MIRA INFORM REPORT
|
Report No. : |
304404 |
|
Report Date : |
23.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
TECSYSTEM S.R.L. |
|
|
|
|
Registered Office : |
Via Alfieri, 0001 20090 - Cesano Boscone (MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Year of Establishment : |
22.12.1980 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Manufacture of other apparatus for measuring
and regulating, metersfor electricity, gas and other liquids, analytical
precision balances (including seperate parts and accessories) |
|
|
|
|
No. of Employee : |
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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 and address
|
TECSYSTEM S.R.L. |
|
Via Alfieri, 0001 20090 - Cesano Boscone
(MI) -IT- |
Summary
|
Fiscal Code |
: |
00836920181 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
23/05/1989 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
5.000.000/6.500.000 |
|
Number of Employees |
: |
from 36 to 50 |
Activity
Manufacture of
other apparatus for measuring and regulating, meters for electricity, gas and
other liquids, alytical precision balances (including seperate parts and
accessories)
Legal
Data
Legal Form : Limited liability company
|
Fiscal Code : 00836920181 |
|
Foreign Trade Reg. no. : MI143095 since
11/03/1992 |
|
Chamber of Commerce no. : 1147141 of
Milano since 09/02/1984 |
|
V.A.T. Code : 08725440153 |
|
Trade Agents Licence : of Milano since
06/06/1985 |
|
R. E. C. no. : 77782 of Milano since
23/05/1989 |
|
R. E. C. no. : 205945 of Milano since
23/05/1989 |
|
Establishment date |
: 22/12/1980 |
|
|
Start of Activities |
: 23/05/1989 |
|
|
Legal duration |
: 31/12/2020 |
|
|
Nominal Capital |
: 15.510 |
|
|
Subscribed Capital |
: 15.510 |
|
|
Paid up Capital |
: 15.510 |
Members
|
Lanzarotta |
Rosa |
|
|
Born in Termini Imerese |
(PA) |
on 26/12/1939 |
- Fiscal Code : LNZRSO39T66L112V |
|
|
Residence: |
V. Alfieri |
, 1 |
- 20090 |
Cesano Boscone |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
27/10/1997 |
||
|
Managing Director |
27/10/1997 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
Conca |
Roberto |
|
|
Born in Milano |
(MI) |
on 04/04/1941 |
- Fiscal Code : CNCRRT41D04F205M |
|
|
Residence: |
Roma |
, 2/E |
- 20090 |
Assago |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
27/10/1997 |
||
|
Managing Director |
27/10/1997 |
||
|
Board Chairman |
16/09/2002 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
Companies
connected to members *
*checkings have been performed on a national
scale.
In this module the companies in which
members hold/held positions are listed.
The Members of the subject firm are not
reported to be Members in other companies.
Capital
Shareholders
Shareholders'
list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Lanzarotta Rosa |
Cesano Boscone - IT - |
LNZRSO39T66L112V |
3.102 .Eur |
20,00 |
|
Conca Roberto |
Assago - IT - |
CNCRRT41D04F205M |
8.530 .Eur |
55,00 |
|
Colombi Sergio |
CLMSRG73E11F205P |
775 .Eur |
5,00 |
|
|
Campisi Cesare |
CMPCSR69P11F205Y |
775 .Eur |
5,00 |
|
|
Riboni Sonia |
RBNSNO71E53F205N |
775 .Eur |
5,00 |
|
|
Marani Sonia Elena |
MRNSLN60L48G388Q |
775 .Eur |
5,00 |
|
|
Conca Elisabetta |
CNCLBT68B59F205V |
775 .Eur |
5,00 |
Direct
Participations
The Company under review has no
participations in other Companies.
Firm's
location and structure
In order to carry out its activities the firm
uses the following locations:
Legal and operative seat
|
Alfieri |
, 0001 |
- 20090 |
- Cesano Boscone |
(MI) |
- IT - |
|
PHONE |
: 024860101 |
|
FAX |
: 0248600783 |
|
Branch |
(Workshop) |
since 01/01/2007 |
|
Leonardo Da Vinci |
, 54/56 |
- 20094 |
- Corsico |
(MI) |
- IT - |
|
Employees |
: 36 |
|
Fittings and Equipment for a value of
72.000 |
Eur |
|
Stocks for a value of 590.000 |
Eur |
The firm operates abroad as importer /
exporter..
To purchase foreign products the firm uses the
following channels :
|
- direct orders to foreign companies |
Export represents up to 20% of the global
turnover.
Products abroad are placed by :
|
- national or foreign important buyers |
Import comes generally from the following
nations:
|
- Bulgaria |
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
Company's starting
of activities dates back to 1989.
An eco-fin analysis
has been made on the base od the b/s fo the years 2011, 2012 and 2013.
During the last
years, it achieved profits (r.o.e. 2,96% on 2013)
The operating
result in 2013 was positive (8,39%) falling within the field's average.
The operating result
is positive and amounts to Eur. 501.515 recording a drop as opposed to the year
before (-21,43%).
During the latest
financial year the gross operating margin amounted to Eur. 931.664 with no
sensible increase as against 2012.
Very good
financial situation: shareholder's equity covers short-terms debts with an
indebtedness level equal to 0,14 but slighlty increasing.
It's shareholders
funds amount to Eur. 4.105.555 on stable levels.
During the last
financial year debts totalled Eur. 1.133.203 (Eur. 138.821 of which were m/l
term debts) whereas in the year before they amounted to Eur. 1.443.060, with a
-21,47% drop.
Available funds
are good.
During financial year 2013 the cash flow amounted to Eur. 347.630
In the last financial year labour cost was of Eur. 1.623.192, with a 28,16% incidence on total costs of production. and a 25,7% incidence on sales volumes.
Financial charges have a limited incidence (-0,21%) on sales volume.
Financial
Data
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
6.316.703 |
|
Profit (Loss) for the period |
121.707 |
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
6.989.024 |
|
Profit (Loss) for the period |
400.365 |
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.920.934 |
|
Profit (Loss) for the period |
1.098.688 |
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
6.474.056 |
|
Profit (Loss) for the period |
918.244 |
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 |
0,50 |
0,40 |
0,29 |
0,21 |
|
Elasticity Ratio |
Units |
0,46 |
0,56 |
0,68 |
0,77 |
|
Availability of stock |
Units |
0,10 |
0,12 |
0,13 |
0,18 |
|
Total Liquidity Ratio |
Units |
0,36 |
0,44 |
0,55 |
0,54 |
|
Quick Ratio |
Units |
0,07 |
0,11 |
0,08 |
0,02 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
0,14 |
0,12 |
0,31 |
1,71 |
|
Self Financing Ratio |
Units |
0,69 |
0,66 |
0,66 |
0,27 |
|
Capital protection Ratio |
Units |
0,97 |
0,90 |
0,71 |
0,59 |
|
Liabilities consolidation quotient |
Units |
0,56 |
0,44 |
0,20 |
0,19 |
|
Financing |
Units |
0,28 |
0,34 |
0,43 |
2,33 |
|
Permanent Indebtedness Ratio |
Units |
0,78 |
0,74 |
0,72 |
0,44 |
|
M/L term Debts Ratio |
Units |
0,09 |
0,08 |
0,06 |
0,09 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
n.c. |
n.c. |
0,41 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
1,55 |
1,85 |
2,51 |
1,65 |
|
Current ratio |
Units |
2,78 |
2,96 |
2,42 |
1,32 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
2,19 |
2,32 |
1,95 |
1,00 |
|
Structure's primary quotient |
Units |
1,36 |
1,64 |
2,32 |
1,22 |
|
Treasury's primary quotient |
Units |
0,43 |
0,59 |
0,27 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
145,52 |
151,50 |
151,13 |
376,67 |
|
Current Capital ( net ) |
Value |
1.774.180 |
2.423.996 |
2.344.234 |
796.650 |
|
RETURN |
|||||
|
Return on Sales |
% |
5,50 |
8,94 |
16,58 |
5,35 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
2,96 |
9,35 |
28,29 |
10,29 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
9,17 |
15,45 |
44,06 |
22,86 |
|
Return on Investment ( R.O.I. ) |
% |
8,39 |
9,84 |
30,13 |
5,63 |
|
Return/ Sales |
% |
7,94 |
9,13 |
22,32 |
5,38 |
|
Extra Management revenues/charges incid. |
% |
24,27 |
62,72 |
62,14 |
45,02 |
|
Cash Flow |
Value |
347.630 |
624.890 |
1.313.419 |
317.766 |
|
Operating Profit |
Value |
501.515 |
638.310 |
1.768.188 |
286.496 |
|
Gross Operating Margin |
Value |
931.664 |
1.050.330 |
1.982.919 |
442.666 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
n.c. |
n.c. |
n.c. |
122,22 |
|
Debts to suppliers average term |
Days |
n.c. |
n.c. |
n.c. |
130,98 |
|
Average stock waiting period |
Days |
33,77 |
40,97 |
34,95 |
60,49 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,06 |
1,08 |
1,35 |
1,10 |
|
Rate of stock return |
Units |
10,66 |
8,79 |
10,30 |
5,95 |
|
Labour cost incidence |
% |
25,70 |
24,51 |
18,75 |
17,39 |
|
Net financial revenues/ charges incidence |
% |
-0,21 |
0,15 |
-0,50 |
-0,94 |
|
Labour cost on purchasing expenses |
% |
28,16 |
25,80 |
23,49 |
18,81 |
|
Short-term financing charges |
% |
1,39 |
1,92 |
3,05 |
2,60 |
|
Capital on hand |
% |
94,58 |
92,86 |
74,09 |
90,41 |
|
Sales pro employee |
Value |
126.334 |
131.868 |
172.194 |
213.861 |
|
Labour cost pro employee |
Value |
32.463 |
32.322 |
32.287 |
36.396 |
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 1.172
significant companies.
The companies cash their credits on an
average of 122 dd.
The average duration of suppliers debts is
about 131 dd.
The sector's profitability is on an average
of 5,35%.
The labour cost affects the turnover in the
measure of 17,39%.
Goods are held in stock in a range of 60 dd.
The difference between the sales volume and
the resources used to realize it is about 1,10.
The employees costs represent the 18,81% 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. 61.69 |
|
|
1 |
Rs. 93.32 |
|
Euro |
1 |
Rs. 71.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.