|
Report Date : |
05.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
TECHNOFABRIC S.P.A. |
|
|
|
|
Registered Office : |
Via Bisognetta, 10/12 12024 - Costigliole Saluzzo (CN) |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
30.05.1983 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
· Manufacture of textiles · Manufacture of other technical and industrial textiles |
|
|
|
|
No. of Employees |
From 51 to 70 |
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 |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 higher. 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 133% of GDP in 2013, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2013 economic growth and labor market conditions deteriorated, with growth at -1.8% and unemployment rising to 12.4%, with youth unemployment around 40%. Italy's GDP is now 8% below its 2007 pre-crisis level
|
Source
: CIA |
TECHNOFABRIC S.P.A.
Via Bisognetta, 10/12
12024 - Costigliole Saluzzo (CN) -IT-
|
Fiscal Code |
: |
01708800048 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
30/05/1983 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
10.000.000/12.750.000 |
|
Number of Employees |
: |
from 51 to 70 |
MANUFACTURE OF TEXTILES
Manufacture of other technical and industrial textiles
Legal Form : Joint stock company
|
Fiscal Code : 01708800048 |
|
Foreign Trade Reg. no. : CN003732 since 20/12/1991 |
|
Chamber of Commerce no. : 132441 of Cuneo since 14/09/1983 |
|
Firms' Register : CN203-2073 of Cuneo since 19/02/1996 |
|
V.A.T. Code : 01708800048 |
|
Foundation date |
: 30/05/1983 |
|
|
Establishment date |
: 30/05/1983 |
|
|
Start of Activities |
: 30/05/1983 |
|
|
Legal duration |
: 31/12/2030 |
|
|
Nominal Capital |
: 3.380.000 |
|
|
Subscribed Capital |
: 3.380.000 |
|
|
Paid up Capital |
: 3.380.000 |
|
|
Nasi |
Renato |
|
|
Born in Costigliole Saluzzo |
(CN) |
on 09/11/1931 |
- Fiscal Code : NSARNT31S09D120M |
|
|
Residence: |
|
Piasco |
, 12 |
- 12024 |
Costigliole Saluzzo |
(CN) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
04/05/2012 |
|
|
|
Landriani |
Guido |
|
|
Born in Milano |
(MI) |
on 01/11/1934 |
- Fiscal Code : LNDGDU34S01F205Z |
|
|
Residence: |
|
Bergerone |
, 27 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
04/05/2012 |
|
|
|
Sbuttoni |
Marco |
|
|
Born in Bra |
(CN) |
on 16/11/1960 |
- Fiscal Code : SBTMRC60S16B111Q |
|
|
Residence: |
|
Gariglio |
, 19 |
- 12042 |
Bra |
(CN) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
04/05/2012 |
|
|
|
Managing Director |
04/05/2012 |
|
|
|
Board Chairman |
04/05/2012 |
|
|
|
No Prejudicial events are reported |
|
No Protests registered |
|
Burlo' |
Luca |
|
|
Born in Torino |
(TO) |
on 30/05/1970 |
- Fiscal Code : BRLLCU70E30L219V |
|
|
Residence: |
|
Regio Parco |
, 46 |
- 10152 |
Torino |
(TO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
04/05/2012 |
|
|
|
Servizio Italia Societa' Fiduciaria E Di |
Servizi Per Azioni O In Forma Abbreviat |
|
|
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
|
|
No Prejudicial events are reported |
|
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.
|
Sbuttoni |
Marco |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Technofinish S.p.a. |
Piasco (CN) - IT - |
01887320040 |
Managing Director |
Withdrawn |
Registered |
|
Technofinish S.p.a. |
Piasco (CN) - IT - |
01887320040 |
Director |
Withdrawn |
Registered |
|
Technofinish S.p.a. |
Piasco (CN) - IT - |
01887320040 |
Board Chairman |
Withdrawn |
Registered |
|
Granda Energia |
Cuneo (CN) - IT - |
02765730045 |
Vice-Chairman |
Active |
Registered |
|
Granda Energia |
Cuneo (CN) - IT - |
02765730045 |
Director |
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 |
|
NICOLINO ESTER |
Roma - IT - |
NCLSTR39T60H727Z |
338.000 .Eur |
10,00 |
|
VOLANTE RENZA |
Saluzzo - IT - |
VLNRNZ47M69G575V |
676.000 .Eur |
20,00 |
|
Nasi Chiara Angela |
|
NSACRN67H70D205A |
169.000 .Eur |
5,00 |
|
Nasi Claudia Teresa |
|
NSACDT63R48D205H |
169.000 .Eur |
5,00 |
|
Servizio Italia Societa' Fiduciaria E Di Servizi Per Azioni O In Forma Abbreviat |
|
00451690580 |
2.028.000 .Eur |
60,00 |
The Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares Amount |
% Ownership |
since |
until |
Share Status |
|
Granda Energia |
Cuneo - IT - |
02765730045 |
|
|
|
|
Active |
In order to carry out its activities the firm uses the following locations:
|
- |
Legal and operative seat |
|
since 08/08/1989 |
|
|
|
|
|
|
Bisognetta |
, 10/12 |
- 12024 |
- Costigliole Saluzzo |
(CN) |
- IT - |
|
|
|
|
PHONE |
: 0175238700 |
|
|
|
|
FAX |
: 0175230920 |
|
- |
Branch |
(Store) |
since 17/05/1993 |
until 01/11/1996 |
|
|
|
|
|
|
Roata Raffo |
, 55 |
- 12022 |
- Busca |
(CN) |
- IT - |
|
- |
Branch |
(Warehouse) |
since 01/10/2003 |
|
|
|
|
|
|
Roata Raffo |
, 55 |
- 12022 |
- Busca |
(CN) |
- IT - |
|
- |
Branch |
(Factory) |
since 11/11/2010 |
|
|
|
|
|
|
Rossana |
, 7 |
- 12026 |
- Piasco |
(CN) |
- IT - |
|
|
|
|
PHONE |
: 0175238777 |
|
|
|
|
FAX |
: 0175270240 |
|
- |
Branch |
(Warehouse) |
since 11/11/2010 |
|
|
|
|
|
|
Roata Raffo |
, 35 |
- 12022 |
- Busca |
(CN) |
- IT - |
|
|
|
|
Employees |
: 63 |
|
|
|
|
Assistants |
: 2 |
|
Fittings and Equipment for a value of 1.040.000 |
Eur |
|
Stocks for a value of 4.350.000 |
Eur |
|
Furniture and fittings for a value of 72.000 |
Eur |
|
Vehicles for a value of 100.000 |
Eur |
|
|
The firm operates abroad as importer / exporter..
To purchase foreign products the firm uses the following channels :
|
- distributors |
Export represents from 20% to 50% of the global turnover.
Products abroad are placed by :
|
- its own agents |
Export is mainly towards:
|
- Italy |
|
- France |
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Limited liability company |
Joint stock company |
08/08/1989 |
EX-MEMBERS / EX-POSITIONS:
|
Imbimbo |
Elio |
|
|
Born in Saluzzo |
(CN) |
on 17/09/1942 |
- Fiscal Code : MBMLEI42P17H727K |
|
|
Residence: |
|
Creusa |
, 5 |
- 12037 |
Saluzzo |
(CN) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
Borretta |
Maria Grazia |
|
|
Born in Saluzzo |
(CN) |
on 14/11/1958 |
- Fiscal Code : BRRMGR58S54H727D |
|
|
Residence: |
|
Valle Po |
, 374 |
- 12100 |
Cuneo |
(CN) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
Governa |
Roberto |
|
|
Born in Perugia |
(PG) |
on 11/01/1952 |
- Fiscal Code : GVRRRT52A11G478Q |
|
|
Residence: |
|
Trossarelli |
, 14 |
- 12038 |
Savigliano |
(CN) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
Galvagno |
Francesco |
|
|
Born in Manta |
(CN) |
on 11/12/1942 |
- Fiscal Code : GLVFNC42T11E894A |
|
|
Residence: |
|
Italia |
, 42 |
- 12037 |
Saluzzo |
(CN) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
|
Pairona |
Livio |
|
|
Born in Carde' |
(CN) |
on 30/06/1944 |
- Fiscal Code : PRNLVI44H30B755J |
|
|
Residence: |
|
Po |
, 16 |
- 12033 |
Moretta |
(CN) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
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 1983.
An eco-fin analysis has been made on the base od the b/s fo the years 2011, 2012 and 2013.
Under an economic point of view, profits were registered during the last years with a r.o.e. of 1,38% in 2013 with a stable trend in the turnover.
The operating result in 2013 was positive (2,46%) and in line with the sector's average.
An operating result of Eur. 453.329 has been registered. with a -20,24% fall as against the year 2012.
A gross operating margine for a value of Eur. 1.317.677 was reached. , stable if compared to the year before.
The company has an excellent net worth if compared to its debts, with a low indebtedness (0,25) improved in comparison with the year before (0,36.).
The equity capital is equal to Eur. 11.971.508 , unchanged as opposed to the preceding year.
During the last financial year debts totalled Eur. 4.178.573 (Eur. 1.033.973 of which were m/l term debts) , with a fall of -33,87%.
The company does not exceed in bank borrowings; the recourse to suppliers' credit is also limited lined up with the sector.
Payments are supported by good current assets.
Trade credits are collected slowly, average term is 99,49 days. but in line with the sector.
The financial management generated a cash flow of Eur. 1.030.083.
Labour cost amounts to Eur. 2.281.493, with a 22,05% incidence on production costs. , with a 20,33% incidence on turnover.
The incidence of the financial charges is of -0,91% on the sales amount.
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
11.224.894 |
|
Profit (Loss) for the period |
165.735 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
10.767.597 |
|
Profit (Loss) for the period |
297.809 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
10.936.796 |
|
Profit (Loss) for the period |
239.721 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
11.734.950 |
|
Profit (Loss) for the period |
563.326 |
From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.
|
- Balance Sheet as at 31/12/2013 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
RATIOS |
Value Type |
as at 31/12/2013 |
as at 31/12/2012 |
as at 31/12/2011 |
Sector Average |
|
COMPOSITION ON INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,53 |
0,49 |
0,54 |
0,29 |
|
Elasticity Ratio |
Units |
0,47 |
0,51 |
0,46 |
0,70 |
|
Availability of stock |
Units |
0,24 |
0,26 |
0,25 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,24 |
0,24 |
0,21 |
0,39 |
|
Quick Ratio |
Units |
0,01 |
0,00 |
0,02 |
0,01 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
0,25 |
0,36 |
0,18 |
1,69 |
|
Self Financing Ratio |
Units |
0,65 |
0,58 |
0,60 |
0,29 |
|
Capital protection Ratio |
Units |
0,70 |
0,69 |
0,69 |
0,71 |
|
Liabilities consolidation quotient |
Units |
0,62 |
0,69 |
1,62 |
0,26 |
|
Financing |
Units |
0,35 |
0,54 |
0,48 |
2,12 |
|
Permanent Indebtedness Ratio |
Units |
0,76 |
0,72 |
0,80 |
0,45 |
|
M/L term Debts Ratio |
Units |
0,11 |
0,15 |
0,20 |
0,13 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,06 |
0,00 |
0,96 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,44 |
1,47 |
1,48 |
1,38 |
|
Current ratio |
Units |
2,76 |
2,41 |
3,64 |
1,25 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,38 |
1,16 |
1,68 |
0,75 |
|
Structure's primary quotient |
Units |
1,23 |
1,17 |
1,10 |
0,90 |
|
Treasury's primary quotient |
Units |
0,05 |
0,00 |
0,14 |
0,03 |
|
Rate of indebtedness ( Leverage ) |
% |
153,69 |
173,02 |
167,81 |
339,62 |
|
Current Capital ( net ) |
Value |
5.540.005 |
6.049.360 |
6.441.292 |
1.615.606 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
9,18 |
10,96 |
10,10 |
1,74 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
1,38 |
2,52 |
2,08 |
0,25 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
2,99 |
4,48 |
3,66 |
2,94 |
|
Return on Investment ( R.O.I. ) |
% |
2,46 |
2,78 |
2,57 |
2,31 |
|
Return/ Sales |
% |
4,04 |
5,28 |
4,53 |
2,50 |
|
Extra Management revenues/charges incid. |
% |
36,56 |
52,40 |
48,38 |
8,02 |
|
Cash Flow |
Value |
1.030.083 |
1.180.199 |
1.104.075 |
210.372 |
|
Operating Profit |
Value |
453.329 |
568.386 |
495.445 |
359.192 |
|
Gross Operating Margin |
Value |
1.317.677 |
1.450.776 |
1.359.799 |
692.382 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
99,49 |
124,76 |
90,31 |
111,18 |
|
Debts to suppliers average term |
Days |
87,55 |
104,40 |
52,81 |
104,44 |
|
Average stock waiting period |
Days |
139,39 |
178,83 |
157,51 |
86,89 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,61 |
0,53 |
0,57 |
1,04 |
|
Rate of stock return |
Units |
2,58 |
2,01 |
2,29 |
4,12 |
|
Labour cost incidence |
% |
20,33 |
20,81 |
19,95 |
15,12 |
|
Net financial revenues/ charges incidence |
% |
-0,91 |
-0,96 |
-1,51 |
-2,07 |
|
Labour cost on purchasing expenses |
% |
22,05 |
21,23 |
21,03 |
14,82 |
|
Short-term financing charges |
% |
2,49 |
1,82 |
3,35 |
3,48 |
|
Capital on hand |
% |
163,91 |
189,71 |
176,58 |
95,83 |
|
Sales pro employee |
Value |
172.690 |
153.822 |
160.835 |
237.592 |
|
Labour cost pro employee |
Value |
35.099 |
32.011 |
32.086 |
33.432 |
1) Protests checking (relative to the last five years) performed by crossing and matching the members names and the Firm's Style with the reported addresses, is supplied by the Informatic Registry managed by the Italian Chamber of Commerce. If the fiscal code is not indicated, the eventual homonymous cases are submitted to expert staff evaluation in order to limit wrong matching risks.
2) The Legal Data, supplied and retrived from the Firm's Registry of the Italian Chamber of Commerce, are in line with the last registered modifications.
3) Risk evaluation and Credit Opinion have been performed on the base of the actual data at the moment of their availability.
|
Population living in the province |
: |
569.987 |
|
Population living in the region |
: |
4.330.172 |
|
Number of families in the region |
: |
1.889.207 |
Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
429 |
|
- per non food products |
: |
1.789 |
|
- per energy consume |
: |
135 |
Statistically the trade activity passes through serious crises.
The area is statistically considered lowly risky.
In the region 27.019 protested subjects are found; in the province they count to 1.458.
The insolvency index for the region is 0,63, , while for the province it is 0,26.
Total Bankrupt companies in the province : 1.299.
Total Bankrupt companies in the region : 14.165.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.02 |
|
|
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIS |
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.