|
Report No. : |
330307 |
|
Report Date : |
06.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
INTERFIL S.P.A. |
|
|
|
|
Registered Office : |
Via Di'vittorio G., 0010, 20094 – Corsico (MI) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
18.04.1985 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employees : |
From 6 to 10 |
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 |
|
INTERFIL S.P.A. |
|
Via |
Di'vittorio G., |
0010 |
|
20094 |
- Corsico |
(MI) |
-IT- |
|
Fiscal Code |
: |
07837790158 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
20/06/1985 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
18.000.000/20.000.000 |
|
Number of Employees |
: |
from 6 to 10 |
Preparation and spinning of textile fibres
Wholesale of raw and semi-finished textile fibres
Legal Form : Joint stock company
|
Fiscal Code : 07837790158 |
|
Foreign Trade Reg. no. : MI069456 since 23/12/1991 |
|
Foreign Trade Reg. no. : 069456 of Milano since 23/12/1991 |
|
Chamber of Commerce no. : 1186151 of Milano since
12/06/1985 |
|
V.A.T. Code : 07837790158 |
|
Tribunal Co. Register : 246724 of since 12/06/1985 |
|
Foundation date |
: 18/04/1985 |
|
|
Establishment date |
: 18/04/1985 |
|
|
Start of Activities |
: 20/06/1985 |
|
|
Legal duration |
: 31/12/2035 |
|
|
Nominal Capital |
: 520.000 |
|
|
Subscribed Capital |
: 520.000 |
|
|
Paid up Capital |
: 520.000 |
|
Legal mail : |
INTERFILSPA@PEC.IT |
|
Modiano |
Guido |
|
Born in Istanbul |
( ) |
on 05/04/1936 |
- Fiscal Code : MDNGDU36D05Z243S |
|
Residence: |
Alberto Da Giussano |
, 26 |
- 20145 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
03/04/2015 |
||
|
Board Chairman |
03/04/2015 |
||
|
Managing Director |
03/04/2015 |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Modiano |
Alfredo |
|
Born in Milano |
(MI) |
on 05/09/1964 |
- Fiscal Code : MDNLRD64P05F205R |
|
Residence: |
Santa Maria Alla Porta |
, N. 5 |
- 20123 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
03/04/2015 |
||
|
Managing Director |
03/04/2015 |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Moranelli |
Stefania |
|
Born in Milano |
(MI) |
on 03/08/1969 |
- Fiscal Code : MRNSFN69M43F205T |
|
Residence: |
Spadolini Giovanni |
, 10/A |
- 20141 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Attorney with special power |
20/09/2011 |
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
Angelucci |
Matilde |
|
Born in Paderno Dugnano |
(MI) |
on 27/06/1963 |
- Fiscal Code : NGLMLD63H67G220R |
|
Residence: |
Brodolini |
, 3 |
- 20054 |
Nova Milanese |
(MB) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Attorney with special power |
22/05/2013 |
|
No Prejudicial events are reported |
|
No Protests registered |
*checkings have been performed on a national scale.
In this module are listed the companies in which members
hold or have holded positions.
|
Modiano |
Guido |
|
Firm's Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
Motex Di Modiano Guido |
Corsico (MI) - IT - |
MDNGDU36D05Z243S |
Proprietor |
Active |
Registered |
|
Ennetielle Srl |
Milano (MI) - IT - |
10131110156 |
Director |
Active |
Registered |
|
Modal S.r.l. |
Gallarate (VA) - IT - |
02646460127 |
Sole
Director |
Withdrawn |
Registered |
|
Appello Ebraico Per La Solidarieta' - Organizzazione Non
Lucrativa Di Utilita' S |
Milano (MI) - IT - |
97252730151 |
Director |
Withdrawn |
Registered |
|
Fricky S.r.l. |
Milano (MI) - IT - |
07645390969 |
Sole
Director |
Active |
Registered |
The indication "REGISTERED" as Firm Status could
refer to Firms in Liquidation, Active, Inactive.
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 |
|
Modiano Guido |
Milano - IT - |
MDNGDU36D05Z243S |
416.000
.Eur |
80,00 |
|
Modiano Alfredo |
Milano - IT - |
MDNLRD64P05F205R |
104.000
.Eur |
20,00 |
The Company under review has no participations in other
Companies.
In order to carry out its activities the firm uses the
following locations:
|
- |
Legal and operative seat |
|
Di'vittorio G. |
, 0010 |
- 20094 |
- Corsico |
(MI) |
- IT - |
|
PHONE |
: 024404941 |
|
FAX |
: 024401414 |
|
Legal mail |
: INTERFILSPA@PEC.IT |
|
Employees |
: 8 |
|
Fittings and Equipment for a value of 2.000 |
Eur |
|
Stocks for a value of 4.810.000 |
Eur |
|
Furniture and fittings for a value of 8.000 |
Eur |
|
Vans for a value of 13.000 |
Eur |
The firm operates abroad as importer / exporter..
To purchase foreign products the firm uses the following
channels :
|
- its own sales net-work |
Export represents up to 20% of the global turnover.
Products abroad are placed by :
|
- its own sales net-work |
Import comes generally from the following nations:
|
- Italy |
Export is mainly towards:
|
- Italy |
COMPANY'S CAPITAL CHANGES:
|
Former Type |
Former
Amount |
New Type |
New
Amount |
Changement
Date |
|
387.343Eur |
516.457Eur |
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.
Company's starting of activities dates back to 1985.
An eco-fin analysis has been made on the base od the b/s fo
the years 2012, 2013 and 2014.
Under an economic point of view, profits were registered
during the last years with a r.o.e. of 6,99% in 2014
The operating result was positive in the last financial year
(3,8%) and in line with the sector's average.
The operating result is positive and amounts to Eur. 426.296
showing a downwards trend equal to -24,98% if compared to the value of the
financial year 2013.
The economic management produced a gross operating margin of
Eur. 448.977 with a -25,59% fall.
The analysis shows a fair financial position as the
indebtedness volume is acceptable (2,35) with an improving trend as on the
decrease.
The management generated equity capital for an amount of
Eur. 3.234.685 on stable levels.
The financial management has recorded total debts amounting
to Eur. 7.891.827, , a more or less stable value.
Bank borrowings' volume is slightly high but the recourse to
suppliers' credit is modest which is also lower than the sector average.
The management determines a good range of liquidity.
Accounts receivable average term is high (104,3 days). but
on the same levels as the average of the sector.
As far as the cash flow is concerned during the latest
financial year it amounted to Eur. 248.806
Subordinate employment cost is of Eur. 473.812, i.e. 2,47%
on total production costs. , whereas the incidence on sales revenues is of
2,43%.
The incidence of the financial charges is of -0,42% on the
sales amount.
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
19.538.134 |
|
Profit (Loss) for the period |
226.125 |
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
22.094.096 |
|
Profit (Loss) for the period |
253.992 |
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
18.270.124 |
|
Profit (Loss) for the period |
168.274 |
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
22.654.624 |
|
Profit (Loss) for the period |
516.277 |
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
20.511.002 |
|
Profit (Loss) for the period |
602.071 |
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 |
0,00 |
0,00 |
0,00 |
0,11 |
|
Elasticity Ratio |
Units |
1,00 |
1,00 |
0,99 |
0,87 |
|
Availability of stock |
Units |
0,43 |
0,34 |
0,38 |
0,22 |
|
Total Liquidity Ratio |
Units |
0,57 |
0,65 |
0,62 |
0,56 |
|
Quick Ratio |
Units |
0,02 |
0,04 |
0,03 |
0,02 |
|
COMPOSITION
ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
2,35 |
3,10 |
3,20 |
3,81 |
|
Self Financing Ratio |
Units |
0,29 |
0,23 |
0,23 |
0,17 |
|
Capital protection Ratio |
Units |
0,70 |
0,74 |
0,75 |
0,65 |
|
Liabilities consolidation quotient |
Units |
0,03 |
0,02 |
0,02 |
0,12 |
|
Financing |
Units |
2,44 |
3,28 |
3,32 |
4,72 |
|
Permanent Indebtedness Ratio |
Units |
0,31 |
0,24 |
0,24 |
0,30 |
|
M/L term Debts Ratio |
Units |
0,02 |
0,02 |
0,02 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
1,71 |
2,49 |
2,46 |
1,28 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
123,91 |
86,69 |
65,98 |
2,06 |
|
Current ratio |
Units |
1,42 |
1,33 |
1,32 |
1,16 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,81 |
0,87 |
0,82 |
0,84 |
|
Structure's primary quotient |
Units |
115,40 |
80,96 |
61,81 |
1,28 |
|
Treasury's primary quotient |
Units |
0,04 |
0,06 |
0,04 |
0,03 |
|
Rate of indebtedness ( Leverage ) |
% |
347,21 |
438,39 |
441,29 |
591,61 |
|
Current Capital ( net ) |
Value |
3.304.912 |
3.238.165 |
2.899.758 |
219.071 |
|
RETURN |
|||||
|
Return on Sales |
% |
1,27 |
1,31 |
1,35 |
2,22 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
6,99 |
8,52 |
6,17 |
6,27 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
10,65 |
13,36 |
9,94 |
15,95 |
|
Return on Investment ( R.O.I. ) |
% |
3,80 |
4,35 |
2,83 |
4,19 |
|
Return/ Sales |
% |
2,18 |
2,57 |
1,87 |
3,42 |
|
Extra Management revenues/charges incid. |
% |
53,04 |
44,70 |
49,38 |
29,26 |
|
Cash Flow |
Value |
248.806 |
289.195 |
245.964 |
61.669 |
|
Operating Profit |
Value |
426.296 |
568.257 |
340.801 |
95.558 |
|
Gross Operating Margin |
Value |
448.977 |
603.460 |
418.491 |
144.934 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
104,30 |
123,47 |
121,15 |
120,94 |
|
Debts to suppliers average term |
Days |
38,18 |
28,68 |
38,12 |
120,04 |
|
Average stock waiting period |
Days |
88,58 |
73,13 |
89,82 |
61,92 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,74 |
1,69 |
1,52 |
1,27 |
|
Rate of stock return |
Units |
4,06 |
4,92 |
4,01 |
5,74 |
|
Labour cost incidence |
% |
2,43 |
2,25 |
2,52 |
7,77 |
|
Net financial revenues/ charges incidence |
% |
-0,42 |
-0,77 |
-0,50 |
-1,26 |
|
Labour cost on purchasing expenses |
% |
2,47 |
2,31 |
2,56 |
7,90 |
|
Short-term financing charges |
% |
1,04 |
1,74 |
1,01 |
2,67 |
|
Capital on hand |
% |
57,48 |
59,18 |
65,90 |
78,39 |
|
Sales pro employee |
Value |
1.395.581 |
2.761.762 |
2.283.765 |
437.713 |
|
Labour cost pro employee |
Value |
33.843 |
62.156 |
57.542 |
33.928 |
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 |
: |
3.839.216 |
|
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 |
The values are calculated on a base of 6.137 significant
companies.
The companies cash their credits on an average of 121 dd.
The average duration of suppliers debts is about 120 dd.
The sector's profitability is on an average of 2,22%.
The labour cost affects the turnover in the measure of
7,77%.
Goods are held in stock in a range of 62 dd.
The difference between the sales volume and the resources
used to realize it is about 1,27.
The employees costs represent the 7,90% of the production
costs.
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 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.63.40 |
|
UK Pound |
1 |
Rs.98.94 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
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.