|
Report Date : |
30.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
ARTCRAFTS INTERNATIONAL S.P.A. |
|
|
|
|
Registered Office : |
Via Datini, 44 50100 - |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
14.07.1990 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Manufacture of apparel (except fur apparel) |
|
|
|
|
No. of Employees : |
from 26 to 35 |
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
ITALY - ECONOMIC OVERVIEW
Italy has a
diversified industrial economy, which is divided into a developed industrial
north, dominated by private companies, and a less-developed, welfare-dependent,
agricultural south, with high unemployment. The Italian economy is driven in
large part by the manufacture of high-quality consumer goods produced by small
and medium-sized enterprises, many of them family owned. Italy also has a
sizable underground economy, which by some estimates accounts for as much as
17% of GDP. These activities are most common within the agriculture,
construction, and service sectors. Italy is the third-largest economy in the
euro-zone, but exceptionally high public debt burdens and structural
impediments to growth have rendered it vulnerable to scrutiny by financial
markets. Public debt has increased steadily since 2007, reaching 120% of GDP in
2011, and borrowing costs on sovereign government debt have risen to record
levels. During the second half of 2011 the government passed a series of three
austerity packages to balance its budget by 2013 and decrease its public debt
burden. These measures included a hike in the value-added tax, pension reforms,
and cuts to public administration. The government also faces pressure from
investors and European partners to address Italy's long-standing structural
impediments to growth, such as an inflexible labor market and widespread tax
evasion. The international financial crisis worsened conditions in Italy''s
labor market, with unemployment rising from 6.2% in 2007 to 8.4% in 2011, but
in the longer-term Italy''s low fertility rate and quota-driven immigration
policies will increasingly strain its economy. The euro-zone crisis along with
Italian austerity measures have reduced exports and domestic demand, slowing
Italy''s recovery. Italy''s GDP is still 5% below its 2007 pre-crisis level.
|
Source : CIA |
ARTCRAFTS INTERNATIONAL S.P.A.
Via Datini, 44
50100 - Firenze (FI) -IT-
|
Fiscal Code |
: |
04165990484 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
14/07/1990 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
20.000.000/25.000.000 |
|
Number of Employees |
: |
from 26 to 35 |
Manufacture of apparel (except fur apparel)
Retail sale of clothing in specialised stores
Retail sale of footwear and accessories
Legal Form : Joint stock company
|
Fiscal Code : 04165990484 |
|
Foreign Trade Reg. no. : FI039128 since 19/02/1992 |
|
Foreign Trade Reg. no. : 39128 of since 19/02/1992 |
|
Foreign Trade Reg. no. : 039128 of since 19/02/1992 |
|
Chamber of Commerce no. : 163452 of |
|
Chamber of Commerce no. : 423313 of since 07/03/1990 |
|
Firms' Register : FI017-55627 of since 19/02/1996 |
|
V.A.T. Code : 04165990484 |
|
Trade Agents Licence : 32161 of since 29/11/1999 |
|
Tribunal Co. Register : 55627 of |
|
Foundation date |
: 19/12/1989 |
|
|
Establishment date |
: 19/12/1989 |
|
|
Start of Activities |
: 14/07/1990 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 120.000 |
|
|
Subscribed Capital |
: 120.000 |
|
|
Paid up Capital |
: 120.000 |
|
|
|
Bracci |
Carla |
|
|
|
Born in La Spezia |
(SP) |
on 02/09/1932 |
- Fiscal Code : BRCCRL32P42E463M |
|
|
|
Residence: |
|
Giotto |
, 20 |
- 50121 |
Firenze |
(FI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
23/06/2011 |
|
|
|
Managing Director |
23/06/2011 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Ponziani |
Maurizio |
|
|
|
Born in Firenze |
(FI) |
on 13/03/1933 |
- Fiscal Code : PNZMRZ33C13D612B |
|
|
|
Residence: |
|
Giotto |
, 20 |
- 50121 |
Firenze |
(FI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
23/06/2011 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Ponziani |
Simone |
|
|
|
Born in Firenze |
(FI) |
on 20/06/1964 |
- Fiscal Code : PNZSMN64H20D612V |
|
|
|
Residence: |
|
Europa |
, 62 |
- 50126 |
Firenze |
(FI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
23/06/2011 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
Companies connected to members *
*checkings have been performed on a national scale.
In this module the companies in which members hold/held positions are
listed.
The Members of the subject firm are not reported to be Members in other
companies.
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Bracci Carla |
Firenze - IT - |
BRCCRL32P42E463M |
39.996 .Eur |
33,33 |
|
Ponziani Maurizio |
Firenze - IT - |
PNZMRZ33C13D612B |
39.996 .Eur |
33,33 |
|
Ponziani Simone |
Firenze - IT - |
PNZSMN64H20D612V |
40.008 .Eur |
33,33 |
The Company under review has no participations in other Companies.
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
since 19/12/1989 |
|
|
|
|
|
|
Datini |
, 44 |
- 50100 |
- Firenze |
(FI) |
- IT - |
|
|
|
|
PHONE |
: 0552381418 |
|
|
|
|
PHONE |
: 055683864 |
|
|
|
|
FAX |
: 055680372 |
|
- |
Branch |
(Store) |
since 09/12/1993 |
|
|
|
|
|
|
Maffia |
, 11/R |
- 50100 |
- Firenze |
(FI) |
- IT - |
|
- |
Branch |
(Shop) |
since 16/07/1999 |
|
|
|
|
|
|
Dei Servi |
, 92/R |
- 50100 |
- Firenze |
(FI) |
- IT - |
|
|
|
|
Total Surface: 50 Sq.mt. |
|
- |
Branch |
(Shop) |
since 12/06/2012 |
|
|
|
|
|
|
Del Corso |
, 39/R |
- 50100 |
- Firenze |
(FI) |
- IT - |
|
|
|
|
Total Surface: 123 Sq.mt. |
|
- |
Branch |
(Shop) |
since 14/07/2012 |
|
|
|
|
|
|
Enzo Ferrari (locale B1-05) |
, 5 |
- 52045 |
- Foiano della Chiana |
(AR) |
- IT - |
|
|
|
|
Total Surface: 71 Sq.mt. |
|
|
|
|
Employees |
: 33 |
|
Fittings and Equipment for a value of 48.000 |
Eur |
|
Stocks for a value of 4.830.000 |
Eur |
|
|
The firm operates abroad as importer / exporter..
To purchase foreign products the firm uses the following channels :
|
- direct orders to foreign companies |
Export represents up to 20% of the global turnover.
Products abroad are placed by :
|
- direct orders from foreign companies |
EX-MEMBERS / EX-POSITIONS:
|
|
Bracci |
Carla |
|
|
|
Born in La Spezia |
(SP) |
on 02/09/1932 |
- Fiscal Code : BRCCRL32P42E463M |
|
|
|
Residence: |
|
Giotto |
, 20 |
- 50121 |
Firenze |
(FI) |
- IT - |
|
Ex-Postions |
|
Chairman |
CEASINGS/INCORPORATIONS/MERGES:
|
|
The firm took over the activity of |
|
|
|
Date |
: |
31/12/1989 |
Protests checking on the subject firm has given a negative result.
Search performed on a National Scale
|
|
|
Prejudicial Events Search Result: NEGATIVE |
Search performed on a specialized data base.
None reported, standing to the latest received edition of the Official
Publications.
Subject is active since 1990
The analysis is based on the latest 3 balance sheets.
Under an economic point of view, profits were registered during the last
years with a r.o.e. of 5,5% in 2011 with a good increase in turnover (+8,66% in
2011 compared to 2010 and +16,88% in 2010 compared to 2009).
The return on Investment in the last financial year was positive (7,69%)
and in line with the sector's average.
The amount of the operating result for the year 2011 is of Eur.
1.112.990 with a 27,9% growth.
The economic management produced a gross operating margin of Eur.
1.602.677 with a 49,96% growth.
Company's financial status is balanced since indebtedness is not high
(2,07) yet on the increase as against the previous accounting period.
The management generated equity capital for an amount of Eur. 3.805.679
, unchanged if compared to 2010.
During the last financial year debts totalled Eur. 10.300.393 (Eur.
1.345.304 of which were m/l term debts) with no important change.
The exposure towards banks is slightly high, the recourse to suppliers' credit
is limited below field's average.
Payments are supported by good current assets.
As far as the collection of credit goes, the average is high (107,32
days). and higher than the average of the sector.
As far as the cash flow is concerned during the latest financial year it
amounted to Eur. 698.900
In the last financial year labour cost was of Eur. 1.208.715, with a
5,18% incidence on total costs of production. and a 5,23% incidence on sales
volumes.
High incidence of financial charges on turnover.
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
23.131.299 |
|
Profit (Loss) for the period |
209.213 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
21.286.944 |
|
Profit (Loss) for the period |
576.516 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
18.211.095 |
|
Profit (Loss) for the period |
419.586 |
From our constant monitoring of the relevant Public Administration
offices, no more recent balance sheets result to have been filed.
|
- Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/12/2010 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/12/2009 - 12 Mesi - Currency: - Amounts x 1 |
|
Years |
2011 |
2010 |
2009 |
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 |
870 |
3.580 |
|
|
. . Concessions,licenses,trademarks,etc. |
255.001 |
65.159 |
22.046 |
|
. . Goodwill |
143 |
861 |
1.578 |
|
. . Assets in formation and advance paymen. |
|
42.455 |
|
|
. . Other intangible fixed assets |
161.351 |
167.572 |
232.398 |
|
. Total Intangible Fixed Assets |
417.365 |
279.627 |
256.022 |
|
. TANGIBLE FIXED ASSETS |
|
|
|
|
. . Real estate |
|
|
|
|
. . Plant and machinery |
46.841 |
43.398 |
51.822 |
|
. . Industrial and commercial equipment |
1.443 |
|
|
|
. . Other assets |
226.428 |
175.930 |
167.250 |
|
. . Assets under construction and advances |
|
|
|
|
. Total Tangible fixed assets |
274.712 |
219.328 |
219.072 |
|
. FINANCIAL FIXED ASSETS |
|
|
|
|
. . Equity investments |
|
|
|
|
. . . Equity invest. in subsidiary companies |
|
|
|
|
. . . Equity invest. in associated companies |
|
|
|
|
. . . Equity invest. in holding companies |
|
|
|
|
. . . Equity invest. in other companies |
|
|
|
|
. . 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 |
|
|
|
|
Total fixed assets |
692.077 |
498.955 |
475.094 |
|
CURRENT ASSETS |
|
|
|
|
. INVENTORIES |
|
|
|
|
. . Raw materials and other consumables |
67.565 |
34.802 |
67.029 |
|
. . Work in progress and semimanufactured |
|
|
|
|
. . Work in progress on order |
|
|
|
|
. . Finished goods |
4.759.838 |
3.787.277 |
2.229.315 |
|
. . Advance payments |
|
|
|
|
. Total Inventories |
4.827.403 |
3.822.079 |
2.296.344 |
|
. CREDITS NOT HELD AS FIXED ASSETS |
|
|
|
|
. . Within 12 months |
7.870.088 |
7.639.352 |
6.621.493 |
|
. . Beyond 12 months |
2.616 |
2.616 |
2.616 |
|
. . Trade receivables |
6.895.405 |
6.828.771 |
6.023.346 |
|
. . . . Within 12 months |
6.895.405 |
6.828.771 |
6.023.346 |
|
. . . . 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 |
506.117 |
343.471 |
250.529 |
|
. . . . Within 12 months |
506.117 |
343.471 |
250.529 |
|
. . . . Beyond 12 months |
|
|
|
|
. . Receivables for anticipated taxes |
|
|
|
|
. . . . Within 12 months |
|
|
|
|
. . . . Beyond 12 months |
|
|
|
|
. . Receivables due from third parties |
471.182 |
469.726 |
350.234 |
|
. . . . Within 12 months |
468.566 |
467.110 |
347.618 |
|
. . . . Beyond 12 months |
2.616 |
2.616 |
2.616 |
|
. Total Credits not held as fixed assets |
7.872.704 |
7.641.968 |
6.624.109 |
|
. 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 |
677.555 |
720.745 |
777.936 |
|
. . Checks |
|
|
15.766 |
|
. . Banknotes and coins |
388.420 |
3.517 |
3.941 |
|
. Total Liquid funds |
1.065.975 |
724.262 |
797.643 |
|
Total current assets |
13.766.082 |
12.188.309 |
9.718.096 |
|
ADJUSTMENT ACCOUNTS |
|
|
|
|
. Discount on loans |
|
|
|
|
. Other adjustment accounts |
24.460 |
13.432 |
10.019 |
|
Total adjustments accounts |
24.460 |
13.432 |
10.019 |
|
TOTAL ASSETS |
14.482.619 |
12.700.696 |
10.203.209 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
. Capital stock |
120.000 |
120.000 |
120.000 |
|
. Additional paid-in capital |
|
|
|
|
. Revaluation reserves |
|
|
|
|
. Legal reserve |
24.000 |
24.000 |
24.000 |
|
. Reserve for Own shares |
|
|
|
|
. Statute reserves |
|
|
|
|
. Other reserves |
3.452.466 |
3.085.951 |
2.966.367 |
|
. Accumulated Profits (Losses) |
|
|
|
|
. Profit( loss) of the year |
209.213 |
576.516 |
419.586 |
|
. Advances on dividends |
|
|
|
|
. Partial loss of the year Coverage |
|
|
|
|
Total Stockholders'Equity |
3.805.679 |
3.806.467 |
3.529.953 |
|
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 |
231.775 |
192.506 |
156.553 |
|
ACCOUNTS PAYABLE |
|
|
|
|
. . . . Within 12 months |
8.955.089 |
7.229.246 |
5.534.320 |
|
. . . . Beyond 12 months |
1.345.304 |
1.398.322 |
907.925 |
|
. . 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 |
6.459.920 |
5.482.645 |
4.195.237 |
|
. . . . Within 12 months |
5.114.616 |
4.084.610 |
3.287.599 |
|
. . . . Beyond 12 months |
1.345.304 |
1.398.035 |
907.638 |
|
. . Due to other providers of finance |
|
|
|
|
. . . . Within 12 months |
|
|
|
|
. . . . Beyond 12 months |
|
|
|
|
. . Advances from customers |
15.661 |
43.073 |
37.801 |
|
. . . . Within 12 months |
15.661 |
43.073 |
37.801 |
|
. . . . Beyond 12 months |
|
|
|
|
. . Trade payables |
1.184.129 |
1.248.893 |
929.505 |
|
. . . . Within 12 months |
1.184.129 |
1.248.893 |
929.505 |
|
. . . . 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 |
|
|
|
|
. . . . Within 12 months |
|
|
|
|
. . . . Beyond 12 months |
|
|
|
|
. . Due to the tax authorities |
331.313 |
346.945 |
275.268 |
|
. . . . Within 12 months |
331.313 |
346.945 |
275.268 |
|
. . . . Beyond 12 months |
|
|
|
|
. . Due to social security and welfare inst. |
89.567 |
54.883 |
48.438 |
|
. . . . Within 12 months |
89.567 |
54.883 |
48.438 |
|
. . . . Beyond 12 months |
|
|
|
|
. . Other payables |
2.219.803 |
1.451.129 |
955.996 |
|
. . . . Within 12 months |
2.219.803 |
1.450.842 |
955.709 |
|
. . . . Beyond 12 months |
|
287 |
287 |
|
Total accounts payable |
10.300.393 |
8.627.568 |
6.442.245 |
|
ADJUSTMENT ACCOUNTS |
|
|
|
|
. Agio on loans |
|
|
|
|
. Other adjustment accounts |
144.772 |
74.155 |
74.458 |
|
Total adjustment accounts |
144.772 |
74.155 |
74.458 |
|
TOTAL LIABILITIES |
14.482.619 |
12.700.696 |
10.203.209 |
|
|
|
|
|
MEMORANDUM ACCOUNTS
|
Third party goods |
|
|
|
|
Investment accounts |
|
|
|
|
Risk accounts |
|
|
|
|
Civil and fiscal norms relation |
|
|
|
|
|
|
|
|
|
VALUE OF PRODUCTION |
|
|
|
|
. Revenues from sales and services |
23.131.299 |
21.286.944 |
18.211.095 |
|
. Changes in work in progress |
1.095.537 |
132.983 |
312.289 |
|
. Changes in semi-manufact. products |
|
|
|
|
. Capitalization of internal work |
|
|
|
|
. Other income and revenues |
214.984 |
243.513 |
353.606 |
|
. . Contributions for operating expenses |
|
|
|
|
. . Different income and revenues |
214.984 |
243.513 |
353.606 |
|
Total value of production |
24.441.820 |
21.663.440 |
18.876.990 |
|
PRODUCTION COSTS |
|
|
|
|
. Raw material,other materials and consum. |
11.984.980 |
12.084.856 |
8.600.424 |
|
. Services received |
8.246.268 |
8.289.705 |
6.529.638 |
|
. Leases and rentals |
988.211 |
430.907 |
417.745 |
|
. Payroll and related costs |
1.208.715 |
1.020.879 |
960.767 |
|
. . Wages and salaries |
877.026 |
727.769 |
691.807 |
|
. . Social security contributions |
238.130 |
200.851 |
191.599 |
|
. . Employee termination indemnities |
60.613 |
50.864 |
46.934 |
|
. . Pension and similar |
|
|
|
|
. . Other costs |
32.946 |
41.395 |
30.427 |
|
. Amortization and depreciation |
489.687 |
198.499 |
153.132 |
|
. . Amortization of intangible fixed assets |
229.294 |
106.279 |
81.250 |
|
. . Amortization of tangible fixed assets |
76.393 |
58.720 |
42.382 |
|
. . Depreciation of tangible fixed assets |
|
|
|
|
. . Writedown of current receiv.and of liquid |
184.000 |
33.500 |
29.500 |
|
. Changes in raw materials |
90.213 |
-1.392.752 |
1.111.548 |
|
. Provisions to risk reserves |
|
|
|
|
. Other provisions |
|
|
|
|
. Other operating costs |
320.756 |
161.177 |
112.681 |
|
Total production costs |
23.328.830 |
20.793.271 |
17.885.935 |
|
Diff. between value and cost of product. |
1.112.990 |
870.169 |
991.055 |
|
FINANCIAL INCOME AND EXPENSE |
|
|
|
|
. Income from equity investments |
|
|
|
|
. . In subsidiary companies |
|
|
|
|
. . In associated companies |
|
|
|
|
. . In other companies |
|
|
|
|
. Other financial income |
4.408 |
7.159 |
11.900 |
|
. . 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 |
|
|
|
|
. . . - Subsidiary companies |
|
|
|
|
. . . - Associated companies |
|
|
|
|
. . . - Holding companies |
|
|
|
|
. . . - Other companies |
|
|
|
|
. Interest and other financial expense |
-609.383 |
8.771 |
-338.277 |
|
. . Towards subsidiary companies |
|
|
|
|
. . Towards associated companies |
|
|
|
|
. . Towards holding companies |
|
|
|
|
. . Towards other companies |
|
|
|
|
Total financial income and expense |
-604.975 |
15.930 |
-326.377 |
|
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 |
634 |
|
|
|
. . Gains on disposals |
|
|
|
|
. . Other extraordinary income |
634 |
|
|
|
. Extraordinary expense |
|
|
-1 |
|
. . Losses on disposals |
|
|
|
|
. . Taxes relating to prior years |
|
|
|
|
. . Other extraordinary expense |
|
|
-1 |
|
Total extraordinary income and expense |
634 |
|
-1 |
|
Results before income taxes |
508.649 |
886.099 |
664.677 |
|
. Taxes on current income |
299.436 |
309.583 |
245.091 |
|
. . current taxes |
299.436 |
309.583 |
245.480 |
|
. . differed taxes(anticip.) |
|
|
-389 |
|
. Net income for the period |
209.213 |
576.516 |
419.586 |
|
. Adjustments in tax regulations pursuance |
|
|
|
|
. Provisions in tax regulations pursuance |
|
|
|
|
. Profit (loss) of the year |
209.213 |
576.516 |
419.586 |
|
RATIOS |
Value Type |
as at 31/12/2011 |
as at 31/12/2010 |
as at 31/12/2009 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,05 |
0,04 |
0,05 |
0,13 |
|
Elasticity Ratio |
Units |
0,95 |
0,96 |
0,95 |
0,85 |
|
Availability of stock |
Units |
0,33 |
0,30 |
0,23 |
0,54 |
|
Total Liquidity Ratio |
Units |
0,62 |
0,66 |
0,73 |
0,22 |
|
Quick Ratio |
Units |
0,07 |
0,06 |
0,08 |
0,04 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
2,07 |
1,71 |
1,34 |
4,36 |
|
Self Financing Ratio |
Units |
0,26 |
0,30 |
0,35 |
0,14 |
|
Capital protection Ratio |
Units |
0,91 |
0,82 |
0,85 |
0,56 |
|
Liabilities consolidation quotient |
Units |
0,18 |
0,22 |
0,19 |
0,15 |
|
Financing |
Units |
2,71 |
2,27 |
1,83 |
5,86 |
|
Permanent Indebtedness Ratio |
Units |
0,37 |
0,42 |
0,45 |
0,31 |
|
M/L term Debts Ratio |
Units |
0,11 |
0,13 |
0,10 |
0,10 |
|
Net Financial Indebtedness Ratio |
Units |
1,42 |
1,25 |
0,96 |
0,98 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
7,78 |
10,82 |
9,67 |
2,02 |
|
Current ratio |
Units |
1,54 |
1,69 |
1,76 |
1,15 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,00 |
1,16 |
1,34 |
0,36 |
|
Structure's primary quotient |
Units |
5,50 |
7,63 |
7,43 |
1,06 |
|
Treasury's primary quotient |
Units |
0,12 |
0,10 |
0,14 |
0,07 |
|
Rate of indebtedness ( Leverage ) |
% |
380,55 |
333,66 |
289,05 |
707,22 |
|
Current Capital ( net ) |
Value |
4.810.993 |
4.959.063 |
4.183.776 |
61.776 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
3,02 |
3,64 |
3,14 |
2,62 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
5,50 |
15,15 |
11,89 |
6,19 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
13,37 |
23,28 |
18,83 |
15,72 |
|
Return on Investment ( R.O.I. ) |
% |
7,69 |
6,85 |
9,71 |
3,25 |
|
Return/ Sales |
% |
4,81 |
4,09 |
5,44 |
2,94 |
|
Extra Management revenues/charges incid. |
% |
18,80 |
66,25 |
42,34 |
31,16 |
|
Cash Flow |
Value |
698.900 |
775.015 |
572.718 |
20.178 |
|
Operating Profit |
Value |
1.112.990 |
870.169 |
991.055 |
23.558 |
|
Gross Operating Margin |
Value |
1.602.677 |
1.068.668 |
1.144.187 |
40.605 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
107,32 |
115,49 |
119,07 |
26,46 |
|
Debts to suppliers average term |
Days |
20,09 |
21,61 |
21,52 |
152,76 |
|
Average stock waiting period |
Days |
75,13 |
64,64 |
45,39 |
158,60 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,60 |
1,68 |
1,78 |
1,10 |
|
Rate of stock return |
Units |
4,79 |
5,57 |
7,93 |
2,21 |
|
Labour cost incidence |
% |
5,23 |
4,80 |
5,28 |
10,29 |
|
Net financial revenues/ charges incidence |
% |
-2,62 |
0,07 |
-1,79 |
-1,31 |
|
Labour cost on purchasing expenses |
% |
5,18 |
4,91 |
5,37 |
10,25 |
|
Short-term financing charges |
% |
5,92 |
n.c. |
5,25 |
2,10 |
|
Capital on hand |
% |
62,61 |
59,66 |
56,03 |
90,76 |
|
Sales pro employee |
Value |
771.043 |
788.405 |
650.396 |
267.102 |
|
Labour cost pro employee |
Value |
40.290 |
37.810 |
34.313 |
30.754 |
The credit opinion determination is divided into two phases :
1) Risk analysis (Score).
2) Reliability score identification.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.20 |
|
|
1 |
Rs.88.37 |
|
Euro |
1 |
Rs.71.47 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.