MIRA
INFORM REPORT
|
Report Date : |
19.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
PROGELTA S.R.L. |
|
|
|
|
Registered Office : |
Via Pitagora,22 35030- Rubano(PD) |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
20.10.1978 |
|
|
|
|
Com. Reg. No.: |
PD060-12843 since 19/02/1996 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Installation of equipment for measuring, controlling, testing, navigating and similars ( including equipment for controlling industrial processes) |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
190.000 - Eur |
|
Status : |
Good |
|
Payment Behaviour : |
No Complaints |
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
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
Progelta S.r.l.
Via Pitagora,22
35030- Rubano(PD)
Summary
|
Fiscal Code |
: |
00809320286 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
20/10/1978 |
|
Equity |
: |
400.000 Eur |
|
|
: |
3.000.000/3.750.000 Eur |
|
Number of Employees |
: |
from 16 to 25 |
Credit Analysis
|
Credit Opinion |
: |
190.000 - Eur |
Activity
Installation of equipment for measuring, controlling, testing,
navigating and similars ( including equipment for controlling industrial
processes)
Electrical and electonic installation ( excluding maintenance and
repair)
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 00809320286 |
|
Foreign Trade Reg. no. : PD005841 since 12/12/1991 |
|
Foreign Trade Reg. no. : 5841 of Padova since 12/12/1991 |
|
Foreign Trade Reg. no. : 005841 of Padova since 12/12/1991 |
|
Chamber of Commerce no. : 153589 of Padova since 06/04/1979 |
|
Firms' Register : PD060-12843 since 19/02/1996 |
|
V.A.T. Code : 00809320286 |
|
Foundation date |
: 20/10/1978 |
|
|
Establishment date |
: 20/10/1978 |
|
|
Start of Activities |
: 20/10/1978 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 75.000 |
Eur |
|
Subscribed Capital |
: 75.000 |
Eur |
|
Paid up Capital |
: 75.000 |
Eur |
Members
|
|
Fornasier |
Pierluigi |
|
|
|
Born in Venezia |
(VE) |
on 29/06/1947 |
- Fiscal Code : FRNPLG47H29L736V |
|
|
|
Residence : |
Via |
Chiaradia Enrico |
, 9 INT. 3 |
- 35134 |
Padova |
(PD) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
13/05/2002 |
|
|
|
Managing Director |
13/05/2002 |
|
|
No Protests registered.
|
|
Grigoletto |
Mario |
|
|
|
Born in Casalserugo |
(PD) |
on 15/08/1945 |
- Fiscal Code : GRGMRA45M15B912L |
|
|
|
Residence : |
Via |
Santi Fabiano E Sebastiano |
, 58 |
- 35143 |
Padova |
(PD) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
13/05/2002 |
|
|
|
Managing Director |
13/05/2002 |
|
|
No Protests registered.
|
|
Rigato |
Antonio |
|
|
|
Born in Casalserugo |
(PD) |
on 28/01/1953 |
- Fiscal Code : RGTNTN53A28B912E |
|
|
|
Residence : |
Via |
Scapacchio' |
, 45 |
- 35030 |
Selvazzano Dentro |
(PD) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
13/05/2002 |
|
|
|
Board Chairman |
13/05/2002 |
|
|
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.
|
|
FORNASIER |
PIERLUIGI |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
PROWIRE SRL |
- - |
03674190289 |
Director |
Active |
Registered |
|
|
GRIGOLETTO |
MARIO |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
PROWIRE SRL |
- - |
03674190289 |
Director |
Active |
Registered |
Capital Shareholders
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Grigoletto Mario |
Padova - IT - |
GRGMRA45M15B912L |
18.750 .Eur |
25,00 |
|
FORNASIER PIERLUIGI |
Rubano - IT - |
FRNPLG47H29L736V |
22.500 .Eur |
30,00 |
|
Grigoletto Michele |
|
GRGMHL72H26G224G |
15.000 .Eur |
20,00 |
|
Cavallin Sergio |
|
CVLSRG27P04G224E |
9.375 .Eur |
12,50 |
|
Cavallin Franca |
|
CVLFNC35P67G224N |
9.375 .Eur |
12,50 |
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 |
|
PROWIRE SRL |
|
03674190289 |
57.000 .Eur |
60,00 |
|
|
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
(Factory ) |
since 20/10/1978 |
|
|
|
|
|
Via |
Pitagora |
, 22 |
- 35030 |
- Rubano |
(PD) |
- IT - |
|
|
|
|
PHONE |
: 049/8975705 |
|
|
|
|
FAX |
: 049/8975714 |
|
|
|
|
Employees |
: 16 |
|
|
|
|
Assistants |
: 2 |
|
Fittings and Equipment for a value of 26.000 |
Eur |
|
Stocks for a value of 360.000 |
Eur |
The firm has a direct commercial organization
Sales area on a regional scale.
Products abroad are placed by :
|
- direct orders from foreign companies |
Import comes generally from the following nations:
|
- Gran Bretagna |
|
- Francia |
Historical Information and/or Firm's Status
EX-MEMBERS / EX-POSITIONS:
|
|
Fornasier |
Pierluigi |
|
|
|
Born in Venezia |
on 29/06/1947 |
- Fiscal Code : FRNPLG47H29L736V |
|
|
|
Residence : |
Via |
Chiaradia Enrico |
, 9 INT. 3 |
- 35134 |
Padova |
(PD) |
- IT - |
|
Ex-Postions |
|
Chairman |
|
|
Cavallin |
Mirko |
|
|
|
Born in PADOVA |
on 20/11/1923 |
- Fiscal Code : CVLMRK23S20G224B |
|
|
|
Residence : |
Via |
COMINO GIUSEPPE |
, 16/B |
- 35100 |
Padova |
(PD) |
- IT - |
|
Ex-Postions |
|
Vice-Chairman |
|
Director |
|
Board Chairman |
CEASINGS/INCORPORATIONS/MERGES:
|
|
Project of merging by taking over of |
|
|
|
PROWIRE SRL |
|
|
|
Fiscal Code: 03674190289 |
|
|
|
Date |
Merging/splitting-up project : |
03/09/2009 |
|
|
The firm absorbed by merging of |
|
|
|
PROWIRE SRL |
|
|
|
Fiscal Code: 03674190289 |
|
|
|
Date |
: |
27/10/2009 |
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.
Immovables *
*Subject to survey.
None reported in the name of the Firm.
Financial and Economical Analysis
The company is active since 1978
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 9,22% in 2009
The operating result was positive in the last financial year (6,15%) and
in line with the sector's average.
The amount of the operating result is equal to Eur. 116.603 showing a
fall as opposed to the previous year (-62,13%).
A gross operating margine for a value of Eur. 147.869 was reached.
showing a downward trend as opposed to the previous year.
The financial status of the company is fairly balanced with an indebtedness
level of 2,86 and decreasing as against 2008.
With regard to equity capital, an amount of Eur. 376.938 is registered.
, rising by 22,52%.
Total indebtedness totalled Eur. 1.174.399, whereas in the year before
they amounted to Eur. 2.443.975, with a -51,94% drop.
Available funds are good.
Eur. 66.017 is the value of cash flow during the year 2009
Labour cost expenses amount to Eur. 777.283 , representing 21,42% on the
total of production costs. and a 20,95% incidence on sales volumes.
Limited financial charges in relation to sales volume.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
3.710.386 |
|
Profit (Loss) for the period |
34.751 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
5.331.162 |
|
Profit (Loss) for the period |
46.525 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
4.159.160 |
|
Profit (Loss) for the period |
181.895 |
|
|
|
Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
3.848.383 |
|
Profit (Loss) for the period |
27.623 |
|
|
|
Complete balance-sheet for the year |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
2.228.042 |
|
Profit (Loss) for the period |
-44.991 |
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 |
0,04 |
0,07 |
0,15 |
0,11 |
|
Elasticity Ratio |
Units |
0,95 |
0,93 |
0,84 |
0,86 |
|
Availability of stock |
Units |
0,19 |
0,08 |
0,23 |
0,14 |
|
Total Liquidity Ratio |
Units |
0,76 |
0,85 |
0,61 |
0,66 |
|
Quick Ratio |
Units |
0,05 |
0,04 |
0,05 |
0,04 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
2,86 |
7,54 |
4,75 |
3,63 |
|
Self Financing Ratio |
Units |
0,20 |
0,10 |
0,14 |
0,16 |
|
Capital protection Ratio |
Units |
0,71 |
0,60 |
0,01 |
0,50 |
|
Liabilities consolidation quotient |
Units |
0,16 |
0,07 |
0,12 |
0,14 |
|
Financing |
Units |
3,12 |
7,94 |
5,17 |
4,50 |
|
Permanent Indebtedness Ratio |
Units |
0,30 |
0,15 |
0,23 |
0,30 |
|
M/L term Debts Ratio |
Units |
0,10 |
0,05 |
0,09 |
0,09 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
n.c. |
0,68 |
0,34 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
7,10 |
2,11 |
1,49 |
2,60 |
|
Current ratio |
Units |
1,54 |
1,21 |
1,15 |
1,20 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,23 |
1,10 |
0,84 |
0,96 |
|
Structure's primary quotient |
Units |
4,70 |
1,39 |
0,90 |
1,44 |
|
Treasury's primary quotient |
Units |
0,08 |
0,05 |
0,08 |
0,07 |
|
Rate of indebtedness ( Leverage ) |
% |
503,07 |
1.028,97 |
713,15 |
613,00 |
|
Current Capital ( net ) |
Value |
633.662 |
504.644 |
213.837 |
202.476 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
1,78 |
1,39 |
4,73 |
4,27 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
9,22 |
15,12 |
69,66 |
16,01 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
21,58 |
46,11 |
82,77 |
46,58 |
|
Return on Investment ( R.O.I. ) |
% |
6,15 |
9,73 |
10,66 |
7,18 |
|
Return/ Sales |
% |
3,14 |
5,78 |
4,77 |
5,94 |
|
Extra Management revenues/charges incid. |
% |
29,80 |
15,11 |
91,59 |
34,82 |
|
Cash Flow |
Value |
66.017 |
74.092 |
197.080 |
89.424 |
|
Operating Profit |
Value |
116.603 |
307.922 |
198.577 |
127.319 |
|
Gross Operating Margin |
Value |
147.869 |
335.489 |
213.762 |
175.177 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
n.c. |
n.c. |
82,98 |
139,96 |
|
Debts to suppliers average term |
Days |
n.c. |
n.c. |
78,80 |
170,77 |
|
Average stock waiting period |
Days |
35,31 |
17,58 |
37,18 |
46,40 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,96 |
1,68 |
2,23 |
1,25 |
|
Rate of stock return |
Units |
10,20 |
20,48 |
9,67 |
7,73 |
|
Labour cost incidence |
% |
20,95 |
13,94 |
13,53 |
20,39 |
|
Net financial revenues/ charges incidence |
% |
- 1,24 |
- 1,01 |
- 0,56 |
- 0,82 |
|
Labour cost on purchasing expenses |
% |
21,42 |
15,06 |
13,78 |
20,86 |
|
Short-term financing charges |
% |
3,97 |
2,23 |
2,04 |
2,01 |
|
Capital on hand |
% |
51,11 |
59,38 |
44,77 |
79,94 |
|
Sales pro employee |
Value |
218.258 |
296.175 |
297.082 |
186.730 |
|
Labour cost pro employee |
Value |
45.722 |
41.284 |
40.218 |
35.359 |
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:
190.000 Eur.
Market / Territory Data
|
Population living in the province |
: |
882.779 |
|
Population living in the region |
: |
4.699.950 |
|
Number of families in the region |
: |
1.813.210 |
Monthly family expences average in the region (in Eur.) :
|
- per food products |
: |
456 |
|
- per non food products |
: |
2.052 |
|
- per energy consume |
: |
127 |
Sector Data
The values are calculated on a base of 228 significant companies.
The companies cash their credits on an average of 139 dd.
The average duration of suppliers debts is about 170 dd.
The sector's profitability is on an average of 4,27%.
The labour cost affects the turnover in the measure of 20,39%.
Goods are held in stock in a range of 46 dd.
The difference between the sales volume and the resources used to
realize it is about 1,25.
The employees costs represent the 20,86% of the production costs.
Statistical Detrimental Data
The area is statistically considered moderately risky.
In the region 13.782 protested subjects are found; in the province they
count to 2.646.
The insolvency index for the region is 0,30, , while for the province it
is 0,30.
Total Bankrupt companies in the province : 3.821.
Total Bankrupt companies in the region : 16.714.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.53 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.60.62 |
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.