MIRA INFORM REPORT
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Report No. : |
315650 |
|
Report Date : |
04.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
T.I.A.C.- THE INTERNATIONAL ABRASIVE COM
PANY S.R.L. |
|
|
|
|
Registered Office : |
Via Monte Cervino, 2/4, 20021 – Bollate (MI) |
|
|
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Country : |
Italy |
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|
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.11.2011 |
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Legal Form : |
Sole-Member Limited Liability Company |
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Line of Business : |
Production of abrasive products |
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|
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No. of Employee : |
From 36 to 50 |
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 |
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Payment Behaviour : |
Slow but correct |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Italy |
A2 |
A1 |
|
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 and address
T.I.A.C.- THE INTERNATIONAL ABRASIVE COM PANY S.R.L.
Via Monte Cervino, 2/4 20021 – Bollate (MI) -IT-
Summary
|
Fiscal Code |
: |
07603070967 |
|
Legal Form |
: |
Sole-Member Limited Liability Company |
|
start of Activities |
: |
01/11/2011 |
|
Equity |
: |
2.000.000 |
|
Turnover Range |
: |
5.000.000/6.500.000 |
|
Number of Employees |
: |
from 36 to 50 |
Activity
Production of abrasive products
Legal
Data
Legal Form : Sole-Member Limited Liability Company
|
Fiscal Code : 07603070967 |
|
Chamber of Commerce no. : 1970212 of Milano since 07/11/2011 |
|
V.A.T. Code : 07603070967 |
|
Establishment date |
: 26/10/2011 |
|
|
Start of Activities |
: 01/11/2011 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 110.000 |
|
|
Subscribed Capital |
: 110.000 |
|
|
Paid up Capital |
: 110.000 |
|
Legal mail : |
TIACSRLSOCUNIPERSONALE@LEGALMAIL.IT |
Members
|
|
C.d. Immobiliare Srl |
|
|
: |
Monte Cervino |
, 0002 |
- 20021 |
Bollate |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole partner |
26/10/2011 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Doniselli |
Carlo |
|
|
Born in Bollate |
(MI) |
on 10/12/1946 |
- Fiscal Code : DNSCRL46T10A940G |
|
|
Residence: |
Monte Cervino |
, 2/4 |
- 20021 |
Bollate |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
26/10/2011 |
||
|
Director |
26/10/2011 |
||
|
Managing Director |
21/11/2011 |
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No Prejudicial events are reported |
|
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No Protests registered |
|
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Doniselli |
Andrea |
|
|
Born in Lodi |
(MI) |
on 13/11/1981 |
- Fiscal Code : DNSNDR81S13E648V |
|
|
Residence: |
Cinque Giornate |
, 11 |
- 20021 |
Bollate |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
26/10/2011 |
||
|
Managing Director |
21/11/2011 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
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Doniselli |
Giovani |
|
|
Born in Santo Antonio |
( ) |
on 21/11/1986 |
- Fiscal Code : DNSGVN86S21Z506X |
|
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Residence: |
L. Da Vinci |
, 5 |
- 20021 |
Bollate |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
26/10/2011 |
||
|
Managing Director |
21/11/2011 |
|
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No Prejudicial events are reported |
|
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No Protests registered |
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T.i.a.c. - The' International Abrasive C |
ompany 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.
|
|
Doniselli |
Carlo |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
C.d. Immobiliare Srl |
Bollate (MI) - IT - |
00695850156 |
Sole Director |
Active |
Registered |
|
C.d. Immobiliare Srl |
Bollate (MI) - IT - |
00695850156 |
Procurator |
Active |
Registered |
|
Societa' Agricola Immobiliare Visconta S.r.l. |
Milano (MI) - IT - |
00587750126 |
Sole Director |
Active |
Registered |
|
Societa' Agricola Immobiliare Visconta S.r.l. |
Milano (MI) - IT - |
00587750126 |
Sole partner |
Active |
Registered |
|
|
Doniselli |
Giovani |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Sd Horses Di Giovani Doniselli E Riccardo Sanavio Snc |
Carate Brianza (MB) - IT - |
09010440965 |
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.
Capital
Shareholders
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
C.d. Immobiliare Srl |
Bollate - IT - |
00695850156 |
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 |
|
Monte Cervino |
, 2/4 |
- 20021 |
- Bollate |
(MI) |
- IT - |
|
Legal mail |
: TIACSRLSOCUNIPERSONALE@LEGALMAIL.IT |
|
Employees |
: 40 |
|
Stocks for a value of 810.000 |
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
Company's starting of activities dates back to some years ago (2011).
The latest 2 available b/s have been used.
During the last years, net losses were registered; in 2013 r.o.e. is
-12,99%. 2013 loss was also due to a turnover decrease.
The return on investment in the last financial year was negative
(-3,15%).
The operating loss amounts to Eur. -158.040 .
The G.O.M. amounted to Eur. 82.141 showing a more then 100% growth.
Company's financial status is balanced since indebtedness is not high
(1,62) yet on the increase as against the previous accounting period.
The equity capital is equal to Eur. 1.503.215 , unchanged if compared to
2012.
During the last financial year debts totalled Eur. 2.513.490 (Eur.
75.000 of which were m/l term debts) increasing if compared to the previous
year, during which they were equal to Eur. 2.022.274 (24,29%).
Current liquid assets is positive.
During financial year 2013 the cash flow amounted to Eur. 44.922
Labour cost amounts to Eur. 1.859.670, with a 34,18% incidence on
production costs. , whereas 36,34% is the incidence on sales revenues.
Financial incomes cover financial charges.
Financial
Data
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
5.117.680 |
|
Profit (Loss) for the period |
-195.259 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
6.262.668 |
|
Profit (Loss) for the period |
-988.958 |
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 31/12/2013 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1 |
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RATIOS |
Value Type |
as at 31/12/2013 |
as at 31/12/2012 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
||||
|
Rigidity Ratio |
Units |
0,14 |
0,14 |
0,25 |
|
Elasticity Ratio |
Units |
0,86 |
0,86 |
0,72 |
|
Availability of stock |
Units |
0,16 |
0,14 |
0,16 |
|
Total Liquidity Ratio |
Units |
0,70 |
0,72 |
0,52 |
|
Quick Ratio |
Units |
0,00 |
0,00 |
0,02 |
|
COMPOSITION ON
SOURCE |
||||
|
Net Short-term indebtedness |
Units |
1,62 |
1,13 |
2,14 |
|
Self Financing Ratio |
Units |
0,30 |
0,36 |
0,24 |
|
Capital protection Ratio |
Units |
1,06 |
1,52 |
0,66 |
|
Liabilities consolidation quotient |
Units |
0,44 |
0,50 |
0,19 |
|
Financing |
Units |
1,67 |
1,19 |
2,88 |
|
Permanent Indebtedness Ratio |
Units |
0,51 |
0,56 |
0,41 |
|
M/L term Debts Ratio |
Units |
0,21 |
0,20 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
n.c. |
0,85 |
|
CORRELATION |
||||
|
Fixed assets ratio |
Units |
3,76 |
4,09 |
1,37 |
|
Current ratio |
Units |
1,76 |
2,12 |
1,16 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,43 |
1,77 |
0,83 |
|
Structure's primary quotient |
Units |
2,20 |
2,60 |
1,00 |
|
Treasury's primary quotient |
Units |
0,00 |
0,01 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
333,64 |
281,18 |
414,11 |
|
Current Capital ( net ) |
Value |
1.857.657 |
2.167.856 |
371.408 |
|
RETURN |
||||
|
Return on Sales |
% |
0,88 |
-11,83 |
3,75 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
-12,99 |
-58,23 |
6,64 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
-7,44 |
-66,68 |
13,86 |
|
Return on Investment ( R.O.I. ) |
% |
-3,15 |
-23,59 |
4,28 |
|
Return/ Sales |
% |
-3,09 |
-17,99 |
3,86 |
|
Extra Management revenues/charges incid. |
% |
n.c. |
n.c. |
29,40 |
|
Cash Flow |
Value |
44.922 |
-740.764 |
109.780 |
|
Operating Profit |
Value |
-158.040 |
-1.126.614 |
124.512 |
|
Gross Operating Margin |
Value |
82.141 |
-878.420 |
223.896 |
|
MANAGEMENT |
||||
|
Credits to clients average term |
Days |
n.c. |
n.c. |
127,69 |
|
Debts to suppliers average term |
Days |
n.c. |
n.c. |
125,84 |
|
Average stock waiting period |
Days |
56,89 |
38,32 |
58,52 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,02 |
1,31 |
1,12 |
|
Rate of stock return |
Units |
6,33 |
9,39 |
6,15 |
|
Labour cost incidence |
% |
36,34 |
37,04 |
17,01 |
|
Net financial revenues/ charges incidence |
% |
0,90 |
-0,09 |
-1,30 |
|
Labour cost on purchasing expenses |
% |
34,18 |
30,97 |
17,33 |
|
Short-term financing charges |
% |
0,63 |
0,29 |
2,67 |
|
Capital on hand |
% |
98,00 |
76,26 |
88,59 |
|
Sales pro employee |
Value |
88.235 |
86.981 |
216.094 |
|
Labour cost pro employee |
Value |
32.063 |
32.221 |
33.994 |
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.
Market
/ Territory Data
|
Population living in the province |
: |
|
|
Population living in the region |
: |
|
|
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 99 significant companies.
The companies cash their credits on an average of 128 dd.
The average duration of suppliers debts is about 126 dd.
The sector's profitability is on an average of 3,75%.
The labour cost affects the turnover in the measure of 17,01%.
Goods are held in stock in a range of 59 dd.
The difference between the sales volume and the resources used to
realize it is about 1,12.
The employees costs represent the 17,33% of the production costs.
Statistical
Detrimental Data
Statistcally 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.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.
s