MIRA INFORM
REPORT
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Report Date : |
22.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
RENOVA S.R.L |
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Registered Office : |
Via Prandina Giovanni Battista, 7 20100 - Milano (MI) |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
16.12.2002 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Forging, Drawing, Stamping and roll-forming of metal; powder
metallurgy |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
3.000 Eur |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
Company name & address
Renova S.r.l.
Via Prandina Giovanni
Battista, 7
20100 - Milano (MI) -IT-
Summary
|
Fiscal Code |
: |
03759670965 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
01/01/2003 |
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Equity |
: |
65.000 Eur |
|
|
: |
375.000/500.000 Eur |
|
Number of Employees |
: |
from 1 to 5 |
Credit Analysis
|
Credit Opinion |
: |
3.000 - Eur |
Activity
Forging, drawing, stamping and roll-forming of metal; powder metallurgy
Manufacture of transmission parts (except hydraulics and those for motor
vehicles, aircrafts and motorcycles)
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 03759670965 |
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Chamber of Commerce no. : 1699970 of Milano since 19/12/2002 |
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V.A.T. Code : 03759670965 |
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Establishment date |
: 16/12/2002 |
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Start of Activities |
: 01/01/2003 |
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Legal duration |
: 31/12/2070 |
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Nominal Capital |
: 10.000 |
Eur |
|
Subscribed Capital |
: 10.000 |
Eur |
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Paid up Capital |
: 3.000 |
Eur |
Members
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|
Re |
Gianpiero |
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Born in Milano |
(MI) |
on 07/05/1941 |
- Fiscal Code : REXGPR41E07F205S |
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Residence : |
Via |
Palmanova |
, 24 |
- 20132 |
Milano |
(MI) |
- IT - |
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Position |
Since |
Shares Amount |
% Ownership |
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Sole Director |
31/03/2003 |
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No Protests registered.
Companies connected to members *
*checkings have been performed on a national scale.
In this module the companies in which members hold/held positions are
listed.
The Members of the subject firm are not reported to be Members in other
companies.
Capital Shareholders
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Re Gianpiero |
Milano - IT - |
REXGPR41E07F205S |
5.000 .Eur |
50,00 |
|
Re Maria Chiara |
|
REXMCH73R60F205P |
5.000 .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 |
(Workshop ) |
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Via |
Prandina Giovanni Battista |
, 7 |
- 20100 |
- Milano |
(MI) |
- IT - |
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PHONE |
: 02/7007394 |
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FAX |
: 02/5708365 |
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Employees |
: 2 |
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.
|
Immovable Type |
Value |
|
Real estates |
153.787 - Eur |
NB.: For Capital Companies the value of the Immovables is the one
reported in the latest available financial documents.
Financial and Economical Analysis
Subject is active since 2003
The analysis is based on the latest 3 balance sheets.
Unstable economic results mark the company's financial state of affairs.
yet with a positive result in the 2009 (r.o.e. 37,18%). Upward trend as to the
turnover in the last financial year (more then 100%).
The operating result in 2009 was positive (7,56%) and in line with the
sector's average.
The amount of the operating result for the year 2009 is of Eur. 32.963
showing an upward trend 82,03% compared to the previous financial year.
The gross operating margin of the latest financial year is of Eur.
46.081 growing by 61,09% if compared to the year before.
The financial position is not well balanced as the volume of debts is
fairly remarkable if compared to shareholder's equity, in fact total debts are
5,88 but on the decrease if compared to the year before.
The management generated equity capital for an amount of Eur. 61.081 ,
rising by 59,18%.
The financial management has recorded total debts amounting to Eur.
373.926, with a growth equal to 34,19%.
Both financial indebtedness as well as exsposure to suplliers are rated
as fairly high however still within the sector's average.
Liquid assets are not adequatel to subject's needs.
Accounts receivable average term is high (138,96 days). but in line with
the sector.
As far as the cash flow is concerned during the latest financial year it
amounted to Eur. 35.825
Subordinate employment cost is of Eur. 8.903, i.e. 2,42% on total
production costs. , whereas 2,22% is the incidence on sales revenues.
The incidence of the financial charges is of -0,06% on the sales amount.
Financial Data
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Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
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Item Type |
Value |
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Sales |
400.770 |
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Profit (Loss) for the period |
22.707 |
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Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
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Item Type |
Value |
|
Sales |
177.383 |
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Profit (Loss) for the period |
13.362 |
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|
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Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
74.108 |
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Profit (Loss) for the period |
-4.885 |
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 |
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- Balance Sheet as at 31/12/2008 - 12 Mesi - Currency: Eur - Amounts x
1 |
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- 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 |
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COMPOSITION ON
INVESTMENT |
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Rigidity Ratio |
Units |
0,42 |
0,53 |
0,60 |
0,21 |
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Elasticity Ratio |
Units |
0,58 |
0,47 |
0,40 |
0,75 |
|
Availability of stock |
Units |
n.c. |
n.c. |
n.c. |
0,16 |
|
Total Liquidity Ratio |
Units |
0,58 |
0,47 |
0,40 |
0,55 |
|
Quick Ratio |
Units |
0,03 |
0,13 |
0,03 |
0,02 |
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COMPOSITION ON
SOURCE |
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Net Short-term indebtedness |
Units |
5,88 |
6,21 |
10,27 |
3,02 |
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Self Financing Ratio |
Units |
0,14 |
0,12 |
0,09 |
0,18 |
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Capital protection Ratio |
Units |
0,46 |
0,39 |
0,80 |
0,62 |
|
Liabilities consolidation quotient |
Units |
0,00 |
n.c. |
n.c. |
0,22 |
|
Financing |
Units |
6,12 |
7,26 |
10,59 |
3,99 |
|
Permanent Indebtedness Ratio |
Units |
0,14 |
0,12 |
0,09 |
0,37 |
|
M/L term Debts Ratio |
Units |
0,00 |
n.c. |
n.c. |
0,12 |
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Net Financial Indebtedness Ratio |
Units |
3,13 |
4,22 |
8,51 |
1,18 |
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CORRELATION |
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Fixed assets ratio |
Units |
0,34 |
0,23 |
0,14 |
1,64 |
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Current ratio |
Units |
0,68 |
0,53 |
0,44 |
1,20 |
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Acid Test Ratio-Liquidity Ratio |
Units |
0,68 |
0,53 |
0,44 |
0,90 |
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Structure's primary quotient |
Units |
0,34 |
0,23 |
0,14 |
0,86 |
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Treasury's primary quotient |
Units |
0,04 |
0,14 |
0,03 |
0,04 |
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Rate of indebtedness ( Leverage ) |
% |
713,43 |
826,54 |
1.159,73 |
530,73 |
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Current Capital ( net ) |
Value |
-120.400 |
-130.728 |
-149.065 |
339.849 |
|
RETURN |
|
|
|
|
|
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Return on Sales |
% |
8,94 |
13,45 |
10,91 |
4,88 |
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Return on Equity - Net- ( R.O.E. ) |
% |
37,18 |
34,82 |
- 19,53 |
9,81 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
56,11 |
49,54 |
- 19,53 |
27,92 |
|
Return on Investment ( R.O.I. ) |
% |
7,56 |
5,71 |
- 0,19 |
6,52 |
|
Return/ Sales |
% |
8,22 |
10,21 |
- 0,76 |
5,43 |
|
Extra Management revenues/charges incid. |
% |
68,89 |
73,79 |
n.c. |
30,40 |
|
Cash Flow |
Value |
35.825 |
23.859 |
8.084 |
218.289 |
|
Operating Profit |
Value |
32.963 |
18.108 |
-565 |
231.746 |
|
Gross Operating Margin |
Value |
46.081 |
28.605 |
12.404 |
403.139 |
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MANAGEMENT |
|
|
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|
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Credits to clients average term |
Days |
138,96 |
81,12 |
265,56 |
124,09 |
|
Debts to suppliers average term |
Days |
156,73 |
167,40 |
256,19 |
149,76 |
|
Average stock waiting period |
Days |
n.c. |
n.c. |
n.c. |
47,28 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,92 |
0,56 |
0,26 |
1,30 |
|
Rate of stock return |
Units |
n.c. |
n.c. |
n.c. |
7,61 |
|
Labour cost incidence |
% |
2,22 |
n.c. |
n.c. |
16,46 |
|
Net financial revenues/ charges incidence |
% |
- 0,06 |
- 2,15 |
- 1,46 |
- 1,25 |
|
Labour cost on purchasing expenses |
% |
2,42 |
n.c. |
n.c. |
17,31 |
|
Short-term financing charges |
% |
0,06 |
1,37 |
0,41 |
2,61 |
|
Capital on hand |
% |
108,73 |
178,80 |
391,40 |
76,75 |
|
Sales pro employee |
Value |
n.c. |
|
|
217.721 |
|
Labour cost pro employee |
Value |
n.c. |
|
|
36.581 |
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:
3.000Eur.
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 expenses 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 680 significant companies.
The companies cash their credits on an average of 124 dd.
The average duration of suppliers debts is about 149 dd.
The sector's profitability is on an average of 4,88%.
The labour cost affects the turnover in the measure of 16,46%.
Goods are held in stock in a range of 47 dd.
The difference between the sales volume and the resources used to
realize it is about 1,30.
The employees costs represent the 17,31% 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.45.70 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.61.65 |
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 |
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.