MIRA
INFORM REPORT
|
Report No. : |
312056 |
|
Report Date : |
12.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
S.I.G.MA. SRL |
|
|
|
|
Registered Office : |
Via Delle Grigne, 12/A 22070 - Locate Varesino
(CO) |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
20.06.1991 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Manufacture of refractory products |
|
|
|
|
No. of Employee : |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Italy |
A2 |
A2 |
|
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 industrial 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 133%
of GDP in 2013, 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 widespread tax evasion. In 2013 economic growth and labor
market conditions deteriorated, with growth at -1.8% and unemployment rising to
12.4%, with youth unemployment around 40%. Italy's GDP is now 8% below its 2007
pre-crisis level.
|
Source
: CIA |
Company name & address
S.I.G.MA. SRL
Via Delle Grigne, 12/A
22070 - Locate
Varesino (CO) -IT-
Summary
|
Fiscal Code |
: |
01872290133 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
20/06/1991 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
15.500.000/18.000.000 |
|
Number of Employees |
: |
from 36 to 50 |
|
|
|
n.b.: The Creditworthness Rate shows, in percentage, the ratio between
the suggested credit opinion and the credit amount that the firm could get if
the financial situation would be completely positive. |
Activity
Manufacture of refractory products
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 01872290133 |
|
Foreign Trade Reg. no. : 34629 of Como since 21/10/1993 |
|
Chamber of Commerce no. : 223118 of Como since 19/04/1990 |
|
Chamber of Commerce no. : 167430 of Cremona |
|
Chamber of Commerce no. : 222224 of Varese |
|
Firms' Register : CO075-25124 of Como since 19/02/1996 |
|
V.A.T. Code : 01872290133 |
|
Trade Agents Licence : 5050 of Como since 21/01/1991 |
|
R. E. C. no. : 43368 of Como since 06/12/1990 |
|
Tribunal Co. Register : 25124 of |
|
Foundation date |
: 23/02/1990 |
|
|
Establishment date |
: 23/02/1990 |
|
|
Start of Activities |
: 20/06/1991 |
|
|
Legal duration |
: 31/12/2030 |
|
|
Nominal Capital |
: 59.800 |
|
|
Subscribed Capital |
: 59.800 |
|
|
Paid up Capital |
: 59.800 |
|
Members
|
|
Mari |
Roberto |
|
|
|
Born in Tradate |
(VA) |
on 18/10/1964 |
- Fiscal Code : MRARRT64R18L319L |
|
|
|
Residence: |
|
Kennedy |
, 358 |
- 21040 |
Venegono Superiore |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
23/02/1990 |
|
|
|
|
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.
|
|
Mari |
Roberto |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Refratrade S.r.l. - Refractory E Technology |
Locate Varesino (CO) - IT - |
02907710137 |
Person in charge |
Active |
Registered |
|
Refratrade S.r.l. - Refractory E Technology |
Locate Varesino (CO) - IT - |
02907710137 |
Attorney General |
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.
Capital Shareholders
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Mari Roberto |
Venegono Superiore - IT - |
MRARRT64R18L319L |
59.280 .Eur |
99,13 |
|
TOFANI MONICA |
Carbonate - IT - |
TFNMNC62M71D403E |
520 .Eur |
0,86 |
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 |
|
since 23/02/1990 |
|
|
|
|
|
|
Delle Grigne |
, 12/A |
- 22070 |
- Locate Varesino |
(CO) |
- IT - |
|
|
|
|
PHONE |
: 0331823195 |
|
|
|
|
FAX |
: 0331821231 |
|
|
|
|
FAX |
: 0331823198 |
|
- |
Branch |
(Factory) |
since 10/06/1996 |
|
|
|
|
|
|
Delle Grigne |
, 4/6/8 |
- 22070 |
- Locate Varesino |
(CO) |
- IT - |
|
|
|
|
PHONE |
: 0331823195 |
|
- |
Branch |
(Factory) |
since 10/09/2008 |
|
|
|
|
|
|
Garibaldi |
, 12 |
- 22070 |
- Locate Varesino |
(CO) |
- IT - |
|
- |
Branch |
(Factory) |
since 15/01/2011 |
|
|
|
|
|
|
Delle Grigne |
, 1 |
- 22070 |
- Locate Varesino |
(CO) |
- IT - |
|
- |
Branch |
(Sales office) |
since 23/10/2014 |
|
|
|
|
|
|
Garibaldi |
, 94 |
- 22070 |
- Locate Varesino |
(CO) |
- IT - |
|
|
|
|
Employees |
: 46 |
|
Fittings and Equipment for a value of 1.810.000 |
Eur |
|
Stocks for a value of 610.000 |
Eur |
|
|
Historical Information and/or Firm's Status
EX-MEMBERS / EX-POSITIONS:
|
|
Mari |
Roberto |
|
|
|
Born in Tradate |
(VA) |
on 18/10/1964 |
|
|
|
Residence: |
|
Enrico Fermi |
, 7 |
- 22070 |
Carbonate |
(CO) |
- IT - |
|
Ex-Postions |
|
Sole Director |
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
The company is active since 1991
An eco-fin analysis has been made on the base od the b/s fo the years
2011, 2012 and 2013.
Under an economic point of view, profits were registered during the last
years with a r.o.e. of 22,41% in 2013 but without a significant increase in the
turnover.
The operating result in 2013 was positive (18,58%) and in line with the
sector's average.
The operating result is positive and amounts to Eur. 2.346.420 with a
23,15% growth.
The G.O.M. amounted to Eur. 2.685.936 with a 21,04% increase as opposed
to the preceding year.
Very good financial situation: shareholder's equity covers short-terms
debts with an indebtedness level equal to 0,32 but slighlty increasing.
Subject can manage an equity capital funds for an amount of Eur.
6.791.973 , with an upward trend.
During the last financial year debts totalled Eur. 4.917.626 (Eur.
213.497 of which were m/l term debts) , with no sensible variation.
Moderate recourse to bank credit while the exposure towards suppliers is
rather high anyway better than the field's average.
Liquidity is good (1,8)
Trade credits are collected slowly, average term is 96,85 days. although
lower than the average of the sector.
Eur. 1.861.272 is the value of cash flow during the year 2013
In the last financial year labour cost was of Eur. 2.285.312, with a
16,24% incidence on total costs of production. and a 13,99% incidence on sales
volumes.
Financial charges have a limited incidence (-0,45%) on sales volume.
Financial Data
|
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
16.331.129 |
|
Profit (Loss) for the period |
1.521.756 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
15.973.152 |
|
Profit (Loss) for the period |
1.381.957 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
15.550.931 |
|
Profit (Loss) for the period |
1.758.832 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
13.409.436 |
|
Profit (Loss) for the period |
615.694 |
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 |
0,33 |
0,27 |
0,26 |
0,30 |
|
Elasticity Ratio |
Units |
0,67 |
0,73 |
0,74 |
0,76 |
|
Availability of stock |
Units |
0,05 |
0,06 |
0,06 |
0,16 |
|
Total Liquidity Ratio |
Units |
0,62 |
0,67 |
0,68 |
0,36 |
|
Quick Ratio |
Units |
0,20 |
0,22 |
0,34 |
0,01 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
0,32 |
0,26 |
0,22 |
2,62 |
|
Self Financing Ratio |
Units |
0,54 |
0,53 |
0,42 |
0,19 |
|
Capital protection Ratio |
Units |
0,77 |
0,74 |
0,59 |
0,55 |
|
Liabilities consolidation quotient |
Units |
0,23 |
0,33 |
0,30 |
0,31 |
|
Financing |
Units |
0,72 |
0,76 |
1,19 |
3,19 |
|
Permanent Indebtedness Ratio |
Units |
0,63 |
0,64 |
0,55 |
0,43 |
|
M/L term Debts Ratio |
Units |
0,09 |
0,12 |
0,13 |
0,16 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,76 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,91 |
2,42 |
2,14 |
1,14 |
|
Current ratio |
Units |
1,80 |
2,04 |
1,69 |
0,96 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,67 |
1,88 |
1,55 |
0,84 |
|
Structure's primary quotient |
Units |
1,65 |
1,98 |
1,63 |
0,80 |
|
Treasury's primary quotient |
Units |
0,54 |
0,61 |
0,79 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
185,91 |
190,29 |
238,30 |
445,44 |
|
Current Capital ( net ) |
Value |
3.746.821 |
3.915.672 |
3.150.282 |
77.706 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
11,40 |
10,62 |
12,98 |
5,09 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
22,41 |
25,03 |
40,08 |
4,54 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
33,47 |
36,75 |
60,46 |
16,15 |
|
Return on Investment ( R.O.I. ) |
% |
18,58 |
18,14 |
25,63 |
4,61 |
|
Return/ Sales |
% |
14,37 |
11,93 |
17,23 |
4,00 |
|
Extra Management revenues/charges incid. |
% |
64,85 |
72,53 |
65,63 |
22,83 |
|
Cash Flow |
Value |
1.861.272 |
1.695.576 |
2.018.100 |
70.215 |
|
Operating Profit |
Value |
2.346.420 |
1.905.265 |
2.679.915 |
69.067 |
|
Gross Operating Margin |
Value |
2.685.936 |
2.218.884 |
2.939.183 |
222.254 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
96,85 |
89,39 |
71,79 |
124,06 |
|
Debts to suppliers average term |
Days |
97,77 |
90,10 |
96,22 |
141,58 |
|
Average stock waiting period |
Days |
13,54 |
13,53 |
15,04 |
55,24 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,29 |
1,52 |
1,49 |
0,96 |
|
Rate of stock return |
Units |
26,58 |
26,60 |
23,94 |
7,54 |
|
Labour cost incidence |
% |
13,99 |
13,67 |
12,86 |
20,34 |
|
Net financial revenues/ charges incidence |
% |
-0,45 |
0,27 |
-0,17 |
-1,58 |
|
Labour cost on purchasing expenses |
% |
16,24 |
15,39 |
15,43 |
17,69 |
|
Short-term financing charges |
% |
2,18 |
n.c. |
0,55 |
3,27 |
|
Capital on hand |
% |
77,32 |
65,76 |
67,25 |
98,60 |
|
Sales pro employee |
Value |
230.015 |
234.899 |
250.821 |
180.853 |
|
Labour cost pro employee |
Value |
32.187 |
32.117 |
32.247 |
29.804 |
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 |
: |
|
560.941Monthly 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 66 significant companies.
The companies cash their credits on an average of 124 dd.
The average duration of suppliers debts is about 142 dd.
The sector's profitability is on an average of 5,09%.
The labour cost affects the turnover in the measure of 20,34%.
Goods are held in stock in a range of 55 dd.
The difference between the sales volume and the resources used to
realize it is about 0,96.
The employees costs represent the 17,69% 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 50.886 protested subjects are found; in the province they
count to 3.842.
The insolvency index for the region is 0,55, , while for the province it
is 0,70.
Total Bankrupt companies in the province : 2.010.
Total Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.75 |
|
|
1 |
Rs.94.60 |
|
Euro |
1 |
Rs.67.10 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SDA |
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.