|
Report No. : |
330670 |
|
Report Date : |
06.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
SESA - S.P.A. |
|
|
|
|
Registered Office : |
Via Mantova, 12, 21057 - Olgiate Olona (VA) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
01.01.1950 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
· Manufacture of Metal Products (Except Machinery and Equipment) · Manufacture of Structural Metal Products · Forging, Drawing, Stamping and Roll-Forming of Metal; Powder Metallurgy · Manufacture of Products Iron, Copper and Other Metals. |
|
|
|
|
No. of Employees : |
From 71 to 90 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 – 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 |
SESA - S.P.A.
Via Mantova, 12
21057 - Olgiate Olona (VA) -IT-
|
Fiscal
Code |
: |
00184100121 |
|
Legal
Form |
: |
Joint
stock company |
|
Foundation
Date |
: |
01/01/1950 |
|
Equity |
: |
100.000
|
|
Turnover
Range |
: |
10.000.000/12.750.000
|
|
Number
of Employees |
: |
from
71 to 90 |
MANUFACTURE
OF METAL PRODUCTS ( EXCEPT MACHINERY AND EQUIPMENT)
Manufacture
of structural metal products
Forging,
drawing, stamping and roll-forming of metal; powder metallurgy
Manufacture
of products iron, copper and other metals
Legal
Form : Joint stock company
|
Fiscal
Code : 00184100121 |
|
Foreign
Trade Reg. no. : 016389 of Varese since 09/01/1992 |
|
Chamber
of Commerce no. : 50722 of Varese since 28/03/1950 |
|
Firms'
Register : VA026-4313 of Varese since 19/02/1996 |
|
V.A.T.
Code : 00184100121 |
|
Foundation
date |
:
01/01/1950 |
|
|
Establishment
date |
:
18/03/1950 |
|
|
Legal
duration |
:
31/12/2050 |
|
|
Nominal
Capital |
:
300.000 |
|
|
Subscribed
Capital |
:
300.000 |
|
|
Paid
up Capital |
:
300.000 |
|
Legal
mail : |
SESAPLATES@MEGAPEC.EU |
|
|
Santori |
Marco |
|
|
Born
in Busto Arsizio |
(VA) |
on
28/07/1953 |
-
Fiscal Code : SNTMRC53L28B300H |
|
|
Residence: |
Mantova |
,
12 |
-
21057 |
Olgiate
Olona |
(VA) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Sole
Director |
09/04/2014 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
|
Santori |
Rossella |
|
|
Born
in Busto Arsizio |
(VA) |
on
20/06/1955 |
-
Fiscal Code : SNTRSL55H60B300A |
|
|
Residence: |
Venezia
13 |
,
13 |
-
21052 |
Busto
Arsizio |
(VA) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Partner |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
|
Basalini |
Cristian |
|
|
Born
in Arona |
(NO) |
on
23/08/1979 |
-
Fiscal Code : BSLCST79M23A429K |
|
|
Residence: |
Privata
Delle Rose |
,
31 |
-
28833 |
Brovello-Carpugnino |
(VB) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Auditor |
22/03/2013 |
*checkings
have been performed on a national scale.
In
this module are listed the companies in which members hold or have holded
positions.
|
|
Santori |
Marco |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
Immobiliare
Cassiopea - S.r.l. |
Busto
Arsizio (VA) - IT - |
01808100125 |
Board
Chairman |
Active |
Registered |
|
SANTORI
MARCO |
Busto
Arsizio (VA) - IT - |
SNTMRC53L28B300H |
Proprietor |
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.
Shareholders'
list as at date of data collection:
|
Firm's
Style / Name |
Seat
/ Residence |
Fiscal
Code |
Owned
Shares |
%
Ownership |
|
Santori
Marco |
Olgiate
Olona - IT - |
SNTMRC53L28B300H |
150.000
.Eur |
50,00 |
|
Santori
Rossella |
Busto
Arsizio - IT - |
SNTRSL55H60B300A |
150.000
.Eur |
50,00 |
The
Company under review has participations in the following Companies:
|
Firm's
Style |
Seat |
Fiscal
Code |
Owned
Shares Amount |
%
Ownership |
since
|
until
|
Share
Status |
|
Industria
E Universita' S.r.l. |
Varese
- IT - |
01930490121 |
15.300
.Eur |
0,11 |
Active |
In
order to carry out its activities the firm uses the following locations:
|
- |
Legal
and operative seat |
|
Mantova |
,
12 |
-
21057 |
-
Olgiate Olona |
(VA) |
-
IT - |
|
PHONE |
:
0331631388 |
|
FAX |
:
0331677313 |
|
Legal
mail |
:
SESAPLATES@MEGAPEC.EU |
|
Employees |
:
74 |
|
Fittings
and Equipment for a value of 1.410.000 |
Eur |
|
Stocks
for a value of 2.100.000 |
Eur |
The
firm operates abroad as importer / exporter..
Export
represents more than 50% of the global turnover.
Products
abroad are placed by :
|
-
its own agents |
|
-
direct orders from foreign companies |
Import
comes generally from the following nations:
|
-
Hungary |
CHANGES
TO THE LEGAL FORM:
|
Former
legal form |
New
legal form |
Changement
Date |
|
General
partnership |
Limited
liability company |
14/07/1982 |
|
Limited
liability company |
Joint
stock company |
01/03/1988 |
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 1950.
An
eco-fin analysis has been made on the base od the b/s fo the years 2011, 2012
and 2013.
Under
the financial profile unstable results are noted. ; in the last financial year a
loss was registered (r.o.e. -1061,32%) In the last financial year a drop in
sales has been registered (-16,28%).
The
operating result is negative.
The
amount of the operating loss for 2013 is equal to Eur. -904.673.
The
gross operating margin for the fiscal year 2013 is negative, for an amount of
Eur. -301.392.
Short-term
debts volume if compared to net worth, as it comes out from the total
indebtedness (43,04) which tends upward.
With
regard to equity capital, an amount of Eur. 83.303 is registered. , falling in
comparison with the year before.
During
the last financial year debts totalled Eur. 6.570.485 (Eur. 2.291.206 of which
were m/l term debts) , rising as opposed to the previous year (+21,97%).
Remarkable
financial indebtedness; payments average period is slightly high too (115,54
gg.) even if it still falls within the sector's average.
Liquidity
is good (1,14)
Trade
credits average terms are 45,28 days. , shorter than the sector's average.
(Eur.
-280.831) is the negative value of the cash flow.
In
the last financial year labour cost was of Eur. 4.328.798, with a 35% incidence
on total costs of production. , whereas the incidence on sales revenues is of
38,45%.
The
incidence of the financial charges is of -0,95% on the sales amount.
|
|
Complete
balance-sheet for the year |
al
31/12/2013 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
11.259.532 |
|
Profit
(Loss) for the period |
-884.112 |
|
|
Complete
balance-sheet for the year |
al
31/12/2012 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
13.449.644 |
|
Profit
(Loss) for the period |
69.931 |
|
|
Complete
balance-sheet for the year |
al
31/12/2011 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
12.528.973 |
|
Profit
(Loss) for the period |
574.452 |
|
|
Complete
balance-sheet for the year |
al
31/12/2010 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
11.817.279 |
|
Profit
(Loss) for the period |
-505.405 |
|
|
Complete
balance-sheet for the year |
al
31/12/2009 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
11.447.052 |
|
Profit
(Loss) for the period |
-551.039 |
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 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
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 |
0,40 |
0,39 |
0,39 |
0,29 |
|
Elasticity
Ratio |
Units |
0,59 |
0,61 |
0,60 |
0,68 |
|
Availability
of stock |
Units |
0,25 |
0,27 |
0,24 |
0,17 |
|
Total
Liquidity Ratio |
Units |
0,34 |
0,34 |
0,37 |
0,46 |
|
Quick
Ratio |
Units |
0,08 |
0,03 |
0,07 |
0,01 |
|
COMPOSITION
ON SOURCE |
|||||
|
Net
Short-term indebtedness |
Units |
43,04 |
2,21 |
2,50 |
2,76 |
|
Self
Financing Ratio |
Units |
0,01 |
0,24 |
0,23 |
0,19 |
|
Capital
protection Ratio |
Units |
18,63 |
0,77 |
0,51 |
0,73 |
|
Liabilities
consolidation quotient |
Units |
0,66 |
0,32 |
0,15 |
0,26 |
|
Financing |
Units |
78,87 |
2,80 |
2,84 |
3,72 |
|
Permanent
Indebtedness Ratio |
Units |
0,35 |
0,42 |
0,33 |
0,40 |
|
M/L
term Debts Ratio |
Units |
0,34 |
0,18 |
0,10 |
0,14 |
|
Net
Financial Indebtedness Ratio |
Units |
31,13 |
0,66 |
0,55 |
1,43 |
|
CORRELATION |
|||||
|
Fixed
assets ratio |
Units |
0,87 |
1,08 |
0,84 |
1,26 |
|
Current
ratio |
Units |
1,14 |
1,08 |
0,92 |
1,17 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
0,65 |
0,60 |
0,56 |
0,82 |
|
Structure's
primary quotient |
Units |
0,02 |
0,62 |
0,60 |
0,66 |
|
Treasury's
primary quotient |
Units |
0,16 |
0,06 |
0,11 |
0,03 |
|
Rate
of indebtedness ( Leverage ) |
% |
9922,14 |
418,78 |
429,73 |
525,76 |
|
Current
Capital ( net ) |
Value |
586.827 |
353.422 |
-375.314 |
298.138 |
|
RETURN |
|||||
|
Return
on Sales |
% |
-2,49 |
4,81 |
9,47 |
4,68 |
|
Return
on Equity - Net- ( R.O.E. ) |
% |
-1061,32 |
3,64 |
32,24 |
3,71 |
|
Return
on Equity - Gross - ( R.O.E. ) |
% |
-953,25 |
11,11 |
44,24 |
13,44 |
|
Return
on Investment ( R.O.I. ) |
% |
-10,95 |
2,85 |
11,13 |
4,74 |
|
Return/
Sales |
% |
-8,03 |
1,71 |
6,80 |
4,15 |
|
Extra
Management revenues/charges incid. |
% |
n.c. |
30,47 |
67,40 |
21,51 |
|
Cash
Flow |
Value |
-280.831 |
647.317 |
1.186.407 |
185.471 |
|
Operating
Profit |
Value |
-904.673 |
229.487 |
852.274 |
194.639 |
|
Gross
Operating Margin |
Value |
-301.392 |
806.873 |
1.464.229 |
390.334 |
|
MANAGEMENT |
|||||
|
Credits
to clients average term |
Days |
45,28 |
46,51 |
48,31 |
101,01 |
|
Debts
to suppliers average term |
Days |
115,54 |
121,20 |
108,54 |
120,12 |
|
Average
stock waiting period |
Days |
67,03 |
57,63 |
52,26 |
52,84 |
|
Rate
of capital employed return ( Turnover ) |
Units |
1,36 |
1,67 |
1,64 |
1,16 |
|
Rate
of stock return |
Units |
5,37 |
6,25 |
6,89 |
6,79 |
|
Labour
cost incidence |
% |
38,45 |
32,99 |
33,36 |
15,66 |
|
Net
financial revenues/ charges incidence |
% |
-0,95 |
-0,53 |
-0,51 |
-1,77 |
|
Labour
cost on purchasing expenses |
% |
35,00 |
32,76 |
34,98 |
16,92 |
|
Short-term
financing charges |
% |
1,64 |
1,35 |
1,29 |
3,19 |
|
Capital
on hand |
% |
73,41 |
59,83 |
61,11 |
85,76 |
|
Sales
pro employee |
Value |
83.403 |
97.461 |
154.678 |
226.946 |
|
Labour
cost pro employee |
Value |
32.065 |
32.154 |
51.605 |
33.958 |
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 |
:
|
843.250 |
|
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 680 significant companies.
The
companies cash their credits on an average of 101 dd.
The
average duration of suppliers debts is about 120 dd.
The
sector's profitability is on an average of 4,68%.
The
labour cost affects the turnover in the measure of 15,66%.
Goods
are held in stock in a range of 53 dd.
The
difference between the sales volume and the resources used to realize it is
about 1,16.
The
employees costs represent the 16,92% of the production costs.
Statistcally
the trade activity shows periods of crisis.
The
area is statistically considered moderately risky.
In
the region 50.886 protested subjects are found; in the province they count to
4.597.
The
insolvency index for the region is 0,55, , while for the province it is 0,55.
Total
Bankrupt companies in the province : 3.052.
Total
Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.40 |
|
|
1 |
Rs.98.94 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.