MIRA
INFORM REPORT
|
Report Date : |
09.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
COLOROBBIA ESPANA SA |
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Registered Office : |
Carretera Comarcal 814 Km 16,300 12192 Vilafames
(Castellon) |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
20/05/1988 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture of paints, varnishes and similar coatings, printing ink
and mastics |
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
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Tax Number |
A46557039 |
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NAME |
COLOROBBIA ESPANA SA |
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FORMER NAME |
COLOROBBIA ESPANA S.L. |
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BUSINESS
ADDRESS |
CARRETERA COMARCAL 814 KM 16,300 |
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Postcode |
12192 VILAFAMES (CASTELLON) |
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FORMER
ADDRESS |
POLIGONO AUTOPISTA SUR LAIRON
LAIRON, 11 |
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Postcode |
12192 CASTELLON (CASTELLON) |
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URL |
http://www.colorobbia.es |
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TELEPHONE |
964343131 |
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FAX |
964343134 |
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LEGAL FORM |
JOINT STOCK COMPANY |
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DATE FOUNDED |
20/05/1988 |
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CAPITAL |
3.606.000,00 Euros |
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PAID-UP CAPITAL |
3.606.000,00 Euros |
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NUMBER OF
EMPLOYEES |
400 |
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ACTIVITY |
1253300 - Mfg. of paints,
varnishes & similar coatings. |
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CNAE |
2430 - Manufacture of paints,
varnishes and similar coatings, printing ink and mastics |
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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 04/12/2006 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: 31/12/2005) |
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PROFITABILITY |
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Good |
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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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Nil |
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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 3.325.000,00
Max. Euros |
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SOLVENCY RATING: |
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(BASED ON HOMOGENEOUS FORMULATION) |
Financial Elements
Figures given in
thousands of Euros
|
|
Balance
sheet 2.003 (12) |
Balance
sheet 2.004 (12) |
Balance
sheet 2.005 (12) |
%
Sales |
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SALES |
106.940,00 |
114.669,00 |
119.454,00 |
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ADDED VALUE |
35.828,00 |
37.659,00 |
31.741,00 |
26,57 |
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BUSINESS RESULT |
13.665,00 |
13.519,00 |
12.557,00 |
10,51 |
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OWN FUNDS |
107.173,00 |
120.692,00 |
133.249,00 |
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DEBT |
23.766,00 |
27.688,00 |
24.529,00 |
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TOTAL ASSET |
133.342,00 |
150.646,00 |
160.748,00 |
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The sales of 119.454,00
thousands of Euros show a change of 4,17% compared
with 2.004 . Between 2.003 and 2.004 , this
change was 7,23% . |
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Added value grew by -15,71%
compared with the previous year. Shareholders equity are 133.249,00
thousands of Euros for an indebtedness of 24.529,00
thousands of Euros . |
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The result 12.557,00 thousands
of Euros means financial profitability of 9,42% and
economic profitability of 7,81% . This result means growth of
-7,12% 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: 02/02/2007 |
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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 |
12.557.000 |
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Total of Amounts to be
distributed |
12.557.000 |
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Distribution a |
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Voluntary Reserve |
12.557.000 |
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Auditors’ opinion: |
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FAVOURABLE WITH RESERVATIONS (2.005) |
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Auditors: |
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PRICEWATERHOUSECOOPERS AUDITORES SL |
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Auditing Provisos |
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Close Date: 31/12/2005 |
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DEBIDO A QUE LA SOCIEDAD CONSIDERA QUE LA DIVULGACION
DE LAS FORMULAS UTILIZADAS PARA LA FABRICACION DE LOS PRODUCTOS PODRIA DANAR
SUS INTERESES, NO SE NOS HA FACILITADO EL ACCESO A LAS MISMAS, NO HABIENDO
PODIDO COMPROBAR, POR ESTE O POR PROCEDIMIENTOS ALTERNATIVOS, LA
RAZONABILIDAD DE LOS DISTINTOS CONCEPTOS DE COSTE INTEGRANTES DE LA
VALORACION DE LOS PRODUCTOS EN CURSO, SEMITERMINADOS Y TERMINADOS Y, POR
TANTO, VERIFICAR LA ADECUACION DE LOS SALDOS EXISTENTES AL 31 DE DICIEMBRE DE
2005 NI AL 31 DE DICIEMBRE DE 2004 DE DICHOS PRODUCTOS, QUE ASCIENDEN A
10.346 MILES DE EUROS Y 9.382 MILES DE EUROS RESPECTIVAMENTE, ASI COMO SU
EFECTO EN LA CUENTA DE PERDIDAS Y GANANCIAS DEL EJERCICIO 2005. |
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Comparative Sector
Analysis
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Company |
Sector |
Difference |
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(2.005)
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% of PRODUCTION VALUE |
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SALES |
98,94 |
98,76 |
0,18 |
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ADDED
VALUE |
26,29 |
27,03 |
-0,74 |
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BUSINESS
RESULT |
10,40 |
5,29 |
5,11 |
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% OF TOTAL ASSETS |
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OWN
FUNDS |
82,89 |
54,36 |
28,53 |
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DEBT |
15,26 |
45,64 |
-30,38 |
Compared sector (CNAE): 243 - Fabricación
de pinturas, barnices y revestimientos similares;tintas de imprenta y masillas
Number of companies: 12
Size (Sales Figure): > 40.000.000,00
Euros
The turnover of the company is 0,18%
above the mean for the sector.
The company’s added value was 26,29%
s/ the production value, and 0,74% below the mean for the sector.
The company’s business result was 10,40%
of the PV, 5,11% above the mean for the sector.
The company’s own resources are 82,89%
, 28,53% above the mean for the sector.
The company’s outside resources are
15,26% , 30,38% 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 |
BITOSSI VITTORIANO |
26/06/2007 |
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BOARD MEMBER |
BITOSSI MARCO |
26/06/2007 |
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BOARD MEMBER |
BOCINI LORIANO |
26/06/2007 |
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BOARD MEMBER |
SERENI SERGIO |
26/06/2007 |
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AUDITOR |
PRICEWATERHOUSECOOPERS AUDITORES SL |
31/01/2007 |
Functional Managers
|
Position |
Surname and name |
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MANAGER |
SERENI SERGIO |
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FINANCIAL MANAGER |
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COMMERCIAL MANAGER |
GIL BORT |
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OPERATIONS MANAGER |
NEBOT APARICI ANTONIO |
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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COLOROBBIA ITALIA SPA |
ITALIA |
99,90% |
OWN SOURCES |
04/12/2006 |
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Shareholdings |
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Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
COLOROBBIA USA INC |
ESTADOS UNIDOS |
100,00% |
M.REGISTER |
31/12/2005 |
|
COLOROBBIA MEXICO SA DE CV |
MÉXICO |
99,99% |
M.REGISTER |
31/12/2005 |
|
MINERALS 2000 SOCIEDAD ANONIMA. |
A12473450 |
99,93% |
OWN SOURCES |
18/01/2007 |
|
CERAMIC SERVICES SRO |
REPÚBLICA CHECA |
99,90% |
M.REGISTER |
31/12/2005 |
|
COLOROBBIA POLSKA SP Z.O.O. |
POLONIA |
99,00% |
M.REGISTER |
31/12/2005 |
|
LIMITED LIABILITY COMPANY PY COLOROBBIA |
|
90,00% |
M.REGISTER |
31/12/2005 |
Proceedings published
in the B.O.R.M.E.
(Official Mercantile
Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Re-elections |
26/06/2007 |
342287 |
CASTELLON |
|
Registration of accounts
(2005) |
31/01/2007 |
099074 |
CASTELLON |
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Registration of accounts
(2005) Consolidated |
31/01/2007 |
098960 |
CASTELLON |
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Re-elections |
31/01/2007 |
056786 |
CASTELLON |
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Re-elections |
09/02/2006 |
070932 |
CASTELLON |
Complementary
Information
|
04/12/06 BLOQUE DE INVESTIGACION: |
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- La actividad concreta es la de
fabricacion de esmaltes ceramicos. |
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- Pertenece al GRUPO COLOROBBIA
(Italiano). |
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- Segun nos indican los titulares el local
donde desarrollan su acti- |
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vidad comercial es en propiedad (sin
verificacion registral), con |
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una superficie aproximada de 40.000 m2. |
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---------------------------------------------------------------------- |
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El bloque de investigacion no esta sujeto
a actualizaciones sistemati- |
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cas. Los datos mostrados fueron aportados
por las fuentes consultadas |
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en la fecha de encabezamiento. |
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Commercial Experience |
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PURCHASES |
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Import Percentage: 10%
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Imports:: |
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Todos los paises donde radican empresas |
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SALES |
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Export Percentage: 70% |
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Exports:: |
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Bank Entities
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Entity |
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Town |
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BANCO SANTANDER CENTRAL HISPANO, S.A. |
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VILLAFAMES |
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BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
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VILAFAMES |
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The information on the last account
contained in this report is extracted from the Mercantile Register file of the legal
address of the Company and dated 02/02/2007
Balance Sheet
(ASSETS)
|
(Figures given in thousands of
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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|
|
|
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B) FIXED ASSETS |
66.926,00 |
69.201,00 |
80.732,00 |
|
|
I. Establishment expenses |
|
|
|
|
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II. Intangible assets |
365,00 |
302,00 |
1.135,00 |
|
|
R & D expenses |
578,00 |
546,00 |
546,00 |
|
|
Concessions, patents,licences , trademarks |
216,00 |
227,00 |
242,00 |
|
|
Acquired rights from finance leases |
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|
788,00 |
|
|
Software |
838,00 |
862,00 |
964,00 |
|
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Amortization |
-1.267,00 |
-1.333,00 |
-1.405,00 |
|
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III. Tangible assets |
44.953,00 |
46.213,00 |
47.648,00 |
|
|
Property, plant and equipment |
25.465,00 |
26.164,00 |
27.183,00 |
|
|
Machinery, equipment and other |
45.283,00 |
49.290,00 |
52.947,00 |
|
|
Other property plant and equipement |
2.733,00 |
2.935,00 |
3.133,00 |
|
|
Prepaid expenses on fixed assets |
558,00 |
762,00 |
649,00 |
|
|
Other assets |
1.128,00 |
1.148,00 |
1.221,00 |
|
|
Depreciation |
-30.214,00 |
-34.086,00 |
-37.485,00 |
|
|
IV. Financial assets |
21.608,00 |
22.686,00 |
31.949,00 |
|
|
Shares in affiliated companies |
14.854,00 |
16.714,00 |
24.719,00 |
|
|
Loans to affiliated companies |
8.000,00 |
8.000,00 |
8.000,00 |
|
|
Other loans |
48,00 |
43,00 |
49,00 |
|
|
Long term deposits and guarantees |
2,00 |
2,00 |
3,00 |
|
|
Provisions |
-1.296,00 |
-2.073,00 |
-822,00 |
|
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V. Owners equity |
|
|
|
|
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VI. Long term trade liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
|
25,00 |
31,00 |
|
|
D) CURRENT ASSETS |
66.416,00 |
81.420,00 |
79.985,00 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
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II. Inventory |
13.664,00 |
17.678,00 |
19.876,00 |
|
|
Goods available for sale |
1.010,00 |
1.091,00 |
985,00 |
|
|
Raw material inventory |
5.379,00 |
7.205,00 |
8.545,00 |
|
|
Work in Progress |
1.866,00 |
2.793,00 |
3.157,00 |
|
|
Finished goods |
5.409,00 |
6.589,00 |
7.189,00 |
|
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III. Debtors |
40.962,00 |
46.702,00 |
51.028,00 |
|
|
Clients |
34.806,00 |
39.118,00 |
41.522,00 |
|
|
Amounts owned by affiliated companies |
5.852,00 |
7.102,00 |
8.750,00 |
|
|
Other debts |
21,00 |
10,00 |
10,00 |
|
|
Taxes refunds |
678,00 |
895,00 |
1.195,00 |
|
|
Provisions |
-395,00 |
-423,00 |
-449,00 |
|
|
IV. Short term financial assets |
12,00 |
5.511,00 |
6,00 |
|
|
Short term investment |
|
5.504,00 |
|
|
|
Other loans |
12,00 |
7,00 |
6,00 |
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
11.704,00 |
11.480,00 |
8.841,00 |
|
|
VII. Prepaid expenses and accrued income |
74,00 |
49,00 |
234,00 |
|
|
ASSETS (A + B + C + D) |
133.342,00 |
150.646,00 |
160.748,00 |
Balance Sheet
(LIABILITIES)
|
(Figures given in thousands of
Euros) |
31/12/2003 (12)
|
31/12/2004 (12)
|
31/12/2005 (12)
|
|
|
|
A) SHAREHOLDERS EQUITY |
107.173,00 |
120.692,00 |
133.249,00 |
|
|
I. Capital |
3.606,00 |
3.606,00 |
3.606,00 |
|
|
II. Premium share account |
|
|
|
|
|
III. Revaluation reserve |
1.568,00 |
1.568,00 |
1.568,00 |
|
|
IV. Reserves |
88.334,00 |
101.999,00 |
115.518,00 |
|
|
Retained earnings |
721,00 |
721,00 |
721,00 |
|
|
Other funds |
87.613,00 |
101.278,00 |
114.797,00 |
|
|
V. Prior year earnings |
|
|
|
|
|
VI. Prior year profit or losses |
13.665,00 |
13.519,00 |
12.557,00 |
|
|
VII. Dividend paid during the year |
|
|
|
|
|
VIII. Own shares for change in capital |
|
|
|
|
|
B) DEFERRED INCOME |
1.515,00 |
1.278,00 |
1.217,00 |
|
|
Capital grants |
1.402,00 |
1.175,00 |
1.113,00 |
|
|
Rate difference |
113,00 |
78,00 |
73,00 |
|
|
Other deferred income |
|
25,00 |
31,00 |
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
888,00 |
988,00 |
1.753,00 |
|
|
Other provisions |
836,00 |
914,00 |
1.657,00 |
|
|
Reversion fund |
52,00 |
74,00 |
96,00 |
|
|
D) LONG TERM LIABILITIES |
|
206,00 |
286,00 |
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
|
|
|
|
|
III. Debts with associed and affiliated
companies |
|
|
|
|
|
IV. Other creditors |
|
206,00 |
286,00 |
|
|
Other debts |
|
206,00 |
286,00 |
|
|
V. Deferred debts on shares |
|
|
|
|
|
VI. Long term debt with creditor |
|
|
|
|
|
E) SHORT TERM LIABILITIES |
23.766,00 |
27.482,00 |
24.243,00 |
|
|
I. Negotiable bonds |
|
|
|
|
|
II. Bank loans |
|
|
|
|
|
III. Short term debts with associated and
affiliated companies |
3.123,00 |
5.250,00 |
4.636,00 |
|
|
With affiliated companies |
3.123,00 |
5.250,00 |
4.636,00 |
|
|
IV. Trade creditors |
17.374,00 |
18.125,00 |
16.451,00 |
|
|
Accounts payable |
|
|
21,00 |
|
|
Expenses |
17.374,00 |
18.125,00 |
16.430,00 |
|
|
V. Other non trade payables |
3.259,00 |
4.107,00 |
3.154,00 |
|
|
Government |
1.761,00 |
2.525,00 |
1.457,00 |
|
|
Other debts |
90,00 |
42,00 |
103,00 |
|
|
Accounts receivable |
1.408,00 |
1.540,00 |
1.594,00 |
|
|
VI. Provisions for current assets |
|
|
|
|
|
VII. Accruals and deferred incomes |
10,00 |
|
2,00 |
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
133.342,00 |
150.646,00 |
160.748,00 |
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 |
|
|
|
|
|
A.2. Supplies |
55.571,00 |
63.017,00 |
70.033,00 |
|
|
Material consumed |
10.515,00 |
10.441,00 |
11.177,00 |
|
|
Raw materials consumed |
44.110,00 |
51.720,00 |
58.092,00 |
|
|
Other expenses |
946,00 |
856,00 |
764,00 |
|
|
A.3. Labor cost |
12.512,00 |
13.501,00 |
14.107,00 |
|
|
Wages |
9.997,00 |
10.775,00 |
11.269,00 |
|
|
Social security expenses |
2.515,00 |
2.726,00 |
2.838,00 |
|
|
A.4. Assets depreciation |
4.181,00 |
4.185,00 |
4.328,00 |
|
|
A.5 Variance in provision for current
assets |
28,00 |
28,00 |
26,00 |
|
|
Variance in provision for bad debts |
28,00 |
28,00 |
26,00 |
|
|
A.6. Other operating costs |
16.702,00 |
17.786,00 |
19.928,00 |
|
|
External costs |
16.561,00 |
17.627,00 |
19.098,00 |
|
|
Taxes |
119,00 |
135,00 |
138,00 |
|
|
Other day to day expenses |
|
2,00 |
670,00 |
|
|
Allowance to reversion fund |
22,00 |
22,00 |
22,00 |
|
|
A.I. OPERATING RESULT (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
19.107,00 |
19.945,00 |
13.280,00 |
|
|
A.7. Financial expenses |
19,00 |
37,00 |
62,00 |
|
|
Other companies debts |
19,00 |
37,00 |
62,00 |
|
|
A.8. Variation in financial investments
provision |
|
|
|
|
|
A.9. Exchange losses |
1.414,00 |
1.042,00 |
784,00 |
|
|
A.II. POSITIVE FINANCIAL RESULTS
(B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
328,00 |
371,00 |
739,00 |
|
|
A.III. PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
19.435,00 |
20.316,00 |
14.019,00 |
|
|
A.10. Variation in provision in fixed
assets |
913,00 |
777,00 |
-1.251,00 |
|
|
A.11. Losses in fixed assets |
24,00 |
40,00 |
65,00 |
|
|
A.12. Losses from shares and bonds |
|
|
|
|
|
A.13. Extraordinary charges |
67,00 |
58,00 |
283,00 |
|
|
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) |
|
|
1.792,00 |
|
|
A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
18.733,00 |
19.676,00 |
15.811,00 |
|
|
A.15. Corporate Taxes |
5.068,00 |
6.157,00 |
3.254,00 |
|
|
A.16. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.15-A.16) |
13.665,00 |
13.519,00 |
12.557,00 |
|
|
B) INCOMES (B.1 a B13) |
|
|
|
|
|
B.1. Turnover |
106.940,00 |
114.669,00 |
119.454,00 |
|
|
Sales |
107.090,00 |
114.634,00 |
119.554,00 |
|
|
Services provided |
166,00 |
469,00 |
396,00 |
|
|
Discounts |
-316,00 |
-434,00 |
-496,00 |
|
|
B.2. Increase in inventory of finished
goods |
359,00 |
2.107,00 |
964,00 |
|
|
B.3. Expenses capitalized |
345,00 |
332,00 |
397,00 |
|
|
B.4. Other operating income |
457,00 |
1.354,00 |
887,00 |
|
|
Other incomes |
397,00 |
1.303,00 |
861,00 |
|
|
Grants |
60,00 |
51,00 |
26,00 |
|
|
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 |
269,00 |
300,00 |
265,00 |
|
|
Group companies |
240,00 |
205,00 |
209,00 |
|
|
Other companies |
29,00 |
95,00 |
56,00 |
|
|
B.7. Other income from interrest |
290,00 |
226,00 |
301,00 |
|
|
From other companies |
290,00 |
226,00 |
301,00 |
|
|
B.8. Gains on exchange |
1.202,00 |
924,00 |
1.019,00 |
|
|
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 |
|
|
|
|
|
B.10. Gains from dealing in own shares |
|
|
|
|
|
B.11. Paid in surplus |
258,00 |
227,00 |
850,00 |
|
|
B.12. Extraordinary income |
44,00 |
8,00 |
19,00 |
|
|
B.13. Prior year’s income and profits |
|
|
20,00 |
|
|
B.IV. EXTRAORDINARY LOSSES
(A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13) |
702,00 |
640,00 |
|
|
|
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 |
8,83 |
7,23 |
4,17 |
|
|
Assets Turnover |
0,80 |
0,76 |
0,74 |
|
|
Productivity |
2,86 |
2,79 |
2,25 |
|
|
Increase of the Added Value |
9,57 |
5,11 |
-15,71 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
10,25 |
8,97 |
7,81 |
|
|
Financial Profitability |
12,75 |
11,20 |
9,42 |
|
|
Financial Expenses |
0,02 |
0,03 |
0,05 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
138,00 |
147,00 |
154,00 |
|
|
Suppliers’ Credit (In days of sales) |
113,00 |
107,00 |
86,00 |
|
|
Working Capital (In days of sales) |
144,00 |
169,00 |
168,00 |
|
|
Working Capital Requirement (In days of
sales) |
104,00 |
116,00 |
141,00 |
|
|
Treasury (In days of sales) |
39,00 |
53,00 |
27,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
42.650,00 |
53.938,00 |
55.742,00 |
|
|
Working Capital Requirement |
30.934,00 |
36.947,00 |
46.895,00 |
|
|
Treasury |
11.716,00 |
16.991,00 |
8.847,00 |
|
|
Balance Ratio |
1,64 |
1,78 |
1,69 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
17,82 |
18,38 |
15,26 |
|
|
Own / Permanent Funds |
97,81 |
97,99 |
97,62 |
|
|
Payback Capacity |
0,21 |
0,23 |
0,20 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
2,80 |
2,96 |
3,30 |
|
|
Immediate Liquidity |
0,49 |
0,62 |
0,37 |
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 |
50,22 |
41,87 |
8,35 |
|
ACCRUED EXPENSES |
0,02 |
0,10 |
-0,08 |
|
CURRENT ASSETS |
49,76 |
58,02 |
-8,26 |
|
TOTAL ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS EQUITY |
82,89 |
54,36 |
28,53 |
|
ACCRUED INCOME |
0,76 |
0,30 |
0,46 |
|
RISK AND EXPENDITURE
COVER |
1,09 |
1,54 |
-0,45 |
|
LONG-TERM CREDITORS |
0,18 |
7,80 |
-7,62 |
|
SHORT-TERM CREDITORS |
15,08 |
35,68 |
-20,60 |
|
SHORT-TERM RISK AND
EXPENDITURE COVER |
0,00 |
0,31 |
-0,31 |
|
TOTAL LIABILITIES |
100,00 |
100,00 |
0,00 |
Analytical Account of
Results
|
(Figures given in Percentages) |
Company |
Sector |
Company |
|
|
2.005 |
|
|
|
Net turnover |
98,94 |
98,76 |
0,18 |
|
Other operating income |
1,06 |
1,24 |
-0,18 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
57,21 |
54,00 |
3,21 |
|
Other operation expenses |
16,51 |
18,97 |
-2,47 |
|
Added value |
26,29 |
27,03 |
-0,74 |
|
Labor cost |
11,68 |
16,72 |
-5,04 |
|
Gross Economic Result |
14,61 |
10,31 |
4,30 |
|
Assets depreciation |
3,58 |
2,81 |
0,77 |
|
Variation in provision
for current assets |
0,02 |
-0,00 |
0,03 |
|
Net Economic Result |
11,00 |
7,50 |
3,50 |
|
Financial income |
1,31 |
1,10 |
0,21 |
|
Financial expenses |
0,70 |
0,72 |
-0,02 |
|
Variation in financial
investment provision |
0,00 |
0,00 |
0,00 |
|
Ordinary Activities
Result |
11,61 |
7,88 |
3,73 |
|
Extraordinary income |
0,74 |
0,46 |
0,27 |
|
Extraordinary expenses |
0,29 |
0,64 |
-0,35 |
|
Variation in provision
in fixed assets |
-1,04 |
0,30 |
-1,34 |
|
Results before Taxes |
13,10 |
7,41 |
5,69 |
|
Corporaye taxes |
2,70 |
2,12 |
0,58 |
|
Net Result |
10,40 |
5,29 |
5,11 |
|
Assets depreciation |
3,58 |
2,81 |
0,77 |
|
Provisions fund
variation |
-1,01 |
0,29 |
-1,31 |
|
Net Self-Financing |
12,97 |
8,40 |
4,57 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.005 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
4,17 |
-0,86 |
5,58 |
7,63 |
|
Assets Turnover |
0,74 |
0,82 |
1,49 |
1,68 |
|
Fixed Assets Turnover |
1,48 |
1,77 |
3,73 |
7,02 |
|
Increase of the Added
Value |
-15,72 |
-8,25 |
3,71 |
6,14 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
2,25 |
1,26 |
1,41 |
1,93 |
|
Change of Personnel
Costs |
4,49 |
-2,67 |
4,07 |
7,71 |
|
Average Personnel Costs |
36,45 |
37,09 |
43,58 |
47,83 |
|
Value Added by Employees |
82,02 |
48,83 |
64,36 |
88,81 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
15.660,00 |
2.585,09 |
5.958,12 |
18.054,53 |
|
Operating Cash Flow |
17.634,00 |
4.293,86 |
6.846,99 |
21.880,33 |
|
Change in Cash Flow |
-15,39 |
-19,16 |
-2,59 |
12,35 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
7,81 |
0,35 |
5,25 |
10,16 |
|
Financial Profitability |
9,42 |
0,94 |
11,64 |
19,25 |
|
Financial Expenses |
0,05 |
0,22 |
0,50 |
0,95 |
|
Gross Economic
Profitability |
10,97 |
6,02 |
9,22 |
19,95 |
|
Gross Financial
Profitability |
13,23 |
14,22 |
29,69 |
37,78 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
153,00 |
89,97 |
123,19 |
145,52 |
|
Suppliers’ Credit (In days
of sales) |
85,00 |
70,56 |
100,62 |
142,37 |
|
Working Capital (In days
of sales) |
167,00 |
22,25 |
54,44 |
118,74 |
|
Working Capital
Requirement (In days of sales) |
141,00 |
55,72 |
85,84 |
106,93 |
|
Treasury (In days of
sales) |
26,00 |
-35,58 |
0,44 |
27,95 |
|
Operating Current Assets |
241,00 |
134,31 |
185,57 |
241,54 |
|
BALANCE |
|
|
|
|
|
Working Capital |
55.742,00 |
6.337,96 |
14.032,23 |
33.008,64 |
|
Working Capital
Requirement |
46.895,00 |
10.956,33 |
16.797,03 |
34.959,09 |
|
Treasury |
8.847,00 |
-11.199,54 |
108,85 |
6.632,45 |
|
Balance Ratio |
1,69 |
1,20 |
1,57 |
2,31 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
15,26 |
35,37 |
49,39 |
71,47 |
|
Own / Permanent Funds |
97,62 |
67,25 |
84,98 |
89,49 |
|
Payback Capacity |
0,20 |
0,24 |
0,33 |
0,59 |
|
Long term Indebtedness |
0,18 |
0,13 |
7,15 |
14,14 |
|
Gearing |
120,64 |
154,90 |
197,73 |
351,23 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,01 |
|
Assets Guarantee |
6,55 |
1,37 |
1,90 |
2,71 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
3,30 |
1,22 |
1,68 |
1,89 |
|
Immediate Liquidity |
0,36 |
0,02 |
0,09 |
0,37 |
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%)