MIRA
INFORM REPORT
|
Report Date : |
15.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BASF CURTEX S.A. |
|
|
|
|
Registered Office : |
Carretera Mig, 121, 08907 L Hospitalet De
Llobregat (Barcelona) |
|
|
|
|
Country : |
Spain |
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|
|
|
Financials (as on) : |
31.12.2005 |
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|
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|
Date of Incorporation : |
02/04/1965 |
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|
Legal Form : |
Joint Stock Company |
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|
Line of Business : |
Manufacturing of chemical products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
Identification and
Characteristics
|
Tax Number |
A08067282 |
|
NAME |
BASF CURTEX S.A. |
|
FORMER NAME |
CURTEX INDUSTRIAS SINTETICAS SA |
|
BUSINESS
ADDRESS |
CARRETERA MIG, 121 |
|
Postcode |
08907 L HOSPITALET DE LLOBREGAT
(BARCELONA) |
|
URL |
http://www.basf.com |
|
TELEPHONE |
932616100 |
|
FAX |
932616109 |
|
LEGAL FORM |
JOINT STOCK COMPANY |
|
DATE FOUNDED |
02/04/1965 |
|
CAPITAL |
270.000,00 Euros |
|
PAID-UP CAPITAL |
270.000,00 Euros |
|
NUMBER OF
EMPLOYEES |
279 |
|
ACTIVITY |
1256000 - Mfg. of chemical
products |
|
CNAE |
2466 - Manufacture of other
chemical products n.e.c. |
|
EXPORT COMPANY |
YES |
|
* Characteristics of the main address |
|
|
According to our investigations
dated 29/09/2005 these premises are owned; with no official
confirmation used as office, factory, warehouse
located in a secondary commercial area . |
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Synthesis
|
FINANCIAL SITUATION (Year ending: 31/12/2005)
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|
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PROFITABILITY |
|
Negative |
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TREASURY |
|
Excellent |
|
BALANCE SHEET |
|
Degraded |
|
DEBT |
|
Medium |
|
INCIDENTS |
||
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|
|
|
|
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 1.202.000,00
Max. Euros |
|
SOLVENCY RATING: |
|
(BASED ON HOMOGENEOUS FORMULATION) |
|
|
|
Analysis made on 01/03/2007 |
Financial Elements
Figures given in
thousands of Euros
|
|
Balance
sheet 2.003 (12) |
Balance
sheet 2.004 (12) |
Balance
sheet 2.005 (12) |
%
Sales |
|
|
SALES |
84.704,00 |
90.200,00 |
93.185,00 |
|
|
|
ADDED VALUE |
21.905,00 |
24.424,00 |
21.150,00 |
22,70 |
|
|
BUSINESS RESULT |
3.572,00 |
4.885,00 |
-6.936,00 |
-7,44 |
|
|
OWN FUNDS |
25.716,00 |
25.601,00 |
18.665,00 |
|
|
|
DEBT |
31.261,00 |
33.226,00 |
29.138,00 |
|
|
|
TOTAL ASSET |
59.183,00 |
60.834,00 |
63.459,00 |
|
|
|
The sales of 93.185,00
thousands of Euros show a change of 3,31% compared
with 2.004 . Between 2.003 and 2.004 , this
change was 6,49% . |
|||||
|
Added value grew by -13,40% compared
with the previous year. Shareholders equity are 18.665,00
thousands of Euros for an indebtedness of 29.138,00
thousands of Euros . |
|||||
|
The result -6.936,00 thousands
of Euros means financial profitability of -37,16% and
economic profitability of -10,93% . This result means growth of
-241,99% 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: 27/09/2006 |
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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 |
|||||
|
Profit and Loss |
-6.936.000 |
||||
|
Total of Amounts to be
distributed |
-6.936.000 |
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|
Distribution a |
|||||
|
Prior years losses |
-6.936.000 |
||||
|
|
|||||
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Auditors’ opinion: |
|||||
|
FAVOURABLE (2.005) |
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|
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Auditors: |
|||||
|
DELOITTE SL |
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Comparative Sector
Analysis
|
|
Company |
Sector |
Difference |
|
|
(2.005)
|
|
|
|
% of PRODUCTION VALUE |
|
|
|
|
SALES |
96,50 |
97,65 |
-1,15 |
|
ADDED
VALUE |
21,90 |
26,73 |
-4,83 |
|
BUSINESS
RESULT |
-7,18 |
3,74 |
-10,92 |
|
% OF TOTAL ASSETS |
|
|
|
|
OWN
FUNDS |
29,41 |
38,44 |
-9,03 |
|
DEBT |
45,92 |
61,56 |
-15,64 |
Compared sector (CNAE): 246 - Fabricación
de otros productos químicos
Number of companies: 22
Size (Sales Figure): > 40.000.000,00
Euros
The turnover of the company is 1,15% below
the mean for the sector.
The company’s added value was 21,90%
s/ the production value, and 4,83% below the mean for the sector.
The company’s business result was
-7,18% of the PV, 10,92% below the mean for the sector.
The company’s own resources are 29,41%
, 9,03% below the mean for the sector.
The company’s outside resources are
45,92% , 15,64% 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: 8 Company /
Companies in Insolvency Proceedings
Main Board members,
Directors and
Auditor
|
Position |
Surname and name |
Date of
appointment |
|
CHAIRMAN |
KARL PETER BERCIO |
26/05/2005 |
|
BOARD MEMBER |
GIL DE LUIGI RAMON |
28/10/2002 |
|
BOARD MEMBER |
MICHAEL HEPP |
12/03/2004 |
|
SECRETARY |
MASSO MOLINA MIGUEL |
23/09/1998 |
|
AUDITOR |
DELOITTE SL |
14/10/2005 |
Functional Managers
|
Position |
Surname and name |
|
GENERAL MANAGER |
MARTIN DE LA VEGA JOSE CARLOS |
|
FINANCIAL MANAGER |
MALHEIRO CELESTINO |
|
HUMAN RESOURCES MANAGER |
QUERO LUIS |
|
COMMERCIAL MANAGER |
FADANAS LUIS |
|
PURCHASES MANAGER |
GALLES JOSEP M |
|
OPERATIONS MANAGER |
MORESO GUZMAN |
|
MANAGER |
MARTIN DE LA VEGA JOSE CARLOS |
Financial Links
|
Shareholders |
||||
|
Company Name |
CIF/Country |
|
Source |
Information Date |
|
BASF ESPANOLA SOCIEDAD LIMITADA |
B08200388 |
100,00% |
OWN SOURCES |
11/01/2007 |
|
Shareholdings |
||||
|
Company Name |
CIF/Country |
Percent. |
Source |
Information Date |
|
BASF CURTEX PRODUCTOS QIMICOS LDA |
PORTUGAL |
0,00% |
M.REGISTER |
31/12/2005 |
|
BASF CURTUMES E TEXTEIS LDA |
PORTUGAL |
0,00% |
M.REGISTER |
31/12/2001 |
Proceedings published
in the B.O.R.M.E. (Official Mercantile Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Registration of accounts
(2005) |
22/09/2006 |
529283 |
BARCELONA |
|
Appointments |
18/09/2006 |
453155 |
BARCELONA |
|
Resignations |
24/07/2006 |
376843 |
BARCELONA |
|
Appointments |
26/12/2005 |
544889 |
BARCELONA |
|
Resignations |
26/12/2005 |
544887 |
BARCELONA |
Press articles
|
|
||
|
16/05/2005 |
VANGUARDIA |
BRANCHES INFORMATION |
|
BASF HA ANUNCIADO A LOS SINDICATOS EL
DESMANTELAMIENTO DE SU PLANTA DE PIG MENTOS DE L HOSPITALEC, QUE EN LA
ACTUALIDAD EMPLEA A 180 PERSONAS Y QUE PERTENECE A LA FILIAL BASF CURTEX. LA
INTENCION DE LA CIA. ES CESAR LA ACTI VIDAD PRODUCTIVA EN EL PLAZO DE 2 AŃOS
Y DEJAR SOLO EN L HOSPITALET LA PARTE COMERCIAL Y DESPLAZAR A ASIA LA
PRODUCCION DE ESTOS PIGMENTOS. LA DIRECCION DE CURTEX EXPLICO QUE EL AJUSTE
SE ACOMETERA DESDE FINALES DE 2005 HASTA FI NALES DE 2007 Y SE COMPROMETIO A
NO PRESENTAR UN EXPEDIENTE DE REGULACION DE EMPLEO, SINO A NEGOCIAR UNA
SALIDA ORDENADA PARA LA PLANTILLA. EL GRUPO BASF CUENTA EN ESPAŃA CON UNOS
1.900 TRABAJADORES. |
||
|
|
||
|
01/07/1999 |
FOMENTO |
FINANCIAL INFORMATION |
|
ESTA EMPRESA HA TENIDO UN GRAN DESARROLLO EN
LOS ULTIMOS CINCO AŃOS. LOS 24 MM. DE EUROS (4.000 MM. DE PTAS) COMO CIFRA DE
NEGOCIO ALCANZADA EN 1994, SE HA TRANSFORMADO 4 AŃOS DESPUES EN 114 MM.
(19.000 MM. DE PTAS), CORRESPON DIENDO 30 MM. DE EUROS A PORTUGAL. LA EMPRESA
ALCANZA UNOS BENEFICIOS ANUA LES DE ENTRE 6 Y 9 MM. DE EUROS, CON INVERSION
DE 6 MM. DE EUROS CADA AŃO. |
||
Brands, Signs and
Commercial Names
|
Prevailing Brands |
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|
Name: |
BASF CURTEX |
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|
Kind of Brand: |
JOINT |
File: |
M2523972 |
||
|
Request Date: |
03/02/2003 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
|
Types: 35
|
|
||||
|
Name: |
CURTEXOL |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M2257992 |
||
|
Request Date: |
20/09/1999 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
|
Types: 1
|
|
||||
|
Name: |
BASZIT |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M1812534 |
||
|
Request Date: |
29/03/1994 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
|
Types: 1
|
|
||||
|
Name: |
BASOPELL |
||||
|
Kind of Brand: |
DENOMINATIVE |
File: |
M1812535 |
||
|
Request Date: |
29/03/1994 |
Bulletin Date: |
Bulletin Date: |
Current situation: |
APPROVED REGISTER |
|
Types: 1
|
|
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Total Marcas: 4
Bank Entities
|
Entity |
Branch |
Branch Address |
Town |
Province |
|
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
1000 |
PL. DE CATALUŃA,
5 |
BARCELONA |
BARCELONA |
|
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
4370 |
AVGDA. DIAGONAL,
662-664 |
BARCELONA |
BARCELONA |
|
BANKINTER, S.A. |
|
|
HOSPITALET DE
LOBREGAT |
|
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 27/09/2006
Balance Sheet (ASSETS)
|
(Figures given in thousands of
Euros) |
31/12/2003 (12)
|
31/12/2004 (12)
|
31/12/2005 (12)
|
|
|
|
A) DUE FROM SHAREHOLDERS FOR UNCALLED
CAPITAL |
|
|
|
|
|
B) FIXED ASSETS |
22.233,00 |
22.623,00 |
20.430,00 |
|
|
I. Establishment expenses |
|
|
|
|
|
II. Intangible assets |
6,00 |
15,00 |
15,00 |
|
|
R & D expenses |
1.089,00 |
1.061,00 |
986,00 |
|
|
Software |
102,00 |
124,00 |
135,00 |
|
|
Amortization |
-1.185,00 |
-1.170,00 |
-1.106,00 |
|
|
III. Tangible assets |
19.217,00 |
19.604,00 |
17.829,00 |
|
|
Property, plant and equipment |
16.136,00 |
16.691,00 |
17.106,00 |
|
|
Machinery, equipment and other |
21.500,00 |
21.906,00 |
23.836,00 |
|
|
Other property plant and equipement |
4.487,00 |
4.540,00 |
4.440,00 |
|
|
Prepaid expenses on fixed assets |
1.220,00 |
2.178,00 |
141,00 |
|
|
Depreciation |
-24.126,00 |
-25.711,00 |
-27.694,00 |
|
|
IV. Financial assets |
3.010,00 |
3.004,00 |
2.586,00 |
|
|
Shares in affiliated companies |
800,00 |
800,00 |
800,00 |
|
|
Loans to affiliated companies |
2.186,00 |
2.186,00 |
1.786,00 |
|
|
Other loans |
24,00 |
18,00 |
|
|
|
V. Owners equity |
|
|
|
|
|
VI. Long term trade liabilities |
|
|
|
|
|
C) DEFERRED EXPENSES |
|
|
|
|
|
D) CURRENT ASSETS |
36.950,00 |
38.211,00 |
43.029,00 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
|
II. Inventory |
9.010,00 |
9.983,00 |
11.252,00 |
|
|
Goods available for sale |
2.986,00 |
3.381,00 |
4.557,00 |
|
|
Raw material inventory |
2.235,00 |
2.075,00 |
2.809,00 |
|
|
Finished goods |
4.018,00 |
4.731,00 |
4.086,00 |
|
|
Provisions |
-229,00 |
-204,00 |
-200,00 |
|
|
III. Debtors |
27.924,00 |
28.191,00 |
31.758,00 |
|
|
Clients |
21.372,00 |
22.385,00 |
20.954,00 |
|
|
Amounts owned by affiliated companies |
8.594,00 |
7.943,00 |
8.063,00 |
|
|
Other debts |
439,00 |
598,00 |
1.155,00 |
|
|
Labor costs |
25,00 |
43,00 |
56,00 |
|
|
Taxes refunds |
2.024,00 |
1.794,00 |
6.194,00 |
|
|
Provisions |
-4.530,00 |
-4.572,00 |
-4.664,00 |
|
|
IV. Short term financial assets |
|
|
|
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
16,00 |
37,00 |
19,00 |
|
|
VII. Prepaid expenses and accrued income |
|
|
|
|
|
ASSETS (A + B + C + D) |
59.183,00 |
60.834,00 |
63.459,00 |
Balance Sheet
(LIABILITIES)
|
(Figures given in thousands of
Euros) |
31/12/2003 (12)
|
31/12/2004 (12)
|
31/12/2005 (12)
|
|
|
|
A) SHAREHOLDERS EQUITY |
25.716,00 |
25.601,00 |
18.665,00 |
|
|
I. Capital |
270,00 |
270,00 |
270,00 |
|
|
II. Premium share account |
|
|
|
|
|
III. Revaluation reserve |
2.123,00 |
2.123,00 |
2.123,00 |
|
|
IV. Reserves |
5.010,00 |
5.010,00 |
5.010,00 |
|
|
Retained earnings |
81,00 |
81,00 |
81,00 |
|
|
Other funds |
4.929,00 |
4.929,00 |
4.929,00 |
|
|
V. Prior year earnings |
14.741,00 |
13.313,00 |
18.198,00 |
|
|
Carry over |
14.741,00 |
13.313,00 |
18.198,00 |
|
|
VI. Prior year profit or losses |
3.572,00 |
4.885,00 |
-6.936,00 |
|
|
VII. Dividend paid during the year |
|
|
|
|
|
VIII. Own shares for change in capital |
|
|
|
|
|
B) DEFERRED INCOME |
62,00 |
51,00 |
43,00 |
|
|
Capital grants |
62,00 |
51,00 |
43,00 |
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
1.123,00 |
1.143,00 |
8.463,00 |
|
|
Provision for pensions plans |
176,00 |
147,00 |
119,00 |
|
|
Provision for taxes |
18,00 |
20,00 |
14,00 |
|
|
Other provisions |
929,00 |
976,00 |
8.330,00 |
|
|
D) LONG TERM LIABILITIES |
541,00 |
414,00 |
489,00 |
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
|
|
|
|
|
III. Debts with associed and affiliated
companies |
|
|
|
|
|
IV. Other creditors |
541,00 |
414,00 |
489,00 |
|
|
Other debts |
541,00 |
414,00 |
489,00 |
|
|
V. Deferred debts on shares |
|
|
|
|
|
VI. Long term debt with creditor |
|
|
|
|
|
E) SHORT TERM LIABILITIES |
30.720,00 |
32.812,00 |
28.649,00 |
|
|
I. Negotiable bonds |
|
|
|
|
|
II. Bank loans |
|
1.393,00 |
|
|
|
Loans and other debts |
|
1.393,00 |
|
|
|
III. Short term debts with associated and
affiliated companies |
20.032,00 |
17.760,00 |
14.874,00 |
|
|
With affiliated companies |
20.032,00 |
17.760,00 |
14.874,00 |
|
|
IV. Trade creditors |
8.646,00 |
11.305,00 |
11.531,00 |
|
|
Expenses |
8.646,00 |
11.305,00 |
11.531,00 |
|
|
V. Other non trade payables |
2.042,00 |
2.354,00 |
2.244,00 |
|
|
Government |
615,00 |
698,00 |
833,00 |
|
|
Other debts |
147,00 |
280,00 |
245,00 |
|
|
Accounts receivable |
1.280,00 |
1.376,00 |
1.166,00 |
|
|
VI. Provisions for current assets |
|
|
|
|
|
VII. Accruals and deferred incomes |
|
|
|
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
1.021,00 |
813,00 |
7.150,00 |
|
|
LIABILITIES (A + B + C + D + E + F) |
59.183,00 |
60.834,00 |
63.459,00 |
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 |
|
|
645,00 |
|
|
A.2. Supplies |
54.169,00 |
56.689,00 |
59.741,00 |
|
|
Material consumed |
30.839,00 |
30.456,00 |
34.109,00 |
|
|
Raw materials consumed |
23.330,00 |
26.233,00 |
25.632,00 |
|
|
A.3. Labor cost |
13.317,00 |
13.559,00 |
28.272,00 |
|
|
Wages |
9.786,00 |
9.635,00 |
25.663,00 |
|
|
Social security expenses |
3.531,00 |
3.924,00 |
2.609,00 |
|
|
A.4. Assets depreciation |
3.476,00 |
3.202,00 |
3.178,00 |
|
|
A.5 Variance in provision for current
assets |
82,00 |
92,00 |
370,00 |
|
|
Variance in provision for inventory |
123,00 |
-25,00 |
-4,00 |
|
|
Variance in provision for bad debts |
-41,00 |
117,00 |
374,00 |
|
|
A.6. Other operating costs |
12.552,00 |
12.120,00 |
15.028,00 |
|
|
External costs |
12.316,00 |
11.927,00 |
14.837,00 |
|
|
Taxes |
236,00 |
193,00 |
191,00 |
|
|
A.I. OPERATING RESULT
(B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
5.030,00 |
7.571,00 |
|
|
|
A.7. Financial expenses |
436,00 |
636,00 |
791,00 |
|
|
Debts with related companies |
177,00 |
233,00 |
202,00 |
|
|
Other companies debts |
259,00 |
403,00 |
589,00 |
|
|
A.8. Variation in financial investments provision |
|
|
|
|
|
A.9. Exchange losses |
1.219,00 |
803,00 |
517,00 |
|
|
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) |
4.524,00 |
6.702,00 |
|
|
|
A.10. Variation in provision in fixed
assets |
-132,00 |
|
|
|
|
A.11. Losses in fixed assets |
|
8,00 |
43,00 |
|
|
A.12. Losses from shares and bonds |
|
|
|
|
|
A.13. Extraordinary charges |
2,00 |
1,00 |
|
|
|
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) |
246,00 |
16,00 |
|
|
|
A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
4.770,00 |
6.718,00 |
|
|
|
A.15. Corporate Taxes |
1.198,00 |
1.833,00 |
-4.198,00 |
|
|
A.16. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.15-A.16) |
3.572,00 |
4.885,00 |
|
|
|
B) INCOMES (B.1 a B13) |
|
|
|
|
|
B.1. Turnover |
84.704,00 |
90.200,00 |
93.185,00 |
|
|
Sales |
85.049,00 |
90.859,00 |
93.787,00 |
|
|
Discounts |
-345,00 |
-659,00 |
-602,00 |
|
|
B.2. Increase in inventory of finished
goods |
465,00 |
713,00 |
|
|
|
B.3. Expenses capitalized |
|
|
|
|
|
B.4. Other operating income |
3.457,00 |
2.320,00 |
3.379,00 |
|
|
Other incomes |
3.430,00 |
2.320,00 |
3.361,00 |
|
|
Grants |
27,00 |
|
18,00 |
|
|
B.I. OPERATING LOSSES
(A.1+A.2+A.3+A.4+A.5+A.6-B.1-B.2-B.3-B.4) |
|
|
10.670,00 |
|
|
B.5. Incomes from share |
|
|
|
|
|
B.6. Income from securities |
|
|
|
|
|
B.7. Other income from interrest |
59,00 |
81,00 |
100,00 |
|
|
From affiliated companies |
30,00 |
64,00 |
58,00 |
|
|
From other companies |
29,00 |
17,00 |
42,00 |
|
|
B.8. Gains on exchange |
1.090,00 |
489,00 |
769,00 |
|
|
B.II. FINANCIAL LOSSES
(A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
506,00 |
869,00 |
439,00 |
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
|
|
11.109,00 |
|
|
B.9. Gains from disposal of fixed assets |
99,00 |
4,00 |
|
|
|
B.10. Gains from dealing in own shares |
|
|
|
|
|
B.11. Paid in surplus |
16,00 |
11,00 |
8,00 |
|
|
B.12. Extraordinary income |
1,00 |
10,00 |
10,00 |
|
|
B.13. Prior year’s income and profits |
|
|
|
|
|
B.IV. EXTRAORDINARY LOSSES
(A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13) |
|
|
25,00 |
|
|
B.V. LOSS BEFORE TAXES
(B.III+B.IV-A.III-A.IV) |
|
|
11.134,00 |
|
|
B.VI. NET LOSS (B.V+A.15+A.16) |
|
|
6.936,00 |
Main Ratios
|
(Figures given in thousands of
Euros) |
2.003 (12) |
2.004 (12) |
2.005 (12) |
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
2,80 |
6,49 |
3,31 |
|
|
Assets Turnover |
1,43 |
1,48 |
1,47 |
|
|
Productivity |
1,65 |
1,80 |
0,75 |
|
|
Increase of the Added Value |
-3,51 |
11,50 |
-13,40 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
6,04 |
8,03 |
-10,93 |
|
|
Financial Profitability |
13,89 |
19,08 |
-37,16 |
|
|
Financial Expenses |
0,52 |
0,71 |
0,85 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
119,00 |
113,00 |
123,00 |
|
|
Suppliers’ Credit (In days of sales) |
58,00 |
73,00 |
69,00 |
|
|
Working Capital (In days of sales) |
22,00 |
18,00 |
28,00 |
|
|
Working Capital Requirement (In days of
sales) |
26,00 |
27,00 |
55,00 |
|
|
Treasury (In days of sales) |
0,00 |
0,00 |
0,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
5.209,00 |
4.586,00 |
7.230,00 |
|
|
Working Capital Requirement |
6.214,00 |
6.755,00 |
14.361,00 |
|
|
Treasury |
16,00 |
-1.356,00 |
19,00 |
|
|
Balance Ratio |
1,23 |
1,20 |
1,35 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
52,82 |
54,62 |
45,92 |
|
|
Own / Permanent Funds |
93,71 |
94,09 |
67,48 |
|
|
Payback Capacity |
0,36 |
0,36 |
0,30 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,16 |
1,14 |
1,20 |
|
|
Immediate Liquidity |
0,00 |
0,00 |
0,00 |
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 |
32,19 |
55,90 |
-23,71 |
|
ACCRUED EXPENSES |
0,00 |
0,11 |
-0,11 |
|
CURRENT ASSETS |
67,81 |
43,99 |
23,82 |
|
TOTAL ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS EQUITY |
29,41 |
38,44 |
-9,03 |
|
ACCRUED INCOME |
0,07 |
0,41 |
-0,34 |
|
RISK AND EXPENDITURE
COVER |
13,34 |
1,36 |
11,98 |
|
LONG-TERM CREDITORS |
0,77 |
23,87 |
-23,10 |
|
SHORT-TERM CREDITORS |
45,15 |
35,86 |
9,29 |
|
SHORT-TERM RISK AND
EXPENDITURE COVER |
11,27 |
0,05 |
11,22 |
|
TOTAL LIABILITIES |
100,00 |
100,00 |
0,00 |
Analytical Account of
Results
|
(Figures given in Percentages) |
Company |
Sector |
Company |
|
|
2.005 |
|
|
|
Net turnover |
96,50 |
97,65 |
-1,15 |
|
Other operating income |
3,50 |
2,35 |
1,15 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
62,53 |
53,91 |
8,63 |
|
Other operation expenses |
15,56 |
19,37 |
-3,80 |
|
Added value |
21,90 |
26,73 |
-4,82 |
|
Labor cost |
29,28 |
14,91 |
14,36 |
|
Gross Economic Result |
-7,38 |
11,81 |
-19,19 |
|
Assets depreciation |
3,29 |
4,71 |
-1,42 |
|
Variation in provision
for current assets |
0,38 |
0,09 |
0,29 |
|
Net Economic Result |
-11,05 |
7,01 |
-18,06 |
|
Financial income |
0,90 |
1,03 |
-0,13 |
|
Financial expenses |
1,35 |
2,88 |
-1,52 |
|
Variation in financial
investment provision |
0,00 |
0,07 |
-0,07 |
|
Ordinary Activities
Result |
-11,50 |
5,09 |
-16,60 |
|
Extraordinary income |
0,02 |
1,01 |
-0,99 |
|
Extraordinary expenses |
0,04 |
0,54 |
-0,50 |
|
Variation in provision
in fixed assets |
0,00 |
0,19 |
-0,19 |
|
Results before Taxes |
-11,53 |
5,38 |
-16,91 |
|
Corporaye taxes |
-4,35 |
1,64 |
-5,99 |
|
Net Result |
-7,18 |
3,74 |
-10,92 |
|
Assets depreciation |
3,29 |
4,71 |
-1,42 |
|
Provisions fund
variation |
0,38 |
0,35 |
0,03 |
|
Net Self-Financing |
-3,51 |
8,80 |
-12,31 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.005 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
3,31 |
-1,11 |
3,12 |
6,56 |
|
Assets Turnover |
1,47 |
0,86 |
1,18 |
1,33 |
|
Fixed Assets Turnover |
4,56 |
1,46 |
2,66 |
4,02 |
|
Increase of the Added
Value |
-13,40 |
-8,90 |
0,23 |
11,07 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
0,75 |
1,64 |
1,91 |
2,26 |
|
Change of Personnel
Costs |
108,51 |
0,54 |
5,17 |
11,98 |
|
Average Personnel Costs |
116,83 |
40,89 |
47,66 |
54,80 |
|
Value Added by Employees |
87,40 |
76,07 |
90,46 |
114,49 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
-3.388,00 |
4.303,01 |
6.605,50 |
9.641,77 |
|
Operating Cash Flow |
-7.122,00 |
5.571,24 |
8.852,00 |
12.947,50 |
|
Change in Cash Flow |
-141,42 |
-22,33 |
-3,61 |
10,31 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
-10,93 |
3,25 |
5,98 |
8,61 |
|
Financial Profitability |
-37,16 |
7,68 |
11,79 |
19,51 |
|
Financial Expenses |
0,85 |
0,49 |
0,66 |
2,41 |
|
Gross Economic
Profitability |
-11,22 |
9,23 |
12,70 |
16,47 |
|
Gross Financial
Profitability |
-38,16 |
18,51 |
30,05 |
43,77 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
122,00 |
92,50 |
115,03 |
135,74 |
|
Suppliers’ Credit (In
days of sales) |
68,00 |
60,14 |
104,88 |
124,99 |
|
Working Capital (In days
of sales) |
27,00 |
-19,77 |
65,07 |
114,35 |
|
Working Capital
Requirement (In days of sales) |
55,00 |
13,21 |
45,11 |
85,92 |
|
Treasury (In days of
sales) |
0,00 |
-36,47 |
-0,03 |
18,85 |
|
Operating Current Assets |
166,00 |
147,77 |
172,20 |
211,48 |
|
BALANCE |
|
|
|
|
|
Working Capital |
7.230,00 |
-2.931,00 |
10.521,03 |
15.348,80 |
|
Working Capital
Requirement |
14.361,00 |
2.006,66 |
9.111,00 |
17.000,49 |
|
Treasury |
19,00 |
-5.014,00 |
-23,00 |
2.764,71 |
|
Balance Ratio |
1,35 |
0,89 |
1,31 |
1,84 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
45,92 |
38,88 |
53,51 |
76,08 |
|
Own / Permanent Funds |
67,48 |
48,89 |
85,62 |
94,96 |
|
Payback Capacity |
0,30 |
0,33 |
0,42 |
0,62 |
|
Long term Indebtedness |
0,77 |
0,72 |
9,27 |
27,82 |
|
Gearing |
339,99 |
163,60 |
215,63 |
418,16 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
2,18 |
1,31 |
1,77 |
2,54 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,20 |
0,88 |
1,66 |
1,91 |
|
Immediate Liquidity |
0,00 |
0,00 |
0,06 |
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%)