MIRA
INFORM REPORT
|
Report Date : |
05.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
PIATTINE E PROFILI INOX S.R.L. |
|
|
|
|
Registered Office : |
Via Zerbi,67 20023- Cerro Maggiore(MI) |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
29.11.1979 |
|
|
|
|
Com. Reg. No.: |
MI146-189683 since 19/02/1996 |
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|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture of tubes, pipes, hollow profiles and related fittings in steel (except those in refined steel) |
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 : |
180.000 - Eur |
|
Status : |
Good |
|
Payment Behaviour : |
Usually Correct |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name and address
Piattine E Profili Inox s.r.l.
Via Zerbi,67
20023- Cerro Maggiore(MI)-IT-
Summary
|
Fiscal Code |
: |
04588280158 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
29/11/1979 |
|
Equity |
: |
1.500.000 Eur |
|
|
: |
10.000.000/12.750.000 Eur |
|
Number of Employees |
: |
from 26 to 35 |
Credit Analysis
|
Credit Opinion |
: |
180.000 - Eur |
Activity
Manufacture of tubes, pipes, hollow profiles and related fittings in
steel (except those in refined steel)
Manufacture of other products from the first processing of steel
Forging, drawing, stamping and roll-forming of metal; powder metallu
rgy
Legal
Data
Legal Form : Limited liability company
|
Register of Handcraft firms : 193102 of Milano |
|
Fiscal Code : 04588280158 |
|
Foreign Trade Reg. no. : MI055620 since 19/12/1991 |
|
Foreign Trade Reg. no. : 55620 of Milano since 19/12/1991 |
|
Chamber of Commerce no. : 1025062 of Milano since 29/11/1979 |
|
Firms' Register : MI146-189683 since 19/02/1996 |
|
V.A.T. Code : 04588280158 |
|
Tribunal Co. Register : 189683 of Milano |
|
Foundation date |
: 30/10/1979 |
|
|
Establishment date |
: 30/10/1979 |
|
|
Start of Activities |
: 29/11/1979 |
|
|
Legal duration |
: 31/12/2020 |
|
|
Nominal Capital |
: 520.000 |
Eur |
|
Subscribed Capital |
: 520.000 |
Eur |
|
Paid up Capital |
: 520.000 |
Eur |
Members
|
|
Cormanni |
Massimo |
|
|
|
Born in Bollate |
(MI) |
on 02/02/1964 |
- Fiscal Code : CRMMSM64B02A940W |
|
|
|
Residence : |
Via |
N. Fedeli |
, 5 |
- 20021 |
Arese |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
24/11/1994 |
|
|
|
|
No Protests registered |
|
|
Cormanni |
Claudio Maurizio |
|
|
|
Born in Bollate |
(MI) |
on 04/12/1953 |
- Fiscal Code : CRMCDM53T04A940W |
|
|
|
Residence : |
Via |
Monti Vincenzo |
, 79/A |
- 20145 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
30/03/1992 |
|
|
|
|
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 have
holded positions.
|
|
CORMANNI |
MASSIMO |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
I.T.C. S.R.L. |
Cerro Maggiore (MI) - IT - |
12592580158 |
Director |
Active |
Registered |
|
I.T.C. S.R.L. |
Cerro Maggiore (MI) - IT - |
12592580158 |
Board Chairman |
Active |
Registered |
The indication "REGISTERED" as Firm Status could refer to
Firms in Liquidation, Active, Inactive, etc.
For more information, in this case, we advise to request further
investigations.
Capital Shareholders
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Cormanni Claudio |
Milano - IT - |
CRMCLD53T04A940K |
265.200 .Eur |
51,00 |
|
Cormanni Massimo |
Arese - IT - |
CRMMSM64B02A940W |
254.800 .Eur |
49,00 |
Direct Participations
The Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares
Amount |
% Ownership |
since |
until |
Share Status |
|
I.t.c. S.r.l. |
Cerro Maggiore - IT - |
12592580158 |
50.490 .Eur |
51,00 |
|
|
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
since 30/10/1979 |
|
|
|
|
|
Via |
Zerbi |
, 67 |
- 20023 |
- Cerro Maggiore |
(MI) |
- IT - |
|
|
|
|
Trading Style: Piattine e Profili |
|
|
|
|
PHONE |
: 02/33301271 |
|
|
|
|
PHONE |
: 0331/535511 |
|
|
|
|
FAX |
: 0331/535677 |
|
|
|
|
Employees |
: 28 |
|
|
|
|
Assistants |
: 1 |
|
Fittings and Equipment for a value of 1.080.000 |
Eur |
|
Stocks for a value of 1.400.000 |
Eur |
|
Vehicles for a value of 21.000 |
Eur |
|
|
The firm operates abroad as importer / exporter. .
To purchase foreign products the firm uses the following channels :
|
- its own agents |
Export represents up to 20% of the global turnover.
Products abroad are placed by :
|
- its own sales net-work |
|
- its own agents |
|
- direct orders from foreign companies |
Import comes generally from the following nations:
|
- Francia |
|
- |
Historical Information and/or Firm's Status
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
General partnership |
Limited liability company |
30/03/1992 |
EX-MEMBERS / EX-POSITIONS:
|
|
Guzzetti |
Giorgio |
|
|
|
Born in MILANO |
on 11/07/1962 |
- Fiscal Code : GZZGGL62L11F205K |
|
|
|
Residence : |
Via |
FORNI |
, 62 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Cormanni |
Claudio |
|
|
|
Born in Bollate |
on 04/12/1953 |
- Fiscal Code : CRMCLD53T04A940K |
|
|
|
Residence : |
Via |
Monti Vincenzo |
, 79/A |
- 20145 |
Milano |
(MI) |
- IT - |
|
Ex-Postions |
|
Sole Director |
|
|
Cattaneo |
Ugo |
|
|
|
Born in Milano |
on 12/08/1933 |
- Fiscal Code : CTTGUO33M12F205B |
|
|
|
Residence : |
Via |
Cornalia Emilio |
, 19 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
|
|
Cortivo |
Gianluigi |
|
|
|
Born in Milano |
on 18/10/1945 |
- Fiscal Code : CRTGLG45R18F205N |
|
|
|
Residence : |
Via |
Sestini Bartolomeo |
, 16 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Cortivo |
Sergio |
|
|
|
Born in Milano |
on 20/03/1960 |
- Fiscal Code : CRTSRG60C20F205K |
|
|
|
Residence : |
Via |
Rossi Pellegrino |
, 81 |
- 20161 |
Milano |
(MI) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
Protests
Protests checking on the subject firm has given a negative result.
Legal Procedures
None reported, standing to the latest received edition of the Official
Publications.
Financial and Economical Analysis
Subject is active since 1979
The economic-financial analysis has been made on the base of the b/s of
the latests three years.
During the last years, it recorded positive net results (r.o.e. 9,58% in
2009)
The return on Investment in the last financial year was positive (4,28%)
falling within the field's average.
The amount of the operating result for the year 2009 is of Eur. 399.874
showing a downwards trend equal to -52,51% if compared to the value of the
financial year 2008.
A gross operating margine for a value of Eur. 795.953 was reached.
showing a drop (-35,78%).
The analysis shows a fair financial position as the indebtedness volume
is acceptable (2,73) and falling as against the previous year (3,42).
The equity capital is equal to Eur. 1.485.310 , unchanged if compared to
2008.
Total indebtedness was equal to Eur. 7.346.336 (Eur. 3.152.992 was the
value of m/l term debts) showing a stable trend as opposed to 2008 (Eur.
8.593.467).
Financial debts as well as debts to suppliers are rather high even if it
still falls within the sector's average.
The available funds are good.
As far as the collection of credit goes, the average is high (103,74
days). within the average values of the sector.
Eur. 538.331 is the value of cash flow during the year 2009
Labour cost expenses amount to Eur. 1.095.061 , representing 10,88% on
the total of production costs. and a 10,51% incidence on sales volumes.
High incidence of financial charges on turnover.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
10.415.396 |
|
Profit (Loss) for the period |
142.252 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
15.072.708 |
|
Profit (Loss) for the period |
284.052 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
18.602.716 |
|
Profit (Loss) for the period |
292.374 |
|
|
|
Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
15.309.737 |
|
Profit (Loss) for the period |
130.970 |
|
|
|
Complete balance-sheet for the year |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
12.279.543 |
|
Profit (Loss) for the period |
58.396 |
Balance Sheets
From our constant monitoring of the relevant Public Administration
offices, no more recent balance sheets result to have been filed.
|
- Balance Sheet as at 31/12/2009 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
- Balance Sheet as at 31/12/2008 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
- Balance Sheet as at 31/12/2007 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
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|
RATIOS |
Value Type |
as at 31/12/2009 |
as at 31/12/2008 |
as at 31/12/2007 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,48 |
0,40 |
0,33 |
0,20 |
|
Elasticity Ratio |
Units |
0,51 |
0,60 |
0,65 |
0,77 |
|
Availability of stock |
Units |
0,15 |
0,16 |
0,21 |
0,21 |
|
Total Liquidity Ratio |
Units |
0,36 |
0,44 |
0,44 |
0,51 |
|
Quick Ratio |
Units |
0,02 |
0,02 |
0,00 |
0,02 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
2,73 |
3,42 |
5,77 |
2,78 |
|
Self Financing Ratio |
Units |
0,16 |
0,15 |
0,10 |
0,21 |
|
Capital protection Ratio |
Units |
0,55 |
0,50 |
0,41 |
0,59 |
|
Liabilities consolidation quotient |
Units |
0,85 |
0,60 |
0,47 |
0,14 |
|
Financing |
Units |
4,95 |
5,39 |
8,25 |
3,33 |
|
Permanent Indebtedness Ratio |
Units |
0,54 |
0,46 |
0,38 |
0,39 |
|
M/L term Debts Ratio |
Units |
0,38 |
0,31 |
0,28 |
0,08 |
|
Net Financial Indebtedness Ratio |
Units |
3,04 |
3,05 |
5,34 |
0,98 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,12 |
1,16 |
1,15 |
1,82 |
|
Current ratio |
Units |
1,15 |
1,13 |
1,09 |
1,26 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,81 |
0,84 |
0,74 |
0,87 |
|
Structure's primary quotient |
Units |
0,33 |
0,37 |
0,31 |
1,20 |
|
Treasury's primary quotient |
Units |
0,03 |
0,03 |
0,00 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
629,32 |
671,04 |
960,74 |
463,58 |
|
Current Capital ( net ) |
Value |
613.474 |
740.333 |
772.081 |
977.479 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
5,17 |
4,52 |
3,75 |
4,84 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
9,58 |
17,83 |
21,03 |
11,81 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
12,83 |
30,45 |
39,24 |
29,23 |
|
Return on Investment ( R.O.I. ) |
% |
4,28 |
7,88 |
7,08 |
7,15 |
|
Return/ Sales |
% |
3,84 |
5,59 |
5,08 |
6,14 |
|
Extra Management revenues/charges incid. |
% |
35,57 |
33,73 |
30,91 |
38,40 |
|
Cash Flow |
Value |
538.331 |
681.552 |
698.988 |
434.376 |
|
Operating Profit |
Value |
399.874 |
842.094 |
945.800 |
540.947 |
|
Gross Operating Margin |
Value |
795.953 |
1.239.594 |
1.352.414 |
796.310 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
103,74 |
105,37 |
114,80 |
119,28 |
|
Debts to suppliers average term |
Days |
113,82 |
105,30 |
83,59 |
130,76 |
|
Average stock waiting period |
Days |
48,54 |
39,83 |
54,86 |
62,92 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,11 |
1,41 |
1,39 |
1,21 |
|
Rate of stock return |
Units |
7,42 |
9,04 |
6,56 |
5,71 |
|
Labour cost incidence |
% |
10,51 |
6,77 |
5,73 |
12,07 |
|
Net financial revenues/ charges incidence |
% |
- 2,05 |
- 2,03 |
- 1,85 |
- 1,29 |
|
Labour cost on purchasing expenses |
% |
10,88 |
7,14 |
6,01 |
12,51 |
|
Short-term financing charges |
% |
3,27 |
4,05 |
3,67 |
2,65 |
|
Capital on hand |
% |
89,75 |
70,92 |
71,78 |
82,16 |
|
Sales pro employee |
Value |
371.978 |
538.311 |
744.108 |
309.089 |
|
Labour cost pro employee |
Value |
39.109 |
36.469 |
42.683 |
36.091 |
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:
180.000Eur.
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 185 significant companies.
The companies cash their credits on an average of 119 dd.
The average duration of suppliers debts is about 130 dd.
The sector's profitability is on an average of 4,84%.
The labour cost affects the turnover in the measure of 12,07%.
Goods are held in stock in a range of 62 dd.
The difference between the sales volume and the resources used to
realize it is about 1,21.
The employees costs represent the 12,51% of the production costs.
Statistical Detrimental Data
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.44.65 |
|
|
1 |
Rs.71.93 |
|
Euro |
1 |
Rs.63.24 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.