MIRA
INFORM REPORT
|
Report Date : |
27.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
Fluorseals S.p.A. |
|
|
|
|
Registered Office : |
Via Tribolina, 20/22, 24064 - Grumello del Monte (BG) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
16/03/1976 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Production of rubber articles in general |
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 |
|
Maximum Credit Limit : |
1.036.500 - Eur |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name & address
Fluorseals S.p.A.
Via Tribolina, 20/22
24064 - Grumello del Monte (BG) -IT-
SUMMARY
|
Legal Form |
: |
Joint stock company |
|
Start of Activities |
: |
16/03/1976 |
|
Patrimonial Consistence |
: |
Over 2.500.000 Eur |
|
Turnover Range |
: |
25.000.000/35.000.000 Eur |
|
Number of Employees |
: |
from 111 to 130 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
1.036.500 - Eur |
ACTIVITY
Production of rubber articles in general
LEGAL DATA
Legal Form : Joint stock company
|
Fiscal Code : 00593110166 |
|
Foreign Trade Reg. no. : BG002353 since 09/12/1991 |
|
Foreign Trade Reg. no. : 2353 of Bergamo since 09/12/1991 |
|
Foreign Trade Reg. no. : 002353 of Bergamo since 09/12/1991 |
|
Chamber of Commerce no. : 158562 of Bergamo since 03/05/1976 |
|
Firms' Register : BG024-11004 since 19/02/1996 |
|
Court : 11004 of Bergamo |
|
Foundation Date |
: 16/03/1976 |
|
|
Establishment Date |
: 16/03/1976 |
|
|
Start of Activities |
: 16/03/1976 |
|
|
Legal Duration Date |
: 31/12/2035 |
|
|
Nominal Capital |
: 1.500.000 |
Eur |
|
Subscribed Capital |
: 1.500.000 |
Eur |
|
Paid up Capital |
: 1.500.000 |
Eur |
MEMBERS
|
Bonardi |
Piergiorgio |
|
Born in Predore |
on 09/12/1944 |
- Fiscal Code : BNRPGR44T09H020X |
|
Residence : |
Localita' |
Alberelli |
, SNC |
- 24060 |
Predore |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
12/05/2006 |
|
|
|
Board Chairman |
12/05/2006 |
|
|
No Protests registered.
|
Greco |
Giorgio |
|
Born in Ancona |
on 05/05/1947 |
- Fiscal Code : GRCGRG47E05A271D |
|
Residence : |
Via |
Campitino |
, 22 |
- 24060 |
Predore |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
12/05/2006 |
|
|
No Protests registered.
|
Carrara |
Tarcisio |
|
Born in Calcinate |
on 08/01/1938 |
- Fiscal Code : CRRTCS38A08B393B |
|
Residence : |
Via |
Falconi |
, 34 |
- 24060 |
Castelli Calepio |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
12/05/2006 |
|
|
No Protests registered.
|
Lanza |
Laura |
|
Born in Palazzolo sull'Oglio |
on 30/07/1956 |
- Fiscal Code : LNZLRA56L70G264M |
|
Residence : |
Viale |
V. Emanuele |
, 44 |
- 24100 |
Bergamo |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
12/05/2006 |
|
|
No Protests registered.
|
Paris |
Lorenzo |
|
Born in Castelli Calepio |
on 08/12/1969 |
- Fiscal Code : PRSLNZ69T08C079U |
|
Residence : |
Via |
Giusti |
, 18 |
- 24060 |
Castelli Calepio |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Responsible technician |
14/03/1996 |
|
|
No Protests registered.
|
Caldara |
Sergio |
|
Born in Bergamo |
on 26/07/1955 |
- Fiscal Code : CLDSRG55L26A794Z |
|
Residence : |
Via |
Raffaello Carrara |
, 6 |
- 24021 |
Albino |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
23/06/1997 |
|
|
No Protests registered.
|
Tonarelli |
Giuliano |
|
Born in Filattiera |
on 11/02/1946 |
- Fiscal Code : TNRGLN46B11D590W |
|
Residence : |
Via |
Dei Mille |
, 100 |
- 24060 |
Castelli Calepio |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
12/05/2006 |
|
|
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.
|
CALDARA |
|
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 |
|
Poliseals S.r.l. |
Grumello del Monte - IT - |
00518620166 |
150.000 .Eur |
10,00 |
|
IMMOBILIARE LAGO S.R.L. |
Ponte San Pietro - IT - |
00664350162 |
600.000 .Eur |
40,00 |
|
Bonardi Piergiorgio |
Predore - IT - |
BNRPGR44T09H020X |
150.000 .Eur |
10,00 |
|
Greco Giorgio |
Predore - IT - |
GRCGRG47E05A271D |
150.000 .Eur |
10,00 |
|
Carrara Tarcisio |
Castelli Calepio - IT - |
CRRTCS38A08B393B |
150.000 .Eur |
10,00 |
|
Tonarelli Giuliano |
Castelli Calepio - IT - |
TNRGLN46B11D590W |
45.000 .Eur |
3,00 |
|
BELOTTI MARIO |
|
BLTMRA46S01C079Z |
45.000 .Eur |
3,00 |
|
CARRARA GIACOMO |
|
CRRGCM36H04H397C |
45.000 .Eur |
3,00 |
|
BELOTTI ALESSANDRO |
|
BLTLSN43R04C079R |
45.000 .Eur |
3,00 |
|
NOVALI OTTORINO |
|
NVLTRN41T07C079B |
45.000 .Eur |
3,00 |
|
BOSIO SERGIO |
|
BSOSRG41A16E333F |
45.000 .Eur |
3,00 |
|
CARRARA ANGELO |
|
CRRNGL39R14C079E |
30.000 .Eur |
2,00 |
DIRECT PARTICIPATIONS
|
Company Style |
Legal Seat |
Fiscal Code |
Owned Shares |
% of Ownership |
|
Poliseals S.r.l. |
Grumello del Monte - IT - |
00518620166 |
10.400 .Eur |
100,00 |
|
POLIS SRL |
Corsico - IT - |
11512040152 |
127.959 .Eur |
51,00 |
|
Bergamo Energia S.C.P.A. |
Bergamo - IT - |
02730770167 |
1 .Eur |
|
STRUCTURE AND COMPANY
ACTIVITY
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
(Factory ) |
in : |
|
|
|
|
|
Via |
Tribolina |
, 20/22 |
- 24064 - |
Grumello del Monte |
(BG) |
- IT - |
|
- |
Secondary office |
(Store ) |
since 01/09/2003 |
in : |
|
|
|
|
|
Viale |
Industria |
, 31 Loc. Tagliuno |
- 24060 - |
Castelli Calepio |
(BG) |
- IT - |
|
|
|
|
Employees |
: 125 |
|
|
|
|
Assistants |
: 1 |
|
|
|
|
Fittings and Equipment |
for a value of
1.888.500 |
Eur |
|
|
|
|
Stocks |
for a value of
8.291.000 |
Eur |
|
|
|
|
Furniture and fittings |
for a value of
129.114 |
Eur |
|
|
|
|
Vehicles |
for a value of
154.937 |
Eur |
Trade organization: direct or by agents.
The company sells in Italy and abroad.
The firm operates abroad as importer / exporter. .
Export represents more than 50% of the global turnover.
Products abroad are placed by :
|
- importers |
|
- direct orders from foreign companies |
Import comes generally from the following nations:
|
- Francia |
|
- Germania |
|
- Belgio |
|
- Olanda |
Export is mainly towards:
|
- Cipro |
HISTORICAL
INFORMATION AND/OR FIRM'S
STATUS
|
Changes to the
legal form |
|
Former legal
form |
New legal form |
Changement Date |
|
Joint stock company |
Limited liability company |
12/06/1980 |
|
Limited liability company |
Joint stock company |
29/09/1982 |
|
Ex-Members /
Ex-Positions |
|
Bellini |
Anna |
|
Born in Sarnico |
on 03/09/1929 |
- Fiscal Code : BLLNNA29P43I437J |
|
Position |
|
Chairman |
|
Carrara |
Tarcisio |
|
Born in Calcinate |
on 08/01/1938 |
- Fiscal Code : CRRTCS38A08B393B |
|
Residence : |
Via |
Falconi |
, 34 |
- 24060 |
Castelli Calepio |
(BG) |
- IT - |
|
Position |
|
Board Chairman |
|
Former seats |
|
- |
Branch |
(Warehouse ) |
since 30/09/1993 |
until 18/10/1999 |
|
|
|
|
|
Via |
Monsignor Sangiorgio |
- 10090 |
- San Giorgio Canavese |
(TO) |
- IT - |
|
- |
Branch |
(Store ) |
since 01/02/1997 |
until 01/07/1998 |
|
|
|
|
|
Via |
Tribolina |
- 24064 |
- Grumello del Monte |
(BG) |
- 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 |
|
BANCA POPOLARE DI BERGAMO SPA |
|
|
|
|
5428 |
0 |
|
CREDITO BERGAMASCO |
|
|
|
|
3336 |
0 |
IMMOVABLES *
*No specific (mortgage/cadastrial registrations) inspections have been
requested.
|
Immovable Type |
Value |
|
Real estates |
4.660.670 .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 1976.
Under an economic point of view, profits were registered during the last
years with a r.o.e. of 16,8% in 2005 with a stable trend in the turnover.
The operating result was positive in the last financial year (12,5%)
falling within the field's average.
The analysis shows a fair financial position as the indebtedness volume
is acceptable (1,29) yet on the increase as against the previous accounting
period.
Bank and suppliers credit recourse is limited, 75,88 gg. is payment
average period below field's average.
The liquidity level is positive (1,36).
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
27.481.353 |
filed balance sheet |
|
Profit (Loss) for the period |
1.898.112 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
26.502.897 |
filed balance sheet |
|
Profit (Loss) for the period |
1.625.822 |
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 |
|
|
2005 |
2004 |
|
|
BALANCE SHEET
ACCOUNTS |
|
|
|
|
. |
|
|
|
|
|
ASSETS |
|
|
|
|
|
CREDITS TO SHAREHOLDERS |
|
|
|
|
|
FIXED ASSETS ( NET ) |
|
|
8.517.113 |
7.589.085 |
|
. Intangible assets |
|
|
8.911 |
11.238 |
|
. Tangible fixed assets |
|
|
6.722.069 |
5.828.327 |
|
. . Land and buildings |
|
|
4.660.670 |
931.086 |
|
. . Plants, Equipm.and Machinery |
|
|
1.888.320 |
2.159.617 |
|
. Long-term Investments |
|
|
1.786.133 |
1.749.520 |
|
. . Financial loans |
|
|
847.159 |
816.159 |
|
. . Own shares |
|
|
938.974 |
933.361 |
|
CURRENT ASSETS |
|
|
20.749.252 |
17.683.728 |
|
. Stock |
|
|
8.290.921 |
4.827.604 |
|
. Credits |
|
|
11.864.150 |
10.938.513 |
|
. . Credits to clients |
|
|
10.328.297 |
9.369.482 |
|
. . Other credits |
|
|
1.535.853 |
1.569.031 |
|
. Short-term financial assets |
|
|
|
|
|
. Liquid assets |
|
|
594.181 |
1.917.611 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
37.716 |
70.660 |
|
TOTAL ASSETS |
|
|
29.304.081 |
25.343.473 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
11.292.702 |
9.744.592 |
|
. Company's capital |
|
|
1.500.000 |
1.500.000 |
|
. Reserves |
|
|
6.990.790 |
5.714.970 |
|
. Reserves company's own shares |
|
|
903.800 |
903.800 |
|
. Retained profits (losses) |
|
|
|
|
|
. Profit (loss) |
|
|
1.898.112 |
1.625.822 |
|
PROVISION CHARGES ACCOUNTS |
|
|
805.471 |
739.182 |
|
STAFF TERM INDEMNITY |
|
|
1.743.074 |
1.607.846 |
|
DEBTS |
|
|
15.425.541 |
13.223.473 |
|
. Financial M/L terms |
|
|
178.367 |
|
|
. . Financial M/L term banks |
|
|
|
|
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
178.367 |
|
|
. Financial short-term debts |
|
|
9.268.545 |
9.103.727 |
|
. . Financial short-term banks |
|
|
9.211.912 |
9.103.727 |
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
56.633 |
|
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
4.528.970 |
3.196.943 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
1.449.659 |
922.805 |
|
ACCRUED COSTS DEFERR. LIABILITIES |
|
|
37.293 |
28.380 |
|
TOTAL LIABILITIES |
|
|
29.304.081 |
25.343.473 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS
ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
28.113.578 |
25.986.230 |
|
. Revenues from sales/services |
|
|
27.481.353 |
26.502.897 |
|
. Change of stock (products) |
|
|
541.225 |
-594.701 |
|
OPERATING EXPENSES |
|
|
24.450.280 |
23.472.078 |
|
. Purchasing expenses |
|
|
16.162.448 |
12.946.502 |
|
. Change of stock (raw material) |
|
|
-2.922.093 |
1.310.003 |
|
. Expenses from services |
|
|
5.120.627 |
4.166.866 |
|
. Expenses from leasing |
|
|
201.407 |
234.203 |
|
. General expenses/sundry charges |
|
|
105.125 |
85.448 |
|
. Staff expenses |
|
|
4.321.100 |
4.114.974 |
|
. Depreciation/Devaluation costs |
|
|
1.461.666 |
614.082 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-96.108 |
-620.434 |
|
. Financial charges |
|
|
-168.758 |
-669.333 |
|
. Financial revenues |
|
|
72.650 |
48.899 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
-113.578 |
677.928 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
3.453.612 |
2.571.646 |
|
TAX |
|
|
1.555.500 |
945.824 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
1.898.112 |
1.625.822 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2005 |
as at 31/12/2004 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
1,55 |
1,49 |
1,55 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
1,29 |
1,16 |
2,63 |
|
Current ratio |
Units |
=> 1 |
l |
1,36 |
1,33 |
1,22 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
=> 1 |
l |
0,81 |
0,97 |
0,95 |
|
Return on Sales |
% |
|
l |
12,22 |
8,45 |
4,36 |
|
Average stock waiting period |
dd |
|
l |
108,57 |
65,55 |
43,37 |
|
Credits to clients average term |
dd |
|
l |
135,28 |
127,26 |
127,04 |
|
Debts to suppliers average term |
dd |
|
l |
75,88 |
66,31 |
140,00 |
|
Net financial revenues/ charges incidence |
% |
|
l |
- 0,34 |
- 2,34 |
- 0,93 |
|
Labour cost incidence |
% |
|
l |
15,72 |
15,52 |
18,43 |
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.
RELIABILITY SCORE
Considering also subject's structural and behavioural characteristics
its credit margin rate (from 0 to 100%) is equal to 89%, in respect of a sector
average of 58%.
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:
1.036.500 .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.
MARKET / TERRITORY
DATA
|
Population living in the province |
: |
1.022.428 |
|
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 239 significant companies.
The companies cash their credits on an average of 127 dd.
The average duration of suppliers debts is about 140 dd.
The sector's profitability is on an average of 4,36%.
The labour cost affects the turnover in the measure of 18,43%.
Goods are held in stock in a range of 43 dd.
The difference between the sales volume and the resources used to
realize it is about 1,27.
The employees costs represent the 18,88% 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 4.150.
The insolvency index for the region is 0,55, while for the province it
is 0,41.
Total Bankrupt companies in the province : 4.376.
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 |
|
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%)
PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions