MIRA INFORM
REPORT
|
Report Date : |
31.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
KING S.P.A.
|
|
|
|
|
Registered Office : |
Via Giuseppe Ungaretti, 2, 20090- Opera (MI) |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
07.05.1968 |
|
|
|
|
Com. Reg. No.: |
MI146-136084 since 19/02/1996 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Wholesale of porcelain and glassware and cleaning materials |
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 : |
200.000 Eur |
|
Status : |
Very Good |
|
Payment
Behaviour : |
Regular |
|
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 |
Company name & address
King S.p.a.
Via Giuseppe
Ungaretti, 2
20090 - Opera (MI) -IT-
Summary
|
Fiscal Code |
: |
00738100155 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
07/05/1968 |
|
Equity |
: |
Over 2.582.254 Eur |
|
|
: |
15.500.000/18.000.000 Eur |
|
Number of Employees |
: |
from 26 to 35 |
Credit Analysis
|
Credit Opinion |
: |
200.000 - Eur |
Activity
Wholesale of porcelain and glassware and cleaning materials
Wholesale of furniture, rugs and lighting equipment
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 00738100155 |
|
Foreign Trade Reg. no. : MI059697 since 20/12/1991 |
|
Chamber of Commerce no. : 760791 of Milano since 13/05/1968 |
|
Firms' Register : MI146-136084 since 19/02/1996 |
|
V.A.T. Code : 00738100155 |
|
Foundation date |
: 07/05/1968 |
|
|
Establishment date |
: 07/05/1968 |
|
|
Start of Activities |
: 07/05/1968 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 500.000 |
Eur |
|
Subscribed Capital |
: 500.000 |
Eur |
|
Paid up Capital |
: 500.000 |
Eur |
Members
|
Biagi |
Sergio |
|
|
|
Born in Melegnano |
(MI) |
on 27/03/1943 |
- Fiscal Code : BGISRG43C27F100V |
|
|
Residence : |
Via |
Del Cavaliere |
, 2 |
- 20090 |
Opera |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
22/05/2009 |
|
|
|
Managing Director |
22/05/2009 |
|
|
|
Board Chairman |
22/05/2009 |
|
|
No Protests registered.
|
|
Servidati |
Giuseppe Battista |
|
|
|
Born in Melegnano |
(MI) |
on 06/06/1948 |
- Fiscal Code : SRVGPP48H06F100O |
|
|
|
Residence : |
Via |
Dei Tigli |
, 19 |
- 20090 |
Opera |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
22/05/2009 |
|
|
|
Assistant board Chairman |
22/05/2009 |
|
|
No Protests registered.
|
|
Prati |
Maria Caterina |
|
|
|
Born in San Giuliano Milanese |
(MI) |
on 19/07/1947 |
- Fiscal Code : PRTMCT47L59H930S |
|
|
Residence : |
Via |
Del Cavaliere |
, 2 |
- 20090 |
Opera |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
22/05/2009 |
|
|
No Protests registered.
|
|
Biagi |
Andrea |
|
|
|
Born in Vizzolo Predabissi |
(MI) |
on 07/10/1971 |
- Fiscal Code : BGINDR71R07M102S |
|
|
|
Residence : |
Via |
Vicinale Del Lisone |
, 1/C |
- 20090 |
Opera |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
22/05/2009 |
|
|
|
Director |
22/05/2009 |
|
|
No Protests registered.
|
|
Biagi |
Luca |
|
|
|
Born in Vizzolo Predabissi |
(MI) |
on 12/02/1974 |
- Fiscal Code : BGILCU74B12M102B |
|
|
|
Residence : |
Via |
Del Cavaliere |
, 2 |
- 20090 |
Opera |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
22/05/2009 |
|
|
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.
|
|
SERVIDATI |
GIUSEPPE BATTISTA |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
FIMINOX S.P.A. |
Opera (MI) - IT - |
00925070153 |
Director |
Active |
Registered |
|
FIMINOX S.P.A. |
Opera (MI) - IT - |
00925070153 |
Procurator |
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 |
|
Biagi Sergio |
Opera - IT - |
BGISRG43C27F100V |
300.000 .Eur |
60,00 |
|
Servidati Giuseppe Battista |
Opera - IT - |
SRVGPP48H06F100O |
25.000 .Eur |
5,00 |
|
Spazzini Valeria |
Melegnano - IT - |
SPZVLR42B62M102B |
100.000 .Eur |
20,00 |
|
Prati Maria Caterina |
Opera - IT - |
PRTMCT47L59H930S |
75.000 .Eur |
15,00 |
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 |
|
Italbolt Inox Service S.r.l. |
Lurago d'Erba - IT - |
01915550139 |
10.400 .Eur |
20,00 |
|
|
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
since 30/07/1992 |
|
|
|
|
|
Via |
Giuseppe Ungaretti |
, 2 |
- 20090 |
- Opera |
(MI) |
- IT - |
|
|
|
|
PHONE |
: 02/57606482 |
|
|
|
|
FAX |
: 02/57609908 |
|
- |
Branch |
(Warehouse ) |
since 01/01/1993 |
|
|
|
|
|
Via |
Giuseppe Ungaretti |
, 25 |
- 20090 |
- Opera |
(MI) |
- IT - |
|
- |
Branch |
(Warehouse ) |
since 01/07/2009 |
|
|
|
|
|
Via |
Montale |
, 4 |
- 20090 |
- Opera |
(MI) |
- IT - |
|
|
|
|
Employees |
: 33 |
|
Fittings and Equipment for a value of 86.000 |
Eur |
|
Stocks for a value of 4.120.000 |
Eur |
Trade organization: direct or by agents.
The firm operates abroad as importer / exporter. .
To purchase foreign products the firm uses the following channels :
|
- direct orders to foreign companies |
Export represents up to 20% of the global turnover.
Products abroad are placed by :
|
- its own agents |
Import comes generally from the following nations:
|
- Francia |
|
- Olanda |
Export is mainly towards:
|
- Grecia |
|
- Irlanda |
Historical Information and/or Firm's Status
EX-MEMBERS / EX-POSITIONS:
|
|
Biagi |
Sergio |
|
|
|
Born in Melegnano |
on 27/03/1943 |
- Fiscal Code : BGISRG43C27F100V |
|
|
|
Residence : |
Via |
Del Cavaliere |
, 2 |
- 20090 |
Opera |
(MI) |
- IT - |
|
Ex-Postions |
|
Chairman and Managing Director |
|
Managing Director |
|
|
Oltolina |
Ezio |
|
|
|
Born in Milano |
on 23/08/1940 |
- Fiscal Code : LTLZEI40M23F205Y |
|
Ex-Postions |
|
Director |
|
|
Prati |
Maria |
|
|
|
Born in San Giuliano Milanese |
on 19/07/1947 |
- Fiscal Code : PRTMRA47L59H930C |
|
Ex-Postions |
|
Director |
|
|
Biagi |
Andrea |
|
|
|
Born in Vizzolo Predabissi |
on 07/10/1971 |
- Fiscal Code : BGINDR71R07M102S |
|
|
|
Residence : |
Via |
Vicinale Del Lisone |
, 1/C |
- 20090 |
Opera |
(MI) |
- 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.
Immovables *
*Subject to survey.
|
Immovable Type |
Value |
|
|
1.409.410 - Eur |
|
Real estates |
4.954.100 - Eur |
NB.: For Capital Companies the value of the Immovables is the one
reported in the latest available financial documents.
Financial and Economical Analysis
Company's starting of activities dates back to 1968.
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 0,98% in 2009
The return on Investment in the last financial year was positive (2,06%)
and in line with the sector's average.
The amount of the operating result is equal to Eur. 371.565 with a
-42,26% drop.
The G.O.M. amounted to Eur. 665.352 , with a -22,89% decrease.
The company has an excellent net worth if compared to its debts, with a
low indebtedness (0,14) lower than in 2008.
The equity capital is equal to Eur. 14.083.137 on the same levels as the
year before.
Total indebtedness amounts to Eur. 2.973.629, whereas in the year before
they amounted to Eur. 4.935.739, with a -39,75% drop.
The company does not exceed in bank borrowings; the recourse to
suppliers' credit is also limited below field's average.
The management determines a good range of liquidity.
Trade credits average terms are slow, on average 140,54 days. but on the
same levels as the average of the sector.
2009 financial year closed with a cash flow of Eur. 431.485
Labour cost amounts to Eur. 1.587.333, with a 10,37% incidence on
production costs. , whereas 10,22% is the incidence on sales revenues.
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 |
15.536.638 |
|
Profit (Loss) for the period |
137.698 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
24.898.683 |
|
Profit (Loss) for the period |
475.973 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
32.277.152 |
|
Profit (Loss) for the period |
1.400.080 |
|
|
Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
25.147.907 |
|
Profit (Loss) for the period |
2.515.349 |
|
|
|
Complete balance-sheet for the year |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
19.306.614 |
|
Profit (Loss) for the period |
919.854 |
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 |
0,32 |
0,30 |
0,08 |
0,08 |
|
Elasticity Ratio |
Units |
0,67 |
0,70 |
0,91 |
0,90 |
|
Availability of stock |
Units |
0,23 |
0,23 |
0,23 |
0,25 |
|
Total Liquidity Ratio |
Units |
0,44 |
0,47 |
0,68 |
0,58 |
|
Quick Ratio |
Units |
0,05 |
0,06 |
0,13 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
0,14 |
0,27 |
0,64 |
4,11 |
|
Self Financing Ratio |
Units |
0,78 |
0,70 |
0,48 |
0,15 |
|
Capital protection Ratio |
Units |
0,95 |
0,93 |
0,80 |
0,63 |
|
Liabilities consolidation quotient |
Units |
0,16 |
0,10 |
0,08 |
0,11 |
|
Financing |
Units |
0,21 |
0,35 |
0,95 |
5,04 |
|
Permanent Indebtedness Ratio |
Units |
0,81 |
0,73 |
0,52 |
0,28 |
|
M/L term Debts Ratio |
Units |
0,03 |
0,03 |
0,03 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,11 |
0,50 |
1,02 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
2,48 |
2,46 |
6,29 |
2,89 |
|
Current ratio |
Units |
4,08 |
2,84 |
2,04 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
2,69 |
1,91 |
1,52 |
0,85 |
|
Structure's primary quotient |
Units |
2,40 |
2,37 |
5,82 |
1,77 |
|
Treasury's primary quotient |
Units |
0,33 |
0,24 |
0,29 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
128,19 |
142,28 |
204,89 |
634,84 |
|
Current Capital ( net ) |
Value |
9.152.239 |
9.085.967 |
9.446.761 |
264.536 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
2,78 |
2,79 |
5,39 |
2,24 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
0,98 |
3,39 |
14,14 |
8,17 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
2,10 |
5,55 |
23,46 |
23,98 |
|
Return on Investment ( R.O.I. ) |
% |
2,06 |
3,22 |
14,63 |
5,16 |
|
Return/ Sales |
% |
2,39 |
2,58 |
9,19 |
3,89 |
|
Extra Management revenues/charges incid. |
% |
37,06 |
73,96 |
47,17 |
27,37 |
|
Cash Flow |
Value |
431.485 |
695.326 |
1.742.158 |
56.925 |
|
Operating Profit |
Value |
371.565 |
643.558 |
2.967.669 |
96.744 |
|
Gross Operating Margin |
Value |
665.352 |
862.911 |
3.309.747 |
134.262 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
140,54 |
93,54 |
113,14 |
121,35 |
|
Debts to suppliers average term |
Days |
46,77 |
9,35 |
7,27 |
142,27 |
|
Average stock waiting period |
Days |
95,46 |
66,18 |
52,34 |
65,23 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,86 |
1,25 |
1,59 |
1,37 |
|
Rate of stock return |
Units |
3,77 |
5,44 |
6,87 |
5,48 |
|
Labour cost incidence |
% |
10,22 |
7,21 |
4,88 |
8,02 |
|
Net financial revenues/ charges incidence |
% |
- 0,65 |
- 0,25 |
- 2,02 |
- 1,07 |
|
Labour cost on purchasing expenses |
% |
10,37 |
7,36 |
5,33 |
8,14 |
|
Short-term financing charges |
% |
4,04 |
3,39 |
7,76 |
2,47 |
|
Capital on hand |
% |
116,20 |
80,26 |
62,82 |
72,70 |
|
Sales pro employee |
Value |
470.807 |
732.314 |
1.008.661 |
416.252 |
|
Labour cost pro employee |
Value |
48.101 |
52.827 |
49.286 |
32.474 |
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:
200.000Eur.
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 9.175 significant companies.
The companies cash their credits on an average of 121 dd.
The average duration of suppliers debts is about 142 dd.
The sector's profitability is on an average of 2,24%.
The labour cost affects the turnover in the measure of 8,02%.
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 1,37.
The employees costs represent the 8,14% 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.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
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.