MIRA INFORM REPORT
|
Report No. : |
354491 |
|
Report Date : |
18.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
BRANDART
IMAGE PACKAGING S.R.L. IN FORMA ABBREVIATA BRANDART S.R.L. |
|
|
|
|
Registered Office : |
Viale Lunigiana, 46, 20125 – Milano (MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
31.12.1979 |
|
|
|
|
Legal Form : |
Sole-Member Limited Liability Company |
|
|
|
|
Line of Business : |
· Manufacture of transformed paper products · Manufacture of plastics products · Wholesale of packaging |
|
|
|
|
No. of Employees : |
From 91 to 110 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 |
Company
Name and address
BRANDART IMAGE
PACKAGING S.R.L. IN FORMA ABBREVIATA BRANDART S.R.L.
Viale Lunigiana, 46
20125 - Milano (MI) -IT-
Summary
|
Fiscal
Code |
: |
04632300150 |
|
Legal
Form |
: |
Sole-Member
Limited Liability Company |
|
start
of Activities |
: |
13/12/1979 |
|
Equity |
: |
Over
2.582.254 |
|
Turnover
Range |
: |
35.000.000/50.000.000
|
|
Number
of Employees |
: |
from
91 to 110 |
Activity
Manufacture
of transformed paper products
Manufacture
of plastics products
Wholesale
of packaging
Legal
Data
Legal
Form : Sole-Member Limited Liability Company
|
Fiscal
Code : 04632300150 |
|
Foreign
Trade Reg. no. : MI137592 since 27/02/1992 |
|
Chamber
of Commerce no. : 1028913 of Milano since 23/01/1980 |
|
Chamber
of Commerce no. : 221931 of Varese |
|
Firms'
Register : MI146-191181 of Milano since 19/02/1996 |
|
V.A.T.
Code : 04632300150 |
|
Foundation
date |
:
31/12/1979 |
|
|
Establishment
date |
:
13/12/1979 |
|
|
Start
of Activities |
:
13/12/1979 |
|
|
Legal
duration |
:
31/12/2050 |
|
|
Nominal
Capital |
:
51.130 |
|
|
Subscribed
Capital |
:
51.130 |
|
|
Paid
up Capital |
:
51.130 |
|
Legal
mail : |
AMMINISTRAZIONE@PEC.BRANDART.IT |
Members
|
|
Sedgh |
Maurizio |
|
|
Born
in Milano |
(MI) |
on
25/05/1955 |
-
Fiscal Code : SDGMRZ55E25F205K |
|
|
Residence: |
Caradosso |
,
6 |
-
20123 |
Milano |
(MI) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Sole
Director |
29/10/2001 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
|
Blu
Holding S.r.l. |
|
|
Residence: |
Lunigiana |
,
46 |
-
20125 |
Milano |
(MI) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Sole
partner |
02/08/2006 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
Companies connected to members *
*checkings
have been performed on a national scale.
In
this module are listed the companies in which members hold or have holded
positions.
|
|
Sedgh |
Maurizio |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
Caderoc
S.r.l. Societa' Agricola |
Cassano
Valcuvia (VA) - IT - |
02044690127 |
Sole
Director |
Withdrawn |
Registered |
|
Morgan
Di Sedgh Maurizio |
Milano
(MI) - IT - |
SDGMRZ55E25F205K |
Proprietor |
Withdrawn |
Registered |
|
Immobiliare
Valentina S.r.l. |
Milano
(MI) - IT - |
05960280963 |
Sole
Director |
Active |
Registered |
|
Immobiliare
Valentina S.r.l. |
Milano
(MI) - IT - |
05960280963 |
Sole
partner |
Active |
Registered |
|
Incofin
-s.r.l. |
Milano
(MI) - IT - |
05009210153 |
Procurator |
Withdrawn |
Ceased |
|
Incofin
-s.r.l. |
Milano
(MI) - IT - |
05009210153 |
Liquidator |
Withdrawn |
Ceased |
|
Blu
Holding S.r.l. |
Milano
(MI) - IT - |
04613140963 |
Sole
Director |
Active |
Registered |
|
Blu
Holding S.r.l. |
Milano
(MI) - IT - |
04613140963 |
Sole
partner |
Active |
Registered |
|
Sacchetti
Star Srl |
Milano
(MI) - IT - |
07472350961 |
Managing
Director |
Active |
Registered |
|
Sacchetti
Star Srl |
Milano
(MI) - IT - |
07472350961 |
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.
Capital
Shareholders
Shareholders'
list as at date of data collection:
|
Firm's
Style / Name |
Seat
/ Residence |
Fiscal
Code |
Owned
Shares |
%
Ownership |
|
Blu
Holding S.r.l. |
Milano
- IT - |
04613140963 |
100,00 |
Direct
Participations
The
Company under review has participations in the following Companies:
|
Firm's
Style |
Seat |
Fiscal
Code |
Owned
Shares Amount |
%
Ownership |
since
|
until
|
Share
Status |
|
Sacchetti
Star Srl |
Milano
- IT - |
07472350961 |
10.000
.Eur |
100,00 |
Active |
Firm's
location and structure
In
order to carry out its activities the firm uses the following locations:
|
- |
Legal
and operative seat |
|
Lunigiana |
,
46 |
-
20100 |
-
Milano |
(MI) |
-
IT - |
|
PHONE |
:
0331634392 |
|
FAX |
:
0331632755 |
|
Legal
mail |
:
AMMINISTRAZIONE@PEC.BRANDART.IT |
|
- |
Branch |
(office) |
since
18/04/2005 |
|
San
Simpliciano |
,
2 |
-
20100 |
-
Milano |
(MI) |
-
IT - |
|
- |
Branch |
since
01/05/2000 |
|
Andrea
Costa |
,
19/21 |
-
21052 |
-
Busto Arsizio |
(VA) |
-
IT - |
|
- |
Branch |
(Warehouse) |
since
01/04/2014 |
|
5
Giornate |
,
14 |
-
21052 |
-
Busto Arsizio |
(VA) |
-
IT - |
|
Employees |
:
93 |
|
Assistants |
:
1 |
|
Fittings
and Equipment for a value of 42.000 |
Eur |
|
Stocks
for a value of 9.960.000 |
Eur |
Trade
organization: direct or by agents.
The
company sells in Italy and abroad.
The
company supplies wholesalers and resellers.
The
firm operates abroad as exporter..
Export
represents up to 20% of the global turnover.
Products
abroad are placed by :
|
-
its own sales net-work |
|
-
direct orders from foreign companies |
Usually
the terms of sale are within 90-120 days.
Financial
means used for sale: bank transfers and bank orders.
Company's
purchase terms are within 90 and 120 days.
Main
used payment modalities are by cash orders and bank transfers.
Export
is mainly towards:
|
-
Greece |
Traded
Brands / Suppliers
|
-
COCOON SRL |
|
-
STUDIO SEVERGNINI |
|
-
INDUSTRIA CARTARIA COMENSE SPA |
Protests
Protests
checking on the subject firm has given a negative result.
Data Base Prejudicial Events Search
Search
performed on a National Scale
|
|
Prejudicial
Events Search Result: NEGATIVE |
Search
performed on a specialized data base.
Legal
Procedures
None
reported, standing to the latest received edition of the Official Publications.
Bankers
The
firm operates with:
|
Bank
Name |
Agency
Name |
Address |
ZIP
Code |
City |
ABI
Code |
CAB
Code |
|
UNICREDIT
BANCA SPA |
MILANO
ARMORARI |
VIA
CORDUSIO, 3 |
20100 |
Milano |
2008 |
1660 |
|
BANCA
NAZIONALE DEL LAVORO SPA |
Milano |
1005 |
Financial
and Economical Analysis
Subject
is active since 1979
An eco-fin analysis has been made on the base
od the b/s fo the years 2012, 2013 and 2014.
Under an economic point of view, profits were
registered during the last years with a r.o.e. of 46,2% in 2014 with a good
increase in turnover (+24,85% in 2014 compared to 2013 and +11,58% in 2013
compared to 2012).
The operating result in 2014 was positive
(14,25%) and in line with the sector's average.
The amount of the operating result for the
year 2014 is of Eur. 4.027.649 increasing if compared to the yeart 2013.
The G.O.M. amounted to Eur. 4.512.195 with a
91,53% growth.
The ratio between shareholder's equity and
borrowed capital is not well balanced, the indebtedness level is equal to 4,13
falling if compared to 2013.
With regard to equity capital, an amount of
Eur. 5.411.175 is registered. , with an upward trend.
The financial management has recorded total
debts amounting to Eur. 22.544.388, while during the financial year 2013 the
amount was equal to Eur. 17.979.585.
Financial debts as well as debts to suppliers
are rather high however still within the sector's average.
It shows a good range of liquidity.
As far as the collection of credit goes, the
average is high (106,05 days). but in line with the sector.
The financial management generated a cash
flow of Eur. 2.984.519.
During 2014 financial year labour costs
amounted to Eur. 5.637.923, with a 12,73% incidence on production costs. , with
a 12,45% incidence on turnover.
The incidence of the financial charges is of
-0,2% on the sales amount.
Financial
Data
|
|
Complete
balance-sheet for the year |
al
31/12/2014 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
45.283.201 |
|
Profit
(Loss) for the period |
2.499.973 |
|
|
Complete
balance-sheet for the year |
al
31/12/2013 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
36.267.514 |
|
Profit
(Loss) for the period |
897.415 |
|
|
Complete
balance-sheet for the year |
al
31/12/2012 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
32.502.527 |
|
Profit
(Loss) for the period |
1.386.551 |
|
|
Complete
balance-sheet for the year |
al
31/12/2011 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
30.325.417 |
|
Profit
(Loss) for the period |
1.015.473 |
|
|
Complete
balance-sheet for the year |
al
31/12/2010 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
26.924.134 |
|
Profit
(Loss) for the period |
1.090.573 |
Balance
Sheets
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 |
0,04 |
0,03 |
0,03 |
0,33 |
|
Elasticity
Ratio |
Units |
0,96 |
0,96 |
0,97 |
0,65 |
|
Availability
of stock |
Units |
0,35 |
0,32 |
0,30 |
0,14 |
|
Total
Liquidity Ratio |
Units |
0,61 |
0,64 |
0,66 |
0,47 |
|
Quick
Ratio |
Units |
0,01 |
0,01 |
0,02 |
0,01 |
|
COMPOSITION
ON SOURCE |
|||||
|
Net
Short-term indebtedness |
Units |
4,13 |
5,03 |
5,93 |
2,54 |
|
Self
Financing Ratio |
Units |
0,19 |
0,16 |
0,14 |
0,22 |
|
Capital
protection Ratio |
Units |
0,53 |
0,73 |
0,52 |
0,74 |
|
Liabilities
consolidation quotient |
Units |
0,01 |
0,01 |
0,02 |
0,24 |
|
Financing |
Units |
4,17 |
5,10 |
6,09 |
3,21 |
|
Permanent
Indebtedness Ratio |
Units |
0,20 |
0,17 |
0,16 |
0,41 |
|
M/L
term Debts Ratio |
Units |
0,01 |
0,01 |
0,02 |
0,13 |
|
Net
Financial Indebtedness Ratio |
Units |
1,71 |
1,95 |
2,73 |
1,12 |
|
CORRELATION |
|||||
|
Fixed
assets ratio |
Units |
5,66 |
4,96 |
4,63 |
1,17 |
|
Current
ratio |
Units |
1,21 |
1,17 |
1,15 |
1,10 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
0,77 |
0,78 |
0,78 |
0,82 |
|
Structure's
primary quotient |
Units |
5,42 |
4,65 |
4,13 |
0,68 |
|
Treasury's
primary quotient |
Units |
0,01 |
0,01 |
0,02 |
0,03 |
|
Rate
of indebtedness ( Leverage ) |
% |
522,39 |
618,51 |
717,98 |
455,17 |
|
Current
Capital ( net ) |
Value |
4.668.045 |
3.008.333 |
2.630.742 |
135.108 |
|
RETURN |
|||||
|
Return
on Sales |
% |
6,59 |
4,10 |
5,48 |
3,71 |
|
Return
on Equity - Net- ( R.O.E. ) |
% |
46,20 |
25,46 |
46,45 |
2,32 |
|
Return
on Equity - Gross - ( R.O.E. ) |
% |
73,58 |
46,61 |
75,89 |
8,76 |
|
Return
on Investment ( R.O.I. ) |
% |
14,25 |
8,10 |
11,16 |
3,87 |
|
Return/
Sales |
% |
8,89 |
4,87 |
7,36 |
3,60 |
|
Extra
Management revenues/charges incid. |
% |
62,07 |
50,84 |
57,98 |
16,69 |
|
Cash
Flow |
Value |
2.984.519 |
1.487.864 |
1.782.301 |
147.669 |
|
Operating
Profit |
Value |
4.027.649 |
1.765.343 |
2.391.268 |
140.969 |
|
Gross
Operating Margin |
Value |
4.512.195 |
2.355.792 |
2.787.018 |
283.954 |
|
MANAGEMENT |
|||||
|
Credits
to clients average term |
Days |
106,05 |
108,96 |
129,23 |
110,91 |
|
Debts
to suppliers average term |
Days |
96,84 |
115,65 |
110,16 |
113,90 |
|
Average
stock waiting period |
Days |
79,18 |
68,89 |
72,17 |
47,23 |
|
Rate
of capital employed return ( Turnover ) |
Units |
1,60 |
1,66 |
1,52 |
1,09 |
|
Rate
of stock return |
Units |
4,55 |
5,23 |
4,99 |
7,61 |
|
Labour
cost incidence |
% |
12,45 |
12,86 |
12,78 |
15,52 |
|
Net
financial revenues/ charges incidence |
% |
-0,20 |
-0,31 |
-0,64 |
-1,76 |
|
Labour
cost on purchasing expenses |
% |
12,73 |
13,17 |
13,06 |
15,56 |
|
Short-term
financing charges |
% |
0,50 |
0,69 |
1,17 |
3,19 |
|
Capital
on hand |
% |
62,42 |
60,11 |
65,94 |
91,39 |
|
Sales
pro employee |
Value |
257.290 |
250.120 |
251.957 |
214.336 |
|
Labour
cost pro employee |
Value |
32.033 |
32.167 |
32.202 |
32.630 |
Remarks
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.
Market
/ Territory Data
|
Population
living in the province |
:
|
|
|
Population
living in the region |
:
|
|
|
Number
of families in the region |
:
|
|
Monthly
family expences average in the region (in Eur..) :
|
-
per food products |
:
|
|
|
-
per non food products |
:
|
|
|
-
per energy consume |
:
|
|
Sector
Data
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.
Statistical
Detrimental Data
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.66.65 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.72.33 |
|
ITL |
1 |
Rs.72.08 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.