MIRA
INFORM REPORT
|
Report Date : |
7th March, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
FOSROC EUCO SA |
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|
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|
Formerly Known as: |
FOSROC SA |
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|
Registered Office : |
Calle Gasteiz Bidea, 11 48213 Izurza (Vizcaya) |
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Country : |
Spain |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
14.09.1970 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture of chemical products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Identification and
Characteristics
Tax Number A48058812
NAME FOSROC
EUCO SA
FORMER NAME FOSROC
SA
BUSINESS ADDRESS CALLE
GASTEIZ BIDEA, 11
Postcode 48213
IZURZA (VIZCAYA)
URL http://www.fosroc.com
TELEPHONE 946811516
FAX 946215757
LEGAL FORM JOINT
STOCK COMPANY
DATE FOUNDED 14/09/1970
CAPITAL 1.502.500,00 Euros
PAID-UP CAPITAL 1.502.500,00 Euros
NUMBER OF EMPLOYEES 97
ACTIVITY 1256000 - Mfg.
of chemical products
CNAE 2466 - Manufacture
of other chemical products n.e.c.
EXPORT COMPANY YES
IMPORT COMPANY YES
* Characteristics
of the main address
According to our
investigations dated 25/02/2005 these premises are owned; with
no official confirmation used as office, factory
.
Synthesis
FINANCIAL
SITUATION (Year ending: 31/12/2005)
PROFITABILITY Nil
TREASURY Very
good
BALANCE SHEET Excellent
DEBT Medium
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 444.748,96 Max.
Financial Elements
Figures given in Euros
|
|
Balance
sheet 2.003 (12) |
Balance
sheet 2.004 (12) |
Balance
sheet 2.005 (12) |
%
Sales |
|
|
SALES |
30.456.780,00 |
28.853.877,00 |
28.784.668,00 |
|
|
|
ADDED VALUE |
6.043.933,00 |
5.376.504,00 |
5.795.723,00 |
20,13 |
|
|
BUSINESS RESULT |
-97.771,00 |
-1.062.847,00 |
146.407,00 |
0,51 |
|
|
OWN FUNDS |
7.047.892,00 |
5.985.046,00 |
6.131.452,00 |
|
|
|
DEBT |
12.366.896,00 |
10.182.257,00 |
9.892.949,00 |
|
|
|
TOTAL ASSET |
19.414.788,00 |
16.167.303,00 |
16.024.401,00 |
|
|
|
The sales of 28.784.668,00
Euros show a change of -0,24% compared with
2.004 . Between 2.003 and 2.004 , this
change was -5,26% . |
|||||
|
Added value grew by 7,80%
compared with the previous year. Shareholders equity are 6.131.452,00
Euros for an indebtedness of 9.892.949,00 Euros
. |
|||||
|
The result 146.407,00
Euros means financial profitability of 2,39% and
economic profitability of 0,91% . This result means growth of
113,77% 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: 31/10/2006 |
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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 |
146.407 |
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Total of Amounts to be
distributed |
146.407 |
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Distribution a |
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Other funds |
146.407 |
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|
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Auditors’ opinion: |
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FAVOURABLE (2.005) |
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Auditors: |
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BDO-AUDIBERIA AUDITORES S.L. |
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Comparative Sector Analysis
|
|
Company |
Sector |
Difference |
|
|
(2.005)
|
|
|
|
% of PRODUCTION VALUE |
|
|
|
|
SALES |
99,78 |
98,59 |
1,19 |
|
ADDED
VALUE |
20,09 |
25,87 |
-5,78 |
|
BUSINESS
RESULT |
0,51 |
4,25 |
-3,74 |
|
% OF TOTAL ASSETS |
|
|
|
|
OWN
FUNDS |
38,26 |
46,45 |
-8,19 |
|
DEBT |
61,74 |
53,55 |
8,19 |
Compared sector (CNAE): 246 - Fabricación de
otros productos químicos
Number of companies: 79
Size (Sales Figure): 7.000.000,00 -
40.000.000,00 Euros
The turnover of the company is 1,19%
above the mean for the sector.
The company’s added value was 20,09%
s/ the production value, and 5,78% below the mean for the sector.
The company’s business result was
0,51% of the PV, 3,74% below the mean for the sector.
The company’s own resources are 38,26%
, 8,19% below the mean for the sector.
The company’s outside resources are
61,74% , 8,19% above the mean for the sector.
Legal Actions
No legal
incidences registered for this company in the official source
No claims
registered for this company in the official sources
AFFECTED BY:
No significant elemento
Main Board members, Directors and
Auditor
|
Position |
Surname and name |
Date of
appointment |
|
CHAIRMAN |
EMERSON PETER LOUIS |
01/03/2007 |
|
BOARD MEMBER |
HOLDSWORTH ROBIN LANCELOT LIONELL |
19/09/1997 |
|
BOARD MEMBER |
ORTIZ DE ZARATE URANGA MARIA ROSARIO |
11/11/2002 |
|
BOARD MEMBER |
GONZALEZ BENGOA MATXALEN |
11/11/2002 |
|
AUDITOR |
ERNST YOUNG SOCIEDAD LIMITADA |
03/02/2004 |
Functional Managers
|
Position |
Surname and name |
|
COMMERCIAL MANAGER |
MADARIAGA BRIZUELA JUAN FELIX |
|
MARKETING MANAGER |
LOZANO ENRIQUE |
Financial Links
|
Shareholders |
||||
|
Company Name |
CIF/Country |
|
Source |
Information Date |
|
FOSROC INVESTMENT HOLDINGS B.V. |
PAÍSES BAJOS |
100,00% |
M.REGISTER |
31/12/2005 |
Proceedings published in the B.O.R.M.E.
(Official Mercantile Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Resignations |
01/03/2007 |
124617 |
VIZCAYA |
|
Appointments |
01/03/2007 |
124617 |
VIZCAYA |
|
Resignations |
01/02/2007 |
061336 |
VIZCAYA |
|
Appointments |
01/02/2007 |
061336 |
VIZCAYA |
|
Registration of accounts
(2005) |
23/10/2006 |
799483 |
VIZCAYA |
Remarks for customer
The address included in your enquiry is a
mail address.
Branches
|
Road |
Postal Code |
Town |
Province |
|
BARCELONES |
08520 |
LES FRANQUESES
DEL VALLES |
BARCELONA |
|
EDUARD MARISTANY |
08810 |
SANT PERE DE
RIBES |
BARCELONA |
|
MUNTANER |
08021 |
BARCELONA |
BARCELONA |
|
VILLAVIEJA |
28011 |
MADRID |
MADRID |
|
ESCRITOR ANTONIO
RAMOS |
29014 |
MALAGA |
MALAGA |
|
JUAN MARTINEZ
MONTAŃES |
29004 |
MALAGA |
MALAGA |
|
MIGUEL INDURAIN |
31610 |
VILLAVA/ATARRABIA |
NAVARRA |
|
MARIANO GARCIA
ABRIL |
47014 |
VALLADOLID |
VALLADOLID |
|
MARCELINO OREJA |
48010 |
BILBAO |
VIZCAYA |
|
SASIKOA |
48200 |
DURANGO |
VIZCAYA |
Commercial Experience
PURCHASES
Import Percentage: 6%
Imports::
Francia, Reino Unido, Noruega, Italia, Suecia y Holanda
SALES
Export Percentage: 2%
Exports::
Italia, Portugal, Francia, EE.UU., Suecia, Noruega y Holanda
Suppliers International
FOSROC CIA
JMH MERLIN TRADING FZE
FOSROC LIMITED
FOSROC DINAMARCA
FOSROC LTD.
Total 52
Clients International
FOSROC CIA
FOSROC DINAMARCA
FOSROC INTERNATIONAL LIMITED
FOSROC LIMITED
FOSROC A/S
Total 36
Bank Entities
|
Entity |
Branch |
Branch Address |
Town |
Province |
|
BARCLAYS BANK,
S.A. |
0013 |
CL ALAMEDA DE
RECALDE 36 |
BILBAO |
VIZCAYA |
|
BNP PARIBAS
ESPAŃA, S.A. |
0407 |
GRAN VIA, 60 PL
BAJA |
BILBAO |
VIZCAYA |
|
BANCO BILBAO VIZCAYA
ARGENTARIA, S.A. |
2400 |
AV.
ZUMALAKARREGUI, 18 |
DURANGO |
VIZCAYA |
|
BANCO SANTANDER
CENTRAL HISPANO, S.A. |
4912 |
ANDRA MARI
KALEA, 2 |
DURANGO |
VIZCAYA |
|
BANCO POPULAR
ESPAŃOL, S.A. |
1013 |
PZA. DE EZKURDI,
3 |
DURANGO |
VIZCAYA |
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 31/10/2006
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 |
4.707.940,00 |
3.216.204,00 |
3.272.602,00 |
|
|
I. Establishment expenses |
|
|
|
|
|
II. Intangible assets |
1.009.805,00 |
6.856,00 |
4.094,00 |
|
|
Goodwill |
4.984.718,00 |
|
4.984.718,00 |
|
|
Software |
38.842,00 |
6.856,00 |
40.683,00 |
|
|
Amortization |
-4.013.755,00 |
|
-5.021.307,00 |
|
|
III. Tangible assets |
2.685.991,00 |
2.441.489,00 |
2.235.991,00 |
|
|
Property, plant and equipment |
1.816.132,00 |
1.816.132,00 |
1.816.132,00 |
|
|
Machinery, equipment and other |
2.356.063,00 |
2.356.063,00 |
990.650,00 |
|
|
Other property plant and equipement |
990.650,00 |
990.650,00 |
2.468.011,00 |
|
|
Prepaid expenses on fixed assets |
|
69.808,00 |
|
|
|
Other assets |
5.640.483,00 |
5.242.781,00 |
5.474.858,00 |
|
|
Depreciation |
-8.117.337,00 |
-8.033.945,00 |
-8.513.660,00 |
|
|
IV. Financial assets |
1.012.144,00 |
767.859,00 |
1.032.517,00 |
|
|
Long term deposits and guarantees |
12.144,00 |
8.859,00 |
7.815,00 |
|
|
Tax refunds |
1.000.000,00 |
759.000,00 |
1.024.702,00 |
|
|
V. Owners equity |
|
|
|
|
|
VI. Long term trade liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
|
|
|
|
|
D) CURRENT ASSETS |
14.706.848,00 |
12.951.099,00 |
12.751.799,00 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
|
II. Inventory |
1.459.165,00 |
1.139.741,00 |
1.262.545,00 |
|
|
Goods available for sale |
312.261,00 |
204.435,00 |
301.623,00 |
|
|
Raw material inventory |
663.015,00 |
595.017,00 |
605.383,00 |
|
|
Finished goods |
578.518,00 |
340.513,00 |
358.840,00 |
|
|
Provisions |
-94.629,00 |
-224,00 |
-3.301,00 |
|
|
III. Debtors |
12.439.283,00 |
11.402.194,00 |
11.254.028,00 |
|
|
Clients |
12.308.842,00 |
11.048.564,00 |
11.237.595,00 |
|
|
Amounts owned by affiliated companies |
59.969,00 |
100.121,00 |
11.423,00 |
|
|
Other debts |
1.022,00 |
1.022,00 |
|
|
|
Labor costs |
28.075,00 |
22.652,00 |
18.838,00 |
|
|
Taxes refunds |
128.144,00 |
354.303,00 |
73.710,00 |
|
|
Provisions |
-86.769,00 |
-124.468,00 |
-87.538,00 |
|
|
IV. Short term financial assets |
641.496,00 |
|
|
|
|
Short term investment |
641.496,00 |
|
|
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
148.030,00 |
403.030,00 |
208.491,00 |
|
|
VII. Prepaid expenses and accrued income |
18.874,00 |
6.134,00 |
26.735,00 |
|
|
ASSETS (A + B + C + D) |
19.414.788,00 |
16.167.303,00 |
16.024.401,00 |
Balance Sheet (LIABILITIES)
|
(Figures given in Euros) |
31/12/2003 (12)
|
31/12/2004 (12)
|
31/12/2005 (12)
|
|
|
|
A) SHAREHOLDERS EQUITY |
7.047.892,00 |
5.985.046,00 |
6.131.452,00 |
|
|
I. Capital |
1.502.500,00 |
1.502.500,00 |
1.502.500,00 |
|
|
II. Premium share account |
|
|
|
|
|
III. Revaluation reserve |
411.107,00 |
411.107,00 |
411.107,00 |
|
|
IV. Reserves |
5.426.858,00 |
5.426.858,00 |
5.426.858,00 |
|
|
Retained earnings |
300.506,00 |
300.506,00 |
300.506,00 |
|
|
Other funds |
5.126.322,00 |
5.126.322,00 |
5.126.322,00 |
|
|
Capital adjustments in Euros |
30,00 |
30,00 |
30,00 |
|
|
V. Prior year earnings |
-194.802,00 |
-292.572,00 |
-1.355.420,00 |
|
|
Prior years losses |
-194.802,00 |
-292.572,00 |
-1.355.420,00 |
|
|
VI. Prior year profit or losses |
-97.771,00 |
-1.062.847,00 |
146.407,00 |
|
|
VII. Dividend paid during the year |
|
|
|
|
|
VIII. Own shares for change in capital |
|
|
|
|
|
B) DEFERRED INCOME |
|
|
|
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
|
|
|
|
|
D) LONG TERM LIABILITIES |
|
|
|
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
|
|
|
|
|
III. Debts with associed and affiliated
companies |
|
|
|
|
|
IV. Other creditors |
|
|
|
|
|
V. Deferred debts on shares |
|
|
|
|
|
VI. Long term debt with creditor |
|
|
|
|
|
E) SHORT TERM LIABILITIES |
12.366.896,00 |
10.182.257,00 |
9.892.949,00 |
|
|
I. Negotiable bonds |
|
|
|
|
|
II. Bank loans |
|
|
|
|
|
III. Short term debts with associated and
affiliated companies |
5.354.316,00 |
3.489.016,00 |
3.250.780,00 |
|
|
With affiliated companies |
5.354.316,00 |
3.489.016,00 |
3.250.780,00 |
|
|
IV. Trade creditors |
6.563.729,00 |
6.163.526,00 |
6.098.989,00 |
|
|
Expenses |
6.563.729,00 |
6.163.526,00 |
6.098.989,00 |
|
|
V. Other non trade payables |
448.851,00 |
529.715,00 |
543.180,00 |
|
|
Government |
302.559,00 |
293.715,00 |
366.867,00 |
|
|
Accounts receivable |
146.292,00 |
236.000,00 |
176.313,00 |
|
|
VI. Provisions for current assets |
|
|
|
|
|
VII. Accruals and deferred incomes |
|
|
|
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
19.414.788,00 |
16.167.303,00 |
16.024.401,00 |
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 |
100.170,00 |
238.004,00 |
|
|
|
A.2. Supplies |
15.400.294,00 |
14.255.964,00 |
13.949.833,00 |
|
|
|
|
|
|
|
|
Material consumed |
3.060.861,00 |
14.255.964,00 |
1.833.051,00 |
|
|
Raw materials consumed |
12.339.433,00 |
|
11.508.509,00 |
|
|
Other expenses |
|
|
608.273,00 |
|
|
A.3. Labor cost |
4.733.330,00 |
4.764.217,00 |
4.892.509,00 |
|
|
Wages |
3.743.863,00 |
4.764.217,00 |
4.038.456,00 |
|
|
Social security expenses |
989.467,00 |
|
854.053,00 |
|
|
A.4. Assets depreciation |
1.688.131,00 |
1.636.575,00 |
554.981,00 |
|
|
A.5 Variance in provision for current
assets |
-130.416,00 |
-56.705,00 |
69.785,00 |
|
|
Variance in provision for inventory |
-25.452,00 |
|
3.077,00 |
|
|
Variance in provision for bad debts |
-104.964,00 |
|
66.708,00 |
|
|
Variance in provision for other current
assets |
|
-56.705,00 |
|
|
|
A.6. Other operating costs |
9.004.760,00 |
9.095.772,00 |
9.120.108,00 |
|
|
External costs |
8.980.611,00 |
9.084.703,00 |
9.107.069,00 |
|
|
Taxes |
24.149,00 |
11.069,00 |
13.039,00 |
|
|
A.I. OPERATING RESULT
(B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
|
|
278.448,00 |
|
|
A.7. Financial expenses |
174.518,00 |
113.060,00 |
41.874,00 |
|
|
Debts with related companies |
171.689,00 |
113.053,00 |
6.824,00 |
|
|
Other companies debts |
2.829,00 |
7,00 |
35.050,00 |
|
|
A.8. Variation in financial investments
provision |
|
|
|
|
|
A.9. Exchange losses |
|
13.590,00 |
92.098,00 |
|
|
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) |
|
|
145.006,00 |
|
|
A.10. Variation in provision in fixed
assets |
|
|
|
|
|
A.11. Losses in fixed assets |
|
2.820,00 |
4.218,00 |
|
|
A.12. Losses from shares and bonds |
|
|
|
|
|
A.13. Extraordinary charges |
|
|
|
|
|
A.14. Prior year’s expenses and losses |
|
|
|
|
|
A.IV. POSITIVE EXTRAORDINARY RESULT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14) |
144.675,00 |
34.670,00 |
16.292,00 |
|
|
A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
|
|
161.298,00 |
|
|
A.15. Corporate Taxes |
-159.668,00 |
14.841,00 |
14.891,00 |
|
|
A.16. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.15-A.16) |
|
|
146.407,00 |
|
|
B) INCOMES (B.1 a B13) |
|
|
|
|
|
B.1. Turnover |
30.456.780,00 |
28.853.877,00 |
28.784.668,00 |
|
|
Sales |
30.456.780,00 |
28.853.877,00 |
28.784.668,00 |
|
|
B.2. Increase in inventory of finished
goods |
|
|
18.328,00 |
|
|
B.3. Expenses capitalized |
|
|
|
|
|
B.4. Other operating income |
92.377,00 |
112.367,00 |
62.668,00 |
|
|
Other incomes |
|
|
62.668,00 |
|
|
Grants |
92.377,00 |
112.367,00 |
|
|
|
B.I. OPERATING LOSSES
(A.1+A.2+A.3+A.4+A.5+A.6-B.1-B.2-B.3-B.4) |
247.112,00 |
967.583,00 |
|
|
|
B.5. Incomes from share |
|
|
|
|
|
B.6. Income from securities |
|
|
|
|
|
B.7. Other income from interrest |
11.007,00 |
11.557,00 |
530,00 |
|
|
From other companies |
11.007,00 |
11.557,00 |
530,00 |
|
|
B.8. Gains on exchange |
8.509,00 |
|
|
|
|
B.II. FINANCIAL LOSSES
(A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
155.002,00 |
115.093,00 |
133.442,00 |
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
402.114,00 |
1.082.676,00 |
|
|
|
B.9. Gains from disposal of fixed assets |
6.604,00 |
20.339,00 |
13.371,00 |
|
|
B.10. Gains from dealing in own shares |
|
|
|
|
|
B.11. Paid in surplus |
|
|
|
|
|
B.12. Extraordinary income |
138.071,00 |
|
|
|
|
B.13. Prior year’s income and profits |
|
17.151,00 |
7.139,00 |
|
|
B.IV. EXTRAORDINARY LOSSES
(A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13) |
|
|
|
|
|
B.V. LOSS BEFORE TAXES
(B.III+B.IV-A.III-A.IV) |
257.439,00 |
1.048.006,00 |
|
|
|
B.VI. NET LOSS (B.V+A.15+A.16) |
97.771,00 |
1.062.847,00 |
|
Main Ratios
|
(Figures given in Euros) |
2.003 (12) |
2.004 (12) |
2.005 (12) |
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
6,82 |
-5,26 |
-0,24 |
|
|
Assets Turnover |
1,57 |
1,79 |
1,80 |
|
|
Productivity |
1,28 |
1,13 |
1,19 |
|
|
Increase of the Added Value |
-15,88 |
-11,04 |
7,80 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
-0,50 |
-6,57 |
0,91 |
|
|
Financial Profitability |
-1,39 |
-17,76 |
2,39 |
|
|
Financial Expenses |
0,57 |
0,39 |
0,14 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
147,00 |
142,00 |
141,00 |
|
|
Suppliers’ Credit (In days of sales) |
152,00 |
153,00 |
158,00 |
|
|
Working Capital (In days of sales) |
28,00 |
35,00 |
36,00 |
|
|
Working Capital Requirement (In days of
sales) |
18,00 |
30,00 |
33,00 |
|
|
Treasury (In days of sales) |
9,00 |
5,00 |
3,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
2.339.952,00 |
2.768.842,00 |
2.858.850,00 |
|
|
Working Capital Requirement |
1.550.426,00 |
2.365.812,00 |
2.650.359,00 |
|
|
Treasury |
789.526,00 |
403.030,00 |
208.491,00 |
|
|
Balance Ratio |
1,50 |
1,86 |
1,87 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
63,70 |
62,98 |
61,74 |
|
|
Own / Permanent Funds |
100,00 |
100,00 |
100,00 |
|
|
Payback Capacity |
0,39 |
0,34 |
0,34 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,19 |
1,27 |
1,29 |
|
|
Immediate Liquidity |
0,06 |
0,04 |
0,02 |
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 |
0,03 |
-0,03 |
|
FIXED ASSETS |
20,42 |
39,84 |
-19,42 |
|
ACCRUED EXPENSES |
0,00 |
0,23 |
-0,23 |
|
CURRENT ASSETS |
79,58 |
59,89 |
19,69 |
|
TOTAL ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS EQUITY |
38,26 |
46,45 |
-8,19 |
|
ACCRUED INCOME |
0,00 |
0,46 |
-0,46 |
|
RISK AND EXPENDITURE
COVER |
0,00 |
0,55 |
-0,55 |
|
LONG-TERM CREDITORS |
0,00 |
14,92 |
-14,92 |
|
SHORT-TERM CREDITORS |
61,74 |
37,60 |
24,14 |
|
SHORT-TERM RISK AND
EXPENDITURE COVER |
0,00 |
0,03 |
-0,03 |
|
TOTAL LIABILITIES |
100,00 |
100,00 |
0,00 |
Analytical Account of Results
|
(Figures given in Percentages) |
Company |
Sector |
Company |
|
|
2.005 |
|
|
|
Net turnover |
99,78 |
98,59 |
1,19 |
|
Other operating income |
0,22 |
1,41 |
-1,19 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
48,29 |
58,36 |
-10,06 |
|
Other operation expenses |
31,62 |
15,77 |
15,85 |
|
Added value |
20,09 |
25,87 |
-5,78 |
|
Labor cost |
16,96 |
14,91 |
2,05 |
|
Gross Economic Result |
3,13 |
10,97 |
-7,84 |
|
Assets depreciation |
1,92 |
3,59 |
-1,67 |
|
Variation in provision
for current assets |
0,24 |
0,32 |
-0,07 |
|
Net Economic Result |
0,97 |
7,06 |
-6,09 |
|
Financial income |
0,00 |
0,92 |
-0,92 |
|
Financial expenses |
0,46 |
1,39 |
-0,93 |
|
Variation in financial
investment provision |
0,00 |
0,11 |
-0,11 |
|
Ordinary Activities
Result |
0,50 |
6,48 |
-5,97 |
|
Extraordinary income |
0,07 |
0,50 |
-0,43 |
|
Extraordinary expenses |
0,01 |
0,50 |
-0,49 |
|
Variation in provision
in fixed assets |
0,00 |
0,55 |
-0,55 |
|
Results before Taxes |
0,56 |
5,92 |
-5,36 |
|
Corporaye taxes |
0,05 |
1,68 |
-1,62 |
|
Net Result |
0,51 |
4,25 |
-3,74 |
|
Assets depreciation |
1,92 |
3,59 |
-1,67 |
|
Provisions fund
variation |
0,24 |
0,98 |
-0,74 |
|
Net Self-Financing |
2,67 |
8,82 |
-6,14 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.005 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
-0,24 |
-2,27 |
4,34 |
10,86 |
|
Assets Turnover |
1,80 |
0,91 |
1,25 |
1,58 |
|
Fixed Assets Turnover |
8,80 |
2,03 |
4,12 |
7,32 |
|
Increase of the Added
Value |
7,80 |
-6,23 |
2,26 |
10,21 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
1,18 |
1,40 |
1,70 |
2,24 |
|
Change of Personnel
Costs |
2,69 |
2,30 |
6,98 |
12,48 |
|
Average Personnel Costs |
50.438,24 |
29.245,34 |
36.968,43 |
44.026,18 |
|
Value Added by Employees |
59.749,72 |
48.925,04 |
57.438,79 |
86.700,05 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
771.173,00 |
549.150,00 |
1.082.489,02 |
2.162.572,83 |
|
Operating Cash Flow |
903.214,00 |
762.750,35 |
1.339.269,00 |
2.553.697,72 |
|
Change in Cash Flow |
49,16 |
-15,78 |
-1,34 |
13,10 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
0,91 |
1,89 |
4,55 |
8,29 |
|
Financial Profitability |
2,39 |
5,41 |
10,03 |
16,63 |
|
Financial Expenses |
0,14 |
0,28 |
0,71 |
1,28 |
|
Gross Economic
Profitability |
5,64 |
7,83 |
11,63 |
17,38 |
|
Gross Financial
Profitability |
14,73 |
18,60 |
27,15 |
40,87 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days
of sales) |
140,00 |
94,92 |
115,57 |
139,83 |
|
Suppliers’ Credit (In
days of sales) |
157,00 |
70,43 |
94,96 |
140,18 |
|
Working Capital (In days
of sales) |
35,00 |
24,02 |
58,04 |
117,42 |
|
Working Capital Requirement
(In days of sales) |
33,00 |
36,89 |
75,36 |
102,20 |
|
Treasury (In days of
sales) |
2,00 |
-27,40 |
8,74 |
27,28 |
|
Operating Current Assets |
159,00 |
152,28 |
181,28 |
231,23 |
|
BALANCE |
|
|
|
|
|
Working Capital |
2.858.850,00 |
931.465,50 |
2.183.858,00 |
5.058.684,74 |
|
Working Capital
Requirement |
2.650.359,00 |
1.274.677,04 |
2.126.475,92 |
4.918.462,00 |
|
Treasury |
208.491,00 |
-1.346.232,14 |
321.560,56 |
1.011.000,00 |
|
Balance Ratio |
1,87 |
1,18 |
1,55 |
2,47 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
61,74 |
36,14 |
50,90 |
70,14 |
|
Own / Permanent Funds |
100,00 |
71,47 |
90,48 |
99,47 |
|
Payback Capacity |
0,34 |
0,26 |
0,38 |
0,55 |
|
Long term Indebtedness |
|
0,08 |
3,74 |
14,61 |
|
Gearing |
261,35 |
156,59 |
203,66 |
334,90 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
1,62 |
1,33 |
1,90 |
2,67 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,29 |
1,17 |
1,50 |
2,09 |
|
Immediate Liquidity |
0,02 |
0,03 |
0,13 |
0,47 |
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%)