MIRA INFORM REPORT

 

 

Report Date :

03.11.2014

 

IDENTIFICATION DETAILS

 

Name :

FINBER S.P.A.

 

 

Registered Office :

Via Manzini, 5 Scarzara 43100 - Parma    (PR)     

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

01.03.1983

 

 

Legal Form :

Joint stock company

 

 

Line of Business :
  • Manufacture of non-domestic cooling and ventilation equipment
  • Activities of holding companies
  • Letting of own or leased land

 

 

No. of Employees :

From 131 to 150

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Merged

Payment Behaviour :

--

Litigation :

--

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Italy

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

ITALY - ECONOMIC OVERVIEW

 

Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is higher. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 133% of GDP in 2013, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2013 economic growth and labor market conditions deteriorated, with growth at -1.8% and unemployment rising to 12.4%, with youth unemployment around 40%. Italy's GDP is now 8% below its 2007 pre-crisis level.

 

Source : CIA

 

Company name and address

 

FINBER S.P.A.

 

 

Via       Manzini,            5 SCARZARA

 

43100   - Parma (PR)      -IT-

 

 

Summary

 

Fiscal Code

:

00856140348

Legal Form

:

Joint stock company

start of Activities

:

01/03/1983

Equity

:

Over 2.582.254

Turnover Range

:

20.000.000/25.000.000

Number of Employees

:

from 131 to 150

Firm's Status

:

Merged



Activity

 

Manufacture of non-domestic cooling and ventilation equipment

Activities of holding companies

Letting of own or leased land

 

 

Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 00856140348

 

Foreign Trade Reg. no. : PR020844 since 30/06/2003

 

Chamber of Commerce no. : 188155 of Ancona

 

Chamber of Commerce no. : 150753 of Parma since 12/01/1983

 

Firms' Register : 13044 of Parma

 

Firms' Register : PR027-13044 of Parma

 

V.A.T. Code : 00856140348

 

Trade Agents Licence : 5472 of Parma since 29/11/1994

 

Establishment date

: 19/11/1982

Start of Activities

: 01/03/1983

Legal duration

: 31/12/2050

Nominal Capital

: 3.142.500

Subscribed Capital

: 3.142.500

Paid up Capital

: 3.142.500

 

 

Members

 

Paini

Riccardo

 

Born in Parma

(PR)

on 26/05/1942

- Fiscal Code : PNARCR42E26G337W

 

Residence:

Farfisa

, 7/9

- 60021

Camerano

(AN)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

28/06/2011

Managing Director

11/07/2011

 

No Prejudicial events are reported

 

No Protests registered

 

Bernini

Michele

 

Born in Parma

(PR)

on 10/06/1971

- Fiscal Code : BRNMHL71H10G337R

 

Residence:

Salvini

, 50

- 43123

Parma

(PR)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

28/06/2011

Managing Director

11/07/2011

 

No Prejudicial events are reported

 

No Protests registered

 

Bernini

Olivia

 

Born in Vimercate

(MB)

on 03/02/1969

- Fiscal Code : BRNLVO69B43M052A

 

Residence:

Tommaso Augusto Contini

, 17

- 43125

Parma

(PR)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

28/06/2011

Managing Director

11/07/2011

 

No Prejudicial events are reported

 

No Protests registered

 

Bernini

Andrea

 

Born in Reggio Emilia

(RE)

on 11/10/1965

- Fiscal Code : BRNNDR65R11H223U

 

Residence:

Re

, 22

- 43125

Parma

(PR)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

28/06/2011

Managing Director

11/07/2011

 

No Prejudicial events are reported

 

No Protests registered

 

Lasagni

Silvia

 

Born in Reggio Emilia

(RE)

on 24/12/1942

- Fiscal Code : LSGSLV42T64H223L

 

Position

Since

Shares Amount

% Ownership

Partner

 

No Protests registered

 

Bernini

Angelo

 

Born in Parma

(PR)

on 24/07/1939

- Fiscal Code : BRNNGL39L24G337K

 

Residence:

Contini

, 1

- 43125

Parma

(PR)

- IT -

 

Position

Since

Shares Amount

% Ownership

Board Chairman

28/06/2011

Director

28/06/2011

 

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.

 

Paini

Riccardo

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

S.k.g. Italiana S.p.a.

Parma (PR) - IT -

00254180342

Sole Director

Withdrawn

Merged

Acp Societa' Per Azioni

Parma (PR) - IT -

01198500421

Managing Director

Withdrawn

Registered

Acp Societa' Per Azioni

Parma (PR) - IT -

01198500421

Director

Withdrawn

Registered

Acp Societa' Per Azioni

Parma (PR) - IT -

01198500421

Managing Director

Withdrawn

Registered

Skg Italia S.p.a.

Parma (PR) - IT -

02218260343

Managing Director

Active

Registered

Skg Italia S.p.a.

Parma (PR) - IT -

02218260343

Director

Active

Registered

 

Bernini

Michele

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

S.k.g. Italiana S.p.a.

Parma (PR) - IT -

00254180342

Director

Withdrawn

Merged

Skg Italia S.p.a.

Parma (PR) - IT -

02218260343

Director

Withdrawn

Registered

Skg Italia S.p.a.

Parma (PR) - IT -

02218260343

Director

Active

Registered

Rolly Brush S.r.l.

Parma (PR) - IT -

02315580346

Sole Director

Active

Registered

 

Bernini

Olivia

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

S.k.g. Italiana S.p.a.

Parma (PR) - IT -

00254180342

Director

Withdrawn

Merged

Tgk Europe S.r.l. - Societa' A Responsabilita' Limitata

Parma (PR) - IT -

01866800343

Managing Director

Active

Registered

Tgk Europe S.r.l. - Societa' A Responsabilita' Limitata

Parma (PR) - IT -

01866800343

Director

Active

Registered

Skg Italia S.p.a.

Parma (PR) - IT -

02218260343

Managing Director

Active

Registered

Skg Italia S.p.a.

Parma (PR) - IT -

02218260343

Director

Withdrawn

Registered

Skg Italia S.p.a.

Parma (PR) - IT -

02218260343

Director

Active

Registered

Consorzio Vicofertile Due Societa' Cooperativa A Responsabilita' Limitata

Parma (PR) - IT -

02211580341

Director

Active

Registered

 

Bernini

Andrea

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

S.k.g. Italiana S.p.a.

Parma (PR) - IT -

00254180342

Director

Withdrawn

Merged

S.k.g. Italiana S.p.a.

Parma (PR) - IT -

00254180342

Managing Director

Withdrawn

Merged

Rial Vacuum Societa' A Responsabilita' Limitata O In Forma Abbreviata Rial Vacu

Parma (PR) - IT -

01529600346

Attorney with special power

Withdrawn

Composition with creditors

Acp Societa' Per Azioni

Parma (PR) - IT -

01198500421

Managing Director

Withdrawn

Registered

Acp Societa' Per Azioni

Parma (PR) - IT -

01198500421

Director

Withdrawn

Registered

Ctr Group S.r.l. - In Liquidazione

Parma (PR) - IT -

01764480347

Managing Director

Withdrawn

Registered

Ctr Group S.r.l. - In Liquidazione

Parma (PR) - IT -

01764480347

Director

Withdrawn

Registered

Ctr Group S.r.l. - In Liquidazione

Parma (PR) - IT -

01764480347

Sole Director

Withdrawn

Registered

Ctr Group S.r.l. - In Liquidazione

Parma (PR) - IT -

01764480347

Liquidator

Active

Registered

Ctr Group S.r.l. - In Liquidazione

Parma (PR) - IT -

01764480347

Board Chairman

Withdrawn

Registered

Skg Italia S.p.a.

Parma (PR) - IT -

02218260343

Managing Director

Active

Registered

Skg Italia S.p.a.

Parma (PR) - IT -

02218260343

Director

Withdrawn

Registered

Skg Italia S.p.a.

Parma (PR) - IT -

02218260343

Director

Active

Registered

 

Bernini

Angelo

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

S.k.g. Italiana S.p.a.

Parma (PR) - IT -

00254180342

Director

Withdrawn

Merged

S.k.g. Italiana S.p.a.

Parma (PR) - IT -

00254180342

Attorney General

Withdrawn

Merged

S.k.g. Italiana S.p.a.

Parma (PR) - IT -

00254180342

Managing Director

Withdrawn

Merged

S.k.g. Italiana S.p.a.

Parma (PR) - IT -

00254180342

Board Chairman

Withdrawn

Merged

Rial Vacuum Societa' A Responsabilita' Limitata O In Forma Abbreviata Rial Vacu

Parma (PR) - IT -

01529600346

Director

Withdrawn

Composition with creditors

Rial Vacuum Societa' A Responsabilita' Limitata O In Forma Abbreviata Rial Vacu

Parma (PR) - IT -

01529600346

Sole Director

Active

Composition with creditors

Rial Vacuum Societa' A Responsabilita' Limitata O In Forma Abbreviata Rial Vacu

Parma (PR) - IT -

01529600346

Sole partner

Active

Composition with creditors

Acp Societa' Per Azioni

Parma (PR) - IT -

01198500421

Director

Withdrawn

Registered

Acp Societa' Per Azioni

Parma (PR) - IT -

01198500421

Board Chairman

Withdrawn

Registered

Tgk Europe S.r.l. - Societa' A Responsabilita' Limitata

Parma (PR) - IT -

01866800343

Chairman

Withdrawn

Registered

Tgk Europe S.r.l. - Societa' A Responsabilita' Limitata

Parma (PR) - IT -

01866800343

Managing Director

Withdrawn

Registered

Tgk Europe S.r.l. - Societa' A Responsabilita' Limitata

Parma (PR) - IT -

01866800343

Director

Active

Registered

Tgk Europe S.r.l. - Societa' A Responsabilita' Limitata

Parma (PR) - IT -

01866800343

Board Chairman

Active

Registered

Controls Company Italia S.p.a.

Milano (MI) - IT -

Procurator

Withdrawn

Registered

Immober S.r.l.

Parma (PR) - IT -

02508960347

Sole Director

Active

Registered

Skg Italia S.p.a.

Parma (PR) - IT -

02218260343

Managing Director

Withdrawn

Registered

Skg Italia S.p.a.

Parma (PR) - IT -

02218260343

Director

Withdrawn

Registered

Skg Italia S.p.a.

Parma (PR) - IT -

02218260343

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

Paini Riccardo

Camerano - IT -

PNARCR42E26G337W

142.500 .Eur

4,53

Bernini Michele

Parma - IT -

BRNMHL71H10G337R

228.000 .Eur

7,25

Bernini Olivia

Parma - IT -

BRNLVO69B43M052A

228.000 .Eur

7,25

Bernini Andrea

Parma - IT -

BRNNDR65R11H223U

228.000 .Eur

7,25

Lasagni Silvia

LSGSLV42T64H223L

1.380.000 .Eur

43,91

Bernini Angelo

Parma - IT -

BRNNGL39L24G337K

936.000 .Eur

29,78



Firm's location and structure

 

-

Legal and operative seat

 

Manzini

, 5

- 43100

- Parma

(PR)

- IT -

 

PHONE

: 0521983955

 

Legal mail

: FINBER@LEGALMAIL.IT

 

-

Branch

(Factory)

since 04/01/2010

 

Farfisa

, 7/9

- 60021

- Camerano

(AN)

- IT -

 

Employees

: 136

 

Fittings and Equipment for a value of 580.000

Eur

 

Stocks for a value of 3.290.000

Eur

 

 

Historical Information and/or Firm's Status

 

EX-MEMBERS / EX-POSITIONS:

 

Paini

Riccardo

 

Born in Parma

(PR)

on 26/05/1942

- Fiscal Code : PNARCR42E26G337W

 

Residence:

Farfisa

, 7/9

- 60021

Camerano

(AN)

- IT -

 

Ex-Postions

Attorney with special power

 

Cipolla

Giorgio

 

Born in L'Aquila

(AQ)

on 09/10/1937

- Fiscal Code : CPLGRG37R09A345H

 

Residence:

Mazzini

, 27

- 43100

Parma

(PR)

- IT -

 

Ex-Postions

Chairman of the Board of Aud.

 

Cipolla

Giancarlo

 

Born in Parma

(PR)

on 05/06/1965

- Fiscal Code : CPLGCR65H05G337F

 

Residence:

Mazzini

, 27

- 43100

Parma

(PR)

- IT -

 

Ex-Postions

Temporary Auditor

 

Bernini

Andrea

 

Born in Reggio Emilia

(RE)

on 11/10/1965

- Fiscal Code : BRNNDR65R11H223U

 

Residence:

Re

, 22

- 43125

Parma

(PR)

- IT -

 

Ex-Postions

Director

 

Bernini

Angelo

 

Born in Parma

(PR)

on 24/07/1939

- Fiscal Code : BRNNGL39L24G337K

 

Residence:

Contini

, 1

- 43125

Parma

(PR)

- IT -

 

Ex-Postions

Sole Director

 

Chionne

Gianluca

 

Born in Pescara

(PE)

on 23/04/1971

- Fiscal Code : CHNGLC71D23G482C

 

Residence:

Santa Lucia

, 2/B

- 62010

Appignano

(MC)

- IT -

 

Ex-Postions

Auditor

 

 

CEASINGS/INCORPORATIONS/MERGES:

 

Project of merging by taking over of

 

S.k.g. Italiana S.p.a.

 

Borsari

, 31

, 43100

, Parma

(PR)

- IT -

 

Fiscal Code: 00254180342

 

Date

Merging/splitting-up project:

26/05/2002

 

The firm absorbed by merging of

 

S.k.g. Italiana S.p.a.

 

Borsari

, 31

, 43100

, Parma

(PR)

- IT -

 

Fiscal Code: 00254180342

 

Date

:

01/07/2002

 

Project of merging by taking over of

 

Acp Societa' Per Azioni

 

Manzini

, 5

, 43100

, Parma

(PR)

- IT -

 

Fiscal Code: 01198500421

 

Date

Merging/splitting-up project:

21/09/2009

 

The firm absorbed by merging of

 

Acp Societa' Per Azioni

 

Manzini

, 5

, 43100

, Parma

(PR)

- IT -

 

Fiscal Code: 01198500421

 

Date

:

23/12/2009

 

Project of merging into

 

Skg Italia S.p.a.

 

Borsari

, 33/A

, 43126

, Parma

(PR)

- IT -

 

Fiscal Code: 02218260343

 

Date

Merging/splitting-up project:

11/10/2013

 

Firm dissolved owing to merging into

 

Skg Italia S.p.a.

 

Borsari

, 33/A

, 43126

, Parma

(PR)

- IT -

 

Fiscal Code: 02218260343

 

Date

:

31/12/2013

 

Resolution of merging into

 

Skg Italia S.p.a.

 

Borsari

, 33/A

, 43126

, Parma

(PR)

- IT -

 

Fiscal Code: 02218260343

 

Date

:

14/10/2013




 

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

B.CA NAZIONALE DEL LAVORO SPA

PARMA

PIAZZA GARIBALDI, 17/A

43100

Parma (PR)

1005

12700



Financial and Economical Analysis

 

Company's starting of activities dates back to 1983.

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

Unstable economic results mark the company's financial state of affairs. with a loss in the last financial year. Upward trend as to the turnover in the last financial year (+29,9%).

The return on investment in the last financial year was negative (-1,99%).

The operating loss is equal to Eur. -761.623.

The economic management produced a gross operating margin of Eur. 814.251 showing a more then 100% growth.

The financial status of the company is fairly balanced with an indebtedness level of 1,71 but with an increase as against the previous accounting period.

The equity capital is equal to Eur. 10.038.672 , recording a -20,54% decrease.

Total indebtedness was equal to Eur. 25.574.875 (Eur. 8.178.583 was the value of m/l term debts) showing a stable trend as opposed to 2011 (Eur. 22.041.165).

Both financial indebtedness as well as exsposure to suplliers are rated as fairly high and higher than sector's average.

Liquid assets are not adequatel to subject's needs.

Accounts receivable average term is 80,85 days. , a value lower than the sector's average.

The financial management generated a negative cash flow (Eur. -1.486.045).

In the last financial year labour cost was of Eur. 6.101.243, with a 26,41% incidence on total costs of production. and a 28,62% incidence on sales volumes.

The incidence percentage of financial charges on sales volume is equal to -3,98%.

The presence of detrimental items, apart from the financial-economic analysis, makes the company not suitable for business transactions on credit basis.



Financial Data

 

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

 

Item Type

Value

Sales

21.316.820

Profit (Loss) for the period

-2.595.312

 

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

 

Item Type

Value

Sales

16.409.688

Profit (Loss) for the period

2.197.781

 

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

 

Item Type

Value

Sales

13.692.820

Profit (Loss) for the period

-2.589.221

 

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

 

Item Type

Value

Sales

822.142

Profit (Loss) for the period

-2.407.787

 

Complete balance-sheet for the year

al 31/12/2008

(in Eur

x 1)

 

Item Type

Value

Sales

847.537

Profit (Loss) for the period

-5.732.553

 

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

18.107

27.161

36.214

. . Research,develop. and advert.expens.

. . Industrial patent rights

39.134

2.184

5.247

. . Concessions,licenses,trademarks,etc.

1.043

1.448

1.597

. . Goodwill

. . Assets in formation and advance paymen.

. . Other intangible fixed assets

25.060

28.978

4.762

. Total Intangible Fixed Assets

83.344

59.771

47.820

. TANGIBLE FIXED ASSETS

. . Real estate

20.297.468

20.700.013

20.916.699

. . Plant and machinery

388.634

241.920

249.502

. . Industrial and commercial equipment

188.307

200.465

105.144

. . Other assets

55.737

37.046

66.996

. . Assets under construction and advances

1.648.568

1.599.168

1.603.268

. Total Tangible fixed assets

22.578.714

22.778.612

22.941.609

. FINANCIAL FIXED ASSETS

. . Equity investments

3.797.403

3.882.643

2.885.433

. . . Equity invest. in subsidiary companies

2.190.337

2.275.577

2.352.167

. . . Equity invest. in associated companies

1.604.483

1.604.483

530.683

. . . Equity invest. in holding companies

. . . Equity invest. in other companies

2.583

2.583

2.583

. . Financial receivables

331.353

720.563

612.657

. . . . Within 12 months

388.797

610.997

. . . . Beyond 12 months

331.353

331.766

1.660

. . . Receivab due from subsidiaries

387.737

450.497

. . . . Within 12 months

387.737

450.497

. . . . Beyond 12 months

. . . Receivables due from assoc.comp.

300.000

300.000

160.500

. . . . Within 12 months

160.500

. . . . Beyond 12 months

300.000

300.000

. . . Receivables due from holding comp.

. . . . Within 12 months

. . . . Beyond 12 months

. . . Receivables due from third parties

31.353

32.826

1.660

. . . . Within 12 months

1.060

. . . . Beyond 12 months

31.353

31.766

1.660

. . Other securities

13.170

24.532

24.532

. . Own shares

. . . Total nominal value

. Total financial fixed assets

4.141.926

4.627.738

3.522.622

Total fixed assets

26.803.984

27.466.121

26.512.051

CURRENT ASSETS

. INVENTORIES

. . Raw materials and other consumables

2.231.757

2.124.870

2.011.330

. . Work in progress and semimanufactured

574.051

556.074

411.449

. . Work in progress on order

. . Finished goods

484.422

332.009

451.449

. . Advance payments

1.753

20.000

. Total Inventories

3.291.983

3.032.953

2.874.228

. CREDITS NOT HELD AS FIXED ASSETS

. . Within 12 months

6.819.235

4.183.777

5.687.294

. . Beyond 12 months

761.144

387.042

430.124

. . Trade receivables

4.787.494

2.264.649

1.286.375

. . . . Within 12 months

4.787.494

2.264.649

1.286.375

. . . . Beyond 12 months

. . Receivables due from subsid. comp.

1.086.291

953.754

3.095.445

. . . . Within 12 months

1.086.291

953.754

3.095.445

. . . . Beyond 12 months

. . Receivables due from assoc. comp.

54.060

81.326

55.385

. . . . Within 12 months

54.060

81.326

55.385

. . . . Beyond 12 months

. . Receivables due from holding comp.

. . . . Within 12 months

. . . . Beyond 12 months

. . Fiscal Receivables

801.742

503.118

701.243

. . . . Within 12 months

630.537

496.084

694.209

. . . . Beyond 12 months

171.205

7.034

7.034

. . Receivables for anticipated taxes

781.535

750.769

947.487

. . . . Within 12 months

191.596

370.761

524.397

. . . . Beyond 12 months

589.939

380.008

423.090

. . Receivables due from third parties

69.257

17.203

31.483

. . . . Within 12 months

69.257

17.203

31.483

. . . . Beyond 12 months

. Total Credits not held as fixed assets

7.580.379

4.570.819

6.117.418

. 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

245.810

1.235.218

1.077.644

. . Checks

. . Banknotes and coins

764

614

1.595

. Total Liquid funds

246.574

1.235.832

1.079.239

Total current assets

11.118.936

8.839.604

10.070.885

ADJUSTMENT ACCOUNTS

. Discount on loans

444.412

591.648

. Other adjustment accounts

684.724

Total adjustments accounts

444.412

591.648

684.724

TOTAL ASSETS

38.367.332

36.897.373

37.267.660

LIABILITIES

STOCKHOLDERS' EQUITY

. Capital stock

3.142.500

3.142.500

3.142.500

. Additional paid-in capital

. Revaluation reserves

9.076.669

6.988.777

8.471.684

. Legal reserve

414.816

304.926

304.926

. Reserve for Own shares

. Statute reserves

. Other reserves

-1

1.106.316

. Accumulated Profits (Losses)

. Profit( loss) of the year

-2.595.312

2.197.781

-2.589.221

. Advances on dividends

. Partial loss of the year Coverage

Total Stockholders'Equity

10.038.672

12.633.984

10.436.205

RESERVES FOR RISKS AND CHARGES

. . Reserve for employee termination indem.

. . Taxation fund, also differed

1.172.480

1.273.127

1.374.035

. . Other funds

505.912

9.306

15.000

Total Reserves for Risks and Charges

1.678.392

1.282.433

1.389.035

Employee termination indemnities

524.343

487.387

467.647

ACCOUNTS PAYABLE

. . . . Within 12 months

17.396.292

11.428.732

12.898.077

. . . . Beyond 12 months

8.178.583

10.612.433

11.598.280

. . 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

15.730.713

15.317.569

16.944.335

. . . . Within 12 months

7.940.759

4.893.313

5.671.458

. . . . Beyond 12 months

7.789.954

10.424.256

11.272.877

. . Due to other providers of finance

. . . . Within 12 months

. . . . Beyond 12 months

. . Advances from customers

9.600

. . . . Within 12 months

9.600

. . . . Beyond 12 months

. . Trade payables

5.186.263

3.065.098

3.896.556

. . . . Within 12 months

5.186.263

3.065.098

3.896.556

. . . . Beyond 12 months

. . Securities issued

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to subsidiary companies

3.397.592

2.490.214

2.635.929

. . . . Within 12 months

3.115.133

2.364.860

2.372.719

. . . . Beyond 12 months

282.459

125.354

263.210

. . Due to associated companies

630

2.610

3.054

. . . . Within 12 months

1.980

3.054

. . . . Beyond 12 months

630

630

. . Due to holding companies

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to the tax authorities

215.522

214.104

264.152

. . . . Within 12 months

215.522

214.104

264.152

. . . . Beyond 12 months

. . Due to social security and welfare inst.

375.798

379.901

302.040

. . . . Within 12 months

375.798

379.901

302.040

. . . . Beyond 12 months

. . Other payables

658.757

571.669

450.291

. . . . Within 12 months

553.217

509.476

388.098

. . . . Beyond 12 months

105.540

62.193

62.193

Total accounts payable

25.574.875

22.041.165

24.496.357

ADJUSTMENT ACCOUNTS

. Agio on loans

. Other adjustment accounts

551.050

452.404

478.416

Total adjustment accounts

551.050

452.404

478.416

TOTAL LIABILITIES

38.367.332

36.897.373

37.267.660

 

MEMORANDUM ACCOUNTS

 

Third party goods

Investment accounts

Risk accounts

1.140.651

1.919.162

Civil and fiscal norms relation

 

PROFIT AND LOSS ACCOUNTS

 

VALUE OF PRODUCTION

. Revenues from sales and services

21.316.819

16.409.688

13.692.820

. Changes in work in progress

170.390

25.186

72.473

. Changes in semi-manufact. products

. Capitalization of internal work

35.304

138.383

4.324

. Other income and revenues

820.417

650.627

776.989

. . Contributions for operating expenses

12.000

10.000

. . Different income and revenues

808.417

640.627

776.989

Total value of production

22.342.930

17.223.884

14.546.606

PRODUCTION COSTS

. Raw material,other materials and consum.

11.037.433

8.474.081

7.708.127

. Services received

2.927.173

2.110.727

. Leases and rentals

4.348.575

544.868

515.774

. Payroll and related costs

6.101.243

4.930.290

4.344.513

. . Wages and salaries

4.592.670

3.503.054

3.074.005

. . Social security contributions

1.246.104

1.171.686

1.039.918

. . Employee termination indemnities

262.469

255.550

230.590

. . Pension and similar

. . Other costs

. Amortization and depreciation

1.109.267

691.909

750.549

. . Amortization of intangible fixed assets

32.395

22.189

16.748

. . Amortization of tangible fixed assets

686.214

669.720

733.801

. . Depreciation of tangible fixed assets

. . Writedown of current receiv.and of liquid

390.658

. Changes in raw materials

-106.888

-113.539

-367.466

. Provisions to risk reserves

466.607

15.000

. Other provisions

. Other operating costs

148.316

82.893

106.773

Total production costs

23.104.553

17.537.675

15.183.997

Diff. between value and cost of product.

-761.623

-313.791

-637.391

FINANCIAL INCOME AND EXPENSE

. Income from equity investments

970.961

1.311.171

. . In subsidiary companies

818.961

. . In associated companies

152.000

. . In other companies

. Other financial income

204.494

214.443

169.490

. . Financ.income from receivables

82.396

73.606

54.217

. . . Towards subsidiary companies

46.468

62.483

. . . Towards associated companies

13.544

11.123

. . . Towards holding companies

. . . Towards other companies

22.384

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

. . Financ.income from secur. cur.assets

. . Financ.income other than the above

122.098

140.837

115.273

. . . - Subsidiary companies

. . . - Associated companies

. . . - Holding companies

. . . - Other companies

122.098

140.837

. Interest and other financial expense

-1.052.901

-1.043.909

-857.786

. . Towards subsidiary companies

-2.229

-40.036

. . Towards associated companies

. . Towards holding companies

. . Towards other companies

1.052.901

1.043.909

Total financial income and expense

-848.407

141.495

622.875

ADJUSTMENTS TO FINANCIAL ASSETS

. Revaluations

. . Of equity investments

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

. . Of securities incl.among current assets

. Devaluation

-382.737

-12.590

-4.015.689

. . Of equity investments

-12.590

-4.015.689

. . Of financial fixed assets (no equity inv)

-382.737

. . Of securities included among current ass

Total adjustments to financial assets

-382.737

-12.590

-4.015.689

EXTRAORDINARY INCOME AND EXPENSE

. Extraordinary income

168.949

2.540.117

1.444.505

. . Gains on disposals

23.638

2.427.320

. . Other extraordinary income

145.311

112.797

1.444.505

. Extraordinary expense

-396.103

-20.984

-180.241

. . Losses on disposals

-335.389

. . Taxes relating to prior years

-6.262

. . Other extraordinary expense

-54.452

-20.984

-180.241

Total extraordinary income and expense

-227.154

2.519.133

1.264.264

Results before income taxes

-2.219.921

2.334.247

-2.765.941

. Taxes on current income

375.391

136.466

-176.720

. . current taxes

330.786

238.922

115.700

. . differed taxes(anticip.)

44.605

-102.456

-292.420

. Net income for the period

-2.595.312

2.197.781

-2.589.221

. Adjustments in tax regulations pursuance

. Provisions in tax regulations pursuance

. Profit (loss) of the year

-2.595.312

2.197.781

-2.589.221

 

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

0,70

0,74

0,71

0,18

Elasticity Ratio

Units

0,29

0,24

0,27

0,79

Availability of stock

Units

0,09

0,08

0,08

0,21

Total Liquidity Ratio

Units

0,20

0,16

0,19

0,52

Quick Ratio

Units

0,01

0,03

0,03

0,03

COMPOSITION ON SOURCE

Net Short-term indebtedness

Units

1,71

0,81

1,13

3,01

Self Financing Ratio

Units

0,26

0,34

0,28

0,19

Capital protection Ratio

Units

0,95

0,58

0,95

0,66

Liabilities consolidation quotient

Units

0,50

0,97

0,94

0,16

Financing

Units

2,55

1,74

2,35

3,56

Permanent Indebtedness Ratio

Units

0,49

0,64

0,60

0,34

M/L term Debts Ratio

Units

0,23

0,30

0,32

0,10

Net Financial Indebtedness Ratio

Units

1,54

1,11

1,52

0,69

CORRELATION

Fixed assets ratio

Units

0,70

0,86

0,85

1,65

Current ratio

Units

0,64

0,77

0,78

1,18

Acid Test Ratio-Liquidity Ratio

Units

0,45

0,51

0,56

0,86

Structure's primary quotient

Units

0,37

0,46

0,39

1,02

Treasury's primary quotient

Units

0,01

0,11

0,08

0,06

Rate of indebtedness ( Leverage )

%

382,20

292,05

357,10

509,92

Current Capital ( net )

Value

-6.277.356

-2.589.128

-2.827.192

330.495

RETURN

Return on Sales

%

-6,97

17,61

-13,43

3,79

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

%

-25,85

17,40

-24,81

6,70

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

%

-22,11

18,48

-26,50

18,82

Return on Investment ( R.O.I. )

%

-1,99

-0,85

-1,71

4,89

Return/ Sales

%

-3,57

-1,91

-4,65

4,78

Extra Management revenues/charges incid.

%

n.c.

n.c.

n.c.

29,96

Cash Flow

Value

-1.486.045

2.889.690

-1.838.672

165.166

Operating Profit

Value

-761.623

-313.791

-637.391

225.594

Gross Operating Margin

Value

814.251

378.118

128.158

376.080

MANAGEMENT

Credits to clients average term

Days

80,85

49,68

33,82

111,07

Debts to suppliers average term

Days

200,86

167,49

227,66

127,44

Average stock waiting period

Days

55,60

66,54

75,57

62,88

Rate of capital employed return ( Turnover )

Units

0,56

0,44

0,37

1,10

Rate of stock return

Units

6,48

5,41

4,76

5,58

Labour cost incidence

%

28,62

30,04

31,73

18,94

Net financial revenues/ charges incidence

%

-3,98

0,86

4,55

-1,15

Labour cost on purchasing expenses

%

26,41

28,11

28,61

18,99

Short-term financing charges

%

4,12

4,74

3,50

2,55

Capital on hand

%

179,99

224,85

272,17

90,89

Sales pro employee

Value

112.193

106.556

101.428

199.007

Labour cost pro employee

Value

32.111

32.014

32.181

34.820

 

 

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

:

413.198

Population living in the region

:

4.151.369

Number of families in the region

:

1.748.359

 

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

 

- per food products

:

425

- per non food products

:

2.063

- per energy consume

:

143

 

 

Sector Data

 

The values are calculated on a base of 1.964 significant companies.

 

The companies cash their credits on an average of 111 dd.

The average duration of suppliers debts is about 127 dd.

The sector's profitability is on an average of 3,79%.

The labour cost affects the turnover in the measure of 18,94%.

Goods are held in stock in a range of 63 dd.

The difference between the sales volume and the resources used to realize it is about 1,10.

The employees costs represent the 18,99% of the production costs.

 

 

Statistical Detrimental Data

 

Statistcally the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 18.860 protested subjects are found; in the province they count to 1.231.

The insolvency index for the region is 0,46, , while for the province it is 0,31.

Total Bankrupt companies in the province : 1.624.

Total Bankrupt companies in the region : 14.698.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.41

UK Pound

1

Rs.98.06

Euro

1

Rs.77.19

 

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.