MIRA INFORM REPORT
|
Report Date : |
13.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
COFIMCO S.R.L. |
|
|
|
|
Registered Office : |
Via Antonio Gramsci, 62 , 28050 – Pombia (NO) -IT- |
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|
|
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Country : |
Italy |
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Date of Incorporation : |
05.07.1994 |
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Legal Form : |
Sole-Member Limited Liability Company |
|
|
|
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Line of Business : |
· Manufacture of non-domestic cooling and ventilation equipment · Plumbing, heating and air conditioning installation (including maintenance and repair) in buildings or in other constructions |
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No of Employees : |
From 71 to 90 |
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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 |
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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, 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
COFIMCO S.R.L.
Via Antonio Gramsci, 62
28050 - Pombia (NO) -IT-
Summary
|
Fiscal Code |
: |
02556920151 |
|
Legal Form |
: |
Sole-Member Limited Liability Company |
|
start of Activities |
: |
05/07/1994 |
|
Turnover Range |
: |
7.750.000/9.000.000 |
|
Number of Employees |
: |
from 71 to 90 |
Activity
Manufacture of non-domestic cooling and ventilation equipment
Plumbing, heating and air conditioning installation (including maintenance and repair) in buildings or in other constructions
Legal
Data
Legal Form : Sole-Member Limited Liability Company
|
Fiscal Code : 02556920151 |
|
Chamber of Commerce no. : 178367 of Novara since 05/08/1994 |
|
Firms' Register : NO106-14717 of Novara since 19/02/1996 |
|
V.A.T. Code : 01508600036 |
|
Establishment date |
: 26/03/1975 |
|
|
Start of Activities |
: 05/07/1994 |
|
|
Legal duration |
: 31/12/2100 |
|
|
Nominal Capital |
: 516.457 |
|
|
Subscribed Capital |
: 516.457 |
|
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Paid up Capital |
: 516.457 |
Members
|
|
Rapetti |
Marco |
|
|
Born in MILANO |
(MI) |
on 24/06/1958 |
- Fiscal Code : RPTMRC58H24F205B |
|
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Residence: |
FRUA |
, 21/6 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
16/02/2000 |
||
|
Director |
10/01/2000 |
|
|
Childress Ii |
John Milton |
|
|
Born in Tennessee |
( ) |
on 22/10/1957 |
- Fiscal Code : CHLJNM57R22Z404F |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
10/01/2000 |
|
|
Gibbs |
James |
|
|
Born |
on 10/05/1952 |
- Fiscal Code : GBBJMS52E10Z401R |
|
|
Residence: |
CHARLOTTE N.C. |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
10/01/2000 |
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.
|
|
Childress Ii |
John Milton |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Spx Cooling Technologies Italia S.p.a. |
Gallarate (VA) - IT - |
00792890154 |
Director |
Withdrawn |
Registered |
|
Cofimco S.r.l. |
Pombia (NO) - IT - |
02556920151 |
Director |
Withdrawn |
Registered |
|
|
Rapetti |
Marco |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Cofimco S.r.l. |
Pombia (NO) - IT - |
02556920151 |
Managing
Director |
Withdrawn |
Registered |
|
Cofimco S.r.l. |
Pombia (NO) - IT - |
02556920151 |
Director |
Withdrawn |
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.
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:
|
- |
Registered office |
|
Cerruti |
, 6 |
- 28100 |
- Novara |
(NO) |
- IT - |
|
PHONE |
: 0321/968311 |
|
- |
Branch |
since 05/07/1994 |
|
Gramsci |
, 62 |
- 28050 |
- Pombia |
(NO) |
- IT - |
|
PHONE |
: 0321/968311 |
|
- |
Branch |
(Factory) |
|
Nazario Sauro |
, 22/24 |
- 21010 |
- Besnate |
(VA) |
- IT - |
|
Employees |
: 90 |
|
Fittings and Equipment for a value of 410.000 |
Eur |
|
Stocks for a value of 2.720.000 |
Eur |
Historical
Information and/or Firm's Status
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Limited liability company |
Joint stock company |
30/12/1994 |
EX-MEMBERS / EX-POSITIONS:
|
|
Mosiewicz |
Roberto Eduardo |
|
|
Born in Argentina |
( ) |
on 24/02/1949 |
- Fiscal Code : MSWRRT49B24Z600Q |
|
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Residence: |
Graziano Ponzone |
, 14 |
- 28041 |
Arona |
(NO) |
- IT - |
|
Ex-Postions |
|
Director |
|
Board Chairman |
|
Managing Director |
|
|
Nobili |
Maria Grazia |
|
|
Born in Veruno |
(NO) |
on 22/04/1954 |
- Fiscal Code : NBLMGR54D62L798E |
|
|
Residence: |
Alto Vergante |
, 50 |
- 28045 |
Invorio |
(NO) |
- IT - |
|
Ex-Postions |
|
Procurator |
CEASINGS/INCORPORATIONS/MERGES:
|
|
The firm absorved |
|
|
|
|
, POMBIA |
- IT - |
|
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Fiscal Code: 09052780153 |
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Date |
: |
25/10/1996 |
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
Subject is active since 1994
The economic-financial analysis has been made on the base of the latest
2 balance sheets.
Under an economic point of view, profits were registered during the last
years with a r.o.e. of 63,47% in 1998 and during the last financial year an
increase in sales volume was registered (+21,7% in 1998).
The return on Investment in the last financial year was positive (32,71%)
The amount of the operating result for the year 1998 is of Eur.
2.644.775 with a more then 100% growth.
A gross operating margine for a value of Eur. 3.153.485 was reached.
showing an upward trend if compared to 1997.
The financial status of the company is fairly balanced with an
indebtedness level of 2,43 and decreasing as against 1997.
With regard to equity capital, an amount of Eur. 1.979.579 is
registered. , increasing by 32,17% if compared to the financial year 1997.
Total debts (both short and M/L term) equals Eur. 5.701.684, showing a
stable trend as opposed to 1997 (Eur. 7.046.537).
The recourse to financial credit is within the limits; on the other hand
the recourse to suppliers' credit is rated as fairly high but lined up with the
field's average.
Liquid assets are good.
As to due from customers, the average terms are 81,83 days. , on the
same levels as the sector's average.
Eur. 1.765.249 is the value of cash flow during the year 1998
In the last financial year labour cost was of Eur. 2.324.572, with a
21,17% incidence on total costs of production. , whereas the incidence of such
costs on sales revenues is equal to 16,74%.
Limited financial charges in relation to sales volume.
Financial
Data
|
Estimated Financial Data |
|
Item Type |
Value |
|
Sales |
9.000.000 |
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 31/12/1998 - 12 Mesi - Currency: - Amounts |
|
- Balance Sheet as at 31/12/1997 - 12 Mesi - Currency: - Amounts |
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RATIOS |
Value Type |
as at 31/12/1998 |
as at 31/12/1997 |
Sector Average |
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COMPOSITION ON
INVESTMENT |
||||
|
Rigidity Ratio |
Units |
0,12 |
0,10 |
|
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Elasticity Ratio |
Units |
0,86 |
0,88 |
|
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Availability of stock |
Units |
0,33 |
0,29 |
|
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Total Liquidity Ratio |
Units |
0,52 |
0,59 |
|
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Quick Ratio |
Units |
0,10 |
0,15 |
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COMPOSITION ON
SOURCE |
||||
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Self Financing Ratio |
Units |
0,24 |
0,16 |
|
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Capital protection Ratio |
Units |
0,10 |
0,11 |
|
|
Liabilities consolidation quotient |
Units |
0,06 |
0,04 |
|
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Financing |
Units |
2,88 |
4,70 |
|
|
Permanent Indebtedness Ratio |
Units |
0,29 |
0,20 |
|
|
M/L term Debts Ratio |
Units |
0,04 |
0,03 |
|
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
|
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CORRELATION |
||||
|
Structure's primary quotient |
Units |
1,88 |
1,62 |
|
|
Treasury's primary quotient |
Units |
0,15 |
0,19 |
|
|
Rate of indebtedness ( Leverage ) |
% |
408,42 |
595,82 |
|
|
Current Capital ( net ) |
Value |
25 |
17 |
|
|
RETURN |
||||
|
Return on Equity - Net- ( R.O.E. ) |
% |
63,47 |
54,10 |
|
|
Return on Equity - Gross - ( R.O.E. ) |
% |
127,88 |
121,37 |
|
|
Return on Investment ( R.O.I. ) |
% |
32,71 |
13,88 |
|
|
Return/ Sales |
% |
19,05 |
10,86 |
|
|
Extra Management revenues/charges incid. |
% |
47,51 |
65,37 |
|
|
Cash Flow |
Value |
34 |
24 |
|
|
Operating Profit |
Value |
51 |
24 |
|
|
Gross Operating Margin |
Value |
61 |
32 |
|
|
MANAGEMENT |
||||
|
Rate of capital employed return ( Turnover ) |
Units |
1,71 |
1,27 |
|
|
Rate of stock return |
Units |
5,10 |
4,32 |
|
|
Labour cost on purchasing expenses |
% |
21,17 |
22,62 |
|
|
Short-term financing charges |
% |
4,22 |
2,27 |
|
|
Capital on hand |
% |
58,25 |
78,25 |
|
|
Sales pro employee |
Value |
3 |
2 |
|
|
Labour cost pro employee |
Value |
Remarks
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.
SOURCES
Our Company collects data from public registers, lists, archives or
contained in Acts and/or documents (held by the National Chamber of Commerce or
Immovables Territorial Agency), users, reporters or however generally
accessible (for example, from categorical lists, statistical institutes, press
reports and from public inspection internet sites).
The present report is supplied for Your exclusive use and is bond to the
general conditions of the contract. Personal Data collection and treatment,
reported, are conform to our company's activities and to Your mandate conferred
to us by Your request, for the purposes in relation to Marketing Management,
Sales and Monetary Administration. It does not contain, nor could contain,
information cancelled by a justified opposition right.
Market
/ Territory Data
|
Population living in the province |
: |
|
|
Population living in the region |
: |
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Number of families in the region |
: |
|
Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
|
|
- per non food products |
: |
|
|
- per energy consume |
: |
|
Sector
Data
The values are calculated on a base of 1.964 significant companies.
The companies cash their credits on an average of 111 dd.
The average duration of suppliers debts is about 127 dd.
The sector's profitability is on an average of 3,79%.
The labour cost affects the turnover in the measure of 18,94%.
Goods are held in stock in a range of 63 dd.
The difference between the sales volume and the resources used to
realize it is about 1,10.
The employees costs represent the 18,99% of the production costs.
Statistical
Detrimental Data
Statistcally the trade activity shows periods of crisis.
The area is statistically considered moderately risky.
In the region 27.019 protested subjects are found; in the province they
count to 2.505.
The insolvency index for the region is 0,63, , while for the province it
is 0,71.
Total Bankrupt companies in the province : 1.102.
Total Bankrupt companies in the region : 14.165.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.98.62 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.