MIRA INFORM REPORT

 

 

Report Date :           

24.12.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

MACCHINE UTENSILI SPECIALI S.P.A.

 

 

Registered Office :

Via Caltana, 28,

35011 - Campodarsego  (PD)

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

07.05.1984

 

 

Com. Reg. No.:

PD060-21852 since 19/02/1996

 

 

Legal Form :

Joint stock company with sole shareholder

 

 

Line of Business :

Manufacture of metal forming machinery and tool machines

 

 

No. of Employees :

70 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 :

70.000  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 

 

Macchine Utensili Speciali S.p.A.

 

Via Caltana, 28

 

35011 - Campodarsego  (PD) -IT-

 

 

Summary

 

Fiscal Code

:

01897790281

Legal Form

:

Joint stock company with sole shareholder

start of Activities

:

07/05/1984

Equity

:

750.000 Eur

Turnover Range

:

10.000.000/12.750.000 Eur

Number of Employees

:

from 51 to 70

 

 

Credit Analysis

 

Credit Opinion

:

70.000 - Eur

 

Financial aspect not fully sufficient - developments are to be followed

 

 

Activity

 

Manufacture of metal forming machinery and tool machines

 

Legal Data

 

Legal Form : Joint stock company with sole shareholder

Fiscal Code : 01897790281

 

Foreign Trade Reg. no. : PD040657 since 10/03/1997

 

Chamber of Commerce no. : 188070 of Padova since 09/08/1984

 

Firms' Register : PD060-21852 since 19/02/1996

 

V.A.T. Code : 01897790281

 

Tribunal Co. Register : 2185 of Padova

 

Foundation date

: 07/05/1984

Establishment date

: 07/05/1984

Start of Activities

: 07/05/1984

Legal duration

: 31/12/2020

Nominal Capital

: 800.000

Eur

Subscribed Capital

: 800.000

Eur

Paid up Capital

: 800.000

Eur

 

 

Members

 

 

Carraro

Mario

 

 

 

Born in Campodarsego

(PD)

on 29/10/1929

- Fiscal Code : CRRMRA29R29B524Q

 

 

 

Residence :

Via

Delle Palme

, 8

- 35100

Padova

(PD)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

28/06/2010

 

 

Board Chairman

28/06/2010

 

 

 

 

No Protests registered

 

 

Carraro

Enrico

 

 

 

Born in Padova

(PD)

on 17/04/1962

- Fiscal Code : CRRNRC62D17G224N

 

 

 

Residence :

Via

San Pietro

, 41

- 35139

Padova

(PD)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

28/06/2010

 

 

Managing Director

28/06/2010

 

 

 

 

No Protests registered

 

 

Finanziaria Attivita' Industriali Divers

ificate Societa' Per Azio Ni In Sigla Fi

 

 

 

 

 

Residence :

Piazzetta

A. Sartori,

, 18

- 35137

Padova

(PD)

- IT -

 

Position

Since

Shares Amount

% Ownership

Sole partner

 

 

 

 

 

No Protests registered

 

 

Carraro

Francesco

 

 

 

Born in Campodarsego

(PD)

on 29/11/1930

- Fiscal Code : CRRFNC30S29B524U

 

 

 

Residence :

Via

San Marco

, 3832

- 30100

Venezia

(VE)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

28/06/2010

 

 

 

 

No Protests registered

 

 

Carraro

Tommaso

 

 

 

Born in Padova

(PD)

on 23/04/1966

- Fiscal Code : CRRTMS66D23G224O

 

 

 

 

Residence :

Via

Quattro Novembre

, 20

- 35123

Padova

(PD)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

28/06/2010

 

 

 

 

No Protests registered

 

 

Sammartin

Roberto

 

 

 

Born in Castelgomberto

(VI)

on 15/10/1954

- Fiscal Code : SMMRRT54R15C119T

 

 

 

Residence :

Via

Aquileia

, 4

- 35030

Selvazzano Dentro

(PD)

- IT -

 

Position

Since

Shares Amount

% Ownership

Branch agent

 

 

 

 

 

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.

 

 

CARRARO

MARIO

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

AGRITALIA S.P.A.

Rovigo (RO) - IT -

00241210293

Board Chairman

Withdrawn

Registered

ASSOCIAZIONE AMICI DELLA MUSICA

Padova (PD) - IT -

80012880284

Chairman

Active

Registered

CARRARO OMG S.P.A.

Gorizia (GO) - IT -

00051840312

Chairman

Withdrawn

Ceased

CARRARO OMG S.P.A.

Gorizia (GO) - IT -

00051840312

Managing Director

Withdrawn

Ceased

CARRARO PNH S.P.A.

Gorizia (GO) - IT -

00424790319

Director

Withdrawn

Ceased

CARRARO PNH S.P.A.

Gorizia (GO) - IT -

00424790319

Managing Director

Withdrawn

Ceased

CARRARO PNH S.P.A.

Gorizia (GO) - IT -

00424790319

Board Chairman

Withdrawn

Ceased

CARRARO S.P.A.

Campodarsego (PD) - IT -

00202040283

Director

Active

Registered

CARRARO S.P.A.

Campodarsego (PD) - IT -

00202040283

Board Chairman

Active

Registered

DODICI S.P.A.

Padova (PD) - IT -

04331200289

Sole Director

Active

Registered

FINANZIARIA ATTIVITA' INDUSTRIALI DIVERSIFICATE SOCIETA' PER AZIO NI IN SIGLA FI

Padova (PD) - IT -

02133950283

Director

-

Ceased

FINANZIARIA ATTIVITA' INDUSTRIALI DIVERSIFICATE SOCIETA' PER AZIO NI IN SIGLA FI

Padova (PD) - IT -

02133950283

Board Chairman

-

Ceased

GEFINC S.R.L.

Campodarsego (PD) - IT -

02210610289

Sole Director

Withdrawn

Ceased

M.D.P. MECCANICA DEL PIAVE S.R.L.

Longarone (BL) - IT -

00215780255

Director

Withdrawn

Ceased

MGT S.R.L.

Campodarsego (PD) - IT -

03531110264

Director

Withdrawn

Registered

MGT S.R.L.

Campodarsego (PD) - IT -

03531110264

Board Chairman

Withdrawn

Registered

SIAP S.P.A.

Maniago (PN) - IT -

00074530932

Director

Active

Registered

SIAP S.P.A.

Maniago (PN) - IT -

00074530932

Board Chairman

Active

Registered

STM S.R.L.

Maniago (PN) - IT -

01155780933

Director

Withdrawn

Ceased

STM S.R.L.

Maniago (PN) - IT -

01155780933

Board Chairman

Withdrawn

Ceased

T Q T S.R.L.

Maniago (PN) - IT -

01155790932

Managing Director

Withdrawn

Ceased

T Q T S.R.L.

Maniago (PN) - IT -

01155790932

Board Chairman

Withdrawn

Ceased

TRASTEC - SOCIETA' CONSORTILE PER AZIONI IN LIQUIDAZIONE

Padova (PD) - IT -

02129230286

Vice-Chairman

Withdrawn

Registered

TRASTEC - SOCIETA' CONSORTILE PER AZIONI IN LIQUIDAZIONE

Padova (PD) - IT -

02129230286

Director

Withdrawn

Registered

TRASTEC - SOCIETA' CONSORTILE PER AZIONI IN LIQUIDAZIONE

Padova (PD) - IT -

02129230286

Assistant board Chairman

Withdrawn

Registered

TRENTON SOCIETA' A RESPONSABILITA' LIMITATA

Frassinoro (MO) - IT -

00706270360

Director

Withdrawn

Ceased

TRENTON SOCIETA' A RESPONSABILITA' LIMITATA

Frassinoro (MO) - IT -

00706270360

Board Chairman

Withdrawn

Ceased

 

 

CARRARO

ENRICO

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

A.E. S.R.L.

Castello d'Argile (BO) - IT -

03710980966

Director

Withdrawn

Registered

A.E. S.R.L.

Castello d'Argile (BO) - IT -

03710980966

Board Chairman

Withdrawn

Registered

AE ASSEMBLAGGI EMILIANI S.R.L.

Castello d'Argile (BO) - IT -

02921911208

Sole Director

Withdrawn

Registered

ASSINDUSTRIA SPORT PADOVA - SOCIETA' SPORTIVA DILETTANTISTICA A RESPONSABILITA'

Padova (PD) - IT -

02079680282

Director

Active

Registered

AZIENDA AGRICOLA TERME EUGANEE - S.R.L.

Montegrotto Terme (PD) - IT -

01344310287

Director

Active

Registered

AZIENDA AGRICOLA TERME EUGANEE - S.R.L.

Montegrotto Terme (PD) - IT -

01344310287

Board Chairman

Active

Registered

CARRARO DRIVE TECH S.P.A.

Campodarsego (PD) - IT -

04308180282

Director

Active

Registered

CARRARO DRIVE TECH S.P.A.

Campodarsego (PD) - IT -

04308180282

Board Chairman

Active

Registered

CARRARO OMG S.P.A.

Gorizia (GO) - IT -

00051840312

Managing Director

Withdrawn

Ceased

CARRARO S.P.A.

Campodarsego (PD) - IT -

00202040283

Director

Active

Registered

CARRARO S.P.A.

Campodarsego (PD) - IT -

00202040283

Assistant board Chairman

Active

Registered

DIFFUSIONE EUROPEA S.R.L. - IN SIGLA DE S.R.L.

San Biagio di Callalta (TV) - IT -

01786870285

Director

Withdrawn

Registered

DIFFUSIONE EUROPEA S.R.L. - IN SIGLA DE S.R.L.

San Biagio di Callalta (TV) - IT -

01786870285

Managing Director

Withdrawn

Registered

DIFFUSIONE EUROPEA S.R.L. - IN SIGLA DE S.R.L.

San Biagio di Callalta (TV) - IT -

01786870285

Board Chairman

Withdrawn

Registered

ELETTRONICA SANTERNO S.P.A.

Campodarsego (PD) - IT -

03686440284

Director

Active

Registered

ELETTRONICA SANTERNO S.P.A.

Campodarsego (PD) - IT -

03686440284

Board Chairman

Active

Registered

FINANZIARIA ATTIVITA' INDUSTRIALI DIVERSIFICATE SOCIETA' PER AZIO NI IN SIGLA FI

Padova (PD) - IT -

02133950283

Director

-

Ceased

GEAR WORLD S.P.A.

Padova (PD) - IT -

04205930284

Director

Active

Registered

M. G. MINI GEARS S.P.A.

Padova (PD) - IT -

02634630244

Director

Withdrawn

Ceased

M.G. MINI GEARS S.P.A. CON SIGLA MINI GEARS S.P.A.

Padova (PD) - IT -

03839470287

Director

Active

Registered

MGT S.R.L.

Campodarsego (PD) - IT -

03531110264

Director

Withdrawn

Registered

SIAP S.P.A.

Maniago (PN) - IT -

00074530932

Director

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

Finanziaria Attivita' Industriali Divers ificate Societa' Per Azio Ni In Sigla

Padova - IT -

02133950283

 

100,00

 

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

 

since 07/05/1984

 

 

 

 

 

Via

Caltana,

, 28

- 35011

- Campodarsego

(PD)

- IT -

 

 

 

 

PHONE

: 049/9299311

 

 

 

 

FAX

: 049/9290911

 

 

 

 

Employees

: 52

 

Fittings and Equipment for a value of 750.000

Eur

 

Stocks for a value of 9.570.000

Eur

 

Furniture and fittings for a value of 28.000

Eur

 

Vehicles for a value of 10.000

Eur

 

Work in progress for a value of 6.540.000

Eur

 

 

 

Historical Information and/or Firm's Status

 

CHANGES TO THE LEGAL FORM:

 

Former legal form

New legal form

Changement Date

Limited liability company

Joint stock company

30/04/1986

 

EX-MEMBERS / EX-POSITIONS:

 

 

Callegarin

Fabio

 

 

 

Born in Padova

on 27/04/1941

- Fiscal Code : CLLFBA41D27G224F

 

 

 

Residence :

Via

Diego Valeri

, 5

- 35100

Padova

(PD)

- IT -

 

Ex-Postions

Temporary Auditor

 

 

Secchieri

Francesco

 

 

 

Born in Treviso

on 14/01/1962

- Fiscal Code : SCCFNC62A14L407H

 

 

 

Residence :

Via

Dei Giacinti

, 8/B

- 35126

Padova

(PD)

- IT -

 

Ex-Postions

Permanent Auditor

 

 

Mocellini

Angelo

 

 

 

Born in Candiana

on 01/01/1922

- Fiscal Code : MCLNGL22A01B589K

 

 

 

Residence :

Via

Umberto I

, 94

- 35122

Padova

(PD)

- IT -

 

Ex-Postions

Chairman of the Board of Aud.

 

 

Carraro

Oscar

 

 

 

Born in Campodarsego

on 24/11/1923

- Fiscal Code : CRRSCR23S24B524W

 

Ex-Postions

Chairman

 

 

Carraro

Enrico

 

 

 

Born in Padova

on 17/04/1962

- Fiscal Code : CRRNRC62D17G224N

 

 

 

Residence :

Via

San Pietro

, 41

- 35139

Padova

(PD)

- IT -

 

Ex-Postions

Managing Director

 

 

Carraro

Enrico

 

 

 

Born in Padova

on 17/04/1962

- Fiscal Code : CRRNRC62D17G224N

 

 

 

Residence :

Via

San Pietro

, 42

- 35100

Padova

(PD)

- IT -

 

Ex-Postions

Director

Managing Director

 

 

Pinato

Fabrizio

 

 

 

Born in Padova

on 20/04/1963

- Fiscal Code : PNTFRZ63D20G224O

 

 

 

Residence :

Via

Degli Agnusdei

, 1

- 35100

Padova

(PD)

- IT -

 

Ex-Postions

Temporary Auditor

 

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

 

Subject is active since 1984

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

Unstable economic results mark the company's financial state of affairs. with a profit (r.o.e. 14,42%) in the last financial year In the last financial year a drop in sales has been registered (-27,76%).

The operating result in 2010 was positive (0,11%) and in line with the sector's average.

An operating result of Eur. 23.325 has been registered. with an increase of more then 100% if the compared to the previous financial year.

During the latest financial year the gross operating margin amounted to Eur. 580.627 showing an upward trend if compared to 2009.

Financial condition is not balanced as own capitals do not cover debts, indebtedness level is in fact high (29,03) which tends upward.

The management generated equity capital for an amount of Eur. 685.675 on stable levels.

Total indebtedness was equal to Eur. 20.029.310 (Eur. 3.900 was the value of 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 but lower than the field average.

It shows a not very good liquidity level.

Trade credits average terms are slow, on average 147,94 days. and higher than the average of the sector.

During financial year 2010 the cash flow amounted to Eur. 523.603

Subordinate employment cost is of Eur. 3.730.926, i.e. 27,24% on total production costs. , whereas the incidence on sales revenues is of 34,42%.

The incidence percentage of financial charges on sales volume is equal to -1,75%.


Financial Data

 

 

Complete balance-sheet for the year

31/12/2010

(in Eur

x 1 )

 

Item Type

Value

Sales

10.840.186

Profit (Loss) for the period

98.901

 

 

 

Complete balance-sheet for the year

31/12/2009

(in Eur

x 1 )

 

Item Type

Value

Sales

15.006.146

Profit (Loss) for the period

-2.378.513

 

 

 

Complete balance-sheet for the year

31/12/2008

(in Eur

x 1 )

 

Item Type

Value

Sales

22.805.913

Profit (Loss) for the period

-240.584

 

 

 

Complete balance-sheet for the year

31/12/2007

(in Eur

x 1 )

 

Item Type

Value

Sales

7.193.785

Profit (Loss) for the period

17.670

 

 

 

Complete balance-sheet for the year

31/12/2006

(in Eur

x 1 )

 

Item Type

Value

Sales

17.366.632

Profit (Loss) for the period

132.420


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

137.036

201.445

239.628

. . Concessions,licenses,trademarks,etc.

102.030

156.683

148.715

. . Goodwill

 

 

 

. . Assets in formation and advance paymen.

 

 

 

. . Other intangible fixed assets

 

 

 

. Total Intangible Fixed Assets

239.066

358.128

388.343

. TANGIBLE FIXED ASSETS

 

 

 

. . Real estate

3.536.336

3.667.139

3.797.943

. . Plant and machinery

535.088

582.293

638.887

. . Industrial and commercial equipment

211.586

234.239

247.818

. . Other assets

287.149

347.678

426.404

. . Assets under construction and advances

7.457

1.178

 

. Total Tangible fixed assets

4.577.616

4.832.527

5.111.052

. FINANCIAL FIXED ASSETS

 

 

 

. . Equity investments

15

15

15

. . . Equity invest. in subsidiary companies

 

 

 

. . . Equity invest. in associated companies

 

 

 

. . . Equity invest. in holding companies

 

 

 

. . . Equity invest. in other companies

15

15

15

. . 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

 

 

 

. . Own shares

 

 

 

. . . Total nominal value

 

 

 

. Total financial fixed assets

15

15

15

Total fixed assets

4.816.697

5.190.670

5.499.410

CURRENT ASSETS

 

 

 

. INVENTORIES

 

 

 

. . Raw materials and other consumables

1.481.089

1.653.219

1.470.753

. . Work in progress and semimanufactured

1.538.053

1.506.201

1.428.220

. . Work in progress on order

6.537.198

4.116.427

11.886.412

. . Finished goods

16.345

11.660

43.217

. . Advance payments

 

 

 

. Total Inventories

9.572.685

7.287.507

14.828.602

. CREDITS NOT HELD AS FIXED ASSETS

 

 

 

. . Within 12 months

6.833.322

5.553.583

9.040.635

. . Beyond 12 months

201.385

207.808

201.308

. . Trade receivables

4.454.841

 

7.399.781

. . . . Within 12 months

4.454.841

 

7.399.781

. . . . Beyond 12 months

 

 

 

. . Receivables due from subsid. comp.

372.317

52.794

77.129

. . . . Within 12 months

372.317

52.794

77.129

. . . . Beyond 12 months

 

 

 

. . Receivables due from assoc. comp.

 

4.037.217

 

. . . . Within 12 months

 

4.037.217

 

. . . . Beyond 12 months

 

 

 

. . Receivables due from holding comp.

3.614

3.615

 

. . . . Within 12 months

3.614

3.615

 

. . . . Beyond 12 months

 

 

 

. . Fiscal Receivables

623.311

279.864

620.022

. . . . Within 12 months

623.311

279.864

620.022

. . . . Beyond 12 months

 

 

 

. . Receivables for anticipated taxes

907.580

972.401

872.895

. . . . Within 12 months

907.580

972.401

872.895

. . . . Beyond 12 months

 

 

 

. . Receivables due from third parties

673.044

415.500

272.116

. . . . Within 12 months

471.659

207.692

70.808

. . . . Beyond 12 months

201.385

207.808

201.308

. Total Credits not held as fixed assets

7.034.707

5.761.391

9.241.943

. 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

103.057

97.815

184.840

. . Checks

 

 

 

. . Banknotes and coins

18.385

15.553

7.891

. Total Liquid funds

121.442

113.368

192.731

Total current assets

16.728.834

13.162.266

24.263.276

ADJUSTMENT ACCOUNTS

 

 

 

. Discount on loans

 

 

 

. Other adjustment accounts

98.434

99.326

153.793

Total adjustments accounts

98.434

99.326

153.793

TOTAL ASSETS

21.643.965

18.452.262

29.916.479

 

 

 

 

LIABILITIES

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

. Capital stock

800.000

800.000

800.000

. Additional paid-in capital

 

 

 

. Revaluation reserves

2.255.785

2.255.785

2.255.785

. Legal reserve

7.504

7.504

7.504

. Reserve for Own shares

 

 

 

. Statute reserves

 

 

 

. Other reserves

142.582

142.582

142.582

. Accumulated Profits (Losses)

-2.619.097

-240.584

 

. Profit( loss) of the year

98.901

-2.378.513

-240.584

. Advances on dividends

 

 

 

. Partial loss of the year Coverage

 

 

 

Total Stockholders'Equity

685.675

586.774

2.965.287

RESERVES FOR RISKS AND CHARGES

 

 

 

. . Reserve for employee termination indem.

28.225

26.618

24.867

. . Taxation fund, also differed

 

 

 

. . Other funds

203.956

323.356

741.600

Total Reserves for Risks and Charges

232.181

349.974

766.467

Employee termination indemnities

631.298

728.013

759.417

ACCOUNTS PAYABLE

 

 

 

. . . . Within 12 months

20.025.410

16.456.724

23.870.597

. . . . Beyond 12 months

3.900

267.691

1.467.770

. . 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

10.028.845

10.308.147

12.052.996

. . . . Within 12 months

10.028.845

10.044.356

10.585.226

. . . . Beyond 12 months

 

263.791

1.467.770

. . Due to other providers of finance

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Advances from customers

6.609.732

3.084.877

7.172.740

. . . . Within 12 months

6.609.732

3.084.877

7.172.740

. . . . Beyond 12 months

 

 

 

. . Trade payables

2.455.240

 

4.971.846

. . . . Within 12 months

2.455.240

 

4.971.846

. . . . Beyond 12 months

 

 

 

. . Securities issued

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to subsidiary companies

89.761

42.963

 

. . . . Within 12 months

89.761

42.963

 

. . . . Beyond 12 months

 

 

 

. . Due to associated companies

 

2.485.288

 

. . . . Within 12 months

 

2.485.288

 

. . . . Beyond 12 months

 

 

 

. . Due to holding companies

19.131

9.085

124.297

. . . . Within 12 months

19.131

9.085

124.297

. . . . Beyond 12 months

 

 

 

. . Due to the tax authorities

311.060

223.901

287.262

. . . . Within 12 months

311.060

223.901

287.262

. . . . Beyond 12 months

 

 

 

. . Due to social security and welfare inst.

167.456

209.044

201.005

. . . . Within 12 months

167.456

209.044

201.005

. . . . Beyond 12 months

 

 

 

. . Other payables

348.085

361.110

528.221

. . . . Within 12 months

344.185

357.210

528.221

. . . . Beyond 12 months

3.900

3.900

 

Total accounts payable

20.029.310

16.724.415

25.338.367

ADJUSTMENT ACCOUNTS

 

 

 

. Agio on loans

 

 

 

. Other adjustment accounts

65.501

63.086

86.941

Total adjustment accounts

65.501

63.086

86.941

TOTAL LIABILITIES

21.643.965

18.452.262

29.916.479

 

 

 

 

 

 

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

10.840.186

15.006.146

22.805.913

. Changes in work in progress

36.538

46.424

496.765

. Changes in semi-manufact. products

2.420.772

-7.769.984

-1.662.445

. Capitalization of internal work

5.736

 

2.649

. Other income and revenues

417.162

43.161

95.788

. . Contributions for operating expenses

376.731

 

 

. . Different income and revenues

40.431

43.161

95.788

Total value of production

13.720.394

7.325.747

21.738.670

PRODUCTION COSTS

 

 

 

. Raw material,other materials and consum.

6.791.164

3.758.791

12.620.128

. Services received

2.307.333

1.981.975

3.364.438

. Leases and rentals

88.434

108.190

103.374

. Payroll and related costs

3.730.926

3.450.271

4.717.589

. . Wages and salaries

2.373.342

2.384.297

3.264.036

. . Social security contributions

796.677

798.661

1.051.425

. . Employee termination indemnities

470.012

202.156

211.094

. . Pension and similar

 

 

 

. . Other costs

90.895

65.157

191.034

. Amortization and depreciation

424.702

419.963

485.191

. . Amortization of intangible fixed assets

126.062

117.341

94.739

. . Amortization of tangible fixed assets

298.640

302.622

200.452

. . Depreciation of tangible fixed assets

 

 

 

. . Writedown of current receiv.and of liquid

 

 

190.000

. Changes in raw materials

172.130

-182.466

-202.313

. Provisions to risk reserves

 

23.500

100.000

. Other provisions

132.600

72.000

210.000

. Other operating costs

49.780

37.169

38.651

Total production costs

13.697.069

9.669.393

21.437.058

Diff. between value and cost of product.

23.325

-2.343.646

301.612

FINANCIAL INCOME AND EXPENSE

 

 

 

. Income from equity investments

 

 

 

. . In subsidiary companies

 

 

 

. . In associated companies

 

 

 

. . In other companies

 

 

 

. Other financial income

173

3.887

11.496

. . 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

173

3.887

 

. . . - Subsidiary companies

 

 

 

. . . - Associated companies

 

 

 

. . . - Holding companies

 

 

 

. . . - Other companies

 

 

 

. Interest and other financial expense

-189.622

-295.489

-558.490

. . Towards subsidiary companies

 

 

 

. . Towards associated companies

 

 

 

. . Towards holding companies

 

 

 

. . Towards other companies

 

 

 

Total financial income and expense

-189.449

-291.602

-546.994

ADJUSTMENTS TO FINANCIAL ASSETS

 

 

 

. Revaluations

 

 

 

. . Of equity investments

 

 

 

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

 

 

 

. . Of securities incl.among current assets

 

 

 

. Devaluation

 

-56.530

-119.975

. . Of equity investments

 

-56.530

-119.975

. . Of financial fixed assets (no equity inv)

 

 

 

. . Of securities included among current ass

 

 

 

Total adjustments to financial assets

 

-56.530

-119.975

EXTRAORDINARY INCOME AND EXPENSE

 

 

 

. Extraordinary income

614.937

340.972

101.539

. . Gains on disposals

 

 

 

. . Other extraordinary income

614.937

340.972

101.539

. Extraordinary expense

-143.686

-117.981

-12.329

. . Losses on disposals

 

 

 

. . Taxes relating to prior years

 

 

 

. . Other extraordinary expense

-143.686

-117.981

-12.329

Total extraordinary income and expense

471.251

222.991

89.210

Results before income taxes

305.127

-2.468.787

-276.147

. Taxes on current income

206.226

-90.274

-35.563

. . current taxes

141.405

-5.763

421.468

. . differed taxes(anticip.)

64.821

-84.511

-457.031

. Net income for the period

98.901

-2.378.513

-240.584

. Adjustments in tax regulations pursuance

 

 

 

. Provisions in tax regulations pursuance

 

 

 

. Profit (loss) of the year

98.901

-2.378.513

-240.584

 

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

0,22

0,28

0,18

0,17

Elasticity Ratio

Units

0,77

0,71

0,81

0,80

Availability of stock

Units

0,44

0,39

0,50

0,27

Total Liquidity Ratio

Units

0,33

0,32

0,32

0,50

Quick Ratio

Units

0,01

0,01

0,01

0,03

COMPOSITION ON SOURCE

 

 

 

 

 

Net Short-term indebtedness

Units

29,03

27,85

7,99

3,14

Self Financing Ratio

Units

0,03

0,03

0,10

0,19

Capital protection Ratio

Units

- 0,31

3,69

0,81

0,68

Liabilities consolidation quotient

Units

0,03

0,06

0,09

0,18

Financing

Units

29,21

28,50

8,54

3,79

Permanent Indebtedness Ratio

Units

0,06

0,09

0,17

0,34

M/L term Debts Ratio

Units

0,03

0,05

0,07

0,09

Net Financial Indebtedness Ratio

Units

14,45

17,37

4,00

0,77

CORRELATION

 

 

 

 

 

Fixed assets ratio

Units

0,27

0,30

0,94

1,75

Current ratio

Units

0,84

0,80

1,02

1,23

Acid Test Ratio-Liquidity Ratio

Units

0,36

0,36

0,40

0,78

Structure's primary quotient

Units

0,14

0,11

0,54

1,04

Treasury's primary quotient

Units

0,01

0,01

0,01

0,05

Rate of indebtedness ( Leverage )

%

3.156,59

3.144,70

1.008,89

518,96

Current Capital ( net )

Value

-3.296.576

-3.294.458

392.679

406.983

RETURN

 

 

 

 

 

Return on Sales

%

4,83

- 13,05

1,07

3,69

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

%

14,42

- 405,35

- 8,11

5,16

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

%

44,50

- 420,74

- 9,31

17,72

Return on Investment ( R.O.I. )

%

0,11

- 12,70

1,01

3,94

Return/ Sales

%

0,22

- 15,62

1,32

4,48

Extra Management revenues/charges incid.

%

424,01

n.c.

- 79,77

26,52

Cash Flow

Value

523.603

-1.958.550

244.607

142.024

Operating Profit

Value

23.325

-2.343.646

301.612

126.602

Gross Operating Margin

Value

580.627

-1.828.183

1.096.803

241.461

MANAGEMENT

 

 

 

 

 

Credits to clients average term

Days

147,94

n.c.

116,81

116,01

Debts to suppliers average term

Days

100,48

156,17

114,04

127,79

Average stock waiting period

Days

317,91

174,83

234,08

96,89

Rate of capital employed return ( Turnover )

Units

0,50

0,81

0,76

1,03

Rate of stock return

Units

1,13

2,06

1,54

3,58

Labour cost incidence

%

34,42

22,99

20,69

21,20

Net financial revenues/ charges incidence

%

- 1,75

- 1,94

- 2,40

- 1,00

Labour cost on purchasing expenses

%

27,24

35,68

22,01

20,95

Short-term financing charges

%

0,95

1,77

2,20

2,70

Capital on hand

%

199,66

122,96

131,18

96,90

Sales pro employee

Value

208.465

217.480

316.748

191.520

Labour cost pro employee

Value

71.748

50.003

65.522

39.641

 

 

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:

 

70.000Eur.

 

Market / Territory Data

 

Population living in the province

:

882.779

Population living in the region

:

4.699.950

Number of families in the region

:

1.813.210

 

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

 

- per food products

:

456

- per non food products

:

2.052

- per energy consume

:

127

 

Sector Data

 

The values are calculated on a base of 45 significant companies.

 

The companies cash their credits on an average of 116 dd.

The average duration of suppliers debts is about 127 dd.

The sector's profitability is on an average of 3,69%.

The labour cost affects the turnover in the measure of 21,20%.

Goods are held in stock in a range of 96 dd.

The difference between the sales volume and the resources used to realize it is about 1,03.

The employees costs represent the 20,95% of the production costs.

 

Statistical Detrimental Data

 

The area is statistically considered moderately risky.

In the region 13.782 protested subjects are found; in the province they count to 2.646.

The insolvency index for the region is 0,30, , while for the province it is 0,30.

Total Bankrupt companies in the province : 3.821.

Total Bankrupt companies in the region : 16.714.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.72

UK Pound

1

Rs.82.71

Euro

1

Rs.68.90

 

 

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.