|
Report No. : |
348987 |
|
Report Date : |
09.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
C O S M E D -
S.r.l |
|
|
|
|
Registered Office : |
Via Crescenzio, 91 DI Pavona, 00193 – Roma (RM) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
12.02.1980 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture
of Irradiation, Electromedical and Electrotherapeutic Equipment. |
|
|
|
|
No. of Employees : |
From 71 to 90 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Italy |
A1 |
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 |
|
C
O S M E D - S.r.l |
|
Via |
Crescenzio, |
91
DI PAVONA |
|
00193 |
-
Roma |
(RM) |
-IT- |
|
Fiscal
Code |
: |
04646530586 |
|
Legal
Form |
: |
Limited
liability company |
|
start
of Activities |
: |
28/11/1984 |
|
Equity |
: |
Over
2.582.254 |
|
Turnover
Range |
: |
12.750.000/15.500.000
|
|
Number
of Employees |
: |
from
71 to 90 |
Manufacture
of irradiation, electromedical and electrotherapeutic equipment
Legal
Form : Limited liability company
|
Fiscal
Code : 04646530586 |
|
Foreign
Trade Reg. no. : RM013057 since 16/03/1992 |
|
Foreign
Trade Reg. no. : 012266 of Roma |
|
Chamber
of Commerce no. : 1707831 of Monza e Brianza |
|
Chamber
of Commerce no. : 1902225 of Milano |
|
Chamber
of Commerce no. : 453169 of Roma since 25/02/1980 |
|
Firms'
Register : RM111-8271 of Roma since 19/02/1996 |
|
V.A.T.
Code : 01284691001 |
|
Establishment
date |
:
12/02/1980 |
|
|
Start
of Activities |
:
28/11/1984 |
|
|
Legal
duration |
:
31/12/2050 |
|
|
Nominal
Capital |
:
99.000 |
|
|
Subscribed
Capital |
:
99.000 |
|
|
Paid
up Capital |
:
99.000 |
|
Legal
mail : |
COSMED@PEC.IT |
|
|
Brugnoli |
Ennio |
|
|
Born
in Ronciglione |
(VT) |
on
09/08/1937 |
-
Fiscal Code : BRGNNE37M09H534Y |
|
|
Residence: |
Via
Valdieri |
,
31 |
-
00135 |
Roma |
(RM) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Partner |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
|
Brugnoli |
Marco |
|
|
Born
in Roma |
(RM) |
on
26/03/1965 |
-
Fiscal Code : BRGMRC65C26H501M |
|
|
Residence: |
Della
Vittoria |
,
21 |
-
00122 |
Roma |
(RM) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Sole
Director |
27/05/2010 |
|
|
Prejudicial
Events found with cancellations* |
Legal
Mortgage - 15/12/2008. - 5.520 Euro. Event writing-off
|
|
EQUITALIA GERIT SPA |
|
|
No
Protests registered |
|
|
BRUGNOLI
PAOLO |
|
|
Born
|
on
04/03/1967 |
-
Fiscal Code : BRGPLA67C04H501D |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Partner |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
|
DESCHAMPS
JACQUELINE |
|
|
Born
|
on
20/04/1939 |
-
Fiscal Code : DSCJQL39D60Z110J |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Partner |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
*Concerns
also partially erased events.
*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.
Shareholders'
list as at date of data collection:
|
Firm's
Style / Name |
Seat
/ Residence |
Fiscal
Code |
Owned
Shares |
%
Ownership |
|
Brugnoli
Ennio |
Roma
- IT - |
BRGNNE37M09H534Y |
24.750
.Eur |
25,00 |
|
Brugnoli
Marco |
Roma
- IT - |
BRGMRC65C26H501M |
24.750
.Eur |
25,00 |
|
BRUGNOLI
PAOLO |
BRGPLA67C04H501D |
24.750
.Eur |
25,00 |
|
|
DESCHAMPS
JACQUELINE |
DSCJQL39D60Z110J |
24.750
.Eur |
25,00 |
The
Company under review has participations in the following Companies:
|
Firm's
Style |
Seat |
Fiscal
Code |
Owned
Shares Amount |
%
Ownership |
since
|
until
|
Share
Status |
|
Consorzio
R.o.m.e. Ricerche Operative Pe r Il Marketing E L'export |
Roma
- IT - |
07360510585 |
Active |
In
order to carry out its activities the firm uses the following locations:
|
- |
Legal
and operative seat |
(Workshop) |
|
Crescenzio |
,
91 |
-
00100 |
-
Roma |
(RM) |
-
IT - |
|
PHONE |
:
069315492 |
|
Legal
mail |
:
COSMED@PEC.IT |
|
- |
Branch |
(office) |
since
01/04/2009 |
|
Brescia |
,
26 |
-
20063 |
-
Cernusco sul Naviglio |
(MI) |
-
IT - |
|
- |
Branch |
(Workshop) |
since
01/03/2010 |
|
Dei
Piani Di Monte Savello |
,
37 |
-
00041 |
-
Albano Laziale |
(RM) |
-
IT - |
|
PHONE |
:
069315492 |
|
FAX |
:
06/9314580 |
|
Employees |
:
73 |
|
Fittings
and Equipment for a value of 89.000 |
Eur |
|
Stocks
for a value of 940.000 |
Eur |
The
firm has a direct commercial organization
Sales
area on a regional scale.
The
firm operates abroad as importer / exporter..
To
purchase foreign products the firm uses the following channels :
|
-
direct orders to foreign companies |
Export
represents from 20% to 50% of the global turnover.
Products
abroad are placed by :
|
-
importers |
|
-
its own agents |
|
-
direct orders from foreign companies |
|
-
joint-ventures with foreign companies |
Import
comes generally from the following nations:
|
-
France |
|
-
Bulgaria |
|
-
Austria |
Export
is mainly towards:
|
-
Bulgaria |
|
-
Somalia |
|
-
Gabon |
CEASINGS/INCORPORATIONS/MERGES:
|
|
The
firm absorved |
|
INCER S.R.L. |
|
|
,
ALBANO LAZIALE LOC.PAVONA |
-
IT - |
|
|
Fiscal
Code: 03550310589 |
|
|
Date
|
:
|
26/01/1998 |
|
|
Project
of merging by taking over of |
|
INCER S.R.L. |
|
|
,
ALBANO LAZIALE LOC.PAVONA |
-
IT - |
|
|
Fiscal
Code: 03550310589 |
|
|
Date
|
Merging/splitting-up
project: |
26/06/1997 |
|
|
The
firm absorbed by merging of |
|
INCER S.R.L. |
|
|
,
ALBANO LAZIALE LOC.PAVONA |
-
IT - |
|
|
Fiscal
Code: 03550310589 |
|
|
Date
|
:
|
26/01/1998 |
Protests
checking on the subject firm has given a negative result.
Search
performed on a National Scale
|
|
Prejudicial
Events Search Result: NEGATIVE |
Search
performed on a specialized data base.
None
reported, standing to the latest received edition of the Official Publications.
Subject
is active since 1984
The
economic-financial analysis has been made on the base of the b/s of the latests
three years.
Under
an economic point of view, profits were registered during the last years with a
r.o.e. of 35,92% in 2014 but without a significant increase in the turnover.
The
operating result in 2014 was positive (18,39%) and in line with the sector's
average.
The
operating result is positive and amounts to Eur. 3.136.785 with an increase of
38,13% if the compared to the previous financial year.
The
gross operating margin of the latest financial year is of Eur. 3.342.503
showing a 35,02% growth.
Very
good financial situation: shareholder's equity covers short-terms debts with an
indebtedness level equal to 0,05 and with an upward trend compared to the
previous year.
It's
shareholders funds amount to Eur. 6.653.589 on the same levels as the year
before.
Total
debts recorded amounted to Eur. 8.850.292 (Eur. 3.636.680 of which were m/l
term debts) with a growth equal to 29,29%.
The
company does not exceed in bank borrowings; the recourse to suppliers' credit
is also limited below field's average.
Payments
are supported by good current assets.
Trade
credits average terms are slow, on average 98,06 days. , as it normally happens
in the sector.
As
far as the cash flow is concerned during the latest financial year it amounted
to Eur. 2.595.425
Subordinate
employment cost is of Eur. 3.278.808, i.e. 28,87% on total production costs. ,
whereas the incidence on sales revenues is of 22,69%.
No
incidence of financial charges as lower than the incomes.
|
|
Complete
balance-sheet for the year |
al
31/12/2014 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
14.452.297 |
|
Profit
(Loss) for the period |
2.389.707 |
|
|
Complete
balance-sheet for the year |
al
31/12/2013 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
14.706.740 |
|
Profit
(Loss) for the period |
1.508.426 |
|
|
Complete
balance-sheet for the year |
al
31/12/2012 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
13.497.403 |
|
Profit
(Loss) for the period |
898.131 |
|
|
Complete
balance-sheet for the year |
al
31/12/2011 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
12.242.972 |
|
Profit
(Loss) for the period |
907.969 |
|
|
Complete
balance-sheet for the year |
al
31/12/2010 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
11.423.760 |
|
Profit
(Loss) for the period |
964.232 |
From
our constant monitoring of the relevant Public Administration offices, no more
recent balance sheets result to have been filed.
|
-
Balance Sheet as at 31/12/2014 - 12 Mesi - Currency: - Amounts x 1 |
|
-
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 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
RATIOS |
Value
Type |
as
at 31/12/2014 |
as
at 31/12/2013 |
as
at 31/12/2012 |
Sector
Average |
|
COMPOSITION
ON INVESTMENT |
|||||
|
Rigidity
Ratio |
Units |
0,37 |
0,40 |
0,42 |
0,18 |
|
Elasticity
Ratio |
Units |
0,62 |
0,59 |
0,58 |
0,78 |
|
Availability
of stock |
Units |
0,05 |
0,07 |
0,07 |
0,21 |
|
Total
Liquidity Ratio |
Units |
0,57 |
0,52 |
0,51 |
0,51 |
|
Quick
Ratio |
Units |
0,29 |
0,14 |
0,19 |
0,04 |
|
COMPOSITION
ON SOURCE |
|||||
|
Net
Short-term indebtedness |
Units |
0,05 |
0,29 |
0,13 |
2,10 |
|
Self
Financing Ratio |
Units |
0,39 |
0,40 |
0,40 |
0,25 |
|
Capital
protection Ratio |
Units |
0,63 |
0,71 |
0,81 |
0,72 |
|
Liabilities
consolidation quotient |
Units |
0,90 |
1,21 |
1,22 |
0,20 |
|
Financing |
Units |
1,33 |
1,23 |
1,21 |
2,77 |
|
Permanent
Indebtedness Ratio |
Units |
0,67 |
0,70 |
0,69 |
0,42 |
|
M/L
term Debts Ratio |
Units |
0,28 |
0,30 |
0,30 |
0,10 |
|
Net
Financial Indebtedness Ratio |
Units |
0,24 |
0,38 |
0,23 |
0,66 |
|
CORRELATION |
|||||
|
Fixed
assets ratio |
Units |
1,79 |
1,73 |
1,67 |
1,67 |
|
Current
ratio |
Units |
2,04 |
2,35 |
2,37 |
1,29 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
1,86 |
2,09 |
2,07 |
0,89 |
|
Structure's
primary quotient |
Units |
1,05 |
0,98 |
0,95 |
1,07 |
|
Treasury's
primary quotient |
Units |
0,94 |
0,54 |
0,79 |
0,09 |
|
Rate
of indebtedness ( Leverage ) |
% |
256,39 |
252,29 |
252,32 |
391,64 |
|
Current
Capital ( net ) |
Value |
5.434.264 |
4.762.747 |
4.460.802 |
649.109 |
|
RETURN |
|||||
|
Return
on Sales |
% |
17,96 |
11,65 |
7,91 |
3,67 |
|
Return
on Equity - Net- ( R.O.E. ) |
% |
35,92 |
27,08 |
17,07 |
5,57 |
|
Return
on Equity - Gross - ( R.O.E. ) |
% |
54,42 |
41,12 |
25,61 |
15,37 |
|
Return
on Investment ( R.O.I. ) |
% |
18,39 |
16,16 |
10,17 |
4,68 |
|
Return/
Sales |
% |
21,70 |
15,44 |
10,00 |
4,26 |
|
Extra
Management revenues/charges incid. |
% |
76,18 |
66,43 |
66,55 |
23,72 |
|
Cash
Flow |
Value |
2.595.425 |
1.713.022 |
1.067.263 |
124.367 |
|
Operating
Profit |
Value |
3.136.785 |
2.270.838 |
1.349.654 |
167.285 |
|
Gross
Operating Margin |
Value |
3.342.503 |
2.475.434 |
1.518.786 |
316.896 |
|
MANAGEMENT |
|||||
|
Credits
to clients average term |
Days |
98,06 |
98,31 |
80,11 |
111,74 |
|
Debts
to suppliers average term |
Days |
68,92 |
65,03 |
72,93 |
115,66 |
|
Average
stock waiting period |
Days |
23,37 |
22,82 |
25,88 |
63,87 |
|
Rate
of capital employed return ( Turnover ) |
Units |
0,85 |
1,05 |
1,02 |
1,17 |
|
Rate
of stock return |
Units |
15,40 |
15,78 |
13,91 |
5,58 |
|
Labour
cost incidence |
% |
22,69 |
20,68 |
17,88 |
19,50 |
|
Net
financial revenues/ charges incidence |
% |
3,44 |
-0,07 |
-0,65 |
-1,37 |
|
Labour
cost on purchasing expenses |
% |
28,87 |
23,58 |
20,08 |
20,26 |
|
Short-term
financing charges |
% |
0,70 |
1,96 |
2,78 |
2,70 |
|
Capital
on hand |
% |
118,04 |
95,54 |
98,35 |
85,54 |
|
Sales
pro employee |
Value |
141.689 |
154.807 |
179.965 |
218.436 |
|
Labour
cost pro employee |
Value |
32.145 |
32.010 |
32.175 |
34.902 |
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.
|
Population
living in the province |
:
|
3.807.992 |
|
Population
living in the region |
:
|
5.269.972 |
|
Number
of families in the region |
:
|
2.091.220 |
Monthly
family expences average in the region (in Eur..) :
|
-
per food products |
:
|
472 |
|
-
per non food products |
:
|
1.832 |
|
-
per energy consume |
:
|
102 |
The
values are calculated on a base of 564 significant companies.
The
companies cash their credits on an average of 112 dd.
The
average duration of suppliers debts is about 116 dd.
The
sector's profitability is on an average of 3,67%.
The
labour cost affects the turnover in the measure of 19,50%.
Goods
are held in stock in a range of 64 dd.
The
difference between the sales volume and the resources used to realize it is
about 1,17.
The
employees costs represent the 20,26% of the production costs.
Statistcally
the trade activity shows periods of crisis.
The
area is statistically considered moderately risky.
In
the region 53.924 protested subjects are found; in the province they count to
34.465.
The
insolvency index for the region is 1,04, , while for the province it is 0,92.
Total
Bankrupt companies in the province : 31.914.
Total
Bankrupt companies in the region : 37.442.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.79 |
|
|
1 |
Rs.99.95 |
|
Euro |
1 |
Rs.71.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
NIT |
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.