MIRA INFORM REPORT

 

 

Report Date :

13.12.2011

 

IDENTIFICATION DETAILS

 

Name :

FRATELLI MARIANI S.P.A. STABILIMENTI METALLURGICI

 

 

Registered Office :

 

Via Luigi Cadorna,34

20032- Cormano(MI)

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

13.12.1929

 

 

Com. Reg. No.:

MI146-28896 since 19/02/1996

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture of tools

 

 

No. of Employees :

From 111 to 130

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

300.000 - Eur

Status :

Very Good

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Italy

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

Fratelli Mariani S.p.A. Stabilimenti Metallurgici

 

Via Luigi Cadorna,34

20032- Cormano(MI)-IT-

 

 

Summary

 

Fiscal Code

:

00848450151

Legal Form

:

Joint stock company

start of Activities

:

13/12/1929

Equity

:

Over 2.582.254 Eur

Turnover Range

:

20.000.000/25.000.000 Eur

Number of Employees

:

from 111 to 130

 

 

Credit Analysis

 

Credit Opinion

:

300.000 - Eur

 

Activity

 

Manufacture of tools

 

Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 00848450151

 

Foreign Trade Reg. no. : MI114690 since 27/01/1992

 

Foreign Trade Reg. no. : 561 of Milano

 

Foreign Trade Reg. no. : 114690 of Milano since 27/01/1992

 

Foreign Trade Reg. no. : 0000561 of Milano

 

Chamber of Commerce no. : 11870 of Como

 

Chamber of Commerce no. : 151589 of Milano since 26/02/1930

 

Firms' Register : MI146-28896 since 19/02/1996

 

V.A.T. Code : 00848450151

 

Foundation date

: 13/12/1929

Establishment date

: 13/12/1929

Start of Activities

: 13/12/1929

Legal duration

: 31/12/2030

Nominal Capital

: 1.500.000

Eur

Subscribed Capital

: 1.500.000

Eur

Paid up Capital

: 1.500.000

Eur

 

Members

 

 

Mariani

Guglielmina

 

 

 

Born in Veleso

(CO)

on 02/02/1927

- Fiscal Code : MRNGLL27B42L715J

 

 

 

Residence :

Corso

Buenos Aires

, 0065

- 20100

Milano

(MI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

21/05/2010

 

 

Board Chairman

21/05/2010

 

 

 

 

No Protests registered

 

 

Zanetti

Luca

 

 

 

Born in Milano

(MI)

on 06/10/1975

- Fiscal Code : ZNTLCU75R06F205Y

 

 

 

Residence :

Via

Sant'andrea

, 7

- 20052

Monza

(MB)

- IT -

 

Position

Since

Shares Amount

% Ownership

Attorney with special power

14/07/2006

 

 

 

 

No Protests registered

 

 

Zanetti

Giovanni

 

 

 

Born in Soresina

(CR)

on 10/01/1944

- Fiscal Code : ZNTGNN44A10I849B

 

 

 

Residence :

Via

Luigi Cadorna

, 34

- 20032

Cormano

(MI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

21/05/2010

 

 

Procurator

23/05/1979

 

 

 

 

No Protests registered

 

 

Zanetti

Marco

 

 

 

Born in Milano

(MI)

on 11/11/1972

- Fiscal Code : ZNTMRC72S11F205X

 

 

 

Residence :

Via

Sant' Andrea

, 7

- 20052

Monza

(MB)

- IT -

 

Position

Since

Shares Amount

% Ownership

Attorney with special power

13/11/2001

 

 

 

 

No Protests registered

 

 

Bertuola

Silvano

 

 

 

Born in Rescaldina

(MI)

on 30/03/1961

- Fiscal Code : BRTSVN61C30H240K

 

 

 

Residence :

Via

Quintino Sella

, 145/A

- 21052

Busto Arsizio

(VA)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

14/11/2002

 

 

 

 

No Protests registered

 

 

Verzoni

Franco

 

 

 

Born in Binasco

(MI)

on 29/10/1950

- Fiscal Code : VRZFNC50R29A872W

 

 

 

Residence :

Viale

Brianza

, 26

- 20127

Milano

(MI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

23/07/2009

 

 

 

 

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.

 

 

MARIANI

GUGLIELMINA

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

FRATELLI MARIANI - RUBINETTERIE IN LIQUIDAZIONE

Milano (MI) - IT -

01380280154

Procurator

Withdrawn

Ceased

 

 

ZANETTI

GIOVANNI

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

FM IMMOBILIARE S.R.L.

Milano (MI) - IT -

07079020967

Sole Director

Active

Registered


Capital Shareholders

 

Shareholders' list as at date of data collection:

 

Firm's Style / Name

Seat / Residence

Fiscal Code

Owned Shares

% Ownership

Zanetti Luca

Monza - IT -

ZNTLCU75R06F205Y

126.000 .Eur

8,40

Zanetti Giovanni

Cormano - IT -

ZNTGNN44A10I849B

375.000 .Eur

25,00

Zanetti Marco

Monza - IT -

ZNTMRC72S11F205X

126.000 .Eur

8,40

MARIANI ANGELA

 

MRNNGL36M53F205E

249.000 .Eur

16,60

MARIANI FELICITA ENRICA

 

MRNFCT46M53C933G

624.000 .Eur

41,60

 

Direct Participations

 

The Company under review has no participations in other Companies.

 

Firm's location and structure

 

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

 

-

Legal and operative seat

 

 

 

 

 

 

Via

Luigi Cadorna

, 34

- 20032

- Cormano

(MI)

- IT -

 

 

 

 

PHONE

: 02/6103441

 

 

 

 

FAX

: 02/61034499

 

-

Branch

(Factory )

since 01/01/1959

 

 

 

 

 

Via

Giuseppe Bologna

, 0017

- 20091

- Bresso

(MI)

- IT -

 

 

 

 

PHONE

: 02/6100304

 

 

 

 

Employees

: 114

 

Fittings and Equipment for a value of 2.730.000

Eur

 

Stocks for a value of 7.170.000

Eur

 

Furniture and fittings for a value of 220.000

Eur

 

Vehicles for a value of 270.000

Eur

 

 

The firm operates abroad as importer / exporter. .

To purchase foreign products the firm uses the following channels :

- national or foreign important buyers

 

- distributors

 

- direct orders to foreign companies

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- national or foreign important buyers

 

- importers

 

- trading companies

 

- its own agents

 

- direct orders from foreign companies

 

Historical Information and/or Firm's Status

 

EX-MEMBERS / EX-POSITIONS:

 

 

Manara

Adriano

 

 

 

Born in Milano

on 11/09/1939

- Fiscal Code : MNRDRN39P11E289R

 

 

 

Residence :

Via

Modena Gustavo

, 2

- 20129

Milano

(MI)

- IT -

 

Ex-Postions

Permanent Auditor

 

 

Mariani

Guglielmina

 

 

 

Born in Veleso

on 02/02/1927

- Fiscal Code : MRNGLL27B42L715J

 

 

 

Residence :

Corso

Buenos Aires

, 0065

- 20100

Milano

(MI)

- IT -

 

Ex-Postions

Sole Director

 

 

Mariani

Maurizio

 

 

 

Born in Monza

on 11/04/1957

- Fiscal Code : MRNMRZ57D11F704D

 

 

 

Residence :

Via

Statale

, 131

- 23826

Mandello del Lario

(LC)

- IT -

 

Ex-Postions

Temporary Auditor

 

 

Rigamonti

Lauramaria

 

 

 

Born in Milano

on 19/02/1936

- Fiscal Code : RGMLMR36B59F205K

 

 

 

Residence :

Viale

Regina Giovanna

, 6

- 20129

Milano

(MI)

- IT -

 

Ex-Postions

Chairman of the Board of Aud.

 

 

Ghislandi

Fausto

 

 

 

Born in Milano

on 29/11/1940

- Fiscal Code : GHSFST40S29F205H

 

 

 

Residence :

Via

Cola Di Rienzo

, 12

- 20144

Milano

(MI)

- IT -

 

Ex-Postions

Temporary Auditor

 

 

Zanetti

Giovanni

 

on 10/01/1944

 

Ex-Postions

Procurator

 

 

Zanetti

Giovanni

 

 

 

Born in Soresina

on 10/01/1944

- Fiscal Code : ZNTGNN44A10I849B

 

 

 

Residence :

Via

Luigi Cadorna

, 34

- 20032

Cormano

(MI)

- IT -

 

Ex-Postions

Managing Director

 

CEASINGS/INCORPORATIONS/MERGES:

 

 

Splitting-up and setting-up of a new company

 

 

 

FM IMMOBILIARE S.R.L.

 

 

 

, Milano

- IT -

 

 

 

Date

Splitting-up :

16/06/2010


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 1929

Balance sheets for the years 2008, 2009 and 2010 were analyzed.

Unstable economic results mark the company's financial state of affairs. anyway in 2010 a positive result was achieved (r.o.e. 3,38%). The turnover is growing in the last financial year (+27,18%).

The operating result in 2010 was positive (3,99%) and reflects the field's average.

The amount of the operating result is equal to Eur. 1.002.075 rising (+more then 100%) in relation to the previous year.

A gross operating margine for a value of Eur. 1.797.017 was reached. with a more then 100% increase as opposed to the preceding year.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,15 but slighlty increasing.

Subject can manage an equity capital funds for an amount of Eur. 18.953.837 , unchanged as opposed to the preceding year.

Eur. 4.429.230 is the amount of total debts, both commercial and of different nature, , showing an upward trend if compared to 2009.

The company does not exceed in bank borrowings; the recourse to suppliers' credit is also limited below field's average.

Payments are supported by good current assets.

Trade credits average terms are slow, on average 99,45 days. but in line with the sector.

During financial year 2010 the cash flow amounted to Eur. 1.435.861

In the last financial year labour cost was of Eur. 4.803.114, with a 20,63% incidence on total costs of production. , whereas the incidence on sales revenues is of 19,81%.

Financial charges have a limited incidence (-0,63%) on sales volume.

 

 

Financial Data

 

 

 

Complete balance-sheet for the year

31/12/2010

(in Eur

x 1 )

 

Item Type

Value

Sales

24.251.135

Profit (Loss) for the period

640.919

 

 

 

Complete balance-sheet for the year

31/12/2009

(in Eur

x 1 )

 

Item Type

Value

Sales

19.067.854

Profit (Loss) for the period

-2.437.186

 

 

 

Complete balance-sheet for the year

31/12/2008

(in Eur

x 1 )

 

Item Type

Value

Sales

28.855.075

Profit (Loss) for the period

71.821

 

 

 

Complete balance-sheet for the year

31/12/2007

(in Eur

x 1 )

 

Item Type

Value

Sales

28.684.499

Profit (Loss) for the period

539.945

 

 

 

Complete balance-sheet for the year

31/12/2006

(in Eur

x 1 )

 

Item Type

Value

Sales

25.023.813

Profit (Loss) for the period

193.566

 

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 31/12/2010 - 12 Mesi - Currency: Eur - Amounts x 1

 

- 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

 

 

 

 

 

 

Years

2010

2009

2008

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

 

 

 

. . Research,develop. and advert.expens.

 

 

 

. . Industrial patent rights

197.223

122.963

40.381

. . Concessions,licenses,trademarks,etc.

 

 

 

. . Goodwill

 

 

 

. . Assets in formation and advance paymen.

 

 

 

. . Other intangible fixed assets

54.202

90.445

84.065

. Total Intangible Fixed Assets

251.425

213.408

124.446

. TANGIBLE FIXED ASSETS

 

 

 

. . Real estate

5.338.366

6.809.276

6.809.651

. . Plant and machinery

2.719.245

2.836.591

3.134.140

. . Industrial and commercial equipment

5.924

8.004

9.543

. . Other assets

307.718

391.473

465.103

. . Assets under construction and advances

 

28.351

192.000

. Total Tangible fixed assets

8.371.253

10.073.695

10.610.437

. FINANCIAL FIXED ASSETS

 

 

 

. . Equity investments

25.590

25.590

271.887

. . . Equity invest. in subsidiary companies

25.590

25.590

25.590

. . . Equity invest. in associated companies

 

 

 

. . . Equity invest. in holding companies

 

 

 

. . . Equity invest. in other companies

 

 

246.297

. . Financial receivables

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . . Receivab due from subsidiaries

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . . Receivables due from assoc.comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . . Receivables due from holding comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . . Receivables due from third parties

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Other securities

361.505

361.505

361.505

. . Own shares

 

 

 

. . . Total nominal value

 

 

 

. Total financial fixed assets

387.095

387.095

633.392

Total fixed assets

9.009.773

10.674.198

11.368.275

CURRENT ASSETS

 

 

 

. INVENTORIES

 

 

 

. . Raw materials and other consumables

2.536.251

2.738.753

3.387.227

. . Work in progress and semimanufactured

 

 

22.880

. . Work in progress on order

 

 

 

. . Finished goods

4.636.899

4.900.045

6.671.877

. . Advance payments

 

 

 

. Total Inventories

7.173.150

7.638.798

10.081.984

. CREDITS NOT HELD AS FIXED ASSETS

 

 

 

. . Within 12 months

7.040.657

5.416.459

7.242.640

. . Beyond 12 months

45.687

27.507

32.935

. . Trade receivables

6.699.512

5.146.244

6.901.128

. . . . Within 12 months

6.653.825

5.118.737

6.868.193

. . . . Beyond 12 months

45.687

27.507

32.935

. . Receivables due from subsid. comp.

100.000

150.000

150.000

. . . . Within 12 months

100.000

150.000

150.000

. . . . Beyond 12 months

 

 

 

. . Receivables due from assoc. comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Receivables due from holding comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Fiscal Receivables

263.494

76.693

175.360

. . . . Within 12 months

263.494

76.693

175.360

. . . . Beyond 12 months

 

 

 

. . Receivables for anticipated taxes

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Receivables due from third parties

23.338

71.029

49.087

. . . . Within 12 months

23.338

71.029

49.087

. . . . Beyond 12 months

 

 

 

. Total Credits not held as fixed assets

7.086.344

5.443.966

7.275.575

. 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

1.635.408

1.105.784

111.496

. . Checks

 

3.367

 

. . Banknotes and coins

1.351

2.281

1.627

. Total Liquid funds

1.636.759

1.111.432

113.123

Total current assets

15.896.253

14.194.196

17.470.682

ADJUSTMENT ACCOUNTS

 

 

 

. Discount on loans

 

 

 

. Other adjustment accounts

179.010

851.645

1.119.181

Total adjustments accounts

179.010

851.645

1.119.181

TOTAL ASSETS

25.085.036

25.720.039

29.958.138

 

 

 

 

LIABILITIES

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

. Capital stock

1.500.000

1.500.000

1.500.000

. Additional paid-in capital

 

 

 

. Revaluation reserves

6.421.414

9.860.344

9.860.344

. Legal reserve

300.000

300.000

300.000

. Reserve for Own shares

 

 

 

. Statute reserves

 

 

 

. Other reserves

10.091.504

11.019.609

10.947.788

. Accumulated Profits (Losses)

 

 

 

. Profit( loss) of the year

640.919

-2.437.186

71.821

. Advances on dividends

 

 

 

. Partial loss of the year Coverage

 

 

 

Total Stockholders'Equity

18.953.837

20.242.767

22.679.953

RESERVES FOR RISKS AND CHARGES

 

 

 

. . Reserve for employee termination indem.

126.742

150.032

181.067

. . Taxation fund, also differed

 

 

 

. . Other funds

118.866

118.866

118.866

Total Reserves for Risks and Charges

245.608

268.898

299.933

Employee termination indemnities

1.389.514

1.557.802

1.726.839

ACCOUNTS PAYABLE

 

 

 

. . . . Within 12 months

4.429.230

3.020.601

4.691.058

. . . . Beyond 12 months

 

516.457

516.457

. . Bonds

516.457

516.457

516.457

. . . . Within 12 months

516.457

 

 

. . . . Beyond 12 months

 

516.457

516.457

. . Convertible bonds repayable

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to shareholders for financing

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to banks

359

 

709.803

. . . . Within 12 months

359

 

709.803

. . . . Beyond 12 months

 

 

 

. . Due to other providers of finance

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Advances from customers

34.698

61.851

170.068

. . . . Within 12 months

34.698

61.851

170.068

. . . . Beyond 12 months

 

 

 

. . Trade payables

3.087.118

2.417.730

2.986.063

. . . . Within 12 months

3.087.118

2.417.730

2.986.063

. . . . 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

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to holding companies

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to the tax authorities

546.870

255.919

389.010

. . . . Within 12 months

546.870

255.919

389.010

. . . . Beyond 12 months

 

 

 

. . Due to social security and welfare inst.

232.271

165.033

341.144

. . . . Within 12 months

232.271

165.033

341.144

. . . . Beyond 12 months

 

 

 

. . Other payables

11.457

120.068

94.970

. . . . Within 12 months

11.457

120.068

94.970

. . . . Beyond 12 months

 

 

 

Total accounts payable

4.429.230

3.537.058

5.207.515

ADJUSTMENT ACCOUNTS

 

 

 

. Agio on loans

 

 

 

. Other adjustment accounts

66.847

113.514

43.898

Total adjustment accounts

66.847

113.514

43.898

TOTAL LIABILITIES

25.085.036

25.720.039

29.958.138

 

 

 

 

 

 

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

24.251.135

19.067.854

28.855.075

. Changes in work in progress

-263.146

-1.771.832

1.095.811

. Changes in semi-manufact. products

 

 

22.880

. Capitalization of internal work

 

 

 

. Other income and revenues

298.515

426.986

201.456

. . Contributions for operating expenses

91.540

100.000

 

. . Different income and revenues

206.975

326.986

201.456

Total value of production

24.286.504

17.723.008

30.175.222

PRODUCTION COSTS

 

 

 

. Raw material,other materials and consum.

12.622.518

8.317.400

15.956.057

. Services received

3.308.671

3.075.390

3.957.385

. Leases and rentals

1.456.059

1.976.307

1.944.254

. Payroll and related costs

4.803.114

4.720.529

6.289.057

. . Wages and salaries

3.205.938

3.215.363

4.292.513

. . Social security contributions

1.178.441

1.181.366

1.548.007

. . Employee termination indemnities

414.755

317.883

346.687

. . Pension and similar

 

 

 

. . Other costs

3.980

5.917

101.850

. Amortization and depreciation

794.942

759.062

1.310.405

. . Amortization of intangible fixed assets

132.149

124.807

85.680

. . Amortization of tangible fixed assets

629.127

608.306

1.189.292

. . Depreciation of tangible fixed assets

 

 

 

. . Writedown of current receiv.and of liquid

33.666

25.949

35.433

. Changes in raw materials

202.502

648.474

-107.790

. Provisions to risk reserves

 

 

 

. Other provisions

 

 

 

. Other operating costs

96.623

115.845

110.131

Total production costs

23.284.429

19.613.007

29.459.499

Diff. between value and cost of product.

1.002.075

-1.889.999

715.723

FINANCIAL INCOME AND EXPENSE

 

 

 

. Income from equity investments

 

 

 

. . In subsidiary companies

 

 

 

. . In associated companies

 

 

 

. . In other companies

 

 

 

. Other financial income

2.011

1.929

7.075

. . Financ.income from receivables

 

 

 

. . . 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

2.011

1.929

7.075

. . . - Subsidiary companies

 

 

 

. . . - Associated companies

 

 

 

. . . - Holding companies

 

 

 

. . . - Other companies

 

 

 

. Interest and other financial expense

-154.890

-242.155

-225.093

. . Towards subsidiary companies

 

 

 

. . Towards associated companies

 

 

 

. . Towards holding companies

 

 

 

. . Towards other companies

 

 

 

Total financial income and expense

-152.879

-240.226

-218.018

ADJUSTMENTS TO FINANCIAL ASSETS

 

 

 

. Revaluations

 

 

 

. . Of equity investments

 

 

 

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

 

 

 

. . Of securities incl.among current assets

 

 

 

. Devaluation

 

-246.296

 

. . Of equity investments

 

-246.296

 

. . Of financial fixed assets (no equity inv)

 

 

 

. . Of securities included among current ass

 

 

 

Total adjustments to financial assets

 

-246.296

 

EXTRAORDINARY INCOME AND EXPENSE

 

 

 

. Extraordinary income

8.660

21.309

78.654

. . Gains on disposals

 

 

 

. . Other extraordinary income

8.660

21.309

78.654

. Extraordinary expense

-26.968

-5.317

-233

. . Losses on disposals

 

 

 

. . Taxes relating to prior years

 

 

 

. . Other extraordinary expense

-26.968

-5.317

-233

Total extraordinary income and expense

-18.308

15.992

78.421

Results before income taxes

830.888

-2.360.529

576.126

. Taxes on current income

189.969

76.657

504.305

. . current taxes

189.969

76.657

504.305

. . differed taxes(anticip.)

 

 

 

. Net income for the period

640.919

-2.437.186

71.821

. Adjustments in tax regulations pursuance

 

 

 

. Provisions in tax regulations pursuance

 

 

 

. Profit (loss) of the year

640.919

-2.437.186

71.821

 

RATIOS

Value Type

as at 31/12/2010

as at 31/12/2009

as at 31/12/2008

Sector Average

COMPOSITION ON INVESTMENT

 

 

 

 

 

Rigidity Ratio

Units

0,36

0,42

0,38

0,25

Elasticity Ratio

Units

0,63

0,55

0,58

0,72

Availability of stock

Units

0,29

0,30

0,34

0,17

Total Liquidity Ratio

Units

0,35

0,25

0,25

0,50

Quick Ratio

Units

0,07

0,04

0,00

0,02

COMPOSITION ON SOURCE

 

 

 

 

 

Net Short-term indebtedness

Units

0,15

0,09

0,20

2,61

Self Financing Ratio

Units

0,76

0,79

0,76

0,21

Capital protection Ratio

Units

0,89

1,05

0,93

0,71

Liabilities consolidation quotient

Units

0,31

0,69

0,48

0,24

Financing

Units

0,23

0,17

0,23

3,54

Permanent Indebtedness Ratio

Units

0,81

0,87

0,83

0,40

M/L term Debts Ratio

Units

0,06

0,08

0,07

0,12

Net Financial Indebtedness Ratio

Units

0,00

0,00

0,05

0,84

CORRELATION

 

 

 

 

 

Fixed assets ratio

Units

2,26

2,09

2,19

1,46

Current ratio

Units

3,59

4,70

3,72

1,20

Acid Test Ratio-Liquidity Ratio

Units

1,97

2,17

1,58

0,85

Structure's primary quotient

Units

2,10

1,90

2,00

0,86

Treasury's primary quotient

Units

0,37

0,37

0,02

0,04

Rate of indebtedness ( Leverage )

%

132,35

127,06

132,09

477,50

Current Capital ( net )

Value

11.467.023

11.173.595

12.779.624

239.373

RETURN

 

 

 

 

 

Return on Sales

%

5,92

- 8,80

4,79

4,32

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

%

3,38

- 12,04

0,32

4,61

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

%

4,38

- 11,66

2,54

17,61

Return on Investment ( R.O.I. )

%

3,99

- 7,35

2,39

4,75

Return/ Sales

%

4,13

- 9,91

2,48

4,25

Extra Management revenues/charges incid.

%

63,96

n.c.

10,03

18,91

Cash Flow

Value

1.435.861

-1.678.124

1.382.226

138.084

Operating Profit

Value

1.002.075

-1.889.999

715.723

154.078

Gross Operating Margin

Value

1.797.017

-1.130.937

2.026.128

301.188

MANAGEMENT

 

 

 

 

 

Credits to clients average term

Days

99,45

97,16

86,10

110,83

Debts to suppliers average term

Days

63,92

65,10

49,18

121,75

Average stock waiting period

Days

106,48

144,22

125,78

60,34

Rate of capital employed return ( Turnover )

Units

0,97

0,74

0,96

1,12

Rate of stock return

Units

3,38

2,50

2,86

5,95

Labour cost incidence

%

19,81

24,76

21,80

21,94

Net financial revenues/ charges incidence

%

- 0,63

- 1,26

- 0,76

- 1,47

Labour cost on purchasing expenses

%

20,63

24,07

21,35

22,33

Short-term financing charges

%

3,50

6,85

4,32

2,84

Capital on hand

%

103,44

134,89

103,82

89,18

Sales pro employee

Value

212.729

152.542

215.336

165.709

Labour cost pro employee

Value

42.132

37.764

46.933

32.655

 

 

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:

 

300.000  Eur.

 

 

Market / Territory Data

 

Population living in the province

:

3.839.216

Population living in the region

:

9.393.092

Number of families in the region

:

3.858.736

 

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

 

- per food products

:

460

- per non food products

:

2.090

- per energy consume

:

114

 

Sector Data

 

The values are calculated on a base of 1.023 significant companies.

 

The companies cash their credits on an average of 110 dd.

The average duration of suppliers debts is about 121 dd.

The sector's profitability is on an average of 4,32%.

The labour cost affects the turnover in the measure of 21,94%.

Goods are held in stock in a range of 60 dd.

The difference between the sales volume and the resources used to realize it is about 1,12.

The employees costs represent the 22,33% of the production costs.

 

Statistical Detrimental Data

 

The area is statistically considered lowly risky.

In the region 50.886 protested subjects are found; in the province they count to 24.765.

The insolvency index for the region is 0,55, , while for the province it is 0,66.

Total Bankrupt companies in the province : 22.523.

Total Bankrupt companies in the region : 39.612.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.42

UK Pound

1

Rs.81.92

Euro

1

Rs.69.94

 

 

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.