MIRA
INFORM REPORT
|
Report Date : |
30.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
Industrie Pasotti S.p.a. |
|
|
|
|
Registered Office : |
Via Della Musia, 97, 25100 – Brescia (BS) -IT |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
14/10/1964 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Non ferrous metal foundry. |
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 : |
554.700 - Eur |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
name & address
Industrie Pasotti S.p.a.
Via Della Musia, 97
25100 - Brescia (BS) -IT-
SUMMARY
|
Legal Form |
: |
Joint stock company |
|
Start of Activities |
: |
14/10/1964 |
|
Patrimonial Consistence |
: |
Over 2.500.000 Eur |
|
Turnover Range |
: |
75.000.000/100.000.000 Eur |
|
Number of Employees |
: |
from 251 to 500 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
554.700 - Eur |
ACTIVITY
Non ferrous metal foundry.
LEGAL DATA
Legal Form : Joint stock company
|
Fiscal Code : 00297220170 |
|
Foreign Trade Reg. no. : BS019890 since 23/12/1991 |
|
Foreign Trade Reg. no. : 019890 of Brescia since 23/12/1991 |
|
Chamber of Commerce no. : 147069 of Brescia since 03/11/1964 |
|
Firms' Register : BS029-6976 since 19/02/1996 |
|
V.A.T. Code : 00297220170 |
|
Court : 6976 of Brescia |
|
Foundation Date |
: 14/10/1964 |
|
|
Establishment Date |
: 14/10/1964 |
|
|
Start of Activities |
: 14/10/1964 |
|
|
Legal Duration Date |
: 31/12/2050 |
|
|
Nominal Capital |
: 5.200.000 |
Eur |
|
Subscribed Capital |
: 5.200.000 |
Eur |
|
Paid up Capital |
: 5.200.000 |
Eur |
MEMBERS
|
Pasotti |
Alberto |
|
Born in Brescia |
(BS) |
on 15/09/1956 |
- Fiscal Code : PSTLRT56P15B157C |
|
Residence : |
Via |
Oriani |
, 16/A |
- 25100 |
Brescia |
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
25/05/2006 |
|
|
|
Assistant board Chairman |
25/05/2006 |
|
|
|
Managing Director |
25/05/2006 |
|
|
No Protests registered.
|
Pasotti |
Armando |
|
Born in Brescia |
(BS) |
on 02/10/1959 |
- Fiscal Code : PSTRND59R02B157D |
|
Residence : |
Via |
Monti |
, 24 |
- 25100 |
Brescia |
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
25/05/2006 |
|
|
|
Managing Director |
25/05/2006 |
|
|
|
Board Chairman |
25/05/2006 |
|
|
No Protests registered.
|
Pasotti |
Giacomo Vittorio |
|
Born in Brescia |
(BS) |
on 23/02/1961 |
- Fiscal Code : PSTGMV61B23B157Y |
|
Residence : |
Via |
Amba D'oro |
, 43 |
- 25100 |
Brescia |
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
25/05/2006 |
|
|
|
Managing Director |
25/05/2006 |
|
|
No Protests registered.
|
Rizzola |
Riccardo |
|
Born in Brescia |
(BS) |
on 24/05/1965 |
- Fiscal Code : RZZRCR65E24B157C |
|
Residence : |
Via |
Amba D'oro |
, 45 |
- 25100 |
Brescia |
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
25/05/2006 |
|
|
No Protests registered.
|
Pasotti |
Daniela |
|
Born in Brescia |
(BS) |
on 31/08/1959 |
- Fiscal Code : PSTDNL59M71B157J |
|
Residence : |
Via |
Oriani |
, 16/A |
- 25100 |
Brescia |
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
25/05/2006 |
|
|
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.
|
PASOTTI ALBERTO |
|
|
PASOTTI ARMANDO |
|
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 |
|
Pasotti Alberto |
Brescia - IT - |
PSTLRT56P15B157C |
1.369.333 .Eur |
26,33 |
|
Pasotti Armando |
Brescia - IT - |
PSTRND59R02B157D |
.Eur |
33,33 |
|
Pasotti Giacomo Vittorio |
Brescia - IT - |
PSTGMV61B23B157Y |
.Eur |
33,33 |
|
Pasotti Daniela |
Brescia - IT - |
PSTDNL59M71B157J |
355.334 .Eur |
6,83 |
|
Pasotti Maria Vittoria |
|
PSTMVT67T53B157R |
.Eur |
33,33 |
|
Pasotti Maria Patrizia |
|
PSTMPT54C70B157S |
355.333 .Eur |
6,83 |
DIRECT PARTICIPATIONS
|
Company Style |
Legal Seat |
Fiscal Code |
Owned Shares |
% of Ownership |
Share Status |
|
ASSOENERGIA SOCIETA' CONSORTILE PER AZIONI
|
Brescia - IT - |
03445950177 |
30 .Eur |
0,02 |
Active |
|
Istituto Superiore Di Formazione E Ricerca
2000 Societa' Consortile Per Azione, |
Brescia - IT - |
03063890176 |
530 .Eur |
0,09 |
Ceased |
|
CIRA CONSORZIO INTERNAZIONALE RADIATORI SCRL- SOCIETA' CONSORTILE A
RESPONSABILI |
|
02781520982 |
5.000 .Eur |
9,52 |
Active |
STRUCTURE AND COMPANY ACTIVITY
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
since 14/10/1964 |
in : |
|
|
|
|
|
Via |
Della Musia |
, 97 |
- 25100 - |
Brescia |
(BS) |
- IT - |
|
|
|
|
PHONE |
: 030/391651 |
|
|
|
|
PHONE |
: 030/3695711 |
|
- |
Branch |
(Factory ) |
in : |
|
|
|
|
|
Via |
Xx Settembre |
, 45 |
- 25070 - |
Sabbio Chiese |
(BS) |
- IT - |
|
|
|
|
PHONE |
: 030/391651 |
|
- |
Branch |
(Factory ) |
in : |
|
|
|
|
|
Via |
Gardesana |
, 46 |
- 25080 - |
Prevalle |
(BS) |
- IT - |
|
|
|
|
PHONE |
: 030/603461 |
|
|
|
|
PHONE |
: 030/6804711 |
|
- |
Branch |
(Factory ) |
since 11/06/1997 |
in : |
|
|
|
|
|
Via |
Alcide De Gasperi |
, 11 |
- 25070 - |
Sabbio Chiese |
(BS) |
- IT - |
|
|
|
|
PHONE |
: 0365/859001 |
|
|
|
|
Employees |
: 418 |
|
|
|
|
Fittings and Equipment |
for a value of
5.258.500 |
Eur |
|
|
|
|
Stocks |
for a value of
11.747.000 |
Eur |
The firm operates abroad as importer / exporter.
Export represents up to 20% of the global turnover.
Products abroad are placed by :
|
- national or foreign important buyers |
|
- importers |
|
- its own agents |
Import comes generally from the following nations:
|
- Austria |
|
- Belgio |
Export is mainly towards:
|
- Grecia |
|
- Austria |
|
- Belgio |
|
- Gran Bretagna |
|
- Islanda |
|
- Irlanda |
|
- Cipro |
|
- Ungheria |
HISTORICAL INFORMATION AND/OR
FIRM'S
STATUS
|
Ex-Members /
Ex-Positions |
|
Pasotti |
Aldo |
|
Born in Lumezzane |
on 24/12/1924 |
- Fiscal Code : PSTLDA24T24E738A |
|
Residence : |
Via |
Amba D'Oro |
- 25100 |
Brescia |
(BS) |
- IT - |
|
Position |
|
Chairman |
|
Chairman and Managing Director |
|
Managing Director |
|
Pasotti |
Giuseppe |
|
Born in Lumezzane |
on 12/12/1922 |
- Fiscal Code : PSTGPP22T12E738Z |
|
Residence : |
Via |
Oriani |
, 16 |
- 25100 |
Brescia |
(BS) |
- IT - |
|
Position |
|
Vice-Chairman |
|
Assistant board Chairman |
|
Managing Director |
|
Minervini |
Vittoria |
|
Born in BRESCIA |
on 04/11/1965 |
- Fiscal Code : MNRVTR65S44B157D |
|
Residence : |
Via |
S. MARTINO DELLA BATTAGLIA |
, 12 |
- 25100 |
Brescia |
(BS) |
- IT - |
|
Position |
|
Temporary Auditor |
|
Former seats |
|
- |
Branch |
(Factory ) |
until 09/12/1987 |
|
|
|
|
|
- 25070 |
- Provaglio Val Sabbia |
(BS) |
- 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 |
|
Cassa Risparmio Provincie Lombarde |
|
|
|
|
|
|
|
Credito Italiano |
|
|
|
|
|
|
|
Banca Nazionale Lavoro |
|
|
|
|
|
|
|
Banca Commerciale Italiana |
|
|
|
|
|
|
IMMOVABLES *
*No specific (mortgage/cadastrial registrations) inspections have been
requested.
|
Immovable Type |
Value |
|
Real estates |
10.874.931 .Eur |
NB.: For Capital Companies the value of the Immovables is the one
reported in the last available financial documents.
FINANCIAL AND ECONOMICAL ANALYSIS
The company is active since 1964
During the last years, it recorded positive net results (r.o.e. 1,83% in
2006) and with an upward trend in turnover trend during the last financial year
(+24,14% in 2006).
The return on Investment in the last financial year was positive (3,75%)
and reflects the field's average.
The ratio between shareholder's equity and borrowed capital is not well
balanced, the indebtedness level is equal to 4,67 increasing as against 2005.
Both financial indebtedness and suppliers exposure are rather high
however still within the sector's average.
Liquidity is not excellent.
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
95.635.013 |
filed balance sheet |
|
Profit (Loss) for the period |
178.979 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
77.032.425 |
filed balance sheet |
|
Profit (Loss) for the period |
55.943 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
77.957.836 |
filed balance sheet |
|
Profit (Loss) for the period |
271.861 |
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 31/12/2006 - Months 12 - Currency Eur - Amounts x 1 |
|
Balance Sheet as
at 31/12/2005 - Months 12 - Currency Eur - Amounts x 1 |
|
Years |
|
|
2006 |
2005 |
|
|
BALANCE SHEET
ACCOUNTS |
|
|
|
|
. |
|
|
|
|
|
ASSETS |
|
|
|
|
|
CREDITS TO SHAREHOLDERS |
|
|
|
|
|
FIXED ASSETS ( NET ) |
|
|
22.485.218 |
23.088.025 |
|
. Intangible assets |
|
|
29.217 |
40.487 |
|
. Tangible fixed assets |
|
|
16.496.900 |
16.093.553 |
|
. . Land and buildings |
|
|
10.874.931 |
10.459.431 |
|
. . Plants, Equipm.and Machinery |
|
|
5.258.296 |
3.781.713 |
|
. Long-term Investments |
|
|
5.959.101 |
6.953.985 |
|
. . Financial loans |
|
|
40.563 |
16.958 |
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
45.837.882 |
38.178.367 |
|
. Stock |
|
|
11.747.244 |
9.837.977 |
|
. Credits |
|
|
33.543.722 |
27.609.331 |
|
. . Credits to clients |
|
|
22.312.730 |
20.082.624 |
|
. . Other credits |
|
|
11.230.992 |
7.526.707 |
|
. Short-term financial assets |
|
|
|
|
|
. Liquid assets |
|
|
546.916 |
731.059 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
188.807 |
196.922 |
|
TOTAL ASSETS |
|
|
68.511.907 |
61.463.314 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
9.740.573 |
9.361.598 |
|
. Company's capital |
|
|
5.200.000 |
5.200.000 |
|
. Reserves |
|
|
4.361.345 |
4.105.655 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
249 |
|
|
. Profit (loss) |
|
|
178.979 |
55.943 |
|
PROVISION CHARGES ACCOUNTS |
|
|
148.979 |
132.401 |
|
STAFF TERM INDEMNITY |
|
|
4.067.497 |
3.923.903 |
|
DEBTS |
|
|
54.554.858 |
47.498.886 |
|
. Financial M/L terms |
|
|
8.443.811 |
8.047.460 |
|
. . Financial M/L term banks |
|
|
6.343.811 |
5.947.460 |
|
. . Financial M/L bonds |
|
|
2.100.000 |
2.100.000 |
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
11.843.637 |
15.291.053 |
|
. . Financial short-term banks |
|
|
11.843.637 |
15.291.053 |
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
|
|
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
30.444.874 |
21.250.354 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
3.822.536 |
2.910.019 |
|
ACCRUED COSTS DEFERR. LIABILITIES |
|
|
|
546.526 |
|
TOTAL LIABILITIES |
|
|
68.511.907 |
61.463.314 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS
ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
97.329.459 |
75.301.428 |
|
. Revenues from sales/services |
|
|
95.635.013 |
77.032.425 |
|
. Change of stock (products) |
|
|
677.899 |
-2.040.782 |
|
OPERATING EXPENSES |
|
|
94.757.862 |
73.360.339 |
|
. Purchasing expenses |
|
|
56.941.746 |
39.291.028 |
|
. Change of stock (raw material) |
|
|
-444.848 |
732.498 |
|
. Expenses from services |
|
|
15.299.128 |
13.457.119 |
|
. Expenses from leasing |
|
|
973.138 |
967.371 |
|
. General expenses/sundry charges |
|
|
1.072.963 |
841.042 |
|
. Staff expenses |
|
|
17.974.269 |
14.816.028 |
|
. Depreciation/Devaluation costs |
|
|
2.941.466 |
3.255.253 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-850.649 |
-741.890 |
|
. Financial charges |
|
|
-850.649 |
-1.111.869 |
|
. Financial revenues |
|
|
|
369.979 |
|
FINANCIAL ASSETS CORRECTION |
|
|
16.511 |
57.671 |
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
|
|
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
1.737.459 |
1.256.870 |
|
TAX |
|
|
1.558.480 |
1.200.927 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
178.979 |
55.943 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2006 |
as at 31/12/2005 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
0,98 |
0,92 |
1,34 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
4,67 |
4,13 |
2,38 |
|
Current ratio |
Units |
=> 1 |
l |
0,99 |
0,96 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units' |
=> 1 |
l |
0,73 |
0,71 |
0,87 |
|
Return on Sales |
% |
|
l |
3,26 |
4,29 |
4,85 |
|
Average stock waiting period |
dd |
|
l |
44,20 |
45,97 |
45,39 |
|
Credits to clients average term |
dd |
|
l |
83,98 |
93,85 |
123,51 |
|
Debts to suppliers average term |
dd |
|
l |
149,68 |
142,41 |
134,40 |
|
Net financial revenues/ charges incidence |
% |
|
l |
- 0,88 |
- 0,96 |
- 1,01 |
|
Labour cost incidence |
% |
|
l |
18,79 |
19,23 |
20,84 |
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
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:
554.700 .Eur.
MARKET / TERRITORY DATA
|
Population living in the province |
: |
1.169.259 |
|
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 435 significant companies.
The companies cash their credits on an average of 123 dd.
The average duration of suppliers debts is about 134 dd.
The sector's profitability is on an average of 4,85%.
The labour cost affects the turnover in the measure of 20,84%.
Goods are held in stock in a range of 45 dd.
The difference between the sales volume and the resources used to
realize it is about 1,13.
The employees costs represent the 21,01% 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 5.551.
The insolvency index for the region is 0,55, while for the province it
is 0,48.
Total Bankrupt companies in the province : 3.452.
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. |
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%)