MIRA
INFORM REPORT
|
Report No. : |
305830 |
|
Report Date : |
12.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SORMEC S.R.L. |
|
|
|
|
Registered Office : |
Contrada Sasi -
Area Artigianale, 22/23/24, 91011 – |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
09.02.1989 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
· Engaged in manufacturing of Plastic Plates, Sheets, Tubes and Profiles Metallurgy Engaged
in Forging, Drawing, Stamping and Roll-Forming of Metal as well as Powder
Metallurgy Engaged
as General mechanics |
|
|
|
|
No of Employees : |
48 |
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 : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Italy |
A2 |
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
industrial 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 133% of GDP in 2013, 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 widespread tax evasion. In 2013 economic
growth and labor market conditions deteriorated, with growth at -1.8% and
unemployment rising to 12.4%, with youth unemployment around 40%. Italy's GDP
is now 8% below its 2007 pre-crisis level.
|
Source : CIA |
Company name & address
Sormec S.r.l.
Contrada Sasi - Area Artigianale, 22/23/24
91011 - Alcamo (TP) -IT-
Summary
|
Fiscal Code |
: |
01498290814 |
|
Legal Form |
: |
Limited Liability Company |
|
start of Activities |
: |
07/06/1989 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
9.000.000/10.000.000 |
|
Number of Employees |
: |
48 |
Activity
· Engaged in manufacturing of Plastic Plates, Sheets, Tubes and Profiles Metallurgy
Engaged
in Forging, Drawing, Stamping and Roll-Forming of Metal as well as Powder
Metallurgy
Engaged
as General mechanics
Legal Data
Legal Form : Limited liability company
|
Register of Handcraft firms : 39862 |
|
Register of Handcraft firms : 39862 of
Trapani |
|
Fiscal Code : 01498290814 |
|
Foreign Trade Reg. no. : TP002459 since
10/03/1994 |
|
Chamber of Commerce no. : 315054 of
Palermo |
|
Chamber of Commerce no. : 87270 of Trapani
since 21/06/1989 |
|
Firms' Register : TP021-4972 of Trapani
since 20/02/1996 |
|
V.A.T. Code : 01498290814 |
|
Foundation date |
: 09/02/1989 |
|
|
Establishment date |
: 09/02/1989 |
|
|
Start of Activities |
: 07/06/1989 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 2.250.000 |
|
|
Subscribed Capital |
: 2.250.000 |
|
|
Paid up Capital |
: 2.250.000 |
|
Members
|
|
Sorrentino |
Nicolo' |
|
|
|
Born in Alcamo |
(TP) |
on 15/04/1949 |
- Fiscal Code : SRRNCL49D15A176X |
|
|
|
Residence: |
|
San Gaetano |
, KM.1.2 |
- 91011 |
Alcamo |
(TP) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
|
|
|
Prejudicial
events registered |
Legal Mortgage - 20/07/2006. - 177.771
Euro.
|
|
RISCOSSIONE SICILIA S. P. A. |
|
|
No Protests
registered |
|
|
Stabile |
Melchiorre |
|
|
|
Born in Castellammare del Golfo |
(TP) |
on 21/09/1958 |
- Fiscal Code : STBMCH58P21C130J |
|
|
|
Residence: |
|
F. Mistretta |
, 8 |
- 91011 |
Alcamo |
(TP) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Auditor |
31/07/2013 |
|
|
|
|
Sorrentino |
Santo |
|
|
|
Born in Alcamo |
(TP) |
on 11/07/1980 |
- Fiscal Code : SRRSNT80L11A176K |
|
|
|
Residence: |
|
Vittorio Veneto |
, 13 |
- 91011 |
Alcamo |
(TP) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
31/07/2013 |
|
|
|
Director |
31/07/2013 |
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Manno |
Anna |
|
|
|
Born in Alcamo |
(TP) |
on 03/10/1951 |
- Fiscal Code : MNNNNA51R43A176J |
|
|
|
Residence: |
|
San Gaetano |
, 7 |
- 91011 |
Alcamo |
(TP) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Assistant board Chairman |
31/07/2013 |
|
|
|
Director |
31/07/2013 |
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Pollina |
Luana Antonina |
|
|
|
Born in Erice |
(TP) |
on 01/05/1982 |
- Fiscal Code : PLLLNT82E41D423T |
|
|
|
Residence: |
|
Vittorio Veneto |
, 13 |
- 91011 |
Alcamo |
(TP) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
25/03/2014 |
|
|
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.
|
|
Sorrentino |
Santo |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Anelkisse S.a.s. Di Sorrentino Nicolo' EC. |
Alcamo (TP) - IT - |
02078350812 |
Limited Partner |
Active |
Registered |
|
Supermercati Saturno S.r.l. |
Alcamo (TP) - IT - |
02266620810 |
Sole Director |
Active |
Registered |
|
Graziano Auto E C. S.a.s |
Alcamo (TP) - IT - |
02325620819 |
Limited Partner |
Withdrawn |
Registered |
|
Sud Servizi S.r.l. |
Alcamo (TP) - IT - |
02331060810 |
Sole Director |
Withdrawn |
Registered |
|
Sud Servizi S.r.l. |
Alcamo (TP) - IT - |
02331060810 |
Liquidator |
Active |
Registered |
|
San Rocco Energy S.r.l. |
Gibellina (TP) - IT - |
02368760811 |
Sole Director |
Active |
Registered |
|
|
Manno |
Anna |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Anelkisse S.a.s. Di Sorrentino Nicolo' EC. |
Alcamo (TP) - IT - |
02078350812 |
Limited Partner |
Active |
Registered |
|
Industrial Automation E System Integrator
S.a.s. Di Finazzo Giuseppe Massimo E C |
Alcamo (TP) - IT - |
02391220817 |
Limited Partner |
Active |
Registered |
|
Industrial Automation E System Integrator
S.a.s. Di Finazzo Giuseppe Massimo E C |
Alcamo (TP) - IT - |
02391220817 |
Silent Partner |
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 |
|
Sorrentino Nicolo' |
Alcamo - IT - |
SRRNCL49D15A176X |
1.102.500 .Eur |
49,00 |
|
Sorrentino Santo |
Alcamo - IT - |
SRRSNT80L11A176K |
1.147.500 .Eur |
51,00 |
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 |
|
San Rocco Energy S.r.l. |
Gibellina - IT - |
02368760811 |
8.000 .Eur |
80,00 |
|
|
Active |
|
Officina Meccanica A.g. S.r.l. |
Altofonte - IT - |
05890280828 |
8.000 .Eur |
80,00 |
|
|
Active |
Firm's location and structure
In order to carry out its activities the
firm uses the following locations:
|
- |
Legal and
operative seat |
|
since 07/06/1989 |
|
|
|
|
|
|
Sasi - Area Artigianale |
, 22/23/24 |
- 91011 |
- Alcamo |
(TP) |
- IT - |
|
|
|
|
PHONE |
: 0924503846 |
|
|
|
|
PHONE |
: 0924502655 |
|
|
|
|
FAX |
: 092457047 |
|
- |
Branch |
(Workshop) |
since 10/03/1997 |
until 03/08/2000 |
|
|
|
|
|
|
Spirito Santo |
- 91011 |
- Alcamo |
(TP) |
- IT - |
|
|
|
|
PHONE |
: 0924502655 |
|
- |
Branch |
(Factory) |
since 30/09/2013 |
|
|
|
|
|
|
Margi |
, SNC |
- 90047 |
- Partinico |
(PA) |
- IT - |
|
|
|
|
Employees |
: 48 |
|
|
|
|
Assistants |
: 1 |
|
Fittings and Equipment for a value of
2.080.000 |
Eur |
|
Stocks for a value of 2.210.000 |
Eur |
|
Vehicles: 2. |
|
|
Historical Information and/or Firm's Status
CHANGES TO THE LEGAL
FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Limited liability company |
Other forms |
16/02/2000 |
EX-MEMBERS /
EX-POSITIONS:
|
|
Sorrentino |
Nicolo' |
|
|
|
Born in Alcamo |
(TP) |
on 15/04/1949 |
- Fiscal Code : SRRNCL49D15A176X |
|
|
|
Residence: |
|
San Gaetano |
, KM.1.2 |
- 91011 |
Alcamo |
(TP) |
- IT - |
|
Ex-Postions |
|
Sole Director |
|
Sole partner |
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: |
|
|
|
Prejudicial
Events found with cancellations* |
Legal Mortgage on 14/12/2011.
for an amount of 233.225 Euro. Event writing-off
|
RISCOSSIONE
SICILIA S. P. A. |
Legal Mortgage on 13/07/2011. for
an amount of 66.920 Euro. Event writing-off
|
RISCOSSIONE
SICILIA S. P. A. |
Legal Mortgage on 02/07/2008.
for an amount of 31.955 Euro. Event writing-off
|
RISCOSSIONE
SICILIA S. P. A. |
Legal Mortgage on 19/03/2008.
for an amount of 1.978.243 Euro.
|
RISCOSSIONE
SICILIA S. P. A. |
Search performed on a specialized data base.
*Concerns also partially erased events.
Legal Procedures
None reported, standing to the latest
received edition of the Official Publications.
Financial and Economical Analysis
Subject is active since 1989
The analysis is based on the latest 3
balance sheets.
Under an economic point of view, profits
were registered during the last years with a r.o.e. of 4,06% in 2013
The return on Investment in the last
financial year was positive (4,27%) falling within the field's average.
The amount of the operating result is equal
to Eur. 762.787 showing a downwards trend equal to -50,68% if compared to the
value of the financial year 2012.
A gross operating margin for a value of Eur.
1.393.976 was reached. showing a downward trend as opposed to the previous
year.
The analysis shows a fair financial position
as the indebtedness volume is acceptable (2,22) yet on the increase as against
the previous accounting period.
The management generated equity capital for
an amount of Eur. 4.612.435 on the same levels as the year before.
Total indebtedness was equal to Eur.
11.869.141 (Eur. 823.952 was the value of m/l term debts) while during the
financial year 2012 the amount was equal to Eur. 9.098.241.
Financial indebtedness is under control
whereas debts to suppliers are frequent and higher than sector's average.
Even liquidity range appears to be not
completely sufficient.
Accounts receivable average term is high
(141,36 days). even higher than the average of the specific sector.
2013 financial year closed with a cash flow
of Eur. 818.478
Labour cost amounts to Eur. 905.161, with a
10,57% incidence on production costs. , whereas the incidence of such costs on
sales revenues is equal to 9,94%.
Financial charges have a high incidence
(-1,89%) on turnover figures.
Financial Data
|
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
9.103.071 |
|
Profit (Loss) for the period |
187.289 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
11.575.986 |
|
Profit (Loss) for the period |
880.278 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
8.482.280 |
|
Profit (Loss) for the period |
114.793 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.684.028 |
|
Profit (Loss) for the period |
170.317 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.024.197 |
|
Profit (Loss) for the period |
61.235 |
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 31/12/2013 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as
at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet
as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1 |
|
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|
|
RATIOS |
Value
Type |
as at 31/12/2013 |
as at 31/12/2012 |
as at 31/12/2011 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,48 |
0,52 |
0,46 |
0,33 |
|
Elasticity Ratio |
Units |
0,52 |
0,47 |
0,54 |
0,65 |
|
Availability of stock |
Units |
0,12 |
0,03 |
0,08 |
0,14 |
|
Total Liquidity Ratio |
Units |
0,40 |
0,44 |
0,46 |
0,47 |
|
Quick Ratio |
Units |
0,05 |
0,04 |
0,06 |
0,01 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
2,22 |
1,64 |
1,61 |
2,54 |
|
Self Financing Ratio |
Units |
0,26 |
0,30 |
0,30 |
0,22 |
|
Capital protection Ratio |
Units |
0,47 |
0,79 |
0,95 |
0,74 |
|
Liabilities consolidation quotient |
Units |
0,09 |
0,16 |
0,23 |
0,24 |
|
Financing |
Units |
2,57 |
2,01 |
2,18 |
3,21 |
|
Permanent Indebtedness Ratio |
Units |
0,31 |
0,38 |
0,42 |
0,41 |
|
M/L term Debts Ratio |
Units |
0,06 |
0,08 |
0,12 |
0,13 |
|
Net Financial Indebtedness Ratio |
Units |
0,70 |
0,52 |
0,53 |
1,12 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
0,66 |
0,73 |
0,90 |
1,17 |
|
Current ratio |
Units |
0,84 |
0,89 |
1,01 |
1,10 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,64 |
0,83 |
0,86 |
0,82 |
|
Structure's primary quotient |
Units |
0,54 |
0,57 |
0,64 |
0,68 |
|
Treasury's primary quotient |
Units |
0,07 |
0,07 |
0,11 |
0,03 |
|
Rate of indebtedness ( Leverage ) |
% |
387,02 |
332,37 |
338,98 |
455,17 |
|
Current Capital ( net ) |
Value |
-1.772.455 |
-861.499 |
69.313 |
135.108 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
8,99 |
12,64 |
6,41 |
3,71 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
4,06 |
19,45 |
3,15 |
2,32 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
8,06 |
30,39 |
6,96 |
8,76 |
|
Return on Investment ( R.O.I. ) |
% |
4,27 |
10,28 |
3,71 |
3,87 |
|
Return/ Sales |
% |
8,38 |
13,36 |
5,41 |
3,60 |
|
Extra Management revenues/charges incid. |
% |
24,55 |
56,91 |
25,02 |
16,69 |
|
Cash Flow |
Value |
818.478 |
1.463.108 |
544.053 |
147.669 |
|
Operating Profit |
Value |
762.787 |
1.546.782 |
458.845 |
140.969 |
|
Gross Operating Margin |
Value |
1.393.976 |
2.129.612 |
888.105 |
283.954 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
141,36 |
112,86 |
157,82 |
110,91 |
|
Debts to suppliers average term |
Days |
158,74 |
187,68 |
141,14 |
113,90 |
|
Average stock waiting period |
Days |
87,40 |
15,67 |
42,68 |
47,23 |
|
Rate of capital employed return ( Turnover
) |
Units |
0,51 |
0,77 |
0,69 |
1,09 |
|
Rate of stock return |
Units |
4,12 |
22,98 |
8,43 |
7,61 |
|
Labour cost incidence |
% |
9,94 |
8,41 |
8,56 |
15,52 |
|
Net financial revenues/ charges incidence |
% |
-1,89 |
-1,22 |
-1,31 |
-1,76 |
|
Labour cost on purchasing expenses |
% |
10,57 |
9,60 |
8,93 |
15,56 |
|
Short-term financing charges |
% |
1,50 |
1,57 |
1,42 |
3,19 |
|
Capital on hand |
% |
196,10 |
129,92 |
145,66 |
91,39 |
|
Sales pro employee |
Value |
325.109 |
385.866 |
292.492 |
214.336 |
|
Labour cost pro employee |
Value |
32.327 |
32.444 |
25.024 |
32.630 |
Market / Territory Data
|
Population living in the province |
: |
|
|
Population living in the region |
: |
|
|
Number of families in the region |
: |
|
432.963Monthly family
expenses 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
Statistically the trade activity shows
periods of crisis.
The area is statistically considered
remarkably risky.
In the region 54.738 protested subjects are
found; in the province they count to 5.078.
The insolvency index for the region is 1,09,
, while for the province it is 1,18.
Total Bankrupt companies in the province :
1.675.
Total Bankrupt companies in the region :
14.491.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.15 |
|
UK Pound |
1 |
Rs.94.72 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MNL |
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.