MIRA
INFORM REPORT
|
Report Date : |
05.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PROMAU S.R.L. |
|
|
|
|
Registered Office : |
Via Civinelli, 1150
47023 - Cesena(FO) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
05.09.1990 |
|
|
|
|
Com. Reg. No.: |
FO012-17104 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Installation of
industrial plants and machinery. |
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 616.600 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
name & address
Promau S.r.l.
Via
Civinelli, 1150
47023 - Cesena (FO) -IT-
SUMMARY
|
Fiscal Code |
: |
02082500402 |
|
Legal Form |
: |
Limited liability company |
|
Start of Activities |
: |
05/09/1990 |
|
Patrimonial Consistence |
: |
Over 2.500.000 Eur |
|
Turnover Range |
: |
25.000.000/35.000.000
Eur |
|
Number of Employees |
: |
from 91 to 110 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
616.600 - Eur |
|
Score |
: |
Risk normal |
|
Creditworthness Rate |
: |
Sufficient |
|
|
|
Financial
situation is not at its best, but credit is possible with |
|
|
|
no particular
risks. |
ACTIVITY
Installation of
industrial plants and machinery.
Manufacture of
machine tools for metal working and tools for machines.
LEGAL DATA
Legal Form :
Limited liability company
|
Fiscal Code : 02082500402 |
|
Foreign Trade Reg. no. : FO003142 since 09/01/1992 |
|
Foreign Trade Reg. no. : 323216 of Forli' |
|
Chamber of Commerce no. : 239500 of Forli' since
29/11/1990 |
|
Firms' Register : FO012-17104 since 19/02/1996 |
|
Court : 17104 of Forli' since
09/10/1990 |
|
Foundation Date |
: 05/09/1990 |
|
|
Establishment Date |
: 05/09/1990 |
|
|
Start of Activities |
: 05/09/1990 |
|
|
Legal Duration Date |
: 31/12/2050 |
|
|
Nominal Capital |
: 5.000.000 |
Eur |
|
Subscribed Capital |
: 5.000.000 |
Eur |
|
Paid up Capital |
: 5.000.000 |
Eur |
MEMBERS
|
Davi |
Orazio Maria |
|
Born in Tunisia |
on 01/10/1956 |
- Fiscal Code : DVARMR56R01Z352U |
|
Residence : |
Via |
Madonna Delle Rose |
, 19 |
- 47023 |
Cesena |
(FO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
28/04/2007 |
|
|
|
Director |
28/04/2007 |
|
|
|
Board Chairman |
28/04/2007 |
|
|
No Protests
registered.
|
Davi |
Francesco |
|
Born in Sousse |
on 23/11/1961 |
- Fiscal Code : DVAFNC61S23Z352F |
|
Residence : |
Via |
Settecrociari |
, 4130 |
- 47023 |
Cesena |
(FO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
28/04/2007 |
|
|
|
Director |
28/04/2007 |
|
|
|
Assistant board Chairman |
28/04/2007 |
|
|
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.
|
DAVI |
ORAZIO MARIA |
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Position Status |
Firm Status |
|
DAVI S.P.A. |
Cesena (FO) - IT - |
01728480409 |
Vice-Chairman |
- |
Ceased |
|
ITALMACCHINE - S.R.L. |
Cesena (FO) - IT - |
01224040400 |
Liquidator |
- |
Ceased |
|
DAVI |
FRANCESCO |
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Position Status |
Firm Status |
|
DAVI S.P.A. |
Cesena (FO) - IT - |
01728480409 |
Managing Director |
- |
Ceased |
|
ITALMACCHINE - S.R.L. |
Cesena (FO) - IT - |
01224040400 |
Liquidator |
- |
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 |
|
Davi Orazio Maria |
Cesena - IT - |
DVARMR56R01Z352U |
2.500.000 .Eur |
50,00 |
|
Davi Francesco |
Cesena - IT - |
DVAFNC61S23Z352F |
2.500.000 .Eur |
50,00 |
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 |
|
since 05/09/1990 |
in : |
|
|
|
|
|
Via |
Civinelli |
, 1150 |
- 47023 - |
Cesena |
(FO) |
- IT - |
|
|
|
|
PHONE |
: 0547/318357 |
|
|
|
|
FAX |
: 0547/317564 |
|
- |
Branch |
(Warehouse ) |
since 01/07/2007 |
in : |
|
|
|
|
|
Via |
Gorizia |
, 647 Loc. PANIGHINA |
- 47032 - |
Bertinoro |
(FO) |
- IT - |
|
|
|
|
Employees |
: 94 |
|
|
|
|
Fittings and Equipment |
for a value of
1.438.000 |
Eur |
|
|
|
|
Stocks |
for a value of
13.790.000 |
Eur |
Trade organization:
direct or by agents.
Sales area on a
national scale.
The company 's mainly
customers are companies.
|
|
Export represents
more than 50% of the global turnover.
Products abroad are
placed by :
|
- importers |
|
- trading companies |
|
- its own sales net-work |
|
- direct orders from foreign companies |
Export is mainly
towards:
|
- Grecia |
HISTORICAL INFORMATION AND/OR
FIRM'S STATUS
|
Ex-Members /
Ex-Positions |
|
Gorini |
Gianfranco |
|
Born in Bertinoro |
on 24/08/1947 |
- Fiscal Code : GRNGFR47M24A809R |
|
Residence : |
Via |
O. Regnoli |
, 2 |
- 47100 |
Forli' |
(FO) |
- IT - |
|
Position |
|
Temporary Auditor |
|
Castellucci |
Barbara |
|
Born in Pianezza |
on 23/09/1958 |
- Fiscal Code : CSTBBR58P63G559H |
|
Residence : |
Corso |
Garibaldi |
, 119 |
- 47100 |
Forli' |
(FO) |
- IT - |
|
Position |
|
Permanent Auditor |
|
Fanti |
Lorenzo |
|
Born in BAGNO DI ROMAGNA |
on 11/04/1948 |
- Fiscal Code : FNTLNZ48D11A565X |
|
Residence : |
Via |
GUERNICA |
, 15 |
- 47021 |
Bagno di Romagna |
(FO) |
- IT - |
|
Position |
|
Supervisory Board Chairman |
|
Davi |
Vincenzo |
|
Born in Tunisia |
on 24/05/1927 |
- Fiscal Code : DVAVCN27E24Z352M |
|
Residence : |
Via |
Maratona |
, 72 |
- 47023 |
Cesena |
(FO) |
- IT - |
|
Position |
|
Director |
|
Davi |
Orazio Maria |
|
Born in Tunisia |
on 01/10/1956 |
- Fiscal Code : DVARMR56R01Z352U |
|
Residence : |
Via |
Madonna Delle Rose |
, 19 |
- 47023 |
Cesena |
(FO) |
- IT - |
|
Position |
|
Assistant board Chairman |
|
Davi |
Francesco |
|
Born in Sousse |
on 23/11/1961 |
- Fiscal Code : DVAFNC61S23Z352F |
|
Residence : |
Via |
Settecrociari |
, 4130 |
- 47023 |
Cesena |
(FO) |
- IT - |
|
Position |
|
Board Chairman |
|
Former seats |
|
- |
Branch |
(Factory ) |
since 12/11/1990 |
until 01/02/1994 |
|
|
|
|
|
Via |
Civinelli |
- 47023 |
- Cesena |
(FO) |
- IT - |
|
The firm absorved |
|
Davi S.P.A. |
|
, CESENA, VIA CIVINELLI 1150 |
- IT - |
|
Date |
: |
12/11/1990 |
|
The firm absorved |
|
Davi S.P.A. |
|
, CESENA, VIA CIVINELLI 1150 |
- IT - |
|
Date |
: |
12/11/1990 |
PAYMENTS ANALYSIS
The average term of
debts to suplliers is normal compared with that of the sector.
PAYMENTS SCORE :
ZZZZZ - 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
The firm operates
with the main Banks.
IMMOVABLES *
*No specific (mortgage/cadastrial registrations) inspections have been
requested.
|
Immovable Type |
Value |
|
Real estates |
11.154.875 .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 1990
During the last years,
it achieved profits (r.o.e. 7,11% on 2006) with a good increase in turnover
(+51,03% in 2006 compared to 2005 and +54,39% in 2005 compared to 2004).
The return on
Investment in the last financial year was positive (5%) and reflects the
field's average.
Company's financial
status is balanced since indebtedness is not high (2,92) yet on the increase as
against the previous accounting period.
The recourse to
bank credit is slightly high and also borrowings from suppliers appear to be
high, with an average payment period equal to 135,18 gg. but lined up with the
field's average.
The available funds
are good.
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
25.747.613 |
filed balance sheet |
|
Profit (Loss) for the period |
451.840 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
17.047.882 |
filed balance sheet |
|
Profit (Loss) for the period |
170.784 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
11.041.894 |
filed balance sheet |
|
Profit (Loss) for the period |
122.308 |
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 ) |
|
|
15.929.935 |
15.205.344 |
|
. Intangible assets |
|
|
3.237.714 |
3.447.191 |
|
. Tangible fixed assets |
|
|
12.593.037 |
11.670.971 |
|
. . Land and buildings |
|
|
11.154.875 |
10.304.428 |
|
. . Plants, Equipm.and Machinery |
|
|
1.438.162 |
1.366.543 |
|
. Long-term Investments |
|
|
99.184 |
87.182 |
|
. . Financial loans |
|
|
99.184 |
87.182 |
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
19.681.776 |
11.697.562 |
|
. Stock |
|
|
13.790.171 |
7.976.263 |
|
. Credits |
|
|
5.733.007 |
3.609.395 |
|
. . Credits to clients |
|
|
5.055.426 |
3.252.066 |
|
. . Other credits |
|
|
677.581 |
357.329 |
|
. Short-term financial assets |
|
|
7.916 |
107 |
|
. Liquid assets |
|
|
150.682 |
111.797 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
158.765 |
29.002 |
|
TOTAL ASSETS |
|
|
35.770.476 |
26.931.908 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
6.352.654 |
5.900.818 |
|
. Company's capital |
|
|
5.000.000 |
1.000.000 |
|
. Reserves |
|
|
900.814 |
4.730.034 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
|
|
|
. Profit (loss) |
|
|
451.840 |
170.784 |
|
PROVISION CHARGES ACCOUNTS |
|
|
15.835 |
24.364 |
|
STAFF TERM INDEMNITY |
|
|
787.904 |
664.432 |
|
DEBTS |
|
|
28.591.804 |
20.333.533 |
|
. Financial M/L terms |
|
|
9.354.786 |
6.812.914 |
|
. . Financial M/L term banks |
|
|
9.354.786 |
6.812.914 |
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
4.173.796 |
5.589.281 |
|
. . Financial short-term banks |
|
|
4.173.796 |
5.589.281 |
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
|
|
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
9.008.816 |
4.117.523 |
|
. Sundry M/L debts |
|
|
521.125 |
482.125 |
|
. Sundry short-term debts |
|
|
5.533.281 |
3.331.690 |
|
ACCRUED COSTS DEFERR. LIABILITIES |
|
|
22.279 |
8.761 |
|
TOTAL LIABILITIES |
|
|
35.770.476 |
26.931.908 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS
ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
29.806.489 |
18.446.605 |
|
. Revenues from sales/services |
|
|
25.747.613 |
17.047.882 |
|
. Change of stock (products) |
|
|
3.553.394 |
1.062.552 |
|
OPERATING EXPENSES |
|
|
28.016.800 |
17.449.479 |
|
. Purchasing expenses |
|
|
16.421.472 |
8.258.093 |
|
. Change of stock (raw material) |
|
|
-2.268.113 |
-720.386 |
|
. Expenses from services |
|
|
7.251.534 |
4.834.861 |
|
. Expenses from leasing |
|
|
316.146 |
209.657 |
|
. General expenses/sundry charges |
|
|
715.378 |
454.053 |
|
. Staff expenses |
|
|
4.292.000 |
3.409.225 |
|
. Depreciation/Devaluation costs |
|
|
1.288.383 |
1.003.976 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-551.193 |
-457.097 |
|
. Financial charges |
|
|
-553.460 |
-457.426 |
|
. Financial revenues |
|
|
2.267 |
329 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
-1.171 |
1 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
1.237.325 |
540.030 |
|
TAX |
|
|
785.485 |
369.246 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
451.840 |
170.784 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2006 |
as at 31/12/2005 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
1,06 |
0,91 |
1,79 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
2,92 |
2,19 |
2,65 |
|
Current ratio |
Units |
=> 1 |
l |
1,05 |
0,89 |
1,30 |
|
Acid Test Ratio-Liquidity Ratio |
Units' |
=> 1 |
l |
0,31 |
0,28 |
0,91 |
|
Return on Sales |
% |
|
l |
6,75 |
6,89 |
4,16 |
|
Average stock waiting period |
dd |
|
l |
192,78 |
168,40 |
64,04 |
|
Credits to clients average term |
dd |
|
l |
70,66 |
68,65 |
130,89 |
|
Debts to suppliers average term |
dd |
|
l |
135,18 |
111,42 |
160,56 |
|
Net financial revenues/ charges incidence |
% |
|
l |
- 2,14 |
- 2,68 |
- 0,96 |
|
Labour cost incidence |
% |
|
l |
16,66 |
19,99 |
23,38 |
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:
616.600 .Eur.
MARKET / TERRITORY DATA
|
Population living in the province |
: |
371.318 |
|
Population living in the region |
: |
4.151.369 |
|
Number of families in the region |
: |
1.748.359 |
Monthly family
expences 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 1.227 significant companies.
The companies cash
their credits on an average of 130 dd.
The average
duration of suppliers debts is about 160 dd.
The sector's profitability
is on an average of 4,16%.
The labour cost
affects the turnover in the measure of 23,38%.
Goods are held in
stock in a range of 64 dd.
The difference
between the sales volume and the resources used to realize it is about 1,08.
The employees costs
represent the 23,75% 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 18.860
protested subjects are found; in the province they count to 1.674.
The insolvency
index for the region is 0,46, while for the province it is 0,46.
Total Bankrupt
companies in the province : 607.
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. |
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%)