MIRA
INFORM REPORT
|
Report Date : |
6th
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
BERNARDO
ECENARRO SA |
|
|
|
|
Registered Office : |
Poligono
San Lorenzo, 5, 20870 Elgoibar (Guipuzcoa) |
|
|
|
|
Country : |
Spain |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
07/04/1976 |
|
|
|
|
Legal Form : |
Joint
Stock Company |
|
|
|
|
Line of Business : |
Manufacture
of paints, varnishes and similar coatings, printing ink and mastics |
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 |
Identification and
Characteristics
Tax
Number A20044145
NAME BERNARDO
ECENARRO SA
TRADE
NAME CAR-AVANT
BUSINESS
ADDRESS POLIGONO SAN
LORENZO, 5
Postcode 20870
ELGOIBAR (GUIPUZCOA)
URL http://www.bernardoecenarro.com
TELEPHONE 943742800
FAX 943740603
LEGAL
FORM JOINT STOCK
COMPANY
DATE
FOUNDED 07/04/1976
CAPITAL 328.000,00 Euros
PAID-UP
CAPITAL 327.911,61 Euros
NUMBER
OF EMPLOYEES 55
ACTIVITY 1253300 - Mfg.
of paints, varnishes & similar coatings.
CNAE 2430 - Manufacture
of paints, varnishes and similar coatings,
printing
ink and mastics
EXPORT
COMPANY YES
* Characteristics of the
main address
According to our researches
dated 28/03/2006 these are it is
a/an office, factory, warehouse used as owned; with
no official confirmation located in a industrial area and it
is located in an area secondary .
Synthesis
FINANCIAL SITUATION (Year
ending: 31/12/2005)
PROFITABILITY Very
good
TREASURY Excellent
BALANCE
SHEET Excellent
DEBT Nil
INCIDENTS
COMMITMENTS Respected
INCIDENTS None
or Negligible
PREVIOUS EXPERIENCE
PREVIOUS
EXPERIENCE Very
favourable
Credit Appraisal
CREDIT ACCORDING TO OBJECTIVE
DATA (From 0 to 6.000.000,00 Euros):
FAVOURABLE
TOWARDS 499.000,00 Max. Euros
Financial Elements
Figures given in thousands of Euros
|
|
Balance sheet 2.003 (12) |
Balance sheet 2.004 (12) |
Balance sheet 2.005 (12) |
% Sales |
|
SALES |
27.033,00 |
27.832,00 |
29.372,00 |
|
|
ADDED VALUE |
10.721,00 |
11.149,00 |
11.471,00 |
39,05 |
|
BUSINESS RESULT |
4.032,00 |
5.206,00 |
5.479,00 |
18,65 |
|
OWN FUNDS |
31.505,00 |
36.711,00 |
42.190,00 |
|
|
DEBT |
8.197,00 |
8.196,00 |
9.203,00 |
|
|
TOTAL ASSET |
39.723,00 |
44.907,00 |
51.513,00 |
|
The sales of 29.372,00
thousands of Euros show a change of 5,53% compared with
2.004 . Between 2.003 and 2.004 , this change
was 2,96% .
Added value grew by
2,89% compared with the previous year. Shareholders equity are
42.190,00 thousands of Euros for an indebtedness of
9.203,00 thousands of Euros .
The result 5.479,00
thousands of Euros means financial profitability of 12,99%
and economic profitability of 10,64% . This result means growth of
5,24% compared with the 2.004 .
THE FIGURES FOR THE LAST BALANCE
SHEET ARE RELEVANT:
SOURCE: FROM THE MERCANTILE
REGISTER
DATE: 03/10/2006
Results Distribution
Annual Report Year Source:
2.004
Figures given in Euros
Distribution Base
Profit
and Loss 5.206.560
Total
of Amounts to be distributed 5.206.560
Distribution a
Voluntary
Reserve 5.206.560
Auditors’ opinion:
FAVOURABLE (2.004)
Auditors:
PRICEWATERHOUSECOOPERS AUDITORES
SL
Comparative Sector Analysis
|
|
Company |
Sector |
Difference |
|
|
(2.005) |
|
|
|
% of PRODUCTION VALUE |
|
|
|
|
SALES |
98,44 |
99,08 |
-0,64 |
|
ADDED
VALUE |
38,44 |
26,03 |
12,41 |
|
BUSINESS
RESULT |
18,36 |
4,87 |
13,49 |
|
% OF TOTAL ASSETS |
|
|
|
|
OWN
FUNDS |
81,90 |
45,59 |
36,31 |
|
DEBT |
17,87 |
54,41 |
-36,54 |
Compared sector (CNAE): 243 - Fabricación de pinturas,
barnices y revestimientos similares;tintas de imprenta y masillas
Number of companies: 41
Size (Sales Figure): 7.000.000,00 - 40.000.000,00
Euros
The turnover of the company is 0,64%
below the mean for the sector.
The company’s added value was 38,44%
s/ the production value, and 12,41% above the mean for the sector.
The company’s business result was
18,36% of the PV, 13,49% above the mean for the sector.
The company’s own resources are 81,90%
, 36,31% above the mean for the sector.
The company’s outside resources are
17,87% , 36,54% 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 |
ECENARRO GOROSTIDI BERNARDO |
06/09/2002 |
|
BOARD MEMBER |
DUQUE HERNANDEZ LUIS AURELIO |
06/09/2002 |
|
BOARD MEMBER |
ECENARRO ISO ERNESTO |
06/09/2002 |
|
BOARD MEMBER |
ARREGUI ZUBIAURRE JORGE |
06/09/2002 |
|
BOARD MEMBER |
NIETO MADRID JOSE |
06/09/2002 |
|
BOARD MEMBER |
CERRADA VAZQUEZ LORENZO |
06/09/2002 |
|
BOARD MEMBER |
ECENARRO ISO GUILLERMO |
06/09/2002 |
|
BOARD MEMBER |
MELGOSA HERRERO JUAN CARLOS |
06/09/2002 |
|
AUDITOR |
COOPERS LYBRAND AUDITORIA Y CONSULTORIA S
R L BI |
20/09/1999 |
Functional Managers
|
Position |
Surname and name |
|
FINANCIAL MANAGER |
DUQUE HERNANDEZ LUIS AURELIO |
Financial Links
|
Shareholders |
||||
|
Company Name |
CIF/Country |
|
Source |
Information Date |
|
IRU ZELAIA SA |
A79361457 |
85,49% |
M.REGISTER |
31/12/2004 |
|
Shareholdings |
||||
|
Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
KIORA INVERSIONES SICAV S.A. |
A83351387 |
100,00% |
M.REGISTER |
31/12/2004 |
|
CARSYSTEM HUNGARIA KFT |
HUNGRÍA |
33,33% |
M.REGISTER |
31/12/2004 |
|
CARSYSTEM DITRIBUTION INC |
CANADÁ |
28,00% |
M.REGISTER |
31/12/2004 |
|
CARSYSTEM CANADA INC |
CANADÁ |
26,85% |
M.REGISTER |
31/12/2004 |
Proceedings published in the
B.O.R.M.E. (Official Mercantile Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Registration of accounts
(2005) |
13/09/2006 |
423813 |
GUIPUZCOA |
|
Other statutary acts |
23/08/2006 |
419852 |
GUIPUZCOA |
|
Re-elections |
27/07/2006 |
384041 |
GUIPUZCOA |
|
Re-elections |
28/07/2005 |
337139 |
GUIPUZCOA |
|
Registration of accounts
(2004) |
21/07/2005 |
167234 |
GUIPUZCOA |
Brands, Signs and Commercial
Names
|
Prevailing Brands |
|||||
|
Name: |
CAR-AVANT |
||||
|
Kind of Brand: |
JOINT |
File: |
M2452179 |
||
|
Request Date: |
31/01/2002 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
|
Types: 2 |
|
||||
|
Name: |
BESA |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M2344791 |
||
|
Request Date: |
20/09/2000 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
|
Types: 2 |
|
||||
|
Name: |
BERNARDO ECENARRO |
||||
|
Kind of Brand: |
JOINT |
File: |
M2334937 |
||
|
Request Date: |
25/07/2000 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
|
Types: 1 |
|
||||
|
Name: |
BERNARDO ECENARRO |
||||
|
Kind of Brand: |
JOINT |
File: |
M2334938 |
||
|
Request Date: |
25/07/2000 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
|
Types: 2 |
|
||||
|
Prevailing Commercial
Names |
|||||
|
Name: |
CAR-AVANT |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
N233564 |
||
|
Request Date: |
12/03/2002 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
|
|
|
||||
Total Marcas: 5
Commercial
Experience
SALES
Collection
(estimated)
Credit
sales percentage 100 %
Export
Percentage: 10%
Exports::
Francia
Bank Entities
|
Entity |
Branch |
Branch Address |
Town |
Province |
|
BANCO MERIDIONAL |
|
|
|
|
|
BANCO SANTANDER CENTRAL HISPANO, S.A. |
|
|
|
|
|
BANKINTER, S.A. |
0354 |
ERREBAL,17 |
EIBAR |
GUIPUZCOA |
|
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
|
|
|
|
|
BANCO DE VASCONIA, S.A. |
|
|
|
|
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 03/10/2006
Balance Sheet (ASSETS)
|
(Figures given in thousands of
Euros) |
31/12/2003 (12) |
31/12/2004 (12) |
31/12/2005 (12) |
|
|
|
A) DUE FROM SHAREHOLDERS FOR UNCALLED
CAPITAL |
|
|
|
|
|
B) FIXED ASSETS |
9.807,00 |
9.235,00 |
9.229,00 |
|
|
I. Establishment expenses |
|
|
|
|
|
II. Intangible assets |
82,00 |
53,00 |
34,00 |
|
|
R & D expenses |
418,00 |
|
|
|
|
Software |
311,00 |
|
311,00 |
|
|
Leasing |
|
311,00 |
|
|
|
Amortization |
-647,00 |
-258,00 |
-277,00 |
|
|
III. Tangible assets |
4.641,00 |
4.153,00 |
3.863,00 |
|
|
Property, plant and equipment |
5.264,00 |
5.266,00 |
5.267,00 |
|
|
Machinery, equipment and other |
4.566,00 |
4.594,00 |
4.687,00 |
|
|
Other property plant and equipement |
435,00 |
431,00 |
422,00 |
|
|
Other assets |
159,00 |
147,00 |
153,00 |
|
|
Depreciation |
-5.783,00 |
-6.285,00 |
-6.666,00 |
|
|
IV. Financial assets |
5.084,00 |
5.029,00 |
5.108,00 |
|
|
Shares in affiliated companies |
3,00 |
3,00 |
|
|
|
Loans to affiliated companies |
78,00 |
8,00 |
|
|
|
Shares in associated companies |
945,00 |
1.039,00 |
1.055,00 |
|
|
Loans to associated companies |
966,00 |
923,00 |
895,00 |
|
|
Securities |
4.704,00 |
4.704,00 |
4.704,00 |
|
|
Other loans |
|
|
132,00 |
|
|
Provisions |
-1.612,00 |
-1.648,00 |
-1.678,00 |
|
|
V. Owners equity |
|
|
224,00 |
|
|
VI. Long term trade liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
|
|
|
|
|
D) CURRENT ASSETS |
29.916,00 |
35.672,00 |
42.284,00 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
|
II. Inventory |
4.585,00 |
4.619,00 |
4.780,00 |
|
|
Goods available for sale |
38,00 |
25,00 |
|
|
|
Raw material inventory |
2.701,00 |
1.562,00 |
1.487,00 |
|
|
Work in Progress |
78,00 |
1.639,00 |
1.644,00 |
|
|
Finished goods |
1.768,00 |
1.393,00 |
1.649,00 |
|
|
III. Debtors |
7.790,00 |
7.983,00 |
8.548,00 |
|
|
Clients |
7.724,00 |
7.741,00 |
7.545,00 |
|
|
Amounts owned by associated companies |
1.371,00 |
1.542,00 |
1.730,00 |
|
|
Taxes refunds |
23,00 |
32,00 |
78,00 |
|
|
Provisions |
-1.328,00 |
-1.332,00 |
-805,00 |
|
|
IV. Short term financial assets |
15.753,00 |
20.587,00 |
26.510,00 |
|
|
Loans to associated companies |
46,00 |
42,00 |
48,00 |
|
|
Short term investment |
15.707,00 |
20.545,00 |
26.462,00 |
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
1.788,00 |
2.483,00 |
2.446,00 |
|
|
VII. Prepaid expenses and accrued income |
|
|
|
|
|
ASSETS (A + B + C + D) |
39.723,00 |
44.907,00 |
51.513,00 |
Balance Sheet (LIABILITIES)
|
(Figures given in thousands of
Euros) |
31/12/2003 (12) |
31/12/2004 (12) |
31/12/2005 (12) |
|
|
|
A) SHAREHOLDERS EQUITY |
31.505,00 |
36.711,00 |
42.190,00 |
|
|
I. Capital |
328,00 |
328,00 |
328,00 |
|
|
II. Premium share account |
|
|
|
|
|
III. Revaluation reserve |
|
|
|
|
|
IV. Reserves |
27.145,00 |
31.177,00 |
36.383,00 |
|
|
Retained earnings |
66,00 |
66,00 |
66,00 |
|
|
Sinking fund from owner equity |
|
|
224,00 |
|
|
Other funds |
27.079,00 |
31.111,00 |
36.093,00 |
|
|
V. Prior year earnings |
|
|
|
|
|
VI. Prior year profit or losses |
4.032,00 |
5.206,00 |
5.479,00 |
|
|
VII. Dividend paid during the year |
|
|
|
|
|
VIII. Own shares for change in capital |
|
|
|
|
|
B) DEFERRED INCOME |
21,00 |
|
|
|
|
Capital grants |
21,00 |
|
|
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
|
|
120,00 |
|
|
Other provisions |
|
|
120,00 |
|
|
D) LONG TERM LIABILITIES |
78,00 |
|
|
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
78,00 |
|
|
|
|
Long term bank loans |
78,00 |
|
|
|
|
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 |
8.119,00 |
8.196,00 |
9.203,00 |
|
|
I. Negotiable bonds |
|
|
|
|
|
II. Bank loans |
571,00 |
78,00 |
|
|
|
Loans and other debts |
571,00 |
78,00 |
|
|
|
III. Short term debts with associated and
affiliated companies |
6,00 |
|
|
|
|
With affiliated companies |
6,00 |
|
|
|
|
IV. Trade creditors |
5.384,00 |
5.305,00 |
6.139,00 |
|
|
Expenses |
5.384,00 |
5.305,00 |
6.139,00 |
|
|
V. Other non trade payables |
2.158,00 |
2.813,00 |
3.064,00 |
|
|
Government |
1.845,00 |
2.474,00 |
2.699,00 |
|
|
Accounts receivable |
313,00 |
339,00 |
365,00 |
|
|
VI. Provisions for current assets |
|
|
|
|
|
VII. Accruals and deferred incomes |
|
|
|
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
39.723,00 |
44.907,00 |
51.513,00 |
Profit and Loss Account
|
(Figures given in thousands of
Euros) |
31/12/2003 (12) |
31/12/2004 (12) |
31/12/2005 (12) |
|
|
|
A) EXPENSES (A.1 a A.16) |
|
|
|
|
|
A.1. Change in stocks of finished goods
and work in progress |
|
366,00 |
|
|
|
A.2. Supplies |
13.913,00 |
13.399,00 |
15.024,00 |
|
|
Material consumed |
13.913,00 |
|
|
|
|
Raw materials consumed |
|
13.399,00 |
15.024,00 |
|
|
A.3. Labor cost |
2.759,00 |
2.909,00 |
3.011,00 |
|
|
Wages |
2.240,00 |
2.364,00 |
2.471,00 |
|
|
Social security expenses |
519,00 |
545,00 |
540,00 |
|
|
A.4. Assets depreciation |
1.044,00 |
981,00 |
937,00 |
|
|
A.5 Variance in provision for current
assets |
622,00 |
4,00 |
-37,00 |
|
|
Variance in provision for bad debts |
622,00 |
4,00 |
-37,00 |
|
|
A.6. Other operating costs |
3.175,00 |
3.346,00 |
3.604,00 |
|
|
External costs |
3.122,00 |
3.306,00 |
3.557,00 |
|
|
Taxes |
53,00 |
40,00 |
47,00 |
|
|
A.I. OPERATING RESULT
(B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
6.296,00 |
7.255,00 |
7.560,00 |
|
|
A.7. Financial expenses |
113,00 |
101,00 |
102,00 |
|
|
Other companies debts |
113,00 |
101,00 |
102,00 |
|
|
A.8. Variation in financial investments
provision |
|
|
|
|
|
A.9. Exchange losses |
|
|
|
|
|
A.II. POSITIVE FINANCIAL RESULTS
(B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
373,00 |
182,00 |
335,00 |
|
|
A.III. PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
6.669,00 |
7.437,00 |
7.895,00 |
|
|
A.10. Variation in provision in fixed
assets |
1.035,00 |
37,00 |
36,00 |
|
|
A.11. Losses in fixed assets |
2,00 |
|
2,00 |
|
|
A.12. Losses from shares and bonds |
|
|
|
|
|
A.13. Extraordinary charges |
|
|
|
|
|
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) |
|
|
1,00 |
|
|
A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
5.701,00 |
7.429,00 |
7.896,00 |
|
|
A.15. Corporate Taxes |
1.669,00 |
2.223,00 |
2.417,00 |
|
|
A.16. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.15-A.16) |
4.032,00 |
5.206,00 |
5.479,00 |
|
|
B) INCOMES (B.1 a B13) |
|
|
|
|
|
B.1. Turnover |
27.033,00 |
27.832,00 |
29.372,00 |
|
|
Sales |
27.033,00 |
27.832,00 |
29.372,00 |
|
|
B.2. Increase in inventory of finished
goods |
336,00 |
|
261,00 |
|
|
B.3. Expenses capitalized |
418,00 |
422,00 |
445,00 |
|
|
B.4. Other operating income |
22,00 |
6,00 |
21,00 |
|
|
Grants |
22,00 |
6,00 |
21,00 |
|
|
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 |
240,00 |
173,00 |
328,00 |
|
|
Associated companies |
240,00 |
|
|
|
|
Other companies |
|
173,00 |
328,00 |
|
|
B.7. Other income from interrest |
245,00 |
105,00 |
109,00 |
|
|
From associated companies |
224,00 |
|
|
|
|
From other companies |
21,00 |
26,00 |
4,00 |
|
|
Gains from investments |
|
79,00 |
105,00 |
|
|
B.8. Gains on exchange |
1,00 |
5,00 |
|
|
|
B.II. FINANCIAL LOSSES
(A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
|
|
|
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
|
|
|
|
|
B.9. Gains from disposal of fixed assets |
6,00 |
|
7,00 |
|
|
B.10. Gains from dealing in own shares |
|
|
|
|
|
B.11. Paid in surplus |
20,00 |
20,00 |
4,00 |
|
|
B.12. Extraordinary income |
43,00 |
9,00 |
28,00 |
|
|
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) |
968,00 |
8,00 |
|
|
|
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) |
2.003 (12) |
2.004 (12) |
2.005 (12) |
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
2,11 |
2,96 |
5,53 |
|
|
Assets Turnover |
0,68 |
0,62 |
0,57 |
|
|
Productivity |
3,89 |
3,83 |
3,81 |
|
|
Increase of the Added Value |
2,59 |
3,99 |
2,89 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
10,15 |
11,59 |
10,64 |
|
|
Financial Profitability |
12,80 |
14,18 |
12,99 |
|
|
Financial Expenses |
0,42 |
0,36 |
0,35 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
104,00 |
103,00 |
105,00 |
|
|
Suppliers’ Credit (In days of sales) |
143,00 |
139,00 |
150,00 |
|
|
Working Capital (In days of sales) |
290,00 |
355,00 |
405,00 |
|
|
Working Capital Requirement (In days of
sales) |
64,00 |
58,00 |
51,00 |
|
|
Treasury (In days of sales) |
226,00 |
297,00 |
355,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
21.797,00 |
27.476,00 |
33.081,00 |
|
|
Working Capital Requirement |
4.827,00 |
4.484,00 |
4.125,00 |
|
|
Treasury |
16.970,00 |
22.992,00 |
28.956,00 |
|
|
Balance Ratio |
3,22 |
3,98 |
4,58 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
20,64 |
18,25 |
17,86 |
|
|
Own / Permanent Funds |
99,69 |
100,00 |
99,72 |
|
|
Payback Capacity |
0,28 |
0,28 |
0,30 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
3,69 |
4,35 |
4,60 |
|
|
Immediate Liquidity |
2,16 |
2,82 |
3,15 |
Sectorial Analysis
Summary of Assets, Liability
& Equity
|
(Figures given in Percentages) |
Company |
Sector |
Company |
|
|
2.005 |
|
|
|
Assets |
|||
|
DUE FROM SHAREHOLDERS
FOR UNCALLED CAPITAL |
0,00 |
0,00 |
0,00 |
|
FIXED ASSETS |
17,92 |
34,76 |
-16,84 |
|
ACCRUED EXPENSES |
0,00 |
0,12 |
-0,12 |
|
CURRENT ASSETS |
82,08 |
65,11 |
16,97 |
|
TOTAL ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS EQUITY |
81,90 |
45,59 |
36,31 |
|
ACCRUED INCOME |
0,00 |
0,51 |
-0,51 |
|
RISK AND EXPENDITURE
COVER |
0,23 |
0,34 |
-0,11 |
|
LONG-TERM CREDITORS |
0,00 |
6,69 |
-6,69 |
|
SHORT-TERM CREDITORS |
17,87 |
46,87 |
-29,00 |
|
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 |
Company |
|
|
2.005 |
|
|
|
Net turnover |
98,44 |
99,08 |
-0,64 |
|
Other operating income |
1,56 |
0,92 |
0,64 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
49,48 |
59,23 |
-9,76 |
|
Other operation expenses |
12,08 |
14,73 |
-2,66 |
|
Added value |
38,44 |
26,03 |
12,41 |
|
Labor cost |
10,09 |
14,70 |
-4,60 |
|
Gross Economic Result |
28,35 |
11,34 |
17,02 |
|
Assets depreciation |
3,14 |
3,00 |
0,14 |
|
Variation in provision
for current assets |
-0,12 |
0,46 |
-0,58 |
|
Net Economic Result |
25,34 |
7,88 |
17,46 |
|
Financial income |
1,46 |
0,49 |
0,98 |
|
Financial expenses |
0,34 |
1,39 |
-1,04 |
|
Variation in financial
investment provision |
0,00 |
0,00 |
-0,00 |
|
Ordinary Activities
Result |
26,46 |
6,98 |
19,48 |
|
Extraordinary income |
0,13 |
0,40 |
-0,27 |
|
Extraordinary expenses |
0,01 |
0,20 |
-0,19 |
|
Variation in provision
in fixed assets |
0,12 |
0,24 |
-0,12 |
|
Results before Taxes |
26,46 |
6,93 |
19,53 |
|
Corporaye taxes |
8,10 |
2,07 |
6,03 |
|
Net Result |
18,36 |
4,87 |
13,50 |
|
Assets depreciation |
3,14 |
3,00 |
0,14 |
|
Provisions fund variation |
-0,00 |
0,71 |
-0,71 |
|
Net Self-Financing |
21,50 |
8,57 |
12,93 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.005 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
5,53 |
-1,95 |
4,47 |
9,05 |
|
Assets Turnover |
0,57 |
1,05 |
1,21 |
1,42 |
|
Fixed Assets Turnover |
3,18 |
2,51 |
3,64 |
5,46 |
|
Increase of the Added
Value |
2,89 |
-1,24 |
6,63 |
12,22 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
3,81 |
1,36 |
1,72 |
2,14 |
|
Change of Personnel
Costs |
3,51 |
3,14 |
6,85 |
10,41 |
|
Average Personnel Costs |
54,74 |
29,72 |
33,86 |
37,91 |
|
Value Added by Employees |
208,56 |
47,96 |
55,54 |
79,31 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
6.415,00 |
642,80 |
1.136,54 |
1.702,69 |
|
Operating Cash Flow |
8.460,00 |
918,23 |
1.437,08 |
2.241,44 |
|
Change in Cash Flow |
3,00 |
-9,45 |
9,03 |
22,27 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
10,64 |
1,19 |
4,73 |
8,11 |
|
Financial Profitability |
12,99 |
4,06 |
9,31 |
15,59 |
|
Financial Expenses |
0,35 |
0,51 |
1,08 |
1,75 |
|
Gross Economic
Profitability |
16,42 |
8,26 |
9,75 |
17,02 |
|
Gross Financial
Profitability |
20,05 |
21,11 |
28,76 |
39,68 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
104,00 |
102,08 |
113,08 |
134,02 |
|
Suppliers’ Credit (In
days of sales) |
149,00 |
105,68 |
124,59 |
142,48 |
|
Working Capital (In days
of sales) |
405,00 |
1,89 |
44,77 |
76,95 |
|
Working Capital
Requirement (In days of sales) |
50,00 |
33,83 |
66,55 |
93,67 |
|
Treasury (In days of
sales) |
354,00 |
-58,95 |
-18,25 |
6,77 |
|
Operating Current Assets |
518,00 |
158,89 |
184,82 |
226,25 |
|
BALANCE |
|
|
|
|
|
Working Capital |
33.081,00 |
87,08 |
1.367,23 |
3.501,52 |
|
Working Capital
Requirement |
4.125,00 |
1.219,59 |
2.290,01 |
4.201,17 |
|
Treasury |
28.956,00 |
-1.944,08 |
-478,47 |
339,97 |
|
Balance Ratio |
4,58 |
1,02 |
1,48 |
1,97 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
17,86 |
41,74 |
55,95 |
69,68 |
|
Own / Permanent Funds |
99,72 |
72,68 |
91,53 |
97,21 |
|
Payback Capacity |
0,30 |
0,28 |
0,44 |
0,53 |
|
Long term Indebtedness |
|
1,01 |
4,17 |
9,00 |
|
Gearing |
122,10 |
171,65 |
227,04 |
329,83 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,01 |
|
Assets Guarantee |
5,60 |
1,31 |
1,79 |
2,39 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
4,60 |
1,01 |
1,32 |
1,74 |
|
Immediate Liquidity |
3,15 |
0,02 |
0,07 |
0,23 |
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 |
|