MIRA
INFORM REPORT
|
Report Date : |
14.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VOLPAK S.A. |
|
|
|
|
Registered Office : |
Street Can
Vinyalets - Pg Can Vinyalets, 4, Cp 08130, Santa Perpetua
De Mogoda Barcelona |
|
|
|
|
Country : |
Spain |
|
|
|
|
Financials (as on) : |
30.11.2006 |
|
|
|
|
Date of Incorporation : |
|
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturer of Machinery |
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 : |
1.137.000,00 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
FINANCIAL
REPORT
VOLPAK S.A.
TAX NUMBER: A80280407
EXECUTIVE
SUMMARY
Identification
Current Business Name: VOLPAK S.A.
Commercial Name: ENFLEX
Other names: YES
Current Address: STREET CAN VINYALETS - PG CAN
VINYALETS, 4, CP 08130, SANTA PERPETUA DE
MOGODA BARCELONA
Branches: 1
Telephone number: 935446700 Fax: 935741136
URL: www.volpak.com Corporate
e-mail: main@volpak.com
Commercial
Risk
Credit Appraisal: 1.137.000,00
Legal Actions: NO
Financial
Information
Latest sales known (2007): 49.000.000,00 (Estimated)
Latest Balance sheet sales (2006): 39.670.406,00 (MERCANTILE REGISTER)
Result: -597.375
Total Assets: 44.367.203
Social Capital: 9.900.000,00
Employees: 206
Commercial
Information
Constitution Date: 27/02/1992
Business activity: Mfg. of machinery nec.
NACE Code: 2924
International Operations: Imports and Exports
Corporate
Structure
President:
Parent Company:
Participations: 3
Other
Complementary Information
Latest proceeding published in BORME: 15/07/2008 Registration of accounts
Latest press article: 30/03/2003 VANGUARDIA (BRANCHES INFORMATION)
Bank Entities: Yes
Credit
Appraisal
Favourable to 1.137.000,00
Rating
Evolution
Financial
Situation
Fiscal year2006
|
Treasury |
Very good |
|
Indebtedness |
Average |
|
Profitability |
Unfavourable |
|
Balance |
Very good |
Performance
|
Legal Actions |
None or Negligible |
|
Business Trajectory |
Excellent |
INCIDENTS 
Summary
LEGAL ACTIONS: No legal incidences registered
CLAIM FILED AGAINST THE ADMINISTRATION: No administrative claims registered
AFFECTED BY: No significant element.
FINANCIAL
ELEMENTS AND SECTORIAL COMPARATIVE
FINANCIAL ELEMENTS
Figures given in
|
|
2005 (12) |
2006 (12) |
2007 |
|
|
|
|
|
BALANCE SHEET ANALYSIS |
|
|
|
|
|
|
|
|
OWN FUNDS |
13.626.602,00 |
13.029.227,00 |
|
|
|
|
|
|
DEBT |
34.772.145,00 |
31.337.976,00 |
|
|
|
|
|
|
FIXED ASSETS |
23.435.102,00 |
22.005.475,00 |
|
|
|
|
|
|
TOTAL ASSETS |
48.398.747,00 |
44.367.203,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 (12) |
2006 (12) |
2007 |
|
|
|
|
|
PROFIT AND LOSS ACCOUNT ANALYSIS |
|
|
|
|
|
|
|
|
SALES |
34.591.082,00 |
39.670.406,00 |
49.000.000,00 |
|
|
|
|
|
ADDED VALUE |
14.271.285,00 |
14.509.867,00 |
|
|
|
|
|
|
EBITDA |
2.833.820,00 |
2.293.487,00 |
|
|
|
|
|
|
EBIT |
-558.717,00 |
317.080,00 |
|
|
|
|
|
|
NET RESULT |
-964.807,00 |
-597.375,00 |
|
|
|
|
|
Balance Sheets Items Analysis
Balance Sheet Comments
Total assets of the company decreased in 8,33%
between 2005 and 2006.
This decrease in the amount total assets, has
been reflected in a reduction of the fixed assets of 6,10%.
Assets reduction is partly explained by the net
worth decrease of4,38% nevertheless, the decrease of 9,88% in the indebtedness
explains mainly this reduction.
Profit
and Loss Account Analysis
Profit and Loss Account Comments
The companys sales figure grew 14,68% between
2005 and 2006.
The companys EBIT grew 156,75% between 2005 and
2006.
This evolution implies an increase in the
companys operating profitability.
The result of these variations is an increase of
the companys Economic Profitability of 161,91% in the analysed period, being
this profitability of 0,71% in the year 2006.
The companys Net Result grew 38,08% between
2005 and 2006.
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 an increase of
the companys Economic Profitability of 35,24% in the analysed period, being
equal to -4,58% 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 |
-597.375,00 |
Retained earnings |
0,00 |
|
Carry Over |
0,00 |
Voluntary Reserve |
0,00 |
|
Voluntary reserves |
0,00 |
Prior years losses |
-597.375,00 |
|
Reserves |
0,00 |
Carry Over |
0,00 |
|
Other concepts |
0,00 |
Other funds |
0,00 |
|
Total of Amounts to be
distributed |
-597.375,00 |
Dividends |
0,00 |
|
|
|
Other Applications |
0,00 |
Auditing
Auditors opinion: FAVOURABLE
Auditor: KPMG AUDITORES S.L.
COMPARATIVE
SECTOR ANALYSIS
Values table
Figures expressed in %
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
|
|
|
|
|
BALANCE SHEET ANALYSIS: % on the total assets |
|
|
|
|
|
|
|
|
|
|
OWN FUNDS |
29,37 |
38,72 |
-9,36 |
-24,16 |
|
|
|
|
|
|
DEBT |
70,63 |
61,28 |
9,36 |
15,27 |
|
|
|
|
|
|
FIXED ASSETS |
49,60 |
30,02 |
19,58 |
65,22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
|
|
|
|
|
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total
operating income |
|
|
|
|
|
|
|
|
|
|
SALES |
98,73 |
97,83 |
0,89 |
0,91 |
|
|
|
|
|
|
ADDED VALUE |
36,11 |
32,42 |
3,69 |
11,37 |
|
|
|
|
|
|
EBIT |
0,79 |
9,46 |
-8,67 |
-91,66 |
|
|
|
|
|
|
NET RESULT |
-1,49 |
7,42 |
-8,90 |
-120,05 |
|
|
|
|
|
Sector
Composition
Compared sector (NACE): 292
Number of companies: 21
Size (Sales Figure) : > 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 19,58% , which means a relative
difference of 65,22% .
In liabilities composition the company appeals
on a wider scale to self financing, being the proportion of net worth of 9,36%
inferior, which means a relative difference of 24,16% 9,36% more than the
sector, which means a difference of 15,27% .
The proportion that the sales mean to the
companys total ordinary income is 98,73%, 0,89% higher than in the sector,
which means a relative difference of 0,91% .
The companys EBIT was positive and was 0,79%
with regard to the total ordinary income, 8,67% less than the sector, which
means a relative difference of 91,66% .
The companys capacity to generate operating
income is equal to that of the sector as its ratio EBIT/Sales is also equal.
The companys net result was negative and equal
to -1,49% with regard to the total ordinary income, 8,90% less than the sector,
which means a relative difference of 120,05% .
ADDRESSES
Current Legal Seat Address:
STREET CAN VINYALETS - PG CAN
VINYALETS, 4
08130 SANTA PERPETUA DE MOGODA
BARCELONA
Previous Seat Address:
STREET VALLES - PG URVASA, S/N
08130 SANTA PERPETUA DE MOGODA BARCELONA
Characteristics of the current address
Type of premises: office
Property: rented
Local Situation: main
Branches 
|
STREET |
POSTAL CODE |
TOWN |
PROVINCE |
|
STREET INDUSTRIA 11 |
08760 |
MARTORELL |
Barcelona |
1 branches registered
CORPORATE
STRUCTURE
ADMINISTRATIVE LINKS
Main Board members, Directors and Auditor 
|
POSITION |
SURNAMES AND NAME |
APPOINTMENT DATE |
|
|
PRESIDENT |
CASIRAGHI MARCO |
30/06/2000 |
|
|
CHIEF OFFICER |
GUBAU TORNE JOSEP |
30/06/2000 |
|
|
CHIEF OFFICER |
ETTORE BANDIERI |
18/08/2005 |
|
|
CHIEF OFFICER |
JORDANA GISBERT JORDI |
18/08/2005 |
|
|
CHIEF OFFICER |
GIANCARLO DE MARTIS |
09/02/2006 |
|
|
AUDITOR |
APPOINTMENT DATE |
||
|
KPMG AUDITORES SL |
21/02/2008 |
||
Functional Managers
|
POSITION |
SURNAMES AND NAME |
|
Financial Manager |
ANTONELL MASSUET ANDREU |
|
Commercial Manager |
MOLLER JAVIER |
|
Exports Manager |
MOLLER JAVIER |
FINANCIAL
LINKS
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATA INF. |
|
|
COESIA S.P.A |
ITALY |
100,00 |
OWN SOURCES |
21/07/2008 |
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATA INF. |
|
|
VOLPAK BENELUX BV |
PAΝSES BAJOS |
100,00 |
BORME II |
09/10/1998 |
|
|
VOLPAK FRANCE S.A.R.L. |
FRANCIA |
99,00 |
TRADE REG. |
31/12/2002 |
|
|
VOLPAK TECHGEN PACKAGING MACHINERIES COMPANY
LTD. |
CHINA |
51,00 |
TRADE REG. |
30/11/2006 |
CREDIT
INFORMATION
Constitution Date: 27/02/1992
Foundation Date: 01/01/1992
Founder / Origin: LA TITULAR ES AL FUNDADORA INICIAL DEL NEGOCIO
Business
activity 
Activity: Mfg. of machinery nec.
NACE Code: 2924
NACE Activity: Manufacture of other general purpose machinery n.e.c.
Business: COMERCIALIZACION DE MAQUINARIA PARA EMBALAJE.
Employees 
Number of total employees: 206 (2008)
Number of fixed employees: 98,06%
Number of temporary employees: 1,94%
Employees
evolution
COMMERCIAL
OPERATIONS 
SUPPLIERS
|
BUSINESS NAME |
INTERNATIONAL |
|
ACMA SPA |
NO |
|
GD JIDOKIKAI |
NO |
|
GD DO BRASIL |
YES |
|
ACMA SPA CORNIANI |
NO |
|
GD GMBH |
YES |
|
ACMA GD USA |
YES |
|
ACMA USA INC |
YES |
|
GD PACKAGING MACHINERY INC |
NO |
|
NOVA INMOVILIARE SRL |
YES |
|
ACMA GD |
YES |
20 proveedores
SALES
Collection (estimated):
Export Percentage: 97%
CLIENTS
|
BUSINESS NAME |
INTERNATIONAL |
|
G D M SPA |
NO |
|
GD DO BRASIL LTDA |
YES |
|
GD JIDOKIKAI |
YES |
|
ENFLEX SA |
NO |
|
ACMA SPA |
NO |
|
ACMA USA |
NO |
|
GD DO BRASIL |
YES |
|
ACMA GD USA |
YES |
|
ACMA GD |
YES |
|
GD SPA |
YES |
18 clientes
Banks 
|
ENTITY |
BRANCH |
ADDRESS |
TOWN OR CITY |
PROVINCE |
|
BANCO ESPAΡOL DE CREDITO, S.A. |
|
|
|
|
|
DEUTSCHE BANK, S.A.E. |
|
|
|
|
|
BANCO DE SABADELL, S.A. |
5154 |
PZ SANT ROC 000020 |
SABADELL |
Barcelona |
|
DEUTSCHE BANK A.G., S.E. |
0002 |
PASEO DE GRACIA,111 12 |
BARCELONA |
Barcelona |
|
BANCO DE SABADELL, S.A. |
0022 |
C RAMBLA 000003 |
SANTA PERPETUA DE MOGODA |
Barcelona |
6 bank entities registered
Brands,
Signs and Commercial Names 
FORMER NAMES:
VOLPAK SA
G D IBERICA MAQUINAS AUTOMATICAS SA
Brand name: THE CAP (Valid)
Type: JOINT
Date: 18/04/2008
Brand name: YOUPAK (Valid)
Type: DENOMINATIVE
Date: 28/12/2007
LEGAL
STRUCTURE
Constitution Data
Register Date: 27/02/1992
Register town: Madrid
Announcement number: 118862
Legal form: JOINT STOCK COMPANY
Current Legal Form: JOINT STOCK COMPANY
Current Capital: 9.900.000,00
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. |
|
Appointments |
21/02/2008 |
95251 |
Barcelona |
|
Change of statutes |
08/02/2008 |
67310 |
Barcelona |
|
Appointments |
28/01/2008 |
41354 |
Barcelona |
Other Proceedings published
|
PROCEEDINGS |
DATE |
NOTICE NUM. |
TRADE REG. |
|
Registration of
accounts (2007) Individual |
15/07/2008 |
205422 |
Barcelona |
|
Registration of
accounts (2006) Individual |
23/05/2007 |
181118 |
Barcelona |
Press
articles 
30/03/2003 VANGUARDIA (BRANCHES
INFORMATION)
ESTA SDAD. DEL SECTOR DE LA MAQUINARIA PARA EL
ENVASE Y EL EMBALAJE, INAUGURO EL 29/03/03 SU NUEVA PLANTA SITUADA EN EL
POLIGONO DE CAN VINYALETS. LA INVERSION EN ESTA NUEVA PLANTA, QUE CUENTA CON
UNA SUPERFICIE DE 12.000 METROS CUADRADOS EDIFICADOS, SE HA ELEVADO A 12 MM. DE
EUROS.
10/01/2003 CINCO DIAS (APPOINTMENTS
AND RESIGNATIONS)
JORDI MONLLONCH EZQUERRA HA SIDO NOMBRADO
DIRECTOR DE LA DIVISION DE PRODUCTOS ENFLEX DE LA CIA. VOLPAK.
Complementary
Information
Segun BORME (SECCION
SEGUNDA) de fecha 9/10/98, la sociedad ha
absorbido a VOLPAK SA nif A08615403, BALAGUER MAQUINARIA DE ENVASES Y
EMBALAJE SL nif B58427881 y AUTOMATISMOS Y TECNOLOGIA SA nif A58041062
modificando su razon social 15/1/1999 por el de VOLPAK SA.
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 25/05/2007.
BALANCE SHEET
Assets
Figures given in
|
|
30/11/2004 (12) |
30/11/2005 (12) |
30/11/2006 (12) |
|
A) DUE FROM SHAREHOLDERS
FOR UNCALLED CAPITAL |
|
|
|
|
B) FIXED ASSETS |
24.721.319,00 |
23.435.102,00 |
22.005.475,00 |
|
I. Incorporation costs |
|
6.266,00 |
102.082,00 |
|
II. Intangible fixed
assets |
19.244.512,00 |
17.831.155,00 |
16.612.021,00 |
|
R & D expenses |
317.112,00 |
317.112,00 |
317.112,00 |
|
Concessions, patents, licences , trademarks |
32.770,00 |
32.770,00 |
32.770,00 |
|
Goodwill |
19.536.710,00 |
19.536.710,00 |
19.536.710,00 |
|
Acquired rights from finance leases |
|
|
|
|
Software |
1.697.861,00 |
1.723.319,00 |
1.930.773,00 |
|
Leasing |
12.231.570,00 |
12.231.570,00 |
12.231.570,00 |
|
Cash advance |
|
|
|
|
Provisions |
|
|
|
|
Depreciation |
-14.571.511,00 |
-16.010.326,00 |
-17.436.914,00 |
|
III. Tangible fixed
assets |
1.799.439,00 |
1.326.748,00 |
1.202.129,00 |
|
Property, plant and equipment |
893.625,00 |
893.625,00 |
893.625,00 |
|
Machinery, equipment and other |
415.986,00 |
400.822,00 |
415.567,00 |
|
Other property plant and equipment |
470.842,00 |
489.613,00 |
503.970,00 |
|
Prepaid expenses on fixed assets |
|
|
|
|
Other assets |
1.700.643,00 |
1.407.043,00 |
1.236.746,00 |
|
Provisions |
|
|
|
|
Depreciation |
-1.681.657,00 |
-1.864.355,00 |
-1.847.779,00 |
|
IV. Financial fixed
assets |
3.677.368,00 |
4.270.933,00 |
4.089.243,00 |
|
Shares in affiliated companies |
|
|
255.000,00 |
|
Receivables in affiliated companies |
|
|
|
|
Shares in associated companies |
|
|
|
|
Loans to associated companies |
|
|
|
|
Securities |
68.515,00 |
|
|
|
Other loans |
|
|
|
|
Long term deposits and guarantees |
28.535,00 |
28.846,00 |
18.623,00 |
|
Provisions |
-68.515,00 |
|
|
|
Taxes receivable |
3.648.833,00 |
4.242.087,00 |
3.815.620,00 |
|
V.Owners equity |
|
|
|
|
VI.Long term trade
liabilities |
|
|
|
|
C) DEFERRED EXPENSES |
1.694.716,00 |
1.079.452,00 |
959.488,00 |
|
D) CURRENT ASSETS |
21.388.226,00 |
23.884.193,00 |
21.402.240,00 |
|
I. Shareholders by
required outlays |
|
|
|
|
II. Stocks |
12.194.883,00 |
12.016.973,00 |
11.704.513,00 |
|
Goods available for sale |
|
|
40.012,00 |
|
Raw material inventory |
7.542.915,00 |
7.451.643,00 |
8.502.368,00 |
|
Work in Progress |
3.819.621,00 |
5.994.624,00 |
3.890.216,00 |
|
Finished goods |
5.328.706,00 |
4.370.716,00 |
5.434.530,00 |
|
Subproducts and recycled materials |
|
|
|
|
Cash advance |
204.606,00 |
122.533,00 |
197.698,00 |
|
Provisions |
-4.700.965,00 |
-5.922.543,00 |
-6.360.311,00 |
|
III. Debtors |
7.007.029,00 |
4.564.170,00 |
5.456.021,00 |
|
Clients |
7.143.887,00 |
5.151.654,00 |
6.141.851,00 |
|
Amounts owned by affiliated companies |
570.950,00 |
730.377,00 |
261.252,00 |
|
Amounts owned by associated companies |
|
|
|
|
Other debts |
47.555,00 |
35.860,00 |
18.006,00 |
|
Staff Expenses |
5.103,00 |
|
18.728,00 |
|
Government |
452.385,00 |
429.732,00 |
252.543,00 |
|
Provisions |
-1.212.851,00 |
-1.783.453,00 |
-1.236.359,00 |
|
IV. Temporary financial
investment |
483,00 |
3.920.519,00 |
2.315.308,00 |
|
Shares in affiliated companies |
|
|
|
|
Receivables in affiliated companies |
|
|
|
|
Shares in associated companies |
|
|
|
|
Loans to associated companies |
|
|
|
|
Short term investment |
|
|
596,00 |
|
Other loans |
483,00 |
3.920.519,00 |
2.314.712,00 |
|
Short Term Deposit and guarantees |
|
|
|
|
Provisions |
|
|
|
|
V. Short-term own shares |
|
|
|
|
VI. Treasury |
2.169.169,00 |
3.316.560,00 |
1.907.898,00 |
|
VII. Periodification
adjustments |
16.662,00 |
65.971,00 |
18.500,00 |
|
ASSETS (A + B + C + D) |
47.804.261,00 |
48.398.747,00 |
44.367.203,00 |
Assets composition
Liabilities
Figures given in
|
|
30/11/2004 (12) |
30/11/2005 (12) |
30/11/2006 (12) |
|
A) SHAREHOLDERS EQUITY |
13.891.409,00 |
13.626.602,00 |
13.029.227,00 |
|
I. Share capital |
9.200.000,00 |
9.900.000,00 |
9.900.000,00 |
|
II. Issue bonus |
|
|
|
|
III.Revaluation reserve |
|
|
|
|
IV.Reserves |
9.706.543,00 |
10.892.720,00 |
10.892.720,00 |
|
Retained earnings |
842.834,00 |
961.452,00 |
961.452,00 |
|
Sinking fund from owner equity |
|
|
|
|
Reserve for the parent company capital |
|
|
|
|
Statutory reserve |
|
|
|
|
Other funds |
8.863.709,00 |
9.931.268,00 |
9.931.268,00 |
|
Capital adjustments in Euros |
|
|
|
|
V.Results from previous
years |
-6.201.311,00 |
-6.201.311,00 |
-7.166.118,00 |
|
Carry Over |
|
|
|
|
Prior years losses |
-6.201.311,00 |
-6.201.311,00 |
-7.166.118,00 |
|
Loans from partners for losses compensation |
|
|
|
|
VI.Profit and Losses |
1.186.177,00 |
-964.807,00 |
-597.375,00 |
|
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 |
547.023,00 |
439.955,00 |
51.515,00 |
|
Provision for pensions plans |
|
|
|
|
Provision for taxes |
|
|
|
|
Other provisions |
547.023,00 |
439.955,00 |
51.515,00 |
|
Reversion fund |
|
|
|
|
D) LONG TERM LIABILITIES |
18.945.978,00 |
15.502.958,00 |
14.715.149,00 |
|
I.Negotiable bonds and other negotiable values |
|
|
|
|
Non convertible securities |
|
|
|
|
Convertible securities |
|
|
|
|
Other convertible debentures |
|
|
|
|
II.Debt with bank entities |
10.945.978,00 |
9.502.958,00 |
8.715.149,00 |
|
Long term bank loans |
493.334,00 |
666.910,00 |
1.148.840,00 |
|
Leasing |
10.452.644,00 |
8.836.048,00 |
7.566.309,00 |
|
III.Debts with associated and affiliated companies |
8.000.000,00 |
6.000.000,00 |
6.000.000,00 |
|
With affiliated companies |
8.000.000,00 |
6.000.000,00 |
6.000.000,00 |
|
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 |
14.419.851,00 |
18.829.232,00 |
16.571.312,00 |
|
I.Negotiable bonds and other negotiable values |
|
|
|
|
Non convertible securities |
|
|
|
|
Convertible securities |
|
|
|
|
Other convertible debentures |
|
|
|
|
Interests from bonds |
|
|
|
|
II.Debt with bank entities |
1.927.621,00 |
2.457.121,00 |
2.707.101,00 |
|
Loans and other debts |
507.632,00 |
1.088.239,00 |
1.288.990,00 |
|
Debt interest |
|
|
3.316,00 |
|
Leasing |
1.419.989,00 |
1.368.882,00 |
1.414.795,00 |
|
III. Short term debts with associated and affiliated companies |
680.966,00 |
2.359.261,00 |
430.564,00 |
|
With affiliated companies |
680.966,00 |
2.359.261,00 |
430.564,00 |
|
Associated companies |
|
|
|
|
IV. Commercial creditors |
9.072.136,00 |
11.396.556,00 |
10.946.315,00 |
|
Accounts payable |
2.773.709,00 |
4.840.739,00 |
3.014.564,00 |
|
Expenses |
6.181.647,00 |
6.408.116,00 |
7.745.239,00 |
|
Bills payable |
116.780,00 |
147.701,00 |
186.512,00 |
|
V. Other non-commercial
debt |
1.618.700,00 |
1.663.755,00 |
1.706.062,00 |
|
Government |
426.305,00 |
545.256,00 |
603.912,00 |
|
Bills payable |
|
|
|
|
Other debts |
7.241,00 |
|
642,00 |
|
Accounts receivable |
1.185.154,00 |
1.118.499,00 |
1.101.508,00 |
|
Short term deposits and guarantees |
|
|
|
|
VI. Provisions for
current assets |
1.107.626,00 |
939.737,00 |
772.825,00 |
|
VII. Periodification
adjustments |
12.802,00 |
12.802,00 |
8.445,00 |
|
F) SHORT TERM PROVISIONS
FOR LIABILITIES AND EXPENSES |
|
|
|
|
LIABILITIES (A + B + C +
D + E + F) |
47.804.261,00 |
48.398.747,00 |
44.367.203,00 |
Liabilities Composition
PROFIT
AND LOSS ACCOUNT
Itams of the Profit and Loss Account
Figures given in
|
|
30/11/2004 (12) |
30/11/2005 (12) |
30/11/2006 (12) |
|
A) EXPENSES (A.1 a A.16) |
33.352.278,00 |
37.691.123,00 |
41.082.632,00 |
|
A.1.Reduction in stocks
of finished goods and work in progress |
|
|
1.040.594,00 |
|
A.2.Supplies |
12.109.959,00 |
13.363.964,00 |
15.187.859,00 |
|
Material consumed |
|
|
|
|
Raw materials consumed |
11.795.906,00 |
13.149.610,00 |
14.968.566,00 |
|
Other expenses |
314.053,00 |
214.354,00 |
219.293,00 |
|
A.3. Labour cost |
11.372.838,00 |
11.437.465,00 |
12.216.380,00 |
|
Wages |
9.044.152,00 |
9.088.227,00 |
9.661.981,00 |
|
Social security expenses |
2.328.686,00 |
2.349.238,00 |
2.554.399,00 |
|
A.4. Assets depreciation |
1.746.826,00 |
1.774.909,00 |
1.649.632,00 |
|
A.5.Variance in the
traffic provisions |
2.802.331,00 |
1.617.628,00 |
326.775,00 |
|
Variance in provision for inventory |
1.597.631,00 |
1.221.578,00 |
437.768,00 |
|
Variance in provision for bad debts |
469.224,00 |
603.646,00 |
55.919,00 |
|
Variance in provision for other current assets |
735.476,00 |
-207.596,00 |
-166.912,00 |
|
A.6. Other operating
costs |
7.442.330,00 |
8.824.621,00 |
9.444.379,00 |
|
External costs |
7.414.984,00 |
8.790.221,00 |
9.402.540,00 |
|
Taxes |
27.346,00 |
34.400,00 |
41.839,00 |
|
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) |
|
|
317.080,00 |
|
A.7.Financial expenses and similar |
640.505,00 |
539.556,00 |
551.702,00 |
|
Debts with related companies |
182.692,00 |
185.433,00 |
183.112,00 |
|
Debts with associated companies |
|
|
|
|
Other companies debts By debts with third parties and similar expenses |
457.813,00 |
354.123,00 |
368.590,00 |
|
Losses from financial investments |
|
|
|
|
A.8. Variation in financial investment provision |
|
|
|
|
A.9.Negative exchange difference |
33.008,00 |
75.227,00 |
17.862,00 |
|
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) |
|
|
|
|
A.10. Variation in provision in fixed assets |
|
|
|
|
A.11. Losses in fixed assets |
|
92.471,00 |
20.361,00 |
|
A.12. Losses from own shares and bonds |
|
|
|
|
A.13. Extraordinary charges |
52.378,00 |
420.861,00 |
18.560,00 |
|
A.14.Other exercises expenses and losses |
751,00 |
62.627,00 |
|
|
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) |
100.931,00 |
|
85.894,00 |
|
A.V.PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV) |
|
|
11.153,00 |
|
A.15.Corporate Taxes |
-2.848.648,00 |
-518.206,00 |
608.528,00 |
|
A.16. Other taxes |
|
|
|
|
A.VI.EXERCISE RESULT (PROFIT) (A.V-A.14-A.15) |
1.186.177,00 |
|
|
|
B) INCOMES (B.1 a B13) |
34.538.455,00 |
36.726.316,00 |
40.485.257,00 |
|
B.1. Turnover |
32.491.973,00 |
34.591.082,00 |
39.670.406,00 |
|
Sales |
30.722.961,00 |
32.696.734,00 |
37.698.012,00 |
|
Services provided |
1.769.012,00 |
1.894.348,00 |
1.972.394,00 |
|
Refunds and sale reminders |
|
|
|
|
B.2.Increase in inventory of finished goods and works in progress |
1.149.602,00 |
1.217.013,00 |
|
|
B.3.Expenses capitalized |
|
|
|
|
B.4. Other operating income |
667.502,00 |
651.775,00 |
512.293,00 |
|
Other incomes |
653.979,00 |
631.389,00 |
511.519,00 |
|
Grants |
13.523,00 |
20.386,00 |
774,00 |
|
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) |
1.165.207,00 |
558.717,00 |
|
|
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 |
|
75.379,00 |
96.190,00 |
|
From affiliated companies |
|
|
|
|
From associated companies |
|
|
|
|
Other companies |
|
75.379,00 |
96.190,00 |
|
B.7.Other interests and similar |
67.132,00 |
36.474,00 |
16.295,00 |
|
From affiliated companies |
|
|
|
|
From associated companies |
|
|
|
|
Other Interests |
67.132,00 |
36.474,00 |
16.295,00 |
|
Profits from investments |
|
|
|
|
B.8. Positive change difference |
8.186,00 |
92.133,00 |
65.258,00 |
|
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
598.195,00 |
410.797,00 |
391.821,00 |
|
B.III.LOSSES FROM ORDINARY ACTIVITIES (B.I+B.II-A.I-A.II) |
1.763.402,00 |
969.514,00 |
74.741,00 |
|
B.9.B.9. Gains from disposal of fixed assets |
34,00 |
3.000,00 |
300,00 |
|
B.10.Gains from dealing
in own shares |
|
|
|
|
B.11. Paid in surplus |
|
|
|
|
B.12. Extraordinary income |
115.652,00 |
18.035,00 |
993,00 |
|
B.13.Other years income and profits |
38.374,00 |
41.425,00 |
123.522,00 |
|
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) |
|
513.499,00 |
|
|
B.V.LOSS BEFORE TAXES (B.III+B.IV-A.III-A.IV) |
1.662.471,00 |
1.483.013,00 |
|
|
B.VI.EXERCISE RESULTS
(LOSS) (B.V+A.14+A.15) |
|
964.807,00 |
597.375,00 |
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
|
|
30/11/2004 (12) |
% |
30/11/2005 (12) |
% |
30/11/2006 (12) |
% |
|
A) DUE FROM SHAREHOLDERS FOR UNCALLED CAPITAL |
|
|
|
|
|
|
|
B) FIXED ASSETS |
24.721.319,00 |
51,71 |
23.435.102,00 |
48,42 |
22.005.475,00 |
49,60 |
|
C) DEFERRED EXPENSES |
1.694.716,00 |
3,55 |
1.079.452,00 |
2,23 |
959.488,00 |
2,16 |
|
D) CURRENT ASSETS |
21.388.226,00 |
44,74 |
23.884.193,00 |
49,35 |
21.402.240,00 |
48,24 |
|
ASSETS (A + B + C + D) |
47.804.261,00 |
|
48.398.747,00 |
|
44.367.203,00 |
|
|
|
||||||
|
A) SHAREHOLDERS EQUITY |
13.891.409,00 |
29,06 |
13.626.602,00 |
28,15 |
13.029.227,00 |
29,37 |
|
B) DEFERRED INCOME |
|
|
|
|
|
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
547.023,00 |
1,14 |
439.955,00 |
0,91 |
51.515,00 |
0,12 |
|
D) LONG TERM LIABILITIES |
18.945.978,00 |
39,63 |
15.502.958,00 |
32,03 |
14.715.149,00 |
33,17 |
|
E) SHORT TERM LIABILITIES |
14.419.851,00 |
30,16 |
18.829.232,00 |
38,90 |
16.571.312,00 |
37,35 |
|
F) SHORT TERM PROVISIONS FOR LIABILITIES AND EXPENSES |
|
|
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
47.804.261,00 |
|
48.398.747,00 |
|
44.367.203,00 |
|
Financial Balance Composition
Comments on Financial Balance
In the 2004, the assets of the company were
formed in 55,26% of Fixed Assets and in 44,74% of Current Assets.This assets
were financed in 29,06% with own capitals, and in 40,78% with long term debt
and in 30,16% with current liabilities.
The result of this financial structure is a
positive turnover fund of 6.968.375,00 Euros, which is equivalent to
14,58% proportion of the companys total assets.
In the 2005, the assets of the company were
formed in 50,65% of Fixed Assets and in 49,35% of Current Assets.This assets were
financed in 28,15% with own capitals, and in 32,94% with long term debt and in
38,90% with current liabilities.
The result of this financial structure is a
positive turnover fund of 5.054.961,00 Euros, which is equivalent to
10,44% proportion of the companys total assets.
This measure has diminished with respect to the
previous exercise in 27,46% having also diminished its proportion with respect
to the total assets of the company.
In the 2006, the assets of the company were
formed in 51,76% of Fixed Assets and in 48,24% of Current Assets.This assets
were financed in 29,37% with own capitals, and in 33,28% with long term debt
and in 37,35% with current liabilities.
The result of this financial structure is a
positive turnover fund of 4.830.928,00 Euros, which is equivalent to
10,89% proportion of the companys total assets.
This measure has diminished with respect to the
previous exercise in 4,43% having, however, increased its proportion with
respect to the total assets of the company.
RATIOS
Main Ratios
|
|
30/11/2004 (12) |
30/11/2005 (12) |
30/11/2006 (12) |
|
STRUCTURAL RATIOS |
|
|
|
|
Management fund |
6.968.375,00 |
5.054.961,00 |
4.830.928,00 |
|
Management Fund Requirement |
6.726.344,00 |
275.003,00 |
3.314.823,00 |
|
Indebtedness (%) |
70,94 |
71,84 |
70,63 |
|
External Funds on Net Worth |
2,44 |
2,55 |
2,40 |
|
GENERAL ACTIVITY RATIO |
|
|
|
|
Turnover Increase (%) |
-11,61 |
6,46 |
14,68 |
|
Added value growth (%) |
27,14 |
-3,29 |
1,67 |
|
Cash Flow |
5.735.334,00 |
2.427.730,00 |
1.379.032,00 |
|
Labour Productivity |
1,30 |
1,25 |
1,19 |
|
Assets turnover |
0,68 |
0,72 |
0,89 |
|
Breakdown Point |
34.899.978,94 |
36.095.422,96 |
39.650.804,56 |
|
Security Margin of the Breakdown Point (%) |
-5,25 |
-2,42 |
1,32 |
|
ACTIVITY RATIOS |
|
|
|
|
Average Payment Period |
298 |
338 |
243 |
|
Average Collection Period |
78 |
48 |
50 |
|
Inventory Turnover Period |
135 |
125 |
106 |
|
SOLVENCY RATIOS |
|
|
|
|
Payback Capacity |
0,17 |
0,07 |
0,04 |
|
Assets Guarantee |
1,36 |
1,36 |
1,38 |
|
Short Term Debts Proportion (%) |
42,52 |
54,15 |
52,88 |
|
Interest Coverage |
6,80 |
1,75 |
1,95 |
|
LIQUIDITY RATIOS |
|
|
|
|
Current Ratio |
1,48 |
1,27 |
1,29 |
|
Immediate liquidity |
0,15 |
0,38 |
0,26 |
|
Treasury |
242.031,00 |
4.779.958,00 |
1.516.105,00 |
|
Sales on Current Assets |
547 |
521 |
667 |
Results Analysis Ratios
|
|
30/11/2004 (12) |
30/11/2005 (12) |
30/11/2006 (12) |
|
Economic profitability (%) |
-2,44 |
-1,15 |
0,72 |
|
Operating Profitability (%) |
-3,59 |
-1,62 |
0,80 |
|
Equity gearing |
5,21 |
6,16 |
-0,80 |
|
Financial profitability (%) |
8,54 |
-7,08 |
-4,58 |
|
General Profitability (%) |
3,65 |
-2,79 |
-1,51 |
Comments on the Results Analysis Ratios
The economic profitability in the year2005The
economic profitability in the year -1,15%, derived from a negative operating
profitability of -1,62%.The assets turnover was 0,72%.
The economic profitability in the year has
improved from -2,44% up to the current value, in spite of remaining in
negative. This improvement has been mainly due to the variation in operating
profitability, from -3,59% to the current level of -1,62% having also increased
assets turnover to0,68 and 0,72%.
Financial profitability on 2005The economic
profitability in the year -7,08
The companys financial structure has restrained
its financial profitability with an indebtedness level of 6,16.
The general profitability on 2005The economic
profitability in the year -2,79
The economic profitability in the year2006
achieved a 0,72% positive level, due to a 0,80% economic margin and to an
assets turnover of0,89%.
The economic profitability in the year has
passed from a negative level of -1,15% to its positive current value. This
evolution is due to the obtaining of positive operating profitability of 0,80%
in comparison with the previous negative level of -1,62%. Assets turnover has
maintained stable in this period, with an index of 0,89%.
Financial profitability on 2006The economic
profitability in the year -4,58
The companys financial structure has endangered
its profitability with an indebtedness level -0,80.
The general profitability on 2006The economic
profitability in the year -1,51
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 |
|
0,00 |
|
|
|
|
|
|
|
|
B) FIXED ASSETS |
49,60 |
30,02 |
19,58 |
65,23 |
|
|
|
|
|
|
C) DEFERRED EXPENSES |
2,16 |
0,07 |
2,09 |
2.985,71 |
|
|
|
|
|
|
D) CURRENT ASSETS |
48,24 |
69,91 |
-21,67 |
-31,00 |
|
|
|
|
|
|
ASSETS (A + B + C + D) |
100 |
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
A) SHAREHOLDERS EQUITY |
29,37 |
38,00 |
-8,63 |
-22,71 |
|
|
|
|
|
|
B) DEFERRED INCOME |
|
0,72 |
|
|
|
|
|
|
|
|
C) PROVISIONS FOR LIABILITIES AND EXPENSES |
0,12 |
0,74 |
-0,62 |
-83,67 |
|
|
|
|
|
|
D) LONG TERM LIABILITIES |
33,17 |
7,31 |
25,86 |
353,95 |
|
|
|
|
|
|
E) SHORT TERM LIABILITIES |
37,35 |
53,23 |
-15,88 |
-29,84 |
|
|
|
|
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES AND EXPENSES |
|
0,00 |
|
|
|
|
|
|
|
|
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 51,76% of fixed assets and in 48,24Current Assets % In the sector,
the proportion of fixed assets was of 30,09%, 72,02% inferior, and the
proportion of current assets was of 69,91%, 31,00% superior.
The assets were financed in the company in
29,37% with own capitals , in 33,28% with fixed liabilities and in 37,35% with
current liabilities In the sector, the self financing represented 38,72%,
24,15% superior. On the other hand the long term debts represented in the
sector an average of 8,04% financing, with a relative difference of 313,83% in
favour of the companyAnd, short term liabilities represented in the sector an
average of 53,24% financing, with a relative difference of 29,84% favourable to
the sector
The result of this companys financial structure
is a turnover fund that represents 10,89% of the total assets; in the sector,
this same proportion is 16,68%, therefore, we can say that the companys
turnover fund is 34,69% smaller than the sector one.
Analytical Account of Results
Figures given in %
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
Turnover |
98,73 |
97,83 |
0,90 |
0,92 |
|
Other operating income |
1,27 |
2,17 |
-0,90 |
-41,42 |
|
Production Value |
100,00 |
100,00 |
0,00 |
0,00 |
|
Operating expenses |
40,39 |
54,98 |
-14,59 |
-26,54 |
|
Other operation expenses |
23,50 |
12,60 |
10,90 |
86,57 |
|
Added value |
36,11 |
32,42 |
3,69 |
11,37 |
|
Labour cost |
30,40 |
20,18 |
10,22 |
50,64 |
|
Gross Economic Result |
5,71 |
12,24 |
-6,53 |
-53,36 |
|
Assets depreciation |
4,11 |
2,40 |
1,71 |
71,54 |
|
Variation in provision for current assets and
bad debt losses |
0,81 |
0,39 |
0,42 |
107,16 |
|
Net Economic Result |
0,79 |
9,46 |
-8,67 |
-91,65 |
|
Financial income |
0,44 |
0,99 |
-0,55 |
-55,51 |
|
Financial Charges |
1,42 |
0,84 |
0,58 |
69,86 |
|
Variation in financial investment provision |
|
0,00 |
|
|
|
Ordinary Activities Result |
-0,19 |
9,61 |
-9,80 |
-101,98 |
|
Extraordinary income |
0,31 |
1,22 |
-0,90 |
-74,49 |
|
Extraordinary charges |
0,10 |
1,01 |
-0,91 |
-90,13 |
|
Variation in provision in fixed assets |
|
0,07 |
|
|
|
Results before Taxes |
0,03 |
9,75 |
-9,72 |
-99,69 |
|
Corporate taxes |
1,51 |
2,33 |
-0,82 |
-35,22 |
|
Net Result |
-1,49 |
7,42 |
-8,91 |
-120,09 |
|
Assets depreciation |
4,11 |
2,40 |
1,71 |
71,54 |
|
Change of Provisions |
0,81 |
0,46 |
0,36 |
78,02 |
|
Net Self-Financing |
3,43 |
10,27 |
-6,84 |
-66,59 |
Main Ratios
|
|
COMPANY (2006) |
PTILE25 |
PTILE50 |
PTILE75 |
|
STRUCTURAL RATIOS |
|
|
|
|
|
Management fund |
4.830.928,00 |
7.466,61 |
12.147,76 |
20.593,00 |
|
Management Fund Requirement |
3.314.823,00 |
-8.845,55 |
2.361,83 |
10.033,00 |
|
Indebtedness (%) |
70,63 |
46,34 |
58,44 |
66,78 |
|
External Funds on Net Worth |
2,40 |
0,86 |
1,41 |
2,01 |
|
GENERAL ACTIVITY RATIO |
|
|
|
|
|
Turnover Increase (%) |
14,68 |
1,89 |
7,22 |
16,32 |
|
Added value growth (%) |
1,67 |
-3,71 |
6,86 |
13,43 |
|
Cash Flow |
1.379.032,00 |
3.747,90 |
5.320,72 |
9.900,10 |
|
Labour Productivity |
1,19 |
1,40 |
1,84 |
1,91 |
|
Assets turnover |
0,89 |
0,88 |
1,03 |
1,33 |
|
Breakdown Point |
39.650.804,56 |
40.326.991,55 |
55.720.589,25 |
85.900.996,76 |
|
Security Margin of the Breakdown Point (%) |
1,32 |
13,02 |
18,89 |
26,90 |
|
ACTIVITY RATIOS |
|
|
|
|
|
Average Payment Period |
243 |
79 |
119 |
200 |
|
Average Collection Period |
50 |
100 |
142 |
166 |
|
Inventory Turnover Period |
106 |
29 |
40 |
78 |
|
SOLVENCY RATIOS |
|
|
|
|
|
Payback Capacity |
0,04 |
0,08 |
0,19 |
0,26 |
|
Assets Guarantee |
1,38 |
1,49 |
1,71 |
2,13 |
|
Short Term Debts Proportion (%) |
52,88 |
81,65 |
93,97 |
99,30 |
|
Interest Coverage |
1,95 |
7,20 |
18,65 |
48,67 |
|
LIQUIDITY RATIOS |
|
|
|
|
|
Current Ratio |
1,29 |
1,28 |
1,46 |
1,68 |
|
Immediate liquidity |
0,26 |
0,05 |
0,17 |
0,29 |
|
Treasury |
1.516.105,00 |
-3.357,21 |
1.897,80 |
8.188,73 |
|
Sales on Current Assets |
667 |
438 |
611 |
694 |
Results Analysis Ratios
|
|
COMPANY (2006) |
PTILE25 |
PTILE50 |
PTILE75 |
|
Economic profitability (%) |
0,72 |
4,88 |
7,78 |
12,38 |
|
Operating Profitability (%) |
0,80 |
4,95 |
7,58 |
9,27 |
|
Equity gearing |
-0,80 |
1,77 |
2,22 |
2,98 |
|
Financial profitability (%) |
-4,58 |
9,15 |
12,43 |
18,79 |
|
General Profitability (%) |
-1,51 |
2,96 |
5,35 |
8,04 |
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%)