MIRA INFORM REPORT

 

 

Report Date :           

21.06.2011

 

IDENTIFICATION DETAILS

 

Name :

ONDULIT ITALIANA S.P.A. 

 

 

Registered Office :

Via Portuense, 95/E,

00100 – Roma (RM)      

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

17.12.1981

 

 

Com. Reg. No.:

RM-2001-302394 since 18/12/2001

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture of paints, varnishes and similar coatings, printing ink and synthetic adhesives

 

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 :

Very 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 – 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 

 

Ondulit Italiana S.p.A.

 

Via Portuense, 95/E

 

00100 - Roma (RM) -IT-

 

 

Summary

 

Fiscal Code

:

00421530585

Legal Form

:

Joint stock company

start of Activities

:

17/12/1981

Equity

:

Over 2.582.254 Eur

Turnover Range

:

20.000.000/25.000.000 Eur

Number of Employees

:

from 51 to 70

 

 

Credit Analysis

 

Credit Opinion

:

300.000 - Eur

 

Activity

 

Manufacture of paints, varnishes and similar coatings, printing ink

and synthetic adhesives

Manufacture of plastic producst for the building industry

Manufacture of cement, lime and plaster

Manufacture of concrete products for the building industry

Cold forming or folding

 

Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 00421530585

 

Foreign Trade Reg. no. : LT000341 since 28/02/1992

 

Foreign Trade Reg. no. : 341 of Latina since 28/02/1992

 

Chamber of Commerce no. : 20721 of Latina since 14/01/1957

 

Chamber of Commerce no. : 1121796 of Milano

 

Chamber of Commerce no. : 213107 of Roma since 31/10/1958

 

Chamber of Commerce no. : 86429 of Terni since 03/02/2004

 

Firms' Register : RM-2001-302394 since 18/12/2001

 

Firms' Register : RM-2001-302394

 

V.A.T. Code : 00886811009

 

Tribunal Co. Register : 2111 of Latina

 

Foundation date

: 14/01/1957

Establishment date

: 14/01/1957

Start of Activities

: 17/12/1981

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

 

 

Andreoli

Federico

 

 

 

Born in Roma

(RM)

on 09/10/1940

- Fiscal Code : NDRFRC40R09H501A

 

 

 

Residence :

Via

Portuense

, 95/E

- 00153

Roma

(RM)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

30/04/2009

 

 

Attorney with special power

08/11/1972

 

 

 

 

No Protests registered

 

 

Andreoli

Ignazio

 

 

 

Born in Roma

(RM)

on 05/08/1942

- Fiscal Code : NDRGNZ42M05H501O

 

 

 

Residence :

Vicolo

Del Cinque

, 32

- 00153

Roma

(RM)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

30/04/2009

 

 

Attorney with special power

08/11/1972

 

 

 

 

No Protests registered

 

 

Andreoli

Francesco

 

 

 

Born in Roma

(RM)

on 27/07/1943

- Fiscal Code : NDRFNC43L27H501J

 

 

 

Residence :

Via

Mecenate

, 22

- 00184

Roma

(RM)

- IT -

 

Position

Since

Shares Amount

% Ownership

Attorney with special power

08/11/1972

 

 

 

 

No Protests registered

 

Andreoli

Stefano

 

 

Born in Roma

(RM)

on 18/07/1939

- Fiscal Code : NDRSFN39L18H501F

 

 

Residence :

Via

Curioni 99

- 00100

Roma

(RM)

- IT -

 

Position

Since

Shares Amount

% Ownership

Attorney with special power

08/11/1972

 

 

Managing Director

30/04/2009

 

 

Board Chairman

30/04/2009

 

 

 

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.

 

ANDREOLI

IGNAZIO

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

LA DIANELLA DELL ING. F. MELUZZI E C. - SOCIETA IN ACCOMANDITA SEMPLICE

Roma (RM) - IT -

 

Limited Partner

Withdrawn

Ceased

TECH MARK - S.R.L

Roma (RM) - IT -

04853700583

Sole Director

Active

Registered

 

ANDREOLI

FRANCESCO

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

ENERGIE NUOVE SOCIETA A RESPONSABILITA LIMITATA

Roma (RM) - IT -

09700461008

Director

Withdrawn

Registered

ENERGIE NUOVE SOCIETA A RESPONSABILITA LIMITATA

Roma (RM) - IT -

09700461008

Responsible technician

Active

Registered

IMMOBILIARE SAN DONATO S.R.L.

Roma (RM) - IT -

03146760370

Sole Director

Active

Registered

NUOVA ACME SOCIETA A RESPONSABILITA LIMITATA

Roma (RM) - IT -

06143420583

Sole Director

Active

Registered

 

ANDREOLI

STEFANO

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

FINALGAN S.R.L.

Roma (RM) - IT -

04636280580

Board Chairman

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

Finalgan s.r.l.

Roma - IT -

04636280580

1.500.000 .Eur

50,00

Afile s.r.l.

Roma - IT -

04636300586

1.500.000 .Eur

50,00

 

Direct Participations

 

The Company under review has participations in the following Companies:

 

Firm's Style

Seat

Fiscal Code

Owned Shares Amount

% Ownership

since

until

Share Status

Ceap - Consorzio Energia Ambiente Prato S.c.r.l.

 

02075380978

4.000 .Eur

10,00

 

 

Active

 


Firm's location and structure

 

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

 

-

Legal and operative seat

 

since 14/01/1957

 

 

 

 

 

Via

Portuense

, 95/E

- 00100

- Roma

(RM)

- IT -

 

 

 

 

TELEX

: 620803

 

 

 

 

PHONE

: 06/58330880

 

 

 

 

FAX

: 06/5812977

 

-

Branch

(Factory )

since 14/11/2003

 

 

 

 

 

Via

Ortana Vecchia

, SNC

- 05035

- Narni

(TR)

- IT -

 

 

 

 

PHONE

: 06/58330880

 

 

 

 

FAX

: 06/5812977

 

-

Branch

(Office )

since 01/02/1983

 

 

 

 

 

Via

Gozzano Guido

, 3

- 20100

- Milano

(MI)

- IT -

 

-

Branch

(Factory )

since 30/11/2001

 

 

 

 

 

Via

Appia Nuova Km 49,300

- 04012

- Cisterna di Latina

(LT)

- IT -

 

 

 

 

PHONE

: 06/58330880

 

-

Branch

(Store )

since 31/10/1958

 

 

 

 

 

Via

Di Vigna Girelli

, 38

- 00100

- Roma

(RM)

- IT -

 

 

 

 

Employees

: 60

 

Fittings and Equipment for a value of 2.720.000

Eur

 

Stocks for a value of 7.990.000

Eur

 

Furniture and fittings for a value of 45.000

Eur

 

Vehicles for a value of 83.000

Eur

 

Sales are on an international scale.

 

The firm operates abroad as importer / exporter. .

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- its own sales net-work

 

- its own agents

 

Import comes generally from the following nations:

- Austria

 

 

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

 

De facto company

General partnership

12/10/1957

General partnership

Limited liability company

28/12/1967

Limited liability company

Joint stock company

12/03/1980

 

EX-MEMBERS / EX-POSITIONS:

 

Andreoli

Stefano

 

 

Born in Roma

on 18/07/1939

- Fiscal Code : NDRSFN39L18H501F

 

 

Residence :

Via

Curioni 99

- 00100

Roma

(RM)

- IT -

 

Ex-Postions

Chairman

Managing Director

 

Feliziani

Claudio

 

 

Born in ROMA

on 09/06/1960

- Fiscal Code : FLZCLD60H09H501Z

 

 

Residence :

Via

GIUSEPPE ARMONDI

, 52

- 00100

Roma

(RM)

- 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 is active since 1981

Balance sheets for the years 2007, 2008 and 2009 were analyzed.

During the last years, it achieved profits (r.o.e. 0,32% on 2009) with an increase in 2009 (+8,77%).

The operating result in 2009 was positive (2,11%) and in line with the sector's average.

The amount of the operating result is equal to Eur. 681.766 increasing if compared to the yeart 2008.

The economic management produced a gross operating margin of Eur. 1.874.378 growing by 27,48% if compared to the year before.

From a financial aspect the company's status covers total short-term debts; the indebtedness volume in 2009 is in fact 0,23 and with an upward trend compared to the previous year.

With regard to equity capital, an amount of Eur. 20.911.296 is registered. on stable levels.

During the last financial year total debts volume reached Eur. 10.448.417 (Eur. 3.301.738 were m/l term ones) on the same levels as the year before.

Bank exsposure is limited and the suppliers' credit is modest too, 56,17 gg. is the payment average period below the sector's average.

Payments are supported by good current assets.

As far as the collection of credit goes, the average is high (150,33 days). but on the same levels as the average of the sector.

2009 financial year closed with a cash flow of Eur. 1.258.597

Subordinate employment cost is of Eur. 2.590.143, i.e. 11,42% on total production costs. , whereas 11,11% is the incidence on sales revenues.

Financial charges have a high incidence (-1,77%) on turnover figures.


Financial Data

 

 

 

 

Complete balance-sheet for the year

31/12/2009

(in Eur

x 1 )

 

Item Type

Value

Sales

23.322.086

Profit (Loss) for the period

65.985

 

 

 

Complete balance-sheet for the year

31/12/2008

(in Eur

x 1 )

 

Item Type

Value

Sales

21.440.472

Profit (Loss) for the period

152.485

 

 

 

Complete balance-sheet for the year

31/12/2007

(in Eur

x 1 )

 

Item Type

Value

Sales

22.804.950

Profit (Loss) for the period

297.554

 

 

 

Complete balance-sheet for the year

31/12/2006

(in Eur

x 1 )

 

Item Type

Value

Sales

24.524.898

Profit (Loss) for the period

447.053

 

 

 

Complete balance-sheet for the year

31/12/2005

(in Eur

x 1 )

 

Item Type

Value

Sales

21.241.299

Profit (Loss) for the period

6.064


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

 

 

 

. . Research,develop. and advert.expens.

 

 

 

. . Industrial patent rights

 

 

 

. . Concessions,licenses,trademarks,etc.

 

 

 

. . Goodwill

 

 

 

. . Assets in formation and advance paymen.

 

 

 

. . Other intangible fixed assets

52.673

40.513

43.896

. Total Intangible Fixed Assets

52.673

40.513

43.896

. TANGIBLE FIXED ASSETS

 

 

 

. . Real estate

8.341.327

8.529.800

2.479.602

. . Plant and machinery

1.570.770

2.015.184

2.489.331

. . Industrial and commercial equipment

1.144.655

1.257.774

893.405

. . Other assets

111.198

58.824

83.172

. . Assets under construction and advances

307.439

66.060

230.667

. Total Tangible fixed assets

11.475.389

11.927.642

6.176.177

. FINANCIAL FIXED ASSETS

 

 

 

. . Equity investments

4.000

4.000

4.000

. . . Equity invest. in subsidiary companies

 

 

 

. . . Equity invest. in associated companies

 

 

 

. . . Equity invest. in holding companies

 

 

 

. . . Equity invest. in other companies

4.000

4.000

4.000

. . Financial receivables

437

230

134

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

437

230

134

. . . 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

437

230

134

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

437

230

134

. . Other securities

 

 

 

. . Own shares

 

 

 

. . . Total nominal value

 

 

 

. Total financial fixed assets

4.437

4.230

4.134

Total fixed assets

11.532.499

11.972.385

6.224.207

CURRENT ASSETS

 

 

 

. INVENTORIES

 

 

 

. . Raw materials and other consumables

5.900.467

4.743.373

2.948.623

. . Work in progress and semimanufactured

73.210

91.506

194.283

. . Work in progress on order

 

 

 

. . Finished goods

2.017.810

2.199.120

2.373.991

. . Advance payments

 

 

 

. Total Inventories

7.991.487

7.033.999

5.516.897

. CREDITS NOT HELD AS FIXED ASSETS

 

 

 

. . Within 12 months

10.049.645

10.900.877

10.458.395

. . Beyond 12 months

219.063

 

282.538

. . Trade receivables

9.739.021

9.502.319

9.736.029

. . . . Within 12 months

9.739.021

9.502.319

9.736.029

. . . . Beyond 12 months

 

 

 

. . Receivables due from subsid. comp.

 

 

 

. . . . 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

 

 

 

. . Fiscal Receivables

240.853

382.331

620.081

. . . . Within 12 months

225.024

382.331

620.081

. . . . Beyond 12 months

15.829

 

 

. . Receivables for anticipated taxes

224.054

14.423

13.992

. . . . Within 12 months

20.820

14.423

13.992

. . . . Beyond 12 months

203.234

 

 

. . Receivables due from third parties

64.780

1.001.804

370.831

. . . . Within 12 months

64.780

1.001.804

88.293

. . . . Beyond 12 months

 

 

282.538

. Total Credits not held as fixed assets

10.268.708

10.900.877

10.740.933

. 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

2.421.540

765.830

 

. . Checks

 

 

 

. . Banknotes and coins

5.656

5.184

 

. Total Liquid funds

2.427.196

771.014

1.766.829

Total current assets

20.687.391

18.705.890

18.024.659

ADJUSTMENT ACCOUNTS

 

 

 

. Discount on loans

 

 

 

. Other adjustment accounts

74.950

297.402

 

Total adjustments accounts

74.950

297.402

39.039

TOTAL ASSETS

32.294.840

30.975.677

24.287.905

 

 

 

 

LIABILITIES

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

. Capital stock

3.000.000

3.000.000

3.000.000

. Additional paid-in capital

 

 

 

. Revaluation reserves

6.409.588

6.409.588

387.839

. Legal reserve

2.500.000

2.500.000

2.500.000

. Reserve for Own shares

 

 

 

. Statute reserves

 

 

 

. Other reserves

430.406

424.959

424.959

. Accumulated Profits (Losses)

8.505.317

8.358.279

8.060.726

. Profit( loss) of the year

65.985

152.485

297.554

. Advances on dividends

 

 

 

. Partial loss of the year Coverage

 

 

 

Total Stockholders'Equity

20.911.296

20.845.311

14.671.078

RESERVES FOR RISKS AND CHARGES

 

 

 

. . Reserve for employee termination indem.

 

 

 

. . Taxation fund, also differed

 

 

 

. . Other funds

 

 

 

Total Reserves for Risks and Charges

 

 

 

Employee termination indemnities

899.418

916.359

1.195.984

ACCOUNTS PAYABLE

 

 

 

. . . . Within 12 months

7.146.679

7.491.982

6.488.497

. . . . Beyond 12 months

3.301.738

1.696.654

1.901.596

. . Bonds

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Convertible bonds repayable

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to shareholders for financing

1.659.331

1.596.108

1.901.596

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

1.659.331

1.596.108

1.901.596

. . Due to banks

2.667.791

893.447

 

. . . . Within 12 months

1.076.856

792.901

 

. . . . Beyond 12 months

1.590.935

100.546

 

. . Due to other providers of finance

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Advances from customers

151.523

75.999

51.776

. . . . Within 12 months

151.523

75.999

51.776

. . . . Beyond 12 months

 

 

 

. . Trade payables

2.961.977

5.009.669

3.774.282

. . . . Within 12 months

2.961.977

5.009.669

3.774.282

. . . . 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

 

561.695

 

. . . . Within 12 months

 

561.695

 

. . . . Beyond 12 months

 

 

 

. . Due to holding companies

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to the tax authorities

546.355

496.654

473.017

. . . . Within 12 months

494.883

496.654

473.017

. . . . Beyond 12 months

51.472

 

 

. . Due to social security and welfare inst.

165.770

140.762

102.912

. . . . Within 12 months

165.770

140.762

102.912

. . . . Beyond 12 months

 

 

 

. . Other payables

2.295.670

414.302

2.086.510

. . . . Within 12 months

2.295.670

414.302

2.086.510

. . . . Beyond 12 months

 

 

 

Total accounts payable

10.448.417

9.188.636

8.390.093

ADJUSTMENT ACCOUNTS

 

 

 

. Agio on loans

 

 

 

. Other adjustment accounts

35.709

25.371

 

Total adjustment accounts

35.709

25.371

30.750

TOTAL LIABILITIES

32.294.840

30.975.677

24.287.905

 

 

 

 

 

 

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

23.322.086

21.440.472

22.804.950

. Changes in work in progress

-199.607

-277.647

93.826

. Changes in semi-manufact. products

 

 

 

. Capitalization of internal work

226.332

5.624

7.893

. Other income and revenues

7.931

45.277

13.190

. . Contributions for operating expenses

 

 

 

. . Different income and revenues

7.931

45.277

13.190

Total value of production

23.356.742

21.213.726

22.919.859

PRODUCTION COSTS

 

 

 

. Raw material,other materials and consum.

12.964.001

12.320.925

11.449.780

. Services received

5.153.052

5.134.647

5.485.563

. Leases and rentals

867.704

844.060

789.260

. Payroll and related costs

2.590.143

2.669.612

2.769.570

. . Wages and salaries

1.826.966

1.877.982

1.901.579

. . Social security contributions

632.956

655.908

706.077

. . Employee termination indemnities

130.221

135.722

161.914

. . Pension and similar

 

 

 

. . Other costs

 

 

 

. Amortization and depreciation

1.192.612

1.091.633

1.067.648

. . Amortization of intangible fixed assets

24.018

21.861

25.831

. . Amortization of tangible fixed assets

1.068.594

969.772

941.817

. . Depreciation of tangible fixed assets

 

 

 

. . Writedown of current receiv.and of liquid

100.000

100.000

100.000

. Changes in raw materials

-1.157.094

-1.794.750

218.906

. Provisions to risk reserves

 

 

 

. Other provisions

 

 

 

. Other operating costs

1.064.558

568.956

598.757

Total production costs

22.674.976

20.835.083

22.379.484

Diff. between value and cost of product.

681.766

378.643

540.375

FINANCIAL INCOME AND EXPENSE

 

 

 

. Income from equity investments

 

 

 

. . In subsidiary companies

 

 

 

. . In associated companies

 

 

 

. . In other companies

 

 

 

. Other financial income

20.911

79.440

79.643

. . 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

20.911

79.440

79.643

. . . - Subsidiary companies

 

 

 

. . . - Associated companies

 

 

 

. . . - Holding companies

 

 

 

. . . - Other companies

 

 

79.643

. Interest and other financial expense

-433.442

-111.855

 

. . Towards subsidiary companies

 

 

 

. . Towards associated companies

 

 

 

. . Towards holding companies

 

 

 

. . Towards other companies

-221.810

 

 

Total financial income and expense

-412.531

-32.415

79.643

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

72.581

44.130

50.770

. . Gains on disposals

10.000

 

 

. . Other extraordinary income

62.581

44.130

50.770

. Extraordinary expense

-1.621

 

 

. . Losses on disposals

-1.621

 

 

. . Taxes relating to prior years

 

 

 

. . Other extraordinary expense

 

 

 

Total extraordinary income and expense

70.960

44.130

50.770

Results before income taxes

340.195

390.358

670.788

. Taxes on current income

274.210

237.873

373.234

. . current taxes

273.758

 

373.234

. . differed taxes(anticip.)

452

 

 

. Net income for the period

65.985

152.485

297.554

. Adjustments in tax regulations pursuance

 

 

 

. Provisions in tax regulations pursuance

 

 

 

. Profit (loss) of the year

65.985

152.485

297.554


 

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

0,36

0,39

0,25

0,24

Elasticity Ratio

Units

0,64

0,60

0,74

0,73

Availability of stock

Units

0,25

0,23

0,22

0,13

Total Liquidity Ratio

Units

0,39

0,38

0,51

0,52

Quick Ratio

Units

0,08

0,02

0,07

0,02

COMPOSITION ON SOURCE

 

 

 

 

 

Net Short-term indebtedness

Units

0,23

0,32

0,32

2,41

Self Financing Ratio

Units

0,65

0,67

0,60

0,22

Capital protection Ratio

Units

0,85

0,85

0,77

0,76

Liabilities consolidation quotient

Units

0,59

0,35

0,47

0,19

Financing

Units

0,50

0,44

0,57

3,06

Permanent Indebtedness Ratio

Units

0,78

0,76

0,73

0,39

M/L term Debts Ratio

Units

0,13

0,08

0,12

0,10

Net Financial Indebtedness Ratio

Units

0,09

0,08

0,00

0,77

CORRELATION

 

 

 

 

 

Fixed assets ratio

Units

2,18

1,96

2,85

1,54

Current ratio

Units

2,89

2,50

2,77

1,21

Acid Test Ratio-Liquidity Ratio

Units

1,78

1,56

1,92

0,89

Structure's primary quotient

Units

1,81

1,74

2,35

0,91

Treasury's primary quotient

Units

0,34

0,10

0,27

0,04

Rate of indebtedness ( Leverage )

%

154,44

148,60

165,54

435,90

Current Capital ( net )

Value

13.540.712

11.213.908

11.536.162

359.470

RETURN

 

 

 

 

 

Return on Sales

%

5,40

5,80

5,98

4,11

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

%

0,32

0,73

2,02

4,23

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

%

1,63

1,87

4,57

12,79

Return on Investment ( R.O.I. )

%

2,11

1,22

2,22

3,98

Return/ Sales

%

2,92

1,77

2,36

4,05

Extra Management revenues/charges incid.

%

9,68

40,27

55,06

25,97

Cash Flow

Value

1.258.597

1.244.118

1.365.202

145.492

Operating Profit

Value

681.766

378.643

540.375

127.627

Gross Operating Margin

Value

1.874.378

1.470.276

1.608.023

253.643

MANAGEMENT

 

 

 

 

 

Credits to clients average term

Days

150,33

159,55

153,68

148,55

Debts to suppliers average term

Days

56,17

109,60

76,64

160,47

Average stock waiting period

Days

123,36

118,11

87,08

46,62

Rate of capital employed return ( Turnover )

Units

0,72

0,69

0,93

1,03

Rate of stock return

Units

2,92

3,05

4,13

7,53

Labour cost incidence

%

11,11

12,45

12,14

15,10

Net financial revenues/ charges incidence

%

- 1,77

- 0,15

0,34

- 1,19

Labour cost on purchasing expenses

%

11,42

12,81

12,37

15,25

Short-term financing charges

%

4,15

1,22

n.c.

2,25

Capital on hand

%

138,47

144,47

106,50

96,59

Sales pro employee

Value

388.701

329.853

265.173

230.285

Labour cost pro employee

Value

43.169

41.070

32.204

32.873

 

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:

 

300.000Eur.

 

 

Market / Territory Data

 

Population living in the province

:

3.807.992

Population living in the region

:

5.269.972

Number of families in the region

:

2.091.220

 

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

 

- per food products

:

472

- per non food products

:

1.832

- per energy consume

:

102

 

Sector Data

 

The values are calculated on a base of 936 significant companies.

 

The companies cash their credits on an average of 148 dd.

The average duration of suppliers debts is about 160 dd.

The sector's profitability is on an average of 4,11%.

The labour cost affects the turnover in the measure of 15,10%.

Goods are held in stock in a range of 46 dd.

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

The employees costs represent the 15,25% of the production costs.

 

Statistical Detrimental Data

 

The area is statistically considered moderately risky.

In the region 53.924 protested subjects are found; in the province they count to 34.465.

The insolvency index for the region is 1,04, , while for the province it is 0,92.

Total Bankrupt companies in the province : 31.914.

Total Bankrupt companies in the region : 37.442.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.99

UK Pound

1

Rs.72.60

Euro

1

Rs.64.01

 

 

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.