MIRA INFORM REPORT

 

 

Report Date :

26.12.2014

 

IDENTIFICATION DETAILS

 

Name :

SIRP S.P.A.

 

 

Registered Office :

Via Moretto,      17  36071 – Arzignano (VI)        

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

17.05.2002

 

 

Legal Form :

Joint stock company

 

 

Line of Business :

Preparation and tanning of leather; dressing and dyeing of fur

 

 

No. of Employees :

From 91 to 110

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

 

SIRP S.P.A.

 

 

Via Moretto,      17

 

36071 - Arzignano (VI) -IT-

 

 

Summary

 

Fiscal Code

:

02999870245

Legal Form

:

Joint stock company

start of Activities

:

17/05/2002

Equity

:

Over 2.582.254

Turnover Range

:

25.000.000/35.000.000

Number of Employees

:

From 91 to 110

 

 

Activity

 

Preparation and tanning of leather; dressing and dyeing of fur

 

 

Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 02999870245

 

Foreign Trade Reg. no. : VI052030 since 05/07/2002

 

Foreign Trade Reg. no. : 052030 of Vicenza since 05/07/2002

 

Chamber of Commerce no. : 291060 of Vicenza since 16/05/2002

 

Chamber of Commerce no. : 327431 of Verona

 

Firms' Register : VI-2002-28361 of Vicenza since 16/05/2002

 

V.A.T. Code : 02999870245

 

Establishment date

: 11/04/2002

Start of Activities

: 17/05/2002

Nominal Capital

: 2.210.000

 

Subscribed Capital

: 2.210.000

 

Paid up Capital

: 2.210.000

 

 

 

Members

 

Grotto

Gaetano

 

 

Born in Malo

(VI)

on 11/08/1938

- Fiscal Code : GRTGTN38M11E864V

 

 

Residence:

 

Main

, 35

- 36071

Arzignano

(VI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

02/04/2013

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Grotto

Riccardo

 

 

Born in Bassano del Grappa

(VI)

on 05/09/1963

- Fiscal Code : GRTRCR63P05A703N

 

 

Residence:

 

Moretto

, 17

- 36071

Arzignano

(VI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

05/04/2011

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Bronca

Roberto

 

 

Born in Schio

(VI)

on 25/04/1943

- Fiscal Code : BRNRRT43D25I531J

 

 

Residence:

 

A. Fusinieri

, 98

- 36015

Schio

(VI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Sole Director

23/01/2014

 

 

 

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.

 

Bronca

Roberto

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Turbofin S.r.l.

Thiene (VI) - IT -

01773220247

Sole Director

Active

Registered

Guiconf - S.r.l.- In Liquidazione***in COncordato Preventivo***

Mason Vicentino (VI) - IT -

00584990246

Temporary Auditor

Withdrawn

In liquidation

Industria Conciaria Europa - S.p.a.

Tezze sul Brenta (VI) - IT -

01274610243

Chairman of the Board of Aud.

Withdrawn

Merged

Immobiliare Gieffe S.r.l.

Tezze sul Brenta (VI) - IT -

00144850245

Director

Withdrawn

Registered

CONCERIA PERLA S.P.A. - UNIPERSONALE

Arzignano (VI) - IT -

00125480244

Permanent Auditor

Withdrawn

Registered

Conceria Benetti Srl

Arzignano (VI) - IT -

00163130248

Temporary Auditor

Withdrawn

Registered

Silvestro Bernardi S.r.l.

San Pietro in Gu (PD) - IT -

00661900241

Temporary Auditor

-

Bankrupt

Sommer S.p.a.

Montecchio Maggiore (VI) - IT -

00142840248

Temporary Auditor

Withdrawn

Registered

Solar Systems S.r.l.

Due Carrare (PD) - IT -

00105650147

Chairman of the Board of Aud.

Withdrawn

Registered

Gerolimetto S.a. Di Gerolimetto FratelliE C. S.p.a.

Tezze sul Brenta (VI) - IT -

00153170246

Chairman of the Board of Aud.

Withdrawn

Bankrupt

Nuova Gasby S.p.a.

Arzignano (VI) - IT -

01924290248

Permanent Auditor

Active

Registered

Plastivalle S.p.a.

San Pietro Mussolino (VI) - IT -

00169980240

Chairman of the Board of Aud.

Active

Registered

Ge.ma.ta. - S.p.a.

Trissino (VI) - IT -

00669660243

Chairman of the Board of Aud.

Withdrawn

Registered

Dynamic Jeans Manifatture S.r.l.

Campodoro (PD) - IT -

01715210280

Permanent Auditor

Withdrawn

Registered

Conceria Antiba S.p.a.

Santa Croce sull'Arno (PI) - IT -

01015070509

Permanent Auditor

Withdrawn

Registered

Conceria Antiba S.p.a.

Santa Croce sull'Arno (PI) - IT -

01015070509

Temporary Auditor

Active

Registered

Immobiliare D S.r.l. - In Liquidazione

Arzignano (VI) - IT -

00142250240

Liquidator

Withdrawn

Registered

Schneider Italia S.r.l. - In Liquidazione - In Concordato Preventivo

Bassano del Grappa (VI) - IT -

01519770240

Permanent Auditor

Withdrawn

Registered

Schneider Italia S.r.l. - In Liquidazione - In Concordato Preventivo

Bassano del Grappa (VI) - IT -

01519770240

Liquidator

Active

Registered

ROTOPRESS S.P.A. - IN LIQUIDAZIONE

Milano (MI) - IT -

01925600247

Liquidator

Withdrawn

Registered

Omis Immobiliare - S.p.a.

Sandrigo (VI) - IT -

00267940245

Permanent Auditor

Withdrawn

Ceased

Tecn.a. Tecnologia Per L Ambiente Srl

Milano (MI) - IT -

00795470244

Board Chairman

-

Ceased

Castagna Flavio E C. S.r.l. - In Liquidazione

Montecchio Maggiore (VI) - IT -

01223880244

Permanent Auditor

Active

Registered

Isud S.r.l.

Aprilia (LT) - IT -

08136660589

Sole Director

Withdrawn

Registered

IMMOBILIARE CRB SPA

Borso del Grappa (TV) - IT -

00754510261

Assistant board Chairman

Withdrawn

Registered

IMMOBILIARE CRB SPA

Borso del Grappa (TV) - IT -

00754510261

Institor

Withdrawn

Registered

Impianti Industriali - S.r.l.

Schio (VI) - IT -

00487820243

Sole Director

Withdrawn

Registered

Fiorese Srl - In Liquidazione - In Concordato Preventivo

Bassano del Grappa (VI) - IT -

00608540241

Liquidator

Active

In liquidation

Vem S.p.a.

Schio (VI) - IT -

00636430241

Temporary Auditor

Withdrawn

Registered

FONDERIE TRENTINE S.R.L.

Schio (VI) - IT -

00864020227

Sole Director

Withdrawn

Registered

New Pel Company S.p.a.

Arzignano (VI) - IT -

00884830241

Temporary Auditor

Withdrawn

Registered

I.p.a. S.p.a. - Unipersonale - In Liquidazione -

Lonigo (VI) - IT -

01919550242

Director

Withdrawn

In liquidation

I.p.a. S.p.a. - Unipersonale - In Liquidazione -

Lonigo (VI) - IT -

01919550242

Chairman of the Board of Aud.

-

In liquidation

CRISFIN S.P.A.

Montebello Vicentino (VI) - IT -

02162050245

Permanent Auditor

Withdrawn

Registered

Conceria Cristina Spa - Unipersonale

Arzignano (VI) - IT -

01951260247

Permanent Auditor

Active

Registered

FI.VE. S.R.L.

- -

01869170249

Chairman of the Board of Aud.

Active

Registered

M.k.a. S.p.a.

Schio (VI) - IT -

04020680015

Chairman of the Board of Aud.

Active

Registered

Lo Stampo - S.r.l.

Arcore (MB) - IT -

00768310153

Liquidator

Active

Registered

Arzignanese S.r.l.

Arzignano (VI) - IT -

02306830247

Permanent Auditor

Active

Registered

S P Z S.p.a. - In Liquidazione - In Concordato Preventivo

Thiene (VI) - IT -

00912260247

Temporary Auditor

Withdrawn

In liquidation

Industria Conciaria Europa S.p.a. In Sigla I.c.e. S.p.a.

Tezze sul Brenta (VI) - IT -

02033880242

Chairman of the Board of Aud.

Active

Registered

Galvanin Luigino S.p.a.

Torri di Quartesolo (VI) - IT -

02434720245

Temporary Auditor

Active

Proposal for composition agreement

Sirp S.p.a.

Arzignano (VI) - IT -

01445190067

Permanent Auditor

Withdrawn

Ceased

Finsimo S.p.a.

Vicenza (VI) - IT -

02169760242

Permanent Auditor

Withdrawn

Registered

Legatoria Industriale Laghetto-mazzatostA S.r.l.- In Liquidazione

Vicenza (VI) - IT -

02507370241

Permanent Auditor

Withdrawn

In liquidation

BARBIERI S.R.L.

Galliera Veneta (PD) - IT -

02513320289

Chairman of the Board of Aud.

Withdrawn

Registered

Nuova Idea Tessuti S.p.a.

Carpi (MO) - IT -

02440610364

Liquidator

Withdrawn

Ceased

4 M S.r.l.

Reggio Emilia (RE) - IT -

02324990247

Sole Director

Withdrawn

Ceased

Finanziaria Uno S.r.l.

Thiene (VI) - IT -

01780400246

Chairman of the Board of Aud.

Active

Registered

Corium S.r.l. In Liquidazione

Ronca' (VR) - IT -

02510980242

Temporary Auditor

Active

Registered

Torri S.p.a.

Torri di Quartesolo (VI) - IT -

02551610245

Chairman of the Board of Aud.

Active

Registered

Torri S.p.a.

Torri di Quartesolo (VI) - IT -

02551610245

Permanent Auditor

Withdrawn

Registered

Innovazione Immobiliare S.r.l. - In Liquidazione

Schio (VI) - IT -

02564420244

Liquidator

Withdrawn

Registered

Fiore Impianti S.r.l.

Mussolente (VI) - IT -

02600110247

Sole Director

Withdrawn

Registered

M.v. Costruzioni Generali S.p.a. In Liquidazione

Sannazzaro De' Burgondi (PV) - IT -

01519040180

Liquidator

Active

Registered

Immobiliare Monte Ortigara S.r.l. In Liquidazione

Carre' (VI) - IT -

00631950243

Liquidator

Active

Registered

IBP AUTOMAZIONI SRL - IN LIQUIDAZIONE

Pozzoleone (VI) - IT -

00921610242

Liquidator

Withdrawn

Registered

Immobiliare Santa Lucia S.r.l.

Lonato (BS) - IT -

02096730987

Chairman of the Board of Aud.

Withdrawn

Registered

I.p.a. S.p.a. - Unipersonale - In LiquidAzione -

Lonigo (VI) - IT -

01919550242

Chairman of the Board of Aud.

Withdrawn

Registered

CRISTINA S.P.A.

Montebello Vicentino (VI) - IT -

00162450241

Temporary Auditor

Withdrawn

Registered

BIG POWER S.R.L.

Crespano del Grappa (TV) - IT -

03790810265

Managing Director

Withdrawn

Registered

BIG POWER S.R.L.

Crespano del Grappa (TV) - IT -

03790810265

Director

Withdrawn

Registered

ISUD IMMOBILIARE S.R.L.

Aprilia (LT) - IT -

02168140594

Sole Director

Withdrawn

Registered

ORIOLO S.R.L. - IN LIQUIDAZIONE

Schio (VI) - IT -

00894250240

Sole Director

Withdrawn

Registered

Investimenti Immobiliari S.r.l.

Thiene (VI) - IT -

03027180243

Sole Director

Withdrawn

Registered

A.vi.mac. S.r.l.- In Liquidazione

Chiampo (VI) - IT -

03488020243

Liquidator

Withdrawn

Registered

San Francesco Costruzioni S.r.l.

Schio (VI) - IT -

03499670242

Sole Director

Withdrawn

Registered

Area 51 S.r.l.

Arzignano (VI) - IT -

03570040240

Chairman of the Board of Aud.

Withdrawn

Registered

Piazza Statuto Srl

Schio (VI) - IT -

03913620245

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

Grotto Gaetano

Arzignano - IT -

GRTGTN38M11E864V

2.007.000 .Eur

90,81

Grotto Riccardo

Arzignano - IT -

GRTRCR63P05A703N

203.000 .Eur

9,18

 

 

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

Distretto Conciario Vicentino

Arzignano - IT -

03523100240

 

 

 

 

Active



Firm's location and structure

 

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

 

-

Legal and operative seat

 

 

 

 

 

 

 

Moretto

, 17

- 36071

- Arzignano

(VI)

- IT -

 

-

Branch

(Factory)

since 12/06/2003

 

 

 

 

 

 

Sule

, 1

- 37044

- Cologna Veneta

(VR)

- IT -

 

 

 

 

Employees

: 91

 

Fittings and Equipment for a value of 710.000

Eur

 

Stocks for a value of 12.580.000

Eur

 

 

 

Historical Information and/or Firm's Status

 

CHANGES TO THE LEGAL FORM:

 

Former legal form

New legal form

Changement Date

General partnership

Joint stock company

10/04/2003

 

EX-MEMBERS / EX-POSITIONS:

 

Grotto

Gaetano

 

 

Born in Malo

(VI)

on 11/08/1938

- Fiscal Code : GRTGTN38M11E864V

 

 

Residence:

 

Main

, 35

- 36071

Arzignano

(VI)

- IT -

 

Ex-Postions

Sole Director

Director

Board Chairman

 

Grotto

Riccardo

 

 

Born in Bassano del Grappa

(VI)

on 05/09/1963

- Fiscal Code : GRTRCR63P05A703N

 

 

Residence:

 

Moretto

, 17

- 36071

Arzignano

(VI)

- IT -

 

Ex-Postions

Director

 

Bronca

Roberto

 

 

Born in Schio

(VI)

on 25/04/1943

- Fiscal Code : BRNRRT43D25I531J

 

 

Residence:

 

A. Fusinieri

, 98

- 36015

Schio

(VI)

- IT -

 

Ex-Postions

Chairman of the Board of Aud.

 

Tedone

Carlo

 

 

Born in Arzignano

(VI)

on 14/07/1969

- Fiscal Code : TDNCRL69L14A459B

 

 

Residence:

 

N. Sauro 4

- 36071

Arzignano

(VI)

- IT -

 

Ex-Postions

Permanent Auditor

 

Luise

Giovanni

 

 

Born in Torre del Greco

(NA)

on 24/01/1936

- Fiscal Code : LSUGNN36A24L259O

 

 

Residence:

 

Del Fontanon

, 11

- 36015

Schio

(VI)

- IT -

 

Ex-Postions

Permanent Auditor

 

 

CEASINGS/INCORPORATIONS/MERGES:

 

The firm absorved

 

 

 

Sirp S.p.a.

 

 

 

Matteotti

, 33

, 36071

, Arzignano

(VI)

- IT -

 

 

Fiscal Code: 01445190067

 

 

Date

:

12/06/2003

 

Project of merging by taking over of

 

 

 

Sirp S.p.a.

 

 

 

Matteotti

, 33

, 36071

, Arzignano

(VI)

- IT -

 

 

Fiscal Code: 01445190067

 

 

Date

Merging/splitting-up project:

26/02/2003

 

Project of splitting-up and tranfer into

 

 

 

Siac Srl

 

 

 

Fiume

, 55

, 36071

, Arzignano

(VI)

- IT -

 

 

Fiscal Code: 00226030245

 

 

Date

Merging/splitting-up project:

20/06/2003

 

Splitting-up and transfer of assets to

 

 

 

Siac Srl

 

 

 

Fiume

, 55

, 36071

, Arzignano

(VI)

- IT -

 

 

Fiscal Code: 00226030245

 

 

Date

Splitting-up:

23/10/2003



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 2002

An eco-fin analysis has been made on the base od the b/s fo the years 2011, 2012 and 2013.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 2,89% in 2013 thanks to a progressive increase in turnover (+42,19% in 2013 compared to 2012 and +27,58% in 2012 compared to 2011).

The return on Investment in the last financial year was positive (1,64%) and in line with the sector's average.

The amount of the operating result for the year 2013 is of Eur. 502.873 with an increase of more then 100% if the compared to the previous financial year.

The G.O.M. amounted to Eur. 1.662.503 with a more then 100% increase as opposed to the preceding year.

The financial position is not well balanced as the volume of debts is fairly remarkable if compared to shareholder's equity, in fact total debts are 6,38 which is also improving if compared to the previous year.

The management generated equity capital for an amount of Eur. 3.878.731 , unchanged as opposed to the preceding year.

Total indebtedness amounts to Eur. 25.372.886, increasing if compared to the previous year, during which they were equal to Eur. 16.715.177 (51,79%).

Financial indebtedness is considered fair whereas the recourse to commercial borrowings is high and higher than sector's average.

Neverthless available funds are good.

As far as the collection of credit goes, the average is high (101,41 days). but on the same levels as the average of the sector.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 1.254.290

Subordinate employment cost is of Eur. 5.044.407, i.e. 14,09% on total production costs. , whereas the incidence of such costs on sales revenues is equal to 15,26%.

Limited financial charges in relation to sales volume.




Financial Data

 

 

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

 

Item Type

Value

Sales

33.062.356

Profit (Loss) for the period

111.970

 

 

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

 

Item Type

Value

Sales

23.251.729

Profit (Loss) for the period

58.440

 

 

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

 

Item Type

Value

Sales

18.224.669

Profit (Loss) for the period

104.932

 

 

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

 

Item Type

Value

Sales

12.464.429

Profit (Loss) for the period

-1.372.089



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 31/12/2013 - 12 Mesi - Currency: - Amounts x 1

 

- 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

 

Years

2013

2012

2011

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

2.263

2.263

2.263

. . Research,develop. and advert.expens.

2.526.368

1.228.313

423.109

. . Industrial patent rights

 

 

 

. . Concessions,licenses,trademarks,etc.

6.846

6.287

12.805

. . Goodwill

341.025

430.972

520.920

. . Assets in formation and advance paymen.

 

 

 

. . Other intangible fixed assets

23.446

19.836

2.683

. Total Intangible Fixed Assets

2.899.948

1.687.671

961.780

. TANGIBLE FIXED ASSETS

 

 

 

. . Real estate

 

 

 

. . Plant and machinery

650.342

729.608

737.301

. . Industrial and commercial equipment

57.613

28.514

26.008

. . Other assets

31.412

31.093

41.861

. . Assets under construction and advances

952.354

952.354

919.384

. Total Tangible fixed assets

1.691.721

1.741.569

1.724.554

. FINANCIAL FIXED ASSETS

 

 

 

. . Equity investments

475

475

475

. . . Equity invest. in subsidiary companies

 

 

 

. . . Equity invest. in associated companies

 

 

 

. . . Equity invest. in holding companies

 

 

 

. . . Equity invest. in other companies

475

475

475

. . 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

475

475

475

Total fixed assets

4.592.144

3.429.715

2.686.809

CURRENT ASSETS

 

 

 

. INVENTORIES

 

 

 

. . Raw materials and other consumables

3.615.307

2.519.871

2.020.813

. . Work in progress and semimanufactured

8.598.798

7.247.383

4.136.456

. . Work in progress on order

 

 

 

. . Finished goods

367.432

407.108

219.344

. . Advance payments

 

 

 

. Total Inventories

12.581.537

10.174.362

6.376.613

. CREDITS NOT HELD AS FIXED ASSETS

 

 

 

. . Within 12 months

12.849.377

7.065.540

5.995.570

. . Beyond 12 months

 

1.028.994

1.083.743

. . Trade receivables

9.313.187

4.790.293

4.225.880

. . . . Within 12 months

9.313.187

4.790.293

4.225.880

. . . . Beyond 12 months

 

 

 

. . Receivables due from subsid. comp.

 

 

 

. . . . 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

 

 

 

. . Fiscal Receivables

1.140.933

1.061.400

631.026

. . . . Within 12 months

1.140.933

1.061.400

631.026

. . . . Beyond 12 months

 

 

 

. . Receivables for anticipated taxes

1.336.810

1.378.994

1.353.743

. . . . Within 12 months

1.336.810

350.000

270.000

. . . . Beyond 12 months

 

1.028.994

1.083.743

. . Receivables due from third parties

1.058.447

863.847

868.664

. . . . Within 12 months

1.058.447

863.847

868.664

. . . . Beyond 12 months

 

 

 

. Total Credits not held as fixed assets

12.849.377

8.094.534

7.079.313

. 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

613.509

118.771

79.472

. . Checks

 

1.852

 

. . Banknotes and coins

789

1.409

871

. Total Liquid funds

614.298

122.032

80.343

Total current assets

26.045.212

18.390.928

13.536.269

ADJUSTMENT ACCOUNTS

 

 

 

. Discount on loans

9.710

 

43.773

. Other adjustment accounts

 

39.215

 

Total adjustments accounts

9.710

39.215

43.773

TOTAL ASSETS

30.647.066

21.859.858

16.266.851

 

 

 

 

LIABILITIES

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

. Capital stock

2.210.000

2.210.000

2.210.000

. Additional paid-in capital

 

 

 

. Revaluation reserves

27.133

27.133

27.133

. Legal reserve

8.666

5.744

367

. Reserve for Own shares

 

 

 

. Statute reserves

 

 

 

. Other reserves

1.520.962

1.465.443

1.365.889

. Accumulated Profits (Losses)

 

 

 

. Profit( loss) of the year

111.970

58.440

104.932

. Advances on dividends

 

 

 

. Partial loss of the year Coverage

 

 

 

Total Stockholders'Equity

3.878.731

3.766.760

3.708.321

RESERVES FOR RISKS AND CHARGES

 

 

 

. . Reserve for employee termination indem.

72.683

60.856

51.955

. . Taxation fund, also differed

 

 

1.253

. . Other funds

5.000

21.722

21.722

Total Reserves for Risks and Charges

77.683

82.578

74.930

Employee termination indemnities

1.314.705

1.292.588

1.286.364

ACCOUNTS PAYABLE

 

 

 

. . . . Within 12 months

25.372.886

13.199.242

7.679.758

. . . . Beyond 12 months

 

3.515.935

3.515.935

. . Bonds

3.515.935

3.515.935

3.515.935

. . . . Within 12 months

3.515.935

 

 

. . . . Beyond 12 months

 

3.515.935

3.515.935

. . Convertible bonds repayable

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to shareholders for financing

1.150.000

1.150.000

1.855.376

. . . . Within 12 months

1.150.000

1.150.000

1.855.376

. . . . Beyond 12 months

 

 

 

. . Due to banks

5.381.320

3.298.884

 

. . . . Within 12 months

5.381.320

3.298.884

 

. . . . Beyond 12 months

 

 

 

. . Due to other providers of finance

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Advances from customers

43.293

22.274

31.048

. . . . Within 12 months

43.293

22.274

31.048

. . . . Beyond 12 months

 

 

 

. . Trade payables

13.265.764

7.055.422

4.378.646

. . . . Within 12 months

13.265.764

7.055.422

4.378.646

. . . . 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

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to the tax authorities

163.006

136.332

182.554

. . . . Within 12 months

163.006

136.332

182.554

. . . . Beyond 12 months

 

 

 

. . Due to social security and welfare inst.

216.866

199.769

172.072

. . . . Within 12 months

216.866

199.769

172.072

. . . . Beyond 12 months

 

 

 

. . Other payables

1.636.702

1.336.561

1.060.062

. . . . Within 12 months

1.636.702

1.336.561

1.060.062

. . . . Beyond 12 months

 

 

 

Total accounts payable

25.372.886

16.715.177

11.195.693

ADJUSTMENT ACCOUNTS

 

 

 

. Agio on loans

 

 

 

. Other adjustment accounts

3.061

2.755

1.543

Total adjustment accounts

3.061

2.755

1.543

TOTAL LIABILITIES

30.647.066

21.859.858

16.266.851

 

 

 

 

 

 

MEMORANDUM ACCOUNTS

 

Third party goods

 

 

 

Investment accounts

 

 

 

Risk accounts

 

 

116.000

Civil and fiscal norms relation

 

 

 

 

 

 

 

 

 

PROFIT AND LOSS ACCOUNTS

 

VALUE OF PRODUCTION

 

 

 

. Revenues from sales and services

33.062.356

23.251.729

18.224.669

. Changes in work in progress

1.311.738

3.298.692

-329.444

. Changes in semi-manufact. products

 

 

 

. Capitalization of internal work

1.853.963

847.265

425.372

. Other income and revenues

71.015

141.089

87.183

. . Contributions for operating expenses

71.015

 

 

. . Different income and revenues

 

141.089

87.183

Total value of production

36.299.072

27.538.775

18.407.780

PRODUCTION COSTS

 

 

 

. Raw material,other materials and consum.

25.060.356

17.902.140

10.906.311

. Services received

 

4.582.096

3.386.349

. Leases and rentals

5.570.276

160.903

100.295

. Payroll and related costs

5.044.407

4.510.764

3.981.727

. . Wages and salaries

3.072.220

2.855.125

2.554.142

. . Social security contributions

1.017.453

952.903

851.300

. . Employee termination indemnities

231.836

237.430

223.100

. . Pension and similar

 

 

 

. . Other costs

722.898

465.306

353.185

. Amortization and depreciation

1.142.320

574.538

507.462

. . Amortization of intangible fixed assets

667.613

266.940

97.866

. . Amortization of tangible fixed assets

424.146

291.879

380.019

. . Depreciation of tangible fixed assets

 

 

 

. . Writedown of current receiv.and of liquid

50.561

15.719

29.577

. Changes in raw materials

-1.095.436

-498.433

-186.318

. Provisions to risk reserves

 

 

 

. Other provisions

17.310

8.900

2.422

. Other operating costs

56.966

51.819

42.388

Total production costs

35.796.199

27.292.727

18.740.636

Diff. between value and cost of product.

502.873

246.048

-332.856

FINANCIAL INCOME AND EXPENSE

 

 

 

. Income from equity investments

 

 

 

. . In subsidiary companies

 

 

 

. . In associated companies

 

 

 

. . In other companies

 

 

 

. Other financial income

1.251

2.281

1.733

. . 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

1.251

 

1.733

. . . - Subsidiary companies

1.251

 

 

. . . - Associated companies

 

 

 

. . . - Holding companies

 

 

 

. . . - Other companies

 

 

1.733

. Interest and other financial expense

-210.053

-137.606

-101.993

. . Towards subsidiary companies

 

 

 

. . Towards associated companies

 

 

 

. . Towards holding companies

 

 

 

. . Towards other companies

210.053

 

101.993

Total financial income and expense

-208.802

-135.325

-100.260

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

 

27.146

11.873

. . Gains on disposals

 

 

 

. . Other extraordinary income

 

27.146

11.873

. Extraordinary expense

 

 

 

. . Losses on disposals

 

 

 

. . Taxes relating to prior years

 

 

 

. . Other extraordinary expense

 

 

 

Total extraordinary income and expense

1

27.146

11.873

Results before income taxes

294.072

137.869

-421.243

. Taxes on current income

182.102

79.429

-526.175

. . current taxes

139.918

105.931

82.401

. . differed taxes(anticip.)

42.184

-26.502

-608.576

. Net income for the period

111.970

58.440

104.932

. Adjustments in tax regulations pursuance

 

 

 

. Provisions in tax regulations pursuance

 

 

 

. Profit (loss) of the year

111.970

58.440

104.932

 

RATIOS

Value Type

as at 31/12/2013

as at 31/12/2012

as at 31/12/2011

Sector Average

COMPOSITION ON INVESTMENT

 

 

 

 

 

Rigidity Ratio

Units

0,15

0,16

0,17

0,18

Elasticity Ratio

Units

0,85

0,84

0,83

0,80

Availability of stock

Units

0,41

0,47

0,39

0,20

Total Liquidity Ratio

Units

0,44

0,38

0,44

0,51

Quick Ratio

Units

0,02

0,01

0,00

0,02

COMPOSITION ON SOURCE

 

 

 

 

 

Net Short-term indebtedness

Units

6,38

3,47

2,05

2,38

Self Financing Ratio

Units

0,13

0,17

0,23

0,24

Capital protection Ratio

Units

0,40

0,40

0,38

0,68

Liabilities consolidation quotient

Units

0,05

0,36

0,63

0,18

Financing

Units

6,54

4,44

3,02

2,86

Permanent Indebtedness Ratio

Units

0,17

0,39

0,52

0,38

M/L term Debts Ratio

Units

0,04

0,22

0,30

0,11

Net Financial Indebtedness Ratio

Units

2,43

2,08

1,43

1,00

CORRELATION

 

 

 

 

 

Fixed assets ratio

Units

1,13

2,50

3,17

1,78

Current ratio

Units

1,03

1,39

1,76

1,25

Acid Test Ratio-Liquidity Ratio

Units

0,53

0,62

0,93

0,84

Structure's primary quotient

Units

0,84

1,10

1,38

1,07

Treasury's primary quotient

Units

0,02

0,01

0,01

0,03

Rate of indebtedness ( Leverage )

%

790,13

580,34

438,66

408,81

Current Capital ( net )

Value

672.326

5.191.686

5.856.511

312.424

RETURN

 

 

 

 

 

Return on Sales

%

3,79

2,72

3,36

2,67

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

%

2,89

1,55

2,83

3,20

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

%

7,58

3,66

-11,36

8,58

Return on Investment ( R.O.I. )

%

1,64

1,13

-2,05

4,36

Return/ Sales

%

1,52

1,06

-1,83

3,63

Extra Management revenues/charges incid.

%

22,27

23,75

n.c.

23,99

Cash Flow

Value

1.254.290

632.978

612.394

112.609

Operating Profit

Value

502.873

246.048

-332.856

127.644

Gross Operating Margin

Value

1.662.503

829.486

177.028

230.719

MANAGEMENT

 

 

 

 

 

Credits to clients average term

Days

101,41

74,17

83,48

101,46

Debts to suppliers average term

Days

155,91

112,16

109,52

94,66

Average stock waiting period

Days

136,99

157,53

125,96

56,34

Rate of capital employed return ( Turnover )

Units

1,08

1,06

1,12

1,34

Rate of stock return

Units

2,63

2,29

2,86

6,30

Labour cost incidence

%

15,26

19,40

21,85

12,44

Net financial revenues/ charges incidence

%

-0,63

-0,58

-0,55

-1,48

Labour cost on purchasing expenses

%

14,09

16,53

21,25

12,90

Short-term financing charges

%

0,83

0,82

0,91

3,49

Capital on hand

%

92,69

94,01

89,26

74,43

Sales pro employee

Value

210.588

261.255

146.973

253.464

Labour cost pro employee

Value

32.129

50.682

32.110

32.147

 

 

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

:

831.356

Population living in the region

:

4.699.950

Number of families in the region

:

1.813.210

 

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

 

- per food products

:

456

- per non food products

:

2.052

- per energy consume

:

127

 

 

Sector Data

 

The values are calculated on a base of 923 significant companies.

 

The companies cash their credits on an average of 101 dd.

The average duration of suppliers debts is about 95 dd.

The sector's profitability is on an average of 2,67%.

The labour cost affects the turnover in the measure of 12,44%.

Goods are held in stock in a range of 56 dd.

The difference between the sales volume and the resources used to realize it is about 1,34.

The employees costs represent the 12,90% of the production costs.

 

 

Statistical Detrimental Data

 

Statistically the trade activity passes through serious crises.

The area is statistically considered lowly risky.

In the region 13.782 protested subjects are found; in the province they count to 2.234.

The insolvency index for the region is 0,30, , while for the province it is 0,27.

Total Bankrupt companies in the province : 2.546.

Total Bankrupt companies in the region : 16.714.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.45

UK Pound

1

Rs.98.88

Euro

1

Rs.77.62

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIS

 

               

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.