|
Report No. : |
332354 |
|
Report Date : |
17.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
LAFER - S.P.A. |
|
|
|
|
Registered Office : |
Via Lago
Di Garda, 98, 36015 - Schio (VI)
-IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
31.12.1980 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture of machinery for textile, apparel and leather industries
(including spare parts and accessories) |
|
|
|
|
No. of Employees : |
From 176 to 200 |
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 |
LAFER - S.P.A.
Via Lago
Di Garda, 98
36015 - Schio (VI) -IT-
|
Fiscal Code |
: |
01279170243 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
31/12/1980 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
25.000.000/35.000.000 |
|
Number of Employees |
: |
from 176 to 200 |
Manufacture of machinery for textile, apparel and leather industries
(including spare parts and accessories)
Legal Form : Joint stock company
|
Fiscal Code : 01279170243 |
|
Foreign Trade Reg. no. : VI008404 since 06/12/1991 |
|
Foreign Trade Reg. no. : 8404 of Vicenza since 06/12/1991 |
|
Chamber of Commerce no. : 169519 of Biella |
|
Chamber of Commerce no. : 157528 of Vicenza since 08/01/1981 |
|
Firms' Register : VI116-11911 of Vicenza since 19/02/1996 |
|
V.A.T. Code : 01279170243 |
|
Foundation date |
: 31/12/1980 |
|
|
Establishment date |
: 31/12/1980 |
|
|
Start of Activities |
: 31/12/1980 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 286.000 |
|
|
Subscribed Capital |
: 286.000 |
|
|
Paid up Capital |
: 286.000 |
|
Legal mail : |
LAFERSPA@CERT.ASSIND.VI.IT |
Members
|
|
Broccardo |
Andrea |
|
|
Born in Schio |
(VI) |
on 26/09/1974 |
- Fiscal Code : BRCNDR74P26I531U |
|
|
Residence: |
Trentin Vittorio |
, 40 |
- 36036 |
Torrebelvicino |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney with special power |
27/03/2014 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Marchioretto |
Ruggero Pietro |
|
|
Born in Schio |
(VI) |
on 14/10/1958 |
- Fiscal Code : MRCRGR58R14I531W |
|
|
Residence: |
Dei Priuli |
, 22 |
- 36015 |
Schio |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney General |
17/07/2007 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Scortegagna |
Bruno |
|
|
Born in Schio |
(VI) |
on 17/01/1939 |
- Fiscal Code : SCRBRN39A17I531Z |
|
|
Residence: |
Fornaci |
, 46 |
- 36015 |
Schio |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
28/06/2013 |
||
|
Board Chairman |
28/06/2013 |
||
|
Director |
28/06/2013 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Costeniero |
Valter |
|
|
Born in Malo |
(VI) |
on 22/11/1965 |
- Fiscal Code : CSTVTR65S22E864K |
|
|
Residence: |
Pasubio |
, 72 |
- 36034 |
Malo |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
28/06/2013 |
||
|
Director |
28/06/2013 |
||
|
Procurator |
03/09/1996 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Scortegagna |
Daniela |
|
|
Born in Malo |
(VI) |
on 24/10/1969 |
- Fiscal Code : SCRDNL69R64E864L |
|
|
Residence: |
Dei Priuli |
, 22 |
- 36015 |
Schio |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
03/09/1996 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Lafin Srl |
|
|
: |
Lago Di Garda |
, 96 |
- 36015 |
Schio |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
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.
|
|
Scortegagna |
Bruno |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Lafin Srl |
Schio (VI) - IT - |
01738720240 |
Procurator |
Active |
Registered |
|
|
Costeniero |
Valter |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Lafin Srl |
Schio (VI) - IT
- |
01738720240 |
Sole Director |
Active |
Registered |
|
TEXEN S.R.L. |
Schio (VI) - IT
- |
02635160241 |
Director |
Withdrawn |
Registered |
|
AMT S.R.L. |
Thiene (VI) - IT
- |
02565060247 |
Sole Director |
Withdrawn |
Registered |
|
Lafer Packaging
S.r.l. |
Schio (VI) - IT
- |
03021200245 |
Sole Director |
Active |
Registered |
|
LAFER RESEARCH
S.R.L. |
Schio (VI) - IT
- |
03021180249 |
Sole Director |
Withdrawn |
Registered |
|
Servizi
Aziendali S.r.l. |
Schio (VI) - IT
- |
03061130245 |
Director |
Active |
Registered |
|
Servizi
Aziendali S.r.l. |
Schio (VI) - IT
- |
03061130245 |
Board Chairman |
Active |
Registered |
|
Tgs Srl |
Schio (VI) - IT
- |
02757030248 |
Managing Director |
Active |
Registered |
|
Tgs Srl |
Schio (VI) - IT
- |
02757030248 |
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.
Shareholders' list
as at date of data collection:
|
Firm's Style /
Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Lafin Srl |
Schio - IT - |
01738720240 |
284.440
.Eur |
99,45 |
|
Scortegagna
Bruno |
Schio - IT - |
SCRBRN39A17I531Z |
1.040
.Eur |
0,36 |
|
DE MARCHI MARIA
TERESA |
Schio - IT - |
DMRMTR40A64E864D |
520
.Eur |
0,18 |
The Company under
review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares
Amount |
% Ownership |
since |
until |
Share Status |
|
Deyob Srl |
03954470245 |
4.000 .Eur |
40,00 |
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
since 03/06/1996 |
|
Lago Di Garda |
, 98 |
- 36015 |
- Schio |
(VI) |
- IT - |
|
PHONE |
: 0445694301 |
|
PHONE |
: 0445694311 |
|
FAX |
: 0445694312 |
|
Legal mail |
: LAFERSPA@CERT.ASSIND.VI.IT |
|
- |
Branch |
(Warehouse) |
since 03/11/2014 |
|
Lago Di Vico |
, 4 |
- 36015 |
- Schio |
(VI) |
- IT - |
|
Employees |
: 183 |
|
Fittings and Equipment for a value of 680.000 |
Eur |
|
Stocks for a value of 2.200.000 |
Eur |
|
Vehicles for a value of 46.000 |
Eur |
The company sells in Italy and abroad.
The company 's mainly customers are companies.
The firm operates abroad as exporter..
Export trade is the 70 % of the global turnover.
Products abroad are placed by :
|
- importers |
|
- its own agents |
|
- direct orders from foreign companies |
Main sales modalities: issue cheques and bank transfers.
Company generally pays its suppliers within 30/90 days.
Subject company generally settles its engagements by issueing of
cheques and cash orders.
Export is mainly towards:
|
- Italy |
|
- |
Traded Brands / Suppliers
|
- Interacciai Spa |
|
- Carte Dozio Srl |
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.
The firm operates with:
|
Bank Name |
Agency Name |
Address |
ZIP Code |
City |
ABI Code |
CAB Code |
|
BANCA POPOLARE DI VICENZA |
5728 |
0 |
||||
|
BANCA POPOLARE DI VICENZA SCPA |
AG.1 |
VIA VENETO ANG. VIA BRAGLIO |
36015 |
Schio |
5728 |
60751 |
|
INTESA SANPAOLO SPA |
3069 |
0 |
||||
|
B.CA NAZIONALE DEL LAVORO SPA |
SCHIO |
PIAZZA DELLO STATUTO |
36015 |
Schio (VI) |
1005 |
60750 |
The company is active since 1980
The economic-financial analysis has been made on the base of the b/s of
the latests three years.
During the last years, it achieved profits (r.o.e. 14,86% on 2014)
The operating result in 2014 was positive (5,29%) and in line with the
sector's average.
The amount of the operating result is equal to Eur. 1.404.544 ,showing
stability in respect to the value of 2013.
During the latest financial year the gross operating margin amounted to
Eur. 1.774.980 stable if compared to the financial year 2013.
The financial status of the company is fairly balanced with an
indebtedness level of 2,11 and decreasing as against 2013.
The management generated equity capital for an amount of Eur. 5.349.741
, increasing by 42,29% if compared to the year before.
During the last financial year debts totalled Eur. 20.805.734 (Eur.
2.004.140 of which were m/l term debts) with no important change.
The financial exposure is moderate, on the other hand the recourse to
commercial credit is high, with a high average payment period and higher than
sector's average.
Liquid assets are good.
As to due from customers, the average terms are 66,28 days. , that
compared to the sector's average is shorter.
During financial year 2014 the cash flow amounted to Eur. 1.165.498
During 2014 financial year labour costs amounted to Eur. 5.860.028, with
a 18,19% incidence on production costs. , whereas the incidence of such costs
on sales revenues is equal to 17,72%.
If compared to the sales volume (-0,38%), the impact of the financial
charges is limited.
|
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
33.072.418 |
|
Profit (Loss) for the period |
795.062 |
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
36.651.850 |
|
Profit (Loss) for the period |
822.533 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
29.098.069 |
|
Profit (Loss) for the period |
824.529 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
24.323.838 |
|
Profit (Loss) for the period |
105.429 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
31.606.234 |
|
Profit (Loss) for the period |
545.513 |
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 |
0,27 |
0,27 |
0,33 |
0,18 |
|
Elasticity Ratio |
Units |
0,73 |
0,72 |
0,67 |
0,80 |
|
Availability of stock |
Units |
0,08 |
0,07 |
0,08 |
0,24 |
|
Total Liquidity Ratio |
Units |
0,65 |
0,65 |
0,60 |
0,48 |
|
Quick Ratio |
Units |
0,36 |
0,33 |
0,35 |
0,03 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
2,11 |
2,64 |
1,78 |
3,25 |
|
Self Financing Ratio |
Units |
0,20 |
0,14 |
0,15 |
0,19 |
|
Capital protection Ratio |
Units |
0,65 |
0,71 |
0,68 |
0,63 |
|
Liabilities consolidation quotient |
Units |
0,13 |
0,19 |
0,34 |
0,19 |
|
Financing |
Units |
3,89 |
5,79 |
5,34 |
3,80 |
|
Permanent Indebtedness Ratio |
Units |
0,30 |
0,27 |
0,36 |
0,36 |
|
M/L term Debts Ratio |
Units |
0,09 |
0,13 |
0,21 |
0,11 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,63 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
1,11 |
1,00 |
1,10 |
1,75 |
|
Current ratio |
Units |
1,03 |
1,03 |
1,09 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,91 |
0,92 |
0,96 |
0,81 |
|
Structure's primary quotient |
Units |
0,76 |
0,52 |
0,46 |
1,03 |
|
Treasury's primary quotient |
Units |
0,51 |
0,47 |
0,57 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
495,91 |
710,77 |
668,34 |
516,42 |
|
Current Capital ( net ) |
Value |
563.125 |
557.559 |
1.251.199 |
422.465 |
|
RETURN |
|||||
|
Return on Sales |
% |
3,52 |
3,28 |
4,22 |
3,35 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
14,86 |
21,88 |
23,50 |
5,13 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
25,99 |
39,15 |
39,24 |
14,77 |
|
Return on Investment ( R.O.I. ) |
% |
5,29 |
6,01 |
5,94 |
4,16 |
|
Return/ Sales |
% |
4,25 |
4,38 |
4,79 |
4,11 |
|
Extra Management revenues/charges incid. |
% |
56,61 |
51,25 |
59,16 |
28,57 |
|
Cash Flow |
Value |
1.165.498 |
1.200.659 |
1.227.876 |
122.482 |
|
Operating Profit |
Value |
1.404.544 |
1.605.045 |
1.393.830 |
144.752 |
|
Gross Operating Margin |
Value |
1.774.980 |
1.983.171 |
1.797.177 |
241.990 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
66,28 |
70,44 |
52,67 |
111,85 |
|
Debts to suppliers average term |
Days |
216,13 |
184,29 |
180,07 |
128,30 |
|
Average stock waiting period |
Days |
23,93 |
19,62 |
21,79 |
80,43 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,25 |
1,37 |
1,24 |
1,08 |
|
Rate of stock return |
Units |
15,05 |
18,35 |
16,52 |
4,45 |
|
Labour cost incidence |
% |
17,72 |
17,08 |
17,15 |
19,12 |
|
Net financial revenues/ charges incidence |
% |
-0,38 |
-0,36 |
-0,66 |
-1,08 |
|
Labour cost on purchasing expenses |
% |
18,19 |
17,58 |
17,92 |
19,02 |
|
Short-term financing charges |
% |
1,01 |
1,08 |
1,45 |
2,68 |
|
Capital on hand |
% |
80,22 |
72,91 |
80,60 |
91,91 |
|
Sales pro employee |
Value |
180.723 |
187.958 |
187.729 |
198.432 |
|
Labour cost pro employee |
Value |
32.022 |
32.104 |
32.199 |
35.779 |
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 |
: |
831.356 |
|
Population living in the region |
: |
4.699.950 |
|
Number of families in the region |
: |
1.813.210 |
Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
456 |
|
- per non food products |
: |
2.052 |
|
- per energy consume |
: |
127 |
The values are calculated on a base of 1.206 significant companies.
The companies cash their credits on an average of 112 dd.
The average duration of suppliers debts is about 128 dd.
The sector's profitability is on an average of 3,35%.
The labour cost affects the turnover in the measure of 19,12%.
Goods are held in stock in a range of 80 dd.
The difference between the sales volume and the resources used to
realize it is about 1,08.
The employees costs represent the 19,02% of the production costs.
Statistcally the trade activity shows periods of crisis.
The area is statistically considered lowly risky.
In the region 13.782 protested subjects are found; in the province they count
to 2.234.
The insolvency index for the region is 0,30, , while for the province it
is 0,27.
Total Bankrupt companies in the province : 2.546.
Total Bankrupt companies in the region : 16.714.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.50 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.69.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.