MIRA INFORM REPORT

 

 

Report No. :

321149

Report Date :

06.05.2015

 

IDENTIFICATION DETAILS

 

Name :

GRUPPO TECNOFERRARI SPA

 

 

Registered Office :

Via Statale, 11/T VEGGIA 42013 - Casalgrande (RE)

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

26.07.1990

 

 

Legal Form :

Joint stock company

 

 

Line of Business :

Manufacture of agricultural and silviculture machinery

 

 

No. of Employee :

From 150 to 175

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Italy

A2

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

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

 

GRUPPO TECNOFERRARI SPA

 

Via Statale, 11/T VEGGIA 42013 - Casalgrande (RE) -IT-

 

 

 

Summary

 

Fiscal Code

:

01984990364

Legal Form

:

Joint stock company

start of Activities

:

26/07/1990

Equity

:

Over 2.582.254

Turnover Range

:

50.000.000/75.000.000

Number of Employees

:

from 150 to 175

 

 

Activity

 

Manufacture of agricultural and silviculture machinery

 

Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 01984990364

 

Foreign Trade Reg. no. : RE005095 since 06/12/1991

 

Chamber of Commerce no. : 256988 of Modena

 

Chamber of Commerce no. : 188395 of Reggio Emilia since 02/08/1991

 

Firms' Register : RE033-21337 of Reggio Emilia since 19/02/1996

 

V.A.T. Code : 01475650352

 

Establishment date

: 25/06/1990

Start of Activities

: 26/07/1990

Legal duration

: 31/12/2020

Nominal Capital

: 208.000

Subscribed Capital

: 208.000

Paid up Capital

: 208.000

 

Legal mail :

AMMINISTRAZIONE@PEC.TECNOFERRARI.IT

 

 

Members

 

Ferrari

Paola

 

Born in Sassuolo

(MO)

on 01/08/1967

- Fiscal Code : FRRPLA67M41I462Z

 

Residence:

Salvarola

, 69

- 41049

Sassuolo

(MO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

21/01/2013

Managing Director

21/01/2013

 

No Prejudicial events are reported

 

No Protests registered

 

Ferrari

Giancarlo

 

Born in Reggio Emilia

(RE)

on 08/08/1939

- Fiscal Code : FRRGCR39M08H223K

 

Residence:

Salvarola

, 67

- 41049

Sassuolo

(MO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

21/01/2013

Board Chairman

21/01/2013

Managing Director

21/01/2013

Sole partner

03/03/2015

 

No Prejudicial events are reported

 

No Protests registered

 

Ferrari

Donatella

 

Born in Sassuolo

(MO)

on 04/06/1966

- Fiscal Code : FRRDTL66H44I462P

 

Residence:

Salvarola

, 57/B

- 41049

Sassuolo

(MO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

09/12/2014

Managing Director

09/12/2014

 

No Prejudicial events are reported

 

No Protests registered

 

Meglioli

Federica

 

Born in Sassuolo

(MO)

on 02/04/1974

- Fiscal Code : MGLFRC74D42I462E

 

Residence:

Casa Panini

, 15

- 42014

Castellarano

(RE)

- IT -

 

Position

Since

Shares Amount

% Ownership

Auditor

10/07/2014

 

Riva

Irene

 

Born in Zocca

(MO)

on 21/07/1939

- Fiscal Code : RVIRNI39L61M183Q

 

Residence:

Salvarola

, 69

- 41049

Sassuolo

(MO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

21/01/2013

 

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.

 

Ferrari

Paola

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Tecnoferrari S.p.a.

Fiorano Modenese (MO) - IT -

01280010362

Managing Director

Withdrawn

Merged

Tecnoferrari S.p.a.

Fiorano Modenese (MO) - IT -

01280010362

Director

Withdrawn

Merged

TECNOTILES S.R.L.

Fiorano Modenese (MO) - IT -

01835990365

Chairman

Withdrawn

Registered

Tecnoexamina S.p.a.

Casalgrande (RE) - IT -

01477330508

Director

Active

Registered

Tecnoexamina S.p.a.

Casalgrande (RE) - IT -

01477330508

Assistant board Chairman

Active

Registered

Effe Immobiliare S.r.l.

Casalgrande (RE) - IT -

02100670351

Managing Director

Active

Registered

Effe Immobiliare S.r.l.

Casalgrande (RE) - IT -

02100670351

Director

Active

Registered

 

Ferrari

Giancarlo

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Tecnoferrari S.p.a.

Fiorano Modenese (MO) - IT -

01280010362

Chairman

Withdrawn

Merged

Tecnoferrari S.p.a.

Fiorano Modenese (MO) - IT -

01280010362

Managing Director

Withdrawn

Merged

TECNOTILES S.R.L.

Fiorano Modenese (MO) - IT -

01835990365

Managing Director

Withdrawn

Registered

Tecnoexamina S.p.a.

Casalgrande (RE) - IT -

01477330508

Director

Active

Registered

Tecnoexamina S.p.a.

Casalgrande (RE) - IT -

01477330508

Board Chairman

Active

Registered

Effe Immobiliare S.r.l.

Casalgrande (RE) - IT -

02100670351

Managing Director

Active

Registered

Effe Immobiliare S.r.l.

Casalgrande (RE) - IT -

02100670351

Director

Active

Registered

Effe Immobiliare S.r.l.

Casalgrande (RE) - IT -

02100670351

Board Chairman

Active

Registered

 

Ferrari

Donatella

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Tecnoferrari S.p.a.

Fiorano Modenese (MO) - IT -

01280010362

Director

Withdrawn

Merged

Tecnoexamina S.p.a.

Casalgrande (RE) - IT -

01477330508

Director

Active

Registered

Effe Immobiliare S.r.l.

Casalgrande (RE) - IT -

02100670351

Managing Director

Withdrawn

Registered

Effe Immobiliare S.r.l.

Casalgrande (RE) - IT -

02100670351

Director

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.

 

Capital Shareholders

 

Shareholders' list as at date of data collection:

 

Firm's Style / Name

Seat / Residence

Fiscal Code

Owned Shares

% Ownership

Ferrari Giancarlo

Sassuolo - IT -

FRRGCR39M08H223K

189.280 .Eur

91,00

Gruppo Tecnoferrari Spa

Casalgrande - IT -

01984990364

18.720 .Eur

9,00

Gruppo Tecnoferrari Spa

01984990364

18.720 .Eur

9,00

 

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

Tecnoexamina S.p.a.

Casalgrande - IT -

01477330508

250.000 .Eur

100,00

Active

Gruppo Tecnoferrari Spa

Casalgrande - IT -

01984990364

18.720 .Eur

9,00

Active

 

Firm's location and structure

 

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

 

-

Legal and operative seat

 

Statale

, 11/T

- 42013

- Casalgrande

(RE)

- IT -

 

PHONE

: 0536915000

 

Legal mail

: AMMINISTRAZIONE@PEC.TECNOFERRARI.IT

 

-

Branch

since 13/06/1991

 

Ghiarola Vecchia

, SN

- 41042

- Fiorano Modenese

(MO)

- IT -

 

PHONE

: 0536830615

 

-

Branch

(Store)

since 01/01/2005

 

Statale 569

, S.N.

- 41014

- Castelvetro di Modena

(MO)

- IT -

 

Employees

: 167

 

Fittings and Equipment for a value of 450.000

Eur

 

Stocks for a value of 11.490.000

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

04/09/1992

 

EX-MEMBERS / EX-POSITIONS:

 

Guiducci

Giorgio

 

Born in Scandiano

(RE)

on 30/10/1939

- Fiscal Code : GDCGRG39R30I496I

 

Residence:

Moncalieri

, 9

- 41049

Sassuolo

(MO)

- IT -

 

Ex-Postions

Temporary Auditor

 

Ferrari

Donatella

 

Born in Sassuolo

(MO)

on 04/06/1966

- Fiscal Code : FRRDTL66H44I462P

 

Residence:

Salvarola

, 57/B

- 41049

Sassuolo

(MO)

- IT -

 

Ex-Postions

Sole Director

Managing Director

 

Meglioli

Federica

 

Born in Sassuolo

(MO)

on 02/04/1974

- Fiscal Code : MGLFRC74D42I462E

 

Residence:

Casa Panini

, 15

- 42014

Castellarano

(RE)

- IT -

 

Ex-Postions

Temporary Auditor

 

FERRARI

GIANCARLO

 

Born in REGGIO EMILIA

(RE)

on 08/08/1939

- Fiscal Code : FRRGCR39M08H223K

 

Residence:

SALVAROLA

, 69

- 41049

Sassuolo

(MO)

- IT -

 

Ex-Postions

Director

Board Chairman

 

Ferrari

Paola

 

Born in Sassuolo

(MO)

on 01/08/1967

- Fiscal Code : FRRPLA67M41I462Z

 

Residence:

Salvarola

, 69

- 41049

Sassuolo

(MO)

- IT -

 

Ex-Postions

Director

Managing Director

 

Godoli

Luca

 

Born in Sassuolo

(MO)

on 24/06/1966

- Fiscal Code : GDLLCU66H24I462F

 

Residence:

Mazzini

, 325

- 41049

Sassuolo

(MO)

- IT -

 

Ex-Postions

Temporary Auditor

 

Stradi

Alessandro

 

Born in Modena

(MO)

on 11/10/1971

- Fiscal Code : STRLSN71R11F257E

 

Residence:

Nazionale

, 88

- 41053

Maranello

(MO)

- IT -

 

Ex-Postions

Temporary Auditor

 

Manfredini

Onelia

 

Born in Maranello

(MO)

on 11/08/1953

- Fiscal Code : MNFNLO53M51E904S

 

Residence:

Cappella

, 23

- 41053

Maranello

(MO)

- IT -

 

Ex-Postions

Temporary Auditor

 

Marri

Danilo

 

Born in Carpi

(MO)

on 18/07/1937

- Fiscal Code : MRRDNL37L18B819B

 

Residence:

A. Moro

- 42013

Casalgrande

(RE)

- IT -

 

Ex-Postions

Permanent Auditor

 

Dal Borgo

Marco

 

Born in Reggio Emilia

(RE)

on 16/09/1961

- Fiscal Code : DLBMRC61P16H223S

 

Residence:

Clelia

, 33

- 41049

Sassuolo

(MO)

- IT -

 

Ex-Postions

Chairman of the Board of Aud.

Permanent Auditor

 

CEASINGS/INCORPORATIONS/MERGES:

 

The firm absorved

 

Fintecno S.p.a.

 

G. Galilei

, 168

, 41100

, Modena

(MO)

- IT -

 

Fiscal Code: 02022870360

 

Date

:

23/11/1995

 

The firm absorved

 

Tecnofin S.p.a.

 

Fiorentina

, 12

, 42013

, Casalgrande

(RE)

- IT -

 

Fiscal Code: 00343600367

 

Date

:

15/11/2000

 

The firm absorbed by merging of

 

Fintecno S.p.a.

 

G. Galilei

, 168

, 41100

, Modena

(MO)

- IT -

 

Fiscal Code: 02022870360

 

Date

:

23/11/1995

 

Project of merging by taking over of

 

Tecnofin S.p.a.

 

Fiorentina

, 12

, 42013

, Casalgrande

(RE)

- IT -

 

Fiscal Code: 00343600367

 

Date

Merging/splitting-up project:

30/10/1999

 

The firm absorbed by merging of

 

Tecnofin S.p.a.

 

Fiorentina

, 12

, 42013

, Casalgrande

(RE)

- IT -

 

Fiscal Code: 00343600367

 

Date

:

15/11/2000

 

Splitting-up project and setting-up of new co

 

Date

Merging/Splitting-up Project-New Company:

02/10/2003

 

Splitting-up and setting-up of a new company

 

EFFE IMMOBILIARE S.R.L.

 

, 42013

, Casalgrande

(RE)

- IT -

 

Date

Splitting-up:

22/03/2004



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 1990

An eco-fin analysis has been made on the base od the b/s fo the years 2011, 2012 and 2013.

During the last years, it recorded positive net results (r.o.e. 18,38% in 2013)

The operating result was positive in the last financial year (13,61%) falling within the field's average.

The amount of the operating result for the year 2013 is of Eur. 8.829.314 on stable levels if compared to the previous year.

The gross operating margin of the latest financial year is of Eur. 9.280.261 stable if compared to the financial year 2012.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,49 lower than in 2012.

It's shareholders funds amount to Eur. 33.299.215 with a growth of 22,51% in 2013.

Total indebtedness amounts to Eur. 26.980.857, with no important change.

Financial debts exposure is under control while the recourse to commercial credit is rather frequent however still within the sector's average.

It shows a good range of liquidity.

Accounts receivable average term is high (118,47 days). , as it normally happens in the sector.

During financial year 2013 the cash flow amounted to Eur. 6.570.095

In the last financial year labour cost was of Eur. 9.401.652, with a 14,48% incidence on total costs of production. , whereas 13,65% is the incidence on sales revenues.

The financial charges do not negatively affect the management, as they are covered by the incomes.

 

Financial Data

 

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

 

Item Type

Value

Sales

68.881.077

Profit (Loss) for the period

6.119.148

 

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

 

Item Type

Value

Sales

82.217.756

Profit (Loss) for the period

6.384.257

 

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

 

Item Type

Value

Sales

55.245.097

Profit (Loss) for the period

3.574.008

 

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

 

Item Type

Value

Sales

32.738.158

Profit (Loss) for the period

43.989

 

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

 

Item Type

Value

Sales

25.843.247

Profit (Loss) for the period

-163.490

 

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

69.987

56.744

42.528

. . Concessions,licenses,trademarks,etc.

. . Goodwill

. . Assets in formation and advance paymen.

. . Other intangible fixed assets

4.423

10.647

. Total Intangible Fixed Assets

69.987

61.167

53.175

. TANGIBLE FIXED ASSETS

. . Real estate

578

963

1.348

. . Plant and machinery

355.294

308.566

157.404

. . Industrial and commercial equipment

97.615

74.334

46.151

. . Other assets

443.878

415.723

338.886

. . Assets under construction and advances

. Total Tangible fixed assets

897.365

799.586

543.789

. FINANCIAL FIXED ASSETS

. . Equity investments

650.044

650.044

650.044

. . . Equity invest. in subsidiary companies

650.000

650.000

650.000

. . . Equity invest. in associated companies

. . . Equity invest. in holding companies

. . . Equity invest. in other companies

44

44

44

. . Financial receivables

101.248

101.248

101.248

. . . . Within 12 months

101.248

. . . . Beyond 12 months

101.248

101.248

. . . Receivab due from subsidiaries

. . . . Within 12 months

. . . . Beyond 12 months

. . . Receivables due from assoc.comp.

. . . . Within 12 months

. . . . Beyond 12 months

. . . Receivables due from holding comp.

. . . . Within 12 months

. . . . Beyond 12 months

. . . Receivables due from third parties

101.248

101.248

101.248

. . . . Within 12 months

101.248

. . . . Beyond 12 months

101.248

101.248

. . Other securities

. . Own shares

723.040

723.040

723.040

. . . Total nominal value

. Total financial fixed assets

1.474.332

1.474.332

1.474.332

Total fixed assets

2.441.684

2.335.085

2.071.296

CURRENT ASSETS

. INVENTORIES

. . Raw materials and other consumables

6.607.996

4.489.735

3.644.523

. . Work in progress and semimanufactured

1.556.371

682.024

1.008.303

. . Work in progress on order

. . Finished goods

3.327.592

2.494.455

4.330.611

. . Advance payments

. Total Inventories

11.491.959

7.666.214

8.983.437

. CREDITS NOT HELD AS FIXED ASSETS

. . Within 12 months

37.448.614

40.111.911

36.142.480

. . Beyond 12 months

2.853.317

4.060.436

579.650

. . Trade receivables

22.668.179

29.457.894

26.820.971

. . . . Within 12 months

20.202.186

25.784.782

26.241.837

. . . . Beyond 12 months

2.465.993

3.673.112

579.134

. . Receivables due from subsid. comp.

14.708.099

12.292.741

5.099.171

. . . . Within 12 months

14.708.099

12.292.741

5.099.171

. . . . 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

1.183.560

575.798

3.146.030

. . . . Within 12 months

796.752

188.990

3.146.030

. . . . Beyond 12 months

386.808

386.808

. . Receivables for anticipated taxes

1.639.495

1.639.495

1.625.531

. . . . Within 12 months

1.639.495

1.639.495

1.625.531

. . . . Beyond 12 months

. . Receivables due from third parties

102.598

206.419

30.427

. . . . Within 12 months

102.082

205.903

29.911

. . . . Beyond 12 months

516

516

516

. Total Credits not held as fixed assets

40.301.931

44.172.347

36.722.130

. 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

10.581.914

4.652.259

5.397.405

. . Checks

. . Banknotes and coins

7.952

5.899

2.962

. Total Liquid funds

10.589.866

4.658.158

5.400.367

Total current assets

62.383.756

56.496.719

51.105.934

ADJUSTMENT ACCOUNTS

. Discount on loans

55.467

48.125

. Other adjustment accounts

217.662

Total adjustments accounts

55.467

48.125

217.662

TOTAL ASSETS

64.880.907

58.879.929

53.394.892

LIABILITIES

STOCKHOLDERS' EQUITY

. Capital stock

208.000

208.000

208.000

. Additional paid-in capital

. Revaluation reserves

. Legal reserve

41.600

41.600

41.600

. Reserve for Own shares

723.040

723.040

723.040

. Statute reserves

13.696.104

. Other reserves

26.207.427

19.823.168

2.553.060

. Accumulated Profits (Losses)

. Profit( loss) of the year

6.119.148

6.384.257

3.574.008

. Advances on dividends

. Partial loss of the year Coverage

Total Stockholders'Equity

33.299.215

27.180.065

20.795.812

RESERVES FOR RISKS AND CHARGES

. . Reserve for employee termination indem.

223.226

222.716

197.312

. . Taxation fund, also differed

4.663

13.993

23.320

. . Other funds

3.232.406

3.232.406

3.232.406

Total Reserves for Risks and Charges

3.460.295

3.469.115

3.453.038

Employee termination indemnities

559.864

580.886

674.221

ACCOUNTS PAYABLE

. . . . Within 12 months

26.980.857

26.748.654

27.830.447

. . . . Beyond 12 months

. . 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

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to other providers of finance

. . . . Within 12 months

. . . . Beyond 12 months

. . Advances from customers

1.381.451

916.804

2.318.755

. . . . Within 12 months

1.381.451

916.804

2.318.755

. . . . Beyond 12 months

. . Trade payables

14.008.258

13.727.413

15.505.372

. . . . Within 12 months

14.008.258

13.727.413

15.505.372

. . . . Beyond 12 months

. . Securities issued

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to subsidiary companies

3.182.966

6.243.415

4.497.245

. . . . Within 12 months

3.182.966

6.243.415

4.497.245

. . . . 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

3.494.055

3.947.278

4.036.346

. . . . Within 12 months

3.494.055

3.947.278

4.036.346

. . . . Beyond 12 months

. . Due to social security and welfare inst.

503.266

449.988

423.546

. . . . Within 12 months

503.266

449.988

423.546

. . . . Beyond 12 months

. . Other payables

4.410.861

1.463.756

1.049.183

. . . . Within 12 months

4.410.861

1.463.756

1.049.183

. . . . Beyond 12 months

Total accounts payable

26.980.857

26.748.654

27.830.447

ADJUSTMENT ACCOUNTS

. Agio on loans

641.374

. Other adjustment accounts

580.676

901.209

Total adjustment accounts

580.676

901.209

641.374

TOTAL LIABILITIES

64.880.907

58.879.929

53.394.892

 

 

MEMORANDUM ACCOUNTS

 

Third party goods

Investment accounts

Risk accounts

296.055

69.450

1.117.766

Civil and fiscal norms relation

 

 

PROFIT AND LOSS ACCOUNTS

 

VALUE OF PRODUCTION

. Revenues from sales and services

68.881.077

82.217.756

55.245.097

. Changes in work in progress

1.707.485

-2.162.435

3.352.474

. Changes in semi-manufact. products

. Capitalization of internal work

. Other income and revenues

3.156.794

1.182.705

1.303.069

. . Contributions for operating expenses

1.292.069

. . Different income and revenues

3.156.794

1.182.705

11.000

Total value of production

73.745.356

81.238.026

59.900.640

PRODUCTION COSTS

. Raw material,other materials and consum.

42.590.961

48.876.187

35.922.648

. Services received

. Leases and rentals

14.327.314

14.623.031

10.321.928

. Payroll and related costs

9.401.652

8.846.375

8.570.720

. . Wages and salaries

6.928.974

6.501.819

6.270.327

. . Social security contributions

2.049.366

1.925.291

1.906.020

. . Employee termination indemnities

382.790

370.090

361.773

. . Pension and similar

. . Other costs

40.522

49.175

32.600

. Amortization and depreciation

450.947

432.651

369.294

. . Amortization of intangible fixed assets

24.610

23.067

18.314

. . Amortization of tangible fixed assets

235.923

190.351

184.381

. . Depreciation of tangible fixed assets

. . Writedown of current receiv.and of liquid

190.414

219.233

166.599

. Changes in raw materials

-2.118.261

-845.213

-940.960

. Provisions to risk reserves

. Other provisions

. Other operating costs

263.429

293.188

98.236

Total production costs

64.916.042

72.226.219

54.341.866

Diff. between value and cost of product.

8.829.314

9.011.807

5.558.774

FINANCIAL INCOME AND EXPENSE

. Income from equity investments

209.292

95.099

57.669

. . In subsidiary companies

209.292

95.099

57.669

. . In associated companies

. . In other companies

. Other financial income

194.694

159.241

143.939

. . 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

194.694

159.241

143.939

. . . - Subsidiary companies

. . . - Associated companies

. . . - Holding companies

. . . - Other companies

194.694

159.241

143.939

. Interest and other financial expense

-2.406

-15.063

-7.567

. . Towards subsidiary companies

. . Towards associated companies

. . Towards holding companies

. . Towards other companies

2.406

15.063

7.567

Total financial income and expense

401.580

239.277

194.041

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

38.260

393.389

7.792

. . Gains on disposals

. . Other extraordinary income

38.260

393.389

7.792

. Extraordinary expense

-16.250

-23.879

-32.851

. . Losses on disposals

. . Taxes relating to prior years

-32.851

. . Other extraordinary expense

-16.250

-23.879

Total extraordinary income and expense

22.010

369.510

-25.059

Results before income taxes

9.252.904

9.620.594

5.727.756

. Taxes on current income

3.133.756

3.236.337

2.153.748

. . current taxes

3.143.086

3.253.641

2.165.681

. . differed taxes(anticip.)

-9.330

-17.304

-11.933

. Net income for the period

6.119.148

6.384.257

3.574.008

. Adjustments in tax regulations pursuance

. Provisions in tax regulations pursuance

. Profit (loss) of the year

6.119.148

6.384.257

3.574.008

 

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

0,04

0,04

0,04

0,24

Elasticity Ratio

Units

0,96

0,96

0,96

0,75

Availability of stock

Units

0,18

0,13

0,17

0,26

Total Liquidity Ratio

Units

0,78

0,83

0,79

0,44

Quick Ratio

Units

0,16

0,08

0,10

0,01

COMPOSITION ON SOURCE

Net Short-term indebtedness

Units

0,49

0,81

1,08

2,16

Self Financing Ratio

Units

0,51

0,46

0,39

0,24

Capital protection Ratio

Units

0,81

0,76

0,82

0,73

Liabilities consolidation quotient

Units

0,02

0,02

0,02

0,24

Financing

Units

0,81

0,98

1,34

2,80

Permanent Indebtedness Ratio

Units

0,52

0,47

0,40

0,41

M/L term Debts Ratio

Units

0,01

0,01

0,01

0,11

Net Financial Indebtedness Ratio

Units

0,00

0,00

0,00

1,27

CORRELATION

Fixed assets ratio

Units

13,87

11,89

10,37

1,70

Current ratio

Units

2,31

2,11

1,84

1,26

Acid Test Ratio-Liquidity Ratio

Units

1,89

1,83

1,51

0,83

Structure's primary quotient

Units

13,64

11,64

10,04

1,05

Treasury's primary quotient

Units

0,39

0,17

0,19

0,02

Rate of indebtedness ( Leverage )

%

194,84

216,63

256,76

409,15

Current Capital ( net )

Value

35.402.899

29.748.065

23.275.487

585.650

RETURN

Return on Sales

%

9,54

8,29

7,14

3,38

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

%

18,38

23,49

17,19

4,44

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

%

27,79

35,40

27,54

13,50

Return on Investment ( R.O.I. )

%

13,61

15,31

10,41

4,84

Return/ Sales

%

12,82

10,96

10,06

4,43

Extra Management revenues/charges incid.

%

69,30

70,84

64,29

34,26

Cash Flow

Value

6.570.095

6.816.908

3.943.302

187.403

Operating Profit

Value

8.829.314

9.011.807

5.558.774

213.008

Gross Operating Margin

Value

9.280.261

9.444.458

5.928.068

336.914

MANAGEMENT

Credits to clients average term

Days

118,47

128,98

174,78

104,44

Debts to suppliers average term

Days

108,73

113,22

155,71

122,62

Average stock waiting period

Days

60,06

33,57

58,54

90,71

Rate of capital employed return ( Turnover )

Units

1,06

1,40

1,03

1,05

Rate of stock return

Units

5,99

10,72

6,15

3,92

Labour cost incidence

%

13,65

10,76

15,51

17,51

Net financial revenues/ charges incidence

%

0,58

0,29

0,35

-1,60

Labour cost on purchasing expenses

%

14,48

12,25

15,77

17,77

Short-term financing charges

%

0,01

0,06

0,03

2,97

Capital on hand

%

94,19

71,61

96,65

94,78

Sales pro employee

Value

235.089

297.890

206.910

202.615

Labour cost pro employee

Value

32.087

32.052

32.100

33.583

 

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

:

487.003

Population living in the region

:

4.151.369

Number of families in the region

:

1.748.359

 

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

 

- per food products

:

425

- per non food products

:

2.063

- per energy consume

:

143

 

Sector Data

 

The values are calculated on a base of 448 significant companies.

 

The companies cash their credits on an average of 104 dd.

The average duration of suppliers debts is about 123 dd.

The sector's profitability is on an average of 3,38%.

The labour cost affects the turnover in the measure of 17,51%.

Goods are held in stock in a range of 91 dd.

The difference between the sales volume and the resources used to realize it is about 1,05.

The employees costs represent the 17,77% of the production costs.

 

Statistical Detrimental Data

 

Statistcally the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 18.860 protested subjects are found; in the province they count to 1.775.

The insolvency index for the region is 0,46, , while for the province it is 0,38.

Total Bankrupt companies in the province : 1.365.

Total Bankrupt companies in the region : 14.698.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.52

UK Pound

1

Rs.95.96

Euro

1

Rs.70.54

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ANK

 

 

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.
 
 


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