MIRA
INFORM REPORT
|
Report Date : |
27.04.2011 |
IDENTIFICATION DETAILS
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Name : |
ARIOLI S.P.A. |
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Registered Office : |
Via G. P. Clerici,2 21040- Gerenzano(VA) |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.01.2008 |
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Legal Form : |
Joint stock company with sole shareholder |
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Line of Business : |
Manufacture of textile machinery, machinery and systems for auxiliary treatment
of textiles, sewing and weaving machines (including spare parts and
accessories) |
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 |
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Maximum Credit Limit : |
250.000 - Eur |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
Name and address
Arioli S.p.a.
ViaG. P. Clerici,2
21040- Gerenzano(VA)-IT-
Summary
|
Fiscal Code |
: |
05757800965 |
|
Legal Form |
: |
Joint stock company with sole shareholder |
|
start of Activities |
: |
01/01/2008 |
|
Equity |
: |
2.000.000 Eur |
|
|
: |
10.000.000/12.750.000 Eur |
|
Number of Employees |
: |
from 26 to 35 |
Credit Analysis
|
Credit Opinion |
: |
250.000 - Eur |
Activity
Manufacture of textile machinery, machinery and systems for auxiliary
treatment of textiles, sewing and weaving machines (including spare parts and
accessories)
Legal Data
Legal Form : Joint stock company with sole shareholder
|
Fiscal Code : 05757800965 |
|
Foreign Trade Reg. no. : VA059132 since 20/02/2008 |
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Chamber of Commerce no. : 313430 of |
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Establishment date |
: 16/05/2007 |
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Start of Activities |
: 01/01/2008 |
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|
Legal duration |
: 31/12/2050 |
|
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Nominal Capital |
: 500.000 |
Eur |
|
Subscribed Capital |
: 500.000 |
Eur |
|
Paid up Capital |
: 500.000 |
Eur |
Members
|
|
Mini S.p.a. |
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|
|
|
Via |
G.p. Clerici |
, 2 |
- 21040 |
Gerenzano |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole partner |
|
|
|
|
|
No Protests registered |
|
|
Zocco |
Carmelo |
|
|
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Born in Noto |
(SR) |
on 14/05/1964 |
- Fiscal Code : ZCCCML64E14F943G |
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Residence : |
Via |
G.p. Clerici |
, 2 |
- 21040 |
Gerenzano |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
11/02/2009 |
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|
|
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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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|
ZOCCO |
CARMELO |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
ARIOLI S.P.A. |
Gerenzano (VA) - IT - |
11254590158 |
Sole Director |
- |
Ceased |
|
MINI S.P.A. |
Gerenzano (VA) - IT - |
03202260968 |
Sole Director |
Active |
Registered |
|
OCTOBER 2000 SRL |
Milano (MI) - IT - |
13236890151 |
Sole Director |
Withdrawn |
Ceased |
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 |
|
Mini S.p.a. |
Gerenzano - IT - |
03202260968 |
|
100,00 |
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 |
(Factory ) |
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|
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Via |
G. P. Clerici |
, 2 |
- 21040 |
- Gerenzano |
(VA) |
- IT - |
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|
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Employees |
: 35 |
|
Fittings and Equipment for a value of 170.000 |
Eur |
|
Stocks for a value of 1.750.000 |
Eur |
|
Work in progress for a value of 490.000 |
Eur |
Historical Information and/or Firm's Status
CEASINGS/INCORPORATIONS/MERGES:
|
|
Project of splitting-up and tranfer from |
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|
|
Mini S.p.a. |
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Via |
G.p. Clerici |
, 2 |
, 21040 |
, Gerenzano |
(VA) |
- IT - |
|
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Fiscal Code: 03202260968 |
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|
Date |
Merging/splitting-up project : |
14/02/2011 |
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Splitting-up and tranfer from the company |
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Mini S.p.a. |
|
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|
Via |
G.p. Clerici |
, 2 |
, 21040 |
, Gerenzano |
(VA) |
- IT - |
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|
|
Fiscal Code: 03202260968 |
|
|
|
Date |
Splitting-up : |
20/04/2011 |
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
The company has been active for some years.
An eco-fin analysis has been made on the base od the b/s fo the years
2008, 2009 and 2010.
Unstable economic results mark the company's financial state of affairs.
yet with a positive result in the 2010 (r.o.e. 11,31%). Upward trend as to the
turnover in the last financial year (+49,69%).
The operating result in 2010 was positive (3,55%) falling within the
field's average.
The amount of the operating result for the year 2010 is of Eur. 433.759
rising (+more then 100%) in relation to the previous year.
The G.O.M. amounted to Eur. 864.287 showing an upward trend if compared
to 2009.
The financial status of the company is fairly balanced with an
indebtedness level of 3,96 but with an increase as against the previous
accounting period.
Subject can manage an equity capital funds for an amount of Eur.
1.860.711 , unchanged if compared to 2009.
During the last financial year total debts volume reached Eur. 8.214.047
(Eur. 81.830 were m/l term ones) with a growth equal to 64,78%.
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 gg.
even if it still falls within the sector's average.
Liquid assets are not adequate.
Accounts receivable average term is 50,55 days. , in line with the
sector's average.
The financial management generated a cash flow of Eur. 641.034.
Labour cost amounts to Eur. 2.006.729, with a 15,91% incidence on
production costs. and a 16,4% incidence on sales volumes.
The incidence of the financial charges is of -0,3% on the sales amount.
Financial Data
|
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Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
12.238.724 |
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Profit (Loss) for the period |
210.506 |
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Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
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Item Type |
Value |
|
Sales |
8.175.576 |
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Profit (Loss) for the period |
14.730 |
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Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
9.924.816 |
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Profit (Loss) for the period |
-335.759 |
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 31/12/2010 - 12 Mesi - Currency: Eur - Amounts x
1 |
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- Balance Sheet as at 31/12/2009 - 12 Mesi - Currency: Eur - Amounts x
1 |
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- Balance Sheet as at 31/12/2008 - 12 Mesi - Currency: Eur - Amounts x
1 |
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RATIOS |
Value Type |
as at 31/12/2010 |
as at 31/12/2009 |
as at 31/12/2008 |
Sector Average |
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COMPOSITION ON
INVESTMENT |
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|
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|
|
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Rigidity Ratio |
Units |
0,63 |
0,58 |
0,60 |
0,14 |
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Elasticity Ratio |
Units |
0,37 |
0,42 |
0,39 |
0,83 |
|
Availability of stock |
Units |
0,14 |
0,13 |
0,12 |
0,22 |
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Total Liquidity Ratio |
Units |
0,23 |
0,29 |
0,27 |
0,55 |
|
Quick Ratio |
Units |
0,06 |
0,04 |
0,02 |
0,04 |
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COMPOSITION ON
SOURCE |
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|
|
|
|
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Net Short-term indebtedness |
Units |
3,96 |
2,75 |
2,85 |
3,07 |
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Self Financing Ratio |
Units |
0,15 |
0,19 |
0,18 |
0,19 |
|
Capital protection Ratio |
Units |
0,62 |
0,69 |
0,90 |
0,63 |
|
Liabilities consolidation quotient |
Units |
0,08 |
0,13 |
0,18 |
0,18 |
|
Financing |
Units |
4,41 |
3,02 |
3,02 |
3,74 |
|
Permanent Indebtedness Ratio |
Units |
0,21 |
0,27 |
0,28 |
0,35 |
|
M/L term Debts Ratio |
Units |
0,06 |
0,08 |
0,10 |
0,10 |
|
Net Financial Indebtedness Ratio |
Units |
1,24 |
0,72 |
0,52 |
0,68 |
|
CORRELATION |
|
|
|
|
|
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Fixed assets ratio |
Units |
0,33 |
0,46 |
0,47 |
2,15 |
|
Current ratio |
Units |
0,56 |
0,74 |
0,70 |
1,26 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,35 |
0,52 |
0,49 |
0,91 |
|
Structure's primary quotient |
Units |
0,24 |
0,33 |
0,31 |
1,24 |
|
Treasury's primary quotient |
Units |
0,09 |
0,07 |
0,04 |
0,07 |
|
Rate of indebtedness ( Leverage ) |
% |
656,36 |
521,18 |
543,87 |
522,89 |
|
Current Capital ( net ) |
Value |
-3.579.247 |
-1.242.629 |
-1.435.795 |
420.263 |
|
RETURN |
|
|
|
|
|
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Return on Sales |
% |
5,24 |
4,91 |
0,24 |
3,40 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
11,31 |
0,89 |
- 20,53 |
6,99 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
21,67 |
2,53 |
- 20,78 |
23,56 |
|
Return on Investment ( R.O.I. ) |
% |
3,55 |
- 1,78 |
- 6,00 |
5,48 |
|
Return/ Sales |
% |
3,54 |
- 1,88 |
- 5,38 |
4,86 |
|
Extra Management revenues/charges incid. |
% |
48,53 |
n.c. |
n.c. |
25,43 |
|
Cash Flow |
Value |
641.034 |
401.078 |
23.559 |
100.067 |
|
Operating Profit |
Value |
433.759 |
-153.493 |
-533.549 |
129.376 |
|
Gross Operating Margin |
Value |
864.287 |
232.863 |
-174.222 |
197.492 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
50,55 |
84,78 |
57,80 |
128,44 |
|
Debts to suppliers average term |
Days |
124,00 |
141,77 |
119,82 |
151,43 |
|
Average stock waiting period |
Days |
51,40 |
48,44 |
37,36 |
65,66 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,00 |
0,95 |
1,12 |
1,19 |
|
Rate of stock return |
Units |
7,00 |
7,43 |
9,64 |
5,43 |
|
Labour cost incidence |
% |
16,40 |
28,80 |
23,35 |
18,22 |
|
Net financial revenues/ charges incidence |
% |
- 0,30 |
- 0,74 |
- 0,71 |
- 1,10 |
|
Labour cost on purchasing expenses |
% |
15,91 |
27,37 |
22,28 |
18,70 |
|
Short-term financing charges |
% |
0,44 |
1,28 |
1,55 |
2,51 |
|
Capital on hand |
% |
99,79 |
105,20 |
89,62 |
83,78 |
|
Sales pro employee |
Value |
197.398 |
111.994 |
194.604 |
213.359 |
|
Labour cost pro employee |
Value |
32.366 |
32.256 |
45.445 |
35.786 |
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:
250.000 Eur.
Market / Territory Data
|
Population living in the province |
: |
843.250 |
|
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 1.206 significant companies.
The companies cash their credits on an average of 128 dd.
The average duration of suppliers debts is about 151 dd.
The sector's profitability is on an average of 3,40%.
The labour cost affects the turnover in the measure of 18,22%.
Goods are held in stock in a range of 65 dd.
The difference between the sales volume and the resources used to
realize it is about 1,19.
The employees costs represent the 18,70% of the production costs.
Statistical Detrimental Data
The area is statistically considered moderately risky.
In the region 50.886 protested subjects are found; in the province they
count to 4.597.
The insolvency index for the region is 0,55, , while for the province it
is 0,55.
Total Bankrupt companies in the province : 3.052.
Total Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.59 |
|
|
1 |
Rs.73.44 |
|
Euro |
1 |
Rs.64.81 |
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.