MIRA INFORM REPORT

           

 

Report Date :

13.05.2014

 

IDENTIFICATION DETAILS

 

Name :

SANTORI PELLAMI S.P.A.

 

 

Registered Office :

Via Francia, 1A/3,

63813 - Monte Urano (FM)

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

02.10.1978

 

 

Legal Form :

Joint stock company

 

 

Line of Business :

Wholesale of skins and untreated and treated leather (except skins for furs)

 

 

No. of Employees :

10

 

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 :

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 – 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

 

SANTORI PELLAMI S.P.A.

 

Via Francia, 1A/3

 

63813 - Monte Urano (FM) -IT-

 

 

Summary

 

Fiscal Code

:

00430920447

Legal Form

:

Joint stock company

start of Activities

:

02/10/1978

Equity

:

Over 2.582.254

Turnover Range

:

20.000.000/25.000.000

Number of Employees

:

fom 6 to 10

 

 

Activity

 

Wholesale of skins and untreated and treated leather (except skins for furs)

 

 

Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 00430920447

 

Foreign Trade Reg. no. : AP005125 since 10/01/1992

 

Foreign Trade Reg. no. : FM002179 since 10/01/1992

 

Foreign Trade Reg. no. : 5125 of Ascoli Piceno since 10/01/1992

 

Chamber of Commerce no. : 89727 of Ascoli Piceno since 29/12/1978

 

Chamber of Commerce no. : 89727 of Fermo since 27/02/2009

 

V.A.T. Code : 00430920447

 

Tribunal Co. Register : 1581 of

 

Foundation date

: 02/10/1978

Establishment date

: 02/10/1978

Start of Activities

: 02/10/1978

Legal duration

: 31/12/2050

Nominal Capital

: 500.080

 

Subscribed Capital

: 500.080

 

Paid up Capital

: 500.080

 

 

Members

 

Santori

Guerriero

 

 

Born in Monte Urano

(AP)

on 26/06/1941

- Fiscal Code : SNTGRR41H26F653Q

 

 

Residence:

 

Dante

, 9

- 63813

Monte Urano

(FM)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

29/04/2011

 

 

Managing Director

29/04/2011

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Santori

Giuseppe

 

 

Born in Fermo

(AP)

on 25/02/1969

- Fiscal Code : SNTGPP69B25D542X

 

 

Residence:

 

Francia

, 1

- 63813

Monte Urano

(FM)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

29/04/2011

 

 

Managing Director

29/04/2011

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Santori

Andrea

 

 

Born in Macerata

(MC)

on 20/08/1972

- Fiscal Code : SNTNDR72M20E783W

 

 

Residence:

 

Dante

, 9

- 63813

Monte Urano

(FM)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

29/04/2011

 

 

Managing Director

29/04/2011

 

 

Board Chairman

29/04/2011

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Santori

Carlo

 

 

Born in Macerata

(MC)

on 08/06/1972

- Fiscal Code : SNTCRL72H08E783V

 

 

Residence:

 

Dante

, 9

- 63813

Monte Urano

(FM)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

29/04/2011

 

 

Managing Director

29/04/2011

 

 

 

No Prejudicial events are reported

 

No Protests registered

 

Santori

Sara

 

 

Born in Macerata

(MC)

on 22/09/1975

- Fiscal Code : SNTSRA75P62E783H

 

 

Residence:

 

Montevettore

, 22

- 63813

Monte Urano

(FM)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

29/04/2011

 

 

Managing Director

29/04/2011

 

 

 

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.

 

Santori

Guerriero

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Immobiliare Sa.vi.gue S.r.l.

Monte Urano (FM) - IT -

01111970446

Sole Director

Active

Registered

AZIENDA AGRARIA SANTORI VINCENZO SANTORIGUERRIERO SCOCCIA GINO SCOCCIA BRUNO

- -

00118640440

Partner

Withdrawn

Registered

Conceria Nuvolari Srl

Montegranaro (FM) - IT -

02013190448

Sole Director

Active

Registered

Conceria Nuvolari Srl

Montegranaro (FM) - IT -

02013190448

Sole partner

Active

Registered

 

Santori

Andrea

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

S.i.f. (sviluppo Industriale Del Fermano) S.r.l.

Fermo (FM) - IT -

00480010446

Director

Active

Registered

S.i.f. (sviluppo Industriale Del Fermano) S.r.l.

Fermo (FM) - IT -

00480010446

Board Chairman

Withdrawn

Registered

Consorzio Fidi Del Fermano - Consorzio Di Garanzia Collettiva Dei Fidi - In Brev

Fermo (FM) - IT -

90001750448

Director

Active

Registered

Consorzio Fidi Del Fermano - Consorzio Di Garanzia Collettiva Dei Fidi - In Brev

Fermo (FM) - IT -

90001750448

Board of Directors' chairman

Active

Registered

Light Fly Trading Srl

Monte Urano (FM) - IT -

01847610449

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

Santori Vincenzo

Monte Urano - IT -

SNTVCN36S08F653Y

50.540 .Eur

10,10

Santori Guerriero

Monte Urano - IT -

SNTGRR41H26F653Q

74.480 .Eur

14,89

Santori Giuseppe

Monte Urano - IT -

SNTGPP69B25D542X

99.750 .Eur

19,94

Santori Andrea

Monte Urano - IT -

SNTNDR72M20E783W

50.540 .Eur

10,10

Santori Carlo

Monte Urano - IT -

SNTCRL72H08E783V

99.750 .Eur

19,94

Salvucci Marina

 

SLVMRN46T66F749H

74.480 .Eur

14,89

Santori Sara

Monte Urano - IT -

SNTSRA75P62E783H

50.540 .Eur

10,10

 

 

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

IL GIRFALCO S.P.A.

 

01809580440

1.000 .Eur

0,32

 

 

Active



Firm's location and structure

 

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

 

-

Legal and operative seat

 

since 02/10/1978

 

 

 

 

 

 

Francia

, 1A/3

- 63015

- Monte Urano

(FM)

- IT -

 

 

 

 

Total Surface: 120 Sq.mt.

 

 

 

 

PHONE

: 0734841864

 

 

 

 

FAX

: 0734841261

 

 

 

 

Employees

: 10

 

Fittings and Equipment for a value of 7.000

Eur

 

Stocks for a value of 11.390.000

Eur

 

Furniture and fittingsfor a good value.

 

Vehicles for a value of 52.000

Eur

 

Trade organization: direct or by agents.

 

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- direct orders from foreign companies

 

Import comes generally from the following nations:

- France

 

Export is mainly towards:

- Ireland

 

 

Historical Information and/or Firm's Status

 

CHANGES TO THE LEGAL FORM:

 

Former legal form

New legal form

Changement Date

Limited liability company

Joint stock company

11/11/1983

 

EX-MEMBERS / EX-POSITIONS:

 

Santori

Vincenzo

 

 

Born in Monte Urano

(AP)

on 08/11/1936

- Fiscal Code : SNTVCN36S08F653Y

 

 

Fiscal residence:

 

Dante

, 9

- 63015

Monte Urano

(AP)

- IT -

 

Ex-Postions

Sole Director

 

Santori

Guerriero

 

 

Born in Monte Urano

(AP)

on 26/06/1941

- Fiscal Code : SNTGRR41H26F653Q

 

 

Residence:

 

Dante

, 9

- 63813

Monte Urano

(FM)

- IT -

 

Ex-Postions

Board Chairman

Managing Director

 

Ricci

Emanuela

 

 

Born in Fermo

(AP)

on 28/07/1975

- Fiscal Code : RCCMNL75L68D542E

 

 

Residence:

 

I' Maggio

, 41

- 63020

Ponzano di Fermo

(FM)

- IT -

 

Ex-Postions

Temporary Auditor

 

Santori

Giuseppe

 

 

Born in Fermo

(AP)

on 25/02/1969

- Fiscal Code : SNTGPP69B25D542X

 

 

Residence:

 

Francia

, 1

- 63813

Monte Urano

(FM)

- IT -

 

Ex-Postions

Managing Director

 

Santori

Andrea

 

 

Born in Macerata

(MC)

on 20/08/1972

- Fiscal Code : SNTNDR72M20E783W

 

 

Residence:

 

Dante

, 9

- 63813

Monte Urano

(FM)

- IT -

 

Ex-Postions

Managing Director

 

Santori

Carlo

 

 

Born in Macerata

(MC)

on 08/06/1972

- Fiscal Code : SNTCRL72H08E783V

 

 

Residence:

 

Dante

, 9

- 63813

Monte Urano

(FM)

- IT -

 

Ex-Postions

Managing Director

 

Santori

Sara

 

 

Born in Macerata

(MC)

on 22/09/1975

- Fiscal Code : SNTSRA75P62E783H

 

 

Residence:

 

Montevettore

, 22

- 63813

Monte Urano

(FM)

- IT -

 

Ex-Postions

Managing Director

 

Macchini

Daniele

 

 

Born in Fermo

(AP)

on 29/01/1963

- Fiscal Code : MCCDNL63A29D542W

 

 

Residence:

 

Monti

, 29

- 63900

Fermo

(FM)

- IT -

 

Ex-Postions

Permanent Auditor

 

Mattiozzi

Andrea

 

 

Born in Sant'elpidio A Mare

(AP)

on 16/10/1963

- Fiscal Code : MTTNDR63R16I324A

 

 

Residence:

 

Porta Romana,

, 11

- 63019

Sant'elpidio A Mare

(AP)

- IT -

 

Ex-Postions

Permanent Auditor



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.

 

 

Bankers

 

The firm operates with:

 

Bank Name

Agency Name

Address

ZIP Code

City

ABI Code

CAB Code

BANCA DELL'ADRIATICO S.P.A.

 

 

 

 

5748

0



Financial and Economical Analysis

 

Subject is active since 1978

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

Under an economic point of view, profits were registered during the last years with a r.o.e. of 0,27% in 2012 but without a significant increase in the turnover.

The operating result in 2012 was positive (6,11%) falling within the field's average.

The operating result is positive and amounts to Eur. 1.588.507 rising (+64,38%) in relation to the previous year.

A gross operating margine for a value of Eur. 1.634.250 was reached. growing by 61,68% if compared to the year before.

The analysis shows a fair financial position as the indebtedness volume is acceptable (3,29) and falling as against the previous year (3,64).

The equity capital is equal to Eur. 5.036.237 , unchanged as opposed to the preceding year.

Total debts recorded amounted to Eur. 20.545.154 (Eur. 3.694.092 of which were m/l term debts) , a more or less stable value.

Bank borrowings' volume is slightly high but the recourse to suppliers' credit is modest which is also lower than the sector average.

The liquidity level is positive (1,39).

Trade credits average terms are slow, on average 182,26 days. even if compared to the average of the sector.

2012 financial year closed with a cash flow of Eur. 59.534

Subordinate employment cost is of Eur. 317.012, i.e. 1,48% on total production costs. and a 1,41% incidence on sales volumes.

Financial charges have a high incidence (-2,51%) on turnover figures.

 

Financial Data

 

 

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

 

Item Type

Value

Sales

22.501.513

Profit (Loss) for the period

13.791

 

 

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

 

Item Type

Value

Sales

21.744.100

Profit (Loss) for the period

22.446

 

 

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

 

Item Type

Value

Sales

21.414.854

Profit (Loss) for the period

30.009

 

 

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

 

Item Type

Value

Sales

17.454.780

Profit (Loss) for the period

52.293

 

 

Complete balance-sheet for the year

al 31/12/2008

(in Eur

x 1)

 

Item Type

Value

Sales

18.713.120

Profit (Loss) for the period

99.751



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

 

 

7.680

. . Research,develop. and advert.expens.

 

 

10.039

. . Industrial patent rights

3.047

3.314

 

. . Concessions,licenses,trademarks,etc.

9.378

10.062

 

. . Goodwill

 

 

 

. . Assets in formation and advance paymen.

 

 

 

. . Other intangible fixed assets

 

 

528.816

. Total Intangible Fixed Assets

12.425

13.376

546.535

. TANGIBLE FIXED ASSETS

 

 

 

. . Real estate

2.255.516

2.405.146

1.635.467

. . Plant and machinery

5.354

8.765

14.927

. . Industrial and commercial equipment

1.385

2.295

3.133

. . Other assets

105.276

104.527

109.794

. . Assets under construction and advances

 

 

 

. Total Tangible fixed assets

2.367.531

2.520.733

1.763.321

. FINANCIAL FIXED ASSETS

 

 

 

. . Equity investments

65.926

327.588

422.625

. . . Equity invest. in subsidiary companies

 

 

 

. . . Equity invest. in associated companies

 

 

 

. . . Equity invest. in holding companies

 

 

 

. . . Equity invest. in other companies

65.926

327.588

422.625

. . 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

65.926

327.588

422.625

Total fixed assets

2.445.882

2.861.697

2.732.481

CURRENT ASSETS

 

 

 

. INVENTORIES

 

 

 

. . Raw materials and other consumables

 

 

 

. . Work in progress and semimanufactured

 

 

 

. . Work in progress on order

 

 

 

. . Finished goods

10.130.000

10.650.000

9.027.000

. . Advance payments

1.255.701

7.438

 

. Total Inventories

11.385.701

10.657.438

9.027.000

. CREDITS NOT HELD AS FIXED ASSETS

 

 

 

. . Within 12 months

10.680.437

11.461.112

10.444.458

. . Beyond 12 months

1.017.231

404.770

327.112

. . Trade receivables

11.392.275

11.861.795

10.769.435

. . . . Within 12 months

10.377.481

11.457.025

10.442.323

. . . . Beyond 12 months

1.014.794

404.770

327.112

. . 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

42.508

 

 

. . . . Within 12 months

42.508

 

 

. . . . Beyond 12 months

 

 

 

. . Receivables for anticipated taxes

6.656

 

 

. . . . Within 12 months

6.656

 

 

. . . . Beyond 12 months

 

 

 

. . Receivables due from third parties

256.229

4.087

2.135

. . . . Within 12 months

253.792

4.087

2.135

. . . . Beyond 12 months

2.437

 

 

. Total Credits not held as fixed assets

11.697.668

11.865.882

10.771.570

. 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

101.135

119.968

148.416

. Total Financial Assets

101.135

119.968

148.416

. LIQUID FUNDS

 

 

 

. . Bank and post office deposits

260.920

267.573

333.504

. . Checks

 

 

 

. . Banknotes and coins

3.794

9.147

5.919

. Total Liquid funds

264.714

276.720

339.423

Total current assets

23.449.218

22.920.008

20.286.409

ADJUSTMENT ACCOUNTS

 

 

 

. Discount on loans

99.059

 

 

. Other adjustment accounts

 

104.059

31.198

Total adjustments accounts

99.059

104.059

31.198

TOTAL ASSETS

25.994.159

25.885.764

23.050.088

 

 

 

 

LIABILITIES

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

. Capital stock

500.080

500.080

2.550.500

. Additional paid-in capital

 

 

 

. Revaluation reserves

 

 

 

. Legal reserve

69.617

68.494

66.994

. Reserve for Own shares

 

 

 

. Statute reserves

 

 

 

. Other reserves

4.452.749

4.431.426

1.788.172

. Accumulated Profits (Losses)

 

 

 

. Profit( loss) of the year

13.791

22.446

30.009

. Advances on dividends

 

 

 

. Partial loss of the year Coverage

 

 

 

Total Stockholders'Equity

5.036.237

5.022.446

4.435.675

RESERVES FOR RISKS AND CHARGES

 

 

 

. . Reserve for employee termination indem.

207.869

183.119

156.119

. . Taxation fund, also differed

82.940

 

1.386

. . Other funds

 

 

 

Total Reserves for Risks and Charges

290.809

183.119

157.505

Employee termination indemnities

76.959

62.809

56.707

ACCOUNTS PAYABLE

 

 

 

. . . . Within 12 months

16.851.062

18.544.844

17.135.611

. . . . Beyond 12 months

3.694.092

2.072.546

1.264.590

. . 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

18.335.606

19.193.271

16.323.129

. . . . Within 12 months

14.641.514

17.120.725

15.058.539

. . . . Beyond 12 months

3.694.092

2.072.546

1.264.590

. . Due to other providers of finance

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Advances from customers

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Trade payables

1.559.563

996.562

1.711.812

. . . . Within 12 months

1.559.563

996.562

1.711.812

. . . . 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

514.554

380.381

323.792

. . . . Within 12 months

514.554

380.381

323.792

. . . . Beyond 12 months

 

 

 

. . Due to social security and welfare inst.

25.219

21.853

23.571

. . . . Within 12 months

25.219

21.853

23.571

. . . . Beyond 12 months

 

 

 

. . Other payables

110.212

25.323

17.897

. . . . Within 12 months

110.212

25.323

17.897

. . . . Beyond 12 months

 

 

 

Total accounts payable

20.545.154

20.617.390

18.400.201

ADJUSTMENT ACCOUNTS

 

 

 

. Agio on loans

 

 

 

. Other adjustment accounts

45.000

 

 

Total adjustment accounts

45.000

 

 

TOTAL LIABILITIES

25.994.159

25.885.764

23.050.088

 

 

 

 

 

 

 

 

 

PROFIT AND LOSS ACCOUNTS

 

VALUE OF PRODUCTION

 

 

 

. Revenues from sales and services

22.501.513

21.744.100

21.414.854

. Changes in work in progress

 

 

 

. Changes in semi-manufact. products

 

 

 

. Capitalization of internal work

 

 

 

. Other income and revenues

560.709

118.105

272.876

. . Contributions for operating expenses

 

 

 

. . Different income and revenues

560.709

118.105

272.876

Total value of production

23.062.222

21.862.205

21.687.730

PRODUCTION COSTS

 

 

 

. Raw material,other materials and consum.

16.293.691

18.232.721

18.234.636

. Services received

3.633.587

3.231.348

2.527.787

. Leases and rentals

554.828

583.434

582.772

. Payroll and related costs

317.012

335.358

290.246

. . Wages and salaries

238.016

227.549

194.137

. . Social security contributions

61.116

90.162

80.826

. . Employee termination indemnities

17.880

17.647

15.283

. . Pension and similar

 

 

 

. . Other costs

 

 

 

. Amortization and depreciation

45.743

44.467

57.523

. . Amortization of intangible fixed assets

2.549

6.752

21.021

. . Amortization of tangible fixed assets

43.194

37.715

36.502

. . Depreciation of tangible fixed assets

 

 

 

. . Writedown of current receiv.and of liquid

 

 

 

. Changes in raw materials

520.000

-1.623.000

-927.000

. Provisions to risk reserves

 

 

 

. Other provisions

 

 

 

. Other operating costs

108.854

91.565

93.334

Total production costs

21.473.715

20.895.893

20.859.298

Diff. between value and cost of product.

1.588.507

966.312

828.432

FINANCIAL INCOME AND EXPENSE

 

 

 

. Income from equity investments

7.075

12.565

10.816

. . In subsidiary companies

 

 

 

. . In associated companies

 

 

 

. . In other companies

7.075

 

 

. Other financial income

59.049

68.399

9.229

. . Financ.income from receivables

 

 

485

. . . 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

59.049

 

8.744

. . . - Subsidiary companies

 

 

 

. . . - Associated companies

 

 

 

. . . - Holding companies

 

 

 

. . . - Other companies

59.049

 

 

. Interest and other financial expense

-631.250

-611.608

-322.972

. . Towards subsidiary companies

 

 

 

. . Towards associated companies

 

 

 

. . Towards holding companies

 

 

 

. . Towards other companies

631.250

 

 

Total financial income and expense

-565.126

-530.644

-302.927

ADJUSTMENTS TO FINANCIAL ASSETS

 

 

 

. Revaluations

 

 

 

. . Of equity investments

 

 

 

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

 

 

 

. . Of securities incl.among current assets

 

 

 

. Devaluation

 

 

-18.900

. . Of equity investments

 

 

 

. . Of financial fixed assets (no equity inv)

 

 

-18.900

. . Of securities included among current ass

 

 

 

Total adjustments to financial assets

 

 

-18.900

EXTRAORDINARY INCOME AND EXPENSE

 

 

 

. Extraordinary income

64.805

249.177

45.345

. . Gains on disposals

 

2.216

 

. . Other extraordinary income

64.805

246.961

45.345

. Extraordinary expense

-897.043

-502.122

-398.054

. . Losses on disposals

 

-26.403

 

. . Taxes relating to prior years

 

 

 

. . Other extraordinary expense

-897.043

-475.719

-398.054

Total extraordinary income and expense

-832.238

-252.945

-352.709

Results before income taxes

191.143

182.723

153.896

. Taxes on current income

177.352

160.277

123.887

. . current taxes

101.068

161.663

124.977

. . differed taxes(anticip.)

76.284

-1.386

-1.090

. Net income for the period

13.791

22.446

30.009

. Adjustments in tax regulations pursuance

 

 

 

. Provisions in tax regulations pursuance

 

 

 

. Profit (loss) of the year

13.791

22.446

30.009

 

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

0,09

0,11

0,12

0,11

Elasticity Ratio

Units

0,90

0,89

0,88

0,87

Availability of stock

Units

0,44

0,41

0,39

0,17

Total Liquidity Ratio

Units

0,46

0,47

0,49

0,61

Quick Ratio

Units

0,01

0,02

0,02

0,03

COMPOSITION ON SOURCE

 

 

 

 

 

Net Short-term indebtedness

Units

3,29

3,64

3,79

3,90

Self Financing Ratio

Units

0,19

0,19

0,19

0,17

Capital protection Ratio

Units

0,90

0,90

0,42

0,66

Liabilities consolidation quotient

Units

0,22

0,12

0,08

0,09

Financing

Units

4,08

4,11

4,15

4,57

Permanent Indebtedness Ratio

Units

0,34

0,28

0,25

0,28

M/L term Debts Ratio

Units

0,15

0,08

0,06

0,06

Net Financial Indebtedness Ratio

Units

3,59

3,77

3,60

0,96

CORRELATION

 

 

 

 

 

Fixed assets ratio

Units

3,60

2,50

2,11

2,10

Current ratio

Units

1,39

1,24

1,18

1,13

Acid Test Ratio-Liquidity Ratio

Units

0,72

0,66

0,66

0,86

Structure's primary quotient

Units

2,06

1,76

1,62

1,34

Treasury's primary quotient

Units

0,02

0,02

0,03

0,05

Rate of indebtedness ( Leverage )

%

516,14

515,40

519,65

587,66

Current Capital ( net )

Value

6.598.156

4.375.164

3.150.798

135.886

RETURN

 

 

 

 

 

Return on Sales

%

0,26

0,31

0,41

1,61

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

%

0,27

0,45

0,68

5,01

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

%

3,80

3,64

3,47

13,67

Return on Investment ( R.O.I. )

%

6,11

3,73

3,59

4,30

Return/ Sales

%

7,06

4,44

3,87

2,39

Extra Management revenues/charges incid.

%

0,87

2,32

3,62

27,17

Cash Flow

Value

59.534

66.913

87.532

47.597

Operating Profit

Value

1.588.507

966.312

828.432

71.380

Gross Operating Margin

Value

1.634.250

1.010.779

885.955

124.518

MANAGEMENT

 

 

 

 

 

Credits to clients average term

Days

182,26

196,39

181,04

90,43

Debts to suppliers average term

Days

27,41

16,27

28,87

76,51

Average stock waiting period

Days

182,16

176,45

151,75

37,27

Rate of capital employed return ( Turnover )

Units

0,87

0,84

0,93

1,64

Rate of stock return

Units

1,98

2,04

2,37

9,56

Labour cost incidence

%

1,41

1,54

1,36

4,81

Net financial revenues/ charges incidence

%

-2,51

-2,44

-1,41

-0,99

Labour cost on purchasing expenses

%

1,48

1,60

1,39

4,83

Short-term financing charges

%

3,07

2,97

1,76

2,90

Capital on hand

%

115,52

119,05

107,64

60,86

Sales pro employee

Value

2.500.168

1.449.606

1.338.428

686.413

Labour cost pro employee

Value

35.223

22.357

18.140

33.271

 

 

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

:

1.518.780

Population living in the region

:

0

Number of families in the region

:

0

 

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

 

- per food products

:

0

- per non food products

:

0

- per energy consume

:

0

 

 

Sector Data

 

The values are calculated on a base of 941 significant companies.

 

The companies cash their credits on an average of 90 dd.

The average duration of suppliers debts is about 77 dd.

The sector's profitability is on an average of 1,61%.

The labour cost affects the turnover in the measure of 4,81%.

Goods are held in stock in a range of 37 dd.

The difference between the sales volume and the resources used to realize it is about 1,64.

The employees costs represent the 4,83% of the production costs.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.73

UK Pound

1

Rs.100.82

Euro

1

Rs.82.22

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.