MIRA INFORM REPORT

 

 

Report Date :

21.01.2011

 

IDENTIFICATION DETAILS

 

Name :

FRATELLI PAGANI S.P.A. 

 

 

Registered Office :

Via Ennio, 20,

20100 – Milano (MI)       

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

12.03.1935

 

 

Com. Reg. No.:

MI146-202618 since 19/02/1996

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of condiments and spices

 

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 :

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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 

 

Fratelli Pagani S.p.a.

 

Via Ennio,         20

 

20100 - Milano (MI) -IT-

 

 

Summary

 

Fiscal Code

:

00709190151

Legal Form

:

Joint stock company

start of Activities

:

12/03/1935

Equity

:

Over 2.582.254 Eur

Turnover Range

:

15.500.000/18.000.000 Eur

Number of Employees

:

from 36 to 50

 

 

Credit Analysis

 

Credit Opinion

:

300.000 - Eur

 

 

Highlights

 

Subject company is mainly engaged in the wholesale of ingredients and flavours for

 

the food industry (production of salami and sausages).

 

Activity

 

Manufacture of condiments and spices

 

Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 00709190151

 

Foreign Trade Reg. no. : MI175766 since 04/12/1992

 

Foreign Trade Reg. no. : 175766 of Milano since 04/12/1992

 

Chamber of Commerce no. : 227874 of Milano since 12/03/1935

 

Firms' Register : MI146-202618 since 19/02/1996

 

V.A.T. Code : 00709190151

 

Tribunal Co. Register : 202618 of Milano since 28/03/1986

 

Foundation date

: 12/03/1935

Establishment date

: 03/03/1986

Start of Activities

: 12/03/1935

Legal duration

: 31/12/2100

Nominal Capital

: 338.000

Eur

Subscribed Capital

: 338.000

Eur

Paid up Capital

: 338.000

Eur

 

Members

 

Cardazzi

Marco Renato

 

 

 

Born in Milano

(MI)

on 18/12/1959

- Fiscal Code : CRDMCR59T18F205M

 

 

 

Residence :

Via

Della Braida

, 10

- 20122

Milano

(MI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

25/04/1981

 

 

 

26/04/2010

 

 

 

No Protests registered.

 

 

Faletti

Fiorenzo

 

 

Born in Savona

(SV)

on 04/11/1950

- Fiscal Code : FLTFNZ50S04I480S

 

 

 

Residence :

Via

Kennedy

, 75

- 20027

Rescaldina

(MI)

- IT -

 

Position

Since

Shares Amount

% Ownership

 

05/05/2010

 

 

 

No Protests registered.

 

 

Massironi

Laura

 

 

 

Born in Milano

(MI)

on 30/08/1965

- Fiscal Code : MSSLRA65M70F205G

 

 

 

Residence :

Via

Pirandello Luigi

, 21

- 20144

Milano

(MI)

- IT -

 

Position

Since

Shares Amount

% Ownership

 

05/05/2010

 

 

 

 

Cardazzi

Francesco

 

 

 

Born in Milano

(MI)

on 26/01/1967

- Fiscal Code : CRDFNC67A26F205P

 

 

 

Residence :

Via

Sauli Sant'alessandro

, 9

- 20127

Milano

(MI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Managing Director

25/06/2010

 

 

 

26/04/2010

 

 

 

No Protests registered.

 

 

Beltrame

Guido

 

 

 

Born in Milano

(MI)

on 20/02/1963

- Fiscal Code : BLTGDU63B20F205Y

 

 

 

Residence :

Corso

Indipendenza

, 5

- 20100

Milano

(MI)

- IT -

 

Position

Since

Shares Amount

% Ownership

 

05/05/2010

 

 

 

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.

 

 

CARDAZZI

MARCO RENATO

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

MONDIAL BUDELLA S.R.L.

Milano (MI) - IT -

11247910158

Director

Withdrawn

Ceased

 

 

CARDAZZI

FRANCESCO

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

TALENTA MART S.R.L.

Milano (MI) - IT -

04580120964

Director

Withdrawn

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

Unione Fiduciaria S.p.a. Fiduciaria e Servizi Delle Banche Popolari

Milano - IT -

01513210151

202.800 .Eur

60,00

Cardazzi Marco Renato

Milano - IT -

CRDMCR59T18F205M

67.600 .Eur

20,00

Cardazzi Francesco

Milano - IT -

CRDFNC67A26F205P

67.600 .Eur

20,00

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

 

 

 

 

 

 

Via

Ennio

, 20

- 20100

- Milano

(MI)

- IT -

 

 

 

 

PHONE

: 02/5450344

 

 

 

 

PHONE

: 02/5456785

 

 

 

 

FAX

: 02/5191476

 

-

Branch

(Store )

since 01/01/2000

 

 

 

 

 

Via

Fantoli Gaudenzio

, 15

- 20100

- Milano

(MI)

- IT -

 

 

 

 

PHONE

: 02/5456785

 

 

 

 

Employees

: 42

 

Fittings and Equipment for a value of 650.000

Eur

 

Stocks for a value of 1.530.000

Eur

 

Export represents from 20% to 50% of the global turnover.

 

 

Historical Information and/or Firm's Status

 

CHANGES TO THE LEGAL FORM:

 

Former legal form

New legal form

Changement Date

General partnership

Limited liability company

03/03/1986

 

COMPANY STYLE MODIFICATIONS:

 

Former Style

New Style

Changement Date

Pagani Fratelli di G.Cardazzi e C.

 

03/03/1986

 

 

EX-MEMBERS / EX-POSITIONS:

 

 

Cardazzi

Marco Renato

 

 

 

Born in Milano

on 18/12/1959

- Fiscal Code : CRDMCR59T18F205M

 

 

 

Residence :

Via

Della Braida

, 10

- 20122

Milano

(MI)

- IT -

 

Ex-Postions

Director

Sole Director

Board Chairman

 

 

Agogliati

Arcangelo

 

 

 

Born in Piacenza

on 22/04/1963

- Fiscal Code : GGLRNG63D22G535F

 

 

 

Residence :

Via

Salsominore

, 1

- 29024

Ferriere

(PC)

- IT -

 

Ex-Postions

Temporary Auditor

 

 

Faletti

Fiorenzo

 

 

 

Born in Savona

on 04/11/1950

- Fiscal Code : FLTFNZ50S04I480S

 

 

 

Residence :

Via

Kennedy

, 75

- 20027

Rescaldina

(MI)

- IT -

 

Ex-Postions

Temporary Auditor

 

 

Filippini

Luigi Carlo

 

 

 

Born in Gallarate

on 15/06/1962

- Fiscal Code : FLPLCR62H15D869B

 

 

 

Residence :

Largo

Donegani

, 2

- 20121

Milano

(MI)

- IT -

 

Ex-Postions

Permanent Auditor

 

 

Carbone

Pietro

 

 

 

Born in Catania

on 11/02/1962

- Fiscal Code : CRBPTR62B11C351W

 

 

 

Residence :

Via

Adige

, 20

- 20100

Milano

(MI)

- IT -

 

Ex-Postions

Permanent Auditor

 

 

Colombo

Angelo

 

 

 

Born in LEGNANO

on 18/04/1957

- Fiscal Code : CLMNGL57D18E514R

 

 

 

Residence :

Largo

Donegani

, 2

- 20100

Milano

(MI)

- IT -

 

Ex-Postions

Chairman of the Board of Aud.

 

 

Cardazzi

Giovanni

 

 

 

Born in Milano

on 09/11/1932

- Fiscal Code : CRDGNN32S09F205D

 

Ex-Postions

Procurator

 

 

Pagani

Olga

 

 

 

Born in Milano

on 04/12/1909

- Fiscal Code : PGNLGO09T44F205Z

 

 

Residence :

Viale

Monza

, 0030

- 20100

Milano

(MI)

- IT -

 

Ex-Postions

Procurator

 

 

Cardazzi

Francesco

 

 

 

Born in Milano

on 26/01/1967

- Fiscal Code : CRDFNC67A26F205P

 

 

 

Residence :

Via

Sauli Sant'alessandro

, 9

- 20127

Milano

(MI)

- IT -

 

Ex-Postions

Managing Director

Director

 

 

Euro Mediolanum Audit S.r.l.

 

 

- Fiscal Code : 12931920156

 

 

 

Residence :

Via

Visconti Di Modrone Uberto

, 2

- 20122

Milano

(MI)

- IT -

 

Ex-Postions

 

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.

 

Immovables *

 

*Subject to survey.

 

Immovable Type

Value

Real estates

125.792 - Eur

 

NB.: For Capital Companies the value of the Immovables is the one reported in the latest available financial documents.

 

Financial and Economical Analysis

 

Company's starting of activities dates back to 1935.

The eonomic-financial analysis is based on the latest 3 b/s.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 24,87% in 2009 with a stable trend in the turnover.

The return on Investment in the last financial year was positive (15,64%) and in line with the sector's average.

The amount of the operating result is equal to Eur. 1.522.753 ,showing stability in respect to the value of 2008.

The gross operating margin of the latest financial year is of Eur. 2.099.165 ,with no change if compared to the year before.

The financial status of the company is fairly balanced with an indebtedness level of 1,11 with an improving trend as on the decrease.

It's shareholders funds amount to Eur. 3.393.950 , rising by 33,1%.

Total debts recorded amounted to Eur. 5.500.833 (Eur. 1.394.006 of which were m/l term debts) , with no sensible variation.

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

Payments are supported by good current assets.

Accounts receivable average term is high (109,6 days). within the average values of the sector.

Eur. 1.419.968 is the value of cash flow during the year 2009

During 2009 financial year labour costs amounted to Eur. 1.808.098, with a 12,26% incidence on production costs. , with a 11,1% incidence on turnover.

Financial charges have a limited incidence (-0,72%) on sales volume.


Financial Data

 

 

Complete balance-sheet for the year

31/12/2009

(in Eur

x 1 )

 

Item Type

Value

Sales

16.292.634

Profit (Loss) for the period

844.054

 

 

 

Complete balance-sheet for the year

31/12/2008

(in Eur

x 1 )

 

Item Type

Value

Sales

15.732.231

Profit (Loss) for the period

1.062.075

 

 

 

Complete balance-sheet for the year

31/12/2007

(in Eur

x 1 )

 

Item Type

Value

Sales

14.364.306

Profit (Loss) for the period

671.778

 

 

 

Complete balance-sheet for the year

31/12/2006

(in Eur

x 1 )

 

Item Type

Value

Sales

10.191.748

Profit (Loss) for the period

426.838

 

 

 

Complete balance-sheet for the year

31/12/2005

(in Eur

x 1 )

 

Item Type

Value

Sales

9.517.967

Profit (Loss) for the period

296.576


Balance Sheets

 

 

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

 

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

 

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

 

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

 

Years

2009

2008

2007

BALANCE SHEET ACCOUNTS

 

ASSETS

 

 

 

CREDITS VS PARTNERS

 

 

 

. Deposits not yet withdrawn

 

 

 

. Deposits already withdrawn

 

 

 

Total credits vs partners

 

 

 

FIXED ASSETS

 

 

 

. INTANGIBLE FIXED ASSETS

 

 

 

. . Start-up and expansion expenses

10.142

15.212

20.623

. . Research,develop. and advert.expens.

 

 

 

. . Industrial patent rights

19.931

3.167

1.333

. . Concessions,licenses,trademarks,etc.

20.000

30.000

40.000

. . Goodwill

180.000

270.000

360.000

. . Assets in formation and advance paymen.

 

 

 

. . Other intangible fixed assets

196.438

204.230

119.069

. Total Intangible Fixed Assets

426.511

522.609

541.025

. TANGIBLE FIXED ASSETS

 

 

 

. . Real estate

120.176

125.792

45.098

. . Plant and machinery

543.786

384.977

276.299

. . Industrial and commercial equipment

107.050

92.039

53.865

. . Other assets

88.383

91.280

46.154

. . Assets under construction and advances

 

 

 

. Total Tangible fixed assets

859.395

694.088

421.416

. FINANCIAL FIXED ASSETS

 

 

 

. . Equity investments

10.935

10.935

10.935

. . . Equity invest. in subsidiary companies

10.920

10.920

10.920

. . . Equity invest. in associated companies

 

 

 

. . . Equity invest. in holding companies

 

 

 

. . . Equity invest. in other companies

15

15

15

. . Financial receivables

128.933

128.933

117.876

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

128.933

128.933

117.876

. . . Receivab due from subsidiaries

128.933

128.933

117.876

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

128.933

128.933

117.876

. . . 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

139.868

139.868

128.811

Total fixed assets

1.425.774

1.356.565

1.091.252

CURRENT ASSETS

 

 

 

. INVENTORIES

 

 

 

. . Raw materials and other consumables

677.216

752.023

 

. . Work in progress and semimanufactured

 

 

 

. . Work in progress on order

 

 

 

. . Finished goods

847.861

1.079.003

1.022.947

. . Advance payments

 

 

 

. Total Inventories

1.525.077

1.831.026

1.022.947

. CREDITS NOT HELD AS FIXED ASSETS

 

 

 

. . Within 12 months

6.281.588

6.208.049

5.334.944

. . Beyond 12 months

129.661

110.599

210.911

. . Trade receivables

4.960.055

4.686.224

4.432.033

. . . . Within 12 months

4.960.055

4.686.224

4.310.838

. . . . Beyond 12 months

 

 

121.195

. . Receivables due from subsid. comp.

1.133.108

1.381.520

928.192

. . . . Within 12 months

1.133.108

1.381.520

928.192

. . . . 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

26.083

41.980

 

. . . . Within 12 months

26.083

31.980

 

. . . . Beyond 12 months

 

10.000

 

. . Receivables for anticipated taxes

192.133

124.676

116.773

. . . . Within 12 months

63.392

24.997

33.318

. . . . Beyond 12 months

128.741

99.679

83.455

. . Receivables due from third parties

99.870

84.248

68.857

. . . . Within 12 months

98.950

83.328

62.596

. . . . Beyond 12 months

920

920

6.261

. Total Credits not held as fixed assets

6.411.249

6.318.648

5.545.855

. 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

300.714

 

91.467

. . Checks

45.357

66.109

46.995

. . Banknotes and coins

2.844

8.361

2.492

. Total Liquid funds

348.915

74.470

140.954

Total current assets

8.285.241

8.224.144

6.709.756

ADJUSTMENT ACCOUNTS

 

 

 

. Discount on loans

 

 

 

. Other adjustment accounts

23.681

42.651

30.423

Total adjustments accounts

23.681

42.651

30.423

TOTAL ASSETS

9.734.696

9.623.360

7.831.431

 

 

 

 

LIABILITIES

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

. Capital stock

338.000

338.000

338.000

. Additional paid-in capital

 

 

 

. Revaluation reserves

 

 

 

. Legal reserve

67.600

67.600

67.600

. Reserve for Own shares

 

 

 

. Statute reserves

 

 

 

. Other reserves

1

1

-2

. Accumulated Profits (Losses)

2.144.295

1.082.219

1.385.441

. Profit( loss) of the year

844.054

1.062.075

671.778

. Advances on dividends

 

 

 

. Partial loss of the year Coverage

 

 

 

Total Stockholders'Equity

3.393.950

2.549.895

2.462.817

RESERVES FOR RISKS AND CHARGES

 

 

 

. . Reserve for employee termination indem.

590.613

508.530

431.410

. . Taxation fund, also differed

 

3.678

 

. . Other funds

 

 

31.150

Total Reserves for Risks and Charges

590.613

512.208

462.560

Employee termination indemnities

240.335

208.488

159.508

ACCOUNTS PAYABLE

 

 

 

. . . . Within 12 months

4.106.827

5.366.966

4.123.171

. . . . Beyond 12 months

1.394.006

981.155

623.375

. . Bonds

 

 

304.125

. . . . Within 12 months

 

 

304.125

. . . . 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

3.028.542

4.048.786

2.194.065

. . . . Within 12 months

1.634.536

3.067.631

1.570.690

. . . . Beyond 12 months

1.394.006

981.155

623.375

. . Due to other providers of finance

14.000

 

 

. . . . Within 12 months

14.000

 

 

. . . . Beyond 12 months

 

 

 

. . Advances from customers

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Trade payables

1.913.023

1.846.017

1.455.515

. . . . Within 12 months

1.913.023

1.846.017

1.455.515

. . . . 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

137.935

126.206

281.736

. . . . Within 12 months

137.935

126.206

281.736

. . . . Beyond 12 months

 

 

 

. . Due to social security and welfare inst.

168.133

134.149

114.697

. . . . Within 12 months

168.133

134.149

114.697

. . . . Beyond 12 months

 

 

 

. . Other payables

239.200

192.963

396.408

. . . . Within 12 months

239.200

192.963

396.408

. . . . Beyond 12 months

 

 

 

Total accounts payable

5.500.833

6.348.121

4.746.546

ADJUSTMENT ACCOUNTS

 

 

 

. Agio on loans

 

 

 

. Other adjustment accounts

8.965

4.648

 

Total adjustment accounts

8.965

4.648

 

TOTAL LIABILITIES

9.734.696

9.623.360

7.831.431

 

 

 

 

 

 

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

16.292.634

15.732.231

14.364.306

. Changes in work in progress

-132.501

480.088

-187.514

. Changes in semi-manufact. products

 

 

 

. Capitalization of internal work

 

 

 

. Other income and revenues

114.455

42.838

57.655

. . Contributions for operating expenses

 

 

 

. . Different income and revenues

114.455

42.838

57.655

Total value of production

16.274.588

16.255.157

14.234.447

PRODUCTION COSTS

 

 

 

. Raw material,other materials and consum.

7.996.876

8.967.805

7.788.911

. Services received

3.781.446

3.399.923

2.988.692

. Leases and rentals

342.717

320.503

283.741

. Payroll and related costs

1.808.098

1.575.526

1.267.755

. . Wages and salaries

1.268.161

1.114.759

913.218

. . Social security contributions

457.791

384.010

294.884

. . Employee termination indemnities

77.103

70.812

56.875

. . Pension and similar

 

 

 

. . Other costs

5.043

5.945

2.778

. Amortization and depreciation

575.914

453.408

507.743

. . Amortization of intangible fixed assets

200.511

186.040

158.237

. . Amortization of tangible fixed assets

206.176

171.724

229.506

. . Depreciation of tangible fixed assets

 

 

 

. . Writedown of current receiv.and of liquid

169.227

95.644

120.000

. Changes in raw materials

114.619

-327.992

 

. Provisions to risk reserves

 

 

 

. Other provisions

49.832

44.870

38.572

. Other operating costs

82.333

70.976

50.386

Total production costs

14.751.835

14.505.019

12.925.800

Diff. between value and cost of product.

1.522.753

1.750.138

1.308.647

FINANCIAL INCOME AND EXPENSE

 

 

 

. Income from equity investments

 

15.270

28.543

. . In subsidiary companies

 

 

 

. . In associated companies

 

 

 

. . In other companies

 

 

 

. Other financial income

14.541

22.821

14.733

. . 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

14.541

22.821

14.733

. . . - Subsidiary companies

 

 

 

. . . - Associated companies

 

 

 

. . . - Holding companies

 

 

 

. . . - Other companies

 

 

 

. Interest and other financial expense

-132.045

-169.105

-143.611

. . Towards subsidiary companies

 

 

 

. . Towards associated companies

 

 

 

. . Towards holding companies

 

 

 

. . Towards other companies

22.174

10.436

 

Total financial income and expense

-117.504

-131.014

-100.335

ADJUSTMENTS TO FINANCIAL ASSETS

 

 

 

. Revaluations

 

 

 

. . Of equity investments

 

 

 

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

 

 

 

. . Of securities incl.among current assets

 

 

 

. Devaluation

 

 

 

. . Of equity investments

 

 

 

. . Of financial fixed assets (no equity inv)

 

 

 

. . Of securities included among current ass

 

 

 

Total adjustments to financial assets

 

 

 

EXTRAORDINARY INCOME AND EXPENSE

 

 

 

. Extraordinary income

 

-1

7.552

. . Gains on disposals

 

 

 

. . Other extraordinary income

 

-1

7.552

. Extraordinary expense

-69.472

-11.708

 

. . Losses on disposals

 

 

 

. . Taxes relating to prior years

 

 

 

. . Other extraordinary expense

-69.472

-11.708

 

Total extraordinary income and expense

-69.472

-11.709

7.552

Results before income taxes

1.335.777

1.607.415

1.215.864

. Taxes on current income

491.723

545.340

544.086

. . current taxes

552.858

569.565

579.813

. . differed taxes(anticip.)

-61.135

-24.225

-35.727

. Net income for the period

844.054

1.062.075

671.778

. Adjustments in tax regulations pursuance

 

 

 

. Provisions in tax regulations pursuance

 

 

 

. Profit (loss) of the year

844.054

1.062.075

671.778

 

RATIOS

Value Type

as at 31/12/2009

as at 31/12/2008

as at 31/12/2007

Sector Average

COMPOSITION ON INVESTMENT

 

 

 

 

 

Rigidity Ratio

Units

0,15

0,14

0,13

0,32

Elasticity Ratio

Units

0,85

0,85

0,85

0,66

Availability of stock

Units

0,16

0,19

0,13

0,12

Total Liquidity Ratio

Units

0,69

0,66

0,72

0,49

Quick Ratio

Units

0,04

0,01

0,01

0,02

COMPOSITION ON SOURCE

 

 

 

 

 

Net Short-term indebtedness

Units

1,11

2,08

1,61

1,93

Self Financing Ratio

Units

0,35

0,26

0,31

0,24

Capital protection Ratio

Units

0,65

0,45

0,58

0,67

Liabilities consolidation quotient

Units

0,40

0,22

0,18

0,27

Financing

Units

1,62

2,49

1,92

2,70

Permanent Indebtedness Ratio

Units

0,52

0,39

0,41

0,47

M/L term Debts Ratio

Units

0,17

0,12

0,09

0,12

Net Financial Indebtedness Ratio

Units

0,79

1,56

0,95

0,66

CORRELATION

 

 

 

 

 

Fixed assets ratio

Units

3,53

2,76

2,97

1,40

Current ratio

Units

2,02

1,53

1,62

1,27

Acid Test Ratio-Liquidity Ratio

Units

1,65

1,19

1,37

0,96

Structure's primary quotient

Units

2,38

1,88

2,25

0,79

Treasury's primary quotient

Units

0,08

0,01

0,03

0,05

Rate of indebtedness ( Leverage )

%

286,82

377,40

317,98

410,47

Current Capital ( net )

Value

4.178.414

2.857.178

2.586.585

287.253

RETURN

 

 

 

 

 

Return on Sales

%

8,72

9,63

8,21

6,55

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

%

24,87

41,65

27,27

6,19

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

%

39,36

63,04

49,36

16,19

Return on Investment ( R.O.I. )

%

15,64

18,19

16,71

5,57

Return/ Sales

%

9,35

11,12

9,11

5,01

Extra Management revenues/charges incid.

%

55,43

60,69

51,33

33,92

Cash Flow

Value

1.419.968

1.515.483

1.179.521

205.978

Operating Profit

Value

1.522.753

1.750.138

1.308.647

159.045

Gross Operating Margin

Value

2.099.165

2.203.994

1.816.775

345.588

MANAGEMENT

 

 

 

 

 

Credits to clients average term

Days

109,60

107,23

134,31

124,92

Debts to suppliers average term

Days

56,82

52,38

47,34

152,52

Average stock waiting period

Days

33,70

41,90

25,63

43,00

Rate of capital employed return ( Turnover )

Units

1,67

1,63

1,83

1,03

Rate of stock return

Units

10,68

8,59

14,04

8,36

Labour cost incidence

%

11,10

10,01

8,82

14,18

Net financial revenues/ charges incidence

%

- 0,72

- 0,83

- 0,69

- 1,22

Labour cost on purchasing expenses

%

12,26

10,86

9,80

14,83

Short-term financing charges

%

2,40

2,66

3,02

2,70

Capital on hand

%

59,75

61,17

54,52

96,10

Sales pro employee

Value

397.381

403.390

399.008

243.393

Labour cost pro employee

Value

44.099

40.398

35.215

34.271

 

 

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 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 335 significant companies.

The companies cash their credits on an average of 124 dd.

The average duration of suppliers debts is about 152 dd.

The sector's profitability is on an average of 6,55%.

The labour cost affects the turnover in the measure of 14,18%.

Goods are held in stock in a range of 43 dd.

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

The employees costs represent the 14,83% 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.45.58

UK Pound

1

Rs.72.73

Euro

1

Rs.61.45

 

 

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

 

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.