MIRA
INFORM REPORT
|
Report Date : |
18.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
PIPEUROPE SRL |
|
|
|
|
Registered Office : |
Viale Del Lavoro, 18/3, 35020 - Ponte
San Nicolo' (PD) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
28.08.2007 |
|
|
|
|
Com. Reg. No.: |
Not Available |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesaler of fire-prevention and
accident-prevention goods |
|
|
|
|
No. of Employees : |
11 to 15 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
Pipeurope Srl
Viale Del Lavoro, 18/3
35020 - Ponte San Nicolo' (PD) -IT-
Summary
|
Fiscal Code |
: |
04229760287 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
03/09/2007 |
|
Equity |
: |
2.500.000 |
|
Turnover Range |
: |
10.000.000/12.750.000 |
|
Number of Employees |
: |
from 11 to 15 |
Activity
Wholesale of fire-prevention and accident-prevention
goods
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 04229760287 |
|
Foreign Trade Reg. no. : PD055192 since
26/10/2007 |
|
Chamber of Commerce no. : 120849 of |
|
Chamber of Commerce no. : 372756 of since 03/09/2007 |
|
Chamber of Commerce no. : 1248106 of |
|
V.A.T. Code : 04229760287 |
|
Establishment date |
: 28/08/2007 |
|
|
Start of Activities |
: 03/09/2007 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 1.200.000 |
|
|
Subscribed Capital |
: 1.200.000 |
|
|
Paid up Capital |
: 1.200.000 |
|
Members
|
|
Santinello |
Sabina |
|
|
|
Born in Padova |
(PD) |
on 18/12/1971 |
- Fiscal Code : SNTSBN71T58G224S |
|
|
|
Residence: |
|
Damiano Chiesa |
, 15 |
- 35020 |
Albignasego |
(PD) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
10/06/2011 |
|
|
|
Managing Director |
31/07/2008 |
|
|
|
Managing Director |
10/06/2011 |
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Milot Jr |
Joseph Antony |
|
|
|
Born in New York |
( ) |
on 16/07/1954 |
- Fiscal Code : MLTJPH54L16Z404M |
|
|
|
Residence: |
|
D'italia |
, 92 |
- 00198 |
Roma |
(RM) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
10/06/2011 |
|
|
|
Director |
10/06/2011 |
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Tao |
Jun Hwa Paul |
|
|
|
Born in Hong Kong |
( ) |
on 03/10/1972 |
|
|
|
Residence: |
|
D'italia |
, 92 |
- 00198 |
Roma |
(RM) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
10/06/2011 |
|
|
|
|
No Protests
registered |
|
|
Verdaguer |
Miquel |
|
|
|
Born in Terrassa |
( ) |
on 30/01/1963 |
|
|
|
Residence: |
Sant Genis |
, 67 |
Terrassa |
- ES - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Person in charge |
20/12/2010 |
|
|
|
|
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 |
|
Santinello Sabina |
Albignasego - IT - |
SNTSBN71T58G224S |
450.000 .Eur |
37,50 |
|
Jobkey International Limited |
|
|
150.000 .Eur |
12,50 |
|
Pip Usa Inc. |
|
|
600.000 .Eur |
50,00 |
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 |
|
|
|
|
|
|
|
Del Lavoro |
, 18/3 |
- 35020 |
- Ponte San Nicolo' |
(PD) |
- IT - |
|
|
|
|
PHONE |
: 0498960795 |
|
|
|
|
FAX |
: 049718742 |
|
|
|
|
Email |
: info@pipeuro.com |
|
- |
Secondary office |
|
since 13/07/2010 |
|
|
|
|
|
Gutenber - 3er H |
, 3-13 |
- Barcellona Terrassa |
(EE) |
- ES - |
|
- |
Branch |
(Store) |
since 30/09/2007 |
|
|
|
|
|
|
Di Valle Arcione |
, 3 |
- 67027 |
- Raiano |
(AQ) |
- IT - |
|
- |
Branch |
(Administrative
office) |
since 13/10/2009 |
|
|
|
|
|
|
Alessio Baldovinetti |
, 15 |
- 00100 |
- Roma |
(RM) |
- IT - |
|
|
|
|
Employees |
: 13 |
|
Fittings and Equipment for a value of
26.000 |
Eur |
|
Stocks for a value of 1.820.000 |
Eur |
|
|
Historical
Information and/or Firm's Status
EX-MEMBERS
/ EX-POSITIONS:
|
|
Parfim Srl |
|
|
- Fiscal Code : 09079601002 |
|
|
|
: |
|
Del Poggio Laurentino |
, 18 |
- 00144 |
Roma |
(RM) |
- IT - |
|
Ex-Postions |
|
Sole partner |
|
|
Santinello |
Sabina |
|
|
|
Born in Padova |
(PD) |
on 18/12/1971 |
- Fiscal Code : SNTSBN71T58G224S |
|
|
|
Residence: |
|
Damiano Chiesa |
, 15 |
- 35020 |
Albignasego |
(PD) |
- IT - |
|
Ex-Postions |
|
Board Chairman |
|
|
Milot |
Joseph Iii |
|
|
|
Born in Ohio |
( ) |
on 20/06/1982 |
|
|
|
Residence: |
Long Shadow Drive |
, 12 |
Latham |
- IT - |
|
Ex-Postions |
|
Director |
|
Assistant board Chairman |
|
|
Voltan |
Fabio |
|
|
|
Born in Conselve |
(PD) |
on 06/03/1973 |
- Fiscal Code : VLTFBA73C06C964O |
|
|
|
Residence: |
|
Damiano Chiesa |
, 15 |
- 35020 |
Albignasego |
(PD) |
- IT - |
|
Ex-Postions |
|
Director |
|
Managing Director |
|
|
Milot |
Joseph Iii |
|
|
|
Born in Ohio |
( ) |
on 20/06/1982 |
|
|
|
Residence: |
Long Shadow Drive |
, 12 |
Latham |
- IT - |
|
Ex-Postions |
|
Director |
|
Assistant board Chairman |
|
|
Grossi |
Stefano |
|
|
|
Born in Roma |
(RM) |
on 02/01/1963 |
- Fiscal Code : GRSSFN63A02H501C |
|
|
|
Residence: |
|
Europa |
, 300 |
- 00144 |
Roma |
(RM) |
- IT - |
|
Ex-Postions |
|
Board Chairman |
|
Director |
CEASINGS/INCORPORATIONS/MERGES:
|
|
Project of
merging by taking over of |
|
|
|
|
|
|
|
|
Del Poggio Laurentino |
, 18 |
, 00144 |
, Roma |
(RM) |
- IT - |
|
|
|
Fiscal Code: 09079601002 |
|
|
|
Date |
Merging/splitting-up project: |
10/12/2009 |
|
|
Project of
merging by taking over of |
|
|
|
|
|
|
|
|
Del Poggio Laurentino |
, 18 |
, 00144 |
, Roma |
(RM) |
- IT - |
|
|
|
Fiscal Code: 09079601002 |
|
|
|
Date |
Merging/splitting-up project: |
15/06/2010 |
|
|
The firm
absorbed by merging of |
|
|
|
|
|
|
|
|
Del Poggio Laurentino |
, 18 |
, 00144 |
, Roma |
(RM) |
- IT - |
|
|
|
Fiscal Code: 09079601002 |
|
|
|
Date |
: |
16/11/2010 |
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
The company is active since 2007
The economic-financial analysis
is based on the latest 3 b/s.
Under the financial profile
unstable results are noted. with a loss in the last financial year. Upward
trend as to the turnover in the last financial year (+12,14%).
The operating result in 2011 was
positive (2,46%) and in line with the sector's average.
The amount of the operating
result for the year 2011 is of Eur. 338.514 showing an upward trend 34,38%
compared to the previous financial year.
The economic management produced
a gross operating margin of Eur. 443.315 with a 23,19% increase as opposed to
the preceding year.
The financial position is not
well balanced as the volume of debts is fairly remarkable if compared to
shareholder's equity, in fact total debts are 4,05 but on the decrease if
compared to the year before.
It's shareholders funds amount to
Eur. 2.275.735 on the same levels as the year before.
During the last financial year
debts totalled Eur. 11.113.752 (Eur. 80.534 of which were m/l term debts) , a
more or less stable value.
The recourse to financial credit
is within the limits; on the other hand the recourse to suppliers' credit is
rated as fairly high even in comparison with the sector's.
Liquidity is however good.
Accounts receivable average term
is high (244,29 days). even higher than the average of the specific sector.
Eur. 90.201 is the value of cash
flow during the year 2011
Labour cost expenses amount to
Eur. 547.433 , representing 4,89% on the total of production costs. , whereas
the incidence of such costs on sales revenues is equal to 4,99%.
The financial management is
marked by a high incidence of financial charges in relation to sales revenues
(-2,08%).
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
10.963.685 |
|
Profit (Loss) for the period |
-14.600 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
9.776.223 |
|
Profit (Loss) for the period |
113.334 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.111.893 |
|
Profit (Loss) for the period |
72.146 |
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 |
0,08 |
0,05 |
0,04 |
0,10 |
|
Elasticity Ratio |
Units |
0,90 |
0,91 |
0,90 |
0,87 |
|
Availability of stock |
Units |
0,13 |
0,44 |
0,26 |
0,21 |
|
Total Liquidity Ratio |
Units |
0,77 |
0,46 |
0,65 |
0,61 |
|
Quick Ratio |
Units |
0,13 |
0,02 |
0,04 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
4,05 |
4,99 |
2,59 |
4,04 |
|
Self Financing Ratio |
Units |
0,17 |
0,16 |
0,20 |
0,16 |
|
Capital protection Ratio |
Units |
0,48 |
0,43 |
0,87 |
0,59 |
|
Liabilities consolidation quotient |
Units |
0,01 |
0,00 |
0,31 |
0,11 |
|
Financing |
Units |
4,88 |
5,15 |
3,65 |
4,85 |
|
Permanent Indebtedness Ratio |
Units |
0,17 |
0,16 |
0,36 |
0,26 |
|
M/L term Debts Ratio |
Units |
0,01 |
0,00 |
0,17 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
0,76 |
1,29 |
0,84 |
1,01 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
2,08 |
3,34 |
10,42 |
2,12 |
|
Current ratio |
Units |
1,12 |
1,12 |
1,64 |
1,16 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,96 |
0,57 |
1,18 |
0,88 |
|
Structure's primary quotient |
Units |
1,98 |
3,29 |
5,60 |
1,40 |
|
Treasury's primary quotient |
Units |
0,16 |
0,03 |
0,08 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
604,42 |
634,90 |
509,86 |
620,22 |
|
Current Capital ( net ) |
Value |
1.349.994 |
1.377.620 |
2.406.501 |
131.414 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
0,82 |
2,26 |
1,67 |
2,27 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
-0,64 |
4,95 |
5,42 |
6,70 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
4,34 |
10,21 |
13,92 |
18,85 |
|
Return on Investment ( R.O.I. ) |
% |
2,46 |
1,73 |
0,28 |
4,76 |
|
Return/ Sales |
% |
3,09 |
2,58 |
0,27 |
3,70 |
|
Extra Management revenues/charges incid. |
% |
-4,31 |
44,99 |
374,03 |
28,15 |
|
Cash Flow |
Value |
90.201 |
221.290 |
118.598 |
39.655 |
|
Operating Profit |
Value |
338.514 |
251.896 |
19.289 |
63.123 |
|
Gross Operating Margin |
Value |
443.315 |
359.852 |
65.741 |
99.042 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
244,29 |
207,92 |
198,53 |
119,16 |
|
Debts to suppliers average term |
Days |
243,30 |
257,00 |
158,48 |
116,83 |
|
Average stock waiting period |
Days |
59,73 |
236,18 |
87,80 |
58,39 |
|
Rate of capital employed return ( Turnover
) |
Units |
0,80 |
0,67 |
1,05 |
1,36 |
|
Rate of stock return |
Units |
6,03 |
1,52 |
4,10 |
6,14 |
|
Labour cost incidence |
% |
4,99 |
2,88 |
3,66 |
8,98 |
|
Net financial revenues/ charges incidence |
% |
-2,08 |
-2,03 |
-0,03 |
-1,08 |
|
Labour cost on purchasing expenses |
% |
4,89 |
2,91 |
3,59 |
8,98 |
|
Short-term financing charges |
% |
2,05 |
1,68 |
0,05 |
2,60 |
|
Capital on hand |
% |
125,46 |
148,74 |
95,49 |
73,17 |
|
Sales pro employee |
Value |
644.922 |
1.222.027 |
1.422.378 |
394.001 |
|
Labour cost pro employee |
Value |
32.201 |
35.178 |
52.047 |
34.340 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
UK Pound |
1 |
Rs.88.40 |
|
Euro |
1 |
Rs.71.86 |
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.