MIRA
INFORM REPORT
|
Report Date : |
06.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
A. Salvi E C.
S.p.a. |
|
|
|
|
Registered Office : |
Via Cosenz, 0032, 20157
– Milano (MI) - IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
25/09/1920 |
|
|
|
|
Legal Form : |
Joint Stock company with sole shareholder |
|
|
|
|
Line of Business : |
Manufacture of electric motors, generators, transformers, switches and
other electric materials. |
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 |
|
Maximum Credit Limit : |
373.900 – Eur |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
A. Salvi E C. S.p.a.
Via
Cosenz, 0032
20157 - Milano (MI) -IT-
SUMMARY
|
Legal Form |
: |
Joint Stock company with sole shareholder |
|
Start of Activities |
: |
25/09/1920 |
|
Patrimonial Consistence |
: |
Over 2.500.000 Eur |
|
Turnover Range |
: |
12.750.000/15.500.000 Eur |
|
Number of Employees |
: |
from 51 to 70 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
373.900 - Eur |
|
Score |
: |
Risk normal |
ACTIVITY
Manufacture of electric motors, generators, transformers, switches and
other electric materials.
LEGAL DATA
Legal Form : Joint Stock company with sole shareholder
|
Fiscal Code : 00889310157 |
|
Foreign Trade Reg. no. : MI102711 since 16/01/1992 |
|
Chamber of Commerce no. : 75138 of Milano since 11/10/1920 |
|
Firms' Register : MI146-15709 since 19/02/1996 |
|
V.A.T. Code : 00889310157 |
|
Foundation Date |
: 25/09/1920 |
|
|
Establishment Date |
: 25/09/1920 |
|
|
Start of Activities |
: 25/09/1920 |
|
|
Legal Duration Date |
: 31/12/2050 |
|
|
Nominal Capital |
: 830.000 |
Eur |
|
Subscribed Capital |
: 830.000 |
Eur |
|
Paid up Capital |
: 830.000 |
Eur |
MEMBERS
|
Tufari |
Aldo |
|
Born in Milano |
(MI) |
on 17/12/1949 |
- Fiscal Code : TFRLDA49T17F205O |
|
Residence : |
Viale |
Tunisia |
, 36 |
- 20124 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
28/04/2005 |
|
|
|
Director |
28/04/2005 |
|
|
|
Board Chairman |
28/04/2005 |
|
|
No Protests registered.
|
Muggiasca |
Massimo |
|
Born in San Vittore Olona |
(MI) |
on 04/01/1951 |
- Fiscal Code : MGGMSM51A04I409H |
|
Residence : |
Via |
Flora |
, 138 |
- 20010 |
Legnano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
General Manager |
08/03/2000 |
|
|
|
Manager |
26/03/1991 |
|
|
|
Francois |
Pierre Henri Adrien |
|
Born in Nancy |
on 22/01/1942 |
- Fiscal Code : FRNPRH42A22Z110W |
|
Residence : |
Via |
Zibido |
, 3 |
- 20080 |
Zibido San Giacomo |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
28/04/2005 |
|
|
|
Assistant board Chairman |
28/04/2005 |
|
|
No Protests registered.
|
Levy |
Raymond |
|
Born in Saverne |
on 25/02/1930 |
- Fiscal Code : LVYRMN30B25Z110Q |
|
Residence : |
Via |
San Paolo |
, 13 |
- 20121 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
28/04/2005 |
|
|
No Protests registered.
|
Sicame S.a. Societe' Industrielle De Con |
Struction D'appareils Et De Materiels |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole partner |
|
|
|
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.
|
TUFARI |
ALDO |
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Position Status |
Firm Status |
|
AREA SALVI-BOVISA S.R.L. |
Sesto San Giovanni (MI) - IT - |
13371980155 |
Director |
Active |
Registered |
|
CONOR |
Novate Milanese (MI) - IT - |
04583410966 |
Board of Directors' chairman |
Active |
Registered |
|
FRANCOIS |
PIERRE HENRI ADRIEN |
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Position Status |
Firm Status |
|
SICAME-OCMEI S.R.L. |
Zibido San Giacomo (MI) - IT - |
07707690157 |
Sole Director |
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
|
Style / Name |
Seat / Address |
Fiscal Code |
Owned Shares |
% of Ownership |
|
Sicame S.a. Societe' Industrielle De
ConStruction D'appareils Et De Materiels |
|
|
|
100,00 |
DIRECT PARTICIPATIONS
|
Company Style |
Legal Seat |
Fiscal Code |
Owned Shares |
% of Ownership |
Share Status |
|
Crm Srl Societa' Per La Consulenza E Le Ricerche Meccaniche |
|
01772590152 |
1.239 .Eur |
12,00 |
Active |
|
Conor |
Novate Milanese - IT - |
04583410966 |
|
|
Active |
STRUCTURE AND COMPANY ACTIVITY
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
in : |
|
|
|
|
|
Via |
Cosenz |
, 0032 |
- 20157 - |
Milano |
(MI) |
- IT - |
|
|
|
|
TELEX |
: 331504 |
|
|
|
|
PHONE |
: 02/39313041 |
|
|
|
|
PHONE |
: 02/3767151 |
|
|
|
|
Employees |
: 62 |
|
|
|
|
Assistants |
: 2 |
|
|
|
|
Fittings and Equipment |
for a value of
803.090 |
Eur |
|
|
|
|
Stocks |
for a value of
2.675.246 |
Eur |
|
|
|
|
Vehicles |
for a value of
108.455 |
Eur |
The firm operates abroad as importer / exporter.
Export represents more than 50% of the global turnover.
Products abroad are placed by :
|
- national or foreign important buyers |
|
- its own agents |
|
- direct orders from foreign companies |
Export is mainly towards:
|
- Germania |
|
- Irlanda |
|
- Islanda |
|
- Rep.di Guinea |
|
- Gabon |
|
- Cipro |
HISTORICAL INFORMATION AND/OR
FIRM'S
STATUS
|
Changes to the
legal form |
|
Former legal
form |
New legal form |
Changement Date |
|
Other forms |
Joint stock company |
21/12/1961 |
|
Splitting-up and setting-up of a new company |
|
AREA SALVI-BOVISA S.R.L. |
|
, Milano |
- IT - |
|
Date |
Splitting-up : |
01/03/2001 |
PAYMENTS ANALYSIS
The average term of debts to suppliers 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 Commerciale Italiana |
|
|
|
|
|
|
|
Credito Italiano |
|
|
|
|
|
|
|
Banca Nazionale Lavoro |
|
|
|
|
|
|
IMMOVABLES *
*No specific (mortgage/cadastrial registrations) inspections have been
requested.
|
Immovable Type |
Value |
|
Real estates |
119.818 .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 1920.
Unstable economic results mark the company's financial state of affairs.
with a loss in the last financial year.
The operating result is negative.
Company's financial status is balanced since indebtedness is not high
(1,48) but with an increase as against the previous accounting period.
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.
Liquidity is however good.
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
13.383.128 |
filed balance sheet |
|
Profit (Loss) for the period |
-350.013 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
13.107.231 |
filed balance sheet |
|
Profit (Loss) for the period |
129.408 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
13.809.907 |
filed balance sheet |
|
Profit (Loss) for the period |
439.438 |
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 31/12/2006 - Months 12 - Currency Eur - Amounts x 1 |
|
Balance Sheet as
at 31/12/2005 - Months 12 - Currency Eur - Amounts x 1 |
|
Years |
|
|
2006 |
2005 |
|
|
BALANCE SHEET
ACCOUNTS |
|
|
|
|
. |
|
|
|
|
|
ASSETS |
|
|
|
|
|
CREDITS TO SHAREHOLDERS |
|
|
|
|
|
FIXED ASSETS ( NET ) |
|
|
1.063.306 |
1.098.899 |
|
. Intangible assets |
|
|
151.881 |
77.786 |
|
. Tangible fixed assets |
|
|
893.200 |
988.635 |
|
. . Land and buildings |
|
|
|
|
|
. . Plants, Equipm.and Machinery |
|
|
780.956 |
856.230 |
|
. Long-term Investments |
|
|
18.225 |
32.478 |
|
. . Financial loans |
|
|
18.225 |
32.478 |
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
8.247.585 |
8.347.061 |
|
. Stock |
|
|
2.319.245 |
2.024.306 |
|
. Credits |
|
|
5.790.354 |
6.097.554 |
|
. . Credits to clients |
|
|
5.392.089 |
5.606.068 |
|
. . Other credits |
|
|
398.265 |
491.486 |
|
. Short-term financial assets |
|
|
|
|
|
. Liquid assets |
|
|
137.986 |
225.201 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
55.839 |
58.500 |
|
TOTAL ASSETS |
|
|
9.366.730 |
9.504.460 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
3.279.454 |
3.729.466 |
|
. Company's capital |
|
|
830.000 |
830.000 |
|
. Reserves |
|
|
1.536.691 |
1.536.691 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
1.262.776 |
1.233.367 |
|
. Profit (loss) |
|
|
-350.013 |
129.408 |
|
PROVISION CHARGES ACCOUNTS |
|
|
50.000 |
50.000 |
|
STAFF TERM INDEMNITY |
|
|
1.041.753 |
1.038.604 |
|
DEBTS |
|
|
4.995.523 |
4.686.390 |
|
. Financial M/L terms |
|
|
|
|
|
. . Financial M/L term banks |
|
|
|
|
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
115.000 |
105.000 |
|
. . Financial short-term banks |
|
|
115.000 |
105.000 |
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
|
|
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
4.473.894 |
4.147.734 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
406.629 |
433.656 |
|
ACCRUED COSTS DEFERR. LIABILITIES |
|
|
|
|
|
TOTAL LIABILITIES |
|
|
9.366.730 |
9.504.460 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS
ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
13.837.547 |
13.396.106 |
|
. Revenues from sales/services |
|
|
13.383.128 |
13.107.231 |
|
. Change of stock (products) |
|
|
298.922 |
11.623 |
|
OPERATING EXPENSES |
|
|
14.126.858 |
12.967.304 |
|
. Purchasing expenses |
|
|
8.334.336 |
6.448.667 |
|
. Change of stock (raw material) |
|
|
3.983 |
270.358 |
|
. Expenses from services |
|
|
1.899.099 |
2.141.278 |
|
. Expenses from leasing |
|
|
|
|
|
. General expenses/sundry charges |
|
|
510.510 |
780.155 |
|
. Staff expenses |
|
|
2.938.134 |
2.927.510 |
|
. Depreciation/Devaluation costs |
|
|
440.796 |
399.336 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
920 |
-9.529 |
|
. Financial charges |
|
|
-2.062 |
-11.723 |
|
. Financial revenues |
|
|
2.982 |
2.194 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
7.251 |
46.185 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
-281.140 |
465.458 |
|
TAX |
|
|
68.873 |
336.050 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
-350.013 |
129.408 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2006 |
as at 31/12/2005 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
4,06 |
4,33 |
2,15 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
1,48 |
1,19 |
2,76 |
|
Current ratio |
Units |
=> 1 |
l |
1,65 |
1,78 |
1,30 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
=> 1 |
l |
1,18 |
1,34 |
1,01 |
|
Return on Sales |
% |
|
l |
0,67 |
4,03 |
3,45 |
|
Average stock waiting period |
dd |
|
l |
62,35 |
55,58 |
54,97 |
|
Credits to clients average term |
dd |
|
l |
145,04 |
153,97 |
134,82 |
|
Debts to suppliers average term |
dd |
|
l |
157,35 |
173,80 |
150,27 |
|
Net financial revenues/ charges incidence |
% |
|
l |
0,00 |
- 0,07 |
- 0,77 |
|
Labour cost incidence |
% |
|
l |
21,95 |
22,33 |
19,61 |
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
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:
373.900 .Eur.
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 expenses 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 846 significant companies.
The companies cash their credits on an average of 134 dd.
The average duration of suppliers debts is about 150 dd.
The sector's profitability is on an average of 3,45%.
The labour cost affects the turnover in the measure of 19,61%.
Goods are held in stock in a range of 54 dd.
The difference between the sales volume and the resources used to
realize it is about 1,22.
The employees costs represent the 20,09% of the production costs.
STATISTICAL DETRIMENTAL DATA
Statistically 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. |
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 |
|
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%)