|
Report No. : |
334130 |
|
Report Date : |
03.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
KING S.P.A. |
|
|
|
|
Registered Office : |
Via Abruzzo, 2, 20090 – Opera (MI) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
07.05.1968 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Wholesale
of hardware, plumbing and heating equipment and supplies |
|
|
|
|
No. of Employees : |
From 36 to 50 |
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 Complaint |
|
|
|
|
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 |
|
King S.p.a. |
|
Via |
Abruzzo, |
2 |
|
20090 |
- Opera |
(MI) |
-IT- |
|
Fiscal
Code |
: |
00738100155 |
|
Legal
Form |
: |
Joint
stock company |
|
start
of Activities |
: |
07/05/1968 |
|
Equity |
: |
Over
2.582.254 |
|
Turnover
Range |
: |
20.000.000/25.000.000
|
|
Number
of Employees |
: |
from
36 to 50 |
|
Subject
company is mainly engaged in the wholesale of following articles: |
|
–
Hexagonal head screws |
|
–
Hollow screws |
|
–
Nuts and washers |
|
–
Self-threading and self- drilling screws |
|
–
Metal screws |
|
–
Chipboard screws, bolts, TTQST |
|
–
Bars and grains |
|
–
Special hardware already in stock |
Wholesale
of hardware, plumbing and heating equipment and supplies
Legal
Form : Joint stock company
|
Fiscal
Code : 00738100155 |
|
Foreign
Trade Reg. no. : MI059697 since 20/12/1991 |
|
Chamber
of Commerce no. : 760791 of Milano since 13/05/1968 |
|
Firms'
Register : MI146-136084 of Milano since 19/02/1996 |
|
V.A.T.
Code : 00738100155 |
|
Foundation
date |
:
07/05/1968 |
|
|
Establishment
date |
:
07/05/1968 |
|
|
Start
of Activities |
:
07/05/1968 |
|
|
Legal
duration |
:
31/12/2050 |
|
|
Nominal
Capital |
:
500.000 |
|
|
Subscribed
Capital |
:
500.000 |
|
|
Paid
up Capital |
:
500.000 |
|
Legal
mail : |
KINGSPA@PEC.AAASPA.IT |
|
Biagi |
Sergio |
|
Born
in Melegnano |
(MI) |
on
27/03/1943 |
-
Fiscal Code : BGISRG43C27F100V |
|
Residence: |
Del
Cavaliere |
,
2 |
-
20090 |
Opera |
(MI) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
14/05/2015 |
||
|
Partner |
|
No
Prejudicial events are reported |
|
No
Protests registered |
|
Servidati |
Giuseppe
Battista |
|
Born
in Melegnano |
(MI) |
on
06/06/1948 |
-
Fiscal Code : SRVGPP48H06F100O |
|
Residence: |
Dei
Tigli |
,
19 |
-
20090 |
Opera |
(MI) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
14/05/2015 |
||
|
Assistant
board Chairman |
14/05/2015 |
|
No
Prejudicial events are reported |
|
No
Protests registered |
|
Prati |
Maria
Caterina |
|
Born
in San Giuliano Milanese |
(MI) |
on
19/07/1947 |
-
Fiscal Code : PRTMCT47L59H930S |
|
Residence: |
Del
Cavaliere |
,
2 |
-
20090 |
Opera |
(MI) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
14/05/2015 |
|
Biagi |
Andrea |
|
Born
in Vizzolo Predabissi |
(MI) |
on
07/10/1971 |
-
Fiscal Code : BGINDR71R07M102S |
|
Residence: |
Vicinale
Del Lisone |
,
1/C |
-
20090 |
Opera |
(MI) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
14/05/2015 |
||
|
Managing
Director |
14/05/2015 |
||
|
Board
Chairman |
14/05/2015 |
|
No
Prejudicial events are reported |
|
No
Protests registered |
|
Biagi |
Luca |
|
Born
in Vizzolo Predabissi |
(MI) |
on
12/02/1974 |
-
Fiscal Code : BGILCU74B12M102B |
|
Residence: |
Falcone |
,
6 |
-
20090 |
Opera |
(MI) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
14/05/2015 |
||
|
Managing
Director |
14/05/2015 |
|
No
Prejudicial events are reported |
|
No
Protests registered |
|
Biagi |
Anna |
|
Born
in Milano |
(MI) |
on
05/09/1981 |
-
Fiscal Code : BGINNA81P45F205R |
|
Residence: |
Del
Cavaliere |
,
18 |
-
20090 |
Opera |
(MI) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
14/05/2015 |
*checkings
have been performed on a national scale.
In
this module are listed the companies in which members hold or have holded
positions.
|
Servidati |
Giuseppe
Battista |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
Fiminox
S.p.a. |
Opera
(MI) - IT - |
00925070153 |
Director |
Withdrawn |
Registered |
|
Fiminox
S.p.a. |
Opera
(MI) - IT - |
00925070153 |
Procurator |
Active |
Registered |
|
Biagi |
Luca |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
Inox
Fasteners S.r.l. |
Montegrotto
Terme (PD) - IT - |
01148450289 |
Director |
Active |
Registered |
The
indication "REGISTERED" as Firm Status could refer to Firms in
Liquidation, Active, Inactive.
For
more information, in this case, we advise to request further investigations.
Shareholders'
list as at date of data collection:
|
Firm's
Style / Name |
Seat
/ Residence |
Fiscal
Code |
Owned
Shares |
%
Ownership |
|
Biagi
Sergio |
Opera
- IT - |
BGISRG43C27F100V |
300.000
.Eur |
60,00 |
|
Servidati
Giuseppe Battista |
Opera
- IT - |
SRVGPP48H06F100O |
25.000
.Eur |
5,00 |
|
Spazzini
Valeria |
Melegnano
- IT - |
SPZVLR42B62M102B |
100.000
.Eur |
20,00 |
|
Prati
Maria Caterina |
Opera
- IT - |
PRTMCT47L59H930S |
75.000
.Eur |
15,00 |
The
Company under review has participations in the following Companies:
|
Firm's
Style |
Seat |
Fiscal
Code |
Owned
Shares Amount |
%
Ownership |
since
|
until
|
Share
Status |
|
Italbolt
Inox Service S.r.l. |
Lurago
d'Erba - IT - |
01915550139 |
10.400
.Eur |
20,00 |
Active |
In
order to carry out its activities the firm uses the following locations:
|
- |
Legal
and operative seat |
since
01/09/2013 |
|
Abruzzo |
,
2 |
-
20090 |
-
Opera |
(MI) |
-
IT - |
|
PHONE |
:
0257606482 |
|
FAX |
:
0257604100 |
|
Legal
mail |
:
KINGSPA@PEC.AAASPA.IT |
|
- |
Legal
and operative seat |
since
30/07/1992 |
until
01/09/2013 |
|
Giuseppe
Ungaretti |
,
2 |
-
20090 |
-
Opera |
(MI) |
-
IT - |
|
PHONE |
:
0257606482 |
|
FAX |
:
0257609908 |
|
FAX |
:
0257604100 |
|
Employees |
:
36 |
|
Fittings
and Equipment for a value of 420.000 |
Eur |
|
Stocks
for a value of 7.270.000 |
Eur |
Trade
organization: direct or by agents.
The
firm operates abroad as importer / exporter..
To
purchase foreign products the firm uses the following channels :
|
-
direct orders to foreign companies |
Export
represents up to 20% of the global turnover.
Products
abroad are placed by :
|
-
its own agents |
Import
comes generally from the following nations:
|
-
France |
|
-
Holland |
Export
is mainly towards:
|
-
Greece |
|
-
Ireland |
CHANGES
TO THE LEGAL FORM:
|
Former
legal form |
New
legal form |
Changement
Date |
|
Limited
liability company |
Joint
stock company |
07/10/2004 |
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.
The
firm operates with:
|
Bank
Name |
Agency
Name |
Address |
ZIP
Code |
City |
ABI
Code |
CAB
Code |
|
INTESA
SANPAOLO SPA |
3069 |
0 |
Company's
starting of activities dates back to 1968.
The
analysis is based on the latest 3 balance sheets.
During
the last years, it recorded positive net results (r.o.e. 1,56% in 2014) and
during the last financial year an increase in sales volume was registered
(+15,78% in 2014).
The
return on Investment in the last financial year was positive (0,58%) and in
line with the sector's average.
The
amount of the operating result for the year 2014 is of Eur. 169.476 recording a
drop as opposed to the year before (-24,45%).
The
economic management produced a gross operating margin of Eur. 605.677 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 0,68 increasing compared to last year (0,29)
The
management generated equity capital for an amount of Eur. 15.550.333 on stable
levels.
Total
indebtedness totalled Eur. 12.617.731, with no important change.
Bank
and suppliers credit recourse is limited, 18,93 gg. is payment average period
below field's average.
Payments
are supported by good current assets.
Trade
credits average terms are slow, on average 105,78 days. within the average
values of the sector.
2014
financial year closed with a cash flow of Eur. 678.523
Labour
cost expenses amount to Eur. 2.162.901 , representing 9,01% on the total of
production costs. , whereas 9% is the incidence on sales revenues.
Financial
incomes cover financial charges.
|
Complete
balance-sheet for the year |
al
31/12/2014 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
24.037.874 |
|
Profit
(Loss) for the period |
242.322 |
|
Complete
balance-sheet for the year |
al
31/12/2013 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
20.760.224 |
|
Profit
(Loss) for the period |
35.331 |
|
Complete
balance-sheet for the year |
al
31/12/2012 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
22.986.607 |
|
Profit
(Loss) for the period |
82.541 |
|
Complete
balance-sheet for the year |
al
31/12/2011 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
23.221.886 |
|
Profit
(Loss) for the period |
104.242 |
|
Complete
balance-sheet for the year |
al
31/12/2010 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
24.124.014 |
|
Profit
(Loss) for the period |
860.437 |
From
our constant monitoring of the relevant Public Administration offices, no more recent
balance sheets result to have been filed.
|
-
Balance Sheet as at 31/12/2014 - 12 Mesi - Currency: - Amounts x 1 |
|
-
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 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
RATIOS |
Value Type |
as at 31/12/2014 |
as at 31/12/2013 |
as at 31/12/2012 |
Sector Average |
|
COMPOSITION
ON INVESTMENT |
|||||
|
Rigidity
Ratio |
Units |
0,40 |
0,45 |
0,36 |
0,11 |
|
Elasticity
Ratio |
Units |
0,60 |
0,55 |
0,64 |
0,87 |
|
Availability
of stock |
Units |
0,25 |
0,19 |
0,20 |
0,22 |
|
Total
Liquidity Ratio |
Units |
0,35 |
0,36 |
0,44 |
0,56 |
|
Quick
Ratio |
Units |
0,07 |
0,06 |
0,05 |
0,02 |
|
COMPOSITION
ON SOURCE |
|||||
|
Net
Short-term indebtedness |
Units |
0,68 |
0,29 |
0,33 |
3,81 |
|
Self
Financing Ratio |
Units |
0,53 |
0,55 |
0,62 |
0,17 |
|
Capital
protection Ratio |
Units |
0,94 |
0,96 |
0,96 |
0,65 |
|
Liabilities
consolidation quotient |
Units |
0,07 |
0,93 |
0,36 |
0,12 |
|
Financing |
Units |
0,81 |
0,71 |
0,51 |
4,72 |
|
Permanent
Indebtedness Ratio |
Units |
0,56 |
0,76 |
0,72 |
0,30 |
|
M/L
term Debts Ratio |
Units |
0,03 |
0,20 |
0,09 |
0,07 |
|
Net
Financial Indebtedness Ratio |
Units |
0,57 |
0,43 |
0,23 |
1,28 |
|
CORRELATION |
|||||
|
Fixed
assets ratio |
Units |
1,40 |
1,70 |
1,99 |
2,06 |
|
Current
ratio |
Units |
1,40 |
2,52 |
2,48 |
1,16 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
0,83 |
1,64 |
1,69 |
0,84 |
|
Structure's
primary quotient |
Units |
1,33 |
1,24 |
1,73 |
1,28 |
|
Treasury's
primary quotient |
Units |
0,16 |
0,26 |
0,21 |
0,03 |
|
Rate
of indebtedness ( Leverage ) |
% |
189,45 |
180,67 |
160,18 |
591,61 |
|
Current
Capital ( net ) |
Value |
5.061.422 |
9.094.814 |
9.170.613 |
219.071 |
|
RETURN |
|||||
|
Return
on Sales |
% |
2,82 |
1,85 |
1,63 |
2,22 |
|
Return
on Equity - Net- ( R.O.E. ) |
% |
1,56 |
0,23 |
0,55 |
6,27 |
|
Return
on Equity - Gross - ( R.O.E. ) |
% |
2,85 |
1,05 |
1,37 |
15,95 |
|
Return
on Investment ( R.O.I. ) |
% |
0,58 |
0,82 |
0,64 |
4,19 |
|
Return/
Sales |
% |
0,71 |
1,08 |
0,67 |
3,42 |
|
Extra
Management revenues/charges incid. |
% |
142,98 |
15,75 |
53,49 |
29,26 |
|
Cash
Flow |
Value |
678.523 |
383.298 |
375.227 |
61.669 |
|
Operating
Profit |
Value |
169.476 |
224.329 |
154.300 |
95.558 |
|
Gross
Operating Margin |
Value |
605.677 |
572.296 |
446.986 |
144.934 |
|
MANAGEMENT |
|||||
|
Credits
to clients average term |
Days |
105,78 |
118,38 |
120,33 |
120,94 |
|
Debts
to suppliers average term |
Days |
18,93 |
38,22 |
39,90 |
120,04 |
|
Average
stock waiting period |
Days |
108,87 |
91,47 |
76,59 |
61,92 |
|
Rate
of capital employed return ( Turnover ) |
Units |
0,82 |
0,76 |
0,95 |
1,27 |
|
Rate
of stock return |
Units |
3,31 |
3,94 |
4,70 |
5,74 |
|
Labour
cost incidence |
% |
9,00 |
9,71 |
8,53 |
7,77 |
|
Net
financial revenues/ charges incidence |
% |
0,35 |
-0,40 |
-0,13 |
-1,26 |
|
Labour
cost on purchasing expenses |
% |
9,01 |
9,73 |
8,53 |
7,90 |
|
Short-term
financing charges |
% |
n.c. |
1,35 |
0,67 |
2,67 |
|
Capital
on hand |
% |
122,56 |
131,11 |
104,74 |
78,39 |
|
Sales
pro employee |
Value |
358.774 |
329.527 |
376.829 |
437.713 |
|
Labour
cost pro employee |
Value |
32.282 |
32.007 |
32.135 |
33.928 |
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 |
:
|
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 |
The
values are calculated on a base of 6.137 significant companies.
The
companies cash their credits on an average of 121 dd.
The
average duration of suppliers debts is about 120 dd.
The
sector's profitability is on an average of 2,22%.
The
labour cost affects the turnover in the measure of 7,77%.
Goods
are held in stock in a range of 62 dd.
The
difference between the sales volume and the resources used to realize it is
about 1,27.
The
employees costs represent the 7,90% of the production costs.
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.64.01 |
|
UK Pound |
1 |
Rs.99.84 |
|
Euro |
1 |
Rs.51.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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 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.