MIRA INFORM REPORT

 

 

Report No. :

303270

Report Date :

15.01.2015

 

IDENTIFICATION DETAILS

 

Name :

CONCERIA ANTIBA S.P.A.

 

 

Registered Office :

Via Toscana, 11

56029 - Santa Croce Sull'arno (PI)

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

16.01.1987

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Preparation and tanning of leather; manufacture of luggage, handbags, leather goods and saddlery; dressing and dyeing of fur.

 

 

No. of Employees :

From 51 to 70

 

 

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 :

No Complaints

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

 

CONCERIA ANTIBA S.P.A.

 

Via Toscana, 11

 

56029 - Santa Croce Sull'arno (PI) -IT-

 

 

Summary

 

Fiscal Code

:

01015070509

Legal Form

:

Joint stock company

start of Activities

:

31/03/1987

Equity

:

Over 2.582.254

Turnover Range

:

25.000.000/35.000.000

Number of Employees

:

from 51 to 70

 

 

Activity

 

Preparation and tanning of leather; manufacture of luggage, handbags, leather goods and saddlery; dressing and dyeing of fur

 

Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 01015070509

 

Foreign Trade Reg. no. : PI000359 since 19/11/1991

 

Foreign Trade Reg. no. : 359 of Pisa since 19/11/1991

 

Chamber of Commerce no. : 129898 of Ascoli Piceno until 31/12/1994

 

Chamber of Commerce no. : 176157 of Ascoli Piceno

 

Chamber of Commerce no. : 182464 of Ascoli Piceno

 

Chamber of Commerce no. : 94426 of Pisa since 21/03/1987

 

Firms' Register : PI026-11567 of Pisa since 19/02/1996

 

V.A.T. Code : 01015070509

 

Tribunal Co. Register : 11567 of since 16/01/1987

 

Foundation date

: 16/01/1987

Establishment date

: 16/01/1987

Start of Activities

: 31/03/1987

Legal duration

: 31/12/2025

Nominal Capital

: 3.000.000

Subscribed Capital

: 3.000.000

Paid up Capital

: 3.000.000

 

 

Members

 

Balducci

Paolo

 

Born in Castelfranco di Sotto

(PI)

on 22/07/1960

- Fiscal Code : BLDPLA60L22C113V

 

Residence:

Volta

, 8

- 56022

Castelfranco di Sotto

(PI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Board Chairman

10/05/2012

Director

10/05/2012

 

No Prejudicial events are reported

 

No Protests registered

 

Balducci

Graziano

 

Born in Castelfranco di Sotto

(PI)

on 15/08/1952

- Fiscal Code : BLDGZN52M15C113N

 

Residence:

Pozzo

, 3

- 56020

Santa Maria a Monte

(PI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

10/05/2012

Managing Director

10/05/2012

 

No Prejudicial events are reported

 

No Protests registered

 

Balfin S.r.l.

 

 

Position

Since

Shares Amount

% Ownership

Partner

 

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.

 

Balducci

Paolo

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Baldo Srl

Firenze (FI) - IT -

06394890484

Director

Active

Registered

 

Balducci

Graziano

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Conceria Enos S.r.l.

Castelfranco di Sotto (PI) - IT -

00364090506

Chairman and Managing Director

Withdrawn

Registered

Conciaricerca Italia Srl

Milano (MI) - IT -

01038460505

Director

Withdrawn

Registered

Conciaricerca Italia Srl

Milano (MI) - IT -

01038460505

Sole Director

Withdrawn

Registered

Conciaricerca Italia Srl

Milano (MI) - IT -

01038460505

Board Chairman

Withdrawn

Registered

Consorzio Recupero Cromo S.p.a.

Santa Croce sull'Arno (PI) - IT -

00492250501

Director

Active

Registered

Consorzio Recupero Cromo S.p.a.

Santa Croce sull'Arno (PI) - IT -

00492250501

Assistant board Chairman

Withdrawn

Registered

Consorzio Recupero Cromo S.p.a.

Santa Croce sull'Arno (PI) - IT -

00492250501

Board Chairman

Active

Registered

Balfin S.r.l.

Firenze (FI) - IT -

01135720504

Sole Director

Active

Registered

Unic Servizi S.r.l.

Milano (MI) - IT -

11160630155

Sole Director

Active

Registered

Pool Service S.r.l. In Liquidazione

Santa Croce sull'Arno (PI) - IT -

01427120504

Liquidator

Withdrawn

Registered

Lineapelle S.p.a.

Milano (MI) - IT -

12629090155

Director

Active

Registered

Consorzio Golf Toscana

Monsummano Terme (PT) - IT -

01375450473

Director

Active

Registered

Consorzio Golf Toscana

Monsummano Terme (PT) - IT -

01375450473

Memb. of the Steering Committee

Withdrawn

Registered

Societa' Generale Per La Gestione Del Polo Tecnologico Conciario Societa' Consor

Santa Croce sull'Arno (PI) - IT -

01579410505

Director

Active

Registered

Lp Confidi Cooperativa Per Azioni

Milano (MI) - IT -

05279260961

Director

Active

Registered

Lp Confidi Cooperativa Per Azioni

Milano (MI) - IT -

05279260961

Assistant board Chairman

Active

Registered

Golf Club Tirrenia Societa' Sportiva Dilettantistica A Responsabi Lita' Limitata

Pisa (PI) - IT -

01713250502

Director

Active

Registered

Ente Fieristico Areapelle

Milano (MI) - IT -

08980020153

Board of directors' active chairman

Active

Registered

Consorzio Conciaricerca

Milano (MI) - IT -

13142720153

Baord of Directors' member

Withdrawn

Registered

Consorzio Conciaricerca

Milano (MI) - IT -

13142720153

Board of Directors' chairman

Withdrawn

Registered

Antiba.com S.r.l.

Santa Croce sull'Arno (PI) - IT -

01724760507

Sole Director

Withdrawn

Registered

Baldo Srl

Firenze (FI) - IT -

06394890484

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

Balducci Paolo

Castelfranco di Sotto - IT -

BLDPLA60L22C113V

105.000 .Eur

3,50

Balfin S.r.l.

01135720504

2.295.000 .Eur

76,50

Prime International India Private Limite d

91015150500

450.000 .Eur

15,00

Toschi Simone

TSCSMN77H27G843A

150.000 .Eur

5,00

 

 

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

Consorzio S.g.s. Societa' Per Azioni

Santa Croce sull'Arno - IT -

00982100505

3.090 .Eur

0,10

Active

Cromochim-spa

Santa Croce sull'Arno - IT -

00121060503

15.908 .Eur

7,00

Active

Consorzio Depuratore Di Santa Croce Sull 'arno S.p.a.

Santa Croce sull'Arno - IT -

00652790502

1.186 .Eur

0,74

Active

DUE.A S.R.L.

Santa Croce sull'Arno - IT -

00769500505

4.800 .Eur

10,00

Active

Consorzio Recupero Cromo S.p.a.

Santa Croce sull'Arno - IT -

00492250501

4.492 .Eur

0,50

Active

Lakesis Srl

01879530507

50.000 .Eur

100,00

Active

Consorzio Stoccaggi E Mercato Gas

Milano - IT -

02312490200

Active



Firm's location and structure

 

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

 

-

Legal and operative seat

since 31/03/1987

 

Toscana

, 11

- 56029

- Santa Croce sull'Arno

(PI)

- IT -

 

PHONE

: 0571366022

 

PHONE

: 0571381211

 

FAX

: 057133735

 

-

Branch

(Factory)

since 31/03/1987

until 29/06/1989

 

Del Bosco

, 236

- 56029

- Santa Croce sull'Arno

(PI)

- IT -

 

-

Branch

(Store)

since 01/08/1987

until 30/06/1989

 

Privata Cerrini

- 56029

- Santa Croce sull'Arno

(PI)

- IT -

 

-

Branch

since 26/05/1992

until 31/12/1994

 

San Tommaso

, 155

- 56029

- Santa Croce sull'Arno

(PI)

- IT -

 

PHONE

: 0571366457

 

-

Branch

(Factory)

since 15/04/1994

until 21/09/1994

 

Toscana Ang. Via S. Tommaso

, 11

- 56029

- Santa Croce sull'Arno

(PI)

- IT -

 

-

Branch

(Warehouse)

since 09/01/1997

until 10/05/2000

 

De Gasperi

, 40/42

- 56022

- Castelfranco di Sotto

(PI)

- IT -

 

PHONE

: 0571366022

 

-

Branch

(Warehouse)

since 01/07/2001

 

Molise

, 3

- 56029

- Santa Croce sull'Arno

(PI)

- IT -

 

-

Branch

(Warehouse)

since 01/07/2011

 

Basilicata

, 1

- 56029

- Santa Croce sull'Arno

(PI)

- IT -

 

-

Branch

(Warehouse)

since 27/05/2013

 

Puglie

, 4

- 56029

- Santa Croce sull'Arno

(PI)

- IT -

 

Employees

: 57

 

Fittings and Equipment for a value of 600.000

Eur

 

Stocks for a value of 9.360.000

Eur

 

Furniture and fittings for a value of 44.000

Eur

 

Vehicles for a value of 39.000

Eur

 

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- trading companies

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

Products abroad are placed by :

- its own agents

 

Export is mainly towards:

- Belgium

 

- Italy

 

- Greece

 

 

Historical Information and/or Firm's Status

 

CHANGES TO THE LEGAL FORM:

 

Former legal form

New legal form

Changement Date

Limited liability company

Joint stock company

24/10/1996

 

EX-MEMBERS / EX-POSITIONS:

 

Lombardi

Simone

 

Born in Pontedera

(PI)

on 28/02/1967

- Fiscal Code : LMBSMN67B28G843O

 

Residence:

Trieste

, 19

- 56020

Pontedera

(PI)

- IT -

 

Ex-Postions

Permanent Auditor

 

Balducci

Paolo

 

Born in Castelfranco di Sotto

(PI)

on 22/07/1960

- Fiscal Code : BLDPLA60L22C113V

 

Residence:

Volta

, 8

- 56022

Castelfranco di Sotto

(PI)

- IT -

 

Ex-Postions

Sole Director

 

Bronca

Roberto

 

Born in Schio

(VI)

on 25/04/1943

- Fiscal Code : BRNRRT43D25I531J

 

Residence:

Fusinieri

, 98

- 36015

Schio

(VI)

- IT -

 

Ex-Postions

Permanent Auditor

 

Curcio

Antonio

 

Born in Cropani

(CZ)

on 03/10/1928

- Fiscal Code : CRCNTN28R03D181C

 

Residence:

Puccini

, 18

- 56022

Castelfranco di Sotto

(PI)

- IT -

 

Ex-Postions

Chairman of the Board of Aud.

 

Orsini

Riccardo

 

Born in Pontedera

(PI)

on 16/12/1956

- Fiscal Code : RSNRCR56T16G843O

 

Residence:

Togliatti

, 59

- 56025

Pontedera

(PI)

- IT -

 

Ex-Postions

Temporary Auditor

Permanent Auditor

 

Curcio

Antonella

 

Born in Pisa

(PI)

on 11/05/1968

- Fiscal Code : CRCNNL68E51G702G

 

Residence:

Puccini

, 20-22

- 56022

Castelfranco di Sotto

(PI)

- IT -

 

Ex-Postions

Permanent Auditor

 

Bisaro

Fulvio

 

Born in Piombino

(LI)

on 08/09/1958

- Fiscal Code : BSRFLV58P08G687P

 

Residence:

Valdinievole

, 8/1

- 56031

Bientina

(PI)

- IT -

 

Ex-Postions

Temporary Auditor

 

Cordeiro Guerra

Paolo

 

Born in Grosseto

(GR)

on 26/11/1967

- Fiscal Code : CRDPLA67S26E202J

 

Residence:

Delle Terme

, 9

- 50100

Firenze

(FI)

- IT -

 

Ex-Postions

Chairman of the Board of Aud.

 

Orazzini

Giacomo

 

Born in Pontedera

(PI)

on 13/07/1964

- Fiscal Code : RZZGCM64L13G843Q

 

Residence:

Repubblica

, 9

- 56035

Lari

(PI)

- IT -

 

Ex-Postions

Temporary Auditor




Protests

 

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

 

 

Data Base Prejudicial Events Search

 

Search performed on a National Scale

 

Prejudicial Events Search Result: NEGATIVE

 

Search performed on a specialized data base.

 

 

Legal Procedures

 

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



Financial and Economical Analysis

 

Subject is active since 1987

Balance sheets for the years 2011, 2012 and 2013 were analyzed.

During the last years, it achieved profits (r.o.e. 7,24% on 2013) with a remarkable upward trend (+20,11% on 2013 compared to 2012 and +28,87% on 2012 compared to 2011).

The operating result in 2013 was positive (6,52%) and in line with the sector's average.

The amount of the operating result for the year 2013 is of Eur. 1.185.076 , on more or less the same values as in the year before.

The economic management produced a gross operating margin of Eur. 1.496.225 showing an upward trend if compared to 2012.

The financial status of the company is fairly balanced with an indebtedness level of 2,67 and decreasing as against 2012.

It's shareholders funds amount to Eur. 4.306.841 on the same levels as the year before.

Total indebtedness was equal to Eur. 13.153.718 (Eur. 891.152 was the value of m/l term debts) , with no sensible variation.

Bank borrowings' volume is slightly high but the recourse to suppliers' credit is modest below the sector's average.

The management determines a good range of liquidity.

Trade credits average terms are 70,48 days. , that compared to the sector's average is shorter.

Eur. 622.953 is the value of cash flow during the year 2013

Labour cost expenses amount to Eur. 3.029.479 , representing 12,17% on the total of production costs. , whereas the incidence of such costs on sales revenues is equal to 11,88%.

Finacial chareges are high: the incidence on sales volume amounts to -1,75%

 



Financial Data

 

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

 

Item Type

Value

Sales

25.510.341

Profit (Loss) for the period

311.804

 

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

 

Item Type

Value

Sales

21.237.461

Profit (Loss) for the period

277.753

 

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

 

Item Type

Value

Sales

16.479.550

Profit (Loss) for the period

123.977

 

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

 

Item Type

Value

Sales

15.530.943

Profit (Loss) for the period

110.581

 

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

 

Item Type

Value

Sales

10.754.409

Profit (Loss) for the period

-300.712



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

. . Research,develop. and advert.expens.

. . Industrial patent rights

14.684

10.207

. . Concessions,licenses,trademarks,etc.

. . Goodwill

. . Assets in formation and advance paymen.

. . Other intangible fixed assets

302.466

255.002

131.840

. Total Intangible Fixed Assets

317.150

265.209

131.840

. TANGIBLE FIXED ASSETS

. . Real estate

. . Plant and machinery

554.051

172.211

102.446

. . Industrial and commercial equipment

49.827

94.876

99.014

. . Other assets

43.244

. . Assets under construction and advances

. Total Tangible fixed assets

647.122

267.087

201.460

. FINANCIAL FIXED ASSETS

. . Equity investments

416.531

437.016

401.016

. . . Equity invest. in subsidiary companies

173.423

184.918

148.918

. . . Equity invest. in associated companies

. . . Equity invest. in holding companies

. . . Equity invest. in other companies

243.108

252.098

252.098

. . Financial receivables

50.000

165.351

166.156

. . . . Within 12 months

50.000

165.351

166.156

. . . . Beyond 12 months

. . . Receivab due from subsidiaries

50.000

43.000

43.000

. . . . Within 12 months

50.000

43.000

43.000

. . . . 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

122.351

123.156

. . . . Within 12 months

122.351

123.156

. . . . Beyond 12 months

. . Other securities

. . Own shares

. . . Total nominal value

. Total financial fixed assets

466.531

602.367

567.172

Total fixed assets

1.430.803

1.134.663

900.472

CURRENT ASSETS

. INVENTORIES

. . Raw materials and other consumables

3.204.548

1.941.409

1.272.515

. . Work in progress and semimanufactured

4.287.109

4.364.481

5.090.072

. . Work in progress on order

. . Finished goods

1.248.668

1.033.861

1.187.440

. . Advance payments

619.432

469.288

228.585

. Total Inventories

9.359.757

7.809.039

7.778.612

. CREDITS NOT HELD AS FIXED ASSETS

. . Within 12 months

6.485.098

7.253.618

5.450.650

. . Beyond 12 months

38.917

10.563

19.165

. . Trade receivables

4.994.419

5.958.316

4.291.326

. . . . Within 12 months

4.994.419

5.958.316

4.291.326

. . . . Beyond 12 months

. . Receivables due from subsid. comp.

193.670

444.535

508.047

. . . . Within 12 months

193.670

444.535

508.047

. . . . Beyond 12 months

. . Receivables due from assoc. comp.

. . . . Within 12 months

. . . . Beyond 12 months

. . Receivables due from holding comp.

. . . . Within 12 months

. . . . Beyond 12 months

. . Fiscal Receivables

946.149

529.553

319.501

. . . . Within 12 months

946.149

529.553

319.501

. . . . Beyond 12 months

. . Receivables for anticipated taxes

17.713

18.847

32.575

. . . . Within 12 months

6.442

8.284

13.410

. . . . Beyond 12 months

11.271

10.563

19.165

. . Receivables due from third parties

372.064

312.930

318.366

. . . . Within 12 months

344.418

312.930

318.366

. . . . Beyond 12 months

27.646

. Total Credits not held as fixed assets

6.524.015

7.264.181

5.469.815

. 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

748.846

148.924

347.330

. . Checks

. . Banknotes and coins

18.406

11.078

2.044

. Total Liquid funds

767.252

160.002

349.374

Total current assets

16.651.024

15.233.222

13.597.801

ADJUSTMENT ACCOUNTS

. Discount on loans

88.443

59.693

59.442

. Other adjustment accounts

Total adjustments accounts

88.443

59.693

59.442

TOTAL ASSETS

18.170.270

16.427.578

14.557.715

LIABILITIES

STOCKHOLDERS' EQUITY

. Capital stock

3.000.000

3.000.000

3.000.000

. Additional paid-in capital

. Revaluation reserves

. Legal reserve

184.051

170.163

163.964

. Reserve for Own shares

. Statute reserves

. Other reserves

15.194

13.927

6.611

. Accumulated Profits (Losses)

795.792

533.193

422.732

. Profit( loss) of the year

311.804

277.753

123.977

. Advances on dividends

. Partial loss of the year Coverage

Total Stockholders'Equity

4.306.841

3.995.036

3.717.284

RESERVES FOR RISKS AND CHARGES

. . Reserve for employee termination indem.

47.676

. . Taxation fund, also differed

12.229

15.934

. . Other funds

Total Reserves for Risks and Charges

59.905

15.934

Employee termination indemnities

116.208

120.123

118.791

ACCOUNTS PAYABLE

. . . . Within 12 months

12.262.566

11.486.611

9.771.703

. . . . Beyond 12 months

891.152

335.589

692.221

. . 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

8.903.691

8.352.997

6.867.281

. . . . Within 12 months

8.012.539

8.017.408

6.175.060

. . . . Beyond 12 months

891.152

335.589

692.221

. . Due to other providers of finance

. . . . Within 12 months

. . . . Beyond 12 months

. . Advances from customers

4.967

31.348

37.215

. . . . Within 12 months

4.967

31.348

37.215

. . . . Beyond 12 months

. . Trade payables

3.724.727

3.074.013

2.915.640

. . . . Within 12 months

3.724.727

3.074.013

2.915.640

. . . . Beyond 12 months

. . Securities issued

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to subsidiary companies

55.317

10.335

352.165

. . . . Within 12 months

55.317

10.335

352.165

. . . . Beyond 12 months

. . Due to associated companies

1.171

. . . . Within 12 months

1.171

. . . . Beyond 12 months

. . Due to holding companies

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to the tax authorities

128.412

126.410

73.478

. . . . Within 12 months

128.412

126.410

73.478

. . . . Beyond 12 months

. . Due to social security and welfare inst.

126.472

104.712

93.608

. . . . Within 12 months

126.472

104.712

93.608

. . . . Beyond 12 months

. . Other payables

208.961

122.385

124.537

. . . . Within 12 months

208.961

122.385

124.537

. . . . Beyond 12 months

Total accounts payable

13.153.718

11.822.200

10.463.924

ADJUSTMENT ACCOUNTS

. Agio on loans

. Other adjustment accounts

533.598

474.285

257.716

Total adjustment accounts

533.598

474.285

257.716

TOTAL LIABILITIES

18.170.270

16.427.578

14.557.715

 

MEMORANDUM ACCOUNTS

 

Third party goods

Investment accounts

235.140

423.523

336.605

Risk accounts

177.747

277.747

100.000

Civil and fiscal norms relation

 

PROFIT AND LOSS ACCOUNTS

 

VALUE OF PRODUCTION

. Revenues from sales and services

25.510.341

21.237.461

16.479.550

. Changes in work in progress

137.435

-879.170

992.789

. Changes in semi-manufact. products

. Capitalization of internal work

. Other income and revenues

426.866

628.776

492.060

. . Contributions for operating expenses

14.800

16.667

. . Different income and revenues

412.066

612.109

492.060

Total value of production

26.074.642

20.987.067

17.964.399

PRODUCTION COSTS

. Raw material,other materials and consum.

15.498.474

11.935.196

9.212.976

. Services received

5.573.921

4.885.253

. Leases and rentals

6.970.695

296.092

276.888

. Payroll and related costs

3.029.479

2.358.667

2.104.364

. . Wages and salaries

2.265.676

1.693.765

1.478.636

. . Social security contributions

623.258

541.889

518.978

. . Employee termination indemnities

117.609

104.607

92.089

. . Pension and similar

. . Other costs

22.936

18.406

14.661

. Amortization and depreciation

311.149

199.783

149.161

. . Amortization of intangible fixed assets

142.439

100.895

58.933

. . Amortization of tangible fixed assets

159.940

85.776

90.228

. . Depreciation of tangible fixed assets

. . Writedown of current receiv.and of liquid

8.770

13.112

. Changes in raw materials

-1.263.139

-668.894

503.072

. Provisions to risk reserves

. Other provisions

. Other operating costs

342.908

278.887

184.299

Total production costs

24.889.566

19.973.652

17.316.013

Diff. between value and cost of product.

1.185.076

1.013.415

648.386

FINANCIAL INCOME AND EXPENSE

. Income from equity investments

9.562

39.711

5.380

. . In subsidiary companies

24.000

. . In associated companies

. . In other companies

9.562

15.711

5.380

. Other financial income

346

12.122

3.629

. . Financ.income from receivables

3.041

2.404

. . . Towards subsidiary companies

. . . Towards associated companies

. . . Towards holding companies

. . . Towards other companies

3.041

2.404

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

. . Financ.income from secur. cur.assets

. . Financ.income other than the above

346

9.081

1.225

. . . - Subsidiary companies

. . . - Associated companies

. . . - Holding companies

. . . - Other companies

346

9.081

1.225

. Interest and other financial expense

-457.462

-459.914

-346.680

. . Towards subsidiary companies

. . Towards associated companies

. . Towards holding companies

. . Towards other companies

457.462

459.914

346.680

Total financial income and expense

-447.554

-408.081

-337.671

ADJUSTMENTS TO FINANCIAL ASSETS

. Revaluations

. . Of equity investments

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

. . Of securities incl.among current assets

. Devaluation

-4.557

. . Of equity investments

-4.557

. . Of financial fixed assets (no equity inv)

. . Of securities included among current ass

Total adjustments to financial assets

-4.557

EXTRAORDINARY INCOME AND EXPENSE

. Extraordinary income

18.832

33.715

127.444

. . Gains on disposals

. . Other extraordinary income

18.832

33.715

127.444

. Extraordinary expense

-50.250

-20.545

-46.501

. . Losses on disposals

-33.517

. . Taxes relating to prior years

. . Other extraordinary expense

-50.250

-20.545

-12.984

Total extraordinary income and expense

-31.418

13.170

80.943

Results before income taxes

701.547

618.504

391.658

. Taxes on current income

389.743

340.751

267.681

. . current taxes

392.314

312.645

266.045

. . differed taxes(anticip.)

-2.571

28.106

1.636

. Net income for the period

311.804

277.753

123.977

. Adjustments in tax regulations pursuance

. Provisions in tax regulations pursuance

. Profit (loss) of the year

311.804

277.753

123.977

 

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

0,08

0,07

0,06

0,18

Elasticity Ratio

Units

0,92

0,93

0,93

0,80

Availability of stock

Units

0,52

0,48

0,53

0,20

Total Liquidity Ratio

Units

0,40

0,45

0,40

0,51

Quick Ratio

Units

0,04

0,01

0,02

0,02

COMPOSITION ON SOURCE

Net Short-term indebtedness

Units

2,67

2,84

2,53

2,38

Self Financing Ratio

Units

0,24

0,24

0,26

0,24

Capital protection Ratio

Units

0,23

0,18

0,16

0,68

Liabilities consolidation quotient

Units

0,08

0,04

0,08

0,18

Financing

Units

3,05

2,96

2,81

2,86

Permanent Indebtedness Ratio

Units

0,29

0,27

0,31

0,38

M/L term Debts Ratio

Units

0,06

0,03

0,06

0,11

Net Financial Indebtedness Ratio

Units

1,89

2,05

1,75

1,00

CORRELATION

Fixed assets ratio

Units

3,71

3,92

5,03

1,78

Current ratio

Units

1,36

1,33

1,39

1,25

Acid Test Ratio-Liquidity Ratio

Units

0,59

0,65

0,60

0,84

Structure's primary quotient

Units

3,01

3,52

4,13

1,07

Treasury's primary quotient

Units

0,06

0,01

0,04

0,03

Rate of indebtedness ( Leverage )

%

421,89

411,20

391,62

408,81

Current Capital ( net )

Value

4.388.458

3.746.611

3.826.098

312.424

RETURN

Return on Sales

%

2,44

2,25

1,66

2,67

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

%

7,24

6,95

3,34

3,20

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

%

16,29

15,48

10,54

8,58

Return on Investment ( R.O.I. )

%

6,52

6,17

4,45

4,36

Return/ Sales

%

4,65

4,77

3,93

3,63

Extra Management revenues/charges incid.

%

26,31

27,41

19,12

23,99

Cash Flow

Value

622.953

477.536

273.138

112.609

Operating Profit

Value

1.185.076

1.013.415

648.386

127.644

Gross Operating Margin

Value

1.496.225

1.213.198

797.547

230.719

MANAGEMENT

Credits to clients average term

Days

70,48

101,00

93,75

101,46

Debts to suppliers average term

Days

60,58

62,36

81,84

94,66

Average stock waiting period

Days

132,08

132,37

169,93

56,34

Rate of capital employed return ( Turnover )

Units

1,40

1,29

1,13

1,34

Rate of stock return

Units

2,73

2,72

2,12

6,30

Labour cost incidence

%

11,88

11,11

12,77

12,44

Net financial revenues/ charges incidence

%

-1,75

-1,92

-2,05

-1,48

Labour cost on purchasing expenses

%

12,17

11,81

12,15

12,90

Short-term financing charges

%

3,48

3,89

3,31

3,49

Capital on hand

%

71,23

77,35

88,34

74,43

Sales pro employee

Value

271.386

290.924

253.531

253.464

Labour cost pro employee

Value

32.228

32.310

32.374

32.147

 

 

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

:

394.101

Population living in the region

:

3.598.269

Number of families in the region

:

1.474.681

 

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

 

- per food products

:

444

- per non food products

:

2.009

- per energy consume

:

122

 

 

Sector Data

 

The values are calculated on a base of 923 significant companies.

The companies cash their credits on an average of 101 dd.

The average duration of suppliers debts is about 95 dd.

The sector's profitability is on an average of 2,67%.

The labour cost affects the turnover in the measure of 12,44%.

Goods are held in stock in a range of 56 dd.

The difference between the sales volume and the resources used to realize it is about 1,34.

The employees costs represent the 12,90% of the production costs.

 

Statistical Detrimental Data

 

Statistically the trade activity passes through serious crises.

The area is statistically considered moderately risky.

In the region 24.960 protested subjects are found; in the province they count to 2.664.

The insolvency index for the region is 0,70, , while for the province it is 0,68.

Total Bankrupt companies in the province : 1.648.

Total Bankrupt companies in the region : 20.423.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.15

UK Pound

1

Rs.94.24

Euro

1

Rs.73.30

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

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.