MIRA
INFORM REPORT
|
Report Date : |
27th February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
BLUMAQ SA |
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Registered Office : |
Poligono
Industrial Belcaire, 202 12600 La Vall D Uixo (Castellon) |
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Country : |
Spain |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
26.09.1992 |
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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 : |
Aaa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Identification and
Characteristics
Tax Number A12329223
NAME BLUMAQ
SA
TRADE NAME BLUMAQ,
SOCIEDAD ANONIMA
BUSINESS ADDRESS POLIGONO
INDUSTRIAL BELCAIRE, 202
Postcode 12600
LA VALL D UIXO (CASTELLON)
FORMER ADDRESS CALLE
REGIMIENTO TETUAN, 5
Postcode 12600
LA VALL D UIXO (CASTELLON)
URL http://www.blumaq.es
TELEPHONE 964697030
FAX 964697040
LEGAL FORM JOINT
STOCK COMPANY
DATE FOUNDED 26/09/1992
CAPITAL 1.140.865,00 Euros
PAID-UP CAPITAL 1.140.865,00 Euros
NUMBER OF EMPLOYEES 101
STOCK MARKET PRICE YES
TYPE ORDINARY
SHARES
PERIOD VALENCIA
PLACE
ACTIVITY 1617900 - Wholesale
of other products
CNAE 5165 - Wholesale
of other machinery for use in industry, trade and
navigation
EXPORT COMPANY YES
* Characteristics
of the main address
According to our
investigations dated 26/09/2005 these premises are used
as office park of industries .
Synthesis
FINANCIAL
SITUATION (Year ending: 31/12/2005)
PROFITABILITY Average
TREASURY Excellent
BALANCE SHEET Excellent
DEBT Very
low
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 1.125.094,66 Max.
Financial Elements
Figures given in Euros
|
|
Balance
sheet 2.003 (12) |
Balance
sheet 2.004 (12) |
Balance
sheet 2.005 (12) |
% Sales
|
|
|
SALES |
28.205.278,74 |
29.211.250,18 |
30.571.114,06 |
|
|
|
ADDED VALUE |
9.534.859,01 |
9.119.303,75 |
8.446.076,34 |
27,63 |
|
|
BUSINESS RESULT |
3.381.737,22 |
2.406.760,27 |
2.654.202,30 |
8,68 |
|
|
OWN FUNDS |
20.590.068,54 |
22.496.828,76 |
23.651.031,06 |
|
|
|
DEBT |
11.299.663,90 |
9.801.196,42 |
9.228.106,68 |
|
|
|
TOTAL ASSET |
31.913.972,69 |
32.335.005,79 |
32.950.156,65 |
|
|
|
The sales of 30.571.114,06
Euros show a change of 4,66% compared with
2.004 . Between 2.003 and 2.004 , this
change was 3,57% . |
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|
Added value grew by -7,38%
compared with the previous year. Shareholders equity are 23.651.031,06
Euros for an indebtedness of 9.228.106,68 Euros
. |
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|
The result 2.654.202,30
Euros means financial profitability of 11,22% and
economic profitability of 8,06% . This result means growth of
10,28% 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: 21/11/2006 |
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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 |
2.654.202 |
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Total of Amounts to be
distributed |
2.654.202 |
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Distribution a |
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Voluntary Reserve |
1.654.202 |
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Dividends |
1.000.000 |
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Auditors’ opinion: |
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FAVOURABLE (2.005) |
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Auditors: |
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AUDIHISPANA S.A. |
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Comparative Sector Analysis
|
|
Company |
Sector |
Difference |
|
|
(2.005)
|
|
|
|
% of PRODUCTION VALUE |
|
|
|
|
SALES |
99,88 |
98,94 |
0,94 |
|
ADDED
VALUE |
27,59 |
18,64 |
8,95 |
|
BUSINESS
RESULT |
8,67 |
3,70 |
4,97 |
|
% OF TOTAL ASSETS |
|
|
|
|
OWN
FUNDS |
71,78 |
39,01 |
32,77 |
|
DEBT |
28,01 |
60,99 |
-32,98 |
Compared sector (CNAE): 516 - Comercio al
por mayor de maquinaria y equipo
Number of companies: 319
Size (Sales Figure): 7.000.000,00 -
40.000.000,00 Euros
The turnover of the company is 0,94%
above the mean for the sector.
The company’s added value was 27,59%
s/ the production value, and 8,95% above the mean for the sector.
The company’s business result was
8,67% of the PV, 4,97% above the mean for the sector.
The company’s own resources are 71,78%
, 32,77% above the mean for the sector.
The company’s outside resources are
28,01% , 32,98% 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 |
|
CHAIRMAN |
BALLESTER CERECEDA VICENTE ANTONIO |
19/08/2002 |
|
BOARD MEMBER |
ZARAGOZA TALAMANTES MANUEL CRISANTO |
19/08/2002 |
|
BOARD MEMBER |
HARO CARMONA FRANCISCO JOSE |
19/08/2002 |
|
AUDITOR |
UNIAUDIT VMA ASOCIADOS SL |
24/06/1996 |
Functional Managers
|
Position |
Surname and name |
|
FINANCIAL MANAGER |
ZARAGOZA TALAMANTES MANUEL |
|
COMMERCIAL MANAGER |
CAPITAN JUAN MANUEL |
|
MANAGER |
BALLESTER CERECEDA VICENTE ANTONIO |
Financial Links
|
Shareholders |
||||
|
Company Name |
CIF/Country |
|
Source |
Information Date |
|
NET WORTH FAMILY SOCIEDAD LIMITADA. |
B96555024 |
26,24% |
OWN SOURCES |
26/01/2007 |
|
MARKYTUR S.L. |
B12494027 |
25,93% |
OWN SOURCES |
26/01/2007 |
|
GENCO CONSULTING SOCIEDAD LIMITADA. |
B12431490 |
21,81% |
OWN SOURCES |
16/05/2006 |
|
BALLESTER CERECEDA VICENTE A |
|
14,30% |
OWN SOURCES |
16/05/2006 |
|
BLUMAQ SA |
A12329223 |
9,90% |
OWN SOURCES |
16/05/2006 |
|
POZO MARTINEZ INMACULADA |
|
0,48% |
OWN SOURCES |
16/05/2006 |
|
Shareholdings |
||||
|
Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
BLUMAQ FRANCE SRL |
FRANCIA |
100,00% |
M.REGISTER |
31/12/2005 |
|
BLUMAQ UK |
REINO UNIDO |
100,00% |
M.REGISTER |
31/12/2005 |
|
BLUMAQ CORP |
ESTADOS UNIDOS |
100,00% |
M.REGISTER |
31/12/2005 |
|
BLUMAQ ENDUSTRIEL MAKINA URUNLERI SANAYI
TICAKET LIMITED |
TURQUÍA |
99,00% |
M.REGISTER |
31/12/2005 |
|
BLUMAQ CHILE SA |
CHILE |
98,00% |
M.REGISTER |
31/12/2005 |
|
BLUMAQ DIC TICARET |
TURQUÍA |
66,00% |
M.REGISTER |
31/12/2003 |
Proceedings published in the
B.O.R.M.E. (Official Mercantile Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Registration of accounts
(2005) Consolidated |
07/12/2006 |
962966 |
CASTELLON |
|
Registration of accounts
(2005) |
10/11/2006 |
860588 |
CASTELLON |
|
Re-elections |
28/08/2006 |
425393 |
CASTELLON |
|
Misprint |
09/02/2006 |
070807 |
CASTELLON |
|
Misprint |
09/02/2006 |
070806 |
CASTELLON |
Brands, Signs and Commercial
Names
|
Prevailing Brands |
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|
Name: |
B BLUMAQ |
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|
Kind of Brand: |
JOINT |
File: |
M2341099 |
||
|
Request Date: |
25/08/2000 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
|
Types: 35
|
|
||||
|
Name: |
BLUMAQ |
||||
|
Kind of Brand: |
JOINT |
File: |
M1812544 |
||
|
Request Date: |
29/03/1994 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
RENEWED REGISTER |
|
Types: 39
|
|
||||
|
Prevailing Commercial
Names |
|||||
|
Name: |
BLUMAQ, SOCIEDAD
ANONIMA |
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|
Kind of Brand: |
DENOMINATIVE |
File: |
N202265 |
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Request Date: |
07/12/1994 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
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|
|
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Total Marcas: 3
Commercial Experience
SALES
Exports::
C.E.E
Bank Entities
|
Entity |
Branch |
Branch Address |
Town |
Province |
|
BANCO DE VALENCIA, S.A. |
|
|
CASTELLON |
|
|
BANCO POPULAR ESPAŃOL, S.A. |
|
|
CASTELLON |
|
|
BANCO DE VALENCIA, S.A. |
0400 |
PO.
CASTELLANA,31-EDF.PIRAMIDE |
MADRID |
MADRID |
|
BANCO POPULAR ESPAŃOL, S.A. |
0180 |
CAMI LA VALL, 6 |
MONCOFA |
CASTELLON |
|
CREDIT VALENCIA, C.R.C.C.V. |
|
|
PTO SAGUNTO |
|
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 21/11/2006
Balance Sheet (ASSETS)
|
(Figures given in Euros) |
31/12/2003 (12)
|
31/12/2004 (12)
|
31/12/2005 (12)
|
|
|
|
A) DUE FROM SHAREHOLDERS FOR UNCALLED
CAPITAL |
|
|
|
|
|
B) FIXED ASSETS |
12.741.671,20 |
11.993.584,60 |
12.443.938,19 |
|
|
I. Establishment expenses |
|
|
|
|
|
II. Intangible assets |
261.993,43 |
435.039,21 |
365.890,87 |
|
|
Concessions, patents,licences , trademarks |
9.435,01 |
9.813,69 |
9.813,69 |
|
|
Goodwill |
66.182,88 |
66.182,88 |
66.182,88 |
|
|
Software |
255.181,18 |
540.055,88 |
593.152,10 |
|
|
Amortization |
-68.805,64 |
-181.013,24 |
-303.257,80 |
|
|
III. Tangible assets |
9.769.180,88 |
9.023.203,68 |
9.302.250,29 |
|
|
Property, plant and equipment |
7.710.762,32 |
7.147.935,26 |
7.555.101,98 |
|
|
Machinery, equipment and other |
1.525.904,70 |
1.695.580,47 |
1.777.295,80 |
|
|
Other property plant and equipement |
1.163.803,40 |
1.255.650,14 |
1.390.466,36 |
|
|
Prepaid expenses on fixed assets |
286.811,78 |
145.426,83 |
334.132,40 |
|
|
Other assets |
1.016.946,60 |
1.158.854,26 |
1.266.252,12 |
|
|
Depreciation |
-1.935.047,92 |
-2.380.243,28 |
-3.020.998,37 |
|
|
IV. Financial assets |
2.505.296,90 |
2.330.141,72 |
2.570.597,04 |
|
|
Shares in affiliated companies |
3.507.066,69 |
2.850.032,78 |
2.870.685,51 |
|
|
Shares in associated companies |
2.032,07 |
201.434,09 |
201.433,91 |
|
|
Other loans |
701.420,59 |
785.156,83 |
472.239,53 |
|
|
Long term deposits and guarantees |
17.094,60 |
14.468,29 |
15.122,05 |
|
|
Provisions |
-1.722.317,05 |
-1.520.950,27 |
-988.883,96 |
|
|
V. Owners equity |
205.199,99 |
205.199,99 |
205.199,99 |
|
|
VI. Long term trade liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
4.946,22 |
450.757,26 |
0,19 |
|
|
D) CURRENT ASSETS |
19.167.355,27 |
19.890.663,93 |
20.506.218,27 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
|
II. Inventory |
8.501.184,81 |
9.124.310,00 |
9.711.544,20 |
|
|
Goods available for sale |
8.408.033,00 |
9.124.310,00 |
9.707.711,00 |
|
|
Cash advance |
93.151,81 |
|
3.833,20 |
|
|
III. Debtors |
9.981.839,25 |
9.968.887,77 |
9.879.420,98 |
|
|
Clients |
8.051.163,35 |
8.414.499,33 |
8.946.184,86 |
|
|
Amounts owned by affiliated companies |
1.888.573,09 |
1.471.195,66 |
1.329.797,52 |
|
|
Amounts owned by associated companies |
393.427,25 |
306.477,79 |
322.394,88 |
|
|
Other debts |
34.219,02 |
269.124,83 |
223.906,87 |
|
|
Labor costs |
6.443,56 |
4.505,15 |
2.246,63 |
|
|
Taxes refunds |
|
68.160,75 |
|
|
|
Provisions |
-391.987,02 |
-565.075,74 |
-945.109,78 |
|
|
IV. Short term financial assets |
3.433,82 |
21.104,48 |
47.228,97 |
|
|
Short term investment |
3.433,82 |
21.104,48 |
47.228,97 |
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
637.648,10 |
700.060,66 |
771.614,55 |
|
|
VII. Prepaid expenses and accrued income |
43.249,29 |
76.301,02 |
96.409,57 |
|
|
ASSETS (A + B + C + D) |
31.913.972,69 |
32.335.005,79 |
32.950.156,65 |
Balance Sheet (LIABILITIES)
|
(Figures given in Euros) |
31/12/2003 (12)
|
31/12/2004 (12)
|
31/12/2005 (12)
|
|
|
|
A) SHAREHOLDERS EQUITY |
20.590.068,54 |
22.496.828,76 |
23.651.031,06 |
|
|
I. Capital |
1.143.102,00 |
1.143.102,00 |
1.143.102,00 |
|
|
II. Premium share account |
751.265,13 |
751.265,13 |
751.265,13 |
|
|
III. Revaluation reserve |
|
|
|
|
|
IV. Reserves |
15.813.934,22 |
18.695.701,36 |
20.602.461,63 |
|
|
Retained earnings |
228.625,00 |
228.625,00 |
228.625,00 |
|
|
Sinking fund from owner equity |
205.200,00 |
205.200,00 |
205.200,00 |
|
|
Other funds |
15.380.086,20 |
18.261.853,34 |
20.168.613,61 |
|
|
Capital adjustments in Euros |
23,02 |
23,02 |
23,02 |
|
|
V. Prior year earnings |
|
|
|
|
|
VI. Prior year profit or losses |
3.381.737,22 |
2.406.760,27 |
2.654.202,30 |
|
|
VII. Dividend paid during the year |
-499.970,03 |
-500.000,00 |
-1.500.000,00 |
|
|
VIII. Own shares for change in capital |
|
|
|
|
|
B) DEFERRED INCOME |
24.240,25 |
36.980,61 |
71.018,91 |
|
|
Capital grants |
24.240,25 |
23.361,44 |
22.482,64 |
|
|
Rate difference |
|
13.619,17 |
48.536,27 |
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
|
|
|
|
|
D) LONG TERM LIABILITIES |
4.121.923,25 |
3.224.398,23 |
2.360.690,85 |
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
4.039.991,17 |
3.220.855,86 |
2.360.690,85 |
|
|
Long term bank loans |
4.039.991,17 |
3.220.855,86 |
2.360.690,85 |
|
|
III. Debts with associed and affiliated
companies |
|
|
|
|
|
IV. Other creditors |
81.932,08 |
3.542,37 |
|
|
|
Long term deposit and guaranties |
3.542,37 |
3.542,37 |
|
|
|
Taxes receivable |
78.389,71 |
|
|
|
|
V. Deferred debts on shares |
|
|
|
|
|
VI. Long term debt with creditor |
|
|
|
|
|
E) SHORT TERM LIABILITIES |
7.177.740,65 |
6.576.798,19 |
6.867.415,83 |
|
|
I. Negotiable bonds |
|
|
|
|
|
II. Bank loans |
2.926.721,64 |
1.820.258,40 |
1.558.691,98 |
|
|
Loans and other debts |
2.926.721,64 |
1.820.258,40 |
1.558.691,98 |
|
|
III. Short term debts with associated and
affiliated companies |
107.226,67 |
30.548,57 |
34.168,15 |
|
|
With affiliated companies |
107.226,67 |
24.564,89 |
28.727,87 |
|
|
Associeted companies |
|
5.983,68 |
5.440,28 |
|
|
IV. Trade creditors |
2.692.584,19 |
3.933.873,44 |
4.321.248,21 |
|
|
Accounts payable |
11.238,93 |
|
|
|
|
Expenses |
2.681.345,26 |
2.674.869,44 |
2.644.438,09 |
|
|
Bills payable |
|
1.259.004,00 |
1.676.810,12 |
|
|
V. Other non trade payables |
1.414.509,42 |
752.368,91 |
918.649,62 |
|
|
Government |
1.081.154,47 |
564.009,72 |
770.569,31 |
|
|
Other debts |
270.690,92 |
119.229,37 |
75.761,30 |
|
|
Accounts receivable |
62.664,03 |
69.129,82 |
72.319,01 |
|
|
VI. Provisions for current assets |
36.698,73 |
39.748,87 |
34.657,87 |
|
|
VII. Accruals and deferred incomes |
|
|
|
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
31.913.972,69 |
32.335.005,79 |
32.950.156,65 |
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) |
|
|
|
|
|
A.1. Change in stocks of finished goods
and work in progress |
|
|
|
|
|
A.2. Supplies |
15.359.557,29 |
16.359.260,41 |
18.226.551,93 |
|
|
Material consumed |
15.083.276,56 |
15.769.462,60 |
17.749.387,07 |
|
|
Raw materials consumed |
132.465,31 |
201.086,27 |
175.042,71 |
|
|
Other expenses |
143.815,42 |
388.711,54 |
302.122,15 |
|
|
A.3. Labor cost |
2.590.007,85 |
3.183.598,88 |
3.610.619,29 |
|
|
Wages |
2.017.620,92 |
2.478.020,65 |
2.809.154,81 |
|
|
Social security expenses |
572.386,93 |
705.578,23 |
801.464,48 |
|
|
A.4. Assets depreciation |
627.236,21 |
740.658,56 |
764.561,95 |
|
|
A.5 Variance in provision for current
assets |
98.531,90 |
255.668,66 |
384.915,75 |
|
|
Variance in provision for bad debts |
89.416,45 |
252.618,52 |
390.006,75 |
|
|
Variance in provision for other current
assets |
9.115,45 |
3.050,14 |
-5.091,00 |
|
|
A.6. Other operating costs |
3.479.935,99 |
3.791.110,31 |
3.934.683,86 |
|
|
External costs |
3.358.639,47 |
3.728.312,43 |
3.869.208,83 |
|
|
Taxes |
72.420,00 |
41.329,93 |
41.381,15 |
|
|
Other day to day expenses |
48.876,52 |
21.467,95 |
24.093,88 |
|
|
A.I. OPERATING RESULT
(B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
6.219.083,05 |
4.939.377,65 |
3.685.979,35 |
|
|
A.7. Financial expenses |
340.897,67 |
222.544,43 |
197.106,84 |
|
|
Other companies debts |
340.897,67 |
222.544,43 |
197.106,84 |
|
|
A.8. Variation in financial investments
provision |
|
250.240,39 |
|
|
|
A.9. Exchange losses |
110.505,39 |
134.792,60 |
88.090,85 |
|
|
A.II. POSITIVE FINANCIAL RESULTS
(B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
|
|
|
|
|
A.III. PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
6.016.513,59 |
4.405.627,05 |
3.538.303,33 |
|
|
A.10. Variation in provision in fixed
assets |
762.797,09 |
-451.607,17 |
-532.066,31 |
|
|
A.11. Losses in fixed assets |
16.620,79 |
814.145,00 |
2.985,60 |
|
|
A.12. Losses from shares and bonds |
|
|
|
|
|
A.13. Extraordinary charges |
6.069,45 |
472.146,06 |
21.300,68 |
|
|
A.14. Prior year’s expenses and losses |
111.605,20 |
|
|
|
|
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) |
|
|
541.437,61 |
|
|
A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
5.188.827,61 |
3.666.339,72 |
4.079.740,94 |
|
|
A.15. Corporate Taxes |
1.807.090,39 |
1.259.579,45 |
1.425.538,64 |
|
|
A.16. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.15-A.16) |
3.381.737,22 |
2.406.760,27 |
2.654.202,30 |
|
|
B) INCOMES (B.1 a B13) |
|
|
|
|
|
B.1. Turnover |
28.205.278,74 |
29.211.250,18 |
30.571.114,06 |
|
|
Sales |
29.966.988,69 |
30.609.670,79 |
32.274.926,65 |
|
|
Services provided |
478.795,14 |
681.370,89 |
564.997,02 |
|
|
Discounts |
-2.240.505,09 |
-2.079.791,50 |
-2.268.809,61 |
|
|
B.2. Increase in inventory of finished
goods |
|
|
|
|
|
B.3. Expenses capitalized |
|
|
|
|
|
B.4. Other operating income |
169.073,55 |
58.424,29 |
36.198,07 |
|
|
Other incomes |
122.801,07 |
23.747,42 |
9.575,64 |
|
|
Grants |
39.583,22 |
34.676,87 |
26.622,43 |
|
|
Excess in provision for liabilities and
charges |
6.689,26 |
|
|
|
|
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 |
140,71 |
149,05 |
160,59 |
|
|
From other companies |
140,71 |
149,05 |
160,59 |
|
|
B.6. Income from securities |
14.699,89 |
|
16.400,70 |
|
|
Group companies |
|
|
16.400,70 |
|
|
Other companies |
14.699,89 |
|
|
|
|
B.7. Other income from interrest |
32.088,48 |
10.322,30 |
16.075,07 |
|
|
From other companies |
32.088,48 |
10.322,30 |
8.675,74 |
|
|
Gains from investments |
|
|
7.399,33 |
|
|
B.8. Gains on exchange |
201.904,52 |
63.355,47 |
104.885,31 |
|
|
B.II. FINANCIAL LOSSES
(A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
202.569,46 |
533.750,60 |
147.676,02 |
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
|
|
|
|
|
B.9. Gains from disposal of fixed assets |
20.862,20 |
74.405,96 |
1.563,98 |
|
|
B.10. Gains from dealing in own shares |
|
|
|
|
|
B.11. Paid in surplus |
854,76 |
954,80 |
878,80 |
|
|
B.12. Extraordinary income |
29.423,45 |
20.035,80 |
31.214,80 |
|
|
B.13. Prior year’s income and profits |
18.266,14 |
|
|
|
|
B.IV. EXTRAORDINARY LOSSES (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13) |
827.685,98 |
739.287,33 |
|
|
|
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) |
2.003 (12) |
2.004 (12) |
2.005 (12) |
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
8,01 |
3,57 |
4,66 |
|
|
Assets Turnover |
0,88 |
0,90 |
0,93 |
|
|
Productivity |
3,68 |
2,86 |
2,34 |
|
|
Increase of the Added Value |
38,69 |
-4,36 |
-7,38 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
10,60 |
7,44 |
8,06 |
|
|
Financial Profitability |
16,42 |
10,70 |
11,22 |
|
|
Financial Expenses |
1,21 |
0,76 |
0,65 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
127,00 |
123,00 |
116,00 |
|
|
Suppliers’ Credit (In days of sales) |
63,00 |
87,00 |
85,00 |
|
|
Working Capital (In days of sales) |
153,00 |
164,00 |
161,00 |
|
|
Working Capital Requirement (In days of
sales) |
182,00 |
178,00 |
169,00 |
|
|
Treasury (In days of sales) |
0,00 |
0,00 |
0,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
11.989.614,62 |
13.313.865,74 |
13.638.802,44 |
|
|
Working Capital Requirement |
14.275.254,34 |
14.412.959,00 |
14.378.650,90 |
|
|
Treasury |
-2.285.639,72 |
-1.099.093,26 |
-739.848,46 |
|
|
Balance Ratio |
1,94 |
2,07 |
2,10 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
35,41 |
30,31 |
28,01 |
|
|
Own / Permanent Funds |
83,24 |
87,34 |
90,68 |
|
|
Payback Capacity |
0,38 |
0,33 |
0,30 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
2,67 |
3,02 |
2,99 |
|
|
Immediate Liquidity |
0,09 |
0,11 |
0,12 |
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 |
37,77 |
20,14 |
17,63 |
|
ACCRUED EXPENSES |
0,00 |
0,33 |
-0,33 |
|
CURRENT ASSETS |
62,23 |
79,53 |
-17,30 |
|
TOTAL ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS EQUITY |
71,78 |
39,01 |
32,77 |
|
ACCRUED INCOME |
0,22 |
0,19 |
0,03 |
|
RISK AND EXPENDITURE
COVER |
0,00 |
0,26 |
-0,26 |
|
LONG-TERM CREDITORS |
7,16 |
5,59 |
1,57 |
|
SHORT-TERM CREDITORS |
20,84 |
54,93 |
-34,09 |
|
SHORT-TERM RISK AND
EXPENDITURE COVER |
0,00 |
0,02 |
-0,02 |
|
TOTAL LIABILITIES |
100,00 |
100,00 |
0,00 |
Analytical Account of Results
|
(Figures given in Percentages) |
Company |
Sector |
Company |
|
|
2.005 |
|
|
|
Net turnover |
99,88 |
98,94 |
0,94 |
|
Other operating income |
0,12 |
1,06 |
-0,94 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
59,55 |
72,80 |
-13,25 |
|
Other operation expenses |
12,86 |
8,56 |
4,30 |
|
Added value |
27,59 |
18,64 |
8,95 |
|
Labor cost |
11,80 |
11,07 |
0,72 |
|
Gross Economic Result |
15,80 |
7,57 |
8,23 |
|
Assets depreciation |
2,50 |
1,45 |
1,05 |
|
Variation in provision
for current assets |
1,26 |
0,35 |
0,90 |
|
Net Economic Result |
12,04 |
5,76 |
6,28 |
|
Financial income |
0,45 |
0,56 |
-0,11 |
|
Financial expenses |
0,93 |
0,89 |
0,05 |
|
Variation in financial
investment provision |
0,00 |
0,01 |
-0,01 |
|
Ordinary Activities
Result |
11,56 |
5,43 |
6,13 |
|
Extraordinary income |
0,11 |
0,35 |
-0,24 |
|
Extraordinary expenses |
0,08 |
0,24 |
-0,16 |
|
Variation in provision
in fixed assets |
-1,74 |
0,03 |
-1,77 |
|
Results before Taxes |
13,33 |
5,51 |
7,82 |
|
Corporaye taxes |
4,66 |
1,80 |
2,85 |
|
Net Result |
8,67 |
3,70 |
4,97 |
|
Assets depreciation |
2,50 |
1,45 |
1,05 |
|
Provisions fund
variation |
-0,48 |
0,40 |
-0,88 |
|
Net Self-Financing |
10,69 |
5,55 |
5,14 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.005 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
4,66 |
-3,44 |
5,07 |
14,37 |
|
Assets Turnover |
0,93 |
1,23 |
1,57 |
1,98 |
|
Fixed Assets Turnover |
2,46 |
6,23 |
11,84 |
27,37 |
|
Increase of the Added
Value |
-7,38 |
-3,89 |
7,11 |
16,79 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
2,34 |
1,36 |
1,64 |
2,07 |
|
Change of Personnel
Costs |
13,41 |
2,73 |
9,55 |
17,68 |
|
Average Personnel Costs |
29.117,90 |
28.607,41 |
34.954,05 |
44.490,71 |
|
Value Added by Employees |
68.113,52 |
44.703,00 |
58.088,90 |
79.685,98 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
3.271.613,69 |
259.249,48 |
480.351,03 |
925.859,88 |
|
Operating Cash Flow |
4.835.457,05 |
364.000,00 |
687.988,59 |
1.298.209,59 |
|
Change in Cash Flow |
2,18 |
-24,88 |
4,38 |
22,75 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
8,06 |
2,16 |
4,38 |
8,65 |
|
Financial Profitability |
11,22 |
8,00 |
13,53 |
21,17 |
|
Financial Expenses |
0,64 |
0,24 |
0,65 |
1,13 |
|
Gross Economic
Profitability |
14,68 |
6,24 |
9,75 |
15,49 |
|
Gross Financial
Profitability |
20,44 |
19,00 |
29,68 |
47,84 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
116,00 |
80,63 |
117,86 |
145,40 |
|
Suppliers’ Credit (In
days of sales) |
85,00 |
28,99 |
82,46 |
121,84 |
|
Working Capital (In days
of sales) |
160,00 |
20,69 |
49,86 |
88,78 |
|
Working Capital
Requirement (In days of sales) |
169,00 |
20,47 |
59,64 |
98,43 |
|
Treasury (In days of
sales) |
0,00 |
-37,90 |
1,32 |
30,17 |
|
Operating Current Assets |
241,00 |
146,30 |
189,54 |
238,63 |
|
BALANCE |
|
|
|
|
|
Working Capital |
13.638.802,44 |
588.887,85 |
1.534.823,49 |
2.997.729,82 |
|
Working Capital
Requirement |
14.378.650,90 |
542.720,46 |
1.669.243,89 |
3.149.981,22 |
|
Treasury |
-739.848,46 |
-1.124.684,07 |
30.426,05 |
826.000,00 |
|
Balance Ratio |
2,10 |
1,59 |
2,70 |
5,94 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
28,01 |
48,71 |
67,05 |
77,89 |
|
Own / Permanent Funds |
90,68 |
79,68 |
95,83 |
99,98 |
|
Payback Capacity |
0,30 |
0,26 |
0,37 |
0,50 |
|
Long term Indebtedness |
7,16 |
0,00 |
1,07 |
7,27 |
|
Gearing |
139,32 |
194,97 |
303,49 |
452,35 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
3,57 |
1,24 |
1,46 |
1,96 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
2,99 |
1,16 |
1,36 |
1,86 |
|
Immediate Liquidity |
0,12 |
0,04 |
0,12 |
0,33 |
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%)
PRIVATE & CONFIDENTIAL : This information
is provided to you at your request, you having employed MIPL for such purpose.
You will use the information as aid only in determining the propriety of giving
credit and generally as an aid to your business and for no other purpose. You
will hold the information in strict confidence, and shall not reveal it or make
it known to the subject persons, firms or corporations or to any other. MIPL
does not warrant the correctness of the information as you hold it free of any
liability whatsoever. You will be liable to and indemnify MIPL for any loss,
damage or expense, occasioned by your breach or non observance of any one, or
more of these conditions