MIRA INFORM REPORT
|
Report No. : |
346291 |
|
Report Date : |
26.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
INDECO IND S.P.A. |
|
|
|
|
Registered Office : |
Via Celio E Vincenzo Sabini, 11 70123 – Bari (BA) –IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
13.01.2003 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Manufacturer of hydraulic breakers |
|
|
|
|
No. of Employees : |
74 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
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
|
Indeco Ind
S.p.a. |
|
Via |
Celio E Vincenzo Sabini, |
11 |
|
70123 |
- Bari |
(BA) |
-IT- |
Summary
|
Fiscal Code |
: |
05949910722 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
13/01/2003 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
18.000.000/20.000.000 |
|
Number of Employees |
: |
from 71 to 90 |
Legal
Data
Legal Form : Joint stock company
|
Fiscal Code : 05949910722 |
|
Foreign Trade Reg. no. : BA048071 since
13/05/2009 |
|
Chamber of Commerce no. : 452362 of Bari
since 24/01/2003 |
|
Chamber of Commerce no. : 1705136 of
Milano |
|
V.A.T. Code : 05949910722 |
|
Establishment date |
: 13/01/2003 |
|
|
Start of Activities |
: 13/01/2003 |
|
|
Legal duration |
: 31/12/2100 |
|
|
Nominal Capital |
: 5.200.000 |
|
|
Subscribed Capital |
: 5.200.000 |
|
|
Paid up Capital |
: 5.200.000 |
|
Legal mail : |
INDECOIND.SPA@PEC.IT |
Members
|
|
Vitulano |
Mauro |
|
|
Born in Taranto |
(TA) |
on 01/02/1940 |
- Fiscal Code : VTLMRA40B01L049V |
|
|
Residence: |
Pio Xi |
, 40/22 |
- 70056 |
Molfetta |
(BA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
29/06/2014 |
Legal Mortgage -
17/12/2010. - 49.434 Euro. Event writing-off
|
|
EQUITALIA SUD S. P. A. |
|
|
No Protests
registered |
|
|
4s Holding
S.p.a. |
|
|
: |
Abate Giacinto Gimma |
, 73 |
- 70121 |
Bari |
(BA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Ria Grant
Thornton S.p.a. |
|
|
Residence: |
Sempione |
, 30 |
- 20154 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Auditor |
29/06/2014 |
|
|
Vico S.r.l. |
|
|
: |
Abate Giacinto Gimma |
, 73 |
- 70122 |
Bari |
(BA) |
- IT - |
|
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 are listed the companies in
which members hold or have holded positions.
|
|
Vitulano |
Mauro |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
INDECO S.P.A. |
Bari (BA) - IT - |
00784260721 |
Sole Director |
Withdrawn |
Merged |
|
Vichim S.r.l. |
Bari (BA) - IT - |
00268370723 |
Sole Director |
Active |
Registered |
|
Immobiliare Francesca Societa' A
Responsabilita' Limitata |
Bari (BA) - IT - |
04132150725 |
Sole Director |
Active |
Registered |
|
Vico S.r.l. |
Bari (BA) - IT - |
06671890728 |
Managing
Director |
Active |
Registered |
|
Vico S.r.l. |
Bari (BA) - IT - |
06671890728 |
Director |
Active |
Registered |
|
Vico S.r.l. |
Bari (BA) - IT - |
06671890728 |
Sole Director |
Withdrawn |
Registered |
|
Molmec - Consorzio Nord Barese Della
Meccatronica In Sigla Mol Mec |
Molfetta (BA) - IT - |
06624630726 |
Board of
Directors' 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.
Capital
Shareholders
Shareholders' list as at date of data
collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
4s Holding S.p.a. |
Bari - IT - |
05454540724 |
2.340.000 .Eur |
45,00 |
|
Carabellese Pietro Marcello |
CRBPRM56L22F284K |
260.000 .Eur |
5,00 |
|
|
Vico S.r.l. |
Bari - IT - |
06671890728 |
2.600.000 .Eur |
50,00 |
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 |
|
Costellazione Apulia |
Bari - IT - |
05787610723 |
Active |
||||
|
Molmec - Consorzio Nord Barese Della Mec
catronica In Sigla Mol Mec |
Molfetta - IT - |
06624630726 |
Active |
||||
|
Cos.mec. S.r.l. |
Altamura - IT - |
03901750723 |
10.400 .Eur |
100,00 |
Active |
||
|
Ammerco - Societa' A Responsabilita' Lim
itata |
Bari - IT - |
04157060726 |
114.400 .Eur |
100,00 |
Active |
||
|
Hideco - Societa' A Responsabilita' Limi
Tata |
Modugno - IT - |
05163410722 |
10.400 .Eur |
100,00 |
Active |
||
|
Precision S.r.l. |
06412720721 |
50.000 .Eur |
100,00 |
Active |
|||
|
Adenco S.r.l. |
Bari - IT - |
06412730720 |
80.000 .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 |
|
Celio E Vincenzo Sabini |
, 11 |
- 70100 |
- Bari |
(BA) |
- IT - |
|
Legal mail |
: INDECOIND.SPA@PEC.IT |
|
- |
Branch |
(Factory) |
since 13/01/2003 |
|
G. Lindemann |
, 10 |
- 70100 |
- Bari |
(BA) |
- IT - |
|
- |
Branch |
(Warehouse) |
since 13/01/2003 |
|
Giuseppe Garibaldi |
, 63 |
- 20061 |
- Carugate |
(MI) |
- IT - |
|
Employees |
: 74 |
|
Fittings and Equipment for a value of
260.000 |
Eur |
|
Stocks for a value of 4.050.000 |
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: |
|
|
Prejudicial
Events found with cancellations* |
Legal Mortgage on 27/03/2008.
for an amount of 241.511 Euro. Event writing-off
|
EQUITALIA SUD S. P. A. |
Search performed on a specialized data base.
*Concerns also partially erased events.
Legal
Procedures
None reported, standing to the latest
received edition of the Official Publications.
Financial
and Economical Analysis
Subject is active since 2003
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. 4,28% on 2014) but without a significant increase in the turnover.
The operating result in 2014 was positive
(7,55%) falling within the field's average.
The operating result is positive and amounts
to Eur. 2.662.693 showing an upward trend 31,24% compared to the previous financial
year.
The gross operating margin of the latest
financial year is of Eur. 2.848.735 with a 27,96% growth.
From a financial aspect the company's status
covers total short-term debts; the indebtedness volume in 2014 is in fact 0,1
and with an upward trend compared to the previous year.
With regard to equity capital, an amount of
Eur. 22.042.586 is registered. on stable levels.
Total indebtedness was equal to Eur.
12.393.271 (Eur. 2 was the value of m/l term debts) , a more or less stable
value.
The financial exposure is moderate, on the
other hand the recourse to commercial credit is high, with a high average
payment period even in comparison with the sector's.
Liquidity is however good.
Trade credits are collected slowly, average
term is 97,26 days. , as it normally happens in the sector.
The financial management generated a cash
flow of Eur. 1.111.733.
In the last financial year labour cost was
of Eur. 2.382.332, with a 13,32% incidence on total costs of production. ,
whereas the incidence on sales revenues is of 12,07%.
Finacial chareges are high: the incidence on
sales volume amounts to -3,18%
Financial
Data
|
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
19.729.847 |
|
Profit (Loss) for the period |
943.691 |
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
20.284.412 |
|
Profit (Loss) for the period |
1.024.941 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
22.572.162 |
|
Profit (Loss) for the period |
2.435.703 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
25.190.874 |
|
Profit (Loss) for the period |
1.365.099 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
18.901.631 |
|
Profit (Loss) for the period |
1.096.767 |
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 31/12/2014 - 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
|
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 |
0,28 |
0,29 |
0,29 |
0,18 |
|
Elasticity Ratio |
Units |
0,72 |
0,71 |
0,71 |
0,79 |
|
Availability of stock |
Units |
0,11 |
0,12 |
0,11 |
0,21 |
|
Total Liquidity Ratio |
Units |
0,60 |
0,58 |
0,60 |
0,52 |
|
Quick Ratio |
Units |
0,29 |
0,22 |
0,28 |
0,03 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
0,10 |
0,20 |
0,09 |
3,01 |
|
Self Financing Ratio |
Units |
0,63 |
0,60 |
0,58 |
0,19 |
|
Capital protection Ratio |
Units |
0,66 |
0,69 |
0,61 |
0,66 |
|
Liabilities consolidation quotient |
Units |
0,03 |
0,14 |
0,25 |
0,16 |
|
Financing |
Units |
0,56 |
0,63 |
0,68 |
3,56 |
|
Permanent Indebtedness Ratio |
Units |
0,64 |
0,65 |
0,66 |
0,34 |
|
M/L term Debts Ratio |
Units |
0,01 |
0,05 |
0,08 |
0,10 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,69 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
2,27 |
2,21 |
2,32 |
1,65 |
|
Current ratio |
Units |
2,04 |
2,08 |
2,19 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,71 |
1,71 |
1,85 |
0,86 |
|
Structure's primary quotient |
Units |
2,23 |
2,05 |
2,03 |
1,02 |
|
Treasury's primary quotient |
Units |
0,81 |
0,65 |
0,85 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
159,90 |
166,79 |
172,13 |
509,92 |
|
Current Capital ( net ) |
Value |
12.890.146 |
12.439.590 |
13.371.216 |
330.495 |
|
RETURN |
|||||
|
Return on Sales |
% |
5,63 |
5,94 |
11,68 |
3,79 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
4,28 |
5,03 |
12,11 |
6,70 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
9,09 |
8,46 |
18,66 |
18,82 |
|
Return on Investment ( R.O.I. ) |
% |
7,55 |
5,97 |
11,29 |
4,89 |
|
Return/ Sales |
% |
13,50 |
10,00 |
17,31 |
4,78 |
|
Extra Management revenues/charges incid. |
% |
35,44 |
50,52 |
62,33 |
29,96 |
|
Cash Flow |
Value |
1.111.733 |
1.204.342 |
2.636.479 |
165.166 |
|
Operating Profit |
Value |
2.662.693 |
2.028.831 |
3.907.905 |
225.594 |
|
Gross Operating Margin |
Value |
2.848.735 |
2.226.232 |
4.126.681 |
376.080 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
97,26 |
123,73 |
110,11 |
111,07 |
|
Debts to suppliers average term |
Days |
217,73 |
195,52 |
195,10 |
127,44 |
|
Average stock waiting period |
Days |
73,82 |
75,17 |
60,99 |
62,88 |
|
Rate of capital employed return ( Turnover
) |
Units |
0,56 |
0,60 |
0,65 |
1,10 |
|
Rate of stock return |
Units |
4,88 |
4,79 |
5,90 |
5,58 |
|
Labour cost incidence |
% |
12,07 |
11,18 |
10,65 |
18,94 |
|
Net financial revenues/ charges incidence |
% |
-3,18 |
-1,17 |
-0,13 |
-1,15 |
|
Labour cost on purchasing expenses |
% |
13,32 |
12,09 |
12,95 |
18,99 |
|
Short-term financing charges |
% |
5,28 |
2,46 |
0,62 |
2,55 |
|
Capital on hand |
% |
178,64 |
167,66 |
153,40 |
90,89 |
|
Sales pro employee |
Value |
266.619 |
289.777 |
300.962 |
199.007 |
|
Labour cost pro employee |
Value |
32.193 |
32.411 |
32.049 |
34.820 |
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 1.964
significant companies.
The companies cash their credits on an
average of 111 dd.
The average duration of suppliers debts is
about 127 dd.
The sector's profitability is on an average
of 3,79%.
The labour cost affects the turnover in the
measure of 18,94%.
Goods are held in stock in a range of 63 dd.
The difference between the sales volume and
the resources used to realize it is about 1,10.
The employees costs represent the 18,99% of
the production costs.
Statistical
Detrimental Data
Statistcally the trade activity shows
periods of crisis.
The area is statistically considered
remarkably risky.
In the region 41.341 protested subjects are
found; in the province they count to 14.510.
The insolvency index for the region is 1,02,
, while for the province it is 0,92.
Total Bankrupt companies in the province :
8.292.
Total Bankrupt companies in the region :
15.496.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.88 |
|
|
1 |
Rs.99.88 |
|
Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
DPT |
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.