MIRA INFORM REPORT

 

 

Report No. :

330346

Report Date :

09.07.2015

 

IDENTIFICATION DETAILS

 

Name :

ILCAT S.P.A.

 

 

Registered Office :

Via Piemonte, 2

59100 – Prato (PO)

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

15.12.2004

 

 

Legal Form :

Joint stock company

 

 

Line of Business :
  • Manufacture of Textiles
  • Manufacture of man-made fibres
  • Wholesale of textiles

 

 

No. of Employee :

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 – 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

 

ILCAT S.P.A.

 

Via Piemonte, 2

59100 – Prato (PO) -IT-

 

 

Summary

 

Fiscal Code

:

00404540486

Legal Form

:

Joint stock company

start of Activities

:

15/12/2004

Equity

:

Over 2.582.254

Turnover Range

:

35.000.000/50.000.000

Number of Employees

:

from 51 to 70

 

 

Activity

 

Manufacture of Textiles

Manufacture of man-made fibres

Wholesale of textiles

 

 

Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 00404540486

 

Foreign Trade Reg. no. : PO003892 since 20/12/1991

 

Foreign Trade Reg. no. : 003892 of Prato since 20/12/1991

 

Chamber of Commerce no. : 1268006 of Milano

 

Chamber of Commerce no. : 145095 of Prato since 27/03/1956

 

Firms' Register : PO005-1298 of Prato since 19/02/1996

 

V.A.T. Code : 00232090977

 

Foundation date

: 21/02/1956

Establishment date

: 21/02/1956

Start of Activities

: 15/12/2004

Legal duration

: 31/12/2030

Nominal Capital

: 2.000.000

Subscribed Capital

: 2.000.000

Paid up Capital

: 2.000.000

 

Legal mail :

INFO@ILCAT-PEC.IT

 

Members

 

Bini

Paolo

 

Born in Prato

(FI)

on 21/02/1939

- Fiscal Code : BNIPLA39B21G999W

 

Residence:

Di Casellina

, 88

- 50018

Scandicci

(FI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Board Chairman

27/06/2013

 

No Prejudicial events are reported

 

No Protests registered

 

Profeta

Marco

 

Born in Firenze

(FI)

on 28/08/1958

- Fiscal Code : PRFMRC58M28D612J

 

Residence:

Luigi Carlo Farini

, 5

- 50121

Firenze

(FI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Managing Director

27/06/2013

 

No Prejudicial events are reported

 

No Protests registered

 

Bini

Maria Paola

 

Born in Prato

(FI)

on 03/01/1946

- Fiscal Code : BNIMPL46A43G999M

 

Residence:

Di Casellina

, 88

- 50018

Scandicci

(FI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Attorney with special power

17/03/1994

 

No Prejudicial events are reported

 

No Protests registered

 

Bruni

Ilaria

 

Born in Firenze

(FI)

on 19/02/1961

- Fiscal Code : BRNLRI61B59D612A

 

Residence:

Farini

, 5

- 50100

Firenze

(FI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Attorney with special power

20/07/1995

 

No Protests registered

 

Sofinco S.p.a.

 

 

:

Piemonte

, 2

- 59100

Prato

(PO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Partner

 

No Prejudicial events are reported

 

No Protests registered

 

Crispo

Alberto

 

Born in Prato

(FI)

on 28/10/1960

- Fiscal Code : CRSLRT60R28G999R

 

Residence:

Piero Della Francesca

, 37

- 59100

Prato

(PO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

10/02/2005

Managing Director

27/06/2013

 

No Prejudicial events are reported

 

No Protests registered

 

Quagli

Federico

 

Born in Firenze

(FI)

on 03/05/1964

- Fiscal Code : QGLFRC64E03D612M

 

Residence:

Iacopone Da Todi

, 6

- 50100

Firenze

(FI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Managing Director

27/06/2013

 

No Prejudicial events are reported

 

No Protests registered

 

Fioravanti

Lorenzo

 

Born in Prato

(FI)

on 09/09/1970

- Fiscal Code : FRVLNZ70P09G999M

 

Residence:

Di Faltugnano

, 47

- 59021

Vaiano

(PO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Managing Director

27/06/2013

 

No Prejudicial events are reported

 

No Protests registered

 

Quagli

Filippo

 

Born in Firenze

(FI)

on 02/01/1970

- Fiscal Code : QGLFPP70A02D612I

 

Residence:

Jacopone Da Todi

, 6

- 50133

Firenze

(FI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Managing Director

27/06/2013

 

No Prejudicial events are reported

 

No Protests registered

 

Barni

Stefano

 

Born in Prato

(FI)

on 01/04/1959

- Fiscal Code : BRNSFN59D01G999L

 

Residence:

Brunelleschi

, 3

- 59100

Prato

(PO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Auditor

27/06/2013

 

I E Me S.r.l.

 

 

:

Giovanni Milton

, 27

- 50129

Firenze

(FI)

- IT -

 

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.

 

Bini

Paolo

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Filorama-spa

Prato (PO) - IT -

00432280485

Chairman

Withdrawn

Registered

Filorama-spa

Prato (PO) - IT -

00432280485

Sole Director

Withdrawn

Registered

Filorama-spa

Prato (PO) - IT -

00432280485

Board Chairman

Withdrawn

Registered

Ifitex - S.p.a.

Prato (FI) - IT -

00874410483

Sole Director

Withdrawn

Ceased

Ifitex - S.p.a.

Prato (FI) - IT -

00874410483

Liquidator

Withdrawn

Ceased

Pettinatura*lanfit S.r.l.

Prato (FI) - IT -

00432520484

Liquidator

Withdrawn

Ceased

Edilgest S.r.l.

Prato (PO) - IT -

00510050974

Managing Director

Withdrawn

Registered

Edilgest S.r.l.

Prato (PO) - IT -

00510050974

Managing Director

Active

Registered

Cooperativa*edificatrice*prato Mare Verde - Soc. Coop.a R.l.

Prato (FI) - IT -

01823880487

Vice-Chairman

Withdrawn

Ceased

Sofinco S.p.a.

Prato (PO) - IT -

00912790482

Director

Active

Registered

Sporting Club Societa' Cooperativa

Prato (PO) - IT -

00788720480

Director

Withdrawn

Registered

Cooperativa Edificatrice Lungobisenzio 2000 Societa' Cooperativa In Liquidazion

Prato (PO) - IT -

01765660970

Director

Withdrawn

Ceased

Filatura *nuova Ficep - Societa' A Responsabilita' Limitata

Montemurlo (FI) - IT -

03096290485

Director

Withdrawn

Ceased

Cooperativa*edificatrice*prato 90 - Societa' Cooperativa A Responsabilita'

Prato (FI) - IT -

01530480977

Liquidator

Withdrawn

Ceased

Edilgest S.r.l.

Prato (FI) - IT -

00510050974

Managing Director

Withdrawn

Ceased

My Way International S.p.a.

Prato (PO) - IT -

92059480480

Managing Director

Active

Registered

I.p. Investments S.p.a.

Prato (PO) - IT -

01981150970

Managing Director

Active

Registered

I.p. Investments S.p.a.

Prato (PO) - IT -

01981150970

Board Chairman

Withdrawn

Registered

Cooperativa Edificatrice San Marco 2005- Societa' Cooperativa

Prato (PO) - IT -

01993340973

Managing Director

Withdrawn

Registered

 

Profeta

Marco

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Pettinatura*lanfit S.r.l.

Prato (FI) - IT -

00432520484

Liquidator

Withdrawn

Ceased

Filatura *nuova Ficep - Societa' A Responsabilita' Limitata

Montemurlo (FI) - IT -

03096290485

Director

Withdrawn

Ceased

My Way International S.p.a.

Prato (PO) - IT -

92059480480

Board Chairman

Active

Registered

I.p. Investments S.p.a.

Prato (PO) - IT -

01981150970

Managing Director

Active

Registered

I E Me S.r.l.

Firenze (FI) - IT -

05482230488

Sole Director

Active

Registered

I E Me S.r.l.

Firenze (FI) - IT -

05482230488

Director

Withdrawn

Registered

I E Me S.r.l.

Firenze (FI) - IT -

05482230488

Sole partner

Active

Registered

 

Crispo

Alberto

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Florence Sportswear S.r.l.

Firenze (FI) - IT -

00645340480

Procurator

-

In liquidation

Campaioli S.r.l.

Prato (PO) - IT -

01510010976

Permanent Auditor

Withdrawn

Registered

Sirio Sistemi Elettronici S.p.a. In SiglA Sse Spa

Prato (PO) - IT -

02013980483

Director

Active

Registered

Quagli E Fioravanti S.r.l.

Prato (PO) - IT -

00404560484

Managing Director

Active

Registered

Filo Invest S.r.l.

Prato (PO) - IT -

02037700974

Permanent Auditor

Active

Registered

G.m. Filati S.r.l.

Cantagallo (PO) - IT -

01923900979

Permanent Auditor

Active

Registered

Quagli E Fioravanti Trading S.p.a.

Prato (PO) - IT -

01907250979

Managing Director

Active

Registered

 

Quagli

Federico

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

T.p.t. S.r.l.

Prato (PO) - IT -

01715140974

Managing Director

Withdrawn

Registered

Quagli E Fioravanti S.r.l.

Prato (PO) - IT -

00404560484

Managing Director

Active

Registered

I.p. Investments S.p.a.

Prato (PO) - IT -

01981150970

Managing Director

Active

Registered

Quagli E Fioravanti Trading S.p.a.

Prato (PO) - IT -

01907250979

Managing Director

Active

Registered

Effequeffe S.r.l.

Prato (PO) - IT -

02146270976

Managing Director

Active

Registered

Effequeffe S.r.l.

Prato (PO) - IT -

02146270976

Board Chairman

Active

Registered

 

Fioravanti

Lorenzo

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

F 4 - S.r.l.

Prato (PO) - IT -

01685250977

Managing Director

Active

Registered

Quagli E Fioravanti S.r.l.

Prato (PO) - IT -

00404560484

Managing Director

Active

Registered

I.p. Investments S.p.a.

Prato (PO) - IT -

01981150970

Managing Director

Active

Registered

Quagli E Fioravanti Trading S.p.a.

Prato (PO) - IT -

01907250979

Managing Director

Active

Registered

Fi.lo. Immobiliare S.r.l.

Camaiore (LU) - IT -

02129100463

Liquidator

Active

Registered

 

Quagli

Filippo

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

T.p.t. S.r.l.

Prato (PO) - IT -

01715140974

Board Chairman

Active

Registered

Quagli E Fioravanti S.r.l.

Prato (PO) - IT -

00404560484

Managing Director

Active

Registered

My Way International S.p.a.

Prato (PO) - IT -

92059480480

Managing Director

Active

Registered

I.p. Investments S.p.a.

Prato (PO) - IT -

01981150970

Managing Director

Active

Registered

Quagli E Fioravanti Trading S.p.a.

Prato (PO) - IT -

01907250979

Managing Director

Active

Registered

Effequeffe S.r.l.

Prato (PO) - IT -

02146270976

Managing 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

F 4 - S.r.l.

Prato - IT -

01685250977

440.000 .Eur

22,00

Sofinco S.p.a.

Prato - IT -

00912790482

600.000 .Eur

30,00

I E Me S.r.l.

Firenze - IT -

05482230488

520.000 .Eur

26,00

Effequeffe S.r.l.

Prato - IT -

02146270976

440.000 .Eur

22,00

 

 

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

Lineapiu' - S.p.a.

Campi Bisenzio - IT -

03781100486

708.298 .Eur

5,34

Active

My Way International S.p.a.

Prato - IT -

92059480480

400.000 .Eur

80,00

Active

Consorzio Prato Energia

Prato - IT -

01812470977

Active

Prato Verde S.r.l.

Prato - IT -

02022170977

.Eur

50,00

Active

Quagli E Fioravanti Trading S.p.a.

Prato - IT -

01907250979

11.100 .Eur

2,00

Active



Firm's location and structure

 

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

 

-

Legal and operative seat

since 18/02/1999

 

Piemonte

, 2

- 50047

- Prato

(PO)

- IT -

 

PHONE

: 05745521

 

FAX

: 0574552404

 

Legal mail

: INFO@ILCAT-PEC.IT

 

-

Branch

(Sales office)

since 01/12/1985

 

Fornaroli

, 60/62

- 20013

- Magenta

(MI)

- IT -

 

Employees

: 58

 

Assistants

: 2

 

Fittings and Equipment for a value of 1.180.000

Eur

 

Stocks for a value of 22.410.000

Eur

 

Vehicles: 2.

 

The firm operates abroad as importer..

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

 

Import comes generally from the following nations:

- Belgium

 

 

 

 

Historical Information and/or Firm's Status

 

 

CHANGES TO THE LEGAL FORM:

 

Former legal form

New legal form

Changement Date

General partnership

Limited liability company

19/01/1978

Limited liability company

Joint stock company

04/11/1983

 

CEASINGS/INCORPORATIONS/MERGES:

 

The firm absorved

 

Ficep Srl

 

Ugo Foscolo

, 45/3

, 59013

, Montemurlo

(PO)

- IT -

 

Date

:

23/10/1990

 

The firm absorved

 

Filatura Nuova Ficep Srl

 

Ugo Foscolo

, 45/3

, 59013

, Montemurlo

(PO)

- IT -

 

Date

:

23/10/1990

 

The firm absorved

 

"FICEP S.R.L."

 

, MONTEMURLO VIA U. FOSCOLO 45/3

- IT -

 

Date

:

23/10/1990

 

The firm absorved

 

"FILATURA NUOVA FICEP S.R.L."

 

, MONTEMURLO VIA U. FOSCOLO 45/3

- IT -

 

Date

:

23/10/1990

 

The firm absorbed by merging of

 

"FILATURA NUOVA FICEP S.R.L."

 

, MONTEMURLO VIA U. FOSCOLO 45/3

- IT -

 

Date

:

23/10/1990

 

Splitting-up project and setting-up of new co

 

Date

Merging/Splitting-up Project-New Company:

30/09/2004

 

Splitting-up and setting-up of a new company

 

I.P. INVESTMENTS S.P.A.

 

, Prato (po)

- IT -

 

Date

Splitting-up:

10/02/2005



Protests

 

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

 

 

Data Base Prejudicial Events Search

 

Search performed on a National Scale

 

Prejudicial Events Search Result: NEGATIVE

 

Search performed on a specialized data base.

 

Legal Procedures

 

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



Financial and Economical Analysis

 

The company is active since 2004

The analysis is based on the latest 3 balance sheets.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 0,99% in 2013 keeping the turnover steady during the last two years.

The return on Investment in the last financial year was positive (1,68%) and in line with the sector's average.

The amount of the operating result for the year 2013 is of Eur. 810.713 showing an upward trend 41,75% compared to the previous financial year.

The economic management produced a gross operating margin of Eur. 1.242.421 showing an upward trend if compared to 2012.

The financial status of the company is fairly balanced with an indebtedness level of 3,26 but with an increase as against the previous accounting period.

Subject can manage an equity capital funds for an amount of Eur. 10.835.472 on the same levels as the year before.

Total debts recorded amounted to Eur. 36.441.694 (Eur. 343.034 of which were m/l term debts) , a more or less stable value.

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

Payments are supported by good current assets.

Due from customers average term is high and equal to 137,43 days. even if compared to the average of the sector.

Eur. 538.563 is the value of cash flow during the year 2013

Labour cost amounts to Eur. 1.856.330, with a 3,83% incidence on production costs. , with a 3,78% incidence on turnover.

If compared to the sales volume (-0,88%), the impact of the financial charges is limited.



Financial Data

 

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

 

Item Type

Value

Sales

49.087.350

Profit (Loss) for the period

106.855

 

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

 

Item Type

Value

Sales

47.304.805

Profit (Loss) for the period

83.686

 

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

 

Item Type

Value

Sales

53.766.030

Profit (Loss) for the period

59.549

 

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

 

Item Type

Value

Sales

51.246.065

Profit (Loss) for the period

177.940



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

440

. . Research,develop. and advert.expens.

796

3.992

. . Industrial patent rights

. . Concessions,licenses,trademarks,etc.

89.746

89.419

95.876

. . Goodwill

. . Assets in formation and advance paymen.

. . Other intangible fixed assets

55.127

66.103

23.303

. Total Intangible Fixed Assets

144.873

156.318

123.611

. TANGIBLE FIXED ASSETS

. . Real estate

30.598

36.121

41.645

. . Plant and machinery

1.181.034

1.338.507

824.971

. . Industrial and commercial equipment

2.686

4.755

9.057

. . Other assets

422.748

366.777

471.282

. . Assets under construction and advances

627.650

. Total Tangible fixed assets

1.637.066

1.746.160

1.974.605

. FINANCIAL FIXED ASSETS

. . Equity investments

468.000

468.000

468.000

. . . Equity invest. in subsidiary companies

392.000

392.000

392.000

. . . Equity invest. in associated companies

. . . Equity invest. in holding companies

. . . Equity invest. in other companies

76.000

76.000

76.000

. . Financial receivables

211.423

421.747

628.957

. . . . Within 12 months

211.423

208.838

416.048

. . . . Beyond 12 months

212.909

212.909

. . . Receivab due from subsidiaries

211.423

421.747

628.957

. . . . Within 12 months

211.423

208.838

416.048

. . . . Beyond 12 months

212.909

212.909

. . . 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

1.225.000

2.175.000

2.175.000

. . Own shares

. . . Total nominal value

. Total financial fixed assets

1.904.423

3.064.747

3.271.957

Total fixed assets

3.686.362

4.967.225

5.370.173

CURRENT ASSETS

. INVENTORIES

. . Raw materials and other consumables

22.410.228

20.736.404

19.407.104

. . Work in progress and semimanufactured

. . Work in progress on order

. . Finished goods

. . Advance payments

. Total Inventories

22.410.228

20.736.404

19.407.104

. CREDITS NOT HELD AS FIXED ASSETS

. . Within 12 months

19.809.284

19.979.026

20.665.066

. . Beyond 12 months

1.240.147

289.646

289.240

. . Trade receivables

18.739.426

18.586.059

18.880.052

. . . . Within 12 months

18.739.426

18.586.059

18.880.052

. . . . Beyond 12 months

. . Receivables due from subsid. comp.

244.837

419.522

583.269

. . . . Within 12 months

244.837

419.522

583.269

. . . . 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

803.394

930.974

874.265

. . . . Within 12 months

803.394

930.974

874.265

. . . . Beyond 12 months

. . Receivables for anticipated taxes

38.345

. . . . Within 12 months

38.345

. . . . Beyond 12 months

. . Receivables due from third parties

1.261.774

332.117

578.375

. . . . Within 12 months

21.627

42.471

289.135

. . . . Beyond 12 months

1.240.147

289.646

289.240

. Total Credits not held as fixed assets

21.049.431

20.268.672

20.954.306

. 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

780.520

339.990

412.365

. . Checks

. . Banknotes and coins

5.121

3.728

1.138

. Total Liquid funds

785.641

343.718

413.503

Total current assets

44.245.300

41.348.794

40.774.913

ADJUSTMENT ACCOUNTS

. Discount on loans

344.514

41.349

409.635

. Other adjustment accounts

Total adjustments accounts

344.514

41.349

409.635

TOTAL ASSETS

48.276.176

46.357.368

46.554.721

LIABILITIES

STOCKHOLDERS' EQUITY

. Capital stock

2.000.000

2.000.000

2.000.000

. Additional paid-in capital

. Revaluation reserves

204.409

165.810

. Legal reserve

381.610

381.610

381.610

. Reserve for Own shares

. Statute reserves

. Other reserves

8.035.743

7.990.656

8.096.917

. Accumulated Profits (Losses)

. Profit( loss) of the year

213.710

167.372

119.098

. Advances on dividends

. Partial loss of the year Coverage

Total Stockholders'Equity

10.835.472

10.705.448

10.597.625

RESERVES FOR RISKS AND CHARGES

. . Reserve for employee termination indem.

284.400

284.400

284.400

. . Taxation fund, also differed

. . Other funds

Total Reserves for Risks and Charges

284.400

284.400

284.400

Employee termination indemnities

715.913

685.372

666.212

ACCOUNTS PAYABLE

. . . . Within 12 months

36.098.660

33.411.510

33.841.011

. . . . Beyond 12 months

343.034

1.292.416

1.212.909

. . Bonds

500.000

1.520.000

. . . . Within 12 months

500.000

520.000

. . . . Beyond 12 months

1.000.000

. . Convertible bonds repayable

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to shareholders for financing

23.988.865

22.193.563

. . . . Within 12 months

23.645.831

20.901.147

. . . . Beyond 12 months

343.034

1.292.416

. . Due to banks

21.694.929

. . . . Within 12 months

21.482.020

. . . . Beyond 12 months

212.909

. . Due to other providers of finance

. . . . Within 12 months

. . . . Beyond 12 months

. . Advances from customers

56.772

85.652

53.362

. . . . Within 12 months

56.772

85.652

53.362

. . . . Beyond 12 months

. . Trade payables

11.213.083

10.843.604

10.438.062

. . . . Within 12 months

11.213.083

10.843.604

10.438.062

. . . . Beyond 12 months

. . Securities issued

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to subsidiary companies

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to associated companies

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to holding companies

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to the tax authorities

321.631

179.636

468.406

. . . . Within 12 months

321.631

179.636

468.406

. . . . Beyond 12 months

. . Due to social security and welfare inst.

85.455

93.357

93.034

. . . . Within 12 months

85.455

93.357

93.034

. . . . Beyond 12 months

. . Other payables

775.888

808.114

786.127

. . . . Within 12 months

775.888

808.114

786.127

. . . . Beyond 12 months

Total accounts payable

36.441.694

34.703.926

35.053.920

ADJUSTMENT ACCOUNTS

. Agio on loans

. Other adjustment accounts

105.552

61.908

12.113

Total adjustment accounts

105.552

61.908

12.113

TOTAL LIABILITIES

48.383.031

46.441.054

46.614.270

 

MEMORANDUM ACCOUNTS

 

Third party goods

Investment accounts

5.338.288

3.311.637

Risk accounts

Civil and fiscal norms relation

 

PROFIT AND LOSS ACCOUNTS

 

VALUE OF PRODUCTION

. Revenues from sales and services

49.087.350

47.304.805

53.766.030

. Changes in work in progress

. Changes in semi-manufact. products

. Capitalization of internal work

. Other income and revenues

235.240

326.781

158.730

. . Contributions for operating expenses

. . Different income and revenues

235.240

326.781

158.730

Total value of production

49.322.590

47.631.586

53.924.760

PRODUCTION COSTS

. Raw material,other materials and consum.

39.355.078

38.021.108

44.160.912

. Services received

. Leases and rentals

8.215.541

7.669.335

8.249.319

. Payroll and related costs

1.856.330

2.025.038

1.930.509

. . Wages and salaries

1.298.241

1.411.706

1.346.822

. . Social security contributions

403.854

437.204

418.601

. . Employee termination indemnities

97.050

114.292

111.751

. . Pension and similar

. . Other costs

57.185

61.836

53.335

. Amortization and depreciation

431.708

410.674

348.610

. . Amortization of intangible fixed assets

74.879

76.599

75.671

. . Amortization of tangible fixed assets

286.029

259.075

197.939

. . Depreciation of tangible fixed assets

. . Writedown of current receiv.and of liquid

70.800

75.000

75.000

. Changes in raw materials

-1.673.824

-1.329.300

-1.893.857

. Provisions to risk reserves

. Other provisions

. Other operating costs

327.044

262.806

450.592

Total production costs

48.511.877

47.059.661

53.246.085

Diff. between value and cost of product.

810.713

571.925

678.675

FINANCIAL INCOME AND EXPENSE

. Income from equity investments

51.456

87.965

155.687

. . In subsidiary companies

4.352

10.817

20.327

. . In associated companies

. . In other companies

47.104

77.148

135.360

. Other financial income

. . Financ.income from receivables

. . . Towards subsidiary companies

. . . Towards associated companies

. . . Towards holding companies

. . . Towards other companies

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

. . Financ.income from secur. cur.assets

. . Financ.income other than the above

. . . - Subsidiary companies

. . . - Associated companies

. . . - Holding companies

. . . - Other companies

. Interest and other financial expense

-482.035

-556.456

-540.981

. . Towards subsidiary companies

. . Towards associated companies

. . Towards holding companies

. . Towards other companies

482.035

556.456

540.981

Total financial income and expense

-430.579

-468.491

-385.294

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

20.287

141.051

18.843

. . Gains on disposals

12.235

14.481

. . Other extraordinary income

8.052

141.051

4.362

. Extraordinary expense

-12.955

-130

-853

. . Losses on disposals

-110

. . Taxes relating to prior years

. . Other extraordinary expense

-12.845

-130

-853

Total extraordinary income and expense

7.332

140.921

17.990

Results before income taxes

387.466

244.355

311.371

. Taxes on current income

280.611

160.669

251.822

. . current taxes

280.611

122.324

162.583

. . differed taxes(anticip.)

38.345

89.239

. Net income for the period

106.855

83.686

59.549

. Adjustments in tax regulations pursuance

. Provisions in tax regulations pursuance

. Profit (loss) of the year

106.855

83.686

59.549

 

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

0,11

0,12

0,29

Elasticity Ratio

Units

0,92

0,89

0,88

0,70

Availability of stock

Units

0,46

0,45

0,42

0,26

Total Liquidity Ratio

Units

0,45

0,44

0,46

0,39

Quick Ratio

Units

0,02

0,01

0,01

0,01

COMPOSITION ON SOURCE

Net Short-term indebtedness

Units

3,26

3,09

3,15

1,69

Self Financing Ratio

Units

0,22

0,23

0,23

0,29

Capital protection Ratio

Units

0,80

0,80

0,80

0,71

Liabilities consolidation quotient

Units

0,03

0,06

0,06

0,26

Financing

Units

3,36

3,24

3,31

2,12

Permanent Indebtedness Ratio

Units

0,25

0,27

0,27

0,45

M/L term Debts Ratio

Units

0,02

0,04

0,04

0,13

Net Financial Indebtedness Ratio

Units

2,14

2,09

2,15

0,96

CORRELATION

Fixed assets ratio

Units

3,23

2,55

2,32

1,38

Current ratio

Units

1,23

1,24

1,20

1,25

Acid Test Ratio-Liquidity Ratio

Units

0,60

0,62

0,63

0,75

Structure's primary quotient

Units

2,94

2,16

1,97

0,90

Treasury's primary quotient

Units

0,02

0,01

0,01

0,03

Rate of indebtedness ( Leverage )

%

445,54

433,03

439,29

339,62

Current Capital ( net )

Value

8.146.640

7.937.284

6.933.902

1.615.606

RETURN

Return on Sales

%

1,10

1,05

0,76

1,74

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

%

0,99

0,78

0,56

0,25

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

%

3,58

2,28

2,94

2,94

Return on Investment ( R.O.I. )

%

1,68

1,23

1,46

2,31

Return/ Sales

%

1,65

1,21

1,26

2,50

Extra Management revenues/charges incid.

%

13,18

14,63

8,77

8,02

Cash Flow

Value

538.563

494.360

408.159

210.372

Operating Profit

Value

810.713

571.925

678.675

359.192

Gross Operating Margin

Value

1.242.421

982.599

1.027.285

692.382

MANAGEMENT

Credits to clients average term

Days

137,43

141,44

126,41

111,18

Debts to suppliers average term

Days

84,86

85,44

71,70

104,44

Average stock waiting period

Days

164,35

157,81

129,94

86,89

Rate of capital employed return ( Turnover )

Units

1,02

1,02

1,15

1,04

Rate of stock return

Units

2,19

2,28

2,77

4,12

Labour cost incidence

%

3,78

4,28

3,59

15,12

Net financial revenues/ charges incidence

%

-0,88

-0,99

-0,72

-2,07

Labour cost on purchasing expenses

%

3,83

4,30

3,63

14,82

Short-term financing charges

%

1,32

1,60

1,54

3,48

Capital on hand

%

98,35

98,00

86,59

95,83

Sales pro employee

Value

846.333

750.869

896.100

237.592

Labour cost pro employee

Value

32.005

32.143

32.175

33.432

 

 

 

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

:

238.826

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

 

 

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 2.055.

The insolvency index for the region is 0,70, , while for the province it is 0,88.

Total Bankrupt companies in the province : 3.109.

Total Bankrupt companies in the region : 20.423.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.57

UK Pound

1

Rs.98.22

Euro

1

Rs.69.93

 

INFORMATION DETAILS

 

Analysis Done by :

SAN

 

 

Report Prepared by :

SDA

 

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.