MIRA INFORM REPORT

 

 

Report No. :

334333

Report Date :

30.07.2015

 

IDENTIFICATION DETAILS

 

Name :

SABAF S.P.A.

 

 

Registered Office :

Via Dei Carpini, 1

25035- Ospitaletto, (BS)

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

04.10.1993

 

 

Legal Form :

Joint stock company

 

 

Line of Business :
  • Manufacture of other taps and valves
  • Wholesale of wood, construction materials and sanitary fixtures, flat glass, paints and colours

 

 

No. of Employee :

From 500 to 750

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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

 

SABAF S.P.A.

 

 

Via Dei Carpini, 1

25035- Ospitaletto, (BS) -IT-

 

 

Summary

 

Fiscal Code

:

03244470179

Legal Form

:

Joint stock company

start of Activities

:

07/10/1993

Equity

:

Over 2.582.254

Turnover Range

:

100.000.000/150.000.000

Number of Employees

:

from 500 to 750

 

 

Activity

 

Manufacture of other taps and valves

Wholesale of wood, construction materials and sanitary fixtures, flat glass, paints and colours



Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 03244470179

 

Foreign Trade Reg. no. : BS053568 since 19/01/1995

 

Foreign Trade Reg. no. : 053568 of Brescia since 19/01/1995

 

Chamber of Commerce no. : 347512 of Brescia since 01/12/1993

 

Firms' Register : BS029-52821 of Brescia since 19/02/1996

 

V.A.T. Code : 01786910982

 

Foundation date

: 04/10/1993

Establishment date

: 04/10/1993

Start of Activities

: 07/10/1993

Legal duration

: 31/12/2070

Nominal Capital

: 11.533.450

Subscribed Capital

: 11.533.450

Paid up Capital

: 11.533.450

 

Legal mail :

SABAF@LEGAL.SABAF.IT

 

 

Members

 

Saleri

Giuseppe Pietro

 

Born in Lumezzane

(BS)

on 21/08/1931

- Fiscal Code : SLRGPP31M21E738W

 

Residence:

Rango

, 56/A

- 25065

Lumezzane

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Board Chairman

05/05/2015

Director

05/05/2015

Managing Director

05/05/2015

 

Prejudicial events registered

Mortgage by Court Injunction - 29/04/2015. - 500.000 Euro.

  BANCA VALSABBINA S. C. P. A.

 

No Protests registered

 

Camodeca

Renato Serafino

 

Born in Mantova

(MN)

on 28/11/1966

- Fiscal Code : CMDRTS66S28E897U

 

Residence:

Lama

, 16

- 25133

Brescia

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

05/05/2015



Saleri

Cinzia

 

Born in Brescia

(BS)

on 18/12/1961

- Fiscal Code : SLRCNZ61T58B157Z

 

Residence:

Dei Carpini

, 1

- 25035

Ospitaletto

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

05/05/2015

Managing Director

05/05/2015

Vice-Chairman

05/05/2015

 

No Prejudicial events are reported

 

No Protests registered

 

Bartoli

Alberto

 

Born in Brescia

(BS)

on 06/06/1960

- Fiscal Code : BRTLRT60H06B157J

 

Residence:

Vivaldi

, 6

- 25100

Brescia

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

05/05/2015

Managing Director

05/05/2015

 

No Prejudicial events are reported

 

No Protests registered

 

Saleri

Ettore

 

Born in Brescia

(BS)

on 24/04/1973

- Fiscal Code : SLRTTR73D24B157M

 

Residence:

Garibaldi

, 37B

- 25069

Villa Carcina

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

05/05/2015

Assistant board Chairman

05/05/2015

Managing Director

05/05/2015

 

No Prejudicial events are reported

 

No Protests registered

 

Gardoni

Fausto Francesco

 

Born in San Paolo

(BS)

on 17/12/1942

- Fiscal Code : GRDFTF42T17G407I

 

Residence:

Xx Settembre

, 18

- 25020

San Paolo

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

05/05/2015



Giacomelli

Maria Maddalena

 

Born in Brescia

(BS)

on 06/08/1968

- Fiscal Code : GCMMMD68M46B157V

 

Residence:

A. Molinari

, 4

- 25050

Rodengo-Saiano

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

31/05/2012

 

No Prejudicial events are reported

 

No Protests registered

 

Cavalli

Giuseppe

 

Born in Brescia

(BS)

on 07/11/1960

- Fiscal Code : CVLGPP60S07B157R

 

Residence:

Carpione

, 18

- 25084

Gargnano

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

05/05/2015



Pendoli

Anna

 

Born in Brescia

(BS)

on 25/12/1974

- Fiscal Code : PNDNNA74T65B157D

 

Residence:

Bulloni

, 12

- 25121

Brescia

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

05/05/2015



Picchi

Nicla

 

Born in Lumezzane

(BS)

on 12/07/1960

- Fiscal Code : PCCNCL60L52E738H

 

Residence:

Arnaldo Soldini

, 12

- 25124

Brescia

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

05/05/2015



Cancarini

Alberto

 

Born in Brescia

(BS)

on 13/03/1967

- Fiscal Code : CNCLRT67C13B157P

 

Residence:

Padile

, 36 ESP.A

- 25063

Gardone Val Trompia

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

27/09/2012

 

No Prejudicial events are reported

 

No Protests registered

 

Dora

Massimo

 

Born in Brescia

(BS)

on 22/11/1970

- Fiscal Code : DROMSM70S22B157A

 

Residence:

Cave

, 73

- 25082

Botticino

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

31/05/2012

 

No Prejudicial events are reported

 

No Protests registered

 

Beschi

Gianluca

 

Born in Brescia

(BS)

on 11/12/1968

- Fiscal Code : BSCGLC68T11B157S

 

Residence:

De Gasperi

, 57

- 25040

Monticelli Brusati

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

31/05/2012

Director

05/05/2015

 

No Prejudicial events are reported

 

No Protests registered

 

Belpietro

Nicola

 

Born in Brescia

(BS)

on 15/10/1966

- Fiscal Code : BLPNCL66R15B157F

 

Residence:

Della Baitella

, 2

- 25045

Castegnato

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

31/05/2012

 

No Prejudicial events are reported

 

No Protests registered

 

Gorini

Luca

 

Born in Genova

(GE)

on 05/02/1969

- Fiscal Code : GRNLCU69B05D969U

 

Residence:

Cavour

, 86

- 25082

Botticino

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

31/05/2012

 

No Prejudicial events are reported

 

No Protests registered

 

Benedetti

Pietro

 

Born in Brescia

(BS)

on 16/02/1966

- Fiscal Code : BNDPTR66B16B157W

 

Residence:

Ombrini

, 65

- 25080

Nuvolento

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

31/05/2012

 

No Prejudicial events are reported

 

No Protests registered

 

Bonfadelli

Andrea

 

Born in Asola

(MN)

on 17/10/1977

- Fiscal Code : BNFNDR77R17A470A

 

Residence:

Val Sugana

, 8

- 25123

Brescia

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

01/08/2013

 

No Prejudicial events are reported

 

No Protests registered

 

Forzanini

Roberta

 

Born in Brescia

(BS)

on 03/09/1964

- Fiscal Code : FRZRRT64P43B157X

 

Residence:

G. Garibaldi

, 30

- 25061

Bovegno

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

05/05/2015

Managing Director

05/05/2015

Vice-Chairman

05/05/2015

 

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.

 

Saleri

Giuseppe Pietro

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Sabaf Di Saleri Battista E Figli Societa' Per Azioni

Lumezzane (BS) - IT -

00278270178

Chairman

Withdrawn

Merged

Sabaf Di Saleri Battista E Figli Societa' Per Azioni

Lumezzane (BS) - IT -

00278270178

Managing Director

Withdrawn

Merged

Nuova Sabaf S.p.a.

Lumezzane (BS) - IT -

01538160985

Chairman

Withdrawn

Merged

Nuova Sabaf S.p.a.

Lumezzane (BS) - IT -

01538160985

Managing Director

Withdrawn

Merged

Nuova Sabaf S.p.a.

Lumezzane (BS) - IT -

01538160985

Managing Director

Withdrawn

Merged

Osvaldo E Baldo S.r.l.

Castenedolo (BS) - IT -

00534960174

Sole Director

Withdrawn

Registered

Salfin S.p.a.

Brescia (BS) - IT -

02155000173

Chairman

Withdrawn

Ceased

Salfin S.p.a.

Brescia (BS) - IT -

02155000173

Managing Director

Withdrawn

Ceased

Giuseppe Saleri Societa' In AccomanditaPer Azioni

Ospitaletto (BS) - IT -

03276800178

Director

Active

Registered

Giuseppe Saleri Societa' In AccomanditaPer Azioni

Ospitaletto (BS) - IT -

03276800178

General Partner

Active

Registered

Giuseppe Saleri Societa' In AccomanditaPer Azioni

Ospitaletto (BS) - IT -

03276800178

Managing Director

Active

Registered

Giuseppe Saleri Societa' In AccomanditaPer Azioni

Ospitaletto (BS) - IT -

03276800178

Board Chairman

Active

Registered

Sabaf Immobiliare S.r.l.

Ospitaletto (BS) - IT -

02192840987

Director

Active

Registered

Sabaf Immobiliare S.r.l.

Ospitaletto (BS) - IT -

02192840987

Managing Director

Active

Registered

Sabaf Immobiliare S.r.l.

Ospitaletto (BS) - IT -

02192840987

Board Chairman

Active

Registered

Getto S.r.l.

Ospitaletto (BS) - IT -

02382380984

Director

Withdrawn

Registered

Getto S.r.l.

Ospitaletto (BS) - IT -

02382380984

Managing Director

Withdrawn

Registered

Getto S.r.l.

Ospitaletto (BS) - IT -

02382380984

Board Chairman

Withdrawn

Registered

 

Saleri

Cinzia

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Getto S.r.l.

Ospitaletto (BS) - IT -

02382380984

Director

Active

Registered

Getto S.r.l.

Ospitaletto (BS) - IT -

02382380984

Managing Director

Active

Registered

Getto S.r.l.

Ospitaletto (BS) - IT -

02382380984

Board Chairman

Active

Registered

 

Bartoli

Alberto

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Faringosi Hinges S.r.l.

Ospitaletto (BS) - IT -

04873470159

Managing Director

Active

Registered

Faringosi Hinges S.r.l.

Ospitaletto (BS) - IT -

04873470159

Director

Active

Registered

Faringosi Hinges S.r.l.

Ospitaletto (BS) - IT -

04873470159

Board Chairman

Active

Registered

Bioteke S.r.l.

Chignolo Po (PV) - IT -

04598310151

Attorney with special power

Withdrawn

Ceased

F.lli Guidetti S.r.l.

Brescia (BS) - IT -

01428780173

Permanent Auditor

Withdrawn

Registered

Immobiliare Arco S.r.l.

Brescia (BS) - IT -

03367980178

Director

Withdrawn

Proposal for composition agreement

Euro Edes S.p.a.

Torino (TO) - IT -

07434090010

Permanent Auditor

Withdrawn

Registered

Giuseppe Saleri Societa' In AccomanditaPer Azioni

Ospitaletto (BS) - IT -

03276800178

Procurator

Active

Registered

Desenzano 2002 S.r.l.

Brescia (BS) - IT -

03434700179

Director

Withdrawn

Registered

Sviluppo Immobiliare Latina S.r.l.

Brescia (BS) - IT -

13220310158

Director

Withdrawn

Registered

West Energy S.p.a.

Brescia (BS) - IT -

02227300981

Director

Withdrawn

Registered

West Energy S.p.a.

Brescia (BS) - IT -

02227300981

Managing Director

Withdrawn

Registered

H.b. Ampezzo S.r.l.

Brescia (BS) - IT -

03586570404

Director

Withdrawn

Registered

Nuovo Molino S.p.a.

Brescia (BS) - IT -

02704600986

Director

Withdrawn

Registered

Nuovo Molino S.p.a.

Brescia (BS) - IT -

02704600986

Board Chairman

Withdrawn

Registered

Garda - Societa' Di Gestione Del RisparmIo Societa' Per Azioni

Brescia (BS) - IT -

05392240965

Director

Withdrawn

Registered

Garda - Societa' Di Gestione Del RisparmIo Societa' Per Azioni

Brescia (BS) - IT -

05392240965

Board Chairman

Withdrawn

Registered

Alla 176 Societa' Semplice

Brescia (BS) - IT -

98089800175

Partner

Withdrawn

Ceased

Alla 176 Societa' Semplice

Brescia (BS) - IT -

98089800175

Partner

Withdrawn

Ceased

Alla 176 Societa' Semplice

Brescia (BS) - IT -

98089800175

Liquidator

Withdrawn

Ceased

Mella 2000 S.r.l.

Brescia (BS) - IT -

02356400982

Director

Withdrawn

Registered

Mozart S.a.s. Di Alberto Bartoli E C.

Brescia (BS) - IT -

02538660982

General Partner

Active

Registered

Santa Radegonda Srl

Brescia (BS) - IT -

02568710988

Director

Withdrawn

Registered

Mr Sviluppo S.r.l.

Brescia (BS) - IT -

02609690983

Chairman of the Board of Aud.

Withdrawn

Registered

 

Saleri

Ettore

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Sabaf Immobiliare S.r.l.

Ospitaletto (BS) - IT -

02192840987

Director

Active

Registered

Sabaf Immobiliare S.r.l.

Ospitaletto (BS) - IT -

02192840987

Managing Director

Active

Registered

Getto S.r.l.

Ospitaletto (BS) - IT -

02382380984

Director

Active

Registered

Getto S.r.l.

Ospitaletto (BS) - IT -

02382380984

Managing Director

Active

Registered

Santa Radegonda Srl

Brescia (BS) - IT -

02568710988

Director

Active

Registered

Momento Divino S.r.l. - UnipersonaleE Nell'ipotesi

Concesio (BS) - IT -

02674430984

Sole Director

Withdrawn

Registered

Momento Divino S.r.l. - UnipersonaleE Nell'ipotesi

Concesio (BS) - IT -

02674430984

Person in charge

Withdrawn

Registered

Momento Divino S.r.l. - UnipersonaleE Nell'ipotesi

Concesio (BS) - IT -

02674430984

Sole partner

Withdrawn

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.

 

 

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

Lumenergia S.p.a.

Lumezzane - IT -

03405300173

2.250 .Eur

0,75

Active

Consorzio Bresciano Per La Ricerca Appli Cata E L'innovazione Tecnologica Nel Set

Brescia - IT -

03067310171

5.200 .Eur

0,59

Active

Faringosi Hinges S.r.l.

Ospitaletto - IT -

04873470159

90.000 .Eur

100,00

Active

Sabaf Immobiliare S.r.l.

Ospitaletto - IT -

02192840987

25.000 .Eur

100,00

Active

Csmt Gestione S.c.a.r.l.

Brescia - IT -

02835410982

141.268 .Eur

4,24

Active



Firm's location and structure

 

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

 

-

Legal and operative seat

 

Dei Carpini

, 1

- 25035

- Ospitaletto

(BS)

- IT -

 

PHONE

: 0030/8252211

 

PHONE

: 0306843001

 

FAX

: 0306848249

 

Legal mail

: SABAF@LEGAL.SABAF.IT

 

-

Branch

(Office with warehouse)

since 07/05/2002

 

Rango

, 23

- 25065

- Lumezzane

(BS)

- IT -

 

Employees

: 557

 

Assistants

: 7

 

Fittings and Equipment for a value of 22.930.000

Eur

 

Stocks for a value of 23.880.000

Eur

 

 

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

01/06/1994

 

CEASINGS/INCORPORATIONS/MERGES:

 

The firm absorved

 

Salfin S.p.a.

 

Creta

, 2

, 25124

, Brescia

(BS)

- IT -

 

Fiscal Code: 02155000173

 

Date

:

21/07/1994

 

The firm absorved

 

Salfin S.p.a.

 

Creta

, 2

, 25124

, Brescia

(BS)

- IT -

 

Fiscal Code: 02155000173

 

Date

:

21/07/1994

 

The firm absorbed by merging of

 

Salfin S.p.a.

 

Creta

, 2

, 25124

, Brescia

(BS)

- IT -

 

Fiscal Code: 02155000173

 

Date

:

21/07/1994



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 1993

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

During the last years, it achieved profits (r.o.e. 3,45% on 2013) but without a significant increase in the turnover.

The operating result was positive in the last financial year (4,61%) and in line with the sector's average.

The amount of the operating result for the year 2013 is of Eur. 6.759.000 rising (+35,5%) in relation to the previous year.

The economic management produced a gross operating margin of Eur. 17.795.000 on the same levels as the previous financial year.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,34 and with an upward trend compared to the previous year.

The equity capital is equal to Eur. 108.094.000 , unchanged as opposed to the preceding year.

The financial management has recorded total debts amounting to Eur. 39.379.000, , with no sensible variation.

Bank and suppliers credit recourse is limited, 83,09 gg. is payment average period which is also lower than the sector average.

The management determines a good range of liquidity.

As far as the collection of credit goes, the average is high (97,38 days). , as it normally happens in the sector.

2013 financial year closed with a cash flow of Eur. 14.724.000

Labour cost expenses amount to Eur. 27.055.000 , representing 24,67% on the total of production costs. , whereas the incidence on sales revenues is of 24,07%.

The financial management is positive as incomes are higher than the charges.

 

Financial Data

 

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

 

Item Type

Value

Sales

112.417.000

Profit (Loss) for the period

3.730.000

 

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

 

Item Type

Value

Sales

116.202.000

Profit (Loss) for the period

2.236.000

 

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

 

Item Type

Value

Sales

132.514.000

Profit (Loss) for the period

11.122.000

 

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

 

Item Type

Value

Sales

132.176.431

Profit (Loss) for the period

13.245.691

 


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.

2.166.000

2.388.000

2.345.000

. . Industrial patent rights

537.000

948.000

1.115.000

. . Concessions,licenses,trademarks,etc.

. . Goodwill

. . Assets in formation and advance paymen.

. . Other intangible fixed assets

533.000

586.000

438.000

. Total Intangible Fixed Assets

3.236.000

3.922.000

3.898.000

. TANGIBLE FIXED ASSETS

. . Real estate

6.023.000

6.215.000

6.514.000

. . Plant and machinery

22.928.000

24.266.000

27.843.000

. . Industrial and commercial equipment

. . Other assets

3.993.000

3.980.000

4.136.000

. . Assets under construction and advances

1.490.000

2.530.000

2.180.000

. Total Tangible fixed assets

34.434.000

36.991.000

40.673.000

. FINANCIAL FIXED ASSETS

. . Equity investments

43.070.000

42.129.000

35.027.000

. . . Equity invest. in subsidiary companies

43.031.000

42.096.000

34.994.000

. . . Equity invest. in associated companies

. . . Equity invest. in holding companies

. . . Equity invest. in other companies

39.000

33.000

33.000

. . Financial receivables

1.458.000

1.523.000

7.000

. . . . Within 12 months

. . . . Beyond 12 months

1.458.000

1.523.000

7.000

. . . Receivab due from subsidiaries

. . . . Within 12 months

. . . . Beyond 12 months

. . . Receivables due from assoc.comp.

1.451.000

1.516.000

. . . . Within 12 months

. . . . Beyond 12 months

1.451.000

1.516.000

. . . Receivables due from holding comp.

. . . . Within 12 months

. . . . Beyond 12 months

. . . Receivables due from third parties

7.000

7.000

7.000

. . . . Within 12 months

. . . . Beyond 12 months

7.000

7.000

7.000

. . Other securities

. . Own shares

5.000

2.339.000

328.000

. . . Total nominal value

. Total financial fixed assets

44.533.000

45.991.000

35.362.000

Total fixed assets

82.203.000

86.904.000

79.933.000

CURRENT ASSETS

. INVENTORIES

. . Raw materials and other consumables

8.678.000

. . Work in progress and semimanufactured

8.679.000

. . Work in progress on order

. . Finished goods

23.875.000

20.780.000

7.076.000

. . Advance payments

. Total Inventories

23.875.000

20.780.000

24.433.000

. CREDITS NOT HELD AS FIXED ASSETS

. . Within 12 months

38.248.000

39.213.000

42.990.000

. . Beyond 12 months

3.319.000

3.151.000

. . Trade receivables

30.409.000

34.487.000

39.561.000

. . . . Within 12 months

30.409.000

34.487.000

39.561.000

. . . . Beyond 12 months

. . Receivables due from subsid. comp.

. . . . Within 12 months

. . . . Beyond 12 months

. . Receivables due from assoc. comp.

2.464.000

2.367.000

. . . . Within 12 months

2.464.000

2.367.000

. . . . Beyond 12 months

. . Receivables due from holding comp.

1.546.000

. . . . Within 12 months

1.546.000

. . . . Beyond 12 months

. . Fiscal Receivables

1.176.000

1.895.000

1.493.000

. . . . Within 12 months

1.176.000

1.895.000

1.493.000

. . . . Beyond 12 months

. . Receivables for anticipated taxes

3.646.000

3.319.000

3.151.000

. . . . Within 12 months

3.646.000

. . . . Beyond 12 months

3.319.000

3.151.000

. . Receivables due from third parties

553.000

464.000

390.000

. . . . Within 12 months

553.000

464.000

390.000

. . . . Beyond 12 months

. Total Credits not held as fixed assets

38.248.000

42.532.000

46.141.000

. 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

. . Checks

. . Banknotes and coins

. Total Liquid funds

2.345.000

1.601.000

9.180.000

Total current assets

64.468.000

64.913.000

79.754.000

ADJUSTMENT ACCOUNTS

. Discount on loans

. Other adjustment accounts

Total adjustments accounts

TOTAL ASSETS

146.671.000

151.817.000

159.687.000

LIABILITIES

STOCKHOLDERS' EQUITY

. Capital stock

11.533.000

11.533.000

11.533.000

. Additional paid-in capital

10.002.000

10.002.000

10.002.000

. Revaluation reserves

. Legal reserve

2.307.000

2.307.000

2.307.000

. Reserve for Own shares

. Statute reserves

. Other reserves

76.792.000

78.055.000

73.827.000

. Accumulated Profits (Losses)

. Profit( loss) of the year

7.460.000

2.236.000

11.122.000

. Advances on dividends

. Partial loss of the year Coverage

Total Stockholders'Equity

108.094.000

104.133.000

108.791.000

RESERVES FOR RISKS AND CHARGES

. . Reserve for employee termination indem.

. . Taxation fund, also differed

14.000

27.000

46.000

. . Other funds

418.000

399.000

467.000

Total Reserves for Risks and Charges

432.000

426.000

513.000

Employee termination indemnities

2.496.000

2.092.000

2.199.000

ACCOUNTS PAYABLE

. . . . Within 12 months

39.379.000

42.427.000

40.473.000

. . . . Beyond 12 months

2.739.000

7.711.000

. . 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

14.422.000

21.842.000

16.256.000

. . . . Within 12 months

14.422.000

19.103.000

8.545.000

. . . . Beyond 12 months

2.739.000

7.711.000

. . Due to other providers of finance

1.076.000

33.000

33.000

. . . . Within 12 months

1.076.000

33.000

33.000

. . . . Beyond 12 months

. . Advances from customers

63.000

147.000

559.000

. . . . Within 12 months

63.000

147.000

559.000

. . . . Beyond 12 months

. . Trade payables

16.909.000

17.079.000

24.928.000

. . . . Within 12 months

16.909.000

17.079.000

24.928.000

. . . . 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

1.023.000

669.000

688.000

. . . . Within 12 months

1.023.000

669.000

688.000

. . . . Beyond 12 months

. . Due to social security and welfare inst.

1.932.000

1.913.000

2.026.000

. . . . Within 12 months

1.932.000

1.913.000

2.026.000

. . . . Beyond 12 months

. . Other payables

3.954.000

3.483.000

3.694.000

. . . . Within 12 months

3.954.000

3.483.000

3.694.000

. . . . Beyond 12 months

Total accounts payable

39.379.000

45.166.000

48.184.000

ADJUSTMENT ACCOUNTS

. Agio on loans

. Other adjustment accounts

Total adjustment accounts

TOTAL LIABILITIES

150.401.000

151.817.000

159.687.000

 

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

112.417.000

116.202.000

132.514.000

. Changes in work in progress

. Changes in semi-manufact. products

. Capitalization of internal work

915.000

1.056.000

976.000

. Other income and revenues

3.115.000

2.992.000

3.960.000

. . Contributions for operating expenses

. . Different income and revenues

3.115.000

2.992.000

3.960.000

Total value of production

116.447.000

120.250.000

137.450.000

PRODUCTION COSTS

. Raw material,other materials and consum.

44.271.000

42.330.000

52.279.000

. Services received

25.862.000

29.141.000

. Leases and rentals

28.986.000

3.898.000

3.496.000

. Payroll and related costs

27.055.000

25.934.000

27.359.000

. . Wages and salaries

18.437.000

18.020.000

18.366.000

. . Social security contributions

6.153.000

5.918.000

6.029.000

. . Employee termination indemnities

. . Pension and similar

. . Other costs

2.465.000

1.996.000

2.964.000

. Amortization and depreciation

10.994.000

11.997.000

10.423.000

. . Amortization of intangible fixed assets

996.000

1.017.000

1.037.000

. . Amortization of tangible fixed assets

8.868.000

9.372.000

9.186.000

. . Depreciation of tangible fixed assets

. . Writedown of current receiv.and of liquid

1.130.000

1.608.000

200.000

. Changes in raw materials

-3.095.000

3.654.000

-1.008.000

. Provisions to risk reserves

42.000

34.000

113.000

. Other provisions

13.000

. Other operating costs

1.435.000

1.553.000

3.031.000

Total production costs

109.688.000

115.262.000

124.847.000

Diff. between value and cost of product.

6.759.000

4.988.000

12.603.000

FINANCIAL INCOME AND EXPENSE

. Income from equity investments

1.034.000

792.000

2.717.000

. . In subsidiary companies

. . In associated companies

. . In other companies

. Other financial income

83.000

41.000

57.000

. . 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

83.000

. . . - Subsidiary companies

. . . - Associated companies

. . . - Holding companies

. . . - Other companies

. Interest and other financial expense

-564.000

-613.000

53.000

. . Towards subsidiary companies

. . Towards associated companies

. . Towards holding companies

. . Towards other companies

564.000

Total financial income and expense

553.000

220.000

2.827.000

ADJUSTMENTS TO FINANCIAL ASSETS

. Revaluations

. . Of equity investments

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

. . Of securities incl.among current assets

. Devaluation

-1.708.000

-2.051.000

-1.484.000

. . Of equity investments

-1.708.000

-2.051.000

-1.484.000

. . Of financial fixed assets (no equity inv)

. . Of securities included among current ass

Total adjustments to financial assets

-1.708.000

-2.051.000

-1.484.000

EXTRAORDINARY INCOME AND EXPENSE

. Extraordinary income

623.000

497.000

. . Gains on disposals

375.000

38.000

. . Other extraordinary income

248.000

459.000

. Extraordinary expense

-72.000

-90.000

. . Losses on disposals

. . Taxes relating to prior years

. . Other extraordinary expense

-72.000

-90.000

Total extraordinary income and expense

618.000

551.000

407.000

Results before income taxes

6.222.000

3.708.000

14.353.000

. Taxes on current income

2.492.000

1.472.000

3.231.000

. . current taxes

2.691.000

2.707.000

4.958.000

. . differed taxes(anticip.)

199.000

-1.235.000

-1.727.000

. Net income for the period

3.730.000

2.236.000

11.122.000

. Adjustments in tax regulations pursuance

. Provisions in tax regulations pursuance

. Profit (loss) of the year

3.730.000

2.236.000

11.122.000

 

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

0,56

0,57

0,50

0,26

Elasticity Ratio

Units

0,44

0,43

0,50

0,73

Availability of stock

Units

0,16

0,14

0,15

0,23

Total Liquidity Ratio

Units

0,28

0,29

0,35

0,44

Quick Ratio

Units

0,02

0,01

0,06

0,02

COMPOSITION ON SOURCE

Net Short-term indebtedness

Units

0,34

0,39

0,29

1,74

Self Financing Ratio

Units

0,74

0,69

0,68

0,29

Capital protection Ratio

Units

0,82

0,87

0,79

0,64

Liabilities consolidation quotient

Units

0,06

0,11

0,24

0,22

Financing

Units

0,36

0,43

0,44

2,30

Permanent Indebtedness Ratio

Units

0,75

0,72

0,74

0,46

M/L term Debts Ratio

Units

0,02

0,03

0,06

0,11

Net Financial Indebtedness Ratio

Units

0,12

0,19

0,07

0,49

CORRELATION

Fixed assets ratio

Units

1,35

1,25

1,49

1,63

Current ratio

Units

1,64

1,53

1,97

1,32

Acid Test Ratio-Liquidity Ratio

Units

1,03

1,04

1,37

0,86

Structure's primary quotient

Units

1,31

1,20

1,36

1,05

Treasury's primary quotient

Units

0,06

0,04

0,23

0,04

Rate of indebtedness ( Leverage )

%

135,69

145,79

146,78

349,01

Current Capital ( net )

Value

25.089.000

22.486.000

39.281.000

753.266

RETURN

Return on Sales

%

13,10

12,25

16,26

5,13

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

%

3,45

2,15

10,22

7,27

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

%

5,76

3,56

13,19

15,95

Return on Investment ( R.O.I. )

%

4,61

3,29

7,89

5,36

Return/ Sales

%

6,01

4,29

9,51

5,57

Extra Management revenues/charges incid.

%

55,19

44,83

88,25

42,11

Cash Flow

Value

14.724.000

14.233.000

21.545.000

344.143

Operating Profit

Value

6.759.000

4.988.000

12.603.000

359.008

Gross Operating Margin

Value

17.795.000

17.019.000

23.152.000

705.726

MANAGEMENT

Credits to clients average term

Days

97,38

106,84

107,48

101,37

Debts to suppliers average term

Days

83,09

85,29

105,68

115,52

Average stock waiting period

Days

76,46

64,38

66,38

80,62

Rate of capital employed return ( Turnover )

Units

0,77

0,77

0,83

1,07

Rate of stock return

Units

4,71

5,59

5,42

4,40

Labour cost incidence

%

24,07

22,32

20,65

16,91

Net financial revenues/ charges incidence

%

0,49

0,19

2,13

-1,19

Labour cost on purchasing expenses

%

24,67

22,50

21,91

17,25

Short-term financing charges

%

1,43

1,36

n.c.

2,71

Capital on hand

%

130,47

130,65

120,51

93,00

Sales pro employee

Value

133.037

197.959

222.338

223.920

Labour cost pro employee

Value

32.017

44.180

45.904

35.625

 

 

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.

 

 

SOURCES

 

Our Company collects data from public registers, lists, archives or contained in Acts and/or documents (held by the National Chamber of Commerce or Immovables Territorial Agency), users, reporters or however generally accessible (for example, from categorical lists, statistical institutes, press reports and from public inspection internet sites).

 

 

The present report is supplied for Your exclusive use and is bond to the general conditions of the contract. Personal Data collection and treatment, reported, are conform to our company's activities and to Your mandate conferred to us by Your request, for the purposes in relation to Marketing Management, Sales and Monetary Administration. It does not contain, nor could contain, information cancelled by a justified opposition right.

 

 

Market / Territory Data

 

Population living in the province

:

1.169.259

Population living in the region

:

9.393.092

Number of families in the region

:

3.858.736

 

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

 

- per food products

:

460

- per non food products

:

2.090

- per energy consume

:

114



Sector Data

 

The values are calculated on a base of 918 significant companies.

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

The average duration of suppliers debts is about 116 dd.

The sector's profitability is on an average of 5,13%.

The labour cost affects the turnover in the measure of 16,91%.

Goods are held in stock in a range of 81 dd.

The difference between the sales volume and the resources used to realize it is about 1,07.

The employees costs represent the 17,25% 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 50.886 protested subjects are found; in the province they count to 5.551.

The insolvency index for the region is 0,55, , while for the province it is 0,48.

Total Bankrupt companies in the province : 3.452.

Total Bankrupt companies in the region : 39.612.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.89

UK Pound

1

Rs.99.71

Euro

1

Rs.70.63

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

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.