MIRA
INFORM REPORT
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Report Date : |
03.07.2007 |
IDENTIFICATION DETAILS
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Name : |
INDUSTRIAS VALLS 1 SA |
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Registered Office : |
Avenida Balmes, 16 08700 Igualada ( |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
04/10/1989 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture of knitted and crocheted hosiery |
RATING & COMMENTS
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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
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TAX NUMBER: |
A59060491 |
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NAME: |
INDUSTRIAS VALLS 1 SA |
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FORMER NAME: |
ELASTAX SA |
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BUSINESS ADDRESS:* |
AVENIDA BALMES, 16 |
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08700 IGUALADA ( |
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URL: |
www.puntoblanco.com |
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TELEPHONE: |
938035252 |
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FAX: |
938044362 |
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LEGAL FORM: |
JOINT STOCK COMPANY |
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DATE FOUNDED: |
04/10/1989 |
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CAPITAL: |
11.118.500,00 EUROS |
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PAID-UP CAPITAL: |
11.118.500,00 EUROS |
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NUMBER OF
EMPLOYEES: |
420 |
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ACTIVITY: |
1435200 Mfg. of knitted & crocheted
pullovers, cardigans & similar articles |
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CNAE: |
1771 Manufacture of knitted and crocheted
hosiery |
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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 29/10/2004 these premises are owned (with no official
confirmation) used as office, factory, warehouse located in
a main park of industries . |
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Synthesis
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Year ending:31/12/2005 |
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FINANCIAL SITUATION |
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PROFITABILITY |
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Medium |
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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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Very low |
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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 Euros): |
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FAVOURABLE TOWARDS 549.000,52 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
2003 (12) |
Balance sheet
2004 (12) |
Balance sheet
2005 (12) |
% Sales |
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SALES |
37.918.526,13 |
35.518.844,64 |
34.106.854,78 |
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ADDED VALUE |
15.511.781,59 |
14.270.038,57 |
13.407.418,57 |
39,31 |
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BUSINESS RESULT |
1.719.260,37 |
1.056.349,99 |
461.030,31 |
1,35 |
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OWN FUNDS |
20.355.503,04 |
19.461.853,03 |
19.472.883,34 |
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DEBT |
6.860.631,81 |
5.975.879,80 |
6.153.220,96 |
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TOTAL ASSET |
27.220.445,59 |
25.443.542,83 |
25.629.825,84 |
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The sales of de 34.106.854,78 Euros show a
change of -3,98% compared with 2004. Between 2003 and 2004, this change was
-6,33%. |
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Added value grew by -6,04% compared with
the previous year. Shareholders equity are 19.472.883,34 Euros for an indebtedness
of 6.153.220,96 Euros |
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The result 461.030,31 Euros means
financial profitability of 2,37% and economic profitability of 1,8%. This
result means growth of -56,36% compared with the 2004. |
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THE FIGURES FOR THE LAST BALANCE SHEET ARE
RELEVANT: |
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SOURCE: THE MERCANTILE REGISTER |
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DATE: 19/October/2006 |
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Results Distribution |
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Annual Report Year Source:2005 |
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Figures given in Euros |
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Distribution Base |
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Profit
and Loss |
461.030,00 |
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Total
of Amounts to be distributed |
461.030,00 |
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Distribution a |
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Retained
earnings |
46.103,00 |
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Voluntary
Reserve |
114.927,00 |
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Dividends |
300.000,00 |
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Auditors’ opinion: |
FAVOURABLE (2005) |
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Auditors: |
CGM AUDITORES S.L. |
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Comparative Sector
Analysis
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Company |
Sector |
Difference |
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(2005) |
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% of PRODUCTION
VALUE |
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SALES |
99,24 |
99,56 |
-0,32 |
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ADDED
VALUE |
39,01 |
12,95 |
26,07 |
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BUSINESS
RESULT |
1,34 |
2,69 |
-1,35 |
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% OF TOTAL ASSETS |
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OWN
FUNDS |
75,98 |
41,27 |
34,71 |
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DEBT |
24,01 |
58,73 |
-34,72 |
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Compared sector (CNAE): 177 - Manufacture
of knitted and crocheted articles Number of companies: 11 Size (Sales Figure):>
7.000.000,00 Euros |
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The turnover of the company is 0,32% below
the mean for the sector. The company’s added value was 39,01% s/
the production value, and 26,07% above the mean for the sector. The company’s business result was 1,34% of
the PV, 1,35% below the mean for the sector. The company’s own resources are 75,98%,
34,71% above the mean for the sector. The company’s outside resources are
24,01%, 34,72% below the mean for the sector. |
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Commercial Experience |
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Suppliers |
International |
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DEFIBER |
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GRAFOPACK S.A |
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DELASFIL |
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ARETEX SA |
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DEPUNT SA |
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Total: 32 |
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Clients |
International |
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DEFIBER |
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VALLS |
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DEPUNT SA |
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DEFIBER SA |
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VALLS |
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Total: 20 |
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Incidents Recorded
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No legal incidences registered for this
company in the official source |
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No claims registered for this company in
the official sources |
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AFFECTED BY: |
No significant element |
Main Board members,
Directors and
Auditor
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Position |
Surname and name |
Date of
appointment |
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ADMINISTRATOR |
CORPORACION EMPRESARIAL VALLS SA |
13/05/2003 |
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ADMINISTRATOR |
VALLS BIOSCA MARTA |
13/05/2003 |
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ADMINISTRATOR |
TORRES CASTELLO JAVIER |
31/12/2004 |
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AUDITOR |
GM AUDITORS SL |
16/11/2006 |
Financial Links
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Shareholders |
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Company Name |
CIF/ Country |
Percent. |
Source |
Information Date |
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CORPORACION EMPRESARIAL VALLS |
A08066268 |
100% |
M.REGISTER |
31/12/2005 |
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Shareholdings |
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Company Name |
CIF/ Country |
Percent. |
Source |
Information Date |
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VALLS |
FRANCIA |
100% |
M.REGISTER |
31/12/2005 |
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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Appointments |
30/05/2007 |
293241 |
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Resignations |
22/11/2006 |
558184 |
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Resignations |
22/11/2006 |
558183 |
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Resignations |
22/11/2006 |
558181 |
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Appointments |
22/11/2006 |
558175 |
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Bank Entities
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Entity |
Branch |
Branch Address |
Town |
Province |
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BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
3114 |
SANT JORDI, 7-9 |
IGUALADA |
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BANCO DE SABADELL, S.A. |
0037 |
PS MOSSEN JACINT
VERDAGUER 000040 |
IGUALADA |
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BANCO SANTANDER CENTRAL HISPANO, S.A. |
2458 |
RBLA. |
IGUALADA |
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CAJA DE AHORROS Y PENSIONES DE |
0001 |
RBLA. GENERAL
VIVES, 2 |
IGUALADA |
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CAJA DE AHORROS Y PENSIONES DE |
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The information on the last Individual Filed
accounts contained in this report is extracted from the Mercantile Register
file of the legal address of the Company and dated 19/October/2006.
Balance Sheet
(Assets)
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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 |
2.659.521,13 |
2.125.776,60 |
2.535.001,42 |
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I. Establishment expenses |
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II. Intangible assets |
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III. Tangible assets |
2.626.355,02 |
2.092.610,49 |
2.431.231,69 |
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Property, plant
and equipment |
3.718.242,59 |
3.718.242,59 |
3.718.242,59 |
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Machinery,
equipment and other |
8.982.422,75 |
8.967.522,56 |
8.967.522,56 |
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Other property
plant and equipement |
4.440.333,03 |
4.468.684,78 |
5.303.907,85 |
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Other assets |
1.122.710,03 |
1.121.128,20 |
1.121.128,20 |
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Depreciation |
-15.637.353,38 |
-16.182.967,64 |
-16.679.569,51 |
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IV. Financial assets |
33.166,11 |
33.166,11 |
103.769,73 |
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Shares in
affiliated companies |
7.622,33 |
7.622,33 |
7.622,33 |
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Long term deposits
and guarantees |
25.543,78 |
25.543,78 |
96.147,40 |
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V. Owners equity |
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VI. Long term trade
liabilities |
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C) DEFERRED EXPENSES |
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D) CURRENT ASSETS |
24.560.924,46 |
23.317.766,23 |
23.094.824,42 |
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I. Not paid in shareholder
capital |
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II. Inventory |
11.803.164,00 |
12.724.079,00 |
9.609.020,00 |
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Raw material
inventory |
3.927.282,00 |
3.808.176,00 |
2.774.026,00 |
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Work in Progress |
1.690.611,00 |
1.802.509,00 |
1.371.156,00 |
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Finished goods |
6.185.271,00 |
7.113.394,00 |
5.463.838,00 |
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III. Debtors |
9.744.286,46 |
9.156.603,37 |
8.535.981,29 |
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Clients |
9.805.635,84 |
9.365.330,64 |
8.656.156,87 |
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Amounts owned by
affiliated companies |
190.843,74 |
124.661,73 |
52.209,23 |
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Other debts |
12.515,70 |
1.780,50 |
181.550,40 |
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Labor costs |
15.402,78 |
475,00 |
13.636,91 |
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Taxes refunds |
12.054,66 |
16.883,36 |
14.269,01 |
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Provisions |
-292.166,26 |
-352.527,86 |
-381.841,13 |
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IV. Short term financial
assets |
2.363.489,08 |
622.245,77 |
3.745.519,17 |
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Other loans |
2.363.489,08 |
622.245,77 |
3.745.519,17 |
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V. Short term owners equity |
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VI. Cash |
528.311,40 |
371.839,78 |
421.910,30 |
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VII. Prepaid expenses and
accrued income |
121.673,52 |
442.998,31 |
782.393,66 |
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ASSETS (A + B + C + D) |
27.220.445,59 |
25.443.542,83 |
25.629.825,84 |
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 |
20.355.503,04 |
19.461.853,03 |
19.472.883,34 |
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I. Capital |
11.118.500,00 |
11.118.500,00 |
11.118.500,00 |
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II. Premium share account |
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III. Revaluation reserve |
1.597.832,76 |
1.597.832,76 |
1.597.832,76 |
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IV. Reserves |
5.919.909,91 |
5.689.170,28 |
6.295.520,27 |
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Retained earnings |
1.168.207,44 |
1.340.133,48 |
1.445.768,47 |
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Other funds |
4.751.478,54 |
4.348.812,87 |
4.849.527,87 |
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Capital
adjustments in Euros |
223,93 |
223,93 |
223,93 |
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V. Prior year earnings |
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VI. Prior year profit or
losses |
1.719.260,37 |
1.056.349,99 |
461.030,31 |
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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 |
4.310,74 |
5.810,00 |
3.721,54 |
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Rate difference |
4.310,74 |
5.810,00 |
3.721,54 |
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C) PROVISIONS FOR LIABILITIES AND EXPENSES |
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D) LONG TERM LIABILITIES |
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I. Bonds |
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II. Bank loans |
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III. Debts with associed and affiliated
companies |
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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 |
6.860.631,81 |
5.975.879,80 |
6.153.220,96 |
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I. Negotiable bonds |
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II. Bank loans |
1.864.424,81 |
1.330.900,44 |
1.107.273,55 |
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Loans and other
debts |
1.864.424,81 |
1.330.900,44 |
1.107.273,55 |
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III. Short term debts with
associated and affiliated companies |
188.389,89 |
249.569,17 |
89.696,68 |
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With affiliated
companies |
188.389,89 |
249.569,17 |
89.696,68 |
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IV. Trade creditors |
3.027.603,62 |
2.687.084,12 |
3.114.993,70 |
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Expenses |
3.027.603,62 |
2.687.084,12 |
3.114.993,70 |
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V. Other non trade payables |
1.647.979,51 |
1.675.325,26 |
1.798.015,01 |
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Government |
715.050,65 |
760.739,07 |
486.135,15 |
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Other debts |
64.356,71 |
31.918,42 |
35.858,94 |
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Accounts
receivable |
868.572,15 |
882.667,77 |
1.276.020,92 |
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VI. Provisions for current
assets |
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VII. Accruals and deferred
incomes |
132.233,98 |
33.000,81 |
43.242,02 |
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F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
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LIABILITIES (A + B + C + D + E + F) |
27.220.445,59 |
25.443.542,83 |
25.629.825,84 |
Profit and Loss
Account
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Figures given in Euros |
31/12/2003(12) |
31/12/2004(12) |
31/12/2005(12) |
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A) EXPENSES (A.1 a A.16) |
37.134.370,83 |
35.134.896,80 |
34.021.123,42 |
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A.1. Change in
stocks of finished goods and work in progress |
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|
2.080.909,00 |
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A.2. Supplies |
16.152.657,47 |
15.332.186,05 |
12.351.829,10 |
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Material
consumed |
2.444.526,93 |
3.215.810,15 |
3.127.867,03 |
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Raw
materials consumed |
9.385.793,52 |
8.275.247,12 |
6.486.284,26 |
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Other
expenses |
4.322.337,02 |
3.841.128,78 |
2.737.677,81 |
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A.3. Labor cost |
12.263.916,50 |
11.890.430,80 |
12.090.656,99 |
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Wages |
9.529.796,55 |
9.183.563,53 |
9.553.500,36 |
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Social
security expenses |
2.734.119,95 |
2.706.867,27 |
2.537.156,63 |
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A.4. Assets
depreciation |
628.895,47 |
565.609,77 |
503.211,10 |
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A.5 Variance in
provision for current assets |
58.764,46 |
99.222,07 |
29.861,07 |
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Variance
in provision for bad debts |
58.764,46 |
99.222,07 |
29.861,07 |
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A.6. Other
operating costs |
7.452.281,49 |
7.470.130,02 |
6.527.123,35 |
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External
costs |
7.387.824,64 |
7.409.981,43 |
6.465.791,11 |
|
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Taxes |
64.456,85 |
60.148,59 |
61.332,24 |
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A.I. OPERATING RESULT
(B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
2.560.205,16 |
1.714.775,93 |
783.689,41 |
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A.7. Financial
expenses |
392.969,73 |
379.541,01 |
372.651,17 |
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Other
companies debts |
392.969,73 |
379.541,01 |
372.651,17 |
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A.8. Variation in
financial investments provision |
|
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|
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A.9. Exchange
losses |
17.695,28 |
20.293,78 |
34.175,59 |
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A.II. POSITIVE FINANCIAL
RESULTS (B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
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A.III. PROFIT FROM ORDINARY
ACTIVITIES (A.I+A.II-B.I-B.II) |
2.337.989,67 |
1.470.784,96 |
491.236,36 |
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A.10. Variation in
provision in fixed assets |
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A.11. Losses in
fixed assets |
|
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A.12. Losses from
shares and bonds |
|
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|
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A.13.
Extraordinary charges |
101.034,02 |
|
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A.14. Prior year’s
expenses and losses |
|
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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) |
109.226,11 |
3.069,33 |
500,00 |
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A.V. EARNINGS / LOSS BEFORE
TAXES (A.III+A.IV-B.III-B.IV) |
2.447.215,78 |
1.473.854,29 |
491.736,36 |
|
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A.15. Corporate
Taxes |
727.955,41 |
417.504,30 |
30.706,05 |
|
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A.16. Other taxes |
|
|
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A.VI. YEAR END RESULT (PROFIT)
(A.V-A.15-A.16) |
1.719.260,37 |
1.056.349,99 |
461.030,31 |
|
|
B) INCOMES (B.1 a B13) |
38.853.631,20 |
36.191.246,79 |
34.482.153,73 |
|
|
B.1. Turnover |
37.918.526,13 |
35.518.844,64 |
34.106.854,78 |
|
|
Sales |
39.146.226,97 |
36.510.861,71 |
34.998.614,53 |
|
|
Discounts |
-1.227.700,84 |
-992.017,07 |
-891.759,75 |
|
|
B.2. Increase in
inventory of finished goods |
661.799,00 |
1.040.021,00 |
|
|
|
B.3. Expenses
capitalized |
|
|
|
|
|
B.4. Other
operating income |
536.395,42 |
513.489,00 |
260.425,24 |
|
|
Other
incomes |
525.254,90 |
500.546,28 |
251.439,65 |
|
|
Grants |
11.140,52 |
12.942,72 |
8.985,59 |
|
|
B.I. OPERATING LOSSES
(A.1+A.2+A.3+A.4+A.5+A.6-B.1-B.2-B.3-B.4) |
|
|
|
|
|
B.5. Incomes from
share |
|
|
|
|
|
B.6. Income from
securities |
|
|
|
|
|
B.7. Other income
from interrest |
176.736,36 |
129.746,93 |
108.468,77 |
|
|
From
affiliated companies |
16.118,03 |
18.893,71 |
14.033,69 |
|
|
From
other companies |
160.618,33 |
110.853,22 |
94.435,08 |
|
|
B.8. Gains on exchange |
11.713,16 |
26.096,89 |
5.904,94 |
|
|
B.II. FINANCIAL LOSSES
(A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
222.215,49 |
243.990,97 |
292.453,05 |
|
|
B.III. LOSSES FROM ORDINARY
ACTIVITIES (B.I+B.II-A.I-A.II) |
|
|
|
|
|
B.9. Gains from disposal
of fixed assets |
|
2.150,00 |
500,00 |
|
|
B.10. Gains from
dealing in own shares |
|
|
|
|
|
B.11. Paid in
surplus |
|
|
|
|
|
B.12.
Extraordinary income |
210.260,13 |
919,33 |
|
|
|
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) |
|
|
|
|
|
B.V. LOSS BEFORE TAXES
(B.III+B.IV-A.III-A.IV) |
|
|
|
|
|
B.VI. NET LOSS (B.V+A.15+A.16) |
|
|
|
Ratios
|
Figures given in Euros |
2003(12) |
2004(12) |
2005(12) |
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the
Sales Figures |
-6,89 |
-6,33 |
-3,97 |
|
|
Assets Turnover |
1,39 |
1,40 |
1,33 |
|
|
Productivity |
1,26 |
1,20 |
1,11 |
|
|
Increase of the
Added Value |
9,10 |
-8,01 |
-6,04 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic
Profitability |
6,32 |
4,15 |
1,80 |
|
|
Financial
Profitability |
8,45 |
5,43 |
2,37 |
|
|
Financial Expenses |
1,04 |
1,07 |
1,09 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit |
92 |
92 |
90 |
|
|
Suppliers’ Credit |
70 |
67 |
77 |
|
|
Working Capital |
168 |
175 |
178 |
|
|
Working Capital
Requirement |
158 |
179 |
146 |
|
|
Treasury |
9 |
0 |
32 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
17.700.292,65 |
17.341.886,43 |
16.941.603,46 |
|
|
Working Capital
Requirement |
16.672.916,98 |
17.678.701,32 |
13.881.447,54 |
|
|
Treasury |
1.027.375,67 |
-336.814,89 |
3.060.155,92 |
|
|
Balance Ratio |
7,66 |
9,16 |
7,68 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
25,20 |
23,49 |
24,01 |
|
|
Own / Permanent
Funds |
99,98 |
99,97 |
99,98 |
|
|
Payback Capacity |
0,18 |
0,17 |
0,18 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
3,58 |
3,90 |
3,75 |
|
|
Immediate
Liquidity |
0,42 |
0,17 |
0,68 |
Sectorial Analysis
Summary of Assets, Liability & Equity
|
(Figures given in Percentages) |
|||
|
Assets |
Company |
Sector |
Difference |
|
|
2005 |
|
|
|
A) DUE FROM SHAREHOLDERS FOR UNCALLED
CAPITAL |
0,00 |
0,00 |
0,00 |
|
B) FIXED ASSETS |
9,89 |
11,27 |
-1,38 |
|
C) DEFERRED EXPENSES |
0,00 |
0,07 |
-0,07 |
|
D) CURRENT ASSETS |
90,11 |
88,67 |
1,44 |
|
ASSETS (A + B + C + D) |
100,00 |
100,00 |
0,00 |
|
|
|||
|
Liabilities |
Company |
Sector |
Difference |
|
|
2005 |
|
|
|
A) SHAREHOLDERS EQUITY |
75,98 |
41,27 |
34,71 |
|
B) DEFERRED INCOME |
0,01 |
0,26 |
-0,24 |
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
0,00 |
0,31 |
-0,31 |
|
D) LONG TERM LIABILITIES |
0,00 |
3,15 |
-3,15 |
|
E) SHORT TERM LIABILITIES |
24,01 |
55,01 |
-31,01 |
|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
0,00 |
0,00 |
0,00 |
|
LIABILITIES (A + B + C + D + E + F) |
100,00 |
100,00 |
0,00 |
|
Analytical Account of Results |
|||
|
(Figures given in Percentages) |
Company |
Sector |
Difference |
|
|
2005 |
|
|
|
Turnover |
99,24 |
99,56 |
-0,32 |
|
Other operating income |
0,76 |
0,44 |
0,32 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating costs |
42,00 |
79,12 |
-37,12 |
|
Other operating costs |
18,99 |
7,93 |
11,06 |
|
Added value |
39,01 |
12,95 |
26,07 |
|
Labor cost |
35,18 |
7,42 |
27,77 |
|
Gross Economic Result |
3,83 |
5,53 |
-1,70 |
|
Assets depreciation |
1,46 |
0,90 |
0,56 |
|
Variance in provision for current assets |
0,09 |
0,01 |
0,08 |
|
Net Economic Result |
2,28 |
4,62 |
-2,34 |
|
Financial Income |
0,33 |
0,24 |
0,10 |
|
Financial Charges |
1,18 |
0,86 |
0,32 |
|
Variation in financial investments
provision |
0,00 |
0,00 |
0,00 |
|
Ordinary Activities Result |
1,43 |
4,00 |
-2,57 |
|
Extraordinary income |
0,00 |
0,24 |
-0,24 |
|
Extraordinary charges |
0,00 |
0,11 |
-0,11 |
|
Variation in provision in fixed assets |
0,00 |
0,06 |
-0,06 |
|
Results before Taxes |
1,43 |
4,07 |
-2,64 |
|
Society taxes |
0,09 |
1,38 |
-1,29 |
|
Net Result |
1,34 |
2,69 |
-1,35 |
|
Assets depreciation |
1,46 |
0,90 |
0,56 |
|
Change of Provisions |
0,09 |
0,07 |
0,02 |
|
Net Self-Financing |
2,89 |
3,66 |
-0,77 |
|
Ratios |
||||
|
(Figures given in Euros) |
Company |
Ptile25 |
Median |
Ptile75 |
|
|
2005 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
-3,97 |
-5,46 |
3,95 |
10,12 |
|
Assets Turnover |
1,33 |
0,94 |
1,40 |
2,44 |
|
Fixed Assets Turnover |
13,45 |
3,29 |
16,71 |
28,83 |
|
Increase of the Added Value |
-6,04 |
-8,01 |
3,80 |
17,64 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
1,11 |
1,20 |
1,56 |
2,07 |
|
Change of Personnel Costs |
1,68 |
-2,24 |
3,76 |
12,19 |
|
Average Personnel Costs |
28.787,28 |
21.053,04 |
24.652,88 |
26.753,98 |
|
Value Added by Employees |
31.922,43 |
24.726,64 |
36.157,58 |
54.925,48 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
994.102,48 |
616.792,60 |
1.430.392,00 |
1.980.035,23 |
|
Operating Cash Flow |
1.316.761,58 |
1.030.386,27 |
1.834.917,76 |
2.757.893,95 |
|
Change in Cash Flow |
-42,24 |
-23,23 |
5,56 |
13,04 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
1,80 |
1,28 |
4,15 |
8,29 |
|
Financial Profitability |
2,37 |
3,44 |
7,86 |
19,02 |
|
Financial Expenses |
1,09 |
0,60 |
1,07 |
1,55 |
|
Gross Economic Profitability |
5,14 |
5,01 |
9,35 |
18,11 |
|
Gross Financial Profitability |
6,76 |
12,23 |
24,79 |
35,61 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit |
90 |
83,96 |
97,90 |
159,87 |
|
Suppliers’ Credit |
77 |
50,23 |
83,87 |
94,36 |
|
Working Capital |
178 |
30,04 |
95,20 |
175,71 |
|
Working Capital Requirement |
146 |
19,19 |
123,88 |
206,95 |
|
Treasury |
32 |
-75,21 |
-3,41 |
25,48 |
|
Operating Current Assets |
243 |
136,73 |
235,30 |
260,47 |
|
BALANCE |
|
|
|
|
|
Working Capital |
16.941.603,46 |
2.073.007,00 |
5.976.515,47 |
17.336.076,43 |
|
Working Capital Requirement |
13.881.447,54 |
2.501.930,46 |
5.746.153,90 |
17.672.891,32 |
|
Treasury |
3.060.155,92 |
-3.988.199,78 |
-336.814,89 |
1.483.562,32 |
|
Balance Ratio |
7,68 |
2,22 |
2,73 |
5,67 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
24,01 |
26,91 |
56,42 |
65,36 |
|
Own / Permanent Funds |
99,98 |
86,27 |
98,37 |
99,80 |
|
Payback Capacity |
0,18 |
0,23 |
0,29 |
0,39 |
|
Long term Indebtedness |
|
0,00 |
0,45 |
9,57 |
|
Gearing |
131,62 |
136,83 |
229,44 |
288,70 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
4,17 |
1,52 |
1,75 |
3,72 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
3,75 |
1,34 |
1,78 |
2,77 |
|
Immediate Liquidity |
0,68 |
0,02 |
0,08 |
0,38 |
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%)