MIRA INFORM REPORT
|
Report Date : |
01.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
TRASFO - PROJECT S.R.L. |
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|
|
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Registered Office : |
Via Chemello, 18, 36077 - Montecchio Maggiore (VI) |
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Country : |
Italy |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
18.01.1999 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of electronic components and
boards |
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 |
|
Maximum Credit Limit : |
120.000 Eur |
|
Status : |
Satisfactory |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Italy |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
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
Trasfo - Project S.r.l.
Via Chemello, 18
36077 - Montecchio Maggiore (VI) -IT-
Summary
|
Fiscal Code |
: |
02731070245 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
20/04/1999 |
|
Equity |
: |
750.000 Eur |
|
Turnover Range |
: |
3.750.000/5.000.000 Eur |
|
Number of Employees |
: |
from 26 to 35 |
Credit Analysis
|
Credit Opinion |
: |
120.000 - Eur |
Activity
Manufacture of electronic components and
boards
Manufacture of assembled electronic boards
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 02731070245 |
|
Foreign Trade Reg. no. : VI050851 since
27/06/2001 |
|
Chamber of Commerce no. : 271449 of
Vicenza since 19/04/1999 |
|
V.A.T. Code : 02731070245 |
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Establishment date |
: 18/01/1999 |
|
|
Start of Activities |
: 20/04/1999 |
|
|
Legal duration |
: 31/12/2050 |
|
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Nominal Capital |
: 52.000 |
Eur |
|
Subscribed Capital |
: 52.000 |
Eur |
|
Paid up Capital |
: 52.000 |
Eur |
Members
|
|
Nizzaro |
Pierluigi |
|
|
|
Born in Arzignano |
(VI) |
on 27/02/1956 |
- Fiscal Code : NZZPLG56B27A459K |
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|
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Residence : |
Via |
Valmora |
, 32/A |
- 36071 |
Arzignano |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
18/01/1999 |
|
|
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Board Chairman |
12/04/1999 |
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|
|
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No Protests
registered |
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Cariolato |
Angelo Florindo |
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|
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Born in Valdagno |
(VI) |
on 01/10/1963 |
- Fiscal Code : CRLNLF63R01L551Z |
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Residence : |
Via |
Beschin |
, 17 |
- 36075 |
Montecchio Maggiore |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
18/01/1999 |
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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 |
|
Nizzaro Pierluigi |
Arzignano - IT - |
NZZPLG56B27A459K |
26.000 .Eur |
50,00 |
|
Cariolato Angelo Florindo |
Montecchio Maggiore - IT - |
CRLNLF63R01L551Z |
26.000 .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 |
|
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|
|
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Via |
Chemello |
, 18 |
- 36077 |
- Montecchio Maggiore |
(VI) |
- IT - |
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PHONE |
: 0444/492542 |
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FAX |
: 0444/498326 |
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- |
Branch |
|
since 15/03/2011 |
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|
|
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Via |
Chemello |
, 20 |
- 36077 |
- Montecchio Maggiore |
(VI) |
- IT - |
|
|
|
|
Employees |
: 28 |
|
Fittings and Equipment for a value of
140.000 |
Eur |
|
Stocks for a value of 520.000 |
Eur |
|
|
|
|
|
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 is active since 1999
Balance sheets for the years 2007, 2008 and
2009 were analyzed.
During the last years, it achieved profits
(r.o.e. 5,87% on 2009)
The operating result in 2009 was positive
(3,37%) and in line with the sector's average.
The amount of the operating result is equal
to Eur. 141.798 with a -51,04% fall as against the year 2008.
The gross operating margin of the latest
financial year is of Eur. 230.711 showing a drop (-40,22%).
The analysis shows a fair financial position
as the indebtedness volume is acceptable (3,7) with an improving trend as on
the decrease.
With regard to equity capital, an amount of
Eur. 633.533 is registered. , stable in comparison with the value of the
previous year.
Total indebtedness totalled Eur. 2.346.263,
with a downward trend if compared to the preceding year (-32,13%).
The recourse to financial credit is within
the limits; on the other hand the recourse to suppliers' credit is rated as
fairly high but lined up with the field's average.
Liquidity is however good.
Trade credits are collected slowly, average
term is 170,82 days. besides being higher than the sector's average.
As far as the cash flow is concerned during
the latest financial year it amounted to Eur. 126.126
During 2009 financial year labour costs
amounted to Eur. 924.297, with a 20,51% incidence on production costs. ,
whereas 19,8% is the incidence on sales revenues.
The incidence of the financial charges is of
-0,38% on the sales amount.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
4.668.837 |
|
Profit (Loss) for the period |
37.213 |
|
|
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Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
7.403.662 |
|
Profit (Loss) for the period |
167.754 |
|
|
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Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
6.200.651 |
|
Profit (Loss) for the period |
114.986 |
|
|
|
Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
4.432.464 |
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Profit (Loss) for the period |
91.958 |
|
|
|
Complete balance-sheet for the year |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
3.429.917 |
|
Profit (Loss) for the period |
22.254 |
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 |
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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 |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,06 |
0,05 |
0,06 |
0,15 |
|
Elasticity Ratio |
Units |
0,93 |
0,95 |
0,94 |
0,82 |
|
Availability of stock |
Units |
0,12 |
0,12 |
0,11 |
0,19 |
|
Total Liquidity Ratio |
Units |
0,81 |
0,83 |
0,83 |
0,58 |
|
Quick Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,04 |
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COMPOSITION ON
SOURCE |
|
|
|
|
|
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Net Short-term indebtedness |
Units |
3,70 |
5,80 |
7,41 |
2,56 |
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Self Financing Ratio |
Units |
0,15 |
0,13 |
0,10 |
0,20 |
|
Capital protection Ratio |
Units |
0,86 |
0,63 |
0,61 |
0,63 |
|
Liabilities consolidation quotient |
Units |
0,07 |
0,04 |
0,04 |
0,20 |
|
Financing |
Units |
3,70 |
5,80 |
7,41 |
3,23 |
|
Permanent Indebtedness Ratio |
Units |
0,19 |
0,15 |
0,13 |
0,37 |
|
M/L term Debts Ratio |
Units |
0,04 |
0,03 |
0,03 |
0,11 |
|
Net Financial Indebtedness Ratio |
Units |
0,77 |
1,58 |
2,00 |
0,47 |
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CORRELATION |
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|
|
|
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Fixed assets ratio |
Units |
3,12 |
2,89 |
2,19 |
2,10 |
|
Current ratio |
Units |
1,68 |
1,30 |
1,26 |
1,32 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,45 |
1,14 |
1,11 |
0,98 |
|
Structure's primary quotient |
Units |
2,49 |
2,35 |
1,71 |
1,29 |
|
Treasury's primary quotient |
Units |
0,00 |
0,00 |
0,00 |
0,07 |
|
Rate of indebtedness ( Leverage ) |
% |
664,64 |
799,85 |
990,12 |
481,99 |
|
Current Capital ( net ) |
Value |
1.585.600 |
1.054.122 |
812.550 |
481.923 |
|
RETURN |
|
|
|
|
|
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Return on Sales |
% |
2,70 |
3,57 |
3,03 |
4,06 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
5,87 |
28,13 |
26,83 |
9,25 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
20,44 |
54,40 |
64,95 |
26,65 |
|
Return on Investment ( R.O.I. ) |
% |
3,37 |
6,07 |
4,92 |
6,29 |
|
Return/ Sales |
% |
3,04 |
3,91 |
3,36 |
5,29 |
|
Extra Management revenues/charges incid. |
% |
26,24 |
57,91 |
55,12 |
31,16 |
|
Cash Flow |
Value |
126.126 |
264.048 |
188.057 |
144.339 |
|
Operating Profit |
Value |
141.798 |
289.670 |
208.607 |
177.763 |
|
Gross Operating Margin |
Value |
230.711 |
385.964 |
281.678 |
276.664 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
170,82 |
150,58 |
158,55 |
130,42 |
|
Debts to suppliers average term |
Days |
173,69 |
132,68 |
144,30 |
150,44 |
|
Average stock waiting period |
Days |
39,96 |
27,15 |
27,64 |
53,20 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,11 |
1,55 |
1,46 |
1,25 |
|
Rate of stock return |
Units |
9,01 |
13,26 |
13,02 |
6,75 |
|
Labour cost incidence |
% |
19,80 |
14,62 |
14,93 |
18,06 |
|
Net financial revenues/ charges incidence |
% |
- 0,38 |
- 0,43 |
- 0,66 |
- 0,91 |
|
Labour cost on purchasing expenses |
% |
20,51 |
14,12 |
15,51 |
18,70 |
|
Short-term financing charges |
% |
0,75 |
0,93 |
1,35 |
2,35 |
|
Capital on hand |
% |
90,19 |
64,42 |
68,43 |
79,56 |
|
Sales pro employee |
Value |
166.744 |
224.353 |
221.451 |
200.425 |
|
Labour cost pro employee |
Value |
33.010 |
32.794 |
33.052 |
33.907 |
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:
120.000 Eur.
Market / Territory Data
|
Population living in the province |
: |
|
|
Population living in the region |
: |
|
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Number of families in the region |
: |
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Monthly 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 949
significant companies.
The companies cash their credits on an
average of 130 dd.
The average duration of suppliers debts is
about 150 dd.
The sector's profitability is on an average
of 4,06%.
The labour cost affects the turnover in the
measure of 18,06%.
Goods are held in stock in a range of 53 dd.
The difference between the sales volume and
the resources used to realize it is about 1,25.
The employees costs represent the 18,70% of
the production costs.
Statistical Detrimental Data
The area is statistically considered lowly
risky.
In the region 13.782 protested subjects are
found; in the province they count to 2.234.
The insolvency index for the region is 0,30,
, while for the province it is 0,27.
Total Bankrupt companies in the province :
2.546.
Total Bankrupt companies in the region :
16.714.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.03 |
|
UK Pound |
1 |
Rs.74.43 |
|
Euro |
1 |
Rs.64.75 |
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.