MIRA
INFORM REPORT
|
Report
Date : |
2nd
November 2006 |
IDENTIFICATION
DETAILS
|
Name
: |
IFF
BENICARLO SA |
|
|
|
|
Registered
Office : |
Avenida
De Felipe Klein, 2, 12580 Benicarlo [Castellon], Spain |
|
|
|
|
Date
of Incorporation : |
05/07/1924 |
|
|
|
|
Legal
Form : |
Joint Stock Company |
|
|
|
|
Line
of Business : |
Manufacturers of other organic basic chemicals |
RATING & COMMENTS
|
MIRA’s
Rating : |
Aa |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status
: |
Good |
|
|
|
|
Payment
Behaviour : |
Regular |
|
|
|
|
Litigation
: |
Clear |
NAME
IFF BENICARLO SA
TAX NUMBER
A28055101
Identification and
Characteristics
|
Tax Number |
A28055101 |
|
NAME |
IFF BENICARLO SA |
|
TRADE NAME |
IFF BENICARLO,
S.A. |
|
FORMER NAME |
IFF DAKSA SA |
|
BUSINESS ADDRESS |
AVENIDA DE
FELIPE KLEIN, 2 |
|
Postcode |
12580
BENICARLO (CASTELLON) |
|
URL |
http://www.iff.com |
|
TELEPHONE |
964470212 |
|
FAX |
964473411 |
|
LEGAL FORM |
JOINT STOCK
COMPANY |
|
DATE FOUNDED |
05/07/1924 |
|
CAPITAL |
2.900.000,00 Euros |
|
PAID-UP CAPITAL |
2.900.000,00 Euros |
|
NUMBER OF
EMPLOYEES |
189 |
|
BANKS |
BSCH OF
2376; FORTISBANK.BELGICA; BBVA OF 0519; BBVA OF 5588;
|
|
ACTIVITY |
1251100 - Mfg.
of organic basic chemical and petrochemical products |
|
CNAE |
2414 - Manufacture
of other organic basic chemicals |
|
EXPORT COMPANY |
YES |
|
IMPORT COMPANY |
YES |
Synthesis
|
FINANCIAL
SITUATION |
||
|
|
|
|
|
PROFITABILITY |
|
9/9 Excellent |
|
TREASURY |
|
9/9 Excellent |
|
BALANCE
SHEET |
|
9/9 Excellent |
|
DEBT |
|
8/9 Very
low |
|
INCIDENTS |
||
|
|
|
|
|
COMMITMENTS |
|
9/9 Respected |
|
INCIDENTS |
|
9/9 None
or Negligible |
|
PREVIOUS
EXPERIENCE |
||
|
|
|
|
|
PREVIOUS
EXPERIENCE |
|
9/9 Very
favourable |
Credit Appraisal
|
CREDIT ACCORDING
TO OBJECTIVE DATA (From 0 to 500.000,00 Euros): |
|
FAVOURABLE
TOWARDS 499.441,06 Max. |
|
SOLVENCY RATING: |
|
18/20 (BASED
ON HOMOGENEOUS FORMULATION) |
|
|
|
|
Financial Elements
Figures
given in thousands of Euros
|
|
Balance
sheet 2.002 (12) |
Balance
sheet 2.003 (12) |
Balance
sheet 2.004 (12) |
%
Sales |
|
SALES |
160.299,00 |
165.440,00 |
174.585,00 |
|
|
ADDED VALUE |
77.174,00 |
78.292,00 |
73.513,00 |
42,11 |
|
BUSINESS RESULT |
38.429,00 |
34.460,00 |
36.236,00 |
20,76 |
|
OWN FUNDS |
69.463,00 |
80.623,00 |
65.859,00 |
|
|
DEBT |
97.550,00 |
26.578,00 |
31.945,00 |
|
|
TOTAL ASSET |
167.074,00 |
107.353,00 |
97.990,00 |
|
|
The sales of
174.585,00 thousands of Euros show a change of
5,53% compared with 2.003 . Between 2.002
and 2.003 , this change was 3,21% . |
||||
|
Added value grew
by -6,10% compared with the previous year. Shareholders equity
are 65.859,00 thousands of Euros for an indebtedness of
31.945,00 thousands of Euros . |
||||
|
The result
36.236,00 thousands of Euros means financial profitability
of 55,02% and economic profitability of 36,98% . This
result means growth of 5,15% compared with the 2.003 . |
||||
|
|
||||
|
THE FIGURES FOR
THE LAST BALANCE SHEET ARE RELEVANT: |
||||
|
SOURCE: FROM
THE MERCANTILE REGISTER |
||||
|
DATE: 11/01/2006 |
||||
|
|
||||
|
Auditors’
opinion: |
||||
|
FAVOURABLE WITH
RESERVATIONS (2.003) |
||||
|
|
||||
|
Auditors: |
||||
|
PRICE WATERHOUSE
AUDITORES S.A. |
||||
Comparative Sector Analysis
|
|
Company |
Sector |
Difference |
|
|
(2.004) |
|
|
|
%
of PRODUCTION VALUE |
|
|
|
|
SALES |
99,85 |
97,80 |
2,05 |
|
ADDED
VALUE |
42,04 |
19,29 |
22,75 |
|
BUSINESS
RESULT |
20,72 |
5,33 |
15,39 |
|
%
OF TOTAL ASSETS |
|
|
|
|
OWN
FUNDS |
67,21 |
53,41 |
13,80 |
|
DEBT |
32,60 |
46,59 |
-13,99 |
Compared sector
(CNAE): 241 - Fabricación de productos químicos básicos
Number of
companies: 42
Size (Sales
Figure): > 40.000.000,00 Euros
The turnover of the
company is 2,05% above the mean for the sector.
The company’s added
value was 42,04% s/ the production value, and 22,75% above the mean
for the sector.
The company’s
business result was 20,72% of the PV, 15,39% above the mean for the
sector.
The company’s own
resources are 67,21% , 13,80% above the mean for the sector.
The company’s
outside resources are 32,60% , 13,99% below the mean for the
sector.
Legal Actions
|
No
legal incidences registered for this company in the official source |
|
No claims
registered for this company in the official sources |
|
AFFECTED
BY: No significant elemento |
Main Board members, Directors and
Auditor
|
Position |
Surname and name |
Date
of appointment |
|
CHAIRMAN |
PEREZ CARRILLO
EMILIO |
04/04/2002 |
|
BOARD MEMBER |
IFF LATIN
AMERICAN HOLDINGS ESPANA SL |
11/08/2005 |
|
BOARD MEMBER |
EDELMAN ROBERTUS
JOHANNES |
17/11/2005 |
|
BOARD MEMBER |
LANDA BERASATEGUI
JESUS |
17/11/2005 |
|
SECRETARY |
BASTARRECHE
SAGUES INIGO |
18/10/1999 |
|
AUDITOR |
PRICEWATERHOUSECOOPERS
AUDITORES SL |
17/11/2005 |
Financial Links
|
Shareholders |
|||||
|
Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
|
|
B83487942 |
99,99%
|
OWN SOURCES |
28/03/2006 |
|
|
IFF LUXEMBOURG
SARL |
LUXEMBURGO |
0,01%
|
OWN SOURCES |
28/03/2006 |
|
|
|
Company
with solvency rating below 7 |
||||
|
Shareholdings |
||||
|
Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
DAKSA PORTUGUESA
SA |
PORTUGAL |
68,00%
|
M.REGISTER |
31/12/2002 |
Proceedings published in the
B.O.R.M.E.
(Official Mercantile Register
Gazette)
|
Proceedings |
Date |
Notice
Num. |
Mercantile
Reg. |
|
Registration of
accounts (2004) |
09/02/2006 |
057101 |
CASTELLON |
|
Resignations |
17/11/2005 |
482538 |
CASTELLON |
|
Appointments |
17/11/2005 |
482538 |
CASTELLON |
|
Re-elections |
17/11/2005 |
482538 |
CASTELLON |
|
Re-elections |
17/11/2005 |
482537 |
CASTELLON |
Press articles
|
|
||
|
05/12/2000 |
EXPANSIÓN |
BRANCHES
INFORMATION |
|
ESTA SDAD.
INVERTIRA 2,4 MM. EUROS (400 MM. PTAS) EN LA CONSTRUCCION DE UNA PLANTA
BIOLOGICA PARA EL TRATAMIENTO DE EFLUENTES INDUSTRIALES, QUE ESTARA EN MARCHA
A MITAD DEL AÑO 2001. EN TOTAL, LA FIRMA HA REALIZADO INVERSIONES EN SU
PLANTA DE BENICARLO (CASTELLON) DURANTE LOS 10 ULTIMOS AÑOS POR VALOR DE
42,07 MM. EUROS (7.000 MM. PTAS). LA FACTORIA DE BENICARLO CUENTA CON UNA
PLANTILLA DE 180 EMPLEADOS Y ALCANZO UNA PRODUCCION DE 15.000 TONELADAS EN
1999. LA PLANTA FACTURO 154,49 MM. EUROS (25.705 MM. PTAS) EL PASADO EJERCI
CIO, UN 19,42% MAS QUE EN 1998, CUANDO ALCANZO LA CIFRA DE 129,36 MM. EUROS
(21.524 MM. PTAS). |
||
Complementary Information
|
28/03/06 BLOQUE
DE INVESTIGACION: |
|
- Actividad:
Productos quimicos organicos petroquimicos. |
|
- Domicilio
Social: Avda. de Felipe Klein, 2 Benicarlo (12580) |
|
CASTELLON.
Fabrica en propiedad (sin verificar) y fuera de zona |
|
comercial. |
|
- El total de
socios asciende a 2. |
|
- Exporta a
Estados Unidos y paises europeos. |
|
---------------------------------------------------------------------- |
|
El Bloque de
Investigacion no esta sujeto a actualizaciones sistemati- |
|
cas. Los datos
mostrados fueron aportados por las fuentes consultadas |
|
en la fecha del
encabezamiento. |
Brands, Signs and Commercial
Names
|
Prevailing Commercial
Names |
|||||
|
Name: |
IFF
BENICARLO, S.A. |
||||
|
Kind
of Brand: |
DENOMINATIVE |
File: |
N212879 |
||
|
Request
Date: |
09/05/1997 |
Bulletin
Date: |
Bulletin
Date: |
Current
situation: |
APPROVED
REGISTER |
|
Types:
0 |
|
||||
Total
Marcas: 1
The information on the last account
contained in this report is extracted from the Mercantile Register file of the
legal address of the Company and dated 11/01/2006
Balance Sheet (ASSETS)
|
(Figures given in
thousands of Euros) |
31/12/2002 (12)
|
31/12/2003 (12)
|
31/12/2004 (12)
|
|
|
|
A) DUE FROM
SHAREHOLDERS FOR UNCALLED CAPITAL |
|
|
|
|
|
B) FIXED ASSETS |
114.161,00 |
13.859,00 |
16.925,00 |
|
|
I. Establishment
expenses |
|
|
|
|
|
II. Intangible
assets |
127,00 |
107,00 |
175,00 |
|
|
Software |
|
153,00 |
153,00 |
|
|
Leasing |
282,00 |
288,00 |
238,00 |
|
|
Amortization |
-155,00 |
-334,00 |
-216,00 |
|
|
III. Tangible
assets |
12.156,00 |
13.463,00 |
16.510,00 |
|
|
Property, plant
and equipment |
2.203,00 |
2.979,00 |
4.543,00 |
|
|
Machinery,
equipment and other |
53.209,00 |
58.543,00 |
62.835,00 |
|
|
Other property
plant and equipement |
339,00 |
397,00 |
404,00 |
|
|
Prepaid expenses
on fixed assets |
4.313,00 |
1.722,00 |
2.183,00 |
|
|
Other assets |
250,00 |
1.060,00 |
1.178,00 |
|
|
Depreciation |
-48.158,00 |
-51.238,00 |
-54.633,00 |
|
|
IV. Financial
assets |
101.878,00 |
289,00 |
240,00 |
|
|
Shares in
affiliated companies |
101.546,00 |
|
|
|
|
Long term
deposits and guarantees |
6,00 |
6,00 |
|
|
|
Tax refunds |
326,00 |
283,00 |
240,00 |
|
|
V. Owners equity |
|
|
|
|
|
VI. Long term
trade liabilities |
|
|
|
|
|
C) DEFERRED
EXPENSES |
7,00 |
2,00 |
8,00 |
|
|
D) CURRENT ASSETS |
52.906,00 |
93.492,00 |
81.057,00 |
|
|
I. Not paid in
shareholder capital |
|
|
|
|
|
II. Inventory |
29.416,00 |
31.061,00 |
35.354,00 |
|
|
Raw material
inventory |
12.316,00 |
14.664,00 |
14.957,00 |
|
|
Work in Progress |
|
1.127,00 |
1.198,00 |
|
|
Finished goods |
17.100,00 |
15.369,00 |
19.348,00 |
|
|
Provisions |
|
-99,00 |
-149,00 |
|
|
III. Debtors |
19.754,00 |
21.734,00 |
32.093,00 |
|
|
Clients |
10.675,00 |
9.691,00 |
10.316,00 |
|
|
Amounts owned by
affiliated companies |
6.567,00 |
10.620,00 |
19.529,00 |
|
|
Other debts |
63,00 |
|
1,00 |
|
|
Labor costs |
13,00 |
23,00 |
24,00 |
|
|
Taxes refunds |
2.719,00 |
1.655,00 |
2.492,00 |
|
|
Provisions |
-283,00 |
-255,00 |
-269,00 |
|
|
IV. Short term
financial assets |
3.466,00 |
40.527,00 |
12.121,00 |
|
|
Receivables in
affiliated companies |
3.466,00 |
40.500,00 |
12.094,00 |
|
|
Short Term
Deposit and guarantees |
|
27,00 |
27,00 |
|
|
V. Short term
owners equity |
|
|
|
|
|
VI. Cash |
62,00 |
28,00 |
1.337,00 |
|
|
VII. Prepaid
expenses and accrued income |
208,00 |
142,00 |
152,00 |
|
|
ASSETS (A + B + C
+ D) |
167.074,00 |
107.353,00 |
97.990,00 |
Balance Sheet (LIABILITIES)
|
(Figures given in
thousands of Euros) |
31/12/2002 (12)
|
31/12/2003 (12)
|
31/12/2004 (12)
|
|
|
|
A) SHAREHOLDERS
EQUITY |
69.463,00 |
80.623,00 |
65.859,00 |
|
|
I. Capital |
2.900,00 |
2.900,00 |
2.900,00 |
|
|
II. Premium share
account |
1,00 |
1,00 |
1,00 |
|
|
III. Revaluation
reserve |
1.109,00 |
1.109,00 |
1.109,00 |
|
|
IV. Reserves |
39.219,00 |
42.153,00 |
25.613,00 |
|
|
Retained earnings |
580,00 |
580,00 |
580,00 |
|
|
Other funds |
38.639,00 |
41.573,00 |
25.033,00 |
|
|
V. Prior year
earnings |
|
|
|
|
|
VI. Prior year
profit or losses |
38.429,00 |
34.460,00 |
36.236,00 |
|
|
VII. Dividend
paid during the year |
-12.195,00 |
|
|
|
|
VIII. Own shares
for change in capital |
|
|
|
|
|
B) DEFERRED
INCOME |
33,00 |
133,00 |
168,00 |
|
|
Rate difference |
33,00 |
133,00 |
168,00 |
|
|
C) PROVISIONS FOR
LIABILITIES AND EXPENSES |
28,00 |
19,00 |
18,00 |
|
|
Provision for
pensions plans |
28,00 |
19,00 |
18,00 |
|
|
D) LONG TERM
LIABILITIES |
75,00 |
26,00 |
114,00 |
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
75,00 |
26,00 |
114,00 |
|
|
Leasing |
75,00 |
26,00 |
114,00 |
|
|
III. Debts with
associed and affiliated companies |
|
|
|
|
|
IV. Other
creditors |
|
|
|
|
|
V. Deferred debts
on shares |
|
|
|
|
|
VI. Long term
debt with creditor |
|
|
|
|
|
E) SHORT TERM
LIABILITIES |
97.475,00 |
26.552,00 |
31.831,00 |
|
|
I. Negotiable
bonds |
|
|
|
|
|
II. Bank loans |
2.561,00 |
3.180,00 |
52,00 |
|
|
Loans and other
debts |
2.495,00 |
3.132,00 |
|
|
|
Debt interest |
4,00 |
1,00 |
4,00 |
|
|
Leasing |
62,00 |
47,00 |
48,00 |
|
|
III. Short term
debts with associated and affiliated companies |
71.074,00 |
11.524,00 |
20.461,00 |
|
|
With affiliated
companies |
71.074,00 |
11.524,00 |
20.461,00 |
|
|
IV. Trade
creditors |
12.411,00 |
10.196,00 |
9.614,00 |
|
|
Accounts payable |
|
15,00 |
3,00 |
|
|
Expenses |
12.411,00 |
10.181,00 |
9.611,00 |
|
|
V. Other non
trade payables |
9.701,00 |
1.652,00 |
1.704,00 |
|
|
Government |
9.305,00 |
582,00 |
643,00 |
|
|
Accounts
receivable |
396,00 |
1.070,00 |
1.061,00 |
|
|
VI. Provisions
for current assets |
|
|
|
|
|
VII. Accruals and
deferred incomes |
1.728,00 |
|
|
|
|
F) SHORT TERM
PROVISIONS FOR LIABILITIES AND EXPENSES |
|
|
|
|
|
LIABILITIES (A +
B + C + D + E + F) |
167.074,00 |
107.353,00 |
97.990,00 |
Profit and Loss Account
|
(Figures given in
thousands of Euros) |
31/12/2002 (12)
|
31/12/2003 (12)
|
31/12/2004 (12)
|
|
|
|
A) EXPENSES (A.1
a A.16) |
|
|
|
|
|
A.1. Change in
stocks of finished goods and work in progress |
|
604,00 |
|
|
|
A.2. Supplies |
68.054,00 |
66.794,00 |
75.141,00 |
|
|
Material consumed |
300,00 |
|
|
|
|
Raw materials
consumed |
67.754,00 |
66.794,00 |
75.141,00 |
|
|
A.3. Labor cost |
9.841,00 |
9.551,00 |
8.961,00 |
|
|
Wages |
7.317,00 |
7.420,00 |
6.814,00 |
|
|
Social security
expenses |
2.524,00 |
2.131,00 |
2.147,00 |
|
|
A.4. Assets
depreciation |
3.597,00 |
3.282,00 |
3.485,00 |
|
|
A.5 Variance in
provision for current assets |
39,00 |
99,00 |
64,00 |
|
|
Variance in
provision for inventory |
|
99,00 |
50,00 |
|
|
Variance in
provision for bad debts |
39,00 |
|
14,00 |
|
|
A.6. Other
operating costs |
17.288,00 |
19.996,00 |
30.248,00 |
|
|
External costs |
16.959,00 |
19.675,00 |
29.904,00 |
|
|
Taxes |
329,00 |
321,00 |
344,00 |
|
|
A.I. OPERATING
RESULT (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
63.697,00 |
65.360,00 |
61.003,00 |
|
|
A.7. Financial
expenses |
4.107,00 |
2.416,00 |
423,00 |
|
|
Debts with
related companies |
|
2.080,00 |
|
|
|
Other companies
debts |
4.107,00 |
336,00 |
423,00 |
|
|
A.8. Variation in
financial investments provision |
|
|
|
|
|
A.9. Exchange
losses |
2.963,00 |
1.419,00 |
904,00 |
|
|
A.II. POSITIVE
FINANCIAL RESULTS (B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
|
|
122,00 |
|
|
A.III. PROFIT
FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II) |
58.841,00 |
62.753,00 |
61.125,00 |
|
|
A.10. Variation
in provision in fixed assets |
|
23.232,00 |
|
|
|
A.11. Losses in
fixed assets |
7,00 |
11,00 |
|
|
|
A.12. Losses from
shares and bonds |
|
|
|
|
|
A.13.
Extraordinary charges |
124,00 |
23,00 |
31,00 |
|
|
A.14. Prior
year’s expenses and losses |
|
|
|
|
|
A.IV. POSITIVE
EXTRAORDINARY RESULT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14) |
|
|
23,00 |
|
|
A.V. EARNINGS /
LOSS BEFORE TAXES (A.III+A.IV-B.III-B.IV) |
58.740,00 |
53.009,00 |
61.148,00 |
|
|
A.15. Corporate
Taxes |
20.311,00 |
18.549,00 |
24.912,00 |
|
|
A.16. Other taxes |
|
|
|
|
|
A.VI. YEAR END
RESULT (PROFIT) (A.V-A.15-A.16) |
38.429,00 |
34.460,00 |
36.236,00 |
|
|
B) INCOMES (B.1 a
B13) |
|
|
|
|
|
B.1. Turnover |
160.299,00 |
165.440,00 |
174.585,00 |
|
|
Sales |
161.169,00 |
166.343,00 |
175.643,00 |
|
|
Discounts |
-870,00 |
-903,00 |
-1.058,00 |
|
|
B.2. Increase in
inventory of finished goods |
162,00 |
|
4.050,00 |
|
|
B.3. Expenses
capitalized |
|
|
|
|
|
B.4. Other
operating income |
2.055,00 |
246,00 |
267,00 |
|
|
Other incomes |
2.055,00 |
246,00 |
267,00 |
|
|
B.I. OPERATING
LOSSES (A.1+A.2+A.3+A.4+A.5+A.6-B.1-B.2-B.3-B.4) |
|
|
|
|
|
B.5. Incomes from
share |
|
|
|
|
|
B.6. Income from
securities |
|
|
|
|
|
B.7. Other income
from interrest |
900,00 |
390,00 |
1.046,00 |
|
|
From affiliated
companies |
855,00 |
356,00 |
989,00 |
|
|
From other
companies |
45,00 |
34,00 |
57,00 |
|
|
B.8. Gains on
exchange |
1.314,00 |
838,00 |
403,00 |
|
|
B.II. FINANCIAL
LOSSES (A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
4.856,00 |
2.607,00 |
|
|
|
B.III. LOSSES
FROM ORDINARY ACTIVITIES (B.I+B.II-A.I-A.II) |
|
|
|
|
|
B.9. Gains from
disposal of fixed assets |
|
12.986,00 |
25,00 |
|
|
B.10. Gains from
dealing in own shares |
|
|
|
|
|
B.11. Paid in
surplus |
|
|
|
|
|
B.12.
Extraordinary income |
30,00 |
536,00 |
29,00 |
|
|
B.13. Prior
year’s income and profits |
|
|
|
|
|
B.IV.
EXTRAORDINARY LOSSES (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13) |
101,00 |
9.744,00 |
|
|
|
B.V. LOSS BEFORE
TAXES (B.III+B.IV-A.III-A.IV) |
|
|
|
|
|
B.VI. NET LOSS
(B.V+A.15+A.16) |
|
|
|
Main Ratios
|
(Figures given in
thousands of Euros) |
2.002 (12)
|
2.003 (12)
|
2.004 (12)
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the
Sales Figures |
3,02 |
3,21 |
5,53 |
|
|
Assets Turnover |
0,96 |
1,54 |
1,78 |
|
|
Productivity |
7,84 |
8,20 |
0,00 |
|
|
Increase of the
Added Value |
1,84 |
1,45 |
|
|
|
PROFITABILITY |
|
|
|
|
|
Economic
Profitability |
23,00 |
32,10 |
36,98 |
|
|
Financial
Profitability |
55,32 |
42,74 |
55,02 |
|
|
Financial
Expenses |
2,56 |
1,46 |
0,24 |
|
|
BALANCE (IN DAYS
OF SALES) |
|
|
|
|
|
Customers’ Credit
(In days of sales) |
44,00 |
47,00 |
66,00 |
|
|
Suppliers’ Credit
(In days of sales) |
66,00 |
54,00 |
49,00 |
|
|
Working Capital
(In days of sales) |
0,00 |
146,00 |
102,00 |
|
|
Working Capital
Requirement (In days of sales) |
0,00 |
64,00 |
74,00 |
|
|
Treasury (In days
of sales) |
2,00 |
81,00 |
28,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
-44.569,00 |
66.940,00 |
49.226,00 |
|
|
Working Capital
Requirement |
-45.536,00 |
29.565,00 |
35.820,00 |
|
|
Treasury |
967,00 |
37.375,00 |
13.406,00 |
|
|
Balance Ratio |
0,61 |
5,83 |
3,89 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
58,39 |
24,76 |
32,60 |
|
|
Own / Permanent
Funds |
99,81 |
99,78 |
100,00 |
|
|
Payback Capacity |
0,60 |
0,14 |
0,18 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
0,54 |
3,52 |
2,55 |
|
|
Immediate
Liquidity |
0,04 |
1,53 |
0,42 |
Sectorial Analysis
Summary of Assets, Liability & Equity
|
(Figures given in
Percentages) |
Company |
Sector |
Company |
|
|
2.004 |
|
|
|
Assets |
|||
|
DUE
FROM SHAREHOLDERS FOR UNCALLED CAPITAL |
0,00 |
0,00 |
0,00 |
|
FIXED
ASSETS |
17,27 |
53,21 |
-35,94 |
|
ACCRUED
EXPENSES |
0,01 |
0,19 |
-0,18 |
|
CURRENT
ASSETS |
82,72 |
46,60 |
36,12 |
|
TOTAL
ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS
EQUITY |
67,21 |
53,41 |
13,80 |
|
ACCRUED
INCOME |
0,17 |
2,01 |
-1,84 |
|
RISK
AND EXPENDITURE COVER |
0,02 |
1,65 |
-1,63 |
|
LONG-TERM
CREDITORS |
0,12 |
11,51 |
-11,39 |
|
SHORT-TERM
CREDITORS |
32,48 |
31,36 |
1,12 |
|
SHORT-TERM
RISK AND EXPENDITURE COVER |
0,00 |
0,06 |
-0,06 |
|
TOTAL
LIABILITIES |
100,00 |
100,00 |
0,00 |
Analytical Account of Results
|
(Figures given in
Percentages) |
Company |
Sector |
Company |
|
|
2.004 |
|
|
|
Net
turnover |
99,85 |
97,80 |
2,05 |
|
Other
operating income |
0,15 |
2,20 |
-2,05 |
|
Production
Value |
100,00 |
100,00 |
0,00 |
|
Operating
expenses |
40,66 |
62,55 |
-21,89 |
|
Other
operation expenses |
17,30 |
18,15 |
-0,85 |
|
Added
value |
42,04 |
19,29 |
22,75 |
|
Labor
cost |
5,12 |
9,76 |
-4,64 |
|
Gross
Economic Result |
36,92 |
9,53 |
27,39 |
|
Assets
depreciation |
1,99 |
4,81 |
-2,82 |
|
Variation
in provision for current assets |
0,04 |
-0,00 |
0,04 |
|
Net
Economic Result |
34,89 |
4,73 |
30,16 |
|
Financial
income |
0,83 |
2,24 |
-1,41 |
|
Financial
expenses |
0,76 |
1,40 |
-0,64 |
|
Variation
in financial investment provision |
0,00 |
-0,00 |
0,00 |
|
Ordinary
Activities Result |
34,96 |
5,57 |
29,39 |
|
Extraordinary
income |
0,03 |
2,02 |
-1,99 |
|
Extraordinary
expenses |
0,02 |
0,70 |
-0,68 |
|
Variation
in provision in fixed assets |
|
0,41 |
-0,41 |
|
Results
before Taxes |
34,97 |
6,48 |
28,49 |
|
Corporaye
taxes |
14,25 |
1,15 |
13,10 |
|
Net
Result |
20,72 |
5,33 |
15,39 |
|
Assets
depreciation |
1,99 |
4,81 |
-2,82 |
|
Provisions
fund variation |
0,04 |
0,40 |
-0,36 |
|
Net
Self-Financing |
22,75 |
10,55 |
12,20 |
Ratios
|
(Figures given in
) |
Company |
Ptile25
|
Medium
|
Ptile75
|
|
|
2.004 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase
of the Sales Figures |
5,53 |
-1,14 |
4,63 |
11,39 |
|
Assets
Turnover |
1,78 |
0,79 |
1,22 |
1,57 |
|
Fixed
Assets Turnover |
10,31 |
1,44 |
2,94 |
4,81 |
|
Increase
of the Added Value |
|
-21,38 |
-3,92 |
9,40 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
0,00 |
1,29 |
1,66 |
2,37 |
|
Change
of Personnel Costs |
-6,18 |
1,71 |
6,28 |
9,95 |
|
Average
Personnel Costs |
45,26 |
41,57 |
52,56 |
60,22 |
|
Value
Added by Employees |
0,00 |
55,23 |
82,62 |
122,28 |
|
CASH FLOW |
|
|
|
|
|
Cash
Flow |
39.785,00 |
3.559,05 |
6.043,23 |
19.281,77 |
|
Operating
Cash Flow |
64.552,00 |
3.212,04 |
5.208,50 |
16.106,00 |
|
Change
in Cash Flow |
-34,86 |
-36,65 |
-5,44 |
7,75 |
|
PROFITABILITY |
|
|
|
|
|
Economic
Profitability |
36,98 |
0,69 |
3,82 |
7,08 |
|
Financial
Profitability |
55,02 |
1,16 |
7,39 |
14,46 |
|
Financial
Expenses |
0,24 |
0,35 |
0,68 |
1,00 |
|
Gross
Economic Profitability |
-9,14 |
4,28 |
8,66 |
14,17 |
|
Gross
Financial Profitability |
-13,61 |
9,23 |
18,45 |
34,49 |
|
BALANCE (IN DAYS
OF SALES) |
|
|
|
|
|
Customers’
Credit (In days of sales) |
66,00 |
77,47 |
99,12 |
119,49 |
|
Suppliers’
Credit (In days of sales) |
49,00 |
34,43 |
78,60 |
115,48 |
|
Working
Capital (In days of sales) |
102,00 |
9,92 |
33,32 |
73,55 |
|
Working
Capital Requirement (In days of sales) |
74,00 |
10,48 |
25,11 |
60,77 |
|
Treasury
(In days of sales) |
28,00 |
-22,83 |
3,77 |
40,54 |
|
Operating
Current Assets |
167,00 |
128,23 |
163,68 |
193,80 |
|
BALANCE |
|
|
|
|
|
Working
Capital |
49.226,00 |
1.889,51 |
9.055,54 |
24.137,70 |
|
Working
Capital Requirement |
35.820,00 |
1.514,07 |
5.215,90 |
21.138,25 |
|
Treasury |
13.406,00 |
-6.216,61 |
855,99 |
7.110,91 |
|
Balance
Ratio |
3,89 |
1,04 |
1,38 |
1,66 |
|
SOLVENCY |
|
|
|
|
|
Borrowing
Ratio |
32,60 |
38,24 |
51,58 |
67,03 |
|
Own
/ Permanent Funds |
100,00 |
69,25 |
92,87 |
98,02 |
|
Payback
Capacity |
0,18 |
0,28 |
0,40 |
0,51 |
|
Long
term Indebtedness |
0,12 |
0,01 |
3,79 |
17,89 |
|
Gearing |
148,79 |
161,92 |
206,55 |
303,27 |
|
Financing
Basic Ratio |
1,00 |
1,00 |
1,00 |
1,02 |
|
Assets
Guarantee |
3,07 |
1,49 |
1,88 |
2,56 |
|
LIQUIDITY |
|
|
|
|
|
General
Liquidity |
2,55 |
1,07 |
1,22 |
1,84 |
|
Immediate
Liquidity |
0,42 |
0,02 |
0,13 |
0,48 |
WEB DETAILS ATTACHED
|
History |
|
|
|
|
|
|
|
|
|||
|
|
1833 |
|
Stafford Allen & Sons founded. The company
produces pure drugs and essential oils, especially sandalwood oil and clove. |
|
|
|
|
|
||||
|
|
|
||||
|
|
1851 |
|
W.J. Bush & Company founded. William John
Bush acquires a small factory in London where he begins the steam
distillation of herbs, spices, and woods and the preparation of tinctures and
essences. |
|
|
|
|
|
||||
|
|
|
||||
|
|
1869 |
|
A. Boake, Roberts & Co. founded. The company
produces brewing chemicals and eventually begins to manufacture flavoring
essences and distill essential oils. |
|
|
|
|
|
||||
|
|
|
||||
|
|
1889 |
|
Polak & Schwarz formed to process
concentrated fruit juices. |
|
|
|
|
|
||||
|
|
|
||||
|
|
1917 |
|
A.L. van Ameringen & Co. founded and begins
importing essential oils from Holland. This small import business, which
began with just 500 square feet of office space, goes on to become the
world's leading fragrance and flavor company. |
|
|
|
|
|
||||
|
|
|
||||
|
|
1929 |
|
Van Ameringen forms partnership with Dr. William
T. Haebler, and after acquiring an aromatic chemical plant in Elizabeth, New
Jersey, van Ameringen-Haebler, Inc. is born. |
|
|
|
|
|
||||
|
|
|
||||
|
|
1958 |
|
Polak & Schwarz and van Ameringen merge to
become International Flavors & Fragrances Inc. The company grows
internationally almost overnight and becomes a major supplier in the flavor
and fragrance business. |
|
|
|
|
|
||||
|
|
|
||||
|
|
1966 |
|
Stafford Allen & Sons, W.J. Bush &
Company, and A. Boake, Roberts & Co. join forces to become Bush Boake
Allen Ltd. |
|
|
|
|
|
||||
|
|
|
||||
|
|
2000 |
|
IFF acquires Bush, Boake Allen Inc., creating the
world's largest flavor and fragrance company. |
|
|
|
Management
& Board |
|
|
|
|
|
Leadership |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Richard A. Goldstein |
|
|
|
Chairman and Chief Executive Officer |
|
|
|
|
|
||||||||
|
|
Jim Dunsdon |
|
|
Chief Operating Officer |
|
|
||
|
|
||||||||
|
|
Dennis M. Meany |
|
|
Senior Vice President, General Counsel and Secretary |
|
|
||
|
|
||||||||
|
|
Douglas J. Wetmore |
|
|
Senior Vice President & Chief Financial
Officer |
|
|
||
|
|
||||||||
|
|
Clint D. Brooks, Ph.D. |
|
|
Senior Vice President of Research &
Development |
|
|
||
|
|
||||||||
|
|
Steven J. Heaslip |
|
|
Senior Vice President of Human Resources |
|
|
||
|
|
||||||||
|
|
Nicolas Mirzayantz |
|
|
Senior Vice President, Fine Fragrances &
Beauty Care and Regional Manager, North America |
|
|
||
|
|
||||||||
|
|
Arun Bewoor |
|
|
Vice President and Regional Manager—Indian
Subcontinent |
|
|
||
|
|
||||||||
|
|
Robert Burns |
|
|
Senior Vice President and Regional Manager—Asia
Pacific |
|
|
||
|
|
||||||||
|
|
Nicolas Mirzayantz |
|
|
Senior Vice President, Fine Fragrances &
Beauty Care and Regional Manager, North America |
|
|
||
|
|
||||||||
|
|
Hernan Vaisman |
|
|
Vice President and Regional Manager—LATAM |
|
|
||
|
|
||||||||
|
|
Dennis Wall |
|
|
Vice President and Regional Manager—Asia Pacific |
|
|
||
|
|
||||||||
|
|
||||||||
|
Board of Directors |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Margaret Hayes Adame |
|
|
Director |
|
|
||
|
|
||||||||
|
|
Dr. Günter Blobel |
|
|
Director |
|
|
||
|
|
||||||||
|
|
J. Michael Cook |
|
|
Director |
|
|
||
|
|
||||||||
|
|
Peter A. Georgescu |
|
|
Director |
|
|
||
|
|
||||||||
|
|
Richard A. Goldstein |
|
|
Chairman and Chief Executive Officer |
|
|
||
|
|
||||||||
|
|
Alexandra A. Herzan |
|
|
Director |
|
|
||
|
|
||||||||
|
|
Henry (Harry) Howell, Jr. |
|
|
Director |
|
|
||
|
|
||||||||
|
|
Arthur C. Martinez |
|
|
Lead Director |
|
|
||
|
|
||||||||
|
|
Burton M. Tansky |
|
|
Director |
|
|
||
|
|
||||||||
Vision
The
Pursuit of Excellence
"At IFF, we are in the process of
reinventing ourselves...of reaffirming our preeminence in terms of customer
service and technological superiority. The guiding principles helping us
achieve our goals are the same ones that made IFF the undisputed leader in the
first place. Our founding Chairmen built our Company on The Pursuit of
Excellence. And they cast the net wide...we define our playing field not merely
in terms of flavors and fragrances. Our job is to be anywhere the senses of
taste and smell are or can be involved. That is visionary. That is how leaders
think."
—Richard A. Goldstein, Chairman and Chief Executive Officer, September 2002
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|