MIRA
INFORM REPORT
|
Report Date : |
12.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
LAFER - S.P.A. |
|
|
|
|
Registered Office : |
Via Lago Di Garda, 98 36015
– Schio (Vi) -IT- |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.09.2005 |
|
|
|
|
Date of Incorporation : |
07/01/1981 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and installation of textile machines and their
accessories. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
722.000 - Eur |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name & address
LAFER - S.P.A.
Via
LAGO DI GARDA, 98
36015 - Schio (VI) -IT-
SUMMARY
|
Legal Form |
: |
Joint stock company |
|
Start of Activities |
: |
07/01/1981 |
|
Patrimonial Consistence |
: |
Over 2.500.000 Eur |
|
|
: |
20.000.000/25.000.000 Eur |
|
Number of Employees |
: |
from 71 to 90 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
722.000 - Eur |
ACTIVITY
Manufacturing and installation of textile machines and their
accessories.
LEGAL DATA
Legal Form : Joint stock company
|
Fiscal Code : 01279170243 |
|
Foreign Trade Reg. no. : 8404 of |
|
Chamber of Commerce no. : 157528 of |
|
Firms' Register : VI116-11911 since 19/02/1996 |
|
Foundation Date |
: 31/12/1980 |
|
|
Establishment Date |
: 31/12/1980 |
|
|
Start of Activities |
: 07/01/1981 |
|
|
Legal Duration Date |
: 30/09/2021 |
|
|
Nominal Capital |
: 286.000 |
Eur |
|
Subscribed Capital |
: 286.000 |
Eur |
|
Paid up Capital |
: 286.000 |
Eur |
MEMBERS
|
Scortegagna |
Bruno |
|
Born in SCHIO |
(VI) |
on 17/01/1939 |
- Fiscal Code : SCRBRN39A17I531Z |
|
Residence : |
Via |
FORNACI |
, 46 |
- 36015 |
Schio |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
31/03/2004 |
|
|
|
Board Chairman |
31/03/2004 |
|
|
|
Scortegagna |
Daniela |
|
Born in MALO |
(VI) |
on 24/10/1969 |
- Fiscal Code : SCRDNL69R64E864L |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
03/09/1996 |
|
|
|
Costeniero |
Valter |
|
Born in MALO |
(VI) |
on 22/11/1965 |
- Fiscal Code : CSTVTR65S22E864K |
|
Residence : |
Via |
PIAVE INT. B/1 |
, 2 |
- 36034 |
Malo |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
31/03/2004 |
|
|
|
Director |
31/03/2004 |
|
|
|
Procurator |
03/09/1996 |
|
|
|
Bengelsdorff |
Carl Wilhelm Andreas |
|
Born in |
on 23/09/1966 |
- Fiscal Code : BNGCLW66P23Z109F |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
03/09/1996 |
|
|
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.
|
SCORTEGAGNA |
|
|
COSTENIERO |
|
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 |
|
Scortegagna Bruno |
Schio - IT - |
SCRBRN39A17I531Z |
1.040 .Eur |
0,36 |
|
LAFER S.R.L. |
|
00284910247 |
284.440 .Eur |
99,45 |
|
DE MARCHI MARIA TERESA |
Schio - IT - |
DMRMTR40A64E864D |
520 .Eur |
0,18 |
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 |
|
since 03/06/1996 |
in : |
|
|
|
|
|
Via |
Lago Di Garda |
, 98 |
- 36015 - |
Schio |
(VI) |
- IT - |
|
|
|
|
PHONE |
: 0445/694301 |
|
- |
Branch |
(Warehouse ) |
since 25/09/2002 |
in : |
|
|
|
|
|
Via |
MONTE CENGIO |
- 36010 - |
COGOLLO DEL CENGIO |
(VI) |
- IT - |
|
- |
Branch |
(Workshop ) |
since 01/10/2005 |
in : |
|
|
|
|
|
Via |
LAGO DI LESINA |
, 2/4/8/10 |
- 36015 - |
SCHIO |
(VI) |
- IT - |
|
|
|
|
PHONE |
: 0445/694190 |
|
|
|
|
FAX |
: 0445/694191 |
|
|
|
|
Employees |
: 81 |
|
|
|
|
Fittings and Equipment |
for a value of
460.000 |
Eur |
|
|
|
|
Stocks |
for a value of
3.920.500 |
Eur |
|
|
|
|
Vehicles |
for a value of
46.481 |
Eur |
The firm operates abroad as exporter.
Export represents from 20% to 50% of the global turnover.
Products abroad are placed by :
|
- importers |
|
- its own agents |
|
- direct orders from foreign companies |
Import comes generally from the following nations:
|
- Islanda |
Export is mainly towards:
|
- Islanda |
HISTORICAL
INFORMATION AND/OR FIRM'S
STATUS
|
Former seats |
|
- |
Branch |
(Branch ) |
since 01/07/1987 |
until 19/01/1996 |
|
|
|
|
|
Via |
Lago Di Vico |
- 36015 |
- Schio |
(VI) |
- IT - |
|
- |
Branch |
(Store ) |
since 11/10/1996 |
until 26/05/1997 |
|
|
|
|
|
Via |
Matteotti |
- 13871 |
- Benna |
(BI) |
- IT - |
|
- |
Branch |
(Warehouse ) |
since 01/04/1998 |
|
|
|
|
|
Via |
Lago Di Lesina |
- 36015 |
- Schio |
(VI) |
- IT - |
|
- |
Branch |
(Workshop ) |
since 01/07/1998 |
|
|
|
|
|
Via |
Lago Di Lesina |
- 36015 |
- Schio |
(VI) |
- IT - |
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 POPOLARE DI |
|
|
|
|
5728 |
0 |
IMMOVABLES *
*No specific (mortgage/cadastrial registrations) inspections have been
requested.
|
Immovable Type |
Value |
|
Real estates |
2.211.268 .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 1981.
Under an economic point of view, profits were registered during the last
years with a r.o.e. of 6,05% in 2005
The return on investment in the last financial year was negative
(-4,69%).
The financial status of the company is fairly balanced with an
indebtedness level of 2,8 with an improving trend as on the decrease.
The financial exposure is moderate, on the other hand the recourse to
commercial credit is high, with a high average payment period however still
within the sector's average.
Liquidity is however good.
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
30/09/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
23.257.077 |
filed balance sheet |
|
Profit (Loss) for the period |
175.888 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
30/09/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
27.688.365 |
filed balance sheet |
|
Profit (Loss) for the period |
153.410 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
30/09/2003 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
34.484.329 |
filed balance sheet |
|
Profit (Loss) for the period |
319.028 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
30/09/2002 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
29.983.421 |
filed balance sheet |
|
Profit (Loss) for the period |
557.256 |
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 30/09/2005 - Months 12 - Currency Eur - Amounts x 1 |
|
Balance Sheet as
at 30/09/2004 - Months 12 - Currency Eur - Amounts x 1 |
|
Years |
|
|
2005 |
2004 |
|
|
BALANCE SHEET
ACCOUNTS |
|
|
|
|
. |
|
|
|
|
|
ASSETS |
|
|
|
|
|
CREDITS TO SHAREHOLDERS |
|
|
|
|
|
FIXED ASSETS ( NET ) |
|
|
4.501.748 |
3.957.390 |
|
. Intangible assets |
|
|
19.560 |
91.323 |
|
. Tangible fixed assets |
|
|
3.755.175 |
3.138.686 |
|
. . Land and buildings |
|
|
2.211.268 |
2.342.137 |
|
. . Plants, Equipm.and Machinery |
|
|
460.056 |
291.622 |
|
. Long-term Investments |
|
|
727.013 |
727.381 |
|
. . Financial loans |
|
|
727.013 |
727.381 |
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
14.631.623 |
17.924.157 |
|
. Stock |
|
|
3.920.580 |
3.610.102 |
|
. Credits |
|
|
7.443.019 |
10.858.715 |
|
. . Credits to clients |
|
|
6.539.364 |
9.970.038 |
|
. . Other credits |
|
|
903.655 |
888.677 |
|
. Short-term financial assets |
|
|
|
|
|
. Liquid assets |
|
|
3.268.024 |
3.455.340 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
569.581 |
661.566 |
|
TOTAL ASSETS |
|
|
19.702.952 |
22.543.113 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
2.903.037 |
2.727.056 |
|
. Company's capital |
|
|
286.000 |
286.000 |
|
. Reserves |
|
|
2.441.149 |
2.287.646 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
|
|
|
. Profit (loss) |
|
|
175.888 |
153.410 |
|
PROVISION CHARGES ACCOUNTS |
|
|
272.846 |
232.846 |
|
STAFF TERM INDEMNITY |
|
|
743.304 |
676.888 |
|
DEBTS |
|
|
15.655.456 |
18.774.591 |
|
. Financial M/L terms |
|
|
4.198.068 |
5.223.115 |
|
. . Financial M/L term banks |
|
|
4.198.068 |
5.223.115 |
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
1.089.279 |
2.477.736 |
|
. . Financial short-term banks |
|
|
1.089.279 |
2.477.736 |
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
|
|
|
. M/L term debts to suppliers |
|
|
58.151 |
|
|
. Short-term debts to suppliers |
|
|
8.702.036 |
9.882.008 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
1.607.922 |
1.191.732 |
|
ACCRUED COSTS DEFERR. LIABILITIES |
|
|
128.309 |
131.732 |
|
TOTAL LIABILITIES |
|
|
19.702.952 |
22.543.113 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS
ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
23.401.069 |
27.512.429 |
|
. Revenues from sales/services |
|
|
23.257.077 |
27.688.365 |
|
. Change of stock (products) |
|
|
-136.490 |
-333.097 |
|
OPERATING EXPENSES |
|
|
24.325.330 |
25.846.851 |
|
. Purchasing expenses |
|
|
10.903.077 |
12.589.296 |
|
. Change of stock (raw material) |
|
|
-455.068 |
-269.954 |
|
. Expenses from services |
|
|
7.858.688 |
7.607.388 |
|
. Expenses from leasing |
|
|
698.819 |
652.854 |
|
. General expenses/sundry charges |
|
|
732.361 |
447.915 |
|
. Staff expenses |
|
|
4.241.299 |
4.458.774 |
|
. Depreciation/Devaluation costs |
|
|
346.154 |
360.578 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
1.452.823 |
-929.922 |
|
. Financial charges |
|
|
-2.888.527 |
-6.389.116 |
|
. Financial revenues |
|
|
4.341.350 |
5.459.194 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
67.679 |
42.577 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
596.241 |
778.233 |
|
TAX |
|
|
420.353 |
624.823 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
175.888 |
153.410 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 30/09/2005 |
as at 30/09/2004 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
|
1,75 |
2,17 |
1,87 |
|
Net Short-term indebtedness |
Units |
- 1 |
|
2,80 |
3,70 |
2,44 |
|
Current ratio |
Units |
=> 1 |
|
1,28 |
1,32 |
1,31 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
=> 1 |
|
0,93 |
1,05 |
0,90 |
|
Return on Sales |
% |
|
|
2,24 |
1,85 |
1,98 |
|
Average stock waiting period |
dd |
|
|
60,66 |
46,90 |
80,33 |
|
Credits to clients average term |
dd |
|
|
101,19 |
129,60 |
125,20 |
|
Debts to suppliers average term |
dd |
|
|
162,03 |
170,60 |
150,00 |
|
Net financial revenues/ charges incidence |
% |
|
|
6,24 |
- 3,35 |
- 1,10 |
|
Labour cost incidence |
% |
|
|
18,23 |
16,10 |
24,69 |
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;
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:
722.000 .Eur.
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 expenses 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 219 significant companies.
The companies cash their credits on an average of 125 dd.
The average duration of suppliers debts is about 150 dd.
The sector's profitability is on an average of 1,98%.
The labour cost affects the turnover in the measure of 24,69%.
Goods are held in stock in a range of 80 dd.
The difference between the sales volume and the resources used to
realize it is about 1,10.
The employees costs represent the 24,15% 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 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 |
|
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%)