|
Report Date : |
08.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
DELL'ORTO S.P.A. |
|
|
|
|
Registered Office : |
Via Raffaello Sanzio, 2 20831 – Seregno
(MB) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
02.08.1934 |
|
|
|
|
Com. Reg. No.: |
MI146-34497 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture of pistons,
elastic bands, carburators and similar internal combustion engine parts |
|
|
|
|
No. of Employees : |
From 251 to 500 |
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 : |
Slow |
|
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
Dell'orto S.p.a.
Via Raffaello Sanzio, 2
20831 – Seregno (MB)-IT-
|
Fiscal Code |
: |
00685940157 |
|
Legal Form |
: |
Joint stock company |
|
Foundation Date |
: |
02/08/1934 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
50.000.000/75.000.000 |
|
Number of Employees |
: |
from 251 to 500 |
Manufacture of pistons, elastic bands, carburators
and similar internal combustion engine parts
Manufacture of other parts and accessories
for motor vehicles and their engines
Legal Form : Joint stock company
|
Fiscal Code : 00685940157 |
|
Foreign Trade Reg. no. : MB000631 since
27/07/2000 |
|
Chamber of Commerce no. : 259700 of |
|
Chamber of Commerce no. : 219060 of since
20/07/2007 |
|
Chamber of Commerce no. : 219060 of |
|
Chamber of Commerce no. : 781541 of |
|
Firms' Register : 34497 of |
|
Firms' Register : MI146-34497 of |
|
V.A.T. Code : 02830910960 |
|
Foundation date |
: 02/08/1934 |
|
|
Establishment date |
: 02/08/1934 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 5.160.000 |
|
|
Subscribed Capital |
: 5.160.000 |
|
|
Paid up Capital |
: 5.160.000 |
|
|
|
Dell'orto |
Giuseppe |
|
|
|
Born in Seregno |
(MB) |
on 27/10/1940 |
- Fiscal Code : DLLGPP40R27I625Q |
|
|
|
Residence: |
|
Kennedy |
, 7 |
- 22060 |
Cabiate |
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
28/05/2012 |
|
|
|
Board Chairman |
28/05/2012 |
|
|
|
Managing Director |
28/05/2012 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
De'bianchi |
Antonio |
|
|
|
Born in Milano |
(MI) |
on 23/05/1934 |
- Fiscal Code : DBNNTN34E23F205Q |
|
|
|
Residence: |
|
P.L.Da Palestrina |
, 13 |
- 20052 |
Monza |
(MB) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney General |
30/12/1971 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Dell'orto |
Luca Giuseppe |
|
|
|
Born in Milano |
(MI) |
on 17/11/1970 |
- Fiscal Code : DLLLGS70S17F205G |
|
|
|
Residence: |
|
Kennedy |
, 7 |
- 22060 |
Cabiate |
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
28/05/2012 |
|
|
|
|
No Protests registered |
|
|
Dell'orto |
Andrea Piero |
|
|
|
Born in Milano |
(MI) |
on 12/11/1969 |
- Fiscal Code : DLLNRP69S12F205T |
|
|
|
Residence: |
|
Kennedy |
, 7 |
- 22060 |
Cabiate |
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
28/05/2012 |
|
|
|
Assistant board Chairman |
28/05/2012 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Dell'orto |
Davide |
|
|
|
Born in Milano |
(MI) |
on 29/06/1974 |
- Fiscal Code : DLLDVD74H29F205S |
|
|
|
Residence: |
|
Kennedy |
, 7 |
- 22060 |
Cabiate |
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
28/05/2012 |
|
|
|
|
No Protests registered |
|
|
Dell''orto |
Giuseppe |
|
|
|
Born |
on 28/10/1913 |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney General |
30/12/1971 |
|
|
|
|
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 |
|
Dell'orto Luca Giuseppe |
Cabiate - IT - |
DLLLGS70S17F205G |
|
42,50 |
|
Dell'orto Andrea Piero |
Cabiate - IT - |
DLLNRP69S12F205T |
|
42,50 |
|
Dell'orto Davide |
Cabiate - IT - |
DLLDVD74H29F205S |
4.769.904 .Eur |
7,44 |
|
Dell'orto Filippo |
Milano - IT - |
DLLFPP68C04I625Q |
195.048 .Eur |
3,78 |
|
Dell Orto Pamela |
|
DLLPML72E44F205A |
195.048 .Eur |
3,78 |
The Company under review has participations
in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares Amount |
% Ownership |
since |
until |
Share Status |
|
Agenzia Per Le Relazioni Economiche Indu
striali E Commerciali Con La Cina S.r.l. |
Milano - IT - |
07736980157 |
7.500 .Eur |
0,69 |
|
|
Active |
|
Consorzio Energia Brianza |
Monza - IT - |
02958620961 |
|
|
|
|
Active |
In order to carry out its activities the firm
uses the following locations:
|
- |
Legal and operative seat |
|
|
|
|
|
|
|
Raffaello Sanzio |
, 2 |
- 20038 |
- Seregno |
(MB) |
- IT - |
|
|
|
|
PHONE |
: 0317692111 |
|
|
|
|
FAX |
: 0317692216 |
|
|
|
|
Legal mail |
: DELLORTO@CERT.STUDIOPIROLA.COM |
|
- |
Branch |
(Factory) |
since 01/01/1999 |
|
|
|
|
|
|
Kennedy |
, 11 |
- 22060 |
- Cabiate |
(CO) |
- IT - |
|
|
|
|
PHONE |
: 0317692111 |
|
- |
Branch |
|
since 24/09/2007 |
|
|
|
|
|
|
Kennedy |
, 7 |
- 22060 |
- Cabiate |
(CO) |
- IT - |
|
- |
Branch |
(office) |
since 25/09/2007 |
|
|
|
|
|
|
Claudio |
, 21 |
- 80100 |
- Napoli |
(NA) |
- IT - |
|
- |
Branch |
|
until 24/09/2007 |
|
|
|
|
|
|
San Rocco |
, 5 |
- 20038 |
- Seregno |
(MB) |
- IT - |
|
|
|
|
Employees |
: 346 |
|
Fittings and Equipment for a value of
4.320.000 |
Eur |
|
Stocks for a value of 11.660.000 |
Eur |
|
|
EX-MEMBERS / EX-POSITIONS:
|
|
Dell'Orto |
Luigi |
|
|
|
Born in MILANO |
(MI) |
on 10/03/1936 |
- Fiscal Code : DLLLGU36C10F205H |
|
|
|
Residence: |
|
SAN ROCCO |
, 5 |
- 20038 |
Seregno |
(MB) |
- IT - |
|
Ex-Postions |
|
Director |
|
|
Dell'orto |
Giuseppe |
|
|
|
Born in Seregno |
(MB) |
on 27/10/1940 |
- Fiscal Code : DLLGPP40R27I625Q |
|
|
|
Residence: |
|
Kennedy |
, 7 |
- 22060 |
Cabiate |
(CO) |
- IT - |
|
Ex-Postions |
|
Managing Director |
|
|
Dell'orto |
Pierluigi |
|
|
|
Born in Seregno |
(MB) |
on 04/07/1943 |
- Fiscal Code : DLLPLG43L04I625G |
|
|
|
Residence: |
|
Zappa Giulio |
, 77 |
- 20038 |
Seregno |
(MB) |
- IT - |
|
Ex-Postions |
|
Director |
|
Board Chairman |
|
|
Dell''orto |
Giuseppe |
|
on 28/10/1913 |
|
Ex-Postions |
|
Attorney General |
|
|
Dell''orto |
Giuseppe |
|
on 28/10/1913 |
|
Ex-Postions |
|
Attorney General |
CEASINGS/INCORPORATIONS/MERGES:
|
|
Project of merging by taking over of |
|
|
|
Uom Finanziaria S.p.a. |
|
|
|
|
Mascagni Pietro |
, 0024 |
, 20100 |
, Milano |
(MI) |
- IT - |
|
|
|
Fiscal Code: 00685950156 |
|
|
|
Date |
Merging/splitting-up project: |
24/06/1998 |
|
|
The firm absorbed by merging of |
|
|
|
Uom Finanziaria S.p.a. |
|
|
|
|
Mascagni Pietro |
, 0024 |
, 20100 |
, Milano |
(MI) |
- IT - |
|
|
|
Fiscal Code: 00685950156 |
|
|
|
Date |
: |
01/01/1999 |
|
|
Splitting-up project and setting-up of new
co |
|
|
|
Date |
Merging/Splitting-up Project-New Company: |
06/06/2000 |
|
|
Splitting-up and setting-up of a new
company |
|
|
|
DELL'ORTO IMMOBILIARE S.P.A. |
|
|
|
, Seregno |
- IT - |
|
|
|
Date |
Splitting-up: |
19/12/2000 |
|
|
Project of merging by taking over of |
|
|
|
Dell'orto Immobiliare S.p.a. |
|
|
|
|
San Rocco |
, 5 |
, 20038 |
, Seregno |
(MB) |
- IT - |
|
|
|
Fiscal Code: 03077910960 |
|
|
|
Date |
Merging/splitting-up project: |
08/06/2007 |
|
|
The firm absorbed by merging of |
|
|
|
Dell'orto Immobiliare S.p.a. |
|
|
|
|
San Rocco |
, 5 |
, 20038 |
, Seregno |
(MB) |
- IT - |
|
|
|
Fiscal Code: 03077910960 |
|
|
|
Date |
: |
08/11/2007 |
|
|
Project of merging by taking over of |
|
|
|
C.R.O.M. Consulenze Ricerche Organizzazione E Mercato S.R.L. |
|
|
|
|
GARIBALDI |
, 6 |
, 20033 |
, Desio |
(MB) |
- IT - |
|
|
|
Fiscal Code: 02342350960 |
|
|
|
Date |
Merging/splitting-up project: |
14/11/2008 |
|
|
The firm absorbed by merging of |
|
|
|
C.R.O.M. Consulenze Ricerche Organizzazione E Mercato S.R.L. |
|
|
|
|
GARIBALDI |
, 6 |
, 20033 |
, Desio |
(MB) |
- IT - |
|
|
|
Fiscal Code: 02342350960 |
|
|
|
Date |
: |
16/03/2009 |
|
|
Project of merging by taking over of |
|
|
|
Dell'orto Group S.p.a. |
|
|
|
|
Gaetano Donizetti |
, 49 |
, 20122 |
, Milano |
(MI) |
- IT - |
|
|
|
Fiscal Code: 10017820159 |
|
|
|
Date |
Merging/splitting-up project: |
28/05/2010 |
|
|
The firm absorbed by merging of |
|
|
|
Dell'orto Group S.p.a. |
|
|
|
|
Gaetano Donizetti |
, 49 |
, 20122 |
, Milano |
(MI) |
- IT - |
|
|
|
Fiscal Code: 10017820159 |
|
|
|
Date |
: |
15/09/2010 |
Protests checking on the subject firm has
given a negative result.
Search performed on a National Scale
|
|
|
Prejudicial Events Search Result: POSITIVE |
|
|
|
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.
Company's starting of activities dates back
to 1934.
The following analysis has been made on the
basis of the b/s for the year 2011.
The accounting period 2011 was marked by a
loss.
The operating result is a loss (-3,51%).
The operating result is negative (Eur.
-2.236.353).
Relating to G.O.M. , the value amounted to
Eur. 2.029.341.
The ratio between shareholder's equity and
borrowed capital is not well balanced, the indebtedness level is equal to 5,76
Subject's shareholder funds amounted to Eur.
5.622.167.
Financial indebtedness is considered fair
whereas the recourse to commercial borrowings is high and higher than sector's
average.
Liquid assets are good.
Due from customers average term is high and
equal to 94,62 days. within the standard level of the average of the sector.
(Eur. -159.790) is the negative value of the
cash flow.
In the last financial year labour cost was of
Eur. 14.241.721, with a 24,6% incidence on total costs of production. , with a
28,1% incidence on turnover.
Financial charges have a high incidence
(-1,76%) on turnover figures.
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
50.675.696 |
|
Profit (Loss) for the period |
-3.365.245 |
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 |
|
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|
|
RATIOS |
Value Type |
as at 31/12/2011 |
Sector Average |
|
COMPOSITION ON INVESTMENT |
|
|
|
|
Rigidity Ratio |
Units |
0,46 |
0,26 |
|
Elasticity Ratio |
Units |
0,53 |
0,73 |
|
Availability of stock |
Units |
0,18 |
0,23 |
|
Total Liquidity Ratio |
Units |
0,35 |
0,44 |
|
Quick Ratio |
Units |
0,02 |
0,02 |
|
COMPOSITION ON SOURCE |
|
|
|
|
Net Short-term indebtedness |
Units |
5,76 |
1,74 |
|
Self Financing Ratio |
Units |
0,09 |
0,29 |
|
Capital protection Ratio |
Units |
0,68 |
0,64 |
|
Liabilities consolidation quotient |
Units |
0,55 |
0,22 |
|
Financing |
Units |
7,88 |
2,30 |
|
Permanent Indebtedness Ratio |
Units |
0,37 |
0,46 |
|
M/L term Debts Ratio |
Units |
0,28 |
0,11 |
|
Net Financial Indebtedness Ratio |
Units |
4,00 |
0,49 |
|
CORRELATION |
|
|
|
|
Fixed assets ratio |
Units |
0,81 |
1,63 |
|
Current ratio |
Units |
1,03 |
1,32 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,67 |
0,86 |
|
Structure's primary quotient |
Units |
0,19 |
1,05 |
|
Treasury's primary quotient |
Units |
0,03 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
1131,78 |
349,01 |
|
Current Capital ( net ) |
Value |
903.052 |
753.266 |
|
RETURN |
|
|
|
|
Return on Sales (R.O.S.) |
% |
-0,32 |
5,13 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
-59,86 |
7,27 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
-55,64 |
15,95 |
|
Return on Investment ( R.O.I. ) |
% |
-3,51 |
5,36 |
|
Return/ Sales |
% |
-4,41 |
5,57 |
|
Extra Management revenues/charges incid. |
% |
n.c. |
42,11 |
|
Cash Flow |
Value |
-159.790 |
344.143 |
|
Operating Profit |
Value |
-2.236.353 |
359.008 |
|
Gross Operating Margin |
Value |
2.029.341 |
705.726 |
|
MANAGEMENT |
|
|
|
|
Credits to clients average term |
Days |
94,62 |
101,37 |
|
Debts to suppliers average term |
Days |
165,08 |
115,52 |
|
Average stock waiting period |
Days |
82,81 |
80,62 |
|
Rate of capital employed return ( Turnover
) |
Units |
0,80 |
1,07 |
|
Rate of stock return |
Units |
4,35 |
4,40 |
|
Labour cost incidence |
% |
28,10 |
16,91 |
|
Net financial revenues/charges incidence |
% |
-1,76 |
-1,19 |
|
Labour cost on purchasing expenses |
% |
24,60 |
17,25 |
|
Short-term financing charges |
% |
2,53 |
2,71 |
|
Capital on hand |
% |
125,56 |
93,00 |
|
Sales pro employee |
Value |
113.878 |
223.920 |
|
Labour cost pro employee |
Value |
32.004 |
35.625 |
Our Company collects data from public
registers, lists, archives or contained in Acts and/or documents (held by the
National Chamber of Commerce or Immovables Territorial Agency), users,
reporters or however generally accessible (for example, from categorical lists,
statistical institutes, press reports and from public inspection internet
sites).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.98 |
|
|
1 |
Rs.88.11 |
|
Euro |
1 |
Rs.71.67 |
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.