MIRA
INFORM REPORT
|
Report Date : |
05.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ACETEX IMPORT S L |
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Formerly Known as : |
CHINA 100 S.L. |
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Registered Office : |
Calle Fabero - Pol Industrial Cobo
Calleja, 19 28947 Fuenlabrada (Madrid) |
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Country : |
Spain |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
11.07.1994 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale of other products |
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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
ACETEX IMPORT SL.
TAX NUMBER: B80942543
Identification and
Characteristics
|
TAX NUMBER |
B80942543 |
|
NAME |
ACETEX IMPORT SL. |
|
FORMER NAME |
CHINA 100 S.L. |
|
BUSINESS
ADDRESS |
CALLE FABERO - POL INDUSTRIAL COBO
CALLEJA, 19 |
|
Postcode |
28947 FUENLABRADA (Madrid) |
|
FORMER
ADDRESS |
POLIGONO IND COBO CALLEJA CL
FABERO, 14 |
|
Postcode |
28947 FUENLABRADA (Madrid) |
|
URL |
http://www.acetex.net |
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TELEPHONE |
916420978 |
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FAX |
916422836 |
|
LEGAL FORM |
LIMITED LIABILITY COMPANY |
|
DATE FOUNDED |
11/07/1994 |
|
CAPITAL |
6.010,12 Euros |
|
NUMBER OF
EMPLOYEES |
3 |
|
ACTIVITY |
1619900 - Wholesale of other
products |
|
CNAE |
5147 - Wholesale of other
household goods |
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* Characteristics of the main address |
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|
According to our investigations
dated 20/01/2005 these premises are used as store
located in a main non-commercial area . |
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Credit Appraisal
|
CREDIT ACCORDING TO OBJECTIVE DATA (From 0
to 6.000.000,00 Euros): |
|
FAVOURABLE TOWARDS 4.207,08
Max. |
|
SOLVENCY RATING: |
|
7/20 (BASED ON HOMOGENEOUS
FORMULATION) |
Financial Elements
Figures given in Euros
|
|
Balance sheet 2.004 (12) |
Balance
sheet 2.005 (12) |
Balance
sheet 2.006 (12) |
%
Sales |
|
|
SALES |
543.904,32 |
798.046,77 |
769.692,35 |
|
|
|
ADDED VALUE |
76.571,80 |
115.697,75 |
113.948,70 |
14,80 |
|
|
BUSINESS RESULT |
7.620,32 |
13.301,44 |
13.717,99 |
1,78 |
|
|
OWN FUNDS |
14.832,46 |
20.513,58 |
34.231,57 |
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|
|
DEBT |
655.926,60 |
736.170,18 |
646.180,24 |
|
|
|
TOTAL ASSET |
670.759,06 |
756.683,76 |
680.411,81 |
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|
|
The sales of 769.692,35
Euros show a change of -3,55% compared with
2.005 . Between 2.004 and 2.005 , this
change was 46,73% . |
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|
Added value grew by -1,51%
compared with the previous year. Shareholders equity are 34.231,57
Euros for an indebtedness of 646.180,24 Euros . |
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|
The result 13.717,99
Euros means financial profitability of 40,07% and
economic profitability of 2,02% . This result means growth of
3,13% 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: 21/11/2007 |
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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 |
13.718 |
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Total of Amounts to be
distributed |
13.718 |
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Distribution a |
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Voluntary Reserve |
13.718 |
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Comparative Sector Analysis
|
|
Company |
Sector |
Difference |
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|
(2.006)
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|
|
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% of PRODUCTION VALUE |
|
|
|
|
SALES |
94,49 |
98,81 |
-4,32 |
|
ADDED
VALUE |
13,99 |
20,04 |
-6,05 |
|
BUSINESS
RESULT |
1,68 |
2,17 |
-0,49 |
|
% OF TOTAL ASSETS |
|
|
|
|
OWN
FUNDS |
5,03 |
37,10 |
-32,07 |
|
DEBT |
94,97 |
62,90 |
32,07 |
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 4,32%
below the mean for the sector.
The company’s added value was 13,99%
s/ the production value, and 6,05% below the mean for the sector.
The company’s business result was
1,68% of the PV, 0,49% below the mean for the sector.
The company’s own resources are 5,03%
, 32,07% below the mean for the sector.
The company’s outside resources are
94,97% , 32,07% 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 |
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AFFECTED BY: No significant elemento |
Main Board members, Directors and
Auditor
|
Position |
Surname and name |
Date of
appointment |
|
SOLE ADMINISTRATOR |
BHARWANI HARISH ROCHIRAM |
10/06/1998 |
Functional Managers
|
Position |
Surname and name |
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MANAGER |
BHARWANI HARISH ROCHIRAM |
Financial Links
|
Shareholders |
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Company Name |
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Source |
Information Date |
|
BHARWANI HARISH ROCHIRAM |
|
100,00% |
OWN SOURCES |
15/12/2006 |
Proceedings published in the
B.O.R.M.E. (Official Mercantile Register Gazette)
|
Proceedings |
Date |
Notice Num. |
Mercantile Reg. |
|
Registration of accounts
(2006) |
16/10/2007 |
839433 |
Madrid |
|
Change of address |
21/11/2006 |
555194 |
Madrid |
|
Registration of accounts
(2005) |
28/09/2006 |
597812 |
Madrid |
|
Registration of accounts
(2004) |
21/09/2005 |
476525 |
Madrid |
|
Registration of accounts
(2003) |
02/11/2004 |
750312 |
Madrid |
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Commercial Experience |
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SALES |
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Collection (estimated) |
|
Cash sales
percentage 50 % |
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Credit sales
percentage 50 % |
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Bank Entities
|
Entity |
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Town |
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BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
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MADRID |
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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 21/11/2007
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 |
192.883,84 |
183.509,96 |
170.843,52 |
|
|
I. Establishment expenses |
|
|
|
|
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II. Intangible assets |
174.127,20 |
161.647,91 |
143.985,41 |
|
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III. Tangible assets |
9.877,31 |
12.982,72 |
15.824,14 |
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IV. Financial assets |
8.879,33 |
8.879,33 |
11.033,97 |
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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 |
11.583,24 |
8.014,74 |
5.399,93 |
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D) CURRENT ASSETS |
466.291,98 |
565.159,06 |
504.168,36 |
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I. Not paid in shareholder capital |
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|
|
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II. Inventory |
377.994,23 |
403.772,38 |
408.999,29 |
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III. Debtors |
79.909,83 |
123.307,57 |
78.952,69 |
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IV. Short term financial assets |
7.114,85 |
7.114,85 |
7.114,85 |
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V. Short term owners equity |
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|
|
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VI. Cash |
1.273,07 |
30.964,26 |
9.101,53 |
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VII. Prepaid expenses and accrued income |
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ASSETS (A + B + C + D) |
670.759,06 |
756.683,76 |
680.411,81 |
Balance Sheet (LIABILITIES)
|
(Figures given in Euros) |
31/12/2004 (12)
|
31/12/2005 (12)
|
31/12/2006 (12)
|
|
|
|
A) SHAREHOLDERS EQUITY |
14.832,46 |
20.513,58 |
34.231,57 |
|
|
I. Capital |
6.010,12 |
6.010,12 |
6.010,12 |
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II. Premium share account |
|
|
|
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III. Revaluation reserve |
|
|
|
|
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IV. Reserves |
1.202,02 |
1.202,02 |
14.503,46 |
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Sundry reserves |
1.202,02 |
1.202,02 |
14.503,46 |
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V. Prior year earnings |
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|
|
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VI. Prior year profit or losses |
7.620,32 |
13.301,44 |
13.717,99 |
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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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|
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C) PROVISIONS FOR LIABILITIES AND EXPENSES |
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|
|
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D) LONG TERM LIABILITIES |
86.936,92 |
58.424,46 |
30.890,95 |
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E) SHORT TERM LIABILITIES |
568.989,68 |
677.745,72 |
615.289,29 |
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|
F) SHORT TERM PROVISIONS FOR LIABILITIES
AND EXPENSES |
|
|
|
|
|
LIABILITIES (A + B + C + D + E + F) |
670.759,06 |
756.683,76 |
680.411,81 |
Profit and Loss Account
|
(Figures given in Euros) |
31/12/2004 (12)
|
31/12/2005 (12)
|
31/12/2006 (12)
|
|
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|
A) EXPENSES (A.1 a A.15) |
578.977,75 |
820.877,85 |
819.466,97 |
|
|
A.1 Operating Expenses |
413.892,85 |
605.978,41 |
599.250,77 |
|
|
A.3. Labor cost |
58.909,19 |
61.629,30 |
73.809,76 |
|
|
Wages |
50.357,17 |
53.171,40 |
60.992,77 |
|
|
Social security expenses |
8.552,02 |
8.457,90 |
12.816,99 |
|
|
A.3. Assets depreciation |
9.741,73 |
14.690,60 |
14.821,08 |
|
|
A.4. Variance in provision for current
assets |
1.588,17 |
5.066,11 |
3.503,12 |
|
|
A.5. Other operating costs |
84.167,47 |
108.994,45 |
101.412,55 |
|
|
A.I. OPERATING RESULT
(B.1-A.1-A.2-A.3-A.4-A.5) |
6.332,71 |
34.311,74 |
21.814,74 |
|
|
A.6. Financial expenses |
6.406,60 |
7.096,20 |
11.008,74 |
|
|
Other companies debts |
6.406,60 |
7.096,20 |
11.008,74 |
|
|
A.7. Variation in financial investments
provision |
|
|
|
|
|
A.8. Exchange losses |
1.005,89 |
11.722,16 |
9.572,85 |
|
|
A.II. POSITIVE FINANCIAL RESULTS
(B.2+B.3-A.6-A.7-A.8) |
1.536,18 |
|
|
|
|
A.III. PROFIT FROM ORDINARY ACTIVITIES
(A.I+A.II-B.I-B.II) |
7.868,89 |
18.802,51 |
16.993,85 |
|
|
A.9. Variation in provision in fixed
assets |
|
|
|
|
|
A.10. Losses in fixed assets |
|
|
|
|
|
A.11. Losses from shares and bonds |
|
|
|
|
|
A.12. Extraordinary charges |
|
|
146,27 |
|
|
A.13. Prior year’s expenses and losses |
|
|
|
|
|
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) |
3.017,28 |
199,55 |
2.665,97 |
|
|
A.V. EARNINGS / LOSS BEFORE TAXES
(A.III+A.IV-B.III-B.IV) |
10.886,17 |
19.002,06 |
19.659,82 |
|
|
A.14. Corporate Taxes |
3.265,85 |
5.700,62 |
5.941,83 |
|
|
A.15. Other taxes |
|
|
|
|
|
A.VI. YEAR END RESULT (PROFIT)
(A.V-A.14-A.15) |
7.620,32 |
13.301,44 |
13.717,99 |
|
|
B) INCOMES (B.1 a B.8) |
586.598,07 |
834.179,29 |
833.184,96 |
|
|
B.1. Operating income |
574.632,12 |
830.670,61 |
814.612,02 |
|
|
Turnover |
543.904,32 |
798.046,77 |
769.692,35 |
|
|
Other operating income |
30.727,80 |
32.623,84 |
44.919,67 |
|
|
B.I. OPERATING LOSSES
(A.1+A.2+A.3+A.4+A.5-B.1) |
|
|
|
|
|
B.2. Financial Income |
153,46 |
114,92 |
397,53 |
|
|
Other |
153,46 |
114,92 |
397,53 |
|
|
B.3. Gains on exchange |
8.795,21 |
3.194,21 |
15.363,17 |
|
|
B.II. FINANCIAL LOSSES
(A.6+A.7+A.8-B.2-B.3) |
|
15.509,23 |
4.820,89 |
|
|
B.III. LOSSES FROM ORDINARY ACTIVITIES
(B.I+B.II-A.I-A.II) |
|
|
|
|
|
B.4. Gains from disposal of fixed assets |
3.000,00 |
|
|
|
|
B.5. Gains from dealing in own shares |
|
|
|
|
|
B.6. Paid in surplus |
|
|
|
|
|
B.7. Extraordinary income |
17,28 |
199,55 |
2.812,24 |
|
|
B.8. Prior year’s income and profits |
|
|
|
|
|
B.IV. EXTRAORDINARY LOSSES
(A.9+A.10+A.11+A.12+A.13-B.4-B.5-B.6-B.7-B.8) |
|
|
|
|
|
B.V. LOSS BEFORE TAXES
(B.III+B.IV-A.III-A.IV) |
|
|
|
|
|
B.VI. NET LOSS (B.V+A.14+A.15) |
|
|
|
Main Ratios
|
(Figures given in Euros) |
2.004 (12) |
2.005 (12) |
2.006 (12) |
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales Figures |
-39,51 |
46,73 |
-3,55 |
|
|
Assets Turnover |
0,81 |
1,06 |
1,13 |
|
|
Productivity |
1,30 |
1,88 |
1,54 |
|
|
Increase of the Added Value |
-2,75 |
51,10 |
-1,51 |
|
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
1,14 |
1,76 |
2,02 |
|
|
Financial Profitability |
51,38 |
64,84 |
40,07 |
|
|
Financial Expenses |
1,18 |
0,89 |
1,43 |
|
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In days of sales) |
53,00 |
56,00 |
37,00 |
|
|
Suppliers’ Credit (In days of sales) |
|
|
|
|
|
Working Capital (In days of sales) |
0,00 |
0,00 |
0,00 |
|
|
Working Capital Requirement (In days of
sales) |
0,00 |
0,00 |
0,00 |
|
|
Treasury (In days of sales) |
6,00 |
17,00 |
8,00 |
|
|
BALANCE |
|
|
|
|
|
Working Capital |
-102.697,70 |
-112.586,66 |
-111.120,93 |
|
|
Working Capital Requirement |
-111.085,62 |
-150.665,77 |
-127.337,31 |
|
|
Treasury |
8.387,92 |
38.079,11 |
16.216,38 |
|
|
Balance Ratio |
0,50 |
0,41 |
0,37 |
|
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
97,79 |
97,29 |
94,97 |
|
|
Own / Permanent Funds |
14,58 |
25,99 |
52,57 |
|
|
Payback Capacity |
1,18 |
0,90 |
0,82 |
|
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
0,82 |
0,83 |
0,82 |
|
|
Immediate Liquidity |
0,02 |
0,06 |
0,03 |
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 |
25,11 |
27,90 |
-2,79 |
|
C) ACCRUED EXPENSES |
0,79 |
0,39 |
0,40 |
|
D) CURRENT ASSETS |
74,10 |
71,63 |
2,47 |
|
TOTAL ASSETS (A + B + C
+ D) |
100,00 |
100,00 |
0,00 |
|
Liabilities |
|||
|
A) SHAREHOLDERS EQUITY |
5,03 |
37,10 |
-32,07 |
|
B) ACCRUED INCOME |
0,00 |
0,36 |
-0,36 |
|
C) RISK AND EXPENDITURE
COVER |
0,00 |
0,10 |
-0,10 |
|
D) LONG-TERM CREDITORS |
4,54 |
13,56 |
-9,02 |
|
E) SHORT-TERM CREDITORS |
90,43 |
48,77 |
41,66 |
|
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 |
94,49 |
98,81 |
-4,32 |
|
Other operating income |
5,51 |
1,18 |
4,33 |
|
Production Value |
100,00 |
100,00 |
0,00 |
|
Operating expenses |
73,56 |
66,55 |
7,01 |
|
Other operation expenses |
12,45 |
13,39 |
-0,94 |
|
Added value |
13,99 |
20,04 |
-6,05 |
|
Labor cost |
9,06 |
14,67 |
-5,61 |
|
Gross Economic Result |
4,93 |
5,37 |
-0,44 |
|
Assets depreciation |
1,82 |
1,58 |
0,24 |
|
Variation in provision
for current assets |
0,43 |
0,18 |
0,25 |
|
Net Economic Result |
2,68 |
3,61 |
-0,93 |
|
Financial income |
1,93 |
0,37 |
1,56 |
|
Financial expenses |
2,53 |
1,39 |
1,14 |
|
Variation in financial
investment provision |
0,00 |
0,00 |
-0,00 |
|
Ordinary Activities
Result |
2,09 |
2,58 |
-0,49 |
|
Extraordinary income |
0,35 |
0,65 |
-0,30 |
|
Extraordinary expenses |
0,02 |
0,17 |
-0,15 |
|
Variation in provision
in fixed assets |
0,00 |
0,00 |
-0,00 |
|
Results before Taxes |
2,41 |
3,06 |
-0,65 |
|
Corporaye taxes |
0,73 |
0,88 |
-0,15 |
|
Net Result |
1,68 |
2,17 |
-0,49 |
|
Assets depreciation |
1,82 |
1,58 |
0,24 |
|
Provisions fund
variation |
0,43 |
0,19 |
0,24 |
|
Net Self-Financing |
3,93 |
3,95 |
-0,02 |
Ratios
|
(Figures given in ) |
Company |
Ptile25 |
Medium |
Ptile75 |
|
|
2.006 |
|
|
|
|
ACTIVITY |
|
|
|
|
|
Increase of the Sales
Figures |
-3,55 |
-10,06 |
0,33 |
11,18 |
|
Assets Turnover |
1,13 |
0,96 |
1,47 |
2,09 |
|
Fixed Assets Turnover |
4,37 |
3,58 |
9,70 |
26,04 |
|
Increase of the Added
Value |
-1,51 |
-8,15 |
3,00 |
16,20 |
|
PRODUCTIVITY |
|
|
|
|
|
Productivity |
1,54 |
1,14 |
1,30 |
1,61 |
|
Change of Personnel
Costs |
19,76 |
-2,37 |
5,11 |
16,38 |
|
Average Personnel Costs |
24.603,25 |
15.420,00 |
20.280,00 |
26.190,00 |
|
Value Added by Employees |
37.982,90 |
19.800,00 |
27.550,00 |
38.770,00 |
|
CASH FLOW |
|
|
|
|
|
Cash Flow |
32.042,19 |
7.650,00 |
20.370,00 |
47.010,00 |
|
Operating Cash Flow |
40.138,94 |
10.630,00 |
30.130,00 |
69.600,00 |
|
Change in Cash Flow |
-3,07 |
-30,68 |
-4,28 |
23,85 |
|
PROFITABILITY |
|
|
|
|
|
Economic Profitability |
2,02 |
0,66 |
1,90 |
4,42 |
|
Financial Profitability |
40,07 |
2,70 |
7,63 |
16,55 |
|
Financial Expenses |
1,43 |
0,21 |
0,76 |
1,83 |
|
Gross Economic
Profitability |
5,90 |
3,52 |
6,60 |
10,86 |
|
Gross Financial
Profitability |
117,26 |
11,16 |
24,88 |
46,80 |
|
BALANCE (IN DAYS OF SALES) |
|
|
|
|
|
Customers’ Credit (In
days of sales) |
36,00 |
29,68 |
68,35 |
114,26 |
|
Suppliers’ Credit (In
days of sales) |
|
0,00 |
0,00 |
0,00 |
|
Working Capital (In days
of sales) |
0,00 |
11,65 |
44,53 |
100,75 |
|
Working Capital
Requirement (In days of sales) |
0,00 |
-14,80 |
17,67 |
62,34 |
|
Treasury (In days of
sales) |
7,00 |
5,90 |
19,23 |
49,71 |
|
Operating Current Assets |
235,00 |
128,17 |
184,39 |
272,60 |
|
BALANCE |
|
|
|
|
|
Working Capital |
-111.120,93 |
14.060,00 |
79.920,00 |
213.770,00 |
|
Working Capital
Requirement |
-127.337,31 |
-19.900,00 |
29.390,00 |
128.820,00 |
|
Treasury |
16.216,38 |
8.600,00 |
33.660,00 |
100.230,00 |
|
Balance Ratio |
0,37 |
1,21 |
2,29 |
5,39 |
|
SOLVENCY |
|
|
|
|
|
Borrowing Ratio |
94,97 |
50,24 |
70,68 |
84,74 |
|
Own / Permanent Funds |
52,56 |
58,49 |
90,18 |
100,00 |
|
Payback Capacity |
0,82 |
0,26 |
0,41 |
0,67 |
|
Long term Indebtedness |
4,54 |
0,00 |
2,96 |
16,96 |
|
Gearing |
1.987,67 |
202,50 |
344,63 |
667,42 |
|
Financing Basic Ratio |
1,00 |
1,00 |
1,00 |
1,00 |
|
Assets Guarantee |
1,04 |
1,17 |
1,40 |
1,96 |
|
LIQUIDITY |
|
|
|
|
|
General Liquidity |
0,82 |
1,07 |
1,34 |
1,96 |
|
Immediate Liquidity |
0,03 |
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%)