|
Report Date : |
14.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
CERVOTESSILE S.P.A. |
|
|
|
|
Registered Office : |
Majno Luigi, 5, 20100 – Milano
(MI) |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
22.09.1981 |
|
|
|
|
Com. Reg. No.: |
VA133-18014 of since 19/02/1996 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturer of textiles |
|
|
|
|
No. of Employees : |
26 – 35 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Cervotessile S.p.a.
Majno Luigi, 5
20100 - Milano (MI) -IT-
|
Fiscal Code |
: |
04989680154 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
25/08/1992 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
35.000.000/50.000.000 |
|
Number of Employees |
: |
from 26 to 35 |
MANUFACTURE OF TEXTILES
Weaving of textiles
Legal Form : Joint stock company
|
Fiscal Code : 04989680154 |
|
Foreign Trade Reg. no. : VA016868 since
13/01/1992 |
|
Foreign Trade Reg. no. : 16868 of since
13/01/1992 |
|
Chamber of Commerce no. : 1083701 of until
24/10/1990 |
|
Chamber of Commerce no. : 1841999 of since
11/04/2007 |
|
Chamber of Commerce no. : 170662 of since
09/02/1982 |
|
Firms' Register : VA133-18014 of since
19/02/1996 |
|
V.A.T. Code : 01951490125 |
|
Tribunal Co. Register : 208905 of |
|
Establishment date |
: 22/09/1981 |
|
|
Start of Activities |
: 25/08/1992 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 9.100.000 |
|
|
Subscribed Capital |
: 9.100.000 |
|
|
Paid up Capital |
: 9.100.000 |
|
|
|
Milani |
Carlo |
|
|
|
Born in Somma Lombardo |
(VA) |
on 14/02/1930 |
- Fiscal Code : MLNCRL30B14I819G |
|
|
|
Residence: |
|
Cavallotti |
, 13 |
- 21013 |
Gallarate |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
15/06/2010 |
|
|
|
|
No Protests
registered |
|
|
Sironi |
Giuseppe |
|
|
|
Born in Gallarate |
(VA) |
on 19/02/1936 |
- Fiscal Code : SRNGPP36B19D869B |
|
|
|
Residence: |
|
Dante Alighieri |
, 3 |
- 21013 |
Gallarate |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
15/06/2010 |
|
|
|
|
No Protests
registered |
|
|
Sironi |
Pietro |
|
|
|
Born in Gallarate |
(VA) |
on 11/06/1969 |
- Fiscal Code : SRNPTR69H11D869E |
|
|
|
Residence: |
|
Cavour |
, 7 |
- 21013 |
Gallarate |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
06/05/1999 |
|
|
|
Director |
15/06/2010 |
|
|
|
|
No
Prejudicial events are reported |
|
|
No Protests
registered |
|
|
Sironi |
Cesare |
|
|
|
Born in Gallarate |
(VA) |
on 26/02/1968 |
- Fiscal Code : SRNCSR68B26D869N |
|
|
|
Residence: |
|
Solferino |
, 16 |
- 21013 |
Gallarate |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
06/05/1999 |
|
|
|
Director |
28/06/2004 |
|
|
|
Board Chairman |
15/06/2010 |
|
|
|
|
Prejudicial
Events found with cancellations* |
|
|
No Protests
registered |
*Concerns also partially erased
events.
*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.
Shareholders' list as at date of
data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Cervotessile S.p.a. |
Milano - IT - |
04989680154 |
|
10,00 |
|
Sironi Pietro |
Gallarate - IT - |
SRNPTR69H11D869E |
|
39,60 |
|
Sironi Cesare |
Gallarate - IT - |
SRNCSR68B26D869N |
|
50,40 |
The Company under review has
participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares
Amount |
% Ownership |
since |
until |
Share Status |
|
Cervotessile S.p.a. |
Milano - IT - |
04989680154 |
|
10,00 |
|
|
Active |
In order to carry out its
activities the firm uses the following locations:
|
- |
Sede legale e di
attivita' |
|
since 09/03/1992 |
|
|
|
|
|
Viale |
Majno Luigi |
, 5 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
- |
Unita' locale |
(Ufficio) |
since 25/08/1992 |
|
|
|
|
|
Via |
Olona |
, 123 |
- 21013 |
- Gallarate |
(VA) |
- IT - |
|
|
|
|
TELEFONO |
: 0331793030 |
|
|
|
|
Employees |
: 30 |
|
Fittings and Equipment for a value of
23.000 |
Eur |
|
Stocks for a value of 23.370.000 |
Eur |
|
|
The firm operates abroad as
importer / exporter..
To purchase foreign products the
firm uses the following channels :
|
- distributors |
|
- direct orders to foreign companies |
Export represents up to 20% of
the global turnover.
Products abroad are placed by :
|
- its own sales net-work |
|
- its own agents |
|
- direct orders from foreign companies |
Export is mainly towards:
|
- Italy |
EX-MEMBERS
/ EX-POSITIONS:
|
|
Puricelli |
Giorgio |
|
|
|
Born in Gallarate |
(VA) |
on 13/11/1924 |
- Fiscal Code : PRCGRG24S13D869T |
|
|
|
Residence: |
|
S. G. Bosco |
, 13 |
- 21013 |
Gallarate |
(VA) |
- IT - |
|
Ex-Postions |
|
Director |
|
|
Sironi |
Giuseppe |
|
|
|
Born in Gallarate |
(VA) |
on 19/02/1936 |
- Fiscal Code : SRNGPP36B19D869B |
|
|
|
Residence: |
|
Dante Alighieri |
, 3 |
- 21013 |
Gallarate |
(VA) |
- IT - |
|
Ex-Postions |
|
Chairman |
|
Sole Director |
|
Board Chairman |
|
|
Sironi |
Giuseppe |
|
|
|
Born in Gallarate |
(VA) |
on 19/02/1936 |
- Fiscal Code : SRNGPP36B19D869B |
|
|
|
Residence: |
|
Dante |
, 3 |
- 21013 |
Gallarate |
(VA) |
- IT - |
|
Ex-Postions |
|
Board Chairman |
|
|
Colombo |
Silvio |
|
|
|
Born in BUSTO ARSIZIO |
(VA) |
on 03/08/1924 |
- Fiscal Code : CLMSLV24M03B300Q |
|
|
|
Residence: |
|
GRAMSCI N.2 |
- 21052 |
Busto Arsizio |
(VA) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
|
|
Colombo |
Dario |
|
|
|
Born in Busto Arsizio |
(VA) |
on 24/05/1961 |
- Fiscal Code : CLMDRA61E24B300M |
|
|
|
Residence: |
|
Maestri Del Lavoro |
, 12 |
- 21057 |
Olgiate Olona |
(VA) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Bordoni |
Piergiuseppe |
|
|
|
Born in GALLARATE |
(VA) |
on 12/04/1933 |
- Fiscal Code : BRDPGS33D12D860U |
|
|
|
Residence: |
|
MILANO |
, 2 |
- 21013 |
Gallarate |
(VA) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
Protests checking on the subject
firm has given a negative result.
Search performed on a National
Scale
|
|
|
Prejudicial
Events found with cancellations* |
Search performed on a specialized
data base.
*Concerns also partially erased
events.
None reported, standing to the
latest received edition of the Official Publications.
The subject started many years
ago and from the financial point of
view it shows a regular trend.
Concern's liquidity is adequate
to allow a regular economical and
financial management.
It has a well-balanced
economical-financial structure. Normally,
engagments are settled on fixed
terms.
No notable criticism is
expressed by common suppliers at to the
firm's business conduct which is
said to be honest enough.
In 2010 the firm achieved a
profit..
Upward trend as to the turnover
in the last financial year (+29,88%).
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
44.284.572 |
|
Profit (Loss) for the period |
1.707.342 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
34.094.763 |
|
Profit (Loss) for the period |
1.322.508 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
42.340.354 |
|
Profit (Loss) for the period |
1.484.066 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
47.595.339 |
|
Profit (Loss) for the period |
1.571.274 |
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: - Amounts x 1 |
|
- Balance Sheet
as at 31/12/2009 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet
as at 31/12/2008 - 12 Mesi - Currency: - Amounts x 1 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
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 |
0,27 |
0,30 |
0,29 |
0,29 |
|
Elasticity Ratio |
Units |
0,73 |
0,70 |
0,70 |
0,70 |
|
Availability of stock |
Units |
0,34 |
0,37 |
0,45 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,39 |
0,33 |
0,25 |
0,39 |
|
Quick Ratio |
Units |
0,13 |
0,10 |
0,00 |
0,01 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
0,27 |
0,07 |
0,48 |
1,69 |
|
Self Financing Ratio |
Units |
0,61 |
0,67 |
0,66 |
0,29 |
|
Capital protection Ratio |
Units |
0,75 |
0,75 |
0,74 |
0,71 |
|
Liabilities consolidation quotient |
Units |
0,68 |
1,15 |
0,02 |
0,26 |
|
Financing |
Units |
0,61 |
0,46 |
0,48 |
2,12 |
|
Permanent Indebtedness Ratio |
Units |
0,76 |
0,84 |
0,67 |
0,45 |
|
M/L term Debts Ratio |
Units |
0,15 |
0,17 |
0,01 |
0,13 |
|
Net Financial Indebtedness Ratio |
Units |
0,27 |
0,13 |
0,31 |
0,96 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
2,81 |
2,83 |
2,27 |
1,38 |
|
Current ratio |
Units |
3,24 |
4,76 |
2,21 |
1,25 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,74 |
2,24 |
0,79 |
0,75 |
|
Structure's primary quotient |
Units |
2,25 |
2,26 |
2,24 |
0,90 |
|
Treasury's primary quotient |
Units |
0,56 |
0,69 |
0,01 |
0,03 |
|
Rate of indebtedness ( Leverage ) |
% |
163,50 |
149,46 |
151,32 |
339,62 |
|
Current Capital ( net ) |
Value |
34.857.792 |
34.500.325 |
24.012.594 |
1.615.606 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
4,40 |
4,57 |
4,04 |
1,74 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
4,03 |
3,18 |
3,61 |
0,25 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
7,28 |
4,82 |
6,90 |
2,94 |
|
Return on Investment ( R.O.I. ) |
% |
5,44 |
3,97 |
5,99 |
2,31 |
|
Return/ Sales |
% |
8,52 |
7,23 |
8,79 |
2,50 |
|
Extra Management revenues/charges incid. |
% |
45,25 |
53,66 |
39,88 |
8,02 |
|
Cash Flow |
Value |
1.947.421 |
1.557.697 |
1.708.926 |
210.372 |
|
Operating Profit |
Value |
3.772.736 |
2.464.778 |
3.721.730 |
359.192 |
|
Gross Operating Margin |
Value |
5.012.815 |
2.699.967 |
5.018.906 |
692.382 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
148,75 |
141,17 |
128,68 |
111,18 |
|
Debts to suppliers average term |
Days |
41,69 |
42,80 |
38,14 |
104,44 |
|
Average stock waiting period |
Days |
189,96 |
244,39 |
240,23 |
86,89 |
|
Rate of capital employed return ( Turnover
) |
Units |
0,64 |
0,55 |
0,68 |
1,04 |
|
Rate of stock return |
Units |
1,90 |
1,47 |
1,50 |
4,12 |
|
Labour cost incidence |
% |
4,18 |
4,70 |
3,86 |
15,12 |
|
Net financial revenues/ charges incidence |
% |
-1,55 |
-1,36 |
-2,09 |
-2,07 |
|
Labour cost on purchasing expenses |
% |
4,47 |
5,80 |
4,11 |
14,82 |
|
Short-term financing charges |
% |
3,67 |
4,14 |
5,12 |
3,48 |
|
Capital on hand |
% |
156,56 |
182,03 |
146,82 |
95,83 |
|
Sales pro employee |
Value |
1.476.152 |
1.136.492 |
830.203 |
237.592 |
|
Labour cost pro employee |
Value |
61.752 |
53.456 |
32.004 |
33.432 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.85 |
|
UK Pound |
1 |
Rs.86.88 |
|
Euro |
1 |
Rs.69.88 |
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.