MIRA
INFORM REPORT
|
Report Date : |
22.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DERPROSA FILM SOCIEDAD LIMITADA. |
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Registered Office : |
Avenida Iberoamerica (Carretera Montefrio), 56 23680
Alcala La Real Jaén |
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Country : |
Spain |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
699.998,80 € |
|
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
FINANCIAL REPORT
DERPROSA FILM SOCIEDAD LIMITADA.
TAX NUMBER: B82568213
EXECUTIVE SUMMARY
Identification
Current Business Name: DERPROSA FILM SOCIEDAD LIMITADA.
Other names: YES
Current Address: AVENIDA IBEROAMERICA
(CARRETERA MONTEFRIO), 56, CP 23680, ALCALA LA
REAL JAÉN
Branches: 1
Telephone number: 953598169
Fax: 915153209
URL: www.derprosa.es Corporate e-mail: comercial@condepols.es
Commercial Risk
Credit Appraisal: 699.998,80 €
RAI: NO
Legal
Actions: NO
Financial Information
Latest Balance sheet sales (2006): 43.890.821,47 € (MERCANTILE REGISTER)
Result: 241.963,73 €
Total Assets: 58.480.919,05 €
Social Capital: 2.257.024,00 €
Employees: 80
Commercial Information
Constitution Date: 10/02/2000
Business activity: Rubber
industry: transformation of rubber and plastics
NACE Code: 2500
International Operations: Imports and
Exports
Corporate Structure
Sole Administrator:
DERPROCON XXI
SOCIEDAD LIMITADA
Parent Company:
DERPROCON XXI
SOCIEDAD LIMITADA.
Participations: 1
Other Complementary Information
Latest proceeding published in BORME: 14/09/2007 Registration
of accounts
Latest press article: 18/10/2007 EXPANSION
ANDALUCIA (BRANCHES INFORMATION)
Bank Entities: Yes
Credit Appraisal
Maximum Credit
Favourable to 699.998,80 €
Rating Evolution
Financial Situation
Fiscal year2006
|
Treasury |
Good |
|
Indebtedness |
Average |
|
Profitability |
Null |
|
Balance |
Average |
Performance
|
Legal Actions |
None or Negligible |
|
Business
Trajectory |
Excellent |
RAI 
COMPANY NOT REGISTERED IN THE R.A.I.
This company is not registered in the Disputed Bills register (R.A.I.)
DATE AND TIME OF THE CONSULTATION: 14/08/2008
10:08:39
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 €
|
|
2004 (12) |
2005 (12) |
2006 (12) |
% ASSETS |
|
|
|
|
|
|
BALANCE SHEET
ANALYSIS |
|
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|
|
|
|
|
|
|
|
OWN FUNDS |
12.761.833,18 |
13.623.619,63 |
13.531.646,45 |
23,14 |
|
|
|
|
|
|
DEBT |
48.116.128,54 |
46.229.376,35 |
44.949.272,60 |
76,86 |
|
|
|
|
|
|
FIXED ASSETS |
42.071.894,89 |
39.798.345,79 |
38.637.060,87 |
66,07 |
|
|
|
|
|
|
TOTAL ASSETS |
60.877.961,72 |
59.852.995,98 |
58.480.919,05 |
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|
|
|
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|
|
|
|
|
|
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|
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|
|
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2004 (12) |
2005 (12) |
2006 (12) |
% SALES |
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PROFIT AND LOSS
ACCOUNT ANALYSIS |
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SALES |
39.847.844,86 |
43.182.400,83 |
43.890.821,47 |
|
|
|
|
|
|
|
ADDED VALUE |
6.792.479,53 |
8.302.449,62 |
6.505.829,32 |
14,82 |
|
|
|
|
|
|
EBITDA |
4.722.659,47 |
6.175.518,29 |
4.447.484,23 |
10,13 |
|
|
|
|
|
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EBIT |
1.627.308,04 |
3.101.355,51 |
1.600.758,96 |
3,65 |
|
|
|
|
|
|
NET RESULT |
223.099,84 |
1.189.778,33 |
241.963,73 |
0,55 |
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Balance Sheets Items
Analysis
Balance Sheet Comments
Total assets of
the company decreased in 1,68% between 2004 and 2005.
This decrease has
been greater in the fixed assets that reduced in -5,40%.
Assets reduction
contrasts with net worth growth of 6,75%. Therefore, the company’s indebtedness
has reduced in 3,92%.
Total assets of
the company decreased in 2,29% between 2005 and 2006.
This decrease has
been greater in the fixed assets that reduced in -2,92%.
Assets reduction is partly explained by the
net worth decrease of0,68% nevertheless, the decrease of 2,77% in the
indebtedness explains mainly this reduction.
Profit and Loss Account Analysis
Profit and Loss Account Comments
The company’s sales figure grew 8,37% between 2004 and 2005.
The company’s EBIT grew 90,58% between 2004 and 2005.
This evolution implies an increase in the company’s operating
profitability.
The result of these variations is an increase of the company’s Economic
Profitability of 93,84% in the analysed period, being this profitability of
5,18% in the year 2005.
The company’s Net Result grew 433,29% between 2004 and 2005.
This evolution, compared to the EBIT’s performance, implies that the
financial and extraordinary activities have had a positive effect in the
company’s Financial Profitability.
The result of these variations is an increase of the company’s Economic
Profitability of 399,55% in the analysed period, being equal to 8,73% in the
year 2005.
The company’s sales figure grew 1,64% between 2005 and 2006.
The company’s EBIT decreased in 48,39% between 2005 and 2006.
This evolution implies a reduction in the company’s operating
profitability.
The result of these variations is a decrease of the company’s Economic
Profitability of 47,17% in the analysed period, being this profitability of 2,74%
in the year 2006.
The company’s Net Result decreased in 79,66% between 2005 and 2006.
This evolution, compared to the EBIT’s performance, implies that the
financial and extraordinary activities have had a negative effect in the
company’s Financial Profitability.
The result of these variations is a reduction of the company’s
profitability of 79,53% in the analysed period, being equal to 1,79% in the
year 2006.
ANNUAL FINANCIAL REPORT ADDITIONAL DATA
Source: annual financial report 2005
Results Distribution
Figures given in €
|
DISTRIBUTION
BASE |
DISTRIBUTION TO |
||
|
Profit and Loss |
1.189.778,33 |
Retained earnings |
118.977,83 |
|
Carry Over |
0,00 |
Voluntary Reserve |
1.070.800,50 |
|
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 |
1.189.778,33 |
Dividends |
0,00 |
|
|
|
Other Applications |
0,00 |
COMPARATIVE SECTOR
ANALYSIS
Values table
Figures expressed in %
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
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|
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|
BALANCE SHEET
ANALYSIS: % on the total assets |
|
|
|
|
|
|
|
|
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|
OWN FUNDS |
23,14 |
36,93 |
-13,79 |
-37,35 |
|
|
|
|
|
|
DEBT |
76,86 |
63,07 |
13,79 |
21,87 |
|
|
|
|
|
|
FIXED ASSETS |
66,07 |
40,43 |
25,64 |
63,41 |
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COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
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PROFIT AND LOSS
ACCOUNT ANALYSIS: % on the total operating income |
|
|
|
|
|
|
|
|
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SALES |
98,71 |
98,82 |
-0,11 |
-0,11 |
|
|
|
|
|
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ADDED VALUE |
14,63 |
28,40 |
-13,76 |
-48,47 |
|
|
|
|
|
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EBIT |
3,60 |
6,68 |
-3,08 |
-46,13 |
|
|
|
|
|
|
NET RESULT |
0,54 |
4,39 |
-3,85 |
-87,61 |
|
|
|
|
|
Sector Composition
Compared sector (NACE): 25
Number of companies: 53
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 25,64% , which means a relative difference of 63,41% .
In liabilities composition the company appeals on a wider scale to self
financing, being the proportion of net worth of 13,79% inferior, which means a
relative difference of 37,35% 13,79% more than the sector, which means a
difference of 21,87% .
The proportion that the sales mean to the company’s total ordinary
income is 98,71%, 0,11% lower than in the sector, which means a relative
difference of 0,11% .
The company’s EBIT was positive and was 3,60% with regard to the total
ordinary income, 3,08% less than the sector, which means a relative difference
of 46,13% .
The company’s capacity to generate operating income is equal to that of
the sector as its ratio EBIT/Sales is also equal.
The company’s net result was positive and equal to 0,54% with regard to
the total ordinary income, 3,85% less than the sector, which means a relative
difference of 87,61% .
The financial and extraordinary results and the tax impact have had a
negative impact on the Net result in the company with a worse behaviour than in
the sector; as a consequence, the company shows a worse Net Result/EBIT ratio
(REBEmpresa vs. REBSector).
ADDRESSES
Current Legal Seat Address:
AVENIDA IBEROAMERICA (CARRETERA MONTEFRIO), 56
23680 ALCALA LA REAL JAÉN
Previous Seat Address:
STREET VELAZQUEZ, 61
28001
MADRID
Characteristics
of the current address
Type of premises: office, factory, warehouse
Property: owned; with no official confirmation
Local Situation: main
Branches 
|
STREET |
POSTAL CODE |
TOWN |
PROVINCE |
|
STREET CRONOS 63 4º PLANTA |
28037 |
MADRID |
Madrid |
1 branches registered
CORPORATE STRUCTURE
ADMINISTRATIVE LINKS
Main Board members, Directors and Auditor 
|
POSITION |
SURNAMES AND
NAME |
APPOINTMENT DATE |
|
|
SOLE ADMINISTRATOR |
DERPROCON XXI SOCIEDAD LIMITADA |
26/07/2006 |
|
|
AUDITOR |
APPOINTMENT DATE |
||
|
DELOITTE SOCIEDAD LIMITADA |
28/02/2007 |
||
Functional Managers
|
POSITION |
SURNAMES AND
NAME |
|
General Manager |
TORAN ALFONSO |
|
Financial Manager |
PEDREIRA VEGA MANUEL |
|
Commercial Manager |
LOPEZ BAILLO IGNACIO |
FINANCIAL LINKS
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATA INF. |
|
|
DERPROCON XXI SOCIEDAD LIMITADA. |
B23456205 |
100,00 |
OWN SOURCES |
29/04/2008 |
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATA INF. |
|
|
DERCON CORPORATION |
ESTADOS UNIDOS |
100,00 |
TRADE REG. |
31/12/2004 |
CREDIT INFORMATION
Constitution Date: 10/02/2000
Foundation Date: 01/01/2000
Founder / Origin: LA TITULAR ES LA FUNDADORA INICIAL DEL NEGOCIO
Activity: Rubber industry: transformation of rubber and
plastics
NACE Code: 2500
NACE Activity: Manufacture of rubber and plastic products
Business: A). FABRICACION Y TRANSFORMACION DE POLIMEROS
SINTETICOS Y DE CUALQUIER FIBRA, NATURAL, ARTIFICIAL O SINTETICA PARA LA
OBTENCION DE CORDELERIA, CAPACHOS Y CAPACHERAS, PERFILES, TUBERIAS, RAFIAS DE
CUALQUIER NATURALEZA Y
Activity description: FABRICACION DE FILM DE POLIESTER METALIZADO
Employees 
Number of total employees: 80 (2008)
Number of fixed employees: 100,00%
Number of temporary employees: 0,00%
Employees evolution
COMMERCIAL OPERATIONS 
PURCHASES
Payments (estimated):
Imports from: UNION EUROPEA
SUPPLIERS
|
BUSINESS NAME |
INTERNATIONAL |
|
CONDEPOLS SA |
NO |
1 proveedores
SALES
Collection (estimated):
Exports to: UNION EUROPEA
Banks 
|
ENTITY |
BRANCH |
ADDRESS |
TOWN OR CITY |
PROVINCE |
|
DEUTSCHE BANK, S.A.E. |
|
|
ALCALA DEL REAL |
|
|
BANCO SANTANDER, S.A. |
0118 |
CL VERA CRUZ 2 APDO. 00003 |
ALCALA LA REAL |
Jaén |
|
BNP PARIBAS ESPAÑA, S.A. |
|
|
MADRID |
|
|
BANCO BILBAO VIZCAYA
ARGENTARIA, S.A. |
4000 |
ALCALA, 16 |
MADRID |
Madrid |
|
CAJA DE AHORROS
Y PENSIONES DE BARCELONA |
|
|
MADRID |
|
5 bank entities registered
Brands, Signs and Commercial
Names 
FORMER NAMES:
•
PASBOR XXI S.L.
LEGAL STRUCTURE
Constitution Data
Register Date: 10/02/2000
Register town: Madrid
Announcement number: 97325
Legal form: LIMITED LIABILITY COMPANY
Social Capital: 3.006 €
Current Legal Form: LIMITED LIABILITY COMPANY
Current Capital: 2.257.024,00 €
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. |
|
Other statutory acts |
31/08/2007 |
450237 |
Jaén |
|
Appointments |
28/02/2007 |
121475 |
Jaén |
|
Resignations |
26/07/2006 |
381113 |
Jaén |
|
Appointments |
26/07/2006 |
381113 |
Jaén |
Other Proceedings published
|
PROCEEDINGS |
DATE |
NOTICE NUM. |
TRADE REG. |
|
Registration of accounts (2006) Individual |
14/09/2007 |
518273 |
Jaén |
Press articles
18/10/2007 EXPANSION ANDALUCIA (BRANCHES INFORMATION)
AURANTIA 2003 ESTA A PUNTO DE CERRAR LA COMPRA DE LAS PLANTAS DE
FABRICACION DE ENVASES DE PLASTICO Y TEJIDOS INDUSTRIALES Y AGRICOLAS DE
CONDEPOLS Y DERPOSA EN ALCALA LA REAL (JAEN). EL IMPORTE DE LA OPERACION NO HA
TRASCENDIDO.
07/07/2007 EXPANSION ANDALUCIA (FINANCIAL INFORMATION)
DERPROSA FILM CONTINUA REFORZANDO SU PRESENCIA EN ANDALUCIA AL OBJETO DE
MANTENERSE ENTRE LOS LIDERES DE ESPAÑA EN EL SECTOR DEL PLASTICO. LA EMPRESA,
UBICADA EN ALCALA LA REAL (JAEN), VA A INVERTIR 18 MM. PARA LA PUESTA EN MARCHA
DE UNA NUEVA LINEA DE PRODUCCION DE FILMS DE ULTIMA TECNOLOGIA MONO Y
BIORIOENTADO, CON LA QUE PRETENDE CREAR 20 PUESTOS DE TRABAJO. EL PROYECTO
CUENTA CON UN INCENTIVO POR VALOR DE 1,6 MM. DERPROSA FORMA PARTE, JUNTO A
CONDEPOLS, DE GRUPO DEPROCOM, QUE CERRO EL PASADO EJERCICIO CON UNAS VENTAS DE
100 MM. Y UNA PLANTILLA DE 220 PERSONAS.
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 28/09/2007.
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 |
42.071.894,89 |
39.798.345,79 |
38.637.060,87 |
|
I. Incorporation costs |
|
|
|
|
II. Intangible fixed assets |
5.422.966,68 |
3.502.293,93 |
3.541.078,33 |
|
R & D expenses |
1.306.405,26 |
1.306.405,26 |
1.391.530,80 |
|
Concessions,
patents, licences , trademarks |
|
|
|
|
Goodwill |
3.525.170,75 |
3.525.170,75 |
3.525.170,75 |
|
Acquired rights from finance leases |
|
|
|
|
Software |
|
|
|
|
Leasing |
3.567.936,56 |
1.683.000,00 |
2.303.473,58 |
|
Cash advance |
|
|
|
|
Provisions |
|
|
|
|
Depreciation |
-2.976.545,89 |
-3.012.282,08 |
-3.679.096,80 |
|
III. Tangible fixed assets |
16.719.811,96 |
16.101.992,20 |
14.469.149,13 |
|
Property, plant and equipment |
7.413.781,06 |
7.413.781,06 |
7.413.781,06 |
|
Machinery, equipment and other |
37.847.310,19 |
39.972.283,62 |
40.467.398,92 |
|
Other property plant and equipment |
138.601,54 |
139.915,54 |
143.132,72 |
|
Prepaid expenses on fixed assets |
|
|
|
|
Other assets |
1.096.291,25 |
1.133.012,87 |
1.156.160,00 |
|
Provisions |
|
|
|
|
Depreciation |
-29.776.172,08 |
-32.557.000,89 |
-34.711.323,57 |
|
IV. Financial fixed assets |
19.929.116,25 |
20.194.059,66 |
20.626.833,41 |
|
Shares in affiliated companies |
19.609.947,14 |
19.609.947,14 |
19.609.947,14 |
|
Receivables in affiliated companies |
109.111,11 |
320.142,20 |
712.260,56 |
|
Shares in associated companies |
|
|
|
|
Loans to associated companies |
|
|
|
|
Securities |
601,01 |
601,01 |
601,01 |
|
Other loans |
|
|
|
|
Long term deposits and guarantees |
|
|
|
|
Provisions |
|
|
|
|
Taxes receivable |
209.456,99 |
263.369,31 |
304.024,70 |
|
V.Owners equity |
|
|
|
|
VI.Long term trade liabilities |
|
|
|
|
C) DEFERRED EXPENSES |
461.726,38 |
255.624,07 |
144.425,05 |
|
D) CURRENT ASSETS |
18.344.340,45 |
19.799.026,12 |
19.699.433,13 |
|
I. Shareholders by required outlays |
|
|
|
|
II. Stocks |
3.879.735,93 |
3.886.821,25 |
3.879.518,68 |
|
Goods available for sale |
|
|
|
|
Raw material inventory |
1.455.191,34 |
1.671.296,43 |
1.630.144,70 |
|
Work in Progress |
|
|
|
|
Finished goods |
2.395.911,69 |
2.222.266,70 |
2.210.003,70 |
|
Subproducts and recycled materials |
98.325,77 |
139.546,77 |
105.771,80 |
|
Cash advance |
|
|
|
|
Provisions |
-69.692,87 |
-146.288,65 |
-66.401,52 |
|
III. Debtors |
13.259.224,01 |
13.794.772,61 |
14.128.942,82 |
|
Clients |
14.683.214,41 |
14.373.752,01 |
14.238.303,00 |
|
Amounts owned by affiliated companies |
17.484,16 |
8.062,31 |
8.062,31 |
|
Amounts owned by associated companies |
|
|
|
|
Other debts |
18.671,01 |
10.404,90 |
540.342,79 |
|
Staff Expenses |
512,54 |
122,78 |
212,54 |
|
Government |
120.595,20 |
281.559,92 |
326.626,49 |
|
Provisions |
-1.581.253,31 |
-879.129,31 |
-984.604,31 |
|
IV. Temporary financial investment |
|
|
|
|
Shares in affiliated companies |
|
|
|
|
Receivables in affiliated companies |
|
|
|
|
Shares in associated companies |
|
|
|
|
Loans to associated companies |
|
|
|
|
Short term investment |
|
|
|
|
Other loans |
|
|
|
|
Short Term Deposit and guarantees |
|
|
|
|
Provisions |
|
|
|
|
V. Short-term own shares |
|
|
|
|
VI. Treasury |
1.139.172,66 |
2.064.236,31 |
1.614.004,79 |
|
VII. Periodification adjustments |
66.207,85 |
53.195,95 |
76.966,84 |
|
ASSETS (A + B + C + D) |
60.877.961,72 |
59.852.995,98 |
58.480.919,05 |
Assets composition
Liabilities
Figures given in €
|
|
31/12/2004 (12) |
31/12/2005 (12) |
31/12/2006 (12) |
|
A) SHAREHOLDERS EQUITY |
10.500.226,65 |
11.690.004,98 |
11.931.968,71 |
|
I. Share capital |
2.257.024,00 |
2.257.024,00 |
2.257.024,00 |
|
II. Issue bonus |
7.148.815,96 |
7.148.815,96 |
7.148.815,96 |
|
III.Revaluation reserve |
|
|
|
|
IV.Reserves |
871.286,85 |
1.094.386,69 |
2.284.165,02 |
|
Retained earnings |
103.433,57 |
125.743,55 |
244.721,38 |
|
Sinking fund from owner equity |
|
|
|
|
Reserve for the parent company capital |
|
|
|
|
Statutory reserve |
|
|
|
|
Other funds |
767.853,28 |
968.643,14 |
2.039.443,64 |
|
Capital adjustments in Euros |
|
|
|
|
V.Results from previous years |
|
|
|
|
Carry Over |
|
|
|
|
Prior years losses |
|
|
|
|
Loans from
partners for losses compensation |
|
|
|
|
VI.Profit and Losses |
223.099,84 |
1.189.778,33 |
241.963,73 |
|
VII.Dividend paid during the year |
|
|
|
|
VIII.Own shares for capital reduction |
|
|
|
|
B) DEFERRED INCOME |
2.261.606,53 |
1.933.614,65 |
1.599.677,74 |
|
Capital grants |
2.228.871,20 |
1.901.639,31 |
1.598.316,40 |
|
Positive change difference |
32.735,33 |
31.975,34 |
1.361,34 |
|
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 |
29.254.685,45 |
30.854.465,93 |
27.935.836,87 |
|
I.Negotiable bonds and other negotiable values |
|
|
|
|
Non convertible securities |
|
|
|
|
Convertible securities |
|
|
|
|
Other convertible debentures |
|
|
|
|
II.Debt with bank entities |
6.327.092,82 |
10.217.677,12 |
9.883.304,59 |
|
Long term bank loans |
5.883.051,19 |
10.153.846,00 |
9.393.990,44 |
|
Leasing |
444.041,63 |
63.831,12 |
489.314,15 |
|
III.Debts with associated and affiliated
companies |
22.838.370,71 |
20.631.708,59 |
18.047.452,03 |
|
With affiliated companies |
11.839.039,51 |
11.632.377,39 |
11.048.120,83 |
|
Associated companies |
10.999.331,20 |
8.999.331,20 |
6.999.331,20 |
|
IV. Other creditors |
89.221,92 |
5.080,22 |
5.080,25 |
|
Bills payable |
|
|
|
|
Other debts |
89.221,92 |
5.080,22 |
5.080,25 |
|
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 |
18.861.443,09 |
15.374.910,42 |
17.013.435,73 |
|
I.Negotiable bonds and other negotiable values |
|
|
|
|
Non convertible securities |
|
|
|
|
Convertible securities |
|
|
|
|
Other convertible debentures |
|
|
|
|
Interests from bonds |
|
|
|
|
II.Debt with bank entities |
5.699.087,80 |
2.960.601,17 |
3.086.902,81 |
|
Loans and other debts |
5.680.558,35 |
2.960.601,17 |
3.082.283,21 |
|
Debt interest |
18.529,45 |
|
4.619,60 |
|
Leasing |
|
|
|
|
III. Short term debts with associated and
affiliated companies |
1.434.633,54 |
721.949,57 |
1.131.568,35 |
|
With affiliated companies |
|
|
|
|
Associated companies |
1.434.633,54 |
721.949,57 |
1.131.568,35 |
|
IV. Commercial creditors |
11.086.858,10 |
11.020.346,46 |
12.131.079,93 |
|
Accounts payable |
|
|
|
|
Expenses |
11.086.858,10 |
11.020.346,46 |
12.131.079,93 |
|
Bills payable |
|
|
|
|
V. Other non-commercial debt |
630.743,00 |
661.892,57 |
653.763,99 |
|
Government |
158.537,84 |
130.885,40 |
94.900,32 |
|
Bills payable |
|
|
|
|
Other debts |
346.968,26 |
381.488,27 |
465.345,92 |
|
Accounts receivable |
122.924,95 |
147.206,95 |
91.205,80 |
|
Short term deposits and guarantees |
2.311,95 |
2.311,95 |
2.311,95 |
|
VI. Provisions for current assets |
10.120,65 |
10.120,65 |
10.120,65 |
|
VII. Periodification adjustments |
|
|
|
|
F) SHORT TERM PROVISIONS FOR LIABILITIES AND
EXPENSES |
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
60.877.961,72 |
59.852.995,98 |
58.480.919,05 |
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) |
41.115.451,75 |
42.818.887,38 |
45.614.080,66 |
|
A.1.Reduction in stocks of finished goods and
work in progress |
|
132.424,00 |
46.037,97 |
|
A.2.Supplies |
22.839.654,42 |
24.624.957,51 |
27.513.493,45 |
|
Material consumed |
|
|
|
|
Raw materials consumed |
22.246.485,10 |
24.058.382,17 |
26.957.390,10 |
|
Other expenses |
593.169,32 |
566.575,34 |
556.103,35 |
|
A.3. Labour cost |
2.069.820,06 |
2.126.931,33 |
2.058.345,09 |
|
Wages |
1.555.959,88 |
1.584.780,49 |
1.511.898,02 |
|
Social security expenses |
513.860,18 |
542.150,84 |
546.447,07 |
|
A.4. Assets depreciation |
2.964.170,01 |
2.816.565,00 |
2.821.137,40 |
|
A.5.Variance in the traffic provisions |
131.181,42 |
257.597,78 |
25.587,87 |
|
Variance in provision for inventory |
-2.428,58 |
76.595,78 |
-79.887,13 |
|
Variance in provision for bad debts |
133.610,00 |
181.002,00 |
105.475,00 |
|
Variance in provision for other current assets |
|
|
|
|
A.6. Other operating costs |
10.712.383,48 |
10.123.753,82 |
10.397.991,62 |
|
External costs |
10.608.177,27 |
10.015.649,81 |
10.290.424,88 |
|
Taxes |
104.206,21 |
108.104,01 |
107.566,74 |
|
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) |
1.627.308,04 |
3.101.355,51 |
1.600.758,96 |
|
A.7.Financial expenses and similar |
1.822.900,55 |
1.967.621,94 |
1.686.753,40 |
|
Debts with related companies |
259.191,27 |
262.300,90 |
345.663,60 |
|
Debts with associated companies |
574.126,23 |
511.353,82 |
451.075,98 |
|
Other companies debts By debts with third parties and similar expenses |
989.583,05 |
1.193.967,22 |
890.013,82 |
|
Losses from financial investments |
|
|
|
|
A.8. Variation in financial investment provision |
|
|
|
|
A.9.Negative exchange difference |
507.716,98 |
412.438,82 |
330.667,19 |
|
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) |
|
1.163.771,91 |
|
|
A.10. Variation in provision in fixed assets |
|
|
|
|
A.11. Losses in fixed assets |
|
|
|
|
A.12. Losses from own shares and bonds |
|
|
|
|
A.13. Extraordinary charges |
90,70 |
0,02 |
604.949,56 |
|
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) |
390.770,75 |
382.603,58 |
425.563,85 |
|
A.V.PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV) |
290.633,97 |
1.546.375,49 |
371.080,84 |
|
A.15.Corporate Taxes |
67.534,13 |
356.597,16 |
129.117,11 |
|
A.16. Other taxes |
|
|
|
|
A.VI.EXERCISE RESULT (PROFIT) (A.V-A.14-A.15) |
223.099,84 |
1.189.778,33 |
241.963,73 |
|
B) INCOMES (B.1 a B13) |
41.338.551,59 |
44.008.665,71 |
45.856.044,39 |
|
B.1. Turnover |
39.847.844,86 |
43.182.400,83 |
43.890.821,47 |
|
Sales |
41.136.185,87 |
43.836.761,54 |
44.539.434,83 |
|
Services provided |
|
|
|
|
Refunds and sale reminders |
-1.288.341,01 |
-654.360,71 |
-648.613,36 |
|
B.2.Increase in inventory of finished goods and
works in progress |
234.656,12 |
|
|
|
B.3.Expenses capitalized |
180.000,00 |
|
78.482,00 |
|
B.4. Other operating income |
82.016,45 |
1.184,12 |
494.048,89 |
|
Other incomes |
82.016,45 |
|
493.698,89 |
|
Grants |
|
1.184,12 |
350,00 |
|
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) |
|
|
|
|
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 |
26.401,94 |
6.604,84 |
87.661,67 |
|
From affiliated companies |
|
|
|
|
From associated companies |
|
|
|
|
Other Interests |
26.401,94 |
6.604,84 |
87.661,67 |
|
Profits from investments |
|
|
|
|
B.8. Positive change difference |
576.770,77 |
435.872,32 |
274.516,95 |
|
B.II. NEGATIVE FINANCIAL RESULTS
(A.7+A.8+A.9-B.5-B.6-B.7-B.8) |
1.727.444,82 |
1.937.583,60 |
1.655.241,97 |
|
B.III.LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
100.136,78 |
|
54.483,01 |
|
B.9.B.9. Gains from disposal of fixed assets |
|
|
|
|
B.10.Gains from dealing in own shares |
|
|
|
|
B.11. Paid in surplus |
386.743,46 |
381.805,00 |
381.800,00 |
|
B.12. Extraordinary income |
4.117,99 |
798,60 |
476.130,66 |
|
B.13.Other year’s income and profits |
|
|
172.582,75 |
|
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) |
|
|
|
|
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 |
42.071.894,89 |
69,11 |
39.798.345,79 |
66,49 |
38.637.060,87 |
66,07 |
|
C) DEFERRED
EXPENSES |
461.726,38 |
0,76 |
255.624,07 |
0,43 |
144.425,05 |
0,25 |
|
D) CURRENT
ASSETS |
18.344.340,45 |
30,13 |
19.799.026,12 |
33,08 |
19.699.433,13 |
33,69 |
|
ASSETS (A + B +
C + D) |
60.877.961,72 |
|
59.852.995,98 |
|
58.480.919,05 |
|
|
|
||||||
|
A) SHAREHOLDERS
EQUITY |
10.500.226,65 |
17,25 |
11.690.004,98 |
19,53 |
11.931.968,71 |
20,40 |
|
B) DEFERRED
INCOME |
2.261.606,53 |
3,71 |
1.933.614,65 |
3,23 |
1.599.677,74 |
2,74 |
|
C) PROVISIONS
FOR LIABILITIES AND EXPENSES |
|
|
|
|
|
|
|
D) LONG TERM
LIABILITIES |
29.254.685,45 |
48,05 |
30.854.465,93 |
51,55 |
27.935.836,87 |
47,77 |
|
E) SHORT TERM
LIABILITIES |
18.861.443,09 |
30,98 |
15.374.910,42 |
25,69 |
17.013.435,73 |
29,09 |
|
F) SHORT TERM
PROVISIONS FOR LIABILITIES AND EXPENSES |
|
|
|
|
|
|
|
LIABILITIES (A +
B + C + D + E + F) |
60.877.961,72 |
|
59.852.995,98 |
|
58.480.919,05 |
|
Financial Balance
Composition
Comments on Financial Balance
In the 2004, the assets of the company were formed in 69,87% of Fixed
Assets and in 30,13% of Current Assets.This assets were financed in 20,96% with
own capitals, and in 48,05% with long term debt and in 30,98% with current
liabilities.
The result of this financial structure is a negative turnover fund of
-517.102,64 Euros, which is equivalent to -0,85% proportion of the company’s
total assets.
In the 2005, the assets of the company were formed in 66,92% of Fixed
Assets and in 33,08% of Current Assets.This assets were financed in 22,76% with
own capitals, and in 51,55% with long term debt and in 25,69% with current
liabilities.
The result of this financial structure is a positive turnover fund of
4.424.115,70 Euros, which is equivalent to 7,39% proportion of the
company’s total assets.
This measure has increased with respect to the previous exercise in
955,56% having also increased its proportion with respect to the total assets
of the company.
In the 2006, the assets of the company were formed in 66,31% of Fixed
Assets and in 33,69% of Current Assets.This assets were financed in 23,14% with
own capitals, and in 47,77% with long term debt and in 29,09% with current
liabilities.
The result of this financial structure is a positive turnover fund of
2.685.997,40 Euros, which is equivalent to 4,59% proportion of the
company’s total assets.
This measure has diminished with respect to the previous exercise in
39,29% having also 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 |
-517.102,64 |
4.424.115,70 |
2.685.997,40 |
|
Management Fund Requirement |
4.042.812,50 |
5.320.480,56 |
4.158.895,42 |
|
Indebtedness (%) |
79,04 |
77,24 |
76,86 |
|
External Funds on Net Worth |
3,77 |
3,39 |
3,32 |
|
GENERAL ACTIVITY RATIO |
|
|
|
|
Turnover Increase (%) |
3,22 |
8,37 |
1,64 |
|
Added value growth (%) |
-10,83 |
22,23 |
-21,64 |
|
Cash Flow |
3.318.451,27 |
4.263.941,11 |
3.088.689,00 |
|
Labour Productivity |
3,28 |
3,90 |
3,16 |
|
Assets turnover |
0,66 |
0,72 |
0,75 |
|
Breakdown Point |
36.381.120,34 |
35.915.259,19 |
40.252.759,39 |
|
Security Margin of the Breakdown Point (%) |
9,30 |
16,83 |
9,47 |
|
ACTIVITY RATIOS |
|
|
|
|
Average Payment Period |
177 |
160 |
158 |
|
Average Collection Period |
120 |
115 |
116 |
|
Inventory Turnover Period |
35 |
32 |
32 |
|
SOLVENCY RATIOS |
|
|
|
|
Payback Capacity |
0,07 |
0,09 |
0,07 |
|
Assets Guarantee |
1,26 |
1,29 |
1,30 |
|
Short Term Debts Proportion (%) |
39,20 |
33,26 |
37,85 |
|
Interest Coverage |
1,15 |
1,75 |
1,00 |
|
LIQUIDITY RATIOS |
|
|
|
|
Current Ratio |
0,97 |
1,29 |
1,16 |
|
Immediate liquidity |
0,06 |
0,13 |
0,10 |
|
Treasury |
-4.559.915,14 |
-896.364,86 |
-1.472.898,02 |
|
Sales on Current Assets |
782 |
785 |
802 |
Results Analysis
Ratios
|
|
31/12/2004 (12) |
31/12/2005 (12) |
31/12/2006 (12) |
|
Economic profitability (%) |
2,67 |
5,18 |
2,74 |
|
Operating Profitability (%) |
4,08 |
7,18 |
3,65 |
|
Equity gearing |
-0,29 |
1,65 |
-0,15 |
|
Financial profitability (%) |
1,75 |
8,73 |
1,79 |
|
General Profitability (%) |
0,56 |
2,76 |
0,55 |
Comments on the
Results Analysis Ratios
The economic profitability in the year2005 achieved a 5,18% positive
level, due to a 7,18% economic margin and to an assets turnover of0,72%.
The economic profitability in the year has increased from 2,67% up to
5,18%. This growth is due to the economic margin increase, from 4,08% to the
current 7,18Y%, and to the assets turnover index, which in the last period has
achieved 0,72, compared to 0,66 del 2004.
Financial profitability on 2005 achieved a 8,73%.
The company’s financial structure has instigated its economic
profitability with an indebtedness level of 1,65.
The general profitability on 2005 achieved a 2,76%.
The economic profitability in the year2006 achieved a 2,74% positive
level, due to a 3,65% economic margin and to an assets turnover of0,75%.
The economic profitability in the year has reduced from 5,18% up to
2,74% of2006, even if it remains positive. Assets turnover increase whose index
has passed from 0,72 to 0,75, could not compensate operating profitability
reduction from7,18% to the current level of 3,65%.
Financial profitability on 2006 achieved a 1,79%.
The company’s financial structure has endangered its profitability with
an indebtedness level -0,15.
The general profitability on 2006 achieved a 0,55%.
SECTORIAL ANÁLYSIS
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 |
66,07 |
40,43 |
25,64 |
63,41 |
|
|
|
|
|
|
C) DEFERRED
EXPENSES |
0,25 |
0,18 |
0,07 |
38,89 |
|
|
|
|
|
|
D) CURRENT ASSETS |
33,69 |
59,39 |
-25,70 |
-43,27 |
|
|
|
|
|
|
ASSETS (A + B +
C + D) |
100 |
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
A) SHAREHOLDERS
EQUITY |
20,40 |
36,21 |
-15,81 |
-43,66 |
|
|
|
|
|
|
B) DEFERRED
INCOME |
2,74 |
0,72 |
2,02 |
277,93 |
|
|
|
|
|
|
C) PROVISIONS
FOR LIABILITIES AND EXPENSES |
|
5,97 |
|
|
|
|
|
|
|
|
D) LONG TERM
LIABILITIES |
47,77 |
8,68 |
39,09 |
450,47 |
|
|
|
|
|
|
E) SHORT TERM
LIABILITIES |
29,09 |
48,33 |
-19,24 |
-39,81 |
|
|
|
|
|
|
F) SHORT TERM
PROVISIONS FOR LIABILITIES AND EXPENSES |
|
0,09 |
|
|
|
|
|
|
|
|
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 66,31% of fixed
assets and in 33,69Current Assets % In the sector, the proportion of fixed
assets was of 40,61%, 63,28% inferior, and the proportion of current assets was
of 59,39%, 43,27% superior.
The assets were financed in the company in 23,14% with own capitals , in
47,77% with fixed liabilities and in 29,09% with current liabilities In the
sector, the self financing represented 36,93%, 37,34% superior. On the other
hand the long term debts represented in the sector an average of 14,65%
financing, with a relative difference of 226,05% in favour of the companyAnd,
short term liabilities represented in the sector an average of 48,42%
financing, with a relative difference of 39,92% favourable to the sector
The result of this company’s financial structure is a turnover fund that
represents 4,59% of the total assets; in the sector, this same proportion is
10,97%, therefore, we can say that the company’s turnover fund is 58,17%
smaller than the sector one.
Analytical Account of Results
Figures given in %
|
|
COMPANY (2006) |
SECTOR |
DIFFERENCE |
DIFFERENCE RELATIVE |
|
Turnover |
98,71 |
98,82 |
-0,11 |
-0,12 |
|
Other operating income |
1,29 |
1,18 |
0,11 |
9,69 |
|
Production Value |
100,00 |
100,00 |
0,00 |
0,00 |
|
Operating expenses |
61,98 |
56,38 |
5,60 |
9,93 |
|
Other operation expenses |
23,39 |
15,22 |
8,17 |
53,65 |
|
Added value |
14,63 |
28,40 |
-13,76 |
-48,48 |
|
Labour cost |
4,63 |
17,02 |
-12,39 |
-72,80 |
|
Gross Economic Result |
10,00 |
11,38 |
-1,38 |
-12,10 |
|
Assets depreciation |
6,34 |
4,57 |
1,77 |
38,85 |
|
Variation in provision for current assets and bad debt losses |
0,06 |
0,13 |
-0,07 |
-52,76 |
|
Net Economic Result |
3,60 |
6,68 |
-3,08 |
-46,13 |
|
Financial income |
0,81 |
0,64 |
0,17 |
26,37 |
|
Financial Charges |
4,54 |
0,94 |
3,60 |
380,93 |
|
Variation in financial investment provision |
|
0,00 |
|
|
|
Ordinary
Activities Result |
-0,12 |
6,38 |
-6,50 |
-101,88 |
|
Extraordinary income |
2,32 |
1,12 |
1,20 |
107,70 |
|
Extraordinary charges |
1,36 |
1,06 |
0,30 |
28,67 |
|
Variation in provision in fixed assets |
|
0,09 |
|
|
|
Results before Taxes |
0,83 |
6,35 |
-5,52 |
-86,93 |
|
Corporate taxes |
0,29 |
1,96 |
-1,67 |
-85,17 |
|
Net Result |
0,54 |
4,39 |
-3,85 |
-87,71 |
|
Assets depreciation |
6,34 |
4,57 |
1,77 |
38,85 |
|
Change of Provisions |
0,06 |
0,22 |
-0,16 |
-72,60 |
|
Net Self-Financing |
6,95 |
9,18 |
-2,23 |
-24,27 |
Main Ratios
|
|
COMPANY (2006) |
PTILE25 |
PTILE50 |
PTILE75 |
|
STRUCTURAL RATIOS |
|
|
|
|
|
Management fund |
2.685.997,40 |
1.848,26 |
8.185,40 |
16.715,79 |
|
Management Fund Requirement |
4.158.895,42 |
-9.780,31 |
-102,20 |
6.097,21 |
|
Indebtedness (%) |
76,86 |
42,88 |
54,40 |
70,07 |
|
External Funds on Net Worth |
3,32 |
0,75 |
1,19 |
2,34 |
|
GENERAL ACTIVITY
RATIO |
|
|
|
|
|
Turnover Increase (%) |
1,64 |
-0,54 |
7,75 |
19,58 |
|
Added value growth (%) |
-21,64 |
-5,88 |
3,14 |
17,10 |
|
Cash Flow |
3.088.689,00 |
3.597,48 |
5.062,49 |
8.013,44 |
|
Labour Productivity |
3,16 |
1,46 |
1,78 |
2,12 |
|
Assets turnover |
0,75 |
0,98 |
1,29 |
1,57 |
|
Breakdown Point |
40.252.759,39 |
37.571.935,55 |
49.536.596,54 |
72.424.788,43 |
|
Security Margin of the Breakdown Point (%) |
9,47 |
6,50 |
12,65 |
21,44 |
|
ACTIVITY RATIOS |
|
|
|
|
|
Average Payment Period |
158 |
60 |
84 |
125 |
|
Average Collection Period |
116 |
80 |
106 |
123 |
|
Inventory Turnover Period |
32 |
30 |
44 |
55 |
|
SOLVENCY RATIOS |
|
|
|
|
|
Payback Capacity |
0,07 |
0,12 |
0,22 |
0,30 |
|
Assets Guarantee |
1,30 |
1,41 |
1,84 |
2,28 |
|
Short Term Debts Proportion (%) |
37,85 |
70,09 |
88,52 |
97,53 |
|
Interest Coverage |
1,00 |
3,79 |
7,06 |
20,36 |
|
LIQUIDITY RATIOS |
|
|
|
|
|
Current Ratio |
1,16 |
1,09 |
1,33 |
1,84 |
|
Immediate liquidity |
0,10 |
0,02 |
0,08 |
0,28 |
|
Treasury |
-1.472.898,02 |
-5.988,26 |
-884,65 |
1.980,90 |
|
Sales on Current Assets |
802 |
636 |
767 |
945 |
Results Analysis
Ratios
|
|
COMPANY (2006) |
PTILE25 |
PTILE50 |
PTILE75 |
|
Economic profitability (%) |
2,74 |
2,97 |
5,91 |
10,70 |
|
Operating Profitability (%) |
3,65 |
2,32 |
4,80 |
7,99 |
|
Equity gearing |
-0,15 |
1,76 |
2,22 |
3,20 |
|
Financial profitability (%) |
1,79 |
4,42 |
9,84 |
18,38 |
|
General Profitability (%) |
0,55 |
1,55 |
3,38 |
5,99 |
NOTES
ABOUT YOUR REQUEST: The telephone number
included in your enquiry (953-598100) belongs to the switchboard of the group
company.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.58 |
|
UK Pound |
1 |
Rs.81.43 |
|
Euro |
1 |
Rs.64.52 |
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%)