MIRA
INFORM REPORT
|
Report Date : |
30.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
Suzlon wind Energy Italy S.r.l. |
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Registered Office : |
Viale Citta’ D’ Europa, 681, 00100 – Roma (RM) |
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Country : |
Italy |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
09.11.2006 |
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Legal Form : |
Sole-Member Limited Liability Company |
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Line of Business : |
Electrical Power Generation, Transmission and Distribution |
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No. of Employees : |
From 1 to 5 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Poor |
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Payment Behaviour : |
Delayed |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Italy |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
Suzlon Wind Energy
Italy S.r.l.
Viale Citta' D' Europa, 681
00100 - Roma (RM) -IT-
Summary
|
Fiscal Code |
: |
05486470965 |
|
Legal Form |
: |
Sole-Member Limited Liability Company |
|
start of Activities |
: |
21/03/2007 |
|
Equity |
: |
150.000 |
|
Turnover Range |
: |
500.000/750.000 |
|
Number of Employees |
: |
from 1 to 5 |
Activity
Electrical power generation, transmission and
distribution
Legal Data
Legal Form : Sole-Member Limited Liability
Company
|
Fiscal Code : 05486470965 |
|
Chamber of Commerce no. : 1162106 of since
28/03/2007 |
|
Establishment date |
: 09/11/2006 |
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Start of Activities |
: 21/03/2007 |
|
|
Legal duration |
: 31/12/2050 |
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Nominal Capital |
: 10.000 |
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Subscribed Capital |
: 10.000 |
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Paid up Capital |
: 10.000 |
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Members
|
|
Leone |
Luca Oliviero |
|
|
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Born in Genova |
(GE) |
on 01/01/1962 |
- Fiscal Code : LNELLV62A01D969B |
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|
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Residence: |
|
Spagna |
, 3 |
- 00041 |
Albano Laziale |
(RM) |
- IT - |
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Position |
Since |
Shares Amount |
% Ownership |
|
General Director |
12/07/2007 |
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Chau |
Simon Ting Man |
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Born in Hong-kong |
( ) |
on 16/11/1957 |
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Residence: |
Maria Dermoutlaan |
, 20 |
Amstelveen |
- NL - |
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Position |
Since |
Shares Amount |
% Ownership |
|
Director |
02/02/2011 |
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|
|
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No Protests
registered |
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Visscher |
Frans Hilbert
Jan |
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Born in 's-gravenhage |
( ) |
on 24/06/1953 |
- Fiscal Code : VSSFNS53H24Z126N |
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Residence: |
Kloosterlaan |
, 10 |
Bergen |
- NL - |
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Position |
Since |
Shares Amount |
% Ownership |
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Director |
02/02/2011 |
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|
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Board Chairman |
02/02/2011 |
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No Prejudicial
events are reported |
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No Protests
registered |
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Suzlon Energy
A/s |
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|
Position |
Since |
Shares Amount |
% Ownership |
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Sole partner |
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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 |
|
Suzlon Energy A/s |
|
|
|
100,00 |
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 |
|
|
|
|
|
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|
Citta' D' Europa |
, 681 |
- 00100 |
- Roma |
(RM) |
- IT - |
|
|
|
|
Employees |
: 2 |
|
Fittings and Equipment for a value of
2.000 |
Eur |
|
Stocks for a value of 830.000 |
Eur |
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 is active since 2007
An eco-fin analysis has been made on the
base od the b/s fo the years 2010, 2011 and 2012.
Last two financial years were marked by losses;
in 2012 r.o.e. is -382,35%. Losses are due to turnover decrease registered over
the last years.
A loss is registered as to the operating
result (-18,99%).
The operating loss amounts to Eur. -471.449
.
With regard to GOM, subject closed 2012
financial account with a negative result (Eur. -454.414).
Short-term debts volume if compared to net
worth, as it comes out from the total indebtedness (16,03) which is anyway
decreasing.
Subject can manage an equity capital funds
for an amount of Eur. 141.731 , rising by 36,76%.
Eur. 2.277.326 is the amount of total debts,
both commercial and of different nature, with a downward trend if compared to
the preceding year (-72,97%).
Remarkable financial indebtedness specially
if compared to equity capital, the exposure to suppliers is moderate (57,05 gg.
is the average payment period) which is also lower than the sector average.
The liquidity level is positive (1,08).
As to due from customers, the average terms
are 7,45 days. , lower than the sector's average.
(Eur. -524.868) is the negative value of the
cash flow.
Subordinate employment cost is of Eur.
359.567, i.e. 28,88% on total production costs. , whereas the incidence on
sales revenues is of 54,64%.
Finacial chareges are high: the incidence on
sales volume amounts to -9,86%
Financial Data
|
Complete balance-sheet for the year |
31/03/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
658.081 |
|
Profit (Loss) for the period |
-541.903 |
|
|
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Complete balance-sheet for the year |
31/03/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
5.374.817 |
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Profit (Loss) for the period |
-466.028 |
|
|
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Complete balance-sheet for the year |
31/03/2010 |
(in Eur |
x 1) |
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Item Type |
Value |
|
Sales |
6.094.170 |
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Profit (Loss) for the period |
-6.539.949 |
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 31/03/2012 - 12 Mesi - Currency: - Amounts x 1 |
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- Balance Sheet
as at 31/03/2011 - 12 Mesi - Currency: - Amounts x 1 |
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- Balance Sheet
as at 31/03/2010 - 12 Mesi - Currency: - Amounts x 1 |
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RATIOS |
Value Type |
as at 31/03/2012 |
as at 31/03/2011 |
as at 31/03/2010 |
Sector Average |
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COMPOSITION ON
INVESTMENT |
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|
|
|
|
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Rigidity Ratio |
Units |
0,01 |
0,00 |
0,00 |
0,38 |
|
Elasticity Ratio |
Units |
0,99 |
0,99 |
0,99 |
0,57 |
|
Availability of stock |
Units |
0,33 |
0,16 |
0,54 |
0,01 |
|
Total Liquidity Ratio |
Units |
0,65 |
0,84 |
0,45 |
0,42 |
|
Quick Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,02 |
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COMPOSITION ON
SOURCE |
|
|
|
|
|
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Net Short-term indebtedness |
Units |
16,03 |
81,31 |
42,70 |
1,88 |
|
Self Financing Ratio |
Units |
0,06 |
0,01 |
0,02 |
0,31 |
|
Capital protection Ratio |
Units |
4,75 |
5,40 |
25,22 |
0,31 |
|
Liabilities consolidation quotient |
Units |
0,03 |
0,01 |
0,00 |
0,49 |
|
Financing |
Units |
16,07 |
81,32 |
42,73 |
2,14 |
|
Permanent Indebtedness Ratio |
Units |
0,08 |
0,02 |
0,03 |
0,62 |
|
M/L term Debts Ratio |
Units |
0,03 |
0,01 |
0,00 |
0,16 |
|
Net Financial Indebtedness Ratio |
Units |
15,18 |
67,78 |
36,90 |
0,79 |
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CORRELATION |
|
|
|
|
|
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Fixed assets ratio |
Units |
8,55 |
3,91 |
5,32 |
1,08 |
|
Current ratio |
Units |
1,08 |
1,01 |
1,04 |
1,01 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,71 |
0,85 |
0,47 |
0,99 |
|
Structure's primary quotient |
Units |
5,91 |
2,53 |
4,60 |
0,87 |
|
Treasury's primary quotient |
Units |
0,00 |
0,00 |
0,00 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
1751,31 |
8287,01 |
4454,08 |
312,92 |
|
Current Capital ( net ) |
Value |
173.982 |
109.946 |
418.827 |
7.163 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
-79,76 |
-8,34 |
-106,99 |
2,72 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
-382,35 |
-449,69 |
-2425,24 |
4,96 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
-382,35 |
-449,69 |
-2337,57 |
6,80 |
|
Return on Investment ( R.O.I. ) |
% |
-18,99 |
-3,46 |
-49,04 |
0,03 |
|
Return/ Sales |
% |
-71,64 |
-5,52 |
-96,65 |
1,61 |
|
Extra Management revenues/charges incid. |
% |
n.c. |
n.c. |
n.c. |
45,16 |
|
Cash Flow |
Value |
-524.868 |
-448.382 |
-6.520.013 |
70.458 |
|
Operating Profit |
Value |
-471.449 |
-296.792 |
-5.889.932 |
615 |
|
Gross Operating Margin |
Value |
-454.414 |
-279.146 |
-5.869.996 |
10.188 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
7,45 |
1,51 |
0,44 |
94,27 |
|
Debts to suppliers average term |
Days |
57,05 |
1133,88 |
274,68 |
86,65 |
|
Average stock waiting period |
Days |
453,46 |
90,07 |
385,52 |
6,82 |
|
Rate of capital employed return ( Turnover
) |
Units |
0,27 |
0,63 |
0,51 |
0,29 |
|
Rate of stock return |
Units |
0,79 |
4,00 |
0,93 |
50,67 |
|
Labour cost incidence |
% |
54,64 |
6,47 |
7,08 |
5,28 |
|
Net financial revenues/ charges incidence |
% |
-9,86 |
-3,15 |
-6,79 |
-1,12 |
|
Labour cost on purchasing expenses |
% |
28,88 |
43,67 |
4,00 |
6,19 |
|
Short-term financing charges |
% |
2,86 |
2,01 |
3,59 |
1,89 |
|
Capital on hand |
% |
377,18 |
159,78 |
197,09 |
337,27 |
|
Sales pro employee |
Value |
59.825 |
1.791.605 |
1.015.695 |
580.488 |
|
Labour cost pro employee |
Value |
32.687 |
115.855 |
71.941 |
38.394 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.70 |
|
|
1 |
Rs.84.35 |
|
Euro |
1 |
Rs.72.21 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.