MIRA
INFORM REPORT
|
Report Date : |
22.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
CORIMPEX S.R.L. |
|
|
|
|
Registered Office : |
Via Campagnole, 5 31038- Paese(TV) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2009 |
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|
|
|
Date of Incorporation : |
10.10.1977 |
|
|
|
|
Legal Form : |
Limited Liability Company |
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|
|
|
Line of Business : |
Manufacture of lectrical equipment for soldering and brazing |
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 : |
190.000 - Eur |
|
|
|
|
Status : |
Satisfactory |
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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
Corimpex S.r.l.
Via Campagnole, 5
31038-
Paese(TV)-IT-
Summary
|
Fiscal Code |
: |
00921240107 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
10/10/1977 |
|
Equity |
: |
1.500.000 Eur |
|
Turnover Range |
: |
9.000.000/10.000.000 Eur |
|
Number of Employees |
: |
from 26 to 35 |
Credit Analysis
|
Credit Opinion |
: |
190.000 - Eur |
Activity
Manufacture of lectrical equipment for soldering and brazing
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 00921240107 |
|
Chamber of Commerce no. : 230190 of Genova since 25/07/1977 |
|
Chamber of Commerce no. : 227471 of Treviso since 09/11/1998 |
|
V.A.T. Code : 03380050264 |
|
Establishment date |
: 27/06/1977 |
|
|
Start of Activities |
: 10/10/1977 |
|
|
Legal duration |
: 31/12/2030 |
|
|
Nominal Capital |
: 350.000 |
Eur |
|
Subscribed Capital |
: 350.000 |
Eur |
|
Paid up Capital |
: 350.000 |
Eur |
Members
|
|
Storer |
Paolo |
|
|
|
Born in Carbonera |
(TV) |
on 07/07/1948 |
- Fiscal Code : STRPLA48L07B744X |
|
|
|
Residence : |
Via |
Mons. Ceccato |
, 11 |
- 31038 |
Paese |
(TV) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
11/12/1997 |
|
|
|
Board Chairman |
11/12/1997 |
|
|
|
|
No Protests registered |
|
|
Gasparini |
Domenico |
|
|
|
Born in Treviso |
(TV) |
on 25/08/1968 |
- Fiscal Code : GSPDNC68M25L407Y |
|
|
|
Residence : |
Via |
Cesare Battisti |
, 77 |
- 31036 |
Istrana |
(TV) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
05/05/2008 |
|
|
|
|
No Protests registered |
|
|
Cattarin |
Luca |
|
|
|
Born in Treviso |
(TV) |
on 11/07/1970 |
- Fiscal Code : CTTLCU70L11L407D |
|
|
|
Residence : |
Via |
Venturini |
, 46 |
- 31057 |
Silea |
(TV) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
16/02/2011 |
|
|
|
|
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.
|
|
STORER |
PAOLO |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
STEELCOR S.R.L. |
Istrana (TV) - IT - |
04350240265 |
Director |
Active |
Registered |
|
STEELCOR S.R.L. |
Istrana (TV) - IT - |
04350240265 |
Board Chairman |
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 |
|
Storer Paolo |
Paese - IT - |
STRPLA48L07B744X |
178.500 .Eur |
51,00 |
|
Gasparini Domenico |
Istrana - IT - |
GSPDNC68M25L407Y |
85.750 .Eur |
24,50 |
|
Gasparini Angelo |
|
GSPNGL66C24L407T |
85.750 .Eur |
24,50 |
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 |
|
Steelcor S.r.l. |
Istrana - IT - |
04350240265 |
30.000 .Eur |
75,00 |
|
|
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
|
|
|
|
|
Via |
Campagnole |
, 5 |
- 31038 |
- Paese |
(TV) |
- IT - |
|
|
|
|
PHONE |
: 010421678 |
|
|
|
|
PHONE |
: 0422/832449 |
|
|
|
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FAX |
: 0422/832450 |
|
- |
Branch |
(Factory ) |
since 01/09/2008 |
|
|
|
|
|
Via |
Campagnole |
- 31038 |
- Paese |
(TV) |
- IT - |
|
|
|
|
Employees |
: 35 |
|
Fittings and Equipment for a value of 48.000 |
Eur |
|
Stocks for a value of 790.000 |
Eur |
|
|
The firm operates abroad as importer / exporter. .
Products abroad are placed by :
|
- its own sales net-work |
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 1977.
The economic-financial analysis has been made on the base of the b/s of
the latests three years.
During the last years, it recorded positive net results (r.o.e. 30,5% in
2009)
The operating result in 2009 was positive (12,47%) and in line with the
sector's average.
The amount of the operating result for the year 2009 is of Eur. 780.820
,showing stability in respect to the value of 2008.
A gross operating margine for a value of Eur. 927.723 was reached. on
the same levels as the previous financial year.
The financial status of the company is fairly balanced with an
indebtedness level of 2,59 with an improving trend as on the decrease.
The management generated equity capital for an amount of Eur. 1.253.693
, increasing by 43,89% if compared to the year before.
In the year 2009 total debts amounted to Eur. 4.600.352 with a downward
trend if compared to the preceding year (-47,22%).
The recourse to financial credit is within the limits; on the other hand
the recourse to suppliers' credit is rated as fairly high however still within
the sector's average.
Liquid assets are not adequate to subject's needs.
Trade credits average terms are 76,13 days. , a better value than the
sector's average.
As far as the cash flow is concerned during the latest financial year it
amounted to Eur. 529.318
Subordinate employment cost is of Eur. 1.624.274, i.e. 21,86% on total
production costs. and a 17,65% incidence on sales volumes.
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 |
9.202.722 |
|
Profit (Loss) for the period |
382.415 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
12.736.928 |
|
Profit (Loss) for the period |
320.859 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
5.282.062 |
|
Profit (Loss) for the period |
26.910 |
|
|
|
Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
2.655.639 |
|
Profit (Loss) for the period |
-28.630 |
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 |
0,48 |
0,29 |
0,27 |
0,16 |
|
Elasticity Ratio |
Units |
0,52 |
0,71 |
0,67 |
0,81 |
|
Availability of stock |
Units |
0,13 |
0,18 |
0,18 |
0,19 |
|
Total Liquidity Ratio |
Units |
0,39 |
0,53 |
0,48 |
0,55 |
|
Quick Ratio |
Units |
0,04 |
0,08 |
0,23 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
2,59 |
7,87 |
10,27 |
2,80 |
|
Self Financing Ratio |
Units |
0,20 |
0,09 |
0,05 |
0,20 |
|
Capital protection Ratio |
Units |
0,62 |
0,52 |
0,65 |
0,65 |
|
Liabilities consolidation quotient |
Units |
0,35 |
0,16 |
0,20 |
0,20 |
|
Financing |
Units |
3,67 |
10,01 |
17,26 |
3,39 |
|
Permanent Indebtedness Ratio |
Units |
0,39 |
0,22 |
0,21 |
0,37 |
|
M/L term Debts Ratio |
Units |
0,19 |
0,13 |
0,15 |
0,12 |
|
Net Financial Indebtedness Ratio |
Units |
0,94 |
n.c. |
n.c. |
0,59 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
0,83 |
0,74 |
0,76 |
2,03 |
|
Current ratio |
Units |
0,92 |
0,91 |
0,85 |
1,28 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,69 |
0,67 |
0,61 |
0,93 |
|
Structure's primary quotient |
Units |
0,42 |
0,31 |
0,19 |
1,17 |
|
Treasury's primary quotient |
Units |
0,08 |
0,10 |
0,29 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
499,51 |
1.121,13 |
1.860,06 |
488,47 |
|
Current Capital ( net ) |
Value |
-291.370 |
-703.407 |
-754.781 |
381.996 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
5,75 |
3,81 |
3,20 |
4,45 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
30,50 |
36,83 |
7,32 |
8,87 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
52,44 |
64,81 |
39,72 |
28,20 |
|
Return on Investment ( R.O.I. ) |
% |
12,47 |
7,29 |
4,16 |
6,37 |
|
Return/ Sales |
% |
8,48 |
5,59 |
5,38 |
5,64 |
|
Extra Management revenues/charges incid. |
% |
48,98 |
45,05 |
9,46 |
30,18 |
|
Cash Flow |
Value |
529.318 |
485.005 |
169.285 |
132.891 |
|
Operating Profit |
Value |
780.820 |
712.294 |
284.371 |
157.669 |
|
Gross Operating Margin |
Value |
927.723 |
876.440 |
426.746 |
253.580 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
76,13 |
n.c. |
117,75 |
130,58 |
|
Debts to suppliers average term |
Days |
157,16 |
n.c. |
450,00 |
160,95 |
|
Average stock waiting period |
Days |
31,00 |
50,17 |
88,20 |
58,75 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,47 |
1,30 |
0,77 |
1,15 |
|
Rate of stock return |
Units |
11,61 |
7,18 |
4,08 |
6,11 |
|
Labour cost incidence |
% |
17,65 |
10,42 |
20,01 |
21,17 |
|
Net financial revenues/ charges incidence |
% |
- 1,40 |
- 1,13 |
- 2,72 |
- 0,98 |
|
Labour cost on purchasing expenses |
% |
21,86 |
10,43 |
19,67 |
21,58 |
|
Short-term financing charges |
% |
2,80 |
1,71 |
2,27 |
2,20 |
|
Capital on hand |
% |
68,05 |
76,69 |
129,39 |
86,73 |
|
Sales pro employee |
Value |
184.054 |
270.998 |
278.003 |
175.602 |
|
Labour cost pro employee |
Value |
32.485 |
28.251 |
55.646 |
36.471 |
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:
190.000 Eur.
Market / Territory Data
|
Population living in the province |
: |
838.732 |
|
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 1.330 significant companies.
The companies cash their credits on an average of 130 dd.
The average duration of suppliers debts is about 160 dd.
The sector's profitability is on an average of 4,45%.
The labour cost affects the turnover in the measure of 21,17%.
Goods are held in stock in a range of 58 dd.
The difference between the sales volume and the resources used to
realize it is about 1,15.
The employees costs represent the 21,58% 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 2.280.
The insolvency index for the region is 0,30, , while for the province it
is 0,28.
Total Bankrupt companies in the province : 3.317.
Total Bankrupt companies in the region : 16.714.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.91 |
|
|
1 |
Rs.72.89 |
|
Euro |
1 |
Rs.64.48 |
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.