|
Report No. : |
349812 |
|
Report Date : |
16.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
ELVINOX- S.R.L. |
|
|
|
|
Registered Office : |
20080, Albairate, (MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
09.02.1978 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employee : |
From 16 to 25 |
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 |
ELVINOX- S.R.L.
20080 - Albairate (MI) -IT-
|
Fiscal Code |
: |
03946440157 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
09/02/1978 |
|
Equity |
: |
2.000.000 |
|
Turnover Range |
: |
18.000.000/20.000.000 |
|
Number of Employees |
: |
from 16 to 25 |
Wholesale of metalliferous minerals, ferrous metals and semi-finished
products
Wholesale of non-ferrous metals and semi-finished products
Legal Form : Limited liability company
|
Fiscal Code : 03946440157 |
|
Foreign Trade Reg. no. : 245031 of Milano since 20/05/1996 |
|
Chamber of Commerce no. : 982869 of Milano since 11/04/1978 |
|
Firms' Register : MI146-180230 of Milano since 19/02/1996 |
|
V.A.T. Code : 03946440157 |
|
Tribunal Co. Register : 180320 of |
|
Foundation date |
: 09/02/1978 |
|
|
Establishment date |
: 09/02/1978 |
|
|
Start of Activities |
: 09/02/1978 |
|
|
Legal duration |
: 31/12/2020 |
|
|
Nominal Capital |
: 10.400 |
|
|
Subscribed Capital |
: 10.400 |
|
|
Paid up Capital |
: 10.400 |
|
Legal mail : |
ELVINOX@PEC.ELVINOX.IT |
|
Lucini |
Enrico |
|
Born in Albairate |
(MI) |
on 20/03/1951 |
- Fiscal Code : LCNNRC51C20A127M |
|
Residence: |
Filippetti |
, 22 |
- 20011 |
Corbetta |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Lucini |
Enrico |
|
Born in Albairate |
(MI) |
on 20/03/1951 |
- Fiscal Code : LCNNRCSIC20A127M |
|
Residence: |
Filippetti |
, 22 |
- 20011 |
Corbetta |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
28/11/1997 |
||
|
Board Chairman |
28/11/1997 |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Vigano' |
Pierluigi |
|
Born in Milano |
(MI) |
on 06/04/1942 |
- Fiscal Code : VGNPLG42D06F205N |
|
Residence: |
Meroni |
, 3 |
- 20011 |
Corbetta |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
28/11/1997 |
||
|
Assistant board Chairman |
28/11/1997 |
|
No Prejudicial events are reported |
|
No Protests registered |
*checkings have been performed on a national scale.
In this module are listed the companies in which members hold or have holded
positions.
|
Vigano' |
Pierluigi |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Bronzinox Srl |
Albairate (MI) - IT - |
10268210159 |
Assistant board
Chairman |
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.
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Lucini Enrico |
Corbetta - IT - |
LCNNRC51C20A127M |
5.200 .Eur |
50,00 |
|
Vigano' Pierluigi |
Corbetta - IT - |
VGNPLG42D06F205N |
5.200 .Eur |
50,00 |
The Company under review has no participations in other Companies.
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
- 20080 |
- Albairate |
(MI) |
- IT - |
|
PHONE |
: 0294921066 |
|
Legal mail |
: ELVINOX@PEC.ELVINOX.IT |
|
- |
Branch |
(Store) |
since 20/04/1999 |
|
Faustina |
, 39 |
- 20080 |
- Albairate |
(MI) |
- IT - |
|
Employees |
: 22 |
|
Assistants |
: 1 |
|
Fittings and Equipment for a value of 130.000 |
Eur |
|
Stocks for a value of 3.930.000 |
Eur |
|
Furniture and fittings for a value of 26.000 |
Eur |
|
Vehicles for a value of 5.000 |
Eur |
The firm has a direct commercial organization
Sales are mainly addressed to Northern Italy
Transports are mainly done using own vehicles and third parties ones
The company sells mainly to converting industries.
Company generally accepts payments with terms of 60/90 days.
Purchase terms: 60-90-120 days.
Payments are settled by cash order and drafts.
Import comes generally from the following nations:
|
- Germany |
|
- Spain |
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.
Company's starting of activities dates back to 1978.
The economic-financial analysis has been made on the base of the b/s of
the latests three years.
During the last years, it achieved profits (r.o.e. 8,06% on 2014) with a
stable trend in the turnover.
The operating result in 2014 was positive (2,96%) and in line with the
sector's average.
The amount of the operating result for the year 2014 is of Eur. 410.010
, with no sizeable change as opposed to the year before.
The G.O.M. amounted to Eur. 514.594 with no sensible increase as against
2013.
The ratio between shareholder's equity and borrowed capital is not well
balanced, the indebtedness level is equal to 5,25 increasing as against 2013.
It's shareholders funds amount to Eur. 1.964.096 , unchanged as opposed
to the preceding year.
Total indebtedness amounts to Eur. 10.750.894, while during the
financial year 2013 the amount was equal to Eur. 8.879.787.
The recourse to bank credit is slightly high and also borrowings from suppliers
appear to be high, with an average payment period equal to 109,35 gg. however
still within the sector's average.
Liquidity is good (1,16)
Trade credits are collected slowly, average term is 148,73 days. even
higher than the average of the specific sector.
As far as the cash flow is concerned during the latest financial year it
amounted to Eur. 262.823
During 2014 financial year labour costs amounted to Eur. 1.585.438, with
a 8,52% incidence on production costs. , whereas the incidence of such costs on
sales revenues is equal to 8,34%.
The financial management has a limited economic impact, equal to -0,71%
on the sales.
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
19.011.231 |
|
Profit (Loss) for the period |
158.239 |
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
17.781.376 |
|
Profit (Loss) for the period |
44.222 |
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
16.348.693 |
|
Profit (Loss) for the period |
159.058 |
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
17.297.290 |
|
Profit (Loss) for the period |
135.912 |
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
15.719.547 |
|
Profit (Loss) for the period |
93.196 |
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 |
|
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|
|
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 |
0,09 |
0,11 |
0,11 |
0,11 |
|
Elasticity Ratio |
Units |
0,90 |
0,88 |
0,88 |
0,87 |
|
Availability of stock |
Units |
0,28 |
0,23 |
0,23 |
0,22 |
|
Total Liquidity Ratio |
Units |
0,62 |
0,65 |
0,65 |
0,56 |
|
Quick Ratio |
Units |
0,03 |
0,02 |
0,06 |
0,02 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
5,25 |
4,75 |
4,70 |
3,81 |
|
Self Financing Ratio |
Units |
0,14 |
0,15 |
0,15 |
0,17 |
|
Capital protection Ratio |
Units |
0,91 |
0,97 |
0,90 |
0,65 |
|
Liabilities consolidation quotient |
Units |
0,07 |
0,09 |
0,08 |
0,12 |
|
Financing |
Units |
5,47 |
4,92 |
5,17 |
4,72 |
|
Permanent Indebtedness Ratio |
Units |
0,20 |
0,22 |
0,21 |
0,30 |
|
M/L term Debts Ratio |
Units |
0,06 |
0,07 |
0,06 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
2,23 |
2,27 |
1,88 |
1,28 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
2,16 |
1,99 |
1,88 |
2,06 |
|
Current ratio |
Units |
1,16 |
1,18 |
1,16 |
1,16 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,80 |
0,87 |
0,86 |
0,84 |
|
Structure's primary quotient |
Units |
1,54 |
1,38 |
1,32 |
1,28 |
|
Treasury's primary quotient |
Units |
0,04 |
0,03 |
0,08 |
0,03 |
|
Rate of indebtedness ( Leverage ) |
% |
704,50 |
650,61 |
671,96 |
591,61 |
|
Current Capital ( net ) |
Value |
1.761.178 |
1.562.159 |
1.421.381 |
219.071 |
|
RETURN |
|||||
|
Return on Sales |
% |
1,38 |
0,96 |
1,69 |
2,22 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
8,06 |
2,45 |
9,03 |
6,27 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
14,37 |
8,60 |
17,51 |
15,95 |
|
Return on Investment ( R.O.I. ) |
% |
2,96 |
3,21 |
3,98 |
4,19 |
|
Return/ Sales |
% |
2,16 |
2,12 |
2,88 |
3,42 |
|
Extra Management revenues/charges incid. |
% |
38,59 |
11,72 |
33,76 |
29,26 |
|
Cash Flow |
Value |
262.823 |
170.813 |
276.401 |
61.669 |
|
Operating Profit |
Value |
410.010 |
377.441 |
471.197 |
95.558 |
|
Gross Operating Margin |
Value |
514.594 |
504.032 |
588.540 |
144.934 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
148,73 |
146,92 |
148,56 |
120,94 |
|
Debts to suppliers average term |
Days |
109,35 |
95,23 |
120,35 |
120,04 |
|
Average stock waiting period |
Days |
74,42 |
55,36 |
60,12 |
61,92 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,37 |
1,51 |
1,38 |
1,27 |
|
Rate of stock return |
Units |
4,84 |
6,50 |
5,99 |
5,74 |
|
Labour cost incidence |
% |
8,34 |
8,55 |
8,55 |
7,77 |
|
Net financial revenues/ charges incidence |
% |
-0,71 |
-1,45 |
-1,59 |
-1,26 |
|
Labour cost on purchasing expenses |
% |
8,52 |
8,73 |
8,79 |
7,90 |
|
Short-term financing charges |
% |
1,37 |
3,04 |
2,95 |
2,67 |
|
Capital on hand |
% |
72,78 |
66,07 |
72,41 |
78,39 |
|
Sales pro employee |
Value |
387.984 |
378.327 |
380.202 |
437.713 |
|
Labour cost pro employee |
Value |
32.355 |
32.354 |
32.496 |
33.928 |
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 |
: |
3.839.216 |
|
Population living in the region |
: |
9.393.092 |
|
Number of families in the region |
: |
3.858.736 |
Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
460 |
|
- per non food products |
: |
2.090 |
|
- per energy consume |
: |
114 |
The values are calculated on a base of 6.137 significant companies.
The companies cash their credits on an average of 121 dd.
The average duration of suppliers debts is about 120 dd.
The sector's profitability is on an average of 2,22%.
The labour cost affects the turnover in the measure of 7,77%.
Goods are held in stock in a range of 62 dd.
The difference between the sales volume and the resources used to
realize it is about 1,27.
The employees costs represent the 7,90% of the production costs.
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.66.14 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.71.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
ASH |
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.