MIRA INFORM REPORT

 

,

Report Date :

19.04.2011

 

IDENTIFICATION DETAILS

 

Name :

VOLIANI - SOCIETA' A RESPONSABILITA' LIMITATA

 

 

Registered Office :

 

Viale Leopardi Giacomo,1/B

57100- Livorno(LI)

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

19.10.2001

 

 

Com. Reg. No.:

LI-2001-11501 since 14/05/2001

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Wholesale of freshly fished products

 

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

 

Maximum Credit Limit :

140.000 - Eur

 

 

Status :

Satisfactory

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Italy

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Name and address

 

Voliani - Societa' A Responsabilita' Limitata

 

Viale Leopardi Giacomo,1/B

57100- Livorno(LI)-IT-

 

 

Summary

 

Fiscal Code

:

01363970490

Legal Form

:

Limited liability company

start of Activities

:

19/10/2001

Equity

:

1.000.000 Eur

Turnover Range

:

15.500.000/18.000.000 Eur

Number of Employees

:

from 51 to 70

 

 

Credit Analysis

 

Credit Opinion

:

140.000 - Eur

 

 

Activity

 

Wholesale of freshly fished products

Wholesale of frozen, deep-frozen, conserved o dried fished products

 

Legal Data

 

Legal Form : Limited liability company

Fiscal Code : 01363970490

 

Chamber of Commerce no. : 121603 of Livorno since 09/05/2001

 

Firms' Register : LI-2001-11501 since 14/05/2001

 

V.A.T. Code : 01363970490

 

Foundation date

: 23/04/2001

Establishment date

: 23/04/2001

Start of Activities

: 19/10/2001

Legal duration

: 31/12/2080

Nominal Capital

: 633.970

Eur

Subscribed Capital

: 633.970

Eur

Paid up Capital

: 633.970

Eur

 

Members

 

 

 

Voliani

Vladimiro

 

 

 

Born in Livorno

(LI)

on 22/12/1970

- Fiscal Code : VLNVDM70T22E625X

 

 

 

Residence :

Viale

Leopardi Giacomo

, 1/A

- 57121

Livorno

(LI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

05/09/2001

 

 

Managing Director

06/09/2001

 

 

 

 

No Protests registered

 

 

Catelani

Enzo

 

 

 

Born in Livorno

(LI)

on 20/05/1964

- Fiscal Code : CTLNZE64E20E625D

 

 

 

Residence :

Via

Bat-yam

, 52

- 57128

Livorno

(LI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Managing Director

08/05/2006

 

 

Director

05/09/2001

 

 

 

 

No Protests registered

 

 

Gonnelli

Simone

 

 

 

Born in Firenze

(FI)

on 02/04/1968

- Fiscal Code : GNNSMN68D02D612A

 

 

 

Residence :

Via

Del Glicine

, 8

- 57010

Livorno

(LI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

05/09/2001

 

 

Board Chairman

10/04/2006

 

 

 

 

No Protests registered

 

Companies connected to members *

 

*checkings have been performed on a national scale.

 

In this module are listed the companies in which members hold or have holded positions.

 

 

VOLIANI

VLADIMIRO

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

IMMOBILIARE VOLFRIGO S.R.L.

Livorno (LI) - IT -

00176060499

Managing Director

Withdrawn

Registered

IMMOBILIARE VOLFRIGO S.R.L.

Livorno (LI) - IT -

00176060499

Director

Active

Registered

PRONTI FOOD SERVICE SRL

Livorno (LI) - IT -

01180950493

Board Chairman

Withdrawn

Registered

 

 

CATELANI

ENZO

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

F.LLI VOLIANI SRL

Livorno (LI) - IT -

00310020490

Director

Withdrawn

Registered

F.LLI VOLIANI SRL

Livorno (LI) - IT -

00310020490

Partner

Withdrawn

Registered

F.LLI VOLIANI SRL

Livorno (LI) - IT -

00310020490

Managing Director

Withdrawn

Registered

 

 

GONNELLI

SIMONE

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

F.LLI VOLIANI SRL

Livorno (LI) - IT -

00310020490

Director

Withdrawn

Registered

F.LLI VOLIANI SRL

Livorno (LI) - IT -

00310020490

Partner

Withdrawn

Registered

F.LLI VOLIANI SRL

Livorno (LI) - IT -

00310020490

Managing Director

Withdrawn

Registered

GEL GROUP S.R.L.

Parma (PR) - IT -

02099700342

Director

Active

Registered

GRUPPO INVESTIMENTI S.R.L.

Parma (PR) - IT -

02369830340

Director

Active

Registered

PRECISAMENTE A CALAFURIA SRL

Livorno (LI) - IT -

01616780498

Director

Active

Registered

PRECISAMENTE A CALAFURIA SRL

Livorno (LI) - IT -

01616780498

Board Chairman

Active

Registered

PRONTI FOOD SERVICE SRL

Livorno (LI) - IT -

01180950493

Chairman

Withdrawn

Registered

PRONTI FOOD SERVICE SRL

Livorno (LI) - IT -

01180950493

Board Chairman

Withdrawn

Registered

THE DREAM S.R.L.

Livorno (LI) - IT -

01298290493

Chairman

Withdrawn

Registered

THE DREAM S.R.L.

Livorno (LI) - IT -

01298290493

Sole Director

Active

Registered

THE DREAM S.R.L.

Livorno (LI) - IT -

01298290493

Board Chairman

Withdrawn

Registered

 

Capital Shareholders

 

Shareholders' list as at date of data collection:

 

Firm's Style / Name

Seat / Residence

Fiscal Code

Owned Shares

% Ownership

Voliani Voliano

Livorno - IT -

VLNVLN40B16E625I

135.249 .Eur

21,34

Voliani Vladimiro

Livorno - IT -

VLNVDM70T22E625X

25.359 .Eur

4,00

Catelani Enzo

Livorno - IT -

CTLNZE64E20E625D

70.441 .Eur

11,11

Gonnelli Simone

Livorno - IT -

GNNSMN68D02D612A

352.203 .Eur

55,55

Voliani Federico

 

VLNFRC73R01E625O

50.718 .Eur

8,00

 

Direct Participations

 

The Company under review has participations in the following Companies:

 

Firm's Style

Seat

Fiscal Code

Owned Shares Amount

% Ownership

since

until

Share Status

Gel Group S.r.l.

Parma - IT -

02099700342

6 .Eur

12,00

 

 

Active

 

Firm's location and structure

 

In order to carry out its activities the firm uses the following locations:

 

-

Legal and operative seat

 

 

 

 

 

 

Viale

Leopardi Giacomo

, 1/B

- 57100

- Livorno

(LI)

- IT -

 

 

 

 

PHONE

: 0586/448211

 

 

 

 

FAX

: 0586/400079

 

-

Branch

(Shop )

since 19/10/2001

 

 

 

 

 

Via

Mangini Antonio

, 6/A

- 57100

- Livorno

(LI)

- IT -

 

 

 

 

Total Surface: 62 Sq.mt.

 

-

Branch

(Shop )

since 19/10/2001

 

 

 

 

 

Via

Buontalenti

, 1/3

- 57100

- Livorno

(LI)

- IT -

 

 

 

 

Total Surface: 109 Sq.mt.

 

 

 

 

Employees

: 57

 

 

 

 

Assistants

: 2

 

Fittings and Equipment for a value of 460.000

Eur

 

Stocks for a value of 2.390.000

Eur

 

 

Historical Information and/or Firm's Status

 

EX-MEMBERS / EX-POSITIONS:

 

 

Voliani

Vladimiro

 

 

 

Born in Livorno

on 22/12/1970

- Fiscal Code : VLNVDM70T22E625X

 

 

 

Residence :

Viale

Leopardi Giacomo

, 1/A

- 57121

Livorno

(LI)

- IT -

 

Ex-Postions

Managing Director

 

 

Catelani

Enzo

 

 

 

Born in Livorno

on 20/05/1964

- Fiscal Code : CTLNZE64E20E625D

 

 

 

Residence :

Via

Bat-yam

, 52

- 57128

Livorno

(LI)

- IT -

 

Ex-Postions

Board Chairman

 

 

Gonnelli

Simone

 

 

 

Born in Firenze

on 02/04/1968

- Fiscal Code : GNNSMN68D02D612A

 

 

 

Residence :

Via

Del Glicine

, 8

- 57010

Livorno

(LI)

- IT -

 

Ex-Postions

Managing Director

Managing Director

 

CEASINGS/INCORPORATIONS/MERGES:

 

 

Project of merging by taking over of

 

 

 

F.LLI VOLIANI SRL

 

 

 

Via

BUONTALENTI

, 1/3

, 57100

, Livorno

(LI)

- IT -

 

 

 

Fiscal Code: 00310020490

 

 

 

Date

Merging/splitting-up project :

24/11/2008

 

 

The firm absorbed by merging of

 

 

 

F.LLI VOLIANI SRL

 

 

 

Via

BUONTALENTI

, 1/3

, 57100

, Livorno

(LI)

- IT -

 

 

 

Fiscal Code: 00310020490

 

 

 

Date

:

16/03/2009



Protests

 

Protests checking on the subject firm has given a negative result.

 

Legal Procedures

 

None reported, standing to the latest received edition of the Official Publications.

 

Financial and Economical Analysis

 

The company is active since 2001

An eco-fin analysis has been made on the base od the b/s fo the years 2007, 2008 and 2009.

During the last years, it achieved profits (r.o.e. 1,72% on 2009) with a stable trend in the turnover.

The operating result in 2009 was positive (3,53%) and in line with the sector's average.

The operating result is positive and amounts to Eur. 270.146 ,showing stability in respect to the value of 2008.

The G.O.M. amounted to Eur. 455.993 , stable if compared to the year before.

The ratio between debts and total assets is fairly high, as it comes out from the indebtedness (4,81) with an upward trend.

The equity capital is equal to Eur. 924.489 , unchanged as opposed to the preceding year.

During the last financial year debts totalled Eur. 6.150.466 (Eur. 1.135.460 of which were m/l term debts) , with no sensible variation.

Bank borrowings' volume is slightly high but the recourse to suppliers' credit is modest below the sector's average.

Payments are supported by good current assets.

As to due from customers, the average terms are 77,23 days. , within the sector's average.

2009 financial year closed with a cash flow of Eur. 201.728

In the last financial year labour cost was of Eur. 1.894.593, with a 11,12% incidence on total costs of production. , whereas the incidence of such costs on sales revenues is equal to 11%.

The incidence of the financial charges is of -0,88% on the sales amount.

 

Financial Data

 

 

 

Complete balance-sheet for the year

31/12/2009

(in Eur

x 1 )

 

Item Type

Value

Sales

17.225.893

Profit (Loss) for the period

15.881

 

 

 

Complete balance-sheet for the year

31/12/2008

(in Eur

x 1 )

 

Item Type

Value

Sales

17.396.000

Profit (Loss) for the period

11.914

 

 

 

Complete balance-sheet for the year

31/12/2007

(in Eur

x 1 )

 

Item Type

Value

Sales

17.027.333

Profit (Loss) for the period

4.997

 

 

 

Complete balance-sheet for the year

31/12/2006

(in Eur

x 1 )

 

Item Type

Value

Sales

17.166.594

Profit (Loss) for the period

-2.239

 

 

 

Complete balance-sheet for the year

31/12/2005

(in Eur

x 1 )

 

Item Type

Value

Sales

14.383.014

Profit (Loss) for the period

73.678

 

Balance Sheets

 

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

 

- Balance Sheet as at 31/12/2009 - 12 Mesi - Currency: Eur - Amounts x 1

 

- Balance Sheet as at 31/12/2008 - 12 Mesi - Currency: Eur - Amounts x 1

 

- Balance Sheet as at 31/12/2007 - 12 Mesi - Currency: Eur - Amounts x 1

 

Years

2009

2008

2007

BALANCE SHEET ACCOUNTS

 

ASSETS

 

 

 

CREDITS VS PARTNERS

 

 

 

. Deposits not yet withdrawn

 

 

 

. Deposits already withdrawn

 

 

 

Total credits vs partners

 

 

 

FIXED ASSETS

 

 

 

. INTANGIBLE FIXED ASSETS

 

 

 

. . Start-up and expansion expenses

16.026

 

 

. . Research,develop. and advert.expens.

 

 

 

. . Industrial patent rights

19.467

14.133

5.333

. . Concessions,licenses,trademarks,etc.

864

432

254

. . Goodwill

 

 

 

. . Assets in formation and advance paymen.

 

 

 

. . Other intangible fixed assets

39.267

36.993

45.177

. Total Intangible Fixed Assets

75.624

51.558

50.764

. TANGIBLE FIXED ASSETS

 

 

 

. . Real estate

22.490

26.030

20.750

. . Plant and machinery

267.686

255.085

210.338

. . Industrial and commercial equipment

195.608

178.697

163.604

. . Other assets

84.898

112.751

144.025

. . Assets under construction and advances

 

 

 

. Total Tangible fixed assets

570.682

572.563

538.717

. FINANCIAL FIXED ASSETS

 

 

 

. . Equity investments

37.918

37.918

37.918

. . . Equity invest. in subsidiary companies

 

 

 

. . . Equity invest. in associated companies

37.918

 

 

. . . Equity invest. in holding companies

 

 

 

. . . Equity invest. in other companies

 

37.918

37.918

. . Financial receivables

158.500

244.638

229.638

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

158.500

244.638

229.638

. . . Receivab due from subsidiaries

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . . Receivables due from assoc.comp.

68.500

68.500

68.500

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

68.500

68.500

68.500

. . . Receivables due from holding comp.

 

86.138

86.138

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

86.138

86.138

. . . Receivables due from third parties

90.000

90.000

75.000

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

90.000

90.000

75.000

. . Other securities

 

 

 

. . Own shares

 

 

 

. . . Total nominal value

 

 

 

. Total financial fixed assets

196.418

282.556

267.556

Total fixed assets

842.724

906.677

857.037

CURRENT ASSETS

 

 

 

. INVENTORIES

 

 

 

. . Raw materials and other consumables

 

 

 

. . Work in progress and semimanufactured

 

 

 

. . Work in progress on order

 

 

 

. . Finished goods

2.394.414

2.224.565

1.942.957

. . Advance payments

 

 

 

. Total Inventories

2.394.414

2.224.565

1.942.957

. CREDITS NOT HELD AS FIXED ASSETS

 

 

 

. . Within 12 months

3.825.957

3.718.945

3.788.705

. . Beyond 12 months

 

 

 

. . Trade receivables

3.695.565

3.640.007

3.720.483

. . . . Within 12 months

3.695.565

3.640.007

3.720.483

. . . . Beyond 12 months

 

 

 

. . Receivables due from subsid. comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Receivables due from assoc. comp.

52.130

 

 

. . . . Within 12 months

52.130

 

 

. . . . Beyond 12 months

 

 

 

. . Receivables due from holding comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Fiscal Receivables

30.807

27.508

29.707

. . . . Within 12 months

30.807

27.508

29.707

. . . . Beyond 12 months

 

 

 

. . Receivables for anticipated taxes

9.052

12.926

 

. . . . Within 12 months

9.052

12.926

 

. . . . Beyond 12 months

 

 

 

. . Receivables due from third parties

38.403

38.504

38.515

. . . . Within 12 months

38.403

38.504

38.515

. . . . Beyond 12 months

 

 

 

. Total Credits not held as fixed assets

3.825.957

3.718.945

3.788.705

. FINANCIAL ASSETS

 

 

 

. . Equity invest. in subsidiary comp.

 

 

 

. . Equity invest. in associated companies

 

 

 

. . Equity invest. in holding companies

 

 

 

. . Other equity investments

 

 

 

. . Own shares

 

 

 

. . . Total nominale value

 

 

 

. . Other securities

 

 

 

. Total Financial Assets

 

 

 

. LIQUID FUNDS

 

 

 

. . Bank and post office deposits

547.904

237.008

733.210

. . Checks

 

 

 

. . Banknotes and coins

21.434

8.456

32.001

. Total Liquid funds

569.338

245.464

765.211

Total current assets

6.789.709

6.188.974

6.496.873

ADJUSTMENT ACCOUNTS

 

 

 

. Discount on loans

 

 

 

. Other adjustment accounts

28.038

32.251

52.826

Total adjustments accounts

28.038

32.251

52.826

TOTAL ASSETS

7.660.471

7.127.902

7.406.736

 

 

 

 

LIABILITIES

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

. Capital stock

633.970

633.970

633.970

. Additional paid-in capital

 

 

 

. Revaluation reserves

 

 

 

. Legal reserve

13.330

12.734

12.484

. Reserve for Own shares

 

 

 

. Statute reserves

 

 

 

. Other reserves

261.308

353.677

386.929

. Accumulated Profits (Losses)

 

 

 

. Profit( loss) of the year

15.881

11.914

4.997

. Advances on dividends

 

 

 

. Partial loss of the year Coverage

 

 

 

Total Stockholders'Equity

924.489

1.012.295

1.038.380

RESERVES FOR RISKS AND CHARGES

 

 

 

. . Reserve for employee termination indem.

 

 

 

. . Taxation fund, also differed

 

 

 

. . Other funds

 

 

 

Total Reserves for Risks and Charges

 

 

 

Employee termination indemnities

424.031

374.727

336.985

ACCOUNTS PAYABLE

 

 

 

. . . . Within 12 months

5.015.006

4.972.311

4.955.746

. . . . Beyond 12 months

1.135.460

680.569

939.954

. . Bonds

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Convertible bonds repayable

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to shareholders for financing

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to banks

4.168.738

3.545.757

3.349.925

. . . . Within 12 months

3.140.344

2.955.188

2.484.971

. . . . Beyond 12 months

1.028.394

590.569

864.954

. . Due to other providers of finance

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Advances from customers

 

2.066

2.066

. . . . Within 12 months

 

2.066

2.066

. . . . Beyond 12 months

 

 

 

. . Trade payables

1.500.558

1.818.320

2.277.181

. . . . Within 12 months

1.500.558

1.818.320

2.277.181

. . . . Beyond 12 months

 

 

 

. . Securities issued

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to subsidiary companies

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to associated companies

149.936

 

 

. . . . Within 12 months

149.936

 

 

. . . . Beyond 12 months

 

 

 

. . Due to holding companies

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to the tax authorities

60.428

45.834

54.252

. . . . Within 12 months

60.428

45.834

54.252

. . . . Beyond 12 months

 

 

 

. . Due to social security and welfare inst.

67.793

62.911

57.141

. . . . Within 12 months

67.793

62.911

57.141

. . . . Beyond 12 months

 

 

 

. . Other payables

203.013

177.992

155.135

. . . . Within 12 months

95.947

87.992

80.135

. . . . Beyond 12 months

107.066

90.000

75.000

Total accounts payable

6.150.466

5.652.880

5.895.700

ADJUSTMENT ACCOUNTS

 

 

 

. Agio on loans

 

 

 

. Other adjustment accounts

161.485

88.000

135.671

Total adjustment accounts

161.485

88.000

135.671

TOTAL LIABILITIES

7.660.471

7.127.902

7.406.736

 

 

 

 

 

 

MEMORANDUM ACCOUNTS

 

Third party goods

 

 

 

Investment accounts

 

 

 

Risk accounts

 

 

 

Civil and fiscal norms relation

 

 

 

 

 

 

 

 

 

PROFIT AND LOSS ACCOUNTS

 

VALUE OF PRODUCTION

 

 

 

. Revenues from sales and services

17.225.893

17.396.000

17.027.333

. Changes in work in progress

 

 

 

. Changes in semi-manufact. products

 

 

 

. Capitalization of internal work

 

 

 

. Other income and revenues

76.902

118.272

155.326

. . Contributions for operating expenses

 

 

24.642

. . Different income and revenues

76.902

118.272

130.684

Total value of production

17.302.795

17.514.272

17.182.659

PRODUCTION COSTS

 

 

 

. Raw material,other materials and consum.

13.347.112

13.962.168

13.518.948

. Services received

1.416.875

1.313.794

1.192.209

. Leases and rentals

255.284

247.520

243.330

. Payroll and related costs

1.894.593

1.645.983

1.587.045

. . Wages and salaries

1.378.913

1.192.454

1.165.330

. . Social security contributions

426.411

368.118

344.679

. . Employee termination indemnities

88.272

84.497

76.606

. . Pension and similar

 

 

 

. . Other costs

997

914

430

. Amortization and depreciation

185.847

140.914

172.238

. . Amortization of intangible fixed assets

38.352

8.184

39.900

. . Amortization of tangible fixed assets

133.256

118.650

119.070

. . Depreciation of tangible fixed assets

 

 

 

. . Writedown of current receiv.and of liquid

14.239

14.080

13.268

. Changes in raw materials

-169.849

-281.607

-69.833

. Provisions to risk reserves

 

 

 

. Other provisions

 

15.000

15.000

. Other operating costs

102.787

152.725

156.594

Total production costs

17.032.649

17.196.497

16.815.531

Diff. between value and cost of product.

270.146

317.775

367.128

FINANCIAL INCOME AND EXPENSE

 

 

 

. Income from equity investments

 

 

 

. . In subsidiary companies

 

 

 

. . In associated companies

 

 

 

. . In other companies

 

 

 

. Other financial income

5.343

6.620

8.694

. . Financ.income from receivables

 

2.789

3.924

. . . Towards subsidiary companies

 

 

 

. . . Towards associated companies

 

 

 

. . . Towards holding companies

 

 

 

. . . Towards other companies

 

 

 

. . Financ.income from secur. t.f.assets

 

 

 

. . Financ.income from secur. cur.assets

 

 

 

. . Financ.income other than the above

5.343

3.831

4.770

. . . - Subsidiary companies

 

 

 

. . . - Associated companies

 

 

 

. . . - Holding companies

 

 

 

. . . - Other companies

 

 

 

. Interest and other financial expense

-156.763

-242.027

-229.698

. . Towards subsidiary companies

 

 

 

. . Towards associated companies

 

 

 

. . Towards holding companies

 

 

 

. . Towards other companies

18.362

 

 

Total financial income and expense

-151.420

-235.407

-221.004

ADJUSTMENTS TO FINANCIAL ASSETS

 

 

 

. Revaluations

 

 

 

. . Of equity investments

 

 

 

. . Of financ.fixed assets not repres.E.I.

 

 

 

. . Of securities incl.among current assets

 

 

 

. Devaluation

 

 

 

. . Of equity investments

 

 

 

. . Of financial fixed assets (no equity inv)

 

 

 

. . Of securities included among current ass

 

 

 

Total adjustments to financial assets

 

 

 

EXTRAORDINARY INCOME AND EXPENSE

 

 

 

. Extraordinary income

27.081

41.269

47.586

. . Gains on disposals

 

 

6.074

. . Other extraordinary income

27.081

41.269

41.512

. Extraordinary expense

-19.416

-8.168

-45.384

. . Losses on disposals

 

 

 

. . Taxes relating to prior years

 

 

 

. . Other extraordinary expense

-19.416

-8.168

-45.384

Total extraordinary income and expense

7.665

33.101

2.202

Results before income taxes

126.391

115.469

148.326

. Taxes on current income

110.510

103.555

143.329

. . current taxes

106.636

103.555

143.329

. . differed taxes(anticip.)

3.874

 

 

. Net income for the period

15.881

11.914

4.997

. Adjustments in tax regulations pursuance

 

 

 

. Provisions in tax regulations pursuance

 

 

 

. Profit (loss) of the year

15.881

11.914

4.997

 

RATIOS

Value Type

as at 31/12/2009

as at 31/12/2008

as at 31/12/2007

Sector Average

COMPOSITION ON INVESTMENT

 

 

 

 

 

Rigidity Ratio

Units

0,11

0,12

0,11

0,11

Elasticity Ratio

Units

0,89

0,86

0,87

0,86

Availability of stock

Units

0,31

0,31

0,26

0,14

Total Liquidity Ratio

Units

0,57

0,55

0,61

0,65

Quick Ratio

Units

0,07

0,03

0,10

0,04

COMPOSITION ON SOURCE

 

 

 

 

 

Net Short-term indebtedness

Units

4,81

4,66

4,03

5,59

Self Financing Ratio

Units

0,12

0,14

0,14

0,12

Capital protection Ratio

Units

0,30

0,36

0,38

0,59

Liabilities consolidation quotient

Units

0,31

0,21

0,25

0,10

Financing

Units

6,65

5,58

5,67

6,70

Permanent Indebtedness Ratio

Units

0,32

0,29

0,31

0,24

M/L term Debts Ratio

Units

0,20

0,14

0,17

0,06

Net Financial Indebtedness Ratio

Units

3,89

3,26

2,48

1,04

CORRELATION

 

 

 

 

 

Fixed assets ratio

Units

2,95

2,28

2,70

1,75

Current ratio

Units

1,35

1,24

1,31

1,10

Acid Test Ratio-Liquidity Ratio

Units

0,88

0,79

0,91

0,90

Structure's primary quotient

Units

1,10

1,11

1,21

1,00

Treasury's primary quotient

Units

0,11

0,04

0,15

0,06

Rate of indebtedness ( Leverage )

%

828,62

704,13

713,29

810,15

Current Capital ( net )

Value

1.774.703

1.216.663

1.541.127

90.043

RETURN

 

 

 

 

 

Return on Sales

%

1,17

0,87

1,04

1,53

Return on Equity - Net- ( R.O.E. )

%

1,72

1,17

0,48

7,23

Return on Equity - Gross - ( R.O.E. )

%

13,67

11,40

14,28

23,81

Return on Investment ( R.O.I. )

%

3,53

4,45

4,95

4,22

Return/ Sales

%

1,57

1,82

2,15

2,07

Extra Management revenues/charges incid.

%

5,88

3,74

1,36

24,23

Cash Flow

Value

201.728

152.828

177.235

44.651

Operating Profit

Value

270.146

317.775

367.128

59.651

Gross Operating Margin

Value

455.993

458.839

539.516

94.866

MANAGEMENT

 

 

 

 

 

Credits to clients average term

Days

77,23

75,31

78,66

89,20

Debts to suppliers average term

Days

39,56

42,15

54,79

100,82

Average stock waiting period

Days

50,04

46,00

41,07

25,59

Rate of capital employed return ( Turnover )

Units

2,25

2,44

2,29

2,02

Rate of stock return

Units

7,19

7,81

8,76

13,97

Labour cost incidence

%

11,00

9,46

9,32

5,64

Net financial revenues/ charges incidence

%

- 0,88

- 1,35

- 1,29

- 0,61

Labour cost on purchasing expenses

%

11,12

9,57

9,43

5,62

Short-term financing charges

%

2,55

4,28

3,89

1,97

Capital on hand

%

44,47

40,97

43,49

49,39

Sales pro employee

Value

302.208

299.931

288.598

545.635

Labour cost pro employee

Value

33.238

28.379

26.899

31.937

 

 

Credit Opinion

 

On the basis of the above mentioned, and the sales volume obtained, we deem that the maximum exposure for short and medium term transactions ( 90 - 120 days ) could be of:

 

140.000  Eur.

 

 

Market / Territory Data

 

Population living in the province

:

330.739

Population living in the region

:

3.598.269

Number of families in the region

:

1.474.681

 

Monthly family expences average in the region (in Eur.) :

 

- per food products

:

444

- per non food products

:

2.009

- per energy consume

:

122

 

Sector Data

 

The values are calculated on a base of 5.101 significant companies.

 

The companies cash their credits on an average of 89 dd.

The average duration of suppliers debts is about 100 dd.

The sector's profitability is on an average of 1,53%.

The labour cost affects the turnover in the measure of 5,64%.

Goods are held in stock in a range of 25 dd.

The difference between the sales volume and the resources used to realize it is about 2,02.

The employees costs represent the 5,62% of the production costs.

 

Statistical Detrimental Data

 

The area is statistically considered remarkably risky.

In the region 24.960 protested subjects are found; in the province they count to 3.391.

The insolvency index for the region is 0,70, , while for the province it is 1,03.

Total Bankrupt companies in the province : 1.155.

Total Bankrupt companies in the region : 20.423.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.27

UK Pound

1

Rs.72.08

Euro

1

Rs.63.66

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.