MIRA INFORM REPORT

 

 

Report No. :

357780

Report Date :

31.12.2015

 

IDENTIFICATION DETAILS

 

Name :

CENTRO*OPERATIVO RISANAMENTO AMBIENTALE - S.P.A. CON SIGLA *C.O.R.A.L. - S.P.A.

 

 

Registered Office :

Corso Europa,   597,

10088 – Volpiano (TO) -IT

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

30.12.1980

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture of general-purpose machinery and other mechanical products n.e.c.

 

 

No. of Employee :

From 91 to 110

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good  

 

 

Payment Behaviour :

Regular

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Italy

A1

A1

 

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 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 132% of GDP in 2014, 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 tax evasion. In 2014 economic growth and labor market conditions continued to deteriorate, with overall unemployment rising to 12.2% and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007 pre-crisis level.

 

Source : CIA

 

 

Company name and address

 

CENTRO*OPERATIVO RISANAMENTO AMBIENTALE - S.P.A. CON SIGLA *C.O.R.A.L. - S.P.A.

 

 

Corso Europa,   597,

10088 – Volpiano (TO) -IT-

 

 

Summary

 

Fiscal Code

:

02695840013

Legal Form

:

Joint stock company

start of Activities

:

30/11/1981

Equity

:

Over 2.582.254

Turnover Range

:

15.500.000/18.000.000

Number of Employees

:

from 91 to 110



Activity

 

Manufacture of general-purpose machinery and other mechanical products n.e.c.



Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 02695840013

 

Foreign Trade Reg. no. : 5982 of Torino since 03/12/1991

 

Foreign Trade Reg. no. : 005982 of Torino since 03/12/1991

 

Chamber of Commerce no. : 591892 of Torino since 01/04/1981

 

Chamber of Commerce no. : 348698 of Vicenza

 

Firms' Register : TO272-1981-1499 of Torino since 19/02/1996

 

V.A.T. Code : 02695840013

 

Tribunal Co. Register : 1499 of

 

Foundation date

: 30/12/1980

Establishment date

: 30/12/1980

Start of Activities

: 30/11/1981

Legal duration

: 31/12/2050

Nominal Capital

: 1.083.600

Subscribed Capital

: 1.083.600

Paid up Capital

: 1.083.600

 

Legal mail :

CORAL@PEC.CORAL.EU

 

 

Members

 

Coral

Erminio

 

Born in Capua

(CE)

on 27/02/1937

- Fiscal Code : CRLRMN37B27B715J

 

Residence:

Canova Pogliani

, 56

- 10088

Volpiano

(TO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

23/09/2014

Managing Director

23/09/2014

 

No Prejudicial events are reported

 

No Protests registered

 

Coral

Claudio

 

Born in Torino

(TO)

on 27/07/1967

- Fiscal Code : CRLCLD67L27L219O

 

Residence:

Lanfranchi Francesco

, 22

- 10131

Torino

(TO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Managing Director

23/09/2014

Director

23/09/2014

Board Chairman

23/09/2014

 

No Prejudicial events are reported

 

No Protests registered

 

Coral

Ivano

 

Born in Torino

(TO)

on 14/01/1971

- Fiscal Code : CRLVNI71A14L219M

 

Residence:

Teologo Pietro Re

, 29

- 10040

Leini

(TO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

23/09/2014

Managing Director

23/09/2014

 

No Prejudicial events are reported

 

No Protests registered

 

Coral Finservice S.p.a. Siglabile Cofise

S.p.a.

 

 

Residence:

Vinzaglio

, 9

- 10121

Torino

(TO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Partner

 

No Prejudicial events are reported

 

No Protests registered

 

Coral

Alberto

 

Born in Torino

(TO)

on 02/05/1967

- Fiscal Code : CRLLRT67E02L219I

 

Residence:

Martina Giovanni

, 25 SC. L

- 10100

Torino

(TO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

23/09/2014

Managing Director

23/09/2014

 

No Prejudicial events are reported

 

No Protests registered

 

Coral

Emanuela

 

Born in Torino

(TO)

on 12/06/1963

- Fiscal Code : CRLMNL63H52L219W

 

Residence:

S. Francesco Al Campo

, 184

- 10040

Leini

(TO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

23/09/2014



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.

 

Coral

Erminio

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Borgo S.r.l.

Torino (TO) - IT -

07065140159

Managing Director

Active

Registered

Borgo S.r.l.

Torino (TO) - IT -

07065140159

Director

Active

Registered

ARCOBALENO - SOCIETA' SEMPLICE

Torino (TO) - IT -

96639030012

Partner

Withdrawn

Registered

EDILMACO - S.A.S. DI CORAL E C.

Leini (TO) - IT -

01475870018

General Partner

Withdrawn

Registered

Syntony - Societa' Semplice

Torino (TO) - IT -

96639060019

Partner

Active

Registered

La Pineta - Societa' Semplice

Torino (TO) - IT -

96639020013

Partner

Active

Registered

Lo Scoiattolo - Societa' Semplice

Torino (TO) - IT -

96639070018

Partner

Active

Registered

GRUPPO INDUSTRIALE S.R.L.

Arcugnano (VI) - IT -

01435340243

Chairman

Withdrawn

Registered

 

Coral

Claudio

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Immobiliare Antares S.r.l.

Torino (TO) - IT -

03396420154

Chairman

Withdrawn

Registered

Immobiliare Antares S.r.l.

Torino (TO) - IT -

03396420154

Sole Director

Withdrawn

Registered

Mz Aspiratori S.p.a.

Budrio (BO) - IT -

00582450375

Managing Director

Active

Registered

Mz Aspiratori S.p.a.

Budrio (BO) - IT -

00582450375

Director

Active

Registered

Coral Engineering S.r.l.

Trezzano Rosa (MI) - IT -

03691390151

Director

Active

Registered

Filcar S.p.a.

Reggio Emilia (RE) - IT -

01395760356

Director

Active

Registered

Filcar S.p.a.

Reggio Emilia (RE) - IT -

01395760356

Assistant board Chairman

Withdrawn

Registered

Filcar S.p.a.

Reggio Emilia (RE) - IT -

01395760356

Board Chairman

Active

Registered

Tecnologie Avanzate Miglioramento Ambientale S.p.a. In Sigla Tama S.p.a.

Predaia (TN) - IT -

01298530229

Director

Active

Registered

Coral Impianti Metalmeccanici Engineering - Societa' A Responsa- Bilita' Limitat

Volpiano (TO) - IT -

01862450010

Director

Withdrawn

Registered

Coral Impianti Metalmeccanici Engineering - Societa' A Responsa- Bilita' Limitat

Volpiano (TO) - IT -

01862450010

Sole Director

Withdrawn

Registered

Coral Impianti Metalmeccanici Engineering - Societa' A Responsa- Bilita' Limitat

Volpiano (TO) - IT -

01862450010

Board Chairman

Withdrawn

Registered

Aernova*engineering S.r.l.

Campiglione-fenile (TO) - IT -

04731630010

Director

Active

Registered

Caver S.r.l.

Volpiano (TO) - IT -

05063080013

Director

Active

Registered

Caver S.r.l.

Volpiano (TO) - IT -

05063080013

Board Chairman

Active

Registered

Coral Engineering S.r.l.

Altavilla Vicentina (VI) - IT -

00897670246

Director

Withdrawn

Registered

Borgo S.r.l.

Torino (TO) - IT -

07065140159

Managing Director

Active

Registered

Borgo S.r.l.

Torino (TO) - IT -

07065140159

Director

Active

Registered

"coral Automotive Equipment Srl" SiglabiLe "coral A.e. Srl"

Reggio Emilia (RE) - IT -

05414920016

Director

Withdrawn

Registered

Coral Finservice S.p.a. Siglabile CofiseS.p.a.

Torino (TO) - IT -

05837190015

Managing Director

Active

Registered

Coral Finservice S.p.a. Siglabile CofiseS.p.a.

Torino (TO) - IT -

05837190015

Director

Active

Registered

Coral Finservice S.p.a. Siglabile CofiseS.p.a.

Torino (TO) - IT -

05837190015

Board Chairman

Active

Registered

GRUPPO INDUSTRIALE S.R.L.

Arcugnano (VI) - IT -

01435340243

Board Chairman

Withdrawn

Registered

Teknocap S.r.l.

Budrio (BO) - IT -

02291191209

Director

Active

Registered

Teknocap S.r.l.

Budrio (BO) - IT -

02291191209

Assistant board Chairman

Active

Registered

Hotel Verdina Srl

Volpiano (TO) - IT -

08507220013

Managing Director

Active

Registered

Hotel Verdina Srl

Volpiano (TO) - IT -

08507220013

Director

Active

Registered

Hotel Verdina Srl

Volpiano (TO) - IT -

08507220013

Board Chairman

Active

Registered

Euroaspirazione S.r.l.

Budrio (BO) - IT -

02413051208

Director

Withdrawn

Registered

Aernova Consulting S.r.l. Siglabile Aernova C. S.r.l.

Roletto (TO) - IT -

09698920015

Director

Active

Registered

Aernova Consulting S.r.l. Siglabile Aernova C. S.r.l.

Roletto (TO) - IT -

09698920015

Assistant board Chairman

Active

Registered

Micronfilter S.r.l.

Volpiano (TO) - IT -

09719130016

Director

Active

Registered

Emilservice Immobiliare S.r.l.

Reggio Emilia (RE) - IT -

02174130357

Sole Director

Active

Registered

Faceaway S.r.l.

Monselice (PD) - IT -

04793770282

Director

Active

Registered

Faceaway S.r.l.

Monselice (PD) - IT -

04793770282

Assistant board Chairman

Active

Registered

Altair Industrial Filters S.r.l.

Leini (TO) - IT -

11223690014

Director

Active

Registered

 

Coral

Ivano

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Immobiliare Antares S.r.l.

Torino (TO) - IT -

03396420154

Managing Director

Withdrawn

Registered

Mz Aspiratori S.p.a.

Budrio (BO) - IT -

00582450375

Director

Active

Registered

Coral Engineering S.r.l.

Trezzano Rosa (MI) - IT -

03691390151

Director

Active

Registered

Filcar S.p.a.

Reggio Emilia (RE) - IT -

01395760356

Director

Active

Registered

Caver S.r.l.

Volpiano (TO) - IT -

05063080013

Director

Active

Registered

Altair S.r.l.

Leini (TO) - IT -

06215350015

Director

Active

Registered

Coral Finservice S.p.a. Siglabile CofiseS.p.a.

Torino (TO) - IT -

05837190015

Managing Director

Active

Registered

Coral Finservice S.p.a. Siglabile CofiseS.p.a.

Torino (TO) - IT -

05837190015

Director

Active

Registered

Faceaway S.r.l.

Monselice (PD) - IT -

04793770282

Director

Active

Registered

Altair Industrial Filters S.r.l.

Leini (TO) - IT -

11223690014

Director

Active

Registered

 

Coral

Alberto

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Coral Engineering S.r.l.

Trezzano Rosa (MI) - IT -

03691390151

Director

Active

Registered

Filcar S.p.a.

Reggio Emilia (RE) - IT -

01395760356

Director

Active

Registered

Caver S.r.l.

Volpiano (TO) - IT -

05063080013

Director

Active

Registered

Altair S.r.l.

Leini (TO) - IT -

06215350015

Director

Active

Registered

Coral Finservice S.p.a. Siglabile CofiseS.p.a.

Torino (TO) - IT -

05837190015

Managing Director

Active

Registered

Coral Finservice S.p.a. Siglabile CofiseS.p.a.

Torino (TO) - IT -

05837190015

Director

Active

Registered

Syntony - Societa' Semplice

Torino (TO) - IT -

96639060019

Partner

Active

Registered

Lo Scoiattolo - Societa' Semplice

Torino (TO) - IT -

96639070018

Partner

Active

Registered

Hotel Verdina Srl

Volpiano (TO) - IT -

08507220013

Managing Director

Active

Registered

Hotel Verdina Srl

Volpiano (TO) - IT -

08507220013

Director

Active

Registered

Altair Industrial Filters S.r.l.

Leini (TO) - IT -

11223690014

Director

Active

Registered

 

The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive, etc.

For more information, in this case, we advise to request further investigations.



Capital Shareholders

 

Shareholders' list as at date of data collection:

 

Firm's Style / Name

Seat / Residence

Fiscal Code

Owned Shares

% Ownership

Coral Erminio

Volpiano - IT -

CRLRMN37B27B715J

108 .Eur

0,01

Salvarani Ines

Leini - IT -

SLVNSI43P64L219E

108 .Eur

0,01

Coral Finservice S.p.a. Siglabile Cofise S.p.a.

Torino - IT -

05837190015

1.083.383 .Eur

99,98



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

Coral Impianti Metalmeccanici Engineerin g - Societa' A Responsa- Bilita' Limitat

Volpiano - IT -

01862450010

312 .Eur

1,00

Active

Tecnologie Avanzate Miglioramento Ambien tale S.p.a. In Sigla Tama S.p.a.

Predaia - IT -

01298530229

497.250 .Eur

75,00

Active



Firm's location and structure

 

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

 

-

Legal and operative seat

 

Europa

, 597

- 10088

- Volpiano

(TO)

- IT -

 

PHONE

: 0119976263

 

Legal mail

: CORAL@PEC.CORAL.EU

 

Employees

: 100

 

Assistants

: 2

 

Fittings and Equipment for a value of 1.190.000

Eur

 

Stocks for a value of 3.230.000

Eur

 

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- distributors

 

- direct orders to foreign companies

Export represents from 20% to 50% of the global turnover.

Products abroad are placed by :

- its own sales net-work

 

- direct orders from foreign companies

 

 

Protests

 

Protests checking on the subject firm has given a negative result.



Data Base Prejudicial Events Search

 

Search performed on a National Scale

 

Prejudicial Events Search Result: NEGATIVE

 

Search performed on a specialized data base.



Legal Procedures

 

None reported, standing to the latest received edition of the Official Publications.

 

Financial and Economical Analysis

 

Subject is active since 1981

The analysis is based on the latest 3 balance sheets.

During the last years, it achieved profits (r.o.e. 0,43% on 2014) and during the last financial year an increase in sales volume was registered (+11,85% in 2014).

The operating result in 2014 was positive (0,51%) and reflects the field's average.

The amount of the operating result for the year 2014 is of Eur. 101.258 with a -65,54% fall as against the year 2013.

A gross operating margine for a value of Eur. 773.986 was reached. , stable if compared to the year before.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,5 increasing compared to last year (0,42)

The equity capital is equal to Eur. 10.295.117 on stable levels.

During the last financial year debts totalled Eur. 7.018.710 (Eur. 1.587.447 of which were m/l term debts) , with no sensible variation.

The company does not exceed in bank credits; payments average period is instead slightly high (109,04 gg.) but lined up with the field's average.

It shows a good range of liquidity.

As far as the collection of credit goes, the average is high (138,46 days). even higher than the average of the specific sector.

During financial year 2014 the cash flow amounted to Eur. 717.140

Labour cost expenses amount to Eur. 4.487.687 , representing 27,24% on the total of production costs. and a 27,94% incidence on sales volumes.

If compared to the sales volume (-0,26%), the impact of the financial charges is limited.

 


Financial Data

 

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

 

Item Type

Value

Sales

16.064.431

Profit (Loss) for the period

44.412

 

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

 

Item Type

Value

Sales

14.361.713

Profit (Loss) for the period

7.309

 

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

 

Item Type

Value

Sales

14.678.512

Profit (Loss) for the period

7.154

 

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

 

Item Type

Value

Sales

15.680.955

Profit (Loss) for the period

8.225

 

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

 

Item Type

Value

Sales

13.675.557

Profit (Loss) for the period

3.700

 

 

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 31/12/2014 - 12 Mesi - Currency: - Amounts x 1

 

- 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

 

Years

2014

2013

2012

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

10.398

13.864

. . Research,develop. and advert.expens.

56.034

25.178

20.000

. . Industrial patent rights

167.104

106.665

38.060

. . Concessions,licenses,trademarks,etc.

. . Goodwill

4.561

. . Assets in formation and advance paymen.

. . Other intangible fixed assets

131.361

67.837

46.801

. Total Intangible Fixed Assets

364.897

213.544

109.422

. TANGIBLE FIXED ASSETS

. . Real estate

7.421.200

5.478.487

5.697.079

. . Plant and machinery

1.144.263

613.543

787.560

. . Industrial and commercial equipment

43.848

27.957

23.743

. . Other assets

287.576

207.450

215.623

. . Assets under construction and advances

1.142.739

428.191

. Total Tangible fixed assets

8.896.887

7.470.176

7.152.196

. FINANCIAL FIXED ASSETS

. . Equity investments

14.273

. . . Equity invest. in subsidiary companies

. . . Equity invest. in associated companies

. . . Equity invest. in holding companies

. . . Equity invest. in other companies

14.273

. . 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

14.273

Total fixed assets

9.261.784

7.683.720

7.275.891

CURRENT ASSETS

. INVENTORIES

. . Raw materials and other consumables

1.454.227

1.463.940

1.279.748

. . Work in progress and semimanufactured

1.051.797

1.321.375

1.459.774

. . Work in progress on order

. . Finished goods

726.966

707.728

717.757

. . Advance payments

. Total Inventories

3.232.990

3.493.043

3.457.279

. CREDITS NOT HELD AS FIXED ASSETS

. . Within 12 months

6.395.836

6.128.178

6.344.832

. . Beyond 12 months

506.342

605.056

559.589

. . Trade receivables

6.178.370

6.110.571

6.113.460

. . . . Within 12 months

5.993.564

5.978.568

5.979.278

. . . . Beyond 12 months

184.806

132.003

134.182

. . 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.

300.261

516.460

583.726

. . . . Within 12 months

126.389

113.427

180.692

. . . . Beyond 12 months

173.872

403.033

403.034

. . Fiscal Receivables

250.878

1.064

139.242

. . . . Within 12 months

156.915

1.064

139.242

. . . . Beyond 12 months

93.963

. . Receivables for anticipated taxes

467

9.232

7.000

. . . . Within 12 months

467

9.232

7.000

. . . . Beyond 12 months

. . Receivables due from third parties

172.202

95.907

60.993

. . . . Within 12 months

118.501

25.887

38.620

. . . . Beyond 12 months

53.701

70.020

22.373

. Total Credits not held as fixed assets

6.902.178

6.733.234

6.904.421

. 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

283.918

999.073

463.331

. . Checks

. . Banknotes and coins

186

6

256

. Total Liquid funds

284.104

999.079

463.587

Total current assets

10.419.272

11.225.356

10.825.287

ADJUSTMENT ACCOUNTS

. Discount on loans

42.094

56.510

69.632

. Other adjustment accounts

Total adjustments accounts

42.094

56.510

69.632

TOTAL ASSETS

19.723.150

18.965.586

18.170.810

LIABILITIES

STOCKHOLDERS' EQUITY

. Capital stock

1.083.600

1.083.600

1.083.600

. Additional paid-in capital

. Revaluation reserves

1.868.639

1.868.639

1.868.639

. Legal reserve

216.720

216.720

216.720

. Reserve for Own shares

. Statute reserves

. Other reserves

7.081.746

7.074.439

7.067.282

. Accumulated Profits (Losses)

. Profit( loss) of the year

44.412

7.309

7.154

. Advances on dividends

. Partial loss of the year Coverage

Total Stockholders'Equity

10.295.117

10.250.707

10.243.395

RESERVES FOR RISKS AND CHARGES

. . Reserve for employee termination indem.

677.092

677.092

677.092

. . Taxation fund, also differed

. . Other funds

Total Reserves for Risks and Charges

677.092

677.092

677.092

Employee termination indemnities

753.423

781.157

859.633

ACCOUNTS PAYABLE

. . . . Within 12 months

5.431.263

5.283.166

5.155.339

. . . . Beyond 12 months

1.587.447

1.030.981

288.107

. . 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

2.660.236

1.463.962

723.715

. . . . Within 12 months

1.072.789

432.981

435.608

. . . . Beyond 12 months

1.587.447

1.030.981

288.107

. . Due to other providers of finance

. . . . Within 12 months

. . . . Beyond 12 months

. . Advances from customers

287.122

281.679

186.481

. . . . Within 12 months

287.122

281.679

186.481

. . . . Beyond 12 months

. . Trade payables

3.371.548

3.488.119

3.087.668

. . . . Within 12 months

3.371.548

3.488.119

3.087.668

. . . . 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

839

325.000

131.398

. . . . Within 12 months

839

325.000

131.398

. . . . Beyond 12 months

. . Due to the tax authorities

201.265

287.605

124.574

. . . . Within 12 months

201.265

287.605

124.574

. . . . Beyond 12 months

. . Due to social security and welfare inst.

230.598

208.886

182.678

. . . . Within 12 months

230.598

208.886

182.678

. . . . Beyond 12 months

. . Other payables

267.102

258.896

1.006.932

. . . . Within 12 months

267.102

258.896

1.006.932

. . . . Beyond 12 months

Total accounts payable

7.018.710

6.314.147

5.443.446

ADJUSTMENT ACCOUNTS

. Agio on loans

. Other adjustment accounts

978.808

942.483

947.244

Total adjustment accounts

978.808

942.483

947.244

TOTAL LIABILITIES

19.723.150

18.965.586

18.170.810

 

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

16.064.431

14.361.713

14.678.512

. Changes in work in progress

-250.341

-148.428

-198.240

. Changes in semi-manufact. products

. Capitalization of internal work

. Other income and revenues

759.223

579.477

875.550

. . Contributions for operating expenses

. . Different income and revenues

759.223

579.477

875.550

Total value of production

16.573.313

14.792.762

15.355.822

PRODUCTION COSTS

. Raw material,other materials and consum.

6.123.651

5.180.666

5.540.105

. Services received

. Leases and rentals

5.010.018

4.375.729

4.744.970

. Payroll and related costs

4.487.687

4.210.378

4.294.143

. . Wages and salaries

3.182.182

2.984.404

3.045.753

. . Social security contributions

1.058.020

1.008.015

1.016.941

. . Employee termination indemnities

220.013

217.959

231.449

. . Pension and similar

. . Other costs

27.472

. Amortization and depreciation

672.728

629.485

609.971

. . Amortization of intangible fixed assets

120.305

99.426

60.423

. . Amortization of tangible fixed assets

521.349

499.353

518.827

. . Depreciation of tangible fixed assets

. . Writedown of current receiv.and of liquid

31.074

30.706

30.721

. Changes in raw materials

9.713

-184.192

85.782

. Provisions to risk reserves

. Other provisions

. Other operating costs

168.258

286.783

173.829

Total production costs

16.472.055

14.498.849

15.448.800

Diff. between value and cost of product.

101.258

293.913

-92.978

FINANCIAL INCOME AND EXPENSE

. Income from equity investments

. . In subsidiary companies

. . In associated companies

. . In other companies

. Other financial income

2.091

1.791

3.414

. . 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

2.091

1.791

3.414

. . . - Subsidiary companies

. . . - Associated companies

. . . - Holding companies

. . . - Other companies

2.091

1.791

3.414

. Interest and other financial expense

-43.647

-64.214

-16.171

. . Towards subsidiary companies

. . Towards associated companies

. . Towards holding companies

. . Towards other companies

-43.647

-64.214

-16.171

Total financial income and expense

-41.556

-62.423

-12.757

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

152.486

32.899

200.928

. . Gains on disposals

. . Other extraordinary income

152.486

32.899

200.928

. Extraordinary expense

-59.030

-68.691

-13.065

. . Losses on disposals

. . Taxes relating to prior years

-4.881

. . Other extraordinary expense

-59.030

-68.691

-8.184

Total extraordinary income and expense

93.456

-35.792

187.863

Results before income taxes

153.158

195.698

82.128

. Taxes on current income

108.746

188.389

74.974

. . current taxes

99.981

197.621

81.974

. . differed taxes(anticip.)

-8.765

9.232

-7.000

. Net income for the period

44.412

7.309

7.154

. Adjustments in tax regulations pursuance

. Provisions in tax regulations pursuance

. Profit (loss) of the year

44.412

7.309

7.154

 

RATIOS

Value Type

as at 31/12/2014

as at 31/12/2013

as at 31/12/2012

Sector Average

COMPOSITION ON INVESTMENT

Rigidity Ratio

Units

0,47

0,41

0,40

0,18

Elasticity Ratio

Units

0,53

0,59

0,60

0,79

Availability of stock

Units

0,16

0,18

0,19

0,21

Total Liquidity Ratio

Units

0,36

0,41

0,41

0,52

Quick Ratio

Units

0,01

0,05

0,03

0,03

COMPOSITION ON SOURCE

Net Short-term indebtedness

Units

0,50

0,42

0,46

3,01

Self Financing Ratio

Units

0,52

0,54

0,56

0,19

Capital protection Ratio

Units

0,89

0,89

0,89

0,66

Liabilities consolidation quotient

Units

0,43

0,34

0,22

0,16

Financing

Units

0,68

0,62

0,53

3,56

Permanent Indebtedness Ratio

Units

0,64

0,64

0,63

0,34

M/L term Debts Ratio

Units

0,12

0,10

0,06

0,10

Net Financial Indebtedness Ratio

Units

0,23

0,05

0,03

0,69

CORRELATION

Fixed assets ratio

Units

1,36

1,57

1,57

1,65

Current ratio

Units

1,92

2,12

2,10

1,18

Acid Test Ratio-Liquidity Ratio

Units

1,32

1,46

1,43

0,86

Structure's primary quotient

Units

1,11

1,33

1,41

1,02

Treasury's primary quotient

Units

0,05

0,19

0,09

0,06

Rate of indebtedness ( Leverage )

%

191,58

185,02

177,39

509,92

Current Capital ( net )

Value

4.988.009

5.942.190

5.669.948

330.495

RETURN

Return on Sales

%

4,46

4,43

4,20

3,79

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

%

0,43

0,07

0,07

6,70

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

%

1,49

1,91

0,80

18,82

Return on Investment ( R.O.I. )

%

0,51

1,55

-0,51

4,89

Return/ Sales

%

0,63

2,05

-0,63

4,78

Extra Management revenues/charges incid.

%

43,86

2,49

n.c.

29,96

Cash Flow

Value

717.140

636.794

617.125

165.166

Operating Profit

Value

101.258

293.913

-92.978

225.594

Gross Operating Margin

Value

773.986

923.398

516.993

376.080

MANAGEMENT

Credits to clients average term

Days

138,46

153,17

149,94

111,07

Debts to suppliers average term

Days

109,04

143,64

112,67

127,44

Average stock waiting period

Days

72,45

87,56

84,79

62,88

Rate of capital employed return ( Turnover )

Units

0,81

0,76

0,81

1,10

Rate of stock return

Units

4,97

4,11

4,25

5,58

Labour cost incidence

%

27,94

29,32

29,25

18,94

Net financial revenues/ charges incidence

%

-0,26

-0,43

-0,09

-1,15

Labour cost on purchasing expenses

%

27,24

29,04

27,80

18,99

Short-term financing charges

%

0,62

1,02

0,30

2,55

Capital on hand

%

122,78

132,06

123,79

90,89

Sales pro employee

Value

114.745

109.631

109.541

199.007

Labour cost pro employee

Value

32.054

32.140

32.045

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

:

2.236.941

Population living in the region

:

4.330.172

Number of families in the region

:

1.889.207

 

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

 

- per food products

:

429

- per non food products

:

1.789

- per energy consume

:

135



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 moderately risky.

In the region 27.019 protested subjects are found; in the province they count to 16.723.

The insolvency index for the region is 0,63, , while for the province it is 0,76.

Total Bankrupt companies in the province : 7.726.

Total Bankrupt companies in the region : 14.165.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.42

UK Pound

1

Rs.98.54

Euro

1

Rs.72.60

EURO

1

Rs. 72.28

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ASH

 

 

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.