|
Report No. : |
352147 |
|
Report Date : |
02.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
ROSSINI S.P.A. |
|
|
|
|
Registered Office : |
Via De Gasperi, 5 20027 - Rescaldina (MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
01.06.1990 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Manufacture of other rubber products. |
|
|
|
|
No. of Employee : |
From 91 to 110 |
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 |
|
ROSSINI S.P.A. |
|
Via De Gasperi, 5 20027 - Rescaldina (MI) -IT- |
|
Fiscal Code |
: |
00101040152 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
01/06/1990 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
20.000.000/25.000.000 |
|
Number of Employees |
: |
from 91 to 110 |
Manufacture of other rubber products n.e.c.
Legal Form : Joint stock company
|
Fiscal Code : 00101040152 |
|
Foreign Trade Reg. no. : MI059333 since
20/12/1991 |
|
Foreign Trade Reg. no. : 59333 of Milano
since 20/12/1991 |
|
Foreign Trade Reg. no. : 059333 of Milano
since 20/12/1991 |
|
Chamber of Commerce no. : 101634 of
L'Aquila |
|
Chamber of Commerce no. : 147586 of Milano
since 26/04/1928 |
|
Firms' Register : MI146-158921 of Milano
since 19/02/1996 |
|
V.A.T. Code : 00101040152 |
|
Tribunal Co. Register : 158921 of |
|
Foundation date |
: 01/01/1928 |
|
|
Establishment date |
: 05/06/1987 |
|
|
Start of Activities |
: 01/06/1990 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 1.560.000 |
|
|
Subscribed Capital |
: 1.560.000 |
|
|
Paid up Capital |
: 1.560.000 |
|
Legal mail : |
DIREZIONE@PEC.ROSSINI-SPA.IT |
|
Cromi |
Mario |
|
Born in Gorla Minore |
(VA) |
on 25/09/1936 |
- Fiscal Code : CRMMRA36P25E102W |
|
Residence: |
Giacchetti |
, 121 |
- 21055 |
Gorla Minore |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
12/01/2015 |
|
Fagnani |
Paola |
|
Born in Milano |
(MI) |
on 01/06/1950 |
- Fiscal Code : FGNPLA50H41F205L |
|
Residence: |
Lovanio |
, 5 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
12/01/2015 |
||
|
Managing Director |
12/01/2015 |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Rossini |
Felice |
|
Born in Varese |
(VA) |
on 27/09/1943 |
- Fiscal Code : RSSFLC43P27L682S |
|
Residence: |
Lovanio |
, 5 |
- 20121 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
12/01/2015 |
||
|
Director |
12/01/2015 |
||
|
Managing Director |
12/01/2015 |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Trebbi |
Giovanni |
|
Born in Sestino |
(AR) |
on 01/01/1961 |
- Fiscal Code : TRBGNN61A01I681O |
|
Residence: |
Industriale |
- 67100 |
L'Aquila |
(AQ) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
02/04/2004 |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Rossini |
Giulia Maria |
|
Born in Milano |
(MI) |
on 11/07/1973 |
- Fiscal Code : RSSGMR73L51F205B |
|
Residence: |
Broletto |
, 39 |
- 20121 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
12/01/2015 |
|
Rossini |
Angela |
|
Born in Milano |
(MI) |
on 20/09/1977 |
- Fiscal Code : RSSNGL77P60F205E |
|
Residence: |
Via Riva Paradiso |
, 32 |
Paradiso |
- CH - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
12/01/2015 |
*checkings have been performed on a national
scale.
In this module are listed the companies in
which members hold or have holded positions.
|
Fagnani |
Paola |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
ERRE DUE - S.R.L. |
L'Aquila (AQ) - IT - |
01230970665 |
Sole Director |
Withdrawn |
Registered |
|
Grimaldi Due - Societa' Semplice |
Ventimiglia (IM) - IT - |
90022460084 |
Partner |
Active |
Registered |
|
Tirrenum - Societa' Semplice |
Milano (MI) - IT - |
96687840015 |
Partner |
Active |
Registered |
|
ROSSINI SPAIN PRINTING ROLLERS SA |
Cabrera Del Mar - Barcelona - ES - |
A08057051 |
Vice-Chairman |
Active |
Registered |
|
Rossini |
Felice |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
C.p.a. Centro Promozionale Acimga S.p.a. |
Milano (MI) - IT - |
03138420157 |
Director |
Active |
Registered |
|
Centrexpo Spa |
Milano (MI) - IT - |
04687000150 |
Director |
Active |
Registered |
|
Centrexpo Spa |
Milano (MI) - IT - |
04687000150 |
Board Chairman |
Withdrawn |
Registered |
|
Ipack-ima S.p.a |
Milano (MI) - IT - |
01620110153 |
Director |
Withdrawn |
Registered |
|
Tirrenum - Societa' Semplice |
Milano (MI) - IT - |
96687840015 |
Partner |
Active |
Registered |
|
NUOVE INIZIATIVE FIERISTICHE S.R.L. |
Bologna (BO) - IT - |
02286911207 |
Sole Director |
Withdrawn |
Registered |
|
ROSSINI SPAIN PRINTING ROLLERS SA |
Cabrera Del Mar - Barcelona - ES - |
A08057051 |
Board Chairman |
Active |
Registered |
|
C.p.a. Holding S.r.l. |
Milano (MI) - IT - |
08638150964 |
Director |
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.
Shareholders' list as at date of data
collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Fagnani Paola |
Milano - IT - |
FGNPLA50H41F205L |
239.148 .Eur |
15,33 |
|
Rossini Felice |
Milano - IT - |
RSSFLC43P27L682S |
1.320.852 .Eur |
84,67 |
The Company under review has participations
in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares Amount |
% Ownership |
since |
until |
Share Status |
|
ROSSINI SPAIN PRINTING ROLLERS SA |
Cabrera Del Mar - Barcelona - ES - |
100,00 |
Active |
||||
|
ERRE DUE - S.R.L. |
L'Aquila - IT - |
01230970665 |
826.331 .Eur |
80,00 |
Active |
In order to carry out its activities the firm
uses the following locations:
|
- |
Legal and operative seat |
|
De Gasperi |
, 5 |
- 20027 |
- Rescaldina |
(MI) |
- IT - |
|
Legal mail |
: DIREZIONE@PEC.ROSSINI-SPA.IT |
|
- |
Branch |
(Factory) |
since 14/05/2001 |
|
Bazzano |
- 67100 |
- L'Aquila |
(AQ) |
- IT - |
|
Employees |
: 92 |
|
Fittings and Equipment for a value of
450.000 |
Eur |
|
Stocks for a value of 1.960.000 |
Eur |
The firm operates abroad as importer /
exporter..
To purchase foreign products the firm uses
the following channels :
|
- distributors |
Export represents from 20% to 50% of the
global turnover.
Products abroad are placed by :
|
- its own agents |
|
- its own foreign branches |
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Limited liability company |
Joint stock company |
05/06/1987 |
CEASINGS/INCORPORATIONS/MERGES:
|
The firm absorved |
|
ERRE DUE - S.R.L. |
|
Zona Industriale Fraz. Bazzano |
, 67100 |
, L'Aquila |
(AQ) |
- IT - |
|
Fiscal Code: 01230970665 |
|
Date |
: |
07/05/2001 |
|
Project of merging by taking over of |
|
ERRE DUE - S.R.L. |
|
Zona Industriale Fraz. Bazzano |
, 67100 |
, L'Aquila |
(AQ) |
- IT - |
|
Fiscal Code: 01230970665 |
|
Date |
Merging/splitting-up project: |
18/12/2000 |
|
The firm absorbed by merging of |
|
ERRE DUE - S.R.L. |
|
Zona Industriale Fraz. Bazzano |
, 67100 |
, L'Aquila |
(AQ) |
- IT - |
|
Fiscal Code: 01230970665 |
|
Date |
: |
07/05/2001 |
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 1990
An eco-fin analysis has been made on the base
od the b/s fo the years 2012, 2013 and 2014.
During the last years, it recorded positive
net results (r.o.e. 6,54% in 2014) but without a significant increase in the
turnover.
The operating result was positive in the last
financial year (4,27%) and in line with the sector's average.
The operating result is positive and amounts
to Eur. 1.203.318 showing a downwards trend equal to -31,59% if compared to the
value of the financial year 2013.
During the latest financial year the gross
operating margin amounted to Eur. 1.625.750 with a -25,69% fall.
The company has an excellent net worth if
compared to its debts, with a low indebtedness (0,49) lower than in 2013.
With regard to equity capital, an amount of
Eur. 13.867.058 is registered. , unchanged as opposed to the preceding year.
Total debts recorded amounted to Eur.
12.464.984 (Eur. 4.302.180 of which were m/l term debts) , a more or less
stable value.
Bank exsposure is limited and the suppliers'
credit is modest too, 79,24 gg. is the payment average period which is also
lower than the sector average.
The liquidity level is positive (1,41).
As to due from customers, the average terms
are 79,21 days. , lower than the sector's average.
During financial year 2014 the cash flow
amounted to Eur. 1.255.634
Labour cost expenses amount to Eur. 5.596.729
, representing 25,74% on the total of production costs. , whereas 24,96% is the
incidence on sales revenues.
The financial charges do not negatively
affect the management, as they are covered by the incomes.
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
22.422.075 |
|
Profit (Loss) for the period |
906.297 |
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
22.505.322 |
|
Profit (Loss) for the period |
728.688 |
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
22.682.176 |
|
Profit (Loss) for the period |
972.547 |
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 |
0,58 |
0,59 |
0,44 |
0,37 |
|
Elasticity Ratio |
Units |
0,41 |
0,41 |
0,56 |
0,61 |
|
Availability of stock |
Units |
0,07 |
0,08 |
0,08 |
0,14 |
|
Total Liquidity Ratio |
Units |
0,34 |
0,33 |
0,48 |
0,40 |
|
Quick Ratio |
Units |
0,05 |
0,04 |
0,05 |
0,01 |
|
COMPOSITION ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
0,49 |
0,56 |
0,55 |
2,25 |
|
Self Financing Ratio |
Units |
0,49 |
0,52 |
0,53 |
0,25 |
|
Capital protection Ratio |
Units |
0,82 |
0,83 |
0,80 |
0,77 |
|
Liabilities consolidation quotient |
Units |
0,65 |
0,41 |
0,32 |
0,25 |
|
Financing |
Units |
0,90 |
0,81 |
0,76 |
2,89 |
|
Permanent Indebtedness Ratio |
Units |
0,68 |
0,65 |
0,64 |
0,49 |
|
M/L term Debts Ratio |
Units |
0,19 |
0,13 |
0,11 |
0,12 |
|
Net Financial Indebtedness Ratio |
Units |
0,43 |
0,28 |
0,18 |
1,13 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
1,17 |
1,10 |
1,46 |
1,12 |
|
Current ratio |
Units |
1,41 |
1,25 |
1,66 |
1,10 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,17 |
1,00 |
1,42 |
0,78 |
|
Structure's primary quotient |
Units |
0,85 |
0,87 |
1,21 |
0,64 |
|
Treasury's primary quotient |
Units |
0,17 |
0,11 |
0,15 |
0,02 |
|
Rate of indebtedness ( Leverage ) |
% |
203,40 |
193,93 |
189,71 |
400,87 |
|
Current Capital ( net ) |
Value |
3.368.025 |
2.107.928 |
5.373.988 |
122.005 |
|
RETURN |
|||||
|
Return on Sales |
% |
5,60 |
4,90 |
5,89 |
3,12 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
6,54 |
5,54 |
7,64 |
1,12 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
11,05 |
10,22 |
13,88 |
7,08 |
|
Return on Investment ( R.O.I. ) |
% |
4,27 |
6,89 |
8,94 |
3,17 |
|
Return/ Sales |
% |
5,37 |
7,82 |
9,52 |
3,04 |
|
Extra Management revenues/charges incid. |
% |
75,32 |
41,43 |
45,02 |
18,11 |
|
Cash Flow |
Value |
1.255.634 |
1.103.164 |
1.336.146 |
177.056 |
|
Operating Profit |
Value |
1.203.318 |
1.758.996 |
2.160.083 |
81.874 |
|
Gross Operating Margin |
Value |
1.625.750 |
2.188.000 |
2.578.128 |
249.142 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
79,21 |
70,61 |
74,18 |
109,51 |
|
Debts to suppliers average term |
Days |
79,24 |
102,67 |
107,93 |
100,86 |
|
Average stock waiting period |
Days |
31,54 |
33,16 |
30,74 |
49,84 |
|
Rate of capital employed return ( Turnover
) |
Units |
0,79 |
0,88 |
0,94 |
1,05 |
|
Rate of stock return |
Units |
11,41 |
10,86 |
11,71 |
7,21 |
|
Labour cost incidence |
% |
24,96 |
22,47 |
20,91 |
18,93 |
|
Net financial revenues/ charges incidence |
% |
0,91 |
-1,53 |
-1,02 |
-1,59 |
|
Labour cost on purchasing expenses |
% |
25,74 |
23,91 |
22,35 |
19,09 |
|
Short-term financing charges |
% |
2,03 |
3,44 |
2,50 |
2,93 |
|
Capital on hand |
% |
125,79 |
113,41 |
106,49 |
95,40 |
|
Sales pro employee |
Value |
128.862 |
142.438 |
153.257 |
159.094 |
|
Labour cost pro employee |
Value |
32.165 |
32.006 |
32.046 |
32.607 |
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 99 significant
companies.
The companies cash their credits on an
average of 110 dd.
The average duration of suppliers debts is
about 101 dd.
The sector's profitability is on an average
of 3,12%.
The labour cost affects the turnover in the
measure of 18,93%.
Goods are held in stock in a range of 50 dd.
The difference between the sales volume and
the resources used to realize it is about 1,05.
The employees costs represent the 19,09% 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.66.52 |
|
|
1 |
Rs.100.43 |
|
Euro |
1 |
Rs.70.44 |
|
EUR |
1 |
Rs.70.56 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
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KIN |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>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.