MIRA
INFORM REPORT
|
Report Date : |
21.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
De.fi.m. S.p.a. |
|
|
|
|
Registered Office : |
Via Provinciale, 7 23862
– Civate (LC) - IT |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
01/04/1974 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Production of various material resulting from wire processing. Manufacturing of metal bedsprings. |
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 : |
513.900 - Eur |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name & address
De.fi.m. S.p.a.
Via
Provinciale, 7
23862 - Civate (LC) -IT-
SUMMARY
|
Legal Form |
: |
Joint stock company |
|
Start of Activities |
: |
01/04/1974 |
|
Patrimonial Consistence |
: |
1.500.000 Eur |
|
|
: |
50.000.000/75.000.000 Eur |
|
Number of Employees |
: |
from 176 to 200 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
513.900 - Eur |
ACTIVITY
Production of various material resulting from wire processing.
Manufacturing of metal bedsprings.
LEGAL DATA
Legal Form : Joint stock company
|
Fiscal Code : 00381580133 |
|
Foreign Trade Reg. no. : 7740 |
|
Foreign Trade Reg. no. : LC002181 since 18/12/1991 |
|
Foreign Trade Reg. no. : 002181 of |
|
Chamber of Commerce no. : 162317 of |
|
Chamber of Commerce no. : 233369 of |
|
Chamber of Commerce no. : 261869 of |
|
Chamber of Commerce no. : 142553 of |
|
Chamber of Commerce no. : 1033297 of Roma |
|
Firms' Register : LC042-3445 since 19/02/1996 |
|
Foundation Date |
: 01/04/1974 |
|
|
Establishment Date |
: 01/04/1974 |
|
|
Start of Activities |
: 01/04/1974 |
|
|
Legal Duration Date |
: 31/12/2030 |
|
|
Nominal Capital |
: 1.000.000 |
Eur |
|
Subscribed Capital |
: 1.000.000 |
Eur |
|
Paid up Capital |
: 1.000.000 |
Eur |
MEMBERS
|
Montanelli |
Luigi |
|
Born in |
(CO) |
on 01/07/1973 |
- Fiscal Code : MNTLGU73L01E507T |
|
Residence : |
Corso |
Martiri Della Liberta' |
, 89 |
- 23900 |
|
(LC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/01/2006 |
|
|
|
Managing Director |
02/02/2006 |
|
|
No Protests registered.
|
Montanelli |
Adriano |
|
Born in Oggiono |
(CO) |
on 13/08/1940 |
- Fiscal Code : MNTDRN40M13E507I |
|
Residence : |
Via |
Montegrappa |
, 14 |
- 23848 |
Oggiono |
(LC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/01/2006 |
|
|
|
Managing Director |
02/02/2006 |
|
|
|
Board Chairman |
30/01/2006 |
|
|
No Protests registered.
|
Tedeschi |
Mariangela |
|
Born in Oggiono |
(CO) |
on 04/06/1942 |
- Fiscal Code : TDSMNG42H44E507M |
|
Residence : |
Via |
Montegrappa |
, 14 |
- 23848 |
Oggiono |
(LC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/01/2006 |
|
|
No Protests registered.
|
Rossi |
Enrico |
|
Born in |
(CO) |
on 15/02/1947 |
- Fiscal Code : RSSNRC47B15E507V |
|
Residence : |
Via |
Roma |
, 6 |
- 23900 |
|
(LC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/01/2006 |
|
|
No Protests registered.
|
Reconta Ernst E Young Spa |
|
|
Position |
Since |
Shares Amount |
% Ownership |
|
Auditor |
30/05/2007 |
|
|
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.
|
MONTANELLI LUIGI |
|
|
MONTANELLI ADRIANO |
|
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 |
|
Montanelli Luigi |
|
MNTLGU73L01E507T |
150.000 .Eur |
15,00 |
|
Montanelli Adriano |
Oggiono - IT - |
MNTDRN40M13E507I |
200.000 .Eur |
20,00 |
|
Montfin Finanziaria S.r.l. |
Civate - IT - |
02930070137 |
650.000 .Eur |
65,00 |
DIRECT PARTICIPATIONS
|
Company Style |
Legal Seat |
Fiscal Code |
Owned Shares |
% of Ownership |
Share Status |
|
Warden Safety S.r.l. In Liquidazione |
Civate - IT - |
02395930130 |
49.400 .Eur |
50,00 |
Ceased |
|
CONSORZIO ADDA ENERGIA |
|
02486590132 |
|
|
Active |
STRUCTURE AND COMPANY
ACTIVITY
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
in : |
|
|
|
|
|
Via |
Provinciale |
, 7 |
- 22040 - |
Civate |
(LC) |
- IT - |
|
|
|
|
PHONE |
: 0341/210150 |
|
|
|
|
FAX |
: 0341/210180 |
|
- |
Branch |
(Factory ) |
since 01/07/1999 |
in : |
|
|
|
|
|
Localita' |
Pioppette |
- 22040 - |
Alzate Brianza |
(CO) |
- IT - |
|
- |
Branch |
(Sales office ) |
since 13/03/2003 |
in : |
|
|
|
|
|
Via |
Di Vigna Murata |
, 40 |
- 00100 - |
Roma |
(RM) |
- IT - |
|
|
|
|
PHONE |
: 06/54832000 |
|
|
|
|
FAX |
: 06/54834000 |
|
- |
Branch |
(Warehouse ) |
since 29/06/2006 |
in : |
|
|
|
|
|
Strada |
S. Briantea |
, SNC Loc. LOC. PIOPPETTE |
- 22040 - |
Alzate Brianza |
(CO) |
- IT - |
|
- |
Branch |
(Warehouse ) |
since 21/11/2006 |
in : |
|
|
|
|
|
Via |
Bosco |
, 1/A |
- 83035 - |
Grottaminarda |
(AV) |
- IT - |
|
- |
Branch |
(Warehouse ) |
since 21/11/2006 |
in : |
|
|
|
|
|
Via |
Ficucella |
- 81024 - |
Maddaloni |
(CE) |
- IT - |
|
- |
Branch |
(Warehouse ) |
since 21/11/2006 |
in : |
|
|
|
|
|
Via |
Silicella |
, 111/B |
- 00100 - |
Roma |
(RM) |
- IT - |
|
- |
Branch |
(Warehouse ) |
since 12/01/2007 |
in : |
|
|
|
|
|
Via |
Bonifica Km.2 |
, Loc. VALLEMARE |
- 65012 - |
Cepagatti |
(PE) |
- IT - |
|
- |
Branch |
(Warehouse ) |
since 15/01/2007 |
in : |
|
|
|
|
|
Strada |
Curtatona |
, 5/V |
- 41100 - |
|
(MO) |
- IT - |
|
- |
Branch |
(Warehouse ) |
since 12/01/2007 |
in : |
|
|
|
|
|
Ex Ss114,54 Contrada Da Targia |
- 96100 - |
Siracusa |
(SR) |
- IT - |
|
|
|
|
Employees |
: 176 |
|
|
|
|
Fittings and Equipment |
for a value of
2.479.500 |
Eur |
|
|
|
|
Stocks |
for a value of
6.650.500 |
Eur |
The firm operates abroad as exporter.
Export represents up to 20% of the global turnover.
Products abroad are placed by :
|
- importers |
|
- its own agents |
Export is mainly towards:
|
- |
|
- Ungheria |
|
- Gran Bretagna |
|
- Rep.di Guinea |
|
- Polonia |
HISTORICAL
INFORMATION AND/OR FIRM'S
STATUS
|
Changes to the
legal form |
|
Former legal
form |
New legal form |
Changement Date |
|
Other forms |
Limited liability company |
29/06/1987 |
|
Limited liability company |
Joint stock company |
14/11/2003 |
|
Ex-Members /
Ex-Positions |
|
Della Bella |
Michele |
|
Born in Mandello del Lario |
on 29/12/1939 |
- Fiscal Code : DLLMHL39T29E507T |
|
Residence : |
Via |
Alle Villette |
- 23826 |
Mandello del Lario |
(LC) |
- IT - |
|
Position |
|
Supervisory Board Chairman |
|
Scurria |
Antonio |
|
Position |
|
Supervisory Board Chairman |
|
Montanelli |
Adriano |
|
Born in Oggiono |
on 13/08/1940 |
- Fiscal Code : MNTDRN40M13E507I |
|
Residence : |
Via |
Montegrappa |
, 14 |
- 23848 |
Oggiono |
(LC) |
- IT - |
|
Position |
|
Sole Director |
|
SCURRIA |
ANTONINO |
|
Born in SAN SALVATORE DI FITALIA |
on 19/07/1933 |
- Fiscal Code : SCRNNN33L19I147D |
|
Residence : |
Via |
SOTTOPASSAGGIO |
, 1/C |
- 23826 |
Mandello del Lario |
(LC) |
- IT - |
|
Position |
|
Permanent Auditor |
|
LEGGIERI |
|
|
Born in |
on 14/06/1961 |
- Fiscal Code : LGGMRN61H54L049M |
|
Residence : |
Via |
CAPODISTRIA |
, 22 |
- 23900 |
|
(LC) |
- IT - |
|
Position |
|
Permanent Auditor |
|
Virgilio |
Antonio |
|
Born in |
on 07/07/1956 |
- Fiscal Code : VRGNTN56L07A745A |
|
Residence : |
Via |
Montessori |
, 60 |
- 23900 |
|
(LC) |
- IT - |
|
Position |
|
Temporary Auditor |
|
ALFIERI |
PASQUALE |
|
Born in ERCOLANO |
on 08/07/1956 |
- Fiscal Code : LFRPQL56L08H243K |
|
Residence : |
Via |
ALDERA |
, 1/A |
- 22070 |
Beregazzo Con Figliaro |
(CO) |
- IT - |
|
Position |
|
Temporary Auditor |
|
Former seats |
|
- |
Branch |
(Factory ) |
since 07/03/1995 |
until 15/11/1999 |
|
|
|
|
|
Via |
BORROMEO |
- 23900 |
- |
(LC) |
- IT - |
|
Splitting-up and setting-up of a new company |
|
DE.FI.M. IMMOBILIARE S.R.L. |
|
, 22040 |
, Civate |
(LC) |
- IT - |
|
Date |
Splitting-up : |
15/12/2004 |
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 |
|
Cassa Risparmio Provincie Lombarde |
|
|
|
|
|
|
|
BANCA POPOLARE DI |
|
|
0 |
|
3348 |
0 |
IMMOVABLES *
*No specific (mortgage/cadastrial registrations) inspections have been
requested.
|
Immovable Type |
Value |
|
|
1.549 .Eur |
|
Real estates |
3.472.139 .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 1974.
In the economic management , good and bad results followed on by turns.
with a loss in the last financial year. In the last financial year an increase
in the turnover has been registered (+15,16%).
The return on investment in the last financial year was negative
(-0,46%).
Financial condition is not balanced as own capitals do not cover debts,
indebtedness level is in fact high (17,33) which is rising compared to 2004.
If compared to the net worth, debts towards banks are remarkably high
while the recourse to commercial credit is modest below field's average.
Payments are supported by good current assets.
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
51.593.362 |
filed balance sheet |
|
Profit (Loss) for the period |
-1.442.883 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
44.799.841 |
filed balance sheet |
|
Profit (Loss) for the period |
188.597 |
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 ) |
|
|
3.674.428 |
3.333.899 |
|
. Intangible assets |
|
|
293.020 |
175.441 |
|
. Tangible fixed assets |
|
|
2.915.618 |
3.044.314 |
|
. . Land and buildings |
|
|
|
|
|
. . Plants, Equipm.and Machinery |
|
|
2.479.720 |
2.571.329 |
|
. Long-term Investments |
|
|
465.790 |
114.144 |
|
. . Financial loans |
|
|
465.790 |
114.144 |
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
25.259.567 |
32.453.148 |
|
. Stock |
|
|
6.650.588 |
10.356.887 |
|
. Credits |
|
|
18.490.306 |
22.049.857 |
|
. . Credits to clients |
|
|
16.627.169 |
19.576.991 |
|
. . Other credits |
|
|
1.863.137 |
2.472.866 |
|
. Short-term financial assets |
|
|
|
|
|
. Liquid assets |
|
|
118.673 |
46.404 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
365.855 |
344.972 |
|
TOTAL ASSETS |
|
|
29.299.850 |
36.132.019 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
1.427.509 |
2.870.393 |
|
. Company's capital |
|
|
1.000.000 |
1.000.000 |
|
. Reserves |
|
|
1.870.392 |
1.681.796 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
|
|
|
. Profit (loss) |
|
|
-1.442.883 |
188.597 |
|
PROVISION CHARGES ACCOUNTS |
|
|
72.061 |
62.381 |
|
STAFF TERM INDEMNITY |
|
|
877.370 |
712.832 |
|
DEBTS |
|
|
26.365.069 |
32.097.191 |
|
. Financial M/L terms |
|
|
1.495.036 |
777.641 |
|
. . Financial M/L term banks |
|
|
1.495.036 |
777.641 |
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
13.982.323 |
13.704.463 |
|
. . Financial short-term banks |
|
|
13.982.323 |
13.704.463 |
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
|
|
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
9.944.563 |
16.404.543 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
943.147 |
1.210.544 |
|
ACCRUED COSTS DEFERR. LIABILITIES |
|
|
557.841 |
389.222 |
|
TOTAL LIABILITIES |
|
|
29.299.850 |
36.132.019 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS
ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
50.824.887 |
49.167.816 |
|
. Revenues from sales/services |
|
|
51.593.362 |
44.799.841 |
|
. Change of stock (products) |
|
|
-1.411.278 |
3.974.113 |
|
OPERATING EXPENSES |
|
|
50.960.085 |
47.944.577 |
|
. Purchasing expenses |
|
|
25.573.836 |
30.585.246 |
|
. Change of stock (raw material) |
|
|
2.295.021 |
-3.064.337 |
|
. Expenses from services |
|
|
11.103.628 |
9.977.035 |
|
. Expenses from leasing |
|
|
3.617.118 |
2.578.444 |
|
. General expenses/sundry charges |
|
|
1.005.053 |
1.258.428 |
|
. Staff expenses |
|
|
6.472.261 |
5.830.594 |
|
. Depreciation/Devaluation costs |
|
|
893.168 |
779.167 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-1.064.077 |
-173.902 |
|
. Financial charges |
|
|
-1.078.643 |
-190.025 |
|
. Financial revenues |
|
|
14.566 |
16.123 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
-13.578 |
|
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
-1.212.853 |
1.049.337 |
|
TAX |
|
|
230.030 |
860.740 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
-1.442.883 |
188.597 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2005 |
as at 31/12/2004 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
|
1,03 |
1,30 |
1,54 |
|
Net Short-term indebtedness |
Units |
- 1 |
|
17,33 |
10,89 |
2,48 |
|
Current ratio |
Units |
=> 1 |
|
1,01 |
1,03 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units' |
=> 1 |
|
0,74 |
0,70 |
0,88 |
|
Return on Sales |
% |
|
|
- 1,06 |
2,16 |
4,03 |
|
Average stock waiting period |
dd |
|
|
46,40 |
83,19 |
50,75 |
|
Credits to clients average term |
dd |
|
|
115,99 |
157,28 |
128,91 |
|
Debts to suppliers average term |
dd |
|
|
88,81 |
136,87 |
145,33 |
|
Net financial revenues/ charges incidence |
% |
|
|
- 2,06 |
- 0,38 |
- 0,95 |
|
Labour cost incidence |
% |
|
|
12,54 |
13,01 |
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;
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:
513.900 .Eur.
MARKET / TERRITORY
DATA
|
Population living in the province |
: |
322.150 |
|
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 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
Statistically the trade activity shows periods of crisis.
The area is statistically considered moderately risky.
In the region 50.886 protested subjects are found; in the province they
count to 1.666.
The insolvency index for the region is 0,55, while for the province it
is 0,52.
Total Bankrupt companies in the province : 940.
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%)