3decades

MIRA INFORM REPORT

Report No. :	517408
Report Date :	28.06.2018

IDENTIFICATION DETAILS

Name :	HUURRE IBERICA SA

Registered Office :	Carretera C- 65 (Km 16 Pi El Trust) 17244 Cassa De La Selva

Country :	Spain

Financials (as on) :	31.12.2016

Date of Incorporation :	15.11.1988

Com. Reg. No.:	A17202375

Legal Form :	Joint Stock Company

Line of Business :	Subject is engaged in the development, manufacture, supply, and export of sandwich panels that are made from polyurethane foam.

No. of Employees :	136

RATING & COMMENTS

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

MIRA’s Rating :

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

(31.12.2017)

Current Rating

(01.04.2018)

Spain

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	Huurre Iberica SA
Operative address	Carretera C- 65 (Km 16 Pi El Trust) 17244 Cassa De La Selva Spain

Legal form	Joint stock company
Registration number	VAT/Tax number: A17202375
VAT-number	ESA17202375
Year	2016	Mutation	2015	Mutation	2014
Fixed assets	11.309.200	9,22	10.354.799	3,66	9.988.849
Total receivables	22.122.103	3,56	21.361.470	13,82	18.767.497

Total equity	28.303.142	11,53	25.377.264	13,29	22.399.320
Short term liabilities	24.110.146	43,55	16.795.417	0,67	16.684.305

Net result	4.775.952	16,91	4.085.151	61,23	2.533.701

Working capital	17.761.384	9,35	16.243.077	17,64	13.806.871
Quick ratio	1,16	-22,15	1,49	11,19	1,34

Contact information

Company name	Huurre Iberica SA
Trade names	Huuerre
Operative address	Carretera C- 65 (Km 16 Pi El Trust) 17244 Cassa De La Selva Spain
Correspondence address	Carretera C- 65 (Km 16 Pi El Trust) 17244 Cassa De La Selva Spain

Telephone number	+34 972463085
Fax number	+34 972463208
Website	www.huurreiberica.com

Registration

Registration number	VAT/Tax number: A17202375
VAT-number	ESA17202375
Status	Active
Establishment date	1988-11-15

Legal form	Joint stock company
Subscribed share capital	EUR 3.000.000

Activities

NACE	2229: Manufacture of other plastic products
Goal	Engaged in the development, manufacture, supply, and export of sandwich panels that are made from polyurethane foam

Relations

Shareholders

ULTIMATE GLOBAL SHAREHOLDER
Name: KINGSPAN GROUP PUBLIC LIMITED COMPANY
National id number: 070576
Address: Dublin Road
City: KINGSCOURT
Country: IE
Phone: +353 42 969 8000
Fax: +353 42 966 7501
Website: www.kingspan.com
Type: Corporate
Share direct: 100.00%
Share total: 100.00%
Turnover: 3668.09936045 mil. EUR
Total assets: 3235.59691378 mil. EUR
Profit loss before tax: 346.4999997 mil. EUR
Profit loss after tax net income: 284.30000012 mil. EUR
Shareholders funds: 1568.00000011 mil. EUR

ULTIMATE DOMESTIC SHAREHOLDER
Name: HUURRE IBERICA SA
National id number: A17202375
Address: CARRETERA C- 65 (KM 16 PI EL TRUST)
City: CASSA DE LA SELVA
Country: ES
Phone: +34 972463085
Fax: +34 972463208
Website: www.huurreiberica.com
Type: Corporate
Share direct: 100.00%
Share total: 100.00%
Turnover: 89.1376902 mil. EUR
Total assets: 53.18283219 mil. EUR
Profit loss before tax: 6.26963643 mil. EUR
Profit loss after tax net income: 4.77595209 mil. EUR
Shareholders funds: 28.30314245 mil. EUR

SHAREHOLDERS
Name: KINGSPAN GROUP PUBLIC LIMITED COMPANY
National id number: 070576
Address: Dublin Road
City: KINGSCOURT
Country: IE
Phone: +353 42 969 8000
Fax: +353 42 966 7501
Website: www.kingspan.com
Type: Corporate
Share direct: 100.00%
Turnover: 3668.09936045 mil. EUR
Total assets: 3235.59691378 mil. EUR
Profit loss before tax: 346.4999997 mil. EUR
Profit loss after tax net income: 284.30000012 mil. EUR
Shareholders funds: 1568.00000011 mil. EUR
Number of employees: 11133

Structure

SUBSIDIARIES
Name: TECZONE ESPAÑOLA SA
National id number: A28156156
Address: BARRIO GAMONAL CL 4 - (POL. INDUSTRI
City: BURGOS
Country: ES
Type: Corporate
Phone: +34 972463085
Fax: +34 947483803
Website: www.teczone.es
Share direct: 99.99%
Turnover: 38.99062439 mil. EUR
Total assets: 24.01101468 mil. EUR
Profit loss before tax: 1.05985719 mil. EUR
Profit loss after tax net income: 0.83846444 mil. EUR
Shareholders funds: 11.73691696 mil. EUR
Number of employees: 73

Name: HUURRE PANAMA S.A.
National id number: 750454
Country: PA
Type: Corporate
Share direct: 25.00%

Branches

Name: HUURRE IBERICA SA
Address: APARTADO DE CORREOS 71
City: CASSA DE LA SELVA
Country: ES

Bank details

Accounts

B POPULAR
B SABADELL
BBVA
BSCH
CAIXABANK

Management

Fullname: Mr Josep Maria Rigau Marco
Type: Individual
Gender: Male
Number of involvements: 7
Function: President
Level of responsibility: President / Chairman
Appointment date: 2009/08/06

Fullname: Mr Marc Rigau O
Type: Individual
Gender: Male
Number of involvements: 1
Function: President of the Board
Level of responsibility: President / Chairman
Appointment date: 2009/08/06

Fullname: Mr Eusebio De Zuloaga Arisa
Type: Individual
Gender: Male
Number of involvements: 6
Function: Member of the Board
Level of responsibility: Member
Appointment date: 2009/08/06

Fullname: GESTEC 1970 SA
Type: Company
Number of involvements: 3
Function: Member of the Board
Level of responsibility: Member
Appointment date: 2009/08/06

Fullname: Ms Maria Del Carmen Palleja Soler
Type: Individual
Gender: Female
Number of involvements: 12
Function: Member of the Board
Level of responsibility: Member
Appointment date: 2009/08/06

Fullname: Ms Maria Ribe De Pont
Type: Individual
Gender: Female
Number of involvements: 10
Function: Member of the Board
Level of responsibility: Member
Appointment date: 2009/08/06

Fullname: Mr Josep Jordan Figueras
Type: Individual
Gender: Male
date of birth: 1962/09/23
Age: 55
Number of involvements: 3
Function: General Manager
Level of responsibility: Unspecified executive
Appointment date: 2007/09/26

Fullname: Mr Josep Gomez
Type: Individual
Gender: Male
Number of involvements: 1
Function: Financial Manager
Level of responsibility: Finance & Accounting Manager
Appointment date: 2014/05/14

Fullname: Mr Marc Garcia Mas
Type: Individual
Gender: Male
Number of involvements: 1
Function: Commercial Director
Level of responsibility: Sales executive
Appointment date: 2006/04/26

Fullname: Ms Elisenda Pages Feliu
Type: Individual
Gender: Female
Number of involvements: 1
Function: Production Director
Level of responsibility: Chief OPERATIONS & Production Officer; OPERATIONS & Production executive
Appointment date: 2007/09/26

Fullname: Mr Alex P. Uentes
Type: Individual
Gender: Male
Number of involvements: 1
Function: Quality Director
Level of responsibility: Quality Assurance executive; Executive
Appointment date: 2016/09/08

Fullname: Mr Pere Boadas Quintana
Type: Individual
Gender: Male
date of birth: 1972/04/22
Age: 46
Number of involvements: 2
Function: IT Director
Level of responsibility: IT & IS executive
Appointment date: 2016/09/08

Fullname: Mr Jordi Adsara Grau
Type: Individual
Gender: Male
Number of involvements: 3
Function: Exports Director
Level of responsibility: Executive
Appointment date: 2016/09/08

Employees

Year	2016	2015	2014	2013	2012
Annual	136	127	115	120	130

Financial analysis

Trend	Constant
Profitability	More than sufficient
Solvability	Sufficient
Liquidity	Positive
Show amount in	Euro

Key figures

Year	2016	2015	2014	2013	2012
Quick ratio	1,16	1,49	1,34	1,21	1,20
Current ratio	1,74	1,97	1,83	1,69	1,79

Working capital/ balance total	0,33	0,37	0,34	0,30	0,34
Equity / balance total	0,53	0,58	0,55	0,52	0,50
Equity / Fixed assets	2,50	2,45	2,24	2,01	2,16
Working capital	17.761.384	16.243.077	13.806.871	11.641.360	13.374.160
Equity	28.303.142	25.377.264	22.399.320	19.876.275	19.746.372
Mutation equity	11,53	13,29	12,69	0,66
Mutation short term liabilities	43,55	0,67	-1,60	0,14

Return on total assets (ROA)	11,79	12,64	7,74	-0,21	-0,52
Return on equity (ROE)	22,15	21,61	13,99	-0,40	-1,04
Gross profit margin	7,17	6,88	4,85	0,58	0,50
Net profit margin	5,36	4,97	3,61	0,22	-0,28

Average collection ratio	3,70	4,89	4,21	3,73	3,90
Average payment ratio	4,03	3,85	3,74	3,40	3,42
Equity turnover ratio	3,15	3,24	3,14	3,18	3,35
Total assets turnover ratio	1,68	1,89	1,74	1,64	1,67
Fixed assets turnover ratio	7,88	7,94	7,04	6,39	7,22
Inventory conversion ratio	6,39	10,34	8,67	7,77	6,60

Turnover	89.133.887	82.170.925	70.282.778	63.227.406	66.069.664
Operating result	6.393.575	5.649.358	3.411.391	365.787	331.865
Net result after taxes	4.775.952	4.085.151	2.533.701	137.023	-186.761

Cashflow	6.023.871	5.124.338	3.112.219	624.947	484.186
Gross profit	14.014.549	12.686.733	9.451.481	6.353.321	6.381.872
EBITDA	7.641.494	6.688.545	3.989.908	853.711	1.002.812
Summary	The 2016 financial result structure is a postive working captial of 17.761.384 euro, which is in agreement with 33 % of the total assets of the company. The working capital has increase with 9.35 % compared to previous year. The ratio with respect to the total assets of the company has however, declined. The improvement between 2015 and 2016 has mainly been caused by a change of the current liabilities. The current ratio of the company in 2016 was 1.74. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength. The quick ratio in 2016 of the company was 1.16. 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 16.243.077 euro, which is in agreement with 37 % of the total assets of the company. The working capital has increased with 17.64 % 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 1.97. A company with a current ratio between 1.5 and 3.0 generally indicates good short-term financial strength. The quick ratio in 2015 of the company was 1.49. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

Financial statement

Auditor	Name: EUROGLOBAL CONSULTING AUDITORS S.L.P. Name: EUROGLOBAL CONSULTING AUDITORS SL Name: EDUARD PUIG VILARO Name: EUROGLOBAL CONSULTING AUDITORS SL
Last annual account	2016
Remark annual account	The company is obliged to file its financial statements.

Type of annual account	Consolidated
Annual account	Huurre Iberica SA Carretera C- 65 (Km 16 Pi El Trust) 17244 Cassa De La Selva 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	Consol.	Consol.	Consol.	Consol.	Consol.
Intangible fixed assets	612.573	714.752	720.572	809.013	112.547
Tangible fixed assets	9.778.030	8.715.374	7.972.921	7.596.961	7.847.518
Other fixed assets	918.597	924.674	1.295.356	1.488.241	1.192.619
Fixed assets	11.309.200	10.354.799	9.988.849	9.894.215	9.152.684

Total stock	13.954.894	7.948.449	8.104.940	8.135.059	10.003.480
Total receivables	22.122.103	21.361.470	18.767.497	18.606.145	19.335.645
Liquid funds	5.395.158	3.286.674	3.170.327	1.480.311	579.602
Other current assets	399.375	441.900	448.411	376.021	387.477
Current assets	41.871.530	33.038.494	30.491.176	28.597.536	30.306.205
Total assets	53.180.730	43.393.293	40.480.025	38.491.752	39.458.889

Total equity	28.303.142	25.377.264	22.399.320	19.876.275	19.746.372

Provisions	168.892	402.266	87.402	82.011
Long term liabilities	598.550	818.345	1.308.997	1.577.290	2.780.472
Accounts payable	15.621.297	9.419.692	9.162.848	8.571.612	4.355.611
Liabilities towards credit institutes	2.319.779	1.954.740	2.217.538	4.240.328	7.721.861
Other short term liabilities	6.169.071	5.420.985	5.303.919	4.144.236	4.854.573
Short term liabilities	24.110.146	16.795.417	16.684.305	16.956.176	16.932.045
Total liabilities	53.180.730	43.393.293	40.480.025	38.491.752	39.458.889
Summary	The total assets of the company increased with 22.56 % between 2015 and 2016. The fixed asset growth of 9.22 % is lower than the total asset growth. In 2016 the assets of the company were 21.27 % composed of fixed assets and 78.73 % by current assets. The assets are being financed by an equity of 53.22 %, and total debt of 46.78 %. The total assets of the company increased with 7.2 % between 2014 and 2015. The fixed asset growth of 3.66 % is lower than the total asset growth. In 2015 the assets of the company were 23.86 % composed of fixed assets and 76.14 % by current assets. The assets are being financed by an equity of 58.48 %, and total debt of 41.52 %.

Profit and loss

Year	2016	2015	2014	2013	2012
Revenues	87.973.313	81.670.528	70.251.580	63.199.068	66.055.768
Net turnover	89.133.887	82.170.925	70.282.778	63.227.406	66.069.664

Wages and salaries	6.319.174	5.961.872	5.407.952	5.495.313	5.359.378
Amorization and depreciation	1.247.919	1.039.186	578.518	487.924	670.948
Production costs	62.262.409	58.167.899	51.110.131	47.914.211	50.034.349
Operating result	6.393.575	5.649.358	3.411.391	365.787	331.865

Financial income	53.881	36.317	53.621	11.878	19.681
Financial expenses	177.819	202.435	331.127	457.521	557.070
Financial result	-123.938	-166.118	-277.507	-445.643	-537.388
Result on ordinary operations before taxes	6.269.637	5.483.240	3.133.884	-79.856	-205.524

Taxation on the result of ordinary activities	1.493.685	1.398.089	600.183	-216.879	-18.762
Result of ordinary activities after taxes	4.775.952	4.085.151	2.533.701	137.023	-186.761

Net result	4.775.952	4.085.151	2.533.701	137.023	-186.761
Summary	The turnover of the company grew with 8.47 % between 2015 and 2016. The operating result of the company grew with 13.17 % between 2015 and 2016. This evolution implies an increase of the company's economic profitability. The result of these changes is a reduction of the company's Economic Profitability of -6.72 % of the analysed period, being equal to 11.79 in the year 2016. This fall has contributed to a asset turnover decrease, whose index evolved from -11.11 to a level of 1.68. The Net Result of the company increased by 16.91 % 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 2.5 % of the analysed period, being 22.15 in the year 2016. The company's financial structure has slowed down its financial profitability. The turnover of the company grew with 16.91 % between 2014 and 2015. The operating result of the company grew with 65.6 % 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 63.31 % of the analysed period, being equal to 12.64 in the year 2015. This growth has contributed to the increase in assets turnover, increasing by 8.62 % reaching 1.89. The Net Result of the company increased by 61.23 % 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 54.47 % of the analysed period, being 21.61 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: 1988-11-15
Category: Large company
Last year: 2016
Turnover last year: 89.133.887 EUR
Result last year: 4.775.952 EUR
TOTAL assets last year: 53.180.730 EUR
Number of employees: 136
Number of shareholders: 1
Number of subsidiaries: 2
Number of branches: 1

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.52
UK Pound	1	INR 90.60
Euro	1	INR 79.86
Euro	1	INR 79.64

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

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	DNS

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.