MIRA INFORM REPORT
|
Report No. : |
354426 |
|
Report Date : |
19.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
E 4 COMPUTER ENGINEERING S.P.A. |
|
|
|
|
Registered Office : |
Via Martiri Della Liberta', 66, 42019 - Scandiano (RE) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
22.05.2002 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employee : |
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 |
|
Maximum Credit Limit : |
250.000 EUR |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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 |
Company
name and address
E 4 COMPUTER ENGINEERING S.P.A.
Via Martiri Della Liberta', 66,
42019 - Scandiano (RE) -IT-
Summary
|
Fiscal Code |
: |
02005300351 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
22/05/2002 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
12.750.000/15.500.000 |
|
Number of Employees |
: |
from 26 to 35 |
Credit
Analysis
|
Credit Opinion |
: |
250.000 EUR |
Activity
Manufacture of computers and peripheral equipment
Computer consultancy activities
Legal
Data
Legal Form : Joint stock company
|
Fiscal Code : 02005300351 |
|
Chamber of Commerce no. : 242641 of Reggio Emilia since 06/06/2002 |
|
V.A.T. Code : 02005300351 |
|
Establishment date |
: 22/05/2002 |
|
|
Start of Activities |
: 22/05/2002 |
|
|
Legal duration |
: 31/12/2023 |
|
|
Nominal Capital |
: 150.000 |
|
|
Subscribed Capital |
: 150.000 |
|
|
Paid up Capital |
: 150.000 |
|
Legal mail : |
GARE@PEC.E4COMPANY.COM |
Members
|
Morsiani |
Francesco |
|
|
Born in Modena |
(MO) |
on 25/09/1958 |
- Fiscal Code : MRSFNC58P25F257P |
|
|
Residence: |
Martiri Della Liberta' |
, 66 |
- 42019 |
Scandiano |
(RE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
29/04/2013 |
|
Careca S.p.a. |
|
|
Residence: |
Martiri Della Liberta' |
, 66 |
- 42019 |
Scandiano |
(RE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
Nuti |
Vincenzo |
|
|
Born in Livorno |
(LI) |
on 25/04/1956 |
- Fiscal Code : NTUVCN56D25E625N |
|
|
Residence: |
Martiri Della Liberta' |
, 66 |
- 42019 |
Scandiano |
(RE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
29/04/2013 |
||
|
Board Chairman |
29/04/2013 |
||
|
Managing Director |
29/04/2013 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
Campagnoli |
Antonio |
|
|
Born in Bologna |
(BO) |
on 21/07/1971 |
- Fiscal Code : CMPNTN71L21A944O |
|
|
Residence: |
Martiri Della Liberta' |
, 66 |
- 42019 |
Scandiano |
(RE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
29/04/2013 |
|
Spagni |
Pietro Rossano |
|
|
Born in Sassuolo |
(MO) |
on 17/07/1962 |
- Fiscal Code : SPGPRR62L17I462T |
|
|
Residence: |
Martiri Della Liberta' |
, 66 |
- 42019 |
Scandiano |
(RE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
29/04/2013 |
||
|
Managing Director |
29/04/2013 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
Gianfreda |
Cosimo Damiano |
|
|
Born in Illertissen |
( ) |
on 31/05/1967 |
- Fiscal Code : GNFCMD67E31Z112Z |
|
|
Residence: |
Martiri Della Liberta' |
, 66 |
- 42019 |
Scandiano |
(RE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
29/04/2013 |
||
|
Assistant board Chairman |
29/04/2013 |
||
|
Managing Director |
29/04/2013 |
|
|
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.
|
Nuti |
Vincenzo |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
System Data Tecnology S.r.l. In LiquidazIone |
Roma (RM) - IT - |
08268540583 |
Director |
Withdrawn |
Registered |
|
Careca S.p.a. |
Scandiano (RE) - IT - |
01529990358 |
Director |
Active |
Registered |
|
Videobit Di Manfredi Marco E C. Societa'In Accomandita Semplice |
Parma (PR) - IT - |
00912100344 |
Limited Partner |
Withdrawn |
Ceased |
|
Nuti Vincenzo |
Parma (PR) - IT - |
NTUVCN56D25E625N |
Proprietor |
Withdrawn |
Ceased |
|
Careca Italia S.p.a. |
Scandiano (RE) - IT - |
02078660350 |
Director |
Active |
Registered |
|
Spagni |
Pietro Rossano |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Careca S.p.a. |
Scandiano (RE) - IT - |
01529990358 |
Director |
Active |
Registered |
|
Careca Italia S.p.a. |
Scandiano (RE) - IT - |
02078660350 |
Director |
Active |
Registered |
|
Careca Italia S.p.a. |
Scandiano (RE) - IT - |
02078660350 |
Managing
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 |
|
Careca S.p.a. |
Scandiano - IT - |
01529990358 |
97.500 .Eur |
65,00 |
|
Nuti Vincenzo |
Scandiano - IT - |
NTUVCN56D25E625N |
30.000 .Eur |
20,00 |
|
Gianfreda Cosimo Damiano |
Scandiano - IT - |
GNFCMD67E31Z112Z |
15.000 .Eur |
10,00 |
|
E 4 Computer Engineering S.p.a. |
Scandiano - IT - |
02005300351 |
7.500 .Eur |
5,00 |
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 |
|
E 4 Computer Engineering S.p.a. |
Scandiano - IT - |
02005300351 |
7.500 .Eur |
5,00 |
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
Martiri Della Liberta' |
, 66 |
- 42019 |
- Scandiano |
(RE) |
- IT - |
|
Legal mail |
: GARE@PEC.E4COMPANY.COM |
|
- |
Branch |
(office) |
since 01/08/2003 |
|
Padre Sacchi |
, 20 |
- 42019 |
- Scandiano |
(RE) |
- IT - |
|
Employees |
: 28 |
|
Fittings and Equipment for a value of 4.000 |
Eur |
|
Stocks for a value of 2.090.000 |
Eur |
|
Work in progress for a value of 88.000 |
Eur |
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.
Financial
and Economical Analysis
Subject is active since 2002
The eonomic-financial analysis is based on the latest 3 b/s.
Unstable economic results mark the company's financial state of affairs.
yet with a positive result in the 2014 (r.o.e. 11,18%). The turnover is growing
in the last financial year (+20,33%).
The operating result was positive in the last financial year (7,77%)
falling within the field's average.
The amount of the operating result for the year 2014 is of Eur. 679.228
with no increase in relation to the financial year 2013.
A gross operating margine for a value of Eur. 796.877 was reached. ,with
no change if compared to the year before.
From a financial aspect the company's status covers total short-term
debts; the indebtedness volume in 2014 is in fact 0,44
Subject can manage an equity capital funds for an amount of Eur.
4.053.819 , unchanged if compared to 2013.
During the last financial year total debts volume reached Eur. 4.260.722
(Eur. 199.444 were m/l term ones) while during the financial year 2013 the
amount was equal to Eur. 2.596.837.
Bank exsposure is limited and the suppliers' credit is modest too, 86,62
gg. is the payment average period which is within the sector's average.
The management determines a good range of liquidity.
Credits are collected in 85,13 days on the average. , a value lower than
the sector's average.
The financial management generated a cash flow of Eur. 570.791.
Subordinate employment cost is of Eur. 1.278.735, i.e. 9,27% on total
production costs. , whereas the incidence of such costs on sales revenues is
equal to 8,5%.
If compared to the sales volume (-0,27%), the impact of the financial
charges is limited.
Financial
Data
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
15.044.158 |
|
Profit (Loss) for the period |
453.142 |
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
12.502.062 |
|
Profit (Loss) for the period |
402.750 |
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
8.598.370 |
|
Profit (Loss) for the period |
-56.036 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
14.023.438 |
|
Profit (Loss) for the period |
705.070 |
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
13.298.535 |
|
Profit (Loss) for the period |
462.063 |
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 |
|
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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 |
0,04 |
0,05 |
0,05 |
0,17 |
|
Elasticity Ratio |
Units |
0,95 |
0,94 |
0,94 |
0,82 |
|
Availability of stock |
Units |
0,24 |
0,38 |
0,22 |
0,16 |
|
Total Liquidity Ratio |
Units |
0,71 |
0,57 |
0,72 |
0,56 |
|
Quick Ratio |
Units |
0,27 |
0,13 |
0,23 |
0,02 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
0,44 |
0,44 |
0,25 |
2,92 |
|
Self Financing Ratio |
Units |
0,46 |
0,56 |
0,57 |
0,19 |
|
Capital protection Ratio |
Units |
0,85 |
0,86 |
0,97 |
0,60 |
|
Liabilities consolidation quotient |
Units |
0,11 |
0,08 |
0,07 |
0,20 |
|
Financing |
Units |
1,05 |
0,68 |
0,65 |
3,70 |
|
Permanent Indebtedness Ratio |
Units |
0,52 |
0,59 |
0,60 |
0,34 |
|
M/L term Debts Ratio |
Units |
0,05 |
0,03 |
0,03 |
0,09 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,89 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
13,50 |
13,02 |
11,74 |
1,68 |
|
Current ratio |
Units |
2,04 |
2,49 |
2,53 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,52 |
1,50 |
1,93 |
0,88 |
|
Structure's primary quotient |
Units |
12,15 |
12,36 |
11,21 |
1,12 |
|
Treasury's primary quotient |
Units |
0,58 |
0,35 |
0,62 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
215,63 |
179,26 |
174,19 |
523,99 |
|
Current Capital ( net ) |
Value |
4.220.885 |
3.868.526 |
3.383.945 |
171.445 |
|
RETURN |
|||||
|
Return on Sales |
% |
3,79 |
4,09 |
0,34 |
2,57 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
11,18 |
10,53 |
-1,64 |
6,66 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
16,66 |
16,69 |
-0,93 |
21,45 |
|
Return on Investment ( R.O.I. ) |
% |
7,77 |
10,21 |
0,16 |
5,53 |
|
Return/ Sales |
% |
4,51 |
5,60 |
0,11 |
5,03 |
|
Extra Management revenues/charges incid. |
% |
66,71 |
57,54 |
-601,70 |
17,54 |
|
Cash Flow |
Value |
570.791 |
511.486 |
29.193 |
70.556 |
|
Operating Profit |
Value |
679.228 |
699.911 |
9.313 |
112.005 |
|
Gross Operating Margin |
Value |
796.877 |
808.647 |
94.542 |
178.908 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
85,13 |
76,24 |
107,10 |
127,80 |
|
Debts to suppliers average term |
Days |
86,62 |
54,25 |
80,15 |
107,73 |
|
Average stock waiting period |
Days |
50,08 |
74,03 |
55,76 |
48,24 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,72 |
1,82 |
1,44 |
1,27 |
|
Rate of stock return |
Units |
7,19 |
4,86 |
6,46 |
7,46 |
|
Labour cost incidence |
% |
8,50 |
8,51 |
11,49 |
16,15 |
|
Net financial revenues/ charges incidence |
% |
-0,27 |
-0,51 |
-0,94 |
-1,36 |
|
Labour cost on purchasing expenses |
% |
9,27 |
8,16 |
11,10 |
16,45 |
|
Short-term financing charges |
% |
1,53 |
2,77 |
4,74 |
3,11 |
|
Capital on hand |
% |
58,10 |
54,83 |
69,30 |
78,13 |
|
Sales pro employee |
Value |
385.747 |
378.850 |
286.612 |
222.726 |
|
Labour cost pro employee |
Value |
32.788 |
32.221 |
32.925 |
34.386 |
Credit
Opinion
On the basis of the above mentioned, and the sales volume obtained, we deem that the maximum exposure for short and medium term transactions ( 90 - 120 days ) could be of:
250.000
Eur.
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 401 significant companies.
The companies cash their credits on an average of 128 dd.
The average duration of suppliers debts is about 108 dd.
The sector's profitability is on an average of 2,57%.
The labour cost affects the turnover in the measure of 16,15%.
Goods are held in stock in a range of 48 dd.
The difference between the sales volume and the resources used to
realize it is about 1,27.
The employees costs represent the 16,45% 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 18.860 protested subjects are found; in the province they
count to 1.775.
The insolvency index for the region is 0,46, , while for the province it
is 0,38.
Total Bankrupt companies in the province : 1.365.
Total Bankrupt companies in the region : 14.698.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
|
EUR |
1 |
Rs. 72.06 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
ASH |
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.