MIRA INFORM REPORT
|
Report Date : |
25.01.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
CUBOTEX S.R.L. |
|
|
|
|
Registered Office : |
Via Maurizio Gonzaga, 2 20100 - Milano (MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
19.11.1984 |
|
|
|
|
Legal Form : |
Limited Liability Company |
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|
|
|
Line of Business : |
Manufacture of machinery and equipment |
|
|
|
|
No. of Employees
: |
10 |
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 : |
180.000Eur. |
|
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 |
Company name & address
Cubotex s.r.l.
Via Maurizio Gonzaga, 2
20100 - Milano (MI) -IT-
Summary
|
Fiscal Code |
: |
07617590158 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
19/01/1986 |
|
Equity |
: |
2.000.000 Eur |
|
Turnover Range |
: |
5.000.000/6.500.000 Eur |
|
Number of Employees |
: |
from 6 to 10 |
Credit Analysis
|
Credit Opinion |
: |
180.000 - Eur |
Activity
MANUFACTURE OF MACHINERY AND EQUIPMENT
N.E.C.
Wholesale of machinery for the textile
industry and sewing and knitt
ing machines
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 07617590158 |
|
Foreign Trade Reg. no. : MI139846 since
03/03/1992 |
|
Chamber of Commerce no. : 1172724 of
Milano since 14/01/1985 |
|
V.A.T. Code : 07617590158 |
|
Foundation date |
: 01/01/1984 |
|
|
Establishment date |
: 19/11/1984 |
|
|
Start of Activities |
: 19/01/1986 |
|
|
Legal duration |
: 31/12/2030 |
|
|
Nominal Capital |
: 99.500 |
Eur |
|
Subscribed Capital |
: 99.500 |
Eur |
|
Paid up Capital |
: 99.500 |
Eur |
Members
|
|
Pagliari |
Laurina |
|
|
|
Born in Castelvisconti |
(CR) |
on 01/08/1950 |
- Fiscal Code : PGLLRN50M41C290T |
|
|
|
Residence : |
Via |
Treviso |
, 5 |
- 20010 |
Pogliano Milanese |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
13/12/2007 |
|
|
|
Director |
13/12/2007 |
|
|
|
|
No Protests
registered |
|
|
Bolzoni |
Giuseppe Angelo |
|
|
|
Born in Bollate |
(MI) |
on 08/03/1981 |
- Fiscal Code : BLZGPP81C08A940Y |
|
|
|
Residence : |
Via |
Treviso |
, 5 |
- 20010 |
Pogliano Milanese |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
13/12/2007 |
|
|
|
Board Chairman |
13/12/2007 |
|
|
|
|
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 |
|
Pagliari Laurina |
Pogliano Milanese - IT - |
PGLLRN50M41C290T |
23.216 .Eur |
23,33 |
|
Bolzoni Giuseppe Angelo |
Pogliano Milanese - IT - |
BLZGPP81C08A940Y |
38.142 .Eur |
38,33 |
|
Bolzoni Debora Maddalena |
|
BLZDRM70E69A940G |
38.142 .Eur |
38,33 |
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 |
|
|
|
|
|
|
Via |
Maurizio Gonzaga |
, 0002 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
|
|
|
PHONE |
: 02/9327101 |
|
|
|
|
PHONE |
: 02/867261 |
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|
|
|
FAX |
: 02/93590245 |
|
- |
Branch |
(Branch ) |
since 01/08/1991 |
|
|
|
|
|
Via |
Bergamo |
, 11 |
- 20010 |
- Pregnana Milanese |
(MI) |
- IT - |
|
|
|
|
Employees |
: 9 |
|
Fittings and Equipment for a value of
77.000 |
Eur |
|
Stocks for a value of 210.000 |
Eur |
|
|
The firm operates abroad as exporter. .
Export represents from 20% to 50% of the
global turnover.
Products abroad are placed by :
|
- its own agents |
Export is mainly towards:
|
|
Historical Information and/or Firm's Status
CEASINGS/INCORPORATIONS/MERGES:
|
|
Project of
merging by taking over of |
|
|
|
PMT S.R.L. |
|
|
|
Piazza |
QUATTRO NOVEMBRE |
, 6 |
, 20100 |
, Milano |
(MI) |
- IT - |
|
|
|
Fiscal Code: 10506570158 |
|
|
|
Date |
Merging/splitting-up project : |
01/10/2004 |
|
|
The firm
absorbed by merging of |
|
|
|
PMT S.R.L. |
|
|
|
Piazza |
QUATTRO NOVEMBRE |
, 6 |
, 20100 |
, Milano |
(MI) |
- IT - |
|
|
|
Fiscal Code: 10506570158 |
|
|
|
Date |
: |
13/12/2004 |
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.
Financial and Economical Analysis
Subject is active since 1986
The economic-financial analysis is based on
the latest 3 b/s.
Under the financial profile unstable results
are noted. anyway in 2010 a positive result was achieved (r.o.e. 13,1%). The
turnover is growing in the last financial year (more then 100%).
The operating result in 2010 was positive
(9,45%) and in line with the sector's average.
The amount of the operating result for the
year 2010 is of Eur. 457.949 increasing if compared to the yeart 2009.
A gross operating margine for a value of
Eur. 550.150 was reached. with a more then 100% growth.
The analysis shows a fair financial position
as the indebtedness volume is acceptable (1,19) but with an increase as against
the previous accounting period.
It's shareholders funds amount to Eur.
1.962.796 on stable levels.
Eur. 2.714.976 is the amount of total debts,
both commercial and of different nature, while during the financial year 2009
the amount was equal to Eur. 760.392.
The financial exposure is moderate, on the
other hand the recourse to commercial credit is high, with a high average
payment period even in comparison with the sector's.
Nevertheless available funds are good.
Trade credits are collected slowly, average
term is 133,18 days. but on the same levels as the average of the sector.
Eur. 349.238 is the value of cash flow
during the year 2010
Subordinate employment cost is of Eur.
821.816, i.e. 15,02% on total production costs. , whereas the incidence on
sales revenues is of 13,57%.
The financial management has a limited
economic impact, equal to -0,2% on the sales.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
6.058.136 |
|
Profit (Loss) for the period |
257.037 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
2.688.038 |
|
Profit (Loss) for the period |
4.965 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
2.606.277 |
|
Profit (Loss) for the period |
-40.736 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
2.078.011 |
|
Profit (Loss) for the period |
8.584 |
|
|
|
Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
1.980.204 |
|
Profit (Loss) for the period |
3.700 |
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 |
0,38 |
0,70 |
0,66 |
0,16 |
|
Elasticity Ratio |
Units |
0,62 |
0,30 |
0,34 |
0,82 |
|
Availability of stock |
Units |
0,04 |
0,13 |
0,14 |
0,20 |
|
Total Liquidity Ratio |
Units |
0,58 |
0,17 |
0,21 |
0,56 |
|
Quick Ratio |
Units |
0,08 |
0,02 |
0,00 |
0,04 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
1,19 |
0,42 |
0,71 |
3,10 |
|
Self Financing Ratio |
Units |
0,41 |
0,64 |
0,56 |
0,19 |
|
Capital protection Ratio |
Units |
0,82 |
0,94 |
0,97 |
0,63 |
|
Liabilities consolidation quotient |
Units |
0,05 |
0,17 |
0,10 |
0,16 |
|
Financing |
Units |
1,38 |
0,45 |
0,71 |
4,16 |
|
Permanent Indebtedness Ratio |
Units |
0,43 |
0,69 |
0,60 |
0,38 |
|
M/L term Debts Ratio |
Units |
0,03 |
0,05 |
0,04 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,29 |
0,02 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,15 |
0,98 |
0,90 |
1,80 |
|
Current ratio |
Units |
1,11 |
1,04 |
0,86 |
1,24 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,04 |
0,58 |
0,52 |
0,96 |
|
Structure's primary quotient |
Units |
1,08 |
0,91 |
0,84 |
1,18 |
|
Treasury's primary quotient |
Units |
0,14 |
0,06 |
0,00 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
246,81 |
156,88 |
179,92 |
534,62 |
|
Current Capital ( net ) |
Value |
307.306 |
33.533 |
-172.231 |
881.161 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
5,76 |
2,22 |
0,46 |
3,66 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
13,10 |
0,29 |
- 2,40 |
8,90 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
22,46 |
3,15 |
- 1,31 |
19,94 |
|
Return on Investment ( R.O.I. ) |
% |
9,45 |
3,33 |
- 6,73 |
5,24 |
|
Return/ Sales |
% |
7,56 |
3,31 |
- 7,91 |
4,57 |
|
Extra Management revenues/charges incid. |
% |
56,13 |
5,57 |
n.c. |
35,24 |
|
Cash Flow |
Value |
349.238 |
59.554 |
11.982 |
214.985 |
|
Operating Profit |
Value |
457.949 |
89.069 |
-206.042 |
310.321 |
|
Gross Operating Margin |
Value |
550.150 |
143.658 |
-153.324 |
419.513 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
133,18 |
33,48 |
62,76 |
117,11 |
|
Debts to suppliers average term |
Days |
187,55 |
102,68 |
77,23 |
124,74 |
|
Average stock waiting period |
Days |
12,26 |
47,17 |
57,14 |
56,77 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,25 |
1,00 |
0,85 |
1,11 |
|
Rate of stock return |
Units |
29,37 |
7,63 |
6,30 |
6,23 |
|
Labour cost incidence |
% |
13,57 |
16,14 |
17,42 |
17,11 |
|
Net financial revenues/ charges incidence |
% |
- 0,20 |
- 0,85 |
- 0,82 |
- 0,80 |
|
Labour cost on purchasing expenses |
% |
15,02 |
17,03 |
16,17 |
17,78 |
|
Short-term financing charges |
% |
0,48 |
3,07 |
3,05 |
2,20 |
|
Capital on hand |
% |
79,96 |
99,55 |
117,41 |
89,56 |
|
Sales pro employee |
Value |
242.325 |
206.772 |
186.162 |
208.953 |
|
Labour cost pro employee |
Value |
32.872 |
33.367 |
32.427 |
36.854 |
Credit Opinion
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:
180.000Eur.
Market / Territory Data
|
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 |
Sector Data
The values are calculated on a base of 472
significant companies.
The companies cash their credits on an
average of 117 dd.
The average duration of suppliers debts is
about 124 dd.
The sector's profitability is on an average
of 3,66%.
The labour cost affects the turnover in the
measure of 17,11%.
Goods are held in stock in a range of 56 dd.
The difference between the sales volume and
the resources used to realize it is about 1,11.
The employees costs represent the 17,78% of
the production costs.
Statistical Detrimental Data
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.49.97 |
|
UK Pound |
1 |
Rs.77.74 |
|
Euro |
1 |
Rs.65.09 |
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.