MIRA
INFORM REPORT
|
Report Date : |
17.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
ANETO SA |
|
|
|
|
Registered Office : |
Calle Potosi, 14 08030 Barcelona |
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Country : |
Spain |
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|
|
|
Financials (as on) : |
31.12.2010 |
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|
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Date of Incorporation : |
30.11.1945 |
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|
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|
Legal Form : |
Joint-Stock Company |
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Line of Business : |
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|
No. of Employees : |
15 |
RATING & COMMENTS
|
MIRA’s 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 : |
283.000,00 € |
|
Status : |
Good |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Spain |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
ANETO SA
TAX NUMBER: A08059297
Company situation: Active
EXECUTIVE SUMMARY
Identification
Current Business Name: ANETO SA
Other names: YES
Current Address: CALLE POTOSI, 14
Telephone number: 933454900 Fax: 933110108
URL: www.aneto-sa.com
Corporate e-mail: aneto@aneto-sa.com
Trade Risk
Credit Appraisal: 283.000,00 €
Incidents: NO
R.A.I.: NO
EXPERIAN BUREAU EMPRESARIAL Bank and Multi - sectorial Defaults of
Payment: NO
Financial Information
Balance sheet latest sales (2010): 8.215.083,29 € (Commercial Registry)
Result: 213.702,55 €
Total Assets: 7.174.440,54 €
Share capital: 661.100,00 €
Employees: 15
Listed on a Stock Exchange: NO
Commercial Information
Incorporation date: 30/11/1945
Activity: Wholesale of paper products &
cardboard
NACE 2009 CODE: 4676
International Operations: Imports and
Exports
Corporate Structure
President:
Other Complementary Information
Latest filed accounts published in the Commercial Registry: 2010
Type of Accounts available at the Commercial Registry: Individuals
Latest act published in BORME: 16/12/2011 Annual Filed Accounts
Latest press article: No press articles registered
Bank Entities: There are
RATING
Credit Appraisal
Maximum Credit
(from 0 to 6,000,000
€)
Favourable to 283.000,00 €
Financial Situation
|
Exercise:2010 |
Evolution |
|
||
|
Treasury |
Excellent |
|
||
|
Indebtedness |
Nil |
|
||
|
Profitability |
Average |
|
||
|
Balance |
Excellent |
|
||
Performance
|
Incidents |
None or Negligible |
|
Business
Trajectory |
Excellent |
Reasons of the last outstanding calculation in the note
|
DATE |
CHANGE |
RESULTING NOTE |
EVENT |
|
29/11/2011 |
Increase |
17 |
•
New financial statements have been uploaded. |
Summary
LEGAL ACTIONS: No legal actions registered
ADMINISTRATIVE CLAIMS: No administrative claims registered
AFFECTED BY:
1 Company / Companies in Insolvency Proceedings.
EXPERIAN BUREAU EMPRESARIAL BANK AND MULTI - SECTORIAL DEFAULTS OF
PAYMENT 
Summary
COMPANY NOT INCLUDED IN EXPERIAN BUREAU EMPRESARIAL BANK AND MULTI -
SECTORIAL DEFAULTS OF PAYMENT
•
There is no information related to the nif/cif
consulted in the in the EXPERIAN BUREAU EMPRESARIAL BANK AND MULTI - SECTORIAL
DEFAULTS OF PAYMENT file
R.A.I.
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
12/12/2011 16:12:19
Information from the Registro de Aceptaciones Impagados (RAI)- Disputed
Bills register.
It can only be used for information legitimate needs of the consulting
party, in accordance with its social or business activity, in order to grant a
credit or the monitoring or control of the already granted credits and can not
be transmitted or communicated to thirds, nor copied, duplicated, reproduced
nor implemented to any database , owned or external, or reused it in anyway,
direct or indirectly.
FINANCIAL ELEMENTS AND SECTORIAL COMPARATIVE
FINANCIAL ELEMENTS
Figures given in €
|
|
31/12/2010 (12) BALANCE SHEET |
% ASSETS |
31/12/2009 (12) BALANCE SHEET |
% ASSETS |
31/12/2008 (12) BALANCE SHEET |
% ASSETS |
|
ASSETS |
|
|
|
|
|
|
|
A) NON CURRENT ASSETS |
2.296.671,28 |
32,01 |
2.213.809,30 |
32,22 |
2.238.505,49 |
33,71 |
|
B) CURRENT ASSETS |
4.877.769,26 |
67,99 |
4.657.360,73 |
67,78 |
4.401.300,74 |
66,29 |
|
LIABILITIES |
|
|
|
|
|
|
|
A) NET WORTH |
6.669.060,81 |
92,96 |
6.455.358,26 |
93,95 |
6.339.698,84 |
95,48 |
|
B) NON CURRENT LIABILITIES |
|
|
519,62 |
0,01 |
1.120,48 |
0,02 |
|
C) CURRENT LIABILITIES |
505.379,73 |
7,04 |
415.292,15 |
6,04 |
298.986,91 |
4,50 |
Profit and Loss Account Analysis
Figures given in €
|
|
31/12/2010 (12) BALANCE SHEET |
% NET TURNOVER |
31/12/2009 (12) BALANCE SHEET |
% NET TURNOVER |
31/12/2008 (12) BALANCE SHEET |
% NET TURNOVER |
|
SALES |
8.215.083,29 |
|
6.627.738,49 |
|
9.806.660,32 |
|
|
GROSS MARGIN |
1.684.172,27 |
20,50 |
1.379.567,98 |
20,82 |
1.924.651,83 |
19,63 |
|
EBITDA |
315.113,44 |
3,84 |
155.060,78 |
2,34 |
438.883,76 |
4,48 |
|
EBIT |
275.173,12 |
3,35 |
144.303,01 |
2,18 |
338.028,59 |
3,45 |
|
NET RESULT |
213.702,55 |
2,60 |
115.659,42 |
1,75 |
231.239,75 |
2,36 |
|
EFFECTIVE TAX RATE (%) |
27,65 |
0,00 |
29,33 |
0,00 |
29,76 |
0,00 |
COMPARATIVE SECTOR
ANALYSIS
Values table
Figures expressed in %
|
|
COMPANY (2010) |
SECTOR |
DIFFERENCE |
|
|
|
|
|
BALANCE SHEET ANALYSIS: % on the total
assets |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|||
|
A) NON CURRENT ASSETS |
32,01 |
25,66 |
6,35 |
|
|
|
|
|
A) CURRENT ASSETS |
67,99 |
74,34 |
-6,35 |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|||
|
A) NET WORTH |
92,96 |
41,73 |
51,23 |
|
|
|
|
|
B) NON CURRENT LIABILITIES |
|
6,65 |
|
|
|
|
|
|
C) CURRENT LIABILITIES |
7,04 |
51,62 |
-44,58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPANY (2010) |
SECTOR |
DIFFERENCE |
|
|
|
|
|
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total
operating income |
|
|
|
|
|
|
|
|
SALES |
99,99 |
98,63 |
1,36 |
|
|
|
|
|
GROSS MARGIN |
20,50 |
23,54 |
-3,04 |
|
|
|
|
|
EBITDA |
3,84 |
6,73 |
-2,89 |
|
|
|
|
|
EBIT |
3,35 |
5,18 |
-1,83 |
|
|
|
|
|
NET RESULT |
2,60 |
3,42 |
-0,82 |
|
|
|
|
Sector Composition
Compared sector (NACE 2009): 4676
Number of companies: 13
Size (Sales Figure): 7,000,000.00 - 40,000,000.00 Euros
OTHER DATA FROM THE ANNUAL FINANCIAL REPORT
Results Distribution
Source: annual financial report 2010
Figures given in €
|
DISTRIBUTION BASE |
APPLICATION A |
||
|
Profit and Loss Account Balance |
213.702,55 |
Legal Reserve |
0,00 |
|
Carry over |
0,00 |
Goodwill reserve |
0,00 |
|
Voluntary reserves |
0,00 |
Special reserves |
0,00 |
|
Other reserves disposable at will |
0,00 |
Voluntary reserves |
213.702,55 |
|
Total of Amounts to be distributed |
213.702,55 |
Dividends |
0,00 |
|
|
|
Carry over and others |
0,00 |
|
|
|
Compensation of previous exercises losses |
0,00 |
|
|
|
Application total |
213.702,55 |
Auditing
Source: filing of annual financial statement 2010
Auditors’ opinion: FAVOURABLE WITH RESERVATIONS
Auditor: C.B.C. AUDITORES S.L.
Auditing exceptions:
As indicated in paragraph 6 of
the Report, society presented in the
balance sheet assets, the investment in a building whose net book value in the accompanying balance sheet amounts to EUR 1,998,924.22.
As a result of not having the information needed to assess the value of this investment, we can not evaluate the reasonableness of the valuation at December 31, 2010.
Auditing fees: 8.240,00 €
Facts subsequent to the closing
Source: Annual financial report 2010
Posterior to the closure there were no relevant facts that require the
inclusion in the annual accounts.
ADDRESSES
Current Legal Seat Address:
CALLE POTOSI, 14
08030 BARCELONA
CORPORATE STRUCTURE
ADMINISTRATIVE LINKS
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Distribution of the administration board |
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|
Governing body : 11 members (latest change:
24/11/2006) Other Positions : 3 (latest change: 14/03/2007) Auditor : 1 (latest change: 14/01/2011) Operative Board Members : 3 (latest change: 12/01/2010) Non-current positions : 4 (latest change: 24/11/2006) |
|
|
Main Board members, Directors and Auditor
Governing body
|
POSITION |
NAME AND SURNAME |
DATE APPOINTMENT |
|
PRESIDENT |
SALA CARULLA, JUAN |
24/11/2006 |
|
VICE-PRESIDENT |
CARULLA ESTEVE, MARIA VICTORIA |
24/11/2006 |
|
VICE-PRESIDENT |
SALA TUSQUETS, JUAN RAMON |
24/11/2006 |
|
MANAGING DIRECTOR |
CORTES SALES, CLIMENT |
24/11/2006 |
|
MEMBER OF THE BOARD |
ALEGRE DE MIQUEL, JORGE |
24/11/2006 |
|
MEMBER OF THE BOARD |
CORTES SALES, CLEMENTE |
24/11/2006 |
|
|
|
|
Auditor
|
POSITION |
NAME AND SURNAME |
DATE APPOINTMENT |
|
AUDITOR |
C B C AUDITORES SL |
14/01/2011 |
Board members remuneration
Source: Annual
financial report 2010
Board
members remuneration: 150.000,00 €
|
POSITION |
NAME AND SURNAME |
|
Manager |
CORTES SALES, CLEMENTE |
|
Financial Manager |
AGUILERA, ALEJANDRO |
|
Exports Director |
CORTES SALES, CLEMENTE |
POTENTIAL LINKS
Search for Link by Administrator
Search Criterion: ”JUAN SALA CARULLA”
|
COMPANY |
POSITION |
PROVINCE |
|
MITOXA PROJECT SL |
Administrador Único |
BARCELONA |
|
TABER SA |
Administrador Solidario |
BARCELONA |
In case you need more information you can request:Board Members
Monitoring
Search Criterion: ”ANETO SA”
URL: www.aneto-sa.com
Aneto, S.A. - Barcelona ANETO, S.A. · Potosí, 14 · 08030 Barcelona ·
Tel. + 34 93 345 49 00 · Fax + 34 93 311 01 08.
URL: www.alabrent.com
Aneto, SA / Alabrent.com / Directory Aneto, SA: Distribution and storage of paper handled in paper
and cardboard.
BUSINESS INFORMATION
Incorporation date: 30/11/1945
Establishment date: 01/01/1945
Code: 1619400
Activity: Wholesale of paper products & cardboard
NACE 2009 CODE: 4676
NACE 2009 Activity: Wholesale of other intermediate products
Business: SALE OF PAPER, CARDBOARD, THEREOF AS WELL HANDLED and paper products
Activity description: Sale and distribution of
semi-finished paper and paperboard
packaging industry
Latest employees figure: 15 (2011)
% of fixed employees: 100,00%
% of men: 76,92%
% of women: 23,08%
Employees evolution
|
|
|
|
Source: Annual financial report 2010
|
CATEGORY |
AVERAGE NUMBER OF EMPLOYEES |
MEN |
WOMEN |
|
Senior management |
1 |
1 |
|
|
Other managers |
2 |
2 |
|
|
Administrative employees |
3 |
|
3 |
|
Sales representatives and similar |
3 |
3 |
|
|
Other qualified employees |
4 |
4 |
|
SALES
Export Percentage: 10%
Exports to: UNION EUROPEA Y OTROS PAISES
National Distribution: 90%
• 100% of its turnover corresponds to
the wholesale trade of paper and cardboard
|
ENTITY |
BRANCH |
ADDRESS |
TOWN OR CITY |
PROVINCE |
|
BANCO DE SABADELL, S.A. |
|
|
BARCELONA |
|
|
BANCO SANTANDER, S.A. |
|
|
BARCELONA |
|
|
BANCO ESPAÑOL DE CREDITO, S.A. |
|
|
|
|
|
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
|
|
|
|
|
BANKINTER, S.A. |
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|
Discount facilities: 1
Credit policy: 0
Mortgage loan: 0
Loans with no real security: 0
|
|
|
|
Debt type: Discount
facilities |
Granted limit:670.000,00 € Used limit:112.138,07 € Available limit:557.861,93
€ Source: Filed
Accounts (2010) |
|
|
|
Brand name: ANETO.SDAD.ANONIMA (Valid)
Type: JOINT Scope: NATIONAL Date: 01/01/2007
Brand name: ANETO S.A. DESDE 1945 (Valid)
Type: JOINT Scope: NATIONAL Date: 23/10/2002
Brand name: ANETO, S.A. (Valid)
Type: JOINT Scope: NATIONAL Date: 01/12/1999
LEGAL STRUCTURE
Constitution Data
Register Date: 30/11/1945
Legal form: Joint-stock Company
Share capital: 661.100,00 €
Paid-up capital: 661.100,00 €
Obligation to fill in Financial Statements: YES
Chamber census: YES (2009)
B.O.R.M.E. (OFFICIAL GAZETTE OF THE COMMERCIAL REGISTRY)
Acts on activity: 0
Acts on administrators: 21 (Last: 14/01/2011, first:
18/04/1991)
Acts on capital: 2 (Last: 13/10/1999, first:
07/06/1994)
Acts on creation: 0
Acts on filed accounts: 22 (Last: 16/12/2011, first:
17/12/1990)
Acts on identification: 0
Acts on Information: 4 (Last: 22/12/2006, first:
07/06/1994)
Latest acts in B.O.R.M.E.
Other acts
|
ACT |
DATE |
NOTICE NUM. |
COMMERCIAL REGISTRY |
|
Appointments |
14/01/2011 |
14022 |
Barcelona |
|
Appointments |
30/06/2010 |
259419 |
Barcelona |
|
Appointments |
22/04/2009 |
189598 |
Barcelona |
|
Appointments |
30/01/2008 |
48676 |
Barcelona |
|
Appointments |
14/03/2007 |
152655 |
Barcelona |
|
Appointments |
08/01/2007 |
9888 |
Barcelona |
|
Other concepts |
22/12/2006 |
611723 |
Barcelona |
|
Modification of the Articles of Association |
24/11/2006 |
563756 |
Barcelona |
Latest filed accounts
|
ACT |
DATE |
NOTICE NUM. |
COMMERCIAL REGISTRY |
|
Annual Filed Accounts (2010) |
16/12/2011 |
984199 |
Barcelona |
|
Annual Filed Accounts (2009) |
20/01/2011 |
35425 |
Barcelona |
|
Annual Filed Accounts (2008) |
22/12/2009 |
1039274 |
Barcelona |
Complementary Information
Financial Information
The stock closed
on 31/12/2009 (Deposit 2009) is available in
reports, but no data in the new
financial statements incorrectly presented.
FINANCIAL INFORMATION
The information on the last
account contained in this report is extracted from the Commercial Registry file
of the legal address of the Company and dated 29/11/2011.
SITUATION BALANCE-SHEET
Assets
Figures given in €
|
|
31/12/2010 (12) |
% ASSETS |
31/12/2009 (12) |
% ASSETS |
31/12/2008 (12) |
% ASSETS |
|
A) NON CURRENT ASSETS |
2.296.671,28 |
32,01 |
2.213.809,30 |
32,22 |
2.238.505,49 |
33,71 |
|
I. Intangible assets |
3.813,23 |
0,05 |
3.194,41 |
0,05 |
4.383,96 |
0,07 |
|
3. Patents, licences , trademarks and
similars |
1.063,21 |
0,01 |
1.152,73 |
0,02 |
590,71 |
0,01 |
|
5. Software |
2.750,02 |
0,04 |
2.041,68 |
0,03 |
3.793,25 |
0,06 |
|
II. Tangible fixed assets |
67.831,17 |
0,95 |
64.517,76 |
0,94 |
76.954,15 |
1,16 |
|
2. Technical fittings and other tangible
assets |
67.831,17 |
0,95 |
64.517,76 |
0,94 |
76.954,15 |
1,16 |
|
III. Real-estate investments |
1.998.924,22 |
27,86 |
2.009.994,47 |
29,25 |
2.021.064,72 |
30,44 |
|
1. Lands |
1.788.589,39 |
24,93 |
1.788.589,39 |
26,03 |
1.788.589,39 |
26,94 |
|
2. Buildings |
210.334,83 |
2,93 |
221.405,08 |
3,22 |
232.475,33 |
3,50 |
|
IV. Long term investments in associated
and affiliated companies |
|
|
|
|
|
|
|
V. Long Term Financial Investments |
226.102,66 |
3,15 |
136.102,66 |
1,98 |
136.102,66 |
2,05 |
|
2. Credits to third parties |
90.000,00 |
1,25 |
|
|
|
|
|
5. Other financial assets |
136.102,66 |
1,90 |
136.102,66 |
1,98 |
136.102,66 |
2,05 |
|
VI. Assets by deferred taxes |
|
|
|
|
|
|
|
VII. Non current commercial debts |
|
|
|
|
|
|
|
B) CURRENT ASSETS |
4.877.769,26 |
67,99 |
4.657.360,73 |
67,78 |
4.401.300,74 |
66,29 |
|
I. Non-current assets maintained for sale |
|
|
|
|
|
|
|
II. Stocks |
710.571,09 |
9,90 |
626.846,94 |
9,12 |
1.088.027,40 |
16,39 |
|
1. Goods available for sale |
710.571,09 |
9,90 |
626.846,94 |
9,12 |
1.088.027,40 |
16,39 |
|
III. Trade Debtors and other receivable
accounts |
2.639.129,23 |
36,79 |
2.191.909,41 |
31,90 |
2.553.549,36 |
38,46 |
|
1. Clients |
2.639.129,23 |
36,79 |
2.191.909,41 |
31,90 |
2.553.549,36 |
38,46 |
|
b) Clients for sales and
short term services rendering |
2.639.129,23 |
36,79 |
2.191.909,41 |
31,90 |
2.553.549,36 |
38,46 |
|
IV. Short term investments in associated and
affiliated companies |
|
|
|
|
|
|
|
V. Short term financial investments |
1.046.830,28 |
14,59 |
1.508.016,32 |
21,95 |
41.776,81 |
0,63 |
|
5. Other financial assets |
1.046.830,28 |
14,59 |
1.508.016,32 |
21,95 |
41.776,81 |
0,63 |
|
VI. Short term periodifications |
|
|
|
|
|
|
|
VII. Cash and equivalents |
481.238,66 |
6,71 |
330.588,06 |
4,81 |
717.947,17 |
10,81 |
|
1. Treasury |
481.238,66 |
6,71 |
330.588,06 |
4,81 |
717.947,17 |
10,81 |
|
TOTAL ASSETS (A + B) |
7.174.440,54 |
100,00 |
6.871.170,03 |
100,00 |
6.639.806,23 |
100,00 |
Net Worth and Liabilities
Figures given in €
|
|
31/12/2010 (12) |
% ASSETS |
31/12/2009 (12) |
% ASSETS |
31/12/2008 (12) |
% ASSETS |
|
A) NET WORTH |
6.669.060,81 |
92,96 |
6.455.358,26 |
93,95 |
6.339.698,84 |
95,48 |
|
A-1) Equity |
6.669.060,81 |
92,96 |
6.455.358,26 |
93,95 |
6.339.698,84 |
95,48 |
|
I. Capital |
661.100,00 |
9,21 |
661.100,00 |
9,62 |
661.100,00 |
9,96 |
|
1. Authorized capital |
661.100,00 |
9,21 |
661.100,00 |
9,62 |
661.100,00 |
9,96 |
|
II. Issue premium |
|
|
|
|
|
|
|
III. Reserves |
6.485.258,26 |
90,39 |
6.369.598,84 |
92,70 |
6.138.359,09 |
92,45 |
|
1. Legal and statutory |
132.220,00 |
1,84 |
132.220,00 |
1,92 |
132.220,00 |
1,99 |
|
2. Other funds |
6.353.038,26 |
88,55 |
6.237.378,84 |
90,78 |
6.006.139,09 |
90,46 |
|
IV. (Net worth own shares and
participations) |
-691.000,00 |
-9,63 |
-691.000,00 |
-10,06 |
-691.000,00 |
-10,41 |
|
V. Results from previous years |
|
|
|
|
|
|
|
VI. Other loans from partners |
|
|
|
|
|
|
|
VII. Exercise Result |
213.702,55 |
2,98 |
115.659,42 |
1,68 |
231.239,75 |
3,48 |
|
VIII. (Interim dividend) |
|
|
|
|
|
|
|
IX. Other net worth instruments |
|
|
|
|
|
|
|
A-2) Value changes adjustments |
|
|
|
|
|
|
|
I. Financial assets available for sale |
|
|
|
|
|
|
|
II. Coverage operations |
|
|
|
|
|
|
|
III. Non-current assets and related liabilities,
maintained for sale |
|
|
|
|
|
|
|
IV. Conversion differences |
|
|
|
|
|
|
|
V. Other |
|
|
|
|
|
|
|
A-3) Received legacies, grants and
subventions |
|
|
|
|
|
|
|
B) NON CURRENT LIABILITIES |
|
|
519,62 |
0,01 |
1.120,48 |
0,02 |
|
I. Long term provisions |
|
|
|
|
|
|
|
II. Long term debts |
|
|
|
|
|
|
|
III. Long term debts with associated and
affiliated companies |
|
|
|
|
|
|
|
IV. Liabilities by deferred taxes |
|
|
519,62 |
0,01 |
1.120,48 |
0,02 |
|
V. Long term periodifications |
|
|
|
|
|
|
|
VI. Non current trade creditors |
|
|
|
|
|
|
|
VII. Long term debts with special
characteristics |
|
|
|
|
|
|
|
C) CURRENT LIABILITIES |
505.379,73 |
7,04 |
415.292,15 |
6,04 |
298.986,91 |
4,50 |
|
I. Liabilities related with non-current
assets maintained for sale |
|
|
|
|
|
|
|
II. Short term provisions |
|
|
|
|
|
|
|
III. Short term debts |
112.138,07 |
1,56 |
36.586,97 |
0,53 |
79.453,64 |
1,20 |
|
2. Debts with bank entities |
112.138,07 |
1,56 |
36.586,97 |
0,53 |
79.453,64 |
1,20 |
|
IV. Short term debts with associated and
affiliated companies |
|
|
|
|
|
|
|
V. Trade creditors and other payable
accounts |
393.241,66 |
5,48 |
378.705,18 |
5,51 |
219.533,27 |
3,31 |
|
1. Suppliers |
71.382,43 |
0,99 |
168.223,16 |
2,45 |
45.199,50 |
0,68 |
|
b) Short term suppliers |
71.382,43 |
0,99 |
168.223,16 |
2,45 |
45.199,50 |
0,68 |
|
3. Different creditors |
98.710,91 |
1,38 |
65.056,96 |
0,95 |
51.562,01 |
0,78 |
|
4. Staff (pending remunerations) |
45.737,76 |
0,64 |
42.023,08 |
0,61 |
42.761,04 |
0,64 |
|
5. Liabilities by current taxes |
13.031,97 |
0,18 |
18.643,89 |
0,27 |
16.138,14 |
0,24 |
|
6. Other debts with Public Administrations |
164.378,59 |
2,29 |
84.758,09 |
1,23 |
63.872,58 |
0,96 |
|
VI. Short term periodifications |
|
|
|
|
|
|
|
VII. Short term debts with special
characteristics |
|
|
|
|
|
|
|
TOTAL NET WORTH AND LIABILITIES (A + B +
C) |
7.174.440,54 |
100,00 |
6.871.170,03 |
100,00 |
6.639.806,23 |
100,00 |
PROFIT AND LOSS ACCOUNT
Figures given in €
|
|
31/12/2010 (12) |
%OPERATING INCOME |
31/12/2009 (12) |
%OPERATING INCOME |
31/12/2008 (12) |
%OPERATING INCOME |
|
A) CONTINUED OPERATIONS |
|
|
|
|
|
|
|
1. Net Turnover |
8.215.083,29 |
99,99 |
6.627.738,49 |
99,99 |
9.806.660,32 |
99,96 |
|
A) Sales |
8.215.083,29 |
99,99 |
6.627.738,49 |
99,99 |
9.806.660,32 |
99,96 |
|
2. Variation in stocks of finished goods and
work in progress |
|
|
|
|
|
|
|
3. Works for its own assets |
|
|
|
|
|
|
|
4. Supplies |
-6.532.041,93 |
-79,50 |
-5.249.016,67 |
-79,19 |
-7.885.620,61 |
-80,38 |
|
a) Material consumed |
-6.487.955,83 |
-78,97 |
-5.247.216,08 |
-79,16 |
-7.770.519,77 |
-79,21 |
|
c) Works carried out for other companies |
-42.410,28 |
-0,52 |
-34.342,28 |
-0,52 |
-90.820,15 |
-0,93 |
|
d) Deterioration on merchandises, raw
materials and other supplies |
-1.675,82 |
-0,02 |
32.541,69 |
0,49 |
-24.280,69 |
-0,25 |
|
5. Other operating income |
1.130,91 |
0,01 |
846,16 |
0,01 |
3.612,12 |
0,04 |
|
a) Other incomes |
1.130,91 |
0,01 |
846,16 |
0,01 |
3.612,12 |
0,04 |
|
6. Labour cost |
-831.692,46 |
-10,12 |
-681.571,99 |
-10,28 |
-982.346,21 |
-10,01 |
|
a) Wages and similar expenses |
-701.513,40 |
-8,54 |
-553.965,21 |
-8,36 |
-862.830,03 |
-8,80 |
|
b) Social costs |
-130.179,06 |
-1,58 |
-127.606,78 |
-1,93 |
-119.516,18 |
-1,22 |
|
7. Other operating costs |
-547.130,09 |
-6,66 |
-526.113,43 |
-7,94 |
-570.357,72 |
-5,81 |
|
a) External services |
-532.180,98 |
-6,48 |
-504.936,81 |
-7,62 |
-520.617,07 |
-5,31 |
|
b) Taxes |
-4.976,91 |
-0,06 |
-5.456,71 |
-0,08 |
-7.085,48 |
-0,07 |
|
c) Losses, deterioration and variation on business
operations provisions |
-9.972,20 |
-0,12 |
-15.719,91 |
-0,24 |
-42.655,17 |
-0,43 |
|
8. Amortization of fixed assets |
-28.292,30 |
-0,34 |
-27.579,55 |
-0,42 |
-33.919,31 |
-0,35 |
|
9. Allocation of subventions on non financial
investments and other |
|
|
|
|
|
|
|
10. Provisions excess |
|
|
|
|
|
|
|
11. Deterioration and result for fixed
assets disposal |
-1.884,30 |
-0,02 |
|
|
|
|
|
b) Results for disposals and others |
-1.884,30 |
-0,02 |
|
|
|
|
|
12. Negative difference of business
combinations |
|
|
|
|
|
|
|
13. Other results |
|
|
|
|
|
|
|
A.1) OPERATING RESULT (1 + 2 + 3 + 4 + 5 +
6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) |
275.173,12 |
3,35 |
144.303,01 |
2,18 |
338.028,59 |
3,45 |
|
14. Financial income |
27.975,41 |
0,34 |
26.554,95 |
0,40 |
8.015,36 |
0,08 |
|
b) From negotiable values and other
financial instruments |
27.975,41 |
0,34 |
26.554,95 |
0,40 |
8.015,36 |
0,08 |
|
b 2) From third parties |
27.975,41 |
0,34 |
26.554,95 |
0,40 |
8.015,36 |
0,08 |
|
15. Financial expenses |
-7.791,39 |
-0,09 |
-7.198,10 |
-0,11 |
-16.865,76 |
-0,17 |
|
b) For debts with third parties |
-7.791,39 |
-0,09 |
-7.198,10 |
-0,11 |
-16.865,76 |
-0,17 |
|
16. Reasonable value variation on financial
instruments |
|
|
|
|
|
|
|
17. Exchange differences |
|
|
|
|
31,54 |
0,00 |
|
18. Deterioration and result for disposal
of financial instruments |
|
|
|
|
|
|
|
19. Other financial income and expenses |
|
|
|
|
|
|
|
A.2) FINANCIAL RESULT (14 + 15 + 16 + 17 +
18 + 19) |
20.184,02 |
0,25 |
19.356,85 |
0,29 |
-8.818,86 |
-0,09 |
|
A.3) RESULT BEFORE TAXES (A.1 + A.2) |
295.357,14 |
3,59 |
163.659,86 |
2,47 |
329.209,73 |
3,36 |
|
20. Taxes on profits |
-81.654,59 |
-0,99 |
-48.000,44 |
-0,72 |
-97.969,98 |
-1,00 |
|
A.4) EXERCISE RESULT COMING FROM CONTINUED
OPERATIONS (A.3 + 20) |
213.702,55 |
2,60 |
115.659,42 |
1,74 |
231.239,75 |
2,36 |
|
B) DISCONTINUED OPERATIONS |
|
|
|
|
|
|
|
21. Net of taxes exercise result coming
from discontinued operations |
|
|
|
|
|
|
|
A.5) EXERCISE RESULT (A.4 + 21) |
213.702,55 |
2,60 |
115.659,42 |
1,74 |
231.239,75 |
2,36 |
NET WORTH CHANGES
STATUS
Status of recognized income and expenses
Figures given in €
|
NET WORTH CHANGES (1/3) |
31/12/2010 (12) |
31/12/2009 (12) |
31/12/2008 (12) |
|
A) PROFIT AND LOSS ACCOUNT RESULT |
213.702,55 |
115.659,42 |
231.239,75 |
|
INCOME AND EXPENSES ALLOCATED DIRECTLY TO
NET WORTH |
|
|
|
|
I. For valuation of financial instruments |
|
|
|
|
II. Cash flow coverage |
|
|
|
|
III. Received legacies, grants and
subventions |
|
|
|
|
IV. For actuarial profits and losses and other
adjustments |
|
|
|
|
V. Non-current assets and related
liabilities, maintained for sale |
|
|
|
|
VI. Conversion differences |
|
|
|
|
VII. Tax effect |
|
|
|
|
B) TOTAL INCOME AND EXPENSES ALLOCATED DIRECTLY
TO NET WORTH (I + II + III + IV +V+VI+VII) |
|
|
|
|
PROFIT AND LOSS ACCOUNT TRANSFERS |
|
|
|
|
VIII. For valuation of financial
instruments |
|
|
|
|
IX. Cash flow coverage |
|
|
|
|
X. Received legacies, grants and
subventions |
|
|
|
|
XI. Non-current assets and related
liabilities, maintained for sale |
|
|
|
|
XII. Conversion differences |
|
|
|
|
XIII. Tax effect |
|
|
|
|
C) TOTAL TRANSFERS TO THE PROFIT AND LOSS
ACCOUNT (VIII + IX + X + XI+ XII+ XIII) |
|
|
|
|
TOTAL INCOME AND EXPENSES RECOGNIZED (A +
B + C) |
213.702,55 |
115.659,42 |
231.239,75 |
Total net worth changes status
Figures given in €
|
NET WORTH CHANGES ( 2 /3) |
AUTHORIZED CAPITAL |
RESERVES |
(NET WORTH OWN SHARES AND PARTICIPATIONS) |
EXERCISE RESULT |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2007) |
661.100,00 |
5.749.094,19 |
-691.000,00 |
389.264,90 |
|
I. Adjustments by change of criteria in
the exercise (2007) |
|
|
|
|
|
II. Adjustments by errors in the exercise
(2007) |
|
|
|
|
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF
EXERCISE (2008) |
661.100,00 |
5.749.094,19 |
-691.000,00 |
389.264,90 |
|
I. Total recognized income and expenses |
|
|
|
231.239,75 |
|
II. Operations with partners or owners |
|
|
|
|
|
III. Other net worth variations |
|
389.264,90 |
|
-389.264,90 |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2008) |
|
|
|
|
|
I. Adjustments by change of criteria in
the exercise (2008) |
|
|
|
|
|
II. Adjustments by errors in the exercise
(2008) |
|
|
|
|
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF
EXERCISE (2009) |
|
|
|
|
|
I. Total recognized income and expenses |
|
|
|
|
|
II. Operations with partners or owners |
|
|
|
|
|
III. Other net worth variations |
|
|
|
|
|
FINAL ACCOUNT BALANCE OF EXERCISE (2009) |
661.100,00 |
6.369.598,84 |
-691.000,00 |
115.659,42 |
|
I. Adjustments by change of criteria in
the exercise (2009) |
|
|
|
|
|
II. Adjustments by errors in the exercise
(2009) |
|
|
|
|
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF
EXERCISE (2010) |
661.100,00 |
6.369.598,84 |
-691.000,00 |
115.659,42 |
|
I. Total recognized income and expenses |
|
|
|
213.702,55 |
|
II. Operations with partners or owners |
|
|
|
|
|
III. Other net worth variations |
|
115.659,42 |
|
-115.659,42 |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2010) |
661.100,00 |
6.485.258,26 |
-691.000,00 |
213.702,55 |
|
NET WORTH CHANGES ( 3 /3) |
TOTAL |
|
||
|
FINAL ACCOUNT BALANCE OF EXERCISE (2007) |
6.108.459,09 |
|
||
|
I. Adjustments by change of criteria in
the exercise (2007) |
|
|
||
|
II. Adjustments by errors in the exercise
(2007) |
|
|
||
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE
(2008) |
6.108.459,09 |
|
||
|
I. Total recognized income and expenses |
231.239,75 |
|
||
|
II. Operations with partners or owners |
|
|
||
|
III. Other net worth variations |
|
|
||
|
FINAL ACCOUNT BALANCE OF EXERCISE (2008) |
|
|
||
|
I. Adjustments by change of criteria in
the exercise (2008) |
|
|
||
|
II. Adjustments by errors in the exercise
(2008) |
|
|
||
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF
EXERCISE (2009) |
|
|
||
|
I. Total recognized income and expenses |
|
|
||
|
II. Operations with partners or owners |
|
|
||
|
III. Other net worth variations |
|
|
||
|
FINAL ACCOUNT BALANCE OF EXERCISE (2009) |
6.455.358,26 |
|
||
|
I. Adjustments by change of criteria in
the exercise (2009) |
|
|
||
|
II. Adjustments by errors in the exercise
(2009) |
|
|
||
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF
EXERCISE (2010) |
6.455.358,26 |
|
||
|
I. Total recognized income and expenses |
213.702,55 |
|
||
|
II. Operations with partners or owners |
|
|
||
|
III. Other net worth variations |
|
|
||
|
FINAL ACCOUNT BALANCE OF EXERCISE (2010) |
6.669.060,81 |
|
||
CASH FLOW STATUS
Figures given in €
|
|
31/12/2010 (12) |
31/12/2008 (12) |
|
A) CASH FLOW COMING FROM OPERATING
ACTIVITIES |
|
|
|
1. exercise result before taxes |
295.357,14 |
329.209,73 |
|
2. Results adjustments |
21.640,60 |
109.705,57 |
|
a) Amortization of fixed assets (+) |
28.292,30 |
33.919,31 |
|
b) Value correction for deterioration
(+/-) |
11.648,02 |
66.935,86 |
|
e) Results for decline and disposal of
fixed assets (+/-) |
1.884,30 |
|
|
g) Financial income (-) |
-27.975,41 |
-8.015,36 |
|
f) Financial expenses (+) |
7.791,39 |
16.865,76 |
|
3. Changes in current capital |
-620.675,00 |
163.709,81 |
|
a) Stocks (+/-) |
-85.399,97 |
-80.672,00 |
|
b) Debtors and other receivable accounts
(+/-) |
-515.126,63 |
578.595,68 |
|
d) Creditors and other payable accounts
(+/-) |
-20.148,40 |
-334.213,87 |
|
4. Other cash flow coming from operating
activities |
-67.602,71 |
-143.715,66 |
|
a) Interests payments (-) |
-7.791,39 |
-16.865,76 |
|
c) Interests collections (+) |
27.975,41 |
8.015,36 |
|
d) Collections (payments) for profit tax
(+/-) |
-87.786,73 |
-134.865,26 |
|
5. Cash flow coming from operating
activities (1 + 2 + 3 + 4) |
-371.279,97 |
458.909,45 |
|
B) CASH FLOW COMING FROM INVESTING
ACTIVITIES |
|
|
|
6. Investment payments (-) |
-103.674,00 |
-30.746,35 |
|
b) Intangible assets |
-2.604,00 |
-3.500,00 |
|
c) Tangible assets |
-11.070,00 |
-27.246,35 |
|
h) Other assets |
-90.000,00 |
|
|
7. Disinvestment collections (+) |
550.053,47 |
|
|
e) Other financial assets |
550.053,47 |
|
|
8. Cash Flow in investment activities (6 +
7) |
446.379,47 |
-30.746,35 |
|
C) CASH FLOW COMING FROM FINANCING
ACTIVITIES |
|
|
|
9. Net worth instruments collections and
payments |
|
|
|
10. Financial liabilities instruments
collections and payments |
75.551,10 |
-168.384,79 |
|
a) Issue |
75.551,10 |
|
|
2. Debts with bank
entities (+) |
75.551,10 |
|
|
b) Return and amortization of |
|
-168.384,79 |
|
2. Debts with bank
entities (-) |
|
-168.384,79 |
|
11. Payments for dividends and
remunerations of other net worth instruments |
|
|
|
12. Cash Flow in financing activities (9 +
10 + 11) |
75.551,10 |
-168.384,79 |
|
D) Exchange rate variations effect |
|
|
|
E) NET CASH OR EQUIVALENTS INCREASE /
REDUCTION (5 + 8 + 12 + D) |
150.650,60 |
259.778,31 |
|
Cash or equivalents at the beginning of
the exercise |
330.588,06 |
458.168,86 |
|
Cash or equivalents at the end of the
exercise |
481.238,66 |
717.947,17 |
RATIOS
|
|
31/12/2010 (12) |
CHANGE % |
31/12/2009 (12) |
CHANGE % |
31/12/2008 (12) |
|
BALANCE RATIOS |
|||||
|
Working Capital (€) |
4.372.389,53 |
3,07 |
4.242.068,58 |
3,41 |
4.102.313,83 |
|
Working capital ratio |
0,61 |
-1,61 |
0,62 |
0,00 |
0,62 |
|
Soundness Ratio |
2,90 |
-0,68 |
2,92 |
3,18 |
2,83 |
|
Average Collection Period (days) |
116 |
-3,02 |
119 |
27,31 |
94 |
|
Average Payment Period (days) |
20 |
-15,15 |
24 |
153,85 |
9 |
|
LIQUIDITY RATIOS |
|||||
|
Current Ratio (%) |
965,17 |
-13,94 |
1.121,47 |
-23,82 |
1.472,07 |
|
Quick Ratio (%) |
302,36 |
-31,71 |
442,73 |
74,23 |
254,10 |
|
DEBT RATIOS |
|||||
|
Borrowing percentage (%) |
1,56 |
194,34 |
0,53 |
-55,83 |
1,20 |
|
External Financing Average Cost |
0,07 |
-65,00 |
0,20 |
-4,76 |
0,21 |
|
Debt Service Coverage |
-0,30 |
-215,38 |
0,26 |
52,94 |
0,17 |
|
Interest Coverage |
35,32 |
76,16 |
20,05 |
0,05 |
20,04 |
|
GENERAL AND ACTIVITIES RATIOS |
|||||
|
Auto financing generated by sales (%) |
-4,52 |
-309,26 |
2,16 |
-53,85 |
4,68 |
|
Auto financing generated by Assets (%) |
-5,18 |
-347,37 |
2,08 |
-69,75 |
6,91 |
|
Breakdown Point |
1,04 |
0,98 |
1,02 |
-1,92 |
1,04 |
|
Average Sales Volume per Employee |
631.929,48 |
23,95 |
509.826,04 |
-32,42 |
754.358,49 |
|
Average Cost per Employee |
63.976,34 |
22,03 |
52.428,61 |
-30,62 |
75.565,09 |
|
Assets Turnover |
1,14 |
18,56 |
0,96 |
-34,46 |
1,48 |
|
Inventory Turnover (days) |
39 |
-8,40 |
43 |
-13,77 |
50 |
|
RESULTS RATIOS |
|||||
|
Return on Assets (ROA) (%) |
3,84 |
82,86 |
2,10 |
-58,74 |
5,09 |
|
Operating Profitability (%) |
4,20 |
68,00 |
2,50 |
-55,36 |
5,60 |
|
Return on Equity (ROE) (%) |
4,43 |
74,41 |
2,54 |
-51,06 |
5,19 |
SECTORIAL ANALYSIS
Balance Sheet and Financial Balance
Figures expressed in %
|
|
COMPANY (2010) |
SECTOR |
DIFFERENCE |
|
BALANCE SHEET ANALYSIS: % on the total
assets |
|
|
|
|
ASSETS |
|||
|
A) NON CURRENT ASSETS |
32,01 |
25,66 |
6,35 |
|
A) CURRENT ASSETS |
67,99 |
74,34 |
-6,35 |
|
LIABILITIES |
|||
|
A) NET WORTH |
92,96 |
41,73 |
51,23 |
|
B) NON CURRENT LIABILITIES |
|
6,65 |
|
|
C) CURRENT LIABILITIES |
7,04 |
51,62 |
-44,58 |
|
|
|
|
|
Results Analytical Account
Figures given in %
|
|
COMPANY (2010) |
SECTOR |
DIFFERENCE |
|
Net Turnover |
99,99 |
98,63 |
1,36 |
|
Other operating income |
0,01 |
1,37 |
-1,36 |
|
OPERATING INCOME |
100,00 |
100,00 |
0,00 |
|
Supplies |
-79,50 |
-76,47 |
-3,03 |
|
Variation in stocks of finished goods and
work in progress |
|
0,00 |
|
|
GROSS MARGIN |
20,50 |
23,54 |
-3,04 |
|
Other operating costs |
-6,66 |
-9,58 |
2,92 |
|
Labour cost |
-10,12 |
-7,70 |
-2,42 |
|
GROSS OPERATING RESULT |
3,72 |
6,25 |
-2,53 |
|
Amortization of fixed assets |
-0,34 |
-1,02 |
0,68 |
|
Deterioration and result for fixed assets
disposal |
-0,02 |
-0,05 |
0,03 |
|
NET OPERATING RESULT |
3,35 |
5,18 |
-1,82 |
|
Financial result |
0,25 |
-0,30 |
0,55 |
|
RESULT BEFORE TAX |
3,59 |
4,88 |
-1,29 |
|
Taxes on profits |
-0,99 |
-1,45 |
0,46 |
|
RESULT COMING FROM CONTINUED OPERATIONS |
2,60 |
|
|
|
NET RESULT |
2,60 |
3,42 |
-0,82 |
Main Ratios
|
|
COMPANY (2010) |
PTILE25 |
PTILE50 |
PTILE75 |
|
BALANCE RATIOS |
|
|
|
|
|
Working Capital (€) |
4.372.389,53 |
346.913,71 |
2.049.837,76 |
3.105.039,83 |
|
Working capital ratio |
0,61 |
0,05 |
0,26 |
0,35 |
|
Soundness Ratio |
2,90 |
0,88 |
2,29 |
2,50 |
|
Average Collection Period (days) |
116 |
67 |
104 |
126 |
|
Average Payment Period (days) |
20 |
15 |
54 |
93 |
|
LIQUIDITY RATIOS |
|
|
|
|
|
Current Ratio (%) |
965,17 |
1,09 |
1,42 |
1,82 |
|
Quick Ratio (%) |
302,36 |
0,09 |
0,18 |
0,23 |
|
DEBT RATIOS |
|
|
|
|
|
Borrowing percentage (%) |
1,56 |
1,95 |
10,79 |
32,30 |
|
External Financing Average Cost |
0,07 |
0,03 |
0,05 |
0,09 |
|
Debt Service Coverage |
-0,30 |
0,05 |
0,58 |
4,48 |
|
Interest Coverage |
35,32 |
2,19 |
9,72 |
25,57 |
|
GENERAL AND ACTIVITIES RATIOS |
|
|
|
|
|
Auto financing generated by sales (%) |
-4,52 |
1,30 |
3,87 |
6,30 |
|
Auto financing generated by Assets (%) |
-5,18 |
3,71 |
6,61 |
9,27 |
|
Breakdown Point |
1,04 |
1,01 |
1,05 |
1,10 |
|
Average Sales Volume per Employee |
631.929,48 |
238.404,84 |
448.779,33 |
880.804,86 |
|
Average Cost per Employee |
63.976,34 |
29.307,18 |
32.228,07 |
47.337,64 |
|
Assets Turnover |
1,14 |
1,32 |
1,62 |
2,51 |
|
Inventory Turnover (days) |
39 |
38 |
63 |
69 |
|
RESULTS RATIOS |
|
|
|
|
|
Return on Assets (ROA) (%) |
3,84 |
2,90 |
7,51 |
11,15 |
|
Operating Profitability (%) |
4,20 |
4,43 |
10,42 |
14,55 |
|
Return on Equity (ROE) (%) |
4,43 |
11,09 |
17,69 |
22,58 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.81 |
|
|
1 |
Rs.82.00 |
|
Euro |
1 |
Rs.68.81 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.