MIRA INFORM REPORT

 

 

Report No. :

323115

Report Date :

19.05.2015

 

IDENTIFICATION DETAILS

 

Name :

TIESSE S.P.A.

 

 

Registered Office :

Via Feltrina, 24 31035 – Crocetta del Montello (TV)

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

18.02.1994

 

 

Legal Form :

Joint stock company

 

 

Line of Business :

Manufacture of footwear

 

 

No of Employees :

from 36 to 50

 

 

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 :

Slow But Correct

 

 

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 Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

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 & address

 

Tiesse S.p.a.

 

Via

Feltrina,

24

 

31035

- Crocetta del Montello

(TV)

-IT-

 

 

Summary

 

Fiscal Code

:

00545190266

Legal Form

:

Joint stock company

start of Activities

:

18/02/1994

Equity

:

Over 2.582.254

Turnover Range

:

20.000.000/25.000.000

Number of Employees

:

from 36 to 50

 

 

Activity

 

Manufacture of footwear

 

Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 00545190266

 

Foreign Trade Reg. no. : TV009621 since 13/12/1991

 

Foreign Trade Reg. no. : 6746 of Belluno since 19/09/1994

 

Chamber of Commerce no. : 73701 of Belluno since 20/05/1994

 

Chamber of Commerce no. : 126962 of Treviso since 13/07/1977

 

Firms' Register : TV086-41104 of Treviso since 19/02/1996

 

V.A.T. Code : 03152120261

 

Foundation date

: 15/04/1977

Establishment date

: 15/04/1977

Start of Activities

: 18/02/1994

Legal duration

: 31/12/2030

Nominal Capital

: 619.200

Subscribed Capital

: 619.200

Paid up Capital

: 619.200

 

Legal mail :

TIESSESPA@LEGALMAIL.IT

Members

 

Schippa

Eleuterio

 

Born in Capo D'istria

( )

on 20/01/1938

- Fiscal Code : SCHLTR38A20B665X

 

Residence:

Gastaldoni

, 32

- 31040

Volpago del Montello

(TV)

- IT -

 

Position

Since

Shares Amount

% Ownership

Board Chairman

27/05/2014

Director

27/05/2014

Managing Director

27/05/2014

 

No Prejudicial events are reported

 

No Protests registered

 

Cattapan

Mario

 

Born in Castelfranco Veneto

(TV)

on 15/11/1949

- Fiscal Code : CTTMRA49S15C111B

 

Residence:

Delle Rose

, 13

- 31033

Castelfranco Veneto

(TV)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

Director

27/05/2014

Managing Director

27/05/2014

 

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.

 

Schippa

Eleuterio

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

STEP LINE S.P.A.

Altivole (TV) - IT -

03279510261

Director

Withdrawn

Registered

STEP LINE S.P.A.

Altivole (TV) - IT -

03279510261

Managing Director

Withdrawn

Registered

STEP LINE S.P.A.

Altivole (TV) - IT -

03279510261

Board Chairman

Withdrawn

Registered

Fin.po S.r.l.

Pieve di Soligo (TV) - IT -

01095160931

Sole Director

Active

Registered

Fin.po S.r.l.

Pieve di Soligo (TV) - IT -

01095160931

Sole partner

Active

Registered

SOTRI SRL

Pieve di Soligo (UD) - IT -

80006530325

Sole Director

Withdrawn

Registered

Terval S.r.l.

Brescia (BS) - IT -

00758510259

Sole Director

Withdrawn

Registered

PALOMA S.R.L.

Cortina d'Ampezzo (TV) - IT -

00787450253

Liquidator

Withdrawn

Registered

GASPAROTTO 1889 - S.R.L.

Cornuda (TV) - IT -

00271280257

Chairman

Withdrawn

Registered

Tiesse Immobiliare Srl

Crocetta del Montello (TV) - IT -

03802110266

Sole Director

Active

Registered

SEA LIFE S.R.L.

Volpago del Montello (TV) - IT -

03805600263

Sole Director

Withdrawn

Registered

Corte Dei Pioppi Srl

Pieve di Soligo (TV) - IT -

04317830265

Managing Director

Withdrawn

Registered

Corte Dei Pioppi Srl

Pieve di Soligo (TV) - IT -

04317830265

Director

Withdrawn

Registered

Corte Dei Pioppi Srl

Pieve di Soligo (TV) - IT -

04317830265

Sole Director

Active

Registered

Corte Dei Pioppi Srl

Pieve di Soligo (TV) - IT -

04317830265

Board Chairman

Withdrawn

Registered

 

Cattapan

Mario

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

STEP LINE S.P.A.

Altivole (TV) - IT -

03279510261

Director

Withdrawn

Registered

STEP LINE S.P.A.

Altivole (TV) - IT -

03279510261

Managing Director

Withdrawn

Registered

GASPAROTTO 1889 - S.R.L.

Cornuda (TV) - IT -

00271280257

Managing Director

Withdrawn

Registered

Cooperativa Edilizia - El Fogolar - Soc.coop. A R.l.

Castelfranco Veneto (TV) - IT -

81001370261

Liquidator

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

Schippa Eleuterio

Volpago del Montello - IT -

SCHLTR38A20B665X

481.613 .Eur

77,78

Cattapan Mario

Castelfranco Veneto - IT -

CTTMRA49S15C111B

137.586 .Eur

22,22

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

STEP LINE S.P.A.

Altivole - IT -

03279510261

800.000.000 .Eur

80,00

Active



Firm's location and structure

 

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

 

-

Legal and operative seat

since 15/04/1977

 

Feltrina

, 24

- 31035

- Crocetta del Montello

(TV)

- IT -

 

PHONE

: 0423830824

 

PHONE

: 04236311

 

FAX

: 0423639412

 

Legal mail

: TIESSESPA@LEGALMAIL.IT

 

Employees

: 36

 

Assistants

: 1

 

Fittings and Equipment for a value of 610.000

Eur

 

Stocks for a value of 4.710.000

Eur

 

Furniture and fittings for a value of 77.000

Eur

 

Vehicles for a value of 130.000

Eur

 

 

Historical Information and/or Firm's Status

 

CHANGES TO THE LEGAL FORM:

 

Former legal form

New legal form

Changement Date

Joint stock company

Limited liability company

07/09/1988

Limited liability company

Joint stock company

08/07/1996

 

COMPANY STYLE MODIFICATIONS:

 

Former Style

New Style

Changement Date

Nordland S.p.A.

28/02/1985

Tiesse S.p.A.

07/09/1988

Tiesse S.R.L.

Tiesse S.p.A.

08/07/1996

 

EX-MEMBERS / EX-POSITIONS:

 

Sech

Armando

 

Born in Arcade

(TV)

on 11/07/1959

- Fiscal Code : SCHRND59L11A360I

 

Residence:

Santa Croce

, 18/A

- 31053

Pieve di Soligo

(TV)

- IT -

 

Ex-Postions

Permanent Auditor

 

Schippa

Eleuterio

 

Born in Capo D'istria

( )

on 20/01/1938

- Fiscal Code : SCHLTR38A20B665X

 

Residence:

Gastaldoni

, 32

- 31040

Volpago del Montello

(TV)

- IT -

 

Ex-Postions

Chairman

Board Chairman

Director

 

Vatovec

Santina

 

Born in MATTERIA

( )

on 10/10/1914

- Fiscal Code : VTVSTN14R50Z118R

 

Residence:

Feltrina

, 5

- 31035

Crocetta del Montello

(TV)

- IT -

 

Ex-Postions

Director

 

Cattapan

Mario

 

Born in Castelfranco Veneto

(TV)

on 15/11/1949

- Fiscal Code : CTTMRA49S15C111B

 

Residence:

Delle Rose

, 13

- 31033

Castelfranco Veneto

(TV)

- IT -

 

Ex-Postions

Managing Director

 

Duodo

Filippo

 

Born in Treviso

(TV)

on 06/04/1939

- Fiscal Code : DDUFPP39D06L736D

 

Residence:

Monfenera

, 35

- 31100

Treviso

(TV)

- IT -

 

Ex-Postions

Chairman of the Board of Aud.

 

Van Den Borre

Aldo

 

Born in Treviso

(TV)

on 14/07/1954

- Fiscal Code : VNDLDA54L14L407M

 

Residence:

Veronese

, 5

- 31100

Treviso

(TV)

- IT -

 

Ex-Postions

Permanent Auditor

 

Lentini

Manuela

 

Born in Treviso

(TV)

on 01/04/1958

- Fiscal Code : LNTMNL58D41L407N

 

Residence:

Gen.a.cantore

, 10

- 31100

Treviso

(TV)

- IT -

 

Ex-Postions

Temporary Auditor

 

Biscaro

Antonio

 

Born in Ponzano Veneto

(TV)

on 18/07/1947

- Fiscal Code : BSCNTN47L18G875S

 

Residence:

D'annunzio Gabriele

, 7

- 31100

Treviso

(TV)

- IT -

 

Ex-Postions

Temporary Auditor

 

Stella

Dario

 

Born in Romanshorn

( )

on 30/06/1968

- Fiscal Code : STLDRA68H30Z133V

 

Residence:

Meucci

, 35

- 31053

Pieve di Soligo

(TV)

- IT -

 

Ex-Postions

Temporary Auditor

 

Duodo

Andrea

 

Born in Mirano

(VE)

on 08/02/1971

- Fiscal Code : DDUNDR71B08F241K

 

Residence:

San Parisio

, 20

- 31100

Treviso

(TV)

- IT -

 

Ex-Postions

Chairman of the Board of Aud.

 

Stella

Remo

 

Born in Romanshorn

( )

on 19/05/1964

- Fiscal Code : STLRME64E19Z133D

 

Residence:

Vittorio Veneto

, 15

- 31053

Pieve di Soligo

(TV)

- IT -

 

Ex-Postions

Temporary Auditor

 

CEASINGS/INCORPORATIONS/MERGES:

 

The firm absorved

 

Tiesse S.p.a.

 

Feltrina

, 24

, 31035

, Crocetta del Montello

(TV)

- IT -

 

Date

:

28/10/1996

 

The firm absorved

 

GASPAROTTO 1889 - S.R.L.

 

, 31041

, Cornuda

(TV)

- IT -

 

Fiscal Code: 00271280257

 

Date

:

28/10/1996

 

The firm absorbed by merging of

 

GASPAROTTO 1889 - S.R.L.

 

, 31041

, Cornuda

(TV)

- IT -

 

Fiscal Code: 00271280257

 

Date

:

28/10/1996

 

Project of merging by taking over of

 

STEP LINE S.P.A.

 

GIUSEPPE TONIOLO

, 13

, 31030

, Altivole

(TV)

- IT -

 

Fiscal Code: 03279510261

 

Date

Merging/splitting-up project:

24/06/2002

 

The firm absorbed by merging of

 

STEP LINE S.P.A.

 

GIUSEPPE TONIOLO

, 13

, 31030

, Altivole

(TV)

- IT -

 

Fiscal Code: 03279510261

 

Date

:

12/12/2002

 

Project of splitting-up and tranfer into

 

Tiesse Immobiliare Srl

 

Feltrina

, 24

, 31035

, Crocetta del Montello

(TV)

- IT -

 

Fiscal Code: 03802110266

 

Date

Merging/splitting-up project:

17/06/2003

 

Splitting-up and transfer of assets to

 

Tiesse Immobiliare Srl

 

Feltrina

, 24

, 31035

, Crocetta del Montello

(TV)

- IT -

 

Fiscal Code: 03802110266

 

Date

Splitting-up:

29/01/2004



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

 

Company's starting of activities dates back to 1994.

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

Under an economic point of view, profits were registered during the last years with a r.o.e. of 2,85% in 2013 keeping the turnover steady during the last two years.

The operating result in 2013 was positive (1,36%) falling within the field's average.

The operating result is positive and amounts to Eur. 201.587 showing an upward trend 59,5% compared to the previous financial year.

The economic management produced a gross operating margin of Eur. 557.134 ,with no change if compared to the year before.

The analysis shows a fair financial position as the indebtedness volume is acceptable (3,73) yet on the increase as against the previous accounting period.

With regard to equity capital, an amount of Eur. 2.934.657 is registered. , unchanged as opposed to the preceding year.

Total debts (both short and M/L term) equals Eur. 10.967.385, with a growth equal to 24,83%.

Financial debts as well as debts to suppliers are rather high besides being higher than sector's average.

It shows a good range of liquidity.

Due from customers average term is high and equal to 141,84 days. and higher than the average of the sector.

2013 financial year closed with a cash flow of Eur. 439.200

Subordinate employment cost is of Eur. 1.564.178, i.e. 6,76% on total production costs. , whereas the incidence of such costs on sales revenues is equal to 6,87%.

The financial management has a limited economic impact, equal to -0,21% on the sales.

 

 

Financial Data

 

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

 

Item Type

Value

Sales

22.754.859

Profit (Loss) for the period

83.734

 

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

 

Item Type

Value

Sales

22.269.940

Profit (Loss) for the period

93.707

 

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

 

Item Type

Value

Sales

26.106.036

Profit (Loss) for the period

270.215

 

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

 

Item Type

Value

Sales

24.566.315

Profit (Loss) for the period

307.848

 

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

 

Item Type

Value

Sales

17.532.417

Profit (Loss) for the period

94.861



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

12.911

12.080

624

. . Concessions,licenses,trademarks,etc.

. . Goodwill

. . Assets in formation and advance paymen.

. . Other intangible fixed assets

56.431

50.058

. Total Intangible Fixed Assets

69.342

62.138

624

. TANGIBLE FIXED ASSETS

. . Real estate

. . Plant and machinery

383.507

470.359

487.664

. . Industrial and commercial equipment

230.463

287.423

370.002

. . Other assets

46.325

53.767

44.948

. . Assets under construction and advances

. Total Tangible fixed assets

660.295

811.549

902.614

. FINANCIAL FIXED ASSETS

. . Equity investments

11.768

11.768

11.768

. . . Equity invest. in subsidiary companies

2.556

2.556

2.556

. . . Equity invest. in associated companies

9.095

9.095

9.095

. . . Equity invest. in holding companies

. . . Equity invest. in other companies

117

117

117

. . Financial receivables

5.240

6.998

5.583

. . . . Within 12 months

. . . . Beyond 12 months

5.240

6.998

5.583

. . . 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

5.240

6.998

5.583

. . . . Within 12 months

. . . . Beyond 12 months

5.240

6.998

5.583

. . Other securities

. . Own shares

. . . Total nominal value

. Total financial fixed assets

17.008

18.766

17.351

Total fixed assets

746.645

892.453

920.589

CURRENT ASSETS

. INVENTORIES

. . Raw materials and other consumables

2.845.828

2.678.014

2.970.435

. . Work in progress and semimanufactured

182.678

114.625

25.828

. . Work in progress on order

. . Finished goods

1.677.649

1.249.835

1.383.359

. . Advance payments

135.636

142.063

. Total Inventories

4.706.155

4.178.110

4.521.685

. CREDITS NOT HELD AS FIXED ASSETS

. . Within 12 months

9.252.168

7.231.992

8.598.978

. . Beyond 12 months

55.219

55.219

. . Trade receivables

8.965.475

6.767.571

8.515.318

. . . . Within 12 months

8.965.475

6.767.571

8.515.318

. . . . Beyond 12 months

. . Receivables due from subsid. comp.

. . . . Within 12 months

. . . . Beyond 12 months

. . Receivables due from assoc. comp.

. . . . Within 12 months

. . . . Beyond 12 months

. . Receivables due from holding comp.

. . . . Within 12 months

. . . . Beyond 12 months

. . Fiscal Receivables

311.984

435.348

28.071

. . . . Within 12 months

256.765

380.129

28.071

. . . . Beyond 12 months

55.219

55.219

. . Receivables for anticipated taxes

1.544

1.569

1.448

. . . . Within 12 months

1.544

1.569

1.448

. . . . Beyond 12 months

. . Receivables due from third parties

28.384

82.723

54.141

. . . . Within 12 months

28.384

82.723

54.141

. . . . Beyond 12 months

. Total Credits not held as fixed assets

9.307.387

7.287.211

8.598.978

. 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

4.019

259.539

56.883

. . Checks

. . Banknotes and coins

5.460

5.148

6.964

. Total Liquid funds

9.479

264.687

63.847

Total current assets

14.023.021

11.730.008

13.184.510

ADJUSTMENT ACCOUNTS

. Discount on loans

2.420

1.568

3.467

. Other adjustment accounts

Total adjustments accounts

2.420

1.568

3.467

TOTAL ASSETS

14.772.086

12.624.029

14.108.566

LIABILITIES

STOCKHOLDERS' EQUITY

. Capital stock

619.200

619.200

619.200

. Additional paid-in capital

. Revaluation reserves

266.536

266.536

266.536

. Legal reserve

123.840

123.840

123.840

. Reserve for Own shares

. Statute reserves

. Other reserves

1.841.347

1.877.641

1.757.427

. Accumulated Profits (Losses)

. Profit( loss) of the year

83.734

93.707

270.215

. Advances on dividends

. Partial loss of the year Coverage

Total Stockholders'Equity

2.934.657

2.980.924

3.037.218

RESERVES FOR RISKS AND CHARGES

. . Reserve for employee termination indem.

75.539

76.214

82.424

. . Taxation fund, also differed

14.182

42.007

36.444

. . Other funds

Total Reserves for Risks and Charges

89.721

118.221

118.868

Employee termination indemnities

778.068

739.124

673.180

ACCOUNTS PAYABLE

. . . . Within 12 months

10.967.385

8.785.197

10.277.828

. . . . 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

3.466.269

2.614.882

3.944.805

. . . . Within 12 months

3.466.269

2.614.882

3.944.805

. . . . Beyond 12 months

. . Due to other providers of finance

. . . . Within 12 months

. . . . Beyond 12 months

. . Advances from customers

18.000

. . . . Within 12 months

18.000

. . . . Beyond 12 months

. . Trade payables

7.025.890

5.652.690

5.784.309

. . . . Within 12 months

7.025.890

5.652.690

5.784.309

. . . . Beyond 12 months

. . Securities issued

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to subsidiary companies

97.787

44.302

58.640

. . . . Within 12 months

97.787

44.302

58.640

. . . . 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

56.981

58.204

64.073

. . . . Within 12 months

56.981

58.204

64.073

. . . . Beyond 12 months

. . Due to social security and welfare inst.

101.653

120.591

111.366

. . . . Within 12 months

101.653

120.591

111.366

. . . . Beyond 12 months

. . Other payables

218.805

276.528

314.635

. . . . Within 12 months

218.805

276.528

314.635

. . . . Beyond 12 months

Total accounts payable

10.967.385

8.785.197

10.277.828

ADJUSTMENT ACCOUNTS

. Agio on loans

. Other adjustment accounts

2.255

563

1.472

Total adjustment accounts

2.255

563

1.472

TOTAL LIABILITIES

14.772.086

12.624.029

14.108.566

 

 

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

22.754.859

22.269.940

26.106.036

. Changes in work in progress

495.866

-44.726

223.047

. Changes in semi-manufact. products

. Capitalization of internal work

. Other income and revenues

103.611

111.742

170.260

. . Contributions for operating expenses

. . Different income and revenues

103.611

111.742

170.260

Total value of production

23.354.336

22.336.956

26.499.343

PRODUCTION COSTS

. Raw material,other materials and consum.

14.503.226

13.388.324

17.522.626

. Services received

. Leases and rentals

6.748.631

6.438.950

6.742.145

. Payroll and related costs

1.564.178

1.619.771

1.588.897

. . Wages and salaries

1.157.827

1.185.514

1.160.412

. . Social security contributions

318.177

339.355

334.610

. . Employee termination indemnities

88.174

94.902

93.875

. . Pension and similar

. . Other costs

. Amortization and depreciation

355.466

381.613

422.338

. . Amortization of intangible fixed assets

21.219

16.158

39.054

. . Amortization of tangible fixed assets

289.194

331.447

340.493

. . Depreciation of tangible fixed assets

. . Writedown of current receiv.and of liquid

45.053

34.008

42.791

. Changes in raw materials

-167.814

292.421

-374.391

. Provisions to risk reserves

. Other provisions

81

203

405

. Other operating costs

148.981

89.295

42.714

Total production costs

23.152.749

22.210.577

25.944.734

Diff. between value and cost of product.

201.587

126.379

554.609

FINANCIAL INCOME AND EXPENSE

. Income from equity investments

. . In subsidiary companies

. . In associated companies

. . In other companies

. Other financial income

53.320

56.567

2.222

. . 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

53.320

56.567

2.222

. . . - Subsidiary companies

52.700

52.700

. . . - Associated companies

. . . - Holding companies

. . . - Other companies

620

3.867

2.222

. Interest and other financial expense

-102.004

-97.265

-87.122

. . Towards subsidiary companies

. . Towards associated companies

. . Towards holding companies

. . Towards other companies

102.004

97.265

87.122

Total financial income and expense

-48.684

-40.698

-84.900

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

1

55.219

. . Gains on disposals

. . Other extraordinary income

1

55.219

. Extraordinary expense

. . Losses on disposals

. . Taxes relating to prior years

. . Other extraordinary expense

Total extraordinary income and expense

1

55.219

-1

Results before income taxes

152.904

140.900

469.708

. Taxes on current income

69.170

47.193

199.493

. . current taxes

74.254

41.751

185.640

. . differed taxes(anticip.)

-5.084

5.442

13.853

. Net income for the period

83.734

93.707

270.215

. Adjustments in tax regulations pursuance

. Provisions in tax regulations pursuance

. Profit (loss) of the year

83.734

93.707

270.215

 

 

Ratios

 

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

0,05

0,07

0,07

0,19

Elasticity Ratio

Units

0,95

0,93

0,93

0,80

Availability of stock

Units

0,32

0,33

0,32

0,24

Total Liquidity Ratio

Units

0,63

0,60

0,61

0,50

Quick Ratio

Units

0,00

0,02

0,00

0,04

COMPOSITION ON SOURCE

Net Short-term indebtedness

Units

3,73

2,86

3,36

3,49

Self Financing Ratio

Units

0,20

0,24

0,22

0,18

Capital protection Ratio

Units

0,76

0,76

0,71

0,70

Liabilities consolidation quotient

Units

0,07

0,08

0,07

0,18

Financing

Units

3,74

2,95

3,38

4,27

Permanent Indebtedness Ratio

Units

0,25

0,29

0,26

0,33

M/L term Debts Ratio

Units

0,05

0,06

0,05

0,11

Net Financial Indebtedness Ratio

Units

1,18

0,79

1,28

1,13

CORRELATION

Fixed assets ratio

Units

4,97

4,17

4,03

1,55

Current ratio

Units

1,28

1,34

1,28

1,17

Acid Test Ratio-Liquidity Ratio

Units

0,85

0,86

0,84

0,78

Structure's primary quotient

Units

3,93

3,34

3,30

0,92

Treasury's primary quotient

Units

0,00

0,03

0,01

0,05

Rate of indebtedness ( Leverage )

%

503,37

423,49

464,52

550,20

Current Capital ( net )

Value

3.055.636

2.944.811

2.906.682

287.582

RETURN

Return on Sales

%

1,93

2,13

2,65

2,35

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

%

2,85

3,14

8,90

4,20

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

%

5,21

4,73

15,47

12,89

Return on Investment ( R.O.I. )

%

1,36

1,00

3,93

4,43

Return/ Sales

%

0,89

0,57

2,12

3,15

Extra Management revenues/charges incid.

%

41,54

74,15

48,72

20,02

Cash Flow

Value

439.200

475.320

692.553

101.373

Operating Profit

Value

201.587

126.379

554.609

119.132

Gross Operating Margin

Value

557.134

508.195

977.352

246.882

MANAGEMENT

Credits to clients average term

Days

141,84

109,40

117,43

88,11

Debts to suppliers average term

Days

120,67

103,44

86,69

98,41

Average stock waiting period

Days

74,46

67,54

62,35

59,58

Rate of capital employed return ( Turnover )

Units

1,54

1,76

1,85

1,40

Rate of stock return

Units

4,84

5,33

5,77

6,04

Labour cost incidence

%

6,87

7,27

6,09

15,38

Net financial revenues/ charges incidence

%

-0,21

-0,18

-0,33

-1,52

Labour cost on purchasing expenses

%

6,76

7,29

6,12

15,21

Short-term financing charges

%

0,93

1,11

0,85

3,16

Capital on hand

%

64,92

56,69

54,04

71,49

Sales pro employee

Value

474.059

445.398

532.776

195.712

Labour cost pro employee

Value

32.587

32.395

32.426

29.600

 

 

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

:

838.732

Population living in the region

:

4.699.950

Number of families in the region

:

1.813.210

 

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

 

- per food products

:

456

- per non food products

:

2.052

- per energy consume

:

127

 

Sector Data

 

The values are calculated on a base of 1.066 significant companies.

 

The companies cash their credits on an average of 88 dd.

The average duration of suppliers debts is about 98 dd.

The sector's profitability is on an average of 2,35%.

The labour cost affects the turnover in the measure of 15,38%.

Goods are held in stock in a range of 60 dd.

The difference between the sales volume and the resources used to realize it is about 1,40.

The employees costs represent the 15,21% of the production costs.

 

Statistical Detrimental Data

 

Statistically the trade activity passes through serious crises.

The area is statistically considered lowly risky.

In the region 13.782 protested subjects are found; in the province they count to 2.280.

The insolvency index for the region is 0,30, , while for the province it is 0,28.

Total Bankrupt companies in the province : 3.317.

Total Bankrupt companies in the region : 16.714.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 63.55

UK Pound

1

Rs. 99.86

Euro

1

Rs. 72.67

 

INFORMATION DETAILS

 

Analysis Done by :

RSM

 

 

Report Prepared by :

DPT

 

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.