|
Report No. : |
353856 |
|
Report Date : |
15.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
KERNEL SISTEMI S.R.L. |
|
|
|
|
Registered Office : |
Via Vignolese, 1138, 41126 – Modena (MO) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
02.05.1988 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture of Assembled Electronic Boards |
|
|
|
|
No. of Employees : |
From 11 to 15 |
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 |
|
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 |
KERNEL SISTEMI S.R.L.
Via Vignolese, 1138
41126 - Modena (MO) -IT-
|
Fiscal Code |
: |
01827500362 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
02/05/1988 |
|
Equity |
: |
65.000 |
|
Turnover Range |
: |
1.250.000/1.500.000 |
|
Number of Employees |
: |
from 11 to 15 |
Manufacture of assembled electronic boards
Legal Form : Limited liability company
|
Fiscal Code : 01827500362 |
|
Chamber of Commerce no. : 245706 of Modena since 27/04/1988 |
|
V.A.T. Code : 01827500362 |
|
Establishment date |
: 09/03/1988 |
|
|
Start of Activities |
: 02/05/1988 |
|
|
Legal duration |
: 31/12/2020 |
|
|
Nominal Capital |
: 80.000 |
|
|
Subscribed Capital |
: 80.000 |
|
|
Paid up Capital |
: 80.000 |
|
Legal mail : |
KERNEL@PEC.CONFINDUSTRIAMODENA.COM |
|
|
Bellotti |
Alessandro |
|
|
Born in Modena |
(MO) |
on 19/03/1957 |
- Fiscal Code : BLLLSN57C19F257A |
|
|
Residence: |
Barsanti |
, 44 |
- 41100 |
Modena |
(MO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
25/01/2000 |
||
|
Board Chairman |
25/01/2000 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Luppi |
Giorgio |
|
|
Born in Rimini |
(FO) |
on 29/07/1957 |
- Fiscal Code : LPPGRG57L29H294P |
|
|
Residence: |
Palestrina |
, 176 |
- 41100 |
Modena |
(MO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
25/01/2000 |
||
|
Managing Director |
16/10/2009 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Morandi |
Paola |
|
|
Born in Modena |
(MO) |
on 12/04/1962 |
- Fiscal Code : MRNPLA62D52F257K |
|
|
Residence: |
Barsanti |
, 44 |
- 41100 |
Modena |
(MO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
25/01/2000 |
|
|
Martinelli |
Mariangela |
|
|
Born in Modena |
(MO) |
on 06/01/1963 |
- Fiscal Code : MRTMNG63A46F257B |
|
|
Residence: |
P. Da Palestrina |
, 176 |
- 41100 |
Modena |
(MO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
25/01/2000 |
*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 |
|
Bellotti Alessandro |
Modena - IT - |
BLLLSN57C19F257A |
40.000 .Eur |
50,00 |
|
Luppi Giorgio |
Modena - IT - |
LPPGRG57L29H294P |
40.000 .Eur |
50,00 |
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 |
|
Vignolese |
, 1138 |
- 41100 |
- Modena |
(MO) |
- IT - |
|
PHONE |
: 059469978 |
|
Legal mail |
: KERNEL@PEC.CONFINDUSTRIAMODENA.COM |
|
Employees |
: 13 |
|
Fittings and Equipment for a value of 350.000 |
Eur |
|
Stocks for a value of 480.000 |
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 1988
Balance sheets for the years 2012, 2013 and 2014 were analyzed.
Unstable economic results mark the company's financial state of affairs.
; in the last financial year a loss was registered (r.o.e. -26,4%)
The operating result in 2014 was positive (5,26%) and in line with the
sector's average.
The amount of the operating result is equal to Eur. 82.552 with an
increase of more then 100% if the compared to the previous financial year.
A gross operating margine for a value of Eur. 127.323 was reached.
growing by 43,21% if compared to the year before.
Short-term debts volume if compared to net worth, as it comes out from
the total indebtedness (19,4) and increasing if compared to the previous year.
The equity capital is equal to Eur. 60.704 decreasing if compared to the
previous financial year.
Total indebtedness was equal to Eur. 1.318.705 (Eur. 135.697 was the
value of m/l term debts) with no important change.
Liquidity is good.
As far as the cash flow is concerned during the latest financial year it
amounted to Eur. 28.746
Subordinate employment cost is of Eur. 434.327, i.e. 30,36% on total
production costs. , whereas the incidence of such costs on sales revenues is
equal to 30,03%.
Financial charges have a high incidence (-4,8%) on turnover figures.
|
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
1.446.265 |
|
Profit (Loss) for the period |
-16.025 |
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
1.522.221 |
|
Profit (Loss) for the period |
-648 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
1.683.883 |
|
Profit (Loss) for the period |
7.002 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
1.751.099 |
|
Profit (Loss) for the period |
585 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
1.419.457 |
|
Profit (Loss) for the period |
-9.350 |
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 |
|
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|
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 |
0,17 |
0,10 |
0,10 |
0,22 |
|
Elasticity Ratio |
Units |
0,81 |
0,89 |
0,89 |
0,76 |
|
Availability of stock |
Units |
0,31 |
0,33 |
0,27 |
0,19 |
|
Total Liquidity Ratio |
Units |
0,50 |
0,56 |
0,61 |
0,52 |
|
Quick Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,03 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
19,40 |
14,82 |
17,11 |
2,39 |
|
Self Financing Ratio |
Units |
0,04 |
0,05 |
0,05 |
0,22 |
|
Capital protection Ratio |
Units |
-0,05 |
-0,03 |
-0,12 |
0,65 |
|
Liabilities consolidation quotient |
Units |
0,26 |
0,18 |
0,15 |
0,23 |
|
Financing |
Units |
21,72 |
15,71 |
17,90 |
3,19 |
|
Permanent Indebtedness Ratio |
Units |
0,23 |
0,20 |
0,17 |
0,42 |
|
M/L term Debts Ratio |
Units |
0,19 |
0,14 |
0,12 |
0,13 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
n.c. |
n.c. |
0,64 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
1,33 |
1,98 |
1,64 |
1,80 |
|
Current ratio |
Units |
1,07 |
1,13 |
1,08 |
1,30 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,66 |
0,71 |
0,75 |
0,92 |
|
Structure's primary quotient |
Units |
0,22 |
0,53 |
0,47 |
1,08 |
|
Treasury's primary quotient |
Units |
0,00 |
0,00 |
0,00 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
2584,41 |
1887,06 |
2090,54 |
456,81 |
|
Current Capital ( net ) |
Value |
83.201 |
147.781 |
107.315 |
682.896 |
|
RETURN |
|||||
|
Return on Sales |
% |
1,99 |
3,09 |
3,16 |
4,56 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
-26,40 |
-0,84 |
9,05 |
6,81 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
21,55 |
43,57 |
40,54 |
18,85 |
|
Return on Investment ( R.O.I. ) |
% |
5,26 |
2,84 |
5,36 |
5,41 |
|
Return/ Sales |
% |
5,71 |
2,71 |
5,15 |
4,75 |
|
Extra Management revenues/charges incid. |
% |
-19,41 |
-1,57 |
8,08 |
35,79 |
|
Cash Flow |
Value |
28.746 |
47.077 |
53.250 |
237.257 |
|
Operating Profit |
Value |
82.552 |
41.180 |
86.677 |
228.892 |
|
Gross Operating Margin |
Value |
127.323 |
88.905 |
132.925 |
406.634 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
n.c. |
n.c. |
n.c. |
118,40 |
|
Debts to suppliers average term |
Days |
n.c. |
n.c. |
n.c. |
128,10 |
|
Average stock waiting period |
Days |
119,37 |
114,33 |
95,08 |
54,07 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,92 |
1,05 |
1,04 |
1,13 |
|
Rate of stock return |
Units |
3,02 |
3,15 |
3,79 |
6,62 |
|
Labour cost incidence |
% |
30,03 |
28,48 |
25,31 |
18,32 |
|
Net financial revenues/ charges incidence |
% |
-4,80 |
-3,61 |
-3,28 |
-1,25 |
|
Labour cost on purchasing expenses |
% |
30,36 |
28,67 |
26,31 |
17,78 |
|
Short-term financing charges |
% |
5,27 |
4,56 |
3,99 |
3,03 |
|
Capital on hand |
% |
108,48 |
95,12 |
96,06 |
88,55 |
|
Sales pro employee |
Value |
111.251 |
117.093 |
129.529 |
190.738 |
|
Labour cost pro employee |
Value |
33.409 |
33.354 |
32.785 |
33.796 |
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 |
: |
659.925 |
|
Population living in the region |
: |
4.151.369 |
|
Number of families in the region |
: |
1.748.359 |
Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
425 |
|
- per non food products |
: |
2.063 |
|
- per energy consume |
: |
143 |
The values are calculated on a base of 949 significant companies.
The companies cash their credits on an average of 118 dd.
The average duration of suppliers debts is about 128 dd.
The sector's profitability is on an average of 4,56%.
The labour cost affects the turnover in the measure of 18,32%.
Goods are held in stock in a range of 54 dd.
The difference between the sales volume and the resources used to
realize it is about 1,13.
The employees costs represent the 17,78% of the production costs.
Statistically the trade activity shows periods of crisis.
The area is statistically considered lowly risky.
In the region 18.860 protested subjects are found; in the province they
count to 3.557.
The insolvency index for the region is 0,46, , while for the province it
is 0,55.
Total Bankrupt companies in the province : 2.526.
Total Bankrupt companies in the region : 14.698.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.99 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.73.47 |
|
ITL |
1 |
Rs.73.94 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
TPT |
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.