MIRA
INFORM REPORT
|
Report Date : |
22nd
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
LODETTI ACCIAI E DERIVATI - S.P.A. |
|
|
|
|
Registered Office : |
Agglomerato Industriale, s.n.
90018 - Termini Imerese (PA) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31/12/2004 |
|
|
|
|
Date of Incorporation : |
24/08/1999 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Engaged
in the business of cold profiling of steel rolling products |
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 : |
Usually
Correct |
|
|
|
|
Litigation : |
Clear |
NAME & ADDRESS
LODETTI ACCIAI E DERIVATI - S.P.A.
Agglomerato Industriale, s.n.
90018 - Termini Imerese (PA) -IT-
SUMMARY
|
Fiscal Code |
: |
01296630492 |
|
Legal Form |
: |
Joint stock company |
|
Start of Activities |
: |
24/08/1999 |
|
Patrimonial Consistence |
: |
1.500.000 Eur |
|
Turnover Range |
: |
10.000.000/12.750.000 Eur |
|
Number of Employees |
: |
from
11 to 15 |
CREDIT ANALYSIS
|
|
|
Financial situation is not at its best,
but credit is possible with |
|
|
|
no particular risks. |
|
|
|
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
Cold
profiling of steel rolling products
LEGAL DATA
Legal
Form : Joint stock company
|
Fiscal Code : 01296630492 |
|
Chamber of Commerce no. : 116269 of
Livorno |
|
Chamber of Commerce no. : 216290 of
Palermo since 25/08/1999 |
|
Firms' Register : LI-1999-15718 |
|
Firms' Register : PA-1999-54515 since
13/12/1999 |
|
Start of Activities |
: 24/08/1999 |
|
|
Legal Duration Date |
: 31/12/2050 |
|
|
Nominal Capital |
:
1.000.000 |
Eur |
|
Subscribed Capital |
:
1.000.000 |
Eur |
|
Paid up Capital |
:
1.000.000 |
Eur |
MEMBERS
|
LODETTI |
ACHILLE |
|
Born in PALERMO |
on 22/02/1935 |
- Fiscal Code : LDTCLL35B22G273E |
|
Residence : |
Viale |
ORFEO |
, 4 |
- 90100 |
Palermo |
(PA) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
18/02/2003 |
|
|
|
Board Chairman |
06/03/2006 |
|
|
No
Protests registered.
|
PITEA |
LILIANA |
|
Born in REGGIO DI CALABRIA |
on 20/11/1947 |
- Fiscal Code : PTILLN47S60H224X |
|
Residence : |
Viale |
ORFEO |
, 4 |
- 90100 |
Palermo |
(PA) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
06/03/2006 |
|
|
|
Managing Director |
26/10/2005 |
|
|
No
Protests registered.
|
LODETTI |
SALVATORE |
|
Born in PALERMO |
on 04/07/1959 |
- Fiscal Code : LDTSVT59L04G273Y |
|
Residence : |
Via |
DELLE NEREIDI |
, 2 |
- 90100 |
Palermo |
(PA) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
06/03/2006 |
|
|
|
Managing Director |
26/10/2005 |
|
|
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.
|
LODETTI |
ACHILLE |
|
Company
Style |
Legal
Seat |
Fiscal
Code |
Position |
Firm
Status |
|
S.M.L. SOCIETA' METALLURGICA LODETTI
S.R.L. |
Palermo - IT - |
00103700829 |
Procurator |
Ceased |
|
LODETTI GESTIONE IMMOBILI S.R.L. |
Palermo (PA) - IT - |
05256600825 |
Sole Director |
Registered |
|
LODETTI |
SALVATORE |
|
Company
Style |
Legal
Seat |
Fiscal
Code |
Position |
Firm
Status |
|
LODETTI SIDERURGICA SAS DI LODETTI
SALVATORE E C. |
- - |
04590280824 |
General Partner |
Ceased |
|
LODETTI S.R.L. |
Palermo (PA) - IT - |
04273570822 |
Liquidator |
Ceased |
|
LODETTI SALVATORE RAPPRESENTANZE |
Palermo (PA) - IT - |
LDTSVT59L04G273Y |
Proprietor |
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 |
|
LODETTI ACHILLE |
Palermo - IT - |
LDTCLL35B22G273E |
460.000
.Eur |
46,00
|
|
LODETTI SALVATORE |
Palermo - IT - |
LDTSVT59L04G273Y |
440.000
.Eur |
44,00
|
|
FAILLA GIULIANO |
|
FLLGLN60T04G273K |
100.000
.Eur |
10,00
|
DIRECT PARTICIPATIONS
The
Company under review has no participations in other Companies.
STRUCTURE AND COMPANY ACTIVITY
In order
to carry out its activities the firm uses the following locations:
|
- |
Legal and operative seat |
(Factory ) |
in : |
|
|
|
|
|
Agglomerato Industriale |
, s.n. |
- 90018 - |
Termini Imerese |
(PA) |
- IT - |
|
|
|
|
PHONE |
no. 091/8139211 |
|
|
|
|
Employees |
: 12 |
|
|
|
|
Fittings and Equipment |
for
a value of 124.500 |
Eur |
|
|
|
|
Stocks |
for
a value of 3.845.021 |
Eur |
The firm
has a direct commercial organization
Sales
area on a regional scale.
|
|
HISTORICAL INFORMATION
|
Changes to the legal form |
|
Former
legal form |
New
legal form |
Changement
Date |
|
Limited liability company |
Joint stock company |
19/12/2000 |
PAYMENTS ANALYSIS
The
average term of debts to suplliers is normal compared with that of the sector.
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 |
|
BANCA NAZIONALE DEL LAVORO SPA |
Ag. Palermo. |
|
|
|
1005 |
0 |
IMMOVABLES *
*No
specific (mortgage/cadastrial registrations) inspections have been requested.
None
reported in the name of the Firm.
FINANCIAL AND ECONOMICAL ANALYSIS
Subject
is active since 1999
In 2004
the firm achieved a profit with a r.o.e. del 5,16%.
R.o.i.
is positive (2,81%). and in line with the sector's average.
The
ratio between shareholder's equity and borrowed capital is not well balanced,
the indebtedness level is equal to 4,35
The
financial exposure is moderate, on the other hand the recourse to commercial
credit is high, with a high average payment period even if it still falls
within the sector's average.
Liquid
assets are good.
FINANCIAL DATA
|
Complete balance-sheet for the year as at
|
31/12/2004 |
(in Eur |
x 1 ) |
|
Item
Type |
Amount |
Source |
|
Sales |
10.987.388 |
filed balance sheet |
|
Profit (Loss) for the period |
54.968 |
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 |
|
Year |
|
|
|
2004 |
|
|
BALANCE SHEET ACCOUNTS |
|
|
|
|
. |
|
|
|
|
|
ASSETS |
|
|
|
|
|
CREDITS TO SHAREHOLDERS |
|
|
|
|
|
FIXED ASSETS ( NET ) |
|
|
|
138.634 |
|
. Intangible assets |
|
|
|
6.198 |
|
. Tangible fixed assets |
|
|
|
130.271 |
|
. . Land and buildings |
|
|
|
|
|
. . Plants, Equipm.and Machinery |
|
|
|
124.278 |
|
. Long-term Investments |
|
|
|
2.165 |
|
. . Financial loans |
|
|
|
2.165 |
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
6.371.796 |
|
. Stock |
|
|
|
1.039.037 |
|
. Credits |
|
|
|
4.924.755 |
|
. . Credits to clients |
|
|
|
4.699.747 |
|
. . Other credits |
|
|
|
225.008 |
|
. Short-term financial assets |
|
|
|
38.804 |
|
. Liquid assets |
|
|
|
369.200 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
|
5.027 |
|
TOTAL ASSETS |
|
|
|
6.515.457 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
|
1.065.138 |
|
. Company's capital |
|
|
|
1.000.000 |
|
. Reserves |
|
|
|
10.170 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
|
|
|
. Profit (loss) |
|
|
|
54.968 |
|
PROVISION CHARGES ACCOUNTS |
|
|
|
6.133 |
|
STAFF TERM INDEMNITY |
|
|
|
58.329 |
|
DEBTS |
|
|
|
5.382.265 |
|
. Financial M/L terms |
|
|
|
|
|
. . Financial M/L term banks |
|
|
|
|
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
|
787.295 |
|
. . Financial short-term banks |
|
|
|
787.295 |
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
|
|
|
. M/L term debts to suppliers |
|
|
|
372.209 |
|
. Short-term debts to suppliers |
|
|
|
4.045.436 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
|
177.325 |
|
ACCRUED COSTS DEFERR. LIABILITIES |
|
|
|
3.592 |
|
TOTAL LIABILITIES |
|
|
|
6.515.457 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
|
11.289.918 |
|
. Revenues from sales/services |
|
|
|
10.987.388 |
|
. Change of stock (products) |
|
|
|
60.525 |
|
OPERATING EXPENSES |
|
|
|
11.106.296 |
|
. Purchasing expenses |
|
|
|
9.906.841 |
|
. Change of stock (raw material) |
|
|
|
-32.453 |
|
. Expenses from services |
|
|
|
541.165 |
|
. Expenses from leasing |
|
|
|
56.392 |
|
. General expenses/sundry charges |
|
|
|
37.900 |
|
. Staff expenses |
|
|
|
412.777 |
|
. Depreciation/Devaluation costs |
|
|
|
183.674 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
|
-58.993 |
|
. Financial charges |
|
|
|
-65.201 |
|
. Financial revenues |
|
|
|
6.208 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
-1.196 |
|
EXTRAORDINARY FINANCIAL REVENUES
(CHARGES) |
|
|
|
13.112 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
|
136.545 |
|
TAX |
|
|
|
81.577 |
|
CORRECT./ALLOCAT.FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
|
54.968 |
|
RATIOS |
Item |
O.V. |
O.V. |
as
at 31/12/2004 |
Sector
Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
10,78 |
1,50 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
4,35 |
1,87 |
|
Current ratio |
Units |
=> 1 |
l |
1,27 |
1,33 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
=> 1 |
l |
1,06 |
0,80 |
|
Return on Sales |
% |
|
l |
2,17 |
5,62 |
|
Average stock waiting period |
dd |
|
l |
34,02 |
68,90 |
|
Credits to clients average term |
dd |
|
l |
153,97 |
109,51 |
|
Debts to suppliers average term |
dd |
|
l |
151,38 |
135,10 |
|
Net financial revenues/ charges incidence |
% |
|
l |
-
0,53 |
-
0,94 |
|
Labour cost incidence |
% |
|
l |
3,75 |
15,60 |
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 53%, in respect of a sector average of 54%.
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:
234.000 .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 |
: |
1.239.272 |
|
Population living in the region |
: |
5.013.081 |
|
Number of families in the region |
: |
1.842.252 |
Monthly
family expences average in the region (in Eur.) :
|
- per food products |
: |
425 |
|
- per non food products |
: |
1.256 |
|
- per energy consume |
: |
69 |
SECTOR DATA
The
values are calculated on a base of 37 significant companies.
The
companies cash their credits on an average of 109 dd.
The
average duration of suppliers debts is about 135 dd.
The
sector's profitability is on an average of 5,62%.
The
labour cost affects the turnover in the measure of 15,60%.
Goods
are held in stock in a range of 68 dd.
The
difference between the sales volume and the resources used to realize it is
about 1,16.
The
employees costs represent the 14,02% of the production costs.
STATISTICAL DETRIMENTAL DATA
Statistcally
the trade activity shows periods of crisis.
The area
is statistically considered remarkably risky.
In the
region 54.738 protested subjects are found; in the province they count to
15.321.
The
insolvency index for the region is 1,09, while for the province it is 1,24.
Total
Bankrupt companies in the province : 4.221.
Total
Bankrupt companies in the region : 14.491.
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 |