MIRA INFORM
REPORT
|
Report Date : |
04.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
MEMIT FORNITURE
INDUSTRIALI S.R.L. |
|
|
|
|
Registered Office : |
Via Alla Chiesa, 45, 20030 – Senago (MI) |
|
|
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|
Country : |
Italy |
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|
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|
Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
06.12.1985 |
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|
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Com. Reg. No.: |
MI146-254306 |
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|
Legal Form : |
Limited Liability Company |
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|
|
|
Line of Business : |
Manufacture of Metal Structures and Structure Parts. |
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 : |
250.000 - Eur |
|
Status : |
Very Good |
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
Memit Forniture Industriali S.r.l.
Via Alla Chiesa, 45
20030 - Senago (MI)
Summary
|
Fiscal Code |
: |
08112160158 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
06/12/1985 |
|
Equity |
: |
1.000.000 Eur |
|
|
: |
6.500.000/7.750.000 Eur
|
|
Number of Employees |
: |
from 11 to 15 |
Credit Analysis
|
Credit Opinion |
: |
250.000 - Eur |
Activity
Manufacture of metal structures and structure parts
Manufacture of other metal tanks, reservoirs and containers
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 08112160158 |
|
Foreign Trade Reg. no. : MI244877 since 15/05/1996 |
|
Foreign Trade Reg. no. : 244877 of Milano
since 15/05/1996 |
|
Chamber of Commerce no. : 1204016 of Milano
since 30/01/1986 |
|
Firms' Register : MI146-254306 since 19/02/1996 |
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V.A.T. Code : 08112160158 |
|
Establishment date |
: 06/12/1985 |
|
|
Start of Activities |
: 06/12/1985 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 49.400 |
Eur |
|
Subscribed Capital |
: 49.400 |
Eur |
|
Paid up Capital |
: 49.400 |
Eur |
Members
|
Galella |
Fabio |
|
|
|
Born in Milano |
(MI) |
on 30/12/1969 |
- Fiscal Code : GLLFBA69T30F205W |
|
|
|
Residence : |
Via |
|
, 205 |
- 20030 |
Senago |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
30/03/2005 |
|
|
|
|
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.
|
GALELLA |
FABIO |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
ANTEPRIMA PROMOTION SRL |
Senago (MI) - IT - |
09981000152 |
Sole Director |
Withdrawn |
Registered |
|
ANTEPRIMA PROMOTION SRL |
Senago (MI) - IT - |
09981000152 |
Liquidator |
Withdrawn |
Registered |
|
L.F. IMMOBILIARE SNC DI LUCA PETTE' E GALELLA FABIO |
|
06886170965 |
Partner |
Active |
Registered |
|
L.P. LAVORAZIONI MECCANICHE S.R.L. |
|
07000670963 |
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 |
|
Galella Fabio |
Senago - IT - |
GLLFBA69T30F205W |
48.906 .Eur |
99,00 |
|
Scarioni Sabrina |
|
SCRSRN70H50F205U |
494 .Eur |
1,00 |
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 |
|
Meccanica Basile S.r.l. |
Bellusco - IT - |
02958330967 |
3.120 .Eur |
30,00 |
|
|
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
|
|
|
|
|
Via |
Alla Chiesa |
, 45 |
- 20030 |
- Senago |
(MI) |
- IT - |
|
|
|
|
PHONE |
: 02/99058656 |
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|
|
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FAX |
: 02/99051889 |
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|
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Website |
: WWW.MEMITSRL.COM |
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|
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Employees |
: 12 |
|
Fittings and Equipment for a value of 180.000 |
Eur |
|
Stocks for a value of 2.290.000 |
Eur |
Historical Information and/or Firm's Status
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Other forms |
Limited liability company |
05/10/1987 |
EX-MEMBERS / EX-POSITIONS:
|
Galella |
Michele |
|
|
|
Born in Melfi |
on 02/03/1940 |
- Fiscal Code : GLLMHL40C02F104Z |
|
|
|
Residence : |
Via |
Regaldi |
, 0043 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Ex-Postions |
|
Sole 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.
None reported in the name of the Firm.
Financial and Economical Analysis
Company's starting of activities dates back to 1985.
The eonomic-financial analysis is based on the
latest 3 b/s.
Under an economic point of view, profits were registered during the last
years with a r.o.e. of 7,09% in 2009
The operating result in 2009 was positive (5,19%) and in line with the
sector's average.
The amount of the operating result is equal to Eur.
299.644 showing an upward trend 32,07% compared to the previous financial year.
The gross operating margin of the latest financial year is of Eur. 378.970 stable if compared to the financial year 2008.
The financial status of the company is fairly balanced with an
indebtedness level of 3,03 and decreasing as against 2008.
Subject can manage an equity capital funds for an amount of Eur. 875.361 on the same levels as the year before.
Total indebtedness was equal to Eur. 4.615.589
(Eur. 1.963.160 was the value of m/l term debts) with
a downward trend if compared to the preceding year (-33,8%).
Financial debts as well as debts to suppliers are rather high but lower
than the field average.
It shows a good range of liquidity.
Trade credits are collected slowly, average term is 101,55 days. , but
lower if compared to the sector's average.
Eur. 141.352 is the value of cash flow during
the year 2009
Subordinate employment cost is of Eur.
609.551, i.e. 7,04% on total production costs. and a 9,23% 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 |
6.607.472 |
|
Profit (Loss) for the period |
62.026 |
|
|
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Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
7.671.321 |
|
Profit (Loss) for the period |
3.246 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
8.788.483 |
|
Profit (Loss) for the period |
323.324 |
|
|
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Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
7.002.403 |
|
Profit (Loss) for the period |
323.338 |
|
|
|
Complete balance-sheet for the year |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
4.167.108 |
|
Profit (Loss) for the period |
32.700 |
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 |
0,05 |
0,11 |
0,18 |
|
Elasticity Ratio |
Units |
0,91 |
0,94 |
0,87 |
0,79 |
|
Availability of stock |
Units |
0,40 |
0,29 |
0,06 |
0,19 |
|
Total Liquidity Ratio |
Units |
0,52 |
0,65 |
0,80 |
0,53 |
|
Quick Ratio |
Units |
0,00 |
0,10 |
0,09 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
3,03 |
4,37 |
2,70 |
3,36 |
|
Self Financing Ratio |
Units |
0,15 |
0,10 |
0,18 |
0,17 |
|
Capital protection Ratio |
Units |
0,87 |
0,94 |
0,54 |
0,60 |
|
Liabilities consolidation quotient |
Units |
0,78 |
0,58 |
0,29 |
0,16 |
|
Financing |
Units |
5,27 |
8,32 |
4,09 |
4,27 |
|
Permanent Indebtedness Ratio |
Units |
0,51 |
0,43 |
0,36 |
0,33 |
|
M/L term Debts Ratio |
Units |
0,36 |
0,32 |
0,17 |
0,10 |
|
Net Financial Indebtedness Ratio |
Units |
3,31 |
3,48 |
n.c. |
0,65 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
6,73 |
7,80 |
3,07 |
1,66 |
|
Current ratio |
Units |
1,99 |
1,69 |
1,46 |
1,19 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,12 |
1,16 |
1,34 |
0,86 |
|
Structure's primary quotient |
Units |
2,00 |
1,91 |
1,56 |
1,01 |
|
Treasury's primary quotient |
Units |
0,00 |
0,18 |
0,16 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
659,63 |
958,06 |
541,00 |
559,47 |
|
Current Capital ( net ) |
Value |
2.617.928 |
3.062.804 |
1.235.420 |
334.319 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
2,14 |
1,30 |
4,48 |
3,78 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
7,09 |
0,39 |
39,05 |
7,84 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
15,36 |
7,21 |
71,57 |
23,97 |
|
Return on Investment ( R.O.I. ) |
% |
5,19 |
2,82 |
14,53 |
5,61 |
|
Return/ Sales |
% |
4,53 |
2,96 |
7,40 |
4,85 |
|
Extra Management revenues/charges incid. |
% |
20,70 |
1,43 |
49,66 |
23,98 |
|
Cash Flow |
Value |
141.352 |
99.861 |
394.061 |
141.587 |
|
Operating Profit |
Value |
299.644 |
226.881 |
651.028 |
169.089 |
|
Gross Operating Margin |
Value |
378.970 |
323.496 |
721.765 |
303.511 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
101,55 |
150,32 |
129,63 |
131,27 |
|
Debts to suppliers average term |
Days |
105,45 |
124,58 |
130,00 |
160,53 |
|
Average stock waiting period |
Days |
124,79 |
110,05 |
12,74 |
57,67 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,14 |
0,95 |
1,96 |
1,18 |
|
Rate of stock return |
Units |
2,88 |
3,27 |
28,21 |
6,15 |
|
Labour cost incidence |
% |
9,23 |
5,59 |
4,53 |
17,98 |
|
Net financial revenues/ charges incidence |
% |
- 2,47 |
- 1,67 |
- 0,65 |
- 1,28 |
|
Labour cost on purchasing expenses |
% |
7,04 |
4,31 |
4,71 |
18,19 |
|
Short-term financing charges |
% |
4,34 |
2,60 |
2,40 |
2,36 |
|
Capital on hand |
% |
87,39 |
104,72 |
50,96 |
84,61 |
|
Sales pro employee |
Value |
347.761 |
590.101 |
1.098.560 |
205.036 |
|
Labour cost pro employee |
Value |
32.081 |
33.015 |
49.868 |
35.261 |
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 expences 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 441 significant companies.
The companies cash their credits on an average of 131 dd.
The average duration of suppliers debts is about 160 dd.
The sector's profitability is on an average of 3,78%.
The labour cost affects the turnover in the
measure of 17,98%.
Goods are held in stock in a range of 57 dd.
The difference between the sales volume and the resources used to
realize it is about 1,18.
The employees costs represent the 18,19% 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.44.96 |
|
|
1 |
Rs.73.37 |
|
Euro |
1 |
Rs.62.33 |
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 Company |
---- |
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.