MIRA INFORM REPORT
|
Report No. : |
325907 |
|
Report Date : |
08.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
I.C.F. E WELKO S.P.A. |
|
|
|
|
Registered Office : |
Via Sicilia, 10 41053 -
Maranello (MO) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
14.12.1973 |
|
|
|
|
Legal Form : |
Joint stock company with sole shareholder |
|
|
|
|
Line of Business : |
Manufacture of machinery and equipment for the chemical, petrochemical
and petroleum industries (including seperate parts and accessories). |
|
|
|
|
No. of Employee : |
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 : |
Satisfactory |
|
|
|
|
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 and address
I.C.F. E WELKO S.P.A.
Via Sicilia, 10 41053 - Maranello
(MO) -IT-
Summary
|
Fiscal Code |
: |
00284950367 |
|
Legal Form |
: |
Joint stock company with sole shareholder |
|
Foundation Date |
: |
14/12/1973 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
20.000.000/25.000.000 |
|
Number of Employees |
: |
from 51 to 70 |
Activity
Manufacture of machinery and equipment for the chemical, petrochemical
and petroleum industries (including seperate parts and accessories)
Legal
Data
Legal Form : Joint stock company with sole shareholder
|
Fiscal Code : 00284950367 |
|
Foreign Trade Reg. no. : MO004620 since 17/12/1991 |
|
Chamber of Commerce no. : 169077 of Cremona |
|
Chamber of Commerce no. : 156998 of Modena since 11/06/1973 |
|
Firms' Register : MO023-6850 of Modena since 19/02/1996 |
|
V.A.T. Code : 00284950367 |
|
Foundation date |
: 14/12/1973 |
|
|
Establishment date |
: 12/03/1973 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 4.000.000 |
|
|
Subscribed Capital |
: 4.000.000 |
|
|
Paid up Capital |
: 4.000.000 |
|
Legal mail : |
AMMINISTRAZIONE1@PEC.ICFWELKO.IT |
Members
|
|
Stombelli |
Fabio Tommaso |
|
|
Born in Vailate |
(CR) |
on 23/08/1957 |
- Fiscal Code : STMFTM57M23L539T |
|
|
Residence: |
Giovanni Xxiii |
, 2 |
- 20057 |
Vedano Al Lambro |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/04/2014 |
||
|
Managing Director |
30/04/2014 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Cicorella |
Gianfranco |
|
|
Born in Milano |
(MI) |
on 12/10/1959 |
- Fiscal Code : CCRGFR59R12F205G |
|
|
Residence: |
G.di Vittorio |
, 18 |
- 26016 |
Spino d'Adda |
(CR) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/04/2014 |
||
|
Board Chairman |
30/04/2014 |
||
|
Managing Director |
30/04/2014 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Baldini |
Fulvio |
|
|
Born in Cavarzere |
(VE) |
on 24/04/1947 |
- Fiscal Code : BLDFLV47D24C383C |
|
|
Residence: |
Arturo Toscanini |
, 10/A |
- 41043 |
Formigine |
(MO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/04/2014 |
||
|
Managing Director |
30/04/2014 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Witaly Srl |
|
|
: |
Degli Schiocchi |
, 12 |
- 41124 |
Modena |
(MO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole partner |
27/07/2008 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Witaly Srl |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
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.
|
|
Stombelli |
Fabio Tommaso |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Welko Industriale S.r.l. |
Spino d'Adda (CR) - IT - |
00756610150 |
Procurator |
Withdrawn |
Registered |
|
Tecnografica Sistemi Srl |
Castellarano (RE) - IT - |
02731540361 |
Director |
Withdrawn |
Ceased |
|
Welko S.r.l. Societa' Unipersonale |
Milano (MI) - IT - |
04297200968 |
Director |
Withdrawn |
Ceased |
|
Welko S.r.l. Societa' Unipersonale |
Milano (MI) - IT - |
04297200968 |
Attorney with
special power |
Withdrawn |
Ceased |
|
|
Cicorella |
Gianfranco |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Welko Industriale S.r.l. |
Spino d'Adda (CR) - IT - |
00756610150 |
Sole Director |
Withdrawn |
Registered |
|
Welko Industriale S.r.l. |
Spino d'Adda (CR) - IT - |
00756610150 |
Attorney General |
Active |
Registered |
|
Welko Industriale S.r.l. |
Spino d'Adda (CR) - IT - |
00756610150 |
Board Chairman |
Active |
Registered |
|
Welkostore S.r.l. |
Piacenza (PC) - IT - |
01414690196 |
Sole Director |
Active |
Registered |
|
Welko S.r.l. Societa' Unipersonale |
Milano (MI) - IT - |
04297200968 |
Director |
Withdrawn |
Ceased |
|
Welko S.r.l. Societa' Unipersonale |
Milano (MI) - IT - |
04297200968 |
Board Chairman |
Withdrawn |
Ceased |
|
Witaly Srl |
Modena (MO) - IT - |
03216380364 |
Sole Director |
Active |
Registered |
|
Societa' Agricola Tormo Di Bianchi GinoE Cicorella G. S.s. |
Spino d'Adda (CR) - IT - |
01464030194 |
Partner |
Active |
Registered |
|
|
Baldini |
Fulvio |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Welko S.r.l. Societa' Unipersonale |
Milano (MI) - IT - |
04297200968 |
Director |
Withdrawn |
Ceased |
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 |
|
Witaly Srl |
Modena - IT - |
03216380364 |
100,00 |
Direct
Participations
The Company under review has no participations in other Companies.
Firm's
location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
Sicilia |
, 10 |
- 41053 |
- Maranello |
(MO) |
- IT - |
|
PHONE |
: 0536941038 |
|
FAX |
: 0536943454 |
|
Website |
: www.icf-welco.it |
|
Legal mail |
: AMMINISTRAZIONE1@PEC.ICFWELKO.IT |
|
Employees |
: 53 |
|
Fittings and Equipment for a value of 46.000 |
Eur |
|
Stocks for a value of 6.090.000 |
Eur |
|
Furniture and fittings for a value of 34.000 |
Eur |
|
Vehicles for a value of 2.000 |
Eur |
Trade organization: direct or by agents.
Sales are on an international scale.
Products distribution is carried out by sole agents and
distributors.
Transports are mainly done using own vehicles and third parties ones
The company sells mainly to converting industries.
Export represents more than 50% of the global turnover.
Products abroad are placed by :
|
- its own sales net-work |
|
- its own agents |
|
- direct orders from foreign companies |
Purchase terms: 60-90-120 days.
Subject usually pays by IDR, cash orders and drafts.
Import comes generally from the following nations:
|
- Hungary |
Export is mainly towards:
|
- Italy |
|
- Somalia |
|
- Greece |
|
- Gabon |
|
- |
|
- Ireland |
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 |
14/12/1973 |
|
Joint stock company |
Joint stock company with sole shareholder |
15/11/2004 |
COMPANY STYLE MODIFICATIONS:
|
Former Style |
New Style |
Changement Date |
|
Icf Industrie Cibec S.p.A. |
I.c.f. e Welko S.p.A. |
30/03/2007 |
CEASINGS/INCORPORATIONS/MERGES:
|
|
Project of merging by taking over of |
|
|
|
|
Santa Maria Valle |
, 7 |
, 20123 |
, Milano |
(MI) |
- IT - |
|
|
Fiscal Code: 04297200968 |
|
|
Date |
Merging/splitting-up project: |
13/09/2006 |
|
|
The firm absorbed by merging of |
|
|
|
|
Santa Maria Valle |
, 7 |
, 20123 |
, Milano |
(MI) |
- IT - |
|
|
Fiscal Code: 04297200968 |
|
|
Date |
: |
21/03/2007 |
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 1973.
The eonomic-financial analysis is based on the latest 3 b/s.
During the last years, it recorded positive net results (r.o.e. 0,25% in
2013) keeping the turnover steady during the last two years.
The operating result in 2013 was positive (1,26%) falling within the
field's average.
An operating result of Eur. 338.078 has been registered. with a -50,66%
fall as against the year 2012.
The economic management produced a gross operating margin of Eur.
505.054 recording a -42,16% decrease.
The financial status of the company is fairly balanced with an
indebtedness level of 1,21 and falling as against the previous year (1,35).
Subject can manage an equity capital funds for an amount of Eur.
9.750.082 , unchanged as opposed to the preceding year.
Eur. 16.435.166 is the amount of total debts, both commercial and of
different nature, while during the financial year 2012 the amount was equal to
Eur. 13.588.414.
Moderate recourse to bank credit while the exposure towards suppliers is
rather high however still within the sector's average.
Liquidity is good (1,46)
Trade credits are collected slowly, average term is 161,97 days. besides
being higher than the sector's average.
2013 financial year closed with a cash flow of Eur. 191.636
Labour cost amounts to Eur. 3.058.751, with a 12,8% incidence on
production costs. , whereas 12,5% is the incidence on sales revenues.
Financial charges have a limited incidence (-1,02%) on sales volume.
Financial Data
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
24.464.596 |
|
Profit (Loss) for the period |
24.660 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
24.453.859 |
|
Profit (Loss) for the period |
100.862 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
23.392.731 |
|
Profit (Loss) for the period |
180.281 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
27.313.187 |
|
Profit (Loss) for the period |
30.477 |
|
|
Complete balance-sheet for the year |
al 31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
33.838.801 |
|
Profit (Loss) for the period |
29.714 |
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 |
0,10 |
0,11 |
0,10 |
0,18 |
|
Elasticity Ratio |
Units |
0,89 |
0,88 |
0,89 |
0,79 |
|
Availability of stock |
Units |
0,23 |
0,27 |
0,25 |
0,21 |
|
Total Liquidity Ratio |
Units |
0,67 |
0,61 |
0,65 |
0,52 |
|
Quick Ratio |
Units |
0,17 |
0,02 |
0,06 |
0,03 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
1,21 |
1,35 |
1,65 |
3,01 |
|
Self Financing Ratio |
Units |
0,36 |
0,40 |
0,33 |
0,19 |
|
Capital protection Ratio |
Units |
0,59 |
0,58 |
0,57 |
0,66 |
|
Liabilities consolidation quotient |
Units |
0,03 |
0,04 |
0,03 |
0,16 |
|
Financing |
Units |
1,69 |
1,40 |
1,84 |
3,56 |
|
Permanent Indebtedness Ratio |
Units |
0,38 |
0,42 |
0,35 |
0,34 |
|
M/L term Debts Ratio |
Units |
0,02 |
0,02 |
0,02 |
0,10 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,49 |
0,27 |
0,69 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
3,77 |
3,66 |
3,39 |
1,65 |
|
Current ratio |
Units |
1,46 |
1,59 |
1,48 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,09 |
1,10 |
1,07 |
0,86 |
|
Structure's primary quotient |
Units |
3,58 |
3,47 |
3,22 |
1,02 |
|
Treasury's primary quotient |
Units |
0,28 |
0,03 |
0,10 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
276,21 |
250,64 |
304,16 |
509,92 |
|
Current Capital ( net ) |
Value |
7.609.398 |
7.969.182 |
8.412.647 |
330.495 |
|
RETURN |
|||||
|
Return on Sales |
% |
0,78 |
1,18 |
1,76 |
3,79 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
0,25 |
1,04 |
1,87 |
6,70 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
2,99 |
3,84 |
4,56 |
18,82 |
|
Return on Investment ( R.O.I. ) |
% |
1,26 |
2,81 |
1,66 |
4,89 |
|
Return/ Sales |
% |
1,38 |
2,80 |
2,08 |
4,78 |
|
Extra Management revenues/charges incid. |
% |
7,29 |
14,72 |
37,11 |
29,96 |
|
Cash Flow |
Value |
191.636 |
288.843 |
412.215 |
165.166 |
|
Operating Profit |
Value |
338.078 |
685.285 |
485.838 |
225.594 |
|
Gross Operating Margin |
Value |
505.054 |
873.266 |
717.772 |
376.080 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
161,97 |
182,88 |
232,05 |
111,07 |
|
Debts to suppliers average term |
Days |
134,45 |
106,20 |
150,52 |
127,44 |
|
Average stock waiting period |
Days |
89,58 |
98,00 |
111,15 |
62,88 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,91 |
1,00 |
0,80 |
1,10 |
|
Rate of stock return |
Units |
4,02 |
3,67 |
3,24 |
5,58 |
|
Labour cost incidence |
% |
12,50 |
11,81 |
12,34 |
18,94 |
|
Net financial revenues/ charges incidence |
% |
-1,02 |
-1,31 |
-0,20 |
-1,15 |
|
Labour cost on purchasing expenses |
% |
12,80 |
12,08 |
12,07 |
18,99 |
|
Short-term financing charges |
% |
1,55 |
2,42 |
0,32 |
2,55 |
|
Capital on hand |
% |
110,08 |
99,68 |
125,14 |
90,89 |
|
Sales pro employee |
Value |
484.447 |
271.709 |
487.348 |
199.007 |
|
Labour cost pro employee |
Value |
60.569 |
32.089 |
60.139 |
34.820 |
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
Statistcally the trade activity shows periods of crisis.
The area is statistically considered lowly risky.
In the region 18.860 protested subjects are found; in the province they
count to 3.557.
The insolvency index for the region is 0,46, , while for the province it
is 0,55.
Total Bankrupt companies in the province : 2.526.
Total Bankrupt companies in the region : 14.698.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
|
|
1 |
Rs.97.98 |
|
Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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.