MIRA
INFORM REPORT
|
Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
BREVETTI C.E.A. S.P.A. |
|
|
|
|
Registered Office : |
Via Del Commercio,28 36050- Sovizzo (VI) |
|
|
|
|
Country : |
Italy |
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|
|
|
Financials (as on) : |
31.12.2009 |
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|
|
|
Date of Incorporation : |
03.07.1988 |
|
|
|
|
Com. Reg. No.: |
VI116-19487 |
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|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture of pharmaceutical-based products |
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 : |
300.000 - Eur |
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|
|
|
Status : |
Good |
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|
|
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Payment Behaviour : |
No Complaints |
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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 – 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 |
Name and address
Brevetti C.e.a. S.p.a.
Via Del Commercio,28
36050- Sovizzo(VI)-IT-
Summary
|
Fiscal Code |
: |
01852870243 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
03/07/1988 |
|
Equity |
: |
Over 2.582.254 Eur |
|
Turnover Range |
: |
18.000.000/20.000.000 Eur |
|
Number of Employees |
: |
from 111 to 130 |
Credit Analysis
|
Credit Opinion |
: |
300.000 - Eur |
Highlights
|
We stress that the company under review is mainly engaged in the
production of |
|
machines for pharmaceutical industry. |
Activity
Manufacture of pharmaceutical-based products
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 01852870243 |
|
Foreign Trade Reg. no. : VI000203 since 26/11/1991 |
|
Chamber of Commerce no. : 188829 of Vicenza since 26/08/1986 |
|
Firms' Register : VI116-19487 |
|
V.A.T. Code : 01852870243 |
|
Foundation date |
: 22/07/1986 |
|
|
Establishment date |
: 22/07/1986 |
|
|
Start of Activities |
: 03/07/1988 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 780.000 |
Eur |
|
Subscribed Capital |
: 780.000 |
Eur |
|
Paid up Capital |
: 780.000 |
Eur |
Members
|
|
Ferrari |
Giovanni |
|
|
|
Born in Vicenza |
(VI) |
on 02/08/1950 |
- Fiscal Code : FRRGNN50M02L840S |
|
|
|
Residence : |
Via |
Poliziano |
, 0003 |
- 36100 |
Vicenza |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
06/05/2008 |
|
|
|
Director |
06/05/2008 |
|
|
|
Board Chairman |
06/05/2008 |
|
|
|
|
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.
|
|
FERRARI |
GIOVANNI |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
FINANZIARIA INVESTIMENTI MOBILIARI IMMOBILIARI SAS DI FERRARI
FERRUCCIO E C. |
Milano (MI) - IT - |
03174940159 |
Limited Partner |
Active |
Registered |
|
FLORALIA -S.A.S.- DI FERRARI DOTT.SA ANTONELLA E C. |
Milano (MI) - IT - |
80088260155 |
Limited Partner |
Active |
Registered |
|
R.D.P. PHARMA S.R.L. |
Pordenone (PN) - IT - |
01481440939 |
Sole Director |
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 |
|
Ferrari Francesco |
Vicenza - IT - |
FRRFNC56H28L840B |
104.520 .Eur |
13,40 |
|
Ferrari Ferruccio |
Vicenza - IT - |
FRRFRC50B25L840M |
104.520 .Eur |
13,40 |
|
Ferrari Giampaolo |
Vicenza - IT - |
FRRGPL53E19L840K |
129.480 .Eur |
16,60 |
|
Signorelli Alessandro |
Caldogno - IT - |
SGNLSN51C02I628M |
78.000 .Eur |
10,00 |
|
Ferrari Giovanni |
Vicenza - IT - |
FRRGNN50M02L840S |
129.480 .Eur |
16,60 |
|
Ferrari Giancarlo |
|
FRRGCR52D27L840M |
104.520 .Eur |
13,40 |
|
Ferrari Stefania |
Vicenza - IT - |
FRRSFN60S48L840L |
129.480 .Eur |
16,60 |
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 |
|
|
|
|
|
|
Via |
Del Commercio |
, 28 |
- 36050 |
- Sovizzo |
(VI) |
- IT - |
|
|
|
|
PHONE |
: 0444/551988 |
|
|
|
|
FAX |
: 0444/536241 |
|
- |
Branch |
(Factory ) |
since 01/12/2010 |
|
|
|
|
|
Via |
Del Commercio |
, 37 |
- 36050 |
- Sovizzo |
(VI) |
- IT - |
|
|
|
|
Employees |
: 115 |
|
Fittings and Equipment for a value of 380.000 |
Eur |
|
Stocks for a value of 7.130.000 |
Eur |
|
Furniture and fittings for a value of 98.000 |
Eur |
|
Vehicles for a value of 83.000 |
Eur |
|
|
The firm operates abroad as exporter. .
Export represents more than 50% of the global turnover.
Products abroad are placed by :
|
- its own agents |
|
- direct orders from foreign companies |
Export is mainly towards:
|
- Francia |
|
- Grecia |
|
- Cipro |
|
- Gabon |
|
|
Historical Information and/or Firm's Status
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Limited liability company |
Joint stock company |
27/11/1986 |
COMPANY STYLE MODIFICATIONS:
|
Former Style |
New Style |
Changement Date |
|
Nuova Brevetti C.E.A. S.p.A. |
|
11/08/1987 |
EX-MEMBERS / EX-POSITIONS:
|
|
Ferrari |
Francesco |
|
|
|
Born in Vicenza |
on 28/06/1956 |
- Fiscal Code : FRRFNC56H28L840B |
|
|
|
Residence : |
Via |
A.a. Di Casanova |
, 15 |
- 36100 |
Vicenza |
(VI) |
- IT - |
|
Ex-Postions |
|
Director |
|
|
Ferrari |
Gianfranco |
|
|
|
Born in Vicenza |
on 21/09/1923 |
- Fiscal Code : FRRGFR23P21L840S |
|
Ex-Postions |
|
Chairman |
|
|
Ferrari |
Ferruccio |
|
|
|
Born in Vicenza |
on 25/02/1950 |
- Fiscal Code : FRRFRC50B25L840M |
|
|
|
Residence : |
Via |
San Bastiano |
, 10 |
- 36100 |
Vicenza |
(VI) |
- IT - |
|
Ex-Postions |
|
Managing Director |
|
Director |
|
|
Ferrari |
Giampaolo |
|
|
|
Born in Vicenza |
on 19/05/1953 |
- Fiscal Code : FRRGPL53E19L840K |
|
|
|
Residence : |
Via |
San Bastiano |
, 13 |
- 36100 |
Vicenza |
(VI) |
- IT - |
|
Ex-Postions |
|
Managing Director |
|
Director |
|
|
Ferrari |
Giampaolo |
|
|
|
Born in Vicenza |
on 19/05/1953 |
- Fiscal Code : FRRGPL53E19L840K |
|
|
|
Residence : |
Via |
S. Bastiano |
, 13 |
- 36100 |
Vicenza |
(VI) |
- IT - |
|
Ex-Postions |
|
Director |
|
|
Ferrari |
Ferruccio |
|
|
|
Born in VICENZA |
on 25/02/1950 |
- Fiscal Code : FRRFRC50B25L840M |
|
|
|
Residence : |
Contra' |
DO RODE |
, 1 |
- 36100 |
Vicenza |
(VI) |
- IT - |
|
Ex-Postions |
|
Director |
|
|
Ferrari |
Ferruccio |
|
|
|
Born in Vicenza |
on 25/02/1950 |
- Fiscal Code : FRRFRC50B25L840M |
|
Ex-Postions |
|
Director |
|
Chairman and Managing Director |
|
|
Scalco |
Ivano |
|
|
|
Born in Vicenza |
on 26/05/1942 |
- Fiscal Code : SCLVNI42E26L840J |
|
Ex-Postions |
|
Managing Director |
|
|
Signorelli |
Alessandro |
|
|
|
Born in Seriate |
on 02/03/1951 |
- Fiscal Code : SGNLSN51C02I628M |
|
|
|
Residence : |
Via |
Ciro Menotti 25 |
- 36030 |
Caldogno |
(VI) |
- IT - |
|
Ex-Postions |
|
Managing Director |
|
Director |
|
Managing Director |
|
|
Ferrari |
Giovanni |
|
|
|
Born in Vicenza |
on 02/08/1950 |
- Fiscal Code : FRRGNN50M02L840S |
|
|
|
Residence : |
Via |
Poliziano |
, 0003 |
- 36100 |
Vicenza |
(VI) |
- IT - |
|
Ex-Postions |
|
Managing Director |
|
|
Adda |
Adone |
|
|
|
Born in Montecchio Maggiore |
on 12/04/1925 |
- Fiscal Code : DDADNA25D12F464I |
|
Ex-Postions |
|
Managing Director |
|
|
Giacobbo |
Alberto |
|
|
|
Born in Vicenza |
on 31/07/1958 |
- Fiscal Code : GCBLRT58L31L840O |
|
|
|
Residence : |
Contra' |
Xx Settembre |
, 42 |
- 36100 |
Vicenza |
(VI) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Zaccaria |
Antonio |
|
|
|
Born in Camisano Vicentino |
on 22/03/1954 |
- Fiscal Code : ZCCNTN54C22B485A |
|
|
|
Residence : |
Via |
Roma |
, 46 |
- 36043 |
Camisano Vicentino |
(VI) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Tonato |
Benedetto |
|
|
|
Born in Vicenza |
on 15/03/1954 |
- Fiscal Code : TNTBDT54C15L840J |
|
|
|
Residence : |
Contra' |
S.apostoli |
, 10 |
- 36100 |
Vicenza |
(VI) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
|
|
Reconvi Srl |
|
|
- Fiscal Code : 03176950248 |
|
Ex-Postions |
|
|
|
|
Danda |
Paolo |
|
|
|
Born in Vicenza |
on 12/04/1954 |
- Fiscal Code : DNDPLA54D12L551B |
|
|
|
Residence : |
Viale |
Mazzini 85 |
- 36100 |
Vicenza |
(VI) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Sgreva |
Paolo |
|
|
|
Born in Vicenza |
on 06/10/1962 |
- Fiscal Code : SGRPLA62R06L840Q |
|
|
|
Residence : |
Viale |
Mazzini 85 |
- 36100 |
Vicenza |
(VI) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Zaccaria |
Antonio |
|
|
|
Born in Camisano Vicentino |
on 22/03/1954 |
- Fiscal Code : ZCCNTN54C22B485A |
|
|
|
Residence : |
Via |
Roma |
, 46 |
- 36043 |
Camisano Vicentino |
(VI) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
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
Subject is active since 1988
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 24,95% in 2009 with a stable trend in the turnover.
The operating result was positive in the last financial year (19,2%) and
in line with the sector's average.
The amount of the operating result for the year 2009 is of Eur.
3.318.062 increasing if compared to the yeart 2008.
The G.O.M. amounted to Eur. 3.773.134 growing by 63,92% if compared to
the year before.
The company has an excellent net worth if compared to its debts, with a
low indebtedness (0,62) and with an upward trend compared to the previous year.
It's shareholders funds amount to Eur. 7.965.753 , rising by 23,91%.
Total indebtedness was equal to Eur. 8.001.179 (Eur. 74.670 was the
value of m/l term debts) , with no sensible variation.
The company does not exceed in bank credits; payments average period is
instead slightly high (141,97 gg.) however still within the sector's average.
It shows a good range of liquidity.
Due from customers average term is high and equal to 97,71 days. but
lower if compared to the sector's average.
Eur. 2.441.398 is the value of cash flow during the year 2009
Labour cost amounts to Eur. 5.814.168, with a 36,19% incidence on
production costs. and a 29,21% incidence on sales volumes.
Financial charges have a limited incidence (-0,6%) on sales volume.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
19.906.264 |
|
Profit (Loss) for the period |
1.987.175 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
18.676.949 |
|
Profit (Loss) for the period |
1.044.047 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
17.043.405 |
|
Profit (Loss) for the period |
1.072.527 |
|
|
|
Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
16.554.912 |
|
Profit (Loss) for the period |
413.272 |
|
|
|
Complete balance-sheet for the year |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
7.968.466 |
|
Profit (Loss) for the period |
-401.153 |
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 |
0,08 |
0,09 |
0,08 |
0,25 |
|
Elasticity Ratio |
Units |
0,91 |
0,91 |
0,90 |
0,83 |
|
Availability of stock |
Units |
0,41 |
0,49 |
0,32 |
0,13 |
|
Total Liquidity Ratio |
Units |
0,50 |
0,41 |
0,58 |
0,59 |
|
Quick Ratio |
Units |
0,17 |
0,08 |
0,04 |
0,02 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
0,62 |
1,04 |
1,29 |
2,56 |
|
Self Financing Ratio |
Units |
0,46 |
0,40 |
0,36 |
0,20 |
|
Capital protection Ratio |
Units |
0,65 |
0,72 |
0,68 |
0,57 |
|
Liabilities consolidation quotient |
Units |
0,13 |
0,17 |
0,18 |
0,21 |
|
Financing |
Units |
1,00 |
1,27 |
1,50 |
3,30 |
|
Permanent Indebtedness Ratio |
Units |
0,52 |
0,49 |
0,46 |
0,33 |
|
M/L term Debts Ratio |
Units |
0,06 |
0,09 |
0,09 |
0,09 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,65 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
6,28 |
5,35 |
5,17 |
1,22 |
|
Current ratio |
Units |
1,99 |
1,83 |
1,74 |
1,03 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,09 |
0,83 |
1,11 |
0,90 |
|
Structure's primary quotient |
Units |
5,54 |
4,41 |
4,07 |
1,01 |
|
Treasury's primary quotient |
Units |
0,38 |
0,16 |
0,09 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
216,89 |
248,27 |
273,32 |
505,46 |
|
Current Capital ( net ) |
Value |
7.877.642 |
6.567.646 |
6.218.629 |
469.074 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
12,26 |
7,36 |
8,68 |
3,96 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
24,95 |
16,24 |
18,24 |
6,87 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
40,18 |
28,36 |
35,17 |
16,46 |
|
Return on Investment ( R.O.I. ) |
% |
19,20 |
12,35 |
13,42 |
5,67 |
|
Return/ Sales |
% |
16,67 |
10,55 |
12,65 |
4,02 |
|
Extra Management revenues/charges incid. |
% |
59,89 |
52,98 |
49,72 |
29,90 |
|
Cash Flow |
Value |
2.441.398 |
1.374.334 |
1.479.811 |
202.952 |
|
Operating Profit |
Value |
3.318.062 |
1.970.803 |
2.156.913 |
230.860 |
|
Gross Operating Margin |
Value |
3.773.134 |
2.301.789 |
2.564.482 |
431.991 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
97,71 |
88,25 |
167,68 |
131,81 |
|
Debts to suppliers average term |
Days |
141,97 |
109,64 |
116,89 |
154,70 |
|
Average stock waiting period |
Days |
129,00 |
152,22 |
111,38 |
43,64 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,15 |
1,17 |
1,06 |
1,43 |
|
Rate of stock return |
Units |
2,79 |
2,36 |
3,23 |
8,40 |
|
Labour cost incidence |
% |
29,21 |
31,24 |
31,01 |
17,11 |
|
Net financial revenues/ charges incidence |
% |
- 0,60 |
- 0,55 |
- 0,75 |
- 1,09 |
|
Labour cost on purchasing expenses |
% |
36,19 |
32,48 |
33,92 |
17,98 |
|
Short-term financing charges |
% |
1,80 |
1,33 |
2,52 |
3,07 |
|
Capital on hand |
% |
86,79 |
85,45 |
94,29 |
83,34 |
|
Sales pro employee |
Value |
186.039 |
183.107 |
175.705 |
221.437 |
|
Labour cost pro employee |
Value |
54.338 |
57.202 |
54.487 |
28.781 |
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:
300.000 Eur.
Market / Territory Data
|
Population living in the province |
: |
831.356 |
|
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 788 significant companies.
The companies cash their credits on an average of 131 dd.
The average duration of suppliers debts is about 154 dd.
The sector's profitability is on an average of 3,96%.
The labour cost affects the turnover in the measure of 17,11%.
Goods are held in stock in a range of 43 dd.
The difference between the sales volume and the resources used to
realize it is about 1,43.
The employees costs represent the 17,98% 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.44.68 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.64.29 |
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.