MIRA
INFORM REPORT
|
Report Date : |
22.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
CUNADO S A |
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Registered Office : |
Carretera Daganzo Km 2 400, 28806 Alcala De Henares
( |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
20/06/1989 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Wholesale of other machinery for use in industry, trade and navigation |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Identification and
Characteristics
|
Tax Number |
A79187423 |
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NAME |
CUNADO S A |
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BUSINESS ADDRESS |
CARRETERA DAGANZO KM 2 400 |
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Postcode |
28806 ALCALA DE HENARES ( |
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URL |
http://www.cunado.com |
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TELEPHONE |
918878700 |
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FAX |
918878732 |
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LEGAL FORM |
JOINT STOCK COMPANY |
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DATE FOUNDED |
20/06/1989 |
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CAPITAL |
2.404.000,00 Euros |
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PAID-UP CAPITAL |
2.404.000,00 Euros |
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NUMBER OF EMPLOYEES |
173 |
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ACTIVITY |
1617900 - Wholesale of other
products |
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CNAE |
5165 - Wholesale of other
machinery for use in industry, trade and navigation |
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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
dated 12/08/2005 these premises are owned; with no official
confirmation used as store located in a secondary
park of industries . |
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Synthesis
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FINANCIAL SITUATION (Year
ending: 31/12/2006) |
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PROFITABILITY |
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Average |
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TREASURY |
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Excellent |
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BALANCE SHEET |
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Excellent |
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DEBT |
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Medium |
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INCIDENTS |
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COMMITMENTS |
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Respected |
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INCIDENTS |
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None or Negligible |
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PREVIOUS EXPERIENCE |
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PREVIOUS
EXPERIENCE |
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Very favourable |
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 2.497.998,63
Max. |
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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 2.004 (12) |
Balance
sheet 2.005 (12) |
Balance
sheet 2.006 (12) |
%
Sales |
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|
SALES |
100.139.121,10 |
106.684.938,60 |
117.046.000,00 |
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ADDED VALUE |
11.552.605,23 |
16.477.947,25 |
18.174.000,00 |
15,53 |
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BUSINESS RESULT |
2.316.349,77 |
6.039.636,10 |
6.681.000,00 |
5,71 |
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OWN FUNDS |
13.153.533,42 |
19.193.169,52 |
24.692.000,00 |
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DEBT |
51.064.923,19 |
39.228.319,14 |
49.853.000,00 |
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TOTAL ASSET |
64.243.819,69 |
58.439.643,46 |
74.556.000,00 |
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The sales of 117.046.000,00
Euros show a change of 9,71% compared with
2.005 . Between 2.004 and 2.005 , this
change was 6,54% . |
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Added value grew by 10,29%
compared with the previous year. Shareholders equity are 24.692.000,00
Euros for an indebtedness of 49.853.000,00
Euros . |
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The result 6.681.000,00
Euros means financial profitability of 27,06% and
economic profitability of 8,96% . This result means growth of
10,62% compared with the 2.005 . |
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THE FIGURES FOR THE LAST BALANCE SHEET ARE
RELEVANT: |
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SOURCE: OWN SOURCES |
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DATE: 31/07/2007 |
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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 |
6.039.636 |
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Total of Amounts to be
distributed |
6.039.636 |
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Distribution a |
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Voluntary Reserve |
6.039.636 |
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Auditors’ opinion: |
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FAVOURABLE (2.006) |
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Auditors: |
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CANAL IRANZO & ASOCIADOS S.L. |
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Comparative Sector
Analysis
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Company |
Sector |
Difference |
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(2.006)
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% of PRODUCTION VALUE |
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SALES |
98,35 |
99,04 |
-0,69 |
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ADDED
VALUE |
15,27 |
17,38 |
-2,11 |
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BUSINESS
RESULT |
5,61 |
-0,31 |
5,92 |
|
% OF TOTAL ASSETS |
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OWN
FUNDS |
33,12 |
38,38 |
-5,26 |
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DEBT |
66,87 |
61,62 |
5,25 |
Compared sector
(CNAE): 516 - Comercio al por mayor de maquinaria y equipo
Number of companies: 55
Size (Sales Figure): > 40.000.000,00
Euros
The turnover of the company is 0,69%
below the mean for the sector.
The company’s added value was 15,27%
s/ the production value, and 2,11% below the mean for the sector.
The company’s business result was
5,61% of the PV, 5,92% above the mean for the sector.
The company’s own resources are 33,12%
, 5,26% below the mean for the sector.
The company’s outside resources are
66,87% , 5,25% above 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 |
CUNADO ALONSO MAXIMO |
01/04/2003 |
|
BOARD MEMBER |
ARAGONES FERNANDEZ ANTONIO |
01/04/2003 |
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BOARD MEMBER |
BARRANCO ALCOLEA ANGEL LUIS |
01/04/2003 |
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AUDITOR |
CANAL IRANZO ASOCIADOS SL |
28/09/2006 |
Functional Managers
|
Position |
Surname and name |
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FINANCIAL MANAGER |
GUTIERREZ SANCHEZ ROBERTO |
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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CEMIDE S.L. |
B28376184 |
99,99% |
OWN SOURCES |
17/05/2007 |
|
CUNADO ALONSO MAXIMO |
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Indet. |
OWN SOURCES |
11/10/2005 |
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Shareholdings |
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Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
COMERCIAL DE TUBOS SA |
A28224822 |
40,00% |
OWN SOURCES |
19/05/2006 |
|
CUNADO ARGENTINA SA |
|
32,50% |
M.REGISTER |
31/12/2005 |
|
SERVICIO LOGISTICO CUNADO SA. |
I03456761 |
20,00% |
M.REGISTER |
31/12/2005 |
|
CUNADO INTERCONTINENTAL SA |
|
10,00% |
M.REGISTER |
31/12/2005 |
|
CUNADO PERU SA |
PERÚ |
10,00% |
M.REGISTER |
31/12/2005 |
|
CUNADO MEXICO SA DE CV |
MÉXICO |
10,00% |
M.REGISTER |
31/12/2005 |
Proceedings published
in the B.O.R.M.E.
(Official Mercantile
Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Resignations |
20/04/2007 |
225649 |
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Appointments |
20/04/2007 |
225648 |
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Appointments |
20/04/2007 |
225647 |
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Registration of accounts
(2005) |
03/11/2006 |
841625 |
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Re-elections |
28/09/2006 |
471306 |
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Branches
|
Address |
Postal Code |
Town |
Province |
|
LA FERRERIA
POL. IND LA FERRERIA 2 |
08110 |
MONTCADA I
REIXAC |
|
|
INDUSTRIAL
GUADARRANQUE 12 |
11360 |
SAN ROQUE |
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CABEZUELO CR
NACIONAL 420 , KM 164.7 |
13440 |
ARGAMASILLA DE
CALATRAVA |
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CIMA |
17481 |
SANT JULIA DE
RAMIS |
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|
CIMA(BARRI
GARRIG) 12 |
17481 |
SANT JULIA DE
RAMIS |
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|
GOBERNADOR ANGEL
HORCAJADAS |
21810 |
PALOS DE LA
FRONTERA |
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|
LOS TARTESOS
304 |
21610 |
SAN JUAN DEL
PUERTO |
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ALHAMA |
30390 |
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|
|
GENERAL |
35200 |
TELDE |
PALMAS (LAS) |
|
PRINCIPAL
PARCELA ROTONDA 4. |
36400 |
O PORRIŃO |
PONTEVEDRA |
|
Commercial Experience |
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PURCHASES |
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Imports::
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SALES |
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Exports::
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INRÁN,IRAK,SUDÁMERICA, GOLFO PÉRSICO |
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Suppliers |
International |
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CUŃADO INTERNACIONAL SA |
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|
IBERICA DE VALVULAS SA |
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SERVICIOS LOGISTICOS CUŃADO SA |
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ITF INC |
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COMERCIAL DE |
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Total 58 |
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Clients |
International |
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CUŃADO INTERNACIONAL SL |
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COMERCIAL DE TUBOS SA |
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|
IBERICA DE VALVULAS SA |
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COMERCIAL DE TUBOS Y ACCESORIOS LDA |
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|
CEMIDE SL |
|
|
Total 73 |
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Bank Entities
|
Entity |
Branch |
Branch Address |
Town |
Province |
|
BANCO BILBAO
VIZCAYA ARGENTARIA, S.A. |
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CAJA DE AHORROS
Y PENSIONES DE |
0600 |
PASEO DE LA
CASTELLANA, 51 |
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Balance Sheet
(ASSETS)
|
(Figures given in Euros) |
31/12/2004 (12)
|
31/12/2005 (12)
|
31/12/2006 (12)
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|
A) DUE FROM SHAREHOLDERS FOR UNCALLED
CAPITAL |
|
|
|
|
|
B) FIXED ASSETS |
7.651.093,45 |
7.732.319,53 |
7.524.000,00 |
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I. Establishment expenses |
|
|
|
|
|
II. Intangible assets |
|
|
|
|
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III. Tangible assets |
4.640.441,55 |
4.718.558,72 |
4.503.000,00 |
|
|
Property, plant and equipment |
3.775.419,52 |
4.020.318,77 |
3.820.000,00 |
|
|
Machinery, equipment and other |
658.467,99 |
660.080,41 |
683.000,00 |
|
|
Other property plant and equipement |
716.119,68 |
727.201,79 |
703.000,00 |
|
|
Prepaid expenses on fixed assets |
|
31.242,79 |
241.000,00 |
|
|
Other assets |
1.490.337,49 |
1.643.200,60 |
1.704.000,00 |
|
|
Depreciation |
-1.999.903,13 |
-2.363.485,64 |
-2.648.000,00 |
|
|
IV. Financial assets |
3.010.651,90 |
3.013.760,81 |
3.021.000,00 |
|
|
Shares in affiliated companies |
2.916.621,31 |
2.916.621,31 |
2.917.000,00 |
|
|
Loans to affiliated companies |
69.700,00 |
69.700,00 |
70.000,00 |
|
|
Long term deposits and guarantees |
144.046,04 |
145.196,04 |
146.000,00 |
|
|
Provisions |
-119.715,45 |
-117.756,54 |
-112.000,00 |
|
|
V. Owners equity |
|
|
|
|
|
VI. Long term trade liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
|
|
|
|
|
D) CURRENT ASSETS |
56.592.726,24 |
50.707.323,93 |
67.032.000,00 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
|
II. Inventory |
8.072.240,13 |
6.077.380,13 |
10.154.000,00 |
|
|
Goods available for sale |
8.066.766,00 |
6.071.906,00 |
10.154.000,00 |
|
|
Cash advance |
5.474,13 |
5.474,13 |
|
|
|
III. Debtors |
48.062.101,19 |
44.104.346,47 |
56.806.000,00 |
|
|
Clients |
49.025.272,10 |
43.447.915,63 |
48.539.000,00 |
|
|
Amounts owned by affiliated companies |
694.150,87 |
2.526.331,04 |
9.059.000,00 |
|
|
Other debts |
90.395,93 |
81.760,03 |
85.000,00 |
|
|
Labor costs |
1.866,00 |
|
10.000,00 |
|
|
Taxes refunds |
17.457,31 |
|
|
|
|
Provisions |
-1.767.041,02 |
-1.951.660,23 |
-887.000,00 |
|
|
IV. Short term financial assets |
198.107,44 |
328.000,00 |
|
|
|
Receivables in affiliated companies |
198.107,44 |
328.000,00 |
|
|
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V. Short term owners equity |
|
|
|
|
|
VI. Cash |
260.277,48 |
197.597,33 |
72.000,00 |
|
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VII. Prepaid expenses and accrued income |
|
|
|
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|
ASSETS (A + B + C + D) |
64.243.819,69 |
58.439.643,46 |
74.556.000,00 |
Balance Sheet
(LIABILITIES)
|
(Figures given in Euros) |
31/12/2004 (12)
|
31/12/2005 (12)
|
31/12/2006 (12)
|
|
|
|
A) SHAREHOLDERS EQUITY |
13.153.533,42 |
19.193.169,52 |
24.692.000,00 |
|
|
I. Capital |
2.404.000,00 |
2.404.000,00 |
2.404.000,00 |
|
|
II. Premium share account |
1.171.973,60 |
1.171.973,60 |
1.172.000,00 |
|
|
III. Revaluation reserve |
|
|
|
|
|
IV. Reserves |
7.261.210,05 |
9.577.559,82 |
14.435.000,00 |
|
|
Retained earnings |
480.809,68 |
480.809,68 |
481.000,00 |
|
|
Other funds |
6.780.351,95 |
9.096.701,72 |
13.954.000,00 |
|
|
Capital adjustments in Euros |
48,42 |
48,42 |
|
|
|
V. Prior year earnings |
|
|
|
|
|
VI. Prior year profit or losses |
2.316.349,77 |
6.039.636,10 |
6.681.000,00 |
|
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VII. Dividend paid during the year |
|
|
|
|
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VIII. Own shares for change in capital |
|
|
|
|
|
B) DEFERRED INCOME |
25.363,08 |
18.154,80 |
11.000,00 |
|
|
Capital grants |
25.363,08 |
18.154,80 |
11.000,00 |
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
|
|
|
|
|
D) LONG TERM LIABILITIES |
2.289.036,38 |
2.283.551,18 |
2.284.000,00 |
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
|
|
2.051.000,00 |
|
|
Long term bank loans |
|
|
2.051.000,00 |
|
|
III. Debts with associed and affiliated
companies |
1.139.400,00 |
1.595.160,00 |
|
|
|
Debt with affiliated companies |
1.139.400,00 |
1.595.160,00 |
|
|
|
IV. Other creditors |
1.139.402,50 |
683.642,50 |
228.000,00 |
|
|
Other debts |
1.139.402,50 |
683.642,50 |
228.000,00 |
|
|
V. Deferred debts on shares |
10.233,88 |
4.748,68 |
5.000,00 |
|
|
Affiliated companies |
10.233,88 |
4.748,68 |
5.000,00 |
|
|
VI. Long term debt with creditor |
|
|
|
|
|
E) SHORT TERM LIABILITIES |
48.775.886,81 |
36.944.767,96 |
47.569.000,00 |
|
|
I. Negotiable bonds |
|
|
|
|
|
II. Bank loans |
12.710.624,79 |
5.564.022,27 |
8.089.000,00 |
|
|
Loans and other debts |
12.710.624,79 |
5.564.022,27 |
8.089.000,00 |
|
|
III. Short term debts with associated and
affiliated companies |
2.929.811,00 |
3.064.517,86 |
3.822.000,00 |
|
|
With affiliated companies |
2.929.811,00 |
3.064.517,86 |
3.822.000,00 |
|
|
IV. Trade creditors |
28.000.165,37 |
22.955.842,34 |
30.627.000,00 |
|
|
Accounts payable |
2.193.298,56 |
266.784,41 |
47.000,00 |
|
|
Expenses |
17.236.621,62 |
12.929.384,70 |
18.971.000,00 |
|
|
Bills payable |
8.570.245,19 |
9.759.673,23 |
11.609.000,00 |
|
|
V. Other non trade payables |
2.527.433,40 |
4.131.536,74 |
2.416.000,00 |
|
|
Government |
1.954.517,47 |
3.551.040,69 |
1.835.000,00 |
|
|
Other debts |
455.760,00 |
455.760,00 |
456.000,00 |
|
|
Accounts receivable |
117.155,93 |
124.736,05 |
125.000,00 |
|
|
VI. Provisions for current assets |
2.607.852,25 |
1.228.848,75 |
2.615.000,00 |
|
|
VII. Accruals and deferred incomes |
|
|
|
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
64.243.819,69 |
58.439.643,46 |
74.556.000,00 |
Profit and Loss
Account
|
(Figures given in Euros) |
31/12/2004 (12)
|
31/12/2005 (12)
|
31/12/2006 (12)
|
|
|
|
A) EXPENSES (A.1 a A.16) |
100.372.181,98 |
103.434.939,30 |
113.182.000,00 |
|
|
A.1. Change in stocks of finished goods and
work in progress |
|
|
|
|
|
A.2. Supplies |
82.703.264,43 |
85.867.191,91 |
95.335.000,00 |
|
|
Material consumed |
80.809.505,64 |
85.867.191,91 |
95.335.000,00 |
|
|
Other expenses |
1.893.758,79 |
|
|
|
|
A.3. Labor cost |
5.757.951,62 |
6.038.264,03 |
6.889.000,00 |
|
|
Wages |
4.597.135,76 |
4.826.950,81 |
5.570.000,00 |
|
|
Social security expenses |
1.160.815,86 |
1.211.313,22 |
1.319.000,00 |
|
|
A.4. Assets depreciation |
358.382,52 |
377.039,41 |
343.000,00 |
|
|
A.5 Variance in provision for current
assets |
86.555,10 |
184.619,21 |
-225.000,00 |
|
|
Variance in provision for bad debts |
86.555,10 |
184.619,21 |
-225.000,00 |
|
|
A.6. Other operating costs |
7.898.073,10 |
6.316.875,60 |
5.499.000,00 |
|
|
External costs |
7.825.426,63 |
6.247.675,86 |
5.436.000,00 |
|
|
Taxes |
72.646,47 |
69.199,74 |
63.000,00 |
|
|
A.I. OPERATING RESULT
(B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
5.349.715,99 |
9.878.024,60 |
11.167.000,00 |
|
|
A.7. Financial expenses |
480.470,28 |
848.269,89 |
507.000,00 |
|
|
Debts with related companies |
|
348.218,12 |
|
|
|
Other companies debts |
480.279,74 |
500.051,77 |
507.000,00 |
|
|
Losses from financial investments |
190,54 |
|
|
|
|
A.8. Variation in financial investments
provision |
|
-1.958,91 |
|
|
|
A.9. Exchange losses |
38.756,65 |
63.398,37 |
18.000,00 |
|
|
A.II. POSITIVE FINANCIAL RESULTS
(B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
|
|
134.000,00 |
|
|
A.III. PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
5.043.115,64 |
9.148.980,91 |
11.301.000,00 |
|
|
A.10. Variation in provision in fixed
assets |
14.499,64 |
|
-6.000,00 |
|
|
A.11. Losses in fixed assets |
209.225,14 |
2.361,86 |
238.000,00 |
|
|
A.12. Losses from shares and bonds |
|
|
|
|
|
A.13. Extraordinary charges |
1.033.393,54 |
527.518,33 |
1.160.000,00 |
|
|
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) |
|
102.014,79 |
|
|
|
A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
4.107.959,73 |
9.250.995,70 |
10.105.000,00 |
|
|
A.15. Corporate Taxes |
1.791.609,96 |
3.211.359,60 |
3.424.000,00 |
|
|
A.16. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.15-A.16) |
2.316.349,77 |
6.039.636,10 |
6.681.000,00 |
|
|
B) INCOMES (B.1 a B13) |
102.688.531,75 |
109.474.575,40 |
119.863.000,00 |
|
|
B.1. Turnover |
100.139.121,10 |
106.684.938,60 |
117.046.000,00 |
|
|
Sales |
95.975.471,88 |
106.684.938,60 |
117.046.000,00 |
|
|
Services provided |
4.163.649,22 |
|
|
|
|
B.2. Increase in inventory of finished
goods |
|
|
|
|
|
B.3. Expenses capitalized |
|
|
|
|
|
B.4. Other operating income |
2.014.821,66 |
1.977.076,16 |
1.962.000,00 |
|
|
Other incomes |
2.014.821,66 |
1.975.562,36 |
1.955.000,00 |
|
|
Grants |
|
1.513,80 |
7.000,00 |
|
|
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 |
|
|
481.000,00 |
|
|
From affiliated companies |
|
|
481.000,00 |
|
|
B.6. Income from securities |
|
|
|
|
|
B.7. Other income from interrest |
172.989,40 |
142.328,43 |
126.000,00 |
|
|
From affiliated companies |
|
|
77.000,00 |
|
|
From other companies |
172.989,40 |
142.328,43 |
49.000,00 |
|
|
B.8. Gains on exchange |
39.637,18 |
38.337,23 |
52.000,00 |
|
|
B.II. FINANCIAL LOSSES (A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
306.600,35 |
729.043,69 |
|
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
|
|
|
|
|
B.9. Gains from disposal of fixed assets |
281.216,09 |
8.990,85 |
188.000,00 |
|
|
B.10. Gains from dealing in own shares |
|
|
|
|
|
B.11. Paid in surplus |
7.208,29 |
7.208,28 |
7.000,00 |
|
|
B.12. Extraordinary income |
33.538,03 |
615.695,85 |
1.000,00 |
|
|
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) |
935.155,91 |
|
1.196.000,00 |
|
|
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 Euros) |
2.004 (12) |
2.005 (12) |
2.006 (12) |
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
29,31 |
6,54 |
9,71 |
|
|
Assets Turnover |
1,56 |
1,83 |
1,57 |
|
|
Productivity |
2,01 |
2,73 |
2,64 |
|
|
Increase of the Added Value |
78,35 |
42,63 |
10,29 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
3,61 |
10,34 |
8,96 |
|
|
Financial Profitability |
17,61 |
31,47 |
27,06 |
|
|
Financial Expenses |
0,48 |
0,80 |
0,43 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
173,00 |
149,00 |
175,00 |
|
|
Suppliers’ Credit (In days of sales) |
122,00 |
96,00 |
116,00 |
|
|
Working Capital (In days of sales) |
28,00 |
46,00 |
60,00 |
|
|
Working Capital Requirement (In days of
sales) |
72,00 |
63,00 |
85,00 |
|
|
Treasury (In days of sales) |
0,00 |
0,00 |
0,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
7.816.839,43 |
13.762.555,97 |
19.463.000,00 |
|
|
Working Capital Requirement |
20.069.079,30 |
18.800.980,91 |
27.480.000,00 |
|
|
Treasury |
-12.252.239,87 |
-5.038.424,94 |
-8.017.000,00 |
|
|
Balance Ratio |
2,02 |
2,78 |
3,59 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
79,49 |
67,13 |
66,87 |
|
|
Own / Permanent Funds |
85,04 |
89,29 |
91,50 |
|
|
Payback Capacity |
0,51 |
0,37 |
0,43 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,16 |
1,37 |
1,41 |
|
|
Immediate Liquidity |
0,01 |
0,01 |
0,00 |
Sectorial Analysis
Summary of Assets,
Liability & Equity
|
(Figures given in Percentages) |
Company |
Sector |
Difference |
|
|
2.006 |
|
|
|
Assets |
|||
|
DUE FROM SHAREHOLDERS
FOR UNCALLED CAPITAL |
0,00 |
0,00 |
0,00 |
|
FIXED ASSETS |
10,09 |
33,03 |
-22,94 |
|
ACCRUED EXPENSES |
0,00 |
0,09 |
-0,09 |
|
CURRENT ASSETS |
89,91 |
66,89 |
23,02 |
|
TOTAL ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS EQUITY |
33,12 |
38,38 |
-5,26 |
|
ACCRUED INCOME |
0,01 |
0,32 |
-0,31 |
|
RISK AND EXPENDITURE
COVER |
0,00 |
3,62 |
-3,62 |
|
LONG-TERM CREDITORS |
3,06 |
7,02 |
-3,96 |
|
SHORT-TERM CREDITORS |
63,80 |
50,63 |
13,17 |
|
SHORT-TERM RISK AND
EXPENDITURE COVER |
0,00 |
0,04 |
-0,04 |
|
TOTAL LIABILITIES |
100,00 |
100,00 |
0,00 |
Analytical Account of
Results
|
(Figures given in Percentages) |
Company |
Sector |
Difference |
|
|
2.006 |
|
|
|
Net turnover |
98,35 |
99,04 |
-0,69 |
|
Other operating income |
1,65 |
0,96 |
0,69 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
80,11 |
71,82 |
8,29 |
|
Other operation expenses |
4,62 |
10,80 |
-6,17 |
|
Added value |
15,27 |
17,38 |
-2,11 |
|
Labor cost |
5,79 |
10,09 |
-4,31 |
|
Gross Economic Result |
9,48 |
7,29 |
2,20 |
|
Assets depreciation |
0,29 |
2,46 |
-2,17 |
|
Variation in provision
for current assets |
-0,19 |
0,24 |
-0,43 |
|
Net Economic Result |
9,38 |
4,59 |
4,79 |
|
Financial income |
0,55 |
0,65 |
-0,10 |
|
Financial expenses |
0,44 |
0,77 |
-0,33 |
|
Variation in financial
investment provision |
0,00 |
0,02 |
-0,02 |
|
Ordinary Activities
Result |
9,50 |
4,44 |
5,05 |
|
Extraordinary income |
0,16 |
0,13 |
0,03 |
|
Extraordinary expenses |
1,17 |
0,47 |
0,71 |
|
Variation in provision
in fixed assets |
-0,01 |
3,14 |
-3,14 |
|
Results before Taxes |
8,49 |
0,97 |
7,52 |
|
Corporaye taxes |
2,88 |
1,29 |
1,59 |
|
Net Result |
5,61 |
-0,31 |
5,93 |
|
Assets depreciation |
0,29 |
2,46 |
-2,17 |
|
Provisions fund
variation |
-0,19 |
3,40 |
-3,59 |
|
Net Self-Financing |
5,71 |
5,55 |
0,16 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.006 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
9,71 |
0,41 |
7,99 |
16,49 |
|
Assets Turnover |
1,57 |
1,56 |
1,87 |
2,36 |
|
Fixed Assets Turnover |
15,56 |
5,98 |
16,04 |
34,48 |
|
Increase of the Added
Value |
10,29 |
-1,02 |
8,29 |
22,97 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
2,64 |
1,34 |
1,65 |
2,30 |
|
Change of Personnel
Costs |
14,09 |
2,11 |
9,42 |
16,45 |
|
Average Personnel Costs |
39,37 |
30,79 |
38,73 |
49,36 |
|
Value Added by Employees |
103,85 |
48,11 |
60,07 |
96,60 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
6.793,00 |
1.313,80 |
3.586,94 |
8.073,48 |
|
Operating Cash Flow |
11.285,00 |
2.053,37 |
4.630,27 |
11.551,00 |
|
Change in Cash Flow |
2,94 |
-11,50 |
12,02 |
30,13 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
8,96 |
1,71 |
4,93 |
8,24 |
|
Financial Profitability |
27,06 |
10,06 |
16,38 |
25,53 |
|
Financial Expenses |
0,43 |
0,13 |
0,38 |
0,84 |
|
Gross Economic
Profitability |
15,14 |
6,39 |
10,94 |
14,90 |
|
Gross Financial
Profitability |
45,70 |
22,52 |
34,81 |
55,91 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
174,00 |
77,66 |
104,98 |
130,45 |
|
Suppliers’ Credit (In
days of sales) |
115,00 |
20,54 |
46,72 |
88,25 |
|
Working Capital (In days
of sales) |
59,00 |
18,06 |
32,75 |
54,36 |
|
Working Capital
Requirement (In days of sales) |
84,00 |
14,02 |
36,35 |
58,81 |
|
Treasury (In days of
sales) |
0,00 |
-24,83 |
0,20 |
13,43 |
|
Operating Current Assets |
206,00 |
132,86 |
164,24 |
201,30 |
|
BALANCE |
|
|
|
|
|
Working Capital |
19.463,00 |
4.399,88 |
7.305,00 |
15.118,40 |
|
Working Capital
Requirement |
27.480,00 |
2.395,00 |
6.357,53 |
15.264,00 |
|
Treasury |
-8.017,00 |
-5.123,03 |
46,26 |
2.357,00 |
|
Balance Ratio |
3,59 |
1,58 |
2,43 |
4,61 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
66,87 |
58,65 |
72,38 |
80,68 |
|
Own / Permanent Funds |
91,50 |
76,28 |
92,89 |
99,90 |
|
Payback Capacity |
0,43 |
0,27 |
0,34 |
0,50 |
|
Long term Indebtedness |
3,06 |
0,00 |
0,59 |
5,12 |
|
Gearing |
301,94 |
241,82 |
362,04 |
517,62 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
1,50 |
1,21 |
1,35 |
1,65 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,41 |
1,15 |
1,32 |
1,51 |
|
Immediate Liquidity |
0,00 |
0,02 |
0,07 |
0,18 |
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. |
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%)