MIRA
INFORM REPORT
|
Report Date : |
28th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
C.T.S. ELECTRONICS S.P.A. |
|
|
|
|
Registered Office : |
Corso Vercelli, 332
10015 - Ivrea (TO) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Date of Incorporation : |
07/11/1980 |
|
|
|
|
Legal Form : |
Joint
stock company |
|
|
|
|
Line of Business : |
Manufacturers
of data processing systems and machines (computers etc.) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aaa |
|
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 |
|
Status : |
Excellent
|
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear |
NAME & ADDRESS
C.T.S. ELECTRONICS S.P.A.
Corso Vercelli, 332
10015 - Ivrea (TO) -IT-
SUMMARY
|
Fiscal
Code |
: |
03760160014 |
|
Legal
Form |
: |
Joint
stock company |
|
Start
of Activities |
: |
07/11/1980 |
|
Patrimonial
Consistence |
: |
Over
2.500.000 Eur |
|
Turnover
Range |
: |
10.000.000/12.750.000
Eur |
|
Number
of Employees |
: |
from 71 to 90 |
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 data processing systems and machines (computers etc.) Radiotechnical and
industrial planning office.
LEGAL DATA
Legal
Form : Joint stock company
|
Fiscal
Code : 03760160014 |
|
Foreign
Trade Reg. no. : 22961 of Torino since 31/12/1991 |
|
Foreign
Trade Reg. no. : 022961 of Torino since 31/12/1991 |
|
Chamber
of Commerce no. : 585036 of Torino since 03/12/1980 |
|
Firms'
Register : TO125-2358 since 19/02/1996 |
|
Court
: 2358 of Ivrea |
|
Foundation
Date |
:
07/11/1980 |
|
|
Establishment
Date |
:
07/11/1980 |
|
|
Start
of Activities |
:
07/11/1980 |
|
|
Legal
Duration Date |
:
31/12/2050 |
|
|
Nominal
Capital |
: 500.000 |
Eur |
|
Subscribed
Capital |
: 500.000 |
Eur |
|
Paid
up Capital |
: 500.000 |
Eur |
MEMBERS
|
Ugo
|
Franco
|
|
Born
in BOLLENGO |
on
20/08/1939 |
-
Fiscal Code : GUOFNC39M20A941F |
|
Residence
: |
Strada
|
BREDDA
|
, 3 |
-
10012 |
Bollengo
|
(TO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director
|
30/06/2003 |
|
|
|
Board
Chairman |
30/06/2003 |
|
|
No
Protests registered.
|
Maglione
|
Stefano
|
|
Born
in CARAVINO |
on
24/11/1946 |
-
Fiscal Code : MGLSFN46S24B733I |
|
Residence
: |
Via |
MOMBARONE
|
, 29 |
-
10010 |
Cossano
Canavese |
(TO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing
Director |
30/06/2003 |
|
|
|
Director
|
30/06/2003 |
|
|
|
Assistant
board Chairman |
30/06/2005 |
|
|
No
Protests registered.
|
Ciampi
|
Paolo
|
|
Born
in BUTI |
on
27/10/1951 |
-
Fiscal Code : CMPPLA51R27B303R |
|
Residence
: |
Via |
SOTTOMONDONE
|
, 36 |
-
10010 |
Salerano
Canavese |
(TO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing
Director |
30/06/2003 |
|
|
|
Director
|
30/06/2003 |
|
|
No
Protests registered.
|
Ugo
|
Mario
|
|
Born
in IVREA |
on
15/11/1965 |
-
Fiscal Code : GUOMRA65S15E379V |
|
Residence
: |
Via |
BREDDA
|
, 1 |
-
10012 |
Bollengo
|
(TO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director
|
30/06/2003 |
|
|
No
Protests registered.
|
Ugo
|
Patrizia
|
|
Born
in IVREA |
on
23/04/1963 |
-
Fiscal Code : GUOPRZ63D63A941B |
|
Residence
: |
Via |
PREJ |
, 4 |
-
10012 |
Bollengo
|
(TO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing
Director |
30/06/2003 |
|
|
|
Director
|
30/06/2003 |
|
|
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.
|
Maglione
|
Stefano
|
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Firm Status |
|
C.T.S.
MANUFACTURING SOCIETA' A RESPONSABILITA' LIMITATA |
Ivrea
(TO) - IT - |
06862410013 |
Director
|
Registered |
|
C.T.S.
CASH PROCESSING S.P.A. SIGLABILE: C.T.S CASHPRO S.P.A |
Ivrea
(TO) - IT - |
07137800012 |
Director
|
Registered |
|
FIMA
TECHNOLOGY S.R.L. SIGLABILE FIMA S.R.L. |
Ivrea
(TO) - IT - |
07675930015 |
Director
|
Registered |
|
Ciampi
|
Paolo
|
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Firm Status |
|
C.T.S.
MANUFACTURING SOCIETA' A RESPONSABILITA' LIMITATA |
Ivrea
(TO) - IT - |
06862410013 |
Director
|
Registered |
|
C.T.S.
CASH PROCESSING S.P.A. SIGLABILE: C.T.S CASHPRO S.P.A |
Ivrea
(TO) - IT - |
07137800012 |
Director
|
Registered |
|
FIMA
TECHNOLOGY S.R.L. SIGLABILE FIMA S.R.L. |
Ivrea
(TO) - IT - |
07675930015 |
Director
|
Registered |
|
Ugo
|
Patrizia
|
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Firm Status |
|
SOFTWARE
LAB. DI UGO E C. S.A.S. |
Bollengo
(TO) - IT - |
05799780019 |
General
Partner |
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 |
|
Maglione
Stefano |
Cossano
Canavese - IT - |
MGLSFN46S24B733I |
95.000 .Eur |
19,00 |
|
Ciampi
Paolo |
Salerano
Canavese - IT - |
CMPPLA51R27B303R |
95.000 .Eur |
19,00 |
|
Ugo
Mario |
Bollengo
- IT - |
GUOMRA65S15E379V |
25.000 .Eur |
5,00 |
|
UGO
FRANCO |
Ivrea
- IT - |
GUOFNC39M02A941H |
75.000 .Eur |
15,00 |
|
UGO
PATRIZIA |
Bollengo
- IT - |
GUOPRZ63D63E379P |
25.000 .Eur |
5,00 |
|
NOVARIA
MARGHERITA |
|
NVRMGH53C57H340P |
125.000 .Eur |
25,00 |
|
CIAMPORCERO
CARLA |
|
CMPCRL54L52E379H |
30.000 .Eur |
6,00 |
|
NICCOLI
MARZIA GIULIA |
|
NCCMZG54B61G843X |
30.000 .Eur |
6,00 |
DIRECT PARTICIPATIONS
|
Company Style |
Legal Seat |
Fiscal Code |
Owned Shares |
% of Ownership |
|
C.T.S.
MANUFACTURING SOCIETA' A RESPONSABILITA' LIMITATA |
Ivrea
- IT - |
06862410013 |
12.394 .Eur |
72,73 |
STRUCTURE AND COMPANY ACTIVITY
In order
to carry out its activities the firm uses the following locations:
|
- |
Legal
and operative seat |
|
since
01/09/1988 |
in : |
|
|
|
|
|
Corso |
Vercelli
|
, 332 |
-
10015 - |
Ivrea |
(TO) |
- IT - |
|
- |
Branch
|
(Store
) |
since
02/09/1996 |
in : |
|
|
|
|
|
Via |
Giuseppe
Boaro |
, 18 |
-
10015 - |
Ivrea |
(TO) |
- IT - |
|
|
|
|
Employees
|
: 68 |
|
|
|
|
Assistants
|
: 7 |
|
|
|
|
Fittings
and Equipment |
for a value of 266.000 |
Eur |
|
|
|
|
Stocks
|
for a value of 516.500 |
Eur |
|
|
|
|
Vehicles
|
for a value of 56.810 |
Eur |
Trade
organization: direct or by agents.
Sales
are mainly addressed to Northern Italy
|
|
Import
comes generally from the following nations:
|
-
Germania |
|
-
Francia |
|
- Gran
Bretagna |
HISTORICAL INFORMATION
|
Ex-Members / Ex-Positions |
|
Ponte
|
Carlo
|
|
Born
in TORINO |
on
06/05/1940 |
-
Fiscal Code : PNTCRL40E06L219S |
|
Residence
: |
Via |
MINIERE
|
, 8 |
- 10015
|
Ivrea |
(TO) |
- IT - |
|
Position |
|
Temporary
Auditor |
|
Franceschini
|
Arrigo
|
|
Born
in GENOVA |
on
01/11/1940 |
-
Fiscal Code : FRNRRG40S01D969X |
|
Residence
: |
Via |
CIRCONVALLAZIONE
|
,
23/17 |
-
10019 |
Strambino
|
(TO) |
- IT - |
|
Position |
|
Temporary
Auditor |
|
Ugo
|
Franco
|
|
Born
in BOLLENGO |
on
20/08/1939 |
-
Fiscal Code : GUOFNC39M20A941F |
|
Residence
: |
Strada
|
BREDDA
|
, 3 |
-
10012 |
Bollengo
|
(TO) |
- IT - |
|
Position |
|
Chairman
|
|
Genisio
|
Guido
|
|
Born
in Cuorgne' |
on
17/09/1949 |
-
Fiscal Code : GNSGDU49P17D208J |
|
Residence
: |
Via |
Galimberti
|
, 39 |
-
10082 |
Cuorgne'
|
(TO) |
- IT - |
|
Position |
|
Vice-Chairman
|
|
Director
|
|
Assistant
board Chairman |
|
Bazzani
|
Giovanni
|
|
Born
in Cremona |
on
26/06/1943 |
-
Fiscal Code : BZZGNN43H26D150M |
|
Residence
: |
Via |
Castellamonte
|
, 31 |
- 10010
|
Banchette
|
(TO) |
- IT - |
|
Position |
|
Director
|
|
Former seats |
|
- |
Branch
|
(Workshop
) |
since
25/03/1998 |
|
|
|
|
|
Via |
Di
Vittorio |
-
10015 |
-
Ivrea |
(TO) |
- IT - |
|
Merged Companies |
|
The
firm absorved |
G.B.
Inox S.R.L.
Viale PIEMONTE , 10010 , Burolo (TO) - IT -
Fiscal
Code: 06553600013
Date : 29/12/2003
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 |
|
Istituo
Bancario S.Paolo Torino |
|
|
|
|
|
|
|
Banca
Nazionale Lavoro |
|
|
|
|
|
|
|
Banca
Commerciale Italiana |
|
|
|
|
|
|
IMMOVABLES *
*No
specific (mortgage/cadastrial registrations) inspections have been requested.
|
Immovable Type |
Value |
|
Real
estates |
1.824.790 .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 1980
the
financial period 2004 closed with a profit (r.o.e. del 1,2%).
The
operating result is positive (0,09%). and reflects the field's average.
From a
financial aspect the company's status covers total short-term debts; the
indebtedness volume in 2004 is in fact 0,01
Bank
exsposure is limited and the suppliers' credit is modest too, 64,29 gg. is the
payment average period which is also lower than the sector average.
The
liquidity level is positive (3,11).
FINANCIAL DATA
|
Complete
balance-sheet for the year as at |
31/12/2004 |
(in
Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
11.215.575 |
filed
balance sheet |
|
Profit
(Loss) for the period |
102.401 |
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 ) |
|
|
|
4.324.536 |
|
.
Intangible assets |
|
|
|
39.720 |
|
.
Tangible fixed assets |
|
|
|
2.164.553 |
|
. .
Land and buildings |
|
|
|
1.824.790 |
|
. .
Plants, Equipm.and Machinery |
|
|
|
265.808 |
|
.
Long-term Investments |
|
|
|
2.120.263 |
|
. .
Financial loans |
|
|
|
2.120.263 |
|
. .
Own shares |
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
8.626.352 |
|
.
Stock |
|
|
|
516.568 |
|
.
Credits |
|
|
|
3.349.186 |
|
. .
Credits to clients |
|
|
|
3.111.263 |
|
. .
Other credits |
|
|
|
237.923 |
|
.
Short-term financial assets |
|
|
|
2.116.759 |
|
.
Liquid assets |
|
|
|
2.643.839 |
|
ACCRUED
INCOME-DEFERR. ASSETS |
|
|
|
69.918 |
|
TOTAL
ASSETS |
|
|
|
13.020.806 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET
WORTH |
|
|
|
8.515.107 |
|
.
Company's capital |
|
|
|
500.000 |
|
.
Reserves |
|
|
|
1.526.332 |
|
.
Reserves company's own shares |
|
|
|
|
|
.
Retained profits (losses) |
|
|
|
6.386.374 |
|
.
Profit (loss) |
|
|
|
102.401 |
|
PROVISION
CHARGES ACCOUNTS |
|
|
|
1.066.892 |
|
STAFF
TERM INDEMNITY |
|
|
|
591.823 |
|
DEBTS |
|
|
|
2.771.599 |
|
.
Financial M/L terms |
|
|
|
|
|
. .
Financial M/L term banks |
|
|
|
|
|
. .
Financial M/L bonds |
|
|
|
|
|
. .
Other financial M/L debts |
|
|
|
|
|
.
Financial short-term debts |
|
|
|
|
|
. .
Financial short-term banks |
|
|
|
|
|
. .
Financial short-term bonds |
|
|
|
|
|
. .
Other financial short-term debts |
|
|
|
|
|
. M/L
term debts to suppliers |
|
|
|
|
|
.
Short-term debts to suppliers |
|
|
|
1.594.204 |
|
.
Sundry M/L debts |
|
|
|
|
|
.
Sundry short-term debts |
|
|
|
1.177.395 |
|
ACCRUED
COSTS DEFERR. LIABILITIES |
|
|
|
75.385 |
|
TOTAL
LIABILITIES |
|
|
|
13.020.806 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS ACCOUNTS |
|
|
|
|
OUTPUT
VALUE |
|
|
|
12.561.856 |
|
.
Revenues from sales/services |
|
|
|
11.215.575 |
|
.
Change of stock (products) |
|
|
|
-7.926 |
|
OPERATING
EXPENSES |
|
|
|
12.548.836 |
|
.
Purchasing expenses |
|
|
|
6.600.700 |
|
.
Change of stock (raw material) |
|
|
|
110.035 |
|
.
Expenses from services |
|
|
|
1.852.284 |
|
.
Expenses from leasing |
|
|
|
470.973 |
|
.
General expenses/sundry charges |
|
|
|
439.605 |
|
.
Staff expenses |
|
|
|
2.730.117 |
|
.
Depreciation/Devaluation costs |
|
|
|
345.122 |
|
FINANCIAL
REVENUES (CHARGES) |
|
|
|
411.194 |
|
.
Financial charges |
|
|
|
-17.869 |
|
.
Financial revenues |
|
|
|
429.063 |
|
FINANCIAL
ASSETS CORRECTION |
|
|
|
-154.713 |
|
EXTRAORDINARY
FINANCIAL REVENUES (CHARGES) |
|
|
|
33.121 |
|
PROFIT
(LOSS) FOR THE PERIOD |
|
|
|
302.622 |
|
TAX |
|
|
|
200.221 |
|
CORRECT./ALLOCAT.FISCAL
RULE |
|
|
|
|
|
NET
PROFIT (LOSS) |
|
|
|
102.401 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2004 |
Sector Average |
|
Fixed
assets ratio |
Units |
=>
1 |
l |
2,10 |
1,62 |
|
Net
Short-term indebtedness |
Units |
- 1 |
l |
0,01 |
4,29 |
|
Current
ratio |
Units |
=>
1 |
l |
3,11 |
1,10 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
=>
1 |
l |
2,92 |
0,96 |
|
Return
on Sales |
% |
|
l |
3,99 |
2,82 |
|
Average
stock waiting period |
dd |
|
l |
16,56 |
27,46 |
|
Credits
to clients average term |
dd |
|
l |
99,86 |
137,23 |
|
Debts
to suppliers average term |
dd |
|
l |
64,29 |
118,83 |
|
Net
financial revenues/ charges incidence |
% |
|
l |
3,66 |
- 0,97 |
|
Labour
cost incidence |
% |
|
l |
24,34 |
17,43 |
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 100%, in respect of a sector average of 37%.
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:
460.200 .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 |
: |
2.236.941 |
|
Population
living in the region |
: |
4.330.172 |
|
Number
of families in the region |
: |
1.889.207 |
Monthly
family expences average in the region (in Eur.) :
|
- per
food products |
: |
429 |
|
- per
non food products |
: |
1.789 |
|
- per
energy consume |
: |
135 |
SECTOR DATA
The
values are calculated on a base of 83 significant companies.
The
companies cash their credits on an average of 137 dd.
The
average duration of suppliers debts is about 118 dd.
The
sector's profitability is on an average of 2,82%.
The
labour cost affects the turnover in the measure of 17,43%.
Goods
are held in stock in a range of 27 dd.
The
difference between the sales volume and the resources used to realize it is
about 1,27.
The
employees costs represent the 17,55% of the production costs.
STATISTICAL DETRIMENTAL DATA
Statistcally
the trade activity shows periods of crisis.
The area
is statistically considered moderately risky.
In the
region 27.019 protested subjects are found; in the province they count to
16.723.
The
insolvency index for the region is 0,63, while for the province it is 0,76.
Total
Bankrupt companies in the province : 7.726.
Total
Bankrupt companies in the region : 14.165.
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 |