MIRA INFORM REPORT
|
Report No. : |
351312 |
|
Report Date : |
26.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
SALVAGNINI ITALIA S.P.A. |
|
|
|
|
Registered Office : |
Via Guido
Salvagnini, 51, 36040 -
Sarego (VI) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
30.04.2015 |
|
|
|
|
Date of Incorporation : |
19.05.1993 |
|
|
|
|
Legal Form : |
Joint Stock Company With Sole Shareholder |
|
|
|
|
Line of Business : |
·
Manufacture of other electrical equipment ·
Manufacture of other special-purpose machinery
(including spare parts and accessories) ·
Installation of equipment for measuring,
controlling, testing, navigating and similars ( including equipment for
controlling industrial processes) ·
Software publishing |
|
|
|
|
No. of Employees : |
From 1000 to 1500 |
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 |
Company
Name & address
SALVAGNINI ITALIA S.P.A.
Via Guido
Salvagnini, 51
36040 - Sarego (VI) -IT-
Summary
|
Fiscal Code |
: |
02338250240 |
|
Legal Form |
: |
Joint stock company with sole shareholder |
|
start of Activities |
: |
19/05/1993 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
over 129.114.224 |
|
Number of Employees |
: |
from 1000 to 1500 |
Activity
Manufacture of other electrical equipment
Manufacture of other special-purpose machinery n.e.c. (including spare
parts and accessories)
Installation of equipment for measuring, controlling, testing, navigating
and similars ( including equipment for controlling industrial processes)
Software publishing
Legal
Data
Legal Form : Joint stock company with sole shareholder
|
Fiscal Code : 02338250240 |
|
Foreign Trade Reg. no. : 039193 of Vicenza since 02/06/1995 |
|
Chamber of Commerce no. : 174721 of Piacenza |
|
Chamber of Commerce no. : 138064 of Trento |
|
Chamber of Commerce no. : 223845 of Vicenza since 28/05/1993 |
|
Firms' Register : VI116-29192 of Vicenza since 19/02/1996 |
|
V.A.T. Code : 02338250240 |
|
Tribunal Co. Register : 29192 of since 26/05/1993 |
|
Foundation date |
: 07/05/1993 |
|
|
Establishment date |
: 07/05/1993 |
|
|
Start of Activities |
: 19/05/1993 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 25.000.000 |
|
|
Subscribed Capital |
: 25.000.000 |
|
|
Paid up Capital |
: 25.000.000 |
|
Legal mail : |
SALVAGNINIGROUP@LEGALMAIL.IT |
Members
|
|
Scarpari |
Francesco |
|
|
Born in Vicenza |
(VI) |
on 03/10/1955 |
- Fiscal Code : SCRFNC55R03L840N |
|
|
Residence: |
Di Bertesina |
, 270 |
- 36100 |
Vicenza |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
11/09/2014 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Taraschi |
Michele |
|
|
Born in Mantova |
(MN) |
on 25/06/1974 |
- Fiscal Code : TRSMHL74H25E897D |
|
|
Residence: |
G. Falcone |
, 34 |
- 46045 |
Marmirolo |
(MN) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney with special power |
29/09/2010 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Salvagnini S.r.l. |
|
|
Residence: |
Guido Salvagnini |
, 51 |
- 36040 |
Sarego |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole partner |
14/05/2009 |
|
|
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.
|
|
Scarpari |
Francesco |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
SALVAGNINI S.P.A. |
Sarego (VI) - IT - |
00888490240 |
Sole Director |
Withdrawn |
Registered |
|
Omera S.r.l. |
Schio (VI) - IT - |
08808900156 |
Director |
Active |
Registered |
|
SALVAGNINI MECCANICA S.P.A. |
Rovereto (TN) - IT - |
01977570249 |
Sole Director |
Withdrawn |
Registered |
|
Salvagnini Industriale S.p.a. |
Montefredane (AV) - IT - |
02092500640 |
Director |
Active |
Registered |
|
Salvagnini Industriale S.p.a. |
Montefredane (AV) - IT - |
02092500640 |
Board Chairman |
Active |
Registered |
|
Salvagnini S.r.l. |
Sarego (VI) - IT - |
03505080246 |
Sole Director |
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 |
|
Salvagnini S.r.l. |
Sarego - IT - |
03505080246 |
100,00 |
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 |
|
Salvagnini Industriale S.p.a. |
Montefredane - IT - |
02092500640 |
2.500.000 .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 |
|
Guido Salvagnini |
, 51 |
- 36040 |
- Sarego |
(VI) |
- IT - |
|
PHONE |
: 0444725111 |
|
FAX |
: 0444436404 |
|
Website |
: WWW.SALVAGNINI.COM |
|
Legal mail |
: SALVAGNINIGROUP@LEGALMAIL.IT |
|
- |
Branch |
(Warehouse) |
since 01/02/2015 |
|
Pompele |
, 25 |
- 36040 |
- Sarego |
(VI) |
- IT - |
|
Employees |
: 1.195 |
|
Fittings and Equipment for a value of 3.050.000 |
Eur |
|
Stocks for a value of 35.760.000 |
Eur |
|
Work in progress for a value of 9.600.000 |
Eur |
The firm has a direct commercial organization
Sales are on an international scale.
The company 's mainly customers are companies.
Company generally accepts payments with terms of 60/90 days.
Financial means used for sale: bank transfers and bank orders.
Purchases are mainly paid with terms of 30/90 days.
Main used payment modalities are by cash orders and bank transfers.
Import comes generally from the following nations:
|
- France |
|
- Germany |
|
- Finland |
Traded Brands / Suppliers
|
- Alpewa |
|
- Schechtl |
|
- Salvagnini |
Historical
Information and/or Firm's Status
CEASINGS/INCORPORATIONS/MERGES:
|
|
The firm absorbed by merging of |
|
|
|
|
, Sarego-via Monticello Di Fara |
(VI) |
- IT - |
|
|
Date |
: |
06/04/1995 |
|
|
Project of merging by taking over of |
|
|
|
|
TACCHI |
, 1 |
, 38068 |
, Rovereto |
(TN) |
- IT - |
|
|
Fiscal Code: 01977570249 |
|
|
Date |
Merging/splitting-up project: |
10/10/1997 |
|
|
The firm absorbed by merging of |
|
|
|
|
TACCHI |
, 1 |
, 38068 |
, Rovereto |
(TN) |
- IT - |
|
|
Fiscal Code: 01977570249 |
|
|
Date |
: |
07/04/1998 |
|
|
Project of merging by taking over of |
|
|
|
|
della Favorita |
, 36040 |
, Sarego |
(VI) |
- IT - |
|
|
Fiscal Code: 00888490240 |
|
|
Date |
Merging/splitting-up project: |
30/10/2000 |
|
|
The firm absorbed by merging of |
|
|
|
|
della Favorita |
, 36040 |
, Sarego |
(VI) |
- IT - |
|
|
Fiscal Code: 00888490240 |
|
|
Date |
: |
07/06/2001 |
|
|
Resolution of merging of |
|
|
|
|
, Sarego-via Monticello Di Fara |
(VI) |
- IT - |
|
|
Date |
: |
06/04/1995 |
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.
Bankers
The firm operates with:
|
Bank Name |
Agency Name |
Address |
ZIP Code |
City |
ABI Code |
CAB Code |
|
UNICREDIT BANCA D'IMPRESA S.P.A. |
MONTECCHIO MAGGIORE |
VIA DEGLI ALBERI, |
36077 |
Montecchio
Maggiore (VI) |
3226 |
60530 |
|
BANCA INTESASANPAOLO S.P.A. |
3069 |
0 |
||||
|
BANCA POPOLARE DI VICENZA - SOCIETA'COO |
AG. DI
MELEDO-SAREGO |
VIA DAMIANO CHIESA |
36040 |
Sarego (VI) |
5728 |
60730 |
Financial
and Economical Analysis
Company's starting of activities dates back to 1993.
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. 3,48% on 2015) with a
stable trend in the turnover.
The operating result in 2015 was positive (2,77%) falling within the
field's average.
The amount of the operating result is equal to Eur. 6.103.562 showing an
upward trend more then 100% compared to the previous financial year.
The economic management produced a gross operating margin of Eur.
11.013.084 growing by 59,84% if compared to the year before.
From a financial aspect the company's status covers total short-term
debts; the indebtedness volume in 2015 is in fact 0,5
The equity capital is equal to Eur. 95.114.929 on the same levels as the
year before.
Total indebtedness was equal to Eur. 104.834.752 (Eur. 16.438.744 was
the value of m/l term debts) , rising as opposed to the previous year
(+35,99%).
The company does not exceed in bank credits; payments average period is
instead slightly high (107,44 gg.) however still within the sector's average.
Liquidity is good (1,76)
Trade credits average terms are 67,03 days. , shorter than the sector's
average.
The financial management generated a cash flow of Eur. 7.650.878.
Labour cost amounts to Eur. 38.267.284, with a 19,3% incidence on
production costs. and a 19,27% incidence on sales volumes.
No incidence of financial charges as lower than the incomes.
Financial
Data
|
|
Complete balance-sheet for the year |
al 30/04/2015 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
198.626.649 |
|
Profit (Loss) for the period |
3.308.356 |
|
|
Complete balance-sheet for the year |
al 30/04/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
205.296.387 |
|
Profit (Loss) for the period |
2.443.908 |
|
|
Complete balance-sheet for the year |
al 30/04/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
198.450.853 |
|
Profit (Loss) for the period |
8.419.981 |
|
|
Complete balance-sheet for the year |
al 30/04/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
208.742.881 |
|
Profit (Loss) for the period |
6.883.692 |
|
|
Complete balance-sheet for the year |
al 30/04/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
154.439.707 |
|
Profit (Loss) for the period |
4.857.259 |
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 30/04/2015 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 30/04/2014 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 30/04/2013 - 12 Mesi - Currency: - Amounts x 1 |
|
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|
|
RATIOS |
Value Type |
as at 30/04/2015 |
as at 30/04/2014 |
as at 30/04/2013 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|||||
|
Rigidity Ratio |
Units |
0,29 |
0,35 |
0,35 |
0,12 |
|
Elasticity Ratio |
Units |
0,71 |
0,64 |
0,65 |
0,85 |
|
Availability of stock |
Units |
0,16 |
0,18 |
0,18 |
0,13 |
|
Total Liquidity Ratio |
Units |
0,54 |
0,47 |
0,46 |
0,64 |
|
Quick Ratio |
Units |
0,19 |
0,10 |
0,06 |
0,03 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
0,50 |
0,50 |
0,62 |
5,60 |
|
Self Financing Ratio |
Units |
0,43 |
0,50 |
0,51 |
0,14 |
|
Capital protection Ratio |
Units |
0,70 |
0,71 |
0,65 |
0,50 |
|
Liabilities consolidation quotient |
Units |
0,28 |
0,33 |
0,22 |
0,10 |
|
Financing |
Units |
1,10 |
0,82 |
0,80 |
5,75 |
|
Permanent Indebtedness Ratio |
Units |
0,54 |
0,62 |
0,59 |
0,26 |
|
M/L term Debts Ratio |
Units |
0,11 |
0,11 |
0,08 |
0,08 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,40 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
1,87 |
1,75 |
1,69 |
1,96 |
|
Current ratio |
Units |
1,76 |
1,86 |
1,74 |
1,12 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,36 |
1,34 |
1,24 |
0,90 |
|
Structure's primary quotient |
Units |
1,48 |
1,43 |
1,46 |
1,30 |
|
Treasury's primary quotient |
Units |
0,46 |
0,28 |
0,15 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
231,86 |
199,32 |
197,28 |
713,38 |
|
Current Capital ( net ) |
Value |
67.418.820 |
55.830.065 |
51.909.070 |
112.184 |
|
RETURN |
|||||
|
Return on Sales |
% |
3,85 |
3,19 |
6,00 |
4,30 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
3,48 |
2,60 |
8,81 |
8,44 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
6,23 |
4,17 |
11,22 |
29,86 |
|
Return on Investment ( R.O.I. ) |
% |
2,77 |
1,21 |
2,73 |
5,11 |
|
Return/ Sales |
% |
3,07 |
1,10 |
2,59 |
5,02 |
|
Extra Management revenues/charges incid. |
% |
54,20 |
107,84 |
163,51 |
36,52 |
|
Cash Flow |
Value |
7.650.878 |
6.543.009 |
11.914.466 |
56.542 |
|
Operating Profit |
Value |
6.103.562 |
2.266.311 |
5.149.417 |
91.982 |
|
Gross Operating Margin |
Value |
11.013.084 |
6.889.644 |
9.413.402 |
136.494 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
67,03 |
64,90 |
65,21 |
154,26 |
|
Debts to suppliers average term |
Days |
107,44 |
89,37 |
108,32 |
134,32 |
|
Average stock waiting period |
Days |
64,82 |
58,81 |
63,30 |
41,31 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,90 |
1,10 |
1,05 |
1,08 |
|
Rate of stock return |
Units |
5,55 |
6,12 |
5,69 |
8,58 |
|
Labour cost incidence |
% |
19,27 |
18,99 |
18,70 |
20,16 |
|
Net financial revenues/ charges incidence |
% |
3,08 |
1,15 |
2,74 |
-1,17 |
|
Labour cost on purchasing expenses |
% |
19,30 |
19,12 |
18,77 |
19,80 |
|
Short-term financing charges |
% |
0,68 |
1,74 |
1,07 |
2,12 |
|
Capital on hand |
% |
111,03 |
91,32 |
95,05 |
92,31 |
|
Sales pro employee |
Value |
166.214 |
168.552 |
299.322 |
169.642 |
|
Labour cost pro employee |
Value |
32.022 |
32.005 |
55.975 |
34.748 |
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 228 significant companies.
The companies cash their credits on an average of 154 dd.
The average duration of suppliers debts is about 134 dd.
The sector's profitability is on an average of 4,30%.
The labour cost affects the turnover in the measure of 20,16%.
Goods are held in stock in a range of 41 dd.
The difference between the sales volume and the resources used to
realize it is about 1,08.
The employees costs represent the 19,80% of the production costs.
Statistical
Detrimental Data
Statistically the trade activity shows periods of crisis.
The area is statistically considered lowly risky.
In the region 13.782 protested subjects are found; in the province they
count to 2.234.
The insolvency index for the region is 0,30, , while for the province it
is 0,27.
Total Bankrupt companies in the province : 2.546.
Total Bankrupt companies in the region : 16.714.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.38 |
|
|
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
TPT |
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.