|
Report No. : |
356404 |
|
Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUBBIFIL S.P.A. |
|
|
|
|
Registered Office : |
Via Campo
Sportivo, 8, 24020 – Peia (BG) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
27.05.1986 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture of Textiles |
|
|
|
|
No. of Employees : |
From 36 to 50 |
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 : |
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 |
SUBBIFIL S.P.A.
Via Campo
Sportivo, 8
24020 - Peia (BG) -IT-
|
Fiscal Code |
: |
01696570165 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
27/05/1986 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
12.750.000/15.500.000 |
|
Number of Employees |
: |
from 36 to 50 |
Manufacture of Textiles
Legal Form : Joint stock company
|
Fiscal Code : 01696570165 |
|
Foreign Trade Reg. no. : BG007253 since 17/12/1991 |
|
Foreign Trade Reg. no. : 7253 of Bergamo since 17/12/1991 |
|
Chamber of Commerce no. : 229469 of Bergamo since 24/06/1986 |
|
Firms' Register : BG024-29406 of Bergamo since 19/02/1996 |
|
V.A.T. Code : 01696570165 |
|
Tribunal Co. Register : 29406 of |
|
Foundation date |
: 27/05/1986 |
|
|
Establishment date |
: 27/05/1986 |
|
|
Start of Activities |
: 27/05/1986 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 550.000 |
|
|
Subscribed Capital |
: 550.000 |
|
|
Paid up Capital |
: 550.000 |
|
Legal mail : |
SUBBIFIL@REGISTERPEC.IT |
|
|
Bosio |
Michele |
|
|
Born in Leffe |
(BG) |
on 07/08/1955 |
- Fiscal Code : BSOMHL55M07E509E |
|
|
Residence: |
Don L. Alberti |
, 29 |
- 24020 |
Peia |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
25/06/2014 |
||
|
Board Chairman |
25/06/2014 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Bosio |
Romano |
|
|
Born in Leffe |
(BG) |
on 17/11/1945 |
- Fiscal Code : BSORMN45S17E509D |
|
|
Residence: |
Don L. Alberti |
, 17 |
- 24020 |
Peia |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
25/06/2014 |
|
|
Bosio |
Luca |
|
|
Born in Bergamo |
(BG) |
on 13/12/1976 |
- Fiscal Code : BSOLCU76T13A794P |
|
|
Residence: |
Umberto I |
, 7 |
- 25087 |
Salo' |
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
25/06/2014 |
|
|
Bosio |
Andrea |
|
|
Born in Gazzaniga |
(BG) |
on 17/04/1978 |
- Fiscal Code : BSONDR78D17D952U |
|
|
Residence: |
D. Luigi Alberti |
, 15 |
- 24020 |
Peia |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
25/06/2014 |
*checkings have been performed on a national scale.
In this module are listed the companies in which members hold or have
holded positions.
|
|
Bosio |
Michele |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Bosifil S.p.a. |
Gandino (BG) - IT - |
00278120167 |
Director |
Active |
Registered |
|
Bosifil S.p.a. |
Gandino (BG) - IT - |
00278120167 |
Board Chairman |
Active |
Registered |
|
Immobiliare Tre-bi S.r.l. |
Gazzaniga (BG) - IT - |
01926520162 |
Director |
Active |
Registered |
|
Immobiliare Tre-bi S.r.l. |
Gazzaniga (BG) - IT - |
01926520162 |
Board Chairman |
Active |
Registered |
|
Filtrading S.r.l. |
Cazzano Sant'Andrea (BG) - IT - |
03230740163 |
Director |
Active |
Registered |
|
Filtrading S.r.l. |
Cazzano Sant'Andrea (BG) - IT - |
03230740163 |
Board Chairman |
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 |
|
Bosio Michele |
Peia - IT - |
BSOMHL55M07E509E |
137.500 .Eur |
25,00 |
|
Bosio Romano |
Peia - IT - |
BSORMN45S17E509D |
132.000 .Eur |
24,00 |
|
Bosio Luca |
Salo' - IT - |
BSOLCU76T13A794P |
62.333 .Eur |
11,33 |
|
Bosio Loris |
Gandino - IT - |
BSOLRS85S01A794H |
62.333 .Eur |
11,33 |
|
Bosio Laura |
BSOLRA79R51A794S |
62.333 .Eur |
11,33 |
|
|
Bertasa Maria Santa |
BRTMSN47L53E509I |
93.500 .Eur |
17,00 |
The Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares
Amount |
% Ownership |
since |
until |
Share Status |
|
Cct Societa' Cooperativa Per Azioni- In Liquidazione |
Brescia - IT - |
03616250175 |
1 .Eur |
Active |
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
Campo Sportivo |
, 8 |
- 24020 |
- Peia |
(BG) |
- IT - |
|
PHONE |
: 035732415 |
|
FAX |
: 035727179 |
|
Legal mail |
: SUBBIFIL@REGISTERPEC.IT |
|
Employees |
: 36 |
|
Assistants |
: 1 |
|
Fittings and Equipment for a value of 880.000 |
Eur |
|
Stocks for a value of 3.080.000 |
Eur |
|
Furniture and fittings for a value of 7.000 |
Eur |
|
Vehicles for a value of 140.000 |
Eur |
The firm operates abroad as importer..
To purchase foreign products the firm uses the following channels :
|
- national or foreign important buyers |
|
- its own agents |
Import comes generally from the following nations:
|
- Ireland |
|
- Isole Maldive |
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.
The company is active since 1986
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% in 2014)
but without a significant increase in the turnover.
The operating result in 2014 was positive (5,65%) and in line with the
sector's average.
The operating result is positive and amounts to Eur. 803.770 showing an
upward trend 31,31% compared to the previous financial year.
During the latest financial year the gross operating margin amounted to
Eur. 1.189.057 with no sensible increase as against 2013.
The financial status of the company is fairly balanced with an
indebtedness level of 1,15 and decreasing as against 2013.
Subject can manage an equity capital funds for an amount of Eur.
5.419.658 on stable levels.
Total debts recorded amounted to Eur. 8.075.579 (Eur. 1.538.462 of which
were m/l term debts) , with a fall of -20,13%.
The company does not exceed in bank borrowings; the recourse to
suppliers' credit is also limited below field's average.
Payments are supported by good current assets.
Trade credits average terms are slow, on average 134,47 days. also in
relation to the average of the sector.
Eur. 710.450 is the value of cash flow during the year 2014
Subordinate employment cost is of Eur. 1.157.360, i.e. 8,55% on total
production costs. , whereas 8,19% is the incidence on sales revenues.
The financial management is marked by a high incidence of financial
charges in relation to sales revenues (-2,02%).
|
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
14.131.543 |
|
Profit (Loss) for the period |
325.163 |
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
14.010.637 |
|
Profit (Loss) for the period |
319.564 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
13.462.855 |
|
Profit (Loss) for the period |
110.954 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
17.706.934 |
|
Profit (Loss) for the period |
468.418 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
16.122.833 |
|
Profit (Loss) for the period |
497.854 |
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 |
0,36 |
0,34 |
0,38 |
0,29 |
|
Elasticity Ratio |
Units |
0,62 |
0,65 |
0,61 |
0,70 |
|
Availability of stock |
Units |
0,22 |
0,23 |
0,19 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,41 |
0,41 |
0,42 |
0,39 |
|
Quick Ratio |
Units |
0,02 |
0,00 |
0,00 |
0,01 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
1,15 |
1,63 |
1,56 |
1,69 |
|
Self Financing Ratio |
Units |
0,38 |
0,32 |
0,32 |
0,29 |
|
Capital protection Ratio |
Units |
0,84 |
0,83 |
0,86 |
0,71 |
|
Liabilities consolidation quotient |
Units |
0,34 |
0,29 |
0,35 |
0,26 |
|
Financing |
Units |
1,49 |
1,98 |
1,99 |
2,12 |
|
Permanent Indebtedness Ratio |
Units |
0,53 |
0,47 |
0,50 |
0,45 |
|
M/L term Debts Ratio |
Units |
0,15 |
0,15 |
0,17 |
0,13 |
|
Net Financial Indebtedness Ratio |
Units |
0,94 |
1,39 |
1,41 |
0,96 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
1,47 |
1,39 |
1,31 |
1,38 |
|
Current ratio |
Units |
1,35 |
1,23 |
1,20 |
1,25 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,88 |
0,79 |
0,83 |
0,75 |
|
Structure's primary quotient |
Units |
1,05 |
0,95 |
0,85 |
0,90 |
|
Treasury's primary quotient |
Units |
0,05 |
0,00 |
0,00 |
0,03 |
|
Rate of indebtedness ( Leverage ) |
% |
262,65 |
310,73 |
311,52 |
339,62 |
|
Current Capital ( net ) |
Value |
2.311.867 |
1.949.074 |
1.546.925 |
1.615.606 |
|
RETURN |
|||||
|
Return on Sales |
% |
5,03 |
5,08 |
3,53 |
1,74 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
6,00 |
6,27 |
2,27 |
0,25 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
9,59 |
10,39 |
3,47 |
2,94 |
|
Return on Investment ( R.O.I. ) |
% |
5,65 |
3,87 |
1,61 |
2,31 |
|
Return/ Sales |
% |
5,69 |
4,37 |
1,82 |
2,50 |
|
Extra Management revenues/charges incid. |
% |
40,45 |
52,21 |
45,17 |
8,02 |
|
Cash Flow |
Value |
710.450 |
711.371 |
475.741 |
210.372 |
|
Operating Profit |
Value |
803.770 |
612.096 |
245.635 |
359.192 |
|
Gross Operating Margin |
Value |
1.189.057 |
1.003.903 |
610.422 |
692.382 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
134,47 |
167,80 |
162,43 |
111,18 |
|
Debts to suppliers average term |
Days |
73,10 |
72,82 |
65,28 |
104,44 |
|
Average stock waiting period |
Days |
78,34 |
95,27 |
76,62 |
86,89 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,99 |
0,89 |
0,88 |
1,04 |
|
Rate of stock return |
Units |
4,60 |
3,78 |
4,70 |
4,12 |
|
Labour cost incidence |
% |
8,19 |
7,76 |
8,01 |
15,12 |
|
Net financial revenues/ charges incidence |
% |
-2,02 |
-1,21 |
-1,15 |
-2,07 |
|
Labour cost on purchasing expenses |
% |
8,55 |
7,95 |
8,05 |
14,82 |
|
Short-term financing charges |
% |
3,59 |
1,77 |
1,66 |
3,48 |
|
Capital on hand |
% |
100,73 |
112,99 |
113,03 |
95,83 |
|
Sales pro employee |
Value |
392.542 |
424.564 |
407.965 |
237.592 |
|
Labour cost pro employee |
Value |
32.148 |
32.963 |
32.686 |
33.432 |
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 |
: |
1.022.428 |
|
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 |
Statistically the trade activity passes through serious crises.
The area is statistically considered lowly risky.
In the region 50.886 protested subjects are found; in the province they
count to 4.150.
The insolvency index for the region is 0,55, , while for the province it
is 0,41.
Total Bankrupt companies in the province : 4.376.
Total Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.30 |
|
|
1 |
Rs.98.70 |
|
Euro |
1 |
Rs.72.33 |
|
ITL |
1 |
Rs.72.45 |
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.