MIRA INFORM REPORT

 

 

Report Date :

18.04.2014

 

IDENTIFICATION DETAILS

 

Name :

PIETRO CARNAGHI - S.P.A.

 

 

Registered Office :

Via Montebello, 27,

20121 – Milano (MI)

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

18.04.1939

 

 

Legal Form :

Joint stock company

 

 

Line of Business :

Subject is engaged in the production of large vertical lathes and provides in addition to the machines

 

 

No. of Employees :

from 176 to 200

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Italy

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 higher. 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 133% of GDP in 2013, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2013 economic growth and labor market conditions deteriorated, with growth at -1.8% and unemployment rising to 12.4%, with youth unemployment around 40%. Italy's GDP is now 8% below its 2007 pre-crisis level.

 

Source : CIA

 

 

Company name and address

 

PIETRO CARNAGHI - S.P.A.

 

Via Montebello, 27

 

20121 – Milano (MI) -IT-

 

 

Summary

 

Fiscal Code

:

00181430125

Legal Form

:

Joint stock company

start of Activities

:

18/04/1939

Equity

:

Over 2.582.254

Turnover Range

:

75.000.000/100.000.000

Number of Employees

:

from 176 to 200

Group

:

Carnaghi

 

 

Activity

 

General mechanics

 

 

Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 00181430125

 

Foreign Trade Reg. no. : 313458 of Milano since 01/03/2001

 

Foreign Trade Reg. no. : 13758 of Varese since 30/12/1991

 

Chamber of Commerce no. : 1599670 of Milano since 23/11/1999

 

Chamber of Commerce no. : 31496 of Varese since 27/04/1939

 

Firms' Register : MI-2001-27214 of Milano since 30/01/2001

 

V.A.T. Code : 13303780152

 

Tribunal Co. Register : 3173 of

 

Foundation date

: 18/04/1939

Establishment date

: 20/02/1987

Start of Activities

: 18/04/1939

Legal duration

: 31/12/2050

Nominal Capital

: 2.500.000

Subscribed Capital

: 2.500.000

Paid up Capital

: 2.500.000

 

Members

 

Carnaghi

Adriano

 

Born in Busto Arsizio

(VA)

on 27/01/1942

- Fiscal Code : CRNDRN42A27B300C

 

Residence:

Buonarroti

, 5

- 21052

Busto Arsizio

(VA)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

20/05/2011

Managing Director

20/05/2011

 

No Prejudicial events are reported

 

No Protests registered

 

Radice

Flavio

 

Born in Busto Arsizio

(VA)

on 28/05/1946

- Fiscal Code : RDCFLV46E28B300W

 

Residence:

San Luigi

, 16

- 21052

Busto Arsizio

(VA)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

20/05/2011

Managing Director

20/05/2011

General Director

30/05/2005

 

No Prejudicial events are reported

 

No Protests registered

 

Carnaghi

Marisa

 

Born in Busto Arsizio

(VA)

on 22/08/1944

- Fiscal Code : CRNMRS44M62B300B

 

Residence:

San Luigi Gonzaga

, 16

- 21052

Busto Arsizio

(VA)

- IT -

 

Position

Since

Shares Amount

% Ownership

Board Chairman

20/05/2011

Director

20/05/2011

Managing Director

20/05/2011

 

No Prejudicial events are reported

 

No Protests registered

 

Celora

Antonio

 

Born in Busto Arsizio

(VA)

on 23/06/1965

- Fiscal Code : CLRNTN65H23B300P

 

Residence:

Indipendenza

, 90

- 21050

Marnate

(VA)

- IT -

 

Position

Since

Shares Amount

% Ownership

Auditor

11/02/2013

 

Carnaghi

Stefania Maria

 

Born in Busto Arsizio

(VA)

on 31/05/1971

- Fiscal Code : CRNSFN71E71B300Z

 

Residence:

Bunarroti

, 5

- 21052

Busto Arsizio

(VA)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

20/05/2011

 

Radice

Giuliano Giovanni

 

Born in Busto Arsizio

(VA)

on 17/10/1974

- Fiscal Code : RDCGNG74R17B300A

 

Residence:

San Luigi

, 16

- 21052

Busto Arsizio

(VA)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

20/05/2011



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.

 

Carnaghi

Adriano

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

"IMMOBILIARE S. LUIGI DI CARNAGHI ADRIANO E C.S.A.S."

Busto Arsizio (VA) - IT -

81008280125

General Partner

Withdrawn

Registered

"stella S.a.s. Di Carnaghi Adriano E C."

Busto Arsizio (VA) - IT -

01914350127

General Partner

Withdrawn

Registered

 

Radice

Flavio

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Pietro Carnaghi Impianti S.r.l

Busto Arsizio (VA) - IT -

00741280127

Attorney with special power

Withdrawn

Merged

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

Cinisello Balsamo (MI) - IT -

01765630155

Director

Withdrawn

Registered

 

Carnaghi

Marisa

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Pietro Carnaghi Impianti S.r.l

Busto Arsizio (VA) - IT -

00741280127

Chairman

Withdrawn

Merged

ME.CA. S.R.L.

Milano (MI) - IT -

12498570154

Sole Director

Withdrawn

Registered

Associazione Bianca Garavaglia Onlus

Busto Arsizio (VA) - IT -

90004370129

Director

Active

Registered

"IMMOBILIARE AZZURRA SOCIETA' SEMPLICE"

Busto Arsizio (VA) - IT -

01845730124

Partner

Withdrawn

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

Carnaghi Adriano

Busto Arsizio - IT -

CRNDRN42A27B300C

1.250.000 .Eur

50,00

Radice Flavio

Busto Arsizio - IT -

RDCFLV46E28B300W

625.000 .Eur

25,00

Carnaghi Marisa

Busto Arsizio - IT -

CRNMRS44M62B300B

625.000 .Eur

25,00

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

Probest Service Spa

Cinisello Balsamo - IT -

00895760155

743 .Eur

0,06

Active

Industria E Universita' S.r.l.

Varese - IT -

01930490121

5.100 .Eur

0,04

Active



Firm's location and structure

 

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

 

-

Legal and operative seat

since 18/04/1939

 

Montebello

, 27

- 20100

- Milano

(MI)

- IT -

 

TELEX

: 333229

 

PHONE

: 0331633509

 

PHONE

: 0331434500

 

FAX

: 0331434578

 

-

Branch

(Warehouse)

since 11/12/2000

 

Magenta

, 54

- 21052

- Busto Arsizio

(VA)

- IT -

 

-

Branch

(Factory)

since 01/11/1999

 

Salvo D'acquisto

, 7

- 20020

- Villa Cortese

(MI)

- IT -

 

-

Branch

(Factory)

since 01/05/2008

 

Padre Kolbe

, SNC

- 20020

- Villa Cortese

(MI)

- IT -

 

Employees

: 187

 

Fittings and Equipment for a value of 7.870.000

Eur

 

Stocks for a value of 25.710.000

Eur

 

 

Historical Information and/or Firm's Status

 

CHANGES TO THE LEGAL FORM:

 

Former legal form

New legal form

Changement Date

Limited partnership

Limited liability company

02/04/1980

Limited liability company

Joint stock company

20/02/1987

 

COMPANY STYLE MODIFICATIONS:

 

Former Style

New Style

Changement Date

Costruzioni Meccaniche Pietro Carnaghi eFigli S.r.l.

20/02/1987

 

EX-MEMBERS / EX-POSITIONS:

 

Carnaghi

Angelo

 

Born in Busto Arsizio

(VA)

on 13/09/1916

- Fiscal Code : CRNNGL16P13B300D

 

Residence:

Magenta

, 54

- 21050

Busto Arsizio

(VA)

- IT -

 

Ex-Postions

Chairman

 

Carnaghi

Adriano

 

Born in Busto Arsizio

(VA)

on 27/01/1942

- Fiscal Code : CRNDRN42A27B300C

 

Residence:

Buonarroti

, 5

- 21052

Busto Arsizio

(VA)

- IT -

 

Ex-Postions

Managing Director

 

Radice

Flavio

 

Born in Busto Arsizio

(VA)

on 28/05/1946

- Fiscal Code : RDCFLV46E28B300W

 

Residence:

San Luigi

, 16

- 21052

Busto Arsizio

(VA)

- IT -

 

Ex-Postions

Managing Director

 

Celora

Antonio

 

Born in Busto Arsizio

(VA)

on 23/06/1965

- Fiscal Code : CLRNTN65H23B300P

 

Residence:

Indipendenza

, 90

- 21050

Marnate

(VA)

- IT -

 

Ex-Postions

Temporary Auditor

 

ME.CA. S.R.L.

 

- Fiscal Code : 12498570154

 

Residence:

DEI MILLE

, 35

- 20100

Milano

(MI)

- IT -

 

Ex-Postions

Sole partner

 

CEASINGS/INCORPORATIONS/MERGES:

 

Project of merging by taking over of

 

ME.CA. S.R.L.

 

DEI MILLE

, 35

, 20100

, Milano

(MI)

- IT -

 

Fiscal Code: 12498570154

 

Date

Merging/splitting-up project:

26/06/2012

 

The firm absorbed by merging of

 

ME.CA. S.R.L.

 

DEI MILLE

, 35

, 20100

, Milano

(MI)

- IT -

 

Fiscal Code: 12498570154

 

Date

:

21/11/2012

 

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

 

Company's starting of activities dates back to 1939.

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

During the last years, it recorded positive net results (r.o.e. 10,91% in 2012)

The operating result was positive in the last financial year (4,3%) falling within the field's average.

The amount of the operating result is equal to Eur. 5.207.608 ,showing stability in respect to the value of 2011.

A gross operating margine for a value of Eur. 9.096.614 was reached. on the same levels as the previous financial year.

The financial status of the company is fairly balanced with an indebtedness level of 1,11 with an improving trend as on the decrease.

With regard to equity capital, an amount of Eur. 32.678.505 is registered. on stable levels.

During the last financial year total debts volume reached Eur. 72.475.129 (Eur. 20.422.815 were m/l term ones) showing a stable trend as opposed to 2011 (Eur. 63.122.233).

The company does not exceed in bank credits; payments average period is instead slightly high (132,87 gg.) however still within the sector's average.

Liquidity is good (1,55)

Trade credits average terms are slow, on average 165,85 days. also in relation to the average of the sector.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 6.933.302

Labour cost amounts to Eur. 13.133.278, with a 17,81% incidence on production costs. , whereas the incidence of such costs on sales revenues is equal to 17,37%.

If compared to the sales volume (-0,57%), the impact of the financial charges is limited.




Financial Data

 

Complete balance-sheet for the year

31/12/2012

(in Eur

x 1)

 

Item Type

Value

Sales

75.610.766

Profit (Loss) for the period

3.564.296

 

Complete balance-sheet for the year

31/12/2011

(in Eur

x 1)

 

Item Type

Value

Sales

90.961.513

Profit (Loss) for the period

3.432.729

 

Complete balance-sheet for the year

31/12/2010

(in Eur

x 1)

 

Item Type

Value

Sales

96.196.758

Profit (Loss) for the period

8.922.115



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

5.583

. . Research,develop. and advert.expens.

. . Industrial patent rights

. . Concessions,licenses,trademarks,etc.

40.466

75.621

79.315

. . Goodwill

. . Assets in formation and advance paymen.

. . Other intangible fixed assets

135.221

34.770

52.072

. Total Intangible Fixed Assets

181.270

110.391

131.387

. TANGIBLE FIXED ASSETS

. . Real estate

23.027.561

19.144.442

19.270.603

. . Plant and machinery

6.913.972

7.719.118

8.004.707

. . Industrial and commercial equipment

952.084

1.335.346

833.495

. . Other assets

285.050

453.247

412.025

. . Assets under construction and advances

6.082.964

4.652.323

1.975.407

. Total Tangible fixed assets

37.261.631

33.304.476

30.496.237

. FINANCIAL FIXED ASSETS

. . Equity investments

657.843

657.843

657.843

. . . Equity invest. in subsidiary companies

650.694

650.694

650.694

. . . Equity invest. in associated companies

. . . Equity invest. in holding companies

. . . Equity invest. in other companies

7.149

7.149

7.149

. . Financial receivables

83.052

82.162

57.162

. . . . Within 12 months

. . . . Beyond 12 months

83.052

82.162

57.162

. . . Receivab due from subsidiaries

80.000

80.000

55.000

. . . . Within 12 months

. . . . Beyond 12 months

80.000

80.000

55.000

. . . 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

3.052

2.162

2.162

. . . . Within 12 months

. . . . Beyond 12 months

3.052

2.162

2.162

. . Other securities

. . Own shares

. . . Total nominal value

. Total financial fixed assets

740.895

740.005

715.005

Total fixed assets

38.183.796

34.154.872

31.342.629

CURRENT ASSETS

. INVENTORIES

. . Raw materials and other consumables

7.145.707

7.546.399

7.590.851

. . Work in progress and semimanufactured

16.346.529

15.733.535

21.348.002

. . Work in progress on order

. . Finished goods

2.002.484

944.476

. . Advance payments

212.133

1.019.576

864.500

. Total Inventories

25.706.853

24.299.510

30.747.829

. CREDITS NOT HELD AS FIXED ASSETS

. . Within 12 months

38.666.989

31.187.642

19.512.665

. . Beyond 12 months

564.973

. . Trade receivables

34.834.127

25.596.888

13.963.135

. . . . Within 12 months

34.834.127

25.596.888

13.963.135

. . . . Beyond 12 months

. . Receivables due from subsid. comp.

19.869

19.414

462.019

. . . . Within 12 months

19.869

19.414

462.019

. . . . 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

899.095

2.346.824

1.695.620

. . . . Within 12 months

334.122

2.346.824

1.695.620

. . . . Beyond 12 months

564.973

. . Receivables for anticipated taxes

2.833.524

2.605.396

2.681.954

. . . . Within 12 months

2.833.524

2.605.396

2.681.954

. . . . Beyond 12 months

. . Receivables due from third parties

645.347

619.120

709.937

. . . . Within 12 months

645.347

619.120

709.937

. . . . Beyond 12 months

. Total Credits not held as fixed assets

39.231.962

31.187.642

19.512.665

. 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

15.882.589

12.258.750

21.622.961

. . Checks

. . Banknotes and coins

6.790

4.921

19.233

. Total Liquid funds

15.889.379

12.263.671

21.642.194

Total current assets

80.828.194

67.750.823

71.902.688

ADJUSTMENT ACCOUNTS

. Discount on loans

1.565.665

1.500.100

. Other adjustment accounts

2.155.628

Total adjustments accounts

2.155.628

1.565.665

1.500.100

TOTAL ASSETS

121.167.618

103.471.360

104.745.417

LIABILITIES

STOCKHOLDERS' EQUITY

. Capital stock

2.500.000

2.500.000

2.500.000

. Additional paid-in capital

. Revaluation reserves

6.194.038

6.194.038

6.194.038

. Legal reserve

500.000

500.000

500.000

. Reserve for Own shares

. Statute reserves

. Other reserves

19.920.171

17.187.387

8.515.274

. Accumulated Profits (Losses)

. Profit( loss) of the year

3.564.296

3.432.729

8.922.115

. Advances on dividends

. Partial loss of the year Coverage

Total Stockholders'Equity

32.678.505

29.814.154

26.631.427

RESERVES FOR RISKS AND CHARGES

. . Reserve for employee termination indem.

152.280

139.129

131.125

. . Taxation fund, also differed

. . Other funds

3.330.022

2.810.022

2.810.022

Total Reserves for Risks and Charges

3.482.302

2.949.151

2.941.147

Employee termination indemnities

1.332.818

1.635.531

1.652.997

ACCOUNTS PAYABLE

. . . . Within 12 months

52.052.314

57.158.988

56.723.157

. . . . Beyond 12 months

20.422.815

5.963.245

10.049.379

. . 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

28.553.740

10.327.111

11.678.214

. . . . Within 12 months

8.130.925

4.363.866

1.628.835

. . . . Beyond 12 months

20.422.815

5.963.245

10.049.379

. . Due to other providers of finance

. . . . Within 12 months

. . . . Beyond 12 months

. . Advances from customers

22.011.964

25.692.306

34.606.470

. . . . Within 12 months

22.011.964

25.692.306

34.606.470

. . . . Beyond 12 months

. . Trade payables

20.257.397

25.354.772

18.183.892

. . . . Within 12 months

20.257.397

25.354.772

18.183.892

. . . . Beyond 12 months

. . Securities issued

102

102

201

. . . . Within 12 months

102

102

201

. . . . Beyond 12 months

. . Due to subsidiary companies

323.169

99.527

91.484

. . . . Within 12 months

323.169

99.527

91.484

. . . . 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

657.618

454.569

726.655

. . . . Within 12 months

657.618

454.569

726.655

. . . . Beyond 12 months

. . Due to social security and welfare inst.

601.749

599.497

612.646

. . . . Within 12 months

601.749

599.497

612.646

. . . . Beyond 12 months

. . Other payables

69.390

594.349

872.974

. . . . Within 12 months

69.390

594.349

872.974

. . . . Beyond 12 months

Total accounts payable

72.475.129

63.122.233

66.772.536

ADJUSTMENT ACCOUNTS

. Agio on loans

. Other adjustment accounts

11.198.864

5.950.291

6.747.310

Total adjustment accounts

11.198.864

5.950.291

6.747.310

TOTAL LIABILITIES

121.167.618

103.471.360

104.745.417

 

 

 

MEMORANDUM ACCOUNTS

 

Third party goods

Investment accounts

7.755.308

13.351.808

Risk accounts

26.641.952

29.294.260

Civil and fiscal norms relation

 

PROFIT AND LOSS ACCOUNTS

 

VALUE OF PRODUCTION

. Revenues from sales and services

75.610.766

90.961.513

96.196.758

. Changes in work in progress

2.615.477

-6.558.942

-6.082.798

. Changes in semi-manufact. products

. Capitalization of internal work

927.163

841.021

. Other income and revenues

713.464

1.515.514

622.359

. . Contributions for operating expenses

. . Different income and revenues

713.464

1.515.514

622.359

Total value of production

78.939.707

86.845.248

91.577.340

PRODUCTION COSTS

. Raw material,other materials and consum.

34.874.799

36.934.741

33.251.572

. Services received

18.688.492

25.525.241

24.218.034

. Leases and rentals

2.200.151

2.117.744

1.576.537

. Payroll and related costs

13.133.278

13.330.656

12.328.719

. . Wages and salaries

9.499.345

9.668.863

8.836.137

. . Social security contributions

3.019.144

2.984.187

2.881.144

. . Employee termination indemnities

591.658

655.420

523.690

. . Pension and similar

. . Other costs

23.131

22.186

87.748

. Amortization and depreciation

3.369.006

3.180.864

2.917.362

. . Amortization of intangible fixed assets

106.366

79.937

113.345

. . Amortization of tangible fixed assets

3.081.039

2.966.482

2.586.103

. . Depreciation of tangible fixed assets

. . Writedown of current receiv.and of liquid

181.601

134.445

217.914

. Changes in raw materials

400.691

44.452

516.164

. Provisions to risk reserves

520.000

. Other provisions

3.381.664

. Other operating costs

545.682

596.517

460.200

Total production costs

73.732.099

81.730.215

78.650.252

Diff. between value and cost of product.

5.207.608

5.115.033

12.927.088

FINANCIAL INCOME AND EXPENSE

. Income from equity investments

. . In subsidiary companies

. . In associated companies

. . In other companies

. Other financial income

764.645

300.603

310.536

. . Financ.income from receivables

1.596

1.228

. . . Towards subsidiary companies

1.596

1.228

. . . 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

299.007

309.308

. . . - Subsidiary companies

. . . - Associated companies

. . . - Holding companies

. . . - Other companies

299.007

309.308

. Interest and other financial expense

-1.191.984

71.895

-636.769

. . Towards subsidiary companies

. . Towards associated companies

. . Towards holding companies

. . Towards other companies

-71.895

636.769

Total financial income and expense

-427.339

372.498

-326.233

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

564.973

. . Gains on disposals

. . Other extraordinary income

564.973

. Extraordinary expense

. . Losses on disposals

. . Taxes relating to prior years

. . Other extraordinary expense

Total extraordinary income and expense

564.973

Results before income taxes

5.345.242

5.487.531

12.600.855

. Taxes on current income

1.780.946

2.054.802

3.678.740

. . current taxes

2.009.074

1.978.244

4.865.796

. . differed taxes(anticip.)

-228.128

76.558

-1.187.056

. Net income for the period

3.564.296

3.432.729

8.922.115

. Adjustments in tax regulations pursuance

. Provisions in tax regulations pursuance

. Profit (loss) of the year

3.564.296

3.432.729

8.922.115

 

 

 

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

0,32

0,33

0,30

0,24

Elasticity Ratio

Units

0,67

0,65

0,69

0,73

Availability of stock

Units

0,21

0,23

0,29

0,13

Total Liquidity Ratio

Units

0,45

0,42

0,39

0,54

Quick Ratio

Units

0,13

0,12

0,21

0,03

COMPOSITION ON SOURCE

Net Short-term indebtedness

Units

1,11

1,51

1,32

3,02

Self Financing Ratio

Units

0,27

0,29

0,25

0,19

Capital protection Ratio

Units

0,81

0,80

0,57

0,67

Liabilities consolidation quotient

Units

0,42

0,13

0,21

0,21

Financing

Units

2,22

2,12

2,51

3,82

Permanent Indebtedness Ratio

Units

0,45

0,36

0,37

0,37

M/L term Debts Ratio

Units

0,18

0,07

0,11

0,12

Net Financial Indebtedness Ratio

Units

0,39

0,00

0,00

0,54

CORRELATION

Fixed assets ratio

Units

1,43

1,10

1,22

1,36

Current ratio

Units

1,55

1,19

1,27

1,15

Acid Test Ratio-Liquidity Ratio

Units

1,06

0,76

0,73

0,90

Structure's primary quotient

Units

0,86

0,87

0,85

0,80

Treasury's primary quotient

Units

0,31

0,21

0,38

0,05

Rate of indebtedness ( Leverage )

%

370,79

347,05

393,32

522,79

Current Capital ( net )

Value

28.775.880

10.591.835

15.179.531

137.035

RETURN

Return on Sales

%

9,17

7,27

12,31

4,19

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

%

10,91

11,51

33,50

6,82

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

%

16,36

18,41

47,32

21,82

Return on Investment ( R.O.I. )

%

4,30

4,94

12,34

5,32

Return/ Sales

%

6,89

5,62

13,44

4,80

Extra Management revenues/charges incid.

%

68,44

67,11

69,02

24,34

Cash Flow

Value

6.933.302

6.613.593

11.839.477

122.584

Operating Profit

Value

5.207.608

5.115.033

12.927.088

134.039

Gross Operating Margin

Value

9.096.614

8.295.897

19.226.114

232.049

MANAGEMENT

Credits to clients average term

Days

165,85

101,31

52,25

113,47

Debts to suppliers average term

Days

132,87

141,90

111,42

128,87

Average stock waiting period

Days

122,40

96,17

115,07

41,22

Rate of capital employed return ( Turnover )

Units

0,62

0,88

0,92

1,15

Rate of stock return

Units

2,94

3,74

3,13

8,63

Labour cost incidence

%

17,37

14,66

12,82

23,26

Net financial revenues/ charges incidence

%

-0,57

0,41

-0,34

-1,36

Labour cost on purchasing expenses

%

17,81

16,31

15,68

23,52

Short-term financing charges

%

1,64

n.c.

0,95

2,74

Capital on hand

%

160,25

113,75

108,89

87,13

Sales pro employee

Value

400.926

218.657

249.861

150.278

Labour cost pro employee

Value

69.639

32.044

32.022

33.017

 

 

Remarks

 

1) Protests checking (relative to the last five years) performed by crossing and matching the members names and the Firm's Style with the reported addresses, is supplied by the Informatic Registry managed by the Italian Chamber of Commerce. If the fiscal code is not indicated, the eventual homonymous cases are submitted to expert staff evaluation in order to limit wrong matching risks.

 

2) The Legal Data, supplied and retrived from the Firm's Registry of the Italian Chamber of Commerce, are in line with the last registered modifications.

 

3) Risk evaluation and Credit Opinion have been performed on the base of the actual data at the moment of their availability.

 

 

Market / Territory Data

 

Population living in the province

:

3.839.216

Population living in the region

:

9.393.092

Number of families in the region

:

3.858.736

 

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

 

- per food products

:

460

- per non food products

:

2.090

- per energy consume

:

114

 

 

Sector Data

 

The values are calculated on a base of 3.083 significant companies.

 

The companies cash their credits on an average of 113 dd.

The average duration of suppliers debts is about 129 dd.

The sector's profitability is on an average of 4,19%.

The labour cost affects the turnover in the measure of 23,26%.

Goods are held in stock in a range of 41 dd.

The difference between the sales volume and the resources used to realize it is about 1,15.

The employees costs represent the 23,52% of the production costs.

 

 

Statistical Detrimental Data

 

Statistcally the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 50.886 protested subjects are found; in the province they count to 24.765.

The insolvency index for the region is 0,55, , while for the province it is 0,66.

Total Bankrupt companies in the province : 22.523.

Total Bankrupt companies in the region : 39.612.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.38

UK Pound

1

Rs.101.63

Euro

1

Rs.83.57

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NNA

 

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.