MIRA INFORM REPORT
|
Report No. : |
355800 |
|
Report Date : |
21.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
DAIKIN APPLIED EUROPE S.P.A. |
|
|
|
|
Registered Office : |
Via Piani Di S. Maria, 72, 00040 – Ariccia (RM) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
02.02.2004 |
|
|
|
|
Legal Form : |
Joint Stock Company With Sole Shareholder |
|
|
|
|
Line of Business : |
Manufacture of non-domestic cooling and ventilation equipment other
construction and installations activities. |
|
|
|
|
No. of Employees : |
From 500 to 750 |
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 |
Company
name & address
DAIKIN APPLIED EUROPE S.P.A.
Via Piani Di S. Maria, 72
00040 – Ariccia (RM) -IT-
Summary
|
Fiscal Code |
: |
04878860586 |
|
Legal Form |
: |
Joint stock company with sole shareholder |
|
start of Activities |
: |
02/02/2004 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
100.000.000/150.000.000 |
|
Number of Employees |
: |
from 500 to 750 |
|
Group |
: |
Mc Quay |
Activity
Manufacture of non-domestic cooling and ventilation equipment other
construction and installations activities n.e.c.
Legal
Data
Legal Form : Joint stock company with sole shareholder
|
Fiscal Code : 04878860586 |
|
Foreign Trade Reg. no. : RM018130 since 14/07/1992 |
|
Chamber of Commerce no. : 338621 of Firenze |
|
Chamber of Commerce no. : 1089256 of Milano |
|
Chamber of Commerce no. : 1754040 of Milano |
|
Chamber of Commerce no. : 467651 of Roma since 06/01/1981 |
|
Firms' Register : RM111-3108 of Roma since 19/02/1996 |
|
V.A.T. Code : 01318801006 |
|
Tribunal Co. Register : 3108 of since 23/12/1980 |
|
Foundation date |
: 03/12/1980 |
|
|
Establishment date |
: 03/12/1980 |
|
|
Start of Activities |
: 02/02/2004 |
|
|
Legal duration |
: 30/06/2050 |
|
|
Nominal Capital |
: 1.047.620 |
|
|
Subscribed Capital |
: 1.047.620 |
|
|
Paid up Capital |
: 1.047.620 |
|
Legal mail : |
DAE@PEC.DAIKINAPPLIED.EU |
Members
|
|
Aaf - Mcquay Group Inc. |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
No Protests registered |
|
|
Vanacore |
Raffaele |
|
|
Born in Portici |
(NA) |
on 18/03/1969 |
- Fiscal Code : VNCRFL69C18G902U |
|
|
Residence: |
Piani Di S. Maria |
, 72 |
- 00040 |
Ariccia |
(RM) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney with special power |
22/12/2014 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Aaf Mcquay International Inc |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole partner |
|
|
No Protests registered |
|
|
Takagi |
Katsuhiko |
|
|
Born in Osaka |
( ) |
on 14/01/1943 |
|
|
Residence: |
Yamate 12-15-504 |
Yamate - Ashida |
- JP - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
28/07/2014 |
||
|
Board Chairman |
28/07/2014 |
|
|
No Protests registered |
|
|
Manciocchi |
Marco |
|
|
Born in Aprilia |
(LT) |
on 27/09/1973 |
- Fiscal Code : MNCMRC73P27A341H |
|
|
Residence: |
Umberto I |
, 11 |
- 04100 |
Latina |
(LT) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney with special power |
22/12/2014 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Maragna |
Luigi |
|
|
Born in Roma |
(RM) |
on 18/09/1954 |
- Fiscal Code : MRGLGU54P18H501A |
|
|
Residence: |
Latilla Gaetano |
, 15 |
- 00124 |
Roma |
(RM) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney with special power |
22/12/2014 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Polidori |
Giuseppina |
|
|
Born in Velletri |
(RM) |
on 04/07/1954 |
- Fiscal Code : PLDGPP54L44L719Z |
|
|
Residence: |
Della Gatta,35 |
- 00049 |
Velletri |
(RM) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney with special power |
22/12/2014 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Paolella |
Luca |
|
|
Born in Roma |
(RM) |
on 22/02/1957 |
- Fiscal Code : PLLLCU57B22H501X |
|
|
Residence: |
Piani Di Santa Maria |
, 72 |
- 00040 |
Ariccia |
(RM) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
28/07/2014 |
||
|
Procurator |
28/03/1991 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Capozio |
Claudio |
|
|
Born in Roma |
(RM) |
on 05/07/1954 |
- Fiscal Code : DPTGCR41C15H501J |
|
|
Residence: |
Piani Di Santa Maria |
, 72 |
- 00040 |
Ariccia |
(RM) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
28/07/2014 |
||
|
Managing Director |
28/07/2014 |
|
|
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.
|
|
Capozio |
Claudio |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
A.m.p. S.p.a. |
Valle Salimbene (PV) - IT - |
01107830588 |
Managing
Director |
Withdrawn |
Ceased |
|
AIAX ITALIA S.R.L. |
Cave (RM) - IT - |
07089280585 |
Sole Director |
Withdrawn |
Registered |
|
Mc Quay Service - Societa' A Responsabilita' Limitata |
Guidonia Montecelio (RM) - IT - |
05357611002 |
Director |
Withdrawn |
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 |
|
Aaf Mcquay International Inc |
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 |
|
Consorzio Ridomus |
Milano - IT - |
05157270967 |
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
(Factory) |
|
Piani Di S. Maria |
, 72 |
- 00040 |
- Ariccia |
(RM) |
- IT - |
|
PHONE |
: 06937311 |
|
FAX |
: 069374014 |
|
Website |
: www.mcquayeurope.it |
|
Legal mail |
: DAE@PEC.DAIKINAPPLIED.EU |
|
- |
Branch |
(Factory) |
since 01/03/2008 |
|
Giuseppe Di Vittorio |
, 8 |
- 20090 |
- Settala |
(MI) |
- IT - |
|
- |
Branch |
(Store) |
since 14/11/2014 |
|
Di Vaccareccia |
, 16/18 |
- 00040 |
- Pomezia |
(RM) |
- IT - |
|
- |
Branch |
(agency) |
|
Nettunense |
, Km. 12,300 |
- 00100 |
- Roma |
(RM) |
- IT - |
|
PHONE |
: 06937311 |
|
FAX |
: 069374014 |
|
Email |
: info@mcquayeurope.com |
|
Employees |
: 649 |
|
Fittings and Equipment for a value of 5.200.000 |
Eur |
|
Stocks for a value of 18.400.000 |
Eur |
|
Vehicles for a value of 180.000 |
Eur |
Trade organization: direct or by agents.
The company sells in Italy and abroad.
The company sells mainly to converting industries.
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 :
|
- importers |
|
- its own foreign branches |
Company's customers use to settle their payment within 60 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.
Import comes generally from the following nations:
|
- Austria |
|
- Great Britain |
|
- Germany |
|
- France |
Export is mainly towards:
|
- Bulgaria |
|
- France |
|
- Italy |
|
- Hungary |
|
- Ireland |
|
- Poland |
Traded
Brands / Suppliers
|
- Laminazione Sottile Spa |
Historical
Information and/or Firm's Status
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: |
Legal Mortgage on 26/06/2006. for an amount of 155.470 Euro.
Event writing-off
|
BANCA MONTE DEI PASCHI DI SIENA S. P. A. |
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 |
|
BANCA DI ROMA SPA |
ARICCIA |
VIA FLORA,2 |
00040 |
Ariccia |
3002 |
38900 |
|
UNICREDIT BANCA SPA |
2008 |
0 |
||||
|
INTESA SANPAOLO SPA |
ARICCIA |
LARGO PORTA NAPOLETANA, 6 |
00040 |
Ariccia (RM) |
3069 |
38900 |
Financial
and Economical Analysis
Company's starting of activities dates back to 2004.
The analysis is based on the latest 3 balance sheets.
During the last years, it achieved profits (r.o.e. 22,39% on 2015) and
during the last financial year an increase in sales volume was registered
(+15,84% in 2015).
The operating result was positive in the last financial year (15,88%)
and in line with the sector's average.
The amount of the operating result for the year 2015 is of Eur.
12.556.950 rising (+59,63%) in relation to the previous year.
During the latest financial year the gross operating margin amounted to
Eur. 15.503.501 showing a 45,33% growth.
The company has an excellent net worth if compared to its debts, with a
low indebtedness (0,55) and with an upward trend compared to the previous year.
The equity capital is equal to Eur. 33.577.174 , increasing by 28,85% if
compared to the financial year 2014.
Eur. 36.958.203 is the amount of total debts, both commercial and of
different nature, , with no sensible variation.
The company does not exceed in bank credits; payments average period is
instead slightly high (96,99 gg.) but lower than the field average.
The available funds are good.
Credits are collected in 4,44 days on the average. , shorter than the
sector's average.
As far as the cash flow is concerned during the latest financial year it
amounted to Eur. 9.415.595
Labour cost amounts to Eur. 20.783.163, with a 16,53% incidence on
production costs. , whereas 15,23% is the incidence on sales revenues.
The financial charges do not negatively affect the management, as they
are covered by the incomes.
Financial
Data
|
|
Complete balance-sheet for the year |
al 31/03/2015 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
136.445.348 |
|
Profit (Loss) for the period |
7.518.941 |
|
|
Complete balance-sheet for the year |
al 31/03/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
117.777.663 |
|
Profit (Loss) for the period |
4.835.434 |
|
|
Complete balance-sheet for the year |
al 31/03/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
147.361.848 |
|
Profit (Loss) for the period |
427.667 |
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 31/03/2015 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/03/2014 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/03/2013 - 12 Mesi - Currency: - Amounts x 1 |
|
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|
|
RATIOS |
Value Type |
as at 31/03/2015 |
as at 31/03/2014 |
as at 31/03/2013 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|||||
|
Rigidity Ratio |
Units |
0,15 |
0,16 |
0,14 |
0,12 |
|
Elasticity Ratio |
Units |
0,85 |
0,84 |
0,85 |
0,85 |
|
Availability of stock |
Units |
0,23 |
0,25 |
0,34 |
0,13 |
|
Total Liquidity Ratio |
Units |
0,62 |
0,58 |
0,51 |
0,67 |
|
Quick Ratio |
Units |
0,23 |
0,21 |
0,20 |
0,04 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
0,55 |
0,77 |
0,97 |
5,09 |
|
Self Financing Ratio |
Units |
0,42 |
0,38 |
0,34 |
0,13 |
|
Capital protection Ratio |
Units |
0,74 |
0,77 |
0,93 |
0,49 |
|
Liabilities consolidation quotient |
Units |
0,07 |
0,08 |
0,08 |
0,11 |
|
Financing |
Units |
1,10 |
1,33 |
1,55 |
6,19 |
|
Permanent Indebtedness Ratio |
Units |
0,46 |
0,42 |
0,38 |
0,25 |
|
M/L term Debts Ratio |
Units |
0,03 |
0,04 |
0,04 |
0,08 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,89 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
3,13 |
2,53 |
2,60 |
1,81 |
|
Current ratio |
Units |
1,83 |
1,66 |
1,65 |
1,12 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,33 |
1,16 |
0,99 |
0,95 |
|
Structure's primary quotient |
Units |
2,91 |
2,30 |
2,31 |
1,04 |
|
Treasury's primary quotient |
Units |
0,50 |
0,42 |
0,38 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
235,55 |
264,86 |
298,49 |
769,78 |
|
Current Capital ( net ) |
Value |
30.610.634 |
22.964.100 |
21.284.739 |
76.802 |
|
RETURN |
|||||
|
Return on Sales |
% |
6,90 |
5,89 |
2,17 |
2,96 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
22,39 |
18,56 |
2,02 |
8,95 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
37,23 |
29,09 |
7,72 |
29,42 |
|
Return on Investment ( R.O.I. ) |
% |
15,88 |
11,40 |
4,11 |
5,23 |
|
Return/ Sales |
% |
9,20 |
6,68 |
1,77 |
4,98 |
|
Extra Management revenues/charges incid. |
% |
59,88 |
61,47 |
16,43 |
24,55 |
|
Cash Flow |
Value |
9.415.595 |
6.939.222 |
3.197.691 |
43.211 |
|
Operating Profit |
Value |
12.556.950 |
7.865.875 |
2.602.878 |
70.778 |
|
Gross Operating Margin |
Value |
15.503.501 |
10.667.693 |
8.153.830 |
101.164 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
4,44 |
10,46 |
36,25 |
151,02 |
|
Debts to suppliers average term |
Days |
96,99 |
108,99 |
82,56 |
170,53 |
|
Average stock waiting period |
Days |
48,55 |
53,65 |
52,85 |
37,36 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,73 |
1,71 |
2,33 |
1,16 |
|
Rate of stock return |
Units |
7,42 |
6,71 |
6,81 |
9,15 |
|
Labour cost incidence |
% |
15,23 |
15,35 |
15,35 |
21,18 |
|
Net financial revenues/ charges incidence |
% |
0,06 |
-0,18 |
-0,43 |
-1,34 |
|
Labour cost on purchasing expenses |
% |
16,53 |
16,24 |
16,03 |
21,47 |
|
Short-term financing charges |
% |
0,03 |
0,67 |
1,95 |
2,18 |
|
Capital on hand |
% |
57,97 |
58,60 |
42,99 |
86,08 |
|
Sales pro employee |
Value |
210.239 |
208.825 |
208.727 |
145.714 |
|
Labour cost pro employee |
Value |
32.023 |
32.047 |
32.044 |
32.556 |
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 4.211 significant companies.
The companies cash their credits on an average of 151 dd.
The average duration of suppliers debts is about 171 dd.
The sector's profitability is on an average of 2,96%.
The labour cost affects the turnover in the measure of 21,18%.
Goods are held in stock in a range of 37 dd.
The difference between the sales volume and the resources used to realize
it is about 1,16.
The employees costs represent the 21,47% of the production costs.
Statistical
Detrimental Data
Statistically the trade activity passes through serious crises.
The area is statistically considered moderately risky.
In the region 53.924 protested subjects are found; in the province they
count to 34.465.
The insolvency index for the region is 1,04, , while for the province it
is 0,92.
Total Bankrupt companies in the province : 31.914.
Total Bankrupt companies in the region : 37.442.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
|
ITL |
1 |
Rs.72.12 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.