MIRA
INFORM REPORT
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Report Date : |
07.08.2007 |
IDENTIFICATION DETAILS
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Name : |
ACUSTICA BEYMA S L |
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Formerly Known As : |
ACUSTICA BEYMA S A |
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Registered Office : |
Calle Del Pont Sector. PG Industrial Montcada II, 1 46113 Moncada ( |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
30.07.1971 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of television & radio receivers, sound & video
recording |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Identification and
Characteristics
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NAME |
ACUSTICA BEYMA SL |
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FORMER NAME |
ACUSTICA BEYMA SA |
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BUSINESS ADDRESS |
CALLE DEL PONT SECTOR.PG |
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Postcode |
46113 MONCADA ( |
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FORMER ADDRESS |
CALLE PONT SEC, 1 |
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Postcode |
46113 MONCADA ( |
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URL |
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TELEPHONE |
961301375 |
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FAX |
961301507 |
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LEGAL FORM |
LIMITED LIABILITY COMPANY |
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DATE FOUNDED |
30/07/1971 |
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CAPITAL |
180.303,00 Euros |
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PAID-UP CAPITAL |
180.303,00 Euros |
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NUMBER OF EMPLOYEES |
80 |
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ACTIVITY |
1355000 - Mfg. of television & radio receivers, sound
& video recording |
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CNAE |
3230 - Manufacture of television and radio receivers, sound
or video recording or reproducing apparatus and associated goods |
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EXPORT COMPANY |
YES |
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IMPORT COMPANY |
YES |
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* Characteristics of the main address |
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According to our investigations these premises are owned; with no
official confirmation used as office, factory, warehouse
located in a secondary park of industries. |
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Synthesis |
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FINANCIAL SITUATION (Year ending: 31/12/2005) |
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PROFITABILITY |
Medium |
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TREASURY |
Excellent |
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BALANCE SHEET |
Excellent |
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DEBT |
Nil |
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INCIDENTS |
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COMMITMENTS |
Respected |
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INCIDENTS |
None or Negligible |
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PREVIOUS EXPERIENCE |
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PREVIOUS EXPERIENCE |
Very favourable |
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Credit Appraisal
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CREDIT ACCORDING TO OBJECTIVE DATA (From 0 to 6.000.000,00 Euros): |
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FAVOURABLE TOWARDS 443.000,00 Max. Euros |
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SOLVENCY RATING: |
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(BASED ON HOMOGENEOUS FORMULATION) |
Financial Elements
Figures given in Euros
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Balance
sheet 2.003 (12) |
Balance
sheet 2.004 (12) |
Balance
sheet 2.005 (12) |
%
Sales |
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SALES |
8.531.464,98 |
8.238.686,17 |
7.045.381,02 |
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ADDED VALUE |
2.453.742,97 |
2.220.454,88 |
1.732.908,78 |
24,60 |
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BUSINESS RESULT |
360.035,98 |
-406.849,01 |
74.113,72 |
1,05 |
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OWN FUNDS |
7.932.160,43 |
7.525.311,42 |
7.299.425,14 |
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DEBT |
2.002.634,20 |
1.798.942,08 |
1.548.544,79 |
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TOTAL ASSET |
9.989.628,17 |
9.377.864,36 |
8.900.791,14 |
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The sales of 7.045.381, 02 Euros show
a change of -14, 48% compared with 2.004. Between 2.003 and 2.004,
this change was -3, 43%. |
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Added value grew by -21, 96% compared
with the previous year. Shareholders equity is 7.299.425, 14 Euros for
an indebtedness of 1.548.544, 79 Euros. |
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The result 74.113,72 Euros means
financial profitability of 1, 02% and economic profitability of 0, 83%. This
result means growth of 118, 22% compared with the 2.004. |
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THE FIGURES FOR THE LAST BALANCE SHEET ARE
RELEVANT: |
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SOURCE: FROM THE MERCANTILE REGISTER |
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DATE: 19/03/2007 |
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Results
Distribution |
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Annual Report Year Source: 2.005 |
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Figures given in Euros |
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Distribution Base |
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Profit and Loss |
74.114 |
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Total of Amounts to be
distributed |
74.114 |
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Distribution a |
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Prior years losses |
74.114 |
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Auditors’ opinion: |
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FAVOURABLE (2.005) |
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Auditors: |
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COSTA AUDITORES SL |
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Comparative Sector
Analysis
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Company |
Sector |
Difference |
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(2.005)
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% of PRODUCTION VALUE |
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SALES |
99,45 |
97,05 |
2,40 |
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ADDED VALUE |
24,46 |
35,93 |
-11,47 |
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BUSINESS RESULT |
1,05 |
5,39 |
-4,34 |
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% OF TOTAL ASSETS |
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OWN FUNDS |
82,01 |
48,97 |
33,04 |
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DEBT |
17,40 |
51,03 |
-33,63 |
Compared sector
(CNAE): 323 - Fabrication de apparatus de recepción, grabación y reproducción de
sonido e imagen
Number of companies: 9
Size (Sales Figure) : > 7.000.000, 00 Euros
The turnover of the company is 2, 40% above the mean for the sector.
The company’s added value was 24, 46% s/ the production value, and 11,
47% below the mean for the sector.
The company’s business result was 1, 05% of the PV, 4, 34% below the
mean for the sector.
The company’s own resources are 82, 01%, 33, and 04% above the mean for
the sector.
The company’s outside resources are 17, 40%, 33, and 63% 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: 1 Company / Companies
in Insolvency Proceedings
Main Board members,
Directors and Auditor
|
Position |
Surname and name |
Date of appointment |
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CHAIRMAN |
MASIP VIDAL JOSE |
29/03/2007 |
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BOARD MEMBER |
MASIP VIDAL ANA MARIA |
29/03/2007 |
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BOARD MEMBER |
MASIP VIDAL LIDIA |
29/03/2007 |
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AUDITOR |
COSTA AUDITORES SL |
13/03/2007 |
Functional Managers
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Position |
Surname and name |
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MANAGER |
FARINOS MANES JOSE VICENTE |
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FINANCIAL MANAGER |
GALVEZ CARMEN |
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COMMERCIAL MANAGER |
MATORANO JOSE |
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EXPORTS MANAGER |
MATURANA SANZ JOSE |
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OPERATIONS MANAGER |
ENGUIDANOS WEYLER PEDRO |
Financial Links
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Shareholders |
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Company Name |
CIF/Country |
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Source |
Information Date |
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ACUSTICA MASIP SL |
B96306972 |
60,00% |
OWN SOURCES |
30/01/2007 |
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FAMILIA DE JOSE MASIP |
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Minor. |
OWN SOURCES |
26/01/2007 |
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Shareholdings |
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Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
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BEYMA DO BRASIL |
BRASIL |
Indet. |
M.REGISTER |
31/12/2004 |
Proceedings published
in the B.O.R.M.E. (Official Mercantile Register Gazette)
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Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
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fusion by absorption project |
12/06/2007 |
195157 |
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Change of legal form |
29/03/2007 |
188082 |
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Resignations |
29/03/2007 |
188082 |
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Appointments |
29/03/2007 |
188082 |
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Activity extension |
29/03/2007 |
188082 |
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Brands, Signs and
Commercial Names
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Prevailing Brands |
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Name: |
BEYMA |
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Kind of Brand: |
JOINT |
File: |
M2523949 |
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Request Date: |
03/02/2003 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
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Types: 42 |
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Name: |
DIGITAL SOUND RESPONSE |
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Kind of Brand: |
JOINT |
File: |
M2411983 |
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Request Date: |
02/07/2001 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
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Types: 9 |
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Name: |
DIGITAL SOUND RESPONSE |
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Kind of Brand: |
JOINT |
File: |
M2411984 |
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Request Date: |
02/07/2001 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
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Types: 37 |
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Name: |
BEYMA |
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Kind of Brand: |
JOINT |
File: |
M2147869 |
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Request Date: |
05/03/1998 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
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Types: 9 |
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Name: |
BEYMA |
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Kind of Brand: |
JOINT |
File: |
M2147870 |
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Request Date: |
05/03/1998 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
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Types: 15 |
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Total Marcas: 7
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Commercial
Experience |
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PURCHASES |
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Import Percentage:
15% |
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Imports:: |
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Corea, Taiwán, Japón y Brasil y EE.UU. |
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SALES |
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Collection (estimated) |
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Cash sales percentage
100 % |
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Export Percentage: 52% |
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Exports:: |
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toda Europa, Sudeste Asiatico, |
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Suppliers |
International |
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FUNDALMA SL |
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CENTERMIN SL |
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ACUSTICA MASIP SA |
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CERTENMIN SL |
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FUNDALMA SL |
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Total 6 |
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Clients |
International |
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CENTERMIN SL |
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ACUSTICA MASIP SA |
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BEYMA DO BRASIL |
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Total 3 |
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Bank Entities
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Entity |
Branch |
Branch Address |
Town |
Province |
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BANCO SANTANDER
CENTRAL HISPANO, S.A. |
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0600 |
PINTOR SOROLLA,24 |
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BSCH |
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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 19/03/2007
Balance Sheet
(ASSETS)
|
(Figures given in Euros) |
31/12/2003 (12)
|
31/12/2004 (12)
|
31/12/2005 (12)
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A) DUE FROM SHAREHOLDERS FOR UNCALLED
CAPITAL |
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B) FIXED ASSETS |
3.849.061,01 |
3.895.333,48 |
3.906.096,44 |
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I. Establishment expenses |
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II. Intangible assets |
829.137,10 |
839.783,76 |
55.754,04 |
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R & D expenses |
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|
9.161,71 |
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Concessions, Patents, licenses ,
trademarks |
112.667,53 |
113.594,05 |
117.382,33 |
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Software |
149.763,39 |
207.901,03 |
210.459,73 |
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Leasing |
1.009.700,34 |
1.009.700,34 |
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Amortization |
-442.994,16 |
-491.411,66 |
-281.249,73 |
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III. Tangible assets |
1.506.821,03 |
1.552.192,83 |
2.346.985,51 |
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Property, plant and equipment |
845.924,68 |
848.894,92 |
1.936.378,03 |
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Machinery, equipment and other |
368.087,78 |
452.300,82 |
534.211,83 |
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Other property plant and equipment |
1.554.433,85 |
1.733.896,96 |
1.855.287,38 |
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Other assets |
325.615,81 |
358.272,39 |
351.956,54 |
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Depreciation |
-1.587.241,09 |
-1.841.172,26 |
-2.330.848,27 |
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IV. Financial assets |
1.513.102,88 |
1.503.356,89 |
1.503.356,89 |
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Shares in affiliated companies |
9.747,62 |
9.747,62 |
9.747,62 |
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Loans to affiliated companies |
1.502.530,26 |
1.502.530,26 |
1.502.530,26 |
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Long term deposits and guarantees |
825,00 |
825,00 |
825,00 |
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Provisions |
|
-9.745,99 |
-9.745,99 |
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V. Owners equity |
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VI. Long term trade liabilities |
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C) DEFERRED EXPENSES |
11.035,22 |
4.038,17 |
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D) CURRENT ASSETS |
6.129.531,94 |
5.478.492,71 |
4.994.694,70 |
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I. Not paid in shareholder capital |
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II. Inventory |
1.748.308,44 |
2.012.518,97 |
2.130.767,05 |
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Raw material inventory |
1.156.660,50 |
1.474.698,16 |
1.477.251,83 |
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Finished goods |
591.647,94 |
537.820,81 |
653.515,22 |
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III. Debtors |
2.581.875,34 |
2.197.948,74 |
1.516.848,23 |
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Clients |
2.038.847,52 |
2.475.574,74 |
1.946.739,12 |
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Amounts owned by affiliated companies |
465.532,50 |
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Other debts |
2.249,71 |
2.249,71 |
2.849,71 |
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Taxes refunds |
123.090,39 |
451.356,81 |
421.846,71 |
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Provisions |
-47.844,78 |
-731.232,52 |
-854.587,31 |
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IV. Short term financial assets |
859.640,16 |
490.779,05 |
362.079,08 |
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Receivables in affiliated companies |
542.353,01 |
485.725,68 |
335.138,05 |
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Short term investment |
397.028,84 |
327.922,29 |
329.125,23 |
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Short Term Deposit and guarantees |
4.249,54 |
4.587,54 |
1.300,00 |
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Provisions |
-83.991,23 |
-327.456,46 |
-303.484,20 |
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V. Short term owners equity |
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VI. Cash |
931.126,34 |
767.315,50 |
973.963,69 |
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VII. Prepaid expenses and accrued income |
8.581,66 |
9.930,45 |
11.036,65 |
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ASSETS (A + B + C + D) |
9.989.628,17 |
9.377.864,36 |
8.900.791,14 |
Balance Sheet
(LIABILITIES)
|
(Figures given in Euros) |
31/12/2003 (12)
|
31/12/2004 (12)
|
31/12/2005 (12)
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A) SHAREHOLDERS EQUITY |
7.932.160,43 |
7.525.311,42 |
7.299.425,14 |
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I. Capital |
180.303,00 |
180.303,00 |
180.303,00 |
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II. Premium share account |
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III. Revaluation reserve |
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IV. Reserves |
7.391.821,45 |
7.751.857,43 |
7.451.857,43 |
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Retained earnings |
36.060,73 |
36.060,73 |
36.060,73 |
|
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Other funds |
7.355.760,09 |
7.715.796,07 |
7.415.796,07 |
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Capital adjustments in Euros |
0,63 |
0,63 |
0,63 |
|
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V. Prior year earnings |
|
|
-406.849,01 |
|
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Prior years losses |
|
|
-406.849,01 |
|
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VI. Prior year profit or losses |
360.035,98 |
-406.849,01 |
74.113,72 |
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VII. Dividend paid during the year |
|
|
|
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VIII. Own shares for change in capital |
|
|
|
|
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B) DEFERRED INCOME |
54.833,54 |
53.610,86 |
52.821,21 |
|
|
Capital grants |
54.833,54 |
53.610,86 |
52.821,21 |
|
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C) PROVISIONS FOR LIABILITIES AND EXPENSES |
|
|
|
|
|
D) LONG TERM LIABILITIES |
714.887,52 |
347.896,64 |
514.005,71 |
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
571.435,95 |
347.896,64 |
514.005,71 |
|
|
Long term bank loans |
571.435,95 |
347.896,64 |
514.005,71 |
|
|
III. Debts with associate and affiliated
companies |
143.451,57 |
|
|
|
|
Debts with associate companies |
143.451,57 |
|
|
|
|
IV. Other creditors |
|
|
|
|
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V. Deferred debts on shares |
|
|
|
|
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VI. Long term debt with creditor |
|
|
|
|
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E) SHORT TERM LIABILITIES |
1.287.746,68 |
1.451.045,44 |
1.034.539,08 |
|
|
I. Negotiable bonds |
|
|
|
|
|
II. Bank loans |
261.918,37 |
248.782,50 |
188.642,29 |
|
|
Loans and other debts |
261.918,37 |
248.782,50 |
188.642,29 |
|
|
III. Short term
debts with associated and affiliated companies |
69.288,72 |
91.472,85 |
57.749,09 |
|
|
With affiliated companies |
69.288,72 |
91.472,85 |
57.749,09 |
|
|
IV. Trade creditors |
594.850,79 |
669.722,55 |
496.230,83 |
|
|
Expenses |
594.850,79 |
669.722,55 |
496.230,83 |
|
|
V. Other non trade payables |
361.688,80 |
441.067,54 |
291.916,87 |
|
|
Government |
248.572,18 |
280.933,95 |
274.760,40 |
|
|
Other debts |
103.996,01 |
143.445,35 |
13.085,41 |
|
|
Accounts receivable |
9.120,61 |
16.688,24 |
4.071,06 |
|
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VI. Provisions for current assets |
|
|
|
|
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VII. Accruals and deferred incomes |
|
|
|
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F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
9.989.628,17 |
9.377.864,36 |
8.900.791,14 |
Profit and Loss
Account
|
(Figures given in Euros) |
31/12/2003 (12)
|
31/12/2004 (12)
|
31/12/2005 (12)
|
|
|
|
A) EXPENSES (A.1 a A.16) |
8.496.649,25 |
8.772.076,24 |
7.290.169,84 |
|
|
A.1. Change in stocks of finished goods
and work in progress |
|
53.827,13 |
|
|
|
A.2. Supplies |
4.284.517,27 |
4.088.404,65 |
3.285.404,58 |
|
|
Material consumed |
-5.740,29 |
-8.017,37 |
-66.511,80 |
|
|
Raw materials consumed |
3.094.790,50 |
2.930.068,34 |
2.407.311,27 |
|
|
Other expenses |
1.195.467,06 |
1.166.353,68 |
944.605,11 |
|
|
A.3. Labor cost |
1.573.225,19 |
1.589.158,90 |
1.297.718,29 |
|
|
Wages |
1.173.146,68 |
1.189.212,25 |
952.742,72 |
|
|
Social security expenses |
400.078,51 |
399.946,65 |
344.975,57 |
|
|
A.4. Assets depreciation |
278.710,23 |
302.348,81 |
307.099,18 |
|
|
A.5 Variance in provision for current
assets |
28.618,13 |
699.677,40 |
124.668,53 |
|
|
Variance in provision for bad debts |
16.207,70 |
698.120,53 |
113,46 |
|
|
Variance in provision for other current
assets |
12.410,43 |
1.556,87 |
124.555,07 |
|
|
A.6. Other operating costs |
2.026.063,27 |
1.924.131,40 |
2.181.515,92 |
|
|
External costs |
2.014.090,57 |
1.912.950,69 |
2.171.720,09 |
|
|
Taxes |
11.972,70 |
11.180,71 |
9.795,83 |
|
|
A.I. OPERATING
RESULT (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
573.189,42 |
|
3.422,78 |
|
|
A.7. Financial expenses |
79.887,43 |
66.591,92 |
62.937,78 |
|
|
Debts with related companies |
|
|
58.954,14 |
|
|
Other companies debts |
71.208,47 |
66.591,92 |
3.983,64 |
|
|
Losses from financial investments |
8.678,96 |
|
|
|
|
A.8. Variation in financial investments
provision |
11.698,10 |
243.465,23 |
-23.972,26 |
|
|
A.9. Exchange losses |
63.735,50 |
38.426,65 |
12.409,57 |
|
|
A.II. POSITIVE FINANCIAL
RESULTS (B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
|
|
105.980,89 |
|
|
A.III. PROFIT
FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II) |
499.718,38 |
|
109.403,67 |
|
|
A.10. Variation in provision in fixed
assets |
|
9.745,99 |
|
|
|
A.11. Losses in fixed assets |
115,76 |
|
|
|
|
A.12. Losses from shares and bonds |
|
|
|
|
|
A.13. Extraordinary charges |
3.411,21 |
8.102,39 |
4.281,16 |
|
|
A.14. Prior year’s expenses and losses |
5.348,51 |
|
|
|
|
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) |
1.636,25 |
|
2.817,14 |
|
|
A.V. EARNINGS /
LOSS BEFORE TAXES (A.III+A.IV-B.III-B.IV) |
501.354,63 |
|
112.220,81 |
|
|
A.15. Corporate Taxes |
141.318,65 |
-251.804,23 |
38.107,09 |
|
|
A.16. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.15-A.16) |
360.035,98 |
|
74.113,72 |
|
|
B) INCOMES (B.1 a B13) |
8.856.685,23 |
8.365.227,23 |
7.364.283,56 |
|
|
B.1. Turnover |
8.531.464,98 |
8.238.686,17 |
7.045.381,02 |
|
|
Sales |
8.648.382,05 |
8.408.229,50 |
7.116.807,68 |
|
|
Services provided |
29.956,22 |
37.555,32 |
36.672,79 |
|
|
Discounts |
-146.873,29 |
-207.098,65 |
-108.099,45 |
|
|
B.2. Increase in inventory of finished
goods |
182.082,44 |
|
115.694,41 |
|
|
B.3. Expenses capitalized |
|
|
|
|
|
B.4. Other operating income |
50.776,09 |
48.131,89 |
38.753,85 |
|
|
Other incomes |
23.196,00 |
28.445,53 |
30.996,00 |
|
|
Grants |
27.580,09 |
19.686,36 |
7.757,85 |
|
|
B.I. OPERATING
LOSSES (A.1+A.2+A.3+A.4+A.5+A.6-B.1-B.2-B.3-B.4) |
|
370.730,23 |
|
|
|
B.5. Incomes from share |
|
|
|
|
|
B.6. Income from securities |
41.995,72 |
35.384,59 |
31.145,59 |
|
|
Group companies |
|
|
31.145,59 |
|
|
Other companies |
41.995,72 |
35.384,59 |
|
|
|
B.7. Other income from interest |
27.137,89 |
27.820,38 |
19.003,69 |
|
|
From affiliated companies |
|
|
3.230,95 |
|
|
From other companies |
27.137,89 |
27.720,38 |
13.871,09 |
|
|
Gains from investments |
|
100,00 |
1.901,65 |
|
|
B.8. Gains on exchange |
12.716,38 |
11.164,01 |
107.206,70 |
|
|
B.II. FINANCIAL
LOSSES (A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
73.471,04 |
274.114,82 |
|
|
|
B.III. LOSSES
FROM ORDINARY ACTIVITIES (B.I+B.II-A.I-A.II) |
|
644.845,05 |
|
|
|
B.9. Gains from disposal of fixed assets |
|
|
3.000,00 |
|
|
B.10. Gains from dealing in own shares |
|
|
|
|
|
B.11. Paid in surplus |
1.222,68 |
1.222,68 |
789,65 |
|
|
B.12. Extraordinary income |
9.289,05 |
2.817,51 |
3.308,65 |
|
|
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) |
|
13.808,19 |
|
|
|
B.V. LOSS BEFORE TAXES (B.III+B.IV-A.III-A.IV) |
|
658.653,24 |
|
|
|
B.VI. NET LOSS (B.V+A.15+A.16) |
|
406.849,01 |
|
Main Ratios
|
(Figures given in Euros) |
2.003 (12) |
2.004 (12) |
2.005 (12) |
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
-14,38 |
-3,43 |
-14,48 |
|
|
Assets Turnover |
0,85 |
0,88 |
0,79 |
|
|
Productivity |
1,56 |
1,40 |
1,34 |
|
|
Increase of the Added Value |
-22,48 |
-9,51 |
-21,96 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
3,60 |
-4,34 |
0,83 |
|
|
Financial Profitability |
4,54 |
-5,41 |
1,01 |
|
|
Financial Expenses |
0,94 |
0,81 |
0,89 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
109,00 |
96,00 |
78,00 |
|
|
Suppliers’ Credit (In days of sales) |
52,00 |
58,00 |
56,00 |
|
|
Working Capital (In days of sales) |
204,00 |
176,00 |
202,00 |
|
|
Working Capital Requirement (In days of
sales) |
140,00 |
132,00 |
144,00 |
|
|
Treasury (In days of sales) |
65,00 |
44,00 |
59,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
4.841.785,26 |
4.027.447,27 |
3.960.155,62 |
|
|
Working Capital Requirement |
3.312.937,13 |
3.018.135,22 |
2.812.755,14 |
|
|
Treasury |
1.528.848,13 |
1.009.312,05 |
1.147.400,48 |
|
|
Balance Ratio |
2,25 |
2,03 |
2,01 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
20,05 |
19,18 |
17,40 |
|
|
Own / Permanent Funds |
91,16 |
94,94 |
92,79 |
|
|
Payback Capacity |
0,23 |
0,19 |
0,21 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
4,76 |
3,78 |
4,83 |
|
|
Immediate Liquidity |
1,39 |
0,87 |
1,29 |
Sectorial Analysis
Summary of Assets, Liability & Equity
|
(Figures given in Percentages) |
Company |
Sector |
Difference |
|
|
2.005 |
|
|
|
Assets |
|||
|
DUE FROM SHAREHOLDERS
FOR UNCALLED CAPITAL |
0,00 |
0,00 |
0,00 |
|
FIXED ASSETS |
43,88 |
41,62 |
2,26 |
|
ACCRUED EXPENSES |
0,00 |
0,24 |
-0,24 |
|
CURRENT ASSETS |
56,12 |
58,15 |
-2,03 |
|
TOTAL ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS EQUITY |
82,01 |
48,97 |
33,04 |
|
ACCRUED INCOME |
0,59 |
0,18 |
0,41 |
|
RISK AND EXPENDITURE
COVER |
0,00 |
0,01 |
-0,01 |
|
LONG-TERM CREDITORS |
5,77 |
12,32 |
-6,55 |
|
SHORT-TERM CREDITORS |
11,62 |
38,52 |
-26,90 |
|
SHORT-TERM RISK AND
EXPENDITURE COVER |
0,00 |
0,00 |
0,00 |
|
TOTAL LIABILITIES |
100,00 |
100,00 |
0,00 |
Analytical Account of
Results
|
(Figures given in Percentages) |
Company |
Sector |
Difference |
|
|
2.005 |
|
|
|
Net turnover |
99,45 |
97,05 |
2,40 |
|
Other operating income |
0,55 |
2,95 |
-2,40 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
44,74 |
47,93 |
-3,19 |
|
Other operation expenses |
30,79 |
16,14 |
14,66 |
|
Added value |
24,46 |
35,93 |
-11,47 |
|
Labor cost |
18,32 |
19,48 |
-1,16 |
|
Gross Economic Result |
6,14 |
16,45 |
-10,31 |
|
Assets depreciation |
4,34 |
7,89 |
-3,56 |
|
Variation in provision
for current assets |
1,76 |
0,60 |
1,16 |
|
Net Economic Result |
0,05 |
7,95 |
-7,90 |
|
Financial income |
2,22 |
0,57 |
1,65 |
|
Financial expenses |
0,73 |
1,50 |
-0,77 |
|
Variation in financial
investment provision |
-0,34 |
0,13 |
-0,47 |
|
Ordinary Activities
Result |
1,54 |
6,89 |
-5,35 |
|
Extraordinary income |
0,10 |
0,89 |
-0,78 |
|
Extraordinary expenses |
0,06 |
0,05 |
0,01 |
|
Variation in provision
in fixed assets |
0,00 |
0,01 |
-0,01 |
|
Results before Taxes |
1,58 |
7,72 |
-6,14 |
|
Corporaye taxes |
0,54 |
2,34 |
-1,80 |
|
Net Result |
1,05 |
5,39 |
-4,34 |
|
Assets depreciation |
4,34 |
7,89 |
-3,56 |
|
Provisions fund
variation |
1,42 |
0,74 |
0,68 |
|
Net Self-Financing |
6,80 |
14,02 |
-7,21 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.005 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
-14,48 |
-14,88 |
5,35 |
11,36 |
|
Assets Turnover |
0,79 |
0,71 |
0,86 |
1,03 |
|
Fixed Assets Turnover |
1,80 |
1,31 |
2,11 |
4,28 |
|
Increase of the Added
Value |
-21,96 |
-21,29 |
2,39 |
10,37 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
1,34 |
1,40 |
2,05 |
2,32 |
|
Change of Personnel
Costs |
-18,34 |
-7,75 |
6,50 |
14,55 |
|
Average Personnel Costs |
31.651,67 |
26.346,40 |
30.206,09 |
33.976,31 |
|
Value Added by Employees |
42.266,07 |
47.243,72 |
55.658,61 |
67.071,33 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
481.909,17 |
924.913,71 |
2.913.740,57 |
3.714.702,94 |
|
Operating Cash Flow |
435.190,49 |
1.176.267,72 |
3.004.381,26 |
4.873.334,17 |
|
Change in Cash Flow |
-43,20 |
-29,31 |
2,53 |
21,21 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
0,83 |
-2,87 |
5,32 |
8,98 |
|
Financial Profitability |
1,02 |
-5,41 |
10,38 |
17,30 |
|
Financial Expenses |
0,89 |
0,14 |
0,81 |
2,08 |
|
Gross Economic
Profitability |
4,89 |
6,73 |
13,31 |
24,25 |
|
Gross Financial
Profitability |
5,96 |
13,48 |
28,64 |
39,28 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
77,00 |
100,23 |
117,03 |
158,53 |
|
Suppliers’ Credit (In days
of sales) |
56,00 |
57,58 |
118,15 |
239,61 |
|
Working Capital (In days
of sales) |
202,00 |
-27,33 |
136,20 |
169,31 |
|
Working Capital
Requirement (In days of sales) |
143,00 |
65,43 |
112,10 |
153,81 |
|
Treasury (In days of
sales) |
58,00 |
-149,10 |
38,91 |
59,18 |
|
Operating Current Assets |
255,00 |
181,95 |
239,39 |
298,39 |
|
BALANCE |
|
|
|
|
|
Working Capital |
3.960.155,62 |
-2.347.373,29 |
3.977.874,58 |
10.383.324,40 |
|
Working Capital
Requirement |
2.812.755,14 |
2.968.562,53 |
6.003.054,90 |
8.226.358,22 |
|
Treasury |
1.147.400,48 |
-6.320.249,50 |
1.009.312,05 |
4.214.655,47 |
|
Balance Ratio |
2,01 |
0,86 |
1,77 |
2,07 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
17,40 |
19,75 |
50,36 |
73,21 |
|
Own / Permanent Funds |
92,79 |
66,97 |
86,36 |
95,35 |
|
Payback Capacity |
0,21 |
0,19 |
0,56 |
0,78 |
|
Long term Indebtedness |
5,78 |
3,66 |
7,51 |
18,44 |
|
Gearing |
121,94 |
124,62 |
201,45 |
373,58 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
5,75 |
1,18 |
1,98 |
4,27 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
4,83 |
0,86 |
2,52 |
3,37 |
|
Immediate Liquidity |
1,29 |
0,01 |
0,66 |
0,92 |
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 |
|
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%)