MIRA INFORM REPORT
|
Report No. : |
325289 |
|
Report Date : |
01.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
FLSMIDTH VENTOMATIC S.P.A. |
|
|
|
|
Registered Office : |
Via Guglielmo Marconi, 20, 24030 – Valbrembo (BG) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
01.10.1993 |
|
|
|
|
Legal Form : |
Joint Stock Company With Sole Shareholder |
|
|
|
|
Line of Business : |
Manufacture of Automatic Machines for Dosing, Wrapping and Packaging
(Including Separate Parts and Accessories) |
|
|
|
|
No. of Employees : |
From 150 to 175 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
180.000 |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Italy |
A2 |
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
FLSMIDTH VENTOMATIC S.P.A.
Via Guglielmo Marconi, 20
24030 - Valbrembo (BG) -IT-
Summary
|
Fiscal Code |
: |
07877270152 |
|
Legal Form |
: |
Joint stock company with sole shareholder |
|
start of Activities |
: |
01/10/1993 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
35.000.000/50.000.000 |
|
Number of Employees |
: |
from 150 to 175 |
Credit
Analysis
|
Credit Opinion |
: 180.000 - |
Activity
Manufacture of automatic machines for dosing, wrapping and packaging
(including separate parts and accessories)
Legal
Data
Legal Form : Joint stock company with sole shareholder
|
Fiscal Code : 07877270152 |
|
Chamber of Commerce no. : 273799 of Bergamo since 08/06/1993 |
|
Chamber of Commerce no. : 1187492 of Milano |
|
Chamber of Commerce no. : 875051 of Torino |
|
Firms' Register : BG024-45635 of Bergamo since 19/02/1996 |
|
V.A.T. Code : 02228480162 |
|
Tribunal Co. Register : 45635 of since 17/05/1993 |
|
Foundation date |
: 22/05/1985 |
|
|
Establishment date |
: 22/05/1985 |
|
|
Start of Activities |
: 01/10/1993 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 180.600 |
|
|
Subscribed Capital |
: 180.600 |
|
|
Paid up Capital |
: 180.600 |
|
Legal mail : |
HR@PECFLSMIDTHVENTOMATIC.COM |
Members
|
|
De Liguoro |
Stefano |
|
|
Born in Napoli |
(NA) |
on 15/12/1952 |
- Fiscal Code : DLGSFN52T15F839M |
|
|
Residence: |
Borgo Canale |
, 27 |
- 24129 |
Bergamo |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney General |
|||
|
Procurator |
26/07/2013 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Simoni |
Sergio |
|
|
Born in Bergamo |
(BG) |
on 13/05/1954 |
- Fiscal Code : SMNSRG54E13A794P |
|
|
Residence: |
Vivaldi |
, 2 |
- 24030 |
Mozzo |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
19/02/2009 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Jensen |
Simon |
|
|
Born in Nexo |
( ) |
on 18/01/1954 |
- Fiscal Code : JNSSMN54A18Z107T |
|
|
Residence: |
G. Marconi |
, 20 |
- 24030 |
Valbrembo |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
29/04/2013 |
|
|
Kristensen |
Per Mejnert |
|
|
Born in Frederikssund |
( ) |
on 03/08/1967 |
- Fiscal Code : KRSPMJ67M03Z107G |
|
|
Residence: |
G Marconi |
, 20 |
- 24030 |
Valbrembo |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
29/04/2013 |
||
|
Board Chairman |
29/04/2013 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Ferrandico |
Francesco |
|
|
Born in Cernusco sul Naviglio |
(MI) |
on 15/12/1967 |
- Fiscal Code : FRRFNC67T15C523J |
|
|
Residence: |
G. Marconi |
, 20 |
- 24030 |
Valbrembo |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
29/04/2013 |
|
|
Lorenzato |
Alessandro |
|
|
Born in Laghi |
(VI) |
on 07/01/1960 |
- Fiscal Code : LRNLSN60A07E403A |
|
|
Residence: |
Roma |
, 62/6 |
- 36030 |
San Vito di Leguzzano |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney General |
27/07/1999 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Radice |
Paolo |
|
|
Born in San Donato Milanese |
(MI) |
on 09/05/1970 |
- Fiscal Code : RDCPLA70E09H827X |
|
|
Residence: |
Carlo Alberto Dalla Chiesa |
, 1/B |
- 20068 |
Peschiera Borromeo |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
07/10/2011 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Gervasoni |
Claudio Emilio |
|
|
Born in San Pellegrino Terme |
(BG) |
on 23/08/1967 |
- Fiscal Code : GRVCDM67M23I079T |
|
|
Residence: |
Piazzalunga |
, 6/A |
- 24015 |
San Giovanni Bianco |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
07/10/2011 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Seguini |
Paolo |
|
|
Born in Bergamo |
(BG) |
on 02/06/1973 |
- Fiscal Code : SGNPLA73H02A794E |
|
|
Residence: |
Don Morandi |
, 23 |
- 24020 |
Gorle |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
07/10/2011 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Brioschi |
Sergio |
|
|
Born in Arcore |
(MB) |
on 30/03/1956 |
- Fiscal Code : BRSSRG56C30A376O |
|
|
Residence: |
Giuseppe Verdi |
, 2/F |
- 20050 |
Sulbiate |
(MB) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
12/10/2011 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
F.l.smidth A/s |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole partner |
28/09/2008 |
|
|
No Protests registered |
|
|
F.l.smidth A/s |
|
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 |
|
F.l.smidth A/s |
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 |
|
Flsmidth Maag Gear S.p.a. |
Milano - IT - |
07232800966 |
1.000.000 .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 |
|
Guglielmo Marconi |
, 20 |
- 24030 |
- Valbrembo |
(BG) |
- IT - |
|
PHONE |
: 035468311 |
|
Legal mail |
: HR@PECFLSMIDTHVENTOMATIC.COM |
|
- |
Branch |
(Factory) |
since 15/10/1997 |
|
San Cassiano |
, 4 |
- 24030 |
- Presezzo |
(BG) |
- IT - |
|
- |
Branch |
since 29/09/2014 |
|
S. Cassiano |
, 2 |
- 24030 |
- Mapello |
(BG) |
- IT - |
|
Employees |
: 166 |
|
Fittings and Equipment for a value of 420.000 |
Eur |
|
Stocks for a value of 82.470.000 |
Eur |
|
Work in progress for a value of 79.010.000 |
Eur |
Historical
Information and/or Firm's Status
CEASINGS/INCORPORATIONS/MERGES:
|
|
The firm absorbed by merging of |
|
|
|
|
Matteotti |
, 20 |
, 24100 |
, Bergamo |
(BG) |
- IT - |
|
|
Fiscal Code: 00227260163 |
|
|
Date |
: |
01/10/1993 |
|
|
The firm absorved |
|
|
|
|
Matteotti |
, 20 |
, 24100 |
, Bergamo |
(BG) |
- IT - |
|
|
Fiscal Code: 00227260163 |
|
|
Date |
: |
01/10/1993 |
|
|
The firm absorved |
|
|
|
|
, BERGAMO |
- IT - |
|
|
Date |
: |
20/12/1996 |
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
Company's starting of activities dates back to 1993.
The analysis is based on the latest 3 balance sheets.
Under the financial profile unstable results are noted. with a loss in
the last financial year. In the last financial year a drop in sales has been
registered (-8,4%).
The return on Investment in the last financial year was positive (8,35%)
falling within the field's average.
An operating result of Eur. 9.036.357 has been registered. on stable
levels if compared to the previous year.
A gross operating margine for a value of Eur. 10.059.408 was reached. stable
if compared to the financial year 2012.
The ratio between shareholder's equity and borrowed capital is not well
balanced, the indebtedness level is equal to 7,99 increasing as against 2012.
The management generated equity capital for an amount of Eur. 11.643.283
with a -25,82% fall.
Eur. 93.906.024 is the amount of total debts, both commercial and of
different nature, showing a stable trend as opposed to 2012 (Eur. 95.181.502).
Financial debts exposure is under control while the recourse to
commercial credit is rather frequent but lined up with the field's average.
Liquidity is good (1,09)
Accounts receivable average term is 78,75 days. , shorter than the
sector's average.
Managerial cash flow has a minus sign and is equal to Eur. -3.054.812.
Subordinate employment cost is of Eur. 11.544.304, i.e. 27,3% on total
production costs. , with a 24,73% incidence on turnover.
Limited financial charges in relation to sales volume.
Financial
Data
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
46.685.090 |
|
Profit (Loss) for the period |
-4.052.863 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
50.967.581 |
|
Profit (Loss) for the period |
3.858.061 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
43.264.855 |
|
Profit (Loss) for the period |
7.051.445 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
47.111.840 |
|
Profit (Loss) for the period |
5.668.607 |
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 31/12/2013 - 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 |
|
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|
|
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 |
0,06 |
0,14 |
0,16 |
0,18 |
|
Elasticity Ratio |
Units |
0,94 |
0,86 |
0,84 |
0,79 |
|
Availability of stock |
Units |
0,76 |
0,70 |
0,71 |
0,21 |
|
Total Liquidity Ratio |
Units |
0,18 |
0,15 |
0,13 |
0,52 |
|
Quick Ratio |
Units |
0,01 |
0,00 |
0,00 |
0,03 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
7,99 |
6,04 |
8,81 |
3,01 |
|
Self Financing Ratio |
Units |
0,11 |
0,14 |
0,10 |
0,19 |
|
Capital protection Ratio |
Units |
1,33 |
0,74 |
0,39 |
0,66 |
|
Liabilities consolidation quotient |
Units |
0,02 |
0,02 |
0,02 |
0,16 |
|
Financing |
Units |
8,07 |
6,06 |
8,84 |
3,56 |
|
Permanent Indebtedness Ratio |
Units |
0,12 |
0,15 |
0,11 |
0,34 |
|
M/L term Debts Ratio |
Units |
0,01 |
0,01 |
0,01 |
0,10 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,38 |
1,09 |
0,69 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
2,18 |
1,06 |
0,71 |
1,65 |
|
Current ratio |
Units |
1,09 |
1,02 |
0,96 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,21 |
0,18 |
0,14 |
0,86 |
|
Structure's primary quotient |
Units |
1,93 |
0,97 |
0,63 |
1,02 |
|
Treasury's primary quotient |
Units |
0,01 |
0,00 |
0,00 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
929,46 |
725,14 |
1015,68 |
509,92 |
|
Current Capital ( net ) |
Value |
8.089.800 |
2.182.390 |
-3.794.216 |
330.495 |
|
RETURN |
|||||
|
Return on Sales |
% |
-6,54 |
8,16 |
16,99 |
3,79 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
-34,81 |
24,58 |
59,57 |
6,70 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
-8,64 |
44,45 |
88,00 |
18,82 |
|
Return on Investment ( R.O.I. ) |
% |
8,35 |
8,11 |
4,32 |
4,89 |
|
Return/ Sales |
% |
19,36 |
18,11 |
11,99 |
4,78 |
|
Extra Management revenues/charges incid. |
% |
-44,85 |
41,79 |
135,88 |
29,96 |
|
Cash Flow |
Value |
-3.054.812 |
4.159.087 |
7.351.551 |
165.166 |
|
Operating Profit |
Value |
9.036.357 |
9.232.651 |
5.189.579 |
225.594 |
|
Gross Operating Margin |
Value |
10.059.408 |
9.533.677 |
5.489.685 |
376.080 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
78,75 |
79,99 |
75,88 |
111,07 |
|
Debts to suppliers average term |
Days |
114,65 |
130,22 |
114,33 |
127,44 |
|
Average stock waiting period |
Days |
635,94 |
565,03 |
713,65 |
62,88 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,43 |
0,45 |
0,36 |
1,10 |
|
Rate of stock return |
Units |
0,57 |
0,64 |
0,50 |
5,58 |
|
Labour cost incidence |
% |
24,73 |
21,26 |
24,38 |
18,94 |
|
Net financial revenues/ charges incidence |
% |
-0,10 |
-0,64 |
-0,15 |
-1,15 |
|
Labour cost on purchasing expenses |
% |
27,30 |
29,12 |
30,93 |
18,99 |
|
Short-term financing charges |
% |
0,10 |
0,36 |
0,10 |
2,55 |
|
Capital on hand |
% |
231,81 |
223,32 |
277,91 |
90,89 |
|
Sales pro employee |
Value |
129.680 |
150.791 |
131.504 |
199.007 |
|
Labour cost pro employee |
Value |
32.067 |
32.055 |
32.055 |
34.820 |
Credit
Opinion
On the basis of the above mentioned, and the sales volume obtained, we deem
that the maximum exposure for short and medium term transactions ( 90 - 120
days ) could be of:
180.000
EUR.
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 1.964 significant companies.
The companies cash their credits on an average of 111 dd.
The average duration of suppliers debts is about 127 dd.
The sector's profitability is on an average of 3,79%.
The labour cost affects the turnover in the measure of 18,94%.
Goods are held in stock in a range of 63 dd.
The difference between the sales volume and the resources used to
realize it is about 1,10.
The employees costs represent the 18,99% of the production costs.
Statistical
Detrimental Data
Statistically 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 4.150.
The insolvency index for the region is 0,55, , while for the province it
is 0,41.
Total Bankrupt companies in the province : 4.376.
Total Bankrupt companies in the region : 39.612.
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 : |
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.