MIRA INFORM
REPORT
|
Report Date : |
06.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
DAVOS S.P.A.
|
|
|
|
|
Registered Office : |
Via Davila, 14, 35100- Padova
(PD) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
17.02.1970 |
|
|
|
|
Com. Reg. No.: |
PD060-7556 since 19/02/1996 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture of synthetic rubber in primary
forms |
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 : |
250.000 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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address Bottom of Form
Davos S.p.a.
Via Davila, 14
35100 - Padova (PD) -IT-
Summary
|
Fiscal Code |
: |
00221210289 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
10/01/1972 |
|
Equity |
: |
Over 2.582.254 Eur |
|
Turnover Range |
: |
18.000.000/20.000.000 Eur |
|
Number of Employees |
: |
from 150 to 175 |
Credit Analysis
|
Credit Opinion |
: |
250.000 - Eur |
Activity
Manufacture of synthetic rubber in primary
forms
Manufacture of rubber products
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 00221210289 |
|
Foreign Trade Reg. no. : PD017457 since 14/01/1992 |
|
Foreign Trade Reg. no. : 17457 of Padova
since 14/01/1992 |
|
Chamber of Commerce no. : 114913 of Padova
since 22/12/1971 |
|
Chamber of Commerce no. : 105786 of
Treviso since 18/01/1972 |
|
Firms' Register : PD060-7556 since
19/02/1996 |
|
V.A.T. Code : 00221210289 |
|
Tribunal Co. Register : 7556 of Padova |
|
Foundation date |
: 17/02/1970 |
|
|
Establishment date |
: 17/02/1970 |
|
|
Start of Activities |
: 10/01/1972 |
|
|
Legal duration |
: 31/12/2035 |
|
|
Nominal Capital |
: 2.000.000 |
Eur |
|
Subscribed Capital |
: 2.000.000 |
Eur |
|
Paid up Capital |
: 2.000.000 |
Eur |
Members
|
|
Piccolo |
Lino |
|
|
|
Born in Maser |
(TV) |
on 12/04/1933 |
- Fiscal Code : PCCLNI33D12F009V |
|
|
|
Residence : |
Via |
J. F. Kennedy |
, 12 |
- 31041 |
Cornuda |
(TV) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
27/05/2009 |
|
|
|
Managing Director |
27/05/2009 |
|
|
|
Board Chairman |
27/05/2009 |
|
|
|
|
No Protests registered |
|
|
Piccolo |
Fabio |
|
|
|
Born in Valdobbiadene |
(TV) |
on 07/12/1963 |
- Fiscal Code : PCCFBA63T07L565D |
|
|
|
Residence : |
Via |
Monte Sulder |
, 4 |
- 31041 |
Cornuda |
(TV) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
27/05/2009 |
|
|
|
Managing Director |
27/05/2009 |
|
|
|
|
No Protests
registered |
|
|
Piccolo |
Ugo |
|
|
|
Born in Cornuda |
(TV) |
on 29/02/1968 |
- Fiscal Code : PCCGUO68B29D030W |
|
|
|
Residence : |
Via |
J. F. Kennedy |
, 12 |
- 31041 |
Cornuda |
(TV) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
27/05/2009 |
|
|
|
|
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 |
|
Piccolo Lino |
Cornuda - IT - |
PCCLNI33D12F009V |
1.053.368 .Eur |
52,66 |
|
Piccolo Fabio |
Cornuda - IT - |
PCCFBA63T07L565D |
46.664 .Eur |
2,33 |
|
Piccolo Ugo |
Cornuda - IT - |
PCCGUO68B29D030W |
46.664 .Eur |
2,33 |
|
SCARPAZZA AMERICA ARGENTINA |
Cornuda - IT - |
SCRMCR34D59B345V |
633.280 .Eur |
31,67 |
|
RONDINI RENATO |
Cornuda - IT - |
RNDRNT51R24F009O |
173.360 .Eur |
8,66 |
|
PICCOLO MADDALENA |
Cornuda - IT - |
PCCMDL59S45F009O |
46.664 .Eur |
2,33 |
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 |
|
since 06/12/1989 |
|
|
|
|
|
Via |
Davila, |
, 14 |
- 35100 |
- Padova |
(PD) |
- IT - |
|
|
|
|
PHONE |
: 0423/8601 |
|
|
|
|
FAX |
: 0423/860253 |
|
- |
Branch |
(Factory ) |
|
|
|
|
|
Via |
Canapificio |
, 15 |
- 31041 |
- Cornuda |
(TV) |
- IT - |
|
|
|
|
PHONE |
: 0423/8601 |
|
- |
Branch |
(Factory ) |
|
|
|
|
|
Via |
Antonini |
, 4/6 |
- 31035 |
- Crocetta del Montello |
(TV) |
- IT - |
|
|
|
|
PHONE |
: 0423/8601 |
|
- |
Branch |
(Factory ) |
Since 10/07/2006 |
|
|
|
|
|
Via |
Ponticello |
, 23 |
- 31034 |
- Cavaso del Tomba |
(TV) |
- IT - |
|
|
|
|
PHONE |
: 0423/543500 |
|
|
|
|
Employees |
: 157 |
|
Fittings and Equipment for a value of
1.830.000 |
Eur |
|
Stocks for a value of 5.350.000 |
Eur |
|
Vehicles for a value of 150.000 |
Eur |
|
|
The firm operates abroad as importer /
exporter. .
To purchase foreign products the firm uses
the following channels :
|
- distributors |
|
- direct orders to foreign companies |
Export represents from 20% to 50% of the
global turnover.
Products abroad are placed by :
|
- importers |
|
- its own agents |
|
- direct orders from foreign companies |
Import comes generally from the following
nations:
|
- Austria |
|
- Belgio |
|
|
Export is mainly towards:
|
- Belgio |
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
Company's starting of activities dates back
to 1972.
The economic-financial analysis is based on
the latest 3 b/s.
During the last years, net losses were
registered; in 2009 r.o.e. is -6,47%. The losses incurred were caused by the
decrease in the turnover that marked the last financial years.
The return on investment in the last
financial year was negative (-0,84%).
The operating loss is equal to Eur.
-212.927.
The economic management produced a gross
operating margin of Eur. 662.002 with a -26,95% fall.
Very good financial situation: shareholder's
equity covers short-terms debts with an indebtedness level equal to 0,89 lower
than in 2008.
It's shareholders funds amount to Eur.
7.566.472 , unchanged if compared to 2008.
Total indebtedness was equal to Eur.
15.583.735 (Eur. 8.517.620 was the value of m/l term debts) , a more or less
stable value.
Financial debts as well as debts to
suppliers are rather high even if it is lower than the sector's average.
It shows a good range of liquidity.
Trade credits are collected slowly, average
term is 103,56 days. , as it normally happens in the sector.
2009 financial year closed with a cash flow
of Eur. 385.333
Subordinate employment cost is of Eur.
5.190.497, i.e. 28,64% on total production costs. and a 27,87% incidence on
sales volumes.
High incidence of financial charges on
turnover.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
18.625.519 |
|
Profit (Loss) for the period |
-489.596 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
22.421.456 |
|
Profit (Loss) for the period |
-959.293 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
24.761.025 |
|
Profit (Loss) for the period |
-147.330 |
|
|
|
Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
25.822.660 |
|
Profit (Loss) for the period |
-123.398 |
|
|
|
Complete balance-sheet for the year |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
24.252.144 |
|
Profit (Loss) for the period |
21.493 |
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 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
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 |
0,49 |
0,47 |
0,37 |
0,20 |
|
Elasticity Ratio |
Units |
0,51 |
0,52 |
0,62 |
0,77 |
|
Availability of stock |
Units |
0,21 |
0,24 |
0,26 |
0,22 |
|
Total Liquidity Ratio |
Units |
0,30 |
0,28 |
0,36 |
0,51 |
|
Quick Ratio |
Units |
0,01 |
0,00 |
0,01 |
0,02 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
0,89 |
1,33 |
2,10 |
3,68 |
|
Self Financing Ratio |
Units |
0,30 |
0,29 |
0,20 |
0,15 |
|
Capital protection Ratio |
Units |
0,80 |
0,87 |
0,62 |
0,61 |
|
Liabilities consolidation quotient |
Units |
1,53 |
0,77 |
0,82 |
0,16 |
|
Financing |
Units |
2,06 |
2,11 |
3,49 |
5,06 |
|
Permanent Indebtedness Ratio |
Units |
0,72 |
0,60 |
0,55 |
0,31 |
|
M/L term Debts Ratio |
Units |
0,43 |
0,30 |
0,35 |
0,10 |
|
Net Financial Indebtedness Ratio |
Units |
1,35 |
1,39 |
2,12 |
1,36 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,46 |
1,27 |
1,47 |
1,32 |
|
Current ratio |
Units |
1,83 |
1,32 |
1,44 |
1,13 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,07 |
0,71 |
0,84 |
0,80 |
|
Structure's primary quotient |
Units |
0,60 |
0,62 |
0,53 |
0,78 |
|
Treasury's primary quotient |
Units |
0,05 |
0,00 |
0,02 |
0,03 |
|
Rate of indebtedness ( Leverage ) |
% |
336,91 |
338,61 |
499,69 |
641,46 |
|
Current Capital ( net ) |
Value |
5.831.156 |
3.529.770 |
4.684.689 |
221.200 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
2,07 |
- 0,51 |
2,68 |
3,37 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
- 6,47 |
- 11,90 |
- 3,01 |
6,16 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
- 6,77 |
- 11,38 |
- 5,30 |
18,18 |
|
Return on Investment ( R.O.I. ) |
% |
- 0,84 |
0,22 |
1,63 |
5,69 |
|
Return/ Sales |
% |
- 1,14 |
0,27 |
1,61 |
4,55 |
|
Extra Management revenues/charges incid. |
% |
n.c. |
- 1.555,50 |
- 36,80 |
22,78 |
|
Cash Flow |
Value |
385.333 |
-114.714 |
665.568 |
111.060 |
|
Operating Profit |
Value |
-212.927 |
61.671 |
400.254 |
145.348 |
|
Gross Operating Margin |
Value |
662.002 |
906.300 |
1.214.152 |
242.368 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
103,56 |
97,09 |
111,45 |
126,19 |
|
Debts to suppliers average term |
Days |
118,48 |
97,30 |
98,67 |
150,12 |
|
Average stock waiting period |
Days |
103,44 |
105,44 |
92,55 |
62,36 |
|
Rate of capital employed return ( Turnover
) |
Units |
0,73 |
0,82 |
1,01 |
1,21 |
|
Rate of stock return |
Units |
3,48 |
3,41 |
3,88 |
5,76 |
|
Labour cost incidence |
% |
27,87 |
25,20 |
23,21 |
13,90 |
|
Net financial revenues/ charges incidence |
% |
- 1,70 |
- 4,36 |
- 2,66 |
- 1,49 |
|
Labour cost on purchasing expenses |
% |
28,64 |
24,68 |
22,99 |
14,16 |
|
Short-term financing charges |
% |
2,17 |
5,85 |
3,89 |
2,92 |
|
Capital on hand |
% |
136,87 |
121,66 |
98,70 |
82,22 |
|
Sales pro employee |
Value |
118.633 |
141.907 |
149.162 |
237.960 |
|
Labour cost pro employee |
Value |
33.060 |
35.763 |
34.632 |
32.407 |
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:
250.000Eur.
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 expenses 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 99
significant companies.
The companies cash their credits on an
average of 126 dd.
The average duration of suppliers debts is
about 150 dd.
The sector's profitability is on an average
of 3,37%.
The labour cost affects the turnover in the
measure of 13,90%.
Goods are held in stock in a range of 62 dd.
The difference between the sales volume and
the resources used to realize it is about 1,21.
The employees costs represent the 14,16% 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.44.85 |
|
UK Pound |
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
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.