|
Report Date : |
08.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
SOVATEC INDUSTRIALE S.R.L. |
|
|
|
|
Registered Office : |
Viale Della Vittoria, 4 15060- Stazzano( |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
09.07.1973 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Manufacture of metal wire products |
|
|
|
|
No. of Employees : |
from 51 to 70 |
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
ITALY - ECONOMIC OVERVIEW
Italy has a
diversified industrial economy, which is divided into a developed industrial north,
dominated by private companies, and a less-developed, welfare-dependent,
agricultural south, with high unemployment. The Italian economy is driven in
large part by the manufacture of high-quality consumer goods produced by small
and medium-sized enterprises, many of them family owned. Italy also has a
sizable underground economy, which by some estimates accounts for as much as
17% of GDP. These activities are most common within the agriculture,
construction, and service sectors. Italy is the third-largest economy in the
euro-zone, but exceptionally high public debt burdens and structural
impediments to growth have rendered it vulnerable to scrutiny by financial
markets. Public debt has increased steadily since 2007, reaching 120% of GDP in
2011, and borrowing costs on sovereign government debt have risen to record
levels. During the second half of 2011 the government passed a series of three
austerity packages to balance its budget by 2013 and decrease its public debt
burden. These measures included a hike in the value-added tax, pension reforms,
and cuts to public administration. The government also faces pressure from
investors and European partners to address Italy's long-standing structural
impediments to growth, such as an inflexible labor market and widespread tax
evasion. The international financial crisis worsened conditions in Italy''s
labor market, with unemployment rising from 6.2% in 2007 to 8.4% in 2011, but
in the longer-term Italy''s low fertility rate and quota-driven immigration
policies will increasingly strain its economy. The euro-zone crisis along with
Italian austerity measures have reduced exports and domestic demand, slowing
Italy''s recovery. Italy''s GDP is still 5% below its 2007 pre-crisis level.
|
Source : CIA |
SOVATEC INDUSTRIALE S.R.L.
Viale Della Vittoria, 4
15060 - Stazzano (AL) -IT-
|
Fiscal Code |
: |
00444210066 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
09/07/1973 |
|
Equity |
: |
1.500.000 |
|
Turnover Range |
: |
6.500.000/7.750.000 |
|
Number of Employees |
: |
from 51 to 70 |
|
n.b.: The Creditworthness Rate shows, in percentage, the ratio between
the suggested credit opinion and the credit amount that the firm could get if
the financial situation would be completely positive. |
Manufacture of metal wire products
Legal Form : Limited liability company
|
Fiscal Code : 00444210066 |
|
Foreign Trade Reg. no. : AL005178 since 21/12/1991 |
|
Foreign Trade Reg. no. : 23022 of since 01/06/1984 |
|
Chamber of Commerce no. : 111434 of since 10/08/1973 |
|
Firms' Register : AL003-6169 of since 19/02/1996 |
|
V.A.T. Code : 00444210066 |
|
Tribunal Co. Register : 6169 of |
|
Foundation date |
: 16/04/1973 |
|
Establishment date |
: 16/04/1973 |
|
Start of Activities |
: 09/07/1973 |
|
Legal duration |
: 31/12/2100 |
|
|
Schiavetti |
Felice Mario |
|
|
|
Born in Genova |
(GE) |
on 06/05/1927 |
- Fiscal Code : SCHFCM27E06D969K |
|
|
|
Residence: |
|
Magenta |
, 27 |
- 16100 |
Genova |
(GE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
01/09/2003 |
|
|
|
Board Chairman |
01/09/2003 |
|
|
|
Managing Director |
01/09/2003 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Schiavetti |
Paolo |
|
|
|
Born in Genova |
(GE) |
on 12/12/1959 |
- Fiscal Code : SCHPLA59T12D969N |
|
|
|
Residence: |
|
Serra |
, 2 |
- 16100 |
Genova |
(GE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
01/09/2003 |
|
|
|
No Protests registered |
|
|
Pizzorno |
Paolo Carlo |
|
|
|
Born in Genova |
(GE) |
on 10/06/1956 |
- Fiscal Code : PZZPCR56H10D969V |
|
|
|
Residence: |
|
Accinelli |
, 2/13 |
- 16136 |
Genova |
(GE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
01/09/2003 |
|
|
|
Managing Director |
01/09/2003 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
*checkings have been performed on a national scale.
In this module the companies in which members hold/held positions are
listed.
The Members of the subject firm are not reported to be Members in other
companies.
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Schiavetti Francesca |
Milano - IT - |
SCHFNC68M53D969G |
11.308 .Eur |
11,67 |
|
Schiavetti Federica |
Milano - IT - |
SCHFRC62H62D969M |
11.308 .Eur |
11,67 |
|
Schiavetti Alessandra |
Milano - IT - |
SCHLSN58R54D969F |
11.308 .Eur |
11,67 |
|
Schiavetti Patrizia |
Milano - IT - |
SCHPRZ54L56D969P |
11.308 .Eur |
11,67 |
|
Schiavetti Anna |
Milano - IT - |
SCHNNA65S54D969F |
11.308 .Eur |
11,67 |
|
Schiavetti Paolo |
Genova - IT - |
SCHPLA59T12D969N |
11.308 .Eur |
11,67 |
|
Pizzorno Paolo Carlo |
Genova - IT - |
PZZPCR56H10D969V |
29.070 .Eur |
30,00 |
The Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares
Amount |
% Ownership |
since |
until |
Share Status |
|
Consorzio Schiavetti Adtech |
|
02382130066 |
|
|
|
|
Active |
In order to carry out its activities the firm uses the following locations:
|
- |
Legal and operative seat |
(Factory) |
since 03/09/1984 |
|
|
|
|
|
|
Della Vittoria |
, 4 |
- 15060 |
- Stazzano |
(AL) |
- IT - |
|
|
|
|
PHONE |
: 0143633544 |
|
|
|
|
FAX |
: 0143633565 |
|
|
|
|
Employees |
: 54 |
|
|
|
|
Assistants |
: 1 |
|
Fittings and Equipment for a value of 560.000 |
Eur |
|
Stocks for a value of 610.000 |
Eur |
|
|
The firm operates abroad as importer / exporter..
To purchase foreign products the firm uses the following channels :
|
- direct orders to foreign companies |
Export represents up to 20% of the global turnover.
Products abroad are placed by :
|
- its own agents |
|
- direct orders from foreign companies |
Export is mainly towards:
|
- Greece |
|
- Italy |
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Joint stock company |
Limited liability company |
28/06/1979 |
COMPANY STYLE MODIFICATIONS:
|
Former Style |
New Style |
Changement Date |
|
Sovatec Industriale S.p.A. |
Sovatec Industriale s.r.l. |
26/07/1979 |
EX-MEMBERS / EX-POSITIONS:
|
|
Schiavetti |
Felice |
|
|
|
Born in Genova |
(GE) |
on 06/05/1927 |
- Fiscal Code : SCHFLC27E06D969Z |
|
|
|
Fiscal residence: |
|
Magenta |
, 27 |
- 16100 |
Genova |
(GE) |
- IT - |
|
Ex-Postions |
|
Sole Director |
|
|
Schiavetti |
Felice Mario |
|
|
|
Born in Genova |
(GE) |
on 06/05/1927 |
- Fiscal Code : SCHFCM27E06D969K |
|
|
|
Residence: |
|
Magenta |
, 27 |
- 16100 |
Genova |
(GE) |
- IT - |
|
Ex-Postions |
|
Sole Director |
CEASINGS/INCORPORATIONS/MERGES:
|
|
The firm took over the activity of |
|
|
|
Tecnometal s.r.l. |
|
|
|
|
Banchette |
, 1 |
, 10090 |
, Rosta |
(TO) |
- IT - |
|
|
|
Fiscal Code: 05649480018 |
|
|
|
Date |
: |
28/03/2000 |
|
|
The firm took over the activity of |
|
|
|
Laret di Borello Albina e C. s.n.c. |
|
|
|
Fiscal Code: 02033800018 |
|
|
|
Date |
: |
28/06/2000 |
Protests checking on the subject firm has given a negative result.
Search performed on a National Scale
|
|
|
Prejudicial Events Search Result: NEGATIVE |
Search performed on a specialized data base.
None reported, standing to the latest received edition of the Official
Publications.
Subject is active since 1973
The eonomic-financial analysis is based on the latest 3 b/s.
Unstable economic results mark the company's financial state of affairs.
with a profit (r.o.e. 2,82%) in the last financial year Upward trend as to the
turnover in the last financial year (+10,84%).
The operating result in 2011 was positive (3,4%) falling within the field's
average.
The amount of the operating result is equal to Eur. 143.667 ,showing
stability in respect to the value of 2010.
A gross operating margine for a value of Eur. 429.678 was reached. with
no sensible increase as against 2010.
The financial status of the company is fairly balanced with an
indebtedness level of 1,62 and decreasing as against 2010.
It's shareholders funds amount to Eur. 1.189.453 , stable in comparison
with the value of the previous year.
Total debts recorded amounted to Eur. 2.257.497 (Eur. 305.138 of which
were m/l term debts) , a more or less stable value.
Financial debts exposure is under control while the recourse to
commercial credit is rather frequent even if it still falls within the sector's
average.
It shows a good range of liquidity.
As far as the collection of credit goes, the average is high (123,49
days). but on the same levels as the average of the sector.
2011 financial year closed with a cash flow of Eur. 319.565
During 2011 financial year labour costs amounted to Eur. 2.381.350, with
a 37,12% incidence on production costs. , whereas the incidence on sales
revenues is of 36,44%.
The incidence of the financial charges is of -0,17% on the sales amount.
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
6.534.623 |
|
Profit (Loss) for the period |
33.554 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
5.895.043 |
|
Profit (Loss) for the period |
44.170 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
4.960.031 |
|
Profit (Loss) for the period |
-95.268 |
From our constant monitoring of the relevant Public Administration
offices, no more recent balance sheets result to have been filed.
|
- Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/12/2010 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/12/2009 - 12 Mesi - Currency: - Amounts x 1 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
RATIOS |
Value Type |
as at 31/12/2011 |
as at 31/12/2010 |
as at 31/12/2009 |
Sector Average |
|
COMPOSITION ON INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,29 |
0,28 |
0,31 |
0,28 |
|
Elasticity Ratio |
Units |
0,70 |
0,71 |
0,68 |
0,69 |
|
Availability of stock |
Units |
0,14 |
0,15 |
0,15 |
0,18 |
|
Total Liquidity Ratio |
Units |
0,56 |
0,56 |
0,53 |
0,47 |
|
Quick Ratio |
Units |
0,01 |
0,00 |
0,00 |
0,02 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
1,62 |
1,75 |
1,46 |
2,32 |
|
Self Financing Ratio |
Units |
0,28 |
0,28 |
0,31 |
0,23 |
|
Capital protection Ratio |
Units |
0,89 |
0,88 |
1,00 |
0,74 |
|
Liabilities consolidation quotient |
Units |
0,54 |
0,47 |
0,46 |
0,24 |
|
Financing |
Units |
1,90 |
1,99 |
1,62 |
2,86 |
|
Permanent Indebtedness Ratio |
Units |
0,53 |
0,50 |
0,53 |
0,42 |
|
M/L term Debts Ratio |
Units |
0,25 |
0,23 |
0,21 |
0,13 |
|
Net Financial Indebtedness Ratio |
Units |
0,39 |
0,60 |
0,29 |
0,91 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,82 |
1,78 |
1,72 |
1,37 |
|
Current ratio |
Units |
1,51 |
1,46 |
1,48 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,20 |
1,15 |
1,16 |
0,84 |
|
Structure's primary quotient |
Units |
0,96 |
0,98 |
1,02 |
0,86 |
|
Treasury's primary quotient |
Units |
0,01 |
0,00 |
0,00 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
354,74 |
360,32 |
319,78 |
422,49 |
|
Current Capital ( net ) |
Value |
1.004.403 |
926.717 |
783.400 |
281.462 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
4,89 |
5,42 |
4,06 |
3,68 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
2,82 |
3,82 |
-8,57 |
3,84 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
11,18 |
10,49 |
-5,36 |
12,87 |
|
Return on Investment ( R.O.I. ) |
% |
3,40 |
3,02 |
-1,25 |
4,59 |
|
Return/ Sales |
% |
2,20 |
2,14 |
-0,89 |
4,38 |
|
Extra Management revenues/charges incid. |
% |
23,36 |
35,08 |
n.c. |
22,35 |
|
Cash Flow |
Value |
319.565 |
319.218 |
201.439 |
131.799 |
|
Operating Profit |
Value |
143.667 |
125.908 |
-44.344 |
134.410 |
|
Gross Operating Margin |
Value |
429.678 |
400.956 |
252.363 |
257.621 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
123,49 |
125,33 |
122,25 |
106,38 |
|
Debts to suppliers average term |
Days |
124,69 |
121,72 |
139,75 |
123,44 |
|
Average stock waiting period |
Days |
33,70 |
37,42 |
37,65 |
62,20 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,55 |
1,42 |
1,40 |
1,07 |
|
Rate of stock return |
Units |
10,68 |
9,62 |
9,56 |
5,77 |
|
Labour cost incidence |
% |
36,44 |
37,08 |
38,07 |
17,51 |
|
Net financial revenues/ charges incidence |
% |
-0,17 |
-0,16 |
-0,34 |
-1,55 |
|
Labour cost on purchasing expenses |
% |
37,12 |
37,27 |
37,82 |
17,84 |
|
Short-term financing charges |
% |
0,51 |
0,43 |
0,97 |
3,12 |
|
Capital on hand |
% |
64,57 |
70,65 |
71,67 |
93,68 |
|
Sales pro employee |
Value |
88.305 |
86.691 |
84.068 |
193.450 |
|
Labour cost pro employee |
Value |
32.180 |
32.147 |
32.008 |
33.229 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.20 |
|
|
1 |
Rs.86.99 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.