MIRA INFORM REPORT
|
Report Date : |
19.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
FORVET S.R.L. |
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|
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Registered Office : |
Strada
Piossasco, 46 10040 - Volvera
(TO) |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
02.04.1992 |
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Com. Reg. No.: |
TO272-1991-3372 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of Metal Forming Machinery. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
50.000 Eur. |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company
Name and address
Forvet s.r.l.
Strada Piossasco, 46
10040 - Volvera (TO) -IT-
Summary
|
Fiscal Code |
: |
06169840011 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
02/04/1992 |
|
Equity |
: |
1.500.000 Eur |
|
|
: |
7.750.000/9.000.000 Eur |
|
Number of Employees |
: |
from 26 to 35 |
Credit
Analysis
|
Credit Opinion |
: |
50.000 - Eur |
Activity
General mechanics
Manufacture of metal forming machinery
Legal
Data
Legal Form : Limited liability company
|
Fiscal Code : 06169840011 |
|
Foreign Trade Reg. no. : TO044130 since 08/07/1992 |
|
Foreign Trade Reg. no. : 044130 of |
|
Chamber of Commerce no. : 765897 of |
|
Firms' Register : TO272-1991-3372 since 19/02/1996 |
|
V.A.T. Code : 06169840011 |
|
Tribunal Co. Register : 337291 of |
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Foundation date |
: 25/07/1991 |
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Establishment date |
: 25/07/1991 |
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|
Start of Activities |
: 02/04/1992 |
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|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 99.000 |
Eur |
|
Subscribed Capital |
: 99.000 |
Eur |
|
Paid up Capital |
: 99.000 |
Eur |
Members
|
|
Gariglio |
Paola |
|
|
|
Born in |
(TO) |
on 02/07/1961 |
- Fiscal Code : GRGPLA61L42L219D |
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|
|
Residence : |
Via |
Del Campetto |
, 15/1 |
- 10045 |
Piossasco |
(TO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Chairman |
25/07/1991 |
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|
|
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No Protests registered |
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Gariglio |
Davide |
|
|
|
Born in |
(TO) |
on 08/09/1965 |
- Fiscal Code : GRGDVD65P08L219N |
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|
|
Residence : |
Via |
Montegrappa |
, 12 |
- 10045 |
Piossasco |
(TO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
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|
|
|
|
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.
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|
GARIGLIO |
PAOLA |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
FORVET ENGINEERING S.R.L. |
- - |
01341880498 |
Sole Director |
Withdrawn |
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 |
|
Gariglio Paola |
Piossasco - IT - |
GRGPLA61L42L219D |
49.500 .Eur |
50,00 |
|
Gariglio Davide |
Piossasco - IT - |
GRGDVD65P08L219N |
49.500 .Eur |
50,00 |
Direct
Participations
The Company under review has no participations in other Companies.
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
since 02/04/1992 |
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Strada |
Piossasco |
, 46 |
- 10040 |
- Volvera |
(TO) |
- IT - |
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PHONE |
: 011/9048236 |
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|
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PHONE |
: 011/9855200-211 |
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FAX |
: 011/9853032 |
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- |
Branch |
(Factory ) |
since 01/12/2003 |
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|
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Strada |
Piossasco |
, 46/N |
- 10040 |
- Volvera |
(TO) |
- IT - |
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|
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Employees |
: 28 |
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|
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Assistants |
: 2 |
|
Fittings and Equipment for a value of 190.000 |
Eur |
|
Stocks for a value of 320.000 |
Eur |
Historical Information and/or Firm's Status
EX-MEMBERS / EX-POSITIONS:
|
|
Malerba |
Alessandro |
|
|
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Born in Milano |
on 21/12/1962 |
- Fiscal Code : MLRLSN62T21F205Z |
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Residence : |
Via |
Alberto Mario |
, 65 |
- 20100 |
Milano |
(MI) |
- IT - |
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Ex-Postions |
|
Permanent Auditor |
|
|
Landriscina |
Stefano |
|
|
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Born in Trinitapoli |
on 07/10/1933 |
- Fiscal Code : LNDSFN33R07B915J |
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|
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Residence : |
Via |
De Marchi Marco |
, 7 |
- 20121 |
Milano |
(MI) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
|
|
Gariglio |
Davide |
|
|
|
Born in |
on 08/09/1965 |
- Fiscal Code : GRGDVD65P08L219N |
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|
|
Residence : |
Via |
Montegrappa |
, 12 |
- 10045 |
Piossasco |
(TO) |
- IT - |
|
Ex-Postions |
|
Managing Director |
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 1992
The economic-financial analysis has been made on the base of the b/s of
the latests three years.
Under an economic point of view, profits were registered during the last
years with a r.o.e. of 20,06% in 2009
The operating result was positive in the last financial year (1,81%) and
in line with the sector's average.
The amount of the operating result for the year 2009 is of Eur. 252.618
showing a fall as opposed to the previous year (-47,41%).
The gross operating margin of the latest financial year is of Eur.
326.948 recording a -42,52% decrease.
Short-term debts volume if compared to net worth, as it comes out from
the total indebtedness (9,09) which tends upward.
The equity capital is equal to Eur. 1.078.422 , rising by 25,09%.
The financial management has recorded total debts amounting to Eur.
11.396.390, , with no sensible variation.
The company does not exceed in bank credits; payments average period is
instead slightly high (141,96 gg.) however still within the sector's average.
Liquidity is rather modest.
As far as the collection of credit goes, the average is high (120,95
days). but on the same levels as the average of the sector.
2009 financial year closed with a cash flow of Eur. 290.695
In the last financial year labour cost was of Eur. 1.583.527, with a
18,41% incidence on total costs of production. , whereas the incidence on sales
revenues is of 18,04%.
The financial management is positive as incomes are higher than the
charges.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
8.777.189 |
|
Profit (Loss) for the period |
216.365 |
|
|
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Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
13.856.704 |
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Profit (Loss) for the period |
277.408 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
12.353.213 |
|
Profit (Loss) for the period |
330.678 |
|
|
|
Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
7.823.351 |
|
Profit (Loss) for the period |
300.987 |
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 |
0,60 |
0,32 |
0,27 |
0,18 |
|
Elasticity Ratio |
Units |
0,38 |
0,68 |
0,73 |
0,80 |
|
Availability of stock |
Units |
0,02 |
0,02 |
0,02 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,36 |
0,65 |
0,70 |
0,44 |
|
Quick Ratio |
Units |
0,11 |
0,44 |
0,42 |
0,02 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
9,09 |
8,87 |
6,47 |
3,95 |
|
Self Financing Ratio |
Units |
0,08 |
0,06 |
0,08 |
0,13 |
|
Capital protection Ratio |
Units |
0,71 |
0,56 |
0,49 |
0,60 |
|
Liabilities consolidation quotient |
Units |
0,09 |
0,09 |
0,11 |
0,11 |
|
Financing |
Units |
10,57 |
11,08 |
8,39 |
5,08 |
|
Permanent Indebtedness Ratio |
Units |
0,15 |
0,13 |
0,15 |
0,30 |
|
M/L term Debts Ratio |
Units |
0,07 |
0,06 |
0,07 |
0,08 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,76 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
0,25 |
0,41 |
0,56 |
1,78 |
|
Current ratio |
Units |
0,47 |
0,95 |
1,13 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,44 |
0,92 |
1,09 |
0,67 |
|
Structure's primary quotient |
Units |
0,13 |
0,20 |
0,29 |
0,93 |
|
Treasury's primary quotient |
Units |
0,14 |
0,61 |
0,66 |
0,02 |
|
Rate of indebtedness ( Leverage ) |
% |
1.293,86 |
1.560,86 |
1.294,57 |
711,85 |
|
Current Capital ( net ) |
Value |
-6.035.025 |
-457.668 |
889.710 |
260.523 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
3,31 |
2,64 |
3,10 |
2,69 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
20,06 |
32,18 |
39,15 |
3,59 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
38,64 |
70,06 |
82,24 |
23,65 |
|
Return on Investment ( R.O.I. ) |
% |
1,81 |
3,57 |
5,73 |
4,42 |
|
Return/ Sales |
% |
2,88 |
3,47 |
5,07 |
3,96 |
|
Extra Management revenues/charges incid. |
% |
85,65 |
57,75 |
52,76 |
14,09 |
|
Cash Flow |
Value |
290.695 |
365.923 |
382.458 |
61.403 |
|
Operating Profit |
Value |
252.618 |
480.381 |
626.752 |
126.277 |
|
Gross Operating Margin |
Value |
326.948 |
568.896 |
678.532 |
173.261 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
120,95 |
68,56 |
83,68 |
127,36 |
|
Debts to suppliers average term |
Days |
141,96 |
205,48 |
169,12 |
154,41 |
|
Average stock waiting period |
Days |
13,22 |
7,52 |
7,74 |
107,40 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,63 |
1,03 |
1,13 |
1,06 |
|
Rate of stock return |
Units |
27,24 |
47,89 |
46,52 |
3,34 |
|
Labour cost incidence |
% |
18,04 |
11,61 |
10,98 |
21,45 |
|
Net financial revenues/ charges incidence |
% |
1,06 |
- 0,07 |
0,39 |
- 1,57 |
|
Labour cost on purchasing expenses |
% |
18,41 |
11,97 |
11,43 |
21,15 |
|
Short-term financing charges |
% |
0,56 |
2,74 |
0,59 |
3,24 |
|
Capital on hand |
% |
158,97 |
97,10 |
88,51 |
94,33 |
|
Sales pro employee |
Value |
292.572 |
494.882 |
441.186 |
182.108 |
|
Labour cost pro employee |
Value |
52.784 |
57.442 |
48.433 |
36.959 |
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:
50.000 Eur.
Market
/ Territory Data
|
Population living in the province |
: |
|
|
Population living in the region |
: |
|
|
Number of families in the region |
: |
|
2.236.941Monthly family expenses average in the region (in Eur.) :
|
- per food products |
: |
|
|
- per non food products |
: |
|
|
- per energy consume |
: |
|
Sector
Data
The values are calculated on a base of 45 significant companies.
The companies cash their credits on an average of 127 dd.
The average duration of suppliers debts is about 154 dd.
The sector's profitability is on an average of 2,69%.
The labour cost affects the turnover in the measure of 21,45%.
Goods are held in stock in a range of 107 dd.
The difference between the sales volume and the resources used to
realize it is about 1,06.
The employees costs represent the 21,15% of the production costs.
Statistical
Detrimental Data
The area is statistically considered moderately risky.
In the region 27.019 protested subjects are found; in the province they
count to 16.723.
The insolvency index for the region is 0,63, , while for the province it
is 0,76.
Total Bankrupt companies in the province : 7.726.
Total Bankrupt companies in the region : 14.165.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.27 |
|
|
1 |
Rs.72.08 |
|
Euro |
1 |
Rs.63.66 |
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.