MIRA
INFORM REPORT
|
Report Date : |
19.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
INOXFUCINE S.P.A.
|
|
|
|
|
Registered Office : |
Via Alberto Da Giussano, 1, 20145, - Milano, (MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
05.04.2001 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Engaged in forging,
rolling, molding and related machining : Stainless steel, semiferritici
(Duplex, Superduplex) Carbon steel, alloy steels, alloys (copper, nickel,
aluminum, bronze, titanium) and super alloys production as well as marketing
of drip, eight disks , ball valves, flow indicators and flanges |
|
|
|
|
No of Employees : |
From 51 to 70 Employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
|
With Financial |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
Company name & Address
Inoxfucine S.p.a.
Via Alberto Da Giussano, 1
20145, - Milano, (MI), -IT-
Summary
|
Fiscal Code |
: |
13412950159 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
31/07/2001 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
35.000.000/50.000.000 |
|
Number of Employees |
: |
From 51 To 70 |
Activity
Engaged in forging, rolling,
molding and related machining : Stainless steel, semiferritici (Duplex,
Superduplex) Carbon steel, alloy steels, alloys (copper, nickel, aluminum, bronze,
titanium) and super alloys production as well as marketing of drip, eight disks
, ball valves, flow indicators and flanges
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 13412950159 |
|
Chamber of Commerce no. : 1451696 of Lodi |
|
Chamber of Commerce no. : 1648354 of
Milano since 13/04/2001 |
|
V.A.T. Code : 13412950159 |
|
Establishment date |
: 05/04/2001 |
|
|
Start of Activities |
: 31/07/2001 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 963.777 |
|
|
Subscribed Capital |
: 963.777 |
|
|
Paid up Capital |
: 963.777 |
|
Members
|
|
Pugassi |
Lorenzo |
|
|
|
Born in Milano |
(MI) |
on 24/05/1960 |
- Fiscal Code : PGSLNZ60E24F205F |
|
|
|
Residence: |
|
Volta |
, 63 |
- 22070 |
Cassina Rizzardi |
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
11/04/2013 |
|
|
|
Board Chairman |
11/04/2013 |
|
|
|
Managing Director |
11/04/2013 |
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Cappellini |
Giorgio |
|
|
|
Born in Milano |
(MI) |
on 08/05/1937 |
- Fiscal Code : CPPGRG37E08F205E |
|
|
|
Residence: |
|
Fatebenefratelli |
, 22 |
- 20121 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Responsible technician |
06/06/2013 |
|
|
|
|
Pugassi |
Luca Amedeo |
|
|
|
Born in Milano |
(MI) |
on 05/11/1954 |
- Fiscal Code : PGSLMD54S05F205O |
|
|
|
Residence: |
|
Dei Gracchi |
, 9 |
- 20146 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
11/04/2013 |
|
|
|
Managing Director |
11/04/2013 |
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Cappellini |
Alessandro Carlo
Maria |
|
|
|
Born in Milano |
(MI) |
on 08/07/1966 |
- Fiscal Code : CPPLSN66L08F205W |
|
|
|
Residence: |
|
Bellotti Felice |
, 7/A |
- 20129 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Responsible technician |
12/04/2012 |
|
|
|
Director |
11/04/2013 |
|
|
|
|
Inoxfucine Group
S.r.l. |
|
|
|
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
Companies connected to members *
*checkings have been performed on a national
scale.
In this module are listed the companies in
which members hold or have holded positions.
|
|
Pugassi |
Lorenzo |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Inoxfucine S.r.l. |
Milano (MI) - IT - |
04796250159 |
Director |
Active |
Registered |
|
HSBC BANK PLC |
Milano (MI) - IT - |
07892720157 |
Procurator |
Withdrawn |
Registered |
|
Inoxfucine Group S.r.l. |
Milano (MI) - IT - |
04641700960 |
Director |
Active |
Registered |
|
Inoxfucine Group S.r.l. |
Milano (MI) - IT - |
04641700960 |
Board Chairman |
Active |
Registered |
|
Conaco S.r.l. |
Milano (MI) - IT - |
06395740969 |
Managing
Director |
Active |
Registered |
|
Conaco S.r.l. |
Milano (MI) - IT - |
06395740969 |
Director |
Active |
Registered |
|
|
Pugassi |
Luca Amedeo |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Inoxfucine Group S.r.l. |
Milano (MI) - IT - |
04641700960 |
Managing
Director |
Active |
Registered |
|
Inoxfucine Group S.r.l. |
Milano (MI) - IT - |
04641700960 |
Director |
Active |
Registered |
|
Conaco S.r.l. |
Milano (MI) - IT - |
06395740969 |
Director |
Active |
Registered |
|
Conaco S.r.l. |
Milano (MI) - IT - |
06395740969 |
Board Chairman |
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.
Capital Shareholders
Shareholders' list as at date of data
collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Guindani Matteo Francesco |
Milano - IT - |
GNDMTF71S16F205F |
57.150 .Eur |
5,92 |
|
Pugassi Luca Amedeo |
Milano - IT - |
PGSLMD54S05F205O |
36.239 .Eur |
3,76 |
|
Cappellini Alessandro Carlo Maria |
Milano - IT - |
CPPLSN66L08F205W |
114.300 .Eur |
11,85 |
|
Inoxfucine Group S.r.l. |
|
04641700960 |
756.088 .Eur |
78,45 |
Direct Participations
The
Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares
Amount |
% Ownership |
since |
until |
Share Status |
|
Gas Intensive Soc. Consortile A Responsa
bilita' Limitata |
Milano - IT - |
03305420964 |
1.000 .Eur |
0,34 |
|
|
Active |
Firm's location and structure
In order to carry out its activities the
firm uses the following locations:
|
- |
Legal and
operative seat |
|
|
|
|
|
|
|
Alberto Da Giussano |
, 1 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
|
|
|
PHONE |
: 0371610754 |
|
|
|
|
FAX |
: 0371610070 |
|
- |
Branch |
(Factory) |
since 25/07/2001 |
|
|
|
|
|
- 20075 |
- Montanaso Lombardo |
(LO) |
- IT - |
|
|
|
|
Employees |
: 52 |
|
Fittings and Equipment for a value of 1.410.000 |
Eur |
|
Stocks for a value of 7.380.000 |
Eur |
|
|
Historical Information and/or Firm's Status
EX-MEMBERS /
EX-POSITIONS:
|
|
Cappellini |
Giorgio |
|
|
|
Born in Milano |
(MI) |
on 08/05/1937 |
- Fiscal Code : CPPGRG37E08F205E |
|
|
|
Residence: |
|
Fatebenefratelli |
, 22 |
- 20121 |
Milano |
(MI) |
- IT - |
|
Ex-Postions |
|
Responsible |
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
Company's starting of activities dates back
to 2001.
The economic-financial analysis has been
made on the base of the b/s of the latests three years.
During the last years, it achieved profits
(r.o.e. 17,23% on 2012) with a remarkable upward trend (+35,28% on 2012
compared to 2011 and +26,99% on 2011 compared to 2010).
The operating result in 2012 was positive
(12,45%) falling within the field's average.
The amount of the operating result for the
year 2012 is of Eur. 5.718.641 ,showing stability in respect to the value of
2011.
During the latest financial year the gross
operating margin amounted to Eur. 7.000.463 with a 20% increase as opposed to
the preceding year.
The company has an excellent net worth if
compared to its debts, with a low indebtedness (0,4) which is yet rising if
compared to 2011.
The management generated equity capital for
an amount of Eur. 21.785.478 , unchanged as opposed to the preceding year.
Total debts recorded amounted to Eur.
22.077.928 (Eur. 3.100.698 of which were m/l term debts) with a growth equal to
43,26%.
The company does not exceed in bank credits;
payments average period is instead slightly high (135,51 gg.) even if it still
falls within the sector's average.
It shows a good range of liquidity.
Trade credits average terms are slow, on
average 131,8 days. also in relation to the average of the sector.
During financial year 2012 the cash flow
amounted to Eur. 5.035.491
Labour cost expenses amount to Eur.
7.061.541 , representing 17,32% on the total of production costs. , whereas the
incidence of such costs on sales revenues is equal to 15,68%.
Limited financial charges in relation to
sales volume.
Financial Data
|
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
45.029.175 |
|
Profit (Loss) for the period |
3.753.669 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
33.284.019 |
|
Profit (Loss) for the period |
3.315.041 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
26.208.266 |
|
Profit (Loss) for the period |
1.799.149 |
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 31/12/2012 - 12 Mesi - Currency: - Amounts x 1 |
|
- 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 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
RATIOS |
Value
Type |
as at 31/12/2012 |
as at 31/12/2011 |
as at 31/12/2010 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,18 |
0,37 |
0,35 |
0,29 |
|
Elasticity Ratio |
Units |
0,82 |
0,63 |
0,64 |
0,68 |
|
Availability of stock |
Units |
0,16 |
0,13 |
0,15 |
0,17 |
|
Total Liquidity Ratio |
Units |
0,66 |
0,49 |
0,49 |
0,46 |
|
Quick Ratio |
Units |
0,23 |
0,14 |
0,18 |
0,01 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
0,40 |
0,30 |
0,41 |
2,76 |
|
Self Financing Ratio |
Units |
0,47 |
0,58 |
0,51 |
0,19 |
|
Capital protection Ratio |
Units |
0,78 |
0,81 |
0,86 |
0,73 |
|
Liabilities consolidation quotient |
Units |
0,26 |
0,46 |
0,52 |
0,26 |
|
Financing |
Units |
1,01 |
0,65 |
0,89 |
3,72 |
|
Permanent Indebtedness Ratio |
Units |
0,58 |
0,71 |
0,68 |
0,40 |
|
M/L term Debts Ratio |
Units |
0,11 |
0,13 |
0,17 |
0,14 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,05 |
0,14 |
1,43 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
3,26 |
1,93 |
1,92 |
1,26 |
|
Current ratio |
Units |
1,98 |
2,20 |
2,01 |
1,17 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,59 |
1,73 |
1,54 |
0,82 |
|
Structure's primary quotient |
Units |
2,65 |
1,58 |
1,45 |
0,66 |
|
Treasury's primary quotient |
Units |
0,55 |
0,51 |
0,56 |
0,03 |
|
Rate of indebtedness ( Leverage ) |
% |
210,80 |
171,24 |
195,61 |
525,76 |
|
Current Capital ( net ) |
Value |
18.543.533 |
13.919.296 |
12.922.965 |
298.138 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
11,18 |
12,03 |
9,30 |
4,68 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
17,23 |
13,92 |
8,78 |
3,71 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
26,35 |
21,34 |
13,69 |
13,44 |
|
Return on Investment ( R.O.I. ) |
% |
12,45 |
12,62 |
6,64 |
4,74 |
|
Return/ Sales |
% |
12,70 |
15,46 |
10,15 |
4,15 |
|
Extra Management revenues/charges incid. |
% |
65,64 |
64,43 |
67,61 |
21,51 |
|
Cash Flow |
Value |
5.035.491 |
4.003.637 |
2.438.145 |
185.471 |
|
Operating Profit |
Value |
5.718.641 |
5.144.943 |
2.661.027 |
194.639 |
|
Gross Operating Margin |
Value |
7.000.463 |
5.833.539 |
3.300.023 |
390.334 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
131,80 |
111,64 |
123,88 |
101,01 |
|
Debts to suppliers average term |
Days |
135,51 |
113,76 |
163,52 |
120,12 |
|
Average stock waiting period |
Days |
59,04 |
58,35 |
83,34 |
52,84 |
|
Rate of capital employed return ( Turnover
) |
Units |
0,98 |
0,82 |
0,65 |
1,16 |
|
Rate of stock return |
Units |
6,10 |
6,17 |
4,32 |
6,79 |
|
Labour cost incidence |
% |
15,68 |
15,99 |
13,77 |
15,66 |
|
Net financial revenues/ charges incidence |
% |
-0,07 |
-0,21 |
0,26 |
-1,77 |
|
Labour cost on purchasing expenses |
% |
17,32 |
18,76 |
14,43 |
16,92 |
|
Short-term financing charges |
% |
0,70 |
1,17 |
0,87 |
3,19 |
|
Capital on hand |
% |
101,99 |
122,49 |
152,96 |
85,76 |
|
Sales pro employee |
Value |
204.678 |
200.506 |
234.002 |
226.946 |
|
Labour cost pro employee |
Value |
32.097 |
32.066 |
32.218 |
33.958 |
Market / Territory Data
|
Population living in the province |
: |
3.839.216 |
|
Population living in the region |
: |
9.393.092 |
|
Number of families in the region |
: |
3.858.736 |
Monthly
family expenses average in the region (in Eur..) :
|
- per food products |
: |
460 |
|
- per non food products |
: |
2.090 |
|
- per energy consume |
: |
114 |
Sector Data
The values are calculated on a base of 680
significant companies.
The companies cash their credits on an
average of 101 dd.
The average duration of suppliers debts is
about 120 dd.
The sector's profitability is on an average
of 4,68%.
The labour cost affects the turnover in the
measure of 15,66%.
Goods are held in stock in a range of 53 dd.
The difference between the sales volume and
the resources used to realize it is about 1,16.
The employees costs represent the 16,92% of
the production costs.
Statistical Detrimental Data
Statistically the trade activity shows
periods of crisis.
The area is statistically considered lowly
risky.
In the region 50.886 protested subjects are
found; in the province they count to 24.765.
The insolvency index for the region is 0,55,
, while for the province it is 0,66.
Total Bankrupt companies in the province :
22.523.
Total Bankrupt companies in the region :
39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.86 |
|
UK Pound |
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.72 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.