MIRA INFORM REPORT

 

 

Report Date :           

19.07.2011

 

IDENTIFICATION DETAILS

 

Name :

VIRO S.P.A.

 

 

Registered Office :

Via Garibaldi, 4,

40069 - Zola Predosa (BO)

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

17.12.1997

 

 

Com. Reg. No.:

BO-1998-14 since 02/01/1998

 

 

Legal Form :

Joint Stock Compan

 

 

Line of Business :

Manufacture of locks and hinges

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

250.000 Eur

 

 

Status :

Satisfactory

 

 

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 

 

Viro S.p.a.

 

Via Garibaldi, 4

 

40069 - Zola Predosa  (BO) -IT-

 

 

Summary

 

Fiscal Code

:

01833121203

Legal Form

:

Joint stock company

start of Activities

:

02/01/1998

Equity

:

Over 2.582.254 Eur

Turnover Range

:

18.000.000/20.000.000 Eur

Number of Employees

:

from 91 to 110

 

 

Credit Analysis

 

Credit Opinion

:

250.000 - Eur

 

Activity

 

Manufacture of locks and hinges

Manufacture of safes, coffers and steel-clad doors

 

Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 01833121203

 

Foreign Trade Reg. no. : BO041377 since 20/02/1998

 

Foreign Trade Reg. no. : 041377 of Bologna since 20/02/1998

 

Chamber of Commerce no. : 391277 of Bologna since 22/12/1997

 

Firms' Register : BO-1998-14 since 02/01/1998

 

V.A.T. Code : 01833121203

 

Establishment date

: 17/12/1997

Start of Activities

: 02/01/1998

Legal duration

: 31/12/2050

Nominal Capital

: 4.030.000

Eur

Subscribed Capital

: 3.500.000

Eur

Paid up Capital

: 3.500.000

Eur

 

Members

 

Innocenti

Marisa

 

 

Born in Firenze

(FI)

on 07/10/1939

- Fiscal Code : NNCMRS39R47D612P

 

 

Residence :

Via

San Giorgio

, 6

- 40100

Bologna

(BO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

28/04/2010

 

 

Managing Director

28/04/2010

 

 

Board Chairman

28/04/2010

 

 

 

No Protests registered

 

Bonori

Pier Paolo

 

 

Born in Bologna

(BO)

on 29/04/1943

- Fiscal Code : BNRPPL43D29A944W

 

 

Residence :

Via

San Giorgio

, 6

- 40100

Bologna

(BO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

28/04/2010

 

 

Managing Director

28/04/2010

 

 

 

No Protests registered

 

Dondarini

Gianfranco

 

 

Born in Vergato

(BO)

on 03/05/1957

- Fiscal Code : DNDGFR57E03L762I

 

 

Residence :

Via

Cavazza

, 3

- 40137

Bologna

(BO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Attorney with special power

09/01/1998

 

 

 

No Protests registered

 

Mancini

Luciano

 

 

Born in Mordano

(BO)

on 26/12/1943

- Fiscal Code : MNCLCN43T26F718U

 

 

Residence :

Via

Petrarca

, 60

- 40136

Bologna

(BO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

28/04/2010

 

 

 

No Protests registered

 

Ganzerli

Manuela

 

 

Born in Casalecchio di Reno

(BO)

on 30/06/1957

- Fiscal Code : GNZMNL57H70B880M

 

 

Residence :

Via

Respighi

, 4

- 40033

Casalecchio di Reno

(BO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Attorney with special power

18/06/2008

 

 

 

No Protests registered

 

Lorandi

Marino

 

 

Born in Brescia

(BS)

on 30/03/1954

- Fiscal Code : LRNMRN54C30B157T

 

 

Residence :

Via

Degli Albergati

, 7

- 40069

Zola Predosa

(BO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Attorney with special power

18/06/2008

 

 

 

No Protests registered

 

Bonori

Carlo

 

 

Born in Bologna

(BO)

on 05/07/1976

- Fiscal Code : BNRCRL76L05A944M

 

 

Residence :

Via

San Giorgio

, 6

- 40100

Bologna

(BO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

28/04/2010

 

 

Managing Director

28/04/2010

 

 

 

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.

 

INNOCENTI

MARISA

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

IMMOBILIARE LAURO S.R.L.

Casalecchio di Reno (BO) - IT -

02548271200

Director

Active

Registered

IMMOBILIARE LAURO S.R.L.

Casalecchio di Reno (BO) - IT -

02548271200

Board Chairman

Active

Registered

TENUTA LAURO SOCIETA' AGRICOLA SRL

Casalecchio di Reno (BO) - IT -

00666340377

Sole Director

Active

Registered

VIRO TRONIC S.P.A.

Zola Predosa (BO) - IT -

00291720373

Chairman

Withdrawn

Registered

VIRO TRONIC S.P.A.

Zola Predosa (BO) - IT -

00291720373

Director

Active

Registered

VIRO TRONIC S.P.A.

Zola Predosa (BO) - IT -

00291720373

Managing Director

Active

Registered

VIRO TRONIC S.P.A.

Zola Predosa (BO) - IT -

00291720373

Board Chairman

Active

Registered

 

BONORI

PIER PAOLO

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

BENEDETTA S.R.L.

Zola Predosa (BO) - IT -

04341650374

Director

Active

Registered

BENEDETTA S.R.L.

Zola Predosa (BO) - IT -

04341650374

Board Chairman

Active

Registered

IMMOBILIARE LAURO S.R.L.

Casalecchio di Reno (BO) - IT -

02548271200

Director

Active

Registered

VIRO TRONIC S.P.A.

Zola Predosa (BO) - IT -

00291720373

Managing Director

Withdrawn

Registered

VIRO TRONIC S.P.A.

Zola Predosa (BO) - IT -

00291720373

Director

Active

Registered

VIRO TRONIC S.P.A.

Zola Predosa (BO) - IT -

00291720373

General Director

Withdrawn

Registered

VIRO TRONIC S.P.A.

Zola Predosa (BO) - IT -

00291720373

Managing Director

Active

Registered

 

 

DONDARINI

GIANFRANCO

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

BENEDETTA S.R.L.

Zola Predosa (BO) - IT -

04341650374

Director

Active

Registered

BENEDETTA S.R.L.

Zola Predosa (BO) - IT -

04341650374

Managing Director

Active

Registered

 

BONORI

CARLO

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

BENEDETTA S.R.L.

Zola Predosa (BO) - IT -

04341650374

Director

Active

Registered

IMMOBILIARE LAURO S.R.L.

Casalecchio di Reno (BO) - IT -

02548271200

Director

Active

Registered

VIRO TRONIC S.P.A.

Zola Predosa (BO) - IT -

00291720373

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

Innocenti Marisa

Bologna - IT -

NNCMRS39R47D612P

3.423.000 .Eur

97,80

Bonori Pier Paolo

Bologna - IT -

BNRPPL43D29A944W

77.000 .Eur

2,20

 

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

Viro Tronic S.p.a.

Zola Predosa - IT -

00291720373

154.937 .Eur

10,00

 

 

Active

Benedetta S.r.l.

Zola Predosa - IT -

04341650374

17.352 .Eur

48,00

 

 

Active

 

Firm's location and structure

 

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

 

-

Legal and operative seat

 

 

 

 

 

 

Via

Garibaldi

, 4

- 40069

- Zola Predosa

(BO)

- IT -

 

 

 

 

PHONE

: 051/6176511

 

 

 

 

FAX

: 051/755079

 

-

Branch

(Warehouse )

since 03/06/1999

 

 

 

 

 

Via

Emilia

, 10

- 40056

- Crespellano

(BO)

- IT -

 

 

 

 

PHONE

: 051/6176511

 

-

Branch

(Warehouse )

since 25/03/2008

 

 

 

 

 

Str. Cocorilor

, 24/A

- Arad

(EE)

- RO -

 

 

 

 

Employees

: 93

 

Fittings and Equipment for a value of 390.000

Eur

 

Stocks for a value of 9.470.000

Eur

 

 

 

Historical Information and/or Firm's Status

 

EX-MEMBERS / EX-POSITIONS:

 

Brunetti

Attilio

 

 

Born in Piagge

on 24/12/1943

- Fiscal Code : BRNTTL43T24G537B

 

 

Residence :

Via

Seminario

, 44

- 40068

San Lazzaro di Savena

(BO)

- IT -

 

Ex-Postions

Attorney with special power

 

Flandina

Guglielmo

 

 

Born in Bologna

on 26/04/1967

- Fiscal Code : FLNGLL67D26A944P

 

 

Residence :

Via

Emilia Ponente

, 22

- 40100

Bologna

(BO)

- IT -

 

Ex-Postions

Attorney with special power

 

Villani

Anna

 

 

Born in Roma

on 01/07/1965

- Fiscal Code : VLLNNA65L41H501C

 

 

Residence :

Via

Flaminia

, 98

- 60027

Osimo

(AN)

- IT -

 

Ex-Postions

Attorney with special power

 

Nerone

Fabrizio

 

 

Born in Bologna

on 01/06/1964

- Fiscal Code : NRNFRZ64H01A944J

 

 

Residence :

Via

Libero Grassi

, 7

- 40033

Casalecchio di Reno

(BO)

- IT -

 

Ex-Postions

Attorney with special power

 

Benedetti Sartorini

Massimo

 

 

Born in Bologna

on 24/06/1956

- Fiscal Code : BNDMSM56H24A944H

 

 

Residence :

Via

De' Coltelli

, 28

- 40100

Bologna

(BO)

- IT -

 

Ex-Postions

Attorney with special power

 

ROMA

BRUNELLA

 

 

Born in BOLLATE

on 11/11/1968

- Fiscal Code : RMOBNL68S51A940Z

 

 

Residence :

Via

DEL TERRAPIENO

, 9/5

- 40100

Bologna

(BO)

- IT -

 

Ex-Postions

Attorney with special power

 

CAVALLINI

SIMONA

 

 

Born in BOLOGNA

on 27/06/1965

- Fiscal Code : CVLSMN65H67A944R

 

 

Residence :

Via

XXV APRILE

, 1

- 40013

Castel Maggiore

(BO)

- IT -

 

Ex-Postions

Attorney with special power

 

MATTIOLI

ELIO

 

 

Born in COTIGNOLA

on 06/08/1953

- Fiscal Code : MTTLEI53M06D121D

 

 

Residence :

Via

RECUPERATI

, 10

- 48013

Brisighella

(RA)

- IT -

 

Ex-Postions

Attorney with special power

 

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 1998

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

Unstable economic results mark the company's financial state of affairs. anyway in 2010 a positive result was achieved (r.o.e. 4,54%). Upward trend as to the turnover in the last financial year (+7,06%).

The return on Investment in the last financial year was positive (3,26%) and in line with the sector's average.

An operating result of Eur. 578.830 has been registered. increasing if compared to the yeart 2009.

A gross operating margine for a value of Eur. 1.056.865 was reached. with a 31,81% growth.

The financial status of the company is fairly balanced with an indebtedness level of 1,71 and falling as against the previous year (2,08).

Subject can manage an equity capital funds for an amount of Eur. 4.508.011 , unchanged if compared to 2009.

During the last financial year debts totalled Eur. 11.861.223 (Eur. 3.679.047 of which were m/l term debts) on the same levels as the year before.

The exposure towards banks is slightly high, the recourse to suppliers' credit is limited below the sector's average.

The liquidity level is positive (1,94).

Trade credits average terms are slow, on average 113,68 days. , as it normally happens in the sector.

2010 financial year closed with a cash flow of Eur. 682.650

Labour cost amounts to Eur. 3.635.522, with a 20,65% incidence on production costs. , whereas the incidence on sales revenues is of 20,07%.

Limited financial charges in relation to sales volume.

 

Financial Data

 

 

Complete balance-sheet for the year

31/12/2010

(in Eur

x 1 )

 

Item Type

Value

Sales

18.117.601

Profit (Loss) for the period

204.615

 

 

Complete balance-sheet for the year

31/12/2009

(in Eur

x 1 )

 

Item Type

Value

Sales

16.922.694

Profit (Loss) for the period

-22.852

 

 

Complete balance-sheet for the year

31/12/2008

(in Eur

x 1 )

 

Item Type

Value

Sales

20.844.999

Profit (Loss) for the period

47.953

 

 

Complete balance-sheet for the year

31/12/2007

(in Eur

x 1 )

 

Item Type

Value

Sales

20.886.636

Profit (Loss) for the period

190.698

 

 

Complete balance-sheet for the year

31/12/2006

(in Eur

x 1 )

 

Item Type

Value

Sales

20.695.142

Profit (Loss) for the period

96.828

 

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

247.184

92.702

141.722

. . Concessions,licenses,trademarks,etc.

 

 

 

. . Goodwill

 

 

 

. . Assets in formation and advance paymen.

 

 

 

. . Other intangible fixed assets

14.400

8.824

31.298

. Total Intangible Fixed Assets

261.584

101.526

173.020

. TANGIBLE FIXED ASSETS

 

 

 

. . Real estate

1.398

3.877

6.356

. . Plant and machinery

144.401

152.553

245.573

. . Industrial and commercial equipment

250.193

311.038

412.370

. . Other assets

110.455

80.168

103.201

. . Assets under construction and advances

 

 

 

. Total Tangible fixed assets

506.447

547.636

767.500

. FINANCIAL FIXED ASSETS

 

 

 

. . Equity investments

1.003.757

1.002.774

1.002.774

. . . Equity invest. in subsidiary companies

1.000.496

999.513

999.513

. . . Equity invest. in associated companies

 

 

 

. . . Equity invest. in holding companies

 

 

 

. . . Equity invest. in other companies

3.261

3.261

3.261

. . Financial receivables

45.875

875

629

. . . . Within 12 months

30.000

 

 

. . . . Beyond 12 months

15.875

875

629

. . . Receivab due from subsidiaries

45.000

 

 

. . . . Within 12 months

30.000

 

 

. . . . Beyond 12 months

15.000

 

 

. . . Receivables due from assoc.comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . . Receivables due from holding comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . . Receivables due from third parties

875

875

629

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

875

875

629

. . Other securities

 

 

 

. . Own shares

 

 

 

. . . Total nominal value

 

 

 

. Total financial fixed assets

1.049.632

1.003.649

1.003.403

Total fixed assets

1.817.663

1.652.811

1.943.923

CURRENT ASSETS

 

 

 

. INVENTORIES

 

 

 

. . Raw materials and other consumables

645.355

541.741

840.916

. . Work in progress and semimanufactured

5.039.313

5.142.031

5.643.049

. . Work in progress on order

 

 

 

. . Finished goods

3.784.495

3.854.495

5.348.968

. . Advance payments

 

 

 

. Total Inventories

9.469.163

9.538.267

11.832.933

. CREDITS NOT HELD AS FIXED ASSETS

 

 

 

. . Within 12 months

5.919.047

7.063.694

7.278.481

. . Beyond 12 months

4.132

4.132

4.132

. . Trade receivables

5.143.510

6.222.569

6.410.789

. . . . Within 12 months

5.143.510

6.222.569

6.410.789

. . . . Beyond 12 months

 

 

 

. . Receivables due from subsid. comp.

577.396

476.778

531.954

. . . . Within 12 months

577.396

476.778

531.954

. . . . 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

47.688

93.118

213.728

. . . . Within 12 months

47.688

93.118

213.728

. . . . Beyond 12 months

 

 

 

. . Receivables for anticipated taxes

106.591

70.781

72.738

. . . . Within 12 months

106.591

70.781

72.738

. . . . Beyond 12 months

 

 

 

. . Receivables due from third parties

47.994

204.580

53.404

. . . . Within 12 months

43.862

200.448

49.272

. . . . Beyond 12 months

4.132

4.132

4.132

. Total Credits not held as fixed assets

5.923.179

7.067.826

7.282.613

. 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

476.295

135.866

97.286

. . Checks

 

 

 

. . Banknotes and coins

3.305

4.935

6.556

. Total Liquid funds

479.600

140.801

103.842

Total current assets

15.871.942

16.746.894

19.219.388

ADJUSTMENT ACCOUNTS

 

 

 

. Discount on loans

 

 

 

. Other adjustment accounts

 

 

85.302

Total adjustments accounts

53.761

57.831

85.302

TOTAL ASSETS

17.743.366

18.457.536

21.248.613

 

 

 

 

LIABILITIES

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

. Capital stock

3.500.000

3.500.000

3.000.000

. Additional paid-in capital

 

 

 

. Revaluation reserves

 

 

 

. Legal reserve

222.961

222.961

220.563

. Reserve for Own shares

 

 

 

. Statute reserves

 

 

 

. Other reserves

353.717

376.570

376.571

. Accumulated Profits (Losses)

226.718

226.718

181.162

. Profit( loss) of the year

204.615

-22.852

47.953

. Advances on dividends

 

 

 

. Partial loss of the year Coverage

 

 

 

Total Stockholders'Equity

4.508.011

4.303.397

3.826.249

RESERVES FOR RISKS AND CHARGES

 

 

 

. . Reserve for employee termination indem.

 

 

 

. . Taxation fund, also differed

4.807

9.060

23.533

. . Other funds

236.580

255.216

241.454

Total Reserves for Risks and Charges

241.387

264.276

264.987

Employee termination indemnities

1.053.285

1.086.028

1.140.135

ACCOUNTS PAYABLE

 

 

 

. . . . Within 12 months

8.182.176

9.106.580

13.234.110

. . . . Beyond 12 months

3.679.047

3.615.939

2.719.190

. . Bonds

1.530.000

 

 

. . . . Within 12 months

1.530.000

 

 

. . . . 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

5.478.576

6.554.350

9.776.360

. . . . Within 12 months

2.298.667

4.703.296

7.642.692

. . . . Beyond 12 months

3.179.909

1.851.054

2.133.668

. . Due to other providers of finance

579.435

2.085.523

689.424

. . . . Within 12 months

80.297

320.638

103.902

. . . . Beyond 12 months

499.138

1.764.885

585.522

. . Advances from customers

44.104

38.298

65.151

. . . . Within 12 months

44.104

38.298

65.151

. . . . Beyond 12 months

 

 

 

. . Trade payables

3.059.419

2.761.581

4.202.670

. . . . Within 12 months

3.059.419

2.761.581

4.202.670

. . . . Beyond 12 months

 

 

 

. . Securities issued

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to subsidiary companies

227.875

256.844

212.632

. . . . Within 12 months

227.875

256.844

212.632

. . . . 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

320.098

294.765

237.108

. . . . Within 12 months

320.098

294.765

237.108

. . . . Beyond 12 months

 

 

 

. . Due to social security and welfare inst.

241.460

246.534

245.205

. . . . Within 12 months

241.460

246.534

245.205

. . . . Beyond 12 months

 

 

 

. . Other payables

380.256

484.624

524.750

. . . . Within 12 months

380.256

484.624

524.750

. . . . Beyond 12 months

 

 

 

Total accounts payable

11.861.223

12.722.519

15.953.300

ADJUSTMENT ACCOUNTS

 

 

 

. Agio on loans

 

 

 

. Other adjustment accounts

 

 

63.942

Total adjustment accounts

79.460

81.316

63.942

TOTAL LIABILITIES

17.743.366

18.457.536

21.248.613

 

 

 

 

 

 

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

18.117.601

16.922.694

20.844.999

. Changes in work in progress

-172.719

-1.995.491

1.612.042

. Changes in semi-manufact. products

 

 

 

. Capitalization of internal work

 

 

 

. Other income and revenues

237.287

222.945

354.423

. . Contributions for operating expenses

 

 

 

. . Different income and revenues

237.287

222.945

354.423

Total value of production

18.182.169

15.150.148

22.811.464

PRODUCTION COSTS

 

 

 

. Raw material,other materials and consum.

6.828.492

4.634.703

9.197.046

. Services received

5.944.215

5.300.391

6.971.087

. Leases and rentals

515.806

519.229

516.059

. Payroll and related costs

3.635.522

3.432.605

4.525.849

. . Wages and salaries

2.565.184

2.421.205

3.290.138

. . Social security contributions

839.283

785.168

1.003.225

. . Employee termination indemnities

231.055

226.232

232.486

. . Pension and similar

 

 

 

. . Other costs

 

 

 

. Amortization and depreciation

478.035

523.722

623.567

. . Amortization of intangible fixed assets

150.201

132.543

135.881

. . Amortization of tangible fixed assets

265.289

358.179

453.878

. . Depreciation of tangible fixed assets

 

 

 

. . Writedown of current receiv.and of liquid

62.545

33.000

33.808

. Changes in raw materials

-103.614

299.175

-9.896

. Provisions to risk reserves

 

 

 

. Other provisions

 

 

 

. Other operating costs

304.883

162.252

197.818

Total production costs

17.603.339

14.872.077

22.021.530

Diff. between value and cost of product.

578.830

278.071

789.934

FINANCIAL INCOME AND EXPENSE

 

 

 

. Income from equity investments

 

 

43.164

. . In subsidiary companies

 

 

 

. . In associated companies

 

 

 

. . In other companies

 

 

 

. Other financial income

 

 

14.974

. . 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

 

 

14.974

. . . - Subsidiary companies

 

 

 

. . . - Associated companies

 

 

 

. . . - Holding companies

 

 

 

. . . - Other companies

 

 

 

. Interest and other financial expense

-60.181

-317.960

-627.168

. . Towards subsidiary companies

 

 

 

. . Towards associated companies

 

 

 

. . Towards holding companies

 

 

 

. . Towards other companies

-60.181

-317.960

 

Total financial income and expense

-60.181

-317.960

-569.030

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

26.394

206.584

45.283

. . Gains on disposals

 

 

 

. . Other extraordinary income

26.394

206.584

45.283

. Extraordinary expense

-55.491

-24.063

-12.600

. . Losses on disposals

 

 

 

. . Taxes relating to prior years

 

 

 

. . Other extraordinary expense

-55.491

-24.063

-12.600

Total extraordinary income and expense

-29.097

182.521

32.683

Results before income taxes

489.552

142.632

253.587

. Taxes on current income

284.937

165.484

205.634

. . current taxes

284.937

165.484

153.210

. . differed taxes(anticip.)

 

 

52.424

. Net income for the period

204.615

-22.852

47.953

. Adjustments in tax regulations pursuance

 

 

 

. Provisions in tax regulations pursuance

 

 

 

. Profit (loss) of the year

204.615

-22.852

47.953

 

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

0,10

0,09

0,09

0,28

Elasticity Ratio

Units

0,89

0,91

0,90

0,69

Availability of stock

Units

0,53

0,52

0,56

0,18

Total Liquidity Ratio

Units

0,36

0,39

0,35

0,47

Quick Ratio

Units

0,03

0,01

0,00

0,02

COMPOSITION ON SOURCE

 

 

 

 

 

Net Short-term indebtedness

Units

1,71

2,08

3,43

2,32

Self Financing Ratio

Units

0,25

0,23

0,18

0,23

Capital protection Ratio

Units

0,18

0,19

0,20

0,74

Liabilities consolidation quotient

Units

0,58

0,52

0,29

0,24

Financing

Units

2,63

2,96

4,17

2,86

Permanent Indebtedness Ratio

Units

0,52

0,49

0,36

0,42

M/L term Debts Ratio

Units

0,27

0,25

0,18

0,13

Net Financial Indebtedness Ratio

Units

1,58

1,97

2,71

0,91

CORRELATION

 

 

 

 

 

Fixed assets ratio

Units

5,08

5,45

3,95

1,37

Current ratio

Units

1,94

1,84

1,45

1,21

Acid Test Ratio-Liquidity Ratio

Units

0,78

0,79

0,56

0,84

Structure's primary quotient

Units

2,48

2,60

1,97

0,86

Treasury's primary quotient

Units

0,06

0,02

0,01

0,04

Rate of indebtedness ( Leverage )

%

393,60

428,91

555,34

422,49

Current Capital ( net )

Value

7.689.766

7.640.314

5.985.278

281.462

RETURN

 

 

 

 

 

Return on Sales

%

3,77

2,96

3,22

3,68

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

%

4,54

- 0,53

1,25

3,84

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

%

10,86

3,31

6,63

12,87

Return on Investment ( R.O.I. )

%

3,26

1,51

3,72

4,59

Return/ Sales

%

3,19

1,64

3,79

4,38

Extra Management revenues/charges incid.

%

35,35

- 8,22

6,07

22,35

Cash Flow

Value

682.650

500.870

671.520

131.799

Operating Profit

Value

578.830

278.071

789.934

134.410

Gross Operating Margin

Value

1.056.865

801.793

1.413.501

257.621

MANAGEMENT

 

 

 

 

 

Credits to clients average term

Days

113,68

142,52

110,72

106,38

Debts to suppliers average term

Days

89,06

103,94

95,27

123,44

Average stock waiting period

Days

188,15

202,91

204,36

62,20

Rate of capital employed return ( Turnover )

Units

1,02

0,92

0,98

1,07

Rate of stock return

Units

1,91

1,77

1,76

5,77

Labour cost incidence

%

20,07

20,28

21,71

17,51

Net financial revenues/ charges incidence

%

- 0,33

- 1,88

- 2,73

- 1,55

Labour cost on purchasing expenses

%

20,65

23,08

20,55

17,84

Short-term financing charges

%

0,51

2,50

3,93

3,12

Capital on hand

%

97,93

109,07

101,94

93,68

Sales pro employee

Value

160.332

158.156

210.555

193.449

Labour cost pro employee

Value

32.172

32.080

45.715

33.229

 

 

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:

 

250.000 Eur.

 

Market / Territory Data

 

Population living in the province

:

944.297

Population living in the region

:

4.151.369

Number of families in the region

:

1.748.359

 

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

 

- per food products

:

425

- per non food products

:

2.063

- per energy consume

:

143

 

Sector Data

 

The values are calculated on a base of 1.399 significant companies.

 

The companies cash their credits on an average of 106 dd.

The average duration of suppliers debts is about 123 dd.

The sector's profitability is on an average of 3,68%.

The labour cost affects the turnover in the measure of 17,51%.

Goods are held in stock in a range of 62 dd.

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

The employees costs represent the 17,84% of the production costs.

 

Statistical Detrimental Data

 

The area is statistically considered lowly risky.

In the region 18.860 protested subjects are found; in the province they count to 3.720.

The insolvency index for the region is 0,46, , while for the province it is 0,40.

Total Bankrupt companies in the province : 4.335.

Total Bankrupt companies in the region : 14.698.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.57

UK Pound

1

Rs.71.75

Euro

1

Rs.62.60

 

 

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.