MIRA INFORM REPORT
|
Report Date : |
22.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
MOELLHAUSEN S.P.A. |
|
|
|
|
Registered Office : |
Via Carlo Freguglia, 2, 20100 – Milano
(MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.05.2011 |
|
|
|
|
Date of Incorporation : |
23.10.1967 |
|
|
|
|
Com. Reg. No.: |
MI146-348719 since 19/02/1996 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture of toiletries:
perfumes, cosmetics, soaps |
|
|
|
|
No. of Employees
: |
51 to 70 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 |
|
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 – 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 |
Moellhausen S.p.A.
Via Carlo Freguglia, 2
20100 - Milano (MI) -IT-
|
Fiscal Code |
: |
03149330155 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
01/12/1994 |
|
Equity |
: |
Over 2.582.254 Eur |
|
Turnover Range |
: |
25.000.000/35.000.000 Eur |
|
Number of Employees |
: |
from 51 to 70 |
|
Credit Opinion |
: |
250.000 - Eur |
|
The company under review is mainly engaged
in the manufacture of essential |
|
oils and natural flavorings, aroma
chemicals, concentrated fruit juices |
|
and pulps, and organic ingredients. |
Manufacture of toiletries:
perfumes, cosmetics, soaps and similars
Manufacture of essential oils
Legal Form : Joint stock company
|
Fiscal Code : 03149330155 |
|
Foreign Trade Reg. no. : MI221065 since
13/02/1995 |
|
Chamber of Commerce no. : 1456445 of Monza
e Brianza |
|
Chamber of Commerce no. : 1456445 of
Milano since 01/12/1994 |
|
Firms' Register : MI146-348719 since
19/02/1996 |
|
V.A.T. Code : 11300860159 |
|
Foundation date |
: 23/10/1967 |
|
|
Establishment date |
: 23/10/1967 |
|
|
Start of Activities |
: 01/12/1994 |
|
|
Legal duration |
: 31/12/2030 |
|
|
Nominal Capital |
: 1.650.000 |
Eur |
|
Subscribed Capital |
: 1.650.000 |
Eur |
|
Paid up Capital |
: 1.650.000 |
Eur |
|
|
Moellhausen |
Anthony |
|
|
|
Born in Milano |
(MI) |
on 11/01/1964 |
- Fiscal Code : MLLNHN64A11F205Q |
|
|
|
Residence : |
Via |
Villa |
, 207F |
- 20057 |
Vedano Al Lambro |
(MB) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
28/09/2009 |
|
|
|
Board Chairman |
28/09/2009 |
|
|
|
|
No Protests
registered |
|
|
Moellhausen |
Micaela |
|
|
|
Born in Roma |
(RM) |
on 07/06/1948 |
- Fiscal Code : MLLMCL48H47H501G |
|
|
|
Residence : |
Corso |
Di Porta Romana |
, 122 |
- 20122 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
28/09/2009 |
|
|
|
|
No Protests
registered |
|
|
Ghigliotti
Progida |
Alessandra |
|
|
|
Born in Milano |
(MI) |
on 22/04/1962 |
- Fiscal Code : GHGLSN62D62F205B |
|
|
|
Residence : |
Via |
Bianca Di Savoia |
, 4 |
- 20122 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
28/09/2009 |
|
|
|
|
No Protests
registered |
|
|
Caporal |
Nicole |
|
|
|
Born in Roma |
(RM) |
on 25/11/1963 |
- Fiscal Code : CPRNCL63S65H501W |
|
|
|
Residence : |
Via |
Biancamano Umberto |
, 14 |
- 20052 |
Monza |
(MB) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Person in charge |
26/04/2001 |
|
|
|
|
No Protests
registered |
*checkings have been performed
on a national scale.
In this module are listed the
companies in which members hold or have holded positions.
|
|
MOELLHAUSEN |
ANTHONY |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
A.V.M. ESSENTIAL OILS AROMATICS SRL |
Milano (MI) - IT - |
02188710962 |
Sole Director |
Withdrawn |
Liquidated |
|
A.V.M. ESSENTIAL OILS AROMATICS SRL |
Milano (MI) - IT - |
02188710962 |
Liquidator |
Withdrawn |
Liquidated |
|
L.A.M. S.R.L. |
Milano (MI) - IT - |
04783500962 |
Sole Director |
Active |
Registered |
|
L.A.M. S.R.L. |
Milano (MI) - IT - |
04783500962 |
Attorney with
special power |
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.
Shareholders' list as at date of
data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Moellhausen Anthony |
Vedano Al Lambro - IT - |
MLLNHN64A11F205Q |
550.000 .Eur |
33,33 |
|
Moellhausen Micaela |
Milano - IT - |
MLLMCL48H47H501G |
550.000 .Eur |
33,33 |
|
Ghigliotti Progida Alessandra |
Milano - IT - |
GHGLSN62D62F205B |
183.333 .Eur |
11,11 |
|
Moellhausen Stephanie |
|
MLLSPH88C69F205N |
183.333 .Eur |
11,11 |
|
Moellhausen Sylvie |
|
MLLSLV91B53F205D |
183.333 .Eur |
11,11 |
The Company under review has
participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares
Amount |
% Ownership |
since |
until |
Share Status |
|
A.v.m. Essential Oils Aromatics Srl |
Milano - IT - |
02188710962 |
10.329 .Eur |
100,00 |
|
|
Ceased |
In order to carry out its
activities the firm uses the following locations:
|
- |
Legal and
operative seat |
|
since 22/12/1989 |
|
|
|
|
|
Via |
Carlo Freguglia |
, 2 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
|
|
|
PHONE |
: 02/55016691 |
|
- |
Branch |
(Administrative
office ) |
since 12/09/2005 |
|
|
|
|
|
Via |
Torri Bianche |
, 2-9 |
- 20059 |
- Vimercate |
(MB) |
- IT - |
|
- |
Branch |
(Warehouse ) |
since 14/10/2005 |
|
|
|
|
|
Viale |
Provinciale Delle Industrie |
, 95 |
- 20040 |
- Cambiago |
(MI) |
- IT - |
|
|
|
|
Employees |
: 53 |
|
Fittings and Equipment for a value of
170.000 |
Eur |
|
Stocks for a value of 12.930.000 |
Eur |
|
Vehicles for a value of 41.000 |
Eur |
The firm has a direct commercial
organization
Sales are mainly addressed to
Northern Italy
|
|
The firm operates abroad as
importer / exporter. .
To purchase foreign products the
firm uses the following channels :
|
- trading companies |
Export represents up to 20% of the
global turnover.
Products abroad are placed by :
|
- trading companies |
|
- direct orders from foreign companies |
Import comes generally from the
following nations:
|
- Gran Bretagna |
|
- Francia |
|
- Germania |
Export is mainly towards:
|
- Francia |
CHANGES
TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Limited liability company |
Joint stock company |
14/09/1994 |
COMPANY
STYLE MODIFICATIONS:
|
Former Style |
New Style |
Changement Date |
|
Moellhausen Trading S.r.l. |
Moellhausen S.p.A. |
14/09/1994 |
EX-MEMBERS
/ EX-POSITIONS:
|
|
Moellhausen |
Anthony |
|
|
|
Born in Milano |
on 11/01/1964 |
- Fiscal Code : MLLNHN64A11F205Q |
|
|
|
Residence : |
Via |
Villa |
, 207F |
- 20057 |
Vedano Al Lambro |
(MB) |
- IT - |
|
Ex-Postions |
|
Managing Director |
|
Managing Director |
|
|
Moellhausen |
Luca Andrea |
|
|
|
Born in Milano |
on 17/03/1958 |
- Fiscal Code : MLLLND58C17F205E |
|
|
|
Residence : |
Via |
Bianca Di Savoia |
, 4 |
- 20122 |
Milano |
(MI) |
- IT - |
|
Ex-Postions |
|
Chairman |
|
Director |
|
Sole Director |
|
Board Chairman |
Protests checking on the subject
firm has given a negative result.
None reported, standing to the
latest received edition of the Official Publications.
Subject is active since 1994
An eco-fin analysis has been
made on the base od the b/s fo the years 2009, 2010 and 2011.
Under an economic point of view,
profits were registered during the last years with a r.o.e. of 10,96% in 2011
with an increase in 2011 (+13,04%).
The operating result was
positive in the last financial year (5,18%) and in line with the sector's
average.
The amount of the operating
result is equal to Eur. 1.202.598 with a 48,25% growth.
A gross operating margine for a
value of Eur. 1.992.430 was reached. showing a 52,55% growth.
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 5,32 with an upward trend.
The equity capital is equal to
Eur. 3.388.271 , unchanged if compared to 2010.
During the last financial year
total debts volume reached Eur. 18.767.595 (Eur. 500.000 were m/l term ones)
with a growth equal to 31,38%.
Bank borrowings' volume is
slightly high but it modestly dips into suppliers credit, 50,35 gg. is the
payments' average time lined up with the sector.
Payments are supported by good
current assets.
Due from customers average term
is high and equal to 103,54 days. within the average values of the sector.
Eur. 1.161.097 is the value of
cash flow during the year 2011
Labour cost amounts to Eur.
2.955.554, with a 10,39% incidence on production costs. , with a 10,06%
incidence on turnover.
Financial charges have a high
incidence (-2,08%) on turnover figures.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/05/2011 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
29.368.151 |
|
Profit (Loss) for the period |
371.265 |
|
|
|
Complete balance-sheet for the year |
31/05/2010 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
25.979.613 |
|
Profit (Loss) for the period |
108.728 |
|
|
|
Complete balance-sheet for the year |
31/05/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
29.570.800 |
|
Profit (Loss) for the period |
66.862 |
|
|
|
Complete balance-sheet for the year |
31/05/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
24.633.353 |
|
Profit (Loss) for the period |
513.937 |
|
|
|
Complete balance-sheet for the year |
31/05/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
21.211.119 |
|
Profit (Loss) for the period |
-389.947 |
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 31/05/2011 - 12 Mesi - Currency: Eur - Amounts x 1 |
|
- Balance Sheet
as at 31/05/2010 - 12 Mesi - Currency: Eur - Amounts x 1 |
|
- Balance Sheet
as at 31/05/2009 - 12 Mesi - Currency: Eur - Amounts x 1 |
|
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|
|
RATIOS |
Value
Type |
as at 31/05/2011 |
as at 31/05/2010 |
as at 31/05/2009 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,06 |
0,10 |
0,07 |
0,24 |
|
Elasticity Ratio |
Units |
0,93 |
0,89 |
0,92 |
0,73 |
|
Availability of stock |
Units |
0,56 |
0,45 |
0,45 |
0,18 |
|
Total Liquidity Ratio |
Units |
0,37 |
0,44 |
0,47 |
0,50 |
|
Quick Ratio |
Units |
0,01 |
0,00 |
0,02 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
5,32 |
4,48 |
5,04 |
1,95 |
|
Self Financing Ratio |
Units |
0,15 |
0,17 |
0,15 |
0,26 |
|
Capital protection Ratio |
Units |
0,40 |
0,42 |
0,41 |
0,67 |
|
Liabilities consolidation quotient |
Units |
0,06 |
0,10 |
0,10 |
0,17 |
|
Financing |
Units |
5,54 |
4,73 |
5,50 |
2,49 |
|
Permanent Indebtedness Ratio |
Units |
0,20 |
0,24 |
0,22 |
0,41 |
|
M/L term Debts Ratio |
Units |
0,05 |
0,07 |
0,07 |
0,09 |
|
Net Financial Indebtedness Ratio |
Units |
4,15 |
3,75 |
3,79 |
0,66 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
3,33 |
2,47 |
3,08 |
1,44 |
|
Current ratio |
Units |
1,18 |
1,20 |
1,19 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,48 |
0,59 |
0,61 |
0,90 |
|
Structure's primary quotient |
Units |
2,48 |
1,73 |
2,06 |
0,95 |
|
Treasury's primary quotient |
Units |
0,01 |
0,00 |
0,02 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
684,96 |
603,99 |
672,23 |
377,91 |
|
Current Capital ( net ) |
Value |
3.360.340 |
2.716.086 |
2.911.117 |
409.215 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
3,95 |
1,86 |
1,12 |
4,14 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
10,96 |
3,60 |
2,30 |
3,93 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
20,40 |
8,24 |
8,34 |
13,87 |
|
Return on Investment ( R.O.I. ) |
% |
5,18 |
4,45 |
4,91 |
4,03 |
|
Return/ Sales |
% |
4,09 |
3,12 |
3,25 |
4,09 |
|
Extra Management revenues/charges incid. |
% |
30,87 |
13,40 |
6,97 |
31,19 |
|
Cash Flow |
Value |
1.161.097 |
483.587 |
332.121 |
164.045 |
|
Operating Profit |
Value |
1.202.598 |
811.150 |
959.742 |
170.299 |
|
Gross Operating Margin |
Value |
1.992.430 |
1.306.009 |
1.225.001 |
298.981 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
103,54 |
108,72 |
104,74 |
118,71 |
|
Debts to suppliers average term |
Days |
50,35 |
42,90 |
56,43 |
121,82 |
|
Average stock waiting period |
Days |
158,47 |
113,95 |
106,01 |
57,70 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,27 |
1,43 |
1,51 |
1,11 |
|
Rate of stock return |
Units |
2,27 |
3,16 |
3,40 |
6,23 |
|
Labour cost incidence |
% |
10,06 |
9,77 |
7,30 |
13,12 |
|
Net financial revenues/ charges incidence |
% |
- 2,08 |
- 2,33 |
- 2,67 |
- 1,46 |
|
Labour cost on purchasing expenses |
% |
10,39 |
10,01 |
7,48 |
14,24 |
|
Short-term financing charges |
% |
3,28 |
4,32 |
5,00 |
2,91 |
|
Capital on hand |
% |
79,03 |
70,14 |
66,11 |
89,74 |
|
Sales pro employee |
Value |
554.116 |
541.241 |
687.693 |
251.771 |
|
Labour cost pro employee |
Value |
55.765 |
52.904 |
50.227 |
33.858 |
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:
250.000
Eur.
|
Population living in the province |
: |
3.839.216 |
|
Population living in the region |
: |
9.393.092 |
|
Number of families in the region |
: |
3.858.736 |
Monthly family expenses average
in the region (in Eur.) :
|
- per food products |
: |
460 |
|
- per non food products |
: |
2.090 |
|
- per energy consume |
: |
114 |
The values are calculated on a
base of 400 significant companies.
The companies cash their credits
on an average of 118 dd.
The average duration of
suppliers debts is about 121 dd.
The sector's profitability is on
an average of 4,14%.
The labour cost affects the
turnover in the measure of 13,12%.
Goods are held in stock in a
range of 57 dd.
The difference between te sales
volume and the resources used to realize it is about 1,11.
The employees costs represent
the 14,24% of the production costs.
The area is statistically
considered lowly risky.
In the region 50.886 protested
subjects are found; in the province they count to 24.765.
The insolvency index for the
region is 0,55, , while for the province it is 0,66.
Total Bankrupt companies in the
province : 22.523.
Total Bankrupt companies in the
region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.08 |
|
UK Pound |
1 |
Rs.77.79 |
|
Euro |
1 |
Rs.65.17 |
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.