MIRA
INFORM REPORT
|
Report Date : |
16.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
SYNT 3 S.P.A. |
|
|
|
|
Registered Office : |
Via Milano,20/A 22036- Erba(CO) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
05.08.1971 |
|
|
|
|
Com. Reg. No.: |
CO075-7714 since 19/02/1996 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Manufacture of Textiles |
|
|
|
|
No. of Employees : |
From 91 to 110 |
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 30, 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 and address
Synt 3 S.p.A.
Via Milano,20/A
22036- Erba(CO) -IT-
Summary
|
Fiscal Code |
: |
00228710133 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
05/08/1971 |
|
Equity |
: |
Over 2.582.254 Eur |
|
Turnover Range |
: |
20.000.000/25.000.000 Eur |
|
Number of Employees |
: |
from 91 to 110 |
Credit Analysis
Credit Opinion : 250.000
- Eur
Activity
MANUFACTURE OF TEXTILES
Weaving of textiles
Legal Data
Legal Form : Joint stock company
Fiscal Code : 00228710133
Foreign Trade Reg. no. : CO003459 since
17/12/1991
Foreign Trade Reg. no. : 3459 of Como since
17/12/1991
Foreign Trade Reg. no. : 003459 of Como
since 17/12/1991
Chamber of Commerce no. : 132458 of Como
since 18/08/1971
Firms' Register : CO075-7714 since
19/02/1996
V.A.T. Code : 00228710133
Foundation date : 05/08/1971
Establishment date : 05/08/1971
Start of
Activities : 05/08/1971
Legal duration : 31/12/2020
Nominal Capital : 4.000.000 Eur
Subscribed Capital : 4.000.000 Eur
Paid up Capital : 4.000.000 Eur
Members
Gallessi
Quarantotto Piero
Born in Trieste (TS)on 18/07/1952 - Fiscal Code : GLLPRI52L18L424B
Residence : Via
Xxv Aprile , 7 - 22020 San Fermo della Battaglia (CO)- IT -
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
12/06/2009 |
|
|
|
|
No Protests registered |
|
|
Gallessi Quarantotto |
Mario |
|
|
|
Born in Trieste |
(TS) |
on 09/09/1953 |
- Fiscal Code : GLLMRA53P09L424R |
|
|
|
Residence : |
Via |
Della Liberta' |
, 1 |
- 22036 |
Erba |
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
12/06/2009 |
|
|
|
|
No Protests registered |
|
|
Meroni |
Claudio |
|
|
|
Born in Erba |
(CO) |
on 03/10/1959 |
- Fiscal Code : MRNCLD59R03D416Z |
|
|
|
Residence : |
Via |
Roma |
, 22 |
- 22030 |
Longone Al Segrino |
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
12/06/2009 |
|
|
|
|
No Protests registered |
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.
|
GALLESSI QUARANTOTTO |
PIERO |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
DUE ERRE S.R.L. |
Como (CO) - IT - |
02627290139 |
Managing Director |
Withdrawn |
Registered |
|
SYNT 3 HOLDING - S.R.L. |
Como (CO) - IT - |
02697170138 |
Board Chairman |
Withdrawn |
Registered |
|
TECNOPOR - S.P.A. |
Erba (CO) - IT - |
00675170138 |
Board Chairman |
Withdrawn |
Ceased |
|
|
GALLESSI QUARANTOTTO |
MARIO |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
DUE ERRE S.R.L. |
Como (CO) - IT - |
02627290139 |
Board Chairman |
Withdrawn |
Registered |
|
SYNT 3 HOLDING - S.R.L. |
Como (CO) - IT - |
02697170138 |
Managing Director |
Withdrawn |
Registered |
|
TECNOPOR - S.P.A. |
Erba (CO) - IT - |
00675170138 |
Managing Director |
Withdrawn |
Ceased |
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 |
|
Gallessi Quarantotto Piero |
San Fermo della Battaglia - IT - |
GLLPRI52L18L424B |
2.040.000 .Eur |
51,00 |
|
Gallessi Quarantotto Mario |
Erba - IT - |
GLLMRA53P09L424R |
1.960.000 .Eur |
49,00 |
Direct Participations
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. Volta S.r.l. |
Como - IT - |
02827560133 |
384 .Eur |
0,38 |
|
|
Active |
|
Tecnopor - S.p.a. |
Erba - IT - |
00675170138 |
1.500.000 .Eur |
100,00 |
|
|
Ceased |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
|
|
|
|
|
Via |
Milano |
, 20/A |
- 22036 |
- Erba |
(CO) |
- IT - |
|
|
|
|
PHONE |
: 031/643603 |
|
|
|
|
PHONE |
: 031/643608 |
|
|
|
|
FAX |
: 031/642292 |
|
- |
Branch |
(Factory ) |
since 01/09/2004 |
|
|
|
|
|
Via |
Del Lavoro |
, 3 |
- 22036 |
- Erba |
(CO) |
- IT - |
|
- |
Branch |
(Factory ) |
since 01/09/2004 |
|
|
|
|
|
Via |
Cascina California |
, 93 |
- 22036 |
- Erba |
(CO) |
- IT - |
|
|
|
|
Employees |
: 99 |
|
|
|
|
Assistants |
: 4 |
|
Fittings and Equipment for a value of 1.280.000 |
Eur |
|
Stocks for a value of 5.500.000 |
Eur |
Sales are on an international scale.
|
|
The firm operates abroad as importer / exporter. .
To purchase foreign products the firm uses the following channels :
|
- direct orders to foreign companies |
Export represents from 20% to 50% of the global turnover.
Products abroad are placed by :
|
- its own agents |
|
- direct orders from foreign companies |
Import comes generally from the following nations:
|
- Austria |
Export is mainly towards:
|
- Grecia |
|
- Francia |
The subject firm uses the following own selling brands:
|
- LASKINA |
Historical Information and/or Firm's Status
EX-MEMBERS / EX-POSITIONS:
|
|
Gallessi Quarantotto |
Piero |
|
|
|
Born in Trieste |
on 18/07/1952 |
- Fiscal Code : GLLPRI52L18L424B |
|
|
|
Residence : |
Via |
Xxv Aprile |
, 7 |
- 22020 |
San Fermo della Battaglia |
(CO) |
- IT - |
|
Ex-Postions |
|
Managing Director |
|
|
Quarantotto |
Silvia |
|
|
|
Born in Trieste |
on 20/07/1921 |
- Fiscal Code : QRNSLV21L60L424E |
|
|
|
Residence : |
Via |
S. Vito |
, 13 |
- 34100 |
Trieste |
(TS) |
- IT - |
|
Ex-Postions |
|
Board Chairman |
|
|
Maviglia |
Franco |
|
|
|
Born in Harrar |
on 14/07/1940 |
- Fiscal Code : MVGFNC40L14Z315U |
|
|
|
Residence : |
Via |
Crispi |
, 5/A |
- 22100 |
Como |
(CO) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
|
|
Gallessi |
Emilio |
|
|
|
Born in Zara |
on 13/08/1920 |
- Fiscal Code : GLLMLE20M13M149O |
|
|
|
Residence : |
Via |
Salita Cappuccini |
, 20 |
- 22100 |
Como |
(CO) |
- IT - |
|
Ex-Postions |
|
Director |
|
Managing Director |
|
|
Gallessi Quarantotto |
Mario |
|
|
|
Born in Trieste |
on 09/09/1953 |
- Fiscal Code : GLLMRA53P09L424R |
|
|
|
Residence : |
Via |
Della Liberta' |
, 1 |
- 22036 |
Erba |
(CO) |
- IT - |
|
Ex-Postions |
|
Director |
|
|
Holler |
Dario |
|
|
|
Born in Predazzo |
on 21/01/1944 |
- Fiscal Code : HLLDRA44A21H018J |
|
|
|
Residence : |
Viale |
Cadorna |
, 13 |
- 21052 |
Busto Arsizio |
(VA) |
- IT - |
|
Ex-Postions |
|
Managing Director |
|
|
MAVIGLIA |
FRANCO |
|
|
|
Born in HARRAR |
on 14/07/1940 |
- Fiscal Code : MVGFNC40L14Z315U |
|
|
|
Residence : |
Via |
CRISPI |
, 5/A |
- 22100 |
Como |
(CO) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
|
|
Vittori |
Marco |
|
|
|
Born in Como |
on 24/05/1961 |
- Fiscal Code : VTTMRC61E24C933E |
|
|
|
Residence : |
Viale |
Giulio Cesare |
, 28 |
- 22100 |
Como |
(CO) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
Temporary Auditor |
|
|
Consonni |
Elena |
|
|
|
Born in Uggiate-Trevano |
on 13/07/1961 |
- Fiscal Code : CNSLNE61L53L487M |
|
|
|
Residence : |
Via |
Monte Zuccolo |
, 9 |
- 22070 |
Appiano Gentile |
(CO) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
|
Permanent Auditor |
CEASINGS/INCORPORATIONS/MERGES:
|
|
Project of merging by taking over of |
|
|
|
Tecnopor - S.p.a. |
|
|
|
Via |
Cascina California |
, 93 |
, 22036 |
, Erba |
(CO) |
- IT - |
|
|
|
Fiscal Code: 00675170138 |
|
|
|
Date |
Merging/splitting-up project : |
23/04/2004 |
|
|
The firm absorbed by merging of |
|
|
|
Tecnopor - S.p.a. |
|
|
|
Via |
Cascina California |
, 93 |
, 22036 |
, Erba |
(CO) |
- IT - |
|
|
|
Fiscal Code: 00675170138 |
|
|
|
Date |
: |
01/09/2004 |
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 |
|
DEUTSCHE BANK S.P.A |
ERBA |
VIA VOLTA 2 |
22036 |
Erba |
3104 |
51270 |
Financial and Economical Analysis
Company's starting of activities dates back to 1971.
Balance sheets for the years 2008, 2009 and 2010 were analyzed.
Unstable economic results mark the company's financial state of affairs.
with a loss in the last financial year. Upward trend as to the turnover in the
last financial year (+34,36%).
The return on Investment in the last financial year was positive (2,68%)
and in line with the sector's average.
The amount of the operating result for the year 2010 is of Eur. 514.203
with an increase of more then 100% if the compared to the previous financial
year.
A gross operating margine for a value of Eur. 1.505.709 was reached.
with a more then 100% growth.
From a financial aspect the company's status covers total short-term debts;
the indebtedness volume in 2010 is in fact 0,71 improved in comparison with the
year before (0,75.).
With regard to equity capital, an amount of Eur. 9.416.189 is
registered. on the same levels as the year before.
Total indebtedness was equal to Eur. 7.326.827 (Eur. 411.153 was the
value of m/l term debts) on the same levels as the year before.
Financial debts exposure is under control while the recourse to
commercial credit is rather frequent but lined up with the field's average.
It shows a good range of liquidity.
Trade credits average terms are slow, on average 102,6 days. but in line
with the sector.
During financial year 2010 the cash flow amounted to Eur. 973.909
In the last financial year labour cost was of Eur. 4.471.037, with a
20,76% incidence on total costs of production. and a 20,81% incidence on sales
volumes.
Financial charges have a limited incidence (-1,13%) on sales volume.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
21.488.566 |
|
Profit (Loss) for the period |
-17.597 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
15.992.718 |
|
Profit (Loss) for the period |
-1.305.727 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
21.589.440 |
|
Profit (Loss) for the period |
3.521 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
23.459.188 |
|
Profit (Loss) for the period |
926.494 |
|
|
|
Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
21.387.737 |
|
Profit (Loss) for the period |
113.515 |
|
Turnover (in Euro x 1) |
|
|
|
Profit or Loss (in Euro x 1) |
|
|
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 |
0,20 |
0,22 |
0,50 |
0,29 |
|
Elasticity Ratio |
Units |
0,66 |
0,63 |
0,48 |
0,70 |
|
Availability of stock |
Units |
0,29 |
0,27 |
0,21 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,37 |
0,35 |
0,26 |
0,39 |
|
Quick Ratio |
Units |
0,01 |
0,01 |
0,00 |
0,01 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
0,71 |
0,75 |
0,89 |
1,69 |
|
Self Financing Ratio |
Units |
0,49 |
0,49 |
0,38 |
0,29 |
|
Capital protection Ratio |
Units |
0,58 |
0,71 |
0,62 |
0,71 |
|
Liabilities consolidation quotient |
Units |
0,15 |
0,09 |
0,51 |
0,26 |
|
Financing |
Units |
0,78 |
0,76 |
1,29 |
2,12 |
|
Permanent Indebtedness Ratio |
Units |
0,54 |
0,52 |
0,56 |
0,45 |
|
M/L term Debts Ratio |
Units |
0,05 |
0,03 |
0,17 |
0,13 |
|
Net Financial Indebtedness Ratio |
Units |
0,09 |
0,22 |
0,75 |
0,96 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
2,73 |
2,34 |
1,13 |
1,38 |
|
Current ratio |
Units |
1,82 |
1,68 |
1,40 |
1,25 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,03 |
0,95 |
0,77 |
0,75 |
|
Structure's primary quotient |
Units |
2,47 |
2,20 |
0,77 |
0,90 |
|
Treasury's primary quotient |
Units |
0,04 |
0,02 |
0,00 |
0,03 |
|
Rate of indebtedness ( Leverage ) |
% |
203,74 |
204,52 |
257,26 |
339,62 |
|
Current Capital ( net ) |
Value |
5.701.845 |
4.877.723 |
3.901.830 |
1.615.606 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
4,53 |
- 0,50 |
6,56 |
1,74 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
- 0,19 |
- 13,84 |
0,03 |
0,25 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
2,88 |
- 19,23 |
2,51 |
2,94 |
|
Return on Investment ( R.O.I. ) |
% |
2,68 |
- 8,39 |
2,59 |
2,31 |
|
Return/ Sales |
% |
2,39 |
- 10,13 |
3,32 |
2,50 |
|
Extra Management revenues/charges incid. |
% |
- 3,42 |
n.c. |
0,49 |
8,02 |
|
Cash Flow |
Value |
973.909 |
-79.653 |
1.417.703 |
210.372 |
|
Operating Profit |
Value |
514.203 |
-1.619.585 |
717.154 |
359.191 |
|
Gross Operating Margin |
Value |
1.505.709 |
-393.511 |
2.131.336 |
692.382 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
102,60 |
131,90 |
109,69 |
111,18 |
|
Debts to suppliers average term |
Days |
113,61 |
133,99 |
125,06 |
104,44 |
|
Average stock waiting period |
Days |
92,11 |
118,21 |
100,98 |
86,89 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,12 |
0,83 |
0,78 |
1,04 |
|
Rate of stock return |
Units |
3,91 |
3,05 |
3,56 |
4,12 |
|
Labour cost incidence |
% |
20,81 |
25,58 |
20,93 |
15,12 |
|
Net financial revenues/ charges incidence |
% |
- 1,13 |
- 1,21 |
- 2,06 |
- 2,07 |
|
Labour cost on purchasing expenses |
% |
20,76 |
23,50 |
21,60 |
14,82 |
|
Short-term financing charges |
% |
3,33 |
2,69 |
3,87 |
3,48 |
|
Capital on hand |
% |
89,28 |
120,64 |
127,97 |
95,83 |
|
Sales pro employee |
Value |
223.839 |
159.927 |
153.116 |
237.592 |
|
Labour cost pro employee |
Value |
46.573 |
40.903 |
32.056 |
33.432 |
Market / Territory Data
|
Population living in the province |
: |
560.941 |
|
Population living in the region |
: |
9.393.092 |
|
Number of families in the region |
: |
3.858.736 |
Monthly family expences average in the region (in Eur.) :
|
- per food products |
: |
460 |
|
- per non food products |
: |
2.090 |
|
- per energy consume |
: |
114 |
Sector Data
The values are calculated on a base of 555 significant companies.
The companies cash their credits on an average of 111 dd.
The average duration of suppliers debts is about 104 dd.
The sector's profitability is on an average of 1,74%.
The labour cost affects the turnover in the measure of 15,12%.
Goods are held in stock in a range of 86 dd.
The difference between the sales volume and the resources used to
realize it is about 1,04.
The employees costs represent the 14,82% of the production costs.
Statistical Detrimental Data
The area is statistically considered moderately risky.
In the region 50.886 protested subjects are found; in the province they
count to 3.842.
The insolvency index for the region is 0,55, , while for the province it
is 0,70.
Total Bankrupt companies in the province : 2.010.
Total Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.43 |
|
|
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.66.17 |
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.