MIRA INFORM REPORT
|
Report No. : |
325419 |
|
Report Date : |
01.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
CFS EUROPE S.P.A |
|
|
|
|
Registered Office : |
Viale Della Lirica 35, 35 48124 -
Ravenna (RA) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
23.11.1990 |
|
|
|
|
Legal Form : |
Joint stock
company with sole shareholder |
|
|
|
|
Line of Business : |
Manufacture of various chemical products for industrial usage (including
antidetonating and anti-freeze preparations) |
|
|
|
|
No. of Employees : |
From 36 to 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 : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 and address
CFS EUROPE S.P.A
Viale Della Lirica 35, 35
48124 - Ravenna (RA) -IT-
Summary
|
Fiscal Code |
: |
03902320823 |
|
Legal Form |
: |
Joint stock company with sole shareholder |
|
start of Activities |
: |
18/04/1995 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
25.000.000/35.000.000 |
|
Number of Employees |
: |
from 36 to 50 |
Activity
Manufacture of various chemical products for industrial usage (including
antidetonating and anti-freeze preparations)
Legal
Data
Legal Form : Joint stock company with sole shareholder
|
Fiscal Code : 03902320823 |
|
Foreign Trade Reg. no. : MI227773 since 15/06/1995 |
|
Chamber of Commerce no. : 285551 of Bergamo |
|
Chamber of Commerce no. : 1453240 of Milano since 12/10/1994 |
|
Chamber of Commerce no. : 134927 of Ravenna since 21/03/2011 |
|
Chamber of Commerce no. : 151605 of Rovigo |
|
Firms' Register : MI146-347657 of Milano since 19/02/1996 |
|
V.A.T. Code : 11310150153 |
|
Foundation date |
: 23/11/1990 |
|
Establishment date |
: 23/11/1990 |
|
Start of Activities |
: 18/04/1995 |
|
Legal duration |
: 31/12/2050 |
|
Nominal Capital |
: 2.000.000 |
|
Subscribed Capital |
: 2.000.000 |
|
Paid up Capital |
: 2.000.000 |
|
Legal mail : |
Members
|
|
Menezes |
Antonio Jose' |
|
|
Born in Goa |
( ) |
on 21/03/1948 |
- Fiscal Code : MNZNNJ48C21Z222B |
|
|
Residence: |
Martiri Della Liberta' |
, 49 |
- 20090 |
Segrate |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
28/10/1994 |
||
|
Director |
24/07/2013 |
||
|
Managing Director |
24/07/2013 |
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Paglietti |
Nicola |
|
|
Born in Roma |
(RM) |
on 11/03/1965 |
- Fiscal Code : PGLNCL65C11H501K |
|
|
Residence: |
Italo Panattoni |
, 93 |
- 00189 |
Roma |
(RM) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
24/07/2013 |
|
|
Scudellari |
Maria |
|
|
Born in Ravenna |
(RA) |
on 16/12/1982 |
- Fiscal Code : SCDMRA82T56H199D |
|
|
Residence: |
Camillo Cavour |
, 3 |
- 48121 |
Ravenna |
(RA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
26/10/2011 |
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Passeri |
Sauro |
|
|
Born in Urbino |
(PS) |
on 06/10/1981 |
- Fiscal Code : PSSSRA81R06L500X |
|
|
Residence: |
Rossini |
, 14 |
- 61048 |
Sant'Angelo in Vado |
(PS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
22/05/2013 |
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Dandekar |
Ashish |
|
|
Born |
on 02/06/1963 |
|
|
Residence: |
Della Lirica |
, 35 |
- 48124 |
Ravenna |
(RA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
24/07/2013 |
||
|
Director |
24/07/2013 |
|
|
No Protests
registered |
|
|
Momaya |
Nirmal |
|
|
Born |
on 28/07/1966 |
|
|
Residence: |
Della Lirica |
, 35 |
- 48124 |
Ravenna |
(RA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
24/07/2013 |
||
|
Assistant board Chairman |
24/07/2013 |
|
|
No Protests
registered |
|
|
Puranik |
Dattatraya |
|
|
Born in Mumbai |
( ) |
on 30/10/1952 |
|
|
Residence: |
Chittaranjan Road |
, FLAT N.6 |
Vile Parle - Est Mumbai |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
24/07/2013 |
|
|
Cfl Mauritius
Pvt Ltd |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole partner |
08/03/2011 |
|
|
No Protests
registered |
|
|
Cfcl Mauritius
Pvt Ltd |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
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 |
|
Cfl Mauritius Pvt Ltd |
100,00 |
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 |
|
Ravenna Servizi Industriali Societa' Con sortile Per Azioni O, In
Forma Abbreviat |
Ravenna - IT - |
02168860399 |
141.782 .Eur |
2,53 |
Active |
Firm's
location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and
operative seat |
since 06/11/1995 |
|
Della Lirica 35 |
, 35 |
- 48100 |
- Ravenna |
(RA) |
- IT - |
|
Legal mail |
: CAMLIN@LEGALMAIL.IT |
|
- |
Registered
office |
since 06/11/1995 |
until 06/12/2011 |
|
Giosue' Carducci |
, 15 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
PHONE |
: 0286451933 |
|
PHONE |
: 0354998111 |
|
FAX |
: 035994969 |
|
- |
Branch |
since 16/06/1995 |
|
Baiona |
, 107/111 |
- 48100 |
- Ravenna |
(RA) |
- IT - |
|
Employees |
: 42 |
|
Fittings and Equipment for a value of 4.210.000 |
Eur |
|
Stocks for a value of 8.900.000 |
Eur |
Historical Information and/or Firm's Status
CHANGES TO THE
LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Limited liability company |
Joint stock company |
06/11/1995 |
COMPANY STYLE
MODIFICATIONS:
|
Former Style |
New Style |
Changement Date |
|
Borregaard Italia SpA |
Cfs Europe SpA |
06/12/2011 |
CEASINGS/INCORPORATIONS/MERGES:
|
|
The firm
absorbed by merging of |
|
|
|
|
MEDICI DEL VASCELLO |
, 40 |
, 20100 |
, Milano |
(MI) |
- IT - |
|
|
Fiscal Code: 10211980155 |
|
|
Date |
: |
12/10/1995 |
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.
Bankers
The firm operates with:
|
Bank Name |
Agency Name |
Address |
ZIP Code |
City |
ABI Code |
CAB Code |
|
BANCA INTESA - RETE CARIPLO |
6070 |
0 |
Financial
and Economical Analysis
Company's starting of activities dates back to 1995.
The economic-financial analysis has been made on the base of the b/s of
the latests three years.
Under the financial profile unstable results are noted. yet with a
positive result in the 2013 (r.o.e. 3,33%). Upward trend as to the turnover in
the last financial year (+14,86%).
The return on Investment in the last financial year was positive (0,81%)
and in line with the sector's average.
The amount of the operating result for the year 2013 is of Eur. 175.930
showing a fall as opposed to the previous year (-30,08%).
During the latest financial year the gross operating margin amounted to
Eur. 1.397.400 ,with no change if compared to the year before.
The ratio between debts and total assets is fairly high, as it comes out
from the indebtedness (4,65) with an upward trend.
The equity capital is equal to Eur. 3.038.124 , unchanged if compared to
2012.
During the last financial year total debts volume reached Eur.
17.880.862 (Eur. 1.625.162 were m/l term ones) increasing if compared to the
previous year, during which they were equal to Eur. 12.527.288 (42,73%).
Financial indebdtedness is under control whereas debts to suppliers are
frequent and higher than sector's average.
Liquid assets are good.
Credits are collected in 61,43 days on the average. , shorter than the
sector's average.
2013 financial year closed with a cash flow of Eur. 1.322.668
In the last financial year labour cost was of Eur. 2.327.258, with a
7,39% incidence on total costs of production. , whereas the incidence of such
costs on sales revenues is equal to 9,02%.
Financial charges have a limited incidence (-1,12%) on sales volume.
Financial
Data
|
|
Complete balance-sheet for the year |
al 31/03/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
25.797.579 |
|
Profit (Loss) for the period |
101.198 |
|
|
Complete balance-sheet for the year |
al 31/03/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
22.458.951 |
|
Profit (Loss) for the period |
83.056 |
|
|
Partial result |
al 31/03/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
335.369 |
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 31/03/2013 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet
as at 31/03/2012 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as
at 31/03/2011 - 12 Mesi - Currency: - Amounts x 1 |
|
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|
|
RATIOS |
Value Type |
as at 31/03/2013 |
as at 31/03/2012 |
as at 31/03/2011 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|||||
|
Rigidity Ratio |
Units |
0,24 |
0,31 |
0,56 |
0,33 |
|
Elasticity Ratio |
Units |
0,76 |
0,69 |
0,44 |
0,65 |
|
Availability of stock |
Units |
0,41 |
0,26 |
0,07 |
0,15 |
|
Total Liquidity Ratio |
Units |
0,35 |
0,43 |
0,36 |
0,47 |
|
Quick Ratio |
Units |
0,10 |
0,02 |
0,14 |
0,01 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
4,65 |
4,14 |
1,48 |
1,60 |
|
Self Financing Ratio |
Units |
0,14 |
0,18 |
0,33 |
0,28 |
|
Capital protection Ratio |
Units |
0,31 |
0,29 |
0,51 |
0,69 |
|
Liabilities consolidation quotient |
Units |
0,13 |
0,04 |
0,08 |
0,21 |
|
Financing |
Units |
5,89 |
4,27 |
1,91 |
2,10 |
|
Permanent Indebtedness Ratio |
Units |
0,24 |
0,21 |
0,38 |
0,47 |
|
M/L term Debts Ratio |
Units |
0,10 |
0,03 |
0,05 |
0,10 |
|
Net Financial Indebtedness Ratio |
Units |
0,70 |
1,36 |
0,20 |
0,66 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
0,99 |
0,70 |
0,67 |
1,28 |
|
Current ratio |
Units |
1,01 |
0,88 |
0,70 |
1,17 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,46 |
0,55 |
0,58 |
0,90 |
|
Structure's primary quotient |
Units |
0,58 |
0,60 |
0,58 |
0,90 |
|
Treasury's primary quotient |
Units |
0,13 |
0,03 |
0,22 |
0,02 |
|
Rate of indebtedness ( Leverage ) |
% |
712,72 |
542,98 |
306,37 |
353,06 |
|
Current Capital ( net ) |
Value |
154.567 |
-1.520.758 |
-1.642.776 |
592.597 |
|
RETURN |
|||||
|
Return on Sales |
% |
5,13 |
5,12 |
-172,49 |
3,97 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
3,33 |
2,83 |
-21,22 |
2,57 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
-3,69 |
6,14 |
-21,22 |
9,20 |
|
Return on Investment ( R.O.I. ) |
% |
0,81 |
1,58 |
-7,13 |
3,84 |
|
Return/ Sales |
% |
0,68 |
1,12 |
-185,94 |
4,05 |
|
Extra Management revenues/charges incid. |
% |
57,52 |
33,01 |
n.c. |
25,15 |
|
Cash Flow |
Value |
1.322.668 |
1.150.920 |
-578.478 |
316.000 |
|
Operating Profit |
Value |
175.930 |
251.622 |
-623.584 |
279.308 |
|
Gross Operating Margin |
Value |
1.397.400 |
1.319.486 |
-596.365 |
532.534 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
61,43 |
96,98 |
1558,85 |
104,54 |
|
Debts to suppliers average term |
Days |
173,31 |
111,50 |
1102,22 |
96,16 |
|
Average stock waiting period |
Days |
124,13 |
66,96 |
683,39 |
50,38 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,19 |
1,41 |
0,04 |
1,16 |
|
Rate of stock return |
Units |
2,90 |
5,38 |
0,53 |
7,14 |
|
Labour cost incidence |
% |
9,02 |
10,01 |
199,65 |
13,54 |
|
Net financial revenues/ charges incidence |
% |
-1,12 |
-0,32 |
5,33 |
-1,46 |
|
Labour cost on purchasing expenses |
% |
7,39 |
8,26 |
39,27 |
13,80 |
|
Short-term financing charges |
% |
1,63 |
0,60 |
n.c. |
3,24 |
|
Capital on hand |
% |
83,94 |
71,00 |
2607,12 |
86,41 |
|
Sales pro employee |
Value |
644.939 |
561.473 |
11.977 |
352.121 |
|
Labour cost pro employee |
Value |
58.181 |
56.215 |
23.912 |
44.319 |
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 435 significant companies.
The companies cash their credits on an average of 105 dd.
The average duration of suppliers debts is about 96 dd.
The sector's profitability is on an average of 3,97%.
The labour cost affects the turnover in the measure of 13,54%.
Goods are held in stock in a range of 50 dd.
The difference between the sales volume and the resources used to
realize it is about 1,16.
The employees costs represent the 13,80% of the production costs.
Statistical
Detrimental Data
Statistcally the trade activity shows periods of crisis.
The area is statistically considered moderately risky.
In the region 18.860 protested subjects are found; in the province they count
to 2.146.
The insolvency index for the region is 0,46, , while for the province it
is 0,60.
Total Bankrupt companies in the province : 1.073.
Total Bankrupt companies in the region : 14.698.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.76 |
|
|
1 |
Rs.97.80 |
|
Euro |
1 |
Rs.69.91 |
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 Sneeded 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.