MIRA
INFORM REPORT
|
Report Date : |
13.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
S.B.F. S.R.L. |
|
|
|
|
Registered Office : |
Via Dei Placco Interno 1, 217, 35040 - Casale
di Scodosia (PD) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
31.07.1963 |
|
|
|
|
Com. Reg. No.: |
PD060-5465 of since 19/02/1996 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of rides, swings
and other fairground equipment |
|
|
|
|
No. of Employees : |
36 to 50 employees |
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 (31.03.2012) |
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 |
Company name & address
S.b.f. S.r.l.
Via Dei Placco Interno 1, 217
35040 - Casale di Scodosia (PD) -IT-
Summary
|
Fiscal Code |
: |
00228160289 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
31/07/1963 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
15.500.000/18.000.000 |
|
Number of Employees |
: |
from 36 to 50 |
Activity
Manufacture of rides, swings and
other fairground equipment
Legal Data
Legal Form : Limited liability
company
|
Fiscal Code : 00228160289 |
|
Foreign Trade Reg. no. : PD013696 since
31/12/1991 |
|
Foreign Trade Reg. no. : 13696 of since
31/12/1991 |
|
Chamber of Commerce no. : 95249 of since
16/10/1963 |
|
Firms' Register : PD060-5465 of since
19/02/1996 |
|
V.A.T. Code : 00228160289 |
|
Tribunal Co. Register : 5465 of |
|
Foundation date |
: 31/07/1963 |
|
|
Establishment date |
: 31/07/1963 |
|
|
Start of Activities |
: 31/07/1963 |
|
|
Legal duration |
: 31/12/2015 |
|
|
Nominal Capital |
: 104.509 |
|
|
Subscribed Capital |
: 104.509 |
|
|
Paid up Capital |
: 104.509 |
Members
|
Frison |
Vittorio |
|
Born in Montagnana |
(PD) |
on 31/10/1946 |
- Fiscal Code : FRSVTR46R31F394U |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
|
No Protests
registered |
|
Frison |
Sandro |
|
Born in Montagnana |
(PD) |
on 21/05/1952 |
- Fiscal Code : FRSSDR52E21F394K |
|
Residence: |
Iv Novembre |
, 18 |
- 35040 |
Casale di Scodosia |
(PD) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Chairman |
29/02/1996 |
|
No
Prejudicial events are reported |
|
No Protests
registered |
Companies connected to members *
*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.
Capital Shareholders
Shareholders' list as at date of
data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Frison Vittorio |
FRSVTR46R31F394U |
10.451 .Eur |
10,00 |
|
|
Frison Sandro |
Casale di Scodosia - IT - |
FRSSDR52E21F394K |
94.058 .Eur |
90,00 |
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:
|
- |
Legal and
operative seat |
(Factory) |
since 01/03/1991 |
|
Dei Placco |
, 217/1 |
- 35040 |
- Casale di Scodosia |
(PD) |
- IT - |
|
PHONE |
: 0429847098 |
|
Employees |
: 45 |
|
Assistants |
: 3 |
|
Fittings and Equipment for a value of
120.000 |
Eur |
|
Stocks for a value of 3.150.000 |
Eur |
|
for a value of 17.000 |
Eur |
The firm operates abroad as
exporter..
Export represents more than 50%
of the global turnover.
Products abroad are placed by :
|
- its own sales net-work |
|
- direct orders from foreign companies |
Export is mainly towards:
|
- Italy |
Historical
Information and/or Firm's Status
CHANGES
TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Limited partnership |
Limited liability company |
01/03/1991 |
EX-MEMBERS
/ EX-POSITIONS:
|
|
Frison |
Italo |
|
|
Born in Montagnana |
(PD) |
on 05/01/1925 |
- Fiscal Code : FRSTLI25A05F394X |
|
|
Residence: |
Pria |
, 10 |
- 35040 |
Casale di Scodosia |
(PD) |
- IT - |
|
Ex-Postions |
|
Chairman |
|
Director |
|
|
Spaggiari |
Franco |
|
|
Born in Reggio Emilia |
(RE) |
on 17/07/1956 |
- Fiscal Code : SPGFNC56L17H223B |
|
Ex-Postions |
|
Vice-Chairman |
|
|
Draghi |
Domenico |
|
|
Born in Montagnana |
(PD) |
on 12/12/1939 |
- Fiscal Code : DRGDNC39T12F394A |
|
|
Residence: |
Carrarese |
, 27 |
- 35021 |
Montagnana |
(PD) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
Protests
Protests checking on the subject
firm has given a negative result.
Data Base Prejudicial Events Search
Search performed on a National
Scale
|
Prejudicial
Events Search Result: NEGATIVE |
Search performed on a
specialized data base.
Legal Procedures
None reported, standing to the
latest received edition of the Official Publications.
Financial and Economical Analysis
Company's starting of activities
dates back to 1963.
The eonomic-financial analysis
is based on the latest 3 b/s.
During the last years, it
achieved profits (r.o.e. 13,74% on 2011) thanks to a progressive increase in
turnover (+52,12% in 2011 compared to 2010 and +15,33% in 2010 compared to
2009).
The operating result in 2011 was
positive (10,61%) and in line with the sector's average.
The amount of the operating
result for the year 2011 is of Eur. 1.351.783 with an increase of more then 100%
if the compared to the previous financial year.
The economic management produced
a gross operating margin of Eur. 1.524.832 with a more then 100% growth.
The company has an excellent net
worth if compared to its debts, with a low indebtedness (0,07) lower than in
2010.
The management generated equity
capital for an amount of Eur. 6.592.417 , unchanged if compared to 2010.
Total indebtedness was equal to
Eur. 5.520.434 (Eur. 127.164 was the value of m/l term debts) , with no
sensible variation.
Financial debts exposure is
under control while the recourse to commercial credit is rather frequent anyway
better than the field's average.
Liquidity is good (1,88)
Trade credits average terms are
39,77 days. , lower than the sector's average.
2011 financial year closed with
a cash flow of Eur. 1.078.593
Labour cost amounts to Eur.
1.880.913, with a 13,26% incidence on production costs. , with a 11,68%
incidence on turnover.
The financial charges do not
negatively affect the management, as they are covered by the incomes.
Financial Data
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
16.108.625 |
|
Profit (Loss) for the period |
905.544 |
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
10.588.936 |
|
Profit (Loss) for the period |
197.012 |
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
9.181.338 |
|
Profit (Loss) for the period |
244.755 |
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 31/12/2011 - 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 |
|
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|
|
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 |
0,20 |
0,23 |
0,26 |
0,18 |
|
Elasticity Ratio |
Units |
0,80 |
0,76 |
0,74 |
0,80 |
|
Availability of stock |
Units |
0,25 |
0,35 |
0,39 |
0,24 |
|
Total Liquidity Ratio |
Units |
0,55 |
0,42 |
0,35 |
0,48 |
|
Quick Ratio |
Units |
0,39 |
0,13 |
0,12 |
0,03 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
0,07 |
0,51 |
0,48 |
3,25 |
|
Self Financing Ratio |
Units |
0,52 |
0,52 |
0,53 |
0,19 |
|
Capital protection Ratio |
Units |
0,85 |
0,95 |
0,94 |
0,63 |
|
Liabilities consolidation quotient |
Units |
0,13 |
0,20 |
0,24 |
0,19 |
|
Financing |
Units |
0,84 |
0,81 |
0,77 |
3,80 |
|
Permanent Indebtedness Ratio |
Units |
0,57 |
0,60 |
0,62 |
0,36 |
|
M/L term Debts Ratio |
Units |
0,05 |
0,08 |
0,09 |
0,11 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,63 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
2,90 |
2,54 |
2,40 |
1,75 |
|
Current ratio |
Units |
1,88 |
1,92 |
1,98 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,30 |
1,05 |
0,95 |
0,81 |
|
Structure's primary quotient |
Units |
2,62 |
2,21 |
2,06 |
1,03 |
|
Treasury's primary quotient |
Units |
0,92 |
0,33 |
0,31 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
193,31 |
193,05 |
188,58 |
516,42 |
|
Current Capital ( net ) |
Value |
4.754.413 |
3.999.989 |
3.797.308 |
422.465 |
|
RETURN |
|||||
|
Return on Sales |
% |
6,70 |
3,59 |
4,43 |
3,35 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
13,74 |
3,46 |
4,46 |
5,13 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
21,67 |
6,69 |
7,52 |
14,77 |
|
Return on Investment ( R.O.I. ) |
% |
10,61 |
3,17 |
3,75 |
4,16 |
|
Return/ Sales |
% |
8,39 |
3,29 |
4,23 |
4,11 |
|
Extra Management revenues/charges incid. |
% |
66,99 |
56,52 |
63,01 |
28,57 |
|
Cash Flow |
Value |
1.078.593 |
380.542 |
407.077 |
122.482 |
|
Operating Profit |
Value |
1.351.783 |
348.555 |
388.437 |
144.752 |
|
Gross Operating Margin |
Value |
1.524.832 |
532.085 |
550.759 |
241.990 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
39,77 |
97,46 |
82,86 |
111,85 |
|
Debts to suppliers average term |
Days |
99,87 |
100,02 |
112,93 |
128,30 |
|
Average stock waiting period |
Days |
70,46 |
129,08 |
157,08 |
80,43 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,26 |
0,96 |
0,89 |
1,08 |
|
Rate of stock return |
Units |
5,11 |
2,79 |
2,29 |
4,45 |
|
Labour cost incidence |
% |
11,68 |
16,82 |
18,95 |
19,12 |
|
Net financial revenues/ charges incidence |
% |
0,48 |
0,30 |
0,27 |
-1,08 |
|
Labour cost on purchasing expenses |
% |
13,26 |
17,78 |
18,68 |
19,02 |
|
Short-term financing charges |
% |
n.c. |
0,28 |
0,19 |
2,68 |
|
Capital on hand |
% |
79,11 |
103,68 |
112,76 |
91,91 |
|
Sales pro employee |
Value |
350.187 |
246.254 |
208.666 |
198.432 |
|
Labour cost pro employee |
Value |
40.889 |
41.424 |
39.536 |
35.779 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.27 |
|
UK Pound |
1 |
Rs.87.43 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.