|
Report Date : |
10.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
FORMA LIGHTING ( ITALIA ) S.R.L. |
|
|
|
|
Registered Office : |
Viale Piave, 15, 20100 – Milano
(MI) |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
05.03.1999 |
|
|
|
|
Com. Reg. No.: |
MI-1999-83870 since 19/04/1999 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesale of lighting equipment;
various electrical material for domestic use |
|
|
|
|
No. of Employees : |
11 to 15 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 |
Forma Lighting ( Italia ) S.r.l.
Viale Piave, 15
20100 - Milano (MI) -IT-
|
Fiscal Code |
: |
12752370150 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
28/04/1999 |
|
Equity |
: |
400.000 Eur |
|
Turnover Range |
: |
3.750.000/5.000.000 Eur |
|
Number of Employees |
: |
from 11 to 15 |
Wholesale of lighting equipment;
various electrical material for domestic use
Legal Form : Limited liability
company
|
Fiscal Code : 12752370150 |
|
Foreign Trade Reg. no. : MI304689 since
25/05/2000 |
|
Foreign Trade Reg. no. : 304689 of Milano
since 25/05/2000 |
|
Chamber of Commerce no. : 1583346 of
Milano since 19/04/1999 |
|
Firms' Register : MI-1999-83870 since
19/04/1999 |
|
V.A.T. Code : 12752370150 |
|
Establishment date |
: 05/03/1999 |
|
|
Start of Activities |
: 28/04/1999 |
|
|
Legal duration |
: 31/12/2085 |
|
|
Nominal Capital |
: 90.000 |
Eur |
|
Subscribed Capital |
: 90.000 |
Eur |
|
Paid up Capital |
: 90.000 |
Eur |
|
|
Maghnagi |
Lawrence |
|
|
|
Born in Tripoli |
on 18/01/1948 |
- Fiscal Code : MGHLRN48A18Z326E |
|
|
|
Residence : |
Viale |
Piave |
, 15 |
- 20129 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
13/11/2008 |
|
|
|
|
No Protests
registered |
|
|
Nova |
Antonio Angelo |
|
|
|
Born in Busto Arsizio |
(VA) |
on 02/10/1953 |
- Fiscal Code : NVONNN53R02B300G |
|
|
|
Residence : |
Via |
Salvator Rosa |
, 16 |
- 21052 |
Busto Arsizio |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
12/12/2008 |
|
|
|
|
No Protests
registered |
*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 |
|
Nova Antonio Angelo |
Busto Arsizio - IT - |
NVONNN53R02B300G |
6.750 .Eur |
7,50 |
|
Forma Lighting (hk) Limited |
|
97233710157 |
76.500 .Eur |
85,00 |
|
Meghnagi Franklin Clafo |
Milano - IT - |
MGHFNK44B12Z326O |
6.750 .Eur |
7,50 |
The Company under review has
participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares
Amount |
% Ownership |
since |
until |
Share Status |
|
Ecolight |
Milano - IT - |
04357740960 |
|
|
|
|
Active |
In order to carry out its
activities the firm uses the following locations:
|
- |
Legal and
operative seat |
|
|
|
|
|
|
Viale |
Piave |
, 15 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
|
|
|
PHONE |
: 02/38093541 |
|
- |
Branch |
(Office with
warehouse ) |
since 02/01/2007 |
|
|
|
|
|
Via |
Europa |
, 35 |
- 20010 |
- Pogliano Milanese |
(MI) |
- IT - |
|
|
|
|
PHONE |
: 02/93541539 |
|
|
|
|
FAX |
: 02/93435117 |
|
|
|
|
Employees |
: 14 |
|
Fittings and Equipment for a value of
10.000 |
Eur |
|
Stocks for a value of 1.920.000 |
Eur |
|
|
EX-MEMBERS
/ EX-POSITIONS:
|
|
Meghnagi |
Franklin Clafo |
|
|
|
Born in Tripoli |
on 12/02/1944 |
- Fiscal Code : MGHFNK44B12Z326O |
|
|
|
Residence : |
Via |
Voghera |
, 16 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Ex-Postions |
|
Sole Director |
Protests checking on the subject
firm has given a negative result.
Search performed on a National
Scale
|
|
|
Prejudicial
Events Search Result: NEGATIVE |
Search performed on a
specialized data base.
None reported, standing to the
latest received edition of the Official Publications.
The company is active since 1999
The analysis is based on the
latest 3 balance sheets.
Unstable economic results mark
the company's financial state of affairs. ; in the last financial year a loss
was registered (r.o.e. -30,59%) In the last financial year an increase in the
turnover has been registered (+11,75%).
The return on investment in the
last financial year was negative (-0,25%).
The operating loss amounts to
Eur. -8.548 .
A gross operating margine for a
value of Eur. 54.189 was reached. recording a -54,46% decrease.
The ratio between debts and total
assets is fairly high, as it comes out from the indebtedness (7,53) which is
also improving if compared to the previous year.
With regard to equity capital,
an amount of Eur. 335.010 is registered. , falling in comparison with the year
before.
Total indebtedness amounts to
Eur. 3.019.276, showing a stable trend as opposed to 2009 (Eur. 2.652.472).
Financial indebdtedness is under
control whereas debts to suppliers are frequent and higher than sector's
average.
Liquidity is however good.
Trade credits average terms are
49,35 days. , lower than the sector's average.
A negative cash flow marked the
year 2010 totalling Eur. -39.726.
Labour cost amounts to Eur.
572.648, with a 14,1% incidence on production costs. , whereas 14,3% is the
incidence on sales revenues.
The financial management is
marked by a high incidence of financial charges in relation to sales revenues
(-2,06%).
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
4.005.636 |
|
Profit (Loss) for the period |
-102.463 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
3.584.146 |
|
Profit (Loss) for the period |
-12.264 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
3.859.387 |
|
Profit (Loss) for the period |
111.852 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
4.136.226 |
|
Profit (Loss) for the period |
128.096 |
|
|
|
Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
2.841.317 |
|
Profit (Loss) for the period |
1.185 |
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 |
0,06 |
0,08 |
0,10 |
0,09 |
|
Elasticity Ratio |
Units |
0,93 |
0,92 |
0,90 |
0,89 |
|
Availability of stock |
Units |
0,55 |
0,59 |
0,50 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,38 |
0,33 |
0,40 |
0,54 |
|
Quick Ratio |
Units |
0,15 |
0,11 |
0,05 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
7,53 |
5,11 |
4,11 |
3,95 |
|
Self Financing Ratio |
Units |
0,10 |
0,14 |
0,14 |
0,17 |
|
Capital protection Ratio |
Units |
1,04 |
0,82 |
0,55 |
0,62 |
|
Liabilities consolidation quotient |
Units |
0,04 |
0,07 |
0,35 |
0,10 |
|
Financing |
Units |
9,01 |
6,06 |
5,73 |
4,85 |
|
Permanent Indebtedness Ratio |
Units |
0,13 |
0,19 |
0,37 |
0,29 |
|
M/L term Debts Ratio |
Units |
0,03 |
0,06 |
0,22 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
1,18 |
2,68 |
1,04 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,97 |
2,33 |
3,84 |
2,37 |
|
Current ratio |
Units |
1,07 |
1,14 |
1,42 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,44 |
0,41 |
0,64 |
0,80 |
|
Structure's primary quotient |
Units |
1,49 |
1,66 |
1,52 |
1,48 |
|
Treasury's primary quotient |
Units |
0,17 |
0,14 |
0,07 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
1.033,29 |
726,78 |
690,12 |
602,26 |
|
Current Capital ( net ) |
Value |
214.658 |
348.209 |
834.903 |
191.984 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
- 0,99 |
1,36 |
4,18 |
2,03 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
- 30,59 |
- 2,80 |
24,87 |
6,31 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
- 25,63 |
3,08 |
42,77 |
17,00 |
|
Return on Investment ( R.O.I. ) |
% |
- 0,25 |
1,82 |
7,71 |
4,18 |
|
Return/ Sales |
% |
- 0,21 |
1,61 |
6,20 |
3,46 |
|
Extra Management revenues/charges incid. |
% |
n.c. |
- 21,21 |
46,73 |
27,96 |
|
Cash Flow |
Value |
-39.726 |
48.908 |
161.340 |
44.823 |
|
Operating Profit |
Value |
-8.548 |
57.827 |
239.354 |
74.603 |
|
Gross Operating Margin |
Value |
54.189 |
118.999 |
288.842 |
111.383 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
49,35 |
42,50 |
n.c. |
113,70 |
|
Debts to suppliers average term |
Days |
248,07 |
190,61 |
106,59 |
118,14 |
|
Average stock waiting period |
Days |
172,51 |
188,13 |
144,41 |
72,90 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,16 |
1,13 |
1,24 |
1,25 |
|
Rate of stock return |
Units |
2,09 |
1,91 |
2,49 |
4,88 |
|
Labour cost incidence |
% |
14,30 |
14,27 |
10,63 |
8,14 |
|
Net financial revenues/ charges incidence |
% |
- 2,06 |
- 1,70 |
- 1,09 |
- 1,38 |
|
Labour cost on purchasing expenses |
% |
14,10 |
14,24 |
11,17 |
8,25 |
|
Short-term financing charges |
% |
2,75 |
2,39 |
1,99 |
2,76 |
|
Capital on hand |
% |
86,42 |
88,71 |
80,42 |
79,85 |
|
Sales pro employee |
Value |
235.625 |
238.943 |
321.615 |
397.742 |
|
Labour cost pro employee |
Value |
33.685 |
34.102 |
34.189 |
33.267 |
|
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 9.175 significant companies.
The companies cash their credits
on an average of 113 dd.
The average duration of
suppliers debts is about 118 dd.
The sector's profitability is on
an average of 2,03%.
The labour cost affects the
turnover in the measure of 8,14%.
Goods are held in stock in a
range of 72 dd.
The difference between the sales
volume and the resources used to realize it is about 1,25.
The employees costs represent
the 8,25% 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.53.46 |
|
UK Pound |
1 |
Rs.86.27 |
|
Euro |
1 |
Rs.69.40 |
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.