|
Report Date : |
27.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
EBANISTERIA MARELLI S.P.A. |
|
|
|
|
Registered Office : |
Via Lombardia, 100
22063 - Cantu' (CO) -IT- |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
01.02.1965 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Manufacture of Furniture |
|
|
|
|
No. of Employees : |
from 16 to 25 |
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
ITALY - ECONOMIC OVERVIEW
Italy has a
diversified industrial economy, which is divided into a developed industrial north,
dominated by private companies, and a less-developed, welfare-dependent,
agricultural south, with high unemployment. The Italian economy is driven in
large part by the manufacture of high-quality consumer goods produced by small
and medium-sized enterprises, many of them family owned. Italy also has a
sizable underground economy, which by some estimates accounts for as much as
17% of GDP. These activities are most common within the agriculture,
construction, and service sectors. Italy is the third-largest economy in the
euro-zone, but exceptionally high public debt burdens and structural
impediments to growth have rendered it vulnerable to scrutiny by financial
markets. Public debt has increased steadily since 2007, reaching 120% of GDP in
2011, and borrowing costs on sovereign government debt have risen to record
levels. During the second half of 2011 the government passed a series of three
austerity packages to balance its budget by 2013 and decrease its public debt
burden. These measures included a hike in the value-added tax, pension reforms,
and cuts to public administration. The government also faces pressure from
investors and European partners to address Italy's long-standing structural
impediments to growth, such as an inflexible labor market and widespread tax
evasion. The international financial crisis worsened conditions in Italy''s
labor market, with unemployment rising from 6.2% in 2007 to 8.4% in 2011, but
in the longer-term Italy''s low fertility rate and quota-driven immigration
policies will increasingly strain its economy. The euro-zone crisis along with
Italian austerity measures have reduced exports and domestic demand, slowing
Italy''s recovery. Italy''s GDP is still 5% below its 2007 pre-crisis level.
|
Source : CIA |
EBANISTERIA MARELLI S.P.A.
Via Lombardia, 100
22063 - Cantu' (CO) -IT-
|
Fiscal Code |
: |
00223720137 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
01/02/1965 |
|
Equity |
: |
1.500.000 |
|
Turnover Range |
: |
2.250.000/3.000.000 |
|
Number of Employees |
: |
from 16 to 25 |
MANUFACTURE OF FURNITURE
Legal Form : Joint stock company
|
Fiscal Code : 00223720137 |
|
Foreign Trade Reg. no. : CO017079 since 30/12/1991 |
|
Foreign Trade Reg. no. : 243070 of |
|
Chamber of Commerce no. : 109390 of since 11/02/1965 |
|
V.A.T. Code : 00223720137 |
|
Foundation date |
: 01/02/1965 |
|
Establishment date |
: 01/02/1965 |
|
Start of Activities |
: 01/02/1965 |
|
Legal duration |
: 31/12/2030 |
|
Nominal Capital |
: 780.000 |
|
Subscribed Capital |
: 780.000 |
|
Paid up Capital |
: 780.000 |
|
Marelli |
Adriano |
|
|
Born in Mariano Comense |
(CO) |
on 17/01/1936 |
- Fiscal Code : MRLDRN36A17E951V |
|
|
|
Residence: |
|
Borroni |
, 38 |
- 22066 |
Mariano Comense |
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
30/04/2010 |
|
|
|
Managing Director |
10/05/2010 |
|
|
|
Responsible technician |
|
|
|
|
No Prejudicial events are reported |
|
No Protests registered |
|
Marelli |
Bruno |
|
|
Born in Mariano Comense |
(CO) |
on 04/07/1941 |
- Fiscal Code : MRLBRN41L04E951K |
|
|
Residence: |
|
Ferrera |
, 34 |
- 22044 |
Inverigo |
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
10/05/2010 |
|
|
|
No Prejudicial events are reported |
|
No Protests registered |
|
Marelli |
Gianluca |
|
|
Born in Como |
(CO) |
on 17/07/1964 |
- Fiscal Code : MRLGLC64L17C933V |
|
|
Residence: |
|
Mazzini |
, 13 |
- 22066 |
Mariano Comense |
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/04/2010 |
|
|
|
Responsible technician |
|
|
|
|
No Prejudicial events are reported |
|
No Protests registered |
|
Marelli |
Stefano |
|
|
Born in Seregno |
(MB) |
on 18/07/1968 |
- Fiscal Code : MRLSFN68L18I625M |
|
|
Residence: |
|
Ferrera |
, 34 |
- 22044 |
Inverigo |
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/04/2010 |
|
|
|
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 |
|
Marelli Adriano |
Mariano Comense - IT - |
MRLDRN36A17E951V |
259.974 .Eur |
33,33 |
|
Marelli Bruno |
Inverigo - IT - |
MRLBRN41L04E951K |
259.974 .Eur |
33,33 |
|
Pozzoli Angela |
|
PZZNGL43M67E309T |
130.026 .Eur |
16,67 |
|
Strada Angela |
|
STRNGL39D49C566G |
130.026 .Eur |
16,67 |
The Company under review has no participations in other Companies.
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
(Workshop) |
|
|
|
|
|
|
Lombardia |
, 100 |
- 22063 |
- Cantu' |
(CO) |
- IT - |
|
|
|
|
PHONE |
: 031731062 |
|
|
|
|
FAX |
: 031731763 |
|
|
|
|
Legal mail |
: EBANISTERIAMARELLI@LEGALMAIL.IT |
|
|
|
|
Employees |
: 19 |
|
Fittings and Equipment for a value of 460.000 |
Eur |
|
Stocks for a value of 700.000 |
Eur |
|
|
The firm operates abroad as exporter..
Export represents more than 50% of the global turnover.
Products abroad are placed by :
|
- direct orders from foreign companies |
Export is mainly towards:
|
- Italy |
|
- France |
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.
Subject is active since 1965
The eonomic-financial analysis is based on the latest 3 b/s.
Unstable economic results mark the company's financial state of affairs.
; in the last financial year a loss was registered (r.o.e. -5,47%)
The operating result in 2011 was positive (1,19%) and reflects the
field's average.
The amount of the operating result for the year 2011 is of Eur. 30.535
with a -62,03% drop.
A gross operating margine for a value of Eur. 105.016 was reached.
showing a downward trend as opposed to the previous year.
The company has an excellent net worth if compared to its debts, with a
low indebtedness (0,95)
It's shareholders funds amount to Eur. 1.023.089 decreasing if compared
to the previous financial year.
Total indebtedness was equal to Eur. 1.146.971 (Eur. 1 was the value of
m/l term debts) , a more or less stable value.
The company does not exceed in bank borrowings; the recourse to
suppliers' credit is also limited below the sector's average.
Payments are supported by good current assets.
Accounts receivable average term is high (101,69 days). within the
average values of the sector.
As far as the cash flow is concerned during the latest financial year it
amounted to Eur. 18.453
Labour cost amounts to Eur. 870.981, with a 37,56% incidence on
production costs. , whereas 38,13% is the incidence on sales revenues.
If compared to the sales volume (-1,48%), the impact of the financial
charges is limited.
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.284.167 |
|
Profit (Loss) for the period |
-55.917 |
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.345.663 |
|
Profit (Loss) for the period |
11.398 |
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.264.837 |
|
Profit (Loss) for the period |
-82.939 |
From our constant monitoring of the relevant Public Administration
offices, no more recent balance sheets result to have been filed.
|
- Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1 |
|
- 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 |
|
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|
|
RATIOS |
Value Type |
as
at 31/12/2011 |
as
at 31/12/2010 |
as
at 31/12/2009 |
Sector
Average |
|
COMPOSITION ON INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,37 |
0,34 |
0,30 |
0,25 |
|
Elasticity Ratio |
Units |
0,62 |
0,66 |
0,70 |
0,72 |
|
Availability of stock |
Units |
0,27 |
0,24 |
0,28 |
0,20 |
|
Total Liquidity Ratio |
Units |
0,35 |
0,42 |
0,41 |
0,45 |
|
Quick Ratio |
Units |
0,07 |
0,20 |
0,21 |
0,02 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
0,95 |
n.c. |
n.c. |
2,92 |
|
Self Financing Ratio |
Units |
0,40 |
0,48 |
0,50 |
0,19 |
|
Capital protection Ratio |
Units |
0,29 |
0,45 |
0,51 |
0,71 |
|
Liabilities consolidation quotient |
Units |
0,35 |
2,66 |
3,52 |
0,22 |
|
Financing |
Units |
1,12 |
0,84 |
0,76 |
3,80 |
|
Permanent Indebtedness Ratio |
Units |
0,55 |
0,86 |
0,89 |
0,38 |
|
M/L term Debts Ratio |
Units |
0,15 |
0,38 |
0,39 |
0,12 |
|
Net Financial Indebtedness Ratio |
Units |
0,59 |
0,12 |
0,14 |
0,97 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,50 |
2,55 |
2,94 |
1,26 |
|
Current ratio |
Units |
1,40 |
4,68 |
6,35 |
1,13 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,79 |
2,98 |
3,78 |
0,75 |
|
Structure's primary quotient |
Units |
1,08 |
1,43 |
1,66 |
0,76 |
|
Treasury's primary quotient |
Units |
0,15 |
1,44 |
1,88 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
251,13 |
208,52 |
198,96 |
515,14 |
|
Current Capital ( net ) |
Value |
456.219 |
1.565.392 |
1.667.892 |
177.926 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
0,81 |
3,20 |
-1,48 |
2,74 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
-5,47 |
0,79 |
-5,81 |
1,67 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
-1,59 |
3,36 |
-4,23 |
8,36 |
|
Return on Investment ( R.O.I. ) |
% |
1,19 |
2,68 |
-1,10 |
3,41 |
|
Return/ Sales |
% |
1,34 |
3,43 |
-1,38 |
3,12 |
|
Extra Management revenues/charges incid. |
% |
-183,12 |
14,17 |
n.c. |
15,78 |
|
Cash Flow |
Value |
18.453 |
75.063 |
-33.407 |
76.501 |
|
Operating Profit |
Value |
30.535 |
80.425 |
-31.306 |
88.970 |
|
Gross Operating Margin |
Value |
105.016 |
144.214 |
18.346 |
173.361 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
101,69 |
95,91 |
81,35 |
100,31 |
|
Debts to suppliers average term |
Days |
57,61 |
83,00 |
42,91 |
115,26 |
|
Average stock waiting period |
Days |
110,39 |
110,75 |
127,49 |
67,16 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,89 |
0,78 |
0,80 |
1,08 |
|
Rate of stock return |
Units |
3,26 |
3,25 |
2,82 |
5,32 |
|
Labour cost incidence |
% |
38,13 |
36,88 |
39,76 |
17,27 |
|
Net financial revenues/ charges incidence |
% |
-1,48 |
-1,34 |
-1,54 |
-1,88 |
|
Labour cost on purchasing expenses |
% |
37,56 |
37,36 |
37,39 |
16,89 |
|
Short-term financing charges |
% |
3,21 |
2,90 |
3,89 |
3,16 |
|
Capital on hand |
% |
112,48 |
127,92 |
125,41 |
92,21 |
|
Sales pro employee |
Value |
84.598 |
86.876 |
80.887 |
183.224 |
|
Labour cost pro employee |
Value |
32.258 |
32.042 |
32.164 |
32.179 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.69 |
|
|
1 |
Rs.89.19 |
|
Euro |
1 |
Rs.72.10 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.