MIRA INFORM REPORT
|
Report Date : |
09.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
CURTIDOS ELDA SL |
|
|
|
|
Registered Office : |
Calle Portugal (Pg Ind P.I.C.A. Campo Alto), 3 - Parc 74 03600 Elda Alicante |
|
|
|
|
Country : |
Spain |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
20.11.1989 |
|
|
|
|
Legal Form : |
Limited Liability Company |
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|
|
|
Line of Business : |
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|
|
No. of Employees : |
RATING & COMMENTS
|
MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Spain |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SPAIN - ECONOMIC OVERVIEW
After almost 15 years of above average GDP growth, the
Spanish economy began to slow in late 2007 and entered into a recession in the
second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth
trend, and by another 0.3% in 2010; GDP expanded 0.4% in 2011, before
contracting 1.4% in 2012. The economy has once again fallen into recession as
deleveraging in the private sector, fiscal consolidation, and continued high
unemployment weigh on domestic demand and investment, even as exports have
shown signs of resiliency. The unemployment rate rose from a low of about 8% in
2007 to 26.0% in 2012. The economic downturn has also hurt Spain's public
finances. The government budget deficit peaked at 11.2% of GDP in 2010 and the
process to reduce this imbalance has been slow despite the central government's
efforts to raise new tax revenue and cut spending. Spain reduced its budget
deficit to 9.4% of GDP in 2011, and roughly 7.4% of GDP in 2012, above the 6.3%
target negotiated between Spain and the EU. Although Spain's large budget
deficit and poor economic growth prospects remain a source of concern for
foreign investors, the government's ongoing efforts to cut spending and
introduce flexibility into the labor markets are intended to assuage these concerns.
The government is also taking steps to shore up the banking system, namely by
using up to $130 billion in EU funds to recapitalize struggling banks exposed
to the collapsed domestic construction and real estate sectors.
Source
: CIA
Company name
CURTIDOS ELDA SL
CIF/NIF: B03466455
Company situation: Active
EXECUTIVE SUMMARY
Identification
Current Business Name: CURTIDOS ELDA SL
Other names: NO
Current Address: CALLE PORTUGAL (PG IND P.I.C.A.
CAMPO ALTO), 3 - PARC 74
Telephone number: 965382199 Fax: 965397936
URL: www.europiel.com
Corporate e-mail: curelda@europiel.com
Trade Risk
Incidents: NO
R.A.I.: NO
EXPERIAN BUREAU EMPRESARIAL Bank and Multi - sectorial Defaults of
Payment: NO
Financial Information
Latest sales known (2012): 5.191.637,64
(Estimated)
Balance sheet latest sales (2011): 3.088.022,02 (Mercantile Register)
Result: 46.100,24
Total Assets: 3.613.762,51
Share capital: 6.010,12
Employees: 32
Listed on a Stock Exchange: NO
Commercial Information
Incorporation date: 20/11/1989
Activity: Wholesale of leather
NACE 2009 CODE: 4624
International Operations: Imports and
Exports
Corporate Structure
Sole Administrator:
Other Complementary Information
Latest act published in BORME: 16/09/2011 Annual Filed Accounts
Latest press article: 01/05/1996 FOMENTO DE LA
PRODUCCIΣN (GENERAL INFORMATION)
Bank Entities: There are
TRADE RISK
Financial situation
|
Exercise:2011 |
Evolution |
|||
|
Immediate
liquidity |
Limited |
|
|
|
|
Indebtedness |
Important |
|
|
|
|
Profitability |
Sufficient |
|
|
|
|
Soundness |
Average |
|
|
|
Performance
|
Incidents |
None or Negligible |
|
Business
Trajectory |
Superior |
Rating Explanation
Financial situation
The companys financial situation
is unfavourable.
The companys financial situation evolution has
been stable.
The sales evolution and results has
been positive.
Company Structure
The companys capitalization degree determines that
its structure is normal.
The companys size is small depending on
its sales volume.
The employees evolution has been positive.
Performance and Incidences
The available information indicates that the
company does not have payment incidences.
He have detected no recent legal actions or claims from
the Administration against this company.
Accounts Filing
The company files regularly its accounts.
Reasons of the last outstanding calculation in the note
|
DATE |
CHANGE |
RESULTING NOTE |
EVENT |
|
30/11/2012 |
Reduction |
9 |
There has been a change in the formula version. |
|
07/09/2012 |
Reduction |
14 |
New financial statements have been uploaded. |
|
04/10/2011 |
Increase |
16 |
New financial statements have been uploaded. |
|
01/10/2011 |
Equal |
13 |
New financial statements have been uploaded. |
Summary
LEGAL ACTIONS: No legal actions registered
ADMINISTRATIVE CLAIMS: No administrative claims registered.
AFFECTED BY: No significant element
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
03/07/2013 08:07:07
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
|
|
31/12/2011 (12) |
% ASSETS |
31/12/2010 (12) |
% ASSETS |
31/12/2009 (12) |
% ASSETS |
||
|
ASSETS |
|
|
|
|
|
|
||
|
A) NON CURRENT ASSETS |
714.875,20 |
19,78 |
689.300,59 |
33,06 |
713.122,36 |
35,08 |
||
|
B) CURRENT ASSETS |
2.898.887,31 |
80,22 |
1.395.976,98 |
66,94 |
1.319.734,63 |
64,92 |
||
|
LIABILITIES |
|
|
|
|
|
|
||
|
A) NET WORTH |
600.793,52 |
16,63 |
554.693,28 |
26,60 |
515.970,44 |
25,38 |
||
|
B) NON CURRENT LIABILITIES |
282.919,21 |
7,83 |
502.131,88 |
24,08 |
588.471,09 |
28,95 |
||
|
C) CURRENT LIABILITIES |
2.730.049,78 |
75,55 |
1.028.452,41 |
49,32 |
928.415,46 |
45,67 |
||
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|
|
||||||
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||||||
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|
|
||||||
Balance Sheet Comments
Total assets of the company grew in 73,30%
between 2.010 and 2.011.
This growth has been inferior in the case of the non current assets that
increased just in 3,71%.
This growth has been mainly financed with a debt increase
of 96,85%. Nevertheless Net Worth grew 8,31%.
Total assets of the company grew in 2,58%
between 2.009 and 2.010.
In spite of the assets growth, non current assets decreased 3,34%.
This growth has been financed, on a wider scale, with a Net Worth
increase of 7,50% and in a smaller proportion with an debt increase
of 0,90%.
Profit and loss account analysis
Figures given in
|
|
2012 |
31/12/2011 (12) |
% NET TURNOVER |
31/12/2010 (12) |
% NET TURNOVER |
|
SALES |
5.191.637,64 |
3.088.022,02 |
|
2.565.980,05 |
|
|
GROSS MARGIN |
|
659.003,17 |
21,34 |
637.625,57 |
24,85 |
|
EBITDA |
|
126.700,21 |
4,10 |
120.108,45 |
4,68 |
|
EBIT |
|
92.274,82 |
2,99 |
93.243,18 |
3,63 |
|
NET RESULT |
|
46.100,24 |
1,49 |
38.722,84 |
1,51 |
|
EFFECTIVE TAX RATE (%) |
|
25,00 |
0,00 |
25,00 |
0,00 |
Profit and Loss Account Comments
The companys sales figure grew
in 20,34% between 2.010 and 2.011.
The companys EBIT decreased
in 1,04% between 2.010 and 2.011.
This evolution implies a reduction in the companys economic
profitability .
The result of these variations is a decrease of the companys Operating
Profitability of 39,06% in the analysed period, being this
profitability of 3,51% in the year 2.011.
The Net Result of the company grew
in 19,05% between 2.010 and 2.011.
The companys Financial Profitability has been positively affected by
the financial activities in comparison with EBITs behaviour .
The result of these variations is an increase of the companys Economic
Profitability of 9,88% in the analysed period, being equal
to 10,23% in the year 2.011 .
The companys sales figure grew
in 22,94% between 2.009 and 2.010.
The companys EBIT grew
in 72,10% between 2.009 and 2.010.
This evolution implies an increase in the companys economic
profitability .
The result of these variations is an increase of the companys Economic
Profitability of 45,45% in the analysed period, being equal
to 5,76% in the year 2.010.
The Net Result of the company grew
in 37,83% between 2.009 and 2.010.
The companys Financial Profitability has been negatively affected by
the financial activities in comparison with EBITs behaviour .
The result of these variations is an increase of the companys Economic
Profitability of 28,24% in the analysed period, being equal
to 9,31% in the year 2.010 .
COMPARATIVE SECTOR ANALYSIS
Values table
Figures expressed in %
|
|
COMPANY (2011) |
SECTOR |
DIFFERENCE |
|
BALANCE SHEET ANALYSIS: % on the total
assets |
|
|
|
|
ASSETS |
|||
|
A) NON CURRENT ASSETS |
19,78 |
26,17 |
-6,39 |
|
A) CURRENT ASSETS |
80,22 |
73,83 |
6,39 |
|
LIABILITIES |
|||
|
A) NET WORTH |
16,63 |
34,46 |
-17,83 |
|
B) NON CURRENT LIABILITIES |
7,83 |
13,29 |
-5,46 |
|
C) CURRENT LIABILITIES |
75,55 |
52,24 |
23,31 |
|
|
|
|
|
|
|
COMPANY (2011) |
SECTOR |
DIFFERENCE |
|
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total
operating income |
|
|
|
|
SALES |
100,00 |
99,52 |
0,48 |
|
GROSS MARGIN |
21,34 |
14,69 |
6,65 |
|
EBITDA |
4,10 |
3,80 |
0,30 |
|
EBIT |
2,99 |
3,03 |
-0,04 |
|
NET RESULT |
1,49 |
1,80 |
-0,31 |
Sector Composition
Compared sector (NACE 2009): 4624
Number of companies: 46
Size (sales figure): 2,800,000.00 - 7,000,000.00 Euros
Comments on the sectorial comparative
Compared to its sector the assets of the companies show an
inferior proportion of non current assets. Specifically the difference with the
sector average is -6,39% .
In liabilities composition the company turns to on a smaller scale to
self financing, being the Net Worth proportion 17,83% inferior. As a
consequence, external financing sources are more used by the company
( 17,83% more than the sector) .
The proportion that the sales mean to the companys total ordinary
income is 100,00% , an 0,48% higher than in the sector .
The companys EBIT was positive and was 2,99% with regard to
the total ordinary income, 0,04% inferior to the one of the sector .
The companys capacity to generate operating income is inferior to that
of the sector as its ratio EBIT/Sales is inferior (0,03 in comparison
with 0,03) .
The companys net result was positive and equal to 1,49% with
regard to the total ordinary income, -0,31% inferior to the one of
the sector .
The financial results and the tax impact have had a negative impact on
the net result of the company with a worse behaviour that the one of the sector
.
OTHER DATA FROM THE ANNUAL FINANCIAL REPORT
Results Distribution
Source: annual financial report 2011
Figures given in
|
DISTRIBUTION BASE |
APPLICATION A |
||
|
Profit and Loss Account Balance |
46.100,24 |
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 |
46.100,24 |
|
Total of Amounts to be distributed |
46.100,24 |
Dividends |
0,00 |
|
|
|
Carry over and others |
0,00 |
|
|
|
Compensation of previous exercises losses |
0,00 |
|
|
|
Application total |
46.100,24 |
ADDRESSES
Current Legal Seat Address:
CALLE PORTUGAL (PG IND P.I.C.A. CAMPO ALTO), 3 - PARC 74
03600 ELDA ALICANTE
Previous Seat Address:
CALLE PORTUGAL 74 - PG. PICA
03600 ELDA
ALICANTE
Characteristics of the current address
Type of establishment: store
Local Situation: secondary
CORPORATE STRUCTURE
ADMINISTRATIVE LINKS
Governing body : 1 member (latest change:
13/12/1996)
Other Positions : 3 (latest change: 07/05/2002)
Operative Board Members : 4 (latest change: 30/03/2012)
Non-current positions : 3 (latest change: 13/12/1996)
Main Board members, Directors and Auditor
Governing body
|
POSITION |
NAME AND SURNAME |
DATE APPOINTMENT |
|
SOLE ADMINISTRATOR |
ROMERO PEINADO, ALFONSO |
13/12/1996 |
|
|
|
|
|
POSITION |
NAME AND SURNAME |
|
General Manager |
ROMERO PEINADO, ALFONSO |
|
General Manager |
ARACIL PAYA, JUAN |
|
Financial Manager |
ARACIL PAYA, JUAN |
|
Commercial Director |
ROMERO PEINADO, ALFONSO |
FINANCIAL LINKS
|
|
BUSINESS NAME |
TAX NUMBER/COUNTRY |
% |
SOURCE |
DATE REP. |
|
|
ARACIL PAYA JUAN |
|
25,00 |
OWN SOURCES |
08/07/2013 |
|
|
ROMERO PEINADO ALFONSO |
|
25,00 |
OWN SOURCES |
08/07/2013 |
|
|
ANTON LOPEZ ANA M |
|
25,00 |
OWN SOURCES |
08/07/2013 |
|
|
GIL PAΡON LOURDES FATIMA |
|
25,00 |
OWN SOURCES |
08/07/2013 |
BUSINESS INFORMATION
Incorporation date: 20/11/1989
Establishment date: 01/01/1985
Founders Name: NEGOCIO INICIADO POR UNO DE LOS SOCIOS COMO
EMPRESARIO INDIVIDUAL
Code: 1617200
Activity: Wholesale of leather
NACE 2009 CODE: 4624
NACE 2009 Activity: Wholesale of hides, skins and leather
Business: LA REPRESENTACION DE PIELES Y CUEROS Y SU VENTA.
Activity description: Wholesale
trade of hides and skins
for footwear, handbags, belts and jewelry accessories ...
Latest employees figure: 32 (2013)
% of fixed employees: 81,82%
% of temporary employees: 18,18%
% of men: 50,00%
% of women: 50,00%
Employees evolution
|
|
|
|
Source: Annual financial report 2011
|
CATEGORY |
AVERAGE NUMBER OF EMPLOYEES |
MEN |
WOMEN |
|
Distribution by sexes |
|
6 |
6 |
PURCHASES
Import Percentage: 100%
Imports from: PAKISTAN, NIGUERIA, INDIA
SALES
Export Percentage: 10%
Exports to: POLONIA,CHINA, FRANCIA
SUPPLIERS
|
BUSINESS NAME |
INTERNATIONAL |
|
IBERDROLA |
NO |
|
MARCUS BRANDER |
YES |
|
GLOBUS INTERPRISE |
NO |
CLIENTS
|
BUSINESS NAME |
INTERNATIONAL |
|
UNILEDER |
NO |
|
UNISA |
NO |
|
FLORENCE MARCO |
NO |
|
ENTITY |
BRANCH |
ADDRESS |
TOWN OR CITY |
PROVINCE |
|
BANCO MARE NOSTRUM, S.A. |
0465 |
AVDA. DE CHAPI, 6 |
ELDA |
Alicante |
|
BANCO SANTANDER, S.A. |
1858 |
SAGASTA, 4-6 |
ELDA |
Alicante |
|
BANCO POPULAR ESPAΡOL, S.A. |
0040 |
JARDINES, 32 |
ELDA |
Alicante |
|
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
5589 |
PADRE MANJON, 14 |
ELDA |
Alicante |
|
CAIXABANK, S.A. |
|
|
ELDA |
|
LEGAL STRUCTURE
Constitution Data
Register Date: 20/11/1989
Legal form: Limited Liability Company
Share capital: 6.010,12
Obligation to fill in Financial Statements: YES
Chamber census: YES (2011)
Acts on activity: 1 (Last: 13/12/1996)
Acts on administrators: 7 (Last: 07/05/2002, first: 03/06/1992)
Acts on capital: 0
Acts on creation: 0
Acts on filed accounts: 20 (Last: 16/09/2011, first:
08/09/1992)
Acts on identification: 2 (Last: 07/05/2002, first:
03/06/1992)
Acts on Information: 2 (Last: 13/12/1996, first:
03/06/1992)
Latest acts in B.O.R.M.E.
Other acts
|
ACT |
DATE |
NOTICE NUM. |
MERCANTILE REGISTER |
|
Annual Filed Accounts (2010) |
16/09/2011 |
532270 |
Alicante |
|
Annual Filed Accounts (2009) |
23/09/2010 |
652703 |
Alicante |
|
Annual Filed Accounts (2008) |
11/09/2009 |
395494 |
Alicante |
|
Annual Filed Accounts (2007) |
20/08/2008 |
283337 |
Alicante |
|
Annual Filed Accounts (2006) |
20/08/2007 |
289164 |
Alicante |
|
Annual Filed Accounts (2005) |
29/08/2006 |
272062 |
Alicante |
|
Annual Filed Accounts (2004) |
17/08/2005 |
222106 |
Alicante |
|
Annual Filed Accounts (2003) |
18/08/2004 |
215336 |
Alicante |
|
Annual Filed Accounts (2002) |
12/08/2003 |
196663 |
Alicante |
|
Annual Filed Accounts (2001) |
12/08/2002 |
195634 |
Alicante |
Press summary by type of information (last five years)
Legal notices: 0
Structural Data: 0
Informative data: 0
Financial Information: 0
Negative information: 0
Business lines: 0
Historical press releases: 1 (Last: 01/05/1996)
Latest press article published
No press articles about this company have been loaded in the last 5
years, if you wish you can check the historical press releases (news with more
than 5 years)
FINANCIAL INFORMATION
The information on the last Individual Filed Accounts contained in this report
is extracted from the Mercantile Register file of the legal address of the
Company and dated 07/09/2012.
SITUATION BALANCE-SHEET
Assets
Figures given in
|
|
31/12/2011 (12) |
% ASSETS |
31/12/2010 (12) |
% ASSETS |
31/12/2009 (12) |
% ASSETS |
|
A) NON CURRENT ASSETS |
714.875,20 |
19,78 |
689.300,59 |
33,06 |
713.122,36 |
35,08 |
|
I. Intangible assets |
3.043,50 |
0,08 |
3.043,50 |
0,15 |
|
|
|
II. Tangible fixed assets |
711.831,70 |
19,70 |
686.257,09 |
32,91 |
713.122,36 |
35,08 |
|
III. Real-estate investments |
|
|
|
|
|
|
|
IV. Long term investments in associated
and affiliated companies |
|
|
|
|
|
|
|
V. Long Term Financial Investments |
|
|
|
|
|
|
|
VI. Assets by deferred taxes |
|
|
|
|
|
|
|
VII. Non current commercial debts |
|
|
|
|
|
|
|
B) CURRENT ASSETS |
2.898.887,31 |
80,22 |
1.395.976,98 |
66,94 |
1.319.734,63 |
64,92 |
|
I. Stocks |
1.972.319,20 |
54,58 |
752.943,54 |
36,11 |
785.839,72 |
38,66 |
|
II. Trade Debtors and other receivable
accounts |
782.216,45 |
21,65 |
548.436,44 |
26,30 |
472.541,91 |
23,25 |
|
1. Clients |
782.216,45 |
21,65 |
548.436,44 |
26,30 |
472.541,91 |
23,25 |
|
b) Clients for sales and
short term services rendering |
782.216,45 |
21,65 |
548.436,44 |
26,30 |
472.541,91 |
23,25 |
|
III. Short term investments in associated
and affiliated companies |
|
|
|
|
|
|
|
IV. Short term financial investments |
7.736,95 |
0,21 |
5.067,91 |
0,24 |
|
|
|
V. Short term periodifications |
|
|
|
|
|
|
|
VI. Cash and equivalents |
136.614,71 |
3,78 |
89.529,09 |
4,29 |
61.353,00 |
3,02 |
|
TOTAL ASSETS (A + B) |
3.613.762,51 |
100,00 |
2.085.277,57 |
100,00 |
2.032.856,99 |
100,00 |
Assets composition graphs
|
|
|
|
Assets composition per chapter |
|
|
|
|
|
Non current assets composition per
epigraph |
Current assets composition per epigraph |
|
|
|
|
|
|
Net Worth and Liabilities
Figures given in
|
|
31/12/2011 (12) |
% ASSETS |
31/12/2010 (12) |
% ASSETS |
31/12/2009 (12) |
% ASSETS |
|
A) NET WORTH |
600.793,52 |
16,63 |
554.693,28 |
26,60 |
515.970,44 |
25,38 |
|
A-1) Equity |
600.793,52 |
16,63 |
554.693,28 |
26,60 |
515.970,44 |
25,38 |
|
I. Capital |
6.010,12 |
0,17 |
6.010,12 |
0,29 |
6.010,12 |
0,30 |
|
1. Authorized capital |
6.010,12 |
0,17 |
6.010,12 |
0,29 |
6.010,12 |
0,30 |
|
II. Issue premium |
|
|
|
|
|
|
|
III. Reserves |
548.683,16 |
15,18 |
509.960,32 |
24,46 |
481.865,15 |
23,70 |
|
IV. (Net worth own shares and participations) |
|
|
|
|
|
|
|
V. Results from previous years |
|
|
|
|
|
|
|
VI. Other loans from partners |
|
|
|
|
|
|
|
VII. Exercise Result |
46.100,24 |
1,28 |
38.722,84 |
1,86 |
28.095,17 |
1,38 |
|
VIII. (Interim dividend) |
|
|
|
|
|
|
|
A-2) Value changes adjustments |
|
|
|
|
|
|
|
A-3) Received legacies, grants and
subventions |
|
|
|
|
|
|
|
B) NON CURRENT LIABILITIES |
282.919,21 |
7,83 |
502.131,88 |
24,08 |
588.471,09 |
28,95 |
|
I. Long term provisions |
|
|
|
|
|
|
|
II. Long term debts |
282.919,21 |
7,83 |
502.131,88 |
24,08 |
588.471,09 |
28,95 |
|
1. Debts with bank entities |
282.919,21 |
7,83 |
502.131,88 |
24,08 |
588.471,09 |
28,95 |
|
III. Long term debts with associated and
affiliated companies |
|
|
|
|
|
|
|
IV. Liabilities by deferred taxes |
|
|
|
|
|
|
|
V. Long term periodifications |
|
|
|
|
|
|
|
VI. Non current trade creditors |
|
|
|
|
|
|
|
VII. Long term debts with special
characteristics |
|
|
|
|
|
|
|
C) CURRENT LIABILITIES |
2.730.049,78 |
75,55 |
1.028.452,41 |
49,32 |
928.415,46 |
45,67 |
|
I. Short term provisions |
|
|
|
|
|
|
|
II. Short term debts |
|
|
|
|
224.599,41 |
11,05 |
|
3. Other short term debts |
|
|
|
|
224.599,41 |
11,05 |
|
III. Short term debts with associated and
affiliated companies |
|
|
|
|
|
|
|
IV. Trade creditors and other payable
accounts |
2.730.049,78 |
75,55 |
1.028.452,41 |
49,32 |
703.816,05 |
34,62 |
|
1. Suppliers |
2.322.799,27 |
64,28 |
640.803,04 |
30,73 |
263.475,68 |
12,96 |
|
b) Short term suppliers |
2.322.799,27 |
64,28 |
640.803,04 |
30,73 |
263.475,68 |
12,96 |
|
2. Other creditors |
407.250,51 |
11,27 |
387.649,37 |
18,59 |
440.340,37 |
21,66 |
|
V. Short term periodifications |
|
|
|
|
|
|
|
VI. Short term debts with special
characteristics |
|
|
|
|
|
|
|
TOTAL NET WORTH AND LIABILITIES (A + B +
C) |
3.613.762,51 |
100,00 |
2.085.277,57 |
100,00 |
2.032.856,99 |
100,00 |
Net worth and liabilities composition graphs
|
|
|
|
Net Worth and Liabilities composition per
chapter |
|
|
|
|
|
Non current liabilities composition per
epigraph |
Current liabilities composition per
epigraph |
|
|
|
|
|
|
PROFIT AND LOSS
ACCOUNT
Figures given in
|
|
31/12/2011 (12) |
%OPERATING INCOME |
31/12/2010 (12) |
%OPERATING INCOME |
31/12/2009 (12) |
%OPERATING INCOME |
|
1. Net Turnover |
3.088.022,02 |
100,00 |
2.565.980,05 |
100,00 |
2.087.227,34 |
100,00 |
|
2. Variation in stocks of finished goods
and work in progress |
|
|
|
|
|
|
|
3. Works for its own assets |
|
|
|
|
|
|
|
4. Supplies |
-2.429.018,85 |
-78,66 |
-1.928.354,48 |
-75,15 |
-1.566.531,37 |
-75,05 |
|
5. Other operating income |
|
|
|
|
68,54 |
0,00 |
|
6. Labour cost |
-194.162,92 |
-6,29 |
-167.723,51 |
-6,54 |
-161.890,08 |
-7,76 |
|
7. Other operating costs |
-338.140,04 |
-10,95 |
-349.793,61 |
-13,63 |
-278.340,78 |
-13,33 |
|
8. Amortization of fixed assets |
-34.425,39 |
-1,11 |
-26.865,27 |
-1,05 |
-26.353,22 |
-1,26 |
|
9. Allocation of subventions on non financial
investments and other |
|
|
|
|
|
|
|
10. Provisions excess |
|
|
|
|
|
|
|
11. Deterioration and result for fixed
assets disposal |
|
|
|
|
|
|
|
12. Other results |
|
|
|
|
|
|
|
A) OPERATING RESULT (1 + 2 + 3 + 4 + 5 + 6
+ 7 + 8 + 9 + 10 + 11 + 12) |
92.274,82 |
2,99 |
93.243,18 |
3,63 |
54.180,43 |
2,60 |
|
13. Financial income |
8,20 |
0,00 |
0,96 |
0,00 |
|
|
|
b) Other financial income |
8,20 |
0,00 |
0,96 |
0,00 |
|
|
|
14. Financial expenses |
-33.231,95 |
-1,08 |
-40.199,43 |
-1,57 |
-50.292,45 |
-2,41 |
|
15. Reasonable value variation on
financial instruments |
|
|
|
|
|
|
|
16. Exchange differences |
2.415,91 |
0,08 |
-1.414,25 |
-0,06 |
33.572,25 |
1,61 |
|
17. Deterioration and result for disposal of
financial instruments |
|
|
|
|
|
|
|
18. Other financial income and expenses |
|
|
|
|
|
|
|
B) FINANCIAL RESULT (13 + 14 + 15 + 16 +
17 + 18) |
-30.807,84 |
-1,00 |
-41.612,72 |
-1,62 |
-16.720,20 |
-0,80 |
|
C) RESULT BEFORE TAXES (A + B) |
61.466,98 |
1,99 |
51.630,46 |
2,01 |
37.460,23 |
1,79 |
|
19. Taxes on profits |
-15.366,74 |
-0,50 |
-12.907,62 |
-0,50 |
-9.365,06 |
-0,45 |
|
D) EXERCISE RESULT (C + 19) |
46.100,24 |
1,49 |
38.722,84 |
1,51 |
28.095,17 |
1,35 |
Composition of the Profit and Loss Account graphs
|
|
|
|
Operating expenses relative weigh per
epigraph evolution |
Profit and loss account relative weigh per
epigraph evolution |
|
|
|
|
|
|
NET WORTH CHANGES
STATUS
Status of recognized income and expenses
For the financial statements presented under the SMEs model (PYMES),
the Net Worth Changes Status is formed by a single table. For the rest of the
cases there would be shown the two tables corresponding to the mentioned status
with the exception of the company not having operations reflected in the
Status of recognized income and expenses and that, for this reason, it has no
data.
Total net worth changes status
Figures given in
|
NET WORTH CHANGES ( 1 /1) |
AUTHORIZED CAPITAL |
RESERVES |
EXERCISE RESULT |
TOTAL |
|
FINAL ACCOUNT BALANCE OF EXERCISE (2008) |
6.010,12 |
446.192,71 |
35.672,44 |
487.875,27 |
|
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) |
6.010,12 |
446.192,71 |
35.672,44 |
487.875,27 |
|
I. Profit and loss account result |
|
|
28.095,17 |
28.095,17 |
|
II. Recognized income and expenses in net
worth |
|
|
|
|
|
III. Operations with partners or owners |
|
|
|
|
|
IV. Other net worth variations |
|
35.672,44 |
-35.672,44 |
|
|
FINAL ACCOUNT BALANCE OF EXERCISE (2009) |
6.010,12 |
481.865,15 |
28.095,17 |
515.970,44 |
|
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) |
6.010,12 |
481.865,15 |
28.095,17 |
515.970,44 |
|
I. Profit and loss account result |
|
|
38.722,84 |
38.722,84 |
|
II. Recognized income and expenses in net
worth |
|
|
|
|
|
III. Operations with partners or owners |
|
|
|
|
|
IV. Other net worth variations |
|
28.095,17 |
-28.095,17 |
|
|
FINAL ACCOUNT BALANCE OF EXERCISE (2010) |
6.010,12 |
509.960,32 |
38.722,84 |
554.693,28 |
|
I. Adjustments by change of criteria in
the exercise (2010) |
|
|
|
|
|
II. Adjustments by errors in the exercise
(2010) |
|
|
|
|
|
ADJUSTED ACCOUNT BALANCE, BEGINNING OF
EXERCISE (2011) |
6.010,12 |
509.960,32 |
38.722,84 |
554.693,28 |
|
I. Profit and loss account result |
|
|
46.100,24 |
46.100,24 |
|
II. Recognized income and expenses in net
worth |
|
|
|
|
|
III. Operations with partners or owners |
|
|
|
|
|
IV. Other net worth variations |
|
38.722,84 |
-38.722,84 |
|
|
FINAL ACCOUNT BALANCE OF EXERCISE (2011) |
6.010,12 |
548.683,16 |
46.100,24 |
600.793,52 |
Net Worth composition graph
|
|
|
|
|
|
Equilibrium Graphic and Indebtedness
|
|
|
|
Financial Balance - Working Capital |
|
|
|
|
|
Financial Balance - Working Capital
Evolution |
Debt Evolution |
|
|
|
|
|
|
Comments on financial balance and indebtedness
In the 2.011 the assets of the company were
formed in 19,78% by non current assets
and in 80,22% by current assets . This assets were
financed in 16,63% with own
capitals, in 7,83% with long term
debt and in 75,55% with short term debt .
The result of this financial structure is a working capital
positive and equal to 168.837,53 euros, which is equivalent to a
proportion of 4,67% proportion of the companys total assets .
This measure has diminished with respect to the previous exercise
in 54,06% having also diminished its proportion with respect to the
total assets of the company .
The worsening between 2.010 and 2.011 is due
mainly to an increase of current liabilities .
In the 2.010 the assets of the company were
formed in 33,06% by non current assets
and in 66,94% by current assets . This assets were
financed in 26,60% with own capitals, in 24,08% with
long term debt and in 49,32% with short term debt .
The result of this financial structure is a working capital
positive and equal to 367.524,57 euros, which is equivalent to a
proportion of 17,62% proportion of the companys total assets .
This measure has diminished with respect to the previous exercise
in 6,08% having also diminished its proportion with respect to the
total assets of the company .
The worsening between 2.009 and 2.010 is due
mainly to an increase of current liabilities .
In the 2.009 the assets of the company were
formed in 35,08% by non current assets
and in 64,92% by current assets . This assets were
financed in 25,38% with own
capitals, in 28,95% with long term
debt and in 45,67% with short term debt .
The result of this financial structure is a working capital positive
and equal to 391.319,17 euros, which is equivalent to a proportion
of 19,25% proportion of the companys total assets .
Debt service coverage decreased
in 54,18% between 2.010 and 2.011 which implies
an improvement in the companys capacity to face indebtedness through liquid
resources generated by its activity.
The improvement between 2.010 and 2.011 is due
to an indebtedness decrease and an increase in liquid resources generated by
the company .
Debt service coverage decreased
in 48,69% between 2.009 and 2.010 which implies
an improvement in the companys capacity to face indebtedness through liquid
resources generated by its activity.
The improvement between 2.009 and 2.010 is due
to an indebtedness decrease and an increase in liquid resources generated by
the company .
Interest coverage
grew 19,70% between 2.010 and 2.011 which implies
an improvement in the capacity of the company to generate resources to face
debt service (financial charge) .
The improvement between 2.010 and 2.011 it has been
mainly due to a decrease in financial expenses.
Interest coverage
grew 115,41% between 2.009 and 2.010 which
implies an improvement in the capacity of the company to generate resources to
face debt service (financial charge) .
The improvement between 2.009 and 2.010 it has been
due to an increase in operating result and a reduction in financial expenses.
RATIOS
|
|
31/12/2011 (12) |
CHANGE % |
31/12/2010 (12) |
CHANGE % |
31/12/2009 (12) |
|
BALANCE RATIOS |
|||||
|
Working Capital () |
168.837,53 |
-54,06 |
367.524,57 |
-6,08 |
391.319,17 |
|
Working capital ratio |
0,05 |
-72,22 |
0,18 |
-5,26 |
0,19 |
|
Soundness Ratio |
0,84 |
3,70 |
0,80 |
12,50 |
0,72 |
|
Average Collection Period (days) |
91 |
18,22 |
77 |
-5,31 |
81 |
|
Average Payment Period (days) |
355 |
118,85 |
162 |
18,37 |
137 |
|
LIQUIDITY RATIOS |
|||||
|
Current Ratio (%) |
106,18 |
-21,78 |
135,74 |
-4,51 |
142,15 |
|
Quick Ratio (%) |
5,29 |
-42,50 |
9,20 |
39,18 |
6,61 |
|
DEBT RATIOS |
|||||
|
Borrowing percentage (%) |
7,83 |
-67,48 |
24,08 |
-39,80 |
40,00 |
|
External Financing Average Cost |
0,12 |
50,00 |
0,08 |
33,33 |
0,06 |
|
Debt Service Coverage |
3,51 |
-54,18 |
7,66 |
-48,69 |
14,93 |
|
Interest Coverage |
2,78 |
19,83 |
2,32 |
114,81 |
1,08 |
|
GENERAL AND ACTIVITIES RATIOS |
|||||
|
Auto financing generated by sales (%) |
2,61 |
1,95 |
2,56 |
-1,92 |
2,61 |
|
Auto financing generated by Assets (%) |
2,23 |
-29,21 |
3,14 |
17,54 |
2,68 |
|
Breakdown Point |
1,03 |
-0,96 |
1,04 |
0,97 |
1,03 |
|
Average Sales Volume per Employee |
280.729,28 |
20,34 |
233.270,91 |
-21,77 |
298.175,33 |
|
Average Cost per Employee |
17.651,18 |
15,76 |
15.247,59 |
-34,07 |
23.127,15 |
|
Assets Turnover |
0,86 |
-30,08 |
1,23 |
19,42 |
1,03 |
|
Inventory Turnover (days) |
292 |
108,21 |
140 |
-22,31 |
181 |
|
RESULTS RATIOS |
|||||
|
Return on Assets (ROA) (%) |
2,55 |
-42,95 |
4,47 |
67,42 |
2,66 |
|
Operating Profitability (%) |
3,51 |
-39,06 |
5,76 |
45,45 |
3,96 |
|
Return on Equity (ROE) (%) |
10,23 |
9,88 |
9,31 |
28,24 |
7,26 |
Ratios comments
The economic profitability in the year 2.011 achieved a
positive level of 2,55% .
The economic profitability in the year 2.011 has
reduced from 4,47% from 2.010 up
to 2,55% from 2.011, even if it remains positive.
This fall has contributed to the decrease in assets turnover, whose index
evolved from 1,23 to 0,86.
Financial profitability on 2.011 achieved a positive level
of 10,23%.
The companys financial profitability has been positively affected by
its financial structure.
The economic profitability in the year 2.010 achieved a
positive level of 4,47% .
The economic profitability in the year 2.010 has
increased from 2,66% from 2.009 up
to 4,47% from 2.010. This growth has contributed to the increase
in assets turnover, reaching in the last period 1,23 compared
to 1,03 from 2.009.
Financial profitability on 2.010 achieved a positive level
of 9,31%.
The companys financial profitability has been positively affected by
its financial structure.
SECTORIAL ANALYSIS
Balance Sheet and Financial Balance
Figures expressed in %
|
|
COMPANY (2011) |
SECTOR |
DIFFERENCE |
|
BALANCE SHEET ANALYSIS: % on the total
assets |
|
|
|
|
ASSETS |
|||
|
A) NON CURRENT ASSETS |
19,78 |
26,17 |
-6,39 |
|
A) CURRENT ASSETS |
80,22 |
73,83 |
6,39 |
|
LIABILITIES |
|||
|
A) NET WORTH |
16,63 |
34,46 |
-17,83 |
|
B) NON CURRENT LIABILITIES |
7,83 |
13,29 |
-5,46 |
|
C) CURRENT LIABILITIES |
75,55 |
52,24 |
23,31 |
|
|
|
|
|
Sectorial Financial Balance Comparison
|
|
|
|
Financial Balance - Working Capital Company |
Financial Balance - Working Capital Sector |
|
|
|
|
|
|
|
|
|
Comments of the sectorial analysis
In the 2.011 the assets of the company were formed
in 19,78% of non current assets and in 80,22% of current assets.
In the sector, the proportion of non current assets was
of 26,17%, and the proportion of current assets was of 73,83% .
The assets were financed in the company in 16,63% with own
capitals, in 7,83% with long term debt and in
75,55% with short term debt. In the sector, the self financing
represented 34,46%.
On the other hand long term debts represented in the sector an average
of 13,29% the financing. Short term liabilities represented in
the sector an average of 52,24% the financing.
The result of this companys financial structure is a working capital
that represents 4,67% of the total assets; in the sector, this same
proportion is 21,59%.
Results Analytical Account
Figures given in %
|
|
COMPANY (2011) |
SECTOR |
DIFFERENCE |
|
Net Turnover |
100,00 |
99,52 |
0,48 |
|
Other operating income |
|
0,48 |
|
|
OPERATING INCOME |
100,00 |
100,00 |
0,00 |
|
Supplies |
-78,66 |
-85,55 |
6,89 |
|
Variation in stocks of finished goods and work in progress |
|
0,24 |
|
|
GROSS MARGIN |
21,34 |
14,69 |
6,65 |
|
Other operating costs |
-10,95 |
-6,35 |
-4,60 |
|
Labour cost |
-6,29 |
-4,57 |
-1,72 |
|
GROSS OPERATING RESULT |
4,10 |
3,77 |
0,33 |
|
Amortization of fixed assets |
-1,11 |
-0,79 |
-0,32 |
|
Deterioration and result for fixed assets disposal |
|
0,02 |
|
|
Other expenses / income |
|
0,03 |
|
|
NET OPERATING RESULT |
2,99 |
3,03 |
-0,04 |
|
Financial result |
-1,00 |
-0,73 |
-0,27 |
|
RESULT BEFORE TAX |
1,99 |
2,29 |
-0,30 |
|
Taxes on profits |
-0,50 |
-0,50 |
0,00 |
|
RESULT COMING FROM CONTINUED OPERATIONS |
1,49 |
1,80 |
-0,31 |
|
Exercise result coming from discontinued operations net of taxes |
|
0,00 |
|
|
NET RESULT |
1,49 |
1,80 |
-0,31 |
|
Amortization of fixed assets |
-1,11 |
-0,79 |
-0,32 |
|
Deterioration and provisions variation |
|
0,02 |
|
|
|
2,61 |
2,57 |
0,04 |
Analytical account of results composition graphs
|
|
|
|
Company-sector profit and loss account
relative weighs per epigraph |
Company-sector profit and loss account partial
results relative weighs per epigraph |
|
|
|
|
|
|
Main Ratios
Figures given in
|
|
COMPANY (2011) |
PTILE25 |
PTILE50 |
PTILE75 |
|
BALANCE RATIOS |
|
|
|
|
|
Working Capital () |
168.837,53 |
188.127,45 |
450.816,50 |
810.527,50 |
|
Working capital ratio |
0,05 |
0,07 |
0,21 |
0,39 |
|
Soundness Ratio |
0,84 |
0,92 |
1,74 |
4,19 |
|
Average Collection Period (days) |
91 |
38 |
61 |
88 |
|
Average Payment Period (days) |
355 |
36 |
58 |
108 |
|
LIQUIDITY RATIOS |
|
|
|
|
|
Current Ratio (%) |
106,18 |
111,66 |
135,45 |
204,30 |
|
Quick Ratio (%) |
5,29 |
8,23 |
27,34 |
48,41 |
|
DEBT RATIOS |
|
|
|
|
|
Borrowing percentage (%) |
7,83 |
11,65 |
24,21 |
45,41 |
|
External Financing Average Cost |
0,12 |
0,03 |
0,05 |
0,10 |
|
Debt Service Coverage |
3,51 |
1,95 |
5,50 |
14,29 |
|
Interest Coverage |
2,78 |
1,71 |
3,71 |
8,93 |
|
GENERAL AND ACTIVITIES RATIOS |
|
|
|
|
|
Auto financing generated by sales (%) |
2,61 |
1,35 |
1,95 |
3,41 |
|
Auto financing generated by Assets (%) |
2,23 |
2,42 |
3,80 |
7,11 |
|
Breakdown Point |
1,03 |
1,02 |
1,03 |
1,04 |
|
Average Sales Volume per Employee |
280.729,28 |
504.876,53 |
709.654,83 |
1.119.765,90 |
|
Average Cost per Employee |
17.651,18 |
23.531,52 |
28.623,07 |
36.937,13 |
|
Assets Turnover |
0,86 |
1,39 |
1,99 |
2,85 |
|
Inventory Turnover (days) |
292 |
24 |
39 |
81 |
|
RESULTS RATIOS |
|
|
|
|
|
Return on Assets (ROA) (%) |
2,55 |
2,94 |
4,98 |
7,62 |
|
Operating Profitability (%) |
3,51 |
4,49 |
6,58 |
9,76 |
|
Return on Equity (ROE) (%) |
10,23 |
4,85 |
12,44 |
18,15 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.04 |
|
|
1 |
Rs.90.89 |
|
Euro |
1 |
Rs.78.27 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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
SCs 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.