MIRA
INFORM REPORT
|
Report Date : |
01.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DIACEL GEMAS S.L. |
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Registered Office : |
Calle Sevilla, 19 14003 Cordoba |
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Country : |
Spain |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
15/01/2001 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of Jewellery and related articles |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
DIACEL GEMAS S.L.
TAX NUMBER: B14575286
Identification and
Characteristics
TAX NUMBER: B14575286
NAME: DIACEL
GEMAS S.L.
BUSINESS ADDRESS: CALLE SEVILLA, 19
14003
CORDOBA ( CÓRDOBA )
TELEPHONE: 957484971
LEGAL FORM: LIMITED
LIABILITY COMPANY
DATE FOUNDED: 15/01/2001
CAPITAL: 3.005,06
EUROS
NUMBER OF EMPLOYEES: 1
ACTIVITY: 1491100
Jewellery
CNAE: 3622
Manufacture of jewellery and related articles n.e.c.
Synthesis
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FINANCIAL
SITUATION (Year ending:31/12/2006) |
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PROFITABILITY |
Medium |
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TREASURY |
Average |
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DEBT |
Heavy |
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INCIDENTS |
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COMMITMENTS |
Respected |
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INCIDENTS |
None or Negligible |
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PREVIOUS
EXPERIENCE |
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PREVIOUS
EXPERIENCE |
Normal |
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Credit Appraisal
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CREDIT ACCORDING TO OBJECTIVE DATA (From 0
to 6.000.000 Euros): |
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FAVOURABLE TOWARDS 12.000 Max. Euros |
Financial Elements
Figures given in Euros
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Balance sheet 2004 (12) |
Balance sheet 2005 (12) |
Balance sheet 2006 (12) |
% Sales |
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SALES |
876.443,92 |
876.076,60 |
906.475,37 |
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ADDED VALUE |
23.191,60 |
50.049,92 |
60.173,62 |
6,64 |
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BUSINESS RESULT |
-5.920,25 |
11.839,65 |
17.245,70 |
1,9 |
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OWN FUNDS |
3.219,72 |
15.059,37 |
32.305,07 |
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DEBT |
203.519,60 |
359.291,54 |
545.176,61 |
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TOTAL ASSET |
206.739,32 |
374.350,91 |
577.481,68 |
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The sales of de 906.475,37 Euros show a change of 3,47% compared with 2005.
Between 2004 and 2005, this change was -0,04%. |
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Added value grew by 20,23% compared with the previous year.
Shareholders equity are 32.305,07 Euros for an indebtedness of 545.176,61
Euros |
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The result 17.245,70 Euros means financial profitability of 53,38% and
economic profitability of 2,99%. This result means growth of 45,66% compared
with the 2005. |
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THE FIGURES FOR THE LAST BALANCE SHEET ARE
RELEVANT: |
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SOURCE: THE MERCANTILE REGISTER |
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DATE: 20/August/2007 |
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Comparative Sector Analysis
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Company |
Sector |
Difference |
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(2006) |
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% of PRODUCTION VALUE |
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SALES |
100 |
99,41 |
0,59 |
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ADDED
VALUE |
6,64 |
32,53 |
-25,89 |
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BUSINESS
RESULT |
1,9 |
0,82 |
1,08 |
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% OF TOTAL ASSETS |
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OWN
FUNDS |
5,59 |
38,45 |
-32,86 |
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DEBT |
94,41 |
61,55 |
32,86 |
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Compared sector (CNAE): 362 - Striking
of coins and medals Number of companies: 138 Size (Sales Figure):0 - 2.800.000,00
Euros |
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The turnover of the company is 0,59% above the mean for the sector. The company’s added value was 6,64% s/ the production value, and 25,89%
below the mean for the sector. The company’s business result was 1,9% of the PV, 1,08% above the mean
for the sector. The company’s own resources are 5,59%, 32,86% below the mean for the
sector. The company’s outside resources are 94,41%, 32,86% above the mean for
the sector. |
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Incidents Recorded
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 element
Main Board members, Directors and
Auditor
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Position |
Surname and name |
Date of appointment |
|
ADMINISTRATOR |
REVUELTO RUIZ MOZOS MARIA CARMEN |
13/03/2001 |
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ADMINISTRATOR |
REVUELTO RUIZ MOZOS RAFAEL |
13/03/2001 |
Proceedings published in the
B.O.R.M.E. (Official Mercantile Register Gazette)
|
PROCEEDINGS |
DATE |
Notice Num. |
MERCANTILE REG. |
|
Registration of accounts2006 |
10/08/2007 |
266912 |
Córdoba |
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Registration of accounts2005 |
11/10/2006 |
702959 |
Córdoba |
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Registration of accounts2004 |
14/09/2005 |
394236 |
Córdoba |
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Registration of accounts2003 |
21/10/2004 |
683463 |
Córdoba |
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Resignations |
24/02/2004 |
095457 |
Córdoba |
The information on the last Individual Filed accounts
contained in this report is extracted from the Mercantile Register file of the
legal address of the Company and dated 20/August/2007.
Balance Sheet (Assets)
|
Figures given in Euros |
31/12/2004(12) |
31/12/2005(12) |
31/12/2006(12) |
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A) DUE FROM SHAREHOLDERS FOR UNCALLED
CAPITAL |
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B) FIXED ASSETS |
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I. Establishment expenses |
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II. Intangible assets |
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III. Tangible assets |
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IV. Financial assets |
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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 |
206.739,32 |
374.350,91 |
577.481,68 |
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I. Not paid in shareholder capital |
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II. Inventory |
188.024,10 |
159.484,03 |
31.781,45 |
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III. Debtors |
444,22 |
192.936,44 |
470.168,00 |
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IV. Short term financial assets |
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V. Short term owners equity |
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VI. Cash |
18.271,00 |
21.930,44 |
75.532,23 |
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VII. Prepaid expenses and accrued income |
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ASSETS (A + B + C + D) |
206.739,32 |
374.350,91 |
577.481,68 |
Balance Sheet (Liabilities)
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Figures given in Euros |
31/12/2004(12) |
31/12/2005(12) |
31/12/2006(12) |
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A) SHAREHOLDERS EQUITY |
3.219,72 |
15.059,37 |
32.305,07 |
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I. Capital |
3.005,06 |
3.005,06 |
3.005,06 |
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II. Premium share account |
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III. Revaluation reserve |
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IV. Reserves |
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V. Prior year earnings |
6.134,91 |
214,66 |
12.054,31 |
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VI. Prior year profit or losses |
-5.920,25 |
11.839,65 |
17.245,70 |
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VII. Dividend paid during the year |
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VIII. Own shares for change in capital |
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B) DEFERRED INCOME |
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C) PROVISIONS FOR LIABILITIES AND EXPENSES |
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D) LONG TERM LIABILITIES |
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E) SHORT TERM LIABILITIES |
203.519,60 |
359.291,54 |
545.176,61 |
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F) SHORT TERM PROVISIONS FOR LIABILITIES AND
EXPENSES |
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LIABILITIES (A + B + C + D + E + F) |
206.739,32 |
374.350,91 |
577.481,68 |
Profit and Loss Account
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Figures given in Euros |
31/12/2004(12) |
31/12/2005(12) |
31/12/2006(12) |
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A) EXPENSES (A.1 a A.15) |
882.851,83 |
864.770,07 |
890.260,60 |
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A.1 Operating Expenses |
835.048,84 |
801.686,66 |
827.034,35 |
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A.3. Labor cost |
22.386,36 |
30.726,86 |
31.592,06 |
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Wages |
19.652,40 |
27.287,61 |
28.644,37 |
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Social security expenses |
2.733,96 |
3.439,25 |
2.947,69 |
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A.3. Assets depreciation |
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A.4. Variance in provision for current assets |
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A.5. Other operating costs |
18.203,48 |
24.340,02 |
19.267,40 |
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A.I. OPERATING RESULT
(B.1-A.1-A.2-A.3-A.4-A.5) |
805,24 |
19.323,06 |
28.581,56 |
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A.6. Financial expenses |
7.213,15 |
5.479,64 |
4.975,78 |
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Other companies debts |
7.213,15 |
5.479,64 |
4.975,78 |
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A.7. Variation in financial investments
provision |
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A.8. Exchange losses |
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A.II. POSITIVE FINANCIAL RESULTS
(B.2+B.3-A.6-A.7-A.8) |
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A.III. PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
|
14.376,54 |
24.636,71 |
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A.9. Variation in provision in fixed assets |
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A.10. Losses in fixed assets |
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A.11. Losses from shares and bonds |
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A.12. Extraordinary charges |
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A.13. Prior year’s expenses and losses |
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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) |
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A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
|
14.376,54 |
24.636,71 |
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A.14. Corporate Taxes |
|
2.536,89 |
7.391,01 |
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A.15. Other taxes |
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A.VI. YEAR END RESULT (PROFIT)
(A.V-A.14-A.15) |
|
11.839,65 |
17.245,70 |
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B) INCOMES (B.1 a B.8) |
876.931,58 |
876.609,72 |
907.506,30 |
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B.1. Operating income |
876.443,92 |
876.076,60 |
906.475,37 |
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Turnover |
876.443,92 |
876.076,60 |
906.475,37 |
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B.I. OPERATING LOSSES
(A.1+A.2+A.3+A.4+A.5-B.1) |
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|
|
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|
B.2. Financial Income |
487,66 |
533,12 |
1.030,93 |
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Other |
487,66 |
533,12 |
1.030,93 |
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B.3. Gains on exchange |
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|
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B.II. FINANCIAL LOSSES
(A.6+A.7+A.8-B.2-B.3) |
6.725,49 |
4.946,52 |
3.944,85 |
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|
B.III. LOSSES FROM ORDINARY
ACTIVITIES (B.I+B.II-A.I-A.II) |
5.920,25 |
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B.4. Gains from disposal of fixed assets |
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B.5. Gains from dealing in own shares |
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B.6. Paid in surplus |
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B.7. Extraordinary income |
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B.8. Prior year’s income and profits |
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B.IV. EXTRAORDINARY LOSSES
(A.9+A.10+A.11+A.12+A.13 - B.4-B.5-B.6-B.7-B.8) |
|
|
|
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B.V. LOSS BEFORE TAXES
(B.III+B.IV-A.III-A.IV) |
5.920,25 |
|
|
|
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B.VI. NET LOSS (B.V+A.14+A.15) |
5.920,25 |
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|
Ratios
|
Figures given in Euros |
2004(12) |
2005(12) |
2006(12) |
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|
ACTIVITY |
|
|
|
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|
Increase of the Sales Figures |
135,00 |
-0,04 |
3,47 |
|
|
Assets Turnover |
4,24 |
2,34 |
1,57 |
|
|
Productivity |
1,04 |
1,63 |
1,91 |
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Increase of the Added Value |
-16,69 |
115,81 |
20,23 |
|
|
PROFITABILITY |
|
|
|
|
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Economic Profitability |
-2,86 |
3,16 |
2,99 |
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Financial Profitability |
-183,87 |
78,62 |
53,38 |
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Financial Expenses |
0,82 |
0,63 |
0,55 |
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BALANCE (IN DAYS OF SALES) |
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Customers’ Credit |
0 |
79 |
186 |
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Suppliers’ Credit |
|
|
|
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|
Working Capital |
1 |
6 |
12 |
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Working Capital Requirement |
0 |
0 |
0 |
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Treasury |
7 |
9 |
30 |
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BALANCE |
|
|
|
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Working Capital |
3.219,72 |
15.059,37 |
32.305,07 |
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|
Working Capital Requirement |
-15.051,28 |
-6.871,07 |
-43.227,16 |
|
|
Treasury |
18.271,00 |
21.930,44 |
75.532,23 |
|
|
Balance Ratio |
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|
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SOLVENCY |
|
|
|
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|
Borrowing Ratio |
98,44 |
95,98 |
94,41 |
|
|
Own / Permanent Funds |
100,00 |
100,00 |
100,00 |
|
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Payback Capacity |
0,23 |
0,41 |
0,60 |
|
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LIQUIDITY |
|
|
|
|
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General Liquidity |
1,02 |
1,04 |
1,06 |
|
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Immediate Liquidity |
0,09 |
0,06 |
0,14 |
Sectorial Analysis
Summary of Assets, Liability & Equity
|
(Figures given in Percentages) |
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Assets |
Company |
Sector |
Difference |
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|
2006 |
|
|
|
A) DUE FROM SHAREHOLDERS FOR UNCALLED
CAPITAL |
0,00 |
0,08 |
-0,08 |
|
B) FIXED ASSETS |
0,00 |
26,22 |
-26,22 |
|
C) DEFERRED EXPENSES |
0,00 |
0,66 |
-0,66 |
|
D) CURRENT ASSETS |
100,00 |
73,02 |
26,98 |
|
ASSETS (A + B + C + D) |
100,00 |
100,00 |
0,00 |
|
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Liabilities |
Company |
Sector |
Difference |
|
|
2006 |
|
|
|
A) SHAREHOLDERS EQUITY |
5,59 |
38,45 |
-32,86 |
|
B) DEFERRED INCOME |
0,00 |
0,36 |
-0,36 |
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
0,00 |
0,28 |
-0,28 |
|
D) LONG TERM LIABILITIES |
0,00 |
15,13 |
-15,13 |
|
E) SHORT TERM LIABILITIES |
94,41 |
45,25 |
49,16 |
|
F) SHORT TERM PROVISIONS FOR LIABILITIES AND
EXPENSES |
0,00 |
0,51 |
-0,51 |
|
LIABILITIES (A + B + C + D + E + F) |
100,00 |
100,00 |
0,00 |
Analytical Account of Results
|
(Figures given in Percentages) |
Company |
Sector |
Difference |
|
|
2006 |
|
|
|
Turnover |
100,00 |
99,41 |
0,59 |
|
Other operating income |
0,00 |
0,58 |
-0,58 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating costs |
91,24 |
52,95 |
38,29 |
|
Other operating costs |
2,13 |
14,50 |
-12,37 |
|
Added value |
6,64 |
32,53 |
-25,89 |
|
Labor cost |
3,49 |
28,17 |
-24,68 |
|
Gross Economic Result |
3,15 |
4,36 |
-1,21 |
|
Assets depreciation |
0,00 |
2,00 |
-2,00 |
|
Variance in provision for current assets |
0,00 |
0,17 |
-0,17 |
|
Net Economic Result |
3,15 |
2,18 |
0,97 |
|
Financial Income |
0,11 |
0,61 |
-0,50 |
|
Financial Charges |
0,55 |
2,55 |
-2,00 |
|
Variation in financial investments provision |
0,00 |
0,00 |
0,00 |
|
Ordinary Activities Result |
2,72 |
0,23 |
2,49 |
|
Extraordinary income |
0,00 |
1,75 |
-1,75 |
|
Extraordinary charges |
0,00 |
0,26 |
-0,26 |
|
Variation in provision in fixed assets |
0,00 |
0,00 |
0,00 |
|
Results before Taxes |
2,72 |
1,71 |
1,01 |
|
Society taxes |
0,82 |
0,89 |
-0,07 |
|
Net Result |
1,90 |
0,82 |
1,08 |
|
Assets depreciation |
0,00 |
2,00 |
-2,00 |
|
Change of Provisions |
0,00 |
0,17 |
-0,17 |
|
Net Self-Financing |
1,90 |
3,00 |
-1,10 |
Ratios
|
(Figures given in Euros) |
Company |
Ptile25 |
Median |
Ptile75 |
|
|
2006 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
3,47 |
-16,38 |
-3,47 |
8,49 |
|
Assets Turnover |
1,57 |
0,73 |
1,05 |
1,55 |
|
Fixed Assets Turnover |
|
1,91 |
6,13 |
18,53 |
|
Increase of the Added Value |
20,23 |
-11,64 |
0,53 |
12,49 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
1,91 |
1,05 |
1,18 |
1,33 |
|
Change of Personnel Costs |
2,82 |
-0,51 |
4,44 |
12,99 |
|
Average Personnel Costs |
31.592,06 |
16.170,00 |
20.640,00 |
24.850,00 |
|
Value Added by Employees |
60.173,62 |
18.730,00 |
24.650,00 |
29.720,00 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
17.245,70 |
3.610,00 |
15.940,00 |
33.470,00 |
|
Operating Cash Flow |
28.581,56 |
6.570,00 |
22.010,00 |
57.740,00 |
|
Change in Cash Flow |
45,66 |
-46,36 |
-9,16 |
22,30 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
2,99 |
0,20 |
1,45 |
3,64 |
|
Financial Profitability |
53,38 |
0,87 |
4,74 |
12,22 |
|
Financial Expenses |
0,55 |
0,52 |
1,68 |
3,19 |
|
Gross Economic Profitability |
4,95 |
1,97 |
6,42 |
10,80 |
|
Gross Financial Profitability |
88,47 |
6,00 |
19,42 |
36,59 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit |
186 |
21,23 |
69,63 |
140,83 |
|
Suppliers’ Credit |
|
0,00 |
0,00 |
0,00 |
|
Working Capital |
12 |
21,72 |
65,05 |
136,99 |
|
Working Capital Requirement |
0 |
-2,90 |
42,18 |
110,21 |
|
Treasury |
30 |
8,09 |
18,92 |
45,14 |
|
Operating Current Assets |
229 |
147,74 |
232,13 |
349,64 |
|
BALANCE |
|
|
|
|
|
Working Capital |
32.305,07 |
18.010,00 |
77.520,00 |
226.090,00 |
|
Working Capital Requirement |
-43.227,16 |
-3.740,00 |
40.520,00 |
194.500,00 |
|
Treasury |
75.532,23 |
7.040,00 |
26.550,00 |
62.370,00 |
|
Balance Ratio |
|
1,20 |
1,98 |
6,36 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
94,41 |
42,39 |
64,84 |
80,47 |
|
Own / Permanent Funds |
100,00 |
51,73 |
88,25 |
100,00 |
|
Payback Capacity |
0,60 |
0,27 |
0,48 |
0,82 |
|
Long term Indebtedness |
|
0,00 |
6,20 |
23,52 |
|
Gearing |
1.787,59 |
175,72 |
297,07 |
525,96 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
1,06 |
1,23 |
1,53 |
2,33 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,06 |
1,12 |
1,43 |
2,29 |
|
Immediate Liquidity |
0,14 |
0,04 |
0,15 |
0,38 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
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%)