MIRA
INFORM REPORT
|
Report Date : |
30.12.2008 |
IDENTIFICATION DETAILS
|
Name : |
CITTADINI S.P.A. |
|
|
|
|
Registered Office : |
Via |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
24.03.1980 |
|
|
|
|
Com. Reg. No.: |
BS029-18024 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Production of Ropes and Strings. |
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 : |
Eur 125.000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
|
Cittadini S.p.a. |
|
Via |
|
35/45 |
|
25050 |
- Paderno Franciacorta |
(BS) |
-IT- |
SUMMARY
|
Fiscal Code |
: |
01218460176 |
|
Legal Form |
: |
Joint stock company |
|
Start of Activities |
: |
23/06/1980 |
|
Patrimonial Consistence |
: |
2.500.000 Eur |
|
|
: |
6.500.000/7.750.000 Eur |
|
Number of Employees |
: |
from 71 to 90 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
125.000 - Eur |
|
Score |
: |
Risk normal |
|
Creditworthness Rate |
: |
Sufficient |
|
|
|
Financial situation is not at its best, but credit is possible with |
|
|
|
no particular risks. |
ACTIVITY
Production of ropes and strings.
LEGAL DATA
Legal Form : Joint stock company
|
Fiscal Code : 01218460176 |
|
Foreign Trade Reg. no.
: BS003258 since 06/12/1991 |
|
Chamber of Commerce no. :
243678 of |
|
Firms' Register : BS029-18024
since 19/02/1996 |
|
V.A.T. Code : 01218460176 |
|
Foundation Date |
: 24/03/1980 |
|
|
Establishment Date |
: 24/03/1980 |
|
|
Start of Activities |
: 23/06/1980 |
|
|
Legal Duration Date |
: 31/12/2050 |
|
|
Nominal Capital |
: 2.000.000 |
Eur |
|
Subscribed Capital |
: 2.000.000 |
Eur |
|
Paid up Capital |
: 2.000.000 |
Eur |
MEMBERS
|
Cittadini |
Giovanni |
|
Born in Iseo |
(BS) |
on 12/05/1940 |
- Fiscal Code : CTTGNN40E12E333S |
|
Residence : |
Via |
Mazzini |
, 30 |
- 25121 |
|
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/04/2007 |
|
|
|
Managing Director |
10/08/2007 |
|
|
No Protests registered.
|
Aina |
Giuseppina |
|
Born in Cerano |
(NO) |
on 25/06/1943 |
- Fiscal Code : NAIGPP43H65C408H |
|
Residence : |
Via |
Mazzini |
, 30 |
- 25121 |
|
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/04/2007 |
|
|
|
Institor |
|
|
|
|
Managing Director |
10/08/2007 |
|
|
|
Board Chairman |
10/08/2007 |
|
|
|
Aina |
Giuseppina |
|
Born in Cerano |
(NO) |
on 25/06/1943 |
- Fiscal Code : NAIGPP43H65C483H |
|
Residence : |
Via |
Mazzini |
, 30 |
- 25121 |
|
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/04/2007 |
|
|
|
Institor |
|
|
|
|
Managing Director |
10/08/2007 |
|
|
|
Board Chairman |
10/08/2007 |
|
|
No Protests registered.
|
Cittadini |
Cesare |
|
Born in |
(BG) |
on 10/07/1971 |
- Fiscal Code : CTTCSR71L10A794Y |
|
Residence : |
Via |
Mazzini |
, 30 |
- 25100 |
|
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/04/2007 |
|
|
No Protests registered.
|
Adami |
Armando |
|
Born in |
(BS) |
on 19/05/1942 |
- Fiscal Code : DMARND42E19B157V |
|
Residence : |
Via |
Montello |
, 51 |
- 25100 |
|
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/04/2007 |
|
|
|
Managing Director |
10/08/2007 |
|
|
No Protests registered.
|
Cittadini |
Marco |
|
Born in |
(BG) |
on 23/08/1979 |
- Fiscal Code : CTTMRC79M23A794S |
|
Residence : |
Via |
Mazzini |
, 30 |
- 25100 |
|
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/04/2007 |
|
|
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.
|
CITTADINI |
GIOVANNI |
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Position Status |
Firm Status |
|
C.R.C. S.P.A. |
Paderno Franciacorta (BS) - IT - |
00299570176 |
Director |
Active |
Registered |
|
C.R.C. S.P.A. |
Paderno Franciacorta (BS) - IT - |
00299570176 |
Managing Director |
Active |
Registered |
|
FILTEC S.R.L. |
Paderno Franciacorta (BS) - IT - |
03006480176 |
Liquidator |
Active |
Registered |
|
MONTECOLINO S.P.A. |
Provaglio d'Iseo (BS) - IT - |
03029700154 |
Director |
Dismiss |
Registered |
|
SAR S.P.A. - IN LIQUIDAZIONE |
Origgio (VA) - IT - |
01413900174 |
Sole Director |
Dismiss |
Bankrupt |
|
SAR S.P.A. - IN LIQUIDAZIONE |
Origgio (VA) - IT - |
01413900174 |
Liquidator |
- |
Bankrupt |
|
SORIFIL S.R.L. - IN LIQUIDAZIONE |
Fagnano Olona (VA) - IT - |
00819810128 |
Liquidator |
Active |
Registered |
|
TREVI TRECCIFICIO VIGEVANESE S.R.L. |
Paderno Franciacorta (BS) - IT - |
03313410171 |
Sole Director |
Dismiss |
Registered |
|
AINA |
GIUSEPPINA |
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Position Status |
Firm Status |
|
C.R.C. S.P.A. |
Paderno Franciacorta (BS) - IT - |
00299570176 |
Director |
Active |
Registered |
|
C.R.C. S.P.A. |
Paderno Franciacorta (BS) - IT - |
00299570176 |
Managing Director |
Active |
Registered |
|
CORDERIA BRESCIANA DI AINA G. E C. S.N.C. |
Sulzano (BS) - IT - |
01569710179 |
Partner |
Dismiss |
Registered |
|
CORDERIA BRESCIANA DI AINA G. E C. S.N.C. |
Sulzano (BS) - IT - |
01569710179 |
Working partner |
Dismiss |
Registered |
|
FILTEC S.R.L. |
Paderno Franciacorta (BS) - IT - |
03006480176 |
Sole Director |
Active |
Registered |
|
AINA |
GIUSEPPINA |
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Position Status |
Firm Status |
|
NEW |
Cossato (BI) - IT - |
01678410026 |
Sole Director |
- |
Ceased |
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 |
|
Cittadini Giovanni |
|
CTTGNN40E12E333S |
835 .Eur |
4,50 |
|
Aina Giuseppina |
|
NAIGPP43H65C483H |
835 .Eur |
4,50 |
|
C.r.c. S.p.a. |
Paderno Franciacorta - IT - |
00299570176 |
1.998.330 .Eur |
99,91 |
DIRECT PARTICIPATIONS
|
Company Style |
Legal Seat |
Fiscal Code |
Owned Shares |
% of Ownership |
Share Status |
|
Athena Immobiliare S.R.L. |
Paderno Franciacorta - IT - |
02940730175 |
31.200 .Eur |
100,00 |
Active |
STRUCTURE AND COMPANY ACTIVITY
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
since 24/03/1980 |
in : |
|
|
|
|
|
Via |
|
, 35/45 |
- 25050 - |
Paderno Franciacorta |
(BS) |
- IT - |
|
|
|
|
PHONE |
: 030/6857565 |
|
|
|
|
Employees |
: 76 |
|
|
|
|
Assistants |
: 5 |
|
|
|
|
Fittings and Equipment |
for a value of
2.640.000 |
Eur |
|
|
|
|
Stocks |
for a value of
2.440.000 |
Eur |
|
|
|
|
Furniture and fittings |
for a value of
140.000 |
Eur |
|
|
|
|
Vehicles |
for a good value. |
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 |
Import comes generally from the following nations:
|
- Belgio |
Export is mainly towards:
|
- Belgio |
|
- Grecia |
|
- Islanda |
|
- |
|
- Polonia |
|
- Ungheria |
|
- Gran Bretagna |
HISTORICAL INFORMATION AND/OR
FIRM'S STATUS
|
Ex-Members /
Ex-Positions |
|
Bastianon |
Stefano |
|
Born in Travagliato |
on 22/01/1943 |
- Fiscal Code : BSTSFN43A22L339I |
|
Residence : |
Via |
|
, 25 |
- 25100 |
|
(BS) |
- IT - |
|
Position |
|
Supervisory Board Chairman |
|
Oggionni |
Giuseppe |
|
Born in CONCOREZZO |
on 29/08/1929 |
- Fiscal Code : GGNGPP29M29C952X |
|
Residence : |
Via |
GIOVANNI XXIII |
- 25049 |
Iseo |
(BS) |
- IT - |
|
Position |
|
Permanent Auditor |
|
Cittadini |
Giovanni |
|
Born in Iseo |
on 12/05/1940 |
- Fiscal Code : CTTGNN40E12E333S |
|
Residence : |
Via |
Mazzini |
, 30 |
- 25121 |
|
(BS) |
- IT - |
|
Position |
|
Chairman |
|
Sole Director |
|
Chairman and Managing Director |
|
Aina |
Giuseppina |
|
Born in Cerano |
on 25/06/1943 |
- Fiscal Code : NAIGPP43H65C483H |
|
Residence : |
Via |
Mazzini |
, 30 |
- 25121 |
|
(BS) |
- IT - |
|
Position |
|
Managing Director |
|
Bettoni Franco |
|
|
Born in Paderno Franciacorta |
on 24/09/1937 |
- Fiscal Code : BTTFNC37P24G217N |
|
Fiscal residence : |
Via |
Roma |
, 33 |
- 25050 |
Paderno Franciacorta |
(BS) |
- IT - |
|
Position |
|
Managing Director |
|
Former seats |
|
- |
Branch |
(Warehouse ) |
until 22/07/1992 |
|
|
|
|
|
Via |
Roma |
- 25054 |
- Marone |
(BS) |
- IT - |
|
- |
Branch |
(Warehouse ) |
|
|
|
|
|
Via |
Dante Alighieri |
- 25038 |
- Sulzano |
(BS) |
- IT - |
|
The firm absorbed by merging of |
|
Athena Immobiliare S.R.L. |
|
Via |
|
, 39 |
, 25050 |
, Paderno Franciacorta |
(BS) |
- IT - |
|
Fiscal Code: 02940730175 |
|
Date |
: |
16/12/2004 |
|
Project of merging by taking over of |
|
Athena Immobiliare S.R.L. |
|
Via |
|
, 39 |
, 25050 |
, Paderno Franciacorta |
(BS) |
- IT - |
|
Fiscal Code: 02940730175 |
|
Date |
Merging/Splitting-up Project : |
24/08/2004 |
PAYMENTS ANALYSIS
The average term of debts to suppliers is high compared with that of the
sector.
PAYMENTS SCORE : - No insolvency
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
During the last years, it recorded positive net results (r.o.e. 3,63% in
2007) with a good increase in turnover (+14,35% in 2007 compared to 2006 and
+17,72% in 2006 compared to 2005).
The operating result was positive in the last financial year (3,43%)
Company's financial status is balanced since indebtedness is not high
(2,06)
besides being higher than sector's average.
Liquid assets are good.
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
6.999.221 |
filed balance sheet |
|
Profit (Loss) for the period |
75.585 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
6.120.500 |
filed balance sheet |
|
Profit (Loss) for the period |
36.938 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
5.199.176 |
filed balance sheet |
|
Profit (Loss) for the period |
37.351 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
6.260.698 |
filed balance sheet |
|
Profit (Loss) for the period |
109.578 |
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 ) |
|
|
3.754.717 |
3.312.176 |
|
. Intangible assets |
|
|
991.887 |
847.330 |
|
. Tangible fixed assets |
|
|
2.761.282 |
2.463.298 |
|
. . Land and buildings |
|
|
|
|
|
. . Plants, Equipm.and Machinery |
|
|
2.638.992 |
2.292.551 |
|
. Long-term Investments |
|
|
1.548 |
1.548 |
|
. . Financial loans |
|
|
1.548 |
1.548 |
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
6.181.021 |
6.320.744 |
|
. Stock |
|
|
2.439.727 |
2.563.206 |
|
. Credits |
|
|
3.740.628 |
3.748.780 |
|
. . Credits to clients |
|
|
3.464.475 |
3.551.031 |
|
. . Other credits |
|
|
276.153 |
197.749 |
|
. Short-term financial assets |
|
|
|
|
|
. Liquid assets |
|
|
666 |
8.758 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
42.589 |
16.313 |
|
TOTAL ASSETS |
|
|
9.978.327 |
9.649.233 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
2.079.358 |
2.003.773 |
|
. Company's capital |
|
|
2.000.000 |
2.000.000 |
|
. Reserves |
|
|
168.538 |
166.691 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
-164.765 |
-199.856 |
|
. Profit (loss) |
|
|
75.585 |
36.938 |
|
PROVISION FOR RISKS AND LOSSES |
|
|
|
|
|
SEVERANCE INDEMNITY FUND |
|
|
596.951 |
671.672 |
|
DEBTS |
|
|
7.288.766 |
6.891.510 |
|
. Financial M/L terms |
|
|
1.866.937 |
627.138 |
|
. . Financial M/L term banks |
|
|
1.729.736 |
480.701 |
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
137.201 |
146.437 |
|
. Financial short-term debts |
|
|
1.883.552 |
2.988.006 |
|
. . Financial short-term banks |
|
|
1.883.552 |
2.988.006 |
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
|
|
|
. M/L term debts to suppliers |
|
|
674.862 |
|
|
. Short-term debts to suppliers |
|
|
1.949.538 |
2.259.157 |
|
. Sundry M/L debts |
|
|
459.357 |
469.580 |
|
. Sundry short-term debts |
|
|
454.520 |
547.629 |
|
ACCRUED EXPENSE |
|
|
13.252 |
82.278 |
|
TOTAL LIABILITIES |
|
|
9.978.327 |
9.649.233 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS
ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
7.058.558 |
6.471.181 |
|
. Revenues from sales/services |
|
|
6.999.221 |
6.120.500 |
|
. Change of stock (products) |
|
|
-241.886 |
-15.713 |
|
OPERATING EXPENSES |
|
|
6.715.628 |
6.088.920 |
|
. Purchasing expenses |
|
|
2.966.489 |
2.702.871 |
|
. Change of stock (raw material) |
|
|
-118.407 |
-114.074 |
|
. Expenses from services |
|
|
1.082.823 |
980.553 |
|
. Expenses from leasing |
|
|
129.375 |
160.426 |
|
. General expenses/sundry charges |
|
|
142.825 |
67.593 |
|
. Staff expenses |
|
|
1.971.848 |
1.826.507 |
|
. Depreciation/Devaluation costs |
|
|
540.675 |
465.044 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-210.541 |
-199.860 |
|
. Financial charges |
|
|
-216.486 |
-200.784 |
|
. Financial revenues |
|
|
5.945 |
924 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
|
|
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
132.389 |
182.401 |
|
TAX |
|
|
56.804 |
145.463 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
75.585 |
36.938 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2007 |
as at 31/12/2006 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
1,51 |
1,13 |
1,84 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
2,06 |
2,88 |
2,02 |
|
Current ratio |
Units |
=> 1 |
l |
1,44 |
1,09 |
1,33 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
=> 1 |
l |
0,87 |
0,64 |
0,92 |
|
Return on Sales |
% |
|
l |
8,80 |
8,20 |
3,86 |
|
Average stock waiting period |
dd |
|
l |
125,46 |
150,73 |
56,73 |
|
Credits to clients average term |
dd |
|
l |
178,16 |
208,83 |
127,36 |
|
Debts to suppliers average term |
dd |
|
l |
226,08 |
211,57 |
140,12 |
|
Net financial
revenues/ charges incidence |
% |
|
l |
- 3,00 |
- 3,26 |
- 1,12 |
|
Labour cost incidence |
% |
|
l |
28,17 |
29,84 |
18,07 |
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:
125.000 .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 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 321 significant companies.
The companies cash their credits on an average of 127 dd.
The average duration of suppliers debts is about 140 dd.
The sector's profitability is on an average of 3,86%.
The labour cost affects the turnover in the measure of 18,07%.
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 1,10.
The employees costs represent the 18,57% of the production costs.
STATISTICAL DETRIMENTAL DATA
Statistically the trade activity passes through serious crises.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.76 |
|
|
1 |
Rs.71.68 |
|
Euro |
1 |
Rs.69.17 |
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%)