MIRA INFORM REPORT

 

 

Report Date :

31.12.2013

 

IDENTIFICATION DETAILS

           

Name :

FICEP S.P.A.

 

 

Registered Office :

Viale Giacomo Matteotti, 21,

21045 - Gazzada Schianno (VA)

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

12.06.1967

 

 

Com. Reg. No.:

VA133-7097 of Varese since 19/02/1996

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

·         manufacturer of innovative CNC machines and systems for the steel construction and forging industries.

Subject also manufacture beam saws for operations that involve straight or mitred cutting.

 

 

No. of Employees :

from 251 to 500 employees

 

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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, highly subsidized, agricultural south, where unemployment is high. 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 its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 126% of GDP in 2012, and investor concerns about the broader euro-zone crisis at times have caused borrowing costs on sovereign government debt to rise to euro-era. During the second half of 2011 the government passed three austerity packages to reduce its budget deficit and help bring down borrowing costs. 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 sustain its recent efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2012 economic growth and labor market conditions deteriorated, with growth at -2.3% and unemployment rising to nearly 11%, with youth unemployment around 35%. The government has undertaken several reform initiatives designed to increase long-term economic growth. Italy's GDP is now 7% below its 2007 pre-crisis level.

 

Source : CIA

 

Company name & address

 

Ficep S.p.a.

 

Viale Giacomo Matteotti, 21

 

21045 - Gazzada Schianno (VA) -IT-

 

 

Summary

 

Fiscal Code

:

00355760125

Legal Form

:

Joint stock company

start of Activities

:

28/12/1973

Equity

:

Over 2.582.254

Turnover Range

:

100.000.000/150.000.000

Number of Employees

:

from 251 to 500

 

 

Activity

 

manufacturer of innovative CNC machines and systems for the steel construction and forging industries.

Subject also manufacture beam saws for operations that involve straight or mitred cutting.

 

 

Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 00355760125

 

Foreign Trade Reg. no. : VA002066 since 28/11/1991

 

Chamber of Commerce no. : 767638 of Milano

 

Chamber of Commerce no. : 132335 of Varese since 16/07/1974

 

Chamber of Commerce no. : 362595 of Verona

 

Firms' Register : VA133-7097 of Varese since 19/02/1996

 

V.A.T. Code : 00355760125

 

Foundation date

: 12/06/1967

Establishment date

: 12/04/1967

Start of Activities

: 28/12/1973

Legal duration

: 31/12/2050

Nominal Capital

: 2.788.920

 

Subscribed Capital

: 2.788.920

 

Paid up Capital

: 2.788.920

 


Members

 

Colombo

Ezio

 

 

Born in Gazzada Schianno

(VA)

on 26/02/1944

- Fiscal Code : CLMZEI44B26D951F

 

 

Residence:

 

Maroncelli

, 59

- 21100

Varese

(VA)

- IT -

 

Position

Since

Shares Amount

% Ownership

Managing Director

30/07/2013

 

 

Board Chairman

30/07/2013

 

 

Director

30/07/2013

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Colombo

Christian

 

 

Born in Gallarate

(VA)

on 09/02/1971

- Fiscal Code : CLMCRS71B09D869U

 

 

Residence:

 

Di Volontari

, 4

- 20100

Milano

(MI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

30/07/2013

 

 

Assistant board Chairman

30/07/2013

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Colombo

Barbara

 

 

Born in Gallarate

(VA)

on 18/12/1969

- Fiscal Code : CLMBBR69T58D869H

 

 

Residence:

 

Maroncelli

, 59

- 21100

Varese

(VA)

- IT -

 

Position

Since

Shares Amount

% Ownership

Assistant board Chairman

30/07/2013

 

 

Procurator

20/01/2005

 

 

Director

30/07/2013

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Fusi

Edoardo Pietro Maria

 

 

Born in Torino

(TO)

on 28/10/1949

- Fiscal Code : FSUDDP49R28L219B

 

 

Residence:

 

A. Litta

, 7

- 28041

Arona

(NO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Assistant board Chairman

30/07/2013

 

 

Director

30/07/2013

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Colombo

Claudio

 

 

Born in Gazzada Schianno

(VA)

on 12/04/1949

- Fiscal Code : CLMCLD49D12D951Z

 

 

Residence:

 

Menotti

, 76

- 21100

Varese

(VA)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

30/07/2013

 

 



Giuliani

Renato

 

 

Born in Milano

(MI)

on 18/02/1919

- Fiscal Code : GLNRNT19B18F205Y

 

 

Residence:

 

Monte Rosa

, 42

- 21020

Buguggiate

(VA)

- IT -

 

Position

Since

Shares Amount

% Ownership

Honorary President

30/07/2013

 

 



Colombo

Nicholas

 

 

Born in Varese

(VA)

on 02/06/1986

- Fiscal Code : CLMNHL86H02L682F

 

 

Residence:

 

Maroncelli

, 59

- 21100

Varese

(VA)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

30/07/2013

 

 



Colombo

Luca

 

 

Born in Varese

(VA)

on 12/04/1978

- Fiscal Code : CLMLCU78D12L682R

 

 

Residence:

 

Menotti

, 76

- 21100

Varese

(VA)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

30/07/2013

 

 



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.

 

Colombo

Ezio

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Sacma Macchine Per Lamiera S.p.a.

Crosio della Valle (VA) - IT -

01173120120

Director

Withdrawn

Ceased

Mitrol S.r.l.

Gazzada Schianno (VA) - IT -

01374980124

Chairman

Withdrawn

Registered

C.e.u. - Centro Esposizioni Ucimu S.p.a.

Cinisello Balsamo (MI) - IT -

01765630155

Director

Withdrawn

Registered

Societa' Finanziaria Macchine Utensili So.fi.mu Srl

Cinisello Balsamo (MI) - IT -

01813570270

Director

Withdrawn

Registered

Fincotre S.r.l.

Varese (VA) - IT -

02376350126

Sole Director

Active

Registered

Fortek S.r.l.

Gazzada Schianno (VA) - IT -

00848450128

Sole Director

Withdrawn

Registered

Sifco Soc. In Acc. Per Az. Di Ezio Colombo

Milano (MI) - IT -

03263040150

General Partner

Active

Registered

"sacma Macchine Per Lamiera S.p.a"

Crosio della Valle (VA) - IT -

02423740121

Director

Withdrawn

Registered

B.c.n. Societa' Semplice

Milano (MI) - IT -

95602220154

Partner

Active

Registered

Caravaggio - S.a.s. Di Ezio Colombo

Varese (VA) - IT -

00596130120

Acting partner (in work)

Withdrawn

Ceased

S.a.s. Casbeno Di Ezio Colombo E C.

Varese (VA) - IT -

00558530127

General Partner

Active

Registered

Sec S.s. Di Sergio Ed Ezio Colombo E C.

Casciago (VA) - IT -

95006460125

Partner

Active

Registered

 

Colombo

Barbara

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Fortek S.r.l.

Gazzada Schianno (VA) - IT -

00848450128

Sole Director

Active

Registered

"sacma Macchine Per Lamiera S.p.a"

Crosio della Valle (VA) - IT -

02423740121

Director

Withdrawn

Registered

B.c.n. Societa' Semplice

Milano (MI) - IT -

95602220154

Partner

Active

Registered

S.a.s. Casbeno Di Ezio Colombo E C.

Varese (VA) - IT -

00558530127

Limited Partner

Active

Registered

 

Colombo

Christian

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Mitrol S.r.l.

Gazzada Schianno (VA) - IT -

01374980124

Director

Withdrawn

Registered

S.a.s. Casbeno Di Ezio Colombo E C.

Varese (VA) - IT -

00558530127

Limited Partner

Active

Registered



The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive, etc.

For more information, in this case, we advise to request further investigations.



Capital Shareholders

 

Shareholders' list as at date of data collection:

 

Firm's Style / Name

Seat / Residence

Fiscal Code

Owned Shares

% Ownership

Colombo Christian

Milano - IT -

CLMCRS71B09D869U

464.820 .Eur

16,66

Sifco Soc. In Acc. Per Az. Di Ezio Colom bo

 

03263040150

1.394.460 .Eur

50,00

Fincotre S.r.l.

 

02376350126

929.640 .Eur

33,34



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

Probest Service Spa

Cinisello Balsamo - IT -

00895760155

10.536 .Eur

0,79

 

 

Active

Industria E Universita' S.r.l.

Varese - IT -

01930490121

25.500 .Eur

0,19

 

 

Active

Fortek S.r.l.

Gazzada Schianno - IT -

00848450128

26.000 .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

 

since 12/06/1967

 

 

 

 

 

 

Giacomo Matteotti

, 21

- 21045

- Gazzada Schianno

(VA)

- IT -

 

 

 

 

PHONE

: 0332876111

 

 

 

 

FAX

: 0332462459

 

-

Branch

(Factory)

since 25/06/1974

 

 

 

 

 

 

Kennedy -cremona 2 -matteotti

, 17/19/21

- 21045

- Gazzada Schianno

(VA)

- IT -

 

 

 

 

PHONE

: 0332876111

 

-

Branch

(Factory)

since 02/01/2002

 

 

 

 

 

 

Del Cannino

, 3

- 21020

- Crosio della Valle

(VA)

- IT -

 

-

Branch

(Factory)

since 01/10/2007

 

 

 

 

 

 

Delle Industrie

, 7

- 21020

- Casale Litta

(VA)

- IT -

 

-

Branch

(Factory)

since 01/07/2011

 

 

 

 

 

 

Lombardia

, 1/3

- 21040

- Castronno

(VA)

- IT -

 

-

Branch

(Office with warehouse)

since 25/06/1974

 

 

 

 

 

 

Polidoro Da Caravaggio

, 0033

- 20100

- Milano

(MI)

- IT -

 

-

Branch

(Warehouse)

since 15/01/2008

 

 

 

 

 

 

Porton

, 17

- 37010

- Rivoli Veronese

(VR)

- IT -

 

 

 

 

Employees

: 319

 

Fittings and Equipment for a value of 3.760.000

Eur

 

Stocks for a value of 45.580.000

Eur

 

Furniture and fittings for a value of 83.000

Eur

 

Cars for a value of 210.000

Eur

 

Vehicles for a value of 120.000

Eur

 

Trade organization: direct or by agents.

 

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Export represents more than 50% of the global turnover.

Products abroad are placed by :

- national or foreign important buyers

 

- importers

 

- its own sales net-work

 

- its own agents

 

- its own foreign branches

 

Import comes generally from the following nations:

- Germany

 

- France

 

- Austria

 

- Holland

 

Export is mainly towards:

- Italy

 

- France

 

Historical Information and/or Firm's Status

 

EX-MEMBERS / EX-POSITIONS:

Giuliani

Renato

 

 

Born in Milano

(MI)

on 18/02/1919

- Fiscal Code : GLNRNT19B18F205Y

 

 

Residence:

 

Monte Rosa

, 42

- 21020

Buguggiate

(VA)

- IT -

 

Ex-Postions

Board Chairman

 

Fraschini

Felice

 

 

Born in Gazzada Schianno

(VA)

on 19/08/1931

- Fiscal Code : FRSFLC31M19D951A

 

 

Residence:

 

Luino Bernardino

, 8

- 21100

Varese

(VA)

- IT -

 

Ex-Postions

Chairman of the Board of Aud.

Temporary Auditor

 

Giuliani

Pierluigi

 

 

Born in Gazzada Schianno

(VA)

on 03/06/1947

- Fiscal Code : GLNPLG47H03D951K

 

 

Residence:

 

Monte Rosa

, 12

- 21100

Varese

(VA)

- IT -

 

Ex-Postions

Director

 

Frigerio

Giorgio

 

 

Born in Milano

(MI)

on 12/05/1932

- Fiscal Code : FRGGRG32E12F205I

 

 

Residence:

 

Cernuschi

, 41

- 21100

Varese

(VA)

- IT -

 

Ex-Postions

Director

 

Daverio

Teodoro

 

 

Born in VARESE

(VA)

on 16/03/1940

 

 

Residence:

 

GIOVANNI XXIII

, 23

- 21020

Buguggiate

(VA)

- IT -

 

Ex-Postions

Attorney with special power

Temporary Auditor

 

Fusi

Edoardo Pietro Maria

 

 

Born in Torino

(TO)

on 28/10/1949

- Fiscal Code : FSUDDP49R28L219B

 

 

Residence:

 

A. Litta

, 7

- 28041

Arona

(NO)

- IT -

 

Ex-Postions

Vice-Chairman

 

Colombo

Barbara

 

 

Born in Gallarate

(VA)

on 18/12/1969

- Fiscal Code : CLMBBR69T58D869H

 

 

Residence:

 

Maroncelli

, 59

- 21100

Varese

(VA)

- IT -

 

Ex-Postions

Vice-Chairman

 

Magadini

Mauro

 

 

Born in Varese

(VA)

on 15/11/1944

- Fiscal Code : MGDMRA44S15L682Z

 

 

Residence:

 

Monteggia

, 42

- 21014

Laveno-Mombello

(VA)

- IT -

 

Ex-Postions

Permanent Auditor

 

Broggini

Riccardo

 

 

Born in Varese

(VA)

on 18/07/1942

- Fiscal Code : BRGRCR42L18L682P

 

 

Residence:

 

Prima Cappella

, 25

- 21100

Varese

(VA)

- IT -

 

Ex-Postions

Permanent Auditor

 

Gallo

Aldo

 

 

Born in Messina

(ME)

on 06/01/1913

- Fiscal Code : GLLLDA13A06F158S

 

 

Residence:

 

Beatrice D'Este

, 18/A

- 20100

Milano

(MI)

- IT -

 

Ex-Postions

Permanent Auditor

 

Spano

Pietro

 

 

Born in MILANO

(MI)

on 29/06/1935

- Fiscal Code : SPNPTR35H29F205M

 

 

Residence:

 

CARADOSSO

, 12

- 20100

Milano

(MI)

- IT -

 

Ex-Postions

Temporary Auditor

 

Colombo

Christian

 

 

Born in Gallarate

(VA)

on 09/02/1971

- Fiscal Code : CLMCRS71B09D869U

 

 

Residence:

 

Di Volontari

, 4

- 20100

Milano

(MI)

- IT -

 

Ex-Postions

Vice-Chairman

 

Caravati

Franco

 

 

Born in Varese

(VA)

on 10/03/1934

- Fiscal Code : CRVFNC34C10L682M

 

 

Residence:

 

Doniga

, 18

- 21100

Varese

(VA)

- IT -

 

Ex-Postions

Temporary Auditor

 

Alessiani

Ivo

 

 

Born in Varese

(VA)

on 26/09/1930

- Fiscal Code : LSSVIO30P26L682Y

 

 

Residence:

 

Al Ronco

, 7

- 21020

Barasso

(VA)

- IT -

 

Ex-Postions

Temporary Auditor

 

Ballarati

Giancarlo

 

 

Born in Busto Arsizio

(VA)

on 23/12/1964

- Fiscal Code : BLLGCR64T23B300Q

 

 

Residence:

 

V.veneto

, 11

- 21100

Varese

(VA)

- IT -

 

Ex-Postions

Temporary Auditor

 

Tartaini

Silvano

 

 

Born in Gavirate

(VA)

on 18/07/1937

- Fiscal Code : TRTSVN37L18D946L

 

 

Residence:

 

Leopardi

, 22

- 21026

Gavirate

(VA)

- IT -

 

Ex-Postions

Temporary Auditor

 

Bottinelli

Giovanni

 

 

Born in Varese

(VA)

on 31/10/1965

- Fiscal Code : BTTGNN65R31L682M

 

 

Residence:

 

Buozzi

, 12

- 21100

Varese

(VA)

- IT -

 

Ex-Postions

Permanent Auditor

 

Turci

Ilico

 

 

Born in Milano

(MI)

on 04/09/1934

- Fiscal Code : TRCLCI34P04F205C

 

 

Residence:

 

Bertini

, 6

- 21020

Barasso

(VA)

- IT -

 

Ex-Postions

Temporary Auditor

 

Caramella

Sergio

 

 

Born in Milano

(MI)

on 04/10/1934

- Fiscal Code : CRMSRG34R04F205T

 

 

Residence:

 

Vittorio Veneto

, 11

- 21100

Varese

(VA)

- IT -

 

Ex-Postions

Permanent Auditor

 

Colombo

Ezio Emilio

 

 

Born in Gazzada Schianno

(VA)

on 26/02/1944

- Fiscal Code : CLMZML44B26D951R

 

 

Fiscal residence:

 

Maroncelli

, 59

- 21100

Varese

(VA)

- IT -

 

Ex-Postions

Vice-Chairman

 

Colombo

Ambrogio

 

 

Born in Carnago

(VA)

on 07/12/1908

- Fiscal Code : CLMMRGO8TO7B796M

 

 

Fiscal residence:

 

Maroncelli

, 59

- 21100

Varese

(VA)

- IT -

 

Ex-Postions

Chairman



CEASINGS/INCORPORATIONS/MERGES:

The firm absorved

 

 

Date

:

25/06/1974



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 1973

Balance sheets for the years 2010, 2011 and 2012 were analyzed.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 2,55% in 2012 keeping the turnover steady during the last two years.

The operating result was positive in the last financial year (1,78%) falling within the field's average.

An operating result of Eur. 2.793.345 has been registered. showing a downwards trend equal to -25,62% if compared to the value of the financial year 2011.

The economic management produced a gross operating margin of Eur. 6.250.715 with no sensible increase as against 2011.

The company has an excellent net worth if compared to its debts, with a low indebtedness (0,72) lower than in 2011.

Subject can manage an equity capital funds for an amount of Eur. 76.616.122 on the same levels as the year before.

Total debts recorded amounted to Eur. 69.896.815 (Eur. 9.983.109 of which were m/l term debts) , with no sensible variation.

Financial indebdtedness is under control whereas debts to suppliers are frequent and higher than sector's average.

Liquidity is however good.

Trade credits average terms are 73,38 days. , that compared to the sector's average is shorter.

During financial year 2012 the cash flow amounted to Eur. 5.411.068

Labour cost amounts to Eur. 16.692.461, with a 16,04% incidence on production costs. , with a 16,18% incidence on turnover.

The financial management has a limited economic impact, equal to -0,52% on the sales.


Financial Data

 

Complete balance-sheet for the year

31/12/2012

(in Eur

x 1)

 

Item Type

Value

Sales

103.197.668

Profit (Loss) for the period

1.953.698

 

 

Complete balance-sheet for the year

31/12/2011

(in Eur

x 1)

 

Item Type

Value

Sales

106.832.202

Profit (Loss) for the period

2.225.738

 

 

Complete balance-sheet for the year

31/12/2010

(in Eur

x 1)

 

Item Type

Value

Sales

105.491.563

Profit (Loss) for the period

5.439.548

 

 

Complete balance-sheet for the year

31/12/2009

(in Eur

x 1)

 

Item Type

Value

Sales

112.145.178

Profit (Loss) for the period

5.314.691

 

 

Complete balance-sheet for the year

31/12/2008

(in Eur

x 1)

 

Item Type

Value

Sales

142.628.702

Profit (Loss) for the period

8.735.615


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 31/12/2012 - 12 Mesi - Currency: - Amounts x 1

 

- 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

 

Years

2012

2011

2010

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

76.828

40.462

10.502

. . Concessions,licenses,trademarks,etc.

125.629

53.501

47.333

. . Goodwill

 

 

 

. . Assets in formation and advance paymen.

 

 

28.250

. . Other intangible fixed assets

113.600

 

 

. Total Intangible Fixed Assets

316.057

93.963

86.085

. TANGIBLE FIXED ASSETS

 

 

 

. . Real estate

42.634.711

44.044.106

40.245.654

. . Plant and machinery

3.586.547

4.164.118

3.797.206

. . Industrial and commercial equipment

176.039

150.026

267.018

. . Other assets

1.253.638

1.175.767

1.004.144

. . Assets under construction and advances

5.303.636

4.241.578

686.116

. Total Tangible fixed assets

52.954.571

53.775.595

46.000.138

. FINANCIAL FIXED ASSETS

 

 

 

. . Equity investments

3.118.567

2.470.088

2.470.088

. . . Equity invest. in subsidiary companies

3.077.971

2.429.492

2.429.492

. . . Equity invest. in associated companies

5.000

5.000

5.000

. . . Equity invest. in holding companies

 

 

 

. . . Equity invest. in other companies

35.596

35.596

35.596

. . Financial receivables

3.113.188

3.009.630

2.802.563

. . . . Within 12 months

3.113.188

3.009.630

2.802.563

. . . . Beyond 12 months

 

 

 

. . . Receivab due from subsidiaries

3.092.310

2.988.752

2.781.715

. . . . Within 12 months

3.092.310

2.988.752

2.781.715

. . . . 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

20.878

20.878

20.848

. . . . Within 12 months

20.878

20.878

20.848

. . . . Beyond 12 months

 

 

 

. . Other securities

 

 

 

. . Own shares

 

 

 

. . . Total nominal value

 

 

 

. Total financial fixed assets

6.231.755

5.479.718

5.272.651

Total fixed assets

59.502.383

59.349.276

51.358.874

CURRENT ASSETS

 

 

 

. INVENTORIES

 

 

 

. . Raw materials and other consumables

26.804.971

26.917.994

22.531.567

. . Work in progress and semimanufactured

10.147.013

10.368.703

9.057.738

. . Work in progress on order

 

 

 

. . Finished goods

7.752.997

7.792.640

6.792.299

. . Advance payments

878.948

1.311.365

1.305.957

. Total Inventories

45.583.929

46.390.702

39.687.561

. CREDITS NOT HELD AS FIXED ASSETS

 

 

 

. . Within 12 months

39.495.276

40.969.944

42.018.882

. . Beyond 12 months

2.888.307

1.877.721

1.871.594

. . Trade receivables

21.034.239

22.948.873

29.530.468

. . . . Within 12 months

19.001.083

21.071.152

27.658.874

. . . . Beyond 12 months

2.033.156

1.877.721

1.871.594

. . Receivables due from subsid. comp.

14.099.094

12.415.762

8.831.393

. . . . Within 12 months

14.099.094

12.415.762

8.831.393

. . . . 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

1.631.062

2.373.232

865.265

. . . . Within 12 months

780.043

2.373.232

865.265

. . . . Beyond 12 months

851.019

 

 

. . Receivables for anticipated taxes

4.650.570

4.299.639

4.169.369

. . . . Within 12 months

4.650.570

4.299.639

4.169.369

. . . . Beyond 12 months

 

 

 

. . Receivables due from third parties

968.618

810.159

493.981

. . . . Within 12 months

964.486

810.159

493.981

. . . . Beyond 12 months

4.132

 

 

. Total Credits not held as fixed assets

42.383.583

42.847.665

43.890.476

. 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

3.905.657

3.703.128

3.915.797

. Total Financial Assets

3.905.657

3.703.128

3.915.797

. LIQUID FUNDS

 

 

 

. . Bank and post office deposits

4.557.397

7.174.438

8.951.356

. . Checks

 

 

 

. . Banknotes and coins

23.946

35.030

41.313

. Total Liquid funds

4.581.343

7.209.468

8.992.669

Total current assets

96.454.512

100.150.963

96.486.503

ADJUSTMENT ACCOUNTS

 

 

 

. Discount on loans

 

 

 

. Other adjustment accounts

781.001

849.303

911.666

Total adjustments accounts

781.001

849.303

911.666

TOTAL ASSETS

156.737.896

160.349.542

148.757.043

 

 

 

 

LIABILITIES

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

. Capital stock

2.788.920

2.788.920

2.788.920

. Additional paid-in capital

 

 

 

. Revaluation reserves

47.123.738

47.123.738

47.123.738

. Legal reserve

591.343

591.343

591.343

. Reserve for Own shares

 

 

 

. Statute reserves

 

 

 

. Other reserves

4.446.553

3.723.515

2.921.889

. Accumulated Profits (Losses)

19.711.870

18.209.170

13.571.248

. Profit( loss) of the year

1.953.698

2.225.738

5.439.548

. Advances on dividends

 

 

 

. Partial loss of the year Coverage

 

 

 

Total Stockholders'Equity

76.616.122

74.662.424

72.436.686

RESERVES FOR RISKS AND CHARGES

 

 

 

. . Reserve for employee termination indem.

2.743.387

2.743.387

2.743.238

. . Taxation fund, also differed

456.263

490.702

539.552

. . Other funds

3.743.864

3.743.864

3.743.864

Total Reserves for Risks and Charges

6.943.514

6.977.953

7.026.654

Employee termination indemnities

3.056.678

3.563.952

3.838.926

ACCOUNTS PAYABLE

 

 

 

. . . . Within 12 months

59.913.706

62.375.664

61.165.380

. . . . Beyond 12 months

9.983.109

12.520.707

3.918.851

. . 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

3.036.880

205.542

4.116.150

. . . . Within 12 months

3.036.880

205.542

4.116.150

. . . . Beyond 12 months

 

 

 

. . Due to other providers of finance

12.514.492

13.923.765

6.316.127

. . . . Within 12 months

2.531.383

1.403.058

2.397.276

. . . . Beyond 12 months

9.983.109

12.520.707

3.918.851

. . Advances from customers

13.527.562

13.397.269

13.021.940

. . . . Within 12 months

13.527.562

13.397.269

13.021.940

. . . . Beyond 12 months

 

 

 

. . Trade payables

31.459.334

37.655.999

27.748.117

. . . . Within 12 months

31.459.334

37.655.999

27.748.117

. . . . Beyond 12 months

 

 

 

. . Securities issued

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to subsidiary companies

4.451.876

4.578.457

7.783.847

. . . . Within 12 months

4.451.876

4.578.457

7.783.847

. . . . 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

529.474

905.792

2.196.699

. . . . Within 12 months

529.474

905.792

2.196.699

. . . . Beyond 12 months

 

 

 

. . Due to social security and welfare inst.

1.294.147

1.440.861

1.389.175

. . . . Within 12 months

1.294.147

1.440.861

1.389.175

. . . . Beyond 12 months

 

 

 

. . Other payables

3.083.050

2.788.686

2.512.176

. . . . Within 12 months

3.083.050

2.788.686

2.512.176

. . . . Beyond 12 months

 

 

 

Total accounts payable

69.896.815

74.896.371

65.084.231

ADJUSTMENT ACCOUNTS

 

 

 

. Agio on loans

 

 

 

. Other adjustment accounts

224.767

248.842

370.546

Total adjustment accounts

224.767

248.842

370.546

TOTAL LIABILITIES

156.737.896

160.349.542

148.757.043

 

 

 

 

 

 

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

103.197.668

106.832.202

105.491.563

. Changes in work in progress

-261.333

2.311.306

1.901.011

. Changes in semi-manufact. products

 

 

 

. Capitalization of internal work

 

 

 

. Other income and revenues

3.928.502

4.425.965

4.060.198

. . Contributions for operating expenses

 

 

 

. . Different income and revenues

3.928.502

4.425.965

4.060.198

Total value of production

106.864.837

113.569.473

111.452.772

PRODUCTION COSTS

 

 

 

. Raw material,other materials and consum.

51.004.764

61.205.822

54.277.196

. Services received

31.310.811

30.998.919

29.720.195

. Leases and rentals

517.915

522.632

553.088

. Payroll and related costs

16.692.461

17.088.918

16.196.013

. . Wages and salaries

11.962.593

12.418.612

11.792.426

. . Social security contributions

3.800.980

3.966.129

3.725.243

. . Employee termination indemnities

928.888

704.177

678.344

. . Pension and similar

 

 

 

. . Other costs

 

 

 

. Amortization and depreciation

3.457.370

3.461.932

3.368.602

. . Amortization of intangible fixed assets

161.967

75.968

62.836

. . Amortization of tangible fixed assets

3.120.520

3.211.180

3.118.111

. . Depreciation of tangible fixed assets

 

 

 

. . Writedown of current receiv.and of liquid

174.883

174.784

187.655

. Changes in raw materials

113.023

-4.386.427

-1.148.989

. Provisions to risk reserves

 

 

 

. Other provisions

 

 

 

. Other operating costs

975.148

921.851

622.680

Total production costs

104.071.492

109.813.647

103.588.785

Diff. between value and cost of product.

2.793.345

3.755.826

7.863.987

FINANCIAL INCOME AND EXPENSE

 

 

 

. Income from equity investments

22.600

318.016

292.167

. . In subsidiary companies

 

 

 

. . In associated companies

 

 

 

. . In other companies

 

 

 

. Other financial income

193.711

285.539

335.149

. . Financ.income from receivables

 

 

946

. . . Towards subsidiary companies

 

 

 

. . . Towards associated companies

 

 

 

. . . Towards holding companies

 

 

 

. . . Towards other companies

 

 

 

. . Financ.income from secur. t.f.assets

56.802

68.839

 

. . Financ.income from secur. cur.assets

 

 

32.113

. . Financ.income other than the above

 

 

302.090

. . . - Subsidiary companies

 

 

 

. . . - Associated companies

 

 

 

. . . - Holding companies

 

 

 

. . . - Other companies

 

 

 

. Interest and other financial expense

-750.892

-276.190

-342.716

. . Towards subsidiary companies

 

 

 

. . Towards associated companies

 

 

 

. . Towards holding companies

 

 

 

. . Towards other companies

 

 

 

Total financial income and expense

-534.581

327.365

284.600

ADJUSTMENTS TO FINANCIAL ASSETS

 

 

 

. Revaluations

202.530

 

15.880

. . Of equity investments

 

 

 

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

 

 

 

. . Of securities incl.among current assets

202.530

 

15.880

. Devaluation

 

-234.224

 

. . Of equity investments

 

 

 

. . Of financial fixed assets (no equity inv)

 

 

 

. . Of securities included among current ass

 

-234.224

 

Total adjustments to financial assets

202.530

-234.224

15.880

EXTRAORDINARY INCOME AND EXPENSE

 

 

 

. Extraordinary income

748.719

320.009

 

. . Gains on disposals

 

 

 

. . Other extraordinary income

748.719

320.009

 

. Extraordinary expense

 

 

 

. . Losses on disposals

 

 

 

. . Taxes relating to prior years

 

 

 

. . Other extraordinary expense

 

 

 

Total extraordinary income and expense

748.719

320.009

 

Results before income taxes

3.210.013

4.168.976

8.164.467

. Taxes on current income

1.256.315

1.943.238

2.724.919

. . current taxes

1.641.684

2.047.358

3.422.992

. . differed taxes(anticip.)

-385.369

-104.120

-698.073

. Net income for the period

1.953.698

2.225.738

5.439.548

. Adjustments in tax regulations pursuance

 

 

 

. Provisions in tax regulations pursuance

 

 

 

. Profit (loss) of the year

1.953.698

2.225.738

5.439.548

 

RATIOS

Value Type

as at 31/12/2012

as at 31/12/2011

as at 31/12/2010

Sector Average

COMPOSITION ON INVESTMENT

 

 

 

 

 

Rigidity Ratio

Units

0,38

0,37

0,35

0,19

Elasticity Ratio

Units

0,62

0,62

0,65

0,79

Availability of stock

Units

0,29

0,29

0,27

0,20

Total Liquidity Ratio

Units

0,32

0,34

0,38

0,52

Quick Ratio

Units

0,05

0,07

0,09

0,03

COMPOSITION ON SOURCE

 

 

 

 

 

Net Short-term indebtedness

Units

0,72

0,74

0,72

3,31

Self Financing Ratio

Units

0,49

0,47

0,49

0,18

Capital protection Ratio

Units

0,94

0,93

0,89

0,66

Liabilities consolidation quotient

Units

0,22

0,26

0,13

0,18

Financing

Units

0,91

1,00

0,90

4,09

Permanent Indebtedness Ratio

Units

0,57

0,57

0,54

0,33

M/L term Debts Ratio

Units

0,08

0,10

0,05

0,11

Net Financial Indebtedness Ratio

Units

0,14

0,09

0,02

0,61

CORRELATION

 

 

 

 

 

Fixed assets ratio

Units

1,51

1,53

1,56

1,80

Current ratio

Units

1,61

1,61

1,58

1,23

Acid Test Ratio-Liquidity Ratio

Units

0,85

0,86

0,93

0,86

Structure's primary quotient

Units

1,29

1,26

1,41

1,12

Treasury's primary quotient

Units

0,14

0,17

0,21

0,07

Rate of indebtedness ( Leverage )

%

204,58

214,77

205,36

541,00

Current Capital ( net )

Value

36.540.806

37.775.299

35.321.123

380.064

RETURN

 

 

 

 

 

Return on Sales

%

5,24

5,32

8,35

3,59

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

%

2,55

2,98

7,51

4,82

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

%

4,19

5,58

11,27

19,04

Return on Investment ( R.O.I. )

%

1,78

2,34

5,29

4,67

Return/ Sales

%

2,71

3,52

7,45

4,49

Extra Management revenues/charges incid.

%

69,94

59,26

69,17

25,43

Cash Flow

Value

5.411.068

5.687.670

8.808.150

134.539

Operating Profit

Value

2.793.345

3.755.826

7.863.987

158.212

Gross Operating Margin

Value

6.250.715

7.217.758

11.232.589

292.137

MANAGEMENT

 

 

 

 

 

Credits to clients average term

Days

73,38

77,33

100,78

103,46

Debts to suppliers average term

Days

156,07

163,97

151,29

128,84

Average stock waiting period

Days

159,02

156,33

135,44

68,68

Rate of capital employed return ( Turnover )

Units

0,66

0,67

0,71

1,11

Rate of stock return

Units

2,26

2,30

2,66

5,22

Labour cost incidence

%

16,18

16,00

15,35

19,05

Net financial revenues/ charges incidence

%

-0,52

0,31

0,27

-1,26

Labour cost on purchasing expenses

%

16,04

15,56

15,63

19,40

Short-term financing charges

%

1,07

0,37

0,53

2,64

Capital on hand

%

151,88

150,09

141,01

90,11

Sales pro employee

Value

331.825

338.076

338.113

181.347

Labour cost pro employee

Value

53.673

54.078

51.910

33.314

 

Market / Territory Data

 

Population living in the province

:

843.250

Population living in the region

:

9.393.092

Number of families in the region

:

3.858.736

 

Monthly family expenses 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 1.330 significant companies.

The companies cash their credits on an average of 103 dd.

The average duration of suppliers debts is about 129 dd.

The sector's profitability is on an average of 3,59%.

The labour cost affects the turnover in the measure of 19,05%.

Goods are held in stock in a range of 69 dd.

The difference between the sales volume and the resources used to realize it is about 1,11.

The employees costs represent the 19,40% of the production costs.



Statistical Detrimental Data

 

Statistically the trade activity shows periods of crisis.

The area is statistically considered moderately risky.

In the region 50.886 protested subjects are found; in the province they count to 4.597.

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

Total Bankrupt companies in the province : 3.052.

Total Bankrupt companies in the region : 39.612.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.00

UK Pound

1

Rs.102.17

Euro

1

Rs.85.19

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.