MIRA INFORM REPORT

 

 

Report Date :

05.03.2013

 

IDENTIFICATION DETAILS

 

Name :

MERITOR HEAVY VEHICLE SYSTEMS CAMERI S.P.A.

 

 

Registered Office :

Strada Provinciale  Cameri - Bellinzago Km. 5,000,  s.n. 

28062 - Cameri (NO) -IT

 

 

Country :

Italy

 

 

Financials (as on) :

30.09.2011

 

 

Date of Incorporation :

15.12.1980

 

 

Legal Form :

Joint stock company with sole shareholder

 

 

Line of Business :

Manufacture of metal tanks, reservoirs, radiators and containers

 

 

No. of Employees :

from 500 to 750

 

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 and address

 

MERITOR HEAVY VEHICLE SYSTEMS CAMERI S.P.A.

 

Strada Provinciale  Cameri - Bellinzago Km. 5,000,  s.n.

 

28062 - Cameri (NO) -IT- Italy

 

Summary

 

Fiscal Code

:

03788210015

Legal Form

:

Joint stock company with sole shareholder

start of Activities

:

15/12/1980

Equity

:

Over 2.582.254

Turnover Range

:

over 129.114.224

Number of Employees

:

from 500 to 750

Group

:

Rockwell

 

 

Activity

 

Manufacture of metal tanks, reservoirs, radiators and containers

Manufacture of parts and accessories for motor vehicles

 

 

Legal Data

 

Legal Form : Joint stock company with sole shareholder

Fiscal Code : 03788210015

 

Foreign Trade Reg. no. : NO005899 since 20/12/1991

 

Chamber of Commerce no. : 137274 of since 27/10/1981

 

Chamber of Commerce no. : 686137 of

 

Chamber of Commerce no. : 587068 of

 

Firms' Register : NO106-8408 of since 19/02/1996

 

V.A.T. Code : 00616820031

 

Foundation date

: 15/12/1980

Establishment date

: 15/12/1980

Start of Activities

: 15/12/1980

Legal duration

: 30/09/2100

Nominal Capital

: 23.400.000

 

Subscribed Capital

: 23.400.000

 

Paid up Capital

: 23.400.000

 

 

 

 

Members

 

Arvinmeritor Italiana S.r.l.

 

 

 

 

 

Residence:

 

Casati Felice

, 20

- 20100

Milano

(MI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Sole partner

 

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Bassi

Marco

 

 

Born in Napoli

(NA)

on 23/07/1962

- Fiscal Code : BSSMRC62L23F839A

 

 

Residence:

 

F.lli Cairoli

, 2

- 20026

Novate Milanese

(MI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

27/03/2012

 

 

 

No Protests registered

 

Alberti

Gianluca

 

 

Born in Galliate

(NO)

on 07/10/1968

- Fiscal Code : LBRGLC68R07D872D

 

 

Residence:

 

Bedisco

, 31/B

- 28047

Oleggio

(NO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

02/12/2010

 

 

Managing Director

08/02/2012

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Mcgregor

Scott George

 

 

Born in Detroit

( )

on 08/02/1973

- Fiscal Code : MCGSTT73B08Z404M

 

 

Residence:

Kipling Ave

, 3754

Berkley, Mi 48072

- IT -

 

Position

Since

Shares Amount

% Ownership

Board Chairman

04/05/2012

 

 

Director

04/05/2012

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Signini

Marco

 

 

Born in Novara

(NO)

on 30/07/1970

- Fiscal Code : SGNMRC70L30F952R

 

 

Residence:

 

Martiri

, 16/BIS/F

- 28012

Cressa

(NO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

17/07/2012

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Pilla

Monica

 

 

Born in Novara

(NO)

on 09/11/1972

- Fiscal Code : PLLMNC72S49F952O

 

 

Residence:

 

Monte Grappa

, 59

- 28066

Galliate

(NO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

17/07/2012

 

 

 

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.



Capital Shareholders

 

Shareholders' list as at date of data collection:

 

Firm's Style / Name

Seat / Residence

Fiscal Code

Owned Shares

% Ownership

Arvinmeritor Italiana S.r.l.

Milano - IT -

05380440015

 

100,00

 

 

Direct Participations

 

The Company under review has participations in the following Companies:

 

Firm's Style

Seat

Fiscal Code

Owned Shares Amount

% Ownership

since

until

Share Status

Meritor Light Vehicle Systems Como S.P.A . O In Forma Abbreviata Meritor Lvs Como

Albese Con Cassano - IT -

00229530134

200.000.000 .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

(Factory)

since 31/01/1984

 

 

 

 

 

 

Cameri - Bellinzago Km. 5,000

, s.n.

- 28062

- Cameri

(NO)

- IT -

 

 

 

 

PHONE

: 03214231

 

 

 

 

PHONE

: 0321423280

 

 

 

 

Employees

: 526

 

Fittings and Equipment for a value of 8.910.000

Eur

 

Stocks for a value of 15.470.000

Eur

 

Furniture and fittings for a value of 3.100.000

Eur

 

Vehicles for a value of 520.000

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 :

- its own agents

 

Import comes generally from the following nations:

- Austria

 

- Italy

 

- France

 

- Great Britain

 

Export is mainly towards:

- Austria

 

- Hungary

 

- Italy

 

- France

 

 

Historical Information and/or Firm's Status

 

CHANGES TO THE LEGAL FORM:

 

Former legal form

New legal form

Changement Date

Joint stock company

Limited liability company

05/12/1986

Limited liability company

Joint stock company

30/09/1991

 

COMPANY STYLE MODIFICATIONS:

 

Former Style

New Style

Changement Date

Omevi Officine Meccaniche Veicoli Industriali SpA

 

03/01/1984

O da Terzi Rockwell CVC SpA

Meritor Heavy Vehicle Systems Cameri SpA

29/10/1997

 

EX-MEMBERS / EX-POSITIONS:

 

Popovec

Dennis James

 

 

Born in Mountain Pleasant

( )

on 10/03/1955

- Fiscal Code : PPVDNS55C10Z404H

 

 

Residence:

 

Gran Street

, 600

Pittsburgh Pennsylvania

- IT -

 

Ex-Postions

Director

 

Ticozzi Valerio

Carlo

 

 

Born in Milano

(MI)

on 26/04/1942

- Fiscal Code : TCZCRL42D26F205O

 

 

Residence:

 

Felice Casati

, 20

- 20100

Milano

(MI)

- IT -

 

Ex-Postions

Permanent Auditor

 

Quadrino

Umberto

 

 

Born in Torino

(TO)

on 15/05/1946

- Fiscal Code : QDRMRT46E15L219C

 

 

Residence:

 

Filodrammatici

, 10

- 20121

Milano

(MI)

- IT -

 

Ex-Postions

Director

 

Michellone

Giancarlo

 

 

Born in Cambiano

(TO)

on 27/03/1940

- Fiscal Code : MCHGCR40C27B462P

 

 

Residence:

 

Carnia

, 8/1

- 10020

Cambiano

(TO)

- IT -

 

Ex-Postions

Procurator

 

Tonetti

Enrico

 

 

Born in Abbiategrasso

(MI)

on 28/03/1950

- Fiscal Code : TNTNRC50C28A010C

 

 

Residence:

 

Paganini

, 3

- 20081

Abbiategrasso

(MI)

- IT -

 

Ex-Postions

Procurator

 

Paris

Emilio

 

 

Born in SARONNO

(VA)

on 23/02/1949

- Fiscal Code : PRSMLE49B23I144W

 

 

Residence:

 

CAMERI BELLINZAGO

- 28062

Cameri

(NO)

- IT -

 

Ex-Postions

Procurator

 

Monzani

Agostino

 

 

Born in CALTIGNAGA

(NO)

on 20/04/1947

- Fiscal Code : MNZGTN47D20B431W

 

 

Residence:

 

CAMERI-BELLINZAGO KM.5

- 28062

Cameri

(NO)

- IT -

 

Ex-Postions

Procurator

Personnel Manager

Director

 

Gennaro

Gianfranco

 

 

Born in Cameri

(NO)

on 17/07/1949

- Fiscal Code : GNNGFR49L17B473S

 

 

Residence:

 

Caserma

, 2

- 28062

Cameri

(NO)

- IT -

 

Ex-Postions

Procurator

Managing Director

Director

Director

 

Siviero

Sergio

 

 

Born in Cergnago

(PV)

on 05/04/1947

- Fiscal Code : SVRSRG47D05C509P

 

 

Residence:

 

Golgi

, 8

- 27036

Mortara

(PV)

- IT -

 

Ex-Postions

Director

Procurator

Director

 

Moretti

Renzo

 

 

Born in MONTECHIARO D'ACQUI

(AL)

on 25/10/1945

- Fiscal Code : MRTRNZ45R25F469H

 

 

Residence:

 

ALLEMANO

, 32

- 10095

Grugliasco

(TO)

- IT -

 

Ex-Postions

Manager

Procurator

 

Mondin

Carlo

 

 

Born in TREVISO

(TV)

on 11/08/1950

- Fiscal Code : MNDCRL50M11L407Y

 

 

Residence:

 

G. DI VITTORIO

, 8

- 20091

Bresso

(MI)

- IT -

 

Ex-Postions

Director

Managing Director

 

Harrup

Clive J.

 

 

Born in STEWKLEY

( )

on 01/06/1939

- Fiscal Code : HRRCVJ39H01Z114B

 

 

Residence:

 

CAMERI-BELLINZAGO KM. 5

- 28062

Cameri

(NO)

- GB -

 

Ex-Postions

Board Chairman

Director

 

Mulchandani

Prakash R.

 

 

Born in Karachi

( )

on 23/08/1944

- Fiscal Code : MLCPKS44M23Z222Q

 

 

Residence:

 

Cameri Bellinzago Km 5

- 28062

Cameri

(NO)

 

Ex-Postions

Director

 

Spigler

Paul

 

 

Born in NEW CASTLE

( )

on 30/01/1943

- Fiscal Code : SPGPLA43A30Z404R

 

 

Residence:

West Maple Road

, 2135

TROY

 

Ex-Postions

Director

 

Sacco

Antonio

 

 

Born in Torino

(TO)

on 07/05/1942

- Fiscal Code : SCCNTN42E07L219E

 

 

Residence:

 

Giovanni Segantini

, 30

- 10024

Moncalieri

(TO)

- IT -

 

Ex-Postions

Procurator

 

Ghislandi

Paolo Roberto

 

 

Born in Milano

(MI)

on 30/08/1962

- Fiscal Code : GHSPRB62M30F205Q

 

 

Residence:

 

Francesco Cassani

, 15

- 24047

Treviglio

(BG)

- IT -

 

Ex-Postions

Procurator

 

Bassi

Marco

 

 

Born in Napoli

(NA)

on 23/07/1962

- Fiscal Code : BSSMRC62L23F839A

 

 

Residence:

 

F.lli Cairoli

, 2

- 20026

Novate Milanese

(MI)

- IT -

 

Ex-Postions

Procurator

 

Mc Michael

Robert Neale

 

 

Born in PITTSBURGH

( )

on 03/08/1953

- Fiscal Code : MCMRRT53M03Z404K

 

 

Residence:

2135 WEST MAPLE ROAD

TROY

 

Ex-Postions

Director

 

Johnson

Allan Howie Stanley

 

 

Born in GODALMING

( )

on 16/04/1947

- Fiscal Code : JHNLNH47D16Z114E

 

 

Residence:

UNIT 21, SUTTON BUSINESS PARK

READING

- GB -

 

Ex-Postions

Director

 

Plazzi

Roberto

 

 

Born in Napoli

(NA)

on 07/05/1942

- Fiscal Code : PLZRRT42E07F839K

 

 

Residence:

 

Negroni

, 4

- 28100

Novara

(NO)

- IT -

 

Ex-Postions

Procurator

 

Velten

Eberhard

 

 

Born in Merenberg

( )

on 16/04/1953

- Fiscal Code : VLTBHR53D16Z112K

 

 

Residence:

 

Prov. Cameri-bellinzago

, KM 5

- 28062

Cameri

(NO)

- IT -

 

Ex-Postions

Director

Board Chairman

 

Mortali

Alessandro

 

 

Born in Torino

(TO)

on 28/12/1964

- Fiscal Code : MRTLSN64T28L219V

 

 

Residence:

 

Puglia

, 35

- 10156

Torino

(TO)

- IT -

 

Ex-Postions

Managing Director

Director

Managing Director

 

Alberti

Gianluca

 

 

Born in Galliate

(NO)

on 07/10/1968

- Fiscal Code : LBRGLC68R07D872D

 

 

Residence:

 

Bedisco

, 31/B

- 28047

Oleggio

(NO)

- IT -

 

Ex-Postions

Procurator

 

Mcelwain

Steven Edward

 

 

Born in Owensboro, Kentucky

( )

on 15/11/1961

- Fiscal Code : MCLSVN61S15Z404U

 

Ex-Postions

Director

Board Chairman

 

Masciaga

Marta

 

 

Born in Novara

(NO)

on 17/10/1961

- Fiscal Code : MSCMRT61R57F952G

 

 

Residence:

 

Prov. Cameri-bellinzago

, KM. 5

- 28062

Cameri

(NO)

- IT -

 

Ex-Postions

Procurator

Procurator

 

SACCHI

GIOVANNI

 

 

Born in NOVARA

(NO)

on 04/06/1959

- Fiscal Code : SCCGNN59H04F952M

 

 

Residence:

 

PROVINCIALE CAMERI-BELL

- 28062

Cameri

(NO)

- IT -

 

Ex-Postions

Procurator

 

SILVANI

STEFANO

 

 

Born in VERBANIA

(NO)

on 14/07/1958

- Fiscal Code : SLVSFN58L14L746D

 

 

Residence:

 

TRENTO

, 6

- 28900

Verbania

(VB)

- IT -

 

Ex-Postions

Procurator

 

Camoletto

Antonio

 

 

Born in Volpiano

(TO)

on 28/01/1962

- Fiscal Code : CMLNTN62A28M122P

 

 

Residence:

 

Aldo Borletti

, 61/63

- 20011

Corbetta

(MI)

- IT -

 

Ex-Postions

Procurator

 

ZEPPA

ROBERTO

 

 

Born in TORINO

(TO)

on 08/07/1949

- Fiscal Code : ZPPRRT49L08L219I

 

 

Residence:

 

PROVINCIALE CAMERI-BELL

- 28062

Cameri

(NO)

- IT -

 

Ex-Postions

Procurator

 

Molnar

Charles Emeric

 

 

Born in Taut

( )

on 02/06/1974

- Fiscal Code : MLNCRL74H02Z129F

 

 

Residence:

 

Morano

, 5

- 10023

Chieri

(TO)

- IT -

 

Ex-Postions

Director

Board Chairman

 

CEASINGS/INCORPORATIONS/MERGES:

 

Project of merging by taking over of

 

 

 

MERITOR LIGHT VEHICLE SYSTEMS AVELLIN0 S.R.L. IN FORMA ABBREVIATA MERITOR LVS AV

 

 

 

Leonardo Da Vinci

, 32

, 10095

, Grugliasco

(TO)

- IT -

 

 

Fiscal Code: 00543810642

 

 

Date

Merging/splitting-up project:

22/12/2003

 

The firm absorbed by merging of

 

 

 

MERITOR LIGHT VEHICLE SYSTEMS AVELLIN0 S.R.L. IN FORMA ABBREVIATA MERITOR LVS AV

 

 

 

Leonardo Da Vinci

, 32

, 10095

, Grugliasco

(TO)

- IT -

 

 

Fiscal Code: 00543810642

 

 

Date

:

01/05/2004



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 1980

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

Under the financial profile unstable results are noted. yet with a positive result in the 2011 (r.o.e. 0,19%). The turnover is growing in the last financial year (+58,77%).

The operating result was positive in the last financial year (2,26%) falling within the field's average.

The operating result is positive and amounts to Eur. 1.737.870 showing an upward trend 62,72% compared to the previous financial year.

The economic management produced a gross operating margin of Eur. 7.463.539 on the same levels as the previous financial year.

The analysis shows a fair financial position as the indebtedness volume is acceptable (1,92) but with an increase as against the previous accounting period.

Subject can manage an equity capital funds for an amount of Eur. 23.720.351 on stable levels.

Total indebtedness amounts to Eur. 45.587.739, while during the financial year 2010 the amount was equal to Eur. 28.659.932.

The company does not exceed in bank credits; payments average period is instead slightly high (100,91 gg.) however still within the sector's average.

Liquidity is good (1,19)

Credits are collected in 54,35 days on the average. , shorter than the sector's average.

Eur. 4.546.744 is the value of cash flow during the year 2011

Subordinate employment cost is of Eur. 24.909.737, i.e. 14,51% on total production costs. , whereas 15,59% is the incidence on sales revenues.

The financial charges are lower than the financial incomes.



Financial Data

 

 

Complete balance-sheet for the year

30/09/2011

(in Eur

x 1)

 

Item Type

Value

Sales

159.814.090

Profit (Loss) for the period

45.834

 

 

Complete balance-sheet for the year

30/09/2010

(in Eur

x 1)

 

Item Type

Value

Sales

100.654.485

Profit (Loss) for the period

646.179

 

 

Complete balance-sheet for the year

30/09/2009

(in Eur

x 1)

 

Item Type

Value

Sales

93.891.843

Profit (Loss) for the period

-7.663.779

 

 

Complete balance-sheet for the year

30/09/2008

(in Eur

x 1)

 

Item Type

Value

Sales

233.682.881

Profit (Loss) for the period

4.586.433

 

 

Complete balance-sheet for the year

30/09/2007

(in Eur

x 1)

 

Item Type

Value

Sales

171.684.617

Profit (Loss) for the period

-10.386.755



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 30/09/2011 - 12 Mesi - Currency: - Amounts x 1

 

- Balance Sheet as at 30/09/2010 - 12 Mesi - Currency: - Amounts x 1

 

- Balance Sheet as at 30/09/2009 - 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

 

 

 

. . Concessions,licenses,trademarks,etc.

 

 

 

. . Goodwill

 

 

 

. . Assets in formation and advance paymen.

 

 

 

. . Other intangible fixed assets

 

 

 

. Total Intangible Fixed Assets

 

 

 

. TANGIBLE FIXED ASSETS

 

 

 

. . Real estate

4.718.937

4.686.471

5.113.270

. . Plant and machinery

7.541.188

8.569.566

11.705.087

. . Industrial and commercial equipment

1.370.861

1.294.586

1.936.465

. . Other assets

283.094

250.270

376.646

. . Assets under construction and advances

8.402.537

1.931.940

19.330

. Total Tangible fixed assets

22.316.617

16.732.833

19.150.798

. FINANCIAL FIXED ASSETS

 

 

 

. . Equity investments

306.693

1.285.569

1.498.193

. . . Equity invest. in subsidiary companies

306.693

1.285.569

1.498.193

. . . 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

306.693

1.285.569

1.498.193

Total fixed assets

22.623.310

18.018.402

20.648.991

CURRENT ASSETS

 

 

 

. INVENTORIES

 

 

 

. . Raw materials and other consumables

8.225.757

5.798.058

7.805.801

. . Work in progress and semimanufactured

552.764

577.079

362.219

. . Work in progress on order

 

 

 

. . Finished goods

6.690.411

4.396.477

4.412.353

. . Advance payments

 

 

 

. Total Inventories

15.468.932

10.771.614

12.580.373

. CREDITS NOT HELD AS FIXED ASSETS

 

 

 

. . Within 12 months

38.623.896

31.587.130

21.872.520

. . Beyond 12 months

 

 

 

. . Trade receivables

24.127.991

19.319.436

14.321.224

. . . . Within 12 months

24.127.991

19.319.436

14.321.224

. . . . Beyond 12 months

 

 

 

. . Receivables due from subsid. comp.

10.194

3.600

3.600

. . . . Within 12 months

10.194

3.600

3.600

. . . . Beyond 12 months

 

 

 

. . Receivables due from assoc. comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Receivables due from holding comp.

 

 

2.661

. . . . Within 12 months

 

 

2.661

. . . . Beyond 12 months

 

 

 

. . Fiscal Receivables

1.804.095

1.697.784

3.364.224

. . . . Within 12 months

1.804.095

1.697.784

3.364.224

. . . . Beyond 12 months

 

 

 

. . Receivables for anticipated taxes

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Receivables due from third parties

12.681.616

10.566.310

4.180.811

. . . . Within 12 months

12.681.616

10.566.310

4.180.811

. . . . Beyond 12 months

 

 

 

. Total Credits not held as fixed assets

38.623.896

31.587.130

21.872.520

. 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

122.611

292.758

349.372

. . Checks

 

 

 

. . Banknotes and coins

2.484

2.698

2.905

. Total Liquid funds

125.095

295.456

352.277

Total current assets

54.217.923

42.654.200

34.805.170

ADJUSTMENT ACCOUNTS

 

 

 

. Discount on loans

 

 

 

. Other adjustment accounts

177.446

144.411

293.934

Total adjustments accounts

177.446

144.411

293.934

TOTAL ASSETS

77.018.679

60.817.013

55.748.095

 

 

 

 

LIABILITIES

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

. Capital stock

23.400.000

23.400.000

23.400.000

. Additional paid-in capital

 

 

 

. Revaluation reserves

 

 

 

. Legal reserve

32.309

 

1.862.582

. Reserve for Own shares

 

 

 

. Statute reserves

 

 

 

. Other reserves

11.000

 

290.190

. Accumulated Profits (Losses)

231.208

-371.662

5.139.345

. Profit( loss) of the year

45.834

646.179

-7.663.779

. Advances on dividends

 

 

 

. Partial loss of the year Coverage

 

 

 

Total Stockholders'Equity

23.720.351

23.674.517

23.028.338

RESERVES FOR RISKS AND CHARGES

 

 

 

. . Reserve for employee termination indem.

 

 

 

. . Taxation fund, also differed

 

 

 

. . Other funds

2.536.781

2.985.170

7.213.657

Total Reserves for Risks and Charges

2.536.781

2.985.170

7.213.657

Employee termination indemnities

5.172.085

5.497.394

7.162.344

ACCOUNTS PAYABLE

 

 

 

. . . . Within 12 months

45.587.739

28.659.932

18.343.756

. . . . Beyond 12 months

 

 

 

. . 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

 

 

8.781

. . . . Within 12 months

 

 

8.781

. . . . Beyond 12 months

 

 

 

. . Due to other providers of finance

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Advances from customers

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Trade payables

39.937.379

23.248.377

14.246.804

. . . . Within 12 months

39.937.379

23.248.377

14.246.804

. . . . 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

 

 

17.213

. . . . Within 12 months

 

 

17.213

. . . . Beyond 12 months

 

 

 

. . Due to the tax authorities

447.834

252.783

318.014

. . . . Within 12 months

447.834

252.783

318.014

. . . . Beyond 12 months

 

 

 

. . Due to social security and welfare inst.

532.937

404.668

148.945

. . . . Within 12 months

532.937

404.668

148.945

. . . . Beyond 12 months

 

 

 

. . Other payables

4.669.589

4.754.104

3.603.999

. . . . Within 12 months

4.669.589

4.754.104

3.603.999

. . . . Beyond 12 months

 

 

 

Total accounts payable

45.587.739

28.659.932

18.343.756

ADJUSTMENT ACCOUNTS

 

 

 

. Agio on loans

 

 

 

. Other adjustment accounts

1.723

 

 

Total adjustment accounts

1.723

 

 

TOTAL LIABILITIES

77.018.679

60.817.013

55.748.095

 

 

 

 

 

 

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

159.814.090

100.654.485

93.891.843

. Changes in work in progress

2.269.619

198.985

-5.872.471

. Changes in semi-manufact. products

 

 

 

. Capitalization of internal work

 

 

 

. Other income and revenues

11.341.001

12.738.389

9.695.138

. . Contributions for operating expenses

 

 

 

. . Different income and revenues

11.341.001

12.738.389

9.695.138

Total value of production

173.424.710

113.591.859

97.714.510

PRODUCTION COSTS

 

 

 

. Raw material,other materials and consum.

120.899.408

69.629.413

60.087.406

. Services received

20.080.051

14.240.368

14.318.351

. Leases and rentals

1.493.470

1.053.650

1.190.539

. Payroll and related costs

24.909.737

19.757.694

17.793.515

. . Wages and salaries

16.407.796

13.328.472

12.321.256

. . Social security contributions

6.056.970

5.177.766

4.058.423

. . Employee termination indemnities

1.221.067

1.190.494

1.297.092

. . Pension and similar

 

 

 

. . Other costs

1.223.904

60.962

116.744

. Amortization and depreciation

4.500.910

4.720.525

5.334.260

. . Amortization of intangible fixed assets

 

 

 

. . Amortization of tangible fixed assets

4.500.910

4.720.525

4.830.586

. . Depreciation of tangible fixed assets

 

 

387.135

. . Writedown of current receiv.and of liquid

 

 

116.539

. Changes in raw materials

-2.427.699

2.007.742

3.806.880

. Provisions to risk reserves

1.224.759

469.580

3.019.763

. Other provisions

 

 

 

. Other operating costs

1.006.204

644.895

469.415

Total production costs

171.686.840

112.523.867

106.020.129

Diff. between value and cost of product.

1.737.870

1.067.992

-8.305.619

FINANCIAL INCOME AND EXPENSE

 

 

 

. Income from equity investments

 

 

 

. . In subsidiary companies

 

 

 

. . In associated companies

 

 

 

. . In other companies

 

 

 

. Other financial income

397.403

142.007

180.014

. . 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

 

 

180.014

. . . - Subsidiary companies

 

 

 

. . . - Associated companies

 

 

 

. . . - Holding companies

 

 

 

. . . - Other companies

 

 

 

. Interest and other financial expense

-317.738

78.119

-192.979

. . Towards subsidiary companies

 

 

 

. . Towards associated companies

 

 

 

. . Towards holding companies

 

 

 

. . Towards other companies

 

 

-39.188

Total financial income and expense

79.665

220.126

-12.965

ADJUSTMENTS TO FINANCIAL ASSETS

 

 

 

. Revaluations

 

 

490.897

. . Of equity investments

 

 

490.897

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

 

 

 

. . Of securities incl.among current assets

 

 

 

. Devaluation

-978.876

-212.624

 

. . Of equity investments

-978.876

-212.624

 

. . Of financial fixed assets (no equity inv)

 

 

 

. . Of securities included among current ass

 

 

 

Total adjustments to financial assets

-978.876

-212.624

490.897

EXTRAORDINARY INCOME AND EXPENSE

 

 

 

. Extraordinary income

5.894

 

227.845

. . Gains on disposals

5.894

 

 

. . Other extraordinary income

 

 

227.845

. Extraordinary expense

-20.792

-11.784

-3.288

. . Losses on disposals

 

 

 

. . Taxes relating to prior years

 

 

 

. . Other extraordinary expense

-20.792

-11.784

-3.288

Total extraordinary income and expense

-14.898

-11.784

224.557

Results before income taxes

823.761

1.063.710

-7.603.130

. Taxes on current income

777.927

417.531

60.649

. . current taxes

777.927

417.531

60.649

. . differed taxes(anticip.)

 

 

 

. Net income for the period

45.834

646.179

-7.663.779

. Adjustments in tax regulations pursuance

 

 

 

. Provisions in tax regulations pursuance

 

 

 

. Profit (loss) of the year

45.834

646.179

-7.663.779

 

RATIOS

Value Type

as at 30/09/2011

as at 30/09/2010

as at 30/09/2009

Sector Average

COMPOSITION ON INVESTMENT

 

 

 

 

 

Rigidity Ratio

Units

0,29

0,30

0,37

0,23

Elasticity Ratio

Units

0,70

0,70

0,62

0,73

Availability of stock

Units

0,20

0,18

0,23

0,18

Total Liquidity Ratio

Units

0,50

0,52

0,40

0,50

Quick Ratio

Units

0,00

0,00

0,01

0,03

COMPOSITION ON SOURCE

 

 

 

 

 

Net Short-term indebtedness

Units

1,92

1,20

0,78

2,39

Self Financing Ratio

Units

0,31

0,39

0,41

0,22

Capital protection Ratio

Units

0,01

-0,02

0,32

0,72

Liabilities consolidation quotient

Units

0,11

0,19

0,39

0,23

Financing

Units

1,92

1,21

0,80

3,17

Permanent Indebtedness Ratio

Units

0,38

0,48

0,54

0,39

M/L term Debts Ratio

Units

0,07

0,09

0,13

0,13

Net Financial Indebtedness Ratio

Units

0,00

0,00

0,00

1,30

CORRELATION

 

 

 

 

 

Fixed assets ratio

Units

1,28

1,62

1,46

1,56

Current ratio

Units

1,19

1,49

1,90

1,22

Acid Test Ratio-Liquidity Ratio

Units

0,85

1,11

1,21

0,87

Structure's primary quotient

Units

1,05

1,31

1,12

0,86

Treasury's primary quotient

Units

0,00

0,01

0,02

0,04

Rate of indebtedness ( Leverage )

%

324,69

256,89

242,08

448,01

Current Capital ( net )

Value

8.630.184

13.994.268

16.461.414

486.040

RETURN

 

 

 

 

 

Return on Sales

%

2,85

5,33

-2,48

3,43

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

%

0,19

2,73

-33,28

3,96

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

%

3,47

4,49

-33,02

11,84

Return on Investment ( R.O.I. )

%

2,26

1,76

-14,90

4,25

Return/ Sales

%

1,09

1,06

-8,85

4,11

Extra Management revenues/charges incid.

%

2,64

60,50

n.c.

17,23

Cash Flow

Value

4.546.744

5.366.704

-2.329.519

187.008

Operating Profit

Value

1.737.870

1.067.992

-8.305.619

225.589

Gross Operating Margin

Value

7.463.539

6.258.097

-2.941.161

370.750

MANAGEMENT

 

 

 

 

 

Credits to clients average term

Days

54,35

69,10

54,91

119,80

Debts to suppliers average term

Days

100,91

98,55

67,93

120,31

Average stock waiting period

Days

34,85

38,53

48,24

63,58

Rate of capital employed return ( Turnover )

Units

2,08

1,66

1,68

1,04

Rate of stock return

Units

10,33

9,34

7,46

5,63

Labour cost incidence

%

15,59

19,63

18,95

16,99

Net financial revenues/ charges incidence

%

0,05

0,22

-0,01

-1,67

Labour cost on purchasing expenses

%

14,51

17,56

16,78

17,79

Short-term financing charges

%

0,70

n.c.

1,05

3,19

Capital on hand

%

48,19

60,42

59,37

95,87

Sales pro employee

Value

205.416

163.135

167.365

200.447

Labour cost pro employee

Value

32.017

32.022

31.717

34.557

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.05

UK Pound

1

Rs.82.74

Euro

1

Rs.71.61

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.