MIRA INFORM REPORT

 

 

Report No. :

501607

Report Date :

05.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

INDUSTRIAS VALLS 1 SA

 

 

Registered Office :

Avenida Balmes ((Apdo 46)), 16 08700 Igualada

 

 

Country :

Spain

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

04.10.1989

 

 

Com. Reg. No.:

A59060491

 

 

Legal Form :

Sole corporation

 

 

Line of Business :

Manufacture of knitted and crocheted hosiery

 

 

No. of Employees :

252 (2016)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Spain

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

SPAIN - ECONOMIC OVERVIEW

 

After a prolonged recession that began in 2008 in the wake of the global financial crisis, Spain marked the fourth full year of positive economic growth in 2017, with economic activity surpassing its pre-crisis peak, largely because of increased private consumption. The financial crisis of 2008 broke 16 consecutive years of economic growth for Spain, leading to an economic contraction that lasted until late 2013. In that year, the government successfully shored up its struggling banking sector - heavily exposed to the collapse of Spain’s real estate boom - with the help of an EU-funded restructuring and recapitalization program.

Until 2014, contraction in bank lending, fiscal austerity, and high unemployment constrained domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 16.4% in 2017. High unemployment strained Spain's public finances, as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2010, but Spain gradually reduced the deficit to about 3.3% of GDP in 2017. Public debt has increased substantially – from 60.1% of GDP in 2010 to nearly 96.7% in 2017.

Strong export growth helped bring Spain's current account into surplus in 2013 for the first time since 1986 and sustain Spain’s economic growth. Increasing labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have improved Spain’s export competitiveness and generated foreign investor interest in the economy, restoring FDI flows.

In 2017, the Spanish Government’s minority status constrained its ability to implement controversial labor, pension, health care, tax, and education reforms. The European Commission expects the government to meet its 2017 budget deficit target and anticipates that expected economic growth in 2018 will help the government meet its deficit target. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and increased economic activity has generated a modest level of inflation, at 2% in 2017.

 

Source : CIA

 

Summary

 

Company name

Industrias Valls 1 SA

Operative address

Avenida Balmes ((Apdo 46)), 16
08700 Igualada
Spain

Status

Active

Specification

This company can meet all its obligations.

 

Legal form

Sole corporation

Registration number

VAT/Tax number: A59060491

VAT-number

ESA59060491

Year

2016

Mutation

2015

Mutation

2014

Fixed assets

1.519.510

27,83 

1.188.735

-4,18 

1.240.545

Total receivables

4.822.725

-23,56 

6.309.493

6,05 

5.949.569

Total equity

17.828.867

-1,06 

18.020.726

3,17 

17.467.149

Short term liabilities

2.925.990

8,26 

2.702.658

-8,37 

2.949.658

Net result

-191.859

-134,66 

553.577

22,99 

450.087

Working capital

16.675.985

-3,45 

17.271.693

3,76 

16.645.450

Quick ratio

3,05

-16,44 

3,65

21,26 

3,01

Contact information

 

Company name

Industrias Valls 1 SA

Operative address

Avenida Balmes ((Apdo 46)), 16
08700 Igualada
Spain

Correspondence address

Avenida Balmes ((Apdo 46)), 16
08700 Igualada
Spain

 

Telephone number

+34 938035252

Fax number

+34 938044362

Website

www.puntoblanco.com

 

 

Registration

 

Registration number

VAT/Tax number: A59060491

VAT-number

ESA59060491

Status

Active

Establishment date

1989-10-04

 

Legal form

Sole corporation

Subscribed share capital

EUR 11.118.500

 

Activities

 

NACE

1431: Manufacture of knitted and crocheted hosiery

 

 

Relations

 

Shareholders

ULTIMATE GLOBAL SHAREHOLDER
Name: FISIN SL
National id number: B08821324
Address: AVENIDA BALMES, 16
City: IGUALADA
Country: ES
Phone: +34 938051562
Fax: +34 938051345
Type: Corporate
Turnover: 99.17469278 mil. EUR
Total assets: 107.16255305 mil. EUR
Profit loss before tax: 0.1794783 mil. EUR
Profit loss after tax net income: 0.26385553 mil. EUR
Shareholders funds: 89.15514775 mil. EUR

SHAREHOLDERS
Name: CORPORACION EMPRESARIAL VALLS SL
National id number: B08066268
Address: AVENIDA BALMES, 16
City: IGUALADA
Country: ES
Phone: +34 938035252
Fax: +34 938051345
Website: www.vallscorp.com
Type: Corporate
Share direct: 100.00%
Turnover: 1.25225363 mil. EUR
Total assets: 62.95420521 mil. EUR
Profit loss before tax: 0.23172289 mil. EUR
Profit loss after tax net income: 0.31190318 mil. EUR
Shareholders funds: 59.5943205 mil. EUR
Number of employees: 5

 

 

 

 

Bank details

 

Accounts

B SABADELL
BSCH
CAIXABANK

 

 

Management

 

Management

Fullname: CORPORACION EMPRESARIAL VALLS SL
Type: Company
Number of involvements: 8
Function: Joint and Several Administrator
Level of responsibility: Member
Appointment date: 2013/04/15

Fullname: Ms Marta Valls Biosca
Type: Individual
Gender: Female
Number of involvements: 10
Function: Joint and Several Administrator
Level of responsibility: Member
Appointment date: 2008/05/21

Fullname: Mr Josep Reixach Fito
Type: Individual
Gender: Male
Number of involvements: 1
Function: General Manager
Level of responsibility: Unspecified executive
Appointment date: 2011/06/02

Fullname: Mr Juan Sanchez Vergada
Type: Individual
Gender: Male
Number of involvements: 1
Function: Financial Manager
Level of responsibility: Finance & Accounting Manager
Appointment date: 2012/01/27

Fullname: Mr Jesus Ramiro Juberias
Type: Individual
Gender: Male
Number of involvements: 1
Function: Human Resources Director
Level of responsibility: Human Resource Chief Officer; Human Resource executive
Appointment date: 2013/02/06

Fullname: Mr Antonio Valdauria Agudo
Type: Individual
Gender: Male
Number of involvements: 1
Function: Commercial Director
Level of responsibility: Sales executive
Appointment date: 2012/01/27

Fullname: Ms Ana Zenon
Type: Individual
Gender: Female
Number of involvements: 1
Function: Marketing Director
Level of responsibility: Chief Marketing Officer; Marketing executive
Appointment date: 2016/02/02

Fullname: Ms Ana Romeu
Type: Individual
Gender: Female
Number of involvements: 1
Function: IT Director
Level of responsibility: IT & IS executive
Appointment date: 2016/02/02

 

 

Employees

 

Year

2016

2015

2014

2013

2012

Annual

252

260

277

294

313

Financial analysis

 

Trend

Fluctuating

Profitability

Negative

Solvability

More than sufficient

Liquidity

More than sufficient

Show amount in

Euro

 

 

Key figures

 

Year

2016

2015

2014

2013

2012

Quick ratio

3,05

3,65

3,01

3,46

2,61

Current ratio

6,70

7,39

6,64

6,80

5,74

Working capital/ balance total

0,79

0,82

0,80

0,79

0,74

Equity / balance total

0,84

0,85

0,84

0,85

0,83

Equity / Fixed assets

11,73

15,16

14,08

11,25

8,06

Working capital

16.675.985

17.271.693

16.645.450

15.843.861

15.596.414

Equity

17.828.867

18.020.726

17.467.149

17.017.062

17.529.727

Mutation equity

-1,06

3,17

2,64

-2,92

Mutation short term liabilities

8,26

-8,37

8,07

-17,05

Return on total assets (ROA)

-1,55

3,24

2,62

-4,40

-5,92

Return on equity (ROE)

-1,84

3,80

3,13

-5,19

-7,11

Gross profit margin

-1,67

3,37

2,80

-4,67

-6,88

Net profit margin

-1,04

2,68

2,31

-2,66

-4,07

Average collection ratio

6,29

7,64

6,62

7,06

5,68

Average payment ratio

3,81

3,27

3,28

3,03

4,38

Equity turnover ratio

1,03

1,15

1,12

1,13

1,07

Total assets turnover ratio

0,87

0,98

0,94

0,96

0,89

Fixed assets turnover ratio

12,11

17,37

15,74

12,74

8,60

Inventory conversion ratio

1,72

2,04

1,82

2,11

1,81

Turnover

18.397.523

20.653.124

19.521.817

19.264.798

18.694.637

Operating result

-308.030

695.710

547.114

-900.401

-1.286.419

Net result after taxes

-191.859

553.577

450.087

-512.665

-761.133

Cashflow

86.975

872.028

867.693

106.066

-19.796

Gross profit

7.488.026

8.763.739

8.589.255

7.458.821

7.671.213

EBITDA

-29.197

1.014.161

964.720

-281.670

-545.082

 

 

Summary

The 2016 financial result structure is a postive working captial of 16.675.985 euro, which is in agreement with 79 % of the total assets of the company.


The working capital has diminished with -3.45 % compared to previous year. The ratio, with respect to the total assets of the company has however, declined.


The deterioration between 2015 and 2016 has mainly been caused by a change of the current liabilities.


The current ratio of the company in 2016 was 6.7. If the current ratio exeeds 3.0, the company may not be using its current assets or its short-term financing facilities efficiently.


The quick ratio in 2016 of the company was 3.05. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

The 2015 financial result structure is a postive working captial of 17.271.693 euro, which is in agreement with 82 % of the total assets of the company.


The working capital has increased with 3.76 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased.


The improvement between 2014 and 2015 has mainly been caused by a change of the current assets.


The current ratio of the company in 2015 was 7.39. If the current ratio exeeds 3.0, the company may not be using its current assets or its short-term financing facilities efficiently.


The quick ratio in 2015 of the company was 3.65. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

 

 

Financial statement

 

Auditor

Name: GM AUDITORS S.L.

Name: CGM AUDITORES S.L.

Name: GM AUDITORS S.L.

Last annual account

2016

Remark annual account

The company is obliged to file its financial statements.

 

Type of annual account

Corporate

Annual account

Industrias Valls 1 SA
Avenida Balmes ((Apdo 46)), 16
08700 Igualada
Spain

 

 

Balance

 

Year

2016

2015

2014

2013

2012

End date

2016-12-31

2015-12-31

2014-12-31

2013-12-31

2012-12-31

Type of annual account

Corporate

Corporate

Corporate

Corporate

Corporate

Intangible fixed assets

16.933

23.041

Tangible fixed assets

1.433.056

1.068.513

1.065.196

1.386.431

2.078.857

Other fixed assets

69.520

97.182

175.349

125.994

95.264

Fixed assets

1.519.510

1.188.735

1.240.545

1.512.425

2.174.121

Total stock

10.678.588

10.105.109

10.727.624

9.138.414

10.300.810

Total receivables

4.822.725

6.309.493

5.949.569

6.360.895

4.264.314

Liquid funds

1.798.221

1.260.986

659.947

767.195

646.525

Other current assets

2.302.441

2.298.763

2.257.968

2.306.748

3.675.042

Current assets

19.601.975

19.974.351

19.595.108

18.573.252

18.886.692

Total assets

21.121.485

21.163.087

20.835.653

20.085.676

21.060.813

Total equity

17.828.867

18.020.726

17.467.149

17.017.062

17.529.727

Long term liabilities

366.628

439.703

418.845

339.223

240.808

Accounts payable

907.925

351.913

684.834

483.067

880.209

Liabilities towards credit institutes

287.622

355.733

376.337

426.126

495.197

Other short term liabilities

1.730.443

1.995.012

1.888.488

1.820.198

1.914.872

Short term liabilities

2.925.990

2.702.658

2.949.658

2.729.391

3.290.278

Total liabilities

21.121.485

21.163.087

20.835.653

20.085.676

21.060.813

 

Summary

The total assets remained the same between 2015 and 2016.
Despite the fact that the total assets remained the same, the fixed assets increased with 27.83 %.


In 2016 the assets of the company were 7.19 % composed of fixed assets and 92.81 % by current assets. The assets are being financed by an equity of 84.41 %, and total debt of 15.59 %.


The total assets of the company increased with 1.57 % between 2014 and 2015.


Despite the assets growth, the non current assets decreased with -4.18 %.


In 2015 the assets of the company were 5.62 % composed of fixed assets and 94.38 % by current assets. The assets are being financed by an equity of 85.15 %, and total debt of 14.85 %.

Profit and loss

 

Year

2016

2015

2014

2013

2012

Revenues

18.319.031

20.583.300

19.439.906

19.155.189

18.556.304

Net turnover

18.397.523

20.653.124

19.521.817

19.264.798

18.694.637

Wages and salaries

7.503.824

7.716.724

7.565.857

7.657.700

8.103.099

Amorization and depreciation

278.834

318.451

417.607

618.731

741.338

Production costs

6.742.424

6.844.559

7.891.097

5.873.099

5.841.070

Operating result

-308.030

695.710

547.114

-900.401

-1.286.419

Financial income

18.528

32.854

58.678

82.792

113.196

Financial expenses

38.320

43.534

59.428

65.513

72.558

Financial result

-19.792

-10.680

-750

17.279

40.638

Result on ordinary operations before taxes

-327.823

685.030

546.364

-883.122

-1.245.782

Taxation on the result of ordinary activities

-135.964

131.453

96.277

-370.457

-484.649

Result of ordinary activities after taxes

-191.859

553.577

450.087

-512.665

-761.133

Net result

-191.859

553.577

450.087

-512.665

-761.133

 

Summary

The turnover of the company decreased by -10.92 % between 2015 and 2016.


The operating result of the company declined with -144.28 % between 2015 and 2016. This evolution implies an decrease of the company's economic profitability.


The result of these changes is a reduction of the company's Economic Profitability of -147.84 % of the analysed period, being equal to -1.55 in the year 2016.


This fall has contributed to a asset turnover decrease, whose index evolved from -11.22 to a level of 0.87.


The Net Result of the company decreased by -134.66 % between 2015 and 2016.


The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of -148.42 % of the analysed period, being -1.84 in the year 2016.


The company's financial profitability has been positively affected by its financial structure.



The turnover of the company grew with 5.8 % between 2014 and 2015.
The operating result of the company grew with 27.16 % between 2014 and 2015. This evolution implies an increase of the company's economic profitability.


The result of these changes is an increase of the company's Economic Profitability of 23.66 % of the analysed period, being equal to 3.24 in the year 2015.


This growth has contributed to the increase in assets turnover, increasing by 4.26 % reaching 0.98.


The Net Result of the company increased by 22.99 % between 2014 and 2015.


The company's Financial Profitability has been negatively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability reduction of 21.41 % of the analysed period, being 3.8 in the year 2015.


The company's financial structure has slowed down its financial profitability.

 

 

 

 

Country information

 

Population

46.4 million

GDP per capita

26.565 USD

Country risk

Low

Company risk

Very Low

 

 

Publications

 

Remarks

Status: Active
Status date: 1993-02-25
Category: Large company
Last year: 2016
Turnover last year: 18.397.523 EUR
Result last year: -191.859 EUR
TOTAL assets last year: 21.121.485 EUR
Number of employees: 252
Number of shareholders: 1
Number of subsidiaries: 0
Number of branches: 7

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.02

UK Pound

1

INR 91.49

Euro

1

INR 79.79

Euro

1

INR 79.78

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

TRU

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.