MIRA INFORM REPORT
|
Report Date : |
30.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MAGGI CATENE S.P.A. |
|
|
|
|
Registered Office : |
Via Milano, 2/4 , 23854 - Olginate(LC) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
13.01.1925 |
|
|
|
|
Legal Form : |
Joint Stock Company with Sole Shareholder |
|
|
|
|
Line of Business : |
Production of Forged or Pressed Chains without Binding. |
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 584.000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
NAME & ADDRESS
Maggi Catene
S.p.a.
Via Milano, 2/4
23854 -
Olginate (LC) -IT-
SUMMARY
|
Fiscal Code |
: |
00232250134 |
|
Legal Form |
: |
Joint Stock company with sole shareholder |
|
Start of Activities |
: |
13/01/1925 |
|
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 |
: |
584.000 - 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 forged or pressed chains without binding.
Production of
Manufacturing of other metal articles and metal odds and ends.
LEGAL DATA
Legal Form : Joint Stock company with sole shareholder
|
Fiscal Code : 00232250134 |
|
Foreign Trade Reg. no. : LC009848 since 09/03/1992 |
|
Foreign Trade Reg. no. : 26351 of Como |
|
Chamber of Commerce no. : 20918 of Como |
|
Chamber of Commerce no. : 20918 of Lecco since 09/01/1934 |
|
Firms' Register : LC042-6061 |
|
V.A.T. Code : 00232250134 |
|
Foundation Date |
: 13/01/1925 |
|
|
Establishment Date |
: 08/10/1981 |
|
|
Start of Activities |
: 13/01/1925 |
|
|
Legal Duration Date |
: 31/12/2050 |
|
|
Nominal Capital |
: 413.200 |
Eur |
|
Subscribed Capital |
: 413.200 |
Eur |
|
Paid up Capital |
: 413.200 |
Eur |
MEMBERS
|
Maggi |
Giuseppe |
|
Born in Lecco |
(CO) |
on 15/05/1936 |
- Fiscal Code : MGGGPP36E15E507D |
|
Residence : |
Via |
Virgilio |
, 28 |
- 23900 |
Lecco |
(LC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/03/2006 |
|
|
|
Board Chairman |
31/03/2006 |
|
|
No Protests registered.
|
Maggi |
Giovanni |
|
Born in Lecco |
(CO) |
on 03/05/1963 |
- Fiscal Code : MGGGNN63E03E507Q |
|
Residence : |
Via |
Campo Lodigiano |
, 12 |
- 20123 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/03/2006 |
|
|
No Protests registered.
|
Maggi |
Corrado |
|
Born in Bergamo |
(BG) |
on 05/02/1967 |
- Fiscal Code : MGGCRD67B05A794S |
|
Residence : |
Via |
Crippa |
, 13/N |
- 23896 |
Sirtori |
(LC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/03/2006 |
|
|
No Protests registered.
|
Valsecchi |
Roberta |
|
Born in Lecco |
(CO) |
on 25/05/1978 |
- Fiscal Code : VLSRRT78E65E507I |
|
Residence : |
Via |
Diligenza |
, 7/B |
- 23854 |
Olginate |
(LC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/03/2006 |
|
|
|
Member of the Management Committee |
31/03/2006 |
|
|
No Protests registered.
|
Rusconi |
Carla |
|
Born in Lecco |
(CO) |
on 28/04/1960 |
- Fiscal Code : RSCCRL60D68E507D |
|
Residence : |
Via |
F.lli Cairoli |
, 60 |
- 23900 |
Lecco |
(LC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/03/2006 |
|
|
|
Member of the Management Committee |
31/03/2006 |
|
|
|
Chairman of the Management Committee |
20/04/2006 |
|
|
No Protests registered.
|
Scaffidi Gennarino |
Pippo |
|
Born in Patti |
(ME) |
on 04/02/1968 |
- Fiscal Code : SCFPPP68B04G377Z |
|
Residence : |
Via |
Gradisca |
, 20 |
- 23900 |
Lecco |
(LC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Auditor |
30/03/2006 |
|
|
|
Maggi Group S.p.a. |
|
|
- Fiscal Code : 02909440139 |
|
Via |
Cesare Cantu' |
, 75 |
- 23854 |
Olginate |
(LC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole partner |
|
|
|
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.
|
MAGGI |
GIUSEPPE |
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Position Status |
Firm Status |
|
ISI STEEL S.R.L. |
Colico (LC) - IT - |
02040350130 |
Sole Director |
Dismiss |
Ceased |
|
MAGGI GROUP S.P.A. |
Olginate (LC) - IT - |
02909440139 |
Director |
Active |
Registered |
|
MAGGI GROUP S.P.A. |
Olginate (LC) - IT - |
02909440139 |
Board Chairman |
Active |
Registered |
|
SCAIOLI S.R.L. |
Olginate (LC) - IT - |
01694760131 |
Sole Director |
Active |
Registered |
|
TEMPERA S.R.L. |
Agrate Brianza (MB) - IT - |
01378120156 |
Director |
Active |
Registered |
|
TEMPERA S.R.L. |
Agrate Brianza (MB) - IT - |
01378120156 |
Sole Director |
Dismiss |
Registered |
|
TEMPERA S.R.L. |
Agrate Brianza (MB) - IT - |
01378120156 |
Board Chairman |
Active |
Registered |
|
ZINCOFUOCO BERGAMASCA S.P.A. |
Calolziocorte (LC) - IT - |
00221300163 |
Director |
Active |
Registered |
|
ZINCOFUOCO BERGAMASCA S.P.A. |
Calolziocorte (LC) - IT - |
00221300163 |
Managing Director |
Active |
Registered |
|
ZINCOFUOCO BERGAMASCA S.P.A. |
Calolziocorte (LC) - IT - |
00221300163 |
Board Chairman |
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 |
|
Maggi Group S.p.a. |
Olginate - IT - |
02909440139 |
|
100,00 |
DIRECT PARTICIPATIONS
|
Company Style |
Legal Seat |
Fiscal Code |
Owned Shares |
% of Ownership |
Share Status |
|
Zincofuoco Bergamasca S.p.a. |
Calolziocorte - IT - |
00221300163 |
117.000 .Eur |
25,00 |
Active |
|
Scaioli S.r.l. |
Olginate - IT - |
01694760131 |
8.000 .Eur |
50,00 |
Active |
STRUCTURE AND COMPANY ACTIVITY
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
since 13/01/1925 |
in : |
|
|
|
|
|
Via |
Milano |
, 2/4 |
- 23854 - |
Olginate |
(LC) |
- IT - |
|
|
|
|
PHONE |
: 0341/605235 |
|
- |
Branch |
(Store ) |
since 25/05/1993 |
in : |
|
|
|
|
|
Via |
Concordia |
, 39 |
- 23854 - |
Olginate |
(LC) |
- IT - |
|
|
|
|
PHONE |
: 0341/605235 |
|
- |
Branch |
(Factory ) |
since 01/09/1993 |
in : |
|
|
|
|
|
Via |
Moronata |
- 22057 - |
Olginate |
(LC) |
- IT - |
|
|
|
|
PHONE |
: 0341/605235 |
|
- |
Branch |
(Store ) |
since 19/03/1996 |
in : |
|
|
|
|
|
Via |
Xxv Aprile |
, 4E3 |
- 23854 - |
Olginate |
(LC) |
- IT - |
|
|
|
|
PHONE |
: 0341/605235 |
|
- |
Branch |
(Store ) |
since 01/01/2005 |
in : |
|
|
|
|
|
Via |
Industria |
, 4 |
- 23854 - |
Olginate |
(LC) |
- IT - |
|
|
|
|
Employees |
: 99 |
|
|
|
|
Fittings and Equipment |
for a value of
3.260.000 |
Eur |
|
|
|
|
Stocks |
for a value of
6.780.000 |
Eur |
Sales are on an international scale.
|
|
The firm operates abroad as importer / exporter. .
To purchase foreign products the firm uses the following channels :
|
- its own sales net-work |
Export represents more than 50% of the global turnover.
Products abroad are placed by :
|
- its own sales net-work |
|
- its own agents |
Export is mainly towards:
|
- Belgio |
|
- Gran Bretagna |
|
- Grecia |
|
- Islanda |
|
- Ungheria |
HISTORICAL INFORMATION AND/OR FIRM'S STATUS
|
Changes to the
legal form |
|
Former legal
form |
New legal form |
Changement Date |
|
Other forms |
Joint stock company |
11/11/1982 |
|
Ex-Members /
Ex-Positions |
|
Maggi |
Giuliano |
|
Born in Lecco |
on 12/06/1932 |
- Fiscal Code : MGGGLN32H12E507Y |
|
Position |
|
Chairman and Managing Director |
|
Maggi |
Giuseppe |
|
Born in Lecco |
on 15/05/1936 |
- Fiscal Code : MGGGPP36E15E507D |
|
Residence : |
Via |
Virgilio |
, 28 |
- 23900 |
Lecco |
(LC) |
- IT - |
|
Position |
|
|
Vice-Chairman |
|
|
Managing Director |
|
|
Former seats |
|
|
- |
Branch |
(Factory ) |
since 13/01/1925 |
|
|
|
|
|
Via |
S.Michele Carso |
- 22053 |
- Lecco |
(LC) |
- IT - |
|
- |
Branch |
(Store ) |
since 25/05/1993 |
|
|
|
|
|
Via |
Concordia |
- 22057 |
- Olginate |
(LC) |
- IT - |
|
- |
Branch |
(Factory ) |
since 01/09/1993 |
|
|
|
|
|
Via |
Moronata |
- 22057 |
- Olginate |
(LC) |
- IT - |
PAYMENTS ANALYSIS
The average term of debts to suplliers is normal 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 |
527.083 .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 1925
Under an economic point of view, profits were registered during the last
years with a r.o.e. of 10,23% in 2006 thanks to a progressive increase in
turnover (+18,01% in 2006 compared to 2005 and +15,72% in 2005 compared to
2004).
The operating result was positive in the last financial year (6,04%)
falling within the field's average.
The ratio between shareholder's equity and borrowed capital is not well
balanced, the indebtedness level is equal to 4,4 with an upward trend.
The recourse to bank credit is slightly high and also borrowings from
suppliers appear to be high, with an average payment period equal to 124,34 gg.
however still within the sector's average.
Liquidity is good (1,21)
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
27.133.158 |
filed balance sheet |
|
Profit (Loss) for the period |
389.915 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
22.991.822 |
filed balance sheet |
|
Profit (Loss) for the period |
375.200 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
19.867.486 |
filed balance sheet |
|
Profit (Loss) for the period |
136.985 |
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 ) |
|
|
5.540.008 |
3.910.518 |
|
. Intangible assets |
|
|
1.982.926 |
1.867.002 |
|
. Tangible fixed assets |
|
|
2.342.216 |
1.041.265 |
|
. . Land and buildings |
|
|
527.083 |
545.077 |
|
. . Plants, Equipm.and Machinery |
|
|
1.329.838 |
406.914 |
|
. Long-term Investments |
|
|
1.214.866 |
1.002.251 |
|
. . Financial loans |
|
|
1.214.866 |
1.002.251 |
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
20.362.072 |
19.028.513 |
|
. Stock |
|
|
8.322.810 |
9.030.369 |
|
. Credits |
|
|
12.007.872 |
9.986.496 |
|
. . Credits to clients |
|
|
11.773.209 |
9.726.682 |
|
. . Other credits |
|
|
234.663 |
259.814 |
|
. Short-term financial assets |
|
|
|
|
|
. Liquid assets |
|
|
31.390 |
11.648 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
8.121 |
41.011 |
|
TOTAL ASSETS |
|
|
25.910.201 |
22.980.042 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
3.809.975 |
3.685.058 |
|
. Company's capital |
|
|
413.200 |
413.200 |
|
. Reserves |
|
|
3.006.860 |
2.896.658 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
|
|
|
. Profit (loss) |
|
|
389.915 |
375.200 |
|
PROVISION FOR RISKS AND LOSSES |
|
|
446.481 |
247.416 |
|
SEVERANCE INDEMNITY FUND |
|
|
1.372.387 |
1.276.349 |
|
DEBTS |
|
|
20.092.662 |
17.654.250 |
|
. Financial M/L terms |
|
|
3.286.545 |
3.338.316 |
|
. . Financial M/L term banks |
|
|
3.164.991 |
3.138.316 |
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
121.554 |
200.000 |
|
. Financial short-term debts |
|
|
9.294.438 |
7.512.786 |
|
. . Financial short-term banks |
|
|
9.258.341 |
7.512.786 |
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
36.097 |
|
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
6.916.347 |
6.134.133 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
595.332 |
669.015 |
|
ACCRUED EXPENSE |
|
|
188.696 |
116.969 |
|
TOTAL LIABILITIES |
|
|
25.910.201 |
22.980.042 |
|
. |
|
|
|
|
PROFIT AND LOSS ACCOUNTS
|
|
|
|
|
|
|
OUTPUT VALUE |
|
|
26.704.367 |
23.521.299 |
|
. Revenues from sales/services |
|
|
27.133.158 |
22.991.822 |
|
. Change of stock (products) |
|
|
-608.669 |
365.945 |
|
OPERATING EXPENSES |
|
|
25.137.393 |
21.878.414 |
|
. Purchasing expenses |
|
|
12.803.579 |
10.796.610 |
|
. Change of stock (raw material) |
|
|
98.890 |
-105.233 |
|
. Expenses from services |
|
|
6.809.199 |
6.337.356 |
|
. Expenses from leasing |
|
|
408.405 |
456.883 |
|
. General expenses/sundry charges |
|
|
164.330 |
124.336 |
|
. Staff expenses |
|
|
4.042.129 |
3.699.732 |
|
. Depreciation/Devaluation costs |
|
|
810.861 |
568.730 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-637.114 |
-706.461 |
|
. Financial charges |
|
|
-640.903 |
-707.865 |
|
. Financial revenues |
|
|
3.789 |
1.404 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
33.466 |
510 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
963.326 |
936.934 |
|
TAX |
|
|
573.411 |
561.734 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
389.915 |
375.200 |
RATIOS
|
|
Item |
O.V. |
O.V. |
as at 31/12/2006 |
as at 31/12/2005 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
1,52 |
2,12 |
1,55 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
4,40 |
3,88 |
2,87 |
|
Current ratio |
Units |
=> 1 |
l |
1,21 |
1,32 |
1,24 |
|
Acid Test Ratio-Liquidity Ratio |
Units' |
=> 1 |
l |
0,71 |
0,69 |
0,96 |
|
Return on Sales |
% |
|
l |
4,42 |
4,10 |
4,70 |
|
Average stock waiting period |
dd |
|
l |
110,41 |
141,37 |
42,26 |
|
Credits to clients average term |
dd |
|
l |
156,20 |
152,28 |
132,98 |
|
Debts to suppliers average term |
dd |
|
l |
124,34 |
125,53 |
155,70 |
|
Net financial revenues/ charges incidence |
% |
|
l |
- 2,34 |
- 3,07 |
- 0,97 |
|
Labour cost incidence |
% |
|
l |
14,89 |
16,09 |
24,31 |
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:
584.000 .Eur.
MARKET / TERRITORY DATA
|
Population living in the province |
: |
322.150 |
|
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 3.623 significant companies.
The companies cash their credits on an average of 132 dd.
The average duration of suppliers debts is about 155 dd.
The sector's profitability is on an average of 4,70%.
The labour cost affects the turnover in the measure of 24,31%.
Goods are held in stock in a range of 42 dd.
The difference between the sales volume and the resources used to
realize it is about 1,15.
The employees costs represent the 25,20% of the production costs.
STATISTICAL DETRIMENTAL DATA
Statistcally the trade activity shows periods of crisis.
The area is statistically considered moderately risky.
In the region 50.886 protested subjects are found; in the province they
count to 1.666.
The insolvency index for the region is 0,55, while for the province it
is 0,52.
Total Bankrupt companies in the province : 940.
Total Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 42.47 |
|
UK Pound |
1 |
Rs. 84.00 |
|
Euro |
1 |
Rs. 66.14 |
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%)