MIRA
INFORM REPORT
|
Report Date : |
08.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
UDOR S.P.A. |
|
|
|
|
Registered Office : |
Via Corradini, 2 42048- Rubiera (RE) |
|
|
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|
Country : |
|
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|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
26.01.1967 |
|
|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Manufacture of other pumps and compressors |
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 : |
300.000 - 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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Name and address
Udor S.p.a.
Via Corradini, 2
42048 - Rubiera (RE) -IT-
Summary
|
Fiscal Code |
: |
00135300358 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
26/01/1967 |
|
Equity |
: |
Over 2.582.254 Eur |
|
|
: |
10.000.000/12.750.000 Eur |
|
Number of Employees |
: |
from 51 to 70 |
Credit Analysis
|
Credit Opinion |
: |
300.000 - Eur |
Activity
Manufacture of other pumps and compressors
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 00135300358 |
|
Foreign Trade Reg. no. : RE013222 since 07/12/1991 |
|
Chamber of Commerce no. : 99716 of Reggio Emilia since 10/02/1967 |
|
V.A.T. Code : 00135300358 |
|
Start of Activities |
: 26/01/1967 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 1.000.000 |
Eur |
|
Subscribed Capital |
: 1.000.000 |
Eur |
|
Paid up Capital |
: 1.000.000 |
Eur |
Members
|
|
Zanasi |
Marco |
|
|
|
Born in Reggio Emilia |
(RE) |
on 06/11/1963 |
- Fiscal Code : ZNSMRC63S06H223G |
|
|
|
Residence : |
Via |
San Leonardo |
, 71/A |
- 43122 |
|
(PR) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
29/06/2009 |
|
|
|
Assistant board Chairman |
29/06/2009 |
|
|
|
Managing Director |
29/06/2009 |
|
|
|
|
No Protests registered |
|
|
Zanasi |
Giovanni |
|
|
|
Born in Reggio Emilia |
(RE) |
on 27/09/1938 |
- Fiscal Code : ZNSGNN38P27H223P |
|
|
|
Residence : |
Via |
Emilia Est |
, 6 |
- 42048 |
Rubiera |
(RE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
29/06/2009 |
|
|
|
Managing Director |
15/09/2010 |
|
|
|
Board Chairman |
29/06/2009 |
|
|
|
|
No Protests registered |
|
|
Zanasi |
Stefano |
|
|
|
Born in Reggio Emilia |
(RE) |
on 13/11/1965 |
- Fiscal Code : ZNSSFN65S13H223X |
|
|
|
Residence : |
Via |
Dei Chiaviconi |
, 13 |
- 42048 |
Rubiera |
(RE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
29/06/2009 |
|
|
|
Managing Director |
29/06/2009 |
|
|
|
|
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.
|
|
ZANASI |
MARCO |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
ROBUSCHI S.P.A. |
Milano (MI) - IT - |
04306840960 |
Director |
Active |
Registered |
|
|
ZANASI |
GIOVANNI |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
CHECK - UP SERVICE S.R.L. |
Reggio Emilia (RE) - IT - |
01468750359 |
Director |
Active |
Registered |
|
COFIRE |
Reggio Emilia (RE) - IT - |
80003840354 |
Director |
Active |
Registered |
|
G.Z. SRL |
Rubiera (RE) - IT - |
02349430351 |
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 |
|
Zanasi Marco |
|
ZNSMRC63S06H223G |
524.391 .Eur |
52,43 |
|
Zanasi Giovanni |
Rubiera - IT - |
ZNSGNN38P27H223P |
60.975 .Eur |
6,09 |
|
Zanasi Stefano |
Rubiera - IT - |
ZNSSFN65S13H223X |
256.098 .Eur |
25,60 |
|
Zanasi Enrica |
|
ZNSNRC64S54H628D |
158.536 .Eur |
15,85 |
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 |
|
Reggio Emilia Innovazione Soc. Cons. A R.l. |
Reggio Emilia - IT - |
01146640352 |
|
|
|
|
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
(Factory ) |
|
|
|
|
|
Via |
Corradini |
, 2 |
- 42048 |
- Rubiera |
(RE) |
- IT - |
|
|
|
|
Employees |
: 58 |
|
Fittings and Equipment for a value of 760.000 |
Eur |
|
Stocks for a value of 2.860.000 |
Eur |
Historical Information and/or Firm's Status
CEASINGS/INCORPORATIONS/MERGES:
|
|
Splitting-up and setting-up of a new company |
|
|
|
G.z. Srl |
|
|
|
Via |
Angelo Corradini |
, 2 |
, 42048 |
, Rubiera |
(RE) |
- IT - |
|
|
|
Fiscal Code: 02349430351 |
|
|
|
Date |
Splitting-up : |
25/09/2008 |
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.
|
Immovable Type |
Value |
|
Real estates |
11.400 - Eur |
NB.: For Capital Companies the value of the Immovables is the one
reported in the latest available financial documents.
Financial and Economical Analysis
Company's starting of activities dates back to 1967.
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. 25,27%
in 2009)
The operating result was positive in the last financial year (15,93%)
and in line with the sector's average.
An operating result of Eur. 2.547.292 has been registered. showing a
fall as opposed to the previous year (-40,46%).
A gross operating margine for a value of Eur. 2.889.087 was reached. ,
with a -42,29% decrease.
The company has an excellent net worth if compared to its debts, with a
low indebtedness (0,11) and with an upward trend compared to the previous year.
Subject can manage an equity capital funds for an amount of Eur.
10.966.742 , increasing by 33,82% if compared to the year before.
Total debts (both short and M/L term) equals Eur. 4.031.462, ,
decreasing if compared to 2008 (-31,68%).
The company does not exceed in bank credits; payments average period is
instead slightly high (92,99 gg.) even if it is lower than the sector's
average.
The available funds are good.
Trade credits average terms are 62,13 days. , a better value than the
sector's average.
Eur. 3.113.433 is the value of cash flow during the year 2009
In the last financial year labour cost was of Eur. 2.214.618, with a
27,19% incidence on total costs of production. , whereas 20,66% is the
incidence on sales revenues.
The financial charges do not negatively affect the management, as they
are covered by the incomes.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
10.719.662 |
|
Profit (Loss) for the period |
2.771.638 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
16.135.278 |
|
Profit (Loss) for the period |
2.836.753 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
14.289.808 |
|
Profit (Loss) for the period |
2.123.081 |
|
|
|
Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
11.868.648 |
|
Profit (Loss) for the period |
1.819.966 |
|
|
|
Complete balance-sheet for the year |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
10.833.545 |
|
Profit (Loss) for the period |
1.358.525 |
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 |
0,05 |
0,05 |
0,11 |
0,18 |
|
Elasticity Ratio |
Units |
0,95 |
0,94 |
0,83 |
0,80 |
|
Availability of stock |
Units |
0,18 |
0,26 |
0,16 |
0,22 |
|
Total Liquidity Ratio |
Units |
0,77 |
0,68 |
0,67 |
0,52 |
|
Quick Ratio |
Units |
0,45 |
0,37 |
0,44 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
0,11 |
0,33 |
0,36 |
2,45 |
|
Self Financing Ratio |
Units |
0,69 |
0,54 |
0,66 |
0,22 |
|
Capital protection Ratio |
Units |
0,66 |
0,53 |
0,85 |
0,63 |
|
Liabilities consolidation quotient |
Units |
0,16 |
0,14 |
0,12 |
0,21 |
|
Financing |
Units |
0,37 |
0,72 |
0,45 |
3,08 |
|
Permanent Indebtedness Ratio |
Units |
0,73 |
0,60 |
0,69 |
0,39 |
|
M/L term Debts Ratio |
Units |
0,04 |
0,05 |
0,03 |
0,11 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,02 |
0,57 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
14,32 |
11,30 |
6,31 |
2,01 |
|
Current ratio |
Units |
3,75 |
2,47 |
2,77 |
1,33 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
3,04 |
1,79 |
2,24 |
0,92 |
|
Structure's primary quotient |
Units |
13,52 |
10,29 |
5,97 |
1,27 |
|
Treasury's primary quotient |
Units |
1,78 |
0,97 |
1,50 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
145,83 |
183,95 |
151,42 |
450,79 |
|
Current Capital ( net ) |
Value |
11.106.447 |
8.453.077 |
11.849.016 |
579.118 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
29,04 |
22,08 |
18,05 |
4,99 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
25,27 |
34,62 |
14,42 |
11,69 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
33,66 |
56,07 |
24,70 |
28,74 |
|
Return on Investment ( R.O.I. ) |
% |
15,93 |
28,38 |
15,13 |
7,09 |
|
Return/ Sales |
% |
23,76 |
26,52 |
23,60 |
5,94 |
|
Extra Management revenues/charges incid. |
% |
108,81 |
66,30 |
62,94 |
36,70 |
|
Cash Flow |
Value |
3.113.433 |
3.561.974 |
2.579.705 |
205.735 |
|
Operating Profit |
Value |
2.547.292 |
4.278.454 |
3.372.960 |
239.612 |
|
Gross Operating Margin |
Value |
2.889.087 |
5.006.675 |
3.829.584 |
384.511 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
62,13 |
59,27 |
87,08 |
120,16 |
|
Debts to suppliers average term |
Days |
92,99 |
82,21 |
118,33 |
145,90 |
|
Average stock waiting period |
Days |
96,21 |
87,35 |
90,03 |
63,90 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,67 |
1,07 |
0,64 |
1,24 |
|
Rate of stock return |
Units |
3,74 |
4,12 |
3,99 |
5,62 |
|
Labour cost incidence |
% |
20,66 |
16,49 |
17,49 |
16,63 |
|
Net financial revenues/ charges incidence |
% |
1,56 |
2,04 |
1,94 |
- 0,96 |
|
Labour cost on purchasing expenses |
% |
27,19 |
22,03 |
22,66 |
17,16 |
|
Short-term financing charges |
% |
n.c. |
2,58 |
1,82 |
2,43 |
|
Capital on hand |
% |
149,19 |
93,43 |
155,93 |
80,59 |
|
Sales pro employee |
Value |
184.821 |
273.479 |
223.278 |
233.009 |
|
Labour cost pro employee |
Value |
38.183 |
45.096 |
39.064 |
36.062 |
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 |
: |
487.003 |
|
Population living in the region |
: |
4.151.369 |
|
Number of families in the region |
: |
1.748.359 |
Monthly family expences average in the region (in Eur.) :
|
- per food products |
: |
425 |
|
- per non food products |
: |
2.063 |
|
- per energy consume |
: |
143 |
Sector Data
The values are calculated on a base of 918 significant companies.
The companies cash their credits on an average of 120 dd.
The average duration of suppliers debts is about 145 dd.
The sector's profitability is on an average of 4,99%.
The labour cost affects the turnover in the measure of 16,63%.
Goods are held in stock in a range of 63 dd.
The difference between the sales volume and the resources used to
realize it is about 1,24.
The employees costs represent the 17,16% of the production costs.
Statistical Detrimental Data
The area is statistically considered lowly risky.
In the region 18.860 protested subjects are found; in the province they
count to 1.775.
The insolvency index for the region is 0,46, , while for the province it
is 0,38.
Total Bankrupt companies in the province : 1.365.
Total Bankrupt companies in the region : 14.698.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.13 |
|
|
1 |
Rs.73.36 |
|
Euro |
1 |
Rs.63.06 |
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.