MIRA
INFORM REPORT
|
Report Date : |
19.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TESTA S.P.A. |
|
|
|
|
Registered Office : |
Via Crema, 8/C, 24050 -
Zanica (BG) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
03.02.1982 |
|
|
|
|
Legal Form : |
Joint Stock
Company |
|
|
|
|
Line of Business : |
Manufacturing and installation of textile
machines and their accessories. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
Eur 49.000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
Name & address
Testa S.p.a.
Via Crema, 8/C
24050 - Zanica (BG) -IT-
SUMMARY
|
Fiscal Code |
: |
00966030165 |
|
Legal Form |
: |
Joint stock company |
|
Start of Activities |
: |
01/10/1991 |
|
Patrimonial Consistence |
: |
400.000 Eur |
|
Turnover Range |
: |
3.750.000/5.000.000 Eur |
|
Number of Employees |
: |
from 26 to 35 |
CREDIT
ANALYSIS
|
CREDIT OPINION |
: |
49.000 - Eur |
|
Score |
: |
Risk medium |
|
|
|
Modest financial and economic aspect - Limited
credit is suggested. |
ACTIVITY
Manufacturing and installation of textile machines and their
accessories.
LEGAL DATA
Legal Form : Joint stock company
|
Fiscal Code : 00966030165 |
|
Foreign Trade Reg. no. : BG010349 since
20/12/1991 |
|
Chamber of Commerce no. : 198447 of Bergamo since
05/04/1982 |
|
V.A.T. Code : 00966030165 |
|
Establishment Date |
: 03/02/1982 |
|
|
Start of Activities |
: 01/10/1991 |
|
|
Legal Duration Date |
: 31/12/2040 |
|
|
Nominal Capital |
: 257.484 |
Eur |
|
Subscribed Capital |
: 257.484 |
Eur |
|
Paid up Capital |
: 257.484 |
Eur |
MEMBERS
|
Testa |
Venceslao |
|
Born in Urgnano |
(BG) |
on 16/12/1937 |
- Fiscal Code : TSTVCS37T16L502H |
|
Residence : |
Via |
G. Puccini |
- 24059 |
Urgnano |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
23/10/2007 |
|
|
No Protests registered.
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 |
|
Testa Venceslao |
Urgnano - IT - |
TSTVCS37T16L502H |
131.322 .Eur |
51,00 |
|
Danelli Maria Antonietta |
|
DNLMNT42A62A664Y |
126.162 .Eur |
48,99 |
DIRECT
PARTICIPATIONS
|
Company Style |
Legal Seat |
Fiscal Code |
Owned Shares |
% of Ownership |
Share Status |
|
C.E.A.M. - CONSORZIO ESPORTAZIONE ALTO MILANESE |
Busto Arsizio - IT - |
01981710120 |
|
|
Active |
STRUCTURE AND
COMPANY ACTIVITY
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
in : |
|
|
|
|
|
Via |
Crema |
, 8/C |
- 24050 - |
Zanica |
(BG) |
- IT - |
|
|
|
|
PHONE |
: 035/890271 |
|
|
|
|
PHONE |
: 035/670444 - 670450 |
|
|
|
|
Employees |
: 32 |
|
|
|
|
Fittings and Equipment |
for a value of 27.000 |
Eur |
|
|
|
|
Stocks |
for a value of 1.180.000 |
Eur |
|
|
The firm operates abroad as importer / exporter. .
Export represents from 20% to 50% of the global turnover.
Products abroad are placed by :
|
- direct orders from foreign companies |
Export is mainly towards:
|
- Austria |
|
- Islanda |
|
- Irlanda |
PAYMENTS
ANALYSIS
The average term of debts to suppliers is high 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.
IMMOVABLES
*No specific (mortgage/cadastrial registrations) inspections have been
requested.
|
Immovable Type |
Value |
|
Real estates |
445.469 .Eur |
NB.: For Capital Companies the value of the Immovables is the one
reported in the last available financial documents.
FINANCIAL AND
ECONOMICAL ANALYSIS
Under the financial profile unstable results are noted. yet with a
positive result in the 2007 (r.o.e. 2,46%).
and reflects the field's average.
Net worth does not allow a regular management, short-term debts volume
is considerably high, with an high indebtedness volume on the whole (14,81)
which is rising compared to 2006.
Payments average period is high
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
4.777.826 |
filed balance sheet |
|
Profit (Loss) for the period |
7.235 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
4.822.716 |
filed balance sheet |
|
Profit (Loss) for the period |
-94.990 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
5.626.482 |
filed balance sheet |
|
Profit (Loss) for the period |
-7.537 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
5.004.177 |
filed balance sheet |
|
Profit (Loss) for the period |
-29.001 |
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 ) |
|
|
2.098.280 |
2.136.915 |
|
. Intangible assets |
|
|
161.883 |
205.921 |
|
. Tangible fixed assets |
|
|
1.932.968 |
1.927.565 |
|
. . Land and buildings |
|
|
|
|
|
. . Plants, Equipm.and Machinery |
|
|
|
|
|
. Long-term Investments |
|
|
3.429 |
3.429 |
|
. . Financial loans |
|
|
3.429 |
3.429 |
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
3.489.314 |
3.077.984 |
|
. Stock |
|
|
1.179.803 |
1.372.501 |
|
. Credits |
|
|
2.239.965 |
1.695.276 |
|
. . Credits to clients |
|
|
2.239.965 |
1.695.276 |
|
. . Other credits |
|
|
|
|
|
. Short-term financial assets |
|
|
|
|
|
. Liquid assets |
|
|
69.546 |
10.207 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
30.789 |
34.453 |
|
TOTAL ASSETS |
|
|
5.618.383 |
5.249.352 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
293.231 |
285.997 |
|
. Company's capital |
|
|
257.484 |
257.484 |
|
. Reserves |
|
|
28.512 |
123.503 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
|
|
|
. Profit (loss) |
|
|
7.235 |
-94.990 |
|
PROVISION FOR RISKS AND LOSSES |
|
|
|
|
|
SEVERANCE INDEMNITY FUND |
|
|
394.732 |
403.073 |
|
DEBTS |
|
|
4.912.896 |
4.557.730 |
|
. 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 |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
|
|
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
|
|
|
ACCRUED EXPENSE |
|
|
17.524 |
2.552 |
|
TOTAL LIABILITIES |
|
|
5.618.383 |
5.249.352 |
PROFIT AND LOSS ACCOUNTS
|
OUTPUT VALUE |
|
|
4.649.286 |
4.789.569 |
|
. Revenues from sales/services |
|
|
4.777.826 |
4.822.716 |
|
. Change of stock (products) |
|
|
-131.535 |
-50.218 |
|
OPERATING EXPENSES |
|
|
4.511.561 |
4.634.531 |
|
. Purchasing expenses |
|
|
2.256.968 |
2.444.739 |
|
. Change of stock (raw material) |
|
|
61.163 |
-42.040 |
|
. Expenses from services |
|
|
806.631 |
890.950 |
|
. Expenses from leasing |
|
|
5.482 |
29.263 |
|
. General expenses/sundry charges |
|
|
40.987 |
33.969 |
|
. Staff expenses |
|
|
1.252.593 |
1.194.896 |
|
. Depreciation/Devaluation costs |
|
|
87.737 |
82.754 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-201.082 |
-185.080 |
|
. Financial charges |
|
|
-202.853 |
-185.084 |
|
. Financial revenues |
|
|
1.771 |
4 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
158.753 |
-11.607 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
95.396 |
-41.649 |
|
TAX |
|
|
88.161 |
53.341 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
7.235 |
-94.990 |
RATIOS
|
|
Item |
O.V. |
O.V. |
as at 31/12/2007 |
as at 31/12/2006 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
0,56 |
0,65 |
2,08 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
14,81 |
13,45 |
2,53 |
|
Current ratio |
Units |
=> 1 |
l |
0,79 |
0,79 |
1,34 |
|
Acid Test Ratio-Liquidity Ratio |
Units' |
=> 1 |
l |
0,52 |
0,44 |
0,91 |
|
Return on Sales |
% |
|
l |
1,98 |
- 0,25 |
2,28 |
|
Average stock waiting period |
dd |
|
l |
88,88 |
102,42 |
81,97 |
|
Credits to clients average term |
dd |
|
l |
168,76 |
126,54 |
129,24 |
|
Debts to suppliers average term |
dd |
|
l |
410,00 |
350,00 |
140,98 |
|
Net financial revenues/ charges incidence |
% |
|
l |
- 4,20 |
- 3,83 |
- 1,01 |
|
Labour cost incidence |
% |
|
l |
26,21 |
24,77 |
24,74 |
O.V. = Optimal Value. When not present refer
to the sector's.
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:
49.000 .Eur.
MARKET /
TERRITORY DATA
|
Population living in the province |
: |
1.022.428 |
|
Population living in the region |
: |
9.393.092 |
|
Number of families in the region |
: |
3.858.736 |
Monthly family expences 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 202 significant companies.
The companies cash their credits on an average of 129 dd.
The average duration of suppliers debts is about 140 dd.
The sector's profitability is on an average of 2,28%.
The labour cost affects the turnover in the measure of 24,74%.
Goods are held in stock in a range of 81 dd.
The difference between the sales volume and the resources used to
realize it is about 1,04.
The employees costs represent the 24,70% 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 50.886 protested subjects are found; in the province they
count to 4.150.
The insolvency index for the region is 0,55, while for the province it
is 0,41.
Total Bankrupt companies in the province : 4.376.
Total Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.08 |
|
UK Pound |
1 |
Rs.71.17 |
|
Euro |
1 |
Rs.66.98 |
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%)