|
Report No. : |
336146 |
|
Report Date : |
10.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
BOSIFIL S.P.A. |
|
|
|
|
Registered Office : |
Via Opifici, 25/29 24024 – Gandino (BG) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
31.01.1973 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
·
Manufacture of textiles ·
Weaving of textiles |
|
|
|
|
No. of Employees : |
From 26 to 35 |
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 |
|
Bosifil
S.p.a. |
|
Via |
Opifici, |
25/29
|
|
24024 |
-
Gandino |
(BG) |
-IT- |
|
Fiscal
Code |
: |
00278120167 |
|
Legal
Form |
: |
Joint
stock company |
|
start
of Activities |
: |
01/02/1973 |
|
Equity |
: |
Over
2.582.254 |
|
Turnover
Range |
: |
20.000.000/25.000.000
|
|
Number
of Employees |
: |
from
26 to 35 |
MANUFACTURE
OF TEXTILES
Weaving
of textiles
Legal
Form : Joint stock company
|
Fiscal
Code : 00278120167 |
|
Foreign
Trade Reg. no. : BG007261 since 17/12/1991 |
|
Chamber
of Commerce no. : 143047 of Bergamo since 16/02/1973 |
|
Firms'
Register : BG024-8169 of Bergamo since 19/02/1996 |
|
V.A.T.
Code : 00278120167 |
|
Foundation
date |
:
31/01/1973 |
|
|
Establishment
date |
:
31/01/1973 |
|
|
Start
of Activities |
:
01/02/1973 |
|
|
Legal
duration |
:
31/12/2050 |
|
|
Nominal
Capital |
:
1.300.000 |
|
|
Subscribed
Capital |
:
1.300.000 |
|
|
Paid
up Capital |
:
1.300.000 |
|
Legal
mail : |
BOSIFIL@REGISTERPEC.IT |
|
Bosio |
Michele |
|
Born
in Leffe |
(BG) |
on
07/08/1955 |
-
Fiscal Code : BSOMHL55M07E509E |
|
Residence: |
Don
L. Alberti |
,
29 |
-
24020 |
Peia |
(BG) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
25/06/2014 |
||
|
Board
Chairman |
25/06/2014 |
|
No
Prejudicial events are reported |
|
No
Protests registered |
|
Bosio |
Romano |
|
Born
in Leffe |
(BG) |
on
17/11/1945 |
-
Fiscal Code : BSORMN45S17E509D |
|
|
Don
L. Alberti |
,
17 |
-
24020 |
Peia |
(BG) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
25/06/2014 |
||
|
Partner |
|
No
Prejudicial events are reported |
|
No
Protests registered |
|
Bosio |
Luca |
|
Born
in Bergamo |
(BG) |
on
13/12/1976 |
-
Fiscal Code : BSOLCU76T13A794P |
|
Residence: |
Umberto
I |
,
7 |
-
25087 |
Salo' |
(BS) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
25/06/2014 |
|
Bosio |
Andrea |
|
Born
in Gazzaniga |
(BG) |
on
17/04/1978 |
-
Fiscal Code : BSONDR78D17D952U |
|
Residence: |
D.
Luigi Alberti |
,
15 |
-
24020 |
Peia |
(BG) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
25/06/2014 |
*checkings
have been performed on a national scale.
In
this module are listed the companies in which members hold or have holded
positions.
|
Bosio |
Michele |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
Subbifil
S.p.a. |
Peia
(BG) - IT - |
01696570165 |
Director |
Active |
Registered |
|
Subbifil
S.p.a. |
Peia
(BG) - IT - |
01696570165 |
Board
Chairman |
Active |
Registered |
|
Immobiliare
Tre-bi S.r.l. |
Gazzaniga
(BG) - IT - |
01926520162 |
Director |
Active |
Registered |
|
Immobiliare
Tre-bi S.r.l. |
Gazzaniga
(BG) - IT - |
01926520162 |
Board
Chairman |
Active |
Registered |
|
Filtrading
S.r.l. |
Cazzano
Sant'Andrea (BG) - IT - |
03230740163 |
Director |
Active |
Registered |
|
Filtrading
S.r.l. |
Cazzano
Sant'Andrea (BG) - IT - |
03230740163 |
Board
Chairman |
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 |
|
Bosio
Michele |
Peia
- IT - |
BSOMHL55M07E509E |
377.000
.Eur |
29,00 |
|
Bosio
Romano |
Peia
- IT - |
BSORMN45S17E509D |
432.230
.Eur |
33,24 |
|
Bosio
Luca |
Salo'
- IT - |
BSOLCU76T13A794P |
109.060
.Eur |
8,38 |
|
Bosio
Loris |
Gandino
- IT - |
BSOLRS85S01A794H |
109.060
.Eur |
8,38 |
|
Bosio
Laura |
BSOLRA79R51A794S |
109.060
.Eur |
8,38 |
|
|
Bertasa
Maria Santa |
BRTMSN47L53E509I |
163.590
.Eur |
12,58 |
The
Company under review has participations in the following Companies:
|
Firm's
Style |
Seat |
Fiscal
Code |
Owned
Shares Amount |
%
Ownership |
since
|
until
|
Share
Status |
|
Consorzio
Degli Utenti Della Sorgente Co Ncossola |
Gandino
- IT - |
01264590165 |
Active |
In
order to carry out its activities the firm uses the following locations:
|
- |
Legal
and operative seat |
(Factory) |
|
Opifici |
,
25/29 |
-
24024 |
-
Gandino |
(BG) |
-
IT - |
|
PHONE |
:
035731356 |
|
Legal
mail |
:
BOSIFIL@REGISTERPEC.IT |
|
- |
Branch |
since
01/02/2010 |
|
Simone
Mayr |
,
6 |
-
24100 |
-
Bergamo |
(BG) |
-
IT - |
|
- |
Branch |
(Warehouse) |
since
04/08/2014 |
|
Peia
Bassa |
,
28/A |
-
24020 |
-
Peia |
(BG) |
-
IT - |
|
Employees |
:
32 |
|
Fittings
and Equipment for a value of 52.000 |
Eur |
|
Stocks
for a value of 8.740.000 |
Eur |
|
Furniture
and fittings for a value of 26.000 |
Eur |
|
Vehicles
for a value of 130.000 |
Eur |
Trade
organization: direct or by agents.
Sales
area on a national scale.
The
firm operates abroad as importer..
To
purchase foreign products the firm uses the following channels :
|
-
national or foreign important buyers |
|
-
its own agents |
Import
comes generally from the following nations:
|
-
Ireland |
|
-
Isole Maldive |
|
-
Greece |
|
-
Germany |
|
-
France |
|
-
Belgium |
|
-
Svizzera |
CHANGES
TO THE LEGAL FORM:
|
Former
legal form |
New
legal form |
Changement
Date |
|
General
partnership |
Limited
liability company |
25/09/1981 |
|
Limited
liability company |
Joint
stock company |
23/11/1984 |
COMPANY
STYLE MODIFICATIONS:
|
Former
Style |
New
Style |
Changement
Date |
|
Bosifil
dei F.lli Bosio S.n.c. |
25/09/1981 |
|
|
Bosifil
S.r.l. |
23/01/1984 |
CEASINGS/INCORPORATIONS/MERGES:
|
The
firm absorbed by merging of |
|
MANFIL
S.R.L. |
|
OPIFICI |
,
29 |
,
24024 |
,
Gandino |
(BG) |
-
IT - |
|
Fiscal
Code: 01383030168 |
|
Date
|
:
|
05/11/2008 |
Protests
checking on the subject firm has given a negative result.
In
the name of the firm the following events are registered:
|
Peia
Bassa 29 |
-
Peia |
|
Type |
Expiry
Date |
Amount
in |
Reason |
Result |
Closure
Date |
|
Inquiry
before contentious procedure |
10/05/1993 |
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 1973
The
economic-financial analysis has been made on the base of the b/s of the latests
three years.
During
the last years, it achieved profits (r.o.e. 1,54% on 2014) keeping the turnover
steady during the last two years.
The
operating result was positive in the last financial year (3,18%) and reflects the
field's average.
The
amount of the operating result for the year 2014 is of Eur. 745.276 with a
-30,21% drop.
The
G.O.M. amounted to Eur. 986.194 showing a downward trend as opposed to the
previous year.
The
financial status of the company is fairly balanced with an indebtedness level
of 1,39 but with an increase as against the previous accounting period.
With
regard to equity capital, an amount of Eur. 9.554.226 is registered. ,
unchanged as opposed to the preceding year.
Total
indebtedness amounts to Eur. 13.313.271, showing a stable trend as opposed to
2013 (Eur. 14.169.330).
The
exposure towards banks is slightly high, the recourse to suppliers' credit is
limited below field's average.
Payments
are supported by good current assets.
Due
from customers average term is high and equal to 150,3 days. even if compared
to the average of the sector.
As
far as the cash flow is concerned during the latest financial year it amounted
to Eur. 388.463
Labour
cost expenses amount to Eur. 1.029.793 , representing 4,99% on the total of
production costs. , whereas the incidence of such costs on sales revenues is
equal to 4,83%.
The
incidence percentage of financial charges on sales volume is equal to -2,41%.
|
Complete
balance-sheet for the year |
al
31/12/2014 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
21.310.036 |
|
Profit
(Loss) for the period |
147.545 |
|
Complete
balance-sheet for the year |
al
31/12/2013 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
22.484.689 |
|
Profit
(Loss) for the period |
452.378 |
|
|
Complete
balance-sheet for the year |
al
31/12/2012 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
21.466.789 |
|
Profit
(Loss) for the period |
556.349 |
|
Complete
balance-sheet for the year |
al
31/12/2011 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
30.540.974 |
|
Profit
(Loss) for the period |
2.278.195 |
|
Complete
balance-sheet for the year |
al
31/12/2010 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
27.610.239 |
|
Profit
(Loss) for the period |
1.419.405 |
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 |
0,21 |
0,21 |
0,25 |
0,22 |
|
Elasticity
Ratio |
Units |
0,79 |
0,79 |
0,75 |
0,75 |
|
Availability
of stock |
Units |
0,37 |
0,34 |
0,34 |
0,23 |
|
Total
Liquidity Ratio |
Units |
0,41 |
0,45 |
0,41 |
0,45 |
|
Quick
Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,02 |
|
COMPOSITION
ON SOURCE |
|||||
|
Net
Short-term indebtedness |
Units |
1,39 |
1,16 |
0,92 |
1,65 |
|
Self
Financing Ratio |
Units |
0,41 |
0,39 |
0,43 |
0,30 |
|
Capital
protection Ratio |
Units |
0,83 |
0,81 |
0,80 |
0,79 |
|
Liabilities
consolidation quotient |
Units |
0,05 |
0,34 |
0,43 |
0,20 |
|
Financing |
Units |
1,39 |
1,50 |
1,26 |
2,05 |
|
Permanent
Indebtedness Ratio |
Units |
0,43 |
0,54 |
0,60 |
0,45 |
|
M/L
term Debts Ratio |
Units |
0,03 |
0,15 |
0,17 |
0,11 |
|
Net
Financial Indebtedness Ratio |
Units |
1,06 |
1,20 |
1,05 |
0,57 |
|
CORRELATION |
|||||
|
Fixed
assets ratio |
Units |
2,03 |
2,55 |
2,44 |
1,60 |
|
Current
ratio |
Units |
1,38 |
1,74 |
1,89 |
1,27 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
0,72 |
0,99 |
1,03 |
0,84 |
|
Structure's
primary quotient |
Units |
1,91 |
1,83 |
1,75 |
1,11 |
|
Treasury's
primary quotient |
Units |
0,00 |
0,01 |
0,00 |
0,04 |
|
Rate
of indebtedness ( Leverage ) |
% |
244,93 |
257,14 |
232,81 |
327,18 |
|
Current
Capital ( net ) |
Value |
5.078.177 |
8.127.146 |
7.793.516 |
870.113 |
|
RETURN |
|||||
|
Return
on Sales |
% |
1,82 |
3,21 |
3,95 |
1,60 |
|
Return
on Equity - Net- ( R.O.E. ) |
% |
1,54 |
4,78 |
5,92 |
0,47 |
|
Return
on Equity - Gross - ( R.O.E. ) |
% |
3,01 |
7,70 |
9,24 |
2,85 |
|
Return
on Investment ( R.O.I. ) |
% |
3,18 |
4,39 |
5,41 |
2,55 |
|
Return/
Sales |
% |
3,50 |
4,75 |
5,51 |
2,66 |
|
Extra
Management revenues/charges incid. |
% |
19,80 |
42,36 |
47,03 |
14,76 |
|
Cash
Flow |
Value |
388.463 |
721.815 |
847.429 |
47.325 |
|
Operating
Profit |
Value |
745.276 |
1.068.019 |
1.183.037 |
69.715 |
|
Gross
Operating Margin |
Value |
986.194 |
1.337.456 |
1.474.117 |
147.816 |
|
MANAGEMENT |
|||||
|
Credits
to clients average term |
Days |
150,30 |
167,59 |
146,08 |
114,56 |
|
Debts
to suppliers average term |
Days |
56,73 |
43,23 |
29,41 |
113,59 |
|
Average
stock waiting period |
Days |
147,68 |
132,52 |
125,82 |
93,83 |
|
Rate
of capital employed return ( Turnover ) |
Units |
0,91 |
0,92 |
0,98 |
0,96 |
|
Rate
of stock return |
Units |
2,44 |
2,72 |
2,86 |
3,84 |
|
Labour
cost incidence |
% |
4,83 |
4,45 |
4,49 |
15,62 |
|
Net
financial revenues/ charges incidence |
% |
-2,41 |
-1,45 |
-1,47 |
-1,87 |
|
Labour
cost on purchasing expenses |
% |
4,99 |
4,66 |
4,73 |
14,72 |
|
Short-term
financing charges |
% |
3,88 |
2,37 |
2,69 |
3,34 |
|
Capital
on hand |
% |
109,82 |
108,19 |
101,93 |
104,51 |
|
Sales
pro employee |
Value |
665.938 |
725.312 |
715.559 |
218.478 |
|
Labour
cost pro employee |
Value |
32.181 |
32.269 |
32.147 |
32.758 |
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 |
:
|
1.022.428 |
|
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 634 significant companies.
The
companies cash their credits on an average of 115 dd.
The
average duration of suppliers debts is about 114 dd.
The
sector's profitability is on an average of 1,60%.
The
labour cost affects the turnover in the measure of 15,62%.
Goods
are held in stock in a range of 94 dd.
The
difference between the sales volume and the resources used to realize it is
about 0,96.
The
employees costs represent the 14,72% of the production costs.
Statistically
the trade activity passes through serious crises.
The
area is statistically considered lowly risky.
In
the region 50.886 protested subjects are found; in the province they count to
4.150.
The
insolvency index for the region is 0,55, , while for the province it is 0,41.
Total
Bankrupt companies in the province : 4.376.
Total
Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.81 |
|
UK Pound |
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.