|
Report No. : |
334456 |
|
Report Date : |
01.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
MICROFILM S.R.L. |
|
|
|
|
Registered Office : |
Via
Einaudi, 98 36040 – Brendola (VI) -IT- |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
05.11.1990 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture
of plastic plates, sheets, tubes and profiles |
|
|
|
|
No. of Employees : |
From 11 to 15 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Italy |
A1 |
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 |
|
Microfilm
S.r.l. |
|
Via |
Einaudi, |
98 |
|
36040 |
-
Brendola |
(VI) |
-IT- |
|
Fiscal
Code |
: |
02257450235 |
|
Legal
Form |
: |
Limited
liability company |
|
start
of Activities |
: |
18/07/1997 |
|
Equity |
: |
2.000.000
|
|
Turnover
Range |
: |
2.250.000/3.000.000
|
|
Number
of Employees |
: |
from
11 to 15 |
Manufacture
of plastic plates, sheets, tubes and profiles
Legal
Form : Limited liability company
|
Fiscal
Code : 02257450235 |
|
Foreign
Trade Reg. no. : VI049598 since 16/11/2000 |
|
Chamber
of Commerce no. : 259578 of Vicenza since 04/06/1997 |
|
Firms'
Register : VI-1997-164080 of Vicenza since 15/05/1997 |
|
V.A.T.
Code : 02600920249 |
|
Establishment
date |
:
05/11/1990 |
|
|
Start
of Activities |
:
18/07/1997 |
|
|
Legal
duration |
: 31/12/2050 |
|
|
Nominal
Capital |
:
100.000 |
|
|
Subscribed
Capital |
:
100.000 |
|
|
Paid
up Capital |
:
100.000 |
|
|
Legal
mail : |
MICROFILM@PEC.IT |
|
|
Sambugaro |
Giuliano |
|
|
|
Born
in Lonigo |
(VI) |
on
22/05/1954 |
- Fiscal
Code : SMBGLN54E22E682I |
|
|
|
Residence: |
|
Damiano
Chiesa |
, 2 |
-
36040 |
Sarego |
(VI) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Sole
Director |
14/12/2000 |
|
|
|
|
No
Prejudicial events are reported |
|
|
No Protests
registered |
|
|
Bicego
Daniela |
|
|
|
|
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 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.
Shareholders'
list as at date of data collection:
|
Firm's
Style / Name |
Seat /
Residence |
Fiscal
Code |
Owned
Shares |
%
Ownership |
|
Sambugaro
Giuliano |
Sarego
- IT - |
SMBGLN54E22E682I |
51.000
.Eur |
51,00 |
|
Bicego
Daniela |
|
BCGDNL61P52I690J |
49.000
.Eur |
49,00 |
The
Company under review has no participations in other Companies.
In order
to carry out its activities the firm uses the following locations:
|
- |
Legal
and operative seat |
|
|
|
|
|
|
|
Einaudi |
, 98 |
-
36040 |
-
Brendola |
(VI) |
- IT - |
|
|
|
|
Legal
mail |
:
MICROFILM@PEC.IT |
|
- |
Branch |
(Workshop) |
since
19/11/2007 |
|
|
|
|
|
|
Einaudi |
, SN |
-
36040 |
-
Brendola |
(VI) |
- IT - |
|
- |
Branch |
(Store) |
since 01/02/2014 |
|
|
|
|
|
|
Einaudi |
, 22/D |
-
36040 |
-
Brendola |
(VI) |
- IT - |
|
|
|
|
Employees |
: 12 |
|
Fittings
and Equipment for a value of 280.000 |
Eur |
|
Stocks
for a value of 210.000 |
Eur |
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.
Subject
is active since 1997
The
eonomic-financial analysis is based on the latest 3 b/s.
During
the last years, it recorded positive net results (r.o.e. 5,61% in 2013) with a
good increase in turnover (+15,87% in 2013 compared to 2012 and +5,05% in 2012
compared to 2011).
The
operating result in 2013 was positive (6,71%) falling within the field's
average.
The
amount of the operating result for the year 2013 is of Eur. 208.303 with a
24,33% growth.
The
G.O.M. amounted to Eur. 445.687 on the same levels as the previous financial
year.
Very
good financial situation: shareholder's equity covers short-terms debts with an
indebtedness level equal to 0,47 and with an upward trend compared to the
previous year.
With
regard to equity capital, an amount of Eur. 1.802.271 is registered. ,
unchanged as opposed to the preceding year.
Total
indebtedness amounts to Eur. 1.239.575, , with no sensible variation.
Moderate
recourse to bank credit while the exposure towards suppliers is rather high
however still within the sector's average.
It shows
a good range of liquidity.
Due from
customers average term is high and equal to 106,6 days. within the standard level
of the average of the sector.
During
financial year 2013 the cash flow amounted to Eur. 338.457
During
2013 financial year labour costs amounted to Eur. 557.826, with a 22,48%
incidence on production costs. and a 20,91% incidence on sales volumes.
The incidence
of the financial charges is of -0,6% on the sales amount.
|
|
|
Complete
balance-sheet for the year |
al
31/12/2013 |
(in
Eur |
x 1) |
|
Item
Type |
Value |
|
Sales |
2.667.280 |
|
Profit
(Loss) for the period |
101.073 |
|
|
|
Complete
balance-sheet for the year |
al
31/12/2012 |
(in
Eur |
x 1) |
|
Item
Type |
Value |
|
Sales |
2.301.795 |
|
Profit
(Loss) for the period |
93.334 |
|
|
|
Complete
balance-sheet for the year |
al
31/12/2011 |
(in
Eur |
x 1) |
|
Item
Type |
Value |
|
Sales |
2.190.976 |
|
Profit
(Loss) for the period |
112.730 |
|
|
|
Complete
balance-sheet for the year |
al
31/12/2010 |
(in
Eur |
x 1) |
|
Item
Type |
Value |
|
Sales |
2.241.738 |
|
Profit
(Loss) for the period |
115.157 |
|
|
|
Complete
balance-sheet for the year |
al
31/12/2009 |
(in
Eur |
x 1) |
|
Item
Type |
Value |
|
Sales |
2.067.290 |
|
Profit
(Loss) for the period |
178.407 |
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 |
|
Years |
2013 |
2012 |
2011 |
|
|
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 |
0,54 |
0,58 |
0,58 |
0,33 |
|
Elasticity
Ratio |
Units |
0,45 |
0,40 |
0,41 |
0,65 |
|
Availability
of stock |
Units |
0,07 |
0,08 |
0,08 |
0,14 |
|
Total
Liquidity Ratio |
Units |
0,39 |
0,33 |
0,33 |
0,47 |
|
Quick
Ratio |
Units |
0,12 |
0,08 |
0,12 |
0,01 |
|
COMPOSITION
ON SOURCE |
|
|
|
|
|
|
Net
Short-term indebtedness |
Units |
0,47 |
0,67 |
0,47 |
2,54 |
|
Self
Financing Ratio |
Units |
0,58 |
0,55 |
0,60 |
0,22 |
|
Capital
protection Ratio |
Units |
0,83 |
0,83 |
0,80 |
0,74 |
|
Liabilities
consolidation quotient |
Units |
0,11 |
0,09 |
0,10 |
0,24 |
|
Financing |
Units |
0,69 |
0,81 |
0,66 |
3,21 |
|
Permanent
Indebtedness Ratio |
Units |
0,63 |
0,58 |
0,64 |
0,41 |
|
M/L
term Debts Ratio |
Units |
0,05 |
0,04 |
0,04 |
0,13 |
|
Net
Financial Indebtedness Ratio |
Units |
0,17 |
0,34 |
0,27 |
1,12 |
|
CORRELATION |
|
|
|
|
|
|
Fixed
assets ratio |
Units |
1,16 |
1,00 |
1,10 |
1,17 |
|
Current
ratio |
Units |
1,13 |
0,92 |
1,03 |
1,10 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
0,97 |
0,74 |
0,83 |
0,82 |
|
Structure's
primary quotient |
Units |
1,08 |
0,94 |
1,03 |
0,68 |
|
Treasury's
primary quotient |
Units |
0,31 |
0,17 |
0,30 |
0,03 |
|
Rate of
indebtedness ( Leverage ) |
% |
172,34 |
183,42 |
166,95 |
455,17 |
|
Current
Capital ( net ) |
Value |
162.441 |
-112.611 |
29.413 |
135.108 |
|
RETURN |
|
|
|
|
|
|
Return
on Sales |
% |
12,69 |
14,91 |
15,50 |
3,71 |
|
Return
on Equity - Net- ( R.O.E. ) |
% |
5,61 |
5,51 |
6,84 |
2,32 |
|
Return
on Equity - Gross - ( R.O.E. ) |
% |
10,67 |
9,91 |
12,52 |
8,76 |
|
Return
on Investment ( R.O.I. ) |
% |
6,71 |
5,39 |
8,30 |
3,87 |
|
Return/
Sales |
% |
7,81 |
7,28 |
10,42 |
3,60 |
|
Extra Management
revenues/charges incid. |
% |
48,52 |
55,71 |
49,37 |
16,69 |
|
Cash
Flow |
Value |
338.457 |
343.167 |
339.630 |
147.669 |
|
Operating
Profit |
Value |
208.303 |
167.529 |
228.351 |
140.969 |
|
Gross
Operating Margin |
Value |
445.687 |
417.362 |
455.251 |
283.954 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits
to clients average term |
Days |
106,60 |
113,29 |
92,22 |
110,91 |
|
Debts
to suppliers average term |
Days |
104,75 |
129,46 |
78,39 |
113,90 |
|
Average
stock waiting period |
Days |
27,77 |
38,43 |
34,87 |
47,23 |
|
Rate
of capital employed return ( Turnover ) |
Units |
0,86 |
0,74 |
0,80 |
1,09 |
|
Rate
of stock return |
Units |
12,97 |
9,37 |
10,32 |
7,61 |
|
Labour
cost incidence |
% |
20,91 |
22,19 |
21,55 |
15,52 |
|
Net financial
revenues/ charges incidence |
% |
-0,60 |
-0,81 |
-1,01 |
-1,76 |
|
Labour
cost on purchasing expenses |
% |
22,48 |
23,53 |
23,75 |
15,56 |
|
Short-term
financing charges |
% |
1,92 |
1,62 |
2,22 |
3,19 |
|
Capital
on hand |
% |
116,45 |
134,94 |
125,53 |
91,39 |
|
Sales
pro employee |
Value |
156.898 |
153.453 |
156.498 |
214.336 |
|
Labour
cost pro employee |
Value |
32.813 |
34.045 |
33.727 |
32.630 |
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 |
: |
831.356 |
|
Population
living in the region |
: |
4.699.950 |
|
Number
of families in the region |
: |
1.813.210 |
Monthly
family expences average in the region (in Eur..) :
|
- per
food products |
: |
456 |
|
- per
non food products |
: |
2.052 |
|
- per
energy consume |
: |
127 |
The
values are calculated on a base of 2.727 significant companies.
The
companies cash their credits on an average of 111 dd.
The
average duration of suppliers debts is about 114 dd.
The sector's
profitability is on an average of 3,71%.
The
labour cost affects the turnover in the measure of 15,52%.
Goods
are held in stock in a range of 47 dd.
The
difference between the sales volume and the resources used to realize it is
about 1,09.
The employees
costs represent the 15,56% of the production costs.
Statistcally
the trade activity shows periods of crisis.
The area
is statistically considered lowly risky.
In the
region 13.782 protested subjects are found; in the province they count to
2.234.
The
insolvency index for the region is 0,30, , while for the province it is 0,27.
Total
Bankrupt companies in the province : 2.546.
Total
Bankrupt companies in the region : 16.714.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.01 |
|
UK Pound |
1 |
Rs.99.84 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
VNT |
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 trsend
(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.