MIRA
INFORM REPORT
|
Report Date : |
15.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SPA VETROASFALTO |
|
|
|
|
Registered Office : |
Via Giosue'
Carducci, 0008, 20123- Milano (MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31/12/2006 |
|
|
|
|
Date of Incorporation : |
03/10/1939 |
|
|
|
|
Com. Reg. No.: |
MI146-39540 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Production of insulating and water-proofing plastic materials and bitumen
for building. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
Eur 854.200 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Name & Address
S.p.a.
Vetroasfalto
Via Giosue' Carducci, 0008
20123 - Milano (MI) -IT-
SUMMARY
|
Fiscal Code |
: |
00809240153 |
|
Legal Form |
: |
Joint stock company |
|
Start of Activities |
: |
03/10/1939 |
|
Patrimonial Consistence |
: |
Over 2.500.000 Eur |
|
Turnover Range |
: |
25.000.000/35.000.000 Eur |
|
Number of Employees |
: |
from 71 to 90 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
854.200 - Eur |
|
Score |
: |
Risk low |
|
Creditworthness Rate |
: |
Excellent |
|
|
: |
|
|
|
|
Financial/patrimonial analysis very good - Credit with very low risk |
ACTIVITY
Production of insulating and water-proofing plastic materials and
bitumen for building.
Wholesale of insulating and waterproofing materials.
LEGAL DATA
Legal Form : Joint stock company
|
Fiscal Code : 00809240153 |
|
Foreign Trade Reg. no. : MI034443 since 12/12/1991 |
|
Foreign Trade Reg. no. : 034443 of Milano since 12/12/1991 |
|
Chamber of Commerce no. : 70720 of Gorizia |
|
Chamber of Commerce no. : 281792 of Milano since 21/10/1939 |
|
Firms' Register : MI146-39540 since 19/02/1996 |
|
V.A.T. Code : 00809240153 |
|
Court : 39540 of Milano |
|
Foundation Date |
: 03/10/1939 |
|
|
Establishment Date |
: 03/10/1939 |
|
|
Start of Activities |
: 03/10/1939 |
|
|
Legal Duration Date |
: 31/12/2050 |
|
|
Nominal Capital |
: 4.810.000 |
Eur |
|
Subscribed Capital |
: 4.810.000 |
Eur |
|
Paid up Capital |
: 4.810.000 |
Eur |
MEMBERS
|
Caneppele |
Fabrizio |
|
Born in Bolzano |
(BZ) |
on 09/08/1949 |
- Fiscal Code : CNPFRZ49M09A952R |
|
Residence : |
Via |
Dante |
, 22 |
- 20052 |
Monza |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
27/07/2005 |
|
|
|
Board Chairman |
27/07/2005 |
|
|
No Protests registered.
|
Falchetti |
Marco |
|
Born in Osio Sotto |
(BG) |
on 25/05/1956 |
- Fiscal Code : FLCMRC56E25G160D |
|
Residence : |
Vico |
Chiuso |
, 4 |
- 24040 |
Arzago d'Adda |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney with special power |
09/10/1998 |
|
|
No Protests registered.
|
Caneppele |
Maria Angela |
|
Born in Macejo |
on 12/09/1952 |
- Fiscal Code : CNPMNG52P52Z602C |
|
Residence : |
Via |
L. De Campi |
, 8 |
- 38100 |
Trento |
(TN) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
27/07/2005 |
|
|
No Protests registered.
|
Caneppele |
Simone |
|
Born in Trento |
(TN) |
on 09/07/1976 |
- Fiscal Code : CNPSMN76L09L378G |
|
Residence : |
Via |
Dante |
, 22 |
- 20052 |
Monza |
(MB) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
27/07/2005 |
|
|
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.
|
CANEPPELE |
FABRIZIO |
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Position Status |
Firm Status |
|
* ACRIVER S.P.A. |
Cervinara (AV) - IT - |
00255000648 |
Director |
- |
Ceased |
|
* ACRIVER S.P.A. |
Cervinara (AV) - IT - |
00255000648 |
Sole Director |
- |
Ceased |
|
* ACRIVER S.P.A. |
Cervinara (AV) - IT - |
00255000648 |
Person in charge |
Dismiss |
Ceased |
|
* ACRIVER S.P.A. |
Cervinara (AV) - IT - |
00255000648 |
Liquidator |
- |
Ceased |
|
AVIO INTERNATIONAL LEASE S.R.L. |
Vittorio Veneto (TV) - IT - |
02048760264 |
Director |
- |
Ceased |
|
C.A.M.I. COSTRUZIONI ARTICOLI MECCANICI INDUSTRIALI S.R.L. |
Milano (MI) - IT - |
00833590227 |
Liquidator |
- |
Ceased |
|
FOPAN - S.P.A. |
Chiarano (TV) - IT - |
00348740226 |
Director |
Active |
Registered |
|
GANAFIN SOCIETA' IN ACCOMADITA PER AZIONI DI FABRIZIO CANEPPELE EC. |
Milano (MI) - IT - |
12065710159 |
General Partner |
Active |
Registered |
|
GEFINA S.A.S. DI FABRIZIO E NADIA CANEPPELE E C. |
Milano (MI) - IT - |
11943350154 |
General Partner |
Active |
Registered |
|
ISOLFIN S.P.A. |
Milano (MI) - IT - |
00360520225 |
Director |
Active |
Registered |
|
ISOLFIN S.P.A. |
Milano (MI) - IT - |
00360520225 |
Board Chairman |
Active |
Registered |
|
SAPPI S.R.L. IN LIQUIDAZIONE |
Milano (MI) - IT - |
11244030158 |
Procurator |
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 |
|
S.p.a. Vetroasfalto |
Milano - IT - |
00809240153 |
468.000 .Eur |
9,72 |
|
Fiditalia Societa' Fiduciaria A ResponsaBilita' Limitata Detta Anche f
|
Milano - IT - |
11271660158 |
49.244 .Eur |
1,02 |
|
Caneppele Fabrizio |
Monza - IT - |
CNPFRZ49M09A952R |
56.264 .Eur |
1,16 |
|
Isolfin S.p.a. |
Milano - IT - |
00360520225 |
2.049.216 .Eur |
42,60 |
|
Ganafin Societa' In Accomadita Per Azioni Di Fabrizio Caneppele Ec. |
Milano - IT - |
12065710159 |
2.057.276 .Eur |
42,77 |
|
Caneppele Simone |
Monza - IT - |
CNPSMN76L09L378G |
33.228 .Eur |
0,69 |
|
CANEPPELE MONICA |
|
CNPMNC73M43L378S |
33.228 .Eur |
0,69 |
DIRECT
PARTICIPATIONS
|
Company Style |
Legal Seat |
Fiscal Code |
Owned Shares |
% of Ownership |
Share Status |
|
S.p.a. Vetroasfalto |
Milano - IT - |
00809240153 |
468.000 .Eur |
9,72 |
Active |
STRUCTURE AND COMPANY ACTIVITY
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
in : |
|
|
|
|
|
Via |
Giosue' Carducci |
, 0008 |
- 20123 - |
Milano |
(MI) |
- IT - |
|
|
|
|
PHONE |
: 02/959831 |
|
- |
Branch |
(Factory ) |
since 28/02/1966 |
in : |
|
|
|
|
|
Via |
Pascoli G. |
, 0003 |
- 20060 - |
Basiano |
(MI) |
- IT - |
|
|
|
|
PHONE |
: 02/959831 |
|
- |
Branch |
(Warehouse ) |
since 01/07/2007 |
in : |
|
|
|
|
|
Via |
Terza Armata |
, 16 |
- 34074 - |
Monfalcone |
(GO) |
- IT - |
|
|
|
|
PHONE |
: 0481/45656 |
|
|
|
|
Employees |
: 72 |
|
|
|
|
Fittings and Equipment |
for a value of
705.500 |
Eur |
|
|
|
|
Stocks |
for a value of
2.278.500 |
Eur |
HISTORICAL INFORMATION AND/OR
FIRM'S STATUS
|
Ex-Members / Ex-Positions |
|
Caneppelle |
Nadia |
|
Born in Trento |
on 24/08/1946 |
- Fiscal Code : CNPNDA46M64L378D |
|
Residence : |
Via |
Anta Liberata |
, 2 |
- 40100 |
Bologna |
(BO) |
- IT - |
|
Position |
|
Director |
|
Caneppele |
Ezio |
|
Born in Trento |
on 14/09/1923 |
- Fiscal Code : CNPZEI23P14L378Y |
|
Position |
|
Chairman |
|
Caneppele |
Fabrizio |
|
Born in Bolzano |
on 09/08/1949 |
- Fiscal Code : CNPFRZ49M09A952R |
|
Residence : |
Via |
Dante |
, 22 |
- 20052 |
Monza |
(MI) |
- IT - |
|
Position |
|
Managing Director |
|
Caneppele |
Gerolamo |
|
Born in Macejo |
on 15/04/1955 |
- Fiscal Code : CNPGLM55D15Z602X |
|
Residence : |
Via |
Angelo Mazzone |
, 3 |
- 82100 |
Benevento |
(BN) |
- IT - |
|
Position |
|
Director |
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.
IMMOVABLES
*No specific (mortgage/cadastrial registrations) inspections have been
requested.
|
Immovable Type |
Value |
|
Real estates |
4.930.234 .Eur |
NB.: For Capital Companies the value of the Immovables is the one reported
in the last available financial documents.
FINANCIAL AND ECONOMICAL ANALYSIS
Company's starting of activities dates back to 1939.
During the last years, it recorded positive net results (r.o.e. 0,07% in
2006) keeping the turnover steady during the last two years.
The operating result was positive in the last financial year (1,77%) and
in line with the sector's average.
The company has an excellent net worth if compared to its debts, with a
low indebtedness (0,49) and with an upward trend compared to the previous year.
Financial debts exposure is under control while the recourse to
commercial credit is rather frequent however still within the sector's average.
It shows a good range of liquidity.
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
27.538.891 |
filed balance sheet |
|
Profit (Loss) for the period |
12.209 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
26.163.169 |
filed balance sheet |
|
Profit (Loss) for the period |
36.088 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
25.488.262 |
filed balance sheet |
|
Profit (Loss) for the period |
225.755 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2003 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
27.631.072 |
filed balance sheet |
|
Profit (Loss) for the period |
29.059 |
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 ) |
|
|
9.013.482 |
9.645.054 |
|
. Intangible assets |
|
|
81.588 |
132.857 |
|
. Tangible fixed assets |
|
|
5.709.445 |
6.289.748 |
|
. . Land and buildings |
|
|
4.930.234 |
5.259.917 |
|
. . Plants, Equipm.and Machinery |
|
|
705.747 |
958.118 |
|
. Long-term Investments |
|
|
3.222.449 |
3.222.449 |
|
. . Financial loans |
|
|
635.000 |
635.000 |
|
. . Own shares |
|
|
2.587.449 |
2.587.449 |
|
CURRENT ASSETS |
|
|
20.180.382 |
20.074.543 |
|
. Stock |
|
|
2.278.456 |
2.478.389 |
|
. Credits |
|
|
17.231.783 |
16.923.629 |
|
. . Credits to clients |
|
|
17.039.964 |
16.857.456 |
|
. . Other credits |
|
|
191.819 |
66.173 |
|
. Short-term financial assets |
|
|
|
|
|
. Liquid assets |
|
|
670.143 |
672.525 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
281.971 |
382.509 |
|
TOTAL ASSETS |
|
|
29.475.835 |
30.102.106 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
17.145.299 |
17.233.088 |
|
. Company's capital |
|
|
4.810.000 |
4.810.000 |
|
. Reserves |
|
|
9.735.641 |
9.799.551 |
|
. Reserves company's own shares |
|
|
2.587.449 |
2.587.449 |
|
. Retained profits (losses) |
|
|
|
|
|
. Profit (loss) |
|
|
12.209 |
36.088 |
|
PROVISION CHARGES ACCOUNTS |
|
|
402.063 |
406.484 |
|
STAFF TERM INDEMNITY |
|
|
1.166.743 |
1.109.312 |
|
DEBTS |
|
|
10.761.730 |
11.350.399 |
|
. Financial M/L terms |
|
|
1.549.371 |
1.549.371 |
|
. . Financial M/L term banks |
|
|
|
|
|
. . Financial M/L bonds |
|
|
1.549.371 |
1.549.371 |
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
695.412 |
317.301 |
|
. . Financial short-term banks |
|
|
660.412 |
187.301 |
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
35.000 |
130.000 |
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
7.651.350 |
8.308.976 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
865.597 |
1.174.751 |
|
ACCRUED COSTS DEFERR. LIABILITIES |
|
|
|
2.823 |
|
TOTAL LIABILITIES |
|
|
29.475.835 |
30.102.106 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS
ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
27.929.697 |
26.479.019 |
|
. Revenues from sales/services |
|
|
27.538.891 |
26.163.169 |
|
. Change of stock (products) |
|
|
221.905 |
165.541 |
|
OPERATING EXPENSES |
|
|
27.405.521 |
26.050.811 |
|
. Purchasing expenses |
|
|
17.912.468 |
17.443.157 |
|
. Change of stock (raw material) |
|
|
420.457 |
-133.330 |
|
. Expenses from services |
|
|
4.595.549 |
4.557.284 |
|
. Expenses from leasing |
|
|
544.541 |
509.227 |
|
. General expenses/sundry charges |
|
|
181.673 |
179.766 |
|
. Staff expenses |
|
|
2.888.888 |
2.884.480 |
|
. Depreciation/Devaluation costs |
|
|
861.945 |
610.227 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-145.629 |
-112.802 |
|
. Financial charges |
|
|
-165.246 |
-127.331 |
|
. Financial revenues |
|
|
19.617 |
14.529 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
-4.455 |
13.523 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
374.092 |
328.929 |
|
TAX |
|
|
361.883 |
292.841 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
12.209 |
36.088 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2006 |
as at 31/12/2005 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
2,20 |
2,06 |
1,49 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
0,49 |
0,52 |
2,33 |
|
Current ratio |
Units |
=> 1 |
l |
2,19 |
2,04 |
1,22 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
=> 1 |
l |
1,94 |
1,79 |
0,96 |
|
Return on Sales |
% |
|
l |
3,17 |
2,47 |
4,08 |
|
Average stock waiting period |
dd |
|
l |
29,77 |
34,09 |
41,95 |
|
Credits to clients average term |
dd |
|
l |
222,73 |
231,94 |
134,49 |
|
Debts to suppliers average term |
dd |
|
l |
119,48 |
132,87 |
131,76 |
|
Net financial revenues/ charges incidence |
% |
|
l |
- 0,52 |
- 0,43 |
- 0,86 |
|
Labour cost incidence |
% |
|
l |
10,49 |
11,02 |
13,54 |
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:
854.200 .Eur.
MARKET / TERRITORY DATA
|
Population living in the province |
: |
3.839.216 |
|
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 1.043 significant companies.
The companies cash their credits on an average of 134 dd.
The average duration of suppliers debts is about 131 dd.
The sector's profitability is on an average of 4,08%.
The labour cost affects the turnover in the measure of 13,54%.
Goods are held in stock in a range of 41 dd.
The difference between the sales volume and the resources used to
realize it is about 1,19.
The employees costs represent the 13,52% 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 24.765.
The insolvency index for the region is 0,55, while for the province it
is 0,66.
Total Bankrupt companies in the province : 22.523.
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%)