MIRA INFORM REPORT
|
Report Date : |
30.11.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
INOX TECH S.P.A. |
|
|
|
|
Registered Office : |
Via Aldo Moro, 10/C, 45026 -
Lendinara (RO) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
15.05.1989 |
|
|
|
|
Com. Reg. No.: |
RO041-6263 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture of tubes, pipes, hollow profiles and related
fittings in steel |
|
|
|
|
No. of Employees
: |
150 Persons |
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 : |
250.000 Eur |
|
Status : |
Satisfactory |
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Italy |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
Inox Tech S.p.A.
Via Aldo Moro, 10/C
45026 - Lendinara (RO) -IT-
Summary
|
Fiscal Code |
: |
00873200299 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
15/05/1989 |
|
Equity |
: |
Over 2.582.254 Eur |
|
Turnover Range |
: |
75.000.000/100.000.000 Eur |
|
Number of Employees |
: |
from 131 to 150 |
Credit Analysis
|
Credit Opinion |
: |
250.000 - Eur |
Activity
Manufacture of tubes, pipes,
hollow profiles and related fittings in steel (except
those in refined steel)
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 00873200299 |
|
Foreign Trade Reg. no. : RO003098 since
09/03/1992 |
|
Chamber of Commerce no. : 100331 of Rovigo
since 13/06/1989 |
|
Firms' Register : RO041-6263 |
|
V.A.T. Code : 00873200299 |
|
Foundation date |
: 06/04/1989 |
|
|
Establishment date |
: 06/04/1989 |
|
|
Start of Activities |
: 15/05/1989 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 2.850.000 |
Eur |
|
Subscribed Capital |
: 2.850.000 |
Eur |
|
Paid up Capital |
: 2.850.000 |
Eur |
Members
|
|
Poggio |
Giuseppe |
|
|
|
Born in Genova |
(GE) |
on 10/05/1936 |
- Fiscal Code : PGGGPP36E10D969T |
|
|
|
Residence : |
Via |
Monte Grappa |
, 45 |
- 20077 |
Melegnano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
05/07/2011 |
|
|
|
Director |
21/06/2011 |
|
|
|
|
No Protests
registered |
|
|
Ronda |
Giovanni |
|
|
|
Born in Thiene |
(VI) |
on 26/02/1949 |
- Fiscal Code : RNDGNN49B26L157F |
|
|
|
Residence : |
Via |
Monte Corno |
, 1/1 |
- 36016 |
Thiene |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
21/06/2011 |
|
|
|
Board Chairman |
21/06/2011 |
|
|
|
|
No Protests
registered |
|
|
Ronda |
Maria Cristina |
|
|
|
Born in Thiene |
(VI) |
on 22/11/1958 |
- Fiscal Code : RNDMCR58S62L157J |
|
|
|
Residence : |
Via |
M. Corno |
, 1/2 |
- 36016 |
Thiene |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
21/06/2011 |
|
|
|
|
No Protests
registered |
|
|
Guarda |
Silvano |
|
|
|
Born in Thiene |
(VI) |
on 23/01/1938 |
- Fiscal Code : GRDSVN38A23L157I |
|
|
|
Residence : |
Via |
Monte Corno |
, 5 |
- 36016 |
Thiene |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
21/06/2011 |
|
|
|
|
No Protests
registered |
|
|
Ronda |
Marida |
|
|
|
Born in Thiene |
(VI) |
on 11/12/1954 |
- Fiscal Code : RNDMRD54T51L157Q |
|
|
|
Residence : |
Via |
Zanella |
, 58 |
- 36016 |
Thiene |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
21/06/2011 |
|
|
|
|
No Protests
registered |
|
|
Ronda |
Roberto |
|
|
|
Born in Thiene |
(VI) |
on 13/11/1950 |
- Fiscal Code : RNDRRT50S13L157I |
|
|
|
Residence : |
Via |
Vico Ii Mediterraneo |
- 09010 |
Domus De Maria |
(CA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
21/06/2011 |
|
|
|
|
No Protests
registered |
|
|
Lo Magno |
Giannantonio |
|
|
|
Born in Valdagno |
(VI) |
on 25/05/1968 |
- Fiscal Code : LMGGNN68E25L551Q |
|
|
|
Residence : |
Via |
Dalle Ore |
, 6/A |
- 36078 |
Valdagno |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
|
28/04/2010 |
|
|
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.
|
|
POGGIO |
GIUSEPPE |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
CPS SERVIZI SOCIETA' A RESPOSNABILITA'
LIMITATA ENUNCIABILE ANCHE CPS SERVIZI S. |
Piacenza (PC) - IT - |
12485500156 |
Attorney with
special power |
Active |
Registered |
|
|
RONDA |
GIOVANNI |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
ATAR S.R.L. |
- - |
|
Sole Director |
Active |
Registered |
|
HOTELS CLUB SERVICES S.R.L. |
Vicenza (VI) - IT - |
03608440248 |
Sole Director |
Active |
Registered |
|
RIMARPLAST-S.R.L. |
Bassano del Grappa (VI) - IT - |
00822830246 |
Vice-Chairman |
Withdrawn |
Registered |
|
RIMARPLAST-S.R.L. |
Bassano del Grappa (VI) - IT - |
00822830246 |
Managing
Director |
Withdrawn |
Registered |
|
RONDA - S.R.L. |
Zane' (VI) - IT - |
01254530247 |
Vice-Chairman |
Withdrawn |
Ceased |
|
RONDA - S.R.L. |
Zane' (VI) - IT - |
01254530247 |
Managing
Director |
Withdrawn |
Ceased |
|
RONDA ENGINEERING SRL |
Zane' (VI) - IT - |
02510300243 |
Sole Director |
Active |
Registered |
|
RONDA ENGINEERING SRL |
Zane' (VI) - IT - |
02510300243 |
Board Chairman |
Withdrawn |
Registered |
|
RONDA HIGH TECH SRL |
Zane' (VI) - IT - |
02996470247 |
Sole Director |
Active |
Registered |
|
RONDA SPA |
Zane' (VI) - IT - |
00793310244 |
Managing
Director |
Withdrawn |
Registered |
|
RONDA SPA |
Zane' (VI) - IT - |
00793310244 |
Director |
Active |
Registered |
|
RONDA SPA |
Zane' (VI) - IT - |
00793310244 |
Sole Director |
Withdrawn |
Registered |
|
RONDA SPA |
Zane' (VI) - IT - |
00793310244 |
Assistant board
Chairman |
Withdrawn |
Registered |
|
RONDA SPA |
Zane' (VI) - IT - |
00793310244 |
Board Chairman |
Active |
Registered |
|
SICAF S.R.L. |
Zane' (VI) - IT - |
01323650240 |
Chairman |
Withdrawn |
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 |
|
Ronda Spa |
Zane' - IT - |
00793310244 |
2.478.270 .Eur |
86,95 |
|
Guarda Alessandra |
Vicenza - IT - |
GRDLSN66R55L157Z |
371.730 .Eur |
13,04 |
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:
|
- |
Legal and
operative seat |
|
since 29/04/1992 |
|
|
|
|
|
Via |
Aldo Moro |
, 10/C |
- 45026 |
- Lendinara |
(RO) |
- IT - |
|
|
|
|
PHONE |
: 0425/601401 |
|
|
|
|
PHONE |
: 0425/605400 |
|
|
|
|
FAX |
: 0425/605499 |
|
- |
Branch |
(office ) |
since 16/12/2009 |
|
|
|
|
|
Via |
Aldo Moro |
, 2 |
- 45026 |
- Lendinara |
(RO) |
- IT - |
|
|
|
|
Employees |
: 143 |
|
Fittings and Equipment for a value of
11.740.000 |
Eur |
|
Stocks for a value of 48.460.000 |
Eur |
Trade organization: direct or by
agents.
The company sells in Italy and
abroad.
The company 's mainly customers
are companies.
|
|
Financial means used for sale:
bank transfers and bank orders.
Main used payment modalities are
by cash orders and bank transfers.
Historical Information and/or Firm's Status
CHANGES
TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Limited liability company |
Joint stock company |
21/05/1990 |
COMPANY
STYLE MODIFICATIONS:
|
Former Style |
New Style |
Changement Date |
|
Inox Tech S.r.l. |
|
21/05/1990 |
EX-MEMBERS
/ EX-POSITIONS:
|
|
Martinelli |
Oreste |
|
|
|
Born in Lendinara |
on 07/05/1934 |
- Fiscal Code : MRTRST34E07E522C |
|
|
|
Residence : |
Via |
Cappellini |
, 1 |
- 45026 |
Lendinara |
(RO) |
- IT - |
|
Ex-Postions |
|
Vice-Chairman |
|
|
Ferlin |
Roberto |
|
|
|
Born in LENDINARA |
on 01/11/1948 |
- Fiscal Code : FRLRRT48S01E522B |
|
|
|
Residence : |
Via |
DUCA D'AOSTA |
, 20 |
- 45026 |
Lendinara |
(RO) |
- IT - |
|
Ex-Postions |
|
Managing Director |
|
|
Ferlin |
Antonio |
|
|
|
Born in Castelguglielmo |
on 19/08/1946 |
- Fiscal Code : FRLNTN46M19C122I |
|
|
|
Residence : |
Via |
G.Marconi |
, 4 |
- 45026 |
Lendinara |
(RO) |
- IT - |
|
Ex-Postions |
|
Managing Director |
|
|
Ronda |
Giovanni |
|
|
|
Born in Thiene |
on 26/02/1949 |
- Fiscal Code : RNDGNN49B26L157F |
|
|
|
Residence : |
Via |
Monte Corno |
, 1/1 |
- 36016 |
Thiene |
(VI) |
- IT - |
|
Ex-Postions |
|
Chairman |
|
|
Giglioli |
Gianni |
|
|
|
Born in Reggio Emilia |
on 07/01/1949 |
- Fiscal Code : GGLGNN49A07H223R |
|
|
|
Residence : |
Via |
Giardini |
, 117 |
- 36057 |
Arcugnano |
(VI) |
- IT - |
|
Ex-Postions |
|
|
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.
Bankers
The firm operates with:
|
Bank Name |
Agency Name |
Address |
ZIP Code |
City |
ABI Code |
CAB Code |
|
CASSA DI RISPARMIO DEL VENETO |
|
|
|
|
6225 |
0 |
|
B.CA NAZIONALE DEL LAVORO SPA |
|
|
|
|
1005 |
0 |
Financial and Economical Analysis
The company is active since 1989
The economic-financial analysis
has been made on the base of the b/s of the latests three years.
During the last years, it
achieved profits (r.o.e. 20,47% on 2010) with an increase in 2010 (+17,16%).
The return on Investment in the
last financial year was positive (6,87%) and in line with the sector's average.
The operating result is positive
and amounts to Eur. 8.226.791 with a 29,86% growth.
During the latest financial year
the gross operating margin amounted to Eur. 10.902.850 showing an upward trend
if compared to 2009.
The analysis shows a fair
financial position as the indebtedness volume is acceptable (2,92) but with an
increase as against the previous accounting period.
With regard to equity capital,
an amount of Eur. 27.995.620 is registered. , rising by 21,83%.
Total indebtedness was equal to
Eur. 91.176.531 (Eur. 7.715.903 was the value of m/l term debts) , rising as
opposed to the previous year (+83,3%).
Companys' indebtedness is fairly
high in relation to its net worth; payments average period is slow and higher
than sector's average.
Liquidity is however good.
Trade credits average terms are
slow, on average 170,4 days. besides being higher than the sector's average.
The financial management
generated a cash flow of Eur. 8.406.526.
Labour cost expenses amount to
Eur. 5.000.574 , representing 5,56% on the total of production costs. , whereas
the incidence of such costs on sales revenues is equal to 6,54%.
The financial management has a
limited economic impact, equal to -0,23% on the sales.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
76.479.597 |
|
Profit (Loss) for the period |
5.730.467 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
65.273.265 |
|
Profit (Loss) for the period |
4.016.568 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
132.161.051 |
|
Profit (Loss) for the period |
12.434.637 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
111.082.375 |
|
Profit (Loss) for the period |
7.031.730 |
|
|
|
Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
79.788.682 |
|
Profit (Loss) for the period |
2.583.082 |
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 31/12/2010 - 12 Mesi - Currency: Eur - Amounts x 1 |
|
- 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 |
|
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|
|
RATIOS |
Value
Type |
as at 31/12/2010 |
as at 31/12/2009 |
as at 31/12/2008 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,26 |
0,36 |
0,23 |
0,33 |
|
Elasticity Ratio |
Units |
0,74 |
0,64 |
0,76 |
0,64 |
|
Availability of stock |
Units |
0,40 |
0,21 |
0,25 |
0,22 |
|
Total Liquidity Ratio |
Units |
0,34 |
0,42 |
0,51 |
0,41 |
|
Quick Ratio |
Units |
0,01 |
0,06 |
0,13 |
0,01 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
2,92 |
1,68 |
1,30 |
1,76 |
|
Self Financing Ratio |
Units |
0,23 |
0,31 |
0,33 |
0,28 |
|
Capital protection Ratio |
Units |
0,69 |
0,70 |
0,33 |
0,65 |
|
Liabilities consolidation quotient |
Units |
0,10 |
0,17 |
0,19 |
0,21 |
|
Financing |
Units |
3,26 |
2,16 |
1,97 |
2,32 |
|
Permanent Indebtedness Ratio |
Units |
0,30 |
0,41 |
0,44 |
0,44 |
|
M/L term Debts Ratio |
Units |
0,07 |
0,10 |
0,10 |
0,10 |
|
Net Financial Indebtedness Ratio |
Units |
1,23 |
0,85 |
0,23 |
1,23 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,18 |
1,16 |
1,87 |
1,38 |
|
Current ratio |
Units |
1,06 |
1,09 |
1,35 |
1,17 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,48 |
0,73 |
0,90 |
0,80 |
|
Structure's primary quotient |
Units |
0,91 |
0,88 |
1,42 |
0,84 |
|
Treasury's primary quotient |
Units |
0,02 |
0,10 |
0,23 |
0,02 |
|
Rate of indebtedness ( Leverage ) |
% |
427,83 |
319,07 |
300,14 |
353,85 |
|
Current Capital ( net ) |
Value |
5.235.397 |
3.804.518 |
13.621.436 |
1.089.006 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
10,99 |
9,55 |
10,92 |
4,21 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
20,47 |
17,48 |
54,18 |
5,65 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
28,76 |
26,38 |
80,33 |
10,45 |
|
Return on Investment ( R.O.I. ) |
% |
6,87 |
8,64 |
28,00 |
5,10 |
|
Return/ Sales |
% |
10,76 |
9,71 |
14,59 |
5,37 |
|
Extra Management revenues/charges incid. |
% |
69,66 |
63,40 |
64,47 |
32,26 |
|
Cash Flow |
Value |
8.406.526 |
6.236.372 |
14.436.672 |
656.825 |
|
Operating Profit |
Value |
8.226.791 |
6.335.008 |
19.288.522 |
725.724 |
|
Gross Operating Margin |
Value |
10.902.850 |
8.554.812 |
21.290.557 |
1.207.677 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
170,40 |
113,06 |
48,51 |
103,53 |
|
Debts to suppliers average term |
Days |
186,82 |
137,39 |
89,07 |
107,64 |
|
Average stock waiting period |
Days |
228,13 |
85,92 |
47,31 |
64,91 |
|
Rate of capital employed return ( Turnover
) |
Units |
0,64 |
0,89 |
1,92 |
1,09 |
|
Rate of stock return |
Units |
1,58 |
4,19 |
7,61 |
5,55 |
|
Labour cost incidence |
% |
6,54 |
6,78 |
3,12 |
10,69 |
|
Net financial revenues/ charges incidence |
% |
- 0,23 |
- 0,42 |
- 0,65 |
- 1,62 |
|
Labour cost on purchasing expenses |
% |
5,56 |
7,57 |
3,82 |
11,43 |
|
Short-term financing charges |
% |
0,85 |
1,03 |
2,45 |
3,56 |
|
Capital on hand |
% |
156,61 |
112,32 |
52,12 |
91,63 |
|
Sales pro employee |
Value |
616.770 |
562.700 |
1.201.464 |
358.274 |
|
Labour cost pro employee |
Value |
40.327 |
38.176 |
37.435 |
35.860 |
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 |
: |
244.625 |
|
Population living in the region |
: |
4.699.950 |
|
Number of families in the region |
: |
1.813.210 |
Monthly family expenses 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 185 significant companies.
The companies cash their credits
on an average of 103 dd.
The average duration of
suppliers debts is about 107 dd.
The sector's profitability is on
an average of 4,21%.
The labour cost affects the
turnover in the measure of 10,69%.
Goods are held in stock in a
range of 64 dd.
The difference between the sales
volume and the resources used to realize it is about 1,09.
The employees costs represent
the 11,43% of the production costs.
Statistical Detrimental Data
The area is statistically
considered moderately risky.
In the region 13.782 protested
subjects are found; in the province they count to 1.048.
The insolvency index for the
region is 0,30, , while for the province it is 0,43.
Total Bankrupt companies in the
province : 731.
Total Bankrupt companies in the
region : 16.714.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.93 |
|
UK Pound |
1 |
Rs.80.62 |
|
Euro |
1 |
Rs.69.37 |
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.