MIRA INFORM REPORT

 

 

Report Date :

07.05.2011

 

IDENTIFICATION DETAILS

 

Name :

ABC FARMACEUTICI S.P.A.

 

 

Registered Office :

 

Corso Vittorio Emanuele Ii,72

10100- Torino(TO)

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

17.07.2000

 

 

Com. Reg. No.:

TO-2000-134510

 

 

Legal Form :

Joint Stock Company With Sole Shareholder

 

 

Line of Business :

Manufacture of medicines and pharmaceutical preparations

 

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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Italy

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Name and address

 

Abc Farmaceutici S.p.a.

 

Corso Vittorio Emanuele Ii,72

10100- Torino(TO)-IT-

 

 

Summary

 

Fiscal Code

:

08028050014

Legal Form

:

Joint stock company with sole shareholder

Establishment Date

:

17/07/2000

Equity

:

Over 2.582.254 Eur

Turnover Range

:

25.000.000/35.000.000 Eur

Number of Employees

:

from 91 to 110

 

 

Credit Analysis

 

Credit Opinion

:

250.000 - Eur

 

Activity

 

Manufacture of medicines and pharmaceutical preparations

 

Legal Data

 

Legal Form : Joint stock company with sole shareholder

Fiscal Code : 08028050014

 

Foreign Trade Reg. no. : TO092907 since 03/10/2003

 

Foreign Trade Reg. no. : 092907 of Torino since 03/10/2003

 

Chamber of Commerce no. : 197545 of Novara

 

Chamber of Commerce no. : 205150 of Novara

 

Chamber of Commerce no. : 230442 of Parma since 31/08/2004

 

Chamber of Commerce no. : 1085431 of Roma

 

Chamber of Commerce no. : 940993 of Torino since 13/09/2000

 

Firms' Register : TO-2000-134510

 

Firms' Register : TO-2000-134510 since 18/09/2000

 

V.A.T. Code : 08028050014

 

Establishment date

: 17/07/2000

Legal duration

: 31/12/2090

Nominal Capital

: 4.000.000

Eur

Subscribed Capital

: 4.000.000

Eur

Paid up Capital

: 4.000.000

Eur

 

Members

 

 

Giraudi

Alberto

 

 

 

Born in Torino

(TO)

on 05/01/1964

- Fiscal Code : GRDLRT64A05L219S

 

 

 

Residence :

Regione

Sant'antonio

, 1

- 10090

Cinzano

(TO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Managing Director

14/12/2009

 

 

Director

14/12/2009

 

 

Assistant board Chairman

14/12/2009

 

 

 

 

No Protests registered

 

 

Giraudi

Giovanni

 

 

 

Born in Torino

(TO)

on 19/07/1961

- Fiscal Code : GRDGNN61L19L219C

 

 

 

Residence :

Corso

Stati Uniti

, 61

- 10128

Torino

(TO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

14/12/2009

 

 

Board Chairman

14/12/2009

 

 

 

 

No Protests registered

 

 

Spano

Francesco Maria

 

 

 

Born in Milano

(MI)

on 04/03/1961

- Fiscal Code : SPNFNC61C04F205X

 

 

 

Residence :

Corso

Vinzaglio

, 2

- 10100

Torino

(TO)

- IT -

 

Position

Since

Shares Amount

% Ownership

 

12/11/2010

 

 

 

 

Farisoglio

Fabrizio

 

 

 

Born in Milano

(MI)

on 21/03/1961

- Fiscal Code : FRSFRZ61C21F205W

 

 

 

Residence :

Via

Brambilla

, 5

- 21053

Castellanza

(VA)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

14/12/2009

 

 

 

 

No Protests registered

 

 

Istituto Biologico Chemioterapico S.r.l.

Siglabile Ibc S.r.l.

 

 

 

Via

San Quintino

, 28

- 10121

Torino

(TO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Sole partner

 

 

 

 

 

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.

 

 

GIRAUDI

ALBERTO

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

ALBERGIANCHI - SOCIETA' SEMPLICE

Torino (TO) - IT -

96735710012

Partner

Withdrawn

Ceased

ALLPROMO S.R.L.

Colleretto Giacosa (TO) - IT -

08697400011

Sole Director

Active

Registered

CARAVELLE - SOCIETA' IN ACCOMANDITA SEMPLICE DI COSTANZIA DI COSTIGLIOLE PIER LU

Torino (TO) - IT -

02144310014

General Partner

Withdrawn

Ceased

ISTITUTO BIOLOGICO CHEMIOTERAPICO - S.P.A. SIGLABILE I.B.C. S.P.A.

Torino (TO) - IT -

05146060016

Managing Director

Withdrawn

Ceased

ISTITUTO BIOLOGICO CHEMIOTERAPICO - S.P.A. SIGLABILE I.B.C. S.P.A.

Torino (TO) - IT -

05146060016

Director

Withdrawn

Ceased

ISTITUTO BIOLOGICO CHEMIOTERAPICO *A.B.C. - SOCIETA' PER AZIONI

Torino (TO) - IT -

00470340019

Managing Director

Withdrawn

Ceased

ISTITUTO BIOLOGICO CHEMIOTERAPICO S.R.L. SIGLABILE IBC S.R.L.

Torino (TO) - IT -

08866800017

Managing Director

Active

Registered

ISTITUTO BIOLOGICO CHEMIOTERAPICO S.R.L. SIGLABILE IBC S.R.L.

Torino (TO) - IT -

08866800017

Director

Active

Registered

ISTITUTO BIOLOGICO CHEMIOTERAPICO S.R.L. SIGLABILE IBC S.R.L.

Torino (TO) - IT -

08866800017

Sole Director

Withdrawn

Registered

ISTITUTO BIOLOGICO CHEMIOTERAPICO S.R.L. SIGLABILE IBC S.R.L.

Torino (TO) - IT -

08866800017

Assistant board Chairman

Active

Registered

LOREN S.R.L.

Torino (TO) - IT -

07376370016

Liquidator

Withdrawn

Ceased

OTIFARMA S.P.A.

Sorbolo (PR) - IT -

02323480018

Director

Withdrawn

Ceased

UNIBIOS S.P.A.

Trecate (NO) - IT -

00118040039

Chairman

Withdrawn

Ceased

UNIBIOS S.P.A.

Trecate (NO) - IT -

00118040039

Managing Director

Withdrawn

Ceased

 

 

GIRAUDI

GIOVANNI

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

ABC INTERNATIONAL PHARMA S.R.L.

Torino (TO) - IT -

07654700017

Sole Director

Active

Registered

ABC INTERNATIONAL PHARMA S.R.L.

Torino (TO) - IT -

07654700017

Director

Withdrawn

Registered

ALBERGIANCHI - SOCIETA' SEMPLICE

Torino (TO) - IT -

96735710012

Partner

Withdrawn

Ceased

ALGI - SOCIETA' SEMPLICE

Torino (TO) - IT -

97709640011

Partner

Active

Registered

ISTITUTO BIOLOGICO CHEMIOTERAPICO - S.P.A. SIGLABILE I.B.C. S.P.A.

Torino (TO) - IT -

05146060016

Managing Director

Withdrawn

Ceased

ISTITUTO BIOLOGICO CHEMIOTERAPICO *A.B.C. - SOCIETA' PER AZIONI

Torino (TO) - IT -

00470340019

Managing Director

Withdrawn

Ceased

ISTITUTO BIOLOGICO CHEMIOTERAPICO S.R.L. SIGLABILE IBC S.R.L.

Torino (TO) - IT -

08866800017

Director

Active

Registered

ISTITUTO BIOLOGICO CHEMIOTERAPICO S.R.L. SIGLABILE IBC S.R.L.

Torino (TO) - IT -

08866800017

Board Chairman

Active

Registered

UNIBIOS S.P.A.

Trecate (NO) - IT -

00118040039

Managing Director

Withdrawn

Ceased

 

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

Istituto Biologico Chemioterapico S.r.l. Siglabile Ibc S.r.l.

Torino - IT -

08866800017

 

100,00

 

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

ISTITUTO BIOLOGICO CHEMIOTERAPICO - S.P.A. SIGLABILE I.B.C. S.P.A.

Torino - IT -

05146060016

9.200.000 .Eur

100,00

 

 

Ceased

 

Firm's location and structure

 

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

 

-

Legal and operative seat

 

 

 

 

 

 

Corso

Vittorio Emanuele Ii

, 72

- 10100

- Torino

(TO)

- IT -

 

-

Branch

(Factory )

since 01/10/2003

until 01/04/2001

 

 

 

 

 

Via

Silvio Pellico

, 3

- 28069

- Trecate

(NO)

- IT -

 

 

 

 

Trading Style: DIVISIONE UNIBIOS E DIVISIONE

 

-

Branch

(Factory )

since 15/01/2001

 

 

 

 

 

Canton Moretti

, 29 Loc. LOCALITA' SAN BERNARDO

- 10015

- Ivrea

(TO)

- IT -

 

-

Branch

(Factory )

since 21/06/2010

 

 

 

 

 

Via

Rimembranze

, 6

- 28069

- Trecate

(NO)

- IT -

 

 

 

 

Trading Style: ABC FARMACEUTICI PRODUZIONE DI

 

 

 

 

Employees

: 96

 

Fittings and Equipment for a value of 9.140.000

Eur

 

Stocks for a value of 3.810.000

Eur

 

 

Historical Information and/or Firm's Status

 

EX-MEMBERS / EX-POSITIONS:

 

 

Araldi

Ferruccio

 

 

 

Born in Torino

on 19/04/1933

- Fiscal Code : RLDFRC33D19L219O

 

 

 

Residence :

Corso

Vittorio Emanuele Ii

, 72

- 10121

Torino

(TO)

- IT -

 

Ex-Postions

Temporary Auditor

Temporary Auditor

 

 

Giraudi

Alberto

 

 

 

Born in Torino

on 05/01/1964

- Fiscal Code : GRDLRT64A05L219S

 

 

 

Residence :

Regione

Sant'antonio

, 1

- 10090

Cinzano

(TO)

- IT -

 

Ex-Postions

Director

Director

Board Chairman

Board Chairman

 

 

Mottura

Emanuela

 

 

 

Born in Torino

on 21/07/1961

- Fiscal Code : MTTMNL61L61L219C

 

 

 

Residence :

Corso

Vittorio Emanuele

, 72

- 10121

Torino

(TO)

- IT -

 

Ex-Postions

Permanent Auditor

Permanent Auditor

 

 

Maritano

Giovanni

 

 

 

Born in Torino

on 23/10/1960

- Fiscal Code : MRTGNN60R23L219C

 

 

 

Residence :

Corso

Vittorio Emanuele Ii

, 72

- 10121

Torino

(TO)

- IT -

 

Ex-Postions

Chairman of the Board of Aud.

Chairman of the Board of Aud.

 

 

Ruisi

Vito

 

 

 

Born in Trapani

on 20/10/1950

- Fiscal Code : RSUVTI50R20L331A

 

 

 

Residence :

Via

Benso

, 18/A

- 10023

Chieri

(TO)

- IT -

 

Ex-Postions

Director

Director

 

 

Pession

Alberto

 

 

 

Born in Torino

on 16/07/1965

- Fiscal Code : PSSLRT65L16L219T

 

 

 

Residence :

Via

Assarotti

, 7

- 10100

Torino

(TO)

- IT -

 

Ex-Postions

Permanent Auditor

 

 

Farisoglio

Fabrizio

 

 

 

Born in Milano

on 21/03/1961

- Fiscal Code : FRSFRZ61C21F205W

 

 

 

Residence :

Via

Brambilla

, 5

- 21053

Castellanza

(VA)

- IT -

 

Ex-Postions

Managing Director

 

 

Stroppiana

Carla

 

 

 

Born in Torino

on 14/06/1960

- Fiscal Code : STRCRL60H54L219O

 

 

 

Residence :

Corso

Vittorio Emanuele Ii

, 72

- 10121

Torino

(TO)

- IT -

 

Ex-Postions

Temporary Auditor

Temporary Auditor

 

 

PREVITALI

SEVERINO

 

 

 

Born in NOVARA

on 30/04/1968

- Fiscal Code : PRVSRN68D30F952J

 

 

 

Residence :

Via

MATTEOTTI

, 72

- 28065

Cerano

(NO)

- IT -

 

Ex-Postions

Director

 

CEASINGS/INCORPORATIONS/MERGES:

 

 

Project of splitting-up and tranfer from

 

 

 

ISTITUTO BIOLOGICO CHEMIOTERAPICO - S.P.A. SIGLABILE I.B.C. S.P.A.

 

 

 

Via

Crescentino

, 25

, 10100

, Torino

(TO)

- IT -

 

 

 

Fiscal Code: 05146060016

 

 

 

Date

Merging/splitting-up project :

27/05/2003

 

 

Splitting-up and tranfer from the company

 

 

 

ISTITUTO BIOLOGICO CHEMIOTERAPICO - S.P.A. SIGLABILE I.B.C. S.P.A.

 

 

 

Via

Crescentino

, 25

, 10100

, Torino

(TO)

- IT -

 

 

 

Fiscal Code: 05146060016

 

 

 

Date

Splitting-up :

25/09/2003

 

 

Project of merging by taking over of

 

 

 

ISTITUTO BIOLOGICO CHEMIOTERAPICO - S.P.A. SIGLABILE I.B.C. S.P.A.

 

 

 

Via

Crescentino

, 25

, 10100

, Torino

(TO)

- IT -

 

 

 

Fiscal Code: 05146060016

 

 

 

Date

Merging/splitting-up project :

26/04/2004

 

 

The firm absorbed by merging of

 

 

 

ISTITUTO BIOLOGICO CHEMIOTERAPICO - S.P.A. SIGLABILE I.B.C. S.P.A.

 

 

 

Via

Crescentino

, 25

, 10100

, Torino

(TO)

- IT -

 

 

 

Fiscal Code: 05146060016

 

 

 

Date

:

01/08/2004

 

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 2000

The economic-financial analysis has been made on the base of the b/s of the latests three years.

Under the financial profile unstable results are noted. with a loss in the last financial year. In the last financial year a drop in sales has been registered (-11,83%).

The operating result in 2009 was positive (3,14%) and in line with the sector's average.

The amount of the operating result for the year 2009 is of Eur. 1.497.540 with a -45,17% drop.

The economic management produced a gross operating margin of Eur. 3.426.465 showing a drop (-29,05%).

The financial status of the company is fairly balanced with an indebtedness level of 1,07 but with an increase as against the previous accounting period.

The equity capital is equal to Eur. 15.272.620 , unchanged as opposed to the preceding year.

Total debts recorded amounted to Eur. 30.089.789 (Eur. 13.743.568 of which were m/l term debts) on the same levels as the year before.

The recourse to bank credit is slightly high and also borrowings from suppliers appear to be high, with an average payment period equal to 110,7 gg. however still within the sector's average.

Liquidity is good (1,01)

Trade credits are collected slowly, average term is 152,37 days. also in relation to the average of the sector.

During financial year 2009 the cash flow amounted to Eur. 1.301.247

Subordinate employment cost is of Eur. 5.521.754, i.e. 20,61% on total production costs. and a 19,76% incidence on sales volumes.

Finacial chareges are high: the incidence on sales volume amounts to -6,78%




Financial Data

 

 

 

 

Complete balance-sheet for the year

31/12/2009

(in Eur

x 1 )

 

Item Type

Value

Sales

27.946.203

Profit (Loss) for the period

-626.598

 

 

 

Complete balance-sheet for the year

31/12/2008

(in Eur

x 1 )

 

Item Type

Value

Sales

31.698.061

Profit (Loss) for the period

764.234

 

 

 

Complete balance-sheet for the year

31/12/2007

(in Eur

x 1 )

 

Item Type

Value

Sales

31.780.334

Profit (Loss) for the period

-1.124.253

 

 

 

Complete balance-sheet for the year

31/12/2006

(in Eur

x 1 )

 

Item Type

Value

Sales

29.010.527

Profit (Loss) for the period

-3.225.247

 

 

 

Complete balance-sheet for the year

31/12/2005

(in Eur

x 1 )

 

Item Type

Value

Sales

27.847.672

Profit (Loss) for the period

-760.214

 

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

123.481

159.417

222.538

. . Research,develop. and advert.expens.

 

 

 

. . Industrial patent rights

5.716.180

6.765.392

7.211.833

. . Concessions,licenses,trademarks,etc.

214.677

313.313

447.750

. . Goodwill

32.911

68.734

104.557

. . Assets in formation and advance paymen.

125.920

38.071

51.911

. . Other intangible fixed assets

 

 

 

. Total Intangible Fixed Assets

6.213.169

7.344.927

8.038.589

. TANGIBLE FIXED ASSETS

 

 

 

. . Real estate

14.157.970

13.337.397

10.816.159

. . Plant and machinery

8.733.381

9.344.498

8.656.081

. . Industrial and commercial equipment

407.631

530.774

665.880

. . Other assets

 

 

 

. . Assets under construction and advances

515.804

110.905

171.395

. Total Tangible fixed assets

23.814.786

23.323.574

20.309.515

. FINANCIAL FIXED ASSETS

 

 

 

. . Equity investments

10.000

 

 

. . . Equity invest. in subsidiary companies

10.000

 

 

. . . Equity invest. in associated companies

 

 

 

. . . Equity invest. in holding companies

 

 

 

. . . Equity invest. in other companies

 

 

 

. . Financial receivables

971.238

 

1.261.749

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

971.238

 

1.261.749

. . . Receivab due from subsidiaries

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . . Receivables due from assoc.comp.

971.238

 

1.204.866

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

971.238

 

1.204.866

. . . Receivables due from holding comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . . Receivables due from third parties

 

 

56.883

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

56.883

. . Other securities

63.743

 

 

. . Own shares

 

 

 

. . . Total nominal value

 

 

 

. Total financial fixed assets

1.044.981

677.087

1.261.749

Total fixed assets

31.072.936

31.345.588

29.609.853

CURRENT ASSETS

 

 

 

. INVENTORIES

 

 

 

. . Raw materials and other consumables

1.471.974

2.343.936

2.406.556

. . Work in progress and semimanufactured

780.984

1.046.386

1.092.992

. . Work in progress on order

 

 

 

. . Finished goods

1.561.420

1.749.261

2.308.543

. . Advance payments

 

 

 

. Total Inventories

3.814.378

5.139.583

5.808.091

. CREDITS NOT HELD AS FIXED ASSETS

 

 

 

. . Within 12 months

12.729.447

11.610.441

10.002.663

. . Beyond 12 months

 

 

 

. . Trade receivables

11.828.411

10.549.664

7.874.001

. . . . Within 12 months

11.828.411

10.549.664

7.874.001

. . . . 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

34.345

303.686

249.028

. . . . Within 12 months

34.345

303.686

249.028

. . . . Beyond 12 months

 

 

 

. . Receivables for anticipated taxes

 

37.444

678.011

. . . . Within 12 months

 

37.444

678.011

. . . . Beyond 12 months

 

 

 

. . Receivables due from third parties

866.691

719.647

1.201.623

. . . . Within 12 months

866.691

719.647

1.201.623

. . . . Beyond 12 months

 

 

 

. Total Credits not held as fixed assets

12.729.447

11.610.441

10.002.663

. 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

250

250

 

. Total Financial Assets

250

250

 

. LIQUID FUNDS

 

 

 

. . Bank and post office deposits

17.198

14.097

1.019.187

. . Checks

 

 

 

. . Banknotes and coins

16.571

15.202

12.337

. Total Liquid funds

33.769

29.299

1.031.524

Total current assets

16.577.844

16.779.573

16.842.278

ADJUSTMENT ACCOUNTS

 

 

 

. Discount on loans

 

 

 

. Other adjustment accounts

54.657

36.851

12.965

Total adjustments accounts

54.657

36.851

12.965

TOTAL ASSETS

47.705.437

48.162.012

46.465.096

 

 

 

 

LIABILITIES

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

. Capital stock

4.000.000

4.000.000

4.000.000

. Additional paid-in capital

 

 

 

. Revaluation reserves

2.910.001

2.910.000

 

. Legal reserve

686.824

 

 

. Reserve for Own shares

 

 

 

. Statute reserves

 

 

 

. Other reserves

77.410

8.224.983

9.349.238

. Accumulated Profits (Losses)

8.224.983

 

 

. Profit( loss) of the year

-626.598

764.234

-1.124.253

. Advances on dividends

 

 

 

. Partial loss of the year Coverage

 

 

 

Total Stockholders'Equity

15.272.620

15.899.217

12.224.985

RESERVES FOR RISKS AND CHARGES

 

 

 

. . Reserve for employee termination indem.

135.505

135.354

145.688

. . Taxation fund, also differed

113.490

20.000

20.000

. . Other funds

870.000

50.000

50.000

Total Reserves for Risks and Charges

1.118.995

205.354

215.688

Employee termination indemnities

389.951

554.635

622.892

ACCOUNTS PAYABLE

 

 

 

. . . . Within 12 months

16.346.221

16.690.202

18.109.349

. . . . Beyond 12 months

13.743.568

13.652.000

13.989.726

. . 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

22.593.288

22.255.131

23.379.630

. . . . Within 12 months

10.244.494

9.666.337

9.654.436

. . . . Beyond 12 months

12.348.794

12.588.794

13.725.194

. . Due to other providers of finance

1.066.807

1.234.531

448.116

. . . . Within 12 months

297.553

171.325

183.584

. . . . Beyond 12 months

769.254

1.063.206

264.532

. . Advances from customers

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Trade payables

5.470.196

5.891.160

7.026.340

. . . . Within 12 months

5.470.196

5.891.160

7.026.340

. . . . Beyond 12 months

 

 

 

. . Securities issued

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to subsidiary companies

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to associated companies

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to holding companies

66.650

 

 

. . . . Within 12 months

66.650

 

 

. . . . Beyond 12 months

 

 

 

. . Due to the tax authorities

297.328

330.897

500.576

. . . . Within 12 months

267.328

330.897

500.576

. . . . Beyond 12 months

30.000

 

 

. . Due to social security and welfare inst.

190.604

227.270

205.341

. . . . Within 12 months

 

227.270

205.341

. . . . Beyond 12 months

190.604

190.604

 

. . Other payables

404.916

403.213

539.072

. . . . Within 12 months

 

403.213

539.072

. . . . Beyond 12 months

404.916

 

 

Total accounts payable

30.089.789

30.342.202

32.099.075

ADJUSTMENT ACCOUNTS

 

 

 

. Agio on loans

 

 

 

. Other adjustment accounts

834.082

1.160.604

1.302.456

Total adjustment accounts

834.082

1.160.604

1.302.456

TOTAL LIABILITIES

47.705.437

48.162.012

46.465.096

 

 

 

 

 

 

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

27.946.203

31.698.061

31.780.334

. Changes in work in progress

-358.243

-565.888

-1.592.638

. Changes in semi-manufact. products

 

 

 

. Capitalization of internal work

 

 

 

. Other income and revenues

699.070

526.268

215.120

. . Contributions for operating expenses

 

 

 

. . Different income and revenues

699.070

526.268

215.120

Total value of production

28.287.030

31.658.441

30.402.816

PRODUCTION COSTS

 

 

 

. Raw material,other materials and consum.

12.080.231

14.038.085

13.381.937

. Services received

5.615.871

6.649.927

7.875.744

. Leases and rentals

309.614

204.934

147.981

. Payroll and related costs

5.521.754

5.285.841

5.516.616

. . Wages and salaries

4.056.463

3.876.286

4.235.148

. . Social security contributions

1.328.406

1.290.177

1.144.282

. . Employee termination indemnities

136.885

119.378

137.186

. . Pension and similar

 

 

 

. . Other costs

 

 

 

. Amortization and depreciation

1.927.845

2.097.567

2.079.413

. . Amortization of intangible fixed assets

600.932

871.019

940.207

. . Amortization of tangible fixed assets

1.266.913

1.171.548

1.096.918

. . Depreciation of tangible fixed assets

 

 

 

. . Writedown of current receiv.and of liquid

60.000

55.000

42.288

. Changes in raw materials

871.962

62.620

4.650

. Provisions to risk reserves

 

 

70.000

. Other provisions

108.000

53.000

13.239

. Other operating costs

354.213

534.757

254.384

Total production costs

26.789.490

28.926.731

29.343.964

Diff. between value and cost of product.

1.497.540

2.731.710

1.058.852

FINANCIAL INCOME AND EXPENSE

 

 

 

. Income from equity investments

 

 

 

. . In subsidiary companies

 

 

 

. . In associated companies

 

 

 

. . In other companies

 

 

 

. Other financial income

27.051

67.657

77.893

. . 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

27.051

67.657

 

. . . - Subsidiary companies

 

 

 

. . . - Associated companies

 

 

 

. . . - Holding companies

 

 

 

. . . - Other companies

 

 

 

. Interest and other financial expense

-1.920.874

-2.010.604

-1.675.196

. . Towards subsidiary companies

 

 

 

. . Towards associated companies

 

 

 

. . Towards holding companies

 

 

 

. . Towards other companies

-346.240

-137.968

 

Total financial income and expense

-1.893.823

-1.942.947

-1.597.303

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

909.195

1.270.033

827.942

. . Gains on disposals

 

 

 

. . Other extraordinary income

909.195

1.270.033

827.942

. Extraordinary expense

-791.476

-364.012

-1.039.750

. . Losses on disposals

 

 

 

. . Taxes relating to prior years

 

 

 

. . Other extraordinary expense

-791.476

-364.012

-1.039.750

Total extraordinary income and expense

117.719

906.021

-211.808

Results before income taxes

-278.564

1.694.784

-750.259

. Taxes on current income

348.034

930.550

373.994

. . current taxes

 

 

 

. . differed taxes(anticip.)

 

 

 

. Net income for the period

-626.598

764.234

-1.124.253

. Adjustments in tax regulations pursuance

 

 

 

. Provisions in tax regulations pursuance

 

 

 

. Profit (loss) of the year

-626.598

764.234

-1.124.253

 

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

0,65

0,65

0,63

0,19

Elasticity Ratio

Units

0,35

0,35

0,36

0,66

Availability of stock

Units

0,08

0,11

0,12

0,14

Total Liquidity Ratio

Units

0,27

0,24

0,23

0,48

Quick Ratio

Units

0,00

0,00

0,02

0,02

COMPOSITION ON SOURCE

 

 

 

 

 

Net Short-term indebtedness

Units

1,07

1,05

1,39

2,36

Self Financing Ratio

Units

0,32

0,33

0,26

0,24

Capital protection Ratio

Units

0,78

0,70

0,76

0,57

Liabilities consolidation quotient

Units

0,86

0,85

0,80

0,15

Financing

Units

1,97

1,91

2,62

2,48

Permanent Indebtedness Ratio

Units

0,62

0,63

0,57

0,33

M/L term Debts Ratio

Units

0,30

0,29

0,31

0,08

Net Financial Indebtedness Ratio

Units

1,55

1,48

1,86

0,62

CORRELATION

 

 

 

 

 

Fixed assets ratio

Units

0,95

0,96

0,90

1,22

Current ratio

Units

1,01

1,01

0,93

1,11

Acid Test Ratio-Liquidity Ratio

Units

0,78

0,70

0,60

1,15

Structure's primary quotient

Units

0,49

0,51

0,41

1,02

Treasury's primary quotient

Units

0,00

0,00

0,05

0,03

Rate of indebtedness ( Leverage )

%

312,36

302,92

380,08

478,86

Current Capital ( net )

Value

231.623

89.371

-1.267.071

433.893

RETURN

 

 

 

 

 

Return on Sales

%

4,66

9,03

3,00

4,68

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

%

- 4,10

4,81

- 9,19

7,45

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

%

- 1,82

10,66

- 6,13

22,69

Return on Investment ( R.O.I. )

%

3,14

5,67

2,27

5,56

Return/ Sales

%

5,36

8,62

3,33

4,30

Extra Management revenues/charges incid.

%

- 41,84

27,98

- 106,17

24,72

Cash Flow

Value

1.301.247

2.861.801

955.160

233.179

Operating Profit

Value

1.497.540

2.731.710

1.058.852

195.818

Gross Operating Margin

Value

3.426.465

4.829.807

3.139.097

367.001

MANAGEMENT

 

 

 

 

 

Credits to clients average term

Days

152,37

119,81

89,17

108,32

Debts to suppliers average term

Days

110,70

101,51

118,15

136,50

Average stock waiting period

Days

49,14

58,37

65,77

45,33

Rate of capital employed return ( Turnover )

Units

0,59

0,66

0,68

1,42

Rate of stock return

Units

7,33

6,17

5,47

7,89

Labour cost incidence

%

19,76

16,68

17,35

17,85

Net financial revenues/ charges incidence

%

- 6,78

- 6,13

- 5,02

- 1,25

Labour cost on purchasing expenses

%

20,61

18,27

18,79

17,67

Short-term financing charges

%

6,38

6,63

5,21

2,75

Capital on hand

%

170,70

151,94

146,20

86,52

Sales pro employee

Value

243.010

264.150

278.774

269.058

Labour cost pro employee

Value

48.015

44.048

48.391

37.205

 

 

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

:

2.236.941

Population living in the region

:

4.330.172

Number of families in the region

:

1.889.207

 

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

 

- per food products

:

429

- per non food products

:

1.789

- per energy consume

:

135

 

Sector Data

 

The values are calculated on a base of 748 significant companies.

 

The companies cash their credits on an average of 108 dd.

The average duration of suppliers debts is about 136 dd.

The sector's profitability is on an average of 4,68%.

The labour cost affects the turnover in the measure of 17,85%.

Goods are held in stock in a range of 45 dd.

The difference between the sales volume and the resources used to realize it is about 1,42.

The employees costs represent the 17,67% of the production costs.

Statistical Detrimental Data

 

The area is statistically considered moderately risky.

In the region 27.019 protested subjects are found; in the province they count to 16.723.

The insolvency index for the region is 0,63, , while for the province it is 0,76.

Total Bankrupt companies in the province : 7.726.

Total Bankrupt companies in the region : 14.165.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.78

UK Pound

1

Rs.73.43

Euro

1

Rs.65.27

 

 

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.