|
Report Date : |
16.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
I.M.A. S.P.A. |
|
|
|
|
Registered Office : |
Via Piantada, 9/A 25036 - Palazzolo sull'Oglio (BS) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
06.06.1977 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture of textile machinery, machinery and systems for auxiliary treatment of textiles, sewing and weaving machines (including spare parts and accessories) |
|
|
|
|
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 : |
Slow but correct |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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, highly subsidized, agricultural south, where unemployment is high. 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 its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 126% of GDP in 2012, and investor concerns about the broader euro-zone crisis at times have caused borrowing costs on sovereign government debt to rise to euro-era. During the second half of 2011 the government passed three austerity packages to reduce its budget deficit and help bring down borrowing costs. 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 sustain its recent efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2012 economic growth and labor market conditions deteriorated, with growth at -2.3% and unemployment rising to nearly 11%, with youth unemployment around 35%. The government has undertaken several reform initiatives designed to increase long-term economic growth. Italy's GDP is now 7% below its 2007 pre-crisis level.
Source
: CIA
I.m.a. S.p.A.
Via Piantada, 9/A
25036 - Palazzolo sull'Oglio (BS) -IT-
|
Fiscal Code |
: |
00905260170 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
06/06/1977 |
|
Equity |
: |
200.000 |
|
Turnover Range |
: |
3.750.000/5.000.000 |
|
Number of Employees |
: |
from 16 to 25 |
Manufacture of textile machinery, machinery and systems for auxiliary
treatment of textiles, sewing and weaving machines (including spare parts and
accessories)
Legal Form : Joint stock company
|
Fiscal Code : 00905260170 |
|
Foreign Trade Reg. no. : 001369 of Brescia since 04/12/1991 |
|
Chamber of Commerce no. : 218195 of Brescia since 26/07/1977 |
|
V.A.T. Code : 00587080987 |
|
Tribunal Co. Register : 13917 of |
|
Foundation date |
: 02/06/1977 |
|
|
Establishment date |
: 02/06/1977 |
|
|
Start of Activities |
: 06/06/1977 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 135.200 |
|
|
Subscribed Capital |
: 135.200 |
|
|
Paid up Capital |
: 135.200 |
|
|
|
Cartabbia |
Giovanni |
|
|
|
Born in Milano |
(MI) |
on 19/11/1932 |
- Fiscal Code : CRTGNN32S19F205L |
|
|
|
Residence: |
|
Lombardia |
, 29 |
- 24067 |
Sarnico |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
|
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Sardini |
Luciano |
|
|
|
Born in Sondalo |
(SO) |
on 21/09/1933 |
- Fiscal Code : SRDLCN33P21I828Y |
|
|
|
Residence: |
|
Lombardia |
, 29 |
- 24067 |
Sarnico |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
24/11/2012 |
|
|
|
Director |
24/11/2012 |
|
|
|
Managing Director |
18/12/2012 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Cartabbia |
Paolo |
|
|
|
Born in Palazzolo sull'Oglio |
(BS) |
on 04/08/1968 |
- Fiscal Code : CRTPLA68M04G264B |
|
|
|
Residence: |
|
Lombardia |
, 32/C |
- 24067 |
Sarnico |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
24/11/2012 |
|
|
|
|
No Protests registered |
|
|
Sardini |
Mirella |
|
|
|
Born in Jugoslavia |
( ) |
on 27/02/1972 |
- Fiscal Code : SRDMLL72B67Z118U |
|
|
|
Residence: |
|
Gregorini |
, 8 |
- 24065 |
Lovere |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
24/11/2012 |
|
|
|
|
No Protests registered |
*checkings have been performed on a national scale.
In this module are listed the companies in which members hold or have
holded positions.
|
|
Sardini |
Luciano |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Macpi S.p.a. Pressing Division |
Palazzolo sull'Oglio (BS) - IT - |
01517470983 |
Director |
Active |
Registered |
|
Macpi S.p.a. Pressing Division |
Palazzolo sull'Oglio (BS) - IT - |
01517470983 |
Sole Director |
Withdrawn |
Registered |
|
Macpi S.p.a. Pressing Division |
Palazzolo sull'Oglio (BS) - IT - |
01517470983 |
Attorney with
special power |
Active |
Registered |
|
Macpi S.p.a. Pressing Division |
Palazzolo sull'Oglio (BS) - IT - |
01517470983 |
Board Chairman |
Withdrawn |
Registered |
|
Macpi S.r.l. |
Palazzolo sull'Oglio (BS) - IT - |
00502960172 |
Director |
Active |
Registered |
|
Macpi S.r.l. |
Palazzolo sull'Oglio (BS) - IT - |
00502960172 |
Attorney with
special power |
Active |
Registered |
|
Macpi S.r.l. |
Palazzolo sull'Oglio (BS) - IT - |
00502960172 |
Board Chairman |
Withdrawn |
Registered |
|
Finsar s.r.l. |
Palazzolo sull'Oglio (BS) - IT - |
01995030176 |
Sole Director |
Active |
Registered |
|
Agenzia Per Le Relazioni Economiche Industriali E Commerciali Con La
Cina S.r.l. |
Milano (MI) - IT - |
07736980157 |
Director |
Withdrawn |
Registered |
|
Immobiliare Lumir S.a.s. Di Sardini Luciano E C. |
Bergamo (BG) - IT - |
03583750165 |
General Partner |
Active |
Registered |
The indication "REGISTERED" as Firm Status could refer to
Firms in Liquidation, Active, Inactive, etc.
For more information, in this case, we advise to request further
investigations.
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Cartabbia Giovanni |
Sarnico - IT - |
CRTCNN32S19F205H |
29.852 .Eur |
22,08 |
|
Cartabbia Giovanni |
Sarnico - IT - |
CRTGNN32S19F205L |
29.852 .Eur |
22,08 |
|
Carfin s.r.l. |
Palazzolo sull'Oglio - IT - |
01995040175 |
24.787 .Eur |
18,75 |
|
Finsar s.r.l. |
Palazzolo sull'Oglio - IT - |
01995030176 |
24.787 .Eur |
18,75 |
|
Giachetti Franco |
|
GCHFNC39T05G702C |
24.782 .Eur |
18,34 |
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) |
|
|
|
|
|
|
Piantada |
, 9/A |
- 25036 |
- Palazzolo sull'Oglio |
(BS) |
- IT - |
|
|
|
|
PHONE |
: 0307300741 |
|
|
|
|
PHONE |
: 0307403711 |
|
|
|
|
Employees |
: 23 |
|
Fittings and Equipment for a value of 28.000 |
Eur |
|
Stocks for a value of 3.270.000 |
Eur |
|
Furniture and fittings for a value of 72.000 |
Eur |
|
Vehicles for a value of 83.000 |
Eur |
|
|
The firm operates abroad as exporter..
Export is mainly towards:
|
- Bulgaria |
|
- Ireland |
|
- Italy |
|
- France |
EX-MEMBERS / EX-POSITIONS:
|
|
Sardini |
Luciano |
|
|
|
Born in Sondalo |
(SO) |
on 21/09/1933 |
- Fiscal Code : SRDLCN33P21I828Y |
|
|
|
Residence: |
|
Lombardia |
, 29 |
- 24067 |
Sarnico |
(BG) |
- IT - |
|
Ex-Postions |
|
Board Chairman |
|
Director |
|
Managing Director |
|
|
Sardini Luciano |
|
|
|
|
Born in Sondalo |
(SO) |
on 21/09/1933 |
- Fiscal Code : SRDLCN33P21I828Y |
|
|
|
Fiscal residence: |
|
Lombardini |
, 29 |
- 24067 |
Sarnico |
(BG) |
- IT - |
|
Ex-Postions |
|
Chairman and Managing Director |
|
|
Cordelli Ernani |
|
|
|
|
Born in Pavia |
(PV) |
on 07/06/1937 |
|
Ex-Postions |
|
Managing Director |
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.
Company's starting of activities dates back to 1977.
Balance sheets for the years 2009, 2010 and 2011 were analyzed.
Under the financial profile unstable results are noted. with a profit
(r.o.e. 10,42%) in the last financial year Upward trend as to the turnover in
the last financial year (+27,67%).
The return on Investment in the last financial year was positive (5,01%)
falling within the field's average.
The amount of the operating result for the year 2011 is of Eur. 288.245
increasing if compared to the yeart 2010.
The economic management produced a gross operating margin of Eur.
428.835 showing an upward trend if compared to 2010.
Short-term debts volume if compared to net worth, as it comes out from
the total indebtedness (27,49) which is anyway decreasing.
It's shareholders funds amount to Eur. 157.818 , unchanged if compared
to 2010.
Total indebtedness was equal to Eur. 5.175.183 (Eur. 832.564 was the
value of m/l term debts) , with no sensible variation.
Financial indebtedness volumes are high; the average payments period is
high too and higher than sector's average.
Liquid assets are good.
Trade credits are collected slowly, average term is 159,45 days. also in
relation to the average of the sector.
2011 financial year closed with a cash flow of Eur. 157.036
Labour cost expenses amount to Eur. 1.028.929 , representing 23,8% on
the total of production costs. and a 25,17% incidence on sales volumes.
The financial management is marked by a high incidence of financial
charges in relation to sales revenues (-3,8%).
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
4.087.283 |
|
Profit (Loss) for the period |
16.446 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.201.212 |
|
Profit (Loss) for the period |
42.086 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.094.398 |
|
Profit (Loss) for the period |
-357.422 |
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 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
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 |
0,05 |
0,06 |
0,08 |
0,18 |
|
Elasticity Ratio |
Units |
0,95 |
0,94 |
0,92 |
0,80 |
|
Availability of stock |
Units |
0,57 |
0,53 |
0,49 |
0,24 |
|
Total Liquidity Ratio |
Units |
0,39 |
0,41 |
0,43 |
0,48 |
|
Quick Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
27,49 |
32,00 |
34,23 |
3,25 |
|
Self Financing Ratio |
Units |
0,03 |
0,03 |
0,03 |
0,19 |
|
Capital protection Ratio |
Units |
0,04 |
-0,25 |
3,24 |
0,63 |
|
Liabilities consolidation quotient |
Units |
0,28 |
0,08 |
0,10 |
0,19 |
|
Financing |
Units |
32,79 |
32,02 |
34,27 |
3,80 |
|
Permanent Indebtedness Ratio |
Units |
0,24 |
0,10 |
0,11 |
0,36 |
|
M/L term Debts Ratio |
Units |
0,21 |
0,07 |
0,09 |
0,11 |
|
Net Financial Indebtedness Ratio |
Units |
18,87 |
20,95 |
22,39 |
0,63 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
5,18 |
1,68 |
1,35 |
1,75 |
|
Current ratio |
Units |
1,26 |
1,06 |
1,05 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,51 |
0,46 |
0,49 |
0,81 |
|
Structure's primary quotient |
Units |
0,60 |
0,47 |
0,31 |
1,03 |
|
Treasury's primary quotient |
Units |
0,00 |
0,00 |
0,00 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
3646,21 |
3602,63 |
3911,78 |
516,42 |
|
Current Capital ( net ) |
Value |
1.147.575 |
260.411 |
155.271 |
422.465 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
3,84 |
5,02 |
-11,33 |
3,35 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
10,42 |
29,77 |
-359,99 |
5,13 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
60,31 |
77,82 |
-345,14 |
14,77 |
|
Return on Investment ( R.O.I. ) |
% |
5,01 |
4,43 |
-7,77 |
4,16 |
|
Return/ Sales |
% |
7,05 |
7,05 |
-14,40 |
4,11 |
|
Extra Management revenues/charges incid. |
% |
5,71 |
18,66 |
n.c. |
28,57 |
|
Cash Flow |
Value |
157.036 |
160.646 |
-237.347 |
122.482 |
|
Operating Profit |
Value |
288.245 |
225.596 |
-301.657 |
144.752 |
|
Gross Operating Margin |
Value |
428.835 |
344.156 |
-181.582 |
241.990 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
159,45 |
174,68 |
191,17 |
111,85 |
|
Debts to suppliers average term |
Days |
212,66 |
185,53 |
202,69 |
128,30 |
|
Average stock waiting period |
Days |
288,33 |
301,92 |
325,00 |
80,43 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,71 |
0,63 |
0,54 |
1,08 |
|
Rate of stock return |
Units |
1,25 |
1,19 |
1,11 |
4,45 |
|
Labour cost incidence |
% |
25,17 |
31,56 |
49,18 |
19,12 |
|
Net financial revenues/ charges incidence |
% |
-3,80 |
-3,61 |
-1,96 |
-1,08 |
|
Labour cost on purchasing expenses |
% |
23,80 |
27,04 |
36,61 |
19,02 |
|
Short-term financing charges |
% |
3,01 |
2,73 |
1,93 |
2,68 |
|
Capital on hand |
% |
140,79 |
159,10 |
185,44 |
91,91 |
|
Sales pro employee |
Value |
177.707 |
139.183 |
65.449 |
198.432 |
|
Labour cost pro employee |
Value |
44.736 |
43.928 |
32.187 |
35.779 |
|
Population living in the province |
: |
1.169.259 |
|
Population living in the region |
: |
9.393.092 |
|
Number of families in the region |
: |
3.858.736 |
Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
460 |
|
- per non food products |
: |
2.090 |
|
- per energy consume |
: |
114 |
The values are calculated on a base of 1.206 significant companies.
The companies cash their credits on an average of 112 dd.
The average duration of suppliers debts is about 128 dd.
The sector's profitability is on an average of 3,35%.
The labour cost affects the turnover in the measure of 19,12%.
Goods are held in stock in a range of 80 dd.
The difference between the sales volume and the resources used to
realize it is about 1,08.
The employees costs represent the 19,02% of the production costs.
Statistcally the trade activity shows periods of crisis.
The area is statistically considered moderately risky.
In the region 50.886 protested subjects are found; in the province they
count to 5.551.
The insolvency index for the region is 0,55, , while for the province it
is 0,48.
Total Bankrupt companies in the province : 3.452.
Total Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.05 |
|
|
1 |
Rs.90.71 |
|
Euro |
1 |
Rs.78.47 |
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.