MIRA INFORM REPORT
|
Report No. : |
331848 |
|
Report Date : |
11.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
A.D. TUBI INOSSIDABILI S.P.A. |
|
|
|
|
Registered Office : |
Via
Marradi Giovanni, 1, 20123 – Milano (MI) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
30.07.1997 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
·
Manufacture of tubes, pipes, hollow profiles and
related fittings in steel (except those in refined steel) ·
Electrical power generation, transmission and
distribution |
|
|
|
|
No. of Employees : |
From 51 to 70 |
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 : |
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 |
Company
name & address
A.D. TUBI INOSSIDABILI S.P.A.
Via Marradi
Giovanni, 1
20123 - Milano (MI) -IT-
Summary
|
Fiscal Code |
: |
12147570159 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
30/07/1997 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
25.000.000/35.000.000 |
|
Number of Employees |
: |
from 51 to 70 |
Activity
Manufacture of tubes, pipes, hollow profiles and related fittings in
steel (except those in refined steel)
Electrical power generation, transmission and distribution
Legal
Data
Legal Form : Joint stock company
|
Fiscal Code : 12147570159 |
|
Foreign Trade Reg. no. : MI329231 since 06/12/2002 |
|
Chamber of Commerce no. : 255792 of Como |
|
Chamber of Commerce no. : 1534001 of Milano since 04/07/1997 |
|
Firms' Register : MI-1997-191220 of Milano since 02/07/1997 |
|
V.A.T. Code : 12147570159 |
|
Establishment date |
: 07/05/1997 |
|
|
Start of Activities |
: 30/07/1997 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 1.248.000 |
|
|
Subscribed Capital |
: 1.248.000 |
|
|
Paid up Capital |
: 1.248.000 |
|
Legal mail : |
ADTUBI@PEC.IT |
Members
|
|
Santarella |
Enzo |
|
|
Born in Busto Arsizio |
(VA) |
on 28/01/1963 |
- Fiscal Code : SNTNZE63A28B300Y |
|
|
Residence: |
Montebello |
, 14 |
- 21052 |
Busto Arsizio |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
24/04/2015 |
||
|
Managing Director |
14/05/2015 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Guzzetti |
Giuseppe |
|
|
Born in Saronno |
(VA) |
on 28/05/1956 |
- Fiscal Code : GZZGPP56E28I441B |
|
|
Residence: |
Per Solaro |
, 17 |
- 21047 |
Saronno |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
24/04/2015 |
|
|
Bartesaghi |
Piero |
|
|
Born in Erba |
(CO) |
on 10/04/1965 |
- Fiscal Code : BRTPRI65D10D416P |
|
|
Residence: |
Martinelli |
, 8 |
- 22030 |
Pusiano |
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
24/04/2015 |
|
|
Degano |
Andrea |
|
|
Born in Fasano |
(BR) |
on 11/04/1954 |
- Fiscal Code : DGNNDR54D11D508A |
|
|
Residence: |
Piave N. |
, 1 |
- 22060 |
Figino Serenza |
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
24/04/2015 |
||
|
Board Chairman |
24/04/2015 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Simplinox S.r.l. |
|
|
: |
Trebbia |
, 5 |
- 20135 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Degano |
Roberto |
|
|
Born in Cantu' |
(CO) |
on 18/06/1965 |
- Fiscal Code : DGNRRT65H18B639S |
|
|
Residence: |
Uberto Da Canturio |
, 10 |
- 22063 |
Cantu' |
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
24/04/2015 |
||
|
Managing Director |
14/05/2015 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
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.
|
|
Santarella |
Enzo |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Santarella S.r.l. |
Cassano Magnago (VA) - IT - |
01559380124 |
Director |
Active |
Registered |
|
Santarella S.r.l. |
Cassano Magnago (VA) - IT - |
01559380124 |
Partner |
Withdrawn |
Registered |
|
Inox Laghi S.r.l. |
Solbiate Arno (VA) - IT - |
01698760129 |
Director |
Active |
Registered |
|
I.l. Raccordi S.r.l. |
Solbiate Arno (VA) - IT - |
01948150121 |
Director |
Active |
Registered |
|
Ema Immobiliare S,r,l, |
Solbiate Arno (VA) - IT - |
02401060120 |
Sole Director |
Active |
Registered |
|
Area Inox S.r.l. |
Cassano Magnago (VA) - IT - |
02583350125 |
Assistant board
Chairman |
Active |
Registered |
|
Edm2 S.r.l. |
Cassano Magnago (VA) - IT - |
02510790120 |
Sole Director |
Active |
Registered |
|
|
Degano |
Roberto |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Punto Inox Service S.r.l. |
Milano (MI) - IT - |
03359530965 |
Director |
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 |
|
Santarella Enzo |
Busto Arsizio - IT - |
SNTNZE63A28B300Y |
187.200 .Eur |
15,00 |
|
Borghi Rosa Alda |
Saronno - IT - |
BRGRLD56C60I441E |
124.800 .Eur |
10,00 |
|
Mella Marco |
Carnago - IT - |
MLLMRC59B09L682H |
187.200 .Eur |
15,00 |
|
Degano Andrea |
Figino Serenza - IT - |
DGNNDR54D11D508A |
99.840 .Eur |
8,00 |
|
Simplinox S.r.l. |
Milano - IT - |
04389070964 |
624.000 .Eur |
50,00 |
|
Ballabio Giovanna |
BLLGNN57C53D579F |
24.960 .Eur |
2,00 |
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 |
|
M2 Serigrafica S.r.l. |
Anzano del Parco (CO) - IT - |
00594250136 |
26.000 .Eur |
100,00 |
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
Marradi Giovanni |
, 1 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
Legal mail |
: ADTUBI@PEC.IT |
|
- |
Branch |
(Factory) |
since 15/11/2002 |
|
Comunale Via Adige |
, 4 |
- 22070 |
- Casnate Con Bernate |
(CO) |
- IT - |
|
PHONE |
: 031630672 |
|
PHONE |
: 031396341 |
|
FAX |
: 0314036989 |
|
Employees |
: 52 |
|
Fittings and Equipment for a value of 920.000 |
Eur |
|
Stocks for a value of 6.110.000 |
Eur |
Historical
Information and/or Firm's Status
CEASINGS/INCORPORATIONS/MERGES:
|
|
Project of merging by taking over of |
|
|
|
|
Per Cavolto |
, 11 |
, 22040 |
, Anzano del Parco (CO) |
- IT - |
|
|
Fiscal Code: 00594250136 |
|
|
Date |
Merging/splitting-up project: |
29/11/2010 |
|
|
The firm absorbed by merging of |
|
|
|
|
Per Cavolto |
, 11 |
, 22040 |
, Anzano del Parco (CO) |
- IT - |
|
|
Fiscal Code: 00594250136 |
|
|
Date |
: |
18/02/2011 |
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
The company is active since 1997
Balance sheets for the years 2012, 2013 and 2014 were analyzed.
Under an economic point of view, profits were registered during the last
years with a r.o.e. of 17,72% in 2014 with a good increase in turnover (+10,57%
in 2014 compared to 2013 and +12,34% in 2013 compared to 2012).
The operating result in 2014 was positive (10,68%) and reflects the
field's average.
An operating result of Eur. 2.006.464 has been registered. increasing if
compared to the yeart 2013.
The economic management produced a gross operating margin of Eur.
2.529.643 growing by 82,04% if compared to the year before.
The financial status of the company is fairly balanced with an
indebtedness level of 1,03 and decreasing as against 2013.
Subject can manage an equity capital funds for an amount of Eur.
6.176.980 , rising by 54,88%.
Total debts recorded amounted to Eur. 13.124.394 (Eur. 2.935.949 of
which were m/l term debts) , a more or less stable value.
The company does not exceed in bank credits; payments average period is
instead slightly high (101,54 gg.) however still within the sector's average.
Liquidity is good (1,6)
As to due from customers, the average terms are 74,54 days. , that
compared to the sector's average is shorter.
During financial year 2014 the cash flow amounted to Eur. 1.617.595
During 2014 financial year labour costs amounted to Eur. 2.506.162, with
a 9,07% incidence on production costs. , whereas the incidence on sales
revenues is of 8,55%.
If compared to the sales volume (-0,51%), the impact of the financial
charges is limited.
Financial
Data
|
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
29.302.102 |
|
Profit (Loss) for the period |
1.094.416 |
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
26.499.014 |
|
Profit (Loss) for the period |
362.281 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
23.586.427 |
|
Profit (Loss) for the period |
169.686 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
25.130.037 |
|
Profit (Loss) for the period |
212.283 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
17.072.706 |
|
Profit (Loss) for the period |
40.679 |
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 31/12/2014 - 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 |
|
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|
|
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 |
0,13 |
0,18 |
0,24 |
0,33 |
|
Elasticity Ratio |
Units |
0,87 |
0,81 |
0,75 |
0,64 |
|
Availability of stock |
Units |
0,33 |
0,42 |
0,40 |
0,22 |
|
Total Liquidity Ratio |
Units |
0,54 |
0,39 |
0,35 |
0,41 |
|
Quick Ratio |
Units |
0,20 |
0,04 |
0,04 |
0,01 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
1,03 |
2,50 |
2,44 |
1,76 |
|
Self Financing Ratio |
Units |
0,33 |
0,23 |
0,25 |
0,28 |
|
Capital protection Ratio |
Units |
0,44 |
0,60 |
0,61 |
0,65 |
|
Liabilities consolidation quotient |
Units |
0,34 |
0,21 |
0,12 |
0,21 |
|
Financing |
Units |
2,12 |
3,14 |
2,84 |
2,32 |
|
Permanent Indebtedness Ratio |
Units |
0,51 |
0,36 |
0,33 |
0,44 |
|
M/L term Debts Ratio |
Units |
0,18 |
0,13 |
0,08 |
0,10 |
|
Net Financial Indebtedness Ratio |
Units |
0,22 |
1,42 |
0,85 |
1,23 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
4,04 |
2,03 |
1,39 |
1,38 |
|
Current ratio |
Units |
1,60 |
1,29 |
1,15 |
1,17 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,00 |
0,62 |
0,53 |
0,80 |
|
Structure's primary quotient |
Units |
2,60 |
1,31 |
1,05 |
0,84 |
|
Treasury's primary quotient |
Units |
0,38 |
0,07 |
0,07 |
0,02 |
|
Rate of indebtedness ( Leverage ) |
% |
304,20 |
427,62 |
398,62 |
353,85 |
|
Current Capital ( net ) |
Value |
6.092.798 |
3.144.846 |
1.391.831 |
1.089.006 |
|
RETURN |
|||||
|
Return on Sales |
% |
5,52 |
3,41 |
3,05 |
4,21 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
17,72 |
9,08 |
4,68 |
5,65 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
29,66 |
18,89 |
16,55 |
10,45 |
|
Return on Investment ( R.O.I. ) |
% |
10,68 |
4,98 |
6,81 |
5,10 |
|
Return/ Sales |
% |
6,85 |
3,21 |
4,17 |
5,37 |
|
Extra Management revenues/charges incid. |
% |
54,54 |
42,65 |
17,23 |
32,26 |
|
Cash Flow |
Value |
1.617.595 |
902.400 |
719.307 |
656.826 |
|
Operating Profit |
Value |
2.006.464 |
849.428 |
984.685 |
725.724 |
|
Gross Operating Margin |
Value |
2.529.643 |
1.389.547 |
1.534.306 |
1.207.677 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
74,54 |
73,96 |
57,63 |
103,53 |
|
Debts to suppliers average term |
Days |
101,54 |
83,11 |
100,28 |
107,64 |
|
Average stock waiting period |
Days |
75,06 |
98,30 |
88,66 |
64,91 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,56 |
1,55 |
1,63 |
1,09 |
|
Rate of stock return |
Units |
4,80 |
3,66 |
4,06 |
5,55 |
|
Labour cost incidence |
% |
8,55 |
8,89 |
9,58 |
10,69 |
|
Net financial revenues/ charges incidence |
% |
-0,51 |
-1,16 |
-1,20 |
-1,62 |
|
Labour cost on purchasing expenses |
% |
9,07 |
9,21 |
9,69 |
11,43 |
|
Short-term financing charges |
% |
1,28 |
2,49 |
2,79 |
3,56 |
|
Capital on hand |
% |
64,13 |
64,36 |
61,28 |
91,63 |
|
Sales pro employee |
Value |
375.667 |
363.000 |
336.948 |
358.274 |
|
Labour cost pro employee |
Value |
32.130 |
32.267 |
32.274 |
35.860 |
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 185 significant companies.
The companies cash their credits on an average of 104 dd.
The average duration of suppliers debts is about 108 dd.
The sector's profitability is on an average of 4,21%.
The labour cost affects the turnover in the measure of 10,69%.
Goods are held in stock in a range of 65 dd.
The difference between the sales volume and the resources used to
realize it is about 1,09.
The employees costs represent the 11,43% 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.63.38 |
|
|
1 |
Rs.97.65 |
|
Euro |
1 |
Rs.70.43 |
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.