MIRA
INFORM REPORT
|
Report Date : |
19.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
Neri S.p.a. |
|
|
|
|
Registered Office : |
Via 8 Marzo, 6 Corte Tegge 42025 – Cavriago (RE) - IT |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
24/01/1991 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Installation of industrial plants and machinery. Wholesale of rubber products. Wholesale of fire-fighting materials and accident prevention
materials. Retail of rubber articles. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
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 : |
253.100 - Eur |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name & address
Neri S.p.a.
Via
8 Marzo,
6 Corte Tegge
42025 -
Cavriago (RE) -IT-
SUMMARY
|
Legal Form |
: |
Joint stock company |
|
Start of Activities |
: |
24/01/1991 |
|
Patrimonial Consistence |
: |
Over 2.500.000 Eur |
|
|
: |
35.000.000/50.000.000 Eur |
|
Number of Employees |
: |
from 36 to 50 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
253.100 - Eur |
ACTIVITY
Installation of industrial plants and machinery.
Wholesale of rubber products.
Wholesale of fire-fighting materials and accident prevention materials.
Retail of rubber articles.
LEGAL DATA
Legal Form : Joint stock company
|
Fiscal Code : 01438160358 |
|
Municipal Licence : 5530 since 10/02/1992 |
|
Foreign Trade Reg. no. : RE004718 since 06/12/1991 |
|
Foreign Trade Reg. no. : 4718 of Reggio Emilia since 06/12/1991 |
|
Chamber of Commerce no. : 185503 of Reggio Emilia since 11/10/1990 |
|
Firms' Register : RE033-20350 since 19/02/1996 |
|
R. E. C. no. : 30657 of Reggio Emilia since 24/01/1991 |
|
Court : 20350 of Reggio Emilia since 04/10/1990 |
|
Foundation Date |
: 11/09/1990 |
|
|
Establishment Date |
: 11/09/1990 |
|
|
Start of Activities |
: 24/01/1991 |
|
|
Legal Duration Date |
: 31/12/2050 |
|
|
Nominal Capital |
: 2.080.000 |
Eur |
|
Subscribed Capital |
: 2.080.000 |
Eur |
|
Paid up Capital |
: 2.080.000 |
Eur |
MEMBERS
|
Neri |
William |
|
Born in Reggio Emilia |
(RE) |
on 04/05/1946 |
- Fiscal Code : NREWLM46E04H223I |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
07/01/2005 |
|
|
No Protests registered.
|
Neri |
Annalisa |
|
Born in Reggio Emilia |
(RE) |
on 28/04/1979 |
- Fiscal Code : NRENLS79D68H223E |
|
Residence : |
Via |
F.filzi |
, 47 |
- 42100 |
Reggio Emilia |
(RE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney with special power |
17/01/2002 |
|
|
No Protests registered.
|
Montanini |
Lorenzo |
|
Born in |
(PR) |
on 09/01/1974 |
- Fiscal Code : MNTLNZ74A09G337V |
|
Residence : |
Via |
Donizetti |
, 25 |
- 42100 |
Reggio Emilia |
(RE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney with special power |
17/01/2002 |
|
|
No Protests registered.
|
Neri |
Simone |
|
Born in |
(PR) |
on 24/05/1975 |
- Fiscal Code : NRESMN75E24G337O |
|
Residence : |
Via |
F.filzi |
, 47 |
- 42100 |
Reggio Emilia |
(RE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney with special power |
17/01/2002 |
|
|
No Protests registered.
|
Reverberi |
Mariacristina |
|
Born in Reggio Emilia |
(RE) |
on 04/04/1966 |
- Fiscal Code : RVRMCR66D44H223D |
|
Residence : |
Via |
Agnoletti |
, 23 |
- 42100 |
Reggio Emilia |
(RE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney with special power |
17/01/2002 |
|
|
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.
|
NERI |
|
|
NERI |
|
|
REVERBERI |
|
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 |
|
Neri William |
|
NREWLM46E04H223I |
1.560.000 .Eur |
75,00 |
|
Montanini Mario |
Reggio Emilia - IT - |
MNTMRA43L05H948P |
520.000 .Eur |
25,00 |
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 : |
|
|
|
|
|
Via |
8 Marzo |
, 6 Loc. Corte Tegge |
- 42025 - |
Cavriago |
(RE) |
- IT - |
|
|
|
|
PHONE |
: 0522/948111 |
|
|
|
|
PHONE |
: 0522/948210 |
|
|
|
|
Email |
: nwneri@nwneri.com |
|
- |
Branch |
(Store ) |
since 18/11/1991 |
in : |
|
|
|
|
|
Via |
Dell'industria-ang. Via Basso |
, 14/A Loc. CORTE TEGGE |
- 42025 - |
Cavriago |
(RE) |
- IT - |
|
|
|
|
PHONE |
: 0522/948111 |
|
- |
Branch |
(office ) |
since 16/06/2003 |
in : |
|
|
|
|
|
Via |
De Chirico |
, 1 |
- 42100 - |
Reggio Emilia |
(RE) |
- IT - |
|
|
|
|
Employees |
: 38 |
|
|
|
|
Fittings and Equipment |
for a value of
373.000 |
Eur |
|
|
|
|
Stocks |
for a value of
11.987.500 |
Eur |
The firm has a direct commercial organization
Sales are on local and provincial scale
The firm operates abroad as importer / exporter.
Import comes generally from the following nations:
|
- |
|
- Francia |
|
- Gran Bretagna |
|
- |
HISTORICAL
INFORMATION AND/OR FIRM'S
STATUS
|
Changes to the
legal form |
|
Former legal
form |
New legal form |
Changement Date |
|
Limited liability company |
Joint stock company |
27/11/1995 |
|
Ex-Members /
Ex-Positions |
|
Bartoli |
Renzo |
|
Born in Reggio Emilia |
on 22/10/1952 |
- Fiscal Code : BRTRNZ52R22H223O |
|
Residence : |
Via |
Brigata Reggio |
, 26 |
- 42100 |
Reggio Emilia |
(RE) |
- IT - |
|
Position |
|
Temporary Auditor |
|
|
Carlo |
|
Born in GIBUTI |
on 02/02/1937 |
- Fiscal Code : RNACRL37B02Z345H |
|
Residence : |
Via |
V. EMANUELE II |
, 50 |
- 42020 |
Albinea |
(RE) |
- IT - |
|
Position |
|
Supervisory Board Chairman |
|
Permanent Auditor |
|
Mirabile |
Marco |
|
Born in Reggio Emilia |
on 07/07/1960 |
- Fiscal Code : MRBMRC60L07H223K |
|
Residence : |
Viale |
Olimpia |
, 14 |
- 42100 |
Reggio Emilia |
(RE) |
- IT - |
|
Position |
|
Permanent Auditor |
|
Baccarini |
Cristina |
|
Born in Rubiera |
on 30/11/1959 |
- Fiscal Code : BCCCST59S60H628U |
|
Residence : |
Via |
Olimpia |
, 14 |
- 42100 |
Reggio Emilia |
(RE) |
- IT - |
|
Position |
|
Temporary Auditor |
|
Montanini |
Mario |
|
Born in S.Lazzaro Parmense |
on 05/07/1943 |
- Fiscal Code : MNTMRA43L05H948P |
|
Residence : |
Via |
Donizetti |
, 25 |
- 42100 |
Reggio Emilia |
(RE) |
- IT - |
|
Position |
|
Institor |
|
Former seats |
|
- |
Branch |
(Warehouse ) |
since 30/11/1990 |
until 30/04/1992 |
|
|
|
|
|
Via |
T.Galimberti |
- 42100 |
- Reggio Emilia |
(RE) |
- IT - |
|
- |
Branch |
(Store ) |
since 29/12/1995 |
until 17/05/1999 |
|
|
|
|
|
Via |
Agnoletti |
- 42100 |
- Reggio Emilia |
(RE) |
- IT - |
|
|
|
|
|
Total Surface: 70 (Sq.Mt.) |
|
The firm absorved |
|
neri William S.r.l. |
|
Via |
Agnoletti |
, 23/A |
, 42100 |
, Reggio Emilia |
(RE) |
- IT - |
|
Fiscal Code: 00935620351 |
|
Date |
: |
30/11/1990 |
|
The firm absorbed by merging of |
|
neri Gomma S.r.l. |
|
Via |
Agnoletti |
, 23 |
, 42100 |
, Reggio Emilia |
(RE) |
- IT - |
|
Fiscal Code: 00367710357 |
|
Date |
: |
30/11/1990 |
PAYMENTS ANALYSIS
The average term of debts to suppliers is shorter than the sector one.
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.
BANKERS
|
Bank Name |
Agency Name |
Address |
ZIP Code |
City |
ABI Code |
CAB Code |
|
BANCA POPOLARE DELL'EMILIA |
|
|
|
|
5387 |
0 |
|
CASSA DI RISPARMIO DI REGGIO EMILIA SPA |
|
|
|
|
6275 |
0 |
|
BANCA POP. DI |
|
|
|
|
5188 |
0 |
IMMOVABLES *
*No specific (mortgage/cadastrial registrations) inspections have been
requested.
|
Immovable Type |
Value |
|
Real estates |
2.795.814 .Eur |
NB.: For Capital Companies the value of the Immovables is the one reported
in the last available financial documents.
FINANCIAL AND
ECONOMICAL ANALYSIS
Subject is active since 1991
During the last years, it recorded positive net results (r.o.e. 10,57%
in 2005) but without a significant increase in the turnover.
The return on Investment in the last financial year was positive (9,6%)
falling within the field's average.
The financial status of the company is fairly balanced with an
indebtedness level of 1,33 and decreasing as against 2004.
The company does not exceed in bank borrowings; the recourse to
suppliers' credit is also limited which is also lower than the sector average.
The management determines a good range of liquidity.
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
45.445.316 |
filed balance sheet |
|
Profit (Loss) for the period |
1.706.428 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
46.332.641 |
filed balance sheet |
|
Profit (Loss) for the period |
2.656.806 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2003 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
45.051.671 |
filed balance sheet |
|
Profit (Loss) for the period |
2.235.456 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2002 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
43.080.252 |
filed balance sheet |
|
Profit (Loss) for the period |
1.742.009 |
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 ) |
|
|
4.250.417 |
4.609.831 |
|
. Intangible assets |
|
|
158.857 |
90.236 |
|
. Tangible fixed assets |
|
|
3.872.899 |
4.338.024 |
|
. . Land and buildings |
|
|
2.795.814 |
3.532.331 |
|
. . Plants, Equipm. and Machinery |
|
|
372.838 |
401.734 |
|
. Long-term Investments |
|
|
218.661 |
181.571 |
|
. . Financial loans |
|
|
218.661 |
181.571 |
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
35.478.934 |
35.787.388 |
|
. Stock |
|
|
11.987.721 |
12.871.432 |
|
. Credits |
|
|
22.278.248 |
21.607.523 |
|
. . Credits to clients |
|
|
20.814.263 |
20.449.201 |
|
. . Other credits |
|
|
1.463.985 |
1.158.322 |
|
. Short-term financial assets |
|
|
|
|
|
. Liquid assets |
|
|
1.212.965 |
1.308.433 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
825.600 |
296.292 |
|
TOTAL ASSETS |
|
|
40.554.951 |
40.693.511 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
16.130.751 |
14.824.320 |
|
. Company's capital |
|
|
2.080.000 |
2.080.000 |
|
. Reserves |
|
|
12.344.323 |
10.087.514 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
|
|
|
. Profit (loss) |
|
|
1.706.428 |
2.656.806 |
|
PROVISION CHARGES ACCOUNTS |
|
|
658.942 |
657.561 |
|
STAFF TERM INDEMNITY |
|
|
418.006 |
393.023 |
|
DEBTS |
|
|
22.689.103 |
24.805.272 |
|
. Financial M/L terms |
|
|
|
2.065.828 |
|
. . Financial M/L term banks |
|
|
|
|
|
. . Financial M/L bonds |
|
|
|
2.065.828 |
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
14.950.871 |
14.387.851 |
|
. . Financial short-term banks |
|
|
12.840.099 |
14.343.212 |
|
. . Financial short-term bonds |
|
|
2.110.772 |
44.639 |
|
. . Other financial short-term debts |
|
|
|
|
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
7.133.197 |
7.270.729 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
605.035 |
1.080.864 |
|
ACCRUED COSTS DEFERR. LIABILITIES |
|
|
658.149 |
13.335 |
|
TOTAL LIABILITIES |
|
|
40.554.951 |
40.693.511 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS
ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
45.728.936 |
46.645.650 |
|
. Revenues from sales/services |
|
|
45.445.316 |
46.332.641 |
|
. Change of stock (products) |
|
|
|
|
|
OPERATING EXPENSES |
|
|
41.832.424 |
42.078.347 |
|
. Purchasing expenses |
|
|
32.203.361 |
33.694.988 |
|
. Change of stock (raw material) |
|
|
874.659 |
299.651 |
|
. Expenses from services |
|
|
6.230.648 |
5.621.936 |
|
. Expenses from leasing |
|
|
485.775 |
466.348 |
|
. General expenses/sundry charges |
|
|
274.485 |
111.632 |
|
. Staff expenses |
|
|
1.231.229 |
1.166.093 |
|
. Depreciation/Devaluation costs |
|
|
532.267 |
717.699 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-858.810 |
12.508 |
|
. Financial charges |
|
|
-911.599 |
-29.871 |
|
. Financial revenues |
|
|
52.789 |
42.379 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
-53.418 |
-71.106 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
2.984.284 |
4.508.705 |
|
TAX |
|
|
1.277.856 |
1.851.899 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
1.706.428 |
2.656.806 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2005 |
as at 31/12/2004 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
|
3,89 |
3,74 |
2,53 |
|
Net Short-term indebtedness |
Units |
- 1 |
|
1,33 |
1,44 |
4,82 |
|
Current ratio |
Units |
=> 1 |
|
1,56 |
1,57 |
1,16 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
=> 1 |
|
1,03 |
1,00 |
0,86 |
|
Return on Sales |
% |
|
|
4,92 |
7,28 |
1,93 |
|
Average stock waiting period |
dd |
|
|
94,93 |
100,00 |
54,54 |
|
Credits to clients average term |
dd |
|
|
164,88 |
158,86 |
120,63 |
|
Debts to suppliers average term |
dd |
|
|
65,95 |
65,77 |
140,00 |
|
Net financial revenues/ charges incidence |
% |
|
|
- 1,88 |
0,02 |
- 0,85 |
|
Labour cost incidence |
% |
|
|
2,70 |
2,51 |
7,30 |
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
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 98%, in respect of a sector
average of 40%.
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:
253.100 .Eur.
MARKET / TERRITORY
DATA
|
Population living in the province |
: |
487.003 |
|
Population living in the region |
: |
4.151.369 |
|
Number of families in the region |
: |
1.748.359 |
Monthly family expenses average in the region (in Eur.) :
|
- per food products |
: |
425 |
|
- per non food products |
: |
2.063 |
|
- per energy consume |
: |
143 |
SECTOR DATA
The values are calculated on a base of 1.980 significant companies.
The companies cash their credits on an average of 120 dd.
The average duration of suppliers debts is about 140 dd.
The sector's profitability is on an average of 1,93%.
The labour cost affects the turnover in the measure of 7,30%.
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 1,46.
The employees costs represent the 7,41% 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 18.860 protested subjects are found; in the province they
count to 1.775.
The insolvency index for the region is 0,46, while for the province it
is 0,38.
Total Bankrupt companies in the province : 1.365.
Total Bankrupt companies in the region : 14.698.
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%)