MIRA INFORM REPORT
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Report Date : |
10.03.2011 |
IDENTIFICATION DETAILS
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Name : |
FRECCIA INTERNATIONAL S.R.L. |
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Registered Office : |
Via Kennedy, 9, 20023 - Cerro
Maggiore (MI) |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
03.08.1992 |
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Com. Reg. No.: |
MI146-329320 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of machinery and equipment |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
120.000 Eur |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
Freccia International s.r.l.
Via Kennedy, 9
20023 - Cerro Maggiore (MI) -IT-
Summary
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Fiscal Code |
: |
10731870159 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
03/08/1992 |
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Equity |
: |
250.000 Eur |
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|
: |
3.750.000/5.000.000 Eur |
|
Number of Employees |
: |
from 1 to 5 |
Credit Analysis
|
Credit Opinion |
: |
120.000 - Eur |
Activity
MANUFACTURE OF MACHINERY AND EQUIPMENT N.E.C.
Manufacture of parts and accessories for motor vehicles
Legal Data
Legal Form : Limited liability company
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Fiscal Code : 10731870159 |
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Foreign Trade Reg. no. : MI172987 since 04/11/1992 |
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Chamber of Commerce no. : 1402657 of Milano since 27/10/1992 |
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Firms' Register : 329320 |
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Firms' Register : MI146-329320 |
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V.A.T. Code : 10731870159 |
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Establishment date |
: 03/08/1992 |
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Start of Activities |
: 03/08/1992 |
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Legal duration |
: 31/12/2050 |
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Nominal Capital |
: 100.000 |
Eur |
|
Subscribed Capital |
: 100.000 |
Eur |
|
Paid up Capital |
: 100.000 |
Eur |
Members
|
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Scarpa |
Albertina |
|
|
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Born in Legnano |
(MI) |
on 01/05/1951 |
- Fiscal Code : SCRLRT51E41E514K |
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Residence : |
Via |
Galvani |
, 105 |
- 20025 |
Legnano |
(MI) |
- IT - |
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Position |
Since |
Shares Amount |
% Ownership |
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Director |
03/08/1992 |
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|
|
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No Protests registered |
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Scarpa |
Giuseppe |
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Born in |
(VA) |
on 07/08/1965 |
- Fiscal Code : SCRGPP65M07B300G |
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Residence : |
Via |
Cesare Battisti |
, 23 |
- 20025 |
Legnano |
(MI) |
- IT - |
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Position |
Since |
Shares Amount |
% Ownership |
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Director |
03/08/1992 |
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|
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No Protests registered |
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Maculan |
Narciso |
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Born in Saonara |
(PD) |
on 30/01/1939 |
- Fiscal Code : MCLNCS39A30I418O |
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Residence : |
Via |
San Giovanni Bosco |
, 8 |
- 20017 |
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(MI) |
- IT - |
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Position |
Since |
Shares Amount |
% Ownership |
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Board Chairman |
03/08/1992 |
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|
|
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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.
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MACULAN |
NARCISO |
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Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
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GESTIONI MACULAN S.R.L. |
Padova (PD) - IT - |
01424440285 |
Director |
Active |
Registered |
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GESTIONI MACULAN S.R.L. |
Padova (PD) - IT - |
01424440285 |
Board Chairman |
Active |
Registered |
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SCARPA E COLOMBO S.R.L. |
Legnano (MI) - IT - |
00689680155 |
Director |
Active |
Registered |
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SCARPA E COLOMBO S.R.L. |
Legnano (MI) - IT - |
00689680155 |
Managing
Director |
Active |
Registered |
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SCARPA E COLOMBO S.R.L. |
Legnano (MI) - IT - |
00689680155 |
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 |
|
Scarpa Albertina |
Legnano - IT - |
SCRLRT51E41E514K |
49.000 .Eur |
49,00 |
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Scarpa Giuseppe |
Legnano - IT - |
SCRGPP65M07B300G |
49.000 .Eur |
49,00 |
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Maculan Narciso |
|
MCLNCS39A30I418O |
2.000 .Eur |
2,00 |
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:
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- |
Legal and operative seat |
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Via |
Kennedy |
, 9 |
- 20023 |
- Cerro Maggiore |
(MI) |
- IT - |
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Employees |
: 4 |
|
Fittings and Equipment for a value of 940.000 |
Eur |
|
Stocks for a value of 1.230.000 |
Eur |
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
The company is active since 1992
The analysis is based on the latest 3 balance sheets.
Under an economic point of view, profits were registered during the last
years with a r.o.e. of 38,67% in 2009
The operating result in 2009 was positive (6,92%) and in line with the
sector's average.
The amount of the operating result for the year 2009 is of Eur. 193.286
, with no sizeable change as opposed to the year before.
A gross operating margine for a value of Eur. 223.279 was reached.
stable if compared to the financial year 2008.
Net worth does not allow a regular management, short-term debts volume
is considerably high, with an high indebtedness volume on the whole (11,12)
which is anyway decreasing.
The management generated equity capital for an amount of Eur. 218.371 ,
with an upward trend.
During the last financial year debts totalled Eur. 2.526.095 (Eur.
85.693 of which were m/l term debts) , with no sensible variation.
Current liquid assets is positive.
As far as the cash flow is concerned during the latest financial year it
amounted to Eur. 114.439
Subordinate employment cost is of Eur. 218.428, i.e. 4,62% on total
production costs. , whereas 4,47% is the incidence on sales revenues.
If compared to the sales volume (-0,6%), the impact of the financial
charges is limited.
Financial Data
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Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
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Item Type |
Value |
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Sales |
4.890.608 |
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Profit (Loss) for the period |
84.446 |
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Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
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Item Type |
Value |
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Sales |
5.346.582 |
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Profit (Loss) for the period |
26.802 |
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Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
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Item Type |
Value |
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Sales |
5.009.975 |
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Profit (Loss) for the period |
4.347 |
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Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
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Item Type |
Value |
|
Sales |
4.430.625 |
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Profit (Loss) for the period |
-46.858 |
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Complete balance-sheet for the year |
31/12/2005 |
(in Eur |
x 1 ) |
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Item Type |
Value |
|
Sales |
3.993.956 |
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Profit (Loss) for the period |
3.206 |
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 |
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- Balance Sheet as at 31/12/2008 - 12 Mesi - Currency: Eur - Amounts x
1 |
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- 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 |
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COMPOSITION ON
INVESTMENT |
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Rigidity Ratio |
Units |
0,12 |
0,12 |
0,13 |
0,15 |
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Elasticity Ratio |
Units |
0,88 |
0,88 |
0,85 |
0,82 |
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Availability of stock |
Units |
0,44 |
0,47 |
0,40 |
0,17 |
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Total Liquidity Ratio |
Units |
0,44 |
0,41 |
0,44 |
0,60 |
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Quick Ratio |
Units |
0,01 |
0,01 |
0,05 |
0,05 |
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COMPOSITION ON
SOURCE |
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Net Short-term indebtedness |
Units |
11,12 |
27,05 |
32,04 |
2,84 |
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Self Financing Ratio |
Units |
0,08 |
0,03 |
0,02 |
0,19 |
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Capital protection Ratio |
Units |
0,16 |
0,58 |
0,76 |
0,63 |
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Liabilities consolidation quotient |
Units |
0,06 |
0,08 |
0,08 |
0,18 |
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Financing |
Units |
11,57 |
28,56 |
35,16 |
3,63 |
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Permanent Indebtedness Ratio |
Units |
0,13 |
0,10 |
0,10 |
0,37 |
|
M/L term Debts Ratio |
Units |
0,05 |
0,07 |
0,07 |
0,10 |
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Net Financial Indebtedness Ratio |
Units |
n.c. |
n.c. |
n.c. |
0,28 |
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CORRELATION |
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|
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Fixed assets ratio |
Units |
1,08 |
0,87 |
0,74 |
2,07 |
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Current ratio |
Units |
1,01 |
0,98 |
0,95 |
1,31 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,50 |
0,46 |
0,50 |
0,99 |
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Structure's primary quotient |
Units |
0,66 |
0,28 |
0,19 |
1,23 |
|
Treasury's primary quotient |
Units |
0,01 |
0,01 |
0,05 |
0,08 |
|
Rate of indebtedness ( Leverage ) |
% |
1.279,86 |
3.032,21 |
3.776,49 |
516,03 |
|
Current Capital ( net ) |
Value |
22.714 |
-51.505 |
-92.598 |
383.270 |
|
RETURN |
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|
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|
|
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Return on Sales |
% |
2,34 |
0,95 |
0,70 |
4,51 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
38,67 |
30,30 |
7,05 |
10,87 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
64,50 |
99,93 |
108,59 |
31,72 |
|
Return on Investment ( R.O.I. ) |
% |
6,92 |
7,37 |
7,76 |
6,95 |
|
Return/ Sales |
% |
3,95 |
3,70 |
3,60 |
5,82 |
|
Extra Management revenues/charges incid. |
% |
43,69 |
13,56 |
2,40 |
36,77 |
|
Cash Flow |
Value |
114.439 |
50.693 |
35.137 |
134.001 |
|
Operating Profit |
Value |
193.286 |
197.632 |
180.846 |
162.511 |
|
Gross Operating Margin |
Value |
223.279 |
221.523 |
211.636 |
245.458 |
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MANAGEMENT |
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|
|
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Credits to clients average term |
Days |
n.c. |
n.c. |
66,31 |
130,15 |
|
Debts to suppliers average term |
Days |
n.c. |
n.c. |
110,00 |
160,21 |
|
Average stock waiting period |
Days |
90,71 |
84,66 |
68,14 |
51,44 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,75 |
1,99 |
2,15 |
1,22 |
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Rate of stock return |
Units |
3,97 |
4,25 |
5,28 |
6,86 |
|
Labour cost incidence |
% |
4,47 |
4,36 |
4,87 |
18,01 |
|
Net financial revenues/ charges incidence |
% |
- 0,60 |
- 1,72 |
- 2,02 |
- 0,96 |
|
Labour cost on purchasing expenses |
% |
4,62 |
4,51 |
5,05 |
18,88 |
|
Short-term financing charges |
% |
3,16 |
3,79 |
4,71 |
2,20 |
|
Capital on hand |
% |
57,15 |
50,16 |
46,46 |
81,27 |
|
Sales pro employee |
Value |
698.658 |
1.336.645 |
1.001.995 |
205.161 |
|
Labour cost pro employee |
Value |
31.204 |
58.245 |
48.882 |
36.334 |
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:
120.000Eur.
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 expenses 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 472 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 4,51%.
The labour cost affects the turnover in the measure of 18,01%.
Goods are held in stock in a range of 51 dd.
The difference between the sales volume and the resources used to
realize it is about 1,22.
The employees costs represent the 18,88% 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.45.02 |
|
|
1 |
Rs.72.70 |
|
Euro |
1 |
Rs.62.54 |
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 |
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.