MIRA INFORM REPORT
|
Report Date : |
12.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAS S.R.L.
|
|
|
|
|
Registered Office : |
Via Spallicci, 3, 40026 – Imola
(BO) |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
07.04.1977 |
|
|
|
|
Com. Reg. No.: |
BO006-24190 since 19/02/1996 |
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|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Electrical and electronic installation |
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 : |
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 |
Company name & address
Mas S.r.l.
Via Spallicci, 3
40026 - Imola (BO) -IT-
Summary
|
Fiscal Code |
: |
01117850378 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
20/07/1977 |
|
Equity |
: |
Over 2.582.254 Eur |
|
|
: |
7.750.000/9.000.000 Eur |
|
Number of Employees |
: |
from 36 to 50 |
Credit Analysis
|
Credit Opinion |
: |
250.000 - Eur |
Activity
Electrical and electronic installation ( excluding maintenance and
repair)
Legal Data
Legal Form : Limited liability company
|
Register of Handcraft firms : 72829 of |
|
Fiscal Code : 01117850378 |
|
Foreign Trade Reg. no. : BO035098 since 18/01/1996 |
|
Chamber of Commerce no. : 236446 of |
|
Firms' Register : BO006-24190 since 19/02/1996 |
|
V.A.T. Code : 00533381208 |
|
Tribunal Co. Register : 24190 of |
|
Foundation date |
: 07/04/1977 |
|
|
Establishment date |
: 07/04/1977 |
|
|
Start of Activities |
: 20/07/1977 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 51.480 |
Eur |
|
Subscribed Capital |
: 51.480 |
Eur |
|
Paid up Capital |
: 51.480 |
Eur |
Members
|
|
Salvatori |
Silvano |
|
|
|
Born in Castel |
(BO) |
on 06/11/1951 |
- Fiscal Code : SLVSVN51S06C086L |
|
|
|
Residence : |
Via |
Lughese Nord |
, 74 |
- 40027 |
Mordano |
(BO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
14/07/2009 |
|
|
|
Director |
14/07/2009 |
|
|
|
Assistant board Chairman |
14/07/2009 |
|
|
|
|
No Protests registered |
|
|
Magnani |
Davide |
|
|
|
Born in Conselice |
(RA) |
on 18/12/1959 |
- Fiscal Code : MGNDVD59T18C963W |
|
|
|
Residence : |
Via |
Galeotti |
, 5 |
- 40026 |
Imola |
(BO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
14/07/2009 |
|
|
|
|
No Protests registered |
|
|
Salvatori |
Romeo |
|
|
|
Born in Castel |
(BO) |
on 08/04/1945 |
- Fiscal Code : SLVRMO45D08C086S |
|
|
|
Residence : |
Via |
C.a. Dalla Chiesa |
, 6 |
- 40026 |
Imola |
(BO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
14/07/2009 |
|
|
|
Director |
14/07/2009 |
|
|
|
Board Chairman |
14/07/2009 |
|
|
|
|
No Protests registered |
|
|
Salvatori |
Marco |
|
|
|
Born in Imola |
(BO) |
on 21/07/1971 |
- Fiscal Code : SLVMRC71L21E289N |
|
|
|
Residence : |
Via |
Rosa Luxemburg |
, 9/B |
- 40026 |
Imola |
(BO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
14/07/2009 |
|
|
|
Director |
14/07/2009 |
|
|
|
|
No Protests registered |
|
|
Salvatori |
Erik |
|
|
|
Born in |
(RA) |
on 29/09/1972 |
- Fiscal Code : SLVRKE72P29F029A |
|
|
|
Residence : |
Via |
Borgo General Vitali |
, 16 |
- 40027 |
Mordano |
(BO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
14/07/2009 |
|
|
|
Director |
14/07/2009 |
|
|
|
|
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.
|
|
SALVATORI |
SILVANO |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
MAS IMMOBILIARE SRL |
Imola (BO) - IT - |
02310611203 |
Director |
Active |
Registered |
|
MAS IMMOBILIARE SRL |
Imola (BO) - IT - |
02310611203 |
Board Chairman |
Active |
Registered |
|
PCM S.R.L. |
Imola (BO) - IT - |
02062501206 |
Director |
Active |
Registered |
|
PCM S.R.L. |
Imola (BO) - IT - |
02062501206 |
Board Chairman |
Active |
Registered |
|
|
SALVATORI |
ROMEO |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
MAS IMMOBILIARE SRL |
Imola (BO) - IT - |
02310611203 |
Director |
Active |
Registered |
|
MAS IMMOBILIARE SRL |
Imola (BO) - IT - |
02310611203 |
Assistant board
Chairman |
Active |
Registered |
|
PCM S.R.L. |
Imola (BO) - IT - |
02062501206 |
Director |
Active |
Registered |
|
PCM S.R.L. |
Imola (BO) - IT - |
02062501206 |
Assistant 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 |
|
Salvatori Silvano |
Mordano - IT - |
SLVSVN51S06C086L |
19.305 .Eur |
37,50 |
|
Magnani Davide |
Imola - IT - |
MGNDVD59T18C963W |
2.574 .Eur |
5,00 |
|
Salvatori Romeo |
Imola - IT - |
SLVRMO45D08C086S |
19.305 .Eur |
37,50 |
|
Salvatori Marco |
Imola - IT - |
SLVMRC71L21E289N |
5.148 .Eur |
10,00 |
|
Salvatori Erik |
Mordano - IT - |
SLVRKE72P29F029A |
5.148 .Eur |
10,00 |
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 |
|
Pcm S.r.l. |
Imola - IT - |
02062501206 |
10.400 .Eur |
80,00 |
|
|
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
|
|
|
|
|
Via |
Spallicci |
, 3 |
- 40026 |
- Imola |
(BO) |
- IT - |
|
|
|
|
PHONE |
: 0542/640607 |
|
|
|
|
PHONE |
: 0542/640667 |
|
|
|
|
FAX |
: 0542/640830 |
|
- |
Branch |
(Factory ) |
since 15/10/2007 |
|
|
|
|
|
Spallicci |
, 8 |
- 40026 |
- Imola |
(BO) |
- IT - |
|
|
|
|
Employees |
: 39 |
|
|
|
|
Assistants |
: 1 |
|
Fittings and Equipment for a value of 2.480.000 |
Eur |
|
Stocks for a value of 310.000 |
Eur |
The firm has a direct commercial organization
Sales are on local and provincial scale
Transports are mainly done using own vehicles and third parties ones
|
|
Subject generally proposes terms of sale between 30 and 60 days.
The financial means mainly used for sales are drafts and bank
transfers.
Purchase terms: 60-90-120 days.
Historical Information and/or
Firm's Status
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
General partnership |
Limited liability company |
21/01/1991 |
EX-MEMBERS / EX-POSITIONS:
|
|
Cremonini |
Renata |
|
|
|
Born in Imola |
on 23/01/1951 |
- Fiscal Code : CRMRNT51A63E289G |
|
|
|
Residence : |
Via |
C. A. Dalla Chiesa |
, 6 |
- 40026 |
Imola |
(BO) |
- IT - |
|
Ex-Postions |
|
Chairman |
|
Director |
|
|
|
Giovanna |
|
|
|
Born in Mordano |
on 16/05/1951 |
- Fiscal Code : VLTGNN51E56F718D |
|
|
|
Residence : |
Via |
Lughese Nord |
, 4/A |
- 40027 |
Mordano |
(BO) |
- IT - |
|
Ex-Postions |
|
Vice-Chairman |
|
Director |
|
|
Salvatori |
Romeo |
|
|
|
Born in Mordano |
on 08/04/1945 |
- Fiscal Code : SLVRMO45D08F718I |
|
|
|
Residence : |
Via |
|
, 6 |
- 40026 |
Imola |
(BO) |
- IT - |
|
Ex-Postions |
|
Director |
|
|
Marabini |
Monica |
|
|
|
Born in Imola |
on 24/08/1966 |
- Fiscal Code : MRBMNC66M64E289F |
|
|
|
Residence : |
Via |
Lolli |
, 6 |
- 40026 |
Imola |
(BO) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
|
|
Montanari |
Valentina |
|
|
|
Born in Castel San Pietro Terme |
on 19/10/1964 |
- Fiscal Code : MNTVNT64R59C265C |
|
|
|
Residence : |
Piazzale |
Leonardo Da Vinci |
, 3 |
- 40026 |
Imola |
(BO) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Donini |
Marco |
|
|
|
Born in Castel San Pietro Terme |
on 05/09/1963 |
- Fiscal Code : DNNMRC63P05C265S |
|
|
|
Residence : |
Via |
Vico Garbesi |
, 2 |
- 40026 |
Imola |
(BO) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Lanzoni |
Maurizia |
|
|
|
Born in Imola |
on 24/09/1968 |
- Fiscal Code : LNZMRZ68P64E289I |
|
|
|
Residence : |
Via |
Puccini |
, 33 |
- 40026 |
Imola |
(BO) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Lanzoni |
Vladimira |
|
|
|
Born in Imola |
on 12/08/1964 |
- Fiscal Code : LNZVDM64M52E289J |
|
|
|
Residence : |
Via |
Bartoli Nigrisoli |
, 26 |
- 40026 |
Imola |
(BO) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
CEASINGS/INCORPORATIONS/MERGES:
|
|
Splitting-up and setting-up of a new company |
|
|
|
Mas Immobiliare Srl |
|
|
|
Via |
Spallicci |
, 1 |
, 40026 |
, Imola |
(BO) |
- IT - |
|
|
|
Fiscal Code: 02310611203 |
|
|
|
Date |
Splitting-up : |
14/11/2002 |
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 |
786.118 - Eur |
NB.: For Capital Companies the value of the Immovables is the one
reported in the latest available financial documents.
Financial and Economical Analysis
Subject is active since 1977
An eco-fin analysis has been made on the base od the b/s fo the years
2007, 2008 and 2009.
During the last years, it achieved profits (r.o.e. 3,05% on 2009)
The operating result in 2009 was positive (3,73%) and in line with the
sector's average.
The amount of the operating result for the year 2009 is of Eur. 456.076
with a -75,3% drop.
The economic management produced a gross operating margin of Eur.
2.145.907 with no sensible increase as against 2008.
Very good financial situation: shareholder's equity covers short-terms
debts with an indebtedness level equal to 0,01 lower than in 2008.
The management generated equity capital for an amount of Eur. 5.941.622
on the same levels as the year before.
Total debts recorded amounted to Eur. 5.298.950 (Eur. 1.466.149 of which
were m/l term debts) , a more or less stable value.
The financial exposure is moderate, on the other hand the recourse to
commercial credit is high, with a high average payment period even if it still
falls within the sector's average.
Liquidity is however good.
Due from customers average term is high and equal to 157,5 days. , as it
normally happens in the sector.
As far as the cash flow is concerned during the latest financial year it
amounted to Eur. 1.870.981
During 2009 financial year labour costs amounted to Eur. 1.947.554, with
a 23,36% incidence on production costs. , whereas the incidence of such costs
on sales revenues is equal to 24,13%.
Financial incomes cover financial charges.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
8.069.664 |
|
Profit (Loss) for the period |
181.150 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
12.731.050 |
|
Profit (Loss) for the period |
1.103.435 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
10.971.780 |
|
Profit (Loss) for the period |
631.504 |
|
|
|
Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
9.302.398 |
|
Profit (Loss) for the period |
628.967 |
|
|
|
Complete balance-sheet for the year |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
6.932.935 |
|
Profit (Loss) for the period |
5.495 |
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 |
0,30 |
0,24 |
0,19 |
0,10 |
|
Elasticity Ratio |
Units |
0,70 |
0,75 |
0,80 |
0,87 |
|
Availability of stock |
Units |
0,03 |
0,03 |
0,03 |
0,13 |
|
Total Liquidity Ratio |
Units |
0,68 |
0,73 |
0,76 |
0,67 |
|
Quick Ratio |
Units |
0,31 |
0,30 |
0,27 |
0,03 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
0,01 |
0,27 |
0,32 |
5,74 |
|
Self Financing Ratio |
Units |
0,49 |
0,46 |
0,44 |
0,11 |
|
Capital protection Ratio |
Units |
0,96 |
0,80 |
0,86 |
0,54 |
|
Liabilities consolidation quotient |
Units |
0,59 |
0,24 |
0,31 |
0,14 |
|
Financing |
Units |
0,89 |
1,02 |
1,13 |
6,81 |
|
Permanent Indebtedness Ratio |
Units |
0,67 |
0,56 |
0,57 |
0,25 |
|
M/L term Debts Ratio |
Units |
0,19 |
0,10 |
0,13 |
0,09 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
1,15 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
2,25 |
2,31 |
2,96 |
2,07 |
|
Current ratio |
Units |
2,24 |
1,76 |
1,90 |
1,15 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
2,16 |
1,70 |
1,81 |
0,96 |
|
Structure's primary quotient |
Units |
1,63 |
1,89 |
2,27 |
1,02 |
|
Treasury's primary quotient |
Units |
0,99 |
0,71 |
0,66 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
205,89 |
217,15 |
226,97 |
859,04 |
|
Current Capital ( net ) |
Value |
4.747.960 |
4.087.375 |
4.475.682 |
154.044 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
23,19 |
15,04 |
15,76 |
2,92 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
3,05 |
19,16 |
12,24 |
10,93 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
7,92 |
33,63 |
21,80 |
40,66 |
|
Return on Investment ( R.O.I. ) |
% |
3,73 |
14,76 |
9,48 |
6,09 |
|
Return/ Sales |
% |
5,65 |
14,51 |
10,11 |
5,25 |
|
Extra Management revenues/charges incid. |
% |
39,72 |
59,75 |
56,87 |
22,14 |
|
Cash Flow |
Value |
1.870.981 |
1.915.079 |
1.729.989 |
54.901 |
|
Operating Profit |
Value |
456.076 |
1.846.872 |
1.110.255 |
97.107 |
|
Gross Operating Margin |
Value |
2.145.907 |
2.658.516 |
2.208.740 |
134.959 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
157,50 |
122,65 |
163,11 |
155,73 |
|
Debts to suppliers average term |
Days |
179,30 |
190,51 |
185,86 |
192,07 |
|
Average stock waiting period |
Days |
13,71 |
9,23 |
14,72 |
37,11 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,66 |
1,02 |
0,93 |
1,26 |
|
Rate of stock return |
Units |
26,26 |
39,00 |
24,41 |
9,53 |
|
Labour cost incidence |
% |
24,13 |
17,84 |
17,43 |
20,33 |
|
Net financial revenues/ charges incidence |
% |
0,17 |
0,71 |
- 0,02 |
- 1,17 |
|
Labour cost on purchasing expenses |
% |
23,36 |
20,37 |
19,09 |
21,17 |
|
Short-term financing charges |
% |
0,80 |
1,01 |
2,46 |
2,14 |
|
Capital on hand |
% |
151,60 |
98,25 |
106,68 |
79,24 |
|
Sales pro employee |
Value |
212.359 |
344.082 |
281.327 |
162.149 |
|
Labour cost pro employee |
Value |
51.251 |
61.396 |
49.045 |
32.504 |
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:
250.000Eur.
Market / Territory Data
|
Population living in the province |
: |
944.297 |
|
Population living in the region |
: |
4.151.369 |
|
Number of families in the region |
: |
1.748.359 |
Monthly family expenses 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 4.211 significant companies.
The companies cash their credits on an average of 155 dd.
The average duration of suppliers debts is about 192 dd.
The sector's profitability is on an average of 2,92%.
The labour cost affects the turnover in the measure of 20,33%.
Goods are held in stock in a range of 37 dd.
The difference between the sales volume and the resources used to
realize it is about 1,26.
The employees costs represent the 21,17% 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 3.720.
The insolvency index for the region is 0,46, , while for the province it
is 0,40.
Total Bankrupt companies in the province : 4.335.
Total Bankrupt companies in the region : 14.698.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.21 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.62.43 |
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.