MIRA INFORM REPORT

 

 

Report Date :           

20.12.2011

 

IDENTIFICATION DETAILS

 

Name :

EMER S.P.A.

 

 

Registered Office :

Via Bormioli, 19 Sant'Eufemia della Fonte,

25100 - Brescia (BS)     

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

25.10.2005

 

 

Com. Reg. No.:

MI-2005-256936

 

 

Legal Form :

Joint stock company with sole shareholder

 

 

Line of Business :

Manufacture of other parts and accessories for motor vehicles and their engines

 

 

No. of Employees :

130 persons

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

100.000 Eur

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 – September 30th, 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 & address 

 

Emer S.p.A.

 

Via Bormioli, 19 Sant'Eufemia della Fonte

 

25100 - Brescia (BS) -IT-

 

 

Summary

 

Fiscal Code

:

05032020967

Legal Form

:

Joint stock company with sole shareholder

start of Activities

:

25/10/2005

Equity

:

Over 2.582.254 Eur

Turnover Range

:

25.000.000/35.000.000 Eur

Number of Employees

:

from 111 to 130

 

 

Credit Analysis

 

Credit Opinion

:

100.000 - Eur

 

Activity

 

Manufacture of other parts and accessories for motor vehicles and their engines

 

Legal Data

 

Legal Form : Joint stock company with sole shareholder

Fiscal Code : 05032020967

 

Foreign Trade Reg. no. : BS096526 since 20/01/2009

 

Chamber of Commerce no. : 495010 of Brescia since 27/02/2008

 

Chamber of Commerce no. : 1791307 of Milano

 

Firms' Register : MI-2005-256936

 

V.A.T. Code : 05032020967

 

Establishment date

: 25/10/2005

Start of Activities

: 25/10/2005

Legal duration

: 31/12/2050

Nominal Capital

: 20.720.000

Eur

Subscribed Capital

: 20.720.000

Eur

Paid up Capital

: 20.720.000

Eur

 

Members

 

 

Ravasi

Fabio

 

 

 

Born in Brescia

(BS)

on 17/06/1971

- Fiscal Code : RVSFBA71H17B157S

 

 

 

Residence :

Via

Re Rotari

, 73

- 25100

Brescia

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

10/12/2008

 

 

 

 

No Protests registered

 

 

Grando

Maurizio

 

 

 

Born in San Nazario

(VI)

on 23/02/1952

- Fiscal Code : GRNMRZ52B23I047V

 

 

 

Residence :

Via

Giovanni Bormioli

, 19

- 25135

Brescia

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

01/07/2011

 

 

Managing Director

01/07/2011

 

 

 

 

No Protests registered

 

 

Bettin

Marco

 

 

 

Born in Padova

(PD)

on 21/01/1969

- Fiscal Code : BTTMRC69A21G224A

 

 

 

Residence :

Via

Salvo D'acquisto

, 6

- 42020

Albinea

(RE)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

01/07/2011

 

 

 

No Protests registered

 

Scott

Ian James

 

 

Born in Squamish

on 26/11/1963

- Fiscal Code : SCTNMS63S26Z401C

 

 

Residence :

Via

Giovanni Bormioli

, 19

- 25135

Brescia

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

01/07/2011

 

 

Managing Director

01/07/2011

 

 

 

No Protests registered

 

Demers

David Robert

 

 

Born in Edmonton

on 25/06/1955

- Fiscal Code : DMRDDR55H25Z401I

 

 

Residence :

Via

Giovanni Bormioli

, 19

- 25135

Brescia

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

01/07/2011

 

 

Managing Director

01/07/2011

 

 

Board Chairman

01/07/2011

 

 

 

No Protests registered

 

Juniper Engines Italy S.r.l.

 

 

 

 

 

Residence :

Via

Angelo Maj

, 10

- 24121

Bergamo

(BG)

- IT -

 

Position

Since

Shares Amount

% Ownership

Sole partner

 

 

 

 

No Protests registered

 

Monrado

Luca

 

 

Born in Brescia

(BS)

on 10/10/1972

- Fiscal Code : MNRLCU72R10B157X

 

 

Residence :

Corso

Schioppetti

, 17

- 25020

Poncarale

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Person in charge

 

 

 

 

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.

 

GRANDO

MAURIZIO

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

CASALE S.R.L.

Vicenza (VI) - IT -

00298950247

General Director

Withdrawn

Registered

MEC SIRIO S.R.L.

Brescia (BS) - IT -

02889790172

Director

Active

Registered

MEC SIRIO S.R.L.

Brescia (BS) - IT -

02889790172

Managing Director

Active

Registered

O.M.V.L., SOCIETA' PER AZIONI

Pernumia (PD) - IT -

02351390287

Director

Active

Registered

O.M.V.L., SOCIETA' PER AZIONI

Pernumia (PD) - IT -

02351390287

General Director

Active

Registered

OP CONTROLS S.P.A.

Pernumia (PD) - IT -

01521190288

Director

Withdrawn

Ceased

OP CONTROLS S.P.A.

Pernumia (PD) - IT -

01521190288

General Director

Withdrawn

Ceased

SICOM S.R.L.

Brescia (BS) - IT -

03268420175

Director

Active

Registered

SICOM S.R.L.

Brescia (BS) - IT -

03268420175

Managing Director

Active

Registered

VALTEK S.P.A.

Albinea (RE) - IT -

01674390354

Director

Active

Registered

VALTEK S.P.A.

Albinea (RE) - IT -

01674390354

Managing Director

Active

Registered

 

BETTIN

MARCO

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

MEC SIRIO S.R.L.

Brescia (BS) - IT -

02889790172

Attorney with special power

Active

Registered

O.M.V.L., SOCIETA' PER AZIONI

Pernumia (PD) - IT -

02351390287

Attorney with special power

Active

Registered

O.M.V.L., SOCIETA' PER AZIONI

Pernumia (PD) - IT -

02351390287

Manager

Active

Registered

SICOM S.R.L.

Brescia (BS) - IT -

03268420175

Procurator

Active

Registered

SIT SENSORI S.R.L.

Pernumia (PD) - IT -

04313050280

Procurator

Active

Registered

VALTEK S.P.A.

Albinea (RE) - IT -

01674390354

Procurator

Active

Registered

 

SCOTT

IAN JAMES

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

JUNIPER ENGINES ITALY S.R.L.

Bergamo (BG) - IT -

03676200169

Director

Active

Registered

MEC SIRIO S.R.L.

Brescia (BS) - IT -

02889790172

Director

Active

Registered

MEC SIRIO S.R.L.

Brescia (BS) - IT -

02889790172

Managing Director

Active

Registered

O.M.V.L., SOCIETA' PER AZIONI

Pernumia (PD) - IT -

02351390287

Managing Director

Active

Registered

O.M.V.L., SOCIETA' PER AZIONI

Pernumia (PD) - IT -

02351390287

Director

Active

Registered

SICOM S.R.L.

Brescia (BS) - IT -

03268420175

Director

Active

Registered

SICOM S.R.L.

Brescia (BS) - IT -

03268420175

Managing Director

Active

Registered

VALTEK S.P.A.

Albinea (RE) - IT -

01674390354

Director

Active

Registered

VALTEK S.P.A.

Albinea (RE) - IT -

01674390354

Managing Director

Active

Registered

 

DEMERS

DAVID ROBERT

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

JUNIPER ENGINES ITALY S.R.L.

Bergamo (BG) - IT -

03676200169

Director

Active

Registered

JUNIPER ENGINES ITALY S.R.L.

Bergamo (BG) - IT -

03676200169

Board Chairman

Active

Registered

MEC SIRIO S.R.L.

Brescia (BS) - IT -

02889790172

Director

Active

Registered

MEC SIRIO S.R.L.

Brescia (BS) - IT -

02889790172

Managing Director

Active

Registered

MEC SIRIO S.R.L.

Brescia (BS) - IT -

02889790172

Board Chairman

Active

Registered

O.M.V.L., SOCIETA' PER AZIONI

Pernumia (PD) - IT -

02351390287

Managing Director

Active

Registered

O.M.V.L., SOCIETA' PER AZIONI

Pernumia (PD) - IT -

02351390287

Director

Active

Registered

O.M.V.L., SOCIETA' PER AZIONI

Pernumia (PD) - IT -

02351390287

Board Chairman

Active

Registered

SICOM S.R.L.

Brescia (BS) - IT -

03268420175

Director

Active

Registered

SICOM S.R.L.

Brescia (BS) - IT -

03268420175

Managing Director

Active

Registered

SICOM S.R.L.

Brescia (BS) - IT -

03268420175

Board Chairman

Active

Registered

VALTEK S.P.A.

Albinea (RE) - IT -

01674390354

Director

Active

Registered

VALTEK S.P.A.

Albinea (RE) - IT -

01674390354

Managing Director

Active

Registered

VALTEK S.P.A.

Albinea (RE) - IT -

01674390354

Board Chairman

Active

Registered

 

JUNIPER ENGINES ITALY S.R.L.

 

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

O.M.V.L., SOCIETA' PER AZIONI

Pernumia (PD) - IT -

02351390287

Sole partner

Active

Registered

 

The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive, etc.

 

For more information, in this case, we advise to request further investigations.

 

Capital Shareholders

 

Shareholders' list as at date of data collection:

 

Firm's Style / Name

Seat / Residence

Fiscal Code

Owned Shares

% Ownership

Juniper Engines Italy S.r.l.

Bergamo - IT -

03676200169

 

100,00

 

 

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

EMER S.R.L.

Collebeato - IT -

00626960173

2.000.000 .Eur

100,00

 

 

Active

Valtek S.p.a.

Albinea - IT -

01674390354

171.646 .Eur

100,00

 

 

Active

 

Firm's location and structure

 

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

 

-

Legal and operative seat

 

 

 

 

 

 

Via

Bormioli

, 19 Loc. Sant'Eufemia della Fonte

- 25100

- Brescia

(BS)

- IT -

 

-

Branch

(Warehouse )

since 01/12/2008

 

 

 

 

 

Via

Bormioli

, 19 Loc. Sant'Eufemia della Fonte

- 25100

- Brescia

(BS)

- IT -

 

 

 

 

Employees

: 112

 

Fittings and Equipment for a value of 4.440.000

Eur

 

Stocks for a value of 9.910.000

Eur

 

 

 

Historical Information and/or Firm's Status

 

COMPANY STYLE MODIFICATIONS:

 

Former Style

New Style

Changement Date

Due Volte s.r.l.

Emer S.p.A.

01/01/2008

 

EX-MEMBERS / EX-POSITIONS:

 

Zanobio

Marco Giuseppe

 

 

Born in Milano

on 20/03/1964

- Fiscal Code : ZNBMCG64C20F205F

 

 

Residence :

Via

Del Caravaggio

, 5

- 20144

Milano

(MI)

- IT -

 

Ex-Postions

Sole Director

 

Sorrentino

Cristina

 

 

Born in Bergamo

on 17/06/1969

- Fiscal Code : SRRCST69H57A794M

 

 

Residence :

Via

V. Emanuele Ii

, 106

- 24036

Ponte San Pietro

(BG)

- IT -

 

Ex-Postions

Temporary Auditor

 

Persano

Giuseppe Adorno

 

 

Born in Palermo

on 07/08/1965

- Fiscal Code : PRSGPP65M07G273G

 

 

Residence :

Viale

Dei Mille

, 19

- 20100

Milano

(MI)

- IT -

 

Ex-Postions

Temporary Auditor

 

Pricewaterhousecoopers S.p.a. In Breve

Pwc

 

- Fiscal Code : 12979880155

 

 

Residence :

Viale

Monte Rosa

, 91

- 20149

Milano

(MI)

- IT -

 

Ex-Postions

 

 

Gobbi

Francesco

 

 

Born in Lumezzane

on 25/08/1949

- Fiscal Code : GBBFNC49M25E738H

 

 

Residence :

Via

Salvemini

, 36

- 25060

Collebeato

(BS)

- IT -

 

Ex-Postions

Managing Director

Director

Board Chairman

 

Morelli

Sergio

 

 

Born in Genova

on 09/07/1972

- Fiscal Code : MRLSRG72L09D969K

 

 

Residence :

Via

Primo Maggio

, 31

- 27049

Stradella

(PV)

- IT -

 

Ex-Postions

Director

 

Parolari

Luca

 

 

Born in Bolzano

on 15/06/1968

- Fiscal Code : PRLLCU68H15A952P

 

 

Residence :

Via

Garibaldi

, 87/C

- 30100

Venezia

(VE)

- IT -

 

Ex-Postions

Managing Director

Director

 

Nassini

Damiano

 

 

Born in Marcheno

on 12/06/1951

- Fiscal Code : NSSDMN51H12E928L

 

 

Residence :

Via

Marconi

, 9

- 25062

Concesio

(BS)

- IT -

 

Ex-Postions

Permanent Auditor

 

Comuzzi

Paolo Antonio

 

 

Born in Sesto San Giovanni

on 23/10/1962

- Fiscal Code : CMZPNT62R23I690F

 

 

Residence :

Via

San Martino

, 15

- 20050

Veduggio Con Colzano

(MB)

- IT -

 

Ex-Postions

Chairman of the Board of Aud.

 

Villa

Pietro Michele

 

 

Born in Milano

on 03/06/1967

- Fiscal Code : VLLPRM67H03F205Z

 

 

Residence :

Via

Camperio

, 9

- 20100

Milano

(MI)

- IT -

 

Ex-Postions

Permanent Auditor

 

Giovannini

Mirko

 

 

Born in Mantova

on 16/09/1968

- Fiscal Code : GVNMRK68P16E897V

 

 

Residence :

Via

Vicolo Chiuso

, 4

- 46100

Mantova

(MN)

- IT -

 

Ex-Postions

Managing Director

Director

 

Ravagli

Sergio

 

 

Born in Milano

on 03/08/1962

- Fiscal Code : RVGSRG62M03F205L

 

 

Residence :

Via

Romagnoli

, 25

- 43056

Torrile

(PR)

- IT -

 

Ex-Postions

Director

Board Chairman

Board Chairman

 

Ottaviano

Fabrizio

 

 

Born in Roma

on 19/06/1969

- Fiscal Code : TTVFRZ69H19H501I

 

 

Residence :

Via

Rebetta Bassa

, 6

- 24100

Bergamo

(BG)

- IT -

 

Ex-Postions

Director

Managing Director

 

CEASINGS/INCORPORATIONS/MERGES:

 

Project of merging by taking over of

 

 

 

EMER S.R.L.

 

 

Via

ROMA

, 104

, 25060

, Collebeato

(BS)

- IT -

 

 

Fiscal Code: 00626960173

 

 

Date

Merging/splitting-up project :

01/10/2008

 

Project of merging by taking over of

 

 

 

EMER S.R.L.

 

 

Via

ROMA

, 104

, 25060

, Collebeato

(BS)

- IT -

 

 

Fiscal Code: 00626960173

 

 

Date

Merging/splitting-up project :

07/10/2008

 

The firm absorbed by merging of

 

 

 

EMER S.R.L.

 

 

Via

ROMA

, 104

, 25060

, Collebeato

(BS)

- IT -

 

 

Fiscal Code: 00626960173

 

 

Date

:

25/11/2008

 

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

 

Company's starting of activities dates back to 2005.

The analysis is based on the latest 3 balance sheets.

Unstable economic results mark the company's financial state of affairs. yet with a positive result in the 2010 (r.o.e. 42,97%). Business volume is falling in the last financial year.

The operating result was positive in the last financial year (2,03%) falling within the field's average.

The amount of the operating result is equal to Eur. 1.798.000 showing an upward trend more then 100% compared to the previous financial year.

The gross operating margin of the latest financial year is of Eur. 3.590.710 with a -61,47% fall.

Net worth does not allow a regular management, short-term debts volume is considerably high, with an high indebtedness volume on the whole (21,86) falling as opposed to the year before.

With regard to equity capital, an amount of Eur. 2.709.000 is registered. , increasing by 176,16% if compared to the financial year 2009.

Total debts recorded amounted to Eur. 84.584.000 (Eur. 20.308.000 of which were m/l term debts) , a more or less stable value.

As far as financial debts are concerned the rate is high; the average payments' period is slighlty high even if it still falls within the sector's average.

Liquid assets are not adequate.

Trade credits are collected slowly, average term is 100,46 days. , as it normally happens in the sector.

Eur. 2.953.000 is the value of cash flow during the year 2010

In the last financial year labour cost was of Eur. 6.042.000, with a 19,18% incidence on total costs of production. , whereas the incidence of such costs on sales revenues is equal to 18,3%.

Finacial chareges are high: the incidence on sales volume amounts to -4,05%



Financial Data

 

 

 

 

Complete balance-sheet for the year

31/12/2010

(in Eur

x 1 )

 

Item Type

Value

Sales

33.011.000

Profit (Loss) for the period

1.164.000

 

 

 

Complete balance-sheet for the year

31/12/2009

(in Eur

x 1 )

 

Item Type

Value

Sales

44.219.987

Profit (Loss) for the period

-10.845.988

 

 

 

Complete balance-sheet for the year

31/12/2008

(in Eur

x 1 )

 

Item Type

Value

Sales

3.118.546

Profit (Loss) for the period

-2.708.876


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

 

42.232

56.310

. . Research,develop. and advert.expens.

 

 

 

. . Industrial patent rights

11.000

19.014

29.405

. . Concessions,licenses,trademarks,etc.

8.084.000

7.133.333

7.933.333

. . Goodwill

38.414.000

38.414.202

51.042.327

. . Assets in formation and advance paymen.

110.000

60.000

 

. . Other intangible fixed assets

124.000

989.342

959.630

. Total Intangible Fixed Assets

46.743.000

46.658.123

60.021.005

. TANGIBLE FIXED ASSETS

 

 

 

. . Real estate

 

 

 

. . Plant and machinery

719.000

784.922

779.087

. . Industrial and commercial equipment

3.717.000

1.050.605

1.039.059

. . Other assets

428.000

474.584

512.940

. . Assets under construction and advances

144.000

134.380

 

. Total Tangible fixed assets

5.008.000

2.444.491

2.331.086

. FINANCIAL FIXED ASSETS

 

 

 

. . Equity investments

5.342.000

5.450.359

5.224.345

. . . Equity invest. in subsidiary companies

5.342.000

5.376.372

5.143.917

. . . Equity invest. in associated companies

 

 

 

. . . Equity invest. in holding companies

 

 

 

. . . Equity invest. in other companies

 

73.987

80.428

. . Financial receivables

1.447.000

356.867

 

. . . . Within 12 months

 

356.867

 

. . . . Beyond 12 months

1.447.000

 

 

. . . Receivab due from subsidiaries

1.372.000

356.867

 

. . . . Within 12 months

 

356.867

 

. . . . Beyond 12 months

1.372.000

 

 

. . . 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

75.000

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

75.000

 

 

. . Other securities

 

 

 

. . Own shares

 

 

 

. . . Total nominal value

 

 

 

. Total financial fixed assets

6.789.000

5.807.226

5.224.345

Total fixed assets

58.540.000

54.909.840

67.576.436

CURRENT ASSETS

 

 

 

. INVENTORIES

 

 

 

. . Raw materials and other consumables

3.168.000

3.412.627

6.757.562

. . Work in progress and semimanufactured

4.573.000

3.850.258

5.744.129

. . Work in progress on order

 

 

 

. . Finished goods

2.169.000

2.663.796

4.716.410

. . Advance payments

 

6.300

 

. Total Inventories

9.910.000

9.932.981

17.218.101

. CREDITS NOT HELD AS FIXED ASSETS

 

 

 

. . Within 12 months

12.535.000

16.457.965

23.966.764

. . Beyond 12 months

2.348.000

2.112.628

 

. . Trade receivables

9.212.000

15.575.044

17.893.199

. . . . Within 12 months

9.212.000

15.575.044

17.893.199

. . . . Beyond 12 months

 

 

 

. . Receivables due from subsid. comp.

 

569.922

2.024.772

. . . . Within 12 months

 

569.922

2.024.772

. . . . Beyond 12 months

 

 

 

. . Receivables due from assoc. comp.

1.660.000

 

 

. . . . Within 12 months

1.660.000

 

 

. . . . Beyond 12 months

 

 

 

. . Receivables due from holding comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Fiscal Receivables

1.234.000

17.418

2.456.816

. . . . Within 12 months

1.234.000

17.418

2.456.816

. . . . Beyond 12 months

 

 

 

. . Receivables for anticipated taxes

2.348.000

2.112.628

1.151.150

. . . . Within 12 months

 

 

1.151.150

. . . . Beyond 12 months

2.348.000

2.112.628

 

. . Receivables due from third parties

429.000

295.581

440.827

. . . . Within 12 months

429.000

295.581

440.827

. . . . Beyond 12 months

 

 

 

. Total Credits not held as fixed assets

14.883.000

18.570.593

23.966.764

. 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

5.054.000

9.376.393

622.311

. . Checks

 

 

 

. . Banknotes and coins

2.000

6.719

5.238

. Total Liquid funds

5.056.000

9.383.112

627.549

Total current assets

29.849.000

37.886.686

41.812.414

ADJUSTMENT ACCOUNTS

 

 

 

. Discount on loans

 

 

 

. Other adjustment accounts

147.000

304.834

146.389

Total adjustments accounts

147.000

304.834

146.389

TOTAL ASSETS

88.536.000

93.101.360

109.535.239

 

 

 

 

LIABILITIES

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

. Capital stock

2.240.000

10.000.000

10.000.000

. Additional paid-in capital

 

 

 

. Revaluation reserves

 

 

 

. Legal reserve

 

 

 

. Reserve for Own shares

 

 

 

. Statute reserves

 

 

 

. Other reserves

1.102.000

 

 

. Accumulated Profits (Losses)

-1.797.000

-2.710.647

-1.771

. Profit( loss) of the year

1.164.000

-10.845.988

-2.708.876

. Advances on dividends

 

 

 

. Partial loss of the year Coverage

 

 

 

Total Stockholders'Equity

2.709.000

-3.556.635

7.289.353

RESERVES FOR RISKS AND CHARGES

 

 

 

. . Reserve for employee termination indem.

 

 

 

. . Taxation fund, also differed

732.000

2.239.866

2.491.067

. . Other funds

308.000

33.900

707.545

Total Reserves for Risks and Charges

1.040.000

2.273.766

3.198.612

Employee termination indemnities

202.000

221.886

295.016

ACCOUNTS PAYABLE

 

 

 

. . . . Within 12 months

64.276.000

71.371.367

74.897.173

. . . . Beyond 12 months

20.308.000

22.785.086

23.797.811

. . Bonds

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Convertible bonds repayable

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to shareholders for financing

18.187.000

21.475.069

20.675.069

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

18.187.000

21.475.069

20.675.069

. . Due to banks

56.589.000

62.131.442

66.667.291

. . . . Within 12 months

55.670.000

60.821.425

63.544.549

. . . . Beyond 12 months

919.000

1.310.017

3.122.742

. . Due to other providers of finance

1.511.000

 

 

. . . . Within 12 months

579.000

 

 

. . . . Beyond 12 months

932.000

 

 

. . Advances from customers

229.000

424.986

 

. . . . Within 12 months

229.000

424.986

 

. . . . Beyond 12 months

 

 

 

. . Trade payables

5.065.000

6.846.385

9.238.402

. . . . Within 12 months

5.065.000

6.846.385

9.238.402

. . . . Beyond 12 months

 

 

 

. . Securities issued

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to subsidiary companies

 

1.290.972

940.904

. . . . Within 12 months

 

1.290.972

940.904

. . . . Beyond 12 months

 

 

 

. . Due to associated companies

1.169.000

 

 

. . . . Within 12 months

1.169.000

 

 

. . . . Beyond 12 months

 

 

 

. . Due to holding companies

 

2.323

 

. . . . Within 12 months

 

2.323

 

. . . . Beyond 12 months

 

 

 

. . Due to the tax authorities

411.000

1.146.060

171.122

. . . . Within 12 months

141.000

1.146.060

171.122

. . . . Beyond 12 months

270.000

 

 

. . Due to social security and welfare inst.

321.000

323.675

362.257

. . . . Within 12 months

321.000

323.675

362.257

. . . . Beyond 12 months

 

 

 

. . Other payables

1.102.000

515.541

639.939

. . . . Within 12 months

1.102.000

515.541

639.939

. . . . Beyond 12 months

 

 

 

Total accounts payable

84.584.000

94.156.453

98.694.984

ADJUSTMENT ACCOUNTS

 

 

 

. Agio on loans

 

 

 

. Other adjustment accounts

1.000

5.890

57.274

Total adjustment accounts

1.000

5.890

57.274

TOTAL LIABILITIES

88.536.000

93.101.360

109.535.239

 

 

 

 

 

 

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

33.011.000

44.219.987

3.118.546

. Changes in work in progress

 

-3.372.232

232.334

. Changes in semi-manufact. products

 

 

 

. Capitalization of internal work

 

 

 

. Other income and revenues

282.000

758.930

60.346

. . Contributions for operating expenses

 

 

 

. . Different income and revenues

282.000

758.930

60.346

Total value of production

33.293.000

41.606.685

3.411.226

PRODUCTION COSTS

 

 

 

. Raw material,other materials and consum.

14.796.000

11.003.255

1.401.440

. Services received

7.525.000

8.262.521

941.799

. Leases and rentals

785.000

1.746.375

144.878

. Payroll and related costs

6.042.000

7.080.545

673.445

. . Wages and salaries

3.725.000

5.617.021

531.369

. . Social security contributions

1.156.000

1.213.089

105.930

. . Employee termination indemnities

 

250.435

36.146

. . Pension and similar

 

 

 

. . Other costs

1.161.000

 

 

. Amortization and depreciation

1.789.000

14.477.272

699.509

. . Amortization of intangible fixed assets

31.000

6.132.513

647.756

. . Amortization of tangible fixed assets

1.758.000

727.370

43.840

. . Depreciation of tangible fixed assets

 

7.481.000

 

. . Writedown of current receiv.and of liquid

 

136.389

7.913

. Changes in raw materials

-51.000

3.919.188

-54.396

. Provisions to risk reserves

371.000

 

 

. Other provisions

 

33.900

 

. Other operating costs

238.000

239.971

10.230

Total production costs

31.495.000

46.763.027

3.816.905

Diff. between value and cost of product.

1.798.000

-5.156.342

-405.679

FINANCIAL INCOME AND EXPENSE

 

 

 

. Income from equity investments

1.459.000

 

 

. . In subsidiary companies

 

 

 

. . In associated companies

 

 

 

. . In other companies

 

 

 

. Other financial income

133.000

12.271

13.306

. . 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

 

5.404

 

. . Financ.income other than the above

133.000

6.867

13.306

. . . - Subsidiary companies

 

 

 

. . . - Associated companies

 

 

 

. . . - Holding companies

 

 

 

. . . - Other companies

 

 

 

. Interest and other financial expense

-2.929.000

-3.109.322

-3.145.717

. . Towards subsidiary companies

 

 

 

. . Towards associated companies

 

 

 

. . Towards holding companies

 

 

 

. . Towards other companies

 

 

 

Total financial income and expense

-1.337.000

-3.097.051

-3.132.411

ADJUSTMENTS TO FINANCIAL ASSETS

 

 

 

. Revaluations

 

 

 

. . Of equity investments

 

 

 

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

 

 

 

. . Of securities incl.among current assets

 

 

 

. Devaluation

-312.000

-800.000

 

. . Of equity investments

-312.000

-800.000

 

. . Of financial fixed assets (no equity inv)

 

 

 

. . Of securities included among current ass

 

 

 

Total adjustments to financial assets

-312.000

-800.000

 

EXTRAORDINARY INCOME AND EXPENSE

 

 

 

. Extraordinary income

199.000

 

 

. . Gains on disposals

 

 

 

. . Other extraordinary income

199.000

 

 

. Extraordinary expense

 

 

 

. . Losses on disposals

 

 

 

. . Taxes relating to prior years

 

 

 

. . Other extraordinary expense

 

 

 

Total extraordinary income and expense

199.000

 

 

Results before income taxes

348.000

-9.053.393

-3.538.090

. Taxes on current income

-816.000

1.792.595

-829.214

. . current taxes

1.432.000

3.005.273

 

. . differed taxes(anticip.)

-2.248.000

-1.212.678

 

. Net income for the period

1.164.000

-10.845.988

-2.708.876

. Adjustments in tax regulations pursuance

 

 

 

. Provisions in tax regulations pursuance

 

 

 

. Profit (loss) of the year

1.164.000

-10.845.988

-2.708.876

 

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

0,66

0,59

0,62

0,25

Elasticity Ratio

Units

0,34

0,41

0,38

0,74

Availability of stock

Units

0,11

0,11

0,16

0,21

Total Liquidity Ratio

Units

0,23

0,30

0,22

0,47

Quick Ratio

Units

0,06

0,10

0,01

0,01

COMPOSITION ON SOURCE

 

 

 

 

 

Net Short-term indebtedness

Units

21,86

n.c.

10,19

1,91

Self Financing Ratio

Units

0,03

n.c.

0,07

0,25

Capital protection Ratio

Units

- 0,26

n.c.

0,00

0,72

Liabilities consolidation quotient

Units

0,32

0,32

0,32

0,20

Financing

Units

31,22

n.c.

13,54

2,52

Permanent Indebtedness Ratio

Units

0,26

0,21

0,29

0,40

M/L term Debts Ratio

Units

0,23

0,25

0,22

0,11

Net Financial Indebtedness Ratio

Units

26,29

n.c.

11,90

0,37

CORRELATION

 

 

 

 

 

Fixed assets ratio

Units

0,40

0,35

0,46

1,40

Current ratio

Units

0,46

0,53

0,56

1,20

Acid Test Ratio-Liquidity Ratio

Units

0,31

0,39

0,33

0,81

Structure's primary quotient

Units

0,05

n.c.

0,11

0,88

Treasury's primary quotient

Units

0,08

0,13

0,01

0,03

Rate of indebtedness ( Leverage )

%

3.268,22

n.c.

1.502,67

396,60

Current Capital ( net )

Value

-34.427.000

-33.484.681

-33.084.759

739.298

RETURN

 

 

 

 

 

Return on Sales

%

8,95

8,21

- 64,43

3,87

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

%

42,97

n.c.

- 37,16

2,90

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

%

12,85

n.c.

- 48,54

10,01

Return on Investment ( R.O.I. )

%

2,03

- 5,54

- 0,37

3,63

Return/ Sales

%

5,45

- 11,66

- 13,01

3,64

Extra Management revenues/charges incid.

%

64,74

n.c.

n.c.

27,87

Cash Flow

Value

2.953.000

3.631.284

-2.009.367

218.595

Operating Profit

Value

1.798.000

-5.156.342

-405.679

183.990

Gross Operating Margin

Value

3.590.710

9.321.269

293.830

453.866

MANAGEMENT

 

 

 

 

 

Credits to clients average term

Days

100,46

126,80

2.065,56

94,73

Debts to suppliers average term

Days

97,13

139,46

1.472,82

115,71

Average stock waiting period

Days

108,07

80,87

1.987,63

57,59

Rate of capital employed return ( Turnover )

Units

0,37

0,47

0,03

1,07

Rate of stock return

Units

3,33

4,45

0,18

6,09

Labour cost incidence

%

18,30

16,01

21,59

18,09

Net financial revenues/ charges incidence

%

- 4,05

- 7,00

- 100,44

- 1,09

Labour cost on purchasing expenses

%

19,18

15,14

17,64

17,83

Short-term financing charges

%

3,46

3,30

3,19

2,64

Capital on hand

%

268,20

210,54

3.512,38

93,64

Sales pro employee

Value

320.495

398.378

148.502

185.995

Labour cost pro employee

Value

58.660

63.788

32.068

 

 

 

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:

 

100.000Eur.

 

 

Market / Territory Data

 

Population living in the province

:

1.169.259

Population living in the region

:

9.393.092

Number of families in the region

:

3.858.736

 

Monthly family expenses 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 258 significant companies.

 

The companies cash their credits on an average of 94 dd.

The average duration of suppliers debts is about 115 dd.

The sector's profitability is on an average of 3,87%.

The labour cost affects the turnover in the measure of 18,09%.

Goods are held in stock in a range of 57 dd.

The difference between the sales volume and the resources used to realize it is about 1,07.

The employees costs represent the 17,83% of the production costs.

 

Statistical Detrimental Data

 

The area is statistically considered moderately risky.

In the region 50.886 protested subjects are found; in the province they count to 5.551.

The insolvency index for the region is 0,55, , while for the province it is 0,48.

Total Bankrupt companies in the province : 3.452.

Total Bankrupt companies in the region : 39.612.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.96

UK Pound

1

Rs.82.04

Euro

1

Rs.68.91

 

 

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.