|
Report Date : |
08.04.2013 |
|
|
|
|
Tel. No.: |
+48 61 858 98 77 |
IDENTIFICATION DETAILS
|
Name : |
VISTULA GROUP SA |
|
|
|
|
Registered Office : |
Ul. Starowislna
48 Krakow, 31-035 |
|
|
|
|
Country : |
Poland |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Incorporation : |
1948 |
|
|
|
|
Legal Form : |
Public Independent |
|
|
|
|
Line of Business : |
Manufacture of other outerwear |
|
|
|
|
No. of Employees : |
2,301 |
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 |
|
Payment Behaviour : |
Slow but correct |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Poland |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
POLAND - ECONOMIC OVERVIEW
Poland has
pursued a policy of economic liberalization since 1990 and today stands out as
a success story among transition economies. It is the only country in the
European Union to avoid a recession through the 2008-09 economic downturn,
although GDP per capita is still much below the EU average. Since 2004, EU
membership and access to EU structural funds have provided a major boost to the
economy. Unemployment has been 2% more than the EU average. Inflation reached a
low of about 2.6% in 2010 due to the global economic slowdown, but climbed to
4.3% in 2011. Poland's economic performance could improve over the longer term
if the country addresses some of the remaining deficiencies in its road and
rail infrastructure and its business environment. An inefficient commercial
court system, a rigid labor code, bureaucratic red tape, burdensome tax system,
and persistent low-level corruption keep the private sector from performing up
to its full potential. Weak revenues, together with rising demands to fund
healthcare, education, and the state pension system caused the public sector
budget deficit to rise to 7.8% of GDP in 2010, but the PO/PSL coalition
government, which came to power in November 2007, took measures to shore up
public finances - including increasing contributions to the public pension
scheme at the expense of private pension funds - and reduced the deficit to
2.9% of GDP in 2011. For 2012 the coalition government has proposed further
deficit-reducing reforms and to fulfill its promise to enact business-friendly
reforms
Source
: CIA
VISTULA GROUP SA
|
|
|
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Business Description
|
VISTULA GROUP SA, is a Poland-based holding
that specializes in the design, manufacture and distribution of men clothing
and accessories. The Company offers suits, jackets, coats, shirts and
trousers, shoes, as well as accessories under the Vistula, Vistula Red,
Lantier, Vesari, Wolczanka, Lambert, and other brand names. Through its
subsidiary W. Kruk SA, the Company it is also active in the field of feminine
fashion (Deni Cler brand) and jewelry, watches and accessories. The Company's
own retail chain comprises 254 stores across Poland. As of December 31, 2011,
the Company operated through its direct and indirect subsidiaries, including
Vistula & Wolczanka Production Sp. z o.o. (former MTM Sp. z o.o), Trend
Fashion Sp. z o.o., DCG SA and Wolczanka Production 3 Sp. z o.o. For the nine
months ended 30 September 2012, VISTULA GROUP SA revenues increased 4% to
PLN277.6M. Net income totaled PLN3.7M vs. loss of PLN10.9M. Revenues reflect
Unallocated segment increase of 99% to PLN1.4M. Net Income reflects Other
Operating Expenses decrease of 50% to PLN5.5M (expense), Other Financial
Expense decrease of 18% to PLN16.2M (expense). Basic Earnings per Share
excluding Extraordinary Items increased from -PLN0.10 to PLN0.03. |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
|
|
NAICS 2002: |
315222 - Men's and Boys' Cut and Sew Suit, Coat, and
Overcoat Manufacturing |
|
UK SIC 2003: |
|
|
UK SIC 2007: |
14131 - Manufacture of men's outerwear, other than
leather clothes and workwear |
|
US SIC 1987: |
Key Executives
|
Significant Developments
|
Financial Summary
|
Stock Snapshot
|
1 - Profit & Loss Item Exchange Rate: USD 1 = PLN 2.964349
2 - Balance Sheet Item Exchange Rate: USD 1 = PLN 3.43395
|
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Executives Report
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
PLN |
PLN |
PLN |
PLN |
PLN |
|
Exchange Rate (Period Average) |
2.964349 |
3.017571 |
3.113934 |
2.409971 |
2.76483 |
|
Auditor |
PROAUDIT |
PRO AUDIT Kancelaria Bieglych Rewidentow |
PRO AUDIT Kancelaria Bieglych Rewidentow |
PKF Audit Sp. z o.o. |
PKF Consult Sp. z o.o. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
|
|
|
|
|
|
|
|
Net Sales |
130.8 |
117.3 |
131.2 |
209.5 |
148.9 |
|
Revenue |
130.8 |
117.3 |
131.2 |
209.5 |
148.9 |
|
Total Revenue |
130.8 |
117.3 |
131.2 |
209.5 |
148.9 |
|
|
|
|
|
|
|
|
Cost of Revenue |
61.0 |
52.8 |
63.5 |
96.0 |
70.5 |
|
Cost of Revenue, Total |
61.0 |
52.8 |
63.5 |
96.0 |
70.5 |
|
Gross Profit |
69.8 |
64.5 |
67.6 |
113.5 |
78.4 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
61.3 |
57.1 |
69.0 |
104.1 |
71.6 |
|
Total Selling/General/Administrative
Expenses |
61.3 |
57.1 |
69.0 |
104.1 |
71.6 |
|
Loss (Gain) on Sale
of Assets - Operating |
-1.4 |
-0.2 |
-0.3 |
-0.8 |
-7.5 |
|
Unusual Expense (Income) |
-1.4 |
-0.2 |
-0.3 |
-0.8 |
-7.5 |
|
Other Operating
Expense |
5.1 |
2.6 |
6.4 |
67.3 |
5.6 |
|
Other, Net |
-3.7 |
-2.7 |
-20.4 |
-3.0 |
-12.5 |
|
Other Operating Expenses, Total |
1.4 |
-0.2 |
-14.0 |
64.3 |
-6.9 |
|
Total Operating Expense |
122.2 |
109.6 |
118.2 |
263.5 |
127.7 |
|
|
|
|
|
|
|
|
Operating Income |
8.5 |
7.7 |
12.9 |
-54.1 |
21.2 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-7.1 |
-6.7 |
-7.6 |
-9.3 |
-1.0 |
|
Interest Expense,
Net Non-Operating |
-7.1 |
-6.7 |
-7.6 |
-9.3 |
-1.0 |
|
Interest
Income - Non-Operating |
0.0 |
0.0 |
0.0 |
0.4 |
0.8 |
|
Investment
Income - Non-Operating |
-0.9 |
0.1 |
- |
- |
- |
|
Interest/Investment
Income - Non-Operating |
-0.8 |
0.1 |
0.0 |
0.4 |
0.8 |
|
Interest Income (Expense) - Net
Non-Operating Total |
-8.0 |
-6.7 |
-7.6 |
-8.9 |
-0.2 |
|
Gain (Loss) on Sale of Assets |
-0.2 |
- |
- |
0.0 |
1.1 |
|
Other Non-Operating
Income (Expense) |
0.1 |
-0.5 |
-1.7 |
-3.0 |
1.0 |
|
Other, Net |
0.1 |
-0.5 |
-1.7 |
-3.0 |
1.0 |
|
Income Before Tax |
0.5 |
0.5 |
3.6 |
-65.9 |
23.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.5 |
0.0 |
-1.9 |
0.3 |
1.9 |
|
Income After Tax |
0.0 |
0.6 |
5.4 |
-66.2 |
21.2 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
0.0 |
0.6 |
5.4 |
-66.2 |
21.2 |
|
Net Income |
0.0 |
0.6 |
5.4 |
-66.2 |
21.2 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord
Items |
0.0 |
0.6 |
5.4 |
-66.2 |
21.2 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord
Items |
0.0 |
0.6 |
5.4 |
-66.2 |
21.2 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
112.7 |
112.7 |
104.7 |
82.0 |
80.9 |
|
Basic EPS Excl Extraord Items |
- |
0.00 |
0.05 |
-0.81 |
0.26 |
|
Basic/Primary EPS Incl Extraord Items |
- |
0.00 |
0.05 |
-0.81 |
0.26 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
0.0 |
0.6 |
5.4 |
-66.2 |
21.2 |
|
Diluted Weighted Average Shares |
120.8 |
120.8 |
114.0 |
82.0 |
80.9 |
|
Diluted EPS Excl Extraord Items |
- |
0.00 |
0.05 |
-0.81 |
0.26 |
|
Diluted EPS Incl Extraord Items |
- |
0.00 |
0.05 |
-0.81 |
0.26 |
|
Dividends per Share - Common Stock Primary
Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
7.1 |
6.7 |
7.6 |
9.3 |
1.0 |
|
Depreciation, Supplemental |
4.2 |
4.7 |
5.0 |
6.2 |
4.9 |
|
Total Special Items |
-1.2 |
-0.2 |
-0.3 |
-0.8 |
-8.6 |
|
Normalized Income Before Tax |
-0.7 |
0.4 |
3.3 |
-66.7 |
14.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-0.4 |
-0.1 |
-0.1 |
-0.3 |
-0.7 |
|
Inc Tax Ex Impact of Sp Items |
0.1 |
-0.1 |
-1.9 |
0.0 |
1.2 |
|
Normalized Income After Tax |
-0.8 |
0.4 |
5.3 |
-66.7 |
13.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-0.8 |
0.4 |
5.3 |
-66.7 |
13.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.01 |
0.00 |
0.05 |
-0.81 |
0.16 |
|
Diluted Normalized EPS |
-0.01 |
0.00 |
0.05 |
-0.81 |
0.16 |
|
Amort of Intangibles, Supplemental |
0.4 |
0.5 |
0.6 |
0.7 |
0.3 |
|
Normalized EBIT |
7.2 |
7.5 |
12.7 |
-54.9 |
13.7 |
|
Normalized EBITDA |
11.8 |
12.8 |
18.3 |
-47.9 |
18.9 |
|
Current Tax - Total |
0.2 |
0.2 |
0.1 |
1.6 |
- |
|
Current Tax - Total |
0.2 |
0.2 |
0.1 |
1.6 |
- |
|
Deferred Tax -
Total |
0.3 |
-0.2 |
-1.9 |
-1.3 |
- |
|
Deferred Tax - Total |
0.3 |
-0.2 |
-1.9 |
-1.3 |
- |
|
Income Tax - Total |
0.5 |
0.0 |
-1.9 |
0.3 |
- |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Restated Normal |
Updated Normal |
Reclassified Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
PLN |
PLN |
PLN |
PLN |
PLN |
|
Exchange Rate |
3.43395 |
2.95445 |
2.8617 |
2.963 |
2.45935 |
|
Auditor |
PROAUDIT |
PRO AUDIT Kancelaria Bieglych Rewidentow |
PRO AUDIT Kancelaria Bieglych Rewidentow |
PKF Audit Sp. z o.o. |
PKF Consult Sp. z o.o. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
|
|
|
|
|
|
|
|
Cash |
- |
1.9 |
2.2 |
4.5 |
- |
|
Cash &
Equivalents |
3.1 |
6.2 |
4.9 |
4.5 |
26.0 |
|
Short Term
Investments |
0.0 |
0.0 |
0.1 |
0.5 |
0.2 |
|
Cash and Short Term Investments |
3.1 |
8.1 |
7.2 |
9.5 |
26.2 |
|
Accounts
Receivable - Trade, Gross |
- |
20.3 |
21.2 |
18.6 |
21.3 |
|
Provision
for Doubtful Accounts |
- |
-14.5 |
-15.9 |
-10.2 |
-11.8 |
|
Trade Accounts
Receivable - Net |
6.6 |
6.5 |
6.1 |
11.7 |
9.6 |
|
Other Receivables |
- |
0.1 |
0.1 |
2.7 |
3.9 |
|
Total Receivables, Net |
6.6 |
6.6 |
6.1 |
14.4 |
13.5 |
|
Inventories -
Finished Goods |
38.3 |
42.6 |
46.5 |
68.2 |
50.4 |
|
Inventories - Work
In Progress |
0.6 |
1.1 |
1.6 |
3.0 |
2.5 |
|
Inventories - Raw
Materials |
5.1 |
6.7 |
6.3 |
7.8 |
8.0 |
|
Inventories - Other |
-0.9 |
-1.6 |
-3.0 |
-4.5 |
-7.7 |
|
Total Inventory |
43.1 |
48.8 |
51.4 |
74.5 |
53.2 |
|
Other Current
Assets |
0.2 |
0.3 |
0.1 |
1.4 |
0.8 |
|
Other Current Assets, Total |
0.2 |
0.3 |
0.1 |
1.4 |
0.8 |
|
Total Current Assets |
52.9 |
63.8 |
64.9 |
99.8 |
93.6 |
|
|
|
|
|
|
|
|
Buildings |
13.6 |
29.1 |
33.6 |
43.2 |
31.1 |
|
Machinery/Equipment |
- |
22.8 |
30.8 |
47.2 |
49.2 |
|
Construction
in Progress |
- |
0.3 |
0.4 |
1.9 |
4.3 |
|
Property/Plant/Equipment
- Gross |
13.6 |
52.3 |
64.8 |
92.3 |
84.5 |
|
Accumulated
Depreciation |
- |
-29.7 |
-36.3 |
-49.2 |
-49.6 |
|
Property/Plant/Equipment - Net |
13.6 |
22.6 |
28.5 |
43.1 |
34.9 |
|
Goodwill - Gross |
- |
- |
- |
64.6 |
- |
|
Goodwill, Net |
70.6 |
82.6 |
85.3 |
147.0 |
25.7 |
|
Intangibles - Gross |
38.6 |
45.2 |
46.6 |
- |
- |
|
Accumulated
Intangible Amortization |
-4.7 |
-5.5 |
-5.1 |
-24.3 |
- |
|
Intangibles, Net |
33.9 |
39.7 |
41.5 |
-24.3 |
38.4 |
|
LT Investments -
Other |
4.8 |
0.4 |
0.4 |
0.4 |
0.1 |
|
Long Term Investments |
4.8 |
0.4 |
0.4 |
0.4 |
0.1 |
|
Note Receivable - Long Term |
0.5 |
0.9 |
1.0 |
0.1 |
0.0 |
|
Deferred Income Tax
- Long Term Asset |
5.0 |
5.9 |
5.9 |
3.7 |
3.0 |
|
Other Long Term
Assets |
0.0 |
1.7 |
0.0 |
1.0 |
0.9 |
|
Other Long Term Assets, Total |
5.0 |
7.6 |
5.9 |
4.7 |
4.0 |
|
Total Assets |
181.3 |
217.6 |
227.5 |
270.7 |
196.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
20.2 |
12.2 |
13.7 |
27.4 |
- |
|
Payable/Accrued |
- |
- |
- |
- |
43.2 |
|
Accrued Expenses |
- |
3.7 |
3.7 |
5.7 |
- |
|
Notes Payable/Short Term Debt |
15.2 |
19.1 |
9.2 |
103.8 |
3.0 |
|
Current Portion - Long Term Debt/Capital
Leases |
2.3 |
6.2 |
6.9 |
3.1 |
3.3 |
|
Other Current
Liabilities |
3.3 |
8.2 |
11.9 |
35.1 |
3.3 |
|
Other Current liabilities, Total |
3.3 |
8.2 |
11.9 |
35.1 |
3.3 |
|
Total Current Liabilities |
40.9 |
49.4 |
45.4 |
175.2 |
52.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
49.3 |
60.1 |
71.2 |
6.5 |
9.4 |
|
Capital Lease
Obligations |
0.0 |
0.1 |
0.6 |
7.8 |
2.9 |
|
Total Long Term Debt |
49.4 |
60.1 |
71.8 |
14.3 |
12.3 |
|
Total Debt |
66.8 |
85.4 |
87.9 |
121.3 |
18.6 |
|
|
|
|
|
|
|
|
Deferred Income Tax
- LT Liability |
0.5 |
0.5 |
0.5 |
0.4 |
0.5 |
|
Deferred Income Tax |
0.5 |
0.5 |
0.5 |
0.4 |
0.5 |
|
Reserves |
4.4 |
5.8 |
5.9 |
0.3 |
0.3 |
|
Other Long Term
Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Liabilities, Total |
4.4 |
5.8 |
6.0 |
0.3 |
0.3 |
|
Total Liabilities |
95.2 |
115.7 |
123.7 |
190.3 |
65.9 |
|
|
|
|
|
|
|
|
Common Stock |
7.1 |
8.3 |
8.6 |
7.7 |
7.4 |
|
Common Stock |
7.1 |
8.3 |
8.6 |
7.7 |
7.4 |
|
Retained Earnings (Accumulated Deficit) |
79.0 |
93.6 |
95.2 |
72.7 |
123.3 |
|
Total Equity |
86.2 |
101.9 |
103.8 |
80.4 |
130.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’
Equity |
181.3 |
217.6 |
227.5 |
270.7 |
196.6 |
|
|
|
|
|
|
|
|
Shares Outstanding
- Common Stock Primary Issue |
112.7 |
112.7 |
112.7 |
104.3 |
81.0 |
|
Total Common Shares Outstanding |
112.7 |
112.7 |
112.7 |
104.3 |
81.0 |
|
Employees |
- |
2,283 |
2,842 |
2,743 |
2,383 |
|
Accumulated Intangible Amort, Suppl. |
4.7 |
5.5 |
5.1 |
3.7 |
2.9 |
|
Total Long Term Debt, Supplemental |
51.6 |
67.9 |
86.3 |
- |
- |
|
Long Term Debt Maturing within 1 Year |
2.2 |
7.9 |
15.1 |
- |
- |
|
Long Term Debt Matur. in Year 6 &
Beyond |
49.3 |
60.1 |
71.2 |
- |
- |
|
Total Capital Leases, Supplemental |
- |
0.6 |
1.6 |
10.0 |
3.9 |
|
Capital Lease Payments Due in Year 1 |
- |
0.0 |
0.0 |
0.0 |
0.3 |
|
Capital Lease Payments Due in Year 2 |
- |
0.1 |
0.4 |
0.9 |
0.8 |
|
Capital Lease Payments Due in Year 3 |
- |
0.1 |
0.4 |
0.9 |
0.8 |
|
Capital Lease Payments Due in Year 4 |
- |
0.1 |
0.4 |
0.9 |
0.8 |
|
Capital Lease Payments Due in Year 5 |
- |
0.1 |
0.4 |
0.9 |
0.8 |
|
Capital Lease Payments Due in 2-3 Years |
- |
0.3 |
0.8 |
1.8 |
1.6 |
|
Capital Lease Payments Due in 4-5 Years |
- |
0.3 |
0.8 |
1.8 |
1.6 |
|
Cap. Lease Pymts. Due in Year 6 &
Beyond |
- |
0.0 |
0.0 |
6.4 |
0.3 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified Normal |
Updated Normal |
Reclassified Normal |
|
Filed Currency |
PLN |
PLN |
PLN |
PLN |
PLN |
|
Exchange Rate (Period Average) |
2.964349 |
3.017571 |
3.113934 |
2.409971 |
2.76483 |
|
Auditor |
PROAUDIT |
PRO AUDIT Kancelaria Bieglych Rewidentow |
PRO AUDIT Kancelaria Bieglych Rewidentow |
PKF Audit Sp. z o.o. |
PKF Consult Sp. z o.o. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
0.0 |
0.6 |
5.4 |
-66.2 |
21.2 |
|
Depreciation |
4.6 |
5.3 |
5.7 |
8.5 |
5.2 |
|
Depreciation/Depletion |
4.6 |
5.3 |
5.7 |
8.5 |
5.2 |
|
Other Non-Cash
Items |
4.3 |
4.3 |
-9.6 |
64.3 |
-22.5 |
|
Non-Cash Items |
4.3 |
4.3 |
-9.6 |
64.3 |
-22.5 |
|
Accounts Receivable |
-1.7 |
-1.0 |
8.3 |
-4.7 |
-1.3 |
|
Inventories |
-6.2 |
0.9 |
22.5 |
-37.3 |
-20.8 |
|
Payable/Accrued |
7.4 |
0.4 |
-15.6 |
29.5 |
19.3 |
|
Other Operating
Cash Flow |
-7.1 |
-6.9 |
-7.4 |
-3.2 |
-1.4 |
|
Changes in Working Capital |
-7.7 |
-6.6 |
7.7 |
-15.8 |
-4.2 |
|
Cash from Operating Activities |
1.3 |
3.5 |
9.2 |
-9.2 |
-0.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed
Assets |
-3.6 |
-3.1 |
-5.2 |
-16.9 |
-13.2 |
|
Purchase/Acquisition
of Intangibles |
-0.1 |
0.0 |
-1.2 |
-1.2 |
-0.2 |
|
Capital Expenditures |
-3.8 |
-3.1 |
-6.4 |
-18.2 |
-13.4 |
|
Acquisition of
Business |
0.0 |
0.0 |
0.0 |
-122.5 |
0.0 |
|
Sale of Business |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sale of Fixed
Assets |
3.7 |
0.5 |
1.3 |
13.3 |
5.9 |
|
Sale/Maturity of
Investment |
0.0 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Purchase of
Investments |
0.0 |
0.0 |
0.0 |
0.3 |
0.0 |
|
Other Investing
Cash Flow |
0.0 |
0.0 |
0.0 |
0.4 |
0.6 |
|
Other Investing Cash Flow Items, Total |
3.9 |
0.7 |
1.4 |
-108.4 |
6.5 |
|
Cash from Investing Activities |
0.1 |
-2.4 |
-5.0 |
-126.6 |
-6.9 |
|
|
|
|
|
|
|
|
Sale/Issuance
of Common |
0.0 |
16.6 |
11.7 |
19.0 |
1.5 |
|
Common Stock, Net |
0.0 |
16.6 |
11.7 |
19.0 |
1.5 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
16.6 |
11.7 |
19.0 |
1.5 |
|
Long
Term Debt Reduction |
-0.5 |
-0.9 |
-1.0 |
-5.0 |
-0.9 |
|
Long Term Debt, Net |
-0.5 |
-0.9 |
-1.0 |
-5.0 |
-0.9 |
|
Total Debt Issued |
5.1 |
0.9 |
3.3 |
130.2 |
2.6 |
|
Total Debt
Reduction |
-10.0 |
-16.5 |
-20.3 |
-23.9 |
-2.1 |
|
Issuance (Retirement) of Debt, Net |
-5.4 |
-16.5 |
-18.0 |
101.3 |
-0.3 |
|
Cash from Financing Activities |
-5.4 |
0.1 |
-6.2 |
120.3 |
1.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
- |
- |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
-4.0 |
1.2 |
-2.0 |
-15.4 |
-6.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
8.1 |
6.8 |
8.5 |
26.5 |
29.2 |
|
Net Cash - Ending Balance |
4.0 |
7.9 |
6.6 |
11.0 |
23.1 |
|
Cash Interest Paid |
7.1 |
6.8 |
7.4 |
8.3 |
0.9 |
|
Cash Taxes Paid |
0.0 |
0.2 |
0.0 |
7.4 |
0.5 |
Annual Income Statement
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
PLN |
PLN |
PLN |
PLN |
PLN |
|
Exchange Rate (Period Average) |
2.964349 |
3.017571 |
3.113934 |
2.409971 |
2.76483 |
|
Auditor |
PRO AUDIT Kancelaria Bieglych Rewidentow |
PRO AUDIT Kancelaria Bieglych Rewidentow |
Mazars & Guerard Audyt Sp z oo. |
PKF Audit Sp. z o.o. |
PKF Consult Sp. z o.o. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Sales |
130.8 |
117.3 |
131.2 |
209.5 |
148.9 |
|
Total Revenue |
130.8 |
117.3 |
131.2 |
209.5 |
148.9 |
|
|
|
|
|
|
|
|
Cost of Sales |
61.0 |
52.8 |
63.5 |
96.0 |
70.5 |
|
Selling Costs |
46.8 |
42.8 |
52.9 |
79.4 |
55.3 |
|
General Management |
14.5 |
14.3 |
16.1 |
24.7 |
16.3 |
|
Sale/Fixed Assets |
-1.4 |
-0.2 |
-0.3 |
-0.8 |
-7.5 |
|
Othe Operating
Income |
-3.7 |
-2.7 |
-20.4 |
-3.0 |
-12.5 |
|
Cost/Sold Assets |
0.0 |
- |
- |
- |
- |
|
Other Operating
Expenses |
5.1 |
2.6 |
6.4 |
67.3 |
5.6 |
|
Total Operating Expense |
122.2 |
109.6 |
118.2 |
263.5 |
127.7 |
|
|
|
|
|
|
|
|
Interest Income/Loans |
0.0 |
0.0 |
0.0 |
0.4 |
0.8 |
|
Gain/Loss on Sale
of AfS Investment |
0.3 |
0.0 |
- |
- |
- |
|
FX Gains |
- |
0.1 |
- |
- |
- |
|
Other Financial
Income |
0.7 |
0.1 |
0.6 |
1.6 |
1.4 |
|
Interest Expense |
-7.1 |
-6.7 |
-7.6 |
-9.3 |
-1.0 |
|
FX Loss |
-1.2 |
- |
- |
- |
- |
|
Other Financial
Expense |
-0.5 |
-0.7 |
-2.3 |
-4.6 |
-0.4 |
|
Result on Sale of
Subsidiary |
-0.2 |
- |
- |
0.0 |
1.1 |
|
Net Income Before Taxes |
0.5 |
0.5 |
3.6 |
-65.9 |
23.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.5 |
0.0 |
-1.9 |
0.3 |
1.9 |
|
Net Income After Taxes |
0.0 |
0.6 |
5.4 |
-66.2 |
21.2 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
0.0 |
0.6 |
5.4 |
-66.2 |
21.2 |
|
Net Income |
0.0 |
0.6 |
5.4 |
-66.2 |
21.2 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
0.0 |
0.6 |
5.4 |
-66.2 |
21.2 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
0.0 |
0.6 |
5.4 |
-66.2 |
21.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
112.7 |
112.7 |
104.7 |
82.0 |
80.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.00 |
0.00 |
0.05 |
-0.81 |
0.26 |
|
Basic EPS Including ExtraOrdinary Item |
0.00 |
0.00 |
0.05 |
-0.81 |
0.26 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
0.0 |
0.6 |
5.4 |
-66.2 |
21.2 |
|
Diluted Weighted Average Shares |
120.8 |
120.8 |
114.0 |
82.0 |
80.9 |
|
Diluted EPS Excluding ExtraOrd Items |
0.00 |
0.00 |
0.05 |
-0.81 |
0.26 |
|
Diluted EPS Including ExtraOrd Items |
0.00 |
0.00 |
0.05 |
-0.81 |
0.26 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
-0.7 |
0.4 |
3.3 |
-66.7 |
14.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.1 |
-0.1 |
-1.9 |
0.0 |
1.2 |
|
Normalized Income After Taxes |
-0.8 |
0.4 |
5.3 |
-66.7 |
13.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-0.8 |
0.4 |
5.3 |
-66.7 |
13.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.01 |
0.00 |
0.05 |
-0.81 |
0.16 |
|
Diluted Normalized EPS |
-0.01 |
0.00 |
0.05 |
-0.81 |
0.16 |
|
Depreciation |
4.2 |
4.7 |
5.0 |
6.2 |
4.9 |
|
Amortization of Intangibles |
0.4 |
0.5 |
0.6 |
0.7 |
0.3 |
|
Interest Expense |
7.1 |
6.7 |
7.6 |
9.3 |
1.0 |
|
Current Tax |
0.2 |
0.2 |
0.1 |
1.6 |
- |
|
Current Tax - Total |
0.2 |
0.2 |
0.1 |
1.6 |
- |
|
Deferred Tax |
0.3 |
-0.2 |
-1.9 |
-1.3 |
- |
|
Deferred Tax - Total |
0.3 |
-0.2 |
-1.9 |
-1.3 |
- |
|
Income Tax - Total |
0.5 |
0.0 |
-1.9 |
0.3 |
- |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Restated Normal |
Updated Normal |
Reclassified Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
PLN |
PLN |
PLN |
PLN |
PLN |
|
Exchange Rate |
3.43395 |
2.95445 |
2.8617 |
2.963 |
2.45935 |
|
Auditor |
PRO AUDIT Kancelaria Bieglych Rewidentow |
PRO AUDIT Kancelaria Bieglych Rewidentow |
Mazars & Guerard Audyt Sp z oo. |
PKF Audit Sp. z o.o. |
PKF Consult Sp. z o.o. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Materials |
5.1 |
6.7 |
6.3 |
7.8 |
8.0 |
|
Work in Progress |
0.6 |
1.1 |
1.6 |
3.0 |
2.5 |
|
Finished Goods |
5.5 |
5.2 |
6.9 |
9.4 |
8.2 |
|
Merchandise Goods |
32.8 |
37.4 |
39.7 |
58.8 |
42.2 |
|
Revaluation of
Inventory |
-0.9 |
-1.6 |
-3.0 |
-4.5 |
-7.7 |
|
Accounts
Receivable/Other, Gross |
- |
13.1 |
13.9 |
17.5 |
20.1 |
|
Receivables/Affiliates,
Gross |
- |
7.1 |
7.3 |
1.1 |
1.2 |
|
Provisions for
Doubtful Accounts |
- |
-14.5 |
-15.9 |
-10.2 |
-11.8 |
|
Tax Receivables |
- |
0.1 |
0.1 |
2.7 |
- |
|
Receivables/Affiliates |
- |
- |
- |
3.3 |
- |
|
Accounts
Receivable/Deliveries&Services |
6.6 |
0.0 |
0.0 |
- |
- |
|
Accounts
Receivable/Other |
- |
0.7 |
0.7 |
- |
- |
|
Other Receivables |
- |
- |
- |
- |
3.9 |
|
ST Loans Receivable |
0.0 |
0.0 |
0.1 |
0.1 |
0.2 |
|
Securities |
- |
- |
- |
0.3 |
0.0 |
|
Cash in Hand &
in Bank & ST Deposits |
- |
1.9 |
2.2 |
4.5 |
- |
|
ST Deposits |
- |
6.2 |
4.9 |
4.5 |
- |
|
Cash and
Equivalents |
3.1 |
- |
- |
- |
26.0 |
|
Other |
0.2 |
0.3 |
0.1 |
1.4 |
0.8 |
|
Total Current Assets |
52.9 |
63.8 |
64.9 |
99.8 |
93.6 |
|
|
|
|
|
|
|
|
Goodwill, Net |
70.6 |
82.6 |
85.3 |
82.3 |
25.7 |
|
Intangibles |
- |
- |
- |
- |
38.4 |
|
Goodwill |
- |
- |
- |
64.6 |
- |
|
Intangibles Gross |
38.6 |
45.2 |
46.6 |
- |
- |
|
Amortization |
-3.8 |
-4.4 |
-4.0 |
-24.3 |
- |
|
Impairment of
Intangible Assets |
-0.9 |
-1.1 |
-1.2 |
- |
- |
|
Land and Buildings |
13.6 |
29.1 |
33.6 |
43.2 |
31.1 |
|
Equipment |
- |
22.8 |
30.8 |
47.2 |
49.2 |
|
Construction in
Progress |
- |
0.3 |
0.4 |
1.9 |
4.3 |
|
Depreciation |
- |
-28.5 |
-34.7 |
-49.2 |
-49.6 |
|
Impairment of
Tangible Assets |
- |
-1.2 |
-1.6 |
- |
- |
|
Investments/ Real
Estate |
2.9 |
0.3 |
0.3 |
0.3 |
0.0 |
|
Assets for Sale |
0.0 |
1.7 |
0.0 |
0.0 |
0.7 |
|
Long Term
Receivables |
0.5 |
0.9 |
1.0 |
0.1 |
0.0 |
|
Financial Assets |
1.9 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other LT
Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Tax |
5.0 |
5.9 |
5.9 |
3.7 |
3.0 |
|
Other Assets |
0.0 |
0.0 |
0.0 |
1.0 |
0.2 |
|
Total Assets |
181.3 |
217.6 |
227.5 |
270.7 |
196.6 |
|
|
|
|
|
|
|
|
ST
Liabilities/Affiliates |
- |
0.0 |
0.0 |
0.0 |
- |
|
Accounts Payable |
20.2 |
12.2 |
13.7 |
27.4 |
- |
|
Accounts Payable
and Other Liabs. |
- |
- |
- |
- |
43.2 |
|
Tax and Other State
Duties |
- |
3.7 |
3.7 |
5.7 |
- |
|
Other ST Liabilities |
- |
2.2 |
2.6 |
3.5 |
- |
|
Bonds |
14.6 |
16.9 |
0.0 |
- |
- |
|
ST Reserves |
3.3 |
6.1 |
9.3 |
31.7 |
3.3 |
|
Leases |
0.0 |
0.5 |
1.0 |
2.2 |
1.0 |
|
ST Loans |
0.6 |
2.1 |
9.2 |
103.8 |
3.0 |
|
Current Portion of
LT Debt |
2.2 |
5.7 |
5.9 |
0.9 |
2.3 |
|
Total Current Liabilities |
40.9 |
49.4 |
45.4 |
175.2 |
52.8 |
|
|
|
|
|
|
|
|
Financial Leases |
0.0 |
0.1 |
0.6 |
7.8 |
2.9 |
|
LT Commitments |
49.3 |
60.1 |
71.2 |
6.5 |
9.4 |
|
Total Long Term Debt |
49.4 |
60.1 |
71.8 |
14.3 |
12.3 |
|
|
|
|
|
|
|
|
Other LT
Liabs./Purchase of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Income Tax |
0.5 |
0.5 |
0.5 |
0.4 |
0.5 |
|
Other Reserves |
4.4 |
5.8 |
5.9 |
0.3 |
0.3 |
|
Total Liabilities |
95.2 |
115.7 |
123.7 |
190.3 |
65.9 |
|
|
|
|
|
|
|
|
Share Capital |
7.1 |
8.3 |
8.6 |
7.7 |
7.4 |
|
Valuation Rsrv. |
4.2 |
1.3 |
1.3 |
1.3 |
1.6 |
|
Other Profits |
-0.3 |
2.7 |
2.0 |
1.1 |
0.8 |
|
Retained Profit |
75.1 |
89.6 |
92.0 |
70.3 |
120.9 |
|
Total Equity |
86.2 |
101.9 |
103.8 |
80.4 |
130.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders'
Equity |
181.3 |
217.6 |
227.5 |
270.7 |
196.6 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
112.7 |
112.7 |
112.7 |
104.3 |
81.0 |
|
Total Common Shares Outstanding |
112.7 |
112.7 |
112.7 |
104.3 |
81.0 |
|
Accumulated Intangible Amortization |
4.7 |
5.5 |
5.1 |
3.7 |
2.9 |
|
Full-Time Employees |
- |
2,283 |
2,842 |
2,743 |
2,383 |
|
LT Debt Maturing within 1 Year |
2.2 |
7.9 |
15.1 |
- |
- |
|
LT Debt Maturing over 1 Year |
49.3 |
60.1 |
71.2 |
- |
- |
|
Total Long Term Debt, Supplemental |
51.6 |
67.9 |
86.3 |
- |
- |
|
Capital Lease Payments Due within1 Year |
- |
0.0 |
0.0 |
0.0 |
0.3 |
|
Capital Lease Payments Due in Year 5 |
- |
0.6 |
1.6 |
3.6 |
3.3 |
|
Capital Lease Remaining |
- |
0.0 |
0.0 |
6.4 |
0.3 |
|
Total Capital Leases |
- |
0.6 |
1.6 |
10.0 |
3.9 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Reclassified Normal |
Updated Normal |
Reclassified Normal |
|
Filed Currency |
PLN |
PLN |
PLN |
PLN |
PLN |
|
Exchange Rate (Period Average) |
2.964349 |
3.017571 |
3.113934 |
2.409971 |
2.76483 |
|
Auditor |
PRO AUDIT Kancelaria Bieglych Rewidentow |
PRO AUDIT Kancelaria Bieglych Rewidentow |
Mazars & Guerard Audyt Sp z oo. |
PKF Audit Sp. z o.o. |
PKF Consult Sp. z o.o. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
0.0 |
0.6 |
5.4 |
-66.2 |
21.2 |
|
Depreciation |
4.6 |
5.3 |
5.7 |
8.5 |
5.2 |
|
Foreign Exchange
Differences |
0.0 |
0.0 |
0.0 |
0.0 |
-0.3 |
|
Investments |
-1.2 |
-0.2 |
-0.3 |
-0.9 |
-7.9 |
|
Interest/Dividends |
7.1 |
6.8 |
7.4 |
7.9 |
0.9 |
|
Provisions |
-2.3 |
-2.9 |
-16.3 |
22.2 |
1.2 |
|
Inventories |
-6.2 |
0.9 |
22.5 |
-37.3 |
-20.8 |
|
Receivables |
-1.7 |
-1.0 |
8.3 |
-4.7 |
-1.3 |
|
ST Liabilities
(Excl. Loans and Credits) |
7.4 |
0.4 |
-15.6 |
29.5 |
19.3 |
|
Adjustment |
0.7 |
0.6 |
-0.4 |
35.0 |
-16.4 |
|
Income Tax Paid |
0.0 |
-0.2 |
0.0 |
-7.4 |
-0.5 |
|
Interest Paid |
-7.1 |
-6.8 |
-7.4 |
-8.3 |
-0.9 |
|
Adjustment |
- |
- |
- |
12.4 |
- |
|
Cash from Operating Activities |
1.3 |
3.5 |
9.2 |
-9.2 |
-0.3 |
|
|
|
|
|
|
|
|
Sale of Fixed
Assets |
3.7 |
0.5 |
1.3 |
13.3 |
5.9 |
|
Sale of Business |
0.2 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sale of Assets Held
for Trading |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividends Received |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Received |
0.0 |
0.0 |
0.0 |
0.4 |
0.6 |
|
Loans Repayment |
0.0 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Purch./Intangibles |
-0.1 |
0.0 |
-1.2 |
-1.2 |
-0.2 |
|
Purch./Fixed Assets |
-3.6 |
-3.1 |
-5.2 |
-16.9 |
-13.2 |
|
Purchase of
Investment Held for Sale |
0.0 |
0.0 |
0.0 |
0.7 |
0.0 |
|
Purchase of
Subsidiary |
0.0 |
0.0 |
0.0 |
-122.5 |
0.0 |
|
Purchase of Real
Estate Investment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Purch./Fin.Assets/Affiliates |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Purch./Fin.Assets |
0.0 |
0.0 |
0.0 |
-0.4 |
0.0 |
|
Loans Expenses |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sale of Subsidiary |
-0.1 |
- |
- |
- |
- |
|
Cash from Investing Activities |
0.1 |
-2.4 |
-5.0 |
-126.6 |
-6.9 |
|
|
|
|
|
|
|
|
Shares
Issued/Additional Paid in Capital |
0.0 |
16.6 |
11.7 |
19.0 |
1.5 |
|
Credits/Loans
Issued |
5.1 |
0.9 |
3.3 |
130.2 |
2.6 |
|
Repayments of Loans |
-10.0 |
-16.5 |
-20.3 |
-23.9 |
-2.1 |
|
Financial Lease
Payments |
-0.5 |
-0.9 |
-1.0 |
-5.0 |
-0.9 |
|
Cash from Financing Activities |
-5.4 |
0.1 |
-6.2 |
120.3 |
1.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
- |
- |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
-4.0 |
1.2 |
-2.0 |
-15.4 |
-6.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
8.1 |
6.8 |
8.5 |
26.5 |
29.2 |
|
Net Cash - Ending Balance |
4.0 |
7.9 |
6.6 |
11.0 |
23.1 |
|
Cash Interest Paid |
7.1 |
6.8 |
7.4 |
8.3 |
0.9 |
|
Cash Taxes Paid |
0.0 |
0.2 |
0.0 |
7.4 |
0.5 |
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
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Annual Ratios
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
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|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.88 |
|
UK Pound |
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.