MIRA
INFORM REPORT
|
Report Date : |
20.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
REDA S.P.A. |
|
|
|
|
Registered Office : |
Via Piave, SNC 36033 - Isola
Vicentina (VI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
01.12.1980 |
|
|
|
|
Com. Reg. No.: |
VI116-14875 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and Installation of Machines and Equipment for the Food
and Chemical Industries. |
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 : |
Eur 542.000
|
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name & address
Reda S.p.a.
Via Piave, SNC
36033 - Isola Vicentina (VI) -IT-
SUMMARY
|
Fiscal Code |
: |
01583660244 |
|
Legal Form |
: |
Joint stock company |
|
Start of Activities |
: |
01/12/1980 |
|
Patrimonial Consistence |
: |
2.500.000 Eur |
|
Turnover Range |
: |
15.500.000/18.000.000 Eur |
|
Number of Employees |
: |
from 71 to 90 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
542.000 - Eur |
|
Score |
: |
Risk normal |
|
Creditworthness Rate |
: |
Good |
|
|
|
Under the financial aspect a certain balance is reported which leads |
|
|
|
to a credit with a very limited risk. |
ACTIVITY
Manufacturing and installation of machines and equipment for the food
and chemical industries.
Manufacturing and installation of machines and equipment for the food
industry.
LEGAL DATA
Legal Form : Joint stock company
|
Fiscal Code
: 01583660244 |
|
Foreign Trade Reg. no.
: 013313 of Vicenza since 16/12/1991 |
|
Chamber of Commerce no. :
171438 of Vicenza since 15/07/1983 |
|
Firms' Register
: VI116-14875 since 19/02/1996 |
|
V.A.T. Code
: 01583660244 |
|
Court : 14875 of Vicenza |
|
Foundation Date |
: 21/06/1983 |
|
|
Establishment Date |
: 21/06/1983 |
|
|
Start of Activities |
: 01/12/1980 |
|
|
Legal Duration Date |
: 31/12/2030 |
|
|
Nominal Capital |
: 208.000 |
Eur |
|
Subscribed Capital |
: 208.000 |
Eur |
|
Paid up Capital |
: 208.000 |
Eur |
MEMBERS
|
Frigo |
Giorgio |
|
Born in Costabissara |
(VI) |
on 24/11/1951 |
- Fiscal Code : FRGGRG51S24D107S |
|
Residence : |
Via |
Cavour |
, 51 |
- 36030 |
Costabissara |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
29/04/2006 |
|
|
|
Board Chairman |
29/04/2006 |
|
|
No Protests registered.
|
Sperotto |
Gianmario |
|
Born in Sarcedo |
(VI) |
on 09/04/1949 |
- Fiscal Code : SPRGMR49D09I425Y |
|
Residence : |
Via |
Granezza |
, 6 |
- 36030 |
Sarcedo |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
29/04/2006 |
|
|
|
Director |
29/04/2006 |
|
|
No Protests registered.
|
Piatto |
Giovanni |
|
Born in Schio |
(VI) |
on 02/06/1955 |
- Fiscal Code : PTTGNN55H02I531J |
|
Residence : |
Via |
Pedrollo |
, 55/2 |
- 36030 |
Caldogno |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
29/04/2006 |
|
|
|
Director |
29/04/2006 |
|
|
No Protests registered.
|
Rigon |
Giovanni Battista |
|
Born in Montecchio Precalcino |
(VI) |
on 06/03/1952 |
- Fiscal Code : RGNGNN52C06F465L |
|
Residence : |
Via |
Contralonga |
, 16 |
- 36030 |
Montecchio Precalcino |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
29/04/2006 |
|
|
|
Director |
29/04/2006 |
|
|
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.
|
FRIGO |
GIORGIO |
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Position Status |
Firm Status |
|
SILEDA S.R.L. |
Costabissara (VI) - IT - |
02089220244 |
Director |
Active |
Registered |
|
SILEDA S.R.L. |
Costabissara (VI) - IT - |
02089220244 |
Sole Director |
Dismiss |
Registered |
|
SILEDA S.R.L. |
Costabissara (VI) - IT - |
02089220244 |
Board Chairman |
Active |
Registered |
|
SOGEA S.R.L. |
Arcugnano (VI) - IT - |
00884790247 |
Director |
Dismiss |
Registered |
|
SOGEA S.R.L. |
Arcugnano (VI) - IT - |
00884790247 |
Board Chairman |
Dismiss |
Registered |
|
SPEROTTO |
GIANMARIO |
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Position Status |
Firm Status |
|
SILEDA S.R.L. |
Costabissara (VI) - IT - |
02089220244 |
Director |
Active |
Registered |
|
SOGEA S.R.L. |
Arcugnano (VI) - IT - |
00884790247 |
Director |
Dismiss |
Registered |
|
PIATTO |
GIOVANNI |
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Position Status |
Firm Status |
|
SILEDA S.R.L. |
Costabissara (VI) - IT - |
02089220244 |
Director |
Active |
Registered |
|
RIGON |
GIOVANNI BATTISTA |
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Position Status |
Firm Status |
|
SILEDA S.R.L. |
Costabissara (VI) - IT - |
02089220244 |
Director |
Active |
Registered |
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 |
|
Sileda S.r.l. |
Costabissara - IT - |
02089220244 |
45.760 .Eur |
22,00 |
|
Gasparotti Vittorio |
Vicenza - IT - |
GSPVTR30P07L407W |
43.680 .Eur |
21,00 |
|
Frigo Giorgio |
Costabissara - IT - |
FRGGRG51S24D107S |
41.600 .Eur |
20,00 |
|
Sperotto Gianmario |
Sarcedo - IT - |
SPRGMR49D09I425Y |
27.040 .Eur |
13,00 |
|
Piatto Giovanni |
Caldogno - IT - |
PTTGNN55H02I531J |
27.040 .Eur |
13,00 |
|
Rigon Giovanni Battista |
Montecchio Precalcino - IT - |
RGNGNN52C06F465L |
22.880 .Eur |
11,00 |
DIRECT PARTICIPATIONS
|
Company Style |
Legal Seat |
Fiscal Code |
Owned Shares |
% of Ownership |
Share Status |
|
Sileda S.r.l. |
Costabissara - IT - |
02089220244 |
8.319 .Eur |
80,00 |
Active |
STRUCTURE AND COMPANY ACTIVITY
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
in : |
|
|
|
|
|
Via |
Piave |
, Sn |
- 36033 - |
Isola Vicentina |
(VI) |
- IT - |
|
|
|
|
PHONE |
: 0444/977222 |
|
- |
Branch |
(Production engineering department ) |
since 02/05/2000 |
in : |
|
|
|
|
|
Via |
Rovereto |
, 37/H Loc. MOTTA |
- 36030 - |
Costabissara |
(VI) |
- IT - |
|
|
|
|
PHONE |
: 0444/971652 |
|
|
|
|
FAX |
: 0444/971611 |
|
- |
Branch |
(Factory ) |
since 01/05/2007 |
in : |
|
|
|
|
|
Via |
Piave |
, 15 |
- 36033 - |
Isola Vicentina |
(VI) |
- IT - |
|
|
|
|
PHONE |
: 0444/977222 |
|
|
|
|
FAX |
: 0444/977227 |
|
|
|
|
Employees |
: 75 |
|
|
|
|
Fittings and Equipment |
for a value of
170.000 |
Eur |
|
|
|
|
Stocks |
for a value of
3.220.000 |
Eur |
|
|
|
|
Furniture and fittings |
for a value of
98.000 |
Eur |
|
|
|
|
Vehicles |
for a value of
67.000 |
Eur |
|
|
The firm operates abroad as importer / 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 |
Export is mainly towards:
|
- Islanda |
|
- Grecia |
|
- Francia |
HISTORICAL INFORMATION AND/OR
FIRM'S STATUS
|
Ex-Members /
Ex-Positions |
|
Gasparotti |
Vittorio |
|
Born in Treviso |
on 07/09/1930 |
- Fiscal Code : GSPVTR30P07L407W |
|
Residence : |
Via |
Capparozzo |
, 11 |
- 36100 |
Vicenza |
(VI) |
- IT - |
|
Position |
|
Chairman |
|
Frigo |
Giorgio |
|
Born in Costabissara |
on 24/11/1951 |
- Fiscal Code : FRGGRG51S24D107S |
|
Residence : |
Via |
Cavour |
, 51 |
- 36030 |
Costabissara |
(VI) |
- IT - |
|
Position |
|
Managing Director |
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.
IMMOVABLES *
*No specific (mortgage/cadastrial registrations) inspections have been
requested.
|
Immovable Type |
Value |
|
Real estates |
2.527.207 .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 1980
During the last years, it achieved profits (r.o.e. 17,4% on 2007) keeping
the turnover steady during the last two years.
The return on Investment in the last financial year was positive (9,16%)
falling within the field's average.
Company's financial status is balanced since indebtedness is not high
(2,6) and falling as against the previous year (2,69).
The company does not exceed in bank credits; payments average period is
instead slightly high (103,53 gg.) but lower than the field average.
It shows a good range of liquidity.
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
15.561.854 |
filed balance sheet |
|
Profit (Loss) for the period |
366.215 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
15.360.524 |
filed balance sheet |
|
Profit (Loss) for the period |
262.320 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
16.040.128 |
filed balance sheet |
|
Profit (Loss) for the period |
263.018 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
16.728.938 |
filed balance sheet |
|
Profit (Loss) for the period |
234.379 |
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 31/12/2007 - Months 12 - Currency Eur - Amounts x 1 |
|
Balance Sheet as
at 31/12/2006 - Months 12 - Currency Eur - Amounts x 1 |
|
Years |
|
|
2007 |
2006 |
|
|
BALANCE SHEET
ACCOUNTS |
|
|
|
|
. |
|
|
|
|
|
ASSETS |
|
|
|
|
|
CREDITS TO SHAREHOLDERS |
|
|
|
|
|
FIXED ASSETS ( NET ) |
|
|
3.018.007 |
1.177.485 |
|
. Intangible assets |
|
|
29.293 |
35.971 |
|
. Tangible fixed assets |
|
|
2.952.307 |
1.105.107 |
|
. . Land and buildings |
|
|
2.527.207 |
680.984 |
|
. . Plants, Equipm.and Machinery |
|
|
169.662 |
136.904 |
|
. Long-term Investments |
|
|
36.407 |
36.407 |
|
. . Financial loans |
|
|
36.407 |
36.407 |
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
8.083.364 |
8.045.964 |
|
. Stock |
|
|
3.219.493 |
2.559.527 |
|
. Credits |
|
|
3.547.447 |
3.509.186 |
|
. . Credits to clients |
|
|
3.389.385 |
3.210.073 |
|
. . Other credits |
|
|
158.062 |
299.113 |
|
. Short-term financial assets |
|
|
|
|
|
. Liquid assets |
|
|
1.316.424 |
1.977.251 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
42.995 |
78.698 |
|
TOTAL ASSETS |
|
|
11.144.366 |
9.302.147 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
2.104.613 |
1.818.399 |
|
. Company's capital |
|
|
208.000 |
208.000 |
|
. Reserves |
|
|
1.530.398 |
1.348.079 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
|
|
|
. Profit (loss) |
|
|
366.215 |
262.320 |
|
PROVISION FOR RISKS AND LOSSES |
|
|
|
|
|
SEVERANCE INDEMNITY FUND |
|
|
552.585 |
527.179 |
|
DEBTS |
|
|
8.416.671 |
6.877.105 |
|
. Financial M/L terms |
|
|
1.620.000 |
|
|
. . Financial M/L term banks |
|
|
1.620.000 |
|
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
327.551 |
20.658 |
|
. . Financial short-term banks |
|
|
327.551 |
20.658 |
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
|
|
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
3.571.425 |
5.051.692 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
2.897.695 |
1.804.755 |
|
ACCRUED EXPENSE |
|
|
70.497 |
79.464 |
|
TOTAL LIABILITIES |
|
|
11.144.366 |
9.302.147 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS
ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
16.094.681 |
15.973.337 |
|
. Revenues from sales/services |
|
|
15.561.854 |
15.360.524 |
|
. Change of stock (products) |
|
|
478.437 |
612.492 |
|
OPERATING EXPENSES |
|
|
15.072.773 |
15.136.353 |
|
. Purchasing expenses |
|
|
7.870.905 |
6.331.991 |
|
. Change of stock (raw material) |
|
|
|
|
|
. Expenses from services |
|
|
4.515.634 |
6.147.244 |
|
. Expenses from leasing |
|
|
31.065 |
76.606 |
|
. General expenses/sundry charges |
|
|
26.066 |
16.897 |
|
. Staff expenses |
|
|
2.420.088 |
2.410.892 |
|
. Depreciation/Devaluation costs |
|
|
209.015 |
152.723 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-208.209 |
-52.921 |
|
. Financial charges |
|
|
-208.209 |
-196.015 |
|
. Financial revenues |
|
|
|
143.094 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
-5.446 |
-79.790 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
808.253 |
704.273 |
|
TAX |
|
|
442.038 |
441.953 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
366.215 |
262.320 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2007 |
as at 31/12/2006 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
1,41 |
1,99 |
2,03 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
2,60 |
2,69 |
3,11 |
|
Current ratio |
Units |
=> 1 |
l |
1,18 |
1,16 |
1,26 |
|
Acid Test Ratio-Liquidity Ratio |
Units' |
=> 1 |
l |
0,71 |
0,79 |
0,92 |
|
Return on Sales |
% |
|
l |
3,69 |
2,70 |
3,50 |
|
Average stock waiting period |
dd |
|
l |
74,44 |
59,97 |
60,71 |
|
Credits to clients average term |
dd |
|
l |
78,40 |
75,20 |
124,63 |
|
Debts to suppliers average term |
dd |
|
l |
103,53 |
144,82 |
158,82 |
|
Net financial revenues/ charges incidence |
% |
|
l |
- 1,33 |
- 0,34 |
- 0,75 |
|
Labour cost incidence |
% |
|
l |
15,55 |
15,69 |
20,80 |
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:
542.000 .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 expences 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 1.168
significant companies.
The companies cash their credits on an
average of 124 dd.
The average duration of suppliers debts is
about 158 dd.
The sector's profitability is on an average
of 3,50%.
The labour cost affects the turnover in the
measure of 20,80%.
Goods are held in stock in a range of 60 dd.
The difference between the sales volume and
the resources used to realize it is about 1,18.
The employees costs represent the 21,30% of
the production costs.
STATISTICAL DETRIMENTAL DATA
Statistcally 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.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.72 |
|
UK Pound |
1 |
Rs.81.45 |
|
Euro |
1 |
Rs.64.47 |
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%)