MIRA
INFORM REPORT
|
Report Date : |
9th
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
VIBO
S. P. A. |
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Registered Office : |
Via ARZIGNANO, 36070 – Trissino (VI) -IT- |
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Country : |
Italy |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
15/10/1980 |
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Legal Form : |
Joint
stock company |
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Line of Business : |
Production
of various material resulting from wire processing. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
172.500 .Eur. |
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Status : |
Moderate
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Payment Behaviour : |
Unknown
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Litigation : |
Clear |
Company name & Address
VIBO S.P.A
Via ARZIGNANO,
36070 - Trissino (VI) -IT-
SUMMARY
Fiscal Code : 01265720241
Legal Form : Joint stock company
Start of Activities : 15/10/1980
Patrimonial Consistence : 2.000.000 Eur
Turnover Range : 10.000.000/12.750.000 Eur
Number of Employees : from 91 to 110
CREDIT ANALYSIS
CREDIT OPINION : 172.500 - Eur
Score : 3. Risk medium
Creditworthness Rate : 38% (Modest)
Eurorating : e e
The financial situation is not very balanced-Credit is possible but
following the future developments.
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
Production
of various material resulting from wire processing.
LEGAL DATA
Legal
Form : Joint stock company
Fiscal Code : 01265720241
Foreign Trade Reg. no. : 032735 of Vicenza since 24/09/1992
Chamber of Commerce no.
: 156379 of Vicenza since 30/10/1980
Firms' Register : VI116-11426 since 19/02/1996
Establishment Date :
15/10/1980
Start of Activities : 15/10/1980
Legal Duration Date :
31/12/2030
Nominal Capital : 1.500.000 Eur
Subscribed Capital :
1.500.000 Eur
Paid up Capital : 1.500.000 Eur
MEMBERS
Bonin Franco
Born in SCHIO on 25/03/1956 - Fiscal Code : BNNFNC56C25I531T
Residence : Via EMILIO CECCHIN , 16/3 - 36072 Chiampo (VI) - IT -
Position Since Shares
Amount % Ownership
Managing Director 29/05/2006
Director 28/04/2003
Board Chairman 29/05/2006
No
Protests registered.
Nardi Maria
Luisa
Born in CHIAMPO on 20/05/1954 - Fiscal Code : NRDMLS54E60C605L
Residence : Via EMILIO CECCHIN , 16/3 - 36072 Chiampo (VI) - IT -
Position Since Shares
Amount % Ownership
Managing Director 29/05/2006
Director 28/04/2003
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.
Nardi Maria
Luisa
Company Style Legal
Seat Fiscal Code Position Firm Status
NARDI MARIA LUISA Chiampo (VI) -
IT - NRDMLS54E60C605L 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
Bonin Franco Chiampo - IT
- BNNFNC56C25I531T 750.000 .Eur 50,00
Nardi Maria Luisa Chiampo - IT - NRDMLS54E60C605L 750.000 .Eur 50,00
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 in :
Via Arzignano
- 36070 - Trissino (VI) - IT -
PHONE :
0444/670495
PHONE :
0445492800
- Branch (Workshop ) since
01/10/1995 in :
Via MAIORANA
, 5 - 36075 - MONTECCHIO MAGGIORE (VI) - IT -
PHONE :
0444/451558
- Branch (Factory ) since
28/07/2003 in :
Via DELLE
TEZZE - 36070 - TRISSINO (VI) - IT -
- Branch (Workshop ) since
26/10/2004 in :
Via MADONNA DEI PRATI , 21 - 36071 - ARZIGNANO (VI) - IT -
Trading Style: VIBO S.P.A.
Employees : 96
Assistants : 2
Fittings and Equipment for a
value of 1.116.500 Eur
Stocks for a value of 2.585.000 Eur
HISTORICAL INFORMATION AND/OR
FIRM'S STATUS
Changes to the legal form
Former legal form New legal form Changement Date
General partnership Joint
stock company 01/03/2000
Ex-Members / Ex-Positions
Guarino Antonio
Born in SOLOFRA on 31/05/1940 - Fiscal Code : GRNNTN40E31I805X
Residence : Via GORIZIA , 9 - 36010 Monticello Conte Otto
(VI) - IT -
Position
Permanent Auditor
Bonin Franco
Born in SCHIO on 25/03/1956 - Fiscal Code : BNNFNC56C25I531T
Residence : Via EMILIO CECCHIN , 16/3 - 36072 Chiampo (VI) - IT -
Position
Director
Managing Director
Nardi Maria
Luisa
Born in CHIAMPO on 20/05/1954 - Fiscal Code : NRDMLS54E60C605L
Residence : Via EMILIO CECCHIN , 16/3 - 36072 Chiampo (VI) - IT -
Position
Managing Director
PAYMENTS ANALYSIS
The
average term of debts to suplliers is normal compared with that
of the
sector.
PAYMENTS
SCORE : ZZZZZ - No insolvency
CREDIT REVOLVING
The
subject of inquiry has been monitored by our company:
During
the last 6 Months : n. 1 times.
During
the last 12 Months : n. 1 times.
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
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Bank
Name |
Agency
Name |
Address |
ZIP
Code |
City |
ABI
Code |
CAB
Code |
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BANCO AMBROSIANO VENETO |
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3001 |
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BANCA POPOLARE VICENTINA |
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5728 |
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CASSA DI RISPARMIO DI VERONA, VICENZA, B |
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6355 |
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IMMOVABLES
*No
specific (mortgage/cadastrial registrations) inspections have been requested.
Immovable Type Value
Real estates 2.946.674 .Eur
NB.: For
Capital Companies the value of the Immovables is the one reported in the last
available financial documents.
FINANCIAL AND ECONOMICAL ANALYSIS
Company's
starting of activities dates back to 1980.
Under
the financial profile unstable results are noted. with a loss in the last
financial year.
The
operating result was positive in the last financial year (0,74%) falling within
the field's average.
The
ratio between debts and total assets is fairly high, as it comes out from the
indebtedness (4,37) which is also improving if compared to the previous year.
Both
financial indebtedness and suppliers exposure are rather high even if it still
falls within the sector's average.
Liquidity
is not completely adequate.
FINANCIAL DATA
Complete balance-sheet for the year as at 31/12/2005 (in Eur x 1 )
Item Type Amount Source
Sales 11.332.852 filed
balance sheet
Profit (Loss) for the period -267.791 filed
balance sheet
Complete balance-sheet for the year as at 31/12/2004 (in Eur x 1 )
Item Type Amount Source
Sales 10.923.606 filed
balance sheet
Profit (Loss) for the period 44.392 filed
balance sheet
Complete balance-sheet for the year as at 31/12/2003 (in Eur x 1 )
Item Type Amount Source
Sales 9.196.612 filed
balance sheet
Profit (Loss) for the period 466.497 filed
balance sheet
Complete balance-sheet for the year as at 31/12/2002 (in Eur x 1 )
Item Type Amount Source
Sales 8.968.274 filed
balance sheet
Profit (Loss) for the period 550.026 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 31/12/2005 - Months 12 - Currency Eur - Amounts
x 1
Balance Sheet as at 31/12/2004 - Months 12 - Currency Eur - Amounts
x 1
|
Years |
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2005 |
2004 |
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BALANCE SHEET ACCOUNTS |
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. |
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ASSETS |
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CREDITS TO SHAREHOLDERS |
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FIXED ASSETS ( NET ) |
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5.875.005 |
4.061.759 |
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. Intangible assets |
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432.562 |
503.641 |
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. Tangible fixed assets |
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5.167.439 |
3.285.022 |
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. . Land and buildings |
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2.946.674 |
914.208 |
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. . Plants, Equipm.and Machinery |
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1.116.358 |
1.226.430 |
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. Long-term Investments |
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275.004 |
273.096 |
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. . Financial loans |
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275.004 |
273.096 |
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. . Own shares |
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CURRENT ASSETS |
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6.243.892 |
4.911.123 |
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. Stock |
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2.585.020 |
1.976.145 |
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. Credits |
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3.651.277 |
2.923.563 |
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. . Credits to clients |
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2.983.743 |
2.486.687 |
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. . Other credits |
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667.534 |
436.876 |
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. Short-term financial assets |
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. Liquid assets |
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7.595 |
11.415 |
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ACCRUED INCOME-DEFERR. ASSETS |
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1.309.813 |
1.441.735 |
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TOTAL ASSETS |
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13.428.710 |
10.414.617 |
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. |
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LIABILITIES |
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NET WORTH |
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1.810.307 |
2.078.094 |
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. Company's capital |
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1.500.000 |
1.500.000 |
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. Reserves |
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578.098 |
533.702 |
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. Reserves company's own shares |
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. Retained profits (losses) |
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. Profit (loss) |
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-267.791 |
44.392 |
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PROVISION CHARGES ACCOUNTS |
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11.314 |
5.957 |
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STAFF TERM INDEMNITY |
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564.188 |
432.100 |
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DEBTS |
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11.034.377 |
7.887.117 |
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. Financial M/L terms |
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3.084.846 |
1.368.928 |
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. . Financial M/L term banks |
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3.084.846 |
1.368.928 |
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. . Financial M/L bonds |
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. . Other financial M/L debts |
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. Financial short-term debts |
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3.973.040 |
3.225.716 |
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. . Financial short-term banks |
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3.973.040 |
3.225.716 |
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. . Financial short-term bonds |
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. . Other financial short-term debts |
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. M/L term debts to suppliers |
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23.376 |
23.376 |
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. Short-term debts to suppliers |
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3.215.157 |
2.636.144 |
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. Sundry M/L debts |
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14.002 |
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. Sundry short-term debts |
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737.958 |
618.951 |
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ACCRUED COSTS DEFERR. LIABILITIES |
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8.524 |
11.349 |
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TOTAL LIABILITIES |
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13.428.710 |
10.414.617 |
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. |
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PROFIT AND LOSS ACCOUNTS |
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OUTPUT VALUE |
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12.326.390 |
11.790.154 |
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. Revenues from sales/services |
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11.332.852 |
10.923.606 |
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. Change of stock (products) |
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533.001 |
594.642 |
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OPERATING EXPENSES |
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12.226.384 |
11.311.290 |
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. Purchasing expenses |
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4.673.785 |
3.930.839 |
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. Change of stock (raw material) |
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-75.874 |
-193.673 |
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. Expenses from services |
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2.668.428 |
3.061.078 |
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. Expenses from leasing |
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|
861.398 |
791.936 |
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. General expenses/sundry charges |
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|
100.548 |
92.915 |
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. Staff expenses |
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3.266.623 |
2.915.815 |
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. Depreciation/Devaluation costs |
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|
731.476 |
712.380 |
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FINANCIAL REVENUES (CHARGES) |
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|
-192.971 |
-143.858 |
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. Financial charges |
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-199.171 |
-153.991 |
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. Financial revenues |
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|
6.200 |
10.133 |
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FINANCIAL ASSETS CORRECTION |
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EXTRAORDINARY FINANCIAL REVENUES
(CHARGES) |
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|
4.145 |
10.901 |
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PROFIT (LOSS) FOR THE PERIOD |
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|
-88.820 |
345.907 |
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TAX |
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|
178.971 |
301.515 |
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CORRECT./ALLOCAT. FISCAL RULE |
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NET PROFIT (LOSS) |
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-267.791 |
44.392 |
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RATIOS |
Item |
O.V. |
O.V. |
as
at 31/12/2005 |
as
at 31/12/2004 |
Sector
Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
0,93 |
0,96 |
1,54 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
4,37 |
3,11 |
2,48 |
|
Current ratio |
Units |
=> 1 |
l |
0,78 |
0,75 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units' |
=> 1 |
l |
0,46 |
0,45 |
0,88 |
|
Return on Sales |
% |
|
l |
4,09 |
6,92 |
4,03 |
|
Average stock waiting period |
dd |
|
l |
82,08 |
65,12 |
50,75 |
|
Credits to clients average term |
dd |
|
l |
94,75 |
81,93 |
128,91 |
|
Debts to suppliers average term |
dd |
|
l |
142,09 |
122,97 |
145,33 |
|
Net financial revenues/ charges incidence |
% |
|
l |
-
1,70 |
-
1,31 |
-
0,95 |
|
Labour cost incidence |
% |
|
l |
28,82 |
26,69 |
14,23 |
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.
Classification of companies in the same
sector by risk score :
Score Risk level % Firms
1 very high 3%
2 high 0 %
3 slightly high 4%
4 normal 16%
5 low 77%
The company under review falls within the
range of medium risk.
RELIABILITY SCORE
Considering
also subject's structural and behavioural characteristics its credit margin
rate (from 0 to 100%) is equal to 38%, 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:
172.500 .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.
SOURCES
- Our
historical data
- Public
Administration
-
Reporters
-
Newspapers
- Users
-
Statistics Bodies
-
Financial Project Editions
N.B.: Data from the Public Administration present in the report are
updated since the last available edition.
MARKET / TERRITORY DATA
Population living in the province : 831.356
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 316 significant companies.
The
companies cash their credits on an average of 128 dd.
The
average duration of suppliers debts is about 145 dd.
The
sector's profitability is on an average of 4,03%.
The
labour cost affects the turnover in the measure of 14,23%.
Goods
are held in stock in a range of 50 dd.
The
difference between the sales volume and the resources used to realize it is
about 1,24.
The
employees costs represent the 14,37% 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 13.782 protested subjects are found; in the province they count to
2.234.
The
insolvency index for the region is 0,30, while for the province it is 0,27.
Total
Bankrupt companies in the province : 2.546.
Total
Bankrupt companies in the region : 16.714.
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|