees : |
565 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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
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.
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Source
: CIA |
Company name and address
INDAR ELECTRIC SL
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Business Description
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Indar Electric S.L. (IESL) is engaged in the design, manufacture and
technical assistance of electrical equipment. The company is structured into
four different specialist business units: Indar Wind, Indar Hydro, Indar CIM
(Co-generation, Industry and Marine), and Indar Repair. IESL manufactures
generators for the hydro power plants, wind power plants and cogeneration
power plants around the world. The company also manufactures AC & DC
electrical motors used in cement, steel, paper and marine industries, where
the size goes up to 15MW, 15kV in AC motors and 4MW in DC motors. In
addition, it offers customized maintenance, technical assistance, repairs and
replacement of construction elements. It operates as a subsidiary of Ingeteam
Corporacion, S.A. The company is headquartered at Beasain, in Gipuzkoa.
Spain. |
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: |
2711 - Manufacture of electric motors, generators
and transformers |
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NAICS 2012: |
335311 - Power, Distribution, and Specialty
Transformer Manufacturing |
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UK SIC 2007: |
2711 - Manufacture of electric motors, generators
and transformers |
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US SIC 1987: |
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Key Executives
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Name |
Title |
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Corporacion Sa Ingeteam |
Member Of The Board, President |
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Service Sa Ingeteam |
Member Of The Board, Secretary |
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Hidraulicas Sl Indar Maquinas |
Member Of The Board |
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Inversiones Sl Ingeteam |
Member Of The Board |
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Technology Sa Ingeteam Power |
Member Of The Board |
Registered No.(ESP): B20597993
1 - Profit & Loss Item Exchange Rate: USD
1 = EUR 0.7516102
2 - Balance Sheet Item Exchange Rate: USD 1 =
EUR 0.739755
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ANZSIC 2006 Codes: |
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2439 |
- |
Other Electrical Equipment Manufacturing |
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ISIC Rev 4 Codes: |
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2710 |
- |
Manufacture of electric motors, generators, transformers and
electricity distribution and control apparatus |
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NACE Rev 2 Codes: |
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2711 |
- |
Manufacture of electric motors, generators and transformers |
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NAICS 2012 Codes: |
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335311 |
- |
Power, Distribution, and Specialty Transformer Manufacturing |
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US SIC 1987: |
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3612 |
- |
Power, Distribution, and Specialty Transformers |
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UK SIC 2007: |
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2711 |
- |
Manufacture of electric motors, generators and transformers |
Manufacture of electric motors, generators, transformers and electricity
distribution and control apparatus
More Business Descriptions
Manufacture of power, distribution, and specialty transformers
Indar Electric S.L. (IESL) is engaged in the design, manufacture and
technical assistance of electrical equipment. The company is structured into
four different specialist business units: Indar Wind, Indar Hydro, Indar CIM
(Co-generation, Industry and Marine), and Indar Repair. IESL manufactures
generators for the hydro power plants, wind power plants and cogeneration power
plants around the world. The company also manufactures AC & DC electrical
motors used in cement, steel, paper and marine industries, where the size goes
up to 15MW, 15kV in AC motors and 4MW in DC motors. In addition, it offers
customized maintenance, technical assistance, repairs and replacement of
construction elements. It operates as a subsidiary of Ingeteam Corporacion,
S.A. The company is headquartered at Beasain, in Gipuzkoa. Spain.
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Competitors Report
|
CompanyName |
Location |
Employees |
Ownership |
|
EDP Renovaveis SA |
Madrid, Spain |
893 |
Public |
|
Endesa SA |
Madrid, Spain |
22,977 |
Public |
|
Fersa Energias Renovables SA |
Barcelona, Spain |
31 |
Public |
|
Iberdrola SA |
Bilbao, Spain |
30,651 |
Public |
|
Red Electrica Corporacion SA |
Alcobendas, Spain |
1,726 |
Public |
Executives Report
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Board of
Directors |
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Member Of The Board |
Director/Board Member |
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Member Of The Board, President |
Director/Board Member |
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Member Of The Board, Secretary |
Director/Board Member |
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Member Of The Board |
Director/Board Member |
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Member Of The Board |
Director/Board Member |
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Member Of The Board |
Director/Board Member |
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Member Of The Board |
Director/Board Member |
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Executives |
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Member Of The Board, President |
President |
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General Manager |
Division Head Executive |
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Managing Director |
Managing Director |
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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 |
116.7 |
127.7 |
118.6 |
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Stock Reduction |
- |
1.4 |
- |
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Supplies |
58.2 |
58.2 |
48.4 |
|
Goods Consumption |
- |
0.0 |
0.1 |
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Consumption of Raw
Materials |
54.6 |
54.9 |
43.7 |
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Miscellaneous External
Expenditures |
3.6 |
3.3 |
4.5 |
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Staff Costs |
36.3 |
41.1 |
38.2 |
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Wages and Salaries |
27.4 |
31.1 |
28.7 |
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Social Security Costs |
8.9 |
10.0 |
9.5 |
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Depreciation |
9.0 |
14.2 |
13.6 |
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Allowance for Trade Operations |
-0.5 |
-1.4 |
-1.7 |
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Stock Provision Variation |
0.0 |
0.1 |
0.3 |
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Losses from
Unrecovered Receivables |
0.1 |
0.2 |
0.3 |
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Variation of Other
Trade Provisions |
-0.6 |
-1.7 |
-2.4 |
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Other Operating Charges |
14.6 |
14.1 |
15.8 |
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External Services |
13.2 |
13.0 |
14.7 |
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Taxes |
0.3 |
0.4 |
0.3 |
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Other Operating
Expenses |
1.1 |
0.7 |
0.8 |
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Operating Benefits |
1.0 |
- |
2.8 |
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Financials and Similar Charges |
0.6 |
1.2 |
1.0 |
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Due to Liabilities
With Group Companies |
0.1 |
0.2 |
0.2 |
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Due to Other
Liabilities |
0.5 |
1.0 |
0.8 |
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Changes in Financial Investment Provisions |
- |
0.8 |
0.0 |
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Net Financial Income |
0.1 |
- |
- |
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Profit From Ordinary Activities |
1.1 |
- |
2.1 |
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Losses From Assets and Securities Portfolio |
0.0 |
- |
0.3 |
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Extraordinary Profit |
0.5 |
1.0 |
0.3 |
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Profit Before Taxes |
1.6 |
- |
2.4 |
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Corporation Tax |
-1.5 |
-2.0 |
3.0 |
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Financial Year Result (Profit) |
3.0 |
- |
- |
|
Income |
119.7 |
127.3 |
118.0 |
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Net Total Sales |
111.6 |
116.2 |
108.0 |
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Sales |
111.6 |
116.2 |
108.0 |
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Increase in Stocks |
0.2 |
- |
0.6 |
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Works Performed for Fixed Assets |
5.6 |
7.0 |
5.9 |
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Miscellaneous Operating Income |
1.2 |
2.5 |
2.5 |
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Auxiliary Income From
Current Management |
1.2 |
2.4 |
1.8 |
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Grants |
0.0 |
0.2 |
0.6 |
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Operating Losses |
- |
1.8 |
- |
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Income From Miscellaneous Interests |
0.6 |
0.5 |
0.3 |
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From Group Companies |
0.3 |
0.0 |
0.0 |
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Miscellaneous
Interests |
0.1 |
0.5 |
0.3 |
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Profit on Financial
Investment |
0.3 |
- |
- |
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Gains from Exchange Rate |
0.0 |
0.0 |
0.1 |
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Negative Financial Results |
- |
1.5 |
0.7 |
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Ordinary Activities' Losses |
- |
3.3 |
- |
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Profit on Disposal of Assets |
- |
0.2 |
- |
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Capital Grants Transferred to Profit and Loss |
0.5 |
0.8 |
0.6 |
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Losses Before Taxes |
- |
2.4 |
- |
|
Financial Year Result (Losses) |
- |
0.4 |
0.6 |
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 |
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Consolidated |
No |
No |
No |
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Research and Development
Costs |
9.2 |
6.3 |
6.0 |
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Software |
0.6 |
1.0 |
1.5 |
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Payments on Account |
0.0 |
0.0 |
0.0 |
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Total Intangible Fixed Assets |
9.9 |
7.4 |
7.5 |
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Land and Construction |
36.8 |
37.5 |
39.6 |
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Technical Installations
and Machinery |
26.0 |
26.0 |
27.8 |
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Other Installations,
Tools, and Furniture |
6.4 |
6.4 |
6.8 |
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Tangible Fixed Assets
Under Construction |
0.3 |
1.5 |
1.5 |
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Other Tangible Assets |
1.7 |
1.7 |
1.8 |
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Total Tangible Fixed Assets |
71.2 |
73.1 |
77.6 |
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Investments in Group
Companies |
- |
- |
0.2 |
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Long-Term Securities
Portfolio |
0.0 |
0.0 |
0.0 |
|
Other Receivables |
0.1 |
0.3 |
0.9 |
|
Long-Term Guarantees
and Deposits |
0.0 |
0.0 |
0.0 |
|
Financial Investments |
0.1 |
0.4 |
1.1 |
|
Long-Term Trade Receivables |
- |
- |
11.0 |
|
Total Fixed Assets |
81.1 |
80.8 |
97.2 |
|
Goods for Resale |
0.0 |
0.0 |
0.0 |
|
Raw Materials and
Other Consumables |
5.9 |
4.4 |
6.5 |
|
Goods in Process |
1.3 |
1.1 |
2.5 |
|
Finished Products |
0.0 |
0.0 |
0.0 |
|
Payments on Account |
- |
0.0 |
- |
|
Total Stocks |
7.2 |
5.5 |
9.0 |
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Trade Debtors |
60.9 |
54.7 |
37.6 |
|
Receivables, Group
Companies |
3.6 |
7.7 |
19.5 |
|
Other Debtors |
0.5 |
1.5 |
0.2 |
|
Staff |
0.2 |
- |
- |
|
Public Bodies |
14.9 |
16.2 |
0.1 |
|
Total Debtors |
80.1 |
80.1 |
57.4 |
|
Receivables from Group
Companies |
1.5 |
1.2 |
0.4 |
|
Short-Term Securities
Portfolio |
- |
10.4 |
15.7 |
|
Short-Term Guarantees
and Deposits |
0.0 |
0.0 |
5.4 |
|
Total Short-Term Investments |
1.5 |
11.7 |
21.5 |
|
Cash |
1.4 |
0.7 |
1.0 |
|
Prepayments and Accrued Income |
0.0 |
0.0 |
- |
|
Total Current Assets |
90.3 |
97.9 |
88.9 |
|
Total Assets |
171.4 |
178.8 |
186.2 |
|
Legal Reserve |
2.6 |
2.6 |
2.7 |
|
Miscellaneous Reserves |
67.7 |
69.3 |
70.8 |
|
Total Reserves |
70.3 |
71.9 |
73.5 |
|
Prior Year Losses |
-0.9 |
-0.5 |
- |
|
Profit or Loss Brought Forward |
-0.9 |
-0.5 |
- |
|
Profit or Loss for the Financial Year |
3.1 |
-0.4 |
-0.6 |
|
Total Equity |
85.7 |
84.0 |
86.3 |
|
Capital Grants |
1.7 |
1.6 |
1.6 |
|
Total Deferred Income |
1.7 |
1.6 |
1.6 |
|
Provisions for Pension
Fund |
0.8 |
0.6 |
4.2 |
|
Other Provisions |
1.0 |
1.0 |
1.1 |
|
Total Provisions for Liabilities and Charges |
1.8 |
1.6 |
5.3 |
|
Loans and Other Liabilities |
11.9 |
18.0 |
26.0 |
|
Long-Term Liabilities
from Capital Leases |
- |
0.0 |
0.1 |
|
Total Amounts Owed to Credit Institutions |
11.9 |
18.0 |
26.1 |
|
Amounts Owed to Group
Companies |
- |
- |
7.2 |
|
Total Debts with Group or Affiliated Companies |
- |
- |
7.2 |
|
Other Creditors |
4.5 |
4.4 |
2.5 |
|
Long-Term Payables to
Public Bodies |
2.1 |
2.7 |
2.5 |
|
Total Other Creditors |
6.6 |
7.1 |
5.0 |
|
Total Long Term Liabilities |
18.5 |
25.0 |
38.3 |
|
Loans and Other
Liabilities |
13.3 |
10.3 |
12.5 |
|
Short-Term Liabilities
from Capital Leases |
0.0 |
0.1 |
0.2 |
|
Total Amounts Owed to Credit Institutions |
13.3 |
10.4 |
12.7 |
|
Amounts Owed to Group Companies |
2.4 |
7.4 |
3.8 |
|
Total Short-Term Amounts Owed to Group and
Associa |
2.4 |
7.4 |
3.8 |
|
Advanced Payments from
Customers |
21.2 |
19.2 |
10.9 |
|
Amounts Owed for
Purchases of Goods or Services |
21.3 |
18.9 |
19.4 |
|
Total Trade Creditors |
42.4 |
38.1 |
30.3 |
|
Public Bodies |
1.5 |
2.7 |
1.4 |
|
Miscellaneous Debts |
0.8 |
0.6 |
0.9 |
|
Wages and Salaries
Payable |
0.5 |
1.3 |
0.9 |
|
Total Other Creditors |
2.8 |
4.5 |
3.2 |
|
Total Short Term Creditors |
61.1 |
60.5 |
50.0 |
|
Short Term Provisions for Liabilities and Charges |
2.6 |
6.0 |
4.7 |
|
Total Liabilities and Equity |
171.4 |
178.8 |
186.2 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.13 |
|
|
1 |
Rs.101.17 |
|
Euro |
1 |
Rs.84.59 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.