MIRA
INFORM REPORT
|
Report Date : |
05.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SACOS Y ARPILLERAS VALSAC S L |
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Registered Office : |
Plaza Profesor Santiago Grisolia, 1, 46022 Valencia |
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Country : |
Spain |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
23.04.2002 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale of Textiles. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
Company Name
SACOS Y ARPILLERAS VALSAC S.L.
TAX NUMBER: B97201289
Identification and
Characteristics
TAX
NUMBER B97201289
NAME SACOS
Y ARPILLERAS VALSAC S.L.
BUSINESS
ADDRESS PLAZA
PROFESOR SANTIAGO GRISOLIA, 1
Postcode 46022
VALENCIA (Valencia)
URL http://www.valsac.com
TELEPHONE
963560792
FAX 963559143
LEGAL FORM LIMITED
LIABILITY COMPANY
DATE
FOUNDED 23/04/2002
CAPITAL 144.306,00 Euros
NUMBER OF
EMPLOYEES 7
ACTIVITY 1617100 - Wholesale
of textiles
CNAE 5141 - Wholesale
of textiles
EXPORT
COMPANY YES
* Characteristics of the main address
According
to our investigations dated 20/02/2007 these premises are owned; with no
official confirmation of 150 square meters used as office
located in a main commercial area.
Synthesis
FINANCIAL SITUATION (Year
ending: 31/12/2006)
PROFITABILITY Nil
TREASURY Excellent
BALANCE
SHEET Excellent
DEBT Medium
INCIDENTS
COMMITMENTS Respected
INCIDENTS None
or Negligible
PREVIOUS
EXPERIENCE
PREVIOUS
EXPERIENCE Favourable
Credit Appraisal
CREDIT ACCORDING TO OBJECTIVE DATA (From 0 to 6.000.000,00 Euros):
FAVOURABLE
TOWARDS 40.502,21 Max.
Financial Elements
Figures given in Euros
|
|
Balance
sheet 2.004 (12) |
Balance
sheet 2.005 (12) |
Balance
sheet 2.006 (12) |
%
Sales |
|
|
SALES |
2.300.623,90 |
2.260.770,80 |
2.610.847,19 |
|
|
|
ADDED
VALUE |
112.658,30 |
102.301,99 |
81.829,93 |
3,13 |
|
|
BUSINESS
RESULT |
21.716,47 |
11.063,25 |
11.250,75 |
0,43 |
|
|
OWN
FUNDS |
52.621,23 |
179.976,48 |
191.227,23 |
|
|
|
DEBT |
633.946,66 |
711.643,41 |
653.297,52 |
|
|
|
TOTAL
ASSET |
686.567,89 |
891.619,89 |
844.524,75 |
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|
|
The sales of
2.610.847,19 Euros show a change of 15,48%
compared with 2.005 . Between 2.004 and
2.005 , this change was -1,73% . |
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|
Added value grew by
-20,01% compared with the previous year. Shareholders equity are
191.227,23 Euros for an indebtedness of 653.297,52
Euros . |
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|
The result 11.250,75
Euros means financial profitability of 5,88% and
economic profitability of 1,33% . This result means growth of
1,69% compared with the 2.005 . |
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THE FIGURES FOR THE LAST
BALANCE SHEET ARE RELEVANT: |
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SOURCE: FROM THE
MERCANTILE REGISTER |
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DATE: 22/10/2007 |
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Results Distribution |
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Annual Report Year
Source: 2.006 |
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Figures given in Euros |
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Distribution Base |
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Profit and Loss |
11.251 |
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Total of Amounts
to be distributed |
11.251 |
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Distribution a |
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Retained earnings |
1.125 |
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Voluntary Reserve |
10.126 |
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Comparative Sector
Analysis
Company Sector Difference
(2.006)
% of PRODUCTION VALUE
SALES 100,00 98,81 1,19
ADDED VALUE 3,13 20,04 -16,91
BUSINESS RESULT 0,43 2,17 -1,74
% OF TOTAL ASSETS
OWN FUNDS 22,64 37,10 -14,46
DEBT 77,36 62,90 14,46
Compared sector (CNAE): 514 - Wholesale of
household goods
Number of companies: 3.917
Size (Sales Figure): 0 - 2.800.000,00
Euros
The turnover of the company is 1,19%
above the mean for the sector.
The company’s added value was 3,13% s/
the production value, and 16,91% below the mean for the sector.
The company’s business result was
0,43% of the PV, 1,74% below the mean for the sector.
The company’s own resources are 22,64%
, 14,46% below the mean for the sector.
The company’s outside resources are
77,36% , 14,46% above the mean for the sector.
Legal Actions
No legal incidences registered for this company in the official source
No claims registered for this company in the official sources
AFFECTED BY: No significant elemento
Main Board members, Directors
and Auditor
Position Surname
and name Date
of appointment
SOLE ADMINISTRATOR SANJUAN
DUPLA FRANCISCO 02/07/2002
Functional Managers
Position Surname
and name
MANAGER SAN
JUAN DUPLA FRANCISCO
FINANCIAL MANAGER SAN
JUAN RIVELLES FRANCISCO
Financial Links
Shareholders
Company Name Source Information Date
SANJUAN DUPLA LAURA 50,00%
OWN SOURCES 26/09/2007
SANJUAN DUPLA FRANCISCO 50,00%
OWN SOURCES 26/09/2007
Proceedings published in the B.O.R.M.E. (Official Mercantile Register Gazette)
Proceedings Date Notice Num. Mercantile Reg.
Registration of accounts (2006) 09/10/2007 786033 Valencia
Capital increase 31/07/2007 402320 Valencia
Registration of accounts (2005) 03/11/2006 843458 Valencia
Registration of accounts (2004) 28/09/2005 581870 Valencia
Capital increase 29/07/2005 339841 Valencia
Commercial Experience
SALES
Exports::
PORTUGAL
Bank Entities
|
Entity |
Branch |
Branch Address |
Town |
Province |
|
CAJA AH. VALENCIA, CASTELLON Y
ALICANTE, BANCAJA |
0079 |
MANUEL CANDERLA, 25 |
VALENCIA |
Valencia |
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BANCO ESPAŃOL DE CREDITO, S.A. |
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|
VALENCIA |
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BANCO POPULAR ESPAŃOL, S.A. |
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|
VALENCIA |
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CAJA AH. VALENCIA, CASTELLON Y
ALICANTE, BANCAJA |
0007 |
JOSE BENLLIURE, 270 |
VALENCIA |
Valencia |
|
CAJA DE AHORROS Y M.P. DE MADRID |
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|
VALENCIA |
|
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 22/10/2007
Balance Sheet
(ASSETS)
|
(Figures given in Euros)
|
31/12/2004 (12)
|
31/12/2005 (12)
|
31/12/2006 (12)
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A) DUE FROM SHAREHOLDERS FOR UNCALLED
CAPITAL |
|
|
|
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B) FIXED ASSETS |
39.510,57 |
50.011,11 |
75.451,11 |
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I. Establishment expenses |
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II. Intangible assets |
28.336,22 |
21.089,90 |
13.491,80 |
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III. Tangible assets |
9.027,09 |
6.773,95 |
4.232,81 |
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IV. Financial assets |
2.147,26 |
22.147,26 |
57.726,50 |
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V. Owners equity |
|
|
|
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VI. Long term trade liabilities |
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|
|
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C) DEFERRED EXPENSES |
2.595,09 |
1.405,53 |
567,75 |
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D) CURRENT ASSETS |
644.462,23 |
840.203,25 |
768.505,89 |
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I. Not paid in shareholder capital |
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|
|
|
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II. Inventory |
256.147,51 |
425.529,09 |
457.232,22 |
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III. Debtors |
314.879,04 |
374.141,53 |
296.213,10 |
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IV. Short term financial assets |
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V. Short term owners equity |
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|
|
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VI. Cash |
39.772,16 |
40.532,63 |
15.060,57 |
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VII. Prepaid expenses and accrued income |
33.663,52 |
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|
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|
ASSETS (A + B + C + D) |
686.567,89 |
891.619,89 |
844.524,75 |
(LIABILITIES)
|
(Figures given in Euros)
|
31/12/2004 (12)
|
31/12/2005 (12)
|
31/12/2006 (12)
|
|
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A) SHAREHOLDERS EQUITY |
52.621,23 |
179.976,48 |
191.227,23 |
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I. Capital |
3.006,00 |
119.298,00 |
119.298,00 |
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II. Premium share account |
|
|
|
|
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III. Revaluation reserve |
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|
|
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IV. Reserves |
27.898,76 |
49.615,23 |
60.678,48 |
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Sundry reserves |
27.898,76 |
49.615,23 |
60.678,48 |
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V. Prior year earnings |
|
|
|
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VI. Prior year profit or losses |
21.716,47 |
11.063,25 |
11.250,75 |
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VII. Dividend paid during the year |
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VIII. Own shares for change in capital |
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B) DEFERRED INCOME |
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C) PROVISIONS FOR LIABILITIES AND EXPENSES |
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D) LONG TERM LIABILITIES |
35.880,39 |
26.094,75 |
482.477,21 |
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E) SHORT TERM LIABILITIES |
598.066,27 |
685.548,66 |
170.820,31 |
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F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
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|
|
|
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LIABILITIES (A + B + C + D + E + F) |
686.567,89 |
891.619,89 |
844.524,75 |
Profit and Loss Account
|
(Figures given in Euros)
|
31/12/2004 (12)
|
31/12/2005 (12)
|
31/12/2006 (12)
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|
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A) EXPENSES (A.1 a A.15) |
2.278.907,43 |
2.249.707,55 |
2.599.596,44 |
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|
A.1 Operating Expenses |
1.979.609,11 |
1.976.963,35 |
2.381.212,37 |
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|
A.3. Labor cost |
75.369,12 |
75.067,08 |
54.278,32 |
|
|
Wages |
75.369,12 |
75.067,08 |
54.278,32 |
|
|
A.3. Assets depreciation |
4.341,13 |
9.787,46 |
10.139,24 |
|
|
A.4. Variance in provision for current
assets |
|
|
|
|
|
A.5. Other operating costs |
208.356,49 |
181.505,46 |
147.804,89 |
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|
A.I. OPERATING RESULT
(B.1-A.1-A.2-A.3-A.4-A.5) |
32.948,05 |
17.447,45 |
17.412,37 |
|
|
A.6. Financial expenses |
1.924,52 |
1.642,82 |
1.339,87 |
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Other companies debts |
1.924,52 |
1.642,82 |
1.339,87 |
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A.7. Variation in financial investments
provision |
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A.8. Exchange losses |
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A.II. POSITIVE FINANCIAL RESULTS
(B.2+B.3-A.6-A.7-A.8) |
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A.III. PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
31.023,53 |
15.804,63 |
16.072,50 |
|
|
A.9. Variation in provision in fixed
assets |
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|
|
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A.10. Losses in fixed assets |
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|
|
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A.11. Losses from shares and bonds |
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|
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A.12. Extraordinary charges |
|
|
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A.13. Prior year’s expenses and losses |
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|
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A.IV. POSITIVE EXTRAORDINARY RESULT (B.4+B.5+B.6+B.7+B.8-A.9-A.10-A.11-A.12-A.13) |
|
|
|
|
|
A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
31.023,53 |
15.804,63 |
16.072,50 |
|
|
A.14. Corporate Taxes |
9.307,06 |
4.741,38 |
4.821,75 |
|
|
A.15. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.14-A.15) |
21.716,47 |
11.063,25 |
11.250,75 |
|
|
B) INCOMES (B.1 a B.8) |
2.300.623,90 |
2.260.770,80 |
2.610.847,19 |
|
|
B.1. Operating income |
2.300.623,90 |
2.260.770,80 |
2.610.847,19 |
|
|
Turnover |
2.300.623,90 |
2.260.770,80 |
2.610.847,19 |
|
|
B.I. OPERATING LOSSES
(A.1+A.2+A.3+A.4+A.5-B.1) |
|
|
|
|
|
B.2. Financial Income |
|
|
|
|
|
B.3. Gains on exchange |
|
|
|
|
|
B.II. FINANCIAL LOSSES
(A.6+A.7+A.8-B.2-B.3) |
1.924,52 |
1.642,82 |
1.339,87 |
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
|
|
|
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B.4. Gains from disposal of fixed assets |
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B.5. Gains from dealing in own shares |
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B.6. Paid in surplus |
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B.7. Extraordinary income |
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B.8. Prior year’s income and profits |
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B.IV. EXTRAORDINARY LOSSES
(A.9+A.10+A.11+A.12+A.13-B.4-B.5-B.6-B.7-B.8) |
|
|
|
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B.V. LOSS BEFORE TAXES
(B.III+B.IV-A.III-A.IV) |
|
|
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B.VI. NET LOSS (B.V+A.14+A.15) |
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|
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Main Ratios
|
(Figures given in Euros)
|
2.004 (12)
|
2.005 (12)
|
2.006 (12)
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
5,31 |
-1,73 |
15,49 |
|
|
Assets Turnover |
3,35 |
2,54 |
3,09 |
|
|
Productivity |
1,50 |
1,36 |
1,51 |
|
|
Increase of the Added Value |
7,23 |
-9,19 |
-20,01 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
3,16 |
1,24 |
1,33 |
|
|
Financial Profitability |
41,27 |
6,15 |
5,88 |
|
|
Financial Expenses |
0,08 |
0,07 |
0,05 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
49,00 |
60,00 |
41,00 |
|
|
Suppliers’ Credit (In days of sales) |
|
|
|
|
|
Working Capital (In days of sales) |
7,00 |
25,00 |
82,00 |
|
|
Working Capital Requirement (In days of
sales) |
1,00 |
18,00 |
80,00 |
|
|
Treasury (In days of sales) |
6,00 |
6,00 |
2,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
46.395,96 |
154.654,59 |
597.685,58 |
|
|
Working Capital Requirement |
6.623,80 |
114.121,96 |
582.625,01 |
|
|
Treasury |
39.772,16 |
40.532,63 |
15.060,57 |
|
|
Balance Ratio |
2,10 |
4,01 |
8,86 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
92,34 |
79,82 |
77,36 |
|
|
Own / Permanent Funds |
59,46 |
87,34 |
28,38 |
|
|
Payback Capacity |
0,28 |
0,31 |
0,25 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
1,08 |
1,23 |
4,50 |
|
|
Immediate Liquidity |
0,07 |
0,06 |
0,09 |
Sectorial Analysis
Summary of Assets, Liability & Equity
|
(Figures given in Percentages) |
Company |
Sector |
Difference |
|
|
2.006 |
|
|
|
Assets |
|||
|
A) DUE FROM
SHAREHOLDERS FOR UNCALLED CAPITAL |
0,00 |
0,06 |
-0,06 |
|
B) FIXED
ASSETS |
8,93 |
27,90 |
-18,97 |
|
C) ACCRUED
EXPENSES |
0,07 |
0,39 |
-0,32 |
|
D) CURRENT
ASSETS |
91,00 |
71,63 |
19,37 |
|
TOTAL ASSETS
(A + B + C + D) |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
A)
SHAREHOLDERS EQUITY |
22,64 |
37,10 |
-14,46 |
|
B) ACCRUED
INCOME |
0,00 |
0,36 |
-0,36 |
|
C) RISK AND
EXPENDITURE COVER |
0,00 |
0,10 |
-0,10 |
|
D) LONG-TERM
CREDITORS |
57,13 |
13,56 |
43,57 |
|
E)
SHORT-TERM CREDITORS |
20,23 |
48,77 |
-28,54 |
|
F)
SHORT-TERM RISK AND EXPENDITURE COVER |
0,00 |
0,07 |
-0,07 |
|
TOTAL
LIABILITIES (A + B + C + D + E + F) |
100,00 |
100,00 |
0,00 |
Analytical Account of Results
|
(Figures given in Percentages) |
Company |
Sector |
Difference |
|
|
2.006 |
|
|
|
Net turnover |
100,00 |
98,81 |
1,19 |
|
Other operating income |
0,00 |
1,18 |
-1,18 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
91,20 |
66,55 |
24,65 |
|
Other operation expenses |
5,66 |
13,39 |
-7,73 |
|
Added value |
3,13 |
20,04 |
-16,91 |
|
Labor cost |
2,08 |
14,67 |
-12,59 |
|
Gross Economic Result |
1,06 |
5,37 |
-4,31 |
|
Assets depreciation |
0,39 |
1,58 |
-1,19 |
|
Variation in provision
for current assets |
0,00 |
0,18 |
-0,18 |
|
Net Economic Result |
0,67 |
3,61 |
-2,94 |
|
Financial income |
0,00 |
0,37 |
-0,37 |
|
Financial expenses |
0,05 |
1,39 |
-1,34 |
|
Variation in financial investment
provision |
0,00 |
0,00 |
-0,00 |
|
Ordinary Activities
Result |
0,62 |
2,58 |
-1,96 |
|
Extraordinary income |
0,00 |
0,65 |
-0,65 |
|
Extraordinary expenses |
0,00 |
0,17 |
-0,17 |
|
Variation in provision
in fixed assets |
0,00 |
0,00 |
-0,00 |
|
Results before Taxes |
0,62 |
3,06 |
-2,44 |
|
Corporaye taxes |
0,18 |
0,88 |
-0,70 |
|
Net Result |
0,43 |
2,17 |
-1,74 |
|
Assets depreciation |
0,39 |
1,58 |
-1,19 |
|
Provisions fund
variation |
0,00 |
0,19 |
-0,19 |
|
Net Self-Financing |
0,82 |
3,95 |
-3,13 |
Ratios
|
(Figures given in ) |
Company |
Ptile25
|
Medium
|
Ptile75
|
|
|
2.006 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
15,48 |
-10,06 |
0,33 |
11,18 |
|
Assets Turnover |
3,09 |
0,96 |
1,47 |
2,09 |
|
Fixed Assets Turnover |
34,34 |
3,58 |
9,70 |
26,04 |
|
Increase of the Added
Value |
-20,01 |
-8,15 |
3,00 |
16,20 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
1,51 |
1,14 |
1,30 |
1,61 |
|
Change of Personnel
Costs |
-27,69 |
-2,37 |
5,11 |
16,38 |
|
Average Personnel Costs |
27.139,16 |
15.420,00 |
20.280,00 |
26.190,00 |
|
Value Added by Employees |
40.914,96 |
19.800,00 |
27.550,00 |
38.770,00 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
21.389,99 |
7.650,00 |
20.370,00 |
47.010,00 |
|
Operating Cash Flow |
27.551,61 |
10.630,00 |
30.130,00 |
69.600,00 |
|
Change in Cash Flow |
2,59 |
-30,68 |
-4,28 |
23,85 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
1,33 |
0,66 |
1,90 |
4,42 |
|
Financial Profitability |
5,88 |
2,70 |
7,63 |
16,55 |
|
Financial Expenses |
0,05 |
0,21 |
0,76 |
1,83 |
|
Gross Economic
Profitability |
3,26 |
3,52 |
6,60 |
10,86 |
|
Gross Financial
Profitability |
14,41 |
11,16 |
24,88 |
46,80 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
40,00 |
29,68 |
68,35 |
114,26 |
|
Suppliers’ Credit (In days
of sales) |
|
0,00 |
0,00 |
0,00 |
|
Working Capital (In days
of sales) |
82,00 |
11,65 |
44,53 |
100,75 |
|
Working Capital
Requirement (In days of sales) |
80,00 |
-14,80 |
17,67 |
62,34 |
|
Treasury (In days of
sales) |
2,00 |
5,90 |
19,23 |
49,71 |
|
Operating Current Assets |
105,00 |
128,17 |
184,39 |
272,60 |
|
BALANCE |
|
|
|
|
|
Working Capital |
597.685,58 |
14.060,00 |
79.920,00 |
213.770,00 |
|
Working Capital
Requirement |
582.625,01 |
-19.900,00 |
29.390,00 |
128.820,00 |
|
Treasury |
15.060,57 |
8.600,00 |
33.660,00 |
100.230,00 |
|
Balance Ratio |
8,86 |
1,21 |
2,29 |
5,39 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
77,36 |
50,24 |
70,68 |
84,74 |
|
Own / Permanent Funds |
28,38 |
58,49 |
90,18 |
100,00 |
|
Payback Capacity |
0,25 |
0,26 |
0,41 |
0,67 |
|
Long term Indebtedness |
57,13 |
0,00 |
2,96 |
16,96 |
|
Gearing |
441,63 |
202,50 |
344,63 |
667,42 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
1,29 |
1,17 |
1,40 |
1,96 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
4,50 |
1,07 |
1,34 |
1,96 |
|
Immediate Liquidity |
0,09 |
0,03 |
0,15 |
0,45 |
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%)