MIRA INFORM REPORT
|
Report Date : |
05.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SOCIETA' INDUSTRIALE COSTRUZIONE MACCHINE AGRICOLE S.P.A. |
|
|
|
|
Registered Office : |
Contrada Cerreto, 39 Cerreto,
66010- Miglianico (CH) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
10.06.1976 |
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|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Manufacturing and assembling of agricultural and zootechnical machines
and equipment. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
Name & address
Societa' Industriale
Costruzione Macchine Agricole S.p.a.
Contrada Cerreto, 39 Cerreto
66010 -
Miglianico (CH) -IT-
SUMMARY
|
Fiscal Code |
: |
00227220696 |
|
Legal Form |
: |
Joint stock company |
|
Start of Activities |
: |
10/06/1976 |
|
Patrimonial Consistence |
: |
2.000.000 Eur |
|
Turnover Range |
: |
12.750.000/15.500.000 Eur |
|
Number of Employees |
: |
from 111 to 130 |
CREDIT ANALYSIS
|
Score |
: |
Risk medium |
|
Creditworthness Rate |
: |
Scanty |
|
|
|
Modest financial and economic aspect - Limited credit is suggested. |
ACTIVITY
Manufacturing and assembling of agricultural and zootechnical
machines and equipment.
Manufacturing of farming engines (tractors, mowing and hoeing
machines).
Manufacturing and installation of internal combustion engines
(means of transport engines excluded).
LEGAL DATA
Legal Form : Joint stock company
|
Fiscal Code : 00227220696 |
|
Foreign Trade Reg. no. : 2419 of Chieti |
|
Chamber of Commerce no. : 63169 of Chieti since 19/07/1976 |
|
Firms' Register : CH022-1275 since 19/02/1996 |
|
V.A.T. Code : 00227220696 |
|
Court : 1275 of Chieti |
|
Foundation Date |
: 10/06/1976 |
|
|
Establishment Date |
: 10/06/1976 |
|
|
Start of Activities |
: 10/06/1976 |
|
|
Legal Duration Date |
: 31/12/2050 |
|
|
Nominal Capital |
: 1.055.634 |
Eur |
|
Subscribed Capital |
: 1.055.634 |
Eur |
|
Paid up Capital |
: 1.055.634 |
Eur |
MEMBERS
|
Aurora |
Lorenzo |
|
Born in Miglianico |
(CH) |
on 12/05/1938 |
- Fiscal Code : RRALNZ38E12F196L |
|
Residence : |
Via |
Roma |
, 70 |
- 66010 |
Miglianico |
(CH) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
26/04/2007 |
|
|
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.
|
AURORA |
LORENZO |
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Position Status |
Firm Status |
|
ALFA METAL S.R.L. |
Miglianico (CH) - IT - |
02064510692 |
Sole Director |
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 |
|
Aurora Franco |
Miglianico - IT - |
RRAFNC50E16F196Q |
351.878 .Eur |
33,33 |
|
Aurora Lorenzo |
Miglianico - IT - |
RRALNZ38E12F196L |
351.878 .Eur |
33,33 |
|
AURORA MARIO |
Miglianico - IT - |
RRAMRA44L15F196C |
351.878 .Eur |
33,33 |
DIRECT PARTICIPATIONS
|
Company Style |
Legal Seat |
Fiscal Code |
Owned Shares |
% of Ownership |
Share Status |
|
GESTIN SRL |
Miglianico Via Montupoli 53 - IT - |
00385550694 |
10.329 .Eur |
99,99 |
Active |
STRUCTURE AND COMPANY ACTIVITY
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
since 10/06/1976 |
in : |
|
|
|
|
|
Contrada |
Cerreto |
, 39 |
- 66010 - |
Miglianico |
(CH) |
- IT - |
|
|
|
|
PHONE |
: 0871/95841 |
|
|
|
|
Employees |
: 130 |
|
|
|
|
Fittings and Equipment |
for a value of
1.640.000 |
Eur |
|
|
|
|
Stocks |
for a value of
6.500.000 |
Eur |
Sales are on an international scale.
The firm operates abroad as exporter. .
Export represents from 20% to 50% of the global turnover.
Products abroad are placed by :
|
- its own sales net-work |
|
- direct orders from foreign companies |
Export is mainly towards:
|
- Belgio |
|
- Francia |
|
- Grecia |
|
- Irlanda |
|
- Islanda |
HISTORICAL INFORMATION AND/OR
FIRM'S STATUS
|
Changes to the
legal form |
|
Former legal
form |
New legal form |
Changement Date |
|
Limited partnership |
Limited liability company |
31/10/1980 |
|
Limited liability company |
Joint stock company |
09/02/1995 |
Ex-Members /
Ex-Positions
|
Ciavolich |
Giuseppe |
|
Born in Chieti |
on 08/07/1929 |
- Fiscal Code : CVLGPP29L08C632M |
|
Position |
|
Sole Director |
|
The firm absorbed by merging of |
|
GESTIN SRL |
|
, Miglianico Via Montupoli 53 |
(CH) |
- IT - |
|
Fiscal Code: 00385550694 |
|
Date |
: |
31/07/1997 |
|
Project of merging by taking over of |
|
GESTIN SRL |
|
, Miglianico Via Montupoli 53 |
(CH) |
- IT - |
|
Fiscal Code: 00385550694 |
|
Date |
Merging/Splitting-up Project : |
10/10/1996 |
PAYMENTS ANALYSIS
The average term of debts to suppliers is high 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 |
2.727.523 .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 1976
During the last years, net losses were registered; in 2007 r.o.e. is
-15,3%.
The return on Investment in the last financial year was positive (2,99%)
and in line with the sector's average.
The ratio between shareholder's equity and borrowed capital is not well
balanced, the indebtedness level is equal to 6,27 with an upward trend.
Companys' indebtedness is fairly high in relation to its net worth;
payments average period is slow 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 |
13.379.981 |
filed balance sheet |
|
Profit (Loss) for the period |
-270.465 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
14.168.051 |
filed balance sheet |
|
Profit (Loss) for the period |
-273.934 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
14.693.299 |
filed balance sheet |
|
Profit (Loss) for the period |
-26.015 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
14.532.858 |
filed balance sheet |
|
Profit (Loss) for the period |
-235.122 |
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 ) |
|
|
4.769.938 |
4.164.128 |
|
. Intangible assets |
|
|
123.476 |
124.148 |
|
. Tangible fixed assets |
|
|
4.646.462 |
4.039.980 |
|
. . Land and buildings |
|
|
2.727.523 |
2.734.336 |
|
. . Plants, Equipm.and Machinery |
|
|
1.634.940 |
966.237 |
|
. Long-term Investments |
|
|
|
|
|
. . Financial loans |
|
|
|
|
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
14.554.583 |
12.141.120 |
|
. Stock |
|
|
6.497.366 |
4.908.760 |
|
. Credits |
|
|
6.563.694 |
5.939.732 |
|
. . Credits to clients |
|
|
6.021.469 |
5.426.817 |
|
. . Other credits |
|
|
542.225 |
512.915 |
|
. Short-term financial assets |
|
|
6.787 |
7.293 |
|
. Liquid assets |
|
|
1.486.736 |
1.285.335 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
7.921 |
7.915 |
|
TOTAL ASSETS |
|
|
19.332.442 |
16.313.163 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
1.767.009 |
1.885.859 |
|
. Company's capital |
|
|
1.055.634 |
1.055.634 |
|
. Reserves |
|
|
981.840 |
1.104.159 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
|
|
|
. Profit (loss) |
|
|
-270.465 |
-273.934 |
|
PROVISION FOR RISKS AND LOSSES |
|
|
|
|
|
SEVERANCE INDEMNITY FUND |
|
|
761.620 |
897.016 |
|
DEBTS |
|
|
16.791.817 |
13.513.311 |
|
. Financial M/L terms |
|
|
3.925.896 |
2.521.771 |
|
. . Financial M/L term banks |
|
|
2.196.339 |
1.662.214 |
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
1.729.557 |
859.557 |
|
. Financial short-term debts |
|
|
2.603.952 |
1.507.178 |
|
. . Financial short-term banks |
|
|
2.603.952 |
1.507.178 |
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
|
|
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
9.387.739 |
8.559.854 |
|
. Sundry M/L debts |
|
|
296.772 |
346.666 |
|
. Sundry short-term debts |
|
|
577.458 |
577.842 |
|
ACCRUED EXPENSE |
|
|
11.996 |
16.977 |
|
TOTAL LIABILITIES |
|
|
19.332.442 |
16.313.163 |
PROFIT AND LOSS ACCOUNTS
|
OUTPUT VALUE |
|
|
14.347.313 |
15.058.399 |
|
. Revenues from sales/services |
|
|
13.379.981 |
14.168.051 |
|
. Change of stock (products) |
|
|
714.873 |
531.492 |
|
OPERATING EXPENSES |
|
|
13.767.622 |
14.770.037 |
|
. Purchasing expenses |
|
|
8.226.516 |
8.539.596 |
|
. Change of stock (raw material) |
|
|
-873.733 |
-721.518 |
|
. Expenses from services |
|
|
1.635.573 |
1.820.343 |
|
. Expenses from leasing |
|
|
110.190 |
330.444 |
|
. General expenses/sundry charges |
|
|
122.555 |
154.962 |
|
. Staff expenses |
|
|
4.173.869 |
4.339.783 |
|
. Depreciation/Devaluation costs |
|
|
372.652 |
306.427 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-623.907 |
-281.307 |
|
. Financial charges |
|
|
-623.907 |
-310.612 |
|
. Financial revenues |
|
|
|
29.305 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
96.215 |
65.662 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
51.999 |
72.717 |
|
TAX |
|
|
322.464 |
346.651 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
-270.465 |
-273.934 |
RATIOS
|
|
Item |
O.V. |
as at 31/12/2007 |
as at 31/12/2006 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
1,41 |
1,35 |
2,11 |
|
Net Short-term indebtedness |
Units |
- 1 |
6,27 |
4,96 |
2,75 |
|
Current ratio |
Units |
=> 1 |
1,15 |
1,14 |
1,29 |
|
Acid Test Ratio-Liquidity Ratio |
Units' |
=> 1 |
0,64 |
0,67 |
0,86 |
|
Return on Sales |
% |
|
0,76 |
0,22 |
3,42 |
|
Average stock waiting period |
dd |
|
174,81 |
124,70 |
81,46 |
|
Credits to clients average term |
dd |
|
162,00 |
137,88 |
117,50 |
|
Debts to suppliers average term |
dd |
|
338,86 |
288,25 |
150,50 |
|
Net financial revenues/ charges incidence |
% |
|
- 4,66 |
- 1,98 |
- 0,99 |
|
Labour cost incidence |
% |
|
31,19 |
30,63 |
17,31 |
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)
MARKET / TERRITORY DATA
|
Population living in the province |
: |
391.167 |
|
Population living in the region |
: |
1.299.272 |
|
Number of families in the region |
: |
479.313 |
Monthly family expences average in the region (in Eur.) :
|
- per food products |
: |
448 |
|
- per non food products |
: |
1.525 |
|
- per energy consume |
: |
106 |
SECTOR DATA
The values are calculated on a base of 392 significant companies.
The companies cash their credits on an average of 117 dd.
The average duration of suppliers debts is about 150 dd.
The sector's profitability is on an average of 3,42%.
The labour cost affects the turnover in the measure of 17,31%.
Goods are held in stock in a range of 81 dd.
The difference between the sales volume and the resources used to
realize it is about 1,16.
The employees costs represent the 17,56% 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 11.587 protested subjects are found; in the province they
count to 3.035.
The insolvency index for the region is 0,90, while for the province it
is 0,79.
Total Bankrupt companies in the province : 1.253.
Total Bankrupt companies in the region : 5.123.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.26 |
|
UK Pound |
1 |
Rs.79.19 |
|
Euro |
1 |
Rs.64.42 |
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%)