MIRA INFORM REPORT

 

 

Report Date :

05.05.2012

 

IDENTIFICATION DETAILS

 

Name :

GARIONI NAVAL S.P.A.

 

 

Registered Office :

 

Viale Dei Caduti, 3 

25030 - Castel Mella (BS)

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

02.12.1991

 

 

Com. Reg. No.:

BS029-46984 since 19/02/1996

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture of other builders' carpentry and joinery products

 

 

No. of Employees :

From 71 to 90

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

 


NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 and address

 

Garioni Naval S.p.A.

 

Viale Dei Caduti, 3 

25030 - Castel Mella (BS) -IT-

 

 

Summary

 

Fiscal Code

:

03148440179

Legal Form

:

Joint stock company

start of Activities

:

02/12/1991

Equity

:

2.500.000 Eur

Turnover Range

:

20.000.000/25.000.000 Eur

Number of Employees

:

from 71 to 90

 

 

Activity

 

Manufacture of other builders' carpentry and joinery products

MANUFACTURE OF METAL PRODUCTS ( EXCEPT MACHINERY AND EQUIPMENT)

Manufacture of metal central heating radiators and boilers

 

Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 03148440179

 

Foreign Trade Reg. no. : BS024940 since 02/01/1992

 

Foreign Trade Reg. no. : 24940 of Brescia since 02/01/1992

 

Foreign Trade Reg. no. : 024940 of Brescia since 02/01/1992

 

Chamber of Commerce no. : 332624 of Brescia since 02/08/1991

 

Firms' Register : BS029-46984 since 19/02/1996

 

V.A.T. Code : 03148440179

 

Foundation date

: 13/06/1991

Establishment date

: 13/06/1991

Start of Activities

: 02/12/1991

Legal duration

: 31/12/2050

Nominal Capital

: 2.500.000

Eur

Subscribed Capital

: 2.000.000

Eur

Paid up Capital

: 2.000.000

Eur

 

Members

 

 

Garioni

Luca

 

 

 

Born in Milano

(MI)

on 04/07/1955

- Fiscal Code : GRNLCU55L04F205M

 

 

 

Residence :

Piazzetta

San Giorgio

, 2

- 25122

Brescia

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

22/12/2011

 

 

Managing Director

22/12/2011

 

 

 

 

No Protests registered

 

 

Trombetta

Andrea

 

 

 

Born in Varese

(VA)

on 06/06/1964

- Fiscal Code : TRMNDR64H06L682U

 

 

 

Residence :

Via

Tortona

, 12

- 20144

Milano

(MI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

22/12/2011

 

 

Managing Director

22/12/2011

 

 

 

 

No Protests registered

 

 

Micheli

Emmanuel

 

 

 

Born in Lecco

(CO)

on 21/09/1970

- Fiscal Code : MCHMNL70P21E507G

 

 

 

Residence :

Via

Undici Febbraio

, 1/C

- 22053

Lecco

(LC)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

22/12/2011

 

 

Managing Director

22/12/2011

 

 

Board Chairman

22/12/2011

 

 

 

 

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.

 

 

GARIONI

LUCA

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

CARPENTERIA BESSI S.R.L.

Castel Mella (BS) - IT -

02534520982

Director

Active

Registered

DEDO DI CAPPA D. E GARIONI L. S.D.F.

Brescia (BS) - IT -

03261350171

Partner

Withdrawn

Ceased

EBS S.R.L.

Milano (MI) - IT -

06116200723

Director

Active

Registered

EBS S.R.L.

Milano (MI) - IT -

06116200723

Managing Director

Active

Registered

ENERGIA FUTURA

Brescia (BS) - IT -

03349200984

Director

Active

Registered

EUROPESUN SRL

Brescia (BS) - IT -

03074940986

Director

Active

Registered

EUROPESUN SRL

Brescia (BS) - IT -

03074940986

Managing Director

Active

Registered

EUROPESUN SRL

Brescia (BS) - IT -

03074940986

Board Chairman

Active

Registered

G.T.W. S.R.L.

Castel Mella (BS) - IT -

03033790175

Liquidator

Withdrawn

Ceased

GARIONI MACCHINE TERMICHE S.R.L.

Paitone (BS) - IT -

02149150175

Managing Director

Withdrawn

Ceased

INES S.R.L.

Brescia (BS) - IT -

02727640985

Director

Active

Registered

INES S.R.L.

Brescia (BS) - IT -

02727640985

Board Chairman

Active

Registered

M.I.T. LEASING SRL

Milano (MI) - IT -

04867410153

Liquidator

Withdrawn

Registered

MATILDA S.R.L.

Brescia (BS) - IT -

02385190984

Director

Active

Registered

MATILDA S.R.L.

Brescia (BS) - IT -

02385190984

Board Chairman

Active

Registered

NENA SRL

Brescia (BS) - IT -

03023380987

Sole Director

Active

Registered

NEXT ENERGY S.R.L.

Brescia (BS) - IT -

02985410980

Director

Active

Registered

NEXT ENERGY S.R.L.

Brescia (BS) - IT -

02985410980

Board Chairman

Active

Registered

 

 

TROMBETTA

ANDREA

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

EBS S.R.L.

Milano (MI) - IT -

06116200723

Director

Active

Registered

INDA - INDUSTRIA NAZIONALE DEGLI ACCESSORI - S.P.A.

Caravate (VA) - IT -

00201190121

General Director

Withdrawn

Ceased

INDA - INDUSTRIA NAZIONALE DEGLI ACCESSORI - S.P.A.

Caravate (VA) - IT -

00201190121

Director

Withdrawn

Ceased

INDA S.R.L.

Caravate (VA) - IT -

03868760962

Attorney with special power

Withdrawn

Registered

INITIUM S.P.A.

Caravate (VA) - IT -

08788320151

General Director

Withdrawn

Registered

L'ANACONDA COOPERATIVA SOCIALE

Varese (VA) - IT -

01202720122

Director

Active

Registered

REGIA S.R.L.

Muggio' (MB) - IT -

09260740155

Director

Withdrawn

Registered

 

 

MICHELI

EMMANUEL

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

EBS S.R.L.

Milano (MI) - IT -

06116200723

Director

Active

Registered

EBS S.R.L.

Milano (MI) - IT -

06116200723

Board Chairman

Active

Registered

FINVETRO S.P.A.

Milano (MI) - IT -

05032030966

Director

Active

Registered

G.F.M. INDUSTRIA - S.P.A.

Faenza (RA) - IT -

00819470394

Director

Active

Registered

LUXY S.R.L.

Montecchio Maggiore (VI) - IT -

03354390969

Director

Active

Registered

MINOTTI CUCINE S.R.L.

Sant'Ambrogio di Valpolicella (VR) - IT -

07049650968

Director

Active

Registered

MINOTTI CUCINE S.R.L.

Sant'Ambrogio di Valpolicella (VR) - IT -

07049650968

Sole Director

Withdrawn

Registered

MINOTTI CUCINE S.R.L.

Sant'Ambrogio di Valpolicella (VR) - IT -

07049650968

Board Chairman

Active

Registered

OPERA PROJECT SRL

Milano (MI) - IT -

06128920961

Director

Active

Registered

OPERA SOCIETA' DI GESTIONE DEL RISPARMIO S.P.A. O, IN FORMA ABBRE VIATA OPERA SG

Milano (MI) - IT -

05262560963

Director

Active

Registered

OPERA SOCIETA' DI GESTIONE DEL RISPARMIO S.P.A. O, IN FORMA ABBRE VIATA OPERA SG

Milano (MI) - IT -

05262560963

Managing Director

Active

Registered

TIEFFE S.P.A.

Cura Carpignano (PV) - IT -

06256260966

Director

Active

Registered

VETRERIE RIUNITE S.P.A.

Colognola Ai Colli (VR) - IT -

04126990961

Director

Active

Registered

XTEL S.R.L.

Argelato (BO) - IT -

02612360988

Director

Active

Registered

XTEL S.R.L.

Argelato (BO) - IT -

02612360988

Board Chairman

Active

Registered

 

Capital Shareholders

 

Shareholders' list as at date of data collection:

 

Firm's Style / Name

Seat / Residence

Fiscal Code

Owned Shares

% Ownership

Mavi Srl

Brescia - IT -

02948000985

60.000 .Eur

3,00

Ebs S.r.l.

Milano - IT -

06116200723

1.940.000 .Eur

97,00

 

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

Carpenteria Bessi S.r.l.

Castel Mella - IT -

02534520982

80.000 .Eur

80,00

 

 

Active

G.T.W. S.R.L.

Castel Mella - IT -

03033790175

51.129 .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

(Workshop )

 

 

 

 

 

Viale

Dei Caduti

, 3

- 25030

- Castel Mella

(BS)

- IT -

 

 

 

 

PHONE

: 030/2681541

 

 

 

 

FAX

: 030/2680910

 

 

 

 

Employees

: 69

 

 

 

 

Assistants

: 2

 

Fittings and Equipment for a value of 270.000

Eur

 

Stocks for a value of 6.270.000

Eur

 

The firm has a direct commercial organization

Sales are mainly addressed to Northern Italy

Transports are mainly done using own vehicles and third parties ones

 

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- its own agents

 

- direct orders from foreign companies

Purchase terms: 60-90-120 days.

Subject mostly pays its suppliers by issueing of drafts and/or by

by bank transfers.

 

Export is mainly towards:

- Somalia

 

- Irlanda

 

Historical Information and/or Firm's Status

 

 

CHANGES TO THE LEGAL FORM:

 

Former legal form

New legal form

Changement Date

Limited liability company

Joint stock company

16/01/2006

Joint stock company with sole shareholder

Joint stock company

12/03/2007

 

EX-MEMBERS / EX-POSITIONS:

 

 

Ferretti

Giulio

 

 

 

Born in Brescia

on 03/04/1938

- Fiscal Code : FRRGLI38D03B157E

 

 

 

Residence :

Porta

Paganora

, 15

- 25100

Brescia

(BS)

- IT -

 

Ex-Postions

 

Temporary Auditor

 

 

Beltrami

Renato

 

 

 

Born in Storo

on 07/12/1942

- Fiscal Code : BLTRNT42T07I964L

 

 

 

Residence :

Via

Pernacchia

, 4/A

- 25064

Gussago

(BS)

- IT -

 

Ex-Postions

Chairman of the Board of Aud.

 

 

Garioni

Luca

 

 

 

Born in Milano

on 04/07/1955

- Fiscal Code : GRNLCU55L04F205M

 

 

 

Residence :

Piazzetta

San Giorgio

, 2

- 25122

Brescia

(BS)

- IT -

 

Ex-Postions

Managing Director

Sole Director

Board Chairman

 

 

Nassini

Damiano

 

 

 

Born in Marcheno

on 12/06/1951

- Fiscal Code : NSSDMN51H12E928L

 

 

 

Residence :

Via

Marconi

, 9

- 25062

Concesio

(BS)

- IT -

 

Ex-Postions

Chairman of the Board of Aud.

 

 

Pozzi

Federico

 

 

 

Born in Brescia

on 14/11/1958

- Fiscal Code : PZZFRC58S14B157C

 

 

 

Residence :

Via

Quarto Dei Mille

, 15

- 25100

Brescia

(BS)

- IT -

 

Ex-Postions

 

Permanent Auditor

 

 

Masetti Zannini

Alessandro

 

 

 

Born in Brescia

on 25/02/1965

- Fiscal Code : MSTLSN65B25B157O

 

 

 

Residence :

Corso

Cavour

, 23

- 25121

Brescia

(BS)

- IT -

 

Ex-Postions

 

Permanent Auditor

 

 

Nulli

Giovanni

 

 

 

Born in Brescia

on 26/07/1954

- Fiscal Code : NLLGNN54L26B157F

 

 

 

Residence :

Viale

Bornata

, 117

- 25100

Brescia

(BS)

- IT -

 

Ex-Postions

 

Temporary Auditor

 

 

Bonomi

Fausto

 

 

 

Born in BRESCIA

on 12/05/1948

- Fiscal Code : BNMFST48E12B157S

 

 

 

Residence :

Corso

MAGENTA

, 36

- 25100

Brescia

(BS)

- IT -

 

Ex-Postions

Director

 

 

Codenotti

Ezio

 

 

 

Born in Paderno Franciacorta

on 09/04/1959

- Fiscal Code : CDNZEI59D09G217T

 

 

 

Residence :

Via

Trieste

, 1/A

- 25050

Paderno Franciacorta

(BS)

- IT -

 

Ex-Postions

Permanent Auditor

 

 

Maroni

Diego

 

 

 

Born in Milano

on 20/10/1961

- Fiscal Code : MRNDGI61R20F205B

 

 

 

Residence :

Via

Ressi Adeodato

, 22

- 20125

Milano

(MI)

- IT -

 

Ex-Postions

Temporary Auditor

 

 

Verri

Franco

 

 

 

Born in Milano

on 23/05/1958

- Fiscal Code : VRRFNC58E23F205U

 

 

 

Residence :

Via

Part. Berto Solimano

, 33/A

- 16038

Santa Margherita Ligure

(GE)

- IT -

 

Ex-Postions

Director

 

 

Morelli

Alberto

 

 

 

Born in Fermo

on 26/08/1971

- Fiscal Code : MRLLRT71M26D542Z

 

 

 

Residence :

Via

Varisco

, 7/A

- 25100

Brescia

(BS)

- IT -

 

Ex-Postions

Temporary Auditor

 

 

Alloisio

Riccardo

 

 

 

Born in Verolanuova

on 08/09/1968

- Fiscal Code : LLSRCR68P08L777H

 

 

 

Residence :

Via

Isola Caprera

, 2

- 25028

Verolanuova

(BS)

- IT -

 

Ex-Postions

Permanent Auditor

 

 

Vismara

Marco Andrea

 

 

 

Born in Milano

on 23/03/1965

- Fiscal Code : VSMMCN65C23F205D

 

 

 

Residence :

Via

Dei Martinitt

, 3

- 20146

Milano

(MI)

- IT -

 

Ex-Postions

Director

 

 

ZUCCO

FILIPPO FRANCESCODOMENICO

 

 

 

Born in MILANO

on 13/02/1954

- Fiscal Code : ZCCFPP54B13F205X

 

 

 

Residence :

Via

MAZZINI

, 22

- 25100

Brescia

(BS)

- IT -

 

Ex-Postions

Director

 

 

Cascione

Cesare

 

 

 

Born in Copertino

on 02/06/1981

- Fiscal Code : CSCCSR81H02C978U

 

Ex-Postions

Director

 

CEASINGS/INCORPORATIONS/MERGES:

 

 

Project of merging by taking over of

 

 

 

EUROBOILERS S.R.L.

 

 

 

, Brescia

- IT -

 

 

 

Fiscal Code: 02806500985

 

 

 

Date

Merging/splitting-up project :

27/10/2008

 

 

The firm absorbed by merging of

 

 

 

EUROBOILERS S.R.L.

 

 

 

, Brescia

- IT -

 

 

 

Fiscal Code: 02806500985

 

 

 

Date

:

12/02/2009



Protests

 

Protests checking on the subject firm has given a negative result.

 

Data Base Prejudicial Events Search

 

Search performed on a National Scale

 

 

 

Prejudicial Events Search Result: NEGATIVE

 

Search performed on a specialized data base.

 

Legal Procedures

 

None reported, standing to the latest received edition of the Official Publications.

 


Financial and Economical Analysis

 

Subject is active since 1991

An eco-fin analysis has been made on the base od the b/s fo the years 2008, 2009 and 2010.

Unstable economic results mark the company's financial state of affairs. with a negative economic result in the last financial year.

The operating result is negative.

The operating loss is equal to Eur. -682.553.

During the latest financial year the gross operating margin amounted to Eur. 1.005.352 showing a drop (-50,19%).

The ratio between debts and total assets is fairly high, as it comes out from the indebtedness (7,17) with an upward trend.

The management generated equity capital for an amount of Eur. 2.233.815 with a -48,93% fall.

During the last financial year total debts volume reached Eur. 21.193.954 (Eur. 4.385.921 were m/l term ones) on the same levels as the year before.

Financial debts as well as debts to suppliers are rather high even in comparison with the sector's.

Liquidity is good (1,1)

Trade credits average terms are slow, on average 121,18 days. , as it normally happens in the sector.

The financial management generated a negative cash flow (Eur. -375.740).

In the last financial year labour cost was of Eur. 3.416.550, with a 14,85% incidence on total costs of production. , whereas the incidence of such costs on sales revenues is equal to 16,44%.

Finacial chareges are high: the incidence on sales volume amounts to -1,73%




Financial Data

 

 

 

Complete balance-sheet for the year

31/12/2010

(in Eur

x 1 )

 

Item Type

Value

Sales

20.778.141

Profit (Loss) for the period

-1.928.645

 

 

 

Complete balance-sheet for the year

31/12/2009

(in Eur

x 1 )

 

Item Type

Value

Sales

19.577.679

Profit (Loss) for the period

52.365

 

 

 

Complete balance-sheet for the year

31/12/2008

(in Eur

x 1 )

 

Item Type

Value

Sales

26.523.370

Profit (Loss) for the period

333.944

 

 

 

Complete balance-sheet for the year

31/12/2007

(in Eur

x 1 )

 

Item Type

Value

Sales

23.849.961

Profit (Loss) for the period

586.456

 

 

 

Complete balance-sheet for the year

31/12/2006

(in Eur

x 1 )

 

Item Type

Value

Sales

18.598.369

Profit (Loss) for the period

391.979


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

30.117

72.062

95.092

. . Research,develop. and advert.expens.

1.110.863

899.122

703.830

. . Industrial patent rights

26.693

8.328

5.300

. . Concessions,licenses,trademarks,etc.

81.987

35.523

46.853

. . Goodwill

417.700

440.906

 

. . Assets in formation and advance paymen.

 

 

 

. . Other intangible fixed assets

82.018

98.483

213.910

. Total Intangible Fixed Assets

1.749.378

1.554.424

1.064.985

. TANGIBLE FIXED ASSETS

 

 

 

. . Real estate

 

 

 

. . Plant and machinery

216.067

221.837

249.494

. . Industrial and commercial equipment

55.289

63.134

35.063

. . Other assets

113.660

83.514

65.834

. . Assets under construction and advances

 

 

 

. Total Tangible fixed assets

385.016

368.485

350.391

. FINANCIAL FIXED ASSETS

 

 

 

. . Equity investments

3.729.579

4.151.989

1.941.705

. . . Equity invest. in subsidiary companies

3.723.804

4.087.426

1.885.930

. . . Equity invest. in associated companies

1.250

60.038

51.250

. . . Equity invest. in holding companies

 

 

 

. . . Equity invest. in other companies

4.525

4.525

4.525

. . Financial receivables

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . . 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

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Other securities

 

 

 

. . Own shares

 

 

 

. . . Total nominal value

 

 

 

. Total financial fixed assets

3.729.579

4.151.989

1.941.705

Total fixed assets

5.863.973

6.074.898

3.357.081

CURRENT ASSETS

 

 

 

. INVENTORIES

 

 

 

. . Raw materials and other consumables

1.506.500

1.726.921

2.182.364

. . Work in progress and semimanufactured

4.368.493

3.249.602

3.489.601

. . Work in progress on order

 

 

 

. . Finished goods

374.623

366.933

128.295

. . Advance payments

16.563

177.443

67.703

. Total Inventories

6.266.179

5.520.899

5.867.963

. CREDITS NOT HELD AS FIXED ASSETS

 

 

 

. . Within 12 months

11.450.479

11.864.132

12.219.690

. . Beyond 12 months

4.450

4.419

4.419

. . Trade receivables

6.994.102

7.256.570

7.979.282

. . . . Within 12 months

6.994.102

7.256.570

7.979.282

. . . . Beyond 12 months

 

 

 

. . Receivables due from subsid. comp.

2.977.936

3.739.174

2.852.045

. . . . Within 12 months

2.977.936

3.739.174

2.852.045

. . . . Beyond 12 months

 

 

 

. . Receivables due from assoc. comp.

 

41.416

25.442

. . . . Within 12 months

 

41.416

25.442

. . . . Beyond 12 months

 

 

 

. . Receivables due from holding comp.

126.790

 

59

. . . . Within 12 months

126.790

 

59

. . . . Beyond 12 months

 

 

 

. . Fiscal Receivables

300.425

150.635

667.309

. . . . Within 12 months

300.425

150.635

667.309

. . . . Beyond 12 months

 

 

 

. . Receivables for anticipated taxes

247.434

70.591

113.538

. . . . Within 12 months

247.434

70.591

113.538

. . . . Beyond 12 months

 

 

 

. . Receivables due from third parties

808.242

610.165

586.434

. . . . Within 12 months

803.792

605.746

582.015

. . . . Beyond 12 months

4.450

4.419

4.419

. Total Credits not held as fixed assets

11.454.929

11.868.551

12.224.109

. 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

775.195

1.647.770

6.762.847

. . Checks

 

 

 

. . Banknotes and coins

10.093

3.131

3.738

. Total Liquid funds

785.288

1.650.901

6.766.585

Total current assets

18.506.396

19.040.351

24.858.657

ADJUSTMENT ACCOUNTS

 

 

 

. Discount on loans

 

 

 

. Other adjustment accounts

372.005

110.618

99.744

Total adjustments accounts

372.005

110.618

99.744

TOTAL ASSETS

24.742.374

25.225.867

28.315.482

 

 

 

 

LIABILITIES

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

. Capital stock

2.000.000

2.000.000

2.000.000

. Additional paid-in capital

670.000

670.000

670.000

. Revaluation reserves

 

 

60.179

. Legal reserve

64.856

64.856

64.856

. Reserve for Own shares

 

 

 

. Statute reserves

 

 

 

. Other reserves

1.427.604

1.587.030

1.194.301

. Accumulated Profits (Losses)

 

 

 

. Profit( loss) of the year

-1.928.645

52.365

333.944

. Advances on dividends

 

 

 

. Partial loss of the year Coverage

 

 

 

Total Stockholders'Equity

2.233.815

4.374.251

4.323.280

RESERVES FOR RISKS AND CHARGES

 

 

 

. . Reserve for employee termination indem.

30.594

26.284

24.748

. . Taxation fund, also differed

1.773

3.381

 

. . Other funds

167.610

32.263

40.123

Total Reserves for Risks and Charges

199.977

61.928

64.871

Employee termination indemnities

1.069.386

926.948

803.970

ACCOUNTS PAYABLE

 

 

 

. . . . Within 12 months

16.808.033

13.005.914

17.482.515

. . . . Beyond 12 months

4.385.921

6.822.405

5.560.693

. . Bonds

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Convertible bonds repayable

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to shareholders for financing

 

416.624

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

416.624

 

. . Due to banks

11.563.867

10.172.784

11.382.792

. . . . Within 12 months

7.177.946

3.767.003

5.965.349

. . . . Beyond 12 months

4.385.921

6.405.781

5.417.443

. . Due to other providers of finance

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Advances from customers

1.348.842

785.642

300.619

. . . . Within 12 months

1.348.842

785.642

300.619

. . . . Beyond 12 months

 

 

 

. . Trade payables

5.548.560

5.943.896

8.614.848

. . . . Within 12 months

5.548.560

5.943.896

8.614.848

. . . . Beyond 12 months

 

 

 

. . Securities issued

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to subsidiary companies

1.428.150

1.001.120

957.314

. . . . Within 12 months

1.428.150

1.001.120

957.314

. . . . Beyond 12 months

 

 

 

. . Due to associated companies

29.000

127.440

278.061

. . . . Within 12 months

29.000

127.440

278.061

. . . . Beyond 12 months

 

 

 

. . Due to holding companies

 

 

144.204

. . . . Within 12 months

 

 

954

. . . . Beyond 12 months

 

 

143.250

. . Due to the tax authorities

106.437

178.951

94.723

. . . . Within 12 months

106.437

178.951

94.723

. . . . Beyond 12 months

 

 

 

. . Due to social security and welfare inst.

222.354

225.531

211.456

. . . . Within 12 months

222.354

225.531

211.456

. . . . Beyond 12 months

 

 

 

. . Other payables

946.744

976.331

1.059.191

. . . . Within 12 months

946.744

976.331

1.059.191

. . . . Beyond 12 months

 

 

 

Total accounts payable

21.193.954

19.828.319

23.043.208

ADJUSTMENT ACCOUNTS

 

 

 

. Agio on loans

 

 

 

. Other adjustment accounts

45.242

34.421

80.153

Total adjustment accounts

45.242

34.421

80.153

TOTAL LIABILITIES

24.742.374

25.225.867

28.315.482

 

 

 

 

 

 

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

20.778.141

19.577.679

26.523.370

. Changes in work in progress

1.126.581

-1.362

6.609

. Changes in semi-manufact. products

 

 

 

. Capitalization of internal work

6.348

21.451

3.322

. Other income and revenues

418.413

468.741

214.502

. . Contributions for operating expenses

154

3.700

 

. . Different income and revenues

418.259

465.041

214.502

Total value of production

22.329.483

20.066.509

26.747.803

PRODUCTION COSTS

 

 

 

. Raw material,other materials and consum.

12.129.487

10.319.563

16.270.133

. Services received

4.989.274

3.481.063

5.349.667

. Leases and rentals

420.446

382.277

424.828

. Payroll and related costs

3.416.550

3.277.343

3.285.590

. . Wages and salaries

2.404.651

2.329.791

2.317.272

. . Social security contributions

820.622

775.692

756.050

. . Employee termination indemnities

168.895

171.860

155.710

. . Pension and similar

 

 

 

. . Other costs

22.382

 

56.558

. Amortization and depreciation

1.552.905

1.252.158

1.167.035

. . Amortization of intangible fixed assets

1.042.190

908.263

802.483

. . Amortization of tangible fixed assets

88.178

93.895

107.255

. . Depreciation of tangible fixed assets

 

 

 

. . Writedown of current receiv.and of liquid

422.537

250.000

257.297

. Changes in raw materials

220.421

455.443

-261.075

. Provisions to risk reserves

135.000

 

 

. Other provisions

 

 

 

. Other operating costs

147.953

132.352

19.253

Total production costs

23.012.036

19.300.199

26.255.431

Diff. between value and cost of product.

-682.553

766.310

492.372

FINANCIAL INCOME AND EXPENSE

 

 

 

. Income from equity investments

31

41

17

. . In subsidiary companies

 

 

 

. . In associated companies

 

 

 

. . In other companies

 

 

 

. Other financial income

8.752

59.500

297.037

. . 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

 

 

297.037

. . . - Subsidiary companies

 

 

 

. . . - Associated companies

 

 

 

. . . - Holding companies

 

 

 

. . . - Other companies

 

 

 

. Interest and other financial expense

-367.539

-440.165

-705.363

. . Towards subsidiary companies

 

 

 

. . Towards associated companies

 

 

 

. . Towards holding companies

 

 

 

. . Towards other companies

 

 

 

Total financial income and expense

-358.756

-380.624

-408.309

ADJUSTMENTS TO FINANCIAL ASSETS

 

 

 

. Revaluations

92.389

226.294

386.948

. . Of equity investments

92.389

226.294

386.948

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

 

 

 

. . Of securities incl.among current assets

 

 

 

. Devaluation

-1.129.220

-165.182

 

. . Of equity investments

-1.129.220

-165.182

 

. . Of financial fixed assets (no equity inv)

 

 

 

. . Of securities included among current ass

 

 

 

Total adjustments to financial assets

-1.036.831

61.112

386.948

EXTRAORDINARY INCOME AND EXPENSE

 

 

 

. Extraordinary income

99.010

86.222

39.439

. . Gains on disposals

45.356

 

 

. . Other extraordinary income

53.654

86.222

39.439

. Extraordinary expense

-112.328

-239.796

-47.586

. . Losses on disposals

-54.999

 

 

. . Taxes relating to prior years

 

-58.047

 

. . Other extraordinary expense

-57.329

-181.749

-47.586

Total extraordinary income and expense

-13.318

-153.574

-8.147

Results before income taxes

-2.091.458

293.224

462.864

. Taxes on current income

-162.813

240.859

128.920

. . current taxes

15.637

194.532

 

. . differed taxes(anticip.)

-178.450

46.327

 

. Net income for the period

-1.928.645

52.365

333.944

. Adjustments in tax regulations pursuance

 

 

 

. Provisions in tax regulations pursuance

 

 

 

. Profit (loss) of the year

-1.928.645

52.365

333.944

 

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

0,24

0,24

0,12

0,23

Elasticity Ratio

Units

0,75

0,75

0,88

0,73

Availability of stock

Units

0,25

0,22

0,21

0,18

Total Liquidity Ratio

Units

0,49

0,54

0,67

0,50

Quick Ratio

Units

0,03

0,07

0,24

0,03

COMPOSITION ON SOURCE

 

 

 

 

 

Net Short-term indebtedness

Units

7,17

2,60

2,48

2,39

Self Financing Ratio

Units

0,09

0,17

0,15

0,22

Capital protection Ratio

Units

0,97

0,53

0,46

0,72

Liabilities consolidation quotient

Units

0,32

0,60

0,36

0,23

Financing

Units

9,49

4,53

5,33

3,17

Permanent Indebtedness Ratio

Units

0,31

0,48

0,38

0,39

M/L term Debts Ratio

Units

0,22

0,31

0,22

0,13

Net Financial Indebtedness Ratio

Units

4,83

2,04

1,07

1,30

CORRELATION

 

 

 

 

 

Fixed assets ratio

Units

1,31

2,00

3,18

1,56

Current ratio

Units

1,10

1,46

1,42

1,22

Acid Test Ratio-Liquidity Ratio

Units

0,73

1,04

1,09

0,87

Structure's primary quotient

Units

0,38

0,72

1,29

0,86

Treasury's primary quotient

Units

0,05

0,13

0,39

0,04

Rate of indebtedness ( Leverage )

%

1.107,63

576,69

654,95

448,01

Current Capital ( net )

Value

1.698.363

6.034.437

7.376.142

486.040

RETURN

 

 

 

 

 

Return on Sales

%

- 1,81

6,66

5,66

3,43

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

%

- 86,34

1,20

7,72

3,96

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

%

- 93,63

6,70

10,71

11,84

Return on Investment ( R.O.I. )

%

- 2,76

3,04

1,74

4,25

Return/ Sales

%

- 3,28

3,91

1,86

4,11

Extra Management revenues/charges incid.

%

n.c.

6,83

67,82

17,23

Cash Flow

Value

-375.740

1.304.523

1.500.979

187.008

Operating Profit

Value

-682.553

766.310

492.372

225.589

Gross Operating Margin

Value

1.005.352

2.018.468

1.659.407

370.750

MANAGEMENT

 

 

 

 

 

Credits to clients average term

Days

121,18

133,44

108,30

119,80

Debts to suppliers average term

Days

143,80

179,52

163,21

120,31

Average stock waiting period

Days

108,57

101,52

79,65

63,58

Rate of capital employed return ( Turnover )

Units

0,84

0,78

0,94

1,04

Rate of stock return

Units

3,32

3,55

4,52

5,63

Labour cost incidence

%

16,44

16,74

12,39

16,99

Net financial revenues/ charges incidence

%

- 1,73

- 1,94

- 1,54

- 1,67

Labour cost on purchasing expenses

%

14,85

16,98

12,51

17,79

Short-term financing charges

%

1,73

2,22

3,06

3,19

Capital on hand

%

119,08

128,85

106,76

95,87

Sales pro employee

Value

256.520

241.699

327.449

200.446

Labour cost pro employee

Value

42.179

40.461

40.562

34.557

 

 

Market / Territory Data

 

 

Population living in the province

:

1.169.259

Population living in the region

:

9.393.092

Number of families in the region

:

3.858.736

 

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

 

- per food products

:

460

- per non food products

:

2.090

- per energy consume

:

114

 

Sector Data

 

The values are calculated on a base of 441 significant companies.

 

The companies cash their credits on an average of 119 dd.

The average duration of suppliers debts is about 120 dd.

The sector's profitability is on an average of 3,43%.

The labour cost affects the turnover in the measure of 16,99%.

Goods are held in stock in a range of 63 dd.

The difference between the sales volume and the resources used to realize it is about 1,04.

The employees costs represent the 17,79% of the production costs.

 

Statistical Detrimental Data

 

The area is statistically considered moderately risky.

In the region 50.886 protested subjects are found; in the province they count to 5.551.

The insolvency index for the region is 0,55, , while for the province it is 0,48.

Total Bankrupt companies in the province : 3.452.

Total Bankrupt companies in the region : 39.612.

 

 

 


 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.53.72

UK Pound

1

Rs.86.98

Euro

1

Rs.70.64

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

 

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.