MIRA
INFORM REPORT
|
Report Date : |
21.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
FLEXIDER - S.R.L. |
|
|
|
|
Registered Office : |
Corso
10100 – |
|
|
|
|
Country : |
|
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|
|
|
Financials (as on) : |
30.04.2006 |
|
|
|
|
Date of Incorporation : |
01/07/2002 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Production of taps and fittings, valves, hydro-sanitary materials,
flexible and rigid tubes for hydraulic systems. Manufacture of electronic components. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
88.800 - Eur |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
name & address
FLEXIDER - S.R.L.
Corso
10100 -
SUMMARY
|
Legal Form |
: |
Limited liability company |
|
Start of Activities |
: |
01/07/2002 |
|
Patrimonial Consistence |
: |
750.000 Eur |
|
|
: |
20.000.000/25.000.000 Eur |
|
Number of Employees |
: |
from 201 to 250 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
88.800 - Eur |
ACTIVITY
Production of taps and fittings, valves, hydro-sanitary materials, flexible
and rigid tubes for hydraulic systems.
Manufacture of electronic components.
LEGAL DATA
Legal Form : Limited liability company
|
Fiscal Code : 08469160017 |
|
Chamber of Commerce no. : 975239 of |
|
Firms' Register : TO-2002-100902 since 27/06/2002 |
|
V.A.T. Code : 08469160017 |
|
Foundation Date |
: 13/06/2002 |
|
|
Establishment Date |
: 13/06/2002 |
|
|
Start of Activities |
: 01/07/2002 |
|
|
Legal Duration Date |
: 31/12/2050 |
|
|
Nominal Capital |
: 500.000 |
Eur |
|
Subscribed Capital |
: 500.000 |
Eur |
|
Paid up Capital |
: 500.000 |
Eur |
MEMBERS
|
BERTOLINO |
GIUSEPPE PAOLO |
|
Born in |
(TO) |
on 09/05/1963 |
- Fiscal Code : BRTGPP63E09L219L |
|
Residence : |
Corso |
|
, 501/24 |
- 10100 |
|
(TO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
26/06/2006 |
|
|
|
General Manager |
09/01/2006 |
|
|
|
BENENSON III |
JAMES |
|
Born in |
on 23/10/1978 |
- Fiscal Code : BNNJMS78R23 |
|
Residence : |
|
|
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
26/06/2006 |
|
|
|
CURCI |
JOHN VINCENT |
|
Born in |
on 18/03/1944 |
- Fiscal Code : CRCJVN44C23 |
|
Residence : |
|
, 4411 |
LOS ALAMITOS - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
26/06/2006 |
|
|
|
VIRANO |
FRANCO GIUSEPPE |
|
Born in |
(TO) |
on 22/06/1948 |
- Fiscal Code : VRNFNC48H22L219X |
|
Residence : |
Corso |
|
, 501/24 |
- 10100 |
|
(TO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
26/06/2006 |
|
|
|
General Manager |
09/01/2006 |
|
|
|
VAN |
DONALD KENT |
|
Born in |
on 02/06/1947 |
- Fiscal Code : VNNDLD47H23 |
|
Residence : |
|
, SUITE400 |
|
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
26/06/2006 |
|
|
|
Director |
26/06/2006 |
|
|
|
Board Chairman |
26/06/2006 |
|
|
COMPANIES CONNECTED
TO MEMBERS *
*checkings have been performed on a national scale.
The Members of the subject firm are not reported to be Members in other companies.
CAPITAL SHAREHOLDERS
|
Style / Name |
Seat / Address |
Fiscal Code |
Owned Shares |
% of Ownership |
|
NIEUWBURGH B.V. |
|
97627320019 |
497.500 .Eur |
99,50 |
|
ARROWHEAD PRODUCTS CORPORATION |
|
97627330018 |
2.500 .Eur |
0,50 |
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 : |
|
|
|
|
|
Corso |
|
, 501/24 |
- 10100 - |
|
(TO) |
- IT - |
|
|
|
|
PHONE |
: 011/2627111 |
|
|
|
|
FAX |
: 011/2620904 |
|
- |
Secondary office |
|
in : |
|
|
|
|
|
Sartrouville |
- FR - |
|
- |
Secondary office |
|
in : |
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|
|
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|
|
- PL - |
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|
|
|
Employees |
: 219 |
|
|
|
|
Fittings and Equipment |
for a value of
938.000 |
Eur |
|
|
|
|
Stocks |
for a value of
3.923.000 |
Eur |
HISTORICAL
INFORMATION AND/OR FIRM'S
STATUS
|
Ex-Members /
Ex-Positions |
|
Mondino |
Renzo |
|
Born in |
on 12/11/1947 |
- Fiscal Code : MNDRNZ47S12L219Q |
|
Residence : |
Corso |
|
, 501/24 |
- 10100 |
|
(TO) |
- IT - |
|
Position |
|
Managing Director |
|
Director |
|
Sole Director |
|
SCHRAMM |
DAVID JOSEPH |
|
Born in |
on 29/06/1949 |
- Fiscal Code : SCRDDJ49H |
|
Residence : |
BUCKSKIN DRIVE 25121 |
|
|
Position |
|
Director |
|
Board Chairman |
|
LARNER |
DAVID STEWART |
|
Born in |
on 18/08/1954 |
- Fiscal Code : LRNDDS54M |
|
Residence : |
|
|
|
Position |
|
Director |
|
ALMY |
RICHARD EUGENE |
|
Born in |
on 26/06/1942 |
- Fiscal Code : LMYRRD42H |
|
Residence : |
WINDERLY LANE |
, 1230 |
|
|
Position |
|
Director |
|
BENENSON III |
JAMES |
|
Born in |
on 23/10/1978 |
- Fiscal Code : BNNJMS78R23 |
|
Residence : |
|
|
|
Position |
|
Director |
|
SCHRAMM |
DAVID JOSEPH |
|
Born in |
on 29/06/1949 |
- Fiscal Code : SCRDDJ49H |
|
Residence : |
BUCKSKIN DRIVE 25121 |
|
|
Position |
|
Director |
|
Board Chairman |
|
LARNER |
DAVID STEWART |
|
Born in |
on 18/08/1954 |
- Fiscal Code : LRNDDS54M |
|
Residence : |
|
|
|
Position |
|
Director |
|
ALMY |
RICHARD EUGENE |
|
Born in |
on 26/06/1942 |
- Fiscal Code : LMYRRD42H |
|
Residence : |
WINDERLY LANE |
, 1230 |
|
|
Position |
|
Director |
|
BENENSON III |
JAMES |
|
Born in |
on 23/10/1978 |
- Fiscal Code : BNNJMS78R23 |
|
Residence : |
|
|
|
Position |
|
Director |
PAYMENTS ANALYSIS
The average term of debts to suppliers is high compared with that of the
sector.
PAYMENTS SCORE : - No insolvency
CREDIT REVOLVING
The subject of inquiry has been monitored by our company:
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.
IMMOVABLES *
*No specific (mortgage/cadastrial registrations) inspections have been
requested.
None reported in the name of the Firm.
FINANCIAL AND
ECONOMICAL ANALYSIS
Company's starting of activities dates back to some years ago (2002).
During the last years, net losses were registered; in 2006 r.o.e. is
-760,71%.
The return on investment in the last financial year was negative
(-10,03%).
Financial condition is not balanced as own capitals do not cover debts,
indebtedness level is in fact high (20,16) which is rising compared to 2005.
The financial exposure is moderate, on the other hand the recourse to
commercial credit is high, with a high average payment period besides being
higher than sector's average.
Nevertheless available funds are good.
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
30/04/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
22.657.849 |
filed balance sheet |
|
Profit (Loss) for the period |
-4.019.205 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
30/04/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
22.007.922 |
filed balance sheet |
|
Profit (Loss) for the period |
-1.967.840 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
30/04/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
23.540.058 |
filed balance sheet |
|
Profit (Loss) for the period |
-2.563.415 |
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 30/04/2006 - Months 12 - Currency Eur - Amounts x 1 |
|
Balance Sheet as
at 30/04/2005 - Months 12 - Currency Eur - Amounts x 1 |
|
Years |
|
|
2006 |
2005 |
|
|
BALANCE SHEET
ACCOUNTS |
|
|
|
|
. |
|
|
|
|
|
ASSETS |
|
|
|
|
|
CREDITS TO SHAREHOLDERS |
|
|
|
|
|
FIXED ASSETS ( NET ) |
|
|
1.256.667 |
1.409.766 |
|
. Intangible assets |
|
|
274.134 |
498.478 |
|
. Tangible fixed assets |
|
|
980.528 |
909.283 |
|
. . Land and buildings |
|
|
|
|
|
. . Plants, Equipm.and Machinery |
|
|
937.813 |
850.005 |
|
. Long-term Investments |
|
|
2.005 |
2.005 |
|
. . Financial loans |
|
|
2.005 |
2.005 |
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
14.125.930 |
16.125.926 |
|
. Stock |
|
|
3.922.764 |
3.760.336 |
|
. Credits |
|
|
10.108.480 |
11.471.977 |
|
. . Credits to clients |
|
|
8.591.095 |
10.099.223 |
|
. . Other credits |
|
|
1.517.385 |
1.372.754 |
|
. Short-term financial assets |
|
|
|
|
|
. Liquid assets |
|
|
94.686 |
893.613 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
135.425 |
229.471 |
|
TOTAL ASSETS |
|
|
15.518.022 |
17.765.163 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
528.349 |
547.553 |
|
. Company's capital |
|
|
500.000 |
500.000 |
|
. Reserves |
|
|
4.047.554 |
2.015.393 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
|
|
|
. Profit (loss) |
|
|
-4.019.205 |
-1.967.840 |
|
PROVISION CHARGES ACCOUNTS |
|
|
24.541 |
15.308 |
|
STAFF TERM INDEMNITY |
|
|
2.673.301 |
2.794.529 |
|
DEBTS |
|
|
10.751.351 |
13.036.950 |
|
. Financial M/L terms |
|
|
|
|
|
. . Financial M/L term banks |
|
|
|
|
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
|
|
|
. . Financial short-term banks |
|
|
|
|
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
|
|
|
. M/L term debts to suppliers |
|
|
|
3.682.142 |
|
. Short-term debts to suppliers |
|
|
10.118.251 |
8.343.923 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
633.100 |
1.010.885 |
|
ACCRUED COSTS DEFERR. LIABILITIES |
|
|
1.540.480 |
1.370.823 |
|
TOTAL LIABILITIES |
|
|
15.518.022 |
17.765.163 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS
ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
25.123.337 |
24.341.873 |
|
. Revenues from sales/services |
|
|
22.657.849 |
22.007.922 |
|
. Change of stock (products) |
|
|
309.519 |
279.018 |
|
OPERATING EXPENSES |
|
|
26.680.054 |
26.177.054 |
|
. Purchasing expenses |
|
|
10.290.278 |
9.532.658 |
|
. Change of stock (raw material) |
|
|
102.755 |
254.654 |
|
. Expenses from services |
|
|
4.662.852 |
4.500.464 |
|
. Expenses from leasing |
|
|
1.165.104 |
1.359.724 |
|
. General expenses/sundry charges |
|
|
273.827 |
341.120 |
|
. Staff expenses |
|
|
9.636.728 |
9.566.970 |
|
. Depreciation/Devaluation costs |
|
|
548.510 |
621.464 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-231.282 |
-222.517 |
|
. Financial charges |
|
|
-302.210 |
-285.585 |
|
. Financial revenues |
|
|
70.928 |
63.068 |
|
FINANCIAL ASSETS CORRECTION |
|
|
-1.984.306 |
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
100.100 |
444.301 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
-3.672.205 |
-1.613.397 |
|
TAX |
|
|
347.000 |
354.443 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
-4.019.205 |
-1.967.840 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 30/04/2006 |
as at 30/04/2005 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
|
2,54 |
4,98 |
1,92 |
|
Net Short-term indebtedness |
Units |
- 1 |
|
20,16 |
15,45 |
3,05 |
|
Current ratio |
Units |
=> 1 |
|
1,31 |
1,72 |
1,26 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
=> 1 |
|
0,94 |
1,32 |
0,92 |
|
Return on Sales |
% |
|
|
- 15,31 |
- 6,11 |
3,74 |
|
Average stock waiting period |
dd |
|
|
62,31 |
61,48 |
56,77 |
|
Credits to clients average term |
dd |
|
|
136,47 |
165,16 |
129,13 |
|
Debts to suppliers average term |
dd |
|
|
225,97 |
281,23 |
150,00 |
|
Net financial revenues/ charges incidence |
% |
|
|
- 1,02 |
- 1,01 |
- 1,03 |
|
Labour cost incidence |
% |
|
|
42,53 |
43,47 |
19,02 |
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:
88.800 .Eur.
MARKET / TERRITORY
DATA
|
Population living in the province |
: |
2.236.941 |
|
Population living in the region |
: |
4.330.172 |
|
Number of families in the region |
: |
1.889.207 |
Monthly family expenses average in the region (in Eur.) :
|
- per food products |
: |
429 |
|
- per non food products |
: |
1.789 |
|
- per energy consume |
: |
135 |
SECTOR DATA
The values are calculated on a base of 2.113 significant companies.
The companies cash their credits on an average of 129 dd.
The average duration of suppliers debts is about 150 dd.
The sector's profitability is on an average of 3,74%.
The labour cost affects the turnover in the measure of 19,02%.
Goods are held in stock in a range of 56 dd.
The difference between the sales volume and the resources used to
realize it is about 1,22.
The employees costs represent the 19,32% 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 27.019 protested subjects are found; in the province they
count to 16.723.
The insolvency index for the region is 0,63, while for the province it
is 0,76.
Total Bankrupt companies in the province : 7.726.
Total Bankrupt companies in the region : 14.165.
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%)