Main Chapters in Sample Report:
[ Summary ]
[ Payments ] [ Banks ] [ Finance ]
[ Financial Ratios ] [ Comparison with Industry Norms ]
[ Operations ] [ History ] [ Affiliates ]
[ Sources and Rating Guide ]
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PRODUCTORA NACIONAL DE VIDRIOS S.A. (FICTICIOUS SAMPLE)
PROVIDRIOS
FORMERLY: NACIONAL DE VIDRIOS LTDA.
PARENT COMPANY: INDUSTRIA NACIONAL DEL VIDRIO S.A. (FICTICIOUS)
******************************************************************************
Cll. 12A # 35-95 NIT: 8605106814
Bogota, D.C. COLOMBIA NBC: 10122081
TELEPHONES (1) 6257811 - 6924124
FAX (1) 4138596 STARTED : 1980
P.O. BOX 12458 INCOME 12/1998: $157,746,233,000
NETWORTH 12/1998: $27,523,598,000
URL: www.providrios.com EMPLOYEES : 162
Luis Augusto Mantilla Escobar
General Manager RATE EXCHANGE : $1,610.66 a US$1.00
PRINTING DATE: 05/06/99
ISIC (Rev. 3): 2610
Line of Business: MANUFACTURER OF GLASS ARTICLES.
**************************************************************
ANALYTICAL SUMMARY: 05/06/99
RATING CREDIT: 2.8 COMMERCIAL CREDIT LIMIT GUIDE
(Interpretation at end of report)
SOLVENCY : GOOD Conservative: $441,600,000
DEBT : DEFICIENT Liberal : $823,700,000
SALES TREND : STEADY
HISTORY : CLEAR
PAYMENTS : GRLY. PROMPT
OTHER SENSITIVE ITEMS:
COLLECTION PERIOD DEFICIENT.
CHANGES IN FINANCIAL CONDITION:
VALORIZATIONS HAVE INCREASED FROM $31,987,123,000 TO $52,534,123,000. THE
FOLLOWING ITEMS HAVE DETERIORATED AND ARE HIGHLIGHTED: FINANCIAL BURDEN
CHANGED FROM 4.23 TO 8.60%.
AN IMPROVEMENT IN THE FOLLOWING IS REGISTERED: CAPITAL WHICH CHANGED FROM
$350,000,000 TO $430,000,000, NETWORTH FROM $18,625,959,000 TO
$27,523,598,000, GROSS PROFIT FROM $35,665,415,000 TO $55,425,210,000 AND
CONSEQUENTLY IN OTHER PROFITS FOR A VARIATION OF NET PROFITS FROM
$1,422,941,000 TO $4,418,987,000, CURRENT RATIO FROM 1.49 TO 1.70%, ACID
TEST RATIO FROM 1.09 TO 1.25% AND SHORT TERM DEBT FROM 42.60 TO 32.13%.
***************************************************************
PAYMENTS: 04/27/99
Suppliers report: (In Millions)
DATE HIGH NOW PAST TERMS GUARANTEE LAST KNOWN PAYMENTS SUPPLIER
YYMM CREDIT OWES DUE (DAYS) SALE SINCE OPINION
9904 920.0 10.0 0.0 30 Invoice 98-02 1989 Prompt Good
750.0 320.0 35.0 30 Invoice 98-01 1985 Slow 25d Fair
320.0 UNDT. UNDT. 30 Invoice 97-12 1991 Prompt Good
185.0 UNDT. 0.0 30-60 Invoice 98-02 1991 Slow 15d Good
9805 850.0 UNDT. UNDT. 30 Invoice 97-02 1985 Prompt Good
650.0 500.0 50.0 30 Invoice 97-03 1985 Slow 10d Good
230.0 UNDT. 0.0 30 Invoice 97-05 1991 Prompt Excellent
200.0 300.0 0.0 60 Invoice 97-03 1989 Prompt Good
100.0 40.0 0.0 30-60 Invoice 97-03 1992 Prompt Good
9711 930.0 200.0 0.0 60 Invoice 96-05 1989 Slow 15d Good
850.0 UNDT. 0.0 30 Invoice 96-05 1994 Prompt Fair
550.0 UNDT. 0.0 60 Invoice 96-06 1991 Prompt Good
425.0 UNDT. 0.0 30 Invoice 96-06 1985 Slow 10d Good
102.0 30.0 0.0 30-60 Invoice 96-06 1992 Prompt Normal
9702 850.0 0.0 0.0 60 Invoice 95-10 1989 Slow Good
500.0 0.0 0.0 30 Invoice 96-01 1991 Prompt Good
400.0 150.0 5.0 30 Invoice 95-11 1985 Slow 15d Good
30.0 15.0 0.0 30 Invoice 96-02 1992 Prompt Good
10.0 0.0 0.0 30 Invoice 96-02 1994 Prompt Good
9607 650.0 5.0 0.0 30-60 Invoice 94-09 1990 Prompt
250.0 UNDT. 0.0 30 Invoice 95-03 1991 Prompt
35.0 15.0 0.0 30 Invoice 95-03 1992 Prompt
30.0 0.0 0.0 30-60 Invoice 95-04 1990 Prompt
BANKS: 04/28/99 Name Branch City Account No. Banco Anglo Colombiano Chico Bogota 000-4646-20 Banco de Occidente Av. 68 Bogota Banco Ganadero C. Int'l. Bogota 178-01598-6 Banco Popular Zona Ind'l. Bogota 048-22514-9 [ AS PER LOCAL LAW, EXPERIENCES IN THE HANDLING OF BANK ACCOUNTS AND FINANCIAL DEBT WILL ONLY APPEAR IN THOSE INVESTIGATIONS IN WHICH AN AUTHORIZATION TO OBTAIN THIS INFORMATION FROM THE BANKING ASSOCIATION'S CREDIT BUREAU IS ISSUED IN WRITING BY SUBJECT COMPANY'S LEGAL REPRESENTATIVE ]
FINANCE: 04/30/99
Audited financial statements received from subject company and confirmed with
complete statements obtained from public records.
BALANCE SHEET
(In Thousands)
12/31/98
ASSETS
CASH AND BANKS $1,387,051 0.9%
TEMPORARY INVESTMENTS $954,120 0.6%
RECEIVABLES $45,841,555 29.8%
INVENTORY $18,424,235 12.0%
DEFERRED ASSETS $2,439,562 1.6%
TOTAL CURRENT ASSETS $69,046,523 44.9%
LONG TERM DEBTORS $581,005 0.4%
PROPERTY, PLANT AND EQUIPMENT $25,974,500 16.9%
ACCUMULATED DEPRECIATION ( $2,450,088) -1.6%
NET FIXED ASSETS $23,524,412 15.3%
DEFERRED ASSETS $7,982,123 5.2%
VALORIZATIONS $52,534,123 34.2%
TOTAL NON CURRENT ASSETS $84,621,663 55.1%
-------------- ------
TOTAL ASSETS $153,668,186 100.0%
MEMORANDA ACCOUNTS $43,500,655
LIABILITIES AND NETWORTH
FINANCIAL LIABILITIES $10,357,369 6.7%
SUPPLIERS $24,961,956 16.2%
ACCTS PAYABLE $2,231,125 1.5%
TAXES $160,989 0.1%
INCURRED LABOR OBLIGATIONS $632,465 0.4%
PROVISIONS $1,324,656 0.9%
DEFERRED INCOME $855,562 0.6%
TOTAL CURRENT LIABS. $40,524,122 26.4%
LONG TERM FINANCIAL LIABILITIES $22,321,321 14.5%
LONG TERM ACCTS PAYABLE $35,465,444 23.1%
LABOR LIABILITIES LONG TERM $8,954,321 5.8%
PROVISIONS $865,445 0.6%
DEFERRED INCOME (LT) $2,864,546 1.9%
OTHER LONG AND MEDIUM TERM LIABS. $15,149,389 9.9%
TOTAL NON-CURRENT LIABS. $85,620,466 55.7%
------------- ------
TOTAL LIABILITIES $126,144,588 82.1%
CAPITAL $350,000 0.2%
SURPLUS $2,365,465 1.5%
RESERVES $2,335,465 1.5%
NETWORTH VALORIZATION $8,654,656 5.6%
NET PROFITS $4,541,235 3.0%
RETAINED EARNINGS $6,546,321 4.3%
VALORIZATIONS $2,730,456 1.8%
TOTAL NETWORTH $27,523,598 17.9%
-------------- ------
TTL LIABS. AND NETWORTH $153,668,186 100.0%
MEMORANDA ACCOUNTS $43,500,655
PROFIT AND LOSS
FROM 01/31/98 TO 12/31/98
OPERATING REVENUES $157,746,233 100.0%
COST OF GOODS SALES $102,321,023 64.9%
GROSS PROFIT $55,425,210 35.1%
ADMINISTRATIVE EXPENSES $28,457,322 18.0%
OPERATING EXPENSES $12,003,045 7.6%
OPERATING PROFITS $14,964,843 9.5%
NON-OPERATING REVENUES $3,452,115 2.2%
NON-OPERATING EXPENSES $3,246,523 2.1%
FINANCAL EXPENSES $13,565,233 8.6%
PROFIT BEFORE TAX & INFL $1,605,202 1.0%
INFLATION ADJUSTMENTS $5,465,238 3.5%
TAX PROVISION $2,651,453 1.7%
------------- ------
NET PROFIT AND LOSSES $4,418,987 2.8%
COMPARATIVES
(In Millions)
Vertical and Horizontal Analysis
Vertical Analysis (ANLS V) reflects the weight of a given value in relation to
Total Assets or Net Sales. Horizontal Analysis (ANLS H) reflects the variation
in CURRENT PRICES of a given value with respect to that registered in the
prior year after discounting inflation.
ANLS. ANLS. ANLS.
V H V H V H
DATE 12/1998 % % 12/1997 % % 12/1996 % %
INFLATION 16.70% 17.68% 21.63%
EXCHANGE RATE US$ 1,542.11 1,293.58 1,005.33
COMM. ACCTS RECEIV. 39,753 26 -14 39,753 32 31 25,815 25 -2
INVENTORY 18,424 12 -12 17,915 15 3 14,821 14 -1
CURRENT ASSETS 69,047 45 -10 66,071 54 22 46,118 45 -12
NET FIXED ASSETS 23,524 15 22 16,501 13 -11 15,752 15 -4
OTHER ASSETS 8,563 6 -8 7,992 7 -61 17,541 17 937
VALORIZATIONS 52,534 34 41 31,987 26 15 23,634 23 76
TOTAL ASSETS 153,668 100 7 122,552 100 1 103,046 100 23
CURRENT LIABS. 40,524 26 -22 44,275 36 -25 50,363 49 49
NON-CURRENT LIABS. 85,620 56 23 59,651 49 26 40,332 39 26
TOTAL LIABILITIES 126,145 82 4 103,926 85 -3 90,695 88 38
CAPITAL 350 0 -14 350 0 33 223 0 -18
NETWORTH 27,524 18 27 18,626 15 28 12,351 12 -31
TTL LIABS + NETWORTH 153,668 100 7 122,552 100 1 103,046 100 23
OPERATING REVENUES 157,746 100 7 125,789 100 14 93,475 100 -9
COST OF GOODS SOLD 102,321 65 -3 90,124 72 16 65,961 71 -16
GROSS PROFIT 55,425 35 33 35,665 28 10 27,514 29 11
OPERATING EXPENSES 40,460 26 14 30,353 24 20 21,537 23 9
OPERATING PROFITS 14,965 9 141 5,312 4 -24 5,977 6 20
NON-OPERAT. REVENUES 3,452 2 475 514 0 -87 3,474 4 -49
NON-OPERAT. EXPENSES 3,247 2 -7 3,000 2 -75 9,997 11 615
FINANCIAL EXPENSES 13,565 9 118 5,325 4
PROFITS BEFORE TAXES 1,605 1 (+) -2,499 -2-289 -545 -1 (-)
NET INFLAT. ADJUSTM. 5,465 3 -1 4,716 4 29 3,108 3
TAX PROVISIONS 2,651 2 186 794 1 32 513 1 -52
NET PROFITS & LOSSES 4,419 3 166 1,423 1 -41 2,050 2 -31
NETWORTH US$ 18 29 14 17 12 -20
NET SALES US$ 102 5 97 4 93 8
FINANCIAL RATIOS
WORKING CAPITAL 28,523 12 21,796 (+) -4,245 (-)
CURRENT RATIO 1.70 14 1.49 62 0.92 -41
ACID TEST RATIO 1.25 15 1.09 76 0.62 -44
FINANCIAL BURDEN 8.60% 103 4.23%
TTL DEBT/TTL ASSETS 82.09% -3 84.80% -4 88.01% 12
DEBT/(ASSETS - VLRZ) 124.73% 9 114.75% 0 114.21% 22
CURR LIABS/TTL LIABS 32.13% -25 42.60% -23 55.53% 8
GROSS PROFITABILITY 35.14% 24 28.35% -4 29.43% 23
OPERAT PROFIT MARGIN 9.49% 125 4.22% -34 6.39% 33
PROFIT MARGIN 2.80% 148 1.13% -48 2.19% -23
RETURN ON NETWORTH 16.06% 110 7.64% -54 16.60% 1
RETURN ON TTL ASSETS 2.88% 148 1.16% -42 1.99% -43
NETWORTH TURNOVER 5.73 -15 6.75 -11 7.57 32
TOTAL ASSET TURNOVER 1.03 0 1.03 13 0.91 -26
PORTFOLIO TURNOVER 3.97 3 3.84 -2 3.93 -12
COLLECT. PERIOD (DAYS) 90.72 -3 93.83 3 91.49 13
INVENT TURNOVER (DAYS) 63.93 -2 65.38 -12 74.00 -3
CICLO OPERACIONAL 154.65 -3 159.21 -4 165.49 5
SALES VARIATION US$ 5.19% 4.58% 8.28%
EMPLOYEES 162 -10 180 13 160 33
SALES US$ PER EMPLOY 0.63 17 0.54 -7 0.58 -19
The plus sign (+) in the Vertical and Horizontal Analysis reflects a positive
variation which exceeds 999% while a minus sign (-) reflects a negative
variation exceeding -999%.
FINANCIAL CONDITION
(As Compared to Industry Norms based
Financial Statements from Dec./93 to Dec./97)
ISIC 2610 - MANUFACTURE OF GLASS AND GLASS PRODUCTS.
The shown Industry Norms were selected, in order of priority, from subject's
Class, it's Group, Division and/or Category, according to the availability of
a significant amount of financial information. The statistic Median, based on
the financial statements that constitute the selected groupings, is used as
the Industry Norm.
Comparison with Industry Norms
SUBJECT AVERAGE DIFF. CONDITION STANDARD DIFF. CONDITION
5 YEARS YR 1997
No. OF COMPANIES 286 48
CURRENT RATIO 1.70 1.47 0.23 Good 1.55 0.15 Normal
Acid Test Ratio 1.25 0.88 0.37 Good 1.00 0.25 Good
DEBT./ASSETS 82.09 57.07 25.02 Deficient 48.61 33.48 Deficient
Debt/Assets-Vlrz 124.73 61.71 63.02 Deficient 53.88 70.85 Deficient
Short Term Debt 32.13 69.74 -37.61 Excellent 66.73 -34.60 Excellent
Financial Burden 8.60 4.79 3.81 Good 7.69 0.91 Good
PROFITABILITY
Gross Profit 35.14 25.38 9.76 Good 22.54 12.60 Good
Op. Profit Margin 9.49 5.49 4.00 Good 7.58 1.91 Normal
Profit Margin 2.80 3.69 -0.89 Normal 4.28 -1.48 Limited
Ret. on Networth 16.06 10.29 5.77 Good 6.73 9.33 Excellent
Return on Assets 2.88 3.67 -0.79 Normal 3.66 -0.78 Normal
ACTIVITY
Networth Turnover 5.73 2.51 3.22 Excellent 1.39 4.34 Excellent
Asset Turnover 1.03 1.05 -0.02 Normal 0.94 0.09 Good
Portfolio Turnov. 3.97 5.62 -1.65 Deficient 5.55 -1.58 Limited
Colletion Period 90.72 64.34 26.38 Deficient 64.89 25.83 Deficient
Invent. Turnover 63.93 85.93 -22.00 Good 98.84 -34.91 Good
Operating Cycle 154.65 151.73 2.92 Normal 154.65 0.00 Normal
(Byington assigns five different grades, which, from best to worse, can be: 1)
Excellent, 2) Good, 3) Normal, 4) Limited or 5) Deficient.)
[BECAUSE BYINGTON IS DEPENDENT ON A LARGE NUMBER OF INFORMATION SOURCES WHICH
IT DOES NOT CONTROL, THE QUANTITY OF INFORMATION SHOWN WILL VARY FROM REPORT
TO REPORT. THE CURRENT SAMPLE INCLUDES A COMPLETE FINANCIAL STATEMENT WHICH IN
SOME CASES WILL NOT BE POSSIBLE TO OBTAIN ]
Real Estate: 03/28/98
Cll. 12A # 35-95, Bogota Factory
Cll. 13 #34-26, Bogota Business Place
Av. Los Orientales # 21-30, Medellin Branch
OPERATIONS: 04/28/99
Line of Business : Manufacturer of glass articles for home use. Products:
Glasswares, mirrors, jars.
ISIC (Rev. 3) : 2610
Employees : Permanent: Administrative, 40; Operational, 122.
Total : 162.
Sales are made to : Wholesalers, Retailers, Final Consumers.
Clients : National 100; International 10; Total 110.
Sales Conditions : Cash sales, 10%; Credit sales, 90%.
Terms 30-60 Days.
Sales Territory : Colombia, Venezuela, Argentina, Equator and Central
America.
Location : Occupies own premises, a(n) 2 story factory of brick
construction in a(n) industrial sector, well maintained.
Other locations: 04/28/99
Store Cll. 13 #34-26, Bogota.
Branch Av. Los Orientales #21-30, Medellin.
Branch Cra. 57C # 25-78, Barranquilla.
Insurance Companies: 03/31/99
Company Risk Amount
CHUBB DE COLOMBIA CIA. DE SEGUROS S.A. General 200,000,000
CIA. COLOMBIANA DE SEGUROS S.A. COLSEGURO General 160,000,000
MAPFRE SEGUROS GENERALES DE COLOMBIA S.A. Vehicles
Subject was formerly located at Cll. 78 # 45-89, Bogota.
HISTORY: 04/29/99 Private Corporation established by Public Deed No. 1972 of 06/15/80, Notary 3 of Bogota. Registered under No. 155879 with the Public Registry carried by the Bogota Chamber of Commerce. Duration: 8/24/2100. Year of last Registry renewal: 1997. Current. Authorized Capital, $500,000,000; Paid In Capital, $430,000,000. Number of shares, 50,000,000; Nominal value per share, $10.00. Initially established as a Limited Liability Company under the legal name of NACIONAL DE VIDRIOS LTDA. According to Public Deed # 189 on March 20, 1989, subject changed its legal structure to a Private Corporation under the legal name currently held. Partners-Shareholders: 04/28/99 Name I.D. Number Percentage Luis Augusto Mantilla Escobar 3229229 2.00% Roberto Casas Pombo 654651654 4.00% Juan Andres Vargas Uribe 65406546 6.00% Leonor Casas de Mantilla 5442633 9.00% INVERSIONES MANTILLA LTDA. 8907456213 11.00% INDUSTRIA NACIONAL DEL VIDRIO S.A. 8604561239 68.00% Board of Directors: 04/29/99 Principals: Alternates: Luis Augusto Mantilla Escobar Leonor Casas de Mantilla Roberto Mantilla Casas Alberto Mantilla Casas Jorge Velasquez Perdomo Juan Carlos Escallon B. Roberto Santamaria Davila Absalon Velez Vasquez Executive Officers: 04/28/99 -Luis Augusto Mantilla Escobar, General Manager, with the company since 1980, Civil Engineer. Last Position: Production Manager, CONCRETOS S.A. -Alberto Rojas Diaz, Medellin's Branch Manager, Business Administrator. -Roberto Uribe Hurtado, Financial Manager. -Jorge Diaz Granados, Production Manager. -Carlos Perea Contreras, General Vice-manager, since 1980. -Gabriel Ernesto Mendez Cabrera, Administratie Director, since 1995. Legal Representative: Luis Augusto Mantilla Escobar, I.D. Number 3,229,229. Alternate(s) : Carlos Perea Contreras, I.D. Number 452,164. Legal Limitations : None. Certified Public Accountant: Ernesto Valverde Ruiz, I.D. Number 89,561,216. Alternate(s) : Gonzalo Rodriguez Erazo, I.D. Number 45,600,021. Appointed by the External Auditor Firm: ORDONEZ Y CIA. LTDA.
RELATED CONCERNS:
Parent Company:
-INDUSTRIA NACIONAL DEL VIDRIO S.A. (FICTICIOUS) - Nit. 8604561239,
Bogota; Manufacturer of glass articles.
Affiliates:
-INVERSIONES MANTILLA LTDA. - Nit. 8907436213, Bogota; Investor.
SOURCES: Report prepared by Oscar Mauricio Ordonez Cruz. Information gathered from external sources and public records during the course of the original investigation in an effort to increase and confirm that obtained directly from PRODUCTORA NACIONAL DE VIDRIOS S.A. (FICTITIOUS SAMPLE), press articles, and that obtained from our own databases, ended 03/29/98. Carlos Perea Contreras, Submanager, furnished complete information on subject company. Additional information may have been received at a later date and included within this report. RATING GUIDE AND INTERPRETATION: Byington uses five different Credit Rating levels which, oredered from best to worst may be: 1) Minimum Risk, 2) Low Risk, 3) Average Risk, 4) High Risk and 5) Maximum Risk. IN CASE THE RISK LEVEL REFLECTED BY THIS RATING IS DEEMED TO BE ACCEPTABLE, a Credit Guide is given and reflects a credit limit which would normally be suggested for 30 day terms under CONSERVATIVE and LIBERAL criteria for commercial credit and should be used according to the subscribers credit policies. This amount is based on our risk analysis and takes cost of sales, sales volume and registered credit experiences.
[ Summary ]
[ Payments ]
[ Banks ]
[ Finance ]
[ Financial Ratios ]
[ Comparison with Industry Norms ]
[ Operations ]
[ History ]
[ Affiliates ]
[ Sources and Rating Guide ]
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