MIRA
INFORM REPORT
|
Report Date : |
17.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
BELTTS S.R.L. |
|
|
|
|
Registered Office : |
Via Bressanella, 4 Romano' Brianza 22044- Inverigo
(CO) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
30.06.2012 |
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|
|
|
Date of Incorporation : |
01.04.2010 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Manufacture of rubber products |
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|
|
|
No. of Employees : |
from 6 to 10 |
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 |
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|
|
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Payment Behaviour : |
No Complaints |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
Company name and address
BELTTS S.R.L.
Via Bressanella, 4
Romano' Brianza
22044 - Inverigo (CO) -IT- Italy
Summary
|
Fiscal Code |
: |
03210450130 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
01/04/2010 |
|
Equity |
: |
500.000 |
|
Turnover Range |
: |
9.000.000/10.000.000 |
|
Number of Employees |
: |
fom 6 to 10 |
Activity
Manufacture of rubber products
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 03210450130 |
|
Chamber of Commerce no. : 301820 of since 28/07/2009 |
|
V.A.T. Code : 03210450130 |
|
Establishment date |
: 24/07/2009 |
|
|
Start of Activities |
: 01/04/2010 |
|
|
Legal duration |
: 30/06/2030 |
|
|
Nominal Capital |
: 250.000 |
|
|
Subscribed Capital |
: 250.000 |
|
|
Paid up Capital |
: 250.000 |
|
Members
|
|
Bonsignore |
Eugenio |
|
|
|
Born in Mongiuffi Melia |
(ME) |
on 30/07/1943 |
- Fiscal Code : BNSGNE43L30F368I |
|
|
|
Residence: |
|
Boer |
, 2 |
- 98037 |
Letojanni |
(ME) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Responsible technician |
|
|
|
|
Sole Director |
18/10/2012 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Bonelli |
Luigi |
|
|
|
Born in Chignolo Po |
(PV) |
on 08/08/1948 |
- Fiscal Code : BNLLGU48M08C637Y |
|
|
|
Residence: |
|
Degli Alpini |
, 4/B |
- 20021 |
Bollate |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Institor |
12/11/2012 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
Companies connected to members *
*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.
Capital Shareholders
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Te.ea.m. Europe s.a.s. di Alberto Donghi - A. Sacchetto e C. |
Inverigo - IT - |
02126200134 |
3.000 .Eur |
1,20 |
|
Win Win S.r.l. |
|
03289090130 |
247.000 .Eur |
98,80 |
Direct Participations
The Company under review has no participations in other Companies.
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
|
|
|
|
|
|
Bressanella Fraz. Romano' Brianza |
, 4 |
- 22044 |
- Inverigo |
(CO) |
- IT - |
|
|
|
|
Employees |
: 6 |
|
|
|
|
Active partners |
: 1 |
|
Stocks for a value of 100.000 |
Eur |
|
|
Historical Information and/or
Firm's Status
EX-MEMBERS /
EX-POSITIONS:
|
|
Fabbrini |
Roberto |
|
|
|
Born in Milano |
(MI) |
on 28/10/1945 |
- Fiscal Code : FBBRRT45R28F205U |
|
|
|
Residence: |
|
Del Torchio |
, 1 |
- 20123 |
Milano |
(MI) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
|
|
Bonsignore |
Eugenio |
|
|
|
Born in Mongiuffi Melia |
(ME) |
on 30/07/1943 |
- Fiscal Code : BNSGNE43L30F368I |
|
|
|
Residence: |
|
Boer |
, 2 |
- 98037 |
Letojanni |
(ME) |
- IT - |
|
Ex-Postions |
|
Board Chairman |
|
|
Giussani |
Vittorio |
|
|
|
Born in Cantu' |
(CO) |
on 14/02/1973 |
- Fiscal Code : GSSVTR73B14B639L |
|
|
|
Residence: |
|
San Vincenzo |
, 8 |
- 22063 |
Cantu' |
(CO) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Bocchietti |
Guido |
|
|
|
Born in Como |
(CO) |
on 25/04/1969 |
- Fiscal Code : BCCGDU69D25C933P |
|
|
|
Residence: |
|
Venusti |
, 6 |
- 22100 |
Como |
(CO) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Bonelli |
Luigi |
|
|
|
Born in Chignolo Po |
(PV) |
on 08/08/1948 |
- Fiscal Code : BNLLGU48M08C637Y |
|
|
|
Residence: |
|
Degli Alpini |
, 4/B |
- 20021 |
Bollate |
(MI) |
- IT - |
|
Ex-Postions |
|
Sole Director |
|
Director |
|
|
Fasoli |
Bruno |
|
|
|
Born in Cormano |
(MI) |
on 17/04/1956 |
- Fiscal Code : FSLBRN56D17D013J |
|
|
|
Residence: |
|
Nazionale |
, 84/A |
- 20030 |
Lentate sul Seveso |
(MI) |
- IT - |
|
Ex-Postions |
|
Director |
CEASINGS/INCORPORATIONS/MERGES:
|
|
The firm took over the activity of |
|
|
|
|
|
|
|
|
Risorgimento |
, 8 |
, 22044 |
, Inverigo |
(CO) |
- IT - |
|
|
|
Fiscal Code: 03007370137 |
|
|
|
Date |
: |
06/08/2009 |
Protests
Protests checking on the subject firm has given a negative result.
Data Base Prejudicial Events
Search
Search performed on a National Scale
|
|
|
Prejudicial Events Search Result: NEGATIVE |
Search performed on a specialized data base.
Legal Procedures
None reported, standing to the latest received edition of the Official
Publications.
Financial and Economical Analysis
The company has been active for some years.
Balance sheets for the years 2010, 2011 and 2012 were analyzed.
In the economic management , good and bad results followed on by turns.
; in the last financial year a loss was registered (r.o.e. -4,04%) The turnover
is growing in the last financial year (+19,13%).
The operating result was positive in the last financial year (3,19%) and
in line with the sector's average.
The amount of the operating result for the year 2012 is of Eur. 75.763
rising (+more then 100%) in relation to the previous year.
A gross operating margine for a value of Eur. 90.207 was reached.
showing a drop (-46,92%).
The analysis shows a fair financial position as the indebtedness volume
is acceptable (3,8) but with an increase as against the previous accounting
period.
It's shareholders funds amount to Eur. 415.305 , unchanged if compared
to 2011.
Total debts (both short and M/L term) equals Eur. 1.626.927, on the same
levels as the year before.
The company does not exceed in bank borrowings; the recourse to
suppliers' credit is also limited below field's average.
The liquidity level is positive (1,45).
Credits are collected in 68,71 days on the average. , a value lower than
the sector's average.
The financial management generated a negative cash flow (Eur. -2.345).
Labour cost amounts to Eur. 363.214, with a 3,92% incidence on
production costs. and a 3,93% incidence on sales volumes.
Limited financial charges in relation to sales volume.
Financial Data
|
|
|
Complete balance-sheet for the year |
30/06/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
9.244.645 |
|
Profit (Loss) for the period |
-16.789 |
|
|
|
Complete balance-sheet for the year |
30/06/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.759.502 |
|
Profit (Loss) for the period |
91.655 |
|
|
|
Complete balance-sheet for the year |
30/06/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
5.643.216 |
|
Profit (Loss) for the period |
90.440 |
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 30/06/2012 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 30/06/2011 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 30/06/2010 - 12 Mesi - Currency: - Amounts x 1 |
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|
RATIOS |
Value Type |
as at 30/06/2012 |
as at 30/06/2011 |
as at 30/06/2010 |
Sector Average |
|
COMPOSITION ON INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,01 |
0,01 |
0,01 |
0,37 |
|
Elasticity Ratio |
Units |
0,99 |
0,99 |
0,99 |
0,61 |
|
Availability of stock |
Units |
0,04 |
0,19 |
0,14 |
0,14 |
|
Total Liquidity Ratio |
Units |
0,95 |
0,80 |
0,84 |
0,40 |
|
Quick Ratio |
Units |
0,02 |
0,10 |
0,04 |
0,01 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
3,80 |
3,48 |
10,37 |
2,25 |
|
Self Financing Ratio |
Units |
0,17 |
0,16 |
0,06 |
0,25 |
|
Capital protection Ratio |
Units |
0,44 |
0,21 |
0,00 |
0,77 |
|
Liabilities consolidation quotient |
Units |
n.c. |
n.c. |
0,01 |
0,25 |
|
Financing |
Units |
3,92 |
4,11 |
11,04 |
2,89 |
|
Permanent Indebtedness Ratio |
Units |
0,17 |
0,16 |
0,07 |
0,49 |
|
M/L term Debts Ratio |
Units |
n.c. |
n.c. |
0,00 |
0,12 |
|
Net Financial Indebtedness Ratio |
Units |
0,23 |
0,95 |
4,36 |
1,13 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
30,22 |
29,78 |
7,72 |
1,12 |
|
Current ratio |
Units |
1,45 |
1,54 |
1,44 |
1,10 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,39 |
1,24 |
1,23 |
0,78 |
|
Structure's primary quotient |
Units |
30,22 |
29,78 |
7,17 |
0,64 |
|
Treasury's primary quotient |
Units |
0,03 |
0,15 |
0,06 |
0,02 |
|
Rate of indebtedness ( Leverage ) |
% |
571,78 |
638,92 |
1611,43 |
400,87 |
|
Current Capital ( net ) |
Value |
729.254 |
965.462 |
926.702 |
122.005 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
-0,03 |
1,52 |
7,29 |
3,12 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
-4,04 |
21,21 |
47,49 |
1,12 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
3,56 |
63,11 |
131,63 |
7,08 |
|
Return on Investment ( R.O.I. ) |
% |
3,19 |
0,91 |
6,77 |
3,17 |
|
Return/ Sales |
% |
0,82 |
0,32 |
3,68 |
3,04 |
|
Extra Management revenues/charges incid. |
% |
-22,16 |
365,12 |
43,55 |
18,11 |
|
Cash Flow |
Value |
-2.345 |
117.820 |
411.220 |
177.056 |
|
Operating Profit |
Value |
75.763 |
25.103 |
207.655 |
81.874 |
|
Gross Operating Margin |
Value |
90.207 |
169.974 |
558.435 |
249.142 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
68,71 |
79,44 |
151,26 |
109,51 |
|
Debts to suppliers average term |
Days |
54,73 |
41,40 |
57,53 |
100,86 |
|
Average stock waiting period |
Days |
3,97 |
24,79 |
28,20 |
49,84 |
|
Rate of capital employed return ( Turnover ) |
Units |
3,89 |
2,81 |
1,84 |
1,05 |
|
Rate of stock return |
Units |
90,76 |
14,52 |
12,76 |
7,21 |
|
Labour cost incidence |
% |
3,93 |
32,61 |
36,24 |
18,93 |
|
Net financial revenues/ charges incidence |
% |
-0,96 |
-1,72 |
0,76 |
-1,59 |
|
Labour cost on purchasing expenses |
% |
3,92 |
32,25 |
36,83 |
19,09 |
|
Short-term financing charges |
% |
5,49 |
7,50 |
n.c. |
2,93 |
|
Capital on hand |
% |
25,69 |
35,58 |
54,38 |
95,40 |
|
Sales pro employee |
Value |
1.540.774 |
114.110 |
89.574 |
159.094 |
|
Labour cost pro employee |
Value |
60.535 |
37.209 |
32.463 |
32.607 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.82 |
|
|
1 |
Rs.87.9 |
|
Euro |
1 |
Rs.72.83 |
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.