MIRA INFORM REPORT

 

 

Report No. :

315649

Report Date :

01.04.2015

 

IDENTIFICATION DETAILS

 

Name :

BDF INDUSTRIES S.P.A.

 

 

Registered Office :

Viale Dell’industria, 40, 36100 – Vicenza (VI)

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

21.02.2007

 

 

Legal Form :

Joint stock company with sole shareholder

 

 

Line of Business :
  • Manufacture of other electrical equipment
  • Manufacture of machinery and equipment N.E.C.

 

 

No of Employees :

From 150 to 175

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Italy

A2

A1

 

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

 

Bdf Industries S.p.a.

 

Viale

Dell'industria,

40

 

36100

- Vicenza

(VI)

-IT-

 

 

Summary

 

Fiscal Code

:

03371360243

Legal Form

:

Joint stock company with sole shareholder

start of Activities

:

21/02/2007

Equity

:

Over 2.582.254

Turnover Range

:

35.000.000/50.000.000

Number of Employees

:

from 150 to 175

 

 

Activity

 

Manufacture of other electrical equipment

MANUFACTURE OF MACHINERY AND EQUIPMENT N.E.C.

 

Legal Data

 

Legal Form : Joint stock company with sole shareholder

Fiscal Code : 03371360243

 

Foreign Trade Reg. no. : VI057047 since 19/12/2007

 

Chamber of Commerce no. : 470241 of Genova

 

Chamber of Commerce no. : 181458 of Piacenza

 

Chamber of Commerce no. : 320030 of Vicenza since 08/02/2007

 

Establishment date

: 25/01/2007

Start of Activities

: 21/02/2007

Legal duration

: 31/12/2050

Nominal Capital

: 6.000.000

Subscribed Capital

: 6.000.000

Paid up Capital

: 6.000.000

 

Legal mail :

BDFINDUSTRIES@PEC.IT

 

 

Members

 

Bdf Holding S.p.a.

 

 

Residence:

Dell'industria

, 40

- 36100

Vicenza

(VI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Sole partner

 

No Prejudicial events are reported

 

No Protests registered

 

Dalla Fontana

Oscar

 

Born in Vicenza

(VI)

on 26/08/1959

- Fiscal Code : DLLSCR59M26L840Y

 

Residence:

Pilla

, 1

- 36057

Arcugnano

(VI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

18/02/2015

Managing Director

18/02/2015

 

No Prejudicial events are reported

 

No Protests registered

 

Dalla Fontana

Adamo

 

Born in Vicenza

(VI)

on 02/01/1955

- Fiscal Code : DLLDMA55A02L840Y

 

Residence:

Umberto I

, 74

- 36057

Arcugnano

(VI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

18/02/2015

Board Chairman

18/02/2015

Managing Director

18/02/2015

 

No Prejudicial events are reported

 

No Protests registered

 

Dalla Fontana

Alessandra

 

Born in Vicenza

(VI)

on 17/10/1965

- Fiscal Code : DLLLSN65R57L840N

 

Residence:

Trieste

, 8

- 36051

Creazzo

(VI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

18/02/2015

 

De Corinti

Andrea

 

Born in Vicenza

(VI)

on 01/09/1968

- Fiscal Code : DCRNDR68P01L840L

 

Residence:

Vicenza

, 19

- 36030

Costabissara

(VI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Attorney with special power

29/07/2009

 

No Prejudicial events are reported

 

No Protests registered

 

Bristot

Antonio

 

Born in Aviano

(PN)

on 25/01/1962

- Fiscal Code : BRSNTN62A25A516B

 

Residence:

Eraclea

, 10

- 33170

Pordenone

(PN)

- IT -

 

Position

Since

Shares Amount

% Ownership

Attorney with special power

29/01/2010

 

No Prejudicial events are reported

 

No Protests registered

 

Bentivegna

Sergio

 

Born in Genova

(GE)

on 02/11/1975

- Fiscal Code : BNTSRG75S02D969T

 

Residence:

Montevideo

, 12/7B

- 16100

Genova

(GE)

- IT -

 

Position

Since

Shares Amount

% Ownership

Responsible technician



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.

 

Dalla Fontana

Oscar

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Bdf Holding S.p.a.

Vicenza (VI) - IT -

01636010249

Director

Withdrawn

Registered

M.c.r. - S.r.l. - Manutenzioni, Corsi Rappresentanze

Piacenza (PC) - IT -

02431960109

Director

Withdrawn

Registered

M.c.r. - S.r.l. - Manutenzioni, Corsi Rappresentanze

Piacenza (PC) - IT -

02431960109

Board Chairman

Withdrawn

Registered

Geal S.r.l.

Vicenza (VI) - IT -

01850370246

Managing Director

Active

Registered

Geal S.r.l.

Vicenza (VI) - IT -

01850370246

Director

Active

Registered

Geal S.r.l.

Vicenza (VI) - IT -

01850370246

Assistant board Chairman

Active

Registered

F.t. Commerciale S.r.l.

Vicenza (VI) - IT -

01533870240

Chairman

Withdrawn

Registered

F.t. Commerciale S.r.l.

Vicenza (VI) - IT -

01533870240

Director

Withdrawn

Registered

Vimacchine S.p.a.

Vicenza (VI) - IT -

01985970241

Director

Withdrawn

Registered

Tde Macno S.p.a.

Vicenza (VI) - IT -

00516300241

Managing Director

Active

Registered

Tde Macno S.p.a.

Vicenza (VI) - IT -

00516300241

Director

Active

Registered

Tde Macno S.p.a.

Vicenza (VI) - IT -

00516300241

Board Chairman

Active

Registered

Edf Immobiliare S.r.l.

Vicenza (VI) - IT -

02498920244

Managing Director

Withdrawn

Registered

Edf Immobiliare S.r.l.

Vicenza (VI) - IT -

02498920244

Director

Withdrawn

Registered

Edf Industria S.r.l.

Vicenza (VI) - IT -

02498930243

Managing Director

Active

Registered

Edf Industria S.r.l.

Vicenza (VI) - IT -

02498930243

Director

Active

Registered

Edf Industria S.r.l.

Vicenza (VI) - IT -

02498930243

Assistant board Chairman

Withdrawn

Registered

Edf Industria S.r.l.

Vicenza (VI) - IT -

02498930243

Board Chairman

Active

Registered

Glass Technologies S.r.l.

Vicenza (VI) - IT -

01181170331

Managing Director

Withdrawn

Registered

Glass Technologies S.r.l.

Vicenza (VI) - IT -

01181170331

Director

Withdrawn

Registered

Glass Technologies S.r.l.

Vicenza (VI) - IT -

01181170331

Managing Director

Withdrawn

Registered

BDF IMPIANTI S.R.L.

- -

02924080241

Liquidator

Withdrawn

Registered

Bdf - Boscato E Dalla Fontana S.p.a. - In Liquidazione

Vicenza (VI) - IT -

03099720249

Managing Director

Withdrawn

In liquidation

 

Dalla Fontana

Adamo

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Bdf Holding S.p.a.

Vicenza (VI) - IT -

01636010249

Director

Withdrawn

Registered

Bdf Holding S.p.a.

Vicenza (VI) - IT -

01636010249

Sole Director

Active

Registered

Bdf Holding S.p.a.

Vicenza (VI) - IT -

01636010249

Liquidator

Withdrawn

Registered

Geal S.r.l.

Vicenza (VI) - IT -

01850370246

Managing Director

Active

Registered

Geal S.r.l.

Vicenza (VI) - IT -

01850370246

Director

Active

Registered

Edizioni Brescia - S.p.a.

Brescia (BS) - IT -

03098310174

Director

Withdrawn

Registered

Edizioni Brescia - S.p.a.

Brescia (BS) - IT -

03098310174

Board Chairman

Withdrawn

Registered

Vimacchine S.p.a.

Vicenza (VI) - IT -

01985970241

Managing Director

Withdrawn

Registered

Tde Macno S.p.a.

Vicenza (VI) - IT -

00516300241

Managing Director

Withdrawn

Registered

Tde Macno S.p.a.

Vicenza (VI) - IT -

00516300241

Director

Active

Registered

Tde Macno S.p.a.

Vicenza (VI) - IT -

00516300241

Board Chairman

Withdrawn

Registered

GEAL S.R.L.

Arcugnano (VI) - IT -

01919820249

Chairman

Withdrawn

Registered

GEAL S.R.L.

Arcugnano (VI) - IT -

01919820249

Managing Director

Withdrawn

Registered

GEAL S.R.L.

Arcugnano (VI) - IT -

01919820249

Director

Withdrawn

Registered

GEAL S.R.L.

Arcugnano (VI) - IT -

01919820249

Chairman and Managing Director

Withdrawn

Registered

GEAL S.R.L.

Arcugnano (VI) - IT -

01919820249

Board Chairman

Withdrawn

Registered

Edf Immobiliare S.r.l.

Vicenza (VI) - IT -

02498920244

Director

Withdrawn

Registered

Edf Industria S.r.l.

Vicenza (VI) - IT -

02498930243

Managing Director

Active

Registered

Edf Industria S.r.l.

Vicenza (VI) - IT -

02498930243

Director

Active

Registered

Nei S.p.a. - In Liquidazione

Venezia (VE) - IT -

02987170277

Director

Withdrawn

Ceased

Glass Technologies S.r.l.

Vicenza (VI) - IT -

01181170331

Managing Director

Withdrawn

Registered

Glass Technologies S.r.l.

Vicenza (VI) - IT -

01181170331

Director

Withdrawn

Registered

Glass Technologies S.r.l.

Vicenza (VI) - IT -

01181170331

Board Chairman

Withdrawn

Registered

Bdf Elettronica S.p.a.

Vicenza (VI) - IT -

02713770242

Sole Director

Withdrawn

Registered

Meccanica Utile S.r.l.

Arzignano (VI) - IT -

02874630243

Director

Withdrawn

Ceased

BDF IMPIANTI S.R.L.

- -

02924080241

Director

Withdrawn

Registered

Vicenza Qualita' - Azienda Speciale Della C.c.i.a.a. Di Vicenza

Vicenza (VI) - IT -

00893200246

Vice-Chairman

Withdrawn

Registered

IMMOBEL S.R.L. - SOCIETA' UNIPERSONALE

Vicenza (VI) - IT -

01471590248

Sole Director

Withdrawn

Registered

Bdf - Boscato E Dalla Fontana S.p.a. - In Liquidazione

Vicenza (VI) - IT -

03099720249

Director

Withdrawn

In liquidation

Bdf - Boscato E Dalla Fontana S.p.a. - In Liquidazione

Vicenza (VI) - IT -

03099720249

Managing Director

Withdrawn

In liquidation

 

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

Bdf Holding S.p.a.

Vicenza - IT -

01636010249

100,00

 

Direct Participations

 

The Company under review has participations in the following Companies:

 

Firm's Style

Seat

Fiscal Code

Owned Shares Amount

% Ownership

since

until

Share Status

Armeni E Partners S.r.l.

03452150240

3.500 .Eur

35,00

Active



Firm's location and structure

 

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

 

-

Legal and operative seat

 

Dell'industria

, 40

- 36100

- Vicenza

(VI)

- IT -

 

PHONE

: 0444286100

 

FAX

: 0444286299

 

Email

: bdf@bdf.it

 

Legal mail

: BDFINDUSTRIES@PEC.IT

 

-

Branch

(Store)

since 02/04/2007

 

Dell'edilizia

, 11

- 36100

- Vicenza

(VI)

- IT -

 

-

Branch

(Branch)

since 10/12/2013

 

De Marini

, 1

- 16100

- Genova

(GE)

- IT -

 

-

Branch

(office)

since 10/12/2013

 

J.massarenti

, 9

- 29100

- Piacenza

(PC)

- IT -

 

Employees

: 170

 

Fittings and Equipment for a value of 670.000

Eur

 

Stocks for a value of 8.720.000

Eur

 

Work in progress for a value of 58.000

Eur

 

The company sells in Italy and abroad.

The company 's mainly customers are companies.

The firm operates abroad as exporter..

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

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

 

Export is mainly towards:

- TUTTO IL CONTINENTE

 

 

Traded Brands / Suppliers

 

- Lapp Italia Srl

 

- Saipeamp;Schyller S.p.A.

 

- Qualitron srl

 

 

Historical Information and/or Firm's Status

 

EX-MEMBERS / EX-POSITIONS:

 

Dalla Fontana

Oscar

 

Born in Vicenza

(VI)

on 26/08/1959

- Fiscal Code : DLLSCR59M26L840Y

 

Residence:

Pilla

, 1

- 36057

Arcugnano

(VI)

- IT -

 

Ex-Postions

Director

Managing Director

 

Cavestro

Clodoveo

 

Born in Sossano

(VI)

on 27/08/1935

- Fiscal Code : CVSCDV35M27I867L

 

Residence:

Lago Di Carezza

, 19

- 36100

Vicenza

(VI)

- IT -

 

Ex-Postions

Chairman of the Board of Aud.

 

Di Lenardo

Ferruccio

 

Born in Udine

(UD)

on 19/12/1958

- Fiscal Code : DLNFRC58T19L483P

 

Residence:

Albrizzi Alle Pozzette

, 8

- 31030

Casier

(TV)

- IT -

 

Ex-Postions

Chairman of the Board of Aud.

 

Noro

Uberto

 

Born in Verona

(VR)

on 19/06/1951

- Fiscal Code : NROBRT51H19L781J

 

Residence:

Carpagnon

, 11

- 36100

Vicenza

(VI)

- IT -

 

Ex-Postions

Temporary Auditor

Permanent Auditor

 

Lazzaris

Alessandra

 

Born in Vicenza

(VI)

on 14/12/1966

- Fiscal Code : LZZLSN66T54L840Q

 

Residence:

X Giugno

, 215

- 36100

Vicenza

(VI)

- IT -

 

Ex-Postions

Temporary Auditor

 

Gallana

Claudio

 

Born in Padova

(PD)

on 03/10/1956

- Fiscal Code : GLLCLD56R03G224R

 

Residence:

E. Franceschini

, 20

- 35042

Este

(PD)

- IT -

 

Ex-Postions

Director

Managing Director

 

De Corinti

Andrea

 

Born in Vicenza

(VI)

on 01/09/1968

- Fiscal Code : DCRNDR68P01L840L

 

Residence:

Vicenza

, 19

- 36030

Costabissara

(VI)

- IT -

 

Ex-Postions

Director

Managing Director

 

Carta

Roberto

 

Born in Vicenza

(VI)

on 27/02/1946

- Fiscal Code : CRTRRT46B27L840T

 

Residence:

Cappuccini

, 34

- 36100

Vicenza

(VI)

- IT -

 

Ex-Postions

Temporary Auditor

 

Zanguio

Mauro

 

Born in Ala

(TN)

on 23/06/1926

- Fiscal Code : ZNGMRA26H23A116U

 

Residence:

Contra' Carpagnon

, 11

- 36100

Vicenza

(VI)

- IT -

 

Ex-Postions

Director

 

Cavestro

Clodoveo

 

Born in Sossano

(VI)

on 27/08/1935

- Fiscal Code : CVSCDV35M27I867L

 

Residence:

Del Commercio

, 56

- 36100

Vicenza

(VI)

- IT -

 

Ex-Postions

Chairman of the Board of Aud.

Permanent Auditor

 

Zanguio

Mauro

 

Born in Ala

(TN)

on 23/06/1926

- Fiscal Code : ZNGMRA26H23A116U

 

Residence:

Contra' Carpagnon

, 11

- 36100

Vicenza

(VI)

- IT -

 

Ex-Postions

Director

 

Ricci

Desio

 

Born in Scorrano

(LE)

on 23/03/1967

- Fiscal Code : RCCDSE67C23I549M

 

Residence:

Ricasoli

, 26

- 36100

Vicenza

(VI)

- IT -

 

Ex-Postions

Permanent Auditor

 

CEASINGS/INCORPORATIONS/MERGES:

 

Project of merging by taking over of

 

M.c.r. - S.r.l. - Manutenzioni, Corsi Rappresentanze

 

J. Massarenti

, 9

, 29122

, Piacenza

(PC)

- IT -

 

Fiscal Code: 02431960109

 

Date

Merging/splitting-up project:

27/06/2013

 

The firm absorbed by merging of

 

M.c.r. - S.r.l. - Manutenzioni, Corsi Rappresentanze

 

J. Massarenti

, 9

, 29122

, Piacenza

(PC)

- IT -

 

Fiscal Code: 02431960109

 

Date

:

05/12/2013



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

Banca del Centroveneto

Ag Centro storico

Piazza Matteotti 3-4

36100

Vicenza (VI)

INTESA SANPAOLO SPA

3069

0

BANCA POPOLARE DI VICENZA SCPA

5728

0



Financial and Economical Analysis

 

The company is active since 2007

The eonomic-financial analysis is based on the latest 3 b/s.

Unstable economic results mark the company's financial state of affairs. with a profit (r.o.e. 3,82%) in the last financial year In the last financial year an increase in the turnover has been registered (+13,04%).

The operating result was positive in the last financial year (3,93%) and in line with the sector's average.

An operating result of Eur. 1.588.752 has been registered. , on more or less the same values as in the year before.

The G.O.M. amounted to Eur. 3.233.165 on the same levels as the previous financial year.

Company's financial status is balanced since indebtedness is not high (3,42) and falling as against the previous year (5,53).

The management generated equity capital for an amount of Eur. 7.096.113 , with an upward trend.

During the last financial year debts totalled Eur. 29.553.142 (Eur. 967.949 of which were m/l term debts) , a more or less stable value.

Financial indebdtedness is under control whereas debts to suppliers are frequent even in comparison with the sector's.

Liquid assets are good.

Accounts receivable average term is high (105,91 days). but on the same levels as the average of the sector.

2013 financial year closed with a cash flow of Eur. 1.761.005

During 2013 financial year labour costs amounted to Eur. 8.748.084, with a 19,25% incidence on production costs. , whereas the incidence of such costs on sales revenues is equal to 18,03%.

The incidence of the financial charges is of -0,92% on the sales amount.



Financial Data

 

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

 

Item Type

Value

Sales

48.531.642

Profit (Loss) for the period

270.838

 

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

 

Item Type

Value

Sales

42.930.280

Profit (Loss) for the period

511.488

 

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

 

Item Type

Value

Sales

34.118.757

Profit (Loss) for the period

-474.557

 

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

 

Item Type

Value

Sales

31.243.760

Profit (Loss) for the period

-195.260

 

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

 

Item Type

Value

Sales

41.719.871

Profit (Loss) for the period

-99.824



Balance Sheets

 

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

 

- Balance Sheet as at 31/12/2013 - 12 Mesi - Currency: - Amounts x 1

 

- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1

 

- Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1

 

Years

2013

2012

2011

BALANCE SHEET ACCOUNTS

 

ASSETS

CREDITS VS PARTNERS

. Deposits not yet withdrawn

. Deposits already withdrawn

Total credits vs partners

FIXED ASSETS

. INTANGIBLE FIXED ASSETS

. . Start-up and expansion expenses

14.024

. . Research,develop. and advert.expens.

2.113.519

2.057.923

169.635

. . Industrial patent rights

11.531

. . Concessions,licenses,trademarks,etc.

38.866

14.435

61.854

. . Goodwill

1.159.148

. . Assets in formation and advance paymen.

2.824

2.226.974

. . Other intangible fixed assets

290.356

299.178

317.431

. Total Intangible Fixed Assets

3.630.268

2.371.536

2.775.894

. TANGIBLE FIXED ASSETS

. . Real estate

5.491

6.489

7.487

. . Plant and machinery

36.216

33.131

41.594

. . Industrial and commercial equipment

634.520

223.354

330.055

. . Other assets

185.921

95.027

57.787

. . Assets under construction and advances

. Total Tangible fixed assets

862.148

358.001

436.923

. FINANCIAL FIXED ASSETS

. . Equity investments

1.178.324

1.178.324

1.178.324

. . . Equity invest. in subsidiary companies

1.128.324

1.128.324

1.128.324

. . . Equity invest. in associated companies

50.000

50.000

50.000

. . . Equity invest. in holding companies

. . . Equity invest. in other companies

. . 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

1.178.324

1.178.324

1.178.324

Total fixed assets

5.670.740

3.907.861

4.391.141

CURRENT ASSETS

. INVENTORIES

. . Raw materials and other consumables

2.437.977

2.238.677

2.426.515

. . Work in progress and semimanufactured

6.066.344

7.574.605

8.262.537

. . Work in progress on order

58.306

. . Finished goods

50.962

765.225

247.609

. . Advance payments

108.830

28.297

105.584

. Total Inventories

8.722.419

10.606.804

11.042.245

. CREDITS NOT HELD AS FIXED ASSETS

. . Within 12 months

18.804.230

19.145.779

14.125.254

. . Beyond 12 months

1.904.625

1.561.713

1.449.051

. . Trade receivables

14.277.313

14.161.567

9.939.450

. . . . Within 12 months

13.761.785

14.007.588

9.939.450

. . . . Beyond 12 months

515.528

153.979

. . Receivables due from subsid. comp.

1.124.917

1.430.591

. . . . Within 12 months

1.124.917

1.430.591

. . . . Beyond 12 months

. . Receivables due from assoc. comp.

. . . . Within 12 months

. . . . Beyond 12 months

. . Receivables due from holding comp.

397.795

283.666

357.345

. . . . Within 12 months

397.795

283.666

357.345

. . . . Beyond 12 months

. . Fiscal Receivables

564.035

355.710

542.675

. . . . Within 12 months

564.035

355.710

542.675

. . . . Beyond 12 months

. . Receivables for anticipated taxes

405.922

118.567

239.334

. . . . Within 12 months

405.922

118.567

239.334

. . . . Beyond 12 months

. . Receivables due from third parties

3.938.873

4.357.391

4.495.501

. . . . Within 12 months

2.549.776

2.949.657

3.046.450

. . . . Beyond 12 months

1.389.097

1.407.734

1.449.051

. Total Credits not held as fixed assets

20.708.855

20.707.492

15.574.305

. 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

24.000

. Total Financial Assets

24.000

. LIQUID FUNDS

. . Bank and post office deposits

4.294.402

27.362

943.367

. . Checks

1.000

. . Banknotes and coins

25.365

10.546

13.208

. Total Liquid funds

4.319.767

38.908

956.575

Total current assets

33.775.041

31.353.204

27.573.125

ADJUSTMENT ACCOUNTS

. Discount on loans

1.010.781

201.845

253.301

. Other adjustment accounts

Total adjustments accounts

1.010.781

201.845

253.301

TOTAL ASSETS

40.456.562

35.462.910

32.217.567

LIABILITIES

STOCKHOLDERS' EQUITY

. Capital stock

6.000.000

3.900.000

3.900.000

. Additional paid-in capital

. Revaluation reserves

. Legal reserve

12.345

12.345

12.345

. Reserve for Own shares

. Statute reserves

. Other reserves

1.264.552

1.234.547

1.234.548

. Accumulated Profits (Losses)

-451.622

-963.109

-488.552

. Profit( loss) of the year

270.838

511.488

-474.557

. Advances on dividends

. Partial loss of the year Coverage

Total Stockholders'Equity

7.096.113

4.695.271

4.183.784

RESERVES FOR RISKS AND CHARGES

. . Reserve for employee termination indem.

. . Taxation fund, also differed

. . Other funds

1.622.088

1.437.609

1.475.647

Total Reserves for Risks and Charges

1.622.088

1.437.609

1.475.647

Employee termination indemnities

1.841.139

1.396.498

1.437.815

ACCOUNTS PAYABLE

. . . . Within 12 months

28.585.193

25.991.091

23.884.412

. . . . Beyond 12 months

967.949

1.703.063

1.233.254

. . 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

4.346.953

6.696.531

5.805.576

. . . . Within 12 months

4.311.953

6.696.531

5.805.576

. . . . Beyond 12 months

35.000

. . Due to other providers of finance

. . . . Within 12 months

. . . . Beyond 12 months

. . Advances from customers

4.767.720

2.118.344

2.382.435

. . . . Within 12 months

4.767.720

2.118.344

2.382.435

. . . . Beyond 12 months

. . Trade payables

13.635.698

11.498.399

11.261.936

. . . . Within 12 months

13.635.698

11.498.399

11.261.936

. . . . Beyond 12 months

. . Securities issued

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to subsidiary companies

1.107.843

1.683.687

. . . . Within 12 months

1.107.843

1.683.687

. . . . Beyond 12 months

. . Due to associated companies

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to holding companies

490.872

130.535

198.028

. . . . Within 12 months

490.872

130.535

198.028

. . . . Beyond 12 months

. . Due to the tax authorities

1.607.481

1.449.962

1.365.527

. . . . Within 12 months

1.607.481

1.449.962

1.365.527

. . . . Beyond 12 months

. . Due to social security and welfare inst.

810.263

842.043

1.234.150

. . . . Within 12 months

810.263

710.255

1.234.150

. . . . Beyond 12 months

. . Other payables

2.786.312

3.274.653

2.870.014

. . . . Within 12 months

1.853.363

1.703.378

1.636.760

. . . . Beyond 12 months

932.949

1.571.275

1.233.254

Total accounts payable

29.553.142

27.694.154

25.117.666

ADJUSTMENT ACCOUNTS

. Agio on loans

. Other adjustment accounts

344.080

239.378

2.655

Total adjustment accounts

344.080

239.378

2.655

TOTAL LIABILITIES

40.456.562

35.462.910

32.217.567

 

 

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

48.531.642

42.930.280

34.118.757

. Changes in work in progress

-2.505.105

-170.316

-633.188

. Changes in semi-manufact. products

-24.973

. Capitalization of internal work

845.336

150.990

932.255

. Other income and revenues

194.743

85.170

21.713

. . Contributions for operating expenses

59.845

59.845

. . Different income and revenues

134.898

25.325

21.713

Total value of production

47.041.643

42.996.124

34.439.537

PRODUCTION COSTS

. Raw material,other materials and consum.

19.779.301

20.464.076

14.578.748

. Services received

10.320.029

8.357.698

. Leases and rentals

14.956.929

2.128.776

1.977.514

. Payroll and related costs

8.748.084

6.929.938

7.044.021

. . Wages and salaries

6.161.601

4.707.954

4.750.223

. . Social security contributions

1.969.956

1.471.314

1.531.411

. . Employee termination indemnities

431.870

349.855

370.054

. . Pension and similar

. . Other costs

184.657

400.815

392.333

. Amortization and depreciation

1.490.167

974.978

506.300

. . Amortization of intangible fixed assets

1.107.800

787.219

259.505

. . Amortization of tangible fixed assets

232.367

157.759

128.875

. . Depreciation of tangible fixed assets

. . Writedown of current receiv.and of liquid

150.000

30.000

117.920

. Changes in raw materials

7.131

187.838

1.013.904

. Provisions to risk reserves

. Other provisions

154.246

62.862

76.225

. Other operating costs

317.033

261.393

172.754

Total production costs

45.452.891

41.329.890

33.727.164

Diff. between value and cost of product.

1.588.752

1.666.234

712.373

FINANCIAL INCOME AND EXPENSE

. Income from equity investments

80.000

. . In subsidiary companies

80.000

. . In associated companies

. . In other companies

. Other financial income

44.641

22.948

890

. . 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

44.641

22.948

890

. . . - Subsidiary companies

. . . - Associated companies

. . . - Holding companies

. . . - Other companies

44.641

22.948

890

. Interest and other financial expense

-491.685

-527.975

-318.087

. . Towards subsidiary companies

. . Towards associated companies

. . Towards holding companies

. . Towards other companies

491.685

527.975

318.087

Total financial income and expense

-447.044

-425.027

-317.197

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

213.974

446.556

123.589

. . Gains on disposals

. . Other extraordinary income

213.974

446.556

123.589

. Extraordinary expense

-370.839

-657.542

-761.782

. . Losses on disposals

-1.258

-436

. . Taxes relating to prior years

. . Other extraordinary expense

-370.839

-656.284

-761.346

Total extraordinary income and expense

-156.865

-210.986

-638.193

Results before income taxes

984.843

1.030.221

-243.017

. Taxes on current income

714.005

518.733

231.540

. . current taxes

780.415

397.966

440.009

. . differed taxes(anticip.)

-66.410

120.767

-208.469

. Net income for the period

270.838

511.488

-474.557

. Adjustments in tax regulations pursuance

. Provisions in tax regulations pursuance

. Profit (loss) of the year

270.838

511.488

-474.557

 

 

Ratios

 

RATIOS

Value Type

as at 31/12/2013

as at 31/12/2012

as at 31/12/2011

Sector Average

COMPOSITION ON INVESTMENT

Rigidity Ratio

Units

0,14

0,11

0,14

0,19

Elasticity Ratio

Units

0,83

0,88

0,86

0,79

Availability of stock

Units

0,22

0,30

0,34

0,20

Total Liquidity Ratio

Units

0,62

0,59

0,51

0,52

Quick Ratio

Units

0,11

0,00

0,03

0,03

COMPOSITION ON SOURCE

Net Short-term indebtedness

Units

3,42

5,53

5,48

3,31

Self Financing Ratio

Units

0,18

0,13

0,13

0,18

Capital protection Ratio

Units

0,12

0,06

0,18

0,66

Liabilities consolidation quotient

Units

0,10

0,12

0,11

0,18

Financing

Units

4,16

5,90

6,00

4,09

Permanent Indebtedness Ratio

Units

0,24

0,22

0,21

0,33

M/L term Debts Ratio

Units

0,07

0,09

0,08

0,11

Net Financial Indebtedness Ratio

Units

0,00

1,42

1,16

0,61

CORRELATION

Fixed assets ratio

Units

1,75

1,99

1,56

1,80

Current ratio

Units

1,18

1,21

1,15

1,23

Acid Test Ratio-Liquidity Ratio

Units

0,88

0,80

0,69

0,86

Structure's primary quotient

Units

1,25

1,20

0,95

1,12

Treasury's primary quotient

Units

0,15

0,00

0,04

0,07

Rate of indebtedness ( Leverage )

%

570,12

755,29

770,06

541,00

Current Capital ( net )

Value

5.189.848

5.362.113

3.688.713

380.064

RETURN

Return on Sales

%

3,63

3,46

0,09

3,59

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

%

3,82

10,89

-11,34

4,82

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

%

13,88

21,94

-5,81

19,04

Return on Investment ( R.O.I. )

%

3,93

4,70

2,21

4,67

Return/ Sales

%

3,27

3,88

2,09

4,49

Extra Management revenues/charges incid.

%

17,05

30,70

-66,62

25,43

Cash Flow

Value

1.761.005

1.486.466

31.743

134.539

Operating Profit

Value

1.588.752

1.666.234

712.373

158.212

Gross Operating Margin

Value

3.233.165

2.704.074

1.294.898

292.137

MANAGEMENT

Credits to clients average term

Days

105,91

118,75

104,87

103,46

Debts to suppliers average term

Days

157,89

145,61

165,59

128,84

Average stock waiting period

Days

64,70

88,95

116,51

68,68

Rate of capital employed return ( Turnover )

Units

1,20

1,21

1,06

1,11

Rate of stock return

Units

5,56

4,05

3,09

5,22

Labour cost incidence

%

18,03

16,14

20,65

19,05

Net financial revenues/ charges incidence

%

-0,92

-0,99

-0,93

-1,26

Labour cost on purchasing expenses

%

19,25

16,77

20,89

19,40

Short-term financing charges

%

1,66

1,91

1,27

2,64

Capital on hand

%

83,36

82,61

94,43

90,11

Sales pro employee

Value

177.771

198.751

155.085

181.347

Labour cost pro employee

Value

32.044

32.083

32.018

33.314

 

 

Remarks

 

1) Protests checking (relative to the last five years) performed by crossing and matching the members names and the Firm's Style with the reported addresses, is supplied by the Informatic Registry managed by the Italian Chamber of Commerce. If the fiscal code is not indicated, the eventual homonymous cases are submitted to expert staff evaluation in order to limit wrong matching risks.

 

2) The Legal Data, supplied and retrived from the Firm's Registry of the Italian Chamber of Commerce, are in line with the last registered modifications.

 

3) Risk evaluation and Credit Opinion have been performed on the base of the actual data at the moment of their availability.

 

 

Market / Territory Data

 

Population living in the province

:

831.356

Population living in the region

:

4.699.950

Number of families in the region

:

1.813.210

 

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

 

- per food products

:

456

- per non food products

:

2.052

- per energy consume

:

127

 

Sector Data

 

The values are calculated on a base of 1.330 significant companies.

 

The companies cash their credits on an average of 103 dd.

The average duration of suppliers debts is about 129 dd.

The sector's profitability is on an average of 3,59%.

The labour cost affects the turnover in the measure of 19,05%.

Goods are held in stock in a range of 69 dd.

The difference between the sales volume and the resources used to realize it is about 1,11.

The employees costs represent the 19,40% 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 13.782 protested subjects are found; in the province they count to 2.234.

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

Total Bankrupt companies in the province : 2.546.

Total Bankrupt companies in the region : 16.714.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 62.59

UK Pound

1

Rs. 92.45

Euro

1

Rs. 67.51

 

INFORMATION DETAILS

 

Analysis Done by :

RSM

 

 

Report Prepared by :

DPT

 

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.