MIRA INFORM REPORT

 

 

Report Date :

29.08.2014

 

IDENTIFICATION DETAILS

 

Name :

LOMBARDINI S.R.L.

 

 

Registered Office :

ViaCav. Del Lavoro A. Lombardini, 2 42124 - Reggio Emilia (RE)   

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

17.12.1999

 

 

Legal Form :

Sole-Member Limited Liability Company

 

 

Line of Business :

Manufacture of electric motors, generators and transformers.

 

 

No. of Employees

From 500 to 750

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow but correct

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 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

 

LOMBARDINI S.R.L.

 

 

ViaCav. Del Lavoro A. Lombardini,  2

 

42124   - Reggio Emilia  (RE)      -IT

 

 

Summary

 

Fiscal Code

:

01829970357

Legal Form

:

Sole-Member Limited Liability Company

start of Activities

:

17/12/1999

Equity

:

Over 2.582.254

Turnover Range

:

over 129.114.224

Number of Employees

:

from 500 to 750

 

 

Activity

 

Manufacture of electric motors, generators and transformers

 

 

Legal Data

 

Legal Form : Sole-Member Limited Liability Company

Fiscal Code : 01829970357

 

Municipal Licence : 558 of since 21/02/2001

 

Foreign Trade Reg. no. : RE023510 since 13/01/2000

 

Chamber of Commerce no. : 137841 of Pisa

 

Chamber of Commerce no. : 227083 of Reggio Emilia since 01/04/1999

 

Chamber of Commerce no. : 52977 of Rieti

 

Chamber of Commerce no. : 299231 of Treviso

 

Firms' Register : RE-1999-10875 of Reggio Emilia since 01/04/1999

 

V.A.T. Code : 01829970357

 

Establishment date

: 16/03/1999

Start of Activities

: 17/12/1999

Legal duration

: 31/12/2100

Nominal Capital

: 44.000.000

 

Subscribed Capital

: 44.000.000

 

Paid up Capital

: 44.000.000

 

 

Members

 

Paini

Gianluca

 

 

Born in Reggio Emilia

(RE)

on 22/02/1964

- Fiscal Code : PNAGLC64B22H223Y

 

 

Residence:

 

Verdi

, 26

- 42027

Montecchio Emilia

(RE)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

25/01/2000

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Kohler

Herbert V.

 

 

Born in Wisconsin

( )

on 20/02/1939

- Fiscal Code : KHLHBR39B20Z404V

 

 

Residence:

 

Adelmo Lombardini

, 2

- 42124

Reggio Emilia

(RE)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

16/05/2013

 

 

Board Chairman

16/05/2013

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Reginaldi

Paolo

 

 

Born in Rieti

(RI)

on 29/10/1969

- Fiscal Code : RGNPLA69R29H282D

 

 

Residence:

 

Campanelli

, 22

- 02100

Rieti

(RI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

28/10/2008

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Barchi

Pietro

 

 

Born in Reggio Emilia

(RE)

on 27/08/1964

- Fiscal Code : BRCPTR64M27H223P

 

 

Residence:

 

Miglioli

, 3

- 42019

Scandiano

(RE)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

31/08/2004

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Costantini

Paolo

 

 

Born in Sassuolo

(MO)

on 22/02/1972

- Fiscal Code : CSTPLA72B22I462G

 

 

Residence:

 

A. De Gasperi

, 3

- 42013

Casalgrande

(RE)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

10/12/2004

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Galli

Claudio

 

 

Born in Modena

(MO)

on 05/02/1958

- Fiscal Code : GLLCLD58B05F257B

 

 

Residence:

 

F.lli Cervi

, 9

- 42025

Cavriago

(RE)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

03/04/2007

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Crema

Paolo

 

 

Born in Reggio Emilia

(RE)

on 15/09/1971

- Fiscal Code : CRMPLA71P15H223L

 

 

Residence:

 

Leopoldo Nobili

, 9

- 42100

Reggio Emilia

(RE)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

20/02/2006

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Robinson

James Mckee Iv

 

 

Born in Oklahoma

( )

on 13/01/1970

- Fiscal Code : RBNJSM70A13Z404B

 

 

Residence:

 

Adelmo Lombardini

, 2

- 42124

Reggio Emilia

(RE)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

16/05/2013

 

 

 

Cromwell

Thomas George

 

 

Born in Wisconsin

( )

on 16/12/1968

- Fiscal Code : CRMTMS68T16Z404J

 

 

Residence:

 

Adelmo Lombardini

, 2

- 42124

Reggio Emilia

(RE)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

16/05/2013

 

 

Managing Director

04/03/2014

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Agard

Martin

 

 

Born in Michigan

( )

on 17/11/1962

- Fiscal Code : GRDMTN62S17Z404M

 

 

Residence:

 

Adelmo Lombardini

, 2

- 42124

Reggio Emilia

(RE)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

16/05/2013

 

 

 

Kohler Italy S.r.l.

 

 

 

 

 

:

 

Adelmo Lombardini

, 2

- 42124

Reggio Emilia

(RE)

- IT -

 

Position

Since

Shares Amount

% Ownership

Sole partner

16/11/2012

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Bonanni

Massimiliano

 

 

Born in Torino

(TO)

on 16/01/1973

- Fiscal Code : BNNMSM73A16L219O

 

 

Residence:

 

Cava In Vigatto

, 155

- 43124

Parma

(PR)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

14/12/2012

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Kohler Italy S.r.l.

 

 

 

 

Position

Since

Shares Amount

% Ownership

Partner

 

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Mallarino

Paolo

 

 

Born in Torino

(TO)

on 27/12/1963

- Fiscal Code : MLLPLA63T27L219L

 

 

Residence:

 

Del Nobile

, 39

- 10100

Torino

(TO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

09/05/2006

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Traino

Enrico

 

 

Born in Roma

(RM)

on 01/11/1967

- Fiscal Code : TRNNRC67S01H501Y

 

 

Residence:

 

Renato Serra

, 33

- 42100

Reggio Emilia

(RE)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

31/08/2004

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

 

 

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.

 

Cromwell

Thomas George

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Kohler Italy S.r.l.

Reggio Emilia (RE) - IT -

05771390969

Sole Director

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

Kohler Italy S.r.l.

Reggio Emilia - IT -

05771390969

 

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

Euro Castings S.p.a.

Reggio Emilia - IT -

00128430352

1 .Eur

 

 

 

Active

Ancma Servizi E Sviluppo S.r.l. In Liqui dazione

Milano - IT -

01516230156

709 .Eur

0,98

 

 

Active

Renergy

Reggio Emilia - IT -

01904240353

 

 

 

 

Active

Consorzio Rieti Energia

Rieti - IT -

00907750574

 

 

 

 

Active

INIZIATIVA TRICOLORE S.R.L.

 

02178120354

5.625 .Eur

6,25

 

 

Active



Firm's location and structure

 

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

 

-

Legal and operative seat

 

 

 

 

 

 

 

Cav. Del Lavoro A. Lombardini

, 2

- 42100

- Reggio Emilia

(RE)

- IT -

 

 

 

 

PHONE

: 05223891

 

 

 

 

FAX

: 0522389503

 

-

Branch

(Factory)

since 28/02/2006

 

 

 

 

 

 

E. Greco

, 8

- 02100

- Rieti

(RI)

- IT -

 

 

 

 

Trading Style: LOMBARDINI MARINE

 

-

Branch

(Factory)

since 28/02/2006

 

 

 

 

 

 

E.greco

, 3/A

- 02100

- Rieti

(RI)

- IT -

 

 

 

 

Trading Style: LOMBARDINI MARINE

 

 

 

 

Employees

: 725

 

Fittings and Equipment for a value of 10.360.000

Eur

 

Stocks for a value of 39.270.000

Eur

 

Trade organization: direct or by agents.

The company sells in Italy and abroad.

Transports are mainly done using own vehicles and third parties ones

The company 's mainly customers are companies.

 

Company uses to accept the following term of sales: 30-60-90 days.

Financial means used for sale: bank transfers and bank orders.

Purchase terms: 60-90-120 days.

Main used payment modalities are by cash orders and bank transfers.

 

Import comes generally from the following nations:

- France

 

- Austria

 

Export is mainly towards:

- Singapore

 

 

Historical Information and/or Firm's Status

 

EX-MEMBERS / EX-POSITIONS:

 

Pisa

Roberto

 

 

Born in New York

( )

on 25/03/1962

- Fiscal Code : PSIRRT62C25Z404I

 

 

Residence:

 

Savona

, 70

- 20144

Milano

(MI)

- IT -

 

Ex-Postions

Director

 

Bava

Giuseppe

 

 

Born in Asti

(AT)

on 14/04/1959

- Fiscal Code : BVAGPP59D14A479S

 

 

Residence:

 

Ampere Andrea Maria

, 47

- 20131

Milano

(MI)

- IT -

 

Ex-Postions

Director

Managing Director

 

Pereira

Christian

 

 

Born in Roanne

( )

on 19/11/1945

- Fiscal Code : PRRCRS45S19Z110B

 

 

Residence:

 

Cav. Del Lavoro A. Lombardini

, 2

- 42100

Reggio Emilia

(RE)

- IT -

 

Ex-Postions

Procurator

 

Duri

Giuseppe

 

 

Born in Reggio Emilia

(RE)

on 27/05/1948

- Fiscal Code : DRUGPP48E27H223A

 

 

Residence:

 

Nobili

, 13

- 42100

Reggio Emilia

(RE)

- IT -

 

Ex-Postions

Procurator

 

Galassi

Caterina

 

 

Born in Reggio Emilia

(RE)

on 25/01/1970

- Fiscal Code : GLSCRN70A65H223P

 

 

Residence:

 

Iv Novembre

, 1

- 44042

Cento

(FE)

- IT -

 

Ex-Postions

Temporary Auditor

 

Kohler

Herbert V.

 

 

Born in Wisconsin

( )

on 20/02/1939

- Fiscal Code : KHLHBR39B20Z404V

 

 

Residence:

 

Adelmo Lombardini

, 2

- 42124

Reggio Emilia

(RE)

- IT -

 

Ex-Postions

Board Chairman

 

Fotsch

Richard James

 

 

Born in Illinois

( )

on 06/05/1955

- Fiscal Code : FTSRHR55E06Z404Y

 

 

Residence:

 

Manzoni

, 38

- 20100

Milano

(MI)

- IT -

 

Ex-Postions

Director

 

Black

Natalie A.

 

 

Born in California

( )

on 19/12/1949

- Fiscal Code : BLCNTL49T59Z404Z

 

 

Residence:

 

Manzoni

, 38

- 20100

Milano

(MI)

- IT -

 

Ex-Postions

Director

 

Cheney

Jeffrey Paul

 

 

Born in Wisconsin

( )

on 28/02/1956

- Fiscal Code : CHNJFR56B28Z404Y

 

 

Residence:

 

Manzoni

, 38

- 20100

Milano

(MI)

- IT -

 

Ex-Postions

Director

 

Veronesi

Matteo

 

 

Born in Bologna

(BO)

on 01/11/1976

- Fiscal Code : VRNMTT76S01A944F

 

 

Residence:

 

Saragozza

, 27

- 40100

Bologna

(BO)

- IT -

 

Ex-Postions

Temporary Auditor

 

Kohler Power Systems Italy S.r.l.

 

 

- Fiscal Code : 05771400966

 

 

Residence:

 

Adelmo Lombardini

, 2

- 42124

Reggio Emilia

(RE)

- IT -

 

Ex-Postions

Sole partner

 

Ribet

Giuliana

 

 

Born in Pinerolo

(TO)

on 04/06/1966

- Fiscal Code : RBTGLN66H44G674E

 

 

Residence:

 

San Giovanni

, 6/11

- 10060

Frossasco

(TO)

- IT -

 

Ex-Postions

Procurator

 

Mark Iv Luxembourg Sarl

 

 

 

 

Ex-Postions

Sole partner

 

Tranchini

Giuseppe

 

 

Born in Bari

(BA)

on 14/03/1958

- Fiscal Code : TRNGPP58C14A662H

 

 

Residence:

 

Papa Leone Xiii

, 45

- 66100

Chieti

(CH)

- IT -

 

Ex-Postions

Director

Procurator

 

Manzini

Monica

 

 

Born in Bologna

(BO)

on 16/09/1964

- Fiscal Code : MNZMNC64P56A944I

 

 

Residence:

 

San Vitale

, 24

- 40125

Bologna

(BO)

- IT -

 

Ex-Postions

Temporary Auditor

 

Conti

Romano

 

 

Born in Bologna

(BO)

on 27/08/1948

- Fiscal Code : CNTRMN48M27A944M

 

 

Residence:

 

Castiglione

, 21

- 40124

Bologna

(BO)

- IT -

 

Ex-Postions

Permanent Auditor

Chairman of the Board of Aud.

 

Berardi

Luigi Ferdinando

 

 

Born in Venosa

(PZ)

on 15/03/1969

- Fiscal Code : BRRLFR69C15L738D

 

 

Residence:

 

G. D'annunzio

, 92/6

- 85025

Melfi

(PZ)

- IT -

 

Ex-Postions

Temporary Auditor

 

Aldini

Luigi Rino

 

 

Born in Carpineti

(RE)

on 28/03/1947

- Fiscal Code : LDNLRN47C28B825G

 

 

Residence:

 

Campanelli

, 10/B

- 02100

Rieti

(RI)

- IT -

 

Ex-Postions

Procurator

 

Loredan

Francesco

 

 

Born in Venezia

(VE)

on 07/09/1958

- Fiscal Code : LRDFNC58P07L736M

 

 

Residence:

 

Route De Meinier

, 151

- 1252

Ginevra

- CH -

 

Ex-Postions

Director

 

Salmi

Alessandro

 

 

Born in Bologna

(BO)

on 05/10/1968

- Fiscal Code : SLMLSN68R05A944Z

 

 

Residence:

 

Redenti, 4

- 40137

Bologna

(BO)

- IT -

 

Ex-Postions

Temporary Auditor

 

Boidi

Massimo

 

 

Born in Torino

(TO)

on 08/11/1955

- Fiscal Code : BDOMSM55S08L219H

 

 

Residence:

 

Andrea Doria

, 15

- 10100

Torino

(TO)

- IT -

 

Ex-Postions

Permanent Auditor

 

Muserra

Francesca

 

 

Born in Foggia

(FG)

on 14/05/1965

- Fiscal Code : MSRFNC65E54D643N

 

 

Residence:

 

Schiavonia

, 8

- 40121

Bologna

(BO)

- IT -

 

Ex-Postions

Permanent Auditor

 

Provaggi

Luigi

 

 

Born in Loano

(SV)

on 09/12/1958

- Fiscal Code : PRVLGU58T09E632D

 

 

Residence:

 

Mura Di Porta Saragozza

, 1/1

- 40100

Bologna

(BO)

- IT -

 

Ex-Postions

Permanent Auditor

Chairman of the Board of Aud.

 

Corradi

Enrico

 

 

Born in Reggio Emilia

(RE)

on 17/07/1956

- Fiscal Code : CRRNRC56L17H223L

 

 

Residence:

 

Toschi

, 36

- 42100

Reggio Emilia

(RE)

- IT -

 

Ex-Postions

Permanent Auditor

 

Borghi

Gianni

 

 

Born in Albinea

(RE)

on 14/04/1940

- Fiscal Code : BRGGNN40D14H223O

 

 

Residence:

 

Simonazzi

, 9

- 42020

Albinea

(RE)

- IT -

 

Ex-Postions

Board Chairman

Managing Director

Board Chairman

Managing Director

Director

 

Cedolini

Mario

 

 

Born in Valdobbiadene

(TV)

on 06/07/1947

- Fiscal Code : CDLMRA47L06L565G

 

 

Residence:

 

Piva

, 172/B

- 31049

Valdobbiadene

(TV)

- IT -

 

Ex-Postions

Procurator

 

 

CEASINGS/INCORPORATIONS/MERGES:

 

Project of merging by taking over of

 

 

 

Lombardini Fabbrica Italiana Motori -societa' Per Azioni Abbreviabile In Lomba

 

 

 

Cav.del Lavoro A.lombardini

, 2

, 42100

, Reggio Emilia

(RE)

- IT -

 

 

Fiscal Code: 00725700579

 

 

Date

Merging/splitting-up project:

29/04/1999

 

The firm absorbed by merging of

 

 

 

Lombardini Fabbrica Italiana Motori -societa' Per Azioni Abbreviabile In Lomba

 

 

 

Cav.del Lavoro A.lombardini

, 2

, 42100

, Reggio Emilia

(RE)

- IT -

 

 

Fiscal Code: 00725700579

 

 

Date

:

27/12/1999

 

Project of merging by taking over of

 

 

 

Anonima Costruzione Motori Endotermici -A.c.m.e. - S.r.l.

 

 

 

Erizzo

, 37

, 31049

, Valdobbiadene

(TV)

- IT -

 

 

Fiscal Code: 00178410262

 

 

Date

Merging/splitting-up project:

30/11/2002

 

The firm absorbed by merging of

 

 

 

Anonima Costruzione Motori Endotermici -A.c.m.e. - S.r.l.

 

 

 

Erizzo

, 37

, 31049

, Valdobbiadene

(TV)

- IT -

 

 

Fiscal Code: 00178410262

 

 

Date

:

25/02/2003

 

Project of merging by taking over of

 

 

 

Lombardini Marine S.r.l.

 

 

 

E.greco

, 3/A

, 02100

, Rieti

(RI)

- IT -

 

 

Fiscal Code: 00725710578

 

 

Date

Merging/splitting-up project:

20/07/2005

 

The firm absorbed by merging of

 

 

 

Lombardini Marine S.r.l.

 

 

 

E.greco

, 3/A

, 02100

, Rieti

(RI)

- IT -

 

 

Fiscal Code: 00725710578

 

 

Date

:

20/02/2006

 

Project of merging into

 

 

 

Dayco Europe Srl

 

 

 

Papa Leone Xiii

, 45

, 66013

, Chieti

(CH)

- IT -

 

 

Fiscal Code: 00703890673

 

 

Date

Merging/splitting-up project:

07/11/2003

 

The firm absorbed by merging of

 

 

 

Dayco Europe Srl

 

 

 

Papa Leone Xiii

, 45

, 66013

, Chieti

(CH)

- IT -

 

 

Fiscal Code: 00703890673

 

 

Date

:

01/12/2003

 

Project of merging by taking over of

 

 

 

Kohler Power Systems Italy S.r.l.

 

 

 

Adelmo Lombardini

, 2

, 42124

, Reggio Emilia

(RE)

- IT -

 

 

Fiscal Code: 05771400966

 

 

Date

Merging/splitting-up project:

30/04/2012

 

Resolution of merging of

 

 

 

Kohler Power Systems Italy S.r.l.

 

 

 

Adelmo Lombardini

, 2

, 42124

, Reggio Emilia

(RE)

- IT -

 

 

Fiscal Code: 05771400966

 

 

Date

:

08/06/2012

 

The firm absorbed by merging of

 

 

 

Kohler Power Systems Italy S.r.l.

 

 

 

 

Adelmo Lombardini

, 2

, 42124

, Reggio Emilia

(RE)

- IT -

 

 

 

Fiscal Code: 05771400966

 

 

Date

:

16/11/2012



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 1999.

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

During the last years, net losses were registered; in 2012 r.o.e. is -20,25%. 2012 loss was also due to a turnover decrease.

A loss is registered as to the operating result (-1,51%).

The operating result is negative (Eur. -2.385.458).

The economic management produced a gross operating margin of Eur. 5.042.642 recording a -40,59% decrease.

The analysis shows a fair financial position as the indebtedness volume is acceptable (1,02) with an improving trend as on the decrease.

The management generated equity capital for an amount of Eur. 59.429.793 , with an upward trend.

Total debts recorded amounted to Eur. 85.702.125 (Eur. 25.225.293 of which were m/l term debts) with a downward trend if compared to the preceding year (-26,39%).

The financial exposure is moderate, on the other hand the recourse to commercial credit is high, with a high average payment period even in comparison with the sector's.

Neverthless available funds are good.

Trade credits average terms are 74,92 days. , a better value than the sector's average.

Cash flow is negative at the end of financial year 2012.

Labour cost expenses amount to Eur. 36.894.384 , representing 21,19% on the total of production costs. , whereas the incidence on sales revenues is of 21,67%.

Limited financial charges in relation to sales volume.



Financial Data

 

 

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

 

Item Type

Value

Sales

170.224.235

Profit (Loss) for the period

-12.037.399

 

 

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

 

Item Type

Value

Sales

186.389.655

Profit (Loss) for the period

-7.653.930

 

 

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

 

Item Type

Value

Sales

175.356.667

Profit (Loss) for the period

-9.259.944

 

 

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

 

Item Type

Value

Sales

134.387.276

Profit (Loss) for the period

-22.501.700

 

 

Complete balance-sheet for the year

al 31/12/2008

(in Eur

x 1)

 

Item Type

Value

Sales

190.280.354

Profit (Loss) for the period

-12.309.623



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

76.435

535.049

993.663

. . Research,develop. and advert.expens.

 

 

 

. . Industrial patent rights

30.692

20.267

11.918

. . Concessions,licenses,trademarks,etc.

292.514

259.363

271.920

. . Goodwill

1.625.764

3.418.130

5.210.495

. . Assets in formation and advance paymen.

 

 

 

. . Other intangible fixed assets

167.986

73.269

82.910

. Total Intangible Fixed Assets

2.193.391

4.306.078

6.570.906

. TANGIBLE FIXED ASSETS

 

 

 

. . Real estate

23.916.263

24.597.236

25.322.185

. . Plant and machinery

8.085.381

6.996.329

8.004.045

. . Industrial and commercial equipment

2.277.010

2.164.876

1.865.568

. . Other assets

666.197

761.761

773.197

. . Assets under construction and advances

12.675.942

7.924.033

2.873.561

. Total Tangible fixed assets

47.620.793

42.444.235

38.838.556

. FINANCIAL FIXED ASSETS

 

 

 

. . Equity investments

15.686.146

23.176.456

17.824.370

. . . Equity invest. in subsidiary companies

15.676.822

23.167.132

17.815.046

. . . Equity invest. in associated companies

 

 

 

. . . Equity invest. in holding companies

 

 

 

. . . Equity invest. in other companies

9.324

9.324

9.324

. . Financial receivables

227.217

199.890

198.584

. . . . Within 12 months

227.217

199.890

198.584

. . . . 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

227.217

199.890

198.584

. . . . Within 12 months

227.217

199.890

198.584

. . . . Beyond 12 months

 

 

 

. . Other securities

 

 

 

. . Own shares

 

 

 

. . . Total nominal value

 

 

 

. Total financial fixed assets

15.913.363

23.376.346

18.022.954

Total fixed assets

65.727.547

70.126.659

63.432.416

CURRENT ASSETS

 

 

 

. INVENTORIES

 

 

 

. . Raw materials and other consumables

23.346.798

20.123.664

20.672.895

. . Work in progress and semimanufactured

5.401.293

5.266.755

3.061.246

. . Work in progress on order

 

 

 

. . Finished goods

10.519.307

10.913.076

7.601.452

. . Advance payments

 

 

 

. Total Inventories

39.267.398

36.303.495

31.335.593

. CREDITS NOT HELD AS FIXED ASSETS

 

 

 

. . Within 12 months

45.557.123

44.343.098

56.968.219

. . Beyond 12 months

7.133.108

6.541.137

5.440.645

. . Trade receivables

35.427.592

34.122.796

38.511.406

. . . . Within 12 months

35.427.592

34.122.796

38.511.406

. . . . Beyond 12 months

 

 

 

. . Receivables due from subsid. comp.

6.307.241

6.136.958

11.006.259

. . . . Within 12 months

6.307.241

6.136.958

11.006.259

. . . . Beyond 12 months

 

 

 

. . Receivables due from assoc. comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Receivables due from holding comp.

1.702.679

1.284.285

6.112.358

. . . . Within 12 months

1.702.679

1.284.285

6.112.358

. . . . Beyond 12 months

 

 

 

. . Fiscal Receivables

1.116.777

1.453.951

616.111

. . . . Within 12 months

1.116.777

1.453.951

616.111

. . . . Beyond 12 months

 

 

 

. . Receivables for anticipated taxes

7.183.957

6.563.720

5.463.228

. . . . Within 12 months

50.849

22.583

22.583

. . . . Beyond 12 months

7.133.108

6.541.137

5.440.645

. . Receivables due from third parties

951.985

1.322.525

699.502

. . . . Within 12 months

951.985

1.322.525

699.502

. . . . Beyond 12 months

 

 

 

. Total Credits not held as fixed assets

52.690.231

50.884.235

62.408.864

. 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

 

30.189

30.189

. Total Financial Assets

 

30.189

30.189

. LIQUID FUNDS

 

 

 

. . Bank and post office deposits

126.376

359.557

54.307

. . Checks

1.275

 

5.675

. . Banknotes and coins

3.412

3.348

6.724

. Total Liquid funds

131.063

362.905

66.706

Total current assets

92.088.692

87.580.824

93.841.352

ADJUSTMENT ACCOUNTS

 

 

 

. Discount on loans

 

 

 

. Other adjustment accounts

125.522

153.705

191.330

Total adjustments accounts

125.522

153.705

191.330

TOTAL ASSETS

157.941.761

157.861.188

157.465.098

 

 

 

 

LIABILITIES

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

. Capital stock

44.000.000

44.000.000

44.000.000

. Additional paid-in capital

 

 

 

. Revaluation reserves

 

 

 

. Legal reserve

180.000

180.000

180.000

. Reserve for Own shares

 

 

 

. Statute reserves

 

 

 

. Other reserves

95.517.861

51.265.532

51.265.532

. Accumulated Profits (Losses)

-68.230.669

-60.576.739

-51.316.795

. Profit( loss) of the year

-12.037.399

-7.653.930

-9.259.944

. Advances on dividends

 

 

 

. Partial loss of the year Coverage

 

 

 

Total Stockholders'Equity

59.429.793

27.214.863

34.868.793

RESERVES FOR RISKS AND CHARGES

 

 

 

. . Reserve for employee termination indem.

 

 

 

. . Taxation fund, also differed

16.438

29.753

18.575

. . Other funds

3.040.059

3.484.162

5.522.606

Total Reserves for Risks and Charges

3.056.497

3.513.915

5.541.181

Employee termination indemnities

9.706.023

10.610.846

11.241.989

ACCOUNTS PAYABLE

 

 

 

. . . . Within 12 months

60.476.832

59.290.974

64.963.717

. . . . Beyond 12 months

25.225.293

57.141.457

40.770.951

. . 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

7.407.393

4.940.721

4.764.440

. . . . Within 12 months

7.276.599

4.679.785

4.374.010

. . . . Beyond 12 months

130.794

260.936

390.430

. . Due to other providers of finance

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Advances from customers

848.562

575.646

663.997

. . . . Within 12 months

848.562

575.646

663.997

. . . . Beyond 12 months

 

 

 

. . Trade payables

35.463.505

35.988.692

41.170.174

. . . . Within 12 months

35.463.505

35.988.692

41.170.174

. . . . Beyond 12 months

 

 

 

. . Securities issued

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to subsidiary companies

8.504.705

8.667.043

9.577.321

. . . . Within 12 months

8.504.705

8.667.043

9.577.321

. . . . Beyond 12 months

 

 

 

. . Due to associated companies

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to holding companies

26.626.366

58.898.643

41.789.341

. . . . Within 12 months

1.531.867

2.018.122

1.408.820

. . . . Beyond 12 months

25.094.499

56.880.521

40.380.521

. . Due to the tax authorities

1.413.543

1.582.972

1.866.390

. . . . Within 12 months

1.413.543

1.582.972

1.866.390

. . . . Beyond 12 months

 

 

 

. . Due to social security and welfare inst.

1.888.318

1.948.823

1.992.638

. . . . Within 12 months

1.888.318

1.948.823

1.992.638

. . . . Beyond 12 months

 

 

 

. . Other payables

3.549.733

3.829.891

3.910.367

. . . . Within 12 months

3.549.733

3.829.891

3.910.367

. . . . Beyond 12 months

 

 

 

Total accounts payable

85.702.125

116.432.431

105.734.668

ADJUSTMENT ACCOUNTS

 

 

 

. Agio on loans

 

 

 

. Other adjustment accounts

47.323

89.133

78.467

Total adjustment accounts

47.323

89.133

78.467

TOTAL LIABILITIES

157.941.761

157.861.188

157.465.098

 

 

 

 

 

 

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

170.224.235

186.389.655

175.356.667

. Changes in work in progress

-259.231

5.517.133

837.422

. Changes in semi-manufact. products

 

 

 

. Capitalization of internal work

 

 

 

. Other income and revenues

1.748.544

2.266.150

1.488.317

. . Contributions for operating expenses

192.779

565.892

137.815

. . Different income and revenues

1.555.765

1.700.258

1.350.502

Total value of production

171.713.548

194.172.938

177.682.406

PRODUCTION COSTS

 

 

 

. Raw material,other materials and consum.

93.994.544

104.887.479

95.601.347

. Services received

37.722.604

40.478.886

38.171.899

. Leases and rentals

235.937

430.767

311.670

. Payroll and related costs

36.894.384

38.490.056

37.003.813

. . Wages and salaries

25.558.201

26.037.360

25.741.253

. . Social security contributions

8.123.670

8.550.931

8.415.338

. . Employee termination indemnities

1.975.898

2.079.688

1.971.618

. . Pension and similar

 

 

 

. . Other costs

1.236.615

1.822.077

875.604

. Amortization and depreciation

7.427.496

8.497.106

9.129.913

. . Amortization of intangible fixed assets

2.469.876

2.463.692

2.579.363

. . Amortization of tangible fixed assets

4.737.620

5.263.981

5.961.276

. . Depreciation of tangible fixed assets

 

-31.155

10.025

. . Writedown of current receiv.and of liquid

220.000

800.588

579.249

. Changes in raw materials

-3.223.134

549.222

-918.738

. Provisions to risk reserves

 

 

374.293

. Other provisions

604

504

705

. Other operating costs

1.046.571

847.305

891.998

Total production costs

174.099.006

194.181.325

180.566.900

Diff. between value and cost of product.

-2.385.458

-8.387

-2.884.494

FINANCIAL INCOME AND EXPENSE

 

 

 

. Income from equity investments

 

1.001.507

1.256

. . In subsidiary companies

 

 

 

. . In associated companies

 

 

 

. . In other companies

 

 

 

. Other financial income

43.577

49.435

39.147

. . Financ.income from receivables

 

 

 

. . . Towards subsidiary companies

 

 

 

. . . Towards associated companies

 

 

 

. . . Towards holding companies

 

 

 

. . . Towards other companies

 

 

 

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

23.008

213

809

. . Financ.income from secur. cur.assets

 

 

 

. . Financ.income other than the above

 

 

 

. . . - Subsidiary companies

 

 

 

. . . - Associated companies

 

 

 

. . . - Holding companies

 

 

 

. . . - Other companies

 

 

 

. Interest and other financial expense

-867.894

-2.126.633

-1.613.685

. . Towards subsidiary companies

 

 

 

. . Towards associated companies

 

 

 

. . Towards holding companies

 

 

 

. . Towards other companies

 

 

 

Total financial income and expense

-824.317

-1.075.691

-1.573.282

ADJUSTMENTS TO FINANCIAL ASSETS

 

 

 

. Revaluations

 

 

 

. . Of equity investments

 

 

 

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

 

 

 

. . Of securities incl.among current assets

 

 

 

. Devaluation

-7.490.310

-6.500.000

-3.647.616

. . Of equity investments

-7.490.310

-6.500.000

-3.647.616

. . Of financial fixed assets (no equity inv)

 

 

 

. . Of securities included among current ass

 

 

 

Total adjustments to financial assets

-7.490.310

-6.500.000

-3.647.616

EXTRAORDINARY INCOME AND EXPENSE

 

 

 

. Extraordinary income

 

 

251.983

. . Gains on disposals

 

 

 

. . Other extraordinary income

 

 

251.983

. Extraordinary expense

-1.070.866

-59.166

-1.661.349

. . Losses on disposals

 

 

 

. . Taxes relating to prior years

 

 

 

. . Other extraordinary expense

-1.070.866

-59.166

-1.661.349

Total extraordinary income and expense

-1.070.866

-59.166

-1.409.366

Results before income taxes

-11.770.951

-7.643.244

-9.514.758

. Taxes on current income

266.448

10.686

-254.814

. . current taxes

900.000

1.100.000

950.000

. . differed taxes(anticip.)

-633.552

-1.089.314

-1.204.814

. Net income for the period

-12.037.399

-7.653.930

-9.259.944

. Adjustments in tax regulations pursuance

 

 

 

. Provisions in tax regulations pursuance

 

 

 

. Profit (loss) of the year

-12.037.399

-7.653.930

-9.259.944

 

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

0,42

0,44

0,40

0,18

Elasticity Ratio

Units

0,58

0,55

0,60

0,78

Availability of stock

Units

0,25

0,23

0,20

0,23

Total Liquidity Ratio

Units

0,33

0,32

0,40

0,50

Quick Ratio

Units

0,00

0,00

0,00

0,03

COMPOSITION ON SOURCE

 

 

 

 

 

Net Short-term indebtedness

Units

1,02

2,17

1,86

2,78

Self Financing Ratio

Units

0,38

0,17

0,22

0,22

Capital protection Ratio

Units

0,46

-0,34

0,00

0,48

Liabilities consolidation quotient

Units

0,58

1,14

0,80

0,17

Financing

Units

1,44

4,28

3,03

3,30

Permanent Indebtedness Ratio

Units

0,60

0,60

0,55

0,40

M/L term Debts Ratio

Units

0,22

0,43

0,33

0,09

Net Financial Indebtedness Ratio

Units

0,12

0,17

0,13

0,69

CORRELATION

 

 

 

 

 

Fixed assets ratio

Units

1,44

1,35

1,37

1,79

Current ratio

Units

1,52

1,48

1,44

1,17

Acid Test Ratio-Liquidity Ratio

Units

0,87

0,86

0,96

0,80

Structure's primary quotient

Units

0,90

0,39

0,55

1,40

Treasury's primary quotient

Units

0,00

0,01

0,00

0,03

Rate of indebtedness ( Leverage )

%

265,76

580,06

451,59

445,68

Current Capital ( net )

Value

31.611.860

28.289.850

28.877.635

86.022

RETURN

 

 

 

 

 

Return on Sales

%

-2,71

0,45

-0,07

2,66

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

%

-20,25

-28,12

-26,56

3,16

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

%

-19,81

-28,08

-27,29

7,02

Return on Investment ( R.O.I. )

%

-1,51

-0,01

-1,83

2,87

Return/ Sales

%

-1,40

0,00

-1,64

3,95

Extra Management revenues/charges incid.

%

n.c.

n.c.

n.c.

43,33

Cash Flow

Value

-4.609.903

843.176

-130.031

36.837

Operating Profit

Value

-2.385.458

-8.387

-2.884.494

45.533

Gross Operating Margin

Value

5.042.642

8.489.223

6.620.417

76.896

MANAGEMENT

 

 

 

 

 

Credits to clients average term

Days

74,92

65,91

79,06

118,46

Debts to suppliers average term

Days

192,60

255,69

248,45

135,44

Average stock waiting period

Days

83,04

70,12

64,33

65,94

Rate of capital employed return ( Turnover )

Units

1,08

1,18

1,11

0,94

Rate of stock return

Units

4,34

5,13

5,60

4,76

Labour cost incidence

%

21,67

20,65

21,10

17,89

Net financial revenues/ charges incidence

%

-0,48

-0,58

-0,90

-1,68

Labour cost on purchasing expenses

%

21,19

19,82

20,49

15,64

Short-term financing charges

%

1,01

1,83

1,53

2,37

Capital on hand

%

92,78

84,69

89,80

106,28

Sales pro employee

Value

227.572

155.066

225.684

177.048

Labour cost pro employee

Value

49.324

32.021

47.623

33.022

 

 

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

:

487.003

Population living in the region

:

4.151.369

Number of families in the region

:

1.748.359

 

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

 

- per food products

:

425

- per non food products

:

2.063

- per energy consume

:

143

 

 

Sector Data

 

The values are calculated on a base of 32 significant companies.

 

The companies cash their credits on an average of 118 dd.

The average duration of suppliers debts is about 135 dd.

The sector's profitability is on an average of 2,66%.

The labour cost affects the turnover in the measure of 17,89%.

Goods are held in stock in a range of 66 dd.

The difference between the sales volume and the resources used to realize it is about 0,94.

The employees costs represent the 15,64% 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 18.860 protested subjects are found; in the province they count to 1.775.

The insolvency index for the region is 0,46, , while for the province it is 0,38.

Total Bankrupt companies in the province : 1.365.

Total Bankrupt companies in the region : 14.698.

 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.60.47

UK Pound

1

Rs.100.35

Euro

1

Rs.78.86

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SHG

 

               

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.