MIRA INFORM REPORT

 

 

Report Date :

27.09.2012

 

IDENTIFICATION DETAILS

 

Name :

F.LLI CAMPAGNOLO - S.P.A.

 

 

Registered Office :

Via Merlo,2, 36060- Romano d'Ezzelino (VI)-IT-

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

09.08.1965

 

 

Legal Form :

Joint stock company

 

 

Line of Business :

Manufacture of sportswear and particular apparel

 

 

No. of Employees :

251 to 500

 

 

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

(31.03.2012)

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

 

Company name

 

F.lli Campagnolo - S.p.a.

Via Merlo,2,

36060- Romano d'Ezzelino (VI)-IT-

 

Summary

 

Fiscal C ode :                00170620249

Legal Form :                  Joint stock company

start of Activities :          09/08/1965

Equity :                                     Over 2.582.254

Turnover Range :            75.000.000/100.000.000

Number of Employees : from 251 to 500

 

 

Activity

 

Manufacture of sportswear and particular apparel

Manufacture of bicycles and invalid carriages

Manufacture and assemblage of bicycles (including spare parts and ac

cessories)

Retail sale of sports equipment in specialised stores

Retail sale of ladies and menswear

 

Legal Data

 

Legal Form : Joint stock company

Fiscal C ode : 00170620249

Foreign Trade Reg. no. : VI018940 since 23/12/1991

Foreign Trade Reg. no. : 018940 of since 23/12/1991

C hamber of C ommerce no. : 1961012 of

C hamber of C ommerce no. : 261956 of

C hamber of C ommerce no. : 296540 of

C hamber of C ommerce no. : 336196 of

C hamber of C ommerce no. : 365815 of

C hamber of C ommerce no. : 93647 of since 02/09/1965

Firms' Register : VI012-1087 of since 19/02/1996

V.A.T. C ode : 00170620249

Tribunal C o. Register : 1087 of

Foundation date : 09/08/1965

Establishment date : 30/12/1973

Start of Activities : 09/08/1965

Legal duration : 31/12/2050

Nominal C apital : 12.000.000

Subscribed C apital : 12.000.000

Paid up C apital : 12.000.000

 

Members

 

Campagnolo Michela

Born in Bassano del Grappa (VI) on 26/01/1970 - Fiscal C ode : C MPMHL70A66A703T

Residence: Monte Pertica , 7/A - 36022 C assola (VI) - IT -

Position                        Since                Shares Amount              % Ownership

Director                         19/07/2011

Managing Director          19/07/2011

 

No Prejudicial events are reported

No Protests registered

 

Comacchio Maria Graziella

Born in Loria (TV) on 28/09/1940 - Fiscal C ode : C MC MGR40P68E692G

Residence: Merlo , 6 - 36060 Romano d'Ezzelino (VI) - IT -

 

Position                        Since                Shares Amount              % Ownership

Director                         19/07/2011

Managing Director          19/07/2011

 

No Prejudicial events are reported

No Protests registered

 

Campagnolo Giorgio

Born in Bassano del Grappa (VI) on 11/08/1936 - Fiscal C ode : C MPGRG36M11A703S

Residence: Merlo , 6 - 36060 Romano d'Ezzelino (VI) - IT -

 

Position                        Since                Shares Amount % Ownership

Board C hairman            19/07/2011

9/27/12 MC EURONALYSIS Più

file:///C:/Users/w7/AppData/Local/Temp/Rar$EX03.877/20124375216.html 3/15

Director 19/07/2011

Managing Director 19/07/2011

 

No Prejudicial events are reported

No Protests registered

 

Campagnolo Fabio

Born in Bassano del Grappa (VI) on 29/11/1968 - Fiscal C ode : C MPFBA68S29A703D

Residence: Palladio , 6 - 36022 C assola (VI) - IT -

Position                        Since                Shares Amount              % Ownership

Director                         19/07/2011

Managing Director          19/07/2011

 

No Prejudicial events are reported

No Protests registered

 

Campagnolo Maria Pia

Born in Bassano del Grappa (VI) on 23/04/1974 - Fiscal C ode : C MPMRP74D63A703Q

Residence: Roma , 43/B - 36060 Romano d'Ezzelino (VI) - IT -

Position                        Since                Shares Amount              % Ownership

Director                         19/07/2011

Managing Director          19/07/2011

 

No Prejudicial events are reported

No Protests registered

Campagnolo Antonio

Born in Bassano del Grappa (VI) on 25/07/1932 - Fiscal C ode : C MPNTN32L25A703I

Residence: Merlo , 2 - 36060 Romano d'Ezzelino (VI) - IT -

Position Since Shares Amount % Ownership

Director 19/07/2011

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.

 

 

Capital Shareholders

 

Shareholders' list as at date of data collection:

Firm's Style / Name Seat / Residence Fiscal C ode Owned Shares % Ownership

C ampagnolo Michela C assola - IT - C MPMHL70A66A703T 5,42

9/27/12 MC EURONALYSIS Più

file:///C:/Users/w7/AppData/Local/Temp/Rar$EX03.877/20124375216.html 4/15

 

C ampagnolo Fabio                    C assola - IT -                C MPFBA68S29A703D              14,09

C ampagnolo Maria Pia              Romano d'Ezzelino - IT - C MPMRP74D63A703Q             14,09

C ampagnolo Giovanni                Romano d'Ezzelino - IT - C MPGNN64C 12A703J             3,30

C ampagnolo Roberto                 C assola - IT -                C MPRRT67C 22A703S 2,79

C ampagnolo Elena Maria           C assola - IT -                C MPLMR68R54A703F              4,04

C ampagnolo Erica                     C assola - IT -                C MPRC E65S55A703Q             3,20

C ampagnolo Giorgio                  Romano d'Ezzelino - IT - C MPGRG36M11A703S             44,41

 

 

Direct Participations

 

The C ompany under review has participations in the following C ompanies:

Firm's Style              Seat         Fiscal C ode            Owned Shares Amount          % Ownership          since until                Share Status

F.LLI C AMPAGNOLO GMBH Feldkirchen - DE -     55.000 .Eur                              100,00                                                     Active

Tintess S.p.a. Thiene - IT -      01327320246          540.000 .Eur                            28,75                                                       Active

M E C Progetti Srl                     Bassano del Grappa -

IT - 03011340241 25.000 .Eur 100,00                                                     Active

 

 

Firm's location and structure

 

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

- Legal and operative seat

Merlo,2 - 36060 - Romano d'Ezzelino (VI) - IT -

Trading Style: ASTRO

PHONE : 0424515411

FAX : 0424510448

Website : www.campagnolo.it

- Branch (Factory) since 29/10/2002 until 15/10/1996

Gravoni - 31030 - Arcade (TV) - IT -

Trading Style: ALIBAMA

PHONE : 0499319111

- Branch (Shop) since 30/05/2007

Marconi , 105 - 31020 - Revine Lago (TV) - IT -

Total Surface: 292 Sq.mt.

- Branch (Shop) since 01/01/2010

C avour , 38/B - 31015 - C onegliano (TV) - IT -

Total Surface: 86 Sq.mt.

- Branch (Workshop) since 06/11/1986

C arlo Alberto Dalla C hiesa , 54 - 36061 - Bassano del Grappa (VI) - IT -

PHONE : 0424566806

- Branch (Factory) since 16/05/1996

Palladio , 16 - 35010 - Trebaseleghe (PD) - IT -

- Branch (Factory) since 01/02/2008

9/27/12 MC EURONALYSIS Più

file:///C:/Users/w7/AppData/Local/Temp/Rar$EX03.877/20124375216.html 5/15

Piersanti Mattarella , 40 - 36061 - Bassano del Grappa (VI) - IT -

- Branch (Warehouse) since 15/06/1993

Quartiere Pre' , 5 - 36061 - Bassano del Grappa (VI) - IT -

- Branch (Store) since 01/09/2011

Strada Rambolina , 41 - 36061 - Bassano del Grappa (VI) - IT -

- Branch (Shop) since 14/05/2011

Volta , 2/A - 20090 - Segrate (MI) - IT -

Total Surface: 199 Sq.mt.

- Branch (Shop) since 15/10/2011

Volta , 2/A - 20090 - Segrate (MI) - IT -

Total Surface: 250 Sq.mt.

- Branch (Shop) since 29/10/2011

Ticino , 82 - 21026 - Gavirate (VA) - IT -

Total Surface: 95 Sq.mt.

- Branch (Shop) since 10/03/2012

Rio Terra' , 34 - 30021 - C aorle (VE) - IT -

Trading Style: NUCLEO

Total Surface: 40 Sq.mt.

Employees : 253

Fittings and Equipment for a value of 1.050.000 Eur

Stocks for a value of 39.830.000 Eur

Trade organization: direct or by agents.

The firm operates abroad as importer / exporter..

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- its own agents

- direct orders from foreign companies

Import comes generally from the following nations:

- France

Export is mainly towards:

- Poland

- Italy

- France

The subject firm uses the following own selling brands:

- Astro

- Sivar

- Gamas

- C ampagnolo Sport

- Little Scheriff

- Eurosport

- F.C .

 

 

Traded Brands / Suppliers

 

- C AMPAGNOLO

 

 

Historical Information and/or Firm's Status

 

CHANGES TO THE LEGAL FORM:

Former legal form New legal form C hangement Date

Limited partnership Joint stock company 18/12/1980

EX-MEMBERS / EX-POSITIONS:

Campagnolo Giovanni

Born in Bassano del Grappa (VI) on 12/03/1964 - Fiscal C ode : C MPGNN64C 12A703J

Residence: U.foscolo , 27 - 36060 Romano d'Ezzelino (VI) - IT -

Ex-Postions

Director

Campagnolo Giorgio

Born in Bassano del Grappa (VI) on 11/08/1936 - Fiscal C ode : C MPGRG36M11A703S

Residence: Merlo , 6 - 36060 Romano d'Ezzelino (VI) - IT -

Ex-Postions

Director

Board C hairman

Managing Director

Campagnolo Antonio

Born in Bassano del Grappa (VI) on 25/07/1932 - Fiscal C ode : C MPNTN32L25A703I

Residence: Merlo , 2 - 36060 Romano d'Ezzelino (VI) - IT -

Ex-Postions

Managing Director

Campagnolo Michela

Born in BASSANO DEL GRAPPA (VI) on 26/01/1970 - Fiscal C ode : C MPMHL70A66A703T

Residence: Merlo , 6 - 36060 Romano d'Ezzelino (VI) - IT -

Ex-Postions

Director

Managing Director

CEASINGS/INCORPORATIONS/MERGES:

Splitting-up and setting-up of a new company

CAMPAGNOLO COMMERCIO SPA

, 36060 , Romano d'Ezzelino (VI) - IT -

Date Splitting-up: 24/09/1996

Project of merging by taking over of

M E C Progetti Srl

Parolini , 61 , 36061 , Bassano del Grappa (VI) - IT -

Fiscal C ode: 03011340241

Date Merging/splitting-up project: 28/06/2012

Resolution of merging of

M E C Progetti Srl

9/27/12 MC EURONALYSIS Più

file:///C:/Users/w7/AppData/Local/Temp/Rar$EX03.877/20124375216.html 7/15

Parolini , 61 , 36061 , Bassano del Grappa (VI) - IT -

Fiscal C ode: 03011340241

Date : 30/07/2012

 

 

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

 

The company is active since 1965

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

In the economic management , good and bad results followed on by turns. with a loss in the last financial year.

The turnover is growing in the last financial year (+8,67%).

The operating result in 2011 was positive (2,71%) and in line with the sector's average.

The amount of the operating result for the year 2011 is of Eur. 2.542.609 on stable levels if compared to the

previous year.

The G.O.M. amounted to Eur. 4.419.752 on the same levels as the previous financial year.

The financial status of the company is fairly balanced with an indebtedness level of 3,58 but with an increase as

against the previous accounting period.

With regard to equity capital, an amount of Eur. 16.458.076 is registered. , unchanged if compared to 2010.

In the year 2011 total debts amounted to Eur. 73.775.392 , with no sensible variation.

The recourse to bank credit is slightly high and also borrowings from suppliers appear to be high, with an average

payment period equal to 90,18 gg. but lower than the field average.

Liquidity is good (1,24)

As far as the collection of credit goes, the average is high (119,31 days). even if compared to the average of the

sector.

Eur. 1.559.851 is the value of cash flow during the year 2011

Labour cost amounts to Eur. 8.950.143, with a 10,94% incidence on production costs. , with a 11,63% incidence on

turnover.

Financial charges have a high incidence (-3,13%) on turnover figures.

 

 

Financial Data

 

C omplete balance-sheet for the year 31/12/2011 (in Eur x 1)

Item Type Value

Sales 76.977.081

Profit (Loss) for the period -317.292

C omplete balance-sheet for the year 31/12/2010 (in Eur x 1)

Item Type Value

Sales 70.833.175

Profit (Loss) for the period 169.503

C omplete balance-sheet for the year 31/12/2009 (in Eur x 1)

Item Type Value

Sales 66.211.757

Profit (Loss) for the period 625.046

C omplete balance-sheet for the year 31/12/2008 (in Eur x 1)

Item Type Value

Sales 64.819.898

Profit (Loss) for the period -1.153.422

C omplete balance-sheet for the year 31/12/2007 (in Eur x 1)

Item Type Value

Sales 62.263.524

Profit (Loss) for the period -1.965.036

 

 

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 31/12/2011 - 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                                                               89                           316                         542

. . Research,develop. and advert.expens.                                                      5.160

. . Industrial patent rights                                                                                   39.477                   61.184                   80.578

. . C oncessions,licenses,trademarks,etc.                                                    1.200.000              1.355.000              10.000

. . Goodwill                                                                                                            42.000                   58.000                   74.000

. . Assets in formation and advance paymen.

. . Other intangible fixed assets                                                                        53.840                   13.462                   23.049

. Total Intangible Fixed Assets                                                                          1.340.566              1.487.962              188.169

. TANGIBLE FIXED ASSETS

. . Real estate                                                                                                       13.034.551           11.238.911           11.643.302

. . Plant and machinery                                                                                       994.604                                 887.148                                 1.126.549

. . Industrial and commercial equipment                                                        58.796                   48.104                   57.120

. . Other assets                                                                                                    1.032.262              1.112.608              1.086.241

. . Assets under construction and advances                                                                                  2.144.397              1.957.890

. Total Tangible fixed assets                                                                             15.120.213           15.431.168           15.871.102

. FINANCIAL FIXED ASSETS

. . Equity investments                                                                                          2.766.992              2.766.008              2.300.531

. . . Equity invest. in subsidiary companies                                                    2.539.177              2.539.177              2.196.880

. . . Equity invest. in associated companies                                                   103.651                                 103.651                                 103.651

. . . Equity invest. in holding companies

. . . Equity invest. in other companies                                                              124.164                                 123.180

. . Financial receivables                                                                                     925.678                                 2.535.678              2.522.178

. . . . Within 12 months

. . . . Beyond 12 months                                                                                      925.678                                 2.535.678              2.522.178

. . . Receivab due from subsidiaries                                                                                899.041                                 2.509.041              2.496.541

. . . . Within 12 months

. . . . Beyond 12 months                                                                                      899.041                                 2.509.041              2.496.541

. . . 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                                                           26.637                   26.637 2                                5.637

. . . . Within 12 months

. . . . Beyond 12 months                                                                                      26.637                   26.637                   25.637

. . Other securities

. . Own shares

. . . Total nominal value

. Total financial fixed assets                                                                              3.692.670              5.301.686              4.822.709

Total fixed assets                                                                                                20.153.449           22.220.816           20.881.980

CURRENT ASSETS

. INVENTORIES

. . Raw materials and other consumables                                                     3.690.120              3.856.049              3.877.426

. . Work in progress and semimanufactured                                                                 6.185.105              6.078.255              6.106.568

. . Work in progress on order

. . Finished goods                                                                                               29.956.458           23.319.748           24.822.542

. . Advance payments

. Total Inventories                                                                                                39.831.683           33.254.052           34.806.536

. CREDITS NOT HELD AS FIXED ASSETS

. . Within 12 months                                                                                            31.959.663           28.864.348           28.368.623

. . Beyond 12 months                                                                                          1.339.075              1.218.222              1.271.939

. . Trade receivables                                                                                           25.511.866           23.350.012           22.288.587

. . . . Within 12 months                                                                                       24.822.791           22.681.790           21.416.648

. . . . Beyond 12 months                                                                                      689.075                                 668.222                                 871.939

. . Receivables due from subsid. comp.                                                         4.140.345              3.625.364              5.290.344

. . . . Within 12 months                                                                                        4.140.345              3.625.364              5.290.344

. . . . Beyond 12 months

. . Receivables due from assoc. comp.                                                          250.034                                 299.006                                 238.632

. . . . Within 12 months                                                                                        250.034                                 299.006                                 238.632

. . . . Beyond 12 months

. . Receivables due from holding comp.

. . . . Within 12 months

. . . . Beyond 12 months

. . Fiscal Receivables                                                                                         1.916.032              1.693.774              716.064

. . . . Within 12 months                                                                                        1.916.032              1.693.774              716.064

. . . . Beyond 12 months

. . Receivables for anticipated taxes                                                                1.273.992              985.030                                 788.452

. . . . Within 12 months                                                                                        623.992                                 435.030                                 388.452

. . . . Beyond 12 months                                                                                      650.000                                 550.000                                 400.000

. . Receivables due from third parties                                                             206.469                                 129.384                                 318.483

. . . . Within 12 months                                                                                        206.469                                 129.384                                 318.483

. . . . Beyond 12 months

. Total Credits not held as fixed assets                                                          33.298.738           30.082.570           29.640.562

. 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                                                                      169.586                                 2.413.493              38.627

. . C hecks

. . Banknotes and coins                                                                                     71.708                   56.773                   81.337

. Total Liquid funds 241.294 2.470.266 119.964

Total current assets                                                                                            73.371.715           65.806.888           64.567.062

ADJUSTMENT ACCOUNTS

. Discount on loans

. Other adjustment accounts                                                                             374.848                                 345.062                                 377.540

Total adjustments accounts                                                                             374.848                                 345.062                                 377.540

TOTAL ASSETS                                                                                                   93.900.012           88.372.766           85.826.582

LIABILITIES

STOCKHOLDERS' EQUITY

. C apital stock                                                                                                     12.000.000           13.187.851           13.187.851

. Additional paid-in capital

. Revaluation reserves

. Legal reserve                                                                                                     660.872                                 652.397                                 621.145

. Reserve for Own shares

. Statute reserves

. Other reserves                                                                                                   4.114.496              2.765.617              2.171.823

. Accumulated Profits (Losses)

. Profit( loss) of the year -                                                                                   317.292                                 169.503                                 625.046

. Advances on dividends

. Partial loss of the year C overage

Total Stockholders'Equity                                                                                  16.458.076           16.775.368           16.605.865

RESERVES FOR RISKS AND CHARGES

. . Reserve for employee termination indem.                                                                 1.266.440              1.054.759              809.960

. . Taxation fund, also differed

. . Other funds

Total Reserves for Risks and Charges                                                          1.266.440              1.054.759              809.960

Employee termination indemnities                                                                                 2.248.587              2.441.950              2.710.496

ACCOUNTS PAYABLE

. . . . Within 12 months                                                                                        59.225.263           53.665.697           50.271.960

. . . . Beyond 12 months                                                                                      14.550.129           14.296.725           15.290.500

. . Bonds                                                                                                                8.330.000              8.330.000              8.330.000

. . . . Within 12 months

. . . . Beyond 12 months                                                                                      8.330.000              8.330.000              8.330.000

. . Convertible bonds repayable

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to shareholders for financing                                                               2.870.909              3.020.909              2.720.909

. . . . Within 12 months

. . . . Beyond 12 months                                                                                      2.870.909              3.020.909              2.720.909

. . Due to banks                                                                                                    40.862.624           36.549.480           34.898.594

. . . . Within 12 months                                                                                        37.645.590           33.640.850           30.696.189

. . . . Beyond 12 months                                                                                      3.217.034              2.908.630              4.202.405

. . Due to other providers of finance                                                                                 37.186                   37.186                   37.186

. . . . Within 12 months

. . . . Beyond 12 months                                                                                      37.186                   37.186                   37.186

. . Advances from customers                                                                            110.864                                 15.864                   13.294

. . . . Within 12 months                                                                                        15.864                   15.864                   13.294

. . . . Beyond 12 months 95.000

. . Trade payables                                                                                                13.361.387           10.998.627           11.604.134

. . . . Within 12 months                                                                                        13.361.387           10.998.627           11.604.134

. . . . Beyond 12 months

. . Securities issued

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to subsidiary companies                                                                      3.044.590              3.874.912              3.049.163

. . . . Within 12 months                                                                                        3.044.590              3.874.912              3.049.163

. . . . Beyond 12 months

. . Due to associated companies                                                                     1.206.785              994.105                                 1.162.263

. . . . Within 12 months                                                                                        1.206.785              994.105                                 1.162.263

. . . . Beyond 12 months

. . Due to holding companies

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to the tax authorities                                                                               470.373                                 618.188                                 581.601

. . . . Within 12 months                                                                                        470.373                                 618.188                                 581.601

. . . . Beyond 12 months

. . Due to social security and welfare inst.                                                      663.630                                 693.127                                 618.771

. . . . Within 12 months                                                                                        663.630                                 693.127                                 618.771

. . . . Beyond 12 months

. . Other payables                                                                                                2.817.044              2.830.024              2.546.545

. . . . Within 12 months                                                                                        2.817.044              2.830.024              2.546.545

. . . . Beyond 12 months

Total accounts payable                                                                                      73.775.392           67.962.422           65.562.460

ADJUSTMENT ACCOUNTS

. Agio on loans

. Other adjustment accounts                                                                             151.517                                 138.267                                 137.801

Total adjustment accounts                                                                                                151.517                                 138.267                                 137.801

TOTAL LIABILITIES                                                                                             93.900.012           88.372.766           85.826.582

MEMORANDUM ACCOUNTS

Third party goods

Investment accounts

Risk accounts

C ivil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION

. Revenues from sales and services                                                              76.977.081           70.833.175           66.211.757

. C hanges in work in progress                                                                        6.743.560              -1.531.107            -977.050

. C hanges in semi-manufact. products

. C apitalization of internal work

. Other income and revenues                                                                           596.896                                 281.481                                 612.232

. . C ontributions for operating expenses                                                                                       31.372

. . Different income and revenues                                                                    596.896                                 250.109                                 612.232

Total value of production                                                                                    84.317.537           69.583.549           65.846.939

PRODUCTION COSTS     

. Raw material,other materials and consum.                                                                52.005.139           38.388.123           35.222.298

. Services received                                                                                              17.715.653           17.124.772           16.814.156

. Leases and rentals                                                                                          587.374                                 601.648                                 403.140

. Payroll and related costs                                                                                                 8.950.143              9.005.840              8.757.852

. . Wages and salaries                                                                                       6.385.171              6.429.282              6.287.865

. . Social security contributions                                                                         1.939.820              1.973.889              1.909.109

. . Employee termination indemnities                                                             571.947                                 553.287                                 527.611

. . Pension and similar

. . Other costs                                                                                                       53.205                   49.382                   33.267

. Amortization and depreciation                                                                        1.877.143              1.707.038              1.555.362

. . Amortization of intangible fixed assets                                                       254.780                                 240.600                                 147.835

. . Amortization of tangible fixed assets                                                           1.053.111              989.224                                 1.011.457

. . Depreciation of tangible fixed assets

. . Writedown of current receiv.and of liquid                                                    569.252                                 477.214                                 396.070

. Changes in raw materials                                                                               165.929                                 21.376                   24.803

. Provisions to risk reserves

. Other provisions

. Other operating costs                                                                                       473.547                                 495.388                                 409.971

Total production costs                                                                                        81.774.928           67.344.185           63.187.582

Diff. between value and cost of product.                                                         2.542.609              2.239.364              2.659.357

FINANCIAL INCOME AND EXPENSE

. Income from equity investments                                                                    1.000

. . In subsidiary companies

. . In associated companies

. . In other companies

. Other financial income                                                                                     69.054                   100.392                                 116.765

. . Financ.income from receivables                                                                                                  99.862                   99.862

. . . 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                                                                                           530                         16.903

. . . - Subsidiary companies

. . . - Associated companies

. . . - Holding companies

. . . - Other companies

. Interest and other financial expense                                             -2.483.038            -1.812.712            -1.558.893

. . Towards subsidiary companies

. . Towards associated companies

. . Towards holding companies

. . Towards other companies

Total financial income and expense                                                               -2.412.984            -1.712.320                           -1.442.128

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                                                                                                        29.105

. . Gains on disposals

. . Other extraordinary income                                                                                           29.105

. Extraordinary expense                                                                      -1                            -1                                            -1

. . Losses on disposals

. . Taxes relating to prior years

. . Other extraordinary expense                                                         -1                            -1                                            -1

Total extraordinary income and expense                                       -1                            29.104                                   -1

Results before income taxes                                                            129.624                                 556.148                                                 1.217.228

. Taxes on current income                                                                                 446.916                                 386.645                                                 592.182

. . current taxes                                                                                     735.878                                 583.223                                                 440.361

. . differed taxes(anticip.)                                                                    -288.962                -196.578                                151.821

. Net income for the period                                                                -317.292                169.503                                                 625.046

. Adjustments in tax regulations pursuance

. Provisions in tax regulations pursuance

. Profit (loss) of the year                                                                     -317.292                                169.503                                 625.046

 

. Profit (loss) of the year

 

 

-317.292

169.503

625.046

RATIOS

Value

as at

as at

as at

Sector

Type

31/12/2011

31/12/2010

31/12/2009

Average

COMPOSITION ON INVESTMENT

 

 

 

 

 

Rigidity Ratio

Units

0,21

0,25

0,24

0,12

Elasticity Ratio

Units

0,78

0,74

0,75

0,86

Availability of stock

Units

0,42

0,38

0,41

0,48

Total Liquidity Ratio

Units

0,36

0,37

0,35

0,31

Quick Ratio

Units

0,00

0,03

0,00

0,06

COMPOSITION ON SOURCE

 

 

 

 

 

Net Short-term indebtedness

Units

3,58

3,05

3,02

5,68

Self Financing Ratio

Units

0,18

0,19

0,19

0,12

Capital protection Ratio

Units

0,29

0,20

0,17

0,35

Liabilities consolidation quotient

Units

0,28

0,31

0,36

0,15

Financing

Units

4,48

4,05

3,95

7,09

Permanent Indebtedness Ratio

Units

0,35

0,38

0,40

0,26

M/L term Debts Ratio

Units

0,18

0,19

0,21

0,11

Net Financial Indebtedness Ratio

Units

3,15

2,71

2,76

0,64

CORRELATION

 

 

 

 

 

Fixed assets ratio

Units

1,65

1,51

1,66

2,06

Current ratio

Units

1,24

1,23

1,28

1,11

Acid Test Ratio-Liquidity Ratio

Units

0,57

0,61

0,59

0,46

Structure's primary quotient

Units

0,82

0,75

0,80

1,24

Treasury's primary quotient

Units

0,00

0,05

0,00

0,07

Rate of indebtedness ( Leverage )

%

570,54

526,80

516,84

824,36

Current Capital ( net)

Value

14.146.452

12.141.191

14.295.102

36.981

RETURN

 

 

 

 

 

Return on Sales

%

2,03

2,65

3,29

1,98

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

%

-1,93

1,01

3,76

7,11

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

%

0,79

3,32

7,33

22,21

Return on Investment ( R.O.I. )

%

2,71

2,53

3,10

3,73

Return/ Sales

%

3,30

3,16

4,02

2,96

Extra Management revenues/charges incid.

%

-12,48

7,57

23,50

30,71

Cash Flow

Value

1.559.851

1.876.541

2.180.408

17.719

Operating Profit

Value

2.542.609

2.239.364

2.659.357

24.582

Gross Operating Margin

Value

4.419.752

3.946.402

4.214.719

33.268

MANAGEMENT

 

 

 

 

 

Credits to clients average term

Days

119,31

118,67

121,19

35,90

Debts to suppliers average term

Days

90,18

101,80

108,57

141,88

Average stock waiting period

Days

186,28

169,01

189,25

117,45

Rate of capital employed return ( Turnover )

Units

0,82

0,80

0,77

1,28

Rate of stock return

Units

1,93

2,13

1,90

3,03

Labour cost incidence

%

11,63

12,71

13,23

11,62

Net financial revenues/ charges incidence

%

-3,13

-2,42

-2,18

-1,08

Labour cost on purchasing expenses

%

10,94

13,37

13,86

11,45

Short-term financing charges

%

3,37

2,67

2,38

2,03

Capital on hand

%

121,98

124,76

129,62

78,12

Sales pro employee

Value

289.387

256.641

233.963

234.946

Labour cost pro employee

Value

33.647

32.629

30.946

29.874

 

 

 

SOURCES7

 

Our C ompany collects data from public registers, lists, archives or contained in Acts and/or documents (held by

the National C hamber of C ommerce or Immovables Territorial Agency), users, reporters or however generally

accessible (for example, from categorical lists, statistical institutes, press reports and from public inspection

internet sites).

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.57

UK Pound

1

Rs.86.60

Euro

1

Rs.68.93

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.