MIRA INFORM REPORT

 

 

Report Date :

31.05.2014

 

 

 

IDENTIFICATION DETAILS

 

Name :

IMATEX S.P.A.

 

 

Registered Office :

Via Luigi Cadorna, 33,

23895 - Nibionno (LC)

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

02.11.1978

 

 

Com. Reg. No.:

00202080131

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

·         manufacturer of Jacquard Fabrics

·         Manufacturer of Textiles

·         Engaged in Weaving of textiles

·         Wholesaler of other textile goods

 

 

No of Employees :

From 91 To 110 Employees

 

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 – 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

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate 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 & address

 

Imatex S.p.a.

 

Via Luigi Cadorna, 33

 

23895 - Nibionno (LC) -IT-

 

 

Summary

 

Fiscal Code

:

00202080131

Legal Form

:

Joint stock company

start of Activities

:

02/11/1978

Equity

:

Over 2.582.254

Turnover Range

:

18.000.000/20.000.000

Number of Employees

:

from 91 to 110

 

 

Activity

 

·         manufacturer of Jacquard Fabrics

·         Manufacturer of Textiles

·         Engaged in Weaving of textiles

·         Wholesaler of other textile goods

 

Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 00202080131

 

Foreign Trade Reg. no. : LC004401 since 20/12/1991

 

Foreign Trade Reg. no. : 4401 of Lecco since 20/12/1991

 

Chamber of Commerce no. : 161982 of Lecco since 27/11/1978

 

Firms' Register : CO075-11327 of Lecco since 19/02/1996

 

V.A.T. Code : 00202080131

 

Tribunal Co. Register : 11327 of

 

Foundation date

: 02/11/1978

Establishment date

: 02/11/1978

Start of Activities

: 02/11/1978

Legal duration

: 31/12/2050

Nominal Capital

: 1.200.000

Subscribed Capital

: 1.200.000

Paid up Capital

: 1.200.000

Members

 

Bonfanti

Maria Grazia

 

Born in Barzano'

(CO)

on 06/11/1948

- Fiscal Code : BNFMGR48S46A686A

 

Residence:

Besana

, 51

- 23896

Sirtori

(LC)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

30/10/2013

Assistant board Chairman

30/10/2013

 

No Prejudicial events are reported

 

No Protests registered

 

Dozio

Marco

 

Born in Besana In Brianza

(MB)

on 02/04/1966

- Fiscal Code : DZOMRC66D02A818H

 

Residence:

Manzoni

, 8

- 20050

Veduggio Con Colzano

(MI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

08/02/2005

 

No Prejudicial events are reported

 

No Protests registered

 

Fumagalli

Maria Giulia

 

Born in Nibionno

(CO)

on 26/06/1962

- Fiscal Code : FMGMGL62H66F887A

 

Residence:

Pineta

, 7

- 23896

Sirtori

(LC)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

30/10/2013

Managing Director

30/10/2013

Board Chairman

30/10/2013

 

No Prejudicial events are reported

 

No Protests registered

 

Fumagalli

Nicoletta

 

Born in Nibionno

(CO)

on 26/06/1966

- Fiscal Code : FMGNLT66H66F887C

 

Residence:

L. Cadorna

, 50

- 23895

Nibionno

(LC)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

30/10/2013

Managing Director

30/10/2013

 

No Prejudicial events are reported

 

No Protests registered

 

Amaca Srl

 

 

Position

Since

Shares Amount

% Ownership

Partner

 

No Prejudicial events are reported

 

No Protests registered

 

Luna Srl

 

 

Position

Since

Shares Amount

% Ownership

Partner

 

No Prejudicial events are reported

 

No Protests registered

 

Elisa Srl

 

 

Position

Since

Shares Amount

% Ownership

Partner

 

No Prejudicial events are reported

 

No Protests registered

 

Redaelli

Cornelia

 

Born in Barzago

(CO)

on 16/07/1946

- Fiscal Code : RDLCNL46L56A683N

 

Residence:

Kennedy

, 34

- 23848

Oggiono

(LC)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

30/10/2013

Managing Director

30/10/2013

 

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.

 

Bonfanti

Maria Grazia

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Incontro S.r.l.

Oggiono (LC) - IT -

01807670136

Sole Director

Withdrawn

Registered

La Betulla S.r.l.

Sirtori (LC) - IT -

01209750130

Sole Director

Active

Registered

Alberghi Briantei S.r.l.

Oggiono (LC) - IT -

00665470134

Director

Active

Registered

Alberghi Briantei S.r.l.

Oggiono (LC) - IT -

00665470134

Board Chairman

Active

Registered

Elisa Srl

Erba (CO) - IT -

02185520133

Managing Director

Active

Registered

Elisa Srl

Erba (CO) - IT -

02185520133

Board Chairman

Active

Registered

Imagest S.r.l.

Nibionno (LC) - IT -

02382520134

Director

Active

Registered

Imagest S.r.l.

Nibionno (LC) - IT -

02382520134

Board Chairman

Active

Registered

Viole S.r.l.

Lecco (LC) - IT -

03208020135

Sole Director

Active

Registered

 

Fumagalli

Maria Giulia

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Tintoria Di Cremella - S.p.a.

Cremella (LC) - IT -

00711690131

Managing Director

Active

Registered

Tintoria Di Cremella - S.p.a.

Cremella (LC) - IT -

00711690131

Director

Active

Registered

Immobiliare Fulca Srl

Nibionno (LC) - IT -

01278250137

Director

Active

Registered

Immobiliare Fulca Srl

Nibionno (LC) - IT -

01278250137

Managing Director

Active

Registered

Luna Srl

Erba (CO) - IT -

02185510134

Director

Active

Registered

Turistica S.r.l.

Merone (CO) - IT -

02195370131

Director

Active

Registered

Turistica S.r.l.

Merone (CO) - IT -

02195370131

Managing Director

Active

Registered

Imagest S.r.l.

Nibionno (LC) - IT -

02382520134

Director

Active

Registered

Le Nuove Dimore S.r.l.

Nibionno (LC) - IT -

02656200132

Director

Active

Registered

Le Nuove Dimore S.r.l.

Nibionno (LC) - IT -

02656200132

Managing Director

Active

Registered

I Melograni S.r.l. In Liquidazione

Nibionno (LC) - IT -

03186020131

Director

Withdrawn

In liquidation

I Melograni S.r.l. In Liquidazione

Nibionno (LC) - IT -

03186020131

Liquidator

Active

In liquidation

I Melograni S.r.l. In Liquidazione

Nibionno (LC) - IT -

03186020131

Managing Director

Withdrawn

In liquidation

I Melograni S.r.l. In Liquidazione

Nibionno (LC) - IT -

03186020131

Board Chairman

Withdrawn

In liquidation

California S.r.l.

Nibionno (LC) - IT -

03186010132

Director

Active

Registered

California S.r.l.

Nibionno (LC) - IT -

03186010132

Board Chairman

Active

Registered

 

Fumagalli

Nicoletta

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Immobiliare Fulca Srl

Nibionno (LC) - IT -

01278250137

Director

Active

Registered

Immobiliare Fulca Srl

Nibionno (LC) - IT -

01278250137

Managing Director

Active

Registered

Luna Srl

Erba (CO) - IT -

02185510134

Director

Active

Registered

Turistica S.r.l.

Merone (CO) - IT -

02195370131

Director

Active

Registered

Turistica S.r.l.

Merone (CO) - IT -

02195370131

Managing Director

Active

Registered

Le Nuove Dimore S.r.l.

Nibionno (LC) - IT -

02656200132

Director

Active

Registered

Le Nuove Dimore S.r.l.

Nibionno (LC) - IT -

02656200132

Managing Director

Active

Registered

I Melograni S.r.l. In Liquidazione

Nibionno (LC) - IT -

03186020131

Director

Withdrawn

In liquidation

I Melograni S.r.l. In Liquidazione

Nibionno (LC) - IT -

03186020131

Managing Director

Withdrawn

In liquidation

California S.r.l.

Nibionno (LC) - IT -

03186010132

Director

Active

Registered

 

Redaelli

Cornelia

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Tintoria Di Cremella - S.p.a.

Cremella (LC) - IT -

00711690131

Managing Director

Active

Registered

Tintoria Di Cremella - S.p.a.

Cremella (LC) - IT -

00711690131

Director

Active

Registered

Tintoria Di Cremella - S.p.a.

Cremella (LC) - IT -

00711690131

Board Chairman

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

Amaca Srl

02185530132

400.000 .Eur

33,33

Luna Srl

02185510134

400.000 .Eur

33,33

Elisa Srl

02185520133

400.000 .Eur

33,33



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

Nuovi Orizzonti - S.r.l.

Erba - IT -

01785880137

10.710 .Eur

2,10

Active

 

Firm's location and structure

 

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

 

-

Legal and operative seat

since 02/11/1978

 

Luigi Cadorna

, 33

- 22060

- Nibionno

(LC)

- IT -

 

PHONE

: 031/690668

 

PHONE

: 031692222

 

FAX

: 031690216

 

-

Branch

(Factory)

since 30/04/1996

 

A. Volta

, 1/BIS

- 22060

- Nibionno

(LC)

- IT -

 

PHONE

: 031692222

 

-

Branch

(Factory)

since 01/12/2008

 

Briantea

, 2

- 22060

- Bulciago

(LC)

- IT -

 

-

Branch

(Factory)

since 05/07/2012

 

Montegrappa

, 30

- 22060

- Nibionno

(LC)

- IT -

 

Employees

: 108

 

Fittings and Equipment for a value of 1.600.000

Eur

 

Stocks for a value of 5.580.000

Eur

 

Furniture and fittings for a value of 140.000

Eur

 

Vehicles for a value of 170.000

Eur

 

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- its own agents

Export represents more than 50% of the global turnover.

Products abroad are placed by :

- its own agents

 

Export is mainly towards:

- Great Britain

 

- Bulgaria

 

- Poland

 

- Hungary

 

- Austria

 

- Italy

 

- France

 

- Belgium

 

Historical Information and/or Firm's Status

 

EX-MEMBERS / EX-POSITIONS:

 

Bonfanti

Maria Grazia

 

Born in Barzano'

(CO)

on 06/11/1948

- Fiscal Code : BNFMGR48S46A686A

 

Residence:

Besana

, 51

- 23896

Sirtori

(LC)

- IT -

 

Ex-Postions

Managing Director

 

Fumagalli

Marco

 

Born in Como

(CO)

on 15/07/1958

- Fiscal Code : FMGMRC58L15C933E

 

Residence:

Conciliazione

, 30

- 23895

Nibionno

(LC)

- IT -

 

Ex-Postions

Procurator

Director

Board Chairman

Managing Director

 

Brivio

Riccardo

 

Born in ROGENO

(CO)

on 20/09/1929

- Fiscal Code : BRVRCR29P20H486V

 

Residence:

VERDI

, 15

- 22036

Erba

(CO)

- IT -

 

Ex-Postions

Permanent Auditor

 

Fumagalli

Isabella

 

Born in Milano

(MI)

on 18/08/1971

- Fiscal Code : FMGSLL71M58F205A

 

Residence:

Garibaldi

, 29

- 23896

Sirtori

(LC)

- IT -

 

Ex-Postions

Director

Managing Director

 

Fumagalli

Luca Andrea Mario

 

Born in Como

(CO)

on 03/06/1964

- Fiscal Code : FMGLND64H03C933U

 

Residence:

Belvedere

, 9

- 22045

Lambrugo

(CO)

- IT -

 

Ex-Postions

Director

Managing Director

 

Cavadini

Daniele

 

Born in Como

(CO)

on 16/06/1958

- Fiscal Code : CVDDNL58H16C933Y

 

Residence:

G. Parini

, 1

- 22030

Proserpio

(CO)

- IT -

 

Ex-Postions

Permanent Auditor

 

Fumagalli

Elio

 

Born in Nibionno

(CO)

on 21/02/1942

- Fiscal Code : FMGLEI42B21F887A

 

Residence:

Garibaldi

, 13

- 22060

Sirtori

(LC)

- IT -

 

Ex-Postions

Director

Managing Director

 

Fumagalli

Luigi

 

Born in Nibionno

(CO)

on 18/10/1933

- Fiscal Code : FMGLGU33R18F887R

 

Residence:

Cadorna

, 64

- 22060

Nibionno

(LC)

- IT -

 

Ex-Postions

Director

Managing Director

 

Fumagalli

Attilio

 

Born in Nibionno

(CO)

on 20/02/1928

- Fiscal Code : FMGTTL28B20F887T

 

Residence:

Conciliazione

, 5

- 22060

Nibionno

(LC)

- IT -

 

Ex-Postions

Managing Director

Chairman and Managing Director



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

 

The company is active since 1978

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

Unstable economic results mark the company's financial state of affairs. ; in the last financial year a loss was registered (r.o.e. -7,81%)

A loss is registered as to the operating result (-5,55%).

The operating loss is equal to Eur. -801.451.

During the latest financial year the gross operating margin amounted to Eur. 205.910 recording a -70,15% decrease.

The company has an excellent net worth if compared to its debts, with a low indebtedness (0,82) which is yet rising if compared to 2011.

With regard to equity capital, an amount of Eur. 6.168.684 is registered. , stable in comparison with the value of the previous year.

During the last financial year debts totalled Eur. 6.578.735 (Eur. 674.307 of which were m/l term debts) increasing if compared to the previous year, during which they were equal to Eur. 5.229.391 (25,8%).

The company does not exceed in bank credits; payments average period is instead slightly high (99,67 gg.) but lined up with the field's average.

Liquidity is good (2,03)

Trade credits are collected slowly, average term is 92,2 days. , as it normally happens in the sector.

2012 financial year closed with a cash flow of Eur. 525.702

Labour cost expenses amount to Eur. 4.812.254 , representing 22,19% on the total of production costs. and a 24,49% incidence on sales volumes.

Financial charges have a limited incidence (-0,05%) on sales volume.

Financial Data

 

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

 

Item Type

Value

Sales

19.647.055

Profit (Loss) for the period

-481.659

 

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

 

Item Type

Value

Sales

19.597.528

Profit (Loss) for the period

-130.684

 

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

 

Item Type

Value

Sales

23.556.623

Profit (Loss) for the period

91.608

 

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

 

Item Type

Value

Sales

21.579.402

Profit (Loss) for the period

12.972

 

Complete balance-sheet for the year

al 31/12/2008

(in Eur

x 1)

 

Item Type

Value

Sales

27.936.338

Profit (Loss) for the period

961.136



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

. . Research,develop. and advert.expens.

. . Industrial patent rights

. . Concessions,licenses,trademarks,etc.

4.075

1.513

2.930

. . Goodwill

. . Assets in formation and advance paymen.

. . Other intangible fixed assets

754.656

645.409

408.606

. Total Intangible Fixed Assets

758.731

646.922

411.536

. TANGIBLE FIXED ASSETS

. . Real estate

. . Plant and machinery

1.564.042

1.236.280

1.550.466

. . Industrial and commercial equipment

39.615

38.962

56.216

. . Other assets

42.691

62.090

64.808

. . Assets under construction and advances

227.150

11.000

. Total Tangible fixed assets

1.646.348

1.564.482

1.682.490

. FINANCIAL FIXED ASSETS

. . Equity investments

1.921

18.964

31.333

. . . Equity invest. in subsidiary companies

. . . Equity invest. in associated companies

. . . Equity invest. in holding companies

. . . Equity invest. in other companies

1.921

18.964

31.333

. . Financial receivables

154

495

1.747

. . . . Within 12 months

154

495

1.747

. . . . 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

154

495

1.747

. . . . Within 12 months

154

495

1.747

. . . . Beyond 12 months

. . Other securities

. . Own shares

. . . Total nominal value

. Total financial fixed assets

2.075

19.459

33.080

Total fixed assets

2.407.154

2.230.863

2.127.106

CURRENT ASSETS

. INVENTORIES

. . Raw materials and other consumables

3.125.507

3.107.061

3.289.318

. . Work in progress and semimanufactured

819.569

671.466

547.900

. . Work in progress on order

. . Finished goods

1.619.036

1.363.990

1.198.006

. . Advance payments

16.540

27.650

23.456

. Total Inventories

5.580.652

5.170.167

5.058.680

. CREDITS NOT HELD AS FIXED ASSETS

. . Within 12 months

5.606.379

4.663.902

5.506.196

. . Beyond 12 months

. . Trade receivables

5.031.683

4.404.138

5.238.542

. . . . Within 12 months

5.031.683

4.404.138

5.238.542

. . . . 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

304.404

186.745

212.840

. . . . Within 12 months

304.404

186.745

212.840

. . . . Beyond 12 months

. . Receivables for anticipated taxes

228.586

11.068

8

. . . . Within 12 months

228.586

11.068

8

. . . . Beyond 12 months

. . Receivables due from third parties

41.706

61.951

54.806

. . . . Within 12 months

41.706

61.951

54.806

. . . . Beyond 12 months

. Total Credits not held as fixed assets

5.606.379

4.663.902

5.506.196

. 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

810.458

1.445.162

1.536.162

. . Checks

. . Banknotes and coins

15.490

13.707

5.424

. Total Liquid funds

825.948

1.458.869

1.541.586

Total current assets

12.012.979

11.292.938

12.106.462

ADJUSTMENT ACCOUNTS

. Discount on loans

. Other adjustment accounts

28.228

33.184

30.368

Total adjustments accounts

28.228

33.184

30.368

TOTAL ASSETS

14.448.361

13.556.985

14.263.936

LIABILITIES

STOCKHOLDERS' EQUITY

. Capital stock

1.200.000

1.200.000

1.200.000

. Additional paid-in capital

. Revaluation reserves

3.161.264

3.161.264

3.161.264

. Legal reserve

240.000

240.000

240.000

. Reserve for Own shares

. Statute reserves

. Other reserves

1.066.431

1.066.430

1.066.435

. Accumulated Profits (Losses)

982.648

1.113.332

1.021.724

. Profit( loss) of the year

-481.659

-130.684

91.608

. Advances on dividends

. Partial loss of the year Coverage

Total Stockholders'Equity

6.168.684

6.650.342

6.781.031

RESERVES FOR RISKS AND CHARGES

. . Reserve for employee termination indem.

354.988

350.823

346.289

. . Taxation fund, also differed

19.548

21.141

13.658

. . Other funds

Total Reserves for Risks and Charges

374.536

371.964

359.947

Employee termination indemnities

1.326.406

1.305.288

1.402.319

ACCOUNTS PAYABLE

. . . . Within 12 months

5.904.428

5.187.671

5.670.639

. . . . Beyond 12 months

674.307

41.720

50.000

. . 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

1.265.138

50.000

50.000

. . . . Within 12 months

590.831

8.280

. . . . Beyond 12 months

674.307

41.720

50.000

. . Due to other providers of finance

. . . . Within 12 months

. . . . Beyond 12 months

. . Advances from customers

16.737

33.503

36.979

. . . . Within 12 months

16.737

33.503

36.979

. . . . Beyond 12 months

. . Trade payables

4.370.597

4.213.636

4.557.262

. . . . Within 12 months

4.370.597

4.213.636

4.557.262

. . . . 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

201.990

263.444

241.418

. . . . Within 12 months

201.990

263.444

241.418

. . . . Beyond 12 months

. . Due to social security and welfare inst.

310.422

271.404

322.900

. . . . Within 12 months

310.422

271.404

322.900

. . . . Beyond 12 months

. . Other payables

413.851

397.404

512.080

. . . . Within 12 months

413.851

397.404

512.080

. . . . Beyond 12 months

Total accounts payable

6.578.735

5.229.391

5.720.639

ADJUSTMENT ACCOUNTS

. Agio on loans

. Other adjustment accounts

Total adjustment accounts

TOTAL LIABILITIES

14.448.361

13.556.985

14.263.936

 

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

19.647.055

19.597.528

23.556.623

. Changes in work in progress

403.148

289.550

-10.802

. Changes in semi-manufact. products

. Capitalization of internal work

424.256

403.356

. Other income and revenues

408.022

379.663

434.093

. . Contributions for operating expenses

. . Different income and revenues

408.022

379.663

434.093

Total value of production

20.882.481

20.670.097

23.979.914

PRODUCTION COSTS

. Raw material,other materials and consum.

7.131.962

6.597.228

8.492.572

. Services received

7.693.021

7.397.092

8.684.218

. Leases and rentals

960.810

1.009.070

1.448.588

. Payroll and related costs

4.812.254

4.672.841

4.912.479

. . Wages and salaries

3.310.635

3.199.043

3.423.371

. . Social security contributions

1.060.880

1.024.397

1.108.066

. . Employee termination indemnities

289.417

293.060

289.929

. . Pension and similar

. . Other costs

151.322

156.341

91.113

. Amortization and depreciation

1.007.361

886.798

810.191

. . Amortization of intangible fixed assets

617.758

487.745

397.252

. . Amortization of tangible fixed assets

378.398

389.196

400.019

. . Depreciation of tangible fixed assets

. . Writedown of current receiv.and of liquid

11.205

9.857

12.920

. Changes in raw materials

-18.446

182.257

-411.781

. Provisions to risk reserves

. Other provisions

. Other operating costs

96.970

121.746

103.000

Total production costs

21.683.932

20.867.032

24.039.267

Diff. between value and cost of product.

-801.451

-196.935

-59.353

FINANCIAL INCOME AND EXPENSE

. Income from equity investments

. . In subsidiary companies

. . In associated companies

. . In other companies

. Other financial income

44.937

18.669

1.362

. . 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

. . . - Subsidiary companies

. . . - Associated companies

. . . - Holding companies

. . . - Other companies

. Interest and other financial expense

-55.316

35.472

-2.516

. . Towards subsidiary companies

. . Towards associated companies

. . Towards holding companies

. . Towards other companies

Total financial income and expense

-10.379

54.141

-1.154

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

253.731

192.500

321.695

. . Gains on disposals

35.550

144.133

28.875

. . Other extraordinary income

218.181

48.367

292.820

. Extraordinary expense

-45.327

-42.026

-12.114

. . Losses on disposals

-17.043

-7.076

-646

. . Taxes relating to prior years

. . Other extraordinary expense

-28.284

-34.950

-11.468

Total extraordinary income and expense

208.404

150.474

309.581

Results before income taxes

-603.426

7.680

249.074

. Taxes on current income

-121.767

138.364

157.466

. . current taxes

97.344

141.941

165.699

. . differed taxes(anticip.)

-219.111

-3.577

-8.233

. Net income for the period

-481.659

-130.684

91.608

. Adjustments in tax regulations pursuance

. Provisions in tax regulations pursuance

. Profit (loss) of the year

-481.659

-130.684

91.608

 

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

0,17

0,16

0,15

0,29

Elasticity Ratio

Units

0,83

0,83

0,85

0,70

Availability of stock

Units

0,39

0,38

0,35

0,26

Total Liquidity Ratio

Units

0,45

0,45

0,49

0,39

Quick Ratio

Units

0,06

0,11

0,11

0,01

COMPOSITION ON SOURCE

Net Short-term indebtedness

Units

0,82

0,56

0,61

1,69

Self Financing Ratio

Units

0,43

0,49

0,48

0,29

Capital protection Ratio

Units

0,88

0,84

0,81

0,71

Liabilities consolidation quotient

Units

0,34

0,26

0,26

0,26

Financing

Units

1,07

0,79

0,84

2,12

Permanent Indebtedness Ratio

Units

0,57

0,59

0,58

0,45

M/L term Debts Ratio

Units

0,14

0,10

0,10

0,13

Net Financial Indebtedness Ratio

Units

0,07

0,00

0,00

0,96

CORRELATION

Fixed assets ratio

Units

3,39

3,58

3,87

1,38

Current ratio

Units

2,03

2,18

2,13

1,25

Acid Test Ratio-Liquidity Ratio

Units

1,09

1,18

1,24

0,75

Structure's primary quotient

Units

2,56

2,98

3,19

0,90

Treasury's primary quotient

Units

0,14

0,28

0,27

0,03

Rate of indebtedness ( Leverage )

%

234,22

203,85

210,35

339,62

Current Capital ( net )

Value

6.108.551

6.105.267

6.435.823

1.615.606

RETURN

Return on Sales

%

2,68

3,86

3,83

1,74

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

%

-7,81

-1,97

1,35

0,25

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

%

-9,78

0,12

3,67

2,94

Return on Investment ( R.O.I. )

%

-5,55

-1,45

-0,42

2,31

Return/ Sales

%

-4,08

-1,00

-0,25

2,50

Extra Management revenues/charges incid.

%

n.c.

n.c.

n.c.

8,02

Cash Flow

Value

525.702

756.114

901.799

210.372

Operating Profit

Value

-801.451

-196.935

-59.353

359.192

Gross Operating Margin

Value

205.910

689.863

750.838

692.382

MANAGEMENT

Credits to clients average term

Days

92,20

80,90

80,06

111,18

Debts to suppliers average term

Days

99,67

101,10

88,08

104,44

Average stock waiting period

Days

102,26

94,97

77,31

86,89

Rate of capital employed return ( Turnover )

Units

1,36

1,45

1,65

1,04

Rate of stock return

Units

3,52

3,79

4,66

4,12

Labour cost incidence

%

24,49

23,84

20,85

15,12

Net financial revenues/ charges incidence

%

-0,05

0,28

0,00

-2,07

Labour cost on purchasing expenses

%

22,19

22,39

20,44

14,82

Short-term financing charges

%

0,84

n.c.

0,04

3,48

Capital on hand

%

73,54

69,18

60,55

95,83

Sales pro employee

Value

130.980

181.458

206.637

237.592

Labour cost pro employee

Value

32.081

43.267

43.091

33.432


Market / Territory Data

 

Population living in the province

:

322.150

Population living in the region

:

9.393.092

Number of families in the region

:

3.858.736

 

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

 

- per food products

:

460

- per non food products

:

2.090

- per energy consume

:

114



Statistical Detrimental Data

 

Statistically the trade activity passes through serious crises.

The area is statistically considered moderately risky.

In the region 50.886 protested subjects are found; in the province they count to 1.666.

The insolvency index for the region is 0,55, , while for the province it is 0,52.

Total Bankrupt companies in the province : 940.

Total Bankrupt companies in the region : 39.612.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.03

UK Pound

1

Rs.98.91

Euro

1

Rs.80.33

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

MNL

 

 

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.