|
Report Date : |
15.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
TAD LONG PRODUCTS
S.R.L. |
|
|
|
|
Registered Office : |
Via Giorgio
Washington, 70 20100 – Milano
(MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
01.06.2011 |
|
|
|
|
Legal Form : |
Sole-Member Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesale of metals
and metalliferous minerals |
|
|
|
|
No. of Employees : |
from 16 to 25 |
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 – 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
Tad Long Products S.r.l.
Via Giorgio Washington, 70
20100 – Milano (MI) -IT-
|
Fiscal Code |
: |
07144760969 |
|
Legal Form |
: |
Sole-Member Limited Liability Company |
|
start of Activities |
: |
01/06/2011 |
|
Equity |
: |
2.500.000 |
|
Turnover Range |
: |
20.000.000/25.000.000 |
|
Number of Employees |
: |
from 16 to 25 |
Wholesale of metals and metalliferous minerals
Legal Form : Sole-Member Limited Liability
Company
|
Fiscal Code : 07144760969 |
|
Chamber of Commerce no. : 1874338 of |
|
Chamber of Commerce no. : 1938704 of since
16/09/2010 |
|
V.A.T. Code : 07144760969 |
|
Establishment date |
: 14/09/2010 |
|
|
Start of Activities |
: 01/06/2011 |
|
|
Legal duration |
: 31/12/2040 |
|
|
Nominal Capital |
: 4.000.000 |
|
|
Subscribed Capital |
: 4.000.000 |
|
|
Paid up Capital |
: 4.000.000 |
|
|
|
T.c.a. Spa |
|
|
|
|
|
|
Residence: |
|
Washington Giorgio |
, 70 |
- 20146 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole partner |
|
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Agarini |
Luigi |
|
|
|
Born in Piombino |
(LI) |
on 14/04/1936 |
- Fiscal Code : GRNLGU36D14G687S |
|
|
|
Residence: |
|
Giuseppe Frua |
, 15 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
10/12/2010 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Ascari |
Pier Giovanni |
|
|
|
Born in Modena |
(MO) |
on 13/10/1935 |
- Fiscal Code : SCRPGV35R13F257D |
|
|
|
Residence: |
|
Washington Giorgio |
, 70 |
- 20146 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
10/12/2010 |
|
|
|
Director |
10/12/2010 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Ugolotti |
Marco Virginio |
|
|
|
Born in Milano |
(MI) |
on 13/03/1969 |
- Fiscal Code : GLTMCV69C13F205I |
|
|
|
Residence: |
|
Giorgio Washington |
, 70 |
- 20146 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
10/12/2010 |
|
|
|
|
No Protests registered |
|
|
Menghini |
Massimo |
|
|
|
Born in Ancona |
(AN) |
on 15/10/1970 |
- Fiscal Code : MNGMSM70R15A271D |
|
|
|
Residence: |
|
Giorgio Washington |
, 70 |
- 20146 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
10/12/2010 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Colombo |
Mauro |
|
|
|
Born in Melzo |
(MI) |
on 10/12/1963 |
- Fiscal Code : CLMMRA63T10F119L |
|
|
|
Residence: |
|
Giorgio Washington |
, 70 |
- 20146 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
10/12/2010 |
|
|
|
|
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 |
|
T.c.a. Spa |
Milano - IT - |
00869330159 |
|
100,00 |
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 |
|
|
|
|
|
|
|
Giorgio Washington |
, 70 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
- |
Branch |
(Store) |
since 05/11/2010 |
|
|
|
|
|
|
Milano |
, 10/12 |
- 20020 |
- Ceriano Laghetto |
(MB) |
- IT - |
|
|
|
|
Employees |
: 22 |
|
Fittings and Equipment for a value of 7.000
|
Eur |
|
Stocks for a value of 4.940.000 |
Eur |
The firm has a direct commercial organization
The company sells in Italy and abroad.
|
|
The firm operates abroad as importer /
exporter..
Export trade is the 2 % of the global
turnover.
Financial means used for sale: bank transfers
and bank orders.
Main used payment modalities are by cash
orders and bank transfers.
Import comes generally from the following
nations:
|
- Germany |
|
- Great Britain |
|
- Svizzera |
|
- Stati Uniti |
Export is mainly towards:
|
- Great Britain |
|
- Holland |
|
- Belgium |
|
- France |
|
- Australia |
|
- Turchia |
EX-MEMBERS / EX-POSITIONS:
|
|
Ciccarelli |
Paolo |
|
|
|
Born in Pescara |
(PE) |
on 01/02/1959 |
- Fiscal Code : CCCPLA59B01G482D |
|
Ex-Postions |
|
Permanent Auditor |
CEASINGS/INCORPORATIONS/MERGES:
|
|
The subj. took over by rent the activities
of |
|
|
|
Terninox S.p.a. |
|
|
|
|
B. Brin |
, 218 |
, 05100 |
, Terni |
(TR) |
- IT - |
|
|
|
Fiscal Code: 00602670556 |
|
|
|
Date |
: |
08/10/2010 |
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 firm operates with:
|
Bank Name |
Agency Name |
Address |
ZIP Code |
City |
ABI Code |
CAB Code |
|
UNICREDIT BANCA SPA |
|
|
|
|
2008 |
0 |
|
INTESA SANPAOLO SPA |
|
|
|
|
3069 |
0 |
|
BANCA POP. EMILIA ROMAGNA |
|
|
|
|
5387 |
0 |
The activity has only recently started.
On the base of the analysis made on the b/s
of the years 2011 and 2010, it can be gathered that:
Under an economic point of view, profits were
registered during the last years with a r.o.e. of 21,71% in 2011 and with an
upward trend in turnover trend during the last financial year (more then 100%
in 2011).
The operating result was positive in the last
financial year (6,97%) and in line with the sector's average.
An operating result of Eur. 1.262.817 has
been registered. showing an upward trend more then 100% compared to the
previous financial year.
A gross operating margine for a value of Eur.
1.452.876 was reached. showing an upward trend if compared to 2010.
The ratio between shareholder's equity and borrowed
capital is not well balanced, the indebtedness level is equal to 5,28
increasing as against 2010.
With regard to equity capital, an amount of
Eur. 2.289.875 is registered. , increasing by 27,72% if compared to the year
before.
During the last financial year debts totalled
Eur. 15.603.657 (Eur. 3.500.000 of which were m/l term debts) increasing if
compared to the previous year, during which they were equal to Eur. 10.685.388
(46,02%).
Both financial indebtedness as well as
exsposure to suplliers are rated as fairly high and higher than sector's
average.
Liquidity is however good.
Trade credits average terms are slow, on
average 145,61 days. even higher than the average of the specific sector.
The financial management generated a cash
flow of Eur. 687.140.
Labour cost amounts to Eur. 1.280.854, with a
5,6% incidence on production costs. , whereas the incidence on sales revenues
is of 5,47%.
The financial management is marked by a high
incidence of financial charges in relation to sales revenues (-1,8%).
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
23.437.327 |
|
Profit (Loss) for the period |
497.081 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
5.995.452 |
|
Profit (Loss) for the period |
292.794 |
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 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
RATIOS |
Value Type |
as at 31/12/2011 |
as at 31/12/2010 |
Sector Average |
|
COMPOSITION ON INVESTMENT |
|
|
|
|
|
Rigidity Ratio |
Units |
0,06 |
0,08 |
0,11 |
|
Elasticity Ratio |
Units |
0,94 |
0,92 |
0,87 |
|
Availability of stock |
Units |
0,27 |
0,35 |
0,22 |
|
Total Liquidity Ratio |
Units |
0,67 |
0,57 |
0,56 |
|
Quick Ratio |
Units |
0,00 |
0,00 |
0,02 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
Net Short-term indebtedness |
Units |
5,28 |
3,88 |
3,81 |
|
Self Financing Ratio |
Units |
0,13 |
0,14 |
0,17 |
|
Capital protection Ratio |
Units |
0,13 |
0,00 |
0,65 |
|
Liabilities consolidation quotient |
Units |
0,30 |
0,55 |
0,12 |
|
Financing |
Units |
6,81 |
5,96 |
4,72 |
|
Permanent Indebtedness Ratio |
Units |
0,33 |
0,44 |
0,30 |
|
M/L term Debts Ratio |
Units |
0,20 |
0,30 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
2,65 |
0,67 |
1,28 |
|
CORRELATION |
|
|
|
|
|
Fixed assets ratio |
Units |
5,41 |
5,33 |
2,06 |
|
Current ratio |
Units |
1,40 |
1,66 |
1,16 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,00 |
1,03 |
0,84 |
|
Structure's primary quotient |
Units |
2,07 |
1,70 |
1,28 |
|
Treasury's primary quotient |
Units |
0,00 |
0,00 |
0,03 |
|
Rate of indebtedness ( Leverage ) |
% |
790,71 |
706,08 |
591,61 |
|
Current Capital ( net ) |
Value |
4.892.996 |
4.626.792 |
219.071 |
|
RETURN |
|
|
|
|
|
Return on Sales |
% |
2,93 |
7,41 |
2,22 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
21,71 |
16,33 |
6,27 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
36,68 |
24,31 |
15,95 |
|
Return on Investment ( R.O.I. ) |
% |
6,97 |
4,05 |
4,19 |
|
Return/ Sales |
% |
5,39 |
8,55 |
3,42 |
|
Extra Management revenues/charges incid. |
% |
39,36 |
57,12 |
29,26 |
|
Cash Flow |
Value |
687.140 |
444.017 |
61.669 |
|
Operating Profit |
Value |
1.262.817 |
512.633 |
95.558 |
|
Gross Operating Margin |
Value |
1.452.876 |
663.856 |
144.934 |
|
MANAGEMENT |
|
|
|
|
|
Credits to clients average term |
Days |
145,61 |
407,38 |
120,94 |
|
Debts to suppliers average term |
Days |
153,52 |
556,73 |
120,04 |
|
Average stock waiting period |
Days |
75,92 |
265,77 |
61,92 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,29 |
0,47 |
1,27 |
|
Rate of stock return |
Units |
4,74 |
1,35 |
5,74 |
|
Labour cost incidence |
% |
5,47 |
3,64 |
7,77 |
|
Net financial revenues/ charges incidence |
% |
-1,80 |
-1,28 |
-1,26 |
|
Labour cost on purchasing expenses |
% |
5,60 |
3,66 |
7,90 |
|
Short-term financing charges |
% |
2,71 |
0,72 |
2,67 |
|
Capital on hand |
% |
77,25 |
211,14 |
78,39 |
|
Sales pro employee |
Value |
585.933 |
399.696 |
437.713 |
|
Labour cost pro employee |
Value |
32.021 |
14.531 |
33.928 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.87 |
|
|
1 |
Rs.83.59 |
|
Euro |
1 |
Rs.72.37 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.