MIRA
INFORM REPORT
|
Report Date : |
13th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
LEGNANO
TEKNOELECTRIC COMPANY SPA |
|
|
|
|
Registered Office : |
Via Roma, 3
20010
- San Giorgio su Legnano (MI) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31/12/2004 |
|
|
|
|
Date of Incorporation : |
30/09/1983 |
|
|
|
|
Legal Form : |
Joint
stock company |
|
|
|
|
Line of Business : |
Manufacture
of electric motors, generators, transformers, switches and other electric
materials |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear |
NAME & ADDRESS
LEGNANO
TEKNOELECTRIC COMPANY SPA
Via Roma, 3
20010 -
San Giorgio su Legnano (MI) -IT-
SUMMARY
|
Fiscal
Code |
: |
07121130152 |
|
Legal
Form |
: |
Joint
stock company |
|
Foundation
Date |
: |
30/09/1983 |
|
Patrimonial
Consistence |
: |
Over
2.500.000 Eur |
|
Turnover
Range |
: |
50.000.000/75.000.000
Eur |
|
Number
of Employees |
: |
from 36 to 50 |
CREDIT ANALYSIS
|
|
Financial/patrimonial
analysis very good - Credit with very low risk |
|
|
|
n.b.:
The Creditworthness Rate shows, in percentage, the ratio between the
suggested credit opinion and the credit amount that the firm could get if the
financial situation would be completely positive. |
ACTIVITY
Manufacture
of electric motors, generators, transformers, switches and other electric
materials.
LEGAL DATA
Legal
Form : Joint stock company
|
Fiscal
Code : 07121130152 |
|
Foreign
Trade Reg. no. : 154647 of Milano since 22/04/1992 |
|
Chamber
of Commerce no. : 1140854 of Milano since 17/11/1983 |
|
Firms'
Register : MI146-227120 since 19/02/1996 |
|
Court
: 227120 of Milano since 09/11/1983 |
|
Foundation
Date |
:
30/09/1983 |
|
|
Establishment
Date |
:
30/09/1983 |
|
|
Legal
Duration Date |
:
31/12/2050 |
|
|
Nominal
Capital |
: 5.000.000 |
Eur |
|
Subscribed
Capital |
: 5.000.000 |
Eur |
|
Paid
up Capital |
: 5.000.000 |
Eur |
MEMBERS
|
Bertelli
|
Aurelio
|
|
Born
in LEGNANO |
on
22/07/1965 |
-
Fiscal Code : BRTRLA65L22E514G |
|
Residence
: |
Via |
C.
BATTISTI |
, 12 |
-
20025 |
Legnano
|
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board
Chairman |
20/05/2005 |
|
|
No
Protests registered.
|
Bertelli
|
Gianluigi
|
|
Born
in SAN GIORGIO SU LEGNANO |
on
30/05/1968 |
-
Fiscal Code : BRTGLG68E30H884W |
|
Residence
: |
Via |
EUROPA
|
, 122 |
-
20020 |
Busto
Garolfo |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director
|
20/05/2005 |
|
|
No
Protests registered.
|
Bertelli
|
Daniele
|
|
Born
in LEGNANO |
on
02/09/1961 |
-
Fiscal Code : BRTDNL61P02E514M |
|
Residence
: |
Via |
DEI
CICLAMINI |
, 14 |
-
20025 |
Legnano
|
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director
|
20/05/2005 |
|
|
No
Protests registered.
|
Bertelli
|
Marina
|
|
Born
in LEGNANO |
on
18/02/1960 |
-
Fiscal Code : BRTMRN60B58E514A |
|
Residence
: |
Via |
CATTANEO
C. |
, 3 |
-
20020 |
Arconate
|
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director
|
20/05/2005 |
|
|
No
Protests registered.
|
Bertelli
|
Tiziana
|
|
Born
in LEGNANO |
on
14/02/1963 |
-
Fiscal Code : BRTTZN63B54E514P |
|
Residence
: |
Via |
MAGENTA
|
, 0038
|
-
20010 |
San
Giorgio su Legnano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director
|
20/05/2005 |
|
|
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 held positions.
|
Bertelli
|
Aurelio
|
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Firm Status |
|
B. E
C. BERTELLI S.P.A. |
San
Giorgio su Legnano (MI) - IT - |
00690680152 |
Director
|
Registered |
|
IMMOBILIARE
COLES SRL |
Busto
Garolfo (MI) - IT - |
10369820153 |
Sole
Director |
Ceased |
The
indication "REGISTERED" as Firm Status could refere to Firms in
Liquidation, Active, Inactive, etc.
For more
information, in this case, we advise to request further investigations.
CAPITAL SHAREHOLDERS
|
Style / Name |
Seat / Address |
Fiscal Code |
Owned Shares |
% of Ownership |
|
Bertelli
Aurelio |
Legnano
- IT - |
BRTRLA65L22E514G |
1.000.000 .Eur |
20,00 |
|
Bertelli
Gianluigi |
Busto
Garolfo - IT - |
BRTGLG68E30H884W |
1.000.000 .Eur |
20,00 |
|
Bertelli
Daniele |
Legnano
- IT - |
BRTDNL61P02E514M |
1.000.000 .Eur |
20,00 |
|
Bertelli
Marina |
Arconate
- IT - |
BRTMRN60B58E514A |
1.000.000 .Eur |
20,00 |
|
Bertelli
Tiziana |
San
Giorgio su Legnano - IT - |
BRTTZN63B54E514P |
1.000.000 .Eur |
20,00 |
DIRECT PARTICIPATIONS
|
Company Style |
Legal Seat |
Fiscal Code |
Owned Shares |
% of Ownership |
|
Confer
S.R.L. |
Inveruno
- IT - |
06894460150 |
17.559 .Eur |
8,50 |
STRUCTURE AND COMPANY ACTIVITY
In order
to carry out its activities the firm uses the following locations:
|
- |
Legal
and operative seat |
|
since
30/09/1983 |
in : |
|
|
|
|
|
Via |
Roma |
, 3 |
-
20010 - |
San
Giorgio su Legnano |
(MI) |
- IT - |
|
|
|
|
|
Trading
Style: Legnano Teknoelectric |
|
|
|
|
PHONE |
no.
0331/413700 |
|
- |
Branch
|
(Warehouse
) |
since
01/09/1999 |
in : |
|
|
|
|
|
Via |
Novara
|
,
81/83 |
-
20025 - |
Legnano
|
(MI) |
- IT - |
|
|
|
|
PHONE |
no.
0331/413700 |
|
|
|
|
Employees
|
: 46 |
|
|
|
|
Assistants
|
: 2 |
|
|
|
|
Fittings
and Equipment |
for a value of 1.288.500 |
Eur |
|
|
|
|
Stocks
|
for a value of 12.946.500 |
Eur |
|
|
|
|
Furniture
and fittings |
for a value of 15.493 |
Eur |
|
|
The firm
operates abroad as importer. .
To
purchase foreign products the firm uses the following channels :
|
-
direct orders to foreign companies |
HISTORICAL INFORMATION
|
Changes to the legal form |
|
Former legal form |
New legal form |
Changement Date |
|
Limited
liability company |
Joint
stock company |
30/01/1996 |
|
Company Style modifications |
|
Former Style |
New Style |
Changement Date |
|
Legnano
Teknoelectric Company S.r.l. |
|
30/01/1996 |
|
Ex-Members / Ex-Positions |
|
Bertelli
|
Aurelio
|
|
Born
in LEGNANO |
on
22/07/1965 |
-
Fiscal Code : BRTRLA65L22E514G |
|
Residence
: |
Via |
C.
BATTISTI |
, 12 |
-
20025 |
Legnano
|
(MI) |
- IT - |
|
Position |
|
Managing
Director |
|
Director
|
|
Managing
Director |
|
Bertelli
|
Gianluigi
|
|
Born
in SAN GIORGIO SU LEGNANO |
on
30/05/1968 |
-
Fiscal Code : BRTGLG68E30H884W |
|
Residence
: |
Via |
EUROPA
|
, 122 |
-
20020 |
Busto
Garolfo |
(MI) |
- IT - |
|
Position |
|
Managing
Director |
|
Bertelli
|
Daniele
|
|
Born
in LEGNANO |
on 02/09/1961 |
-
Fiscal Code : BRTDNL61P02E514M |
|
Residence
: |
Via |
DEI
CICLAMINI |
, 14 |
-
20025 |
Legnano
|
(MI) |
- IT - |
|
Position |
|
Managing
Director |
|
Bertelli
|
Marina
|
|
Born
in LEGNANO |
on
18/02/1960 |
-
Fiscal Code : BRTMRN60B58E514A |
|
Residence
: |
Via |
CATTANEO
C. |
, 3 |
-
20020 |
Arconate
|
(MI) |
- IT - |
|
Position |
|
Chairman
|
|
Bertelli
|
Tiziana
|
|
Born
in LEGNANO |
on
14/02/1963 |
-
Fiscal Code : BRTTZN63B54E514P |
|
Residence
: |
Via |
MAGENTA
|
, 0038
|
-
20010 |
San
Giorgio su Legnano |
(MI) |
- IT - |
|
Position |
|
Managing
Director |
|
Bertelli
|
Michele
|
|
Born
in Toscolano-Maderno |
on
11/08/1929 |
-
Fiscal Code : BRTMHL29M11L312Y |
|
Residence
: |
Via |
Magenta
|
, 0038
|
-
20010 |
San
Giorgio su Legnano |
(MI) |
- IT - |
|
Position |
|
Chairman
|
|
Director
|
|
Board
Chairman |
|
Former seats |
|
- |
Branch
|
(Warehouse
) |
since
11/12/1996 |
until
31/12/1998 |
|
|
|
|
|
Via |
Roma |
-
20010 |
- San
Giorgio su Legnano |
(MI) |
- IT - |
|
- |
Branch
|
(Warehouse
) |
since
24/11/1997 |
|
|
|
|
|
Via |
Treviso
|
-
20010 |
-
Canegrate |
(MI) |
- IT - |
PAYMENTS ANALYSIS
The
average term of debts to suppliers is shorter than the sector one.
PAYMENTS
SCORE : No insolvency
CREDIT REVOLVING
During
last Year, the subject of inquiry has not been monitored by our company.
PROTESTS
Protests
checking on the subject firm has given a negative result.
LEGAL PROCEDURES
None
reported, standing to the last received edition of the Official Publications.
BANKERS
|
Bank Name |
Agency Name |
Address |
ZIP Code |
City |
ABI Code |
CAB Code |
|
ISTITUTO
BANCARIO SAN PAOLO IMI |
|
|
|
|
1025 |
0 |
|
BANCA
DI LEGNANO S. P. A. |
|
|
|
|
3204 |
0 |
|
BCC.
DI BUSTO GAROLFO E BUSTO ARSIZIO |
|
|
|
|
8404 |
0 |
|
DEUTSCHE
BANK SPA |
|
|
|
|
|
|
IMMOVABLES *
*No
specific (mortgage/cadastrial registrations) inspections have been requested.
|
Immovable Type |
Value |
|
Real
estates |
1.170.679 .Eur |
NB.: For
Capital Companies the value of the Immovables is the one reported in the last
available financial documents.
FINANCIAL AND ECONOMICAL ANALYSIS
The
company is active since 1983
During
the last years, it achieved profits (r.o.e. 16,44% on 2004) and with an upward
trend in turnover trend during the last financial year (+25,69% in 2004).
The
return on Investment in the last financial year was positive (5,23%) falling
within the field's average.
The
financial status of the company is fairly balanced with an indebtedness level
of 1,52 and decreasing as against 2003.
Both
financial indebtedness and suppliers exposure are rather high but lower than
the field average.
Liquidity
is good (2,05)
FINANCIAL DATA
|
Complete
balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
61.158.560 |
filed
balance sheet |
|
Profit
(Loss) for the period |
1.262.460 |
filed
balance sheet |
|
Complete
balance-sheet for the year as at |
31/12/2003 |
(in
Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
48.657.127 |
filed
balance sheet |
|
Profit
(Loss) for the period |
297.968 |
filed
balance sheet |
|
Complete
balance-sheet for the year as at |
31/12/2002 |
(in
Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
64.875.766 |
filed
balance sheet |
|
Profit
(Loss) for the period |
18.592 |
filed
balance sheet |
BALANCE SHEETS
From our
constant monitoring of the Public Administration, actually, no more recent
balance sheets result to be filed.
|
Balance Sheet as at 31/12/2004 - Months 12
- Currency Eur - Amounts x 1 |
|
Balance Sheet as at 31/12/2003 - Months 12
- Currency Eur - Amounts x 1 |
|
Years |
|
|
2004 |
2003 |
|
|
BALANCE SHEET ACCOUNTS |
|
|
|
|
. |
|
|
|
|
|
ASSETS |
|
|
|
|
|
CREDITS
TO SHAREHOLDERS |
|
|
|
|
|
FIXED
ASSETS ( NET ) |
|
|
3.341.370 |
3.470.569 |
|
.
Intangible assets |
|
|
223.239 |
277.399 |
|
.
Tangible fixed assets |
|
|
2.652.661 |
2.997.907 |
|
. .
Land and buildings |
|
|
1.170.679 |
1.215.865 |
|
. .
Plants, Equipm.and Machinery |
|
|
1.288.482 |
1.782.042 |
|
.
Long-term Investments |
|
|
465.470 |
195.263 |
|
. .
Financial loans |
|
|
465.470 |
195.263 |
|
. .
Own shares |
|
|
|
|
|
CURRENT
ASSETS |
|
|
35.675.703 |
30.132.102 |
|
.
Stock |
|
|
12.946.412 |
9.183.630 |
|
.
Credits |
|
|
17.036.523 |
16.031.688 |
|
. .
Credits to clients |
|
|
16.116.947 |
15.046.514 |
|
. .
Other credits |
|
|
919.576 |
985.174 |
|
.
Short-term financial assets |
|
|
|
|
|
.
Liquid assets |
|
|
5.692.768 |
4.916.784 |
|
ACCRUED
INCOME-DEFERR. ASSETS |
|
|
199.250 |
281.449 |
|
TOTAL
ASSETS |
|
|
39.216.323 |
33.884.120 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET
WORTH |
|
|
7.677.802 |
6.415.343 |
|
.
Company's capital |
|
|
5.000.000 |
2.600.000 |
|
.
Reserves |
|
|
1.415.342 |
|
|
.
Reserves company's own shares |
|
|
|
|
|
.
Retained profits (losses) |
|
|
|
|
|
.
Profit (loss) |
|
|
1.262.460 |
297.968 |
|
PROVISION
CHARGES ACCOUNTS |
|
|
|
|
|
STAFF
TERM INDEMNITY |
|
|
364.989 |
311.235 |
|
DEBTS |
|
|
31.080.022 |
27.080.910 |
|
.
Financial M/L terms |
|
|
13.682.341 |
|
|
. .
Financial M/L term banks |
|
|
|
|
|
. .
Financial M/L bonds |
|
|
|
|
|
. .
Other financial M/L debts |
|
|
13.682.341 |
|
|
.
Financial short-term debts |
|
|
|
2.325.797 |
|
. .
Financial short-term banks |
|
|
|
2.325.797 |
|
. .
Financial short-term bonds |
|
|
|
|
|
. .
Other financial short-term debts |
|
|
|
|
|
. M/L
term debts to suppliers |
|
|
|
|
|
.
Short-term debts to suppliers |
|
|
16.208.253 |
16.671.406 |
|
.
Sundry M/L debts |
|
|
|
|
|
.
Sundry short-term debts |
|
|
1.189.428 |
|
|
ACCRUED
COSTS DEFERR. LIABILITIES |
|
|
93.510 |
76.632 |
|
TOTAL
LIABILITIES |
|
|
39.216.323 |
33.884.120 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS ACCOUNTS |
|
|
|
|
OUTPUT
VALUE |
|
|
61.258.634 |
49.165.827 |
|
.
Revenues from sales/services |
|
|
61.158.560 |
48.657.127 |
|
.
Change of stock (products) |
|
|
-25.971 |
403.750 |
|
OPERATING
EXPENSES |
|
|
59.206.959 |
48.435.816 |
|
.
Purchasing expenses |
|
|
52.656.343 |
33.303.824 |
|
.
Change of stock (raw material) |
|
|
-3.788.753 |
5.315.620 |
|
.
Expenses from services |
|
|
3.419.533 |
6.167.954 |
|
.
Expenses from leasing |
|
|
2.931.872 |
|
|
.
General expenses/sundry charges |
|
|
1.670.941 |
|
|
.
Staff expenses |
|
|
1.594.067 |
1.530.132 |
|
.
Depreciation/Devaluation costs |
|
|
722.956 |
654.375 |
|
FINANCIAL
REVENUES (CHARGES) |
|
|
85.964 |
-202.209 |
|
.
Financial charges |
|
|
-420.126 |
-626.530 |
|
.
Financial revenues |
|
|
506.090 |
424.321 |
|
FINANCIAL
ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY
FINANCIAL REVENUES (CHARGES) |
|
|
81.393 |
180.445 |
|
PROFIT
(LOSS) FOR THE PERIOD |
|
|
2.219.032 |
708.247 |
|
TAX |
|
|
956.572 |
410.279 |
|
CORRECT./ALLOCAT.
FISCAL RULE |
|
|
|
|
|
NET
PROFIT (LOSS) |
|
|
1.262.460 |
297.968 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2004 |
as at 31/12/2003 |
Sector Average |
|
Fixed
assets ratio |
Units |
=>
1 |
l |
6,50 |
3,06 |
1,63 |
|
Net
Short-term indebtedness |
Units |
- 1 |
l |
1,52 |
2,84 |
2,85 |
|
Current
ratio |
Units |
=>
1 |
l |
2,05 |
1,29 |
1,16 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
=>
1 |
l |
1,30 |
0,90 |
0,91 |
|
Return
on Sales |
% |
|
l |
3,24 |
1,95 |
4,09 |
|
Average
stock waiting period |
dd |
|
l |
76,17 |
67,93 |
56,98 |
|
Credits
to clients average term |
dd |
|
l |
94,86 |
111,31 |
133,88 |
|
Debts
to suppliers average term |
dd |
|
l |
98,85 |
152,02 |
140,00 |
|
Net
financial revenues/ charges incidence |
% |
|
l |
0,14 |
- 0,41 |
- 1,26 |
|
Labour
cost incidence |
% |
|
l |
2,60 |
3,14 |
16,77 |
O.V.
= Optimal Value. When not present refer to the sector's.
A
coloured item indicates the opinion of the rate during the last financial year
(green=good;
orange=not optimal; red=insufficient; n.c.=not computable)
CREDIT OPINION DETERMINATION
The
credit opinion determination is divided into two phases :
1) Risk
analysis (Score).
2)
Reliability score identification.
RISK ANALYSIS (SCORE)
On the
base of precise indicators as "Activity sector", "Area",
"Firm's foundation", "Payment
analysis","Profitability", we analysed the companies included in
the same activity sector of subject company, classifying them by their own risk
score.
RELIABILITY SCORE
Considering
also subject's structural and behavioural characteristics its credit margin
rate (from 0 to 100%) is equal to 98%, in respect of a sector average of 51%.
CREDIT OPINION
On the
basis of the above mentioned, and the sales volume obtained, we deem that the
maximum exposure for short and medium term transactions ( 90 - 120 days ) could
be of:
1.012.300 .Eur.
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.
MARKET / TERRITORY DATA
|
Population
living in the province |
: |
3.839.216 |
|
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 102 significant companies.
The
companies cash their credits on an average of 133 dd.
The
average duration of suppliers debts is about 140 dd.
The
sector's profitability is on an average of 4,09%.
The
labour cost affects the turnover in the measure of 16,77%.
Goods
are held in stock in a range of 56 dd.
The
difference between the sales volume and the resources used to realize it is
about 1,16.
The
employees costs represent the 17,08% 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
24.765.
The
insolvency index for the region is 0,55, while for the province it is 0,66.
Total
Bankrupt companies in the province : 22.523.
Total
Bankrupt companies in the region : 39.612.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |