MIRA INFORM REPORT
|
Report No. : |
312271 |
|
Report Date : |
17.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
LEONARDO S.R.L. |
|
|
|
|
Registered Office : |
Via Artigiani S.N.C. 25030 - Maclodio (BS) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
01.10.1994 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Production of software non related to publishing |
|
|
|
|
No. of Employee : |
From 26 to 35 |
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 |
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 and address
|
LEONARDO S.R.L. |
|
Via |
Artigiani, |
S.N.C. |
|
25030 |
- Maclodio |
(BS) |
-IT- |
Summary
|
Fiscal Code |
: |
03261270171 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
01/10/1994 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
7.750.000/9.000.000 |
|
Number of Employees |
: |
from 26 to 35 |
Activity
Production of software non related to publishing
Legal
Data
Legal Form : Limited liability company
|
Fiscal Code : 03261270171 |
|
Chamber of Commerce no. : 349900 of Brescia since 23/03/1994 |
|
Firms' Register : 53744 of Brescia |
|
V.A.T. Code : 03261270171 |
|
Establishment date |
: 02/02/1994 |
|
|
Start of Activities |
: 01/10/1994 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 10.400 |
|
|
Subscribed Capital |
: 10.400 |
|
|
Paid up Capital |
: 10.400 |
Members
|
|
Franzoni |
Fausto |
|
|
Born in Castegnato |
(BS) |
on 02/06/1960 |
- Fiscal Code : FRNFST60H02C055O |
|
|
Residence: |
Manzoni |
, 18/A |
- 25045 |
Borgo San Giacomo |
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Chairman |
02/02/1994 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Petrogalli |
Emanuele |
|
|
Born in Brescia |
(BS) |
on 06/05/1967 |
- Fiscal Code : PTRMNL67E06B157M |
|
|
Residence: |
T.montinaro |
, 19 |
- 25020 |
Dello |
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
02/02/1994 |
||
|
Partner |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Spezzaballi |
Daniele Cesare |
|
|
Born in Quilmes Buenos Aires |
( ) |
on 26/05/1962 |
- Fiscal Code : SPZDLC62E26Z600N |
|
|
Residence: |
G. Angelini |
, 42 |
- 25046 |
Cazzago San Martino |
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
02/02/1994 |
||
|
Partner |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Franzoni Fausto |
|
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 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 |
|
Petrogalli Emanuele |
Dello - IT - |
PTRMNL67E06B157M |
3.432 .Eur |
33,00 |
|
Spezzaballi Daniele Cesare |
Cazzago San Martino - IT - |
SPZDLC62E26Z600N |
3.536 .Eur |
34,00 |
|
Franzoni Fausto |
FRNFST60H02C550O |
3.432 .Eur |
33,00 |
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 |
|
Meccanica Galileo S.r.l. |
Maclodio - IT - |
02512090982 |
20.000 .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 |
|
Artigiani |
, S.N.C. |
- 25030 |
- Maclodio |
(BS) |
- IT - |
|
PHONE |
: 0309973537 |
|
Employees |
: 30 |
|
Stocks for a value of 2.410.000 |
Eur |
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 1994.
Balance sheets for the years 2011, 2012 and 2013 were analyzed.
Under an economic point of view, profits were registered during the last
years with a r.o.e. of 53,66% in 2013 with a remarkable upward trend (+38,01%
on 2013 compared to 2012 and +8,97% on 2012 compared to 2011).
The operating result in 2013 was positive (23,65%) and even better than
sector's average.
The operating result is positive and amounts to Eur. 2.173.641
increasing if compared to the yeart 2012.
During the latest financial year the gross operating margin amounted to
Eur. 2.310.331 showing a 46,96% growth.
The company has an excellent net worth if compared to its debts, with a
low indebtedness (0,66) and with an upward trend compared to the previous year.
The management generated equity capital for an amount of Eur. 2.720.881
, increasing by 88,84% if compared to the financial year 2012.
Total debts recorded amounted to Eur. 5.512.743 (Eur. 532.450 of which
were m/l term debts) with no important change.
Current liquid assets is positive.
As far as the cash flow is concerned during the latest financial year it
amounted to Eur. 1.596.772
Subordinate employment cost is of Eur. 2.034.777, i.e. 29,14% on total
production costs. , with a 22,63% incidence on turnover.
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 |
8.992.985 |
|
Profit (Loss) for the period |
1.460.082 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
6.515.911 |
|
Profit (Loss) for the period |
931.289 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
5.979.240 |
|
Profit (Loss) for the period |
227.398 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
5.621.481 |
|
Profit (Loss) for the period |
156.365 |
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 |
0,11 |
0,11 |
0,10 |
0,15 |
|
Elasticity Ratio |
Units |
0,89 |
0,88 |
0,89 |
0,81 |
|
Availability of stock |
Units |
0,26 |
0,31 |
0,31 |
0,04 |
|
Total Liquidity Ratio |
Units |
0,63 |
0,57 |
0,59 |
0,73 |
|
Quick Ratio |
Units |
0,35 |
0,16 |
0,06 |
0,05 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
0,66 |
2,36 |
5,56 |
3,98 |
|
Self Financing Ratio |
Units |
0,30 |
0,19 |
0,10 |
0,16 |
|
Capital protection Ratio |
Units |
0,46 |
0,35 |
0,58 |
0,39 |
|
Liabilities consolidation quotient |
Units |
0,20 |
0,22 |
0,30 |
0,14 |
|
Financing |
Units |
2,03 |
3,63 |
7,30 |
4,31 |
|
Permanent Indebtedness Ratio |
Units |
0,41 |
0,33 |
0,29 |
0,31 |
|
M/L term Debts Ratio |
Units |
0,11 |
0,14 |
0,19 |
0,09 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
n.c. |
n.c. |
0,49 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
3,78 |
2,89 |
2,95 |
1,67 |
|
Current ratio |
Units |
1,64 |
1,44 |
1,41 |
1,17 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,15 |
0,94 |
0,92 |
1,08 |
|
Structure's primary quotient |
Units |
2,75 |
1,68 |
1,04 |
1,02 |
|
Treasury's primary quotient |
Units |
0,64 |
0,26 |
0,09 |
0,08 |
|
Rate of indebtedness ( Leverage ) |
% |
337,84 |
524,17 |
964,60 |
603,35 |
|
Current Capital ( net ) |
Value |
3.181.718 |
2.028.675 |
1.417.665 |
61.519 |
|
RETURN |
|||||
|
Return on Sales |
% |
17,76 |
16,58 |
5,94 |
4,08 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
53,66 |
64,64 |
39,93 |
7,92 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
80,80 |
98,27 |
74,26 |
29,69 |
|
Return on Investment ( R.O.I. ) |
% |
23,65 |
18,84 |
8,90 |
5,31 |
|
Return/ Sales |
% |
24,17 |
21,84 |
8,18 |
4,44 |
|
Extra Management revenues/charges incid. |
% |
67,17 |
65,44 |
46,52 |
27,06 |
|
Cash Flow |
Value |
1.596.772 |
1.080.151 |
355.078 |
43.053 |
|
Operating Profit |
Value |
2.173.641 |
1.423.122 |
488.844 |
40.547 |
|
Gross Operating Margin |
Value |
2.310.331 |
1.571.984 |
616.524 |
82.737 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
n.c. |
n.c. |
n.c. |
140,05 |
|
Debts to suppliers average term |
Days |
n.c. |
n.c. |
n.c. |
133,26 |
|
Average stock waiting period |
Days |
96,59 |
127,71 |
101,97 |
12,16 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,98 |
0,86 |
1,09 |
1,27 |
|
Rate of stock return |
Units |
3,73 |
2,82 |
3,53 |
29,58 |
|
Labour cost incidence |
% |
22,63 |
25,46 |
25,94 |
24,91 |
|
Net financial revenues/ charges incidence |
% |
0,28 |
-0,11 |
-0,47 |
-0,79 |
|
Labour cost on purchasing expenses |
% |
29,14 |
27,77 |
25,82 |
24,46 |
|
Short-term financing charges |
% |
0,25 |
0,44 |
0,70 |
2,00 |
|
Capital on hand |
% |
102,21 |
115,91 |
91,88 |
78,17 |
|
Sales pro employee |
Value |
142.745 |
127.762 |
124.567 |
141.104 |
|
Labour cost pro employee |
Value |
32.298 |
32.522 |
32.316 |
36.134 |
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.
SOURCES
Our Company collects data from public registers, lists, archives or
contained in Acts and/or documents (held by the National Chamber of Commerce or
Immovables Territorial Agency), users, reporters or however generally
accessible (for example, from categorical lists, statistical institutes, press
reports and from public inspection internet sites).
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 310 significant companies.
The companies cash their credits on an average of 140 dd.
The average duration of suppliers debts is about 133 dd.
The sector's profitability is on an average of 4,08%.
The labour cost affects the turnover in the measure of 24,91%.
Goods are held in stock in a range of 12 dd.
The difference between the sales volume and the resources used to
realize it is about 1,27.
The employees costs represent the 24,46% 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 5.551.
The insolvency index for the region is 0,55, , while for the province it
is 0,48.
Total Bankrupt companies in the province : 3.452.
Total Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.82 |
|
|
1 |
Rs.92.82 |
|
Euro |
1 |
Rs.66.17 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.