MIRA INFORM REPORT

 

 

Report Date :           

09.07.2011

 

IDENTIFICATION DETAILS

 

Name :

CORTINOVIS MACHINERY S.P.A.

 

 

Registered Office :

Via Leonardo Da Vinci,  28,

24030 – Valbrembo (BG)           

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

11.01.2007

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture of metal forming machinery

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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 

 Bottom of Form

 

Cortinovis Machinery S.p.a.

 

Via Leonardo Da Vinci,  28

 

24030 - Valbrembo (BG) -IT-

 

 

Summary

 

Fiscal Code

:

03362400164

Legal Form

:

Joint stock company

start of Activities

:

30/01/2007

Equity

:

Over 2.582.254 Eur

Turnover Range

:

20.000.000/25.000.000 Eur

Number of Employees

:

from 91 to 110

 

 

Credit Analysis

 

Credit Opinion

:

70.000 - Eur

 

Activity

 

Manufacture of metal forming machinery

Manufacture of machinery for metallurgy

 

Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 03362400164

 

Foreign Trade Reg. no. : BG064502 since 11/04/2007

 

Chamber of Commerce no. : 371832 of Bergamo since 22/01/2007

 

V.A.T. Code : 03362400164

 

Establishment date

: 11/01/2007

Start of Activities

: 30/01/2007

Legal duration

: 31/12/2050

Nominal Capital

: 3.000.000

Eur

Subscribed Capital

: 3.000.000

Eur

Paid up Capital

: 3.000.000

Eur

 

Members

 

 

Pianca

Alessandro

 

 

 

Born in Vittorio Veneto

(TV)

on 29/04/1963

- Fiscal Code : PNCLSN63D29M089R

 

 

 

Residence :

Via

Malignani

, 14

- 33040

Attimis

(UD)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

31/05/2010

 

 

Attorney with special power

10/07/2009

 

 

 

 

No Protests registered

 

 

Minozzi

Roberto

 

 

 

Born in Udine

(UD)

on 31/07/1955

- Fiscal Code : MNZRRT55L31L483C

 

 

 

Residence :

Via

Anna MurattiMoretti

, 7/01

- 33100

Udine

(UD)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

31/05/2010

 

 

Board Chairman

31/05/2010

 

 

 

 

No Protests registered

 

 

Poli

Corrado Alessandro

 

 

 

Born in Milano

(MI)

on 25/07/1963

- Fiscal Code : PLOCRD63L25F205U

 

 

 

Residence :

Via

Fontanelle N.

, 1

- 22070

Fenegro'

(CO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Attorney with special power

06/03/2007

 

 

 

 

No Protests registered

 

 

Scilipoti

Salvatore

 

 

 

Born in Reana del Roiale

(UD)

on 22/09/1962

- Fiscal Code : SCLSVT62P22H206P

 

 

 

Residence :

Via

BorgoAgosto

, 51

- 33010

Reana del Roiale

(UD)

- IT -

 

Position

Since

Shares Amount

% Ownership

Attorney with special power

29/03/2010

 

 

 

 

No Protests registered

 

 

Railz

Renato

 

 

 

Born in Povoletto

(UD)

on 12/08/1949

- Fiscal Code : RLZRNT49M12G949K

 

 

Residence :

Via

Pigozzi

, 2

- 33100

Udine

(UD)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

31/05/2010

 

 

 

 

No Protests registered

 

 

Camparada

Andrea

 

 

 

Born in Monza

(MB)

on 22/09/1955

- Fiscal Code : CMPNDR55P22F704M

 

 

 

Residence :

Via

Del Ravone

, 12

- 40100

Bologna

(BO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

31/05/2010

 

 

 

 

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.

 

 

PIANCA

ALESSANDRO

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

ALFA SISTEMI S.R.L.

Udine (UD) - IT -

01884350305

Director

Withdrawn

Registered

BIANCHI 1770 S.R.L.

Conegliano (TV) - IT -

03315830269

Attorney with special power

Withdrawn

Registered

COBRA SPA

Padova (PD) - IT -

03450680289

Procurator

Withdrawn

Ceased

CORBELLINI S.P.A. - SISTEMI E COMPONENTI ANTIUSURA

Gorizia (GO) - IT -

01284290309

Director

Active

Registered

CORBELLINI S.P.A. - SISTEMI E COMPONENTI ANTIUSURA

Gorizia (GO) - IT -

01284290309

Attorney with special power

Active

Registered

EUROLLS CARBIDE S.P.A.

Attimis (UD) - IT -

02406060307

Director

Withdrawn

Registered

EUROLLS CARBIDE S.P.A.

Attimis (UD) - IT -

02406060307

Attorney with special power

Active

Registered

EUROLLS SPA

Attimis (UD) - IT -

02314240306

Director

Active

Registered

EUROLLS SPA

Attimis (UD) - IT -

02314240306

Attorney with special power

Active

Registered

FISC ITALIANA S.R.L.

Conegliano (TV) - IT -

02326010267

Attorney with special power

Withdrawn

Registered

G.M.P. S.P.A.

Oderzo (TV) - IT -

01117090264

Attorney with special power

-

Bankrupt

K.T.S. SRL

Villa Santina (UD) - IT -

03061490268

Attorney with special power

Active

Registered

KEMA S.R.L.

Conegliano (TV) - IT -

01796060265

Procurator

Withdrawn

Registered

KEYLINE S.P.A.

Conegliano (TV) - IT -

02359470263

Attorney with special power

Withdrawn

Registered

LEVINVEST SPA

Attimis (UD) - IT -

01496780303

Attorney with special power

Active

Registered

MAINTECH ENGINEERING SRL

Trasaghis (UD) - IT -

02124860301

Director

Active

Registered

MAINTECH ENGINEERING SRL

Trasaghis (UD) - IT -

02124860301

Board Chairman

Withdrawn

Registered

ROLL ENG S.R.L.

Villa Santina (UD) - IT -

01776700302

Attorney with special power

Active

Registered

S IMMOBILIARE S.R.L. IN LIQUIDAZIONE

Valbrembo (BG) - IT -

07276050155

Director

Withdrawn

Registered

S IMMOBILIARE S.R.L. IN LIQUIDAZIONE

Valbrembo (BG) - IT -

07276050155

Attorney with special power

Active

Registered

S IMMOBILIARE S.R.L. IN LIQUIDAZIONE

Valbrembo (BG) - IT -

07276050155

Assistant board Chairman

Withdrawn

Registered

SAN MARCO IMAGING S.P.A ** IN LIQUIDAZIONE **

Fiume Veneto (PN) - IT -

00422590935

Responsible

Withdrawn

Registered

SAN MARCO IMAGING S.P.A ** IN LIQUIDAZIONE **

Fiume Veneto (PN) - IT -

00422590935

Administrative Manager

Withdrawn

Registered

SYSTEL INTERNATIONAL S.R.L.

Zero Branco (TV) - IT -

06523970157

Director

Withdrawn

Registered

VITARI - S.P.A.

Valbrembo (BG) - IT -

00223340167

Director

Active

Registered

VITARI - S.P.A.

Valbrembo (BG) - IT -

00223340167

Attorney with special power

Active

Registered

 

 

MINOZZI

ROBERTO

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

CORBELLINI S.P.A. - SISTEMI E COMPONENTI ANTIUSURA

Gorizia (GO) - IT -

01284290309

Director

Active

Registered

EUROLLS CARBIDE S.P.A.

Attimis (UD) - IT -

02406060307

Director

Active

Registered

EUROLLS SPA

Attimis (UD) - IT -

02314240306

Managing Director

Active

Registered

EUROLLS SPA

Attimis (UD) - IT -

02314240306

Director

Active

Registered

IMMOBILIARE ISOLA DELLA SCALA S.R.L.

Povoletto (UD) - IT -

02118320304

Director

Active

Registered

IMMOBILIARE ISOLA DELLA SCALA S.R.L.

Povoletto (UD) - IT -

02118320304

Board Chairman

Active

Registered

ITALRICAMBI SPA

Cividale del Friuli (UD) - IT -

00153210307

Director

Withdrawn

Registered

MAINTECH ENGINEERING SRL

Trasaghis (UD) - IT -

02124860301

Director

Active

Registered

METZLER INTERNATIONAL (ITALIA) S.P.A.

Santo Stino di Livenza (VE) - IT -

00327920260

Director

Withdrawn

Bankrupt

S IMMOBILIARE S.R.L. IN LIQUIDAZIONE

Valbrembo (BG) - IT -

07276050155

Sole Director

Withdrawn

Registered

SINTESI SRL

Santo Stino di Livenza (VE) - IT -

02319010274

Board Chairman

Withdrawn

Bankrupt

VITARI - S.P.A.

Valbrembo (BG) - IT -

00223340167

Director

Active

Registered

VITARI - S.P.A.

Valbrembo (BG) - IT -

00223340167

Board Chairman

Active

Registered

 

 

POLI

CORRADO ALESSANDRO

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

IL LABORATORIO MUSICA ED ANTICHI STRUMENTI S.R.L.

Milano (MI) - IT -

05056720153

Director

Active

Registered

 

 

SCILIPOTI

SALVATORE

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

CONSORZIO DAFNE

Trieste (TS) - IT -

01130490327

Director

Active

Registered

CORBELLINI S.P.A. - SISTEMI E COMPONENTI ANTIUSURA

Gorizia (GO) - IT -

01284290309

Attorney with special power

Active

Registered

DOMITALIA S.P.A.

San Giovanni Al Natisone (UD) - IT -

01664340302

Attorney with special power

Active

Registered

ECO - SYN S.R.L. SICUREZZA-QUALITA'-AMBIENTE

Pradamano (UD) - IT -

01505310936

Director

Active

Registered

ECO - SYN S.R.L. SICUREZZA-QUALITA'-AMBIENTE

Pradamano (UD) - IT -

01505310936

Board Chairman

Active

Registered

ECOSYN S.R.L. - IN LIQUIDAZIONE

Pradamano (UD) - IT -

01835510304

Liquidator

Active

Registered

ERGOPLAST S.R.L.

Pradamano (UD) - IT -

02216880308

Director

Active

Registered

ERGOPLAST S.R.L.

Pradamano (UD) - IT -

02216880308

Board Chairman

Active

Registered

EUROLLS SPA

Attimis (UD) - IT -

02314240306

Attorney with special power

Active

Registered

K.T.S. SRL

Villa Santina (UD) - IT -

03061490268

Attorney with special power

Withdrawn

Registered

K.T.S. SRL

Villa Santina (UD) - IT -

03061490268

Procurator

Active

Registered

LEVINVEST SPA

Attimis (UD) - IT -

01496780303

Attorney with special power

Withdrawn

Registered

LEVINVEST SPA

Attimis (UD) - IT -

01496780303

Procurator

Active

Registered

MAINTECH ENGINEERING SRL

Trasaghis (UD) - IT -

02124860301

Attorney with special power

Active

Registered

PROMOTUR S.P.A.

Trieste (TS) - IT -

00690090329

Attorney with special power

Active

Registered

ROLL ENG S.R.L.

Villa Santina (UD) - IT -

01776700302

Attorney with special power

Active

Registered

S IMMOBILIARE S.R.L. IN LIQUIDAZIONE

Valbrembo (BG) - IT -

07276050155

Attorney with special power

Active

Registered

VITARI - S.P.A.

Valbrembo (BG) - IT -

00223340167

Attorney with special power

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

Levinvest Spa

Attimis - IT -

01496780303

2.997.028 .Eur

99,90

Railz Renato

Udine - IT -

RLZRNT49M12G949K

2.972 .Eur

0,09

 

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

Maintech Engineering Srl

Trasaghis - IT -

02124860301

4.800 .Eur

24,00

 

 

Active

 

Firm's location and structure

 

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

 

-

Legal and operative seat

 

 

 

 

 

 

Via

Leonardo Da Vinci

, 28

- 24030

- Valbrembo

(BG)

- IT -

 

 

 

 

PHONE

: 035/313211

 

 

 

 

FAX

: 035/313211

 

 

 

 

Employees

: 91

 

Fittings and Equipment for a value of 420.000

Eur

 

Stocks for a value of 4.340.000

Eur

 

 

 

Historical Information and/or Firm's Status

 

EX-MEMBERS / EX-POSITIONS:

 

 

Zanussi

Angiolino

 

 

 

Born in Sedegliano

on 06/10/1946

- Fiscal Code : ZNSNLN46R06I562S

 

 

 

Residence :

Via

Paschini

, 9

- 33039

Sedegliano

(UD)

- IT -

 

Ex-Postions

Director

 

 

Adiletta

Giampaolo

 

 

 

Born in Milano

on 07/02/1945

- Fiscal Code : DLTGPL45B07F205C

 

 

 

Residence :

Via

Leonardo Da Vinci

, 38

- 20060

Truccazzano

(MI)

- IT -

 

Ex-Postions

Director

 

 

Bisanti

Luana Francesca

 

 

 

Born in Busto Arsizio

on 28/05/1972

- Fiscal Code : BSNLFR72E68B300L

 

 

 

Residence :

Via

Vittorio Veneto

, 8

- 21050

LonateCeppino

(VA)

- IT -

 

Ex-Postions

Temporary Auditor

 

 

Bozzetto

Giampaolo

 

 

 

Born in Pordenone

on 13/02/1957

- Fiscal Code : BZZGPL57B13G888S

 

 

 

Residence :

Via

P.gobetti

, 31

- 33079

Sesto Al Reghena

(PN)

- IT -

 

Ex-Postions

Director

Board Chairman

 

 

Vare'

Marco

 

 

 

Born in Desio

on 30/10/1962

- Fiscal Code : VRAMRC62R30D286G

 

 

 

Residence :

Via

Garibaldi

, 43

- 20033

Desio

(MI)

- IT -

 

Ex-Postions

Chairman of the Board of Aud.

 

 

Lestuzzi

Mauro

 

 

Born in Udine

on 06/08/1968

- Fiscal Code : LSTMRA68M06L483R

 

 

Residence :

Viale

Leonardo Da Vinci

, 35

- 33100

Udine

(UD)

- IT -

 

Ex-Postions

Director

 

 

Marcandalli

Marco

 

 

 

Born in Milano

on 06/04/1970

- Fiscal Code : MRCMRC70D06F205U

 

 

 

Residence :

Via

Brennero

, 33

- 20093

ColognoMonzese

(MI)

- IT -

 

Ex-Postions

Temporary Auditor

 

 

Dessenibus

Pietro

 

 

 

Born in Monfalcone

on 07/07/1957

- Fiscal Code : DSSPTR57L07F356A

 

 

 

Residence :

Via

Bozzi

, 54

- 34074

FoglianoRedipuglia

(GO)

- IT -

 

Ex-Postions

Permanent 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 under review started the activities in 2007.

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

Unstable economic results mark the company's financial state of affairs. with a loss in the last financial year. In the last financial year a drop in sales has been registered (-51,39%).

A loss is registered as to the operating result (-13,96%).

The operating loss is equal to Eur. -3.593.770.

With regard to GOM, subject closed 2010 financial account with a negative result (Eur. -3.300.531).

The ratio between shareholder's equity and borrowed capital is not well balanced, the indebtedness level is equal to 6,56 with an upward trend.

The management generated equity capital for an amount of Eur. 2.898.983 , falling in comparison with the year before.

Total debts recorded amounted to Eur. 20.747.944 (Eur. 259.359 of which were m/l term debts) with no important change.

The recourse to bank credit is slightly high and also borrowings from suppliers appear to be high, with an average payment period equal to 134,67gg. however still within the sector's average.

Liquidity is good (1,14)

Trade credits average terms are 89,93 days. , value within the sector's average.

Cash flow is negative at the end of financial year 2010.

Labour cost expenses amount to Eur. 4.705.600 , representing 19,36% on the total of production costs. , with a 19,93% incidence on turnover.

No incidence of financial charges as lower than the incomes.


Financial Data

 

 

 

 

Complete balance-sheet for the year

31/12/2010

(in Eur

x 1 )

 

Item Type

Value

Sales

23.606.183

Profit (Loss) for the period

-2.681.755

 

 

 

Complete balance-sheet for the year

31/12/2009

(in Eur

x 1 )

 

Item Type

Value

Sales

48.567.065

Profit (Loss) for the period

3.871.666

 

 

 

Complete balance-sheet for the year

31/12/2008

(in Eur

x 1 )

 

Item Type

Value

Sales

46.255.191

Profit (Loss) for the period

3.477.424


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. andadvert.expens.

 

 

 

. . Industrial patent rights

107.486

14.314

36.811

. . Concessions,licenses,trademarks,etc.

 

139.606

208.999

. . Goodwill

746.667

800.000

1.200.000

. . Assets in formation and advance paymen.

 

 

 

. . Other intangible fixed assets

 

 

 

. Total Intangible Fixed Assets

854.153

953.920

1.445.810

. TANGIBLE FIXED ASSETS

 

 

 

. . Real estate

166.172

110.910

 

. . Plant and machinery

410.180

481.868

997.997

. . Industrial and commercial equipment

13.342

14.377

 

. . Other assets

288.347

303.094

306.298

. . Assets under construction and advances

 

 

114.300

. Total Tangible fixed assets

878.041

910.249

1.418.595

. FINANCIAL FIXED ASSETS

 

 

 

. . Equity investments

92.463

87.663

87.663

. . . Equity invest. in subsidiary companies

65.427

65.427

65.427

. . . Equity invest. in associated companies

 

 

 

. . . Equity invest. in holding companies

 

 

 

. . . Equity invest. in other companies

27.036

22.236

22.236

. . Financial receivables

4.888

4.768

4.768

. . . . Within 12 months

4.888

4.768

 

. . . . Beyond 12 months

 

 

4.768

. . . 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

4.888

4.768

4.768

. . . . Within 12 months

4.888

4.768

 

. . . . Beyond 12 months

 

 

4.768

. . Other securities

 

 

 

. . Own shares

 

 

 

. . . Total nominal value

 

 

 

. Total financial fixed assets

97.351

92.431

92.431

Total fixed assets

1.829.545

1.956.600

2.956.836

CURRENT ASSETS

 

 

 

. INVENTORIES

 

 

 

. . Raw materials and other consumables

2.362.670

1.985.459

1.814.338

. . Work in progress and semimanufactured

1.974.477

6.514.935

8.342.915

. . Work in progress on order

 

 

 

. . Finished goods

 

 

1.198.609

. . Advance payments

 

 

 

. Total Inventories

4.337.147

8.500.394

11.355.862

. CREDITS NOT HELD AS FIXED ASSETS

 

 

 

. . Within 12 months

12.774.530

11.692.008

19.344.295

. . Beyond 12 months

4.800.000

6.068.970

216.476

. . Trade receivables

5.896.655

4.616.804

8.996.152

. . . . Within 12 months

5.896.655

4.616.804

8.996.152

. . . . Beyond 12 months

 

 

 

. . Receivables due from subsid. comp.

825.776

1.346.895

315.732

. . . . Within 12 months

825.776

1.346.895

315.732

. . . . Beyond 12 months

 

 

 

. . Receivables due from assoc. comp.

672.892

103.793

162.968

. . . . Within 12 months

672.892

103.793

162.968

. . . . Beyond 12 months

 

 

 

. . Receivables due from holding comp.

7.332.348

10.268.970

6.268.643

. . . . Within 12 months

2.532.348

4.200.000

6.268.643

. . . . Beyond 12 months

4.800.000

6.068.970

 

. . Fiscal Receivables

675.949

227.821

856.465

. . . . Within 12 months

675.949

227.821

856.465

. . . . Beyond 12 months

 

 

 

. . Receivables for anticipated taxes

930.002

1.107.676

776.394

. . . . Within 12 months

930.002

1.107.676

559.918

. . . . Beyond 12 months

 

 

216.476

. . Receivables due from third parties

1.240.908

89.019

2.184.417

. . . . Within 12 months

1.240.908

89.019

2.184.417

. . . . Beyond 12 months

 

 

 

. Total Credits not held as fixed assets

17.574.530

17.760.978

19.560.771

. FINANCIAL ASSETS

 

 

 

. . Equity invest. in subsidiary comp.

 

 

 

. . Equity invest. in associated companies

 

 

 

. . Equity invest. in holding companies

 

 

 

. . Other equity investments

 

 

 

. . Own shares

 

 

 

. . . Total nominale value

 

 

 

. . Other securities

 

 

 

. Total Financial Assets

 

 

 

. LIQUID FUNDS

 

 

 

. . Bank and post office deposits

1.459.942

1.850.693

4.638.321

. . Checks

 

2.945

 

. . Banknotes and coins

9.758

4.690

10.899

. Total Liquid funds

1.469.700

1.858.328

4.649.220

Total current assets

23.381.377

28.119.700

35.565.853

ADJUSTMENT ACCOUNTS

 

 

 

. Discount on loans

 

 

 

. Other adjustment accounts

527.597

56.371

54.831

Total adjustments accounts

527.597

56.371

54.831

TOTAL ASSETS

25.738.519

30.132.671

38.577.520

 

 

 

 

LIABILITIES

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

. Capital stock

3.000.000

3.000.000

1.000.000

. Additional paid-in capital

 

 

 

. Revaluation reserves

 

 

 

. Legal reserve

402.655

209.072

35.200

. Reserve for Own shares

 

 

 

. Statute reserves

 

 

 

. Other reserves

2.178.083

1

668.814

. Accumulated Profits (Losses)

 

 

 

. Profit( loss) of the year

-2.681.755

3.871.666

3.477.424

. Advances on dividends

 

 

 

. Partial loss of the year Coverage

 

 

 

Total Stockholders'Equity

2.898.983

7.080.739

5.181.438

RESERVES FOR RISKS AND CHARGES

 

 

 

. . Reserve for employee termination indem.

 

 

 

. . Taxation fund, also differed

 

 

 

. . Other funds

1.506.315

1.922.786

1.714.581

Total Reserves for Risks and Charges

1.506.315

1.922.786

1.714.581

Employee termination indemnities

585.277

606.694

595.299

ACCOUNTS PAYABLE

 

 

 

. . . . Within 12 months

20.488.585

20.164.668

31.066.031

. . . . Beyond 12 months

259.359

357.784

 

. . 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

9.607.197

5.543.509

2.540.000

. . . . Within 12 months

9.347.838

5.185.725

2.540.000

. . . . Beyond 12 months

259.359

357.784

 

. . Due to other providers of finance

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Advances from customers

2.745.887

3.218.676

11.654.196

. . . . Within 12 months

2.745.887

3.218.676

11.654.196

. . . . Beyond 12 months

 

 

 

. . Trade payables

5.793.700

7.298.511

12.676.199

. . . . Within 12 months

5.793.700

7.298.511

12.676.199

. . . . Beyond 12 months

 

 

 

. . Securities issued

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to subsidiary companies

103.750

72.886

 

. . . . Within 12 months

103.750

72.886

 

. . . . Beyond 12 months

 

 

 

. . Due to associated companies

961.519

1.432.420

932.417

. . . . Within 12 months

961.519

1.432.420

932.417

. . . . Beyond 12 months

 

 

 

. . Due to holding companies

466.848

1.882.083

550.689

. . . . Within 12 months

466.848

1.882.083

550.689

. . . . Beyond 12 months

 

 

 

. . Due to the tax authorities

212.887

219.266

1.882.637

. . . . Within 12 months

212.887

219.266

1.882.637

. . . . Beyond 12 months

 

 

 

. . Due to social security and welfare inst.

250.192

225.301

218.047

. . . . Within 12 months

250.192

225.301

218.047

. . . . Beyond 12 months

 

 

 

. . Other payables

605.964

629.800

611.846

. . . . Within 12 months

605.964

629.800

611.846

. . . . Beyond 12 months

 

 

 

Total accounts payable

20.747.944

20.522.452

31.066.031

ADJUSTMENT ACCOUNTS

 

 

 

. Agio on loans

 

 

 

. Other adjustment accounts

 

 

20.171

Total adjustment accounts

 

 

20.171

TOTAL LIABILITIES

25.738.519

30.132.671

38.577.520

 

 

 

 

 

 

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

23.606.183

48.567.065

46.255.191

. Changes in work in progress

-4.540.459

-3.026.589

5.757.494

. Changes in semi-manufact. products

 

 

 

. Capitalization of internal work

 

 

 

. Other income and revenues

1.649.281

139.393

359.660

. . Contributions for operating expenses

 

 

64.144

. . Different income and revenues

1.649.281

139.393

295.516

Total value of production

20.715.005

45.679.869

52.372.345

PRODUCTION COSTS

 

 

 

. Raw material,other materials and consum.

9.338.116

18.957.300

27.713.956

. Services received

9.468.194

14.580.335

13.743.167

. Leases and rentals

777.310

547.159

379.218

. Payroll and related costs

4.705.600

4.243.882

3.838.202

. . Wages and salaries

3.399.989

3.035.330

2.647.657

. . Social security contributions

1.072.771

1.002.358

1.018.295

. . Employee termination indemnities

232.840

206.194

167.197

. . Pension and similar

 

 

 

. . Other costs

 

 

5.053

. Amortization and depreciation

292.949

745.977

723.013

. . Amortization of intangible fixed assets

99.768

570.207

554.208

. . Amortization of tangible fixed assets

153.617

143.645

120.165

. . Depreciation of tangible fixed assets

 

 

 

. . Writedown of current receiv.and of liquid

39.564

32.125

48.640

. Changes in raw materials

-377.211

-171.121

-217.252

. Provisions to risk reserves

29.000

232.344

692.824

. Other provisions

 

235.939

200.000

. Other operating costs

74.817

193.897

223.066

Total production costs

24.308.775

39.565.712

47.296.194

Diff. between value and cost of product.

-3.593.770

6.114.157

5.076.151

FINANCIAL INCOME AND EXPENSE

 

 

 

. Income from equity investments

 

 

 

. . In subsidiary companies

 

 

 

. . In associated companies

 

 

 

. . In other companies

 

 

 

. Other financial income

175.896

300.016

361.371

. . 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

175.896

300.016

361.371

. . . - Subsidiary companies

 

 

 

. . . - Associated companies

 

 

 

. . . - Holding companies

 

 

 

. . . - Other companies

 

 

 

. Interest and other financial expense

-98.307

-496.215

-84.541

. . Towards subsidiary companies

 

 

 

. . Towards associated companies

 

 

 

. . Towards holding companies

 

 

 

. . Towards other companies

 

 

 

Total financial income and expense

77.589

-196.199

276.830

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

19.117

 

 

. . Gains on disposals

 

 

 

. . Other extraordinary income

19.117

 

 

. Extraordinary expense

-18.764

-3

 

. . Losses on disposals

 

 

 

. . Taxes relating to prior years

 

 

 

. . Other extraordinary expense

-18.764

-3

 

Total extraordinary income and expense

353

-3

 

Results before income taxes

-3.515.828

5.917.955

5.352.981

. Taxes on current income

-834.073

2.046.289

1.875.557

. . current taxes

 

2.377.571

2.520.482

. . differed taxes(anticip.)

-834.073

-331.282

-644.925

. Net income for the period

-2.681.755

3.871.666

3.477.424

. Adjustments in tax regulations pursuance

 

 

 

. Provisions in tax regulations pursuance

 

 

 

. Profit (loss) of the year

-2.681.755

3.871.666

3.477.424

 

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

0,07

0,06

0,08

0,18

Elasticity Ratio

Units

0,91

0,93

0,92

0,80

Availability of stock

Units

0,17

0,28

0,29

0,24

Total Liquidity Ratio

Units

0,74

0,65

0,63

0,48

Quick Ratio

Units

0,06

0,06

0,12

0,03

COMPOSITION ON SOURCE

 

 

 

 

 

Net Short-term indebtedness

Units

6,56

2,59

5,10

3,25

Self Financing Ratio

Units

0,11

0,23

0,13

0,19

Capital protection Ratio

Units

0,89

0,03

0,14

0,63

Liabilities consolidation quotient

Units

0,04

0,05

0,02

0,19

Financing

Units

7,16

2,90

6,00

3,80

Permanent Indebtedness Ratio

Units

0,15

0,27

0,15

0,36

M/L term Debts Ratio

Units

0,03

0,03

0,02

0,11

Net Financial Indebtedness Ratio

Units

2,81

0,52

0,00

0,63

CORRELATION

 

 

 

 

 

Fixed assets ratio

Units

2,05

4,11

1,95

1,75

Current ratio

Units

1,14

1,39

1,14

1,21

Acid Test Ratio-Liquidity Ratio

Units

0,93

0,97

0,78

0,81

Structure's primary quotient

Units

1,58

3,62

1,75

1,03

Treasury's primary quotient

Units

0,07

0,09

0,15

0,06

Rate of indebtedness ( Leverage )

%

887,85

425,56

744,53

516,42

Current Capital ( net )

Value

2.892.792

7.955.032

4.499.822

422.465

RETURN

 

 

 

 

 

Return on Sales

%

- 10,12

9,51

9,08

3,35

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

%

- 92,51

54,68

67,11

5,13

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

%

- 121,28

83,58

103,31

14,77

Return on Investment ( R.O.I. )

%

- 13,96

20,29

13,16

4,16

Return/ Sales

%

- 15,22

12,59

10,97

4,11

Extra Management revenues/charges incid.

%

n.c.

63,32

68,51

28,57

Cash Flow

Value

-2.388.806

4.617.643

4.200.437

122.482

Operating Profit

Value

-3.593.770

6.114.157

5.076.151

144.751

Gross Operating Margin

Value

-3.300.531

6.864.816

5.808.092

241.990

MANAGEMENT

 

 

 

 

 

Credits to clients average term

Days

89,93

34,22

70,02

111,85

Debts to suppliers average term

Days

134,67

112,86

121,84

128,30

Average stock waiting period

Days

66,14

63,01

88,38

80,43

Rate of capital employed return ( Turnover )

Units

0,92

1,61

1,20

1,08

Rate of stock return

Units

5,44

5,71

4,07

4,45

Labour cost incidence

%

19,93

8,74

8,30

19,12

Net financial revenues/ charges incidence

%

0,33

- 0,40

0,60

- 1,08

Labour cost on purchasing expenses

%

19,36

10,73

8,12

19,02

Short-term financing charges

%

0,47

2,42

0,27

2,68

Capital on hand

%

109,03

62,04

83,40

91,91

Sales pro employee

Value

319.002

647.560

651.481

198.432

Labour cost pro employee

Value

63.589

56.585

54.059

35.779

 

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

:

1.022.428

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 1.206 significant companies.

 

The companies cash their credits on an average of 111 dd.

The average duration of suppliers debts is about 128 dd.

The sector's profitability is on an average of 3,35%.

The labour cost affects the turnover in the measure of 19,12%.

Goods are held in stock in a range of 80 dd.

The difference between the sales volume and the resources used to realize it is about 1,08.

The employees costs represent the 19,02% 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 4.150.

The insolvency index for the region is 0,55, , while for the province it is 0,41.

Total Bankrupt companies in the province : 4.376.

Total Bankrupt companies in the region : 39.612.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.33

UK Pound

1

Rs.70.74

Euro

1

Rs.63.65

 

 

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.