MIRA INFORM REPORT
|
Report Date : |
20.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
FRITTA SL |
|
|
|
|
Registered Office : |
Carretera Cv- 20 (Km 8), S/N - Apdo.De Correos 293,
12200 Onda Castellón |
|
|
|
|
Country : |
Spain |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
|
|
|
|
|
Legal Form : |
Limited Liability Company |
|
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|
|
Line of Business : |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
1.052.549,00 € |
|
Status : |
Moderate |
|
Payment
Behaviour : |
Unknown |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
FRITTA SL
TAX NUMBER: B12015756
EXECUTIVE
SUMMARY
Identification
Current Business Name: FRITTA SL
Commercial name: FRITTA, S.L.
Other names: YES
Current Address: CARRETERA CV- 20 (KM
8), S/N - APDO.DE CORREOS 293
Telephone number: 964777600 Fax: 964530709
URL: www.fritta.com
Corporate e-mail: fritta@fritta.com
Trade Risk
Credit Appraisal: 1.052.549,00 €
Incidents: NO
R.A.I.: NO
Bank and business defaults of payment - ASNEF EMPRESAS: NO
Financial
Information
Balance sheet latest sales (2009): 34.045.340,00 € (Trade Register)
Result: -12.892.037 €
Total Assets: 60.350.803 €
Social Capital: 119.700,00 €
Employees: 200
Listed on a Stock Exchange: NO
Commercial
Information
Incorporation date: 26/05/1973
Activity: Mfg. of chemical products
NACE 2009 CODE: 2059
International Operations: Exports
Corporate
Structure
President:
Participations: 5
Other
Complementary Information
Latest filed accounts published in the Mercantile Register: 2009
Type of Accounts available at the Mercantile Register: Individuals
Latest act published in BORME: 12/01/2011 Annual Filed Accounts
Latest press article: 13/05/2009 EXPANSION DE
VALENCIA (CORPORATE INFORMATION)
Bank Entities: There are
The date when this report was last updated is 12/05/2011.
The information contained in this report has been investigated and
contrasted on 12/05/2011
Credit
Appraisal
Maximum Credit
(from 0 to 6,000,000
€)
Favourable to 1.052.549,00 €
Financial
Situation
Exercise:2009
|
Treasury |
Excellent |
|
Indebtedness |
Average |
|
Profitability |
Very Negative |
|
Balance |
Excellent |
Performance
|
Incidents |
None or Negligible |
|
Business
Trajectory |
Superior |
INCIDENTS 
Summary
LEGAL ACTIONS: No legal actions registered
ADMINISTRATIVE CLAIMS: No administrative claims registered
AFFECTED BY:
2 Company / Companies in Insolvency Proceedings.
BANK AND
BUSINESS DEFAULTS OF PAYMENT - ASNEF EMPRESAS
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
19/05/2011 09:05:18
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
The shaded amounts in the following financial statements have been converted to the norms established in the PGC2007 derived from RD 1514/2007 and 1515/2007, this way comparatives could be shown with the amounts of exercises initiated from 1/01/08.
Figures given in €
|
|
31/12/2009 (12) BALANCE SHEET |
% ASSETS |
31/12/2008 (12) BALANCE SHEET |
% ASSETS |
31/12/2007 (12) BALANCE SHEET |
% ASSETS |
|
ASSETS |
|
|
|
|
|
|
|
A) NON CURRENT ASSETS |
27.226.853,00 |
45,11 |
31.481.102,00 |
42,92 |
27.894.420,00 |
35,65 |
|
B) CURRENT ASSETS |
33.123.950,00 |
54,89 |
41.870.425,00 |
57,08 |
50.357.192,20 |
64,35 |
|
LIABILITIES |
|
|
|
|
|
|
|
A) NET WORTH |
21.890.741,00 |
36,27 |
34.610.401,00 |
47,18 |
35.003.089,30 |
44,73 |
|
B) NON CURRENT LIABILITIES |
24.471.330,00 |
40,55 |
5.422.673,00 |
7,39 |
18.381.842,90 |
23,49 |
|
C) CURRENT LIABILITIES |
13.988.732,00 |
23,18 |
33.318.453,00 |
45,42 |
24.866.680,00 |
31,78 |
Profit and Loss
Account Analysis
Figures given in €
|
|
31/12/2009 (12) BALANCE SHEET |
% NET TURNOVER |
31/12/2008 (12) BALANCE SHEET |
% NET TURNOVER |
31/12/2007 (12) BALANCE SHEET |
% NET TURNOVER |
|
SALES |
34.045.340,00 |
|
44.684.185,00 |
|
52.885.489,00 |
|
|
GROSS MARGIN |
12.657.668,00 |
37,18 |
17.777.889,00 |
39,79 |
18.833.444,00 |
35,61 |
|
EBITDA |
-5.655.463,00 |
-16,61 |
4.340.550,00 |
9,71 |
3.956.820,00 |
7,48 |
|
EBIT |
-9.255.420,00 |
-27,19 |
2.267.819,00 |
5,08 |
1.380.884,00 |
2,61 |
|
NET RESULT |
-12.892.037,00 |
-37,87 |
230.984,00 |
0,52 |
958.176,00 |
1,81 |
|
EFFECTIVE TAX RATE (%) |
-1,41 |
|
-1,59 |
|
-52,76 |
|
COMPARATIVE
SECTOR ANALYSIS
Values table
Figures expressed in %
|
|
COMPANY (2009) |
SECTOR |
DIFFERENCE |
|
|
|
|
|
BALANCE SHEET ANALYSIS: % on the total
assets |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
||
|
A) NON CURRENT ASSETS |
45,11 |
44,62 |
0,49 |
|
|
|
|
|
A) CURRENT ASSETS |
54,89 |
55,38 |
-0,49 |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
||
|
A) NET WORTH |
36,27 |
49,39 |
-13,12 |
|
|
|
|
|
B) NON CURRENT LIABILITIES |
40,55 |
16,66 |
23,89 |
|
|
|
|
|
C) CURRENT LIABILITIES |
23,18 |
33,95 |
-10,77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPANY (2009) |
SECTOR |
DIFFERENCE |
|
|
|
|
|
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total
operating income |
|
|
|
|
|
|
|
|
SALES |
99,94 |
98,37 |
1,57 |
|
|
|
|
|
GROSS MARGIN |
37,16 |
40,69 |
-3,54 |
|
|
|
|
|
EBITDA |
-16,60 |
8,70 |
-25,30 |
|
|
|
|
|
EBIT |
-27,17 |
5,49 |
-32,66 |
|
|
|
|
|
NET RESULT |
-37,85 |
3,66 |
-41,51 |
|
|
|
|
Sector Composition
Compared sector (NACE 2009): 2059
Number of companies: 57
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 2009
Figures given in €
|
DISTRIBUTION BASE |
APPLICATION A |
||
|
Profit and Loss Account Balance |
-12.892.037,00 |
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 |
12.892.037,00 |
Voluntary reserves |
0,00 |
|
Total of Amounts to be distributed |
0,00 |
Dividends |
0,00 |
|
|
|
Carry over and others |
0,00 |
|
|
|
Compensation of previous exercises losses |
0,00 |
|
|
|
Application total |
0,00 |
Auditing
Source: filing of annual financial statement 2009
Auditors’ opinion: FAVOURABLE
Auditor: KPMG AUDITORES S.L.
Auditing fees: 25.000,00 €
ADDRESSES
Current Legal Seat Address:
CARRETERA CV- 20 (KM 8), S/N - APDO.DE CORREOS 293
12200 ONDA CASTELLÓN
Previous Seat Address:
CARRETERA VIVER-PUERTO BURRIANA
12200 ONDA
CASTELLÓN
Characteristics of
the current address
Type of establishment: factory
Local Situation: secondary
|
STREET |
POSTAL CODE |
TOWN |
PROVINCE |
|
AVENIDA ITALIA, S/N |
12540 |
VILLARREAL |
Castellón |
There are 1 former branches registered
CORPORATE
STRUCTURE
ADMINISTRATIVE
LINKS
|
|
|
|
|
|
Distribution of the administration board |
|
|
Governing body : 13 members (latest change:
07/02/2007) Other Positions : 5 (latest change: 05/11/2009) Auditor : 1 (latest change: 01/09/2009) Operative Board Members : 7 (latest change: 12/05/2011) Non-current positions : 16 (latest change: 05/08/2010) |
|
|
Main Board
members, Directors and Auditor
Governing body
|
POSITION |
NAME AND SURNAME |
DATE APPOINTMENT |
|
PRESIDENT |
PARRA RIBES, JOSE PASCUAL |
20/10/2006 |
|
MANAGING DIRECTOR |
FRANCH PERSONAT, MANUEL |
07/02/2007 |
|
MEMBER OF THE BOARD |
ARRUFAT BORT, ELISEO |
20/10/2006 |
|
MEMBER OF THE BOARD |
ARRUFAT BORT, JOSE PASCUAL |
20/10/2006 |
|
MEMBER OF THE BOARD |
CADROY VICIANO, DANIEL |
20/10/2006 |
|
MEMBER OF THE BOARD |
CADROY VICIANO, JOSE MARIA |
20/10/2006 |
|
MEMBER OF THE BOARD |
FRANCH PERSONAT, ALFONSO |
20/10/2006 |
|
MEMBER OF THE BOARD |
FRANCH PERSONAT, SANTIAGO |
20/10/2006 |
|
MEMBER OF THE BOARD |
PARRA BORRAS, PASCUAL JOSE |
20/10/2006 |
|
|
|
|
Auditor
|
POSITION |
NAME AND SURNAME |
DATE APPOINTMENT |
|
AUDITOR |
KPMG AUDITORES SL |
01/09/2009 |
There
are 19 board members, directors and auditors registered
Board members
remuneration
Source: Annual financial report 2009
Board members remuneration: 305.191,00 €
|
POSITION |
NAME AND SURNAME |
|
General Manager |
FRANCH PERSONAT, MANUEL |
|
Financial Manager |
ROS, JOSE VICENTE |
|
Human Resources Director |
ROS, JOSE VICENTE |
|
Production Director |
FALOMIR, JACOBO |
|
Commercial Director |
PARRAS, PASCUAL |
|
Purchases Director |
VAQUERIZO LORENTE, LUIS |
|
Exports Director |
CREMADES, JUAN JOSE |
FINANCIAL LINKS
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
FRANCH PERSONAT ALFONSO |
|
Indef. |
OWN SOURCES |
12/05/2011 |
|
|
PARRA ROIG ANA |
|
Indef. |
OWN SOURCES |
12/05/2011 |
|
|
CADROY VICIANO DANIEL |
|
Indef. |
OWN SOURCES |
12/05/2011 |
|
|
CADROY VICIANO JOSE MARIA |
|
Indef. |
OWN SOURCES |
12/05/2011 |
|
|
PARRA RIBES JOSE PASCUAL |
|
Indef. |
OWN SOURCES |
12/05/2011 |
|
|
PARRA BORRAS PASCUAL JOSE |
|
Indef. |
OWN SOURCES |
12/05/2011 |
|
|
ARRUFAT BORT ELISEO |
|
Indef. |
OWN SOURCES |
12/05/2011 |
|
|
FRANCH PERSONAT SANTIAGO |
|
Indef. |
OWN SOURCES |
12/05/2011 |
|
|
ARRUFAT PARRA MANUEL VICENTE |
|
Indef. |
OWN SOURCES |
12/05/2011 |
|
|
FRANCH PERSONAT MANUEL |
|
Indef. |
OWN SOURCES |
12/05/2011 |
There are 11 direct financial links through shareholders
registered
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
CONSEJO ADMON. DE FRITTA |
|
100,00 |
OWN SOURCES |
24/09/2009 |
|
|
BUSINESS NAME |
CIF / COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
FRITTA VIETNAM CO.LTD |
VIETNAM |
100,00 |
OWN SOURCES |
19/01/2010 |
|
|
FRITTA SL PRODUCTOS PARA CERAMICA LTD |
BRAZIL |
99,78 |
OWN SOURCES |
19/01/2010 |
|
|
PT FRITTA INDONESIA |
INDONESIA |
99,51 |
OWN SOURCES |
19/01/2010 |
|
|
CERAMAX SA DE CV |
|
99,00 |
TRADE REG. |
31/12/2009 |
|
|
FRITTA ITALIA SRL |
ITALY |
80,00 |
OWN SOURCES |
19/01/2010 |
There are 5 direct financial links through participations
registered
You can obtain business information of foreign companies at the
page D&B INTERNATIONAL
BUSINESS
INFORMATION
Incorporation date: 26/05/1973
Establishment date: 01/01/1973
Founder’s Name: LA TITULAR ES LA FUNDADORA INICIAL DEL NEGOCIO
Activity: Mfg. of chemical products
NACE 2009 CODE: 2059
NACE 2009 Activity: Manufacture of other chemical products
n.e.c.
Business: FABRICACION Y COMERCIALIZACION DE PRODUCTOS
QUIMICOS, ESMALTES Y FRITAS PARA LA INDUSTRIA CERAMICA.
Environmental information: YES (Page 50) Annual
financial report 2009
Latest employees figure: 200 (2011)
% of fixed employees: 100,00%
% of men: 82,52%
% of women: 17,48%
Employees
evolution
|
|
|
|
Source: Annual financial report 2009
|
CATEGORY |
AVERAGE NUMBER OF EMPLOYEES |
MEN |
WOMEN |
|
Distribution by sexes |
|
118 |
25 |
COMMERCIAL
OPERATIONS
PURCHASES
National Distribution: 93%
SALES
Export Percentage: 61%
Exports to: ITALIA, EGIPTO, PORTUGAL, MARRUECOS, ALEMANIA,
POLONIA, RUSIA, INDONESIA, EMIRATOS ÁRABES UNIDOS Y ARGELIA
National Distribution: 39%
•
El 98.89% de su cifra de negocio corresponde a
ingresos por venta de bienes.
•
El 1.11% de su cifra de negocio corresponde a
ingresos por prestación de servicios.
|
ENTITY |
BRANCH |
ADDRESS |
TOWN OR CITY |
PROVINCE |
|
BANCO SANTANDER, S.A. |
|
|
ONDA |
|
|
CAJA DE AHORROS Y PENSIONES DE BARCELONA |
|
|
ONDA |
|
There are 2 bank entities registered
Discount facilities: 1
Credit policy: 0
Mortgage loan: 0
Loans with no real security: 0
|
|
|
|
Debt type: Discount
facilities |
Granted limit:6.330.000,00 € Used limit:3.446.162,00
€ Available limit:2.883.838,00
€ Source: Filed
Accounts (2009) |
|
|
|
There are 1 bank operations registered
Figures given in €
|
ENTITY |
ASSERTS INVOLVED IN THE ACTIVITY |
UP TO 1 YEAR |
FROM 1 TO 5 YEARS |
|
|
Construcciones, instalaciones de té y elementos de transporte. |
42.373,00 |
35.721,00 |
There are 1 leasing operations registered
Grants
|
|
|
|
Grant type: Other grants (grouped amounts or not
classified) Granting year: 2009 |
Nominal amount: 571.247,00 € Source: Filed
Accounts (2009) |
|
|
|
There are 1 grants registered
Brand name: INKKER (Valid)
Type: GRAPHICAL Scope: COMMUNITARY
Date: 19/01/2011
Brand name: FRITTA (Valid)
Type: GRAPHICAL Scope: COMMUNITARY
Date: 19/01/2011
Brand name: FRITTA JET (Valid)
Type: GRAPHICAL Scope: COMMUNITARY
Date: 05/10/2006
Brand name: PORCEGLAZE BY FRITTA (Valid)
Type: JOINT Scope: NATIONAL Date: 08/02/2005
Brand name: VITTRA FRITTA (Valid)
Type: JOINT Scope: NATIONAL Date: 06/03/2001
There are 20 brands, signs and commercial names
LEGAL STRUCTURE
Constitution Data
Register Date: 26/05/1973
Legal form: Limited Liability Company
Social Capital: 119.700,00 €
Obligation to fill in Financial Statements: YES
Chamber census: YES (2009)
B.O.R.M.E.
(OFFICIAL COMPANIES
REGISTRY GAZETTE)
Acts on activity: 0
Acts on administrators: 48 (Last: 05/08/2010, first:
04/10/1990)
Acts on capital: 2 (Last: 08/01/2010, first:
20/10/2006)
Acts on creation: 0
Acts on filed accounts: 31 (Last: 12/01/2011, first:
19/10/1990)
Acts on identification: 2 (Last: 23/10/2003, first:
09/10/1995)
Acts on Information: 8 (Last: 08/01/2010, first:
20/08/1991)
Acts on proceedings: 1 (Last: 14/04/2009)
Latest acts in
B.O.R.M.E.
Other acts
|
ACT |
DATE |
NOTICE NUM. |
TRADE REGISTER |
|
Resignations |
05/08/2010 |
308352 |
Castellón |
|
Modification of the Articles of Association |
08/01/2010 |
6378 |
Castellón |
|
Capital reduction |
08/01/2010 |
6378 |
Castellón |
|
Resignations |
05/11/2009 |
463320 |
Castellón |
|
Appointments |
05/11/2009 |
463319 |
Castellón |
|
Appointments |
01/09/2009 |
378652 |
Castellón |
|
Reopened access to the Mercantile Register Sheet File section IB |
14/04/2009 |
111794 |
Castellón |
|
Appointments |
13/04/2009 |
175014 |
Castellón |
Latest filed accounts
|
ACT |
DATE |
NOTICE NUM. |
TRADE REGISTER |
|
Annual Filed Accounts (2009) |
12/01/2011 |
13940 |
Castellón |
|
Annual Filed Accounts (2009) consolidated |
12/01/2011 |
13714 |
Castellón |
|
Annual Filed Accounts (2008) |
16/02/2010 |
93830 |
Castellón |
There are 92 acts registered
PRESS ARTICLES
Press summary by
type of information (last five years)
Legal notices: 0
Structural Data: 0
Informative data: 1 (Last: 13/05/2009)
Financial Information: 0
Negative information: 0
Business lines: 1 (Last: 20/12/2006)
Historical press releases: 9 (Last: 03/02/2005, first:
23/02/1996)
Latest press
article published
13/05/2009 EXPANSION DE VALENCIA - CORPORATE
INFORMATION
FRITTA HA APROBADO UN ERE DE EXTINCION PARA 33 EMPLEOS Y ACORDO OTRO DE
SUSPENSION PARA 120 TRABAJADORES DESDE ABRIL HASTA AGOSTO.
20/12/2006 LAS PROVINCIAS - BUSINESS PRIZES
ESTA SDAD. HA RESULTADO GALARDONADA CON UNO DE LOS X PREMIOS NOVA,
INICIATIVA DE LA GENERALITAT, DIRIGIDA A RECONOCER Y DIFUNDIR LA LABOR DE LAS
EMPRESAS E INSTITUCIONES DE LA COMUNIDAD VALENCIANA. FRITTA FUE PREMIADA DENTRO
DEL SECTOR CERAMICA.
03/02/2005 EXPANSION DE VALENCIA - FINANCIAL
DATA
LA EMPRESA DE ESMALTES Y COLORES CERAMICOS FRITTA HA INVERTIDO 3 MM DE
EUROS EN LA INSTALACION DE UN SISTEMA DE DEPURACION DE GASES DE COMBUSTION
ENTRE SUS LINEAS DE TRABAJO ENCAMINADAS A ASEGURAR LA CALIDAD
MEDIOABIENTAL.
03/02/2005 EXPANSION DE VALENCIA - ENVIRONMENT
FRITTA HA LOGRADO EL CERTIFICADO DE GESTION MEDIOAMBIENTAL SEGUN LA
NORMA UNE-EN-ISO 1400:2004.
23/01/2005 EL PERIODICO MEDITERRANEO - FINANCIAL
DATA
LA EMPRESA FRITTA HA APROBADO PARA EL PRESENTE EJERCICIO UNA INVERSION
DE 1,2 MM DE EUROS QUE LE PERMITIRA DOBLAR SU CAPACIDAD PRODUCTIVA. EL ESFUERZO
INVERSOR DE LA CIA. SE HA CENTRADO HASTA AHORA EN SU PRESENCIA EN VIETNAM Y EN
BRASIL, DONDE PUSO EN MARCHA UNA PLANTA DE PRODUCCION EN SAN PAOLO EN
2004.
There are 11 press articles registered for this company
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 14/01/2011.
The shaded amounts in the following financial statements have been converted to the norms established in the PGC2007 derived from RD 1514/2007 and 1515/2007, this way comparatives could be shown with the amounts of exercises initiated from 1/01/08.
This theoretical conversion exercise has been carried out from the financial statements contained in the accounting information presented on the Trade Register, and elaborated under the accounting norms and principles collected in PGC90 derived from RD 1643/1990, not taking into account any other type of information; for this reason the conversion exercise could include certain inaccuracies.
SITUATION BALANCE-SHEET
Assets
Figures given in €
|
|
31/12/2009 (12) |
% ASSETS |
31/12/2008 (12) |
% ASSETS |
31/12/2007 (12) |
% ASSETS |
|
A) NON CURRENT ASSETS |
27.226.853,00 |
45,11 |
31.481.102,00 |
42,92 |
27.894.420,00 |
35,65 |
|
I. Intangible assets |
617.079,00 |
1,02 |
721.054,00 |
0,98 |
2.045.017,00 |
2,61 |
|
1. Development |
258.745,00 |
0,43 |
323.656,00 |
0,44 |
|
|
|
3. Patents, licences , trademarks and similars |
355.674,00 |
0,59 |
23.143,00 |
0,03 |
|
|
|
5. Software |
2.660,00 |
0,00 |
4.482,00 |
0,01 |
|
|
|
7. Other intangible assets |
|
|
369.773,00 |
0,50 |
|
|
|
II. Tangible fixed assets |
16.731.664,00 |
27,72 |
18.736.275,00 |
25,54 |
22.047.773,00 |
28,18 |
|
1. Property, plant and equipment |
10.919.939,00 |
18,09 |
11.271.908,00 |
15,37 |
|
|
|
2. Technical fittings and other tangible assets |
5.811.725,00 |
9,63 |
7.464.367,00 |
10,18 |
|
|
|
III. Real-estate investments |
3.121.023,00 |
5,17 |
3.121.023,00 |
4,25 |
|
|
|
1. Lands |
3.121.023,00 |
5,17 |
3.121.023,00 |
4,25 |
|
|
|
IV. Long term investments in associated and affiliated companies |
4.133.956,00 |
6,85 |
6.345.381,00 |
8,65 |
3.701.137,00 |
4,73 |
|
1. Net worth instruments |
2.629.481,00 |
4,36 |
2.429.481,00 |
3,31 |
2.427.574,00 |
3,10 |
|
2. Credits to companies |
1.504.475,00 |
2,49 |
3.915.900,00 |
5,34 |
1.273.563,00 |
1,63 |
|
V. Long Term Financial Investments |
101.893,00 |
0,17 |
57.241,00 |
0,08 |
100.493,00 |
0,13 |
|
2. Credits to third parties |
76.570,00 |
0,13 |
52.502,00 |
0,07 |
95.754,00 |
0,12 |
|
5. Other financial assets |
25.323,00 |
0,04 |
4.739,00 |
0,01 |
4.739,00 |
0,01 |
|
VI. Assets by deferred taxes |
2.521.238,00 |
4,18 |
2.500.128,00 |
3,41 |
|
|
|
VII. Non current commercial debts |
|
|
|
|
|
|
|
B) CURRENT ASSETS |
33.123.950,00 |
54,89 |
41.870.425,00 |
57,08 |
50.357.192,20 |
64,35 |
|
I. Non-current assets maintained for sale |
|
|
|
|
|
|
|
II. Stocks |
9.969.618,00 |
16,52 |
14.622.416,00 |
19,93 |
14.202.399,00 |
18,15 |
|
1. Goods available for sale |
57.709,00 |
0,10 |
57.489,00 |
0,08 |
|
|
|
2. Raw material inventory |
3.076.281,00 |
5,10 |
4.764.712,00 |
6,50 |
|
|
|
4. Finished goods |
6.835.628,00 |
11,33 |
9.800.215,00 |
13,36 |
|
|
|
b) Short production cycle |
6.835.628,00 |
11,33 |
9.800.215,00 |
13,36 |
|
|
|
III. Trade Debtors and other receivable accounts |
21.039.675,00 |
34,86 |
27.094.884,00 |
36,94 |
34.681.518,20 |
44,32 |
|
1. Clients |
15.290.255,00 |
25,34 |
20.311.942,00 |
27,69 |
26.422.332,00 |
33,77 |
|
b) Clients for sales and short term services
rendering |
15.290.255,00 |
25,34 |
20.311.942,00 |
27,69 |
|
|
|
2. Clients group and associated companies |
5.597.459,00 |
9,27 |
6.325.670,00 |
8,62 |
5.266.839,00 |
6,73 |
|
3. Other debts |
34.135,00 |
0,06 |
34.135,00 |
0,05 |
35.928,00 |
0,05 |
|
4. Staff |
32.855,00 |
0,05 |
31.837,00 |
0,04 |
6.852,00 |
0,01 |
|
5. Assets by current taxes |
25,00 |
0,00 |
|
|
|
|
|
6. Other credits with the Public Administrations |
84.946,00 |
0,14 |
391.300,00 |
0,53 |
2.949.567,20 |
3,77 |
|
IV. Short term investments in associated and affiliated companies |
25.936,00 |
0,04 |
99.100,00 |
0,14 |
|
|
|
3. Debt representative values |
25.936,00 |
0,04 |
25.936,00 |
0,04 |
|
|
|
5. Other financial assets |
|
|
73.164,00 |
0,10 |
|
|
|
V. Short term financial investments |
22.990,00 |
0,04 |
|
|
25.936,00 |
0,03 |
|
2. Credits to companies |
|
|
|
|
25.936,00 |
0,03 |
|
5. Other financial assets |
22.990,00 |
0,04 |
|
|
|
|
|
VI. Short term periodifications |
233.221,00 |
0,39 |
41.816,00 |
0,06 |
76.546,00 |
0,10 |
|
VII. Cash and equivalents |
1.832.510,00 |
3,04 |
12.209,00 |
0,02 |
1.370.793,00 |
1,75 |
|
1. Treasury |
1.832.510,00 |
3,04 |
12.209,00 |
0,02 |
1.370.793,00 |
1,75 |
|
TOTAL ASSETS (A + B) |
60.350.803,00 |
100,00 |
73.351.527,00 |
100,00 |
78.251.612,20 |
100,00 |
Alerts associated to the conversion to PGC2007
In
the conversion process the amount of goods obtained through leasing, that under
PGC90 reaches %1 of the expenses, has been maintained in the item “Intangible
Assets”, as it is not possible to estimate in a precise way its accumulated
amortization, as, according to they nature, they should be registered in the
Tangible Assets.
In
the conversion process part of the item “Property, plant and equipment” that
under PGC2007 should be classified within the item “Real-estate Investments”
that in the subsequent exercise presents a balance of %1.
The
valuation norms applicable to financial instruments has changed substantially
and, for this reason the conversion of financial statements from PGC90 to
PGC2007 could include notable inaccuracy.
In
the conversion process there has been estimated that the total item 124080
“Provisions” according to PGC90 is associated to “Net Worth Instruments”.
In
the conversion process there has been estimated that the total item 143070
“Provisions on debtors” according to PGC90, for %1, is associated to “Clients
for sales and services rendering”.
In
the conversion process there has been estimated that the total debit balance
with the Public Administrations in the Financial Statements of the previous
exercise corresponds to the balances collected in the item “Other credits with
the Public Administrations” under PGC2007.
In
the conversion process there has been estimated that the total item 144080
“Provisions” according to PGC90 is associated to “Net Worth Instruments”.
Net Worth and
Liabilities
Figures given in €
|
|
31/12/2009 (12) |
% ASSETS |
31/12/2008 (12) |
% ASSETS |
31/12/2007 (12) |
% ASSETS |
|
A) NET WORTH |
21.890.741,00 |
36,27 |
34.610.401,00 |
47,18 |
35.003.089,30 |
44,73 |
|
A-1) Equity |
21.544.662,00 |
35,70 |
34.436.698,00 |
46,95 |
34.808.235,20 |
44,48 |
|
I. Capital |
119.700,00 |
0,20 |
120.000,00 |
0,16 |
120.000,00 |
0,15 |
|
1. Authorized capital |
119.700,00 |
0,20 |
120.000,00 |
0,16 |
120.000,00 |
0,15 |
|
II. Issue premium |
|
|
|
|
|
|
|
III. Reserves |
34.316.999,00 |
56,86 |
34.295.714,00 |
46,76 |
33.940.059,20 |
43,37 |
|
1. Legal and statutory |
24.000,00 |
0,04 |
24.000,00 |
0,03 |
24.000,00 |
0,03 |
|
2. Other funds |
34.292.999,00 |
56,82 |
34.271.714,00 |
46,72 |
33.916.059,20 |
43,34 |
|
IV. (Net worth own shares and participations) |
|
|
-210.000,00 |
-0,29 |
-210.000,00 |
-0,27 |
|
V. Results from previous years |
|
|
|
|
|
|
|
VI. Other loans from partners |
|
|
|
|
|
|
|
VII. Exercise Result |
-12.892.037,00 |
-21,36 |
230.984,00 |
0,31 |
958.176,00 |
1,22 |
|
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 |
346.079,00 |
0,57 |
173.703,00 |
0,24 |
194.854,10 |
0,25 |
|
B) NON CURRENT LIABILITIES |
24.471.330,00 |
40,55 |
5.422.673,00 |
7,39 |
18.381.842,90 |
23,49 |
|
I. Long term provisions |
|
|
|
|
312.738,00 |
0,40 |
|
4. Other provisions |
|
|
|
|
312.738,00 |
0,40 |
|
II. Long term debts |
23.542.770,00 |
39,01 |
4.347.274,00 |
5,93 |
17.985.596,00 |
22,98 |
|
2. Debts with bank entities |
22.352.292,00 |
37,04 |
3.432.272,00 |
4,68 |
15.716.483,00 |
20,08 |
|
3. Financial leasing creditors |
32.260,00 |
0,05 |
70.282,00 |
0,10 |
|
|
|
5. Other financial liabilities |
1.158.218,00 |
1,92 |
844.720,00 |
1,15 |
2.269.113,00 |
2,90 |
|
III. Long term debts with associated and affiliated companies |
|
|
|
|
|
|
|
IV. Liabilities by deferred taxes |
928.560,00 |
1,54 |
1.075.399,00 |
1,47 |
83.508,90 |
0,11 |
|
V. Long term periodifications |
|
|
|
|
|
|
|
VI. Non current trade creditors |
|
|
|
|
|
|
|
VII. Long term debts with special characteristics |
|
|
|
|
|
|
|
C) CURRENT LIABILITIES |
13.988.732,00 |
23,18 |
33.318.453,00 |
45,42 |
24.866.680,00 |
31,78 |
|
I. Liabilities related with non-current assets maintained for sale |
|
|
|
|
|
|
|
II. Short term provisions |
214.863,00 |
0,36 |
669.454,00 |
0,91 |
469.649,00 |
0,60 |
|
III. Short term debts |
4.426.430,00 |
7,33 |
21.468.920,00 |
29,27 |
9.822.611,00 |
12,55 |
|
2. Debts with bank entities |
4.006.696,00 |
6,64 |
20.651.443,00 |
28,15 |
9.822.611,00 |
12,55 |
|
3. Financial leasing creditors |
45.563,00 |
0,08 |
135.080,00 |
0,18 |
|
|
|
5. Other financial liabilities |
374.171,00 |
0,62 |
682.397,00 |
0,93 |
|
|
|
IV. Short term debts with associated and affiliated companies |
|
|
|
|
|
|
|
V. Trade creditors and other payable accounts |
9.347.439,00 |
15,49 |
11.180.079,00 |
15,24 |
14.558.031,00 |
18,60 |
|
1. Suppliers |
8.382.669,00 |
13,89 |
10.370.002,00 |
14,14 |
13.799.919,00 |
17,64 |
|
b) Short term suppliers |
8.382.669,00 |
13,89 |
10.370.002,00 |
14,14 |
|
|
|
3. Different creditors |
146.265,00 |
0,24 |
78.272,00 |
0,11 |
|
|
|
4. Staff (pending remunerations) |
211.108,00 |
0,35 |
183.837,00 |
0,25 |
548.354,00 |
0,70 |
|
5. Liabilities by current taxes |
21.110,00 |
0,03 |
21.111,00 |
0,03 |
|
|
|
6. Other debts with Public Administrations |
586.287,00 |
0,97 |
526.857,00 |
0,72 |
209.758,00 |
0,27 |
|
VI. Short term periodifications |
|
|
|
|
16.389,00 |
0,02 |
|
VII. Short term debts with special characteristics |
|
|
|
|
|
|
|
TOTAL NET WORTH AND LIABILITIES (A + B + C) |
60.350.803,00 |
100,00 |
73.351.527,00 |
100,00 |
78.251.612,20 |
100,00 |
Alerts associated to the conversion to PGC2007
The
valuation norms applicable to assets and liabilities by deferred taxes has
changed substantially and, for this reason the conversion of financial
statements of the formulation exercise of the accounts to PGC2007 could include
certain inaccuracies. The company maintained in this and the subsequent
exercise a long term balance with Public Administrations for %1 and %2.
In
the conversion process it has not been possible to breakdown the composition of
liabilities originated by debts with the public administrations; for this
reason the mentioned amounts are presented fully aggregated in the item “other
debts with the public administrations”
PROFIT AND LOSS
ACCOUNT
Figures given in €
|
|
31/12/2009 (12) |
%OPERATING INCOME |
31/12/2008 (12) |
%OPERATING INCOME |
31/12/2007 (12) |
%OPERATING INCOME |
|
A) CONTINUED OPERATIONS |
|
|
|
|
|
|
|
1. Net Turnover |
34.045.340,00 |
99,94 |
44.684.185,00 |
99,21 |
52.885.489,00 |
99,71 |
|
A) Sales |
33.668.739,00 |
98,84 |
44.439.923,00 |
98,67 |
52.885.489,00 |
99,71 |
|
b) Services provided |
376.601,00 |
1,11 |
244.262,00 |
0,54 |
|
|
|
2. Variation in stocks of finished goods and work in progress |
-2.965.163,00 |
-8,70 |
1.397.262,00 |
3,10 |
-749.020,00 |
-1,41 |
|
3. Works for its own assets |
|
|
323.656,00 |
0,72 |
|
|
|
4. Supplies |
-18.442.293,00 |
-54,14 |
-28.657.429,00 |
-63,63 |
-33.455.858,00 |
-63,08 |
|
a) Material consumed |
-348.714,00 |
-1,02 |
-319.629,00 |
-0,71 |
-354.946,00 |
-0,67 |
|
b) Raw materials consumed |
-17.917.686,00 |
-52,60 |
-28.204.767,00 |
-62,62 |
-33.012.693,00 |
-62,24 |
|
c) Works carried out for other companies |
-175.893,00 |
-0,52 |
-133.033,00 |
-0,30 |
-88.219,00 |
-0,17 |
|
5. Other operating income |
19.784,00 |
0,06 |
30.215,00 |
0,07 |
152.833,00 |
0,29 |
|
a) Other incomes |
|
|
|
|
152.833,00 |
0,29 |
|
b) Operating grants included in the exercise result |
19.784,00 |
0,06 |
30.215,00 |
0,07 |
|
|
|
6. Labour cost |
-5.753.126,00 |
-16,89 |
-7.668.823,00 |
-17,03 |
-7.903.418,00 |
-14,90 |
|
a) Wages and similar expenses |
-4.377.852,00 |
-12,85 |
-5.947.578,00 |
-13,21 |
|
|
|
b) Social costs |
-1.375.274,00 |
-4,04 |
-1.721.245,00 |
-3,82 |
|
|
|
7. Other operating costs |
-6.569.250,00 |
-19,28 |
-6.145.908,00 |
-13,65 |
-6.515.276,00 |
-12,28 |
|
a) External services |
-4.555.340,00 |
-13,37 |
-6.083.929,00 |
-13,51 |
-6.288.826,00 |
-11,86 |
|
b) Taxes |
-290.205,00 |
-0,85 |
-180.952,00 |
-0,40 |
-199.274,00 |
-0,38 |
|
c) Losses, deterioration and variation on business operations
provisions |
-1.508.842,00 |
-4,43 |
118.973,00 |
0,26 |
337.015,00 |
0,64 |
|
d) Other day to day expenses |
-214.863,00 |
-0,63 |
|
|
-364.191,00 |
-0,69 |
|
8. Amortization of fixed assets |
-2.091.115,00 |
-6,14 |
-2.191.704,00 |
-4,87 |
-2.282.229,00 |
-4,30 |
|
9. Allocation of subventions on non financial investments and other |
217.666,00 |
0,64 |
6.730,00 |
0,01 |
|
|
|
10. Provisions excess |
|
|
|
|
|
|
|
11. Deterioration and result for fixed assets disposal |
313.838,00 |
0,92 |
761.871,00 |
1,69 |
-751.637,00 |
-1,42 |
|
a) Deteriorations and losses |
|
|
|
|
-630.722,00 |
-1,19 |
|
b) Results for disposals and others |
313.838,00 |
0,92 |
761.871,00 |
1,69 |
-120.915,00 |
-0,23 |
|
12. Negative difference of business combinations |
|
|
|
|
|
|
|
13. Other results |
-8.031.101,00 |
-23,58 |
-272.236,00 |
-0,60 |
|
|
|
A.1) OPERATING RESULT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 +
12 + 13) |
-9.255.420,00 |
-27,17 |
2.267.819,00 |
5,04 |
1.380.884,00 |
2,60 |
|
14. Financial income |
89.651,00 |
0,26 |
115.869,00 |
0,26 |
535.087,00 |
1,01 |
|
a) From net worth instruments participations |
|
|
|
|
446,00 |
0,00 |
|
a 1) On group and associated companies |
|
|
|
|
446,00 |
0,00 |
|
b) From negotiable values and other financial instruments |
89.651,00 |
0,26 |
115.869,00 |
0,26 |
53.517,00 |
0,10 |
|
b 1) From group and associated companies |
75.803,00 |
0,22 |
58.040,00 |
0,13 |
|
|
|
b 2) From third parties |
13.848,00 |
0,04 |
57.829,00 |
0,13 |
53.517,00 |
0,10 |
|
c) Allocation of financial legacies, grants and subventions |
|
|
|
|
481.124,00 |
0,91 |
|
15. Financial expenses |
-3.731.251,00 |
-10,95 |
-1.742.782,00 |
-3,87 |
-1.318.909,00 |
-2,49 |
|
a) For debts with associated and affiliated companies |
-555.017,00 |
-1,63 |
-926.228,00 |
-2,06 |
|
|
|
b) For debts with third parties |
-3.176.234,00 |
-9,32 |
-816.554,00 |
-1,81 |
-1.318.909,00 |
-2,49 |
|
16. Reasonable value variation on financial instruments |
-87.322,00 |
-0,26 |
|
|
|
|
|
a) Negotiation portfolio and others |
-87.322,00 |
-0,26 |
|
|
|
|
|
17. Exchange differences |
-91.899,00 |
-0,27 |
-446.602,00 |
-0,99 |
30.193,00 |
0,06 |
|
18. Deterioration and result for disposal of financial instruments |
|
|
33.075,00 |
0,07 |
|
|
|
a) Deteriorations and losses |
|
|
33.075,00 |
0,07 |
|
|
|
19. Other financial income and expenses |
|
|
|
|
|
|
|
A.2) FINANCIAL RESULT (14 + 15 + 16 + 17 + 18 + 19) |
-3.820.821,00 |
-11,22 |
-2.040.440,00 |
-4,53 |
-753.629,00 |
-1,42 |
|
A.3) RESULT BEFORE TAXES (A.1 + A.2) |
-13.076.241,00 |
-38,39 |
227.379,00 |
0,50 |
627.255,00 |
1,18 |
|
20. Taxes on profits |
184.204,00 |
0,54 |
3.605,00 |
0,01 |
330.921,00 |
0,62 |
|
A.4) EXERCISE RESULT COMING FROM CONTINUED OPERATIONS (A.3 + 20) |
-12.892.037,00 |
-37,85 |
230.984,00 |
0,51 |
958.176,00 |
1,81 |
|
B) DISCONTINUED OPERATIONS |
|
|
|
|
|
|
|
21. Net of taxes exercise result coming from discontinued operations |
|
|
|
|
|
|
|
A.5) EXERCISE RESULT (A.4 + 21) |
-12.892.037,00 |
-37,85 |
230.984,00 |
0,51 |
958.176,00 |
1,81 |
Alerts associated to the conversion to PGC2007
The
valuation norms applicable to extraordinary results and other exercises ones
have changed substantially and, for this reason the conversion of financial
statements of the formulation exercise of the accounts to PGC2007 could include
notable inaccuracies.
The
valuation norms applicable to deteriorations and results for assets disposal
have changed substantially and, for this reason, the conversion of financial
statements of the formulation exercise of the accounts to PGC2007 could include
notable inaccuracies.
The
valuation norms applicable to deteriorations and results for assets disposal
have changed substantially and, for this reason, the conversion of financial
statements of the formulation exercise of the accounts to PGC2007 could include
notable inaccuracies. In the conversion process there have been made the following
assumptions: 1) the total “gains from disposal of fixed assets” corresponds
with results for disposal of fixed assets and not of financial instruments. 2)
no sale of non functional assets derived from discontinued operations has taken
place.
Valuation
norms applicable to Financial instruments collected in PGC2007 present notable
changes with respect to PGC90. As a consequence, the conversion of the
financial statements of the accounts to PGC2007, carried out considering mainly
classification changes in the accounts might contain certain inaccuracies.
In
the financial statements conversion process of the accounts formulation
exercise to PGC2007 it could not be
identified the amount of discounts on sales for prompt payment that under PGC2007 are registered reducing sales and not as a financial expense.
NET WORTH
CHANGES STATUS
Status of
recognized income and expenses
Figures given in €
|
NET WORTH CHANGES (1/3) |
31/12/2009 (12) |
31/12/2008 (12) |
|
A) PROFIT AND LOSS ACCOUNT RESULT |
-12.892.037,00 |
230.984,00 |
|
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 |
5.935,00 |
|
|
B) TOTAL INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH (I + II +
III + IV +V+VI+VII) |
5.935,00 |
|
|
PROFIT AND LOSS ACCOUNT TRANSFERS |
|
|
|
VIII. For valuation of financial instruments |
|
|
|
IX. Cash flow coverage |
|
|
|
X. Received legacies, grants and subventions |
-19.784,00 |
-30.215,00 |
|
XI. Non-current assets and related liabilities, maintained for sale |
|
|
|
XII. Conversion differences |
|
|
|
XIII. Tax effect |
|
9.064,00 |
|
C) TOTAL TRANSFERS TO THE PROFIT AND LOSS ACCOUNT (VIII + IX + X + XI+
XII+ XIII) |
-19.784,00 |
-21.151,00 |
|
TOTAL INCOME AND EXPENSES RECOGNIZED (A + B + C) |
-12.905.886,00 |
209.833,00 |
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) |
120.000,00 |
33.936.310,00 |
-210.000,00 |
958.176,00 |
|
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) |
120.000,00 |
33.936.310,00 |
-210.000,00 |
958.176,00 |
|
I. Total recognized income and expenses |
|
|
|
230.984,00 |
|
II. Operations with partners or owners |
|
-600.000,00 |
|
|
|
4. (-) Dividends distribution |
|
-600.000,00 |
|
|
|
III. Other net worth variations |
|
959.404,00 |
|
-958.176,00 |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2008) |
120.000,00 |
34.295.855,00 |
-210.000,00 |
230.844,00 |
|
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) |
120.000,00 |
34.295.855,00 |
-210.000,00 |
230.844,00 |
|
I. Total recognized income and expenses |
|
|
|
-12.892.037,00 |
|
II. Operations with partners or owners |
-300,00 |
-209.700,00 |
210.000,00 |
|
|
5. Operations with own participations or shares (net) |
-300,00 |
-209.700,00 |
210.000,00 |
|
|
III. Other net worth variations |
|
230.844,00 |
|
-230.844,00 |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2009) |
119.700,00 |
34.316.999,00 |
|
-12.892.037,00 |
|
NET WORTH CHANGES ( 3 /3) |
RECEIVED LEGACIES, GRANTS AND SUBVENTIONS |
TOTAL |
|
|
|
FINAL ACCOUNT BALANCE OF EXERCISE (2007) |
194.854,00 |
34.999.340,00 |
|
|
|
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) |
194.854,00 |
34.999.340,00 |
|
|
|
I. Total recognized income and expenses |
-21.151,00 |
209.833,00 |
|
|
|
II. Operations with partners or owners |
|
-600.000,00 |
|
|
|
4. (-) Dividends distribution |
|
-600.000,00 |
|
|
|
III. Other net worth variations |
|
1.228,00 |
|
|
|
FINAL ACCOUNT BALANCE OF EXERCISE (2008) |
173.703,00 |
34.610.402,00 |
|
|
|
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) |
173.703,00 |
34.610.402,00 |
|
|
|
I. Total recognized income and expenses |
-13.849,00 |
-12.905.886,00 |
|
|
|
II. Operations with partners or owners |
|
|
|
|
|
5. Operations with own participations or shares (net) |
|
|
|
|
|
III. Other net worth variations |
186.225,00 |
186.225,00 |
|
|
|
FINAL ACCOUNT BALANCE OF EXERCISE (2009) |
346.079,00 |
21.890.741,00 |
|
|
CASH FLOW
STATUS
Figures given in €
|
|
31/12/2009 (12) |
31/12/2008 (12) |
|
A) CASH FLOW COMING FROM OPERATING ACTIVITIES |
|
|
|
1. exercise result before taxes |
-13.076.241,00 |
227.379,00 |
|
2. Results adjustments |
13.402.926,00 |
3.109.351,00 |
|
a) Amortization of fixed assets (+) |
2.091.117,00 |
2.191.704,00 |
|
b) Value correction for deterioration (+/-) |
2.391.684,00 |
|
|
c) Change of Provisions (+/-) |
-454.591,00 |
403.448,00 |
|
d) Grants allocation (-) |
-19.784,00 |
-30.315,00 |
|
e) Results for decline and disposal of fixed assets (+/-) |
-523.120,00 |
-758.843,00 |
|
f) Results for decline and disposal of financial instruments (+/-) |
6.236.452,00 |
|
|
g) Financial income (-) |
-89.651,00 |
-115.869,00 |
|
f) Financial expenses (+) |
3.731.251,00 |
1.742.782,00 |
|
i) Change difference (+/-) |
91.899,00 |
|
|
k) Other income and expenses (-/+) |
-52.331,00 |
-323.556,00 |
|
3. Changes in current capital |
6.358.707,00 |
1.364.895,00 |
|
a) Stocks (+/-) |
4.652.798,00 |
-420.017,00 |
|
b) Debtors and other receivable accounts (+/-) |
3.663.525,00 |
5.304.271,00 |
|
c) Other current assets (+/-) |
-141.231,00 |
-73.185,00 |
|
d) Creditors and other payable accounts (+/-) |
-1.816.385,00 |
-3.130.234,00 |
|
e) Other current liabilities (+/-) |
|
-471.683,00 |
|
f) Other non-current assets and liabilities (+/-) |
|
155.743,00 |
|
4. Other cash flow coming from operating activities |
-3.641.599,00 |
-1.626.913,00 |
|
a) Interests payments (-) |
-3.731.251,00 |
-1.742.782,00 |
|
c) Interests collections (+) |
89.652,00 |
115.869,00 |
|
5. Cash flow coming from operating activities (1 + 2 + 3 + 4) |
3.043.793,00 |
3.074.712,00 |
|
B) CASH FLOW COMING FROM INVESTING ACTIVITIES |
|
|
|
6. Investment payments (-) |
-4.082.571,00 |
-3.325.650,00 |
|
a) Group and associated companies |
-4.025.027,00 |
|
|
b) Intangible assets |
|
-10.829,00 |
|
c) Tangible assets |
-12.892,00 |
-670.577,00 |
|
e) Other financial assets |
-44.652,00 |
-2.644.244,00 |
|
7. Disinvestment collections (+) |
706.073,00 |
807.902,00 |
|
b) Intangible assets |
706.073,00 |
764.550,00 |
|
e) Other financial assets |
|
43.352,00 |
|
8. Cash Flow in investment activities (6 + 7) |
-3.376.498,00 |
-2.517.748,00 |
|
C) CASH FLOW COMING FROM FINANCING ACTIVITIES |
|
|
|
9. Net worth instruments collections and payments |
|
|
|
10. Financial liabilities instruments collections and payments |
2.153.006,00 |
-1.315.548,00 |
|
a) Issue |
2.280.545,00 |
|
|
2. Debts with bank entities (+) |
2.272.273,00 |
|
|
5. Other debts (+) |
8.272,00 |
|
|
b) Return and amortization of |
-127.539,00 |
-1.315.548,00 |
|
2. Debts with bank entities (-) |
|
-1.315.548,00 |
|
5. Other debts (-) |
-127.539,00 |
|
|
11. Payments for dividends and remunerations of other net worth
instruments |
|
-600.000,00 |
|
a) Dividends (-) |
|
-600.000,00 |
|
12. Cash Flow in financing activities (9 + 10 + 11) |
2.153.006,00 |
-1.915.548,00 |
|
D) Exchange rate variations effect |
|
|
|
E) NET CASH OR EQUIVALENTS INCREASE / REDUCTION (5 + 8 + 12 + D) |
1.820.301,00 |
-1.358.584,00 |
|
Cash or equivalents at the beginning of the exercise |
12.209,00 |
1.370.793,00 |
|
Cash or equivalents at the end of the exercise |
1.832.510,00 |
12.209,00 |
RATIOS
|
|
31/12/2009 (12) |
CHANGE % |
31/12/2008 (12) |
CHANGE % |
31/12/2007 (12) |
|
BALANCE RATIOS |
|||||
|
Working Capital (€) |
19.135.218,00 |
123,75 |
8.551.972,00 |
-66,45 |
25.490.512,20 |
|
Working capital ratio |
0,32 |
166,67 |
0,12 |
-63,64 |
0,33 |
|
Soundness Ratio |
0,79 |
-27,52 |
1,09 |
-12,80 |
1,25 |
|
Average Collection Period (days) |
222 |
1,98 |
218 |
-7,62 |
236 |
|
Average Payment Period (days) |
135 |
16,51 |
116 |
-11,81 |
131 |
|
LIQUIDITY RATIOS |
|||||
|
Current Ratio (%) |
236,79 |
88,42 |
125,67 |
-37,94 |
202,51 |
|
Quick Ratio (%) |
13,26 |
33.050,00 |
0,04 |
-99,29 |
5,62 |
|
DEBT RATIOS |
|||||
|
Borrowing percentage (%) |
46,34 |
31,65 |
35,20 |
-0,96 |
35,54 |
|
External Financing Average Cost |
0,13 |
85,71 |
0,07 |
40,00 |
0,05 |
|
Debt Service Coverage |
9,19 |
9,40 |
8,40 |
-2,10 |
8,58 |
|
Interest Coverage |
-2,48 |
-290,77 |
1,30 |
23,81 |
1,05 |
|
GENERAL AND ACTIVITIES RATIOS |
|||||
|
Auto financing generated by sales (%) |
8,94 |
29,94 |
6,88 |
12,23 |
6,13 |
|
Auto financing generated by Assets (%) |
5,04 |
20,29 |
4,19 |
1,21 |
4,14 |
|
Breakdown Point |
0,79 |
-24,76 |
1,05 |
1,94 |
1,03 |
|
Average Sales Volume per Employee |
255.980,00 |
4,26 |
245.517,50 |
-12,72 |
281.305,79 |
|
Average Cost per Employee |
43.256,59 |
2,66 |
42.136,39 |
0,23 |
42.039,46 |
|
Assets Turnover |
0,56 |
-8,20 |
0,61 |
-10,29 |
0,68 |
|
Inventory Turnover (days) |
195 |
6,08 |
184 |
20,00 |
153 |
|
RESULTS RATIOS |
|||||
|
Return on Assets (ROA) (%) |
-15,34 |
-596,44 |
3,09 |
74,58 |
1,76 |
|
Operating Profitability (%) |
-11,35 |
-259,41 |
7,12 |
91,40 |
3,72 |
|
Return on Equity (ROE) (%) |
-60,69 |
-9.295,45 |
0,66 |
-63,33 |
1,80 |
SECTORIAL
ANALYSIS
Balance Sheet and
Financial Balance
Figures expressed in %
|
|
COMPANY (2009) |
SECTOR |
DIFFERENCE |
|
BALANCE SHEET ANALYSIS: % on the total
assets |
|
|
|
|
ASSETS |
|||
|
A) NON CURRENT ASSETS |
45,11 |
44,62 |
0,49 |
|
A) CURRENT ASSETS |
54,89 |
55,38 |
-0,49 |
|
LIABILITIES |
|||
|
A) NET WORTH |
36,27 |
49,39 |
-13,12 |
|
B) NON CURRENT LIABILITIES |
40,55 |
16,66 |
23,89 |
|
C) CURRENT LIABILITIES |
23,18 |
33,95 |
-10,77 |
|
|
|
|
|
Analytical Account
of Results
Figures given in %
|
|
COMPANY (2009) |
SECTOR |
DIFFERENCE |
|
Net Turnover |
99,94 |
98,37 |
1,57 |
|
Other operating income |
0,06 |
1,63 |
-1,57 |
|
OPERATING INCOME |
100,00 |
100,00 |
0,00 |
|
Supplies |
-54,14 |
-59,28 |
5,14 |
|
Variation in stocks of finished goods and work in progress |
-8,70 |
-0,03 |
-8,67 |
|
GROSS MARGIN |
37,16 |
40,69 |
-3,53 |
|
Other operating costs |
-19,28 |
-17,57 |
-1,71 |
|
Labour cost |
-16,89 |
-14,52 |
-2,37 |
|
GROSS OPERATING RESULT |
0,98 |
8,60 |
-7,62 |
|
Amortization of fixed assets |
-6,14 |
-3,11 |
-3,03 |
|
Deterioration and result for fixed assets disposal |
0,92 |
0,00 |
0,92 |
|
Other expenses / income |
-22,94 |
|
|
|
NET OPERATING RESULT |
-27,17 |
5,49 |
-32,66 |
|
Financial result |
-11,22 |
-0,64 |
-10,58 |
|
RESULT BEFORE TAX |
-38,39 |
4,85 |
-43,24 |
|
Taxes on profits |
0,54 |
-1,19 |
1,73 |
|
RESULT COMING FROM CONTINUED OPERATIONS |
-37,85 |
|
|
|
NET RESULT |
-37,85 |
3,66 |
-41,51 |
Main Ratios
|
|
COMPANY (2009) |
PTILE25 |
PTILE50 |
PTILE75 |
|
BALANCE RATIOS |
|
|
|
|
|
Working Capital (€) |
19.135.218,00 |
1.005.547,31 |
3.067.000,00 |
5.269.149,00 |
|
Working capital ratio |
0,32 |
0,12 |
0,19 |
0,38 |
|
Soundness Ratio |
0,79 |
0,99 |
1,53 |
2,53 |
|
Average Collection Period (days) |
222 |
94 |
109 |
129 |
|
Average Payment Period (days) |
135 |
45 |
71 |
99 |
|
LIQUIDITY RATIOS |
|
|
|
|
|
Current Ratio (%) |
236,79 |
1,20 |
1,84 |
2,62 |
|
Quick Ratio (%) |
13,26 |
0,03 |
0,18 |
0,60 |
|
DEBT RATIOS |
|
|
|
|
|
Borrowing percentage (%) |
46,34 |
2,26 |
16,92 |
37,87 |
|
External Financing Average Cost |
0,13 |
0,02 |
0,05 |
0,10 |
|
Debt Service Coverage |
9,19 |
0,09 |
1,21 |
4,77 |
|
Interest Coverage |
-2,48 |
1,80 |
5,14 |
29,48 |
|
GENERAL AND ACTIVITIES RATIOS |
|
|
|
|
|
Auto financing generated by sales (%) |
8,94 |
3,14 |
6,30 |
12,24 |
|
Auto financing generated by Assets (%) |
5,04 |
4,00 |
7,67 |
13,13 |
|
Breakdown Point |
0,79 |
1,03 |
1,05 |
1,13 |
|
Average Sales Volume per Employee |
255.980,00 |
222.427,52 |
292.834,43 |
423.601,25 |
|
Average Cost per Employee |
43.256,59 |
35.720,64 |
41.947,43 |
47.724,32 |
|
Assets Turnover |
0,56 |
0,88 |
1,34 |
1,74 |
|
Inventory Turnover (days) |
195 |
43 |
68 |
84 |
|
RESULTS RATIOS |
|
|
|
|
|
Return on Assets (ROA) (%) |
-15,34 |
3,23 |
6,17 |
13,15 |
|
Operating Profitability (%) |
-11,35 |
6,38 |
9,63 |
16,67 |
|
Return on Equity (ROE) (%) |
-60,69 |
4,26 |
10,53 |
22,28 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.98 |
|
UK Pound |
1 |
Rs.72.68 |
|
Euro |
1 |
Rs.64.16 |
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.