MIRA INFORM REPORT
|
Report No. : |
319250 |
|
Report Date : |
27.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
EUROCROMO S.R.L. |
|
|
|
|
Registered Office : |
Via Dell'artigianato, 1 20010 -
Bernate Ticino (MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
21.12.1985 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Manufacture of tubes, pipes, hollow profiles and related fittings in
steel (except those in refined steel) |
|
|
|
|
No. of Employee : |
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 |
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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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
ITALY ECONOMIC OVERVIEW
Italy has a diversified 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 132% of GDP in 2014, 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 tax evasion. In
2014 economic growth and labor market conditions continued to deteriorate, with
overall unemployment rising to 12.2% and youth unemployment around 40%. Italy's
GDP is now nearly 10% below its 2007 pre-crisis level.
|
Source
: CIA |
Company
name and address
EUROCROMO S.R.L.
Via Dell'artigianato, 1 20010 - Bernate
Ticino (MI) -IT-
Summary
|
Fiscal Code |
: |
08133700156 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
21/12/1985 |
|
Equity |
: |
300.000 |
|
Turnover Range |
: |
3.000.000/3.750.000 |
|
Number of Employees |
: |
from 16 to 25 |
Activity
Manufacture of tubes, pipes, hollow profiles and related fittings in
steel (except those in refined steel)
Legal
Data
Legal Form : Limited liability company
|
Fiscal Code : 08133700156 |
|
Chamber of Commerce no. : 1217655 of Milano since 25/06/1986 |
|
V.A.T. Code : 08133700156 |
|
Tribunal Co. Register : 256097 of |
|
Foundation date |
: 21/12/1985 |
|
|
Establishment date |
: 21/12/1985 |
|
|
Start of Activities |
: 21/12/1985 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 101.640 |
|
|
Subscribed Capital |
: 101.640 |
|
|
Paid up Capital |
: 101.640 |
|
Legal mail : |
EUROCROMOSRL@REGISTERPEC.IT |
Members
|
|
Lucini |
Teresa |
|
|
Born in Albairate |
(MI) |
on 23/05/1949 |
- Fiscal Code : LCNTRS49E63A127A |
|
|
Residence: |
Ravano |
, 15/1 |
- 17019 |
Varazze |
(SV) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
24/06/2004 |
||
|
Board Chairman |
12/07/2004 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Zunino |
Celso |
|
|
Born in Sassello |
(SV) |
on 20/01/1947 |
- Fiscal Code : ZNNCLS47A20I453Z |
|
|
Residence: |
Ravano |
, 15/1 |
- 17019 |
Varazze |
(SV) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
24/06/2004 |
||
|
Managing Director |
12/07/2004 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Zunino Alessandro |
|
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 the companies in which members hold/held positions are
listed.
The Members of the subject firm are not reported to be Members in other
companies.
Capital
Shareholders
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Lucini Teresa |
Varazze - IT - |
LCNTRS49E63A127A |
17.532 .Eur |
17,25 |
|
Zunino Celso |
Varazze - IT - |
ZNNCLS47A20I453Z |
17.532 .Eur |
17,25 |
|
Zunino Alessandro |
ZNNLSN76E13D969B |
61.492 .Eur |
60,50 |
|
|
Gasparri Massimo |
GSPMSM53H07E514T |
5.082 .Eur |
5,00 |
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 |
since 24/10/1991 |
|
Dell'artigianato |
, 1 |
- 20010 |
- Bernate Ticino |
(MI) |
- IT - |
|
PHONE |
: 0237255661 |
|
Legal mail |
: EUROCROMOSRL@REGISTERPEC.IT |
|
Employees |
: 17 |
|
Fittings and Equipment for a value of 59.000 |
Eur |
|
Stocks for a value of 1.000.000 |
Eur |
Historical Information and/or Firm's Status
EX-MEMBERS / EX-POSITIONS:
|
|
Boldrini |
Luigi |
|
|
Born in Magenta |
(MI) |
on 18/03/1955 |
- Fiscal Code : BLDLGU55C18E801A |
|
|
Residence: |
Monte Bianco |
, 21 |
- 20011 |
Corbetta |
(MI) |
- IT - |
|
Ex-Postions |
|
Chairman |
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 1985
The economic-financial analysis has been made on the base of the b/s of
the latests three years.
In the economic management , good and bad results followed on by turns.
with a profit (r.o.e. 7,77%) in the last financial year
The operating result in 2013 was positive (3,71%) and in line with the
sector's average.
The operating result is positive and amounts to Eur. 80.873 showing an
upward trend more then 100% compared to the previous financial year.
A gross operating margine for a value of Eur. 136.700 was reached.
growing by more then 100% if compared to the year before.
The ratio between debts and total assets is fairly high, as it comes out
from the indebtedness (5,28) which is also improving if compared to the
previous year.
With regard to equity capital, an amount of Eur. 258.171 is registered.
on the same levels as the year before.
The financial management has recorded total debts amounting to Eur.
1.366.504, , a more or less stable value.
Available funds are good.
2013 financial year closed with a cash flow of Eur. 75.896
During 2013 financial year labour costs amounted to Eur. 748.658, with a
20,63% incidence on production costs. and a 20,82% incidence on sales volumes.
If compared to the sales volume (-0,8%), the impact of the financial
charges is limited.
Financial
Data
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.595.735 |
|
Profit (Loss) for the period |
20.069 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.503.473 |
|
Profit (Loss) for the period |
-174.796 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
5.614.329 |
|
Profit (Loss) for the period |
172.556 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
4.120.991 |
|
Profit (Loss) for the period |
3.526 |
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 |
|
- Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1 |
|
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|
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 |
0,07 |
0,09 |
0,08 |
0,33 |
|
Elasticity Ratio |
Units |
0,93 |
0,90 |
0,91 |
0,64 |
|
Availability of stock |
Units |
0,46 |
0,43 |
0,28 |
0,22 |
|
Total Liquidity Ratio |
Units |
0,47 |
0,47 |
0,64 |
0,41 |
|
Quick Ratio |
Units |
0,01 |
0,05 |
0,15 |
0,01 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
5,28 |
5,05 |
3,64 |
1,76 |
|
Self Financing Ratio |
Units |
0,12 |
0,11 |
0,14 |
0,28 |
|
Capital protection Ratio |
Units |
0,53 |
1,31 |
0,34 |
0,65 |
|
Liabilities consolidation quotient |
Units |
0,33 |
0,42 |
0,22 |
0,21 |
|
Financing |
Units |
5,29 |
5,94 |
4,62 |
2,32 |
|
Permanent Indebtedness Ratio |
Units |
0,33 |
0,36 |
0,29 |
0,44 |
|
M/L term Debts Ratio |
Units |
0,21 |
0,25 |
0,15 |
0,10 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
n.c. |
n.c. |
1,23 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
4,74 |
4,06 |
3,50 |
1,38 |
|
Current ratio |
Units |
1,48 |
1,51 |
1,36 |
1,17 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,75 |
0,79 |
0,95 |
0,80 |
|
Structure's primary quotient |
Units |
1,71 |
1,24 |
1,74 |
0,84 |
|
Treasury's primary quotient |
Units |
0,02 |
0,08 |
0,22 |
0,02 |
|
Rate of indebtedness ( Leverage ) |
% |
845,26 |
909,63 |
689,88 |
353,85 |
|
Current Capital ( net ) |
Value |
652.875 |
658.561 |
690.910 |
1.089.006 |
|
RETURN |
|||||
|
Return on Sales |
% |
2,11 |
-3,32 |
4,58 |
4,21 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
7,77 |
-73,41 |
41,79 |
5,65 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
20,28 |
-61,82 |
56,17 |
10,45 |
|
Return on Investment ( R.O.I. ) |
% |
3,71 |
-5,99 |
8,68 |
5,10 |
|
Return/ Sales |
% |
2,25 |
-3,70 |
4,41 |
5,37 |
|
Extra Management revenues/charges incid. |
% |
24,82 |
n.c. |
69,77 |
32,26 |
|
Cash Flow |
Value |
75.896 |
-116.392 |
256.918 |
656.826 |
|
Operating Profit |
Value |
80.873 |
-129.790 |
247.337 |
725.724 |
|
Gross Operating Margin |
Value |
136.700 |
-71.386 |
331.699 |
1.207.677 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
n.c. |
n.c. |
n.c. |
103,53 |
|
Debts to suppliers average term |
Days |
n.c. |
n.c. |
n.c. |
107,64 |
|
Average stock waiting period |
Days |
99,84 |
95,76 |
50,32 |
64,91 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,65 |
1,62 |
1,97 |
1,09 |
|
Rate of stock return |
Units |
3,61 |
3,76 |
7,15 |
5,55 |
|
Labour cost incidence |
% |
20,82 |
23,94 |
17,05 |
10,69 |
|
Net financial revenues/ charges incidence |
% |
-0,80 |
-0,72 |
-0,27 |
-1,62 |
|
Labour cost on purchasing expenses |
% |
20,63 |
22,19 |
18,05 |
11,43 |
|
Short-term financing charges |
% |
2,13 |
1,90 |
0,85 |
3,56 |
|
Capital on hand |
% |
60,69 |
61,82 |
50,74 |
91,63 |
|
Sales pro employee |
Value |
156.336 |
134.748 |
193.597 |
358.274 |
|
Labour cost pro employee |
Value |
32.550 |
32.252 |
33.014 |
35.860 |
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 |
: |
3.839.216 |
|
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 |
Sector Data
The values are calculated on a base of 185 significant companies.
The companies cash their credits on an average of 104 dd.
The average duration of suppliers debts is about 108 dd.
The sector's profitability is on an average of 4,21%.
The labour cost affects the turnover in the measure of 10,69%.
Goods are held in stock in a range of 65 dd.
The difference between the sales volume and the resources used to
realize it is about 1,09.
The employees costs represent the 11,43% 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.63.40 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.68.48 |
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.