MIRA
INFORM REPORT
|
Report Date : |
21.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
IDEAL - FLEX S.R.L. |
|
|
|
|
Registered Office : |
Via Leonardo Da Vinci, 13 20062
- Cassano d'Adda (MI) |
|
|
|
|
Country : |
Italy |
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|
|
|
Financials (as on) : |
31.12.2006 |
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|
|
|
Date of Incorporation : |
03.10.1987 |
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|
|
|
Com. Reg. No.: |
MI146-275404 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Production of Technical Rubber Articles. Production of Taps and Fittings, Valves, Hydro-Sanitary Materials,
Flexible and Rigid Tubes for Hydraulic Systems. |
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 73.000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
name & address
Ideal - Flex S.r.l.
Via Leonardo Da Vinci, 13
20062 - Cassano d'Adda (MI) -IT-
SUMMARY
|
Fiscal Code |
: |
08959510150 |
|
Legal Form |
: |
Limited liability company |
|
Start of Activities |
: |
28/01/1988 |
|
Patrimonial Consistence |
: |
400.000 Eur |
|
Turnover Range |
: |
3.750.000/5.000.000 Eur |
|
Number of Employees |
: |
from 16 to 25 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
73.000 - Eur |
|
Score |
: |
Risk medium |
|
Creditworthness Rate |
: |
Modest |
|
|
|
The financial situation is not very balanced-Credit is possible but |
|
|
|
following the future developments. |
ACTIVITY
Production of taps and fittings, valves, hydro-sanitary materials,
flexible and rigid tubes for hydraulic systems.
Production of technical rubber articles.
LEGAL DATA
Legal Form
: Limited liability company
|
Fiscal Code : 08959510150 |
|
Foreign Trade Reg. no.
: MI009973 since 04/12/1991 |
|
Foreign Trade Reg. no.
: 9973 of Milano since 04/12/1991 |
|
Foreign Trade Reg. no.
: 009973 of Milano since 04/12/1991 |
|
Chamber of Commerce no. :
350181 of Bergamo |
|
Chamber of Commerce no. : 1258930
of Milano since 11/11/1987 |
|
Firms' Register
: MI146-275404 since 19/02/1996 |
|
V.A.T. Code
: 08959510150 |
|
Court : 275404 of Milano since
10/11/1987 |
|
Foundation Date |
: 03/10/1987 |
|
|
Establishment Date |
: 03/10/1987 |
|
|
Start of Activities |
: 28/01/1988 |
|
|
Legal Duration Date |
: 31/12/2100 |
|
|
Nominal Capital |
: 102.800 |
Eur |
|
Subscribed Capital |
: 102.800 |
Eur |
|
Paid up Capital |
: 102.800 |
Eur |
MEMBERS
|
Piva |
Maurizio |
|
Born in Gorgonzola |
(MI) |
on 26/06/1964 |
- Fiscal Code : PVIMRZ64H26E094I |
|
Residence : |
Via |
Iv Novembre |
, 4 |
- 20060 |
Masate |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
03/10/1987 |
|
|
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 |
|
Piva Maurizio |
Masate - IT - |
PVIMRZ64H26E094I |
51.400 .Eur |
50,00 |
|
BURNI FIORENTINO |
|
BRNFNT48E12C618U |
33.924 .Eur |
33,00 |
|
MANZONI DINA LUCIA |
|
MNZDLC52S50B217Q |
17.476 .Eur |
17,00 |
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 |
|
in : |
|
|
|
|
|
Via |
Leonardo Da Vinci |
, 13 |
- 20062 - |
Cassano d'Adda |
(MI) |
- IT - |
|
|
|
|
PHONE |
: 02/9548061 |
|
- |
Branch |
(Factory ) |
since 19/02/2004 |
in : |
|
|
|
|
|
Via |
Venezia |
, SN |
- 24045 - |
Fara Gera d'Adda |
(BG) |
- IT - |
|
|
|
|
Employees |
: 23 |
|
|
|
|
Fittings and Equipment |
for a value of
470.000 |
Eur |
|
|
|
|
Stocks |
for a value of
1.150.000 |
Eur |
Trade organization: direct or by agents.
Business are addressed to Northern Italy.
Transports are mainly done using own vehicles and third parties ones
|
|
To purchase foreign products the firm uses the following channels :
|
- direct orders to foreign companies |
Export represents up to 20% of the global turnover.
Products abroad are placed by :
|
- direct orders from foreign companies |
Subject generally proposes terms of sale between 30 and 60 days.
Subject usually collects by cash order and drafts.
Purchase terms: 60-90-120 days.
Main used payment modalities are by cash orders and bank transfers.
Import comes generally from the following nations:
|
- Belgio |
|
- Francia |
Export is mainly towards:
|
- Francia |
|
- Grecia |
|
- Islanda |
HISTORICAL INFORMATION AND/OR
FIRM'S STATUS
|
Former seats |
|
- |
Secondary office |
|
since 01/12/1993 |
|
|
|
|
|
Via |
Padana Superiore |
- 20065 |
- Inzago |
(MI) |
- IT - |
PAYMENTS ANALYSIS
The average term of debts to suppliers is shorter than the sector one.
PAYMENTS SCORE : - No insolvency
CREDIT REVOLVING
The subject of inquiry has been monitored by our company:
During the last Month : n. 1 times.
During the last 6 Months : n. 6 times.
During the last 12 Months : n. 13 times.
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 |
49.683 .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 1988.
In 2006 the firm achieved a profit with a r.o.e. del 0,31%.
R.o.i. is positive (4,97%). and in line with the sector's average.
Short-term debts volume if compared to net worth, as it comes out from
the total indebtedness (13,73)
Considerable bank indebtedness; on the other hand the recourse to
suppliers' credit is slightly high but lower than the field average.
It shows a not very good liquidity level.
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
4.890.367 |
filed balance sheet |
|
Profit (Loss) for the period |
874 |
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 |
|
Year |
|
|
|
2006 |
|
|
BALANCE SHEET
ACCOUNTS |
|
|
|
|
. |
|
|
|
|
|
ASSETS |
|
|
|
|
|
CREDITS TO SHAREHOLDERS |
|
|
|
|
|
FIXED ASSETS ( NET ) |
|
|
|
1.051.624 |
|
. Intangible assets |
|
|
|
486.168 |
|
. Tangible fixed assets |
|
|
|
564.785 |
|
. . Land and buildings |
|
|
|
49.683 |
|
. . Plants, Equipm.and Machinery |
|
|
|
471.330 |
|
. Long-term Investments |
|
|
|
671 |
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. . Financial loans |
|
|
|
671 |
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. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
3.335.383 |
|
. Stock |
|
|
|
1.151.800 |
|
. Credits |
|
|
|
2.180.746 |
|
. . Credits to clients |
|
|
|
2.067.538 |
|
. . Other credits |
|
|
|
113.208 |
|
. Short-term financial assets |
|
|
|
|
|
. Liquid assets |
|
|
|
2.837 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
|
45.406 |
|
TOTAL ASSETS |
|
|
|
4.432.413 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
|
279.301 |
|
. Company's capital |
|
|
|
102.800 |
|
. Reserves |
|
|
|
175.627 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
|
|
|
. Profit (loss) |
|
|
|
874 |
|
PROVISION FOR RISKS AND LOSSES |
|
|
|
90.402 |
|
SEVERANCE INDEMNITY FUND |
|
|
|
161.420 |
|
DEBTS |
|
|
|
3.838.147 |
|
. Financial M/L terms |
|
|
|
|
|
. . Financial M/L term banks |
|
|
|
|
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
|
2.483.474 |
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. . Financial short-term banks |
|
|
|
2.353.620 |
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. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
|
129.854 |
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
|
1.249.789 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
|
104.884 |
|
ACCRUED EXPENSE |
|
|
|
63.143 |
|
TOTAL LIABILITIES |
|
|
|
4.432.413 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS
ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
|
4.933.236 |
|
. Revenues from sales/services |
|
|
|
4.890.367 |
|
. Change of stock (products) |
|
|
|
36.269 |
|
OPERATING EXPENSES |
|
|
|
4.712.772 |
|
. Purchasing expenses |
|
|
|
3.187.562 |
|
. Change of stock (raw material) |
|
|
|
-61.050 |
|
. Expenses from services |
|
|
|
705.712 |
|
. Expenses from leasing |
|
|
|
199.307 |
|
. General expenses/sundry charges |
|
|
|
144.945 |
|
. Staff expenses |
|
|
|
491.352 |
|
. Depreciation/Devaluation costs |
|
|
|
44.944 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
|
-147.772 |
|
. Financial charges |
|
|
|
-147.897 |
|
. Financial revenues |
|
|
|
125 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
|
|
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
|
72.692 |
|
TAX |
|
|
|
71.818 |
|
CORRECT./ALLOCAT.FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
|
874 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2006 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
0,41 |
2,01 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
13,73 |
2,79 |
|
Current ratio |
Units |
=> 1 |
l |
0,86 |
1,28 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
=> 1 |
l |
0,56 |
0,95 |
|
Return on Sales |
% |
|
l |
0,93 |
3,84 |
|
Average stock waiting period |
dd |
|
l |
84,78 |
57,45 |
|
Credits to clients average term |
dd |
|
l |
152,17 |
130,24 |
|
Debts to suppliers average term |
dd |
|
l |
109,90 |
147,96 |
|
Net financial revenues/ charges incidence |
% |
|
l |
- 3,02 |
- 0,90 |
|
Labour cost incidence |
% |
|
l |
10,04 |
19,09 |
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:
73.000 .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 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 2.083 significant companies.
The companies cash their credits on an average of 130 dd.
The average duration of suppliers debts is about 147 dd.
The sector's profitability is on an average of 3,84%.
The labour cost affects the turnover in the measure of 19,09%.
Goods are held in stock in a range of 57 dd.
The difference between the sales volume and the resources used to
realize it is about 1,20.
The employees costs represent the 19,65% 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.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.71 |
|
UK Pound |
1 |
Rs.85.11 |
|
Euro |
1 |
Rs.67.73 |
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%)