MIRA INFORM REPORT
|
Report No. : |
325849 |
|
Report Date : |
08.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
PAVONE SISTEMI SRL |
|
|
|
|
Registered Office : |
Via Monte Rosa, 3 20149, -
Milano, (MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
04.01.1963 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Wholesale of other machinery
and equipment |
|
|
|
|
No. of Employees : |
From 11 to 15 |
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
|
PAVONE SISTEMI SRL |
|
Via |
Monte Rosa, |
3 |
|
20149 |
- Milano |
(MI) |
-IT- |
Summary
|
Fiscal Code |
: |
00843430158 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
04/01/1963 |
|
Equity |
: |
750.000 |
|
Turnover Range |
: |
3.750.000/5.000.000 |
|
Number of Employees |
: |
from 11 to 15 |
Activity
Wholesale of other machinery and
equipment
Legal Data
Legal Form : Limited liability
company
|
Fiscal Code : 00843430158 |
|
Foreign Trade Reg. no. : 103198
of Milano since 16/01/1992 |
|
Foreign Trade Reg. no. : 980516
of Milano |
|
Chamber of Commerce no. :
618247 of Monza e Brianza |
|
Chamber of Commerce no. :
618247 of Milano since 21/01/1963 |
|
Firms' Register : MI146-118199
of Milano since 19/02/1996 |
|
V.A.T. Code : 00843430158 |
|
Foundation date |
: 04/01/1963 |
|
|
Establishment date |
: 04/01/1963 |
|
|
Start of Activities |
: 04/01/1963 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 52.000 |
|
|
Subscribed Capital |
: 52.000 |
|
|
Paid up Capital |
: 52.000 |
|
Legal mail : |
PAVONESISTEMISRL@LEGALMAIL.IT |
Members
|
|
Gallarati |
Elio |
|
|
Born in Milano |
(MI) |
on 14/05/1960 |
- Fiscal Code :
GLLLEI60E14F205L |
|
|
Residence: |
Novara |
, 371 |
- 20153 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
15/10/2012 |
|
|
Di Reda |
Donato |
|
|
Born in Cerignola |
(FG) |
on 01/07/1950 |
- Fiscal Code :
DRDDNT50L01C514L |
|
|
Residence: |
Lanzi |
, 51 |
- 20040 |
Cornate d'Adda |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
15/10/2012 |
||
|
Partner |
|
|
No Prejudicial events are
reported |
|
|
No Protests registered |
|
|
Panceri |
Roberta |
|
|
Born in Concorezzo |
(MB) |
on 09/11/1951 |
- Fiscal Code :
PNCRRT51S49C952T |
|
|
Residence: |
E.zincone |
, 3 |
- 20049 |
Concorezzo |
(MB) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
15/10/2012 |
||
|
Board Chairman |
15/10/2012 |
|
|
No Prejudicial events are
reported |
|
|
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 |
|
Di Reda Donato |
Cornate d'Adda - IT - |
DRDDNT50L01C514L |
26.000 .Eur |
50,00 |
|
Panceri Roberta |
Concorezzo - IT - |
PNCRRT51S49C952T |
26.000 .Eur |
50,00 |
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 |
|
Monte Rosa |
, 3 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
PHONE |
: 0295339165 |
|
Legal mail |
: PAVONESISTEMISRL@LEGALMAIL.IT |
|
- |
Branch |
(Factory) |
since 02/01/1983 |
|
Dei Chiosi |
, 18 |
- 20040 |
- Cavenago di Brianza |
(MB) |
- IT - |
|
Employees |
: 12 |
|
Fittings and Equipment for a
value of 130.000 |
Eur |
|
Stocks for a value of 130.000 |
Eur |
The firm operates abroad as
importer / exporter..
To purchase foreign products the
firm uses the following channels :
|
- its own sales net-work |
Products abroad are placed by :
|
- its own sales net-work |
Import comes generally from the
following nations:
|
- Hungary |
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
Subject is active since 1963
The analysis is based on the
latest 3 balance sheets.
During the last years, it
recorded positive net results (r.o.e. 23,27% in 2013) but without a significant
increase in the turnover.
The operating result was positive
in the last financial year (9,51%) and in line with the sector's average.
The operating result is positive
and amounts to Eur. 242.429 with a -21,17% drop.
During the latest financial year
the gross operating margin amounted to Eur. 298.169 on the same levels as the
previous financial year.
The analysis shows a fair
financial position as the indebtedness volume is acceptable (2,14) yet on the
increase as against the previous accounting period.
With regard to equity capital, an
amount of Eur. 583.235 is registered. , unchanged as opposed to the preceding
year.
Eur. 1.480.152 is the amount of
total debts, both commercial and of different nature, with no important change.
Current liquid assets is
positive.
During financial year 2013 the
cash flow amounted to Eur. 191.483
Subordinate employment cost is of
Eur. 646.038, i.e. 13,71% on total production costs. , whereas the incidence on
sales revenues is of 13,17%.
Financial incomes cover financial
charges.
Financial Data
|
|
Complete balance-sheet for the
year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
4.905.215 |
|
Profit (Loss) for the period |
135.743 |
|
|
Complete balance-sheet for the
year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
5.269.787 |
|
Profit (Loss) for the period |
220.819 |
|
|
Complete balance-sheet for the
year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
5.502.541 |
|
Profit (Loss) for the period |
271.958 |
|
|
Complete balance-sheet for the
year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
4.558.094 |
|
Profit (Loss) for the period |
251.282 |
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 |
0,05 |
0,04 |
0,04 |
0,10 |
|
Elasticity Ratio |
Units |
0,94 |
0,95 |
0,96 |
0,87 |
|
Availability of stock |
Units |
0,05 |
0,05 |
0,04 |
0,21 |
|
Total Liquidity Ratio |
Units |
0,89 |
0,90 |
0,92 |
0,61 |
|
Quick Ratio |
Units |
0,09 |
0,15 |
0,14 |
0,03 |
|
COMPOSITION ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
2,14 |
1,71 |
1,63 |
4,04 |
|
Self Financing Ratio |
Units |
0,23 |
0,28 |
0,31 |
0,16 |
|
Capital protection Ratio |
Units |
0,68 |
0,61 |
0,61 |
0,59 |
|
Liabilities consolidation
quotient |
Units |
0,23 |
0,21 |
0,17 |
0,11 |
|
Financing |
Units |
2,54 |
2,05 |
1,89 |
4,85 |
|
Permanent Indebtedness Ratio |
Units |
0,36 |
0,40 |
0,41 |
0,26 |
|
M/L term Debts Ratio |
Units |
0,13 |
0,12 |
0,10 |
0,07 |
|
Net Financial Indebtedness
Ratio |
Units |
n.c. |
n.c. |
n.c. |
1,01 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
7,51 |
9,28 |
11,61 |
2,12 |
|
Current ratio |
Units |
1,62 |
1,69 |
1,65 |
1,16 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,54 |
1,60 |
1,58 |
0,88 |
|
Structure's primary quotient |
Units |
4,73 |
6,45 |
8,75 |
1,40 |
|
Treasury's primary quotient |
Units |
0,16 |
0,27 |
0,23 |
0,04 |
|
Rate of indebtedness ( Leverage
) |
% |
437,00 |
363,36 |
325,45 |
620,22 |
|
Current Capital ( net ) |
Value |
924.457 |
999.119 |
1.036.663 |
131.414 |
|
RETURN |
|||||
|
Return on Sales |
% |
3,90 |
4,97 |
5,83 |
2,27 |
|
Return on Equity - Net- (
R.O.E. ) |
% |
23,27 |
31,21 |
32,50 |
6,70 |
|
Return on Equity - Gross - (
R.O.E. ) |
% |
43,97 |
49,50 |
54,66 |
18,85 |
|
Return on Investment ( R.O.I. ) |
% |
9,51 |
11,96 |
17,32 |
4,76 |
|
Return/ Sales |
% |
4,94 |
5,84 |
8,57 |
3,70 |
|
Extra Management
revenues/charges incid. |
% |
55,99 |
71,79 |
57,67 |
28,15 |
|
Cash Flow |
Value |
191.483 |
261.842 |
321.037 |
39.655 |
|
Operating Profit |
Value |
242.429 |
307.572 |
471.538 |
63.123 |
|
Gross Operating Margin |
Value |
298.169 |
348.595 |
520.617 |
99.042 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
n.c. |
n.c. |
n.c. |
119,16 |
|
Debts to suppliers average term |
Days |
n.c. |
n.c. |
n.c. |
116,83 |
|
Average stock waiting period |
Days |
9,30 |
8,56 |
7,91 |
58,39 |
|
Rate of capital employed return
( Turnover ) |
Units |
1,92 |
2,05 |
2,02 |
1,36 |
|
Rate of stock return |
Units |
38,70 |
42,05 |
45,52 |
6,14 |
|
Labour cost incidence |
% |
13,17 |
11,59 |
11,22 |
8,98 |
|
Net financial revenues/ charges
incidence |
% |
0,29 |
-0,01 |
-0,43 |
-1,08 |
|
Labour cost on purchasing
expenses |
% |
13,71 |
12,20 |
12,17 |
8,98 |
|
Short-term financing charges |
% |
n.c. |
0,51 |
1,61 |
2,60 |
|
Capital on hand |
% |
51,96 |
48,78 |
49,49 |
73,17 |
|
Sales pro employee |
Value |
245.260 |
277.357 |
289.607 |
394.001 |
|
Labour cost pro employee |
Value |
32.301 |
32.159 |
32.481 |
34.340 |
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 2.551 significant companies.
The companies cash their credits
on an average of 119 dd.
The average duration of suppliers
debts is about 117 dd.
The sector's profitability is on
an average of 2,27%.
The labour cost affects the
turnover in the measure of 8,98%.
Goods are held in stock in a
range of 58 dd.
The difference between the sales
volume and the resources used to realize it is about 1,36.
The employees costs represent the
8,98% 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.63.90 |
|
|
1 |
Rs.97.97 |
|
Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
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.