MIRA
INFORM REPORT
|
Report Date : |
14.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DISEDIS SL |
|
|
|
|
Registered Office : |
Street Paris (Pq Empresarial
Europolis), 2, Cp 28232, Las Rozas De Madrid Madrid |
|
|
|
|
Country : |
Spain |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
|
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
RATING &
COMMENTS
|
MIRAs Rating : |
A |
|
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 |
|
Maximum Credit Limit : |
500.000,00 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
FINANCIAL
REPORT
DISEDIS
SL
TAX
NUMBER: B79380069
EXECUTIVE SUMMARY
Identification
Current
Business Name: DISEDIS
SL
Other
names: NO
Current
Address: STREET PARIS (PQ EMPRESARIAL
EUROPOLIS), 2, CP 28232, LAS ROZAS DE MADRID MADRID
Branches: 1
Telephone
number: 916363180 Fax: 916363184
URL: www.amichi.es
Commercial Risk
Credit
Appraisal:
500.000,00
Legal
Actions: YES
Financial Information
Latest
Balance sheet sales (2006): 20.481.863,00 (MERCANTILE REGISTER)
Result: 1.652.674
Total
Assets:
13.863.539
Social
Capital: 3.719.066,00
Employees: 240
Commercial Information
Constitution
Date: 01/03/1990
Business
activity: Wholesale of clothing (outerwear)
NACE
Code: 5142
International
Operations: Imports and Exports
Corporate Structure
Administrator:
Participations: 1
Other Complementary Information
Latest
proceeding published in BORME: 19/10/2007 Re-elections
Latest
press article: 15/10/2006 EL PAIS (BRANCHES INFORMATION)
Bank
Entities: Yes
Credit Appraisal
Maximum
Credit
Favourable
to 500.000,00
Rating
Evolution
Financial Situation
Fiscal
year2006
|
Treasury |
Excellent |
|
Indebtedness |
Very
Weak |
|
Profitability |
Sufficient |
|
Balance |
Excellent |
Performance
|
Legal Actions |
None
or Negligible |
|
Business Trajectory |
Excellent |
INCIDENTS 
Summary
LEGAL
ACTIONS: No
legal incidences registered at INFORMA D&B, S.A.
|
CLAIM FILED AGAINST THE
ADMINISTRATION: 3 ( First: 26/11/2003, last: 16/11/2007 )With the Social
Security: |
0 |
|
With the Tax Authorities: |
0 |
|
With Other Official bodies: |
3 |
AFFECTED
BY: No
significant element.
Last
claim filed against the administration
Figures
expressed in
WITH
OTHER OFFICIAL BODIES
3 claim(s)
Seizures
|
DATE |
ORGANIZATION |
AMOUNT |
|
03/12/2004 |
DEPUTATION/
DELEGATION PROVINCIAL DE SEVILLA |
513,06 |
|
26/11/2003 |
TOWN/
CITY HALL DE SEVILLA |
|
Executive
|
DATE |
ORGANIZATION |
AMOUNT |
|
16/11/2007 |
TOWN/
CITY HALL CONCELLO DE SANTIAGO DE COMPOSTELA |
704,96 |
FINANCIAL ELEMENTS AND SECTORIAL COMPARATIVE
FINANCIAL
ELEMENTS
Figures
given in
|
|
2004 (12) |
2005 (12) |
2006 (12) |
% ASSETS |
|
|
|
|
|
|
BALANCE SHEET ANALYSIS |
|
|
|
|
|
|
|
|
|
|
OWN FUNDS |
5.722.100,00 |
6.981.315,00 |
8.324.634,00 |
60,05 |
|
|
|
|
|
|
DEBT |
2.812.985,00 |
4.392.298,00 |
5.538.905,00 |
39,95 |
|
|
|
|
|
|
FIXED ASSETS |
3.215.436,00 |
4.258.739,00 |
5.400.928,00 |
38,96 |
|
|
|
|
|
|
TOTAL ASSETS |
8.535.085,00 |
11.373.613,00 |
13.863.539,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 (12) |
2005 (12) |
2006 (12) |
% SALES |
|
|
|
|
|
|
PROFIT AND LOSS ACCOUNT
ANALYSIS |
|
|
|
|
|
|
|
|
|
|
SALES |
16.636.634,00 |
17.916.483,00 |
20.481.863,00 |
|
|
|
|
|
|
|
ADDED
VALUE |
6.183.792,00 |
6.948.579,00 |
7.754.101,00 |
37,86 |
|
|
|
|
|
|
EBITDA |
2.846.669,00 |
3.078.582,00 |
3.162.566,00 |
15,44 |
|
|
|
|
|
|
EBIT |
2.352.235,00 |
2.527.901,00 |
2.468.361,00 |
12,05 |
|
|
|
|
|
|
NET
RESULT |
1.458.416,00 |
1.559.292,00 |
1.652.674,00 |
8,07 |
|
|
|
|
|
Balance Sheets Items
Analysis
Balance
Sheet Comments
Total
assets of the company grew 33,26% between 2004 and 2005.
This
growth has been inferior in the case of the fixed assets that increased just in
32,45%.
This
growth has been mainly financed with a debt increase of 56,14%. Nevertheless
the net worth increased 22,01%.
Total
assets of the company grew 21,89% between 2005 and 2006.
This
growth is a consequence of the fixed assets increase of 26,82%.
This
growth has been mainly financed with a debt increase of 26,10%. Nevertheless
the net worth increased 19,24%.
Profit
and Loss Account Analysis
Profit
and Loss Account Comments
The
companys sales figure grew 7,69% between 2004 and 2005.
The
companys EBIT grew 7,47% between 2004 and 2005.
This
evolution implies a reduction in the companys operating profitability.
The
result of these variations is a decrease of the companys Economic
Profitability of 19,35% in the analysed period, being this profitability of
22,23% in the year 2005.
The
companys Net Result grew 6,92% between 2004 and 2005.
This
evolution, compared to the EBITs performance, implies that the financial and
extraordinary activities have had a negative effect in the companys Financial
Profitability.
The
result of these variations is a reduction of the companys profitability of
12,37% in the analysed period, being equal to 22,34% in the year 2005.
The
companys sales figure grew 14,32% between 2005 and 2006.
The
companys EBIT decreased in 2,36% between 2005 and 2006.
This
evolution implies a reduction in the companys operating profitability.
The
result of these variations is a decrease of the companys Economic Profitability
of 19,89% in the analysed period, being this profitability of 17,80% in the
year 2006.
The
companys Net Result grew 5,99% between 2005 and 2006.
This
evolution, compared to the EBITs performance, implies that the financial and
extraordinary activities have had a positive effect in the companys Financial
Profitability.
The
result of these variations is a reduction of the companys profitability of
11,11% in the analysed period, being equal to 19,85% in the year 2006.
ANNUAL
FINANCIAL REPORT ADDITIONAL DATA
Source: annual financial
report 2006
Results
Distribution
Figures
given in
|
DISTRIBUTION BASE |
DISTRIBUTION TO |
||
|
Profit
and Loss |
1.652.674,00 |
Retained
earnings |
165.267,00 |
|
Carry
Over |
0,00 |
Voluntary
Reserve |
998.715,00 |
|
Voluntary
reserves |
0,00 |
Prior
years losses |
0,00 |
|
Reserves |
0,00 |
Carry
Over |
0,00 |
|
Other
concepts |
0,00 |
Other
funds |
0,00 |
|
Total
of Amounts to be distributed |
1.652.674,00 |
Dividends |
488.692,00 |
|
|
|
Other
Applications |
0,00 |
Auditing
Auditors
opinion: FAVOURABLE
Auditor: AUDIT S.L. (AUDITORES
ASESORES)
COMPARATIVE
SECTOR ANALYSIS
Values
table
Figures
expressed in %
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
|
|
|
|
|
BALANCE SHEET ANALYSIS: % on the total assets |
|
|
|
|
|
|
|
|
|
|
OWN FUNDS |
60,05 |
38,61 |
21,44 |
55,52 |
|
|
|
|
|
|
DEBT |
39,95 |
61,39 |
-21,44 |
-34,92 |
|
|
|
|
|
|
FIXED ASSETS |
38,96 |
20,07 |
18,88 |
94,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
|
|
|
|
|
PROFIT AND LOSS ACCOUNT
ANALYSIS: %
on the total operating income |
|
|
|
|
|
|
|
|
|
|
SALES |
99,15 |
98,43 |
0,72 |
0,73 |
|
|
|
|
|
|
ADDED
VALUE |
37,54 |
15,12 |
22,42 |
148,26 |
|
|
|
|
|
|
EBIT |
11,95 |
4,75 |
7,20 |
151,56 |
|
|
|
|
|
|
NET
RESULT |
8,00 |
3,09 |
4,91 |
158,92 |
|
|
|
|
|
Sector Composition
Compared
sector (NACE): 514
Number
of companies: 635
Size
(Sales Figure) : 7.000.000,00 - 40.000.000,00 Euros
Comments on the sectorial comparative
Compared
to its sector the assets of the companies show a greater proportion of fixed
assets. Specifically the difference with the sector average is 18,88% , which
means a relative difference of 94,07% .
In
liabilities composition the company appeals on a wider scale to self financing,
being the proportion of net worth of 21,44% superior, which means a relative
difference of 55,52% . As a consequence, external financing sources are less
used by the company in 21,44% less than the sector, which means a difference of
34,92% .
The
proportion that the sales mean to the companys total ordinary income is
99,15%, 0,72% higher than in the sector, which means a relative difference of
0,73% .
The
companys EBIT was positive and was 11,95% with regard to the total ordinary
income, 7,20% higher than in the sector, which means a relative difference of
151,56% .
The
companys capacity to generate operating income is higher than the one of the
sector as its ratio EBIT/Sales is higher (ES Company versus ES Sector).
The
companys net result was positive and equal to 8,00% with regard to the total
ordinary income, 4,91% higher than in the sector, which means a relative
difference of 158,92% .
The
financial and extraordinary results and the tax impact have had a less negative
impact on the Net result in the company than in the sector; as a consequence,
the company shows a better Net Result/EBIT ratio (REBEmpresa vs. REBSector).
ADDRESSES
Current
Legal Seat Address:
STREET PARIS (PQ EMPRESARIAL
EUROPOLIS), 2
28232 LAS ROZAS DE MADRID MADRID
Previous
Seat Address:
STREET JUAN DE AUSTRIA, 6
28010 MADRID
Characteristics
of the current address
Type
of premises: store
Property: shared
Property
Description: Malla
Sl
Local
Situation: secondary
Branches 
|
STREET |
POSTAL CODE |
TOWN |
PROVINCE |
|
CARRETERA ROZAS AL ESCORIAL
KM 2 |
28230 |
LAS ROZAS DE MADRID |
Madrid |
1 branches
registered at INFORMA
CORPORATE STRUCTURE
ADMINISTRATIVE
LINKS
Main
Board members, Directors and Auditor 
|
POSITION |
SURNAMES AND NAME |
APPOINTMENT DATE |
|
|
ADMINISTRATOR |
AMICH ELIZALDE JUAN CARLOS |
05/04/2004 |
|
|
ADMINISTRATOR |
AMICH
ELIZALDE THAIS |
05/04/2004 |
|
|
AUDITOR |
APPOINTMENT DATE |
||
|
AUDIT
SL |
19/10/2007 |
||
Functional Managers
|
POSITION |
SURNAMES AND NAME |
|
General Manager |
AMICH ELIZALDE JUAN CARLOS |
FINANCIAL LINKS
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATA INF. |
|
|
AMICH TINTORER JUAN CARLOS |
|
50,00 |
OWN
SOURCES |
04/06/2008 |
|
|
AMICH
ELIZALDE THAIS |
|
15,00 |
OWN
SOURCES |
04/06/2008 |
|
|
AMICH
ELIZALDE CAROLINA |
|
15,00 |
OWN
SOURCES |
04/06/2008 |
|
|
AMICH ELIZALDE JUAN CARLOS |
|
15,00 |
OWN
SOURCES |
04/06/2008 |
|
|
MARTINEZ
DE LECEA GARCIA E |
|
5,00 |
OWN
SOURCES |
25/04/2008 |
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATA INF. |
|
|
MANUFACTURAS
TRICOT DISTRIBUCION S.L. |
B81147779 |
50,00 |
OWN
SOURCES |
25/04/2008 |
Company with solvency rating
below 7
CREDIT INFORMATION
Constitution
Date: 01/03/1990
Foundation
Date: 01/01/1990
Founder
/ Origin: LA
TITULAR ES LA FUNDADORA INICIAL DEL NEGOCIO
Business activity 
Activity: Wholesale of clothing
(outerwear)
NACE
Code: 5142
NACE
Activity: Wholesale
of clothing and footwear
Business: COMERCIO AL MAYOR DE CONFECCION
Employees 
Number
of total employees: 240 (2008)
Number
of fixed employees: 100,00%
Number
of temporary employees: 0,00%
Employees
evolution
COMMERCIAL OPERATIONS
SUPPLIERS
|
BUSINESS NAME |
INTERNATIONAL |
|
TRASTIS 2005 SL |
NO |
|
ZILEMA 2005 SL |
NO |
|
MALLA 3 SL |
NO |
3 proveedores
SALES
Collection
(estimated):
Cash
sales percentage: 20%
On
a credit basis: 80%
National
Distribution: 100%
CLIENTS
|
BUSINESS NAME |
INTERNATIONAL |
|
MALLA 3 SL |
NO |
1 clientes
Banks 
|
ENTITY |
BRANCH |
ADDRESS |
TOWN OR CITY |
PROVINCE |
|
BANCO DE SABADELL, S.A. |
|
|
MADRID |
|
|
BANCO POPULAR ESPAΡOL, S.A. |
0438 |
GRAN VIA, 23 |
MAJADAHONDA |
Madrid |
|
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
|
|
|
|
|
BANCO ESPAΡOL DE CREDITO, S.A. |
|
|
|
|
|
BANCO SANTANDER, S.A. |
|
|
|
|
6 bank
entities registered at Informa
LEGAL STRUCTURE
Constitution
Data
Register
Date: 01/03/1990
Register
town: Madrid
Announcement
number: 46053
Legal
form: LIMITED
LIABILITY COMPANY
Social
Capital: 12.020,24
Current structure data 
Current
Legal Form: LIMITED
LIABILITY COMPANY
Current
Capital:
3.719.066,00
Legal Aspects
Obligation
to fill in Financial Statements: YES
Chamber
census: YES (2006)
Listed
on a Stock Exchange: NO
B.O.R.M.E.(Official Companies Registry Gazette) 
Registered
Proceedings
|
PROCEEDINGS |
DATE |
NOTICE NUM. |
TRADE REG. |
|
Re-elections |
19/10/2007 |
524452 |
Madrid |
|
Re-elections |
14/11/2006 |
542055 |
Madrid |
Other
Proceedings published
|
PROCEEDINGS |
DATE |
NOTICE NUM. |
TRADE REG. |
|
Registration
of accounts (2006) Individual |
17/10/2007 |
845021 |
Madrid |
|
Registration
of accounts (2005) Individual |
13/11/2006 |
865453 |
Madrid |
|
Registration
of accounts (2004) Individual |
10/10/2005 |
686894 |
Madrid |
Press articles 
15/10/2006 EL
PAIS (BRANCHES INFORMATION)
LA CADENA DE MODA AMICHI, CENTRADA EN LA
FRANQUICIA Y QUE CUENTA CON 111 TIENDAS, DE LAS CUALES 14 SE UBICAN EN EL
EXTRANJERO, HA EMPEZADO RECIENTEMENTE SU EXPANSION EN ESTADOS UNIDOS.
31/05/2006 CINCO DIAS (BRANCHES
INFORMATION)
AMICHI INAUGURA UNA NUEVA TIENDA EN EL CENTRO
COMERCIAL PLENILUNIO, EN MADRID. CON ESTA APERTURA, LA FIRMA CUENTA YA CON 108
PUNTOS DE VENTA EN ESPA/A, 47 PROPIAS Y 61 FRANQUICIADAS. LA NUEVA TIENDA TIENE
220 METROS CUADRADOS DISTRIBUIDOS EN UNA SOLA PLANTA. LA CIA. ESPERA ABRIR
PROXIMAMENTE OTRO ESTABLECIMIENTO EN VIGO.
FINANCIAL INFORMATION
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 14/12/2007.
BALANCE
SHEET
Assets
Figures
given in
|
|
31/12/2004 (12) |
31/12/2005 (12) |
31/12/2006 (12) |
|
A)
DUE FROM SHAREHOLDERS FOR UNCALLED CAPITAL |
|
|
|
|
B)
FIXED ASSETS |
3.215.436,00 |
4.258.739,00 |
5.400.928,00 |
|
I.
Incorporation costs |
24.178,00 |
7.271,00 |
2.251,00 |
|
II.
Intangible fixed assets |
497.651,00 |
1.703.095,00 |
2.973.164,00 |
|
R
& D expenses |
|
|
|
|
Concessions,
patents, licences , trademarks |
|
|
|
|
Goodwill |
|
|
|
|
Acquired
rights from finance leases |
142.339,00 |
142.339,00 |
391.637,00 |
|
Software |
|
|
|
|
Leasing |
394.387,00 |
1.723.542,00 |
2.985.849,00 |
|
Cash
advance |
|
|
|
|
Provisions |
|
|
|
|
Depreciation |
-39.075,00 |
-162.786,00 |
-404.322,00 |
|
III.
Tangible fixed assets |
2.359.904,00 |
2.123.652,00 |
1.953.299,00 |
|
Property,
plant and equipment |
389.619,00 |
389.619,00 |
389.619,00 |
|
Machinery,
equipment and other |
3.303.093,00 |
3.273.033,00 |
3.464.244,00 |
|
Other
property plant and equipment |
291.259,00 |
291.574,00 |
312.106,00 |
|
Prepaid
expenses on fixed assets |
|
|
|
|
Other
assets |
333.112,00 |
380.083,00 |
430.859,00 |
|
Provisions |
|
|
|
|
Depreciation |
-1.957.179,00 |
-2.210.657,00 |
-2.643.529,00 |
|
IV.
Financial fixed assets |
333.703,00 |
424.721,00 |
472.214,00 |
|
Shares
in affiliated companies |
21.035,00 |
21.035,00 |
21.035,00 |
|
Receivables
in affiliated companies |
|
|
|
|
Shares
in associated companies |
|
|
|
|
Loans
to associated companies |
|
|
|
|
Securities |
|
|
|
|
Other
loans |
9.015,00 |
9.015,00 |
9.015,00 |
|
Long
term deposits and guarantees |
333.703,00 |
424.721,00 |
472.214,00 |
|
Provisions |
-30.050,00 |
-30.050,00 |
-30.050,00 |
|
Taxes
receivable |
|
|
|
|
V.Owners
equity |
|
|
|
|
VI.Long
term trade liabilities |
|
|
|
|
C)
DEFERRED EXPENSES |
81.231,00 |
315.790,00 |
498.604,00 |
|
D)
CURRENT ASSETS |
5.238.418,00 |
6.799.084,00 |
7.964.007,00 |
|
I. Shareholders by
required outlays |
|
|
|
|
II. Stocks |
1.648.742,00 |
1.832.448,00 |
2.475.234,00 |
|
Goods available for sale |
|
|
|
|
Raw material inventory |
371.260,00 |
260.025,00 |
180.807,00 |
|
Work in Progress |
|
|
|
|
Finished goods |
1.277.482,00 |
1.572.423,00 |
2.294.427,00 |
|
Subproducts and recycled materials |
|
|
|
|
Cash advance |
|
|
|
|
Provisions |
|
|
|
|
III. Debtors |
1.335.902,00 |
1.601.553,00 |
1.491.775,00 |
|
Clients |
1.494.435,00 |
1.754.161,00 |
1.683.026,00 |
|
Amounts owned by affiliated companies |
|
|
|
|
Amounts owned by associated companies |
|
|
|
|
Other debts |
97.389,00 |
101.256,00 |
64.490,00 |
|
Staff Expenses |
7.781,00 |
9.839,00 |
7.963,00 |
|
Government |
30.529,00 |
30.529,00 |
30.528,00 |
|
Provisions |
-294.232,00 |
-294.232,00 |
-294.232,00 |
|
IV. Temporary financial
investment |
887.068,00 |
1.976.845,00 |
2.023.674,00 |
|
Shares in affiliated companies |
|
|
|
|
Receivables in affiliated companies |
|
|
|
|
Shares in associated companies |
|
|
|
|
Loans to associated companies |
|
|
|
|
Short term investment |
|
|
|
|
Other loans |
887.068,00 |
1.976.845,00 |
2.023.674,00 |
|
Short Term Deposit and guarantees |
|
|
|
|
Provisions |
|
|
|
|
V. Short-term own shares |
|
|
|
|
VI. Treasury |
1.366.706,00 |
1.388.238,00 |
1.973.324,00 |
|
VII. Periodification
adjustments |
|
|
|
|
ASSETS (A + B + C + D) |
8.535.085,00 |
11.373.613,00 |
13.863.539,00 |
Assets composition
Liabilities
Figures given in
|
|
31/12/2004 (12) |
31/12/2005 (12) |
31/12/2006 (12) |
|
A) SHAREHOLDERS EQUITY |
5.722.100,00 |
6.981.315,00 |
8.324.634,00 |
|
I. Share capital |
3.719.066,00 |
3.719.066,00 |
3.719.066,00 |
|
II. Issue bonus |
|
|
|
|
III.Revaluation reserve |
|
|
|
|
IV.Reserves |
544.618,00 |
1.702.957,00 |
2.952.894,00 |
|
Retained earnings |
84.222,00 |
230.063,00 |
385.992,00 |
|
Sinking fund from owner equity |
|
|
|
|
Reserve for the parent company capital |
|
|
|
|
Statutory reserve |
|
|
|
|
Other funds |
460.396,00 |
1.472.894,00 |
2.566.902,00 |
|
Capital adjustments in Euros |
|
|
|
|
V.Results from previous
years |
|
|
|
|
Carry Over |
|
|
|
|
Prior years losses |
|
|
|
|
Loans from partners for losses compensation |
|
|
|
|
VI.Profit and Losses |
1.458.416,00 |
1.559.292,00 |
1.652.674,00 |
|
VII.Dividend paid during
the year |
|
|
|
|
VIII.Own shares for
capital reduction |
|
|
|
|
B) DEFERRED INCOME |
|
|
|
|
Capital grants |
|
|
|
|
Positive change difference |
|
|
|
|
Other deferred income |
|
|
|
|
Fiscal deferred income |
|
|
|
|
C) PROVISIONS FOR
LIABILITIES AND EXPENSES |
|
|
|
|
Provision for pensions plans |
|
|
|
|
Provision for taxes |
|
|
|
|
Other provisions |
|
|
|
|
Reversion fund |
|
|
|
|
D) LONG TERM LIABILITIES |
252.798,00 |
1.107.073,00 |
1.608.341,00 |
|
I.Negotiable bonds and other negotiable values |
|
|
|
|
Non convertible securities |
|
|
|
|
Convertible securities |
|
|
|
|
Other convertible debentures |
|
|
|
|
II.Debt with bank entities |
252.798,00 |
1.107.073,00 |
1.608.341,00 |
|
Long term bank loans |
|
|
|
|
Leasing |
252.798,00 |
1.107.073,00 |
1.608.341,00 |
|
III.Debts with associated and affiliated companies |
|
|
|
|
With affiliated companies |
|
|
|
|
Associated companies |
|
|
|
|
IV. Other creditors |
|
|
|
|
Bills payable |
|
|
|
|
Other debts |
|
|
|
|
Long term deposit and guaranties |
|
|
|
|
Taxes receivable |
|
|
|
|
V. Deferred debts on
shares |
|
|
|
|
From affiliated companies |
|
|
|
|
From associated companies |
|
|
|
|
Other companies |
|
|
|
|
VI. Long term debt with
creditor |
|
|
|
|
E) SHORT TERM LIABILITIES |
2.560.187,00 |
3.285.225,00 |
3.930.564,00 |
|
I.Negotiable bonds and other negotiable values |
|
|
|
|
Non convertible securities |
|
|
|
|
Convertible securities |
|
|
|
|
Other convertible debentures |
|
|
|
|
Interests from bonds |
|
|
|
|
II.Debt with bank entities |
168.023,00 |
573.607,00 |
983.967,00 |
|
Loans and other debts |
|
|
|
|
Debt interest |
|
|
|
|
Leasing |
168.023,00 |
573.607,00 |
983.967,00 |
|
III. Short term debts with associated and affiliated companies |
|
|
10.730,00 |
|
With affiliated companies |
|
|
10.730,00 |
|
Associated companies |
|
|
|
|
IV. Commercial creditors |
1.127.228,00 |
1.181.478,00 |
1.851.939,00 |
|
Accounts payable |
|
|
|
|
Expenses |
1.127.228,00 |
774.841,00 |
1.400.146,00 |
|
Bills payable |
|
406.637,00 |
451.793,00 |
|
V. Other non-commercial
debt |
1.264.936,00 |
1.530.140,00 |
1.083.928,00 |
|
Government |
828.611,00 |
949.194,00 |
958.930,00 |
|
Bills payable |
|
|
|
|
Other debts |
436.325,00 |
406.637,00 |
|
|
Accounts receivable |
|
174.309,00 |
124.998,00 |
|
Short term deposits and guarantees |
|
|
|
|
VI. Provisions for
current assets |
|
|
|
|
VII. Periodification
adjustments |
|
|
|
|
F) SHORT TERM PROVISIONS
FOR LIABILITIES AND EXPENSES |
|
|
|
|
LIABILITIES (A + B + C +
D + E + F) |
8.535.085,00 |
11.373.613,00 |
13.863.539,00 |
Liabilities Composition
PROFIT AND LOSS ACCOUNT
Itams of the Profit and Loss Account
Figures given in
|
|
31/12/2004 (12) |
31/12/2005 (12) |
31/12/2006 (12) |
|
A) EXPENSES (A.1 a A.16) |
15.377.531,00 |
16.754.353,00 |
19.883.684,00 |
|
A.1.Reduction in stocks
of finished goods and work in progress |
42.416,00 |
|
|
|
A.2.Supplies |
6.870.985,00 |
7.102.478,00 |
8.265.194,00 |
|
Material consumed |
6.870.985,00 |
7.102.478,00 |
8.265.194,00 |
|
Raw materials consumed |
|
|
|
|
Other expenses |
|
|
|
|
A.3. Labour cost |
3.337.123,00 |
3.869.997,00 |
4.591.535,00 |
|
Wages |
2.682.576,00 |
3.080.605,00 |
3.643.628,00 |
|
Social security expenses |
654.547,00 |
789.392,00 |
947.907,00 |
|
A.4. Assets depreciation |
467.623,00 |
550.681,00 |
694.205,00 |
|
A.5.Variance in the
traffic provisions |
26.811,00 |
|
|
|
Variance in provision for inventory |
|
|
|
|
Variance in provision for bad debts |
26.811,00 |
|
|
|
Variance in provision for other current assets |
|
|
|
|
A.6. Other operating
costs |
3.716.591,00 |
4.228.607,00 |
5.280.449,00 |
|
External costs |
3.652.626,00 |
4.116.710,00 |
5.182.323,00 |
|
Taxes |
63.965,00 |
111.897,00 |
98.126,00 |
|
Other day to day expenses |
|
|
|
|
Allowance to reversion fund |
|
|
|
|
A.I.OPERATING RESULT (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6) |
2.352.235,00 |
2.527.901,00 |
2.468.361,00 |
|
A.7.Financial expenses and similar |
66.316,00 |
93.366,00 |
120.702,00 |
|
Debts with related companies |
|
|
|
|
Debts with associated companies |
|
|
|
|
Other companies debts By debts with third parties and similar expenses |
66.316,00 |
93.366,00 |
120.702,00 |
|
Losses from financial investments |
|
|
|
|
A.8. Variation in financial investment provision |
|
|
|
|
A.9.Negative exchange
difference |
|
|
|
|
A.II.POSITIVE FINANCIAL
RESULTS (B.5+B.6+B.7+B.8-A.7-A.8-A.9) |
|
|
112.884,00 |
|
A.III.PROFIT FROM
ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II) |
2.302.173,00 |
2.462.506,00 |
2.581.245,00 |
|
A.10. Variation in provision in fixed assets |
|
|
|
|
A.11. Losses in fixed assets |
66.964,00 |
69.606,00 |
78.618,00 |
|
A.12. Losses from own shares and bonds |
|
|
|
|
A.13. Extraordinary charges |
124,00 |
|
458,00 |
|
A.14.Other exercises 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) |
|
|
|
|
A.V.PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV) |
2.240.994,00 |
2.398.910,00 |
2.505.197,00 |
|
A.15.Corporate Taxes |
782.578,00 |
839.618,00 |
852.523,00 |
|
A.16. Other taxes |
|
|
|
|
A.VI.EXERCISE RESULT
(PROFIT) (A.V-A.14-A.15) |
1.458.416,00 |
1.559.292,00 |
1.652.674,00 |
|
B) INCOMES (B.1 a B13) |
16.835.947,00 |
18.313.645,00 |
21.536.358,00 |
|
B.1. Turnover |
16.636.634,00 |
17.916.483,00 |
20.481.863,00 |
|
Sales |
16.636.634,00 |
17.916.483,00 |
20.481.863,00 |
|
Services provided |
|
|
|
|
Refunds and sale reminders |
|
|
|
|
B.2.Increase in inventory
of finished goods and works in progress |
|
183.706,00 |
642.786,00 |
|
B.3.Expenses capitalized |
|
|
|
|
B.4. Other operating
income |
177.150,00 |
179.475,00 |
175.095,00 |
|
Other incomes |
177.150,00 |
179.475,00 |
175.095,00 |
|
Grants |
|
|
|
|
Excess in provision for liabilities and
charges |
|
|
|
|
B.I.OPERATING LOSSES
(A.1+A.2+A.3+A.4+A.5+A.6-B.1-B.2-B.3-B.4) |
|
|
|
|
B.5.Incomes from share
participations |
|
|
|
|
From affiliated companies |
|
|
|
|
From associated companies |
|
|
|
|
From other companies |
|
|
|
|
B.6.Income from other
securities and credits to fixed assets |
|
|
|
|
From affiliated companies |
|
|
|
|
From associated companies |
|
|
|
|
Other companies |
|
|
|
|
B.7.Other interests and
similar |
16.254,00 |
27.971,00 |
233.586,00 |
|
From affiliated companies |
|
|
|
|
From associated companies |
|
|
|
|
Other Interests |
16.254,00 |
27.971,00 |
233.586,00 |
|
Profits from investments |
|
|
|
|
B.8. Positive change
difference |
|
|
|
|
B.II. NEGATIVE FINANCIAL
RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
50.062,00 |
65.395,00 |
|
|
B.III.LOSSES FROM
ORDINARY ACTIVITIES (B.I+B.II-A.I-A.II) |
|
|
|
|
B.9.B.9. Gains from
disposal of fixed assets |
|
|
|
|
B.10.Gains from dealing
in own shares |
|
|
|
|
B.11. Paid in surplus |
|
|
|
|
B.12. Extraordinary
income |
5.909,00 |
6.010,00 |
3.028,00 |
|
B.13.Other years income
and profits |
|
|
|
|
B.IV.NEGATIVE
EXTRAORDINARY LOSSES (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13) |
61.179,00 |
63.596,00 |
76.048,00 |
|
B.V.LOSS BEFORE TAXES
(B.III+B.IV-A.III-A.IV) |
|
|
|
|
B.VI.EXERCISE RESULTS
(LOSS) (B.V+A.14+A.15) |
|
|
|
Composition of the Profit and Loss Account
FINANCIAL
BALANCE
Here the Main Capital Amounts of the company and
the Revolving Fund Evolution are analysed.
Financial Balance Table
Figures given in
|
|
31/12/2004 (12) |
% |
31/12/2005 (12) |
% |
31/12/2006 (12) |
% |
|
A) DUE FROM SHAREHOLDERS FOR UNCALLED CAPITAL |
|
|
|
|
|
|
|
B) FIXED ASSETS |
3.215.436,00 |
37,67 |
4.258.739,00 |
37,44 |
5.400.928,00 |
38,96 |
|
C) DEFERRED EXPENSES |
81.231,00 |
0,95 |
315.790,00 |
2,78 |
498.604,00 |
3,60 |
|
D) CURRENT ASSETS |
5.238.418,00 |
61,38 |
6.799.084,00 |
59,78 |
7.964.007,00 |
57,45 |
|
ASSETS (A + B + C + D) |
8.535.085,00 |
|
11.373.613,00 |
|
13.863.539,00 |
|
|
|
||||||
|
A) SHAREHOLDERS EQUITY |
5.722.100,00 |
67,04 |
6.981.315,00 |
61,38 |
8.324.634,00 |
60,05 |
|
B) DEFERRED INCOME |
|
|
|
|
|
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
|
|
|
|
|
|
|
D) LONG TERM LIABILITIES |
252.798,00 |
2,96 |
1.107.073,00 |
9,73 |
1.608.341,00 |
11,60 |
|
E) SHORT TERM LIABILITIES |
2.560.187,00 |
30,00 |
3.285.225,00 |
28,88 |
3.930.564,00 |
28,35 |
|
F) SHORT TERM PROVISIONS FOR LIABILITIES AND EXPENSES |
|
|
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
8.535.085,00 |
|
11.373.613,00 |
|
13.863.539,00 |
|
Financial Balance Composition
Comments on Financial Balance
In the 2004, the assets of the company were
formed in 38,62% of Fixed Assets and in 61,38% of Current Assets.This assets
were financed in 67,04% with own capitals, and in 2,96% with long term debt and
in 30,00% with current liabilities.
The result of this financial structure is a
positive turnover fund of 2.678.231,00 Euros, which is equivalent to
31,38% proportion of the companys total assets.
In the 2005, the assets of the company were
formed in 40,22% of Fixed Assets and in 59,78% of Current Assets.This assets
were financed in 61,38% with own capitals, and in 9,73% with long term debt and
in 28,88% with current liabilities.
The result of this financial structure is a
positive turnover fund of 3.513.859,00 Euros, which is equivalent to
30,89% proportion of the companys total assets.
This measure has increased with respect to the
previous exercise in 31,20% having, however, diminished its proportion with
respect to the total assets of the company.
In the 2006, the assets of the company were
formed in 42,55% of Fixed Assets and in 57,45% of Current Assets.This assets
were financed in 60,05% with own capitals, and in 11,60% with long term debt
and in 28,35% with current liabilities.
The result of this financial structure is a
positive turnover fund of 4.033.443,00 Euros, which is equivalent to
29,09% proportion of the companys total assets.
This measure has increased with respect to the
previous exercise in 14,79% having, however, diminished its proportion with
respect to the total assets of the company.
RATIOS
Main Ratios
|
|
31/12/2004 (12) |
31/12/2005 (12) |
31/12/2006 (12) |
|
STRUCTURAL RATIOS |
|
|
|
|
Management fund |
2.678.231,00 |
3.513.859,00 |
4.033.443,00 |
|
Management Fund Requirement |
592.480,00 |
722.383,00 |
1.020.412,00 |
|
Indebtedness (%) |
32,96 |
38,62 |
39,95 |
|
External Funds on Net Worth |
0,49 |
0,63 |
0,66 |
|
GENERAL ACTIVITY RATIO |
|
|
|
|
Turnover Increase (%) |
5,28 |
7,69 |
14,32 |
|
Added value growth (%) |
25,80 |
12,37 |
11,59 |
|
Cash Flow |
1.952.850,00 |
2.109.973,00 |
2.346.879,00 |
|
Labour Productivity |
1,85 |
1,80 |
1,69 |
|
Assets turnover |
1,95 |
1,58 |
1,48 |
|
Breakdown Point |
12.818.991,96 |
14.003.265,05 |
16.745.136,76 |
|
Security Margin of the Breakdown Point (%) |
23,76 |
22,62 |
18,94 |
|
ACTIVITY RATIOS |
|
|
|
|
Average Payment Period |
59 |
61 |
87 |
|
Average Collection Period |
29 |
32 |
26 |
|
Inventory Turnover Period |
36 |
37 |
44 |
|
SOLVENCY RATIOS |
|
|
|
|
Payback Capacity |
0,69 |
0,48 |
0,42 |
|
Assets Guarantee |
3,00 |
2,52 |
2,41 |
|
Short Term Debts Proportion (%) |
91,01 |
74,80 |
70,96 |
|
Interest Coverage |
29,11 |
20,27 |
12,16 |
|
LIQUIDITY RATIOS |
|
|
|
|
Current Ratio |
2,05 |
2,07 |
2,03 |
|
Immediate liquidity |
0,88 |
1,02 |
1,02 |
|
Treasury |
2.085.751,00 |
2.791.476,00 |
3.013.031,00 |
|
Sales on Current Assets |
1.143 |
949 |
926 |
Results Analysis Ratios
|
|
31/12/2004 (12) |
31/12/2005 (12) |
31/12/2006 (12) |
|
Economic profitability (%) |
27,56 |
22,23 |
17,80 |
|
Operating Profitability (%) |
14,14 |
14,11 |
12,05 |
|
Equity gearing |
1,46 |
1,59 |
1,74 |
|
Financial profitability (%) |
25,49 |
22,34 |
19,85 |
|
General Profitability (%) |
8,77 |
8,70 |
8,07 |
Comments on the Results Analysis Ratios
The economic profitability in the year2005
achieved a 22,23% positive level, due to a 14,11% economic margin and to an
assets turnover of1,58%.
The economic profitability in the year has
reduced from 27,56% up to 22,23% of2005, even if it remains positive. This fall
is due to the decrease in operating profitability, that has passe from 14,14%
to 14,11%, as assets turnover whose index has passed from 1,95 to 1,58%.
Financial profitability on 2005 achieved a
22,34%.
The companys financial structure has instigated
its economic profitability with an indebtedness level of 1,59.
The general profitability on 2005 achieved a
8,70%.
The economic profitability in the year2006
achieved a 17,80% positive level, due to a 12,05% economic margin and to an
assets turnover of1,48%.
The economic profitability in the year has
reduced from 22,23% up to 17,80% of2006, even if it remains positive. This fall
is due to the decrease in operating profitability, that has passe from 14,11%
to 12,05%, as assets turnover whose index has passed from 1,58 to 1,48%.
Financial profitability on 2006 achieved a
19,85%.
The companys financial structure has instigated
its economic profitability with an indebtedness level of 1,74.
The general profitability on 2006 achieved a
8,07%.
SECTORIAL
ANΑLYSIS
Large Capital Amounts and Financial Balance
Figures given in %
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
A) DUE FROM SHAREHOLDERS FOR UNCALLED CAPITAL |
|
0,07 |
|
|
|
|
|
|
|
|
B) FIXED ASSETS |
38,96 |
20,07 |
18,89 |
94,08 |
|
|
|
|
|
|
C) DEFERRED EXPENSES |
3,60 |
0,26 |
3,34 |
1.268,82 |
|
|
|
|
|
|
D) CURRENT ASSETS |
57,45 |
79,59 |
-22,14 |
-27,82 |
|
|
|
|
|
|
ASSETS (A + B + C + D) |
100 |
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
A) SHAREHOLDERS EQUITY |
60,05 |
38,48 |
21,57 |
56,04 |
|
|
|
|
|
|
B) DEFERRED INCOME |
|
0,13 |
|
|
|
|
|
|
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
|
0,18 |
|
|
|
|
|
|
|
|
D) LONG TERM LIABILITIES |
11,60 |
6,37 |
5,23 |
82,16 |
|
|
|
|
|
|
E) SHORT TERM LIABILITIES |
28,35 |
54,83 |
-26,48 |
-48,30 |
|
|
|
|
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES AND
EXPENSES |
|
0,01 |
|
|
|
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
100 |
100 |
|
|
|
|
|
|
|
Sectorial Financial Balance Comparison
Comments to the Sectorial Analysis
In the 2006, the assets of the company were
formed in 42,55% of fixed assets and in 57,45Current Assets % In the sector,
the proportion of fixed assets was of 20,41%, 108,48% inferior, and the
proportion of current assets was of 79,59%, 27,82% superior.
The assets were financed in the company in
60,05% with own capitals , in 11,60% with fixed liabilities and in 28,35% with
current liabilities In the sector, the self financing represented 38,61%,
55,53% inferior. On the other hand the long term debts represented in the
sector an average of 6,55% financing, with a relative difference of 77,07% in
favour of the companyAnd, short term liabilities represented in the sector an
average of 54,84% financing, with a relative difference of 48,30% favourable to
the sector
The result of this companys financial structure
is a turnover fund that represents 29,09% of the total assets; in the sector,
this same proportion is 24,75%, therefore, we can say that the companys
turnover fund is 17,53% higher than the one in of the sector.
Analytical Account of Results
Figures given in %
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
Turnover |
99,15 |
98,43 |
0,72 |
0,73 |
|
Other operating income |
0,85 |
1,57 |
-0,72 |
-45,83 |
|
Production Value |
100,00 |
100,00 |
0,00 |
0,00 |
|
Operating expenses |
36,90 |
72,35 |
-35,45 |
-49,00 |
|
Other operation expenses |
25,56 |
12,53 |
13,03 |
103,94 |
|
Added value |
37,54 |
15,12 |
22,42 |
148,28 |
|
Labour cost |
22,23 |
8,98 |
13,25 |
147,63 |
|
Gross Economic Result |
15,31 |
6,14 |
9,17 |
149,19 |
|
Assets depreciation |
3,36 |
1,12 |
2,24 |
201,08 |
|
Variation in provision for current assets and
bad debt losses |
|
0,28 |
|
|
|
Net Economic Result |
11,95 |
4,75 |
7,20 |
151,58 |
|
Financial income |
1,13 |
0,66 |
0,47 |
72,52 |
|
Financial Charges |
0,58 |
1,02 |
-0,44 |
-43,03 |
|
Variation in financial investment provision |
|
0,01 |
|
|
|
Ordinary Activities Result |
12,50 |
4,38 |
8,12 |
185,58 |
|
Extraordinary income |
0,01 |
0,42 |
-0,40 |
-97,59 |
|
Extraordinary charges |
0,38 |
0,25 |
0,13 |
49,61 |
|
Variation in provision in fixed assets |
|
0,03 |
|
|
|
Results before Taxes |
12,13 |
4,51 |
7,62 |
169,20 |
|
Corporate taxes |
4,13 |
1,42 |
2,72 |
191,87 |
|
Net Result |
8,00 |
3,09 |
4,91 |
158,90 |
|
Assets depreciation |
3,36 |
1,12 |
2,24 |
201,08 |
|
Change of Provisions |
|
0,32 |
|
|
|
Net Self-Financing |
11,36 |
4,53 |
6,83 |
150,94 |
Main
Ratios
|
|
COMPANY (2006) |
PTILE25 |
PTILE50 |
PTILE75 |
|
STRUCTURAL RATIOS |
|
|
|
|
|
Management fund |
4.033.443,00 |
610,51 |
1.586,83 |
3.187,42 |
|
Management Fund Requirement |
1.020.412,00 |
-1.491,45 |
-89,41 |
1.323,52 |
|
Indebtedness (%) |
39,95 |
47,21 |
65,48 |
80,34 |
|
External Funds on Net Worth |
0,66 |
0,89 |
1,90 |
4,09 |
|
GENERAL ACTIVITY RATIO |
|
|
|
|
|
Turnover Increase (%) |
14,32 |
-3,56 |
4,33 |
12,92 |
|
Added value growth (%) |
11,59 |
-6,74 |
5,05 |
18,01 |
|
Cash Flow |
2.346.879,00 |
214,98 |
431,17 |
834,43 |
|
Labour Productivity |
1,69 |
1,31 |
1,64 |
2,14 |
|
Assets turnover |
1,48 |
1,28 |
1,68 |
2,18 |
|
Breakdown Point |
16.745.136,76 |
7.497.656,71 |
10.370.635,11 |
15.788.682,26 |
|
Security Margin of the Breakdown Point (%) |
18,94 |
7,18 |
15,84 |
25,64 |
|
ACTIVITY RATIOS |
|
|
|
|
|
Average Payment Period |
87 |
28 |
73 |
120 |
|
Average Collection Period |
26 |
63 |
97 |
135 |
|
Inventory Turnover Period |
44 |
25 |
46 |
71 |
|
SOLVENCY RATIOS |
|
|
|
|
|
Payback Capacity |
0,42 |
0,04 |
0,09 |
0,19 |
|
Assets Guarantee |
2,41 |
1,24 |
1,52 |
2,11 |
|
Short Term Debts Proportion (%) |
70,96 |
86,30 |
96,58 |
100,00 |
|
Interest Coverage |
12,16 |
1,21 |
4,22 |
11,65 |
|
LIQUIDITY RATIOS |
|
|
|
|
|
Current Ratio |
2,03 |
1,14 |
1,39 |
1,93 |
|
Immediate liquidity |
1,02 |
0,05 |
0,14 |
0,36 |
|
Treasury |
3.013.031,00 |
-1.320,43 |
39,57 |
793,71 |
|
Sales on Current Assets |
926 |
581 |
729 |
992 |
Results Analysis Ratios
|
|
COMPANY (2006) |
PTILE25 |
PTILE50 |
PTILE75 |
|
Economic profitability (%) |
17,80 |
2,70 |
5,55 |
10,54 |
|
Operating Profitability (%) |
12,05 |
1,44 |
3,51 |
6,25 |
|
Equity gearing |
1,74 |
1,56 |
2,34 |
3,90 |
|
Financial profitability (%) |
19,85 |
5,41 |
11,40 |
20,75 |
|
General Profitability (%) |
8,07 |
0,79 |
2,08 |
4,25 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.82 |
|
UK Pound |
1 |
Rs.80.01 |
|
Euro |
1 |
Rs.63.83 |
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 SCs 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%)