MIRA
INFORM REPORT
|
Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
ALTERCO SA |
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|
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Registered Office : |
Avenida De Ramon Y Cajal, S/N, 46870 Ontinyent
( |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
06/06/1989 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Wholesale of textiles. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
|
Tax Number |
A46466116 |
|
NAME |
ALTERCO SA |
|
BUSINESS
ADDRESS |
AVENIDA DE RAMON Y CAJAL, S/N |
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Postcode |
46870 ONTINYENT ( |
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URL |
http://www.atrivm.es |
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TELEPHONE |
962910999 |
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FAX |
962910003 |
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LEGAL FORM |
JOINT STOCK COMPANY |
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DATE FOUNDED |
06/06/1989 |
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CAPITAL |
180.300,00 Euros |
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PAID-UP CAPITAL |
180.300,00 Euros |
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NUMBER OF
EMPLOYEES |
28 |
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ACTIVITY |
1617100 - Wholesale of textiles |
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CNAE |
5141 - Wholesale of textiles |
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EXPORT COMPANY |
YES |
|
IMPORT COMPANY |
YES |
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* Characteristics of the main address |
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According to our investigations 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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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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Medium |
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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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Favourable |
Credit Appraisal
|
CREDIT ACCORDING TO OBJECTIVE DATA (From 0
to 6.000.000,00 Euros): |
|
FAVOURABLE TOWARDS 345.497,82
Max. |
|
SOLVENCY RATING: |
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(BASED ON HOMOGENEOUS FORMULATION) |
Financial Elements
Figures given in
Euros
|
|
Balance
sheet 2.003 (12) |
Balance
sheet 2.004 (12) |
Balance
sheet 2.005 (12) |
%
Sales |
|
|
SALES |
15.820.832,53 |
15.955.828,55 |
18.369.568,55 |
|
|
|
ADDED VALUE |
1.506.023,58 |
1.637.618,84 |
2.178.643,45 |
11,86 |
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|
BUSINESS RESULT |
415.560,89 |
443.099,52 |
547.364,87 |
2,98 |
|
|
OWN FUNDS |
2.164.641,68 |
2.192.180,31 |
2.439.545,18 |
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|
|
DEBT |
5.451.327,96 |
5.677.240,91 |
7.995.487,65 |
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|
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TOTAL ASSET |
7.615.969,64 |
8.057.431,69 |
10.556.052,34 |
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|
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The sales of 18.369.568,55
Euros show a change of 15,13% compared with
2.004 . Between 2.003 and 2.004 , this
change was 0,85% . |
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Added value grew by 33,04% compared
with the previous year. Shareholders equity are 2.439.545,18
Euros for an indebtedness of 7.995.487,65 Euros
. |
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The result 547.364,87
Euros means financial profitability of 22,44% and
economic profitability of 5,19% . This result means growth of
23,53% 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: 25/05/2007 |
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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 |
547.365 |
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Total of Amounts to be
distributed |
547.365 |
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Distribution a |
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Voluntary Reserve |
273.682 |
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Dividends |
273.682 |
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Auditors’ opinion: |
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FAVOURABLE (2.005) |
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Auditors: |
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SESEM AUDITORES Y CONSULTORES SL |
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Comparative Sector
Analysis
|
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Company |
Sector |
Difference |
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|
(2.005)
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|
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% of PRODUCTION VALUE |
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SALES |
100,00 |
98,63 |
1,37 |
|
ADDED
VALUE |
11,86 |
15,42 |
-3,56 |
|
BUSINESS
RESULT |
2,98 |
3,16 |
-0,18 |
|
% OF TOTAL ASSETS |
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|
|
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OWN
FUNDS |
23,11 |
39,60 |
-16,49 |
|
DEBT |
75,74 |
60,40 |
15,34 |
Compared sector (CNAE): 514 - Comercio al
por mayor de productos de consumo, distinto de los alimenticios
Number of companies: 623
Size (Sales Figure): 7.000.000,00 -
40.000.000,00 Euros
The turnover of the company is 1,37%
above the mean for the sector.
The company’s added value was 11,86%
s/ the production value, and 3,56% below the mean for the sector.
The company’s business result was
2,98% of the PV, 0,18% below the mean for the sector.
The company’s own resources are 23,11%
, 16,49% below the mean for the sector.
The company’s outside resources are
75,74% , 15,34% 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 |
TEROL FERRERO JOSE ENRIQUE |
28/08/2007 |
|
VICE-PRESIDENT |
DE ARAUJO ALMEIDA ALFREDO JOSE |
28/08/2007 |
|
BOARD MEMBER |
TEROL FERRERO JOSE ENRIQUE |
10/09/2002 |
|
BOARD MEMBER |
MACHADO DE ALMEIDA JOSE |
28/08/2007 |
|
BOARD MEMBER |
SUAREZ SANCHO JOSE ANTONIO |
28/08/2007 |
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AUDITOR |
GESEM AUDITORES Y CONSULTORES SL |
24/04/2007 |
Functional Managers
|
Position |
Surname and name |
|
FINANCIAL MANAGER |
TEROL FERRERO SERGIO |
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COMMERCIAL MANAGER |
TEROL FERRERO JOSE ENRIQUE |
|
EXPORTS MANAGER |
GIL PECHUAN MIGUEL |
Financial Links
|
Shareholders |
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Company Name |
CIF/Country |
|
Source |
Information Date |
|
TERGRUP SL |
B46964599 |
50,00% |
M.REGISTER |
31/12/1998 |
|
MACHADO DE ALMEIDA JOSE |
|
50,00% |
M.REGISTER |
31/12/1998 |
Proceedings published
in the B.O.R.M.E.
(Official Mercantile
Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Resignations |
28/08/2007 |
446468 |
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Appointments |
28/08/2007 |
446468 |
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Re-elections |
24/04/2007 |
231066 |
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Registration of accounts
(2005) |
29/03/2007 |
150317 |
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Appointments |
27/03/2007 |
183306 |
|
Remarks for customer
In answer to your request of a Financial
Report on the above-mentioned company, we inform you that the requested product
cannot be processed as the necessary accounts haven’t been published yet.
Last Accounts published in Borme are those
from the exercise: 2005.
Last available report : 2005.
Branches
|
Address |
Postal Code |
Town |
Province |
|
DE LES FLASSADES 5 |
46870 |
ONTINYENT |
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Commercial Experience |
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PURCHASES |
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Import Percentage:
95% |
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Imports:: |
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SALES |
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Export Percentage: 5% |
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Exports::
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PAISES DE LA UNION EUROPEA |
Bank Entities
|
Entity |
Branch |
Branch Address |
Town |
Province |
|
CAJA DE AHORROS
Y M.P. DE ONTINYENT |
6000 |
AV. DEL TEXTIL,
43 |
ONTINYENT |
|
|
BANCO BILBAO
VIZCAYA ARGENTARIA, S.A. |
5648 |
PZ. |
ONTINYENT |
|
|
CAJA AH. |
0666 |
PASAJE GOMIS, 10 |
ONTINYENT |
|
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 25/05/2007
Balance Sheet
(ASSETS)
|
(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 |
65.953,66 |
119.547,48 |
112.323,89 |
|
|
I. Establishment expenses |
|
|
|
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II. Intangible assets |
|
|
|
|
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Concessions, patents,licences , trademarks |
657,51 |
657,51 |
657,51 |
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Software |
2.198,50 |
2.198,50 |
2.198,50 |
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|
Amortization |
-2.856,01 |
-2.856,01 |
-2.856,01 |
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|
III. Tangible assets |
65.803,41 |
108.057,23 |
100.833,64 |
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|
Machinery, equipment and other |
106.890,15 |
121.814,24 |
128.544,15 |
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Other property plant and equipement |
50.173,75 |
50.173,75 |
50.173,75 |
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|
Other assets |
104.249,48 |
146.200,82 |
152.635,99 |
|
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Depreciation |
-195.509,97 |
-210.131,58 |
-230.520,25 |
|
|
IV. Financial assets |
150,25 |
11.490,25 |
11.490,25 |
|
|
Long term deposits and guarantees |
150,25 |
11.490,25 |
11.490,25 |
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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 |
7.550.015,98 |
7.937.884,21 |
10.443.728,45 |
|
|
I. Not paid in shareholder capital |
|
|
|
|
|
II. Inventory |
2.485.824,27 |
3.144.526,55 |
2.683.956,24 |
|
|
Goods available for sale |
3.024.212,06 |
3.656.582,31 |
3.241.683,51 |
|
|
Provisions |
-538.387,79 |
-512.055,76 |
-557.727,27 |
|
|
III. Debtors |
4.547.230,08 |
4.711.104,71 |
7.176.919,18 |
|
|
Clients |
5.058.628,90 |
5.223.899,07 |
7.850.930,89 |
|
|
Other debts |
182,40 |
708,40 |
1.208,40 |
|
|
Labor costs |
800,00 |
|
|
|
|
Provisions |
-512.381,22 |
-513.502,76 |
-675.220,11 |
|
|
IV. Short term financial assets |
427.829,09 |
|
400.000,00 |
|
|
Receivables in affiliated companies |
133.829,09 |
|
|
|
|
Other loans |
294.000,00 |
|
400.000,00 |
|
|
V. Short term owners equity |
|
|
|
|
|
VI. Cash |
48.586,63 |
82.252,95 |
157.991,68 |
|
|
VII. Prepaid expenses and accrued income |
40.545,91 |
|
24.861,35 |
|
|
ASSETS (A + B + C + D) |
7.615.969,64 |
8.057.431,69 |
10.556.052,34 |
Balance Sheet
(LIABILITIES)
|
(Figures given in Euros) |
31/12/2003 (12)
|
31/12/2004 (12)
|
31/12/2005 (12)
|
|
|
|
A) SHAREHOLDERS EQUITY |
2.164.641,68 |
2.192.180,31 |
2.439.545,18 |
|
|
I. Capital |
180.300,00 |
180.300,00 |
180.300,00 |
|
|
II. Premium share account |
|
|
|
|
|
III. Revaluation reserve |
|
|
|
|
|
IV. Reserves |
1.568.780,79 |
1.568.780,79 |
1.711.880,31 |
|
|
Retained earnings |
36.060,73 |
36.060,73 |
36.060,73 |
|
|
Other funds |
1.532.716,43 |
1.532.716,43 |
1.675.815,95 |
|
|
Capital adjustments in Euros |
3,63 |
3,63 |
3,63 |
|
|
V. Prior year earnings |
|
|
|
|
|
VI. Prior year profit or losses |
415.560,89 |
443.099,52 |
547.364,87 |
|
|
VII. Dividend paid during the year |
|
|
|
|
|
VIII. Own shares for change in capital |
|
|
|
|
|
B) DEFERRED INCOME |
|
|
|
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
|
188.010,47 |
121.019,51 |
|
|
Provision for taxes |
|
188.010,47 |
121.019,51 |
|
|
D) LONG TERM LIABILITIES |
|
|
|
|
|
I. Bonds |
|
|
|
|
|
II. Bank loans |
|
|
|
|
|
III. Debts with associed and affiliated
companies |
|
|
|
|
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IV. Other creditors |
|
|
|
|
|
V. Deferred debts on shares |
|
|
|
|
|
VI. Long term debt with creditor |
|
|
|
|
|
E) SHORT TERM LIABILITIES |
5.451.327,96 |
5.677.240,91 |
7.995.487,65 |
|
|
I. Negotiable bonds |
|
|
|
|
|
II. Bank loans |
3.331.913,22 |
2.922.587,88 |
4.697.429,65 |
|
|
Loans and other debts |
3.331.913,22 |
2.922.587,88 |
4.697.429,65 |
|
|
III. Short term debts with associated and
affiliated companies |
|
|
|
|
|
IV. Trade creditors |
1.812.682,59 |
2.330.674,97 |
2.932.284,46 |
|
|
Expenses |
1.812.682,59 |
2.330.674,97 |
2.932.284,46 |
|
|
V. Other non trade payables |
306.732,15 |
391.271,43 |
365.773,54 |
|
|
Government |
306.732,15 |
390.842,11 |
365.384,22 |
|
|
Accounts receivable |
|
429,32 |
389,32 |
|
|
VI. Provisions for current assets |
|
|
|
|
|
VII. Accruals and deferred incomes |
|
32.706,63 |
|
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
7.615.969,64 |
8.057.431,69 |
10.556.052,34 |
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.15) |
15.410.029,03 |
15.539.583,89 |
17.849.420,78 |
|
|
A.1 Operating Expenses |
12.458.675,80 |
11.974.617,87 |
13.864.391,69 |
|
|
A.3. Labor cost |
629.266,09 |
772.249,23 |
937.917,02 |
|
|
Wages |
498.713,73 |
623.004,49 |
747.914,96 |
|
|
Social security expenses |
130.552,36 |
149.244,74 |
190.002,06 |
|
|
A.3. Assets depreciation |
12.561,89 |
14.811,78 |
20.198,50 |
|
|
A.4. Variance in provision for current
assets |
131.384,21 |
-18.676,70 |
207.532,10 |
|
|
A.5. Other operating costs |
1.856.133,15 |
2.345.770,16 |
2.326.533,41 |
|
|
A.I. OPERATING RESULT
(B.1-A.1-A.2-A.3-A.4-A.5) |
732.811,39 |
869.234,53 |
1.012.995,83 |
|
|
A.6. Financial expenses |
136.690,23 |
134.040,56 |
154.307,58 |
|
|
Other companies debts |
136.690,23 |
134.040,56 |
154.307,58 |
|
|
A.7. Variation in financial investments
provision |
|
|
|
|
|
A.8. Exchange losses |
|
4.110,44 |
2.276,75 |
|
|
A.II. POSITIVE FINANCIAL RESULTS
(B.2+B.3-A.6-A.7-A.8) |
|
|
|
|
|
A.III. PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
599.993,10 |
754.472,41 |
883.556,44 |
|
|
A.9. Variation in provision in fixed
assets |
|
|
|
|
|
A.10. Losses in fixed assets |
|
|
|
|
|
A.11. Losses from shares and bonds |
|
|
|
|
|
A.12. Extraordinary charges |
|
71.538,55 |
49.480,96 |
|
|
A.13. Prior year’s expenses and losses |
|
12.904,72 |
|
|
|
A.IV. POSITIVE EXTRAORDINARY
RESULT (B.4+B.5+B.6+B.7+B.8-A.9-A.10-A.11-A.12-A.13) |
885,45 |
|
|
|
|
A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
600.878,55 |
671.316,80 |
834.147,64 |
|
|
A.14. Corporate Taxes |
185.317,66 |
228.217,28 |
286.782,77 |
|
|
A.15. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.14-A.15) |
415.560,89 |
443.099,52 |
547.364,87 |
|
|
B) INCOMES (B.1 a B.8) |
15.825.589,92 |
15.982.683,41 |
18.396.785,65 |
|
|
B.1. Operating income |
15.820.832,53 |
15.958.006,87 |
18.369.568,55 |
|
|
Turnover |
15.820.832,53 |
15.955.828,55 |
18.369.568,55 |
|
|
Other operating income |
|
2.178,32 |
|
|
|
B.I. OPERATING LOSSES
(A.1+A.2+A.3+A.4+A.5-B.1) |
|
|
|
|
|
B.2. Financial Income |
3.871,94 |
23.388,88 |
24.035,64 |
|
|
In affiliated companies |
679,23 |
21.217,68 |
20.999,00 |
|
|
Other |
3.192,71 |
2.171,20 |
3.036,64 |
|
|
B.3. Gains on exchange |
|
|
3.109,30 |
|
|
B.II. FINANCIAL LOSSES
(A.6+A.7+A.8-B.2-B.3) |
132.818,29 |
114.762,12 |
129.439,39 |
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
|
|
|
|
|
B.4. Gains from disposal of fixed assets |
885,45 |
|
|
|
|
B.5. Gains from dealing in own shares |
|
|
|
|
|
B.6. Paid in surplus |
|
|
|
|
|
B.7. Extraordinary income |
|
1.287,66 |
72,16 |
|
|
B.8. Prior year’s income and profits |
|
|
|
|
|
B.IV.
EXTRAORDINARY LOSSES (A.9+A.10+A.11+A.12+A.13-B.4-B.5-B.6-B.7-B.8) |
|
83.155,61 |
49.408,80 |
|
|
B.V. LOSS BEFORE TAXES (B.III+B.IV-A.III-A.IV) |
|
|
|
|
|
B.VI. NET LOSS (B.V+A.14+A.15) |
|
|
|
Main Ratios
|
(Figures given in Euros) |
2.003 (12) |
2.004 (12) |
2.005 (12) |
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
12,31 |
0,85 |
15,13 |
|
|
Assets Turnover |
2,08 |
1,98 |
1,74 |
|
|
Productivity |
2,39 |
2,12 |
2,32 |
|
|
Increase of the Added Value |
32,14 |
8,74 |
33,04 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
5,46 |
5,50 |
5,19 |
|
|
Financial Profitability |
19,20 |
20,21 |
22,44 |
|
|
Financial Expenses |
0,86 |
0,84 |
0,84 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
103,00 |
106,00 |
141,00 |
|
|
Suppliers’ Credit (In days of sales) |
52,00 |
70,00 |
76,00 |
|
|
Working Capital (In days of sales) |
48,00 |
51,00 |
48,00 |
|
|
Working Capital Requirement (In days of
sales) |
113,00 |
115,00 |
129,00 |
|
|
Treasury (In days of sales) |
0,00 |
0,00 |
0,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
2.098.688,02 |
2.260.643,30 |
2.448.240,80 |
|
|
Working Capital Requirement |
4.954.185,52 |
5.100.978,23 |
6.587.678,77 |
|
|
Treasury |
-2.855.497,50 |
-2.840.334,93 |
-4.139.437,97 |
|
|
Balance Ratio |
32,82 |
19,91 |
22,80 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
71,58 |
70,46 |
75,74 |
|
|
Own / Permanent Funds |
100,00 |
92,10 |
95,27 |
|
|
Payback Capacity |
0,34 |
0,36 |
0,43 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,39 |
1,40 |
1,31 |
|
|
Immediate Liquidity |
0,09 |
0,01 |
0,07 |
Sectorial Analysis
Summary of Assets, Liability & Equity
|
(Figures given in Percentages) |
Company |
Sector |
Difference |
|
|
2.005 |
|
|
|
Assets |
|||
|
DUE FROM SHAREHOLDERS
FOR UNCALLED CAPITAL |
0,00 |
0,02 |
-0,02 |
|
FIXED ASSETS |
1,06 |
20,77 |
-19,71 |
|
ACCRUED EXPENSES |
0,00 |
0,26 |
-0,26 |
|
CURRENT ASSETS |
98,94 |
78,96 |
19,98 |
|
TOTAL ASSETS |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
SHAREHOLDERS EQUITY |
23,11 |
39,60 |
-16,49 |
|
ACCRUED INCOME |
0,00 |
0,17 |
-0,17 |
|
RISK AND EXPENDITURE
COVER |
1,15 |
0,23 |
0,92 |
|
LONG-TERM CREDITORS |
0,00 |
6,40 |
-6,40 |
|
SHORT-TERM CREDITORS |
75,74 |
53,55 |
22,19 |
|
SHORT-TERM RISK AND
EXPENDITURE COVER |
0,00 |
0,05 |
-0,05 |
|
TOTAL LIABILITIES |
100,00 |
100,00 |
0,00 |
Analytical Account of
Results
|
(Figures given in Percentages) |
Company |
Sector |
Difference |
|
|
2.005 |
|
|
|
Net turnover |
100,00 |
98,63 |
1,37 |
|
Other operating income |
0,00 |
1,37 |
-1,37 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
75,47 |
72,55 |
2,92 |
|
Other operation expenses |
12,67 |
12,03 |
0,64 |
|
Added value |
11,86 |
15,42 |
-3,56 |
|
Labor cost |
5,11 |
9,08 |
-3,97 |
|
Gross Economic Result |
6,75 |
6,34 |
0,42 |
|
Assets depreciation |
0,11 |
1,08 |
-0,97 |
|
Variation in provision
for current assets |
1,13 |
0,34 |
0,79 |
|
Net Economic Result |
5,51 |
4,92 |
0,59 |
|
Financial income |
0,15 |
0,64 |
-0,50 |
|
Financial expenses |
0,85 |
0,99 |
-0,14 |
|
Variation in financial
investment provision |
0,00 |
0,03 |
-0,03 |
|
Ordinary Activities
Result |
4,81 |
4,55 |
0,26 |
|
Extraordinary income |
0,00 |
0,39 |
-0,39 |
|
Extraordinary expenses |
0,27 |
0,21 |
0,06 |
|
Variation in provision
in fixed assets |
0,00 |
0,08 |
-0,08 |
|
Results before Taxes |
4,54 |
4,66 |
-0,11 |
|
Corporaye taxes |
1,56 |
1,49 |
0,07 |
|
Net Result |
2,98 |
3,16 |
-0,18 |
|
Assets depreciation |
0,11 |
1,08 |
-0,97 |
|
Provisions fund
variation |
1,13 |
0,44 |
0,69 |
|
Net Self-Financing |
4,22 |
4,68 |
-0,46 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.005 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
15,13 |
-3,67 |
4,16 |
13,23 |
|
Assets Turnover |
1,74 |
1,34 |
1,75 |
2,26 |
|
Fixed Assets Turnover |
163,54 |
6,49 |
13,05 |
29,41 |
|
Increase of the Added
Value |
33,04 |
-6,95 |
3,50 |
15,40 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
2,32 |
1,35 |
1,65 |
2,16 |
|
Change of Personnel
Costs |
21,45 |
1,08 |
7,81 |
15,87 |
|
Average Personnel Costs |
27.585,80 |
21.972,63 |
28.228,84 |
35.514,35 |
|
Value Added by Employees |
64.077,75 |
35.027,77 |
50.486,23 |
71.245,12 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
775.095,47 |
220.523,33 |
415.868,10 |
819.124,52 |
|
Operating Cash Flow |
1.240.726,43 |
302.216,73 |
596.848,00 |
1.134.303,20 |
|
Change in Cash Flow |
76,46 |
-23,68 |
-1,42 |
20,26 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
5,18 |
1,58 |
3,93 |
7,72 |
|
Financial Profitability |
22,44 |
6,00 |
11,94 |
19,99 |
|
Financial Expenses |
0,84 |
0,22 |
0,59 |
1,20 |
|
Gross Economic
Profitability |
11,75 |
5,03 |
8,82 |
13,93 |
|
Gross Financial
Profitability |
50,86 |
15,07 |
27,09 |
41,57 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
140,00 |
56,83 |
95,55 |
129,01 |
|
Suppliers’ Credit (In
days of sales) |
76,00 |
26,85 |
73,01 |
116,76 |
|
Working Capital (In days
of sales) |
47,00 |
18,49 |
44,53 |
81,53 |
|
Working Capital
Requirement (In days of sales) |
129,00 |
19,34 |
54,15 |
100,07 |
|
Treasury (In days of
sales) |
0,00 |
-36,35 |
0,71 |
20,86 |
|
Operating Current Assets |
204,00 |
125,98 |
170,78 |
216,03 |
|
BALANCE |
|
|
|
|
|
Working Capital |
2.448.240,80 |
563.244,43 |
1.452.456,79 |
3.012.628,00 |
|
Working Capital
Requirement |
6.587.678,77 |
523.961,55 |
1.761.908,39 |
3.769.019,29 |
|
Treasury |
-4.139.437,97 |
-1.265.585,58 |
23.860,57 |
743.800,65 |
|
Balance Ratio |
22,80 |
1,55 |
2,72 |
5,60 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
75,74 |
46,74 |
64,56 |
77,51 |
|
Own / Permanent Funds |
95,27 |
79,40 |
95,33 |
100,00 |
|
Payback Capacity |
0,43 |
0,22 |
0,35 |
0,47 |
|
Long term Indebtedness |
|
0,00 |
1,18 |
7,02 |
|
Gearing |
432,71 |
187,77 |
282,13 |
444,72 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
1,32 |
1,26 |
1,51 |
2,09 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,31 |
1,15 |
1,40 |
1,95 |
|
Immediate Liquidity |
0,07 |
0,04 |
0,12 |
0,34 |
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. |
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%)