MIRA INFORM REPORT

 

 

Report No. :

351533

Report Date :

28.11.2015

 

IDENTIFICATION DETAILS

 

Name :

GAPI S.P.A.

 

 

Registered Office :

Via Molinaretti, 2

24060 - Castelli Calepio (BG) -IT-

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

10.12.1982

 

 

Legal Form :

Joint stock company

 

 

Line of Business :
  • Manufacture of synthetic rubber in primary forms
  • Manufacture of rubber products

 

 

Employess:

from 251 to 500

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Italy

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

ITALY - ECONOMIC OVERVIEW

 

Italy has a diversified economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is higher. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 132% of GDP in 2014, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and tax evasion. In 2014 economic growth and labor market conditions continued to deteriorate, with overall unemployment rising to 12.2% and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007 pre-crisis level.

Source : CIA

 

 

Company name and address

 

GAPI S.P.A.

 

Via Molinaretti, 2

24060 - Castelli Calepio (BG) -IT-

 

 

Summary

 

Fiscal Code

:

00885220178

Legal Form

:

Joint stock company

start of Activities

:

10/12/1982

Equity

:

Over 2.582.254

Turnover Range

:

35.000.000/50.000.000

Number of Employees

:

from 251 to 500

 

 

Activity

 

Manufacture of synthetic rubber in primary forms

Manufacture of rubber products

 

 

Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 00885220178

 

Foreign Trade Reg. no. : BG001512 since 07/12/1991

 

Chamber of Commerce no. : 205672 of Bergamo since 11/03/1983

 

Chamber of Commerce no. : 443872 of Brescia

 

Firms' Register : BG024-21591 of Bergamo

 

V.A.T. Code : 01440400164

 

Foundation date

: 18/06/1976

Establishment date

: 18/06/1976

Start of Activities

: 10/12/1982

Legal duration

: 31/12/2050

Nominal Capital

: 10.050.000

Subscribed Capital

: 10.050.000

Paid up Capital

: 10.050.000

 

Legal mail :

GAPI@LEGALMAIL.IT

 

Members

 

Galizzi

Roberto

 

Born in Sarnico

(BG)

on 26/06/1965

- Fiscal Code : GLZRRT65H26I437C

 

Residence:

Amba D'oro

, 64

- 25123

Brescia

(BS)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

09/07/2015

Board Chairman

09/07/2015

 

No Prejudicial events are reported

 

No Protests registered

 

Lupoli

Renato

 

Born in Trevignano

(TV)

on 11/12/1948

- Fiscal Code : LPLRNT48T11L402G

 

Residence:

Dolzino

, 16

- 23022

Chiavenna

(SO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Attorney with special power

11/03/2004

Director

09/07/2015

 

No Prejudicial events are reported

 

No Protests registered

 

Galizzi

Maria Grazia

 

Born in Sarnico

(BG)

on 14/02/1968

- Fiscal Code : GLZMGR68B54I437L

 

Residence:

Europa

, 19/A

- 24067

Sarnico

(BG)

- IT -

 

Position

Since

Shares Amount

% Ownership

Partner

 

No Prejudicial events are reported

 

No Protests registered

 

Galizzi

Alessandro

 

Born in Sarnico

(BG)

on 11/11/1969

- Fiscal Code : GLZLSN69S11I437D

 

Residence:

Orgnieri

, 15

- 24067

Sarnico

(BG)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

09/07/2015

Partner

 

No Prejudicial events are reported

 

No Protests registered

 

Maritano

Sergio

 

Born in Torino

(TO)

on 03/01/1946

- Fiscal Code : MRTSRG46A03L219M

 

Residence:

Abegg

, 6

- 10126

Torino

(TO)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

09/07/2015

 

Fratus

Giuliano

 

Born in Castelli Calepio

(BG)

on 17/11/1964

- Fiscal Code : FRTGLN64S17C079R

 

Residence:

L. Ariosto

, 18

- 24060

Castelli Calepio

(BG)

- IT -

 

Position

Since

Shares Amount

% Ownership

Procurator

21/01/2011

 

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.

 

Galizzi

Roberto

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Lanza Nuova - S.p.a.

Gandosso (BG) - IT -

01374870168

Managing Director

Withdrawn

Ceased

Lanza Nuova - S.p.a.

Gandosso (BG) - IT -

01374870168

Director

Withdrawn

Ceased

Pradella E Matego S.p.a.

Milano (MI) - IT -

00757770151

Director

Active

Registered

Pradella E Matego S.p.a.

Milano (MI) - IT -

00757770151

Managing Director

Active

Registered

Pradella E Matego S.p.a.

Milano (MI) - IT -

00757770151

Board Chairman

Active

Registered

Alfa Stampi - S.r.l.

Adrara San Martino (BG) - IT -

01533810162

Director

Withdrawn

Registered

M.g. Srl - Montorfano Guarnizioni

Gandosso (BG) - IT -

01828360162

Director

Withdrawn

Registered

Gapi Paints Srl

Castelli Calepio (BG) - IT -

01539000982

Director

Active

Registered

Gapi Paints Srl

Castelli Calepio (BG) - IT -

01539000982

Board Chairman

Active

Registered

Miros Srl

Milano (MI) - IT -

04530950155

Director

Active

Registered

Miros Srl

Milano (MI) - IT -

04530950155

Managing Director

Active

Registered

Miros Srl

Milano (MI) - IT -

04530950155

Board Chairman

Active

Registered

Rolf S.p.a.

Cologno Monzese (MI) - IT -

02494880012

Director

Active

Registered

Rolf S.p.a.

Cologno Monzese (MI) - IT -

02494880012

Managing Director

Active

Registered

Rolf S.p.a.

Cologno Monzese (MI) - IT -

02494880012

Board Chairman

Active

Registered

Burmas S.r.l.

Sarnico (BG) - IT -

00742200165

Director

Active

Registered

Burmas S.r.l.

Sarnico (BG) - IT -

00742200165

Board Chairman

Active

Registered

B.p.b. S.r.l.

Milano (MI) - IT -

12243980153

Director

Active

Registered

Immobiliare Gazzada S.r.l.

Sarnico (BG) - IT -

12815860155

Director

Active

Registered

Immobiliare Gazzada S.r.l.

Sarnico (BG) - IT -

12815860155

Board Chairman

Active

Registered

Artic Seals S.r.l.

Rio Saliceto (RE) - IT -

01980510364

Managing Director

Withdrawn

Registered

Artic Seals S.r.l.

Rio Saliceto (RE) - IT -

01980510364

Director

Active

Registered

Artic Seals S.r.l.

Rio Saliceto (RE) - IT -

01980510364

Assistant board Chairman

Withdrawn

Registered

Artic Seals S.r.l.

Rio Saliceto (RE) - IT -

01980510364

Managing Director

Active

Registered

Artic Seals S.r.l.

Rio Saliceto (RE) - IT -

01980510364

Board Chairman

Active

Registered

Fat 89 S.r.l.

Milano (MI) - IT -

09652280158

Liquidator

Withdrawn

Ceased

Imm.ga. S.r.l.

Sarnico (BG) - IT -

02976920161

Director

Active

Registered

Imm.ga. S.r.l.

Sarnico (BG) - IT -

02976920161

Board Chairman

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

Galizzi Roberto

Brescia - IT -

GLZRRT65H26I437C

3.350.000 .Eur

33,33

Galizzi Maria Grazia

Sarnico - IT -

GLZMGR68B54I437L

3.350.000 .Eur

33,33

Galizzi Alessandro

Sarnico - IT -

GLZLSN69S11I437D

3.350.000 .Eur

33,33

 

 

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

Gapi Paints Srl

Castelli Calepio - IT -

01539000982

124.323 .Eur

30,29

Active

Micromega Network S.c.r.l.

Palazzolo sull'Oglio - IT -

00826050981

68 .Eur

0,22

Active

Tullio Giusi - Societa' Per Azioni

Grumello del Monte - IT -

00222160160

1.250.000 .Eur

100,00

Active

B.p.b. S.r.l.

Milano - IT -

12243980153

10.329 .Eur

99,99

Active

Artic Seals S.r.l.

Rio Saliceto - IT -

01980510364

8.433 .Eur

84,33

Active

Consorzio Energia Franciacorta

Palazzolo sull'Oglio - IT -

02115430981

Active

Pradella E Matego S.p.a.

Milano - IT -

00757770151

104.000 .Eur

100,00

Active

Miros Srl

Milano - IT -

04530950155

36.400 .Eur

100,00

Active

Rolf S.p.a.

Cologno Monzese - IT -

02494880012

2.080.000 .Eur

100,00

Active



Firm's location and structure

 

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

 

-

Legal and operative seat

since 30/12/1988

 

Molinaretti

, 2

- 24060

- Castelli Calepio

(BG)

- IT -

 

PHONE

: 030847084

 

PHONE

: 0307438511

 

PHONE

: 0307435539

 

FAX

: 0307435539

 

Legal mail

: GAPI@LEGALMAIL.IT

 

-

Branch

(Bonded wharehouse)

since 07/01/1992

 

Molinaretti

, 49

- 24060

- Castelli Calepio

(BG)

- IT -

 

PHONE

: 0307438952

 

-

Branch

(Factory)

since 23/09/1993

 

Leonardo Da Vinci

, 17

- 24064

- Grumello del Monte

(BG)

- IT -

 

PHONE

: 035440880

 

-

Branch

(Store)

since 01/06/2003

 

Molinaretti

, 45

- 24060

- Castelli Calepio

(BG)

- IT -

 

-

Branch

(Factory)

since 01/06/2006

 

Tolari

, 12

- 24060

- Gandosso

(BG)

- IT -

 

-

Branch

(Factory)

since 26/04/2007

 

Guglielmo Marconi

, 108

- 24060

- Castelli Calepio

(BG)

- IT -

 

-

Branch

(Warehouse)

since 02/01/2003

 

Buonarroti

, 45

- 25030

- Pompiano

(BS)

- IT -

 

-

Branch

(Factory)

since 31/12/2010

 

Francesca

, 19/D

- 25030

- Coccaglio

(BS)

- IT -

 

-

Branch

(Factory)

since 04/03/2011

 

Europa

, 47

- 25036

- Palazzolo sull'Oglio

(BS)

- IT -

 

-

Branch

(Warehouse)

since 08/01/2014

 

Molinaretti

, 35

- 24060

- Castelli Calepio

(BG)

- IT -

 

Employees

: 290

 

Fittings and Equipment for a value of 3.180.000

Eur

 

Stocks for a value of 38.440.000

Eur

 

Trade organization: direct or by agents.

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Export represents more than 50% of the global turnover.

Products abroad are placed by :

- national or foreign important buyers

 

- importers

 

- its own sales net-work

 

- its own foreign branches

 

- direct orders from foreign companies

 

Import comes generally from the following nations:

- Belgium

 

Export is mainly towards:

- Germany

 

- France

 

 

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

26/04/2007

 

COMPANY STYLE MODIFICATIONS:

 

Former Style

New Style

Changement Date

La Meccanica S.r.l.

30/12/1988

Gapi Srl

Gapi Spa

26/04/2007

 

CEASINGS/INCORPORATIONS/MERGES:

 

The firm absorbed by merging of

 

Date

:

30/12/1988

 

The firm absorbed by merging of

 

B.p.b. S.r.l.

 

Monte Napoleone

, 27

, 20121

, Milano

(MI)

- IT -

 

Fiscal Code: 12243980153

 

Date

:

08/11/2001

 

Splitting-up and transfer of assets to

 

Imm.ga. S.r.l.

 

Orgnieri

, 15

, 24067

, Sarnico

(BG)

- IT -

 

Fiscal Code: 02976920161

 

Date

Splitting-up:

13/06/2005

 

The firm absorbed by merging of

 

Lanza Nuova - S.p.a.

 

Tolari

, 12

, 24060

, Gandosso

(BG)

- IT -

 

Fiscal Code: 01374870168

 

Date

:

10/05/2006

 

The firm absorbed by merging of

 

M.g. Srl - Montorfano Guarnizioni

 

Tolari

, 12

, 24060

, Gandosso

(BG)

- IT -

 

Fiscal Code: 01828360162

 

Date

:

10/12/2010



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.

 

 

Bankers

 

The firm operates with:

 

Bank Name

Agency Name

Address

ZIP Code

City

ABI Code

CAB Code

BANCA ANTONIANA POPOLARE VENETA

5040

0

INTESA SAN PAOLO SPA

1025

0

CREDITO BERGAMASCO

3336

0



 

 

Financial and Economical Analysis

 

Company's starting of activities dates back to 1982.

Balance sheets for the years 2012, 2013 and 2014 were analyzed.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 15,26% in 2014 but without a significant increase in the turnover.

The return on Investment in the last financial year was positive (6,25%) and reflects the field's average.

An operating result of Eur. 5.201.146 has been registered. ,showing stability in respect to the value of 2013.

The economic management produced a gross operating margin of Eur. 6.705.815 , stable if compared to the year before.

From a financial aspect the company's status covers total short-term debts; the indebtedness volume in 2014 is in fact 0,31 and with an upward trend compared to the previous year.

With regard to equity capital, an amount of Eur. 51.419.261 is registered. on the same levels as the year before.

Eur. 29.394.290 is the amount of total debts, both commercial and of different nature, showing a stable trend as opposed to 2013 (Eur. 30.668.207).

The company does not exceed in bank credits; payments average period is instead slightly high (91,35 gg.) however still within the sector's average.

The available funds are good.

On average trade credits are collected in 60,52 days. , a better value than the sector's average.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 9.351.830

In the last financial year labour cost was of Eur. 10.919.660, with a 25,71% incidence on total costs of production. , whereas the incidence of such costs on sales revenues is equal to 22,79%.

No incidence of financial charges as lower than the incomes.



Financial Data

 

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

 

Item Type

Value

Sales

47.912.334

Profit (Loss) for the period

7.847.161

 

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

 

Item Type

Value

Sales

47.170.898

Profit (Loss) for the period

4.848.978

 

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

 

Item Type

Value

Sales

49.988.561

Profit (Loss) for the period

6.460.396

 

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

 

Item Type

Value

Sales

51.258.899

Profit (Loss) for the period

2.696.926

 

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

 

Item Type

Value

Sales

41.320.694

Profit (Loss) for the period

3.835.647



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 31/12/2014 - 12 Mesi - Currency: - Amounts x 1

 

- 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

 

Years

2014

2013

2012

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

. . Concessions,licenses,trademarks,etc.

25.813

27.784

53.612

. . Goodwill

. . Assets in formation and advance paymen.

26.448

24.832

349.474

. . Other intangible fixed assets

373.211

355.810

224.326

. Total Intangible Fixed Assets

425.472

408.426

627.412

. TANGIBLE FIXED ASSETS

. . Real estate

2.428.544

2.480.424

2.529.626

. . Plant and machinery

2.652.992

2.701.475

2.983.701

. . Industrial and commercial equipment

531.768

540.798

605.128

. . Other assets

489.850

405.007

387.977

. . Assets under construction and advances

65.470

34.795

202.495

. Total Tangible fixed assets

6.168.624

6.162.499

6.708.927

. FINANCIAL FIXED ASSETS

. . Equity investments

9.266.094

8.887.896

8.522.260

. . . Equity invest. in subsidiary companies

9.093.969

8.710.297

8.344.661

. . . Equity invest. in associated companies

172.038

172.038

172.038

. . . Equity invest. in holding companies

. . . Equity invest. in other companies

87

5.561

5.561

. . Financial receivables

560.582

14.571

966.570

. . . . Within 12 months

550.000

. . . . Beyond 12 months

10.582

14.571

966.570

. . . Receivab due from subsidiaries

550.000

947.209

. . . . Within 12 months

550.000

. . . . Beyond 12 months

947.209

. . . 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

10.582

14.571

19.361

. . . . Within 12 months

. . . . Beyond 12 months

10.582

14.571

19.361

. . Other securities

. . Own shares

. . . Total nominal value

. Total financial fixed assets

9.826.676

8.902.467

9.488.830

Total fixed assets

16.420.772

15.473.392

16.825.169

CURRENT ASSETS

. INVENTORIES

. . Raw materials and other consumables

10.220.506

10.257.703

7.044.792

. . Work in progress and semimanufactured

1.855.066

3.094.721

4.371.533

. . Work in progress on order

. . Finished goods

25.006.791

24.607.267

23.064.938

. . Advance payments

1.359.960

559.018

838.781

. Total Inventories

38.442.323

38.518.709

35.320.044

. CREDITS NOT HELD AS FIXED ASSETS

. . Within 12 months

14.308.424

16.321.068

13.125.188

. . Beyond 12 months

340.428

309.566

342.387

. . Trade receivables

8.054.606

8.271.971

7.852.529

. . . . Within 12 months

8.054.606

8.271.971

7.852.529

. . . . Beyond 12 months

. . Receivables due from subsid. comp.

4.055.368

5.318.686

3.300.520

. . . . Within 12 months

4.055.368

5.318.686

3.300.520

. . . . Beyond 12 months

. . Receivables due from assoc. comp.

13.539

14.230

6.555

. . . . Within 12 months

13.539

14.230

6.555

. . . . Beyond 12 months

. . Receivables due from holding comp.

. . . . Within 12 months

. . . . Beyond 12 months

. . Fiscal Receivables

898.052

1.450.064

1.017.051

. . . . Within 12 months

557.624

1.140.498

674.664

. . . . Beyond 12 months

340.428

309.566

342.387

. . Receivables for anticipated taxes

574.381

574.262

482.114

. . . . Within 12 months

574.381

574.262

482.114

. . . . Beyond 12 months

. . Receivables due from third parties

1.052.906

1.001.421

808.806

. . . . Within 12 months

1.052.906

1.001.421

808.806

. . . . Beyond 12 months

. Total Credits not held as fixed assets

14.648.852

16.630.634

13.467.575

. 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

13.643.858

7.578.238

1.167.105

. . Checks

. . Banknotes and coins

3.984

5.336

4.122

. Total Liquid funds

13.647.842

7.583.574

1.171.227

Total current assets

66.739.017

62.732.917

49.958.846

ADJUSTMENT ACCOUNTS

. Discount on loans

83.451

82.317

76.005

. Other adjustment accounts

Total adjustments accounts

83.451

82.317

76.005

TOTAL ASSETS

83.243.240

78.288.626

66.860.020

LIABILITIES

STOCKHOLDERS' EQUITY

. Capital stock

10.050.000

10.000.000

10.000.000

. Additional paid-in capital

. Revaluation reserves

1.842.926

1.842.926

1.842.926

. Legal reserve

2.010.000

1.741.178

1.418.158

. Reserve for Own shares

. Statute reserves

. Other reserves

29.669.174

26.639.016

22.001.646

. Accumulated Profits (Losses)

. Profit( loss) of the year

7.847.161

4.848.978

6.460.396

. Advances on dividends

. Partial loss of the year Coverage

Total Stockholders'Equity

51.419.261

45.072.098

41.723.126

RESERVES FOR RISKS AND CHARGES

. . Reserve for employee termination indem.

124.223

122.594

109.657

. . Taxation fund, also differed

8.743

. . Other funds

68.615

68.615

Total Reserves for Risks and Charges

132.966

191.209

178.272

Employee termination indemnities

2.263.391

2.346.745

2.503.203

ACCOUNTS PAYABLE

. . . . Within 12 months

29.394.290

30.668.207

22.061.385

. . . . Beyond 12 months

388.889

. . 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

18.000.000

19.114.433

11.379.578

. . . . Within 12 months

18.000.000

19.114.433

10.990.689

. . . . Beyond 12 months

388.889

. . Due to other providers of finance

. . . . Within 12 months

. . . . Beyond 12 months

. . Advances from customers

66.524

16.865

11.890

. . . . Within 12 months

66.524

16.865

11.890

. . . . Beyond 12 months

. . Trade payables

6.569.988

5.872.230

6.282.538

. . . . Within 12 months

6.569.988

5.872.230

6.282.538

. . . . Beyond 12 months

. . Securities issued

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to subsidiary companies

927.660

3.818.707

2.260.181

. . . . Within 12 months

927.660

3.818.707

2.260.181

. . . . Beyond 12 months

. . Due to associated companies

68.789

58.557

96.969

. . . . Within 12 months

68.789

58.557

96.969

. . . . Beyond 12 months

. . Due to holding companies

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to the tax authorities

693.525

344.117

960.840

. . . . Within 12 months

693.525

344.117

960.840

. . . . Beyond 12 months

. . Due to social security and welfare inst.

635.601

629.506

640.423

. . . . Within 12 months

635.601

629.506

640.423

. . . . Beyond 12 months

. . Other payables

2.432.203

813.792

817.855

. . . . Within 12 months

2.432.203

813.792

817.855

. . . . Beyond 12 months

Total accounts payable

29.394.290

30.668.207

22.450.274

ADJUSTMENT ACCOUNTS

. Agio on loans

. Other adjustment accounts

33.332

10.367

5.145

Total adjustment accounts

33.332

10.367

5.145

TOTAL LIABILITIES

83.243.240

78.288.626

66.860.020

 

MEMORANDUM ACCOUNTS

 

Third party goods

Investment accounts

Risk accounts

3.790.810

4.058.486

Civil and fiscal norms relation

 

PROFIT AND LOSS ACCOUNTS

 

VALUE OF PRODUCTION

. Revenues from sales and services

47.912.334

47.170.898

49.988.559

. Changes in work in progress

-840.132

265.517

3.504.325

. Changes in semi-manufact. products

. Capitalization of internal work

1.801

3.495

140

. Other income and revenues

594.311

481.526

322.236

. . Contributions for operating expenses

119.190

38.196

. . Different income and revenues

475.121

443.330

322.236

Total value of production

47.668.314

47.921.436

53.815.260

PRODUCTION COSTS

. Raw material,other materials and consum.

19.913.001

23.346.757

23.790.679

. Services received

. Leases and rentals

9.904.651

10.757.782

10.374.415

. Payroll and related costs

10.919.660

10.667.839

10.903.775

. . Wages and salaries

7.596.206

7.332.767

7.483.757

. . Social security contributions

2.548.490

2.496.834

3.042.040

. . Employee termination indemnities

34.187

49.015

80.498

. . Pension and similar

499.271

492.214

. . Other costs

241.506

297.009

297.480

. Amortization and depreciation

1.504.669

1.493.978

1.503.069

. . Amortization of intangible fixed assets

194.337

184.605

141.127

. . Amortization of tangible fixed assets

1.256.543

1.255.178

1.312.573

. . Depreciation of tangible fixed assets

. . Writedown of current receiv.and of liquid

53.789

54.195

49.369

. Changes in raw materials

37.196

-3.212.910

1.667.810

. Provisions to risk reserves

. Other provisions

. Other operating costs

187.991

173.163

193.234

Total production costs

42.467.168

43.226.609

48.432.982

Diff. between value and cost of product.

5.201.146

4.694.827

5.382.278

FINANCIAL INCOME AND EXPENSE

. Income from equity investments

5.170.646

2.582.373

3.318.340

. . In subsidiary companies

5.094.851

2.400.000

3.318.340

. . In associated companies

75.795

182.373

. . In other companies

. Other financial income

827.825

81.644

72.493

. . Financ.income from receivables

15.754

39.541

. . . Towards subsidiary companies

15.754

39.541

. . . 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

827.825

65.890

32.952

. . . - Subsidiary companies

. . . - Associated companies

. . . - Holding companies

. . . - Other companies

827.825

65.890

32.952

. Interest and other financial expense

-304.659

-399.278

-367.270

. . Towards subsidiary companies

-3.418

-13.715

-66.640

. . Towards associated companies

. . Towards holding companies

. . Towards other companies

-301.241

-385.563

-300.630

Total financial income and expense

5.693.812

2.264.739

3.023.563

ADJUSTMENTS TO FINANCIAL ASSETS

. Revaluations

. . Of equity investments

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

. . Of securities incl.among current assets

. Devaluation

-1.000.000

-384.364

-365.636

. . Of equity investments

-1.000.000

-384.364

-365.636

. . Of financial fixed assets (no equity inv)

. . Of securities included among current ass

Total adjustments to financial assets

-1.000.000

-384.364

-365.636

EXTRAORDINARY INCOME AND EXPENSE

. Extraordinary income

135.167

67.615

451.602

. . Gains on disposals

. . Other extraordinary income

135.167

67.615

451.602

. Extraordinary expense

-200.725

-326.969

-172.120

. . Losses on disposals

. . Taxes relating to prior years

-13.298

. . Other extraordinary expense

-200.725

-326.969

-158.822

Total extraordinary income and expense

-65.558

-259.354

279.482

Results before income taxes

9.829.400

6.315.848

8.319.687

. Taxes on current income

1.982.239

1.466.870

1.859.291

. . current taxes

1.973.615

1.559.018

1.952.668

. . differed taxes(anticip.)

8.624

-92.148

-93.377

. Net income for the period

7.847.161

4.848.978

6.460.396

. Adjustments in tax regulations pursuance

. Provisions in tax regulations pursuance

. Profit (loss) of the year

7.847.161

4.848.978

6.460.396

 

RATIOS

Value Type

as at 31/12/2014

as at 31/12/2013

as at 31/12/2012

Sector Average

COMPOSITION ON INVESTMENT

Rigidity Ratio

Units

0,20

0,20

0,25

0,34

Elasticity Ratio

Units

0,80

0,80

0,75

0,64

Availability of stock

Units

0,46

0,49

0,53

0,15

Total Liquidity Ratio

Units

0,34

0,31

0,22

0,46

Quick Ratio

Units

0,16

0,10

0,02

0,01

COMPOSITION ON SOURCE

Net Short-term indebtedness

Units

0,31

0,51

0,50

1,80

Self Financing Ratio

Units

0,62

0,58

0,62

0,26

Capital protection Ratio

Units

0,65

0,67

0,61

0,75

Liabilities consolidation quotient

Units

0,08

0,08

0,13

0,23

Financing

Units

0,57

0,68

0,54

2,59

Permanent Indebtedness Ratio

Units

0,64

0,61

0,67

0,46

M/L term Debts Ratio

Units

0,03

0,03

0,04

0,12

Net Financial Indebtedness Ratio

Units

0,08

0,26

0,24

0,57

CORRELATION

Fixed assets ratio

Units

3,27

3,06

2,65

1,28

Current ratio

Units

2,27

2,05

2,26

1,16

Acid Test Ratio-Liquidity Ratio

Units

0,96

0,79

0,66

0,84

Structure's primary quotient

Units

3,13

2,91

2,48

0,74

Treasury's primary quotient

Units

0,46

0,25

0,05

0,03

Rate of indebtedness ( Leverage )

%

161,89

173,70

160,25

381,85

Current Capital ( net )

Value

37.344.727

32.064.710

27.897.461

401.161

RETURN

Return on Sales

%

19,52

13,45

15,93

3,85

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

%

15,26

10,76

15,48

2,70

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

%

19,12

14,01

19,94

8,97

Return on Investment ( R.O.I. )

%

6,25

6,00

8,05

4,02

Return/ Sales

%

10,86

9,95

10,77

3,73

Extra Management revenues/charges incid.

%

150,87

103,28

120,03

25,78

Cash Flow

Value

9.351.830

6.342.956

7.963.465

297.038

Operating Profit

Value

5.201.146

4.694.827

5.382.278

271.622

Gross Operating Margin

Value

6.705.815

6.188.805

6.885.347

541.113

MANAGEMENT

Credits to clients average term

Days

60,52

63,13

56,55

112,20

Debts to suppliers average term

Days

91,35

102,91

91,04

101,28

Average stock waiting period

Days

288,84

293,97

254,36

48,71

Rate of capital employed return ( Turnover )

Units

0,58

0,60

0,75

1,14

Rate of stock return

Units

1,25

1,22

1,42

7,38

Labour cost incidence

%

22,79

22,62

21,81

15,03

Net financial revenues/ charges incidence

%

11,88

4,80

6,05

-1,41

Labour cost on purchasing expenses

%

25,71

24,68

22,51

14,64

Short-term financing charges

%

1,04

1,30

1,64

3,20

Capital on hand

%

173,74

165,97

133,75

86,99

Sales pro employee

Value

140.505

141.654

147.025

279.071

Labour cost pro employee

Value

32.022

32.035

32.069

38.958

 

 

Market / Territory Data

 

Population living in the province

:

1.022.428

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 805 significant companies.

 

The companies cash their credits on an average of 112 dd.

The average duration of suppliers debts is about 101 dd.

The sector's profitability is on an average of 3,85%.

The labour cost affects the turnover in the measure of 15,03%.

Goods are held in stock in a range of 49 dd.

The difference between the sales volume and the resources used to realize it is about 1,14.

The employees costs represent the 14,64% 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 50.886 protested subjects are found; in the province they count to 4.150.

The insolvency index for the region is 0,55, , while for the province it is 0,41.

Total Bankrupt companies in the province : 4.376.

Total Bankrupt companies in the region : 39.612.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.75

UK Pound

1

Rs.100.68

Euro

1

Rs.70.88

Euro

1

Rs.70.77

Note : Above are approximate rates obtained from sources believed to be correct

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

Report Prepared by :

SDA

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.