|
Report No. : |
347086 |
|
Report Date : |
27.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
IMAFORNI INT'L S.P.A. |
|
|
|
|
Registered Office : |
Via Stra', 158, 37030 - Colognola Ai Colli (VR) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
01.12.1998 |
|
|
|
|
Legal Form : |
Joint Stock Company With Sole Shareholder |
|
|
|
|
Line of Business : |
Manufacture of Ovens, Furnaces and Burners |
|
|
|
|
No. of Employees : |
From 150 to 175 |
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 |
|
Maximum Credit Limit : |
300.000 EUR. |
|
Status : |
Satisfactory |
|
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 |
IMAFORNI INT'L S.P.A.
Via Stra', 158
37030 - Colognola Ai Colli (VR) -IT-
|
Fiscal Code |
: |
09555200154 |
|
Legal Form |
: |
Joint stock company with sole shareholder |
|
start of Activities |
: |
01/12/1998 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
75.000.000/100.000.000 |
|
Number of Employees |
: |
from 150 to 175 |
|
Credit Opinion |
: |
300.000 - |
Manufacture of ovens, furnaces and burners
Legal Form : Joint stock company with sole shareholder
|
Fiscal Code : 09555200154 |
|
Foreign Trade Reg. no. : 40075 of Verona since 20/01/1999 |
|
Chamber of Commerce no. : 255256 of Verona since 20/05/1996 |
|
Firms' Register : VR-1996-195578 of Verona since 25/06/1996 |
|
V.A.T. Code : 02681970238 |
|
R. E. C. no. : 69281 of Verona |
|
Foundation date |
: 21/12/1995 |
|
|
Establishment date |
: 21/12/1995 |
|
|
Start of Activities |
: 01/12/1998 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 1.500.000.000 |
|
|
Subscribed Capital |
: 774.000 |
|
|
Paid up Capital |
: 774.000 |
|
|
Petterlini |
Giuseppe |
|
|
Born in Castel d'Azzano |
(VR) |
on 17/08/1942 |
- Fiscal Code : PTTGPP42M17C078G |
|
|
Residence: |
Porta Palio |
, 8 |
- 37122 |
Verona |
(VR) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
23/11/1998 |
|
|
Bademer |
Ugo Giorgio |
|
|
Born in Verona |
(VR) |
on 14/02/1940 |
- Fiscal Code : BDMGRG40B14L781S |
|
|
Residence: |
S. Felicita |
, 3 |
- 37100 |
Verona |
(VR) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
23/11/1998 |
||
|
Assistant board Chairman |
23/11/1998 |
||
|
Managing Director |
01/12/1998 |
|
|
Zusi |
Franco |
|
|
Born in Verona |
(VR) |
on 13/07/1944 |
- Fiscal Code : ZSUFNC44L13L781P |
|
|
Residence: |
Are Zovo |
, 28/A |
- 37125 |
Verona |
(VR) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
23/11/1998 |
*checkings have been performed on a national scale.
In this module are listed the companies in which members hold or have
holded positions.
|
|
Bademer |
Ugo Giorgio |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Imaforni S.p.a. |
Colognola Ai Colli (VR) - IT - |
00231140237 |
Managing
Director |
Withdrawn |
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 |
|
Imaforni S.p.a. |
Colognola Ai Colli - IT - |
00231140237 |
774.000 .Eur |
100,00 |
The Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares
Amount |
% Ownership |
since |
until |
Share Status |
|
Ima Macchine S.r.l. |
Colognola Ai Colli - IT - |
02901370235 |
1.000.000 .Eur |
0,56 |
Ceased |
||
|
IMA TRADING S.R.L. |
Colognola Ai Colli - IT - |
02901360236 |
800.000 .Eur |
1,00 |
Active |
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
Stra' |
, 158 |
- 37030 |
- Colognola Ai Colli |
(VR) |
- IT - |
|
PHONE |
: 0456174711 |
|
FAX |
: 0456150065 |
|
Employees |
: 156 |
|
Assistants |
: 6 |
|
Fittings and Equipment for a value of 2.000.000 |
Eur |
|
Stocks for a value of 8.110.000 |
Eur |
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Limited liability company |
Joint stock company |
23/11/1998 |
|
Former Style |
New Style |
Changement Date |
|
SAFRA Milano Srl |
20/05/1997 |
|
|
IMAFORNI Int'L Srl |
23/11/1998 |
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.
Company's starting of activities dates back to 1998.
Balance sheets for the years 2010, 2011 and 2012 were analyzed.
During the last years, it achieved profits (r.o.e. 45,18% on 2012)
The return on Investment in the last financial year was positive
(17,72%) and in line with the sector's average.
An operating result of Eur. 8.582.950 has been registered. showing a
fall as opposed to the previous year (-46,7%).
The gross operating margin of the latest financial year is of Eur.
9.497.531 recording a -44,38% decrease.
Very good financial situation: shareholder's equity covers short-terms
debts with an indebtedness level equal to 0,84 which is yet rising if compared
to 2011.
With regard to equity capital, an amount of Eur. 14.851.410 is
registered. decreasing if compared to the previous financial year.
The financial management has recorded total debts amounting to Eur.
29.868.561, with a downward trend if compared to the preceding year (-27,82%).
Bank and suppliers credit recourse is limited, 85,52 gg. is payment
average period below the sector's average.
The management determines a good range of liquidity.
On average trade credits are collected in 75,13 days. , shorter than the
sector's average.
As far as the cash flow is concerned during the latest financial year it
amounted to Eur. 7.624.240
During 2012 financial year labour costs amounted to Eur. 9.925.497, with
a 15,07% incidence on production costs. , with a 13,22% incidence on turnover.
The financial charges do not negatively affect the management, as they
are covered by the incomes.
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
75.054.620 |
|
Profit (Loss) for the period |
6.709.659 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
82.967.193 |
|
Profit (Loss) for the period |
11.481.491 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
65.359.083 |
|
Profit (Loss) for the period |
6.980.174 |
|
|
Complete balance-sheet for the year |
al 31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
59.446.688 |
|
Profit (Loss) for the period |
7.296.316 |
From our constant monitoring of the relevant Public Administration
offices, no more recent balance sheets result to have been filed.
|
- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/12/2010 - 12 Mesi - Currency: - Amounts x 1 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
RATIOS |
Value Type |
as at 31/12/2012 |
as at 31/12/2011 |
as at 31/12/2010 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|||||
|
Rigidity Ratio |
Units |
0,06 |
0,04 |
0,06 |
0,18 |
|
Elasticity Ratio |
Units |
0,92 |
0,95 |
0,92 |
0,79 |
|
Availability of stock |
Units |
0,17 |
0,13 |
0,14 |
0,21 |
|
Total Liquidity Ratio |
Units |
0,75 |
0,82 |
0,79 |
0,52 |
|
Quick Ratio |
Units |
0,37 |
0,38 |
0,49 |
0,03 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
0,84 |
0,51 |
0,47 |
3,01 |
|
Self Financing Ratio |
Units |
0,31 |
0,40 |
0,33 |
0,19 |
|
Capital protection Ratio |
Units |
0,28 |
0,50 |
0,44 |
0,66 |
|
Liabilities consolidation quotient |
Units |
0,06 |
0,07 |
0,07 |
0,16 |
|
Financing |
Units |
2,01 |
1,33 |
1,78 |
3,56 |
|
Permanent Indebtedness Ratio |
Units |
0,35 |
0,44 |
0,38 |
0,34 |
|
M/L term Debts Ratio |
Units |
0,04 |
0,04 |
0,04 |
0,10 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,69 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
5,36 |
10,13 |
6,17 |
1,65 |
|
Current ratio |
Units |
1,49 |
1,78 |
1,57 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,22 |
1,54 |
1,34 |
0,86 |
|
Structure's primary quotient |
Units |
4,74 |
9,30 |
5,46 |
1,02 |
|
Treasury's primary quotient |
Units |
0,60 |
0,71 |
0,84 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
326,06 |
249,76 |
301,18 |
509,92 |
|
Current Capital ( net ) |
Value |
14.737.225 |
32.474.682 |
19.830.458 |
330.495 |
|
RETURN |
|||||
|
Return on Sales |
% |
10,16 |
14,91 |
12,22 |
3,79 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
45,18 |
36,87 |
35,50 |
6,70 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
66,90 |
54,66 |
54,01 |
18,82 |
|
Return on Investment ( R.O.I. ) |
% |
17,72 |
20,70 |
18,55 |
4,89 |
|
Return/ Sales |
% |
11,44 |
19,41 |
16,80 |
4,78 |
|
Extra Management revenues/charges incid. |
% |
78,17 |
71,30 |
63,55 |
29,96 |
|
Cash Flow |
Value |
7.624.240 |
12.370.554 |
7.984.277 |
165.166 |
|
Operating Profit |
Value |
8.582.950 |
16.103.729 |
10.982.948 |
225.594 |
|
Gross Operating Margin |
Value |
9.497.531 |
17.076.368 |
12.013.831 |
376.080 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
75,13 |
86,44 |
90,53 |
111,07 |
|
Debts to suppliers average term |
Days |
85,52 |
112,64 |
106,52 |
127,44 |
|
Average stock waiting period |
Days |
38,91 |
44,61 |
44,45 |
62,88 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,55 |
1,07 |
1,10 |
1,10 |
|
Rate of stock return |
Units |
9,25 |
8,07 |
8,10 |
5,58 |
|
Labour cost incidence |
% |
13,22 |
11,42 |
13,33 |
18,94 |
|
Net financial revenues/ charges incidence |
% |
0,67 |
0,79 |
-0,55 |
-1,15 |
|
Labour cost on purchasing expenses |
% |
15,07 |
13,56 |
16,74 |
18,99 |
|
Short-term financing charges |
% |
0,15 |
0,28 |
1,54 |
2,55 |
|
Capital on hand |
% |
64,52 |
93,75 |
90,60 |
90,89 |
|
Sales pro employee |
Value |
481.119 |
542.269 |
435.727 |
199.007 |
|
Labour cost pro employee |
Value |
63.624 |
61.921 |
58.103 |
34.820 |
On the basis of the above mentioned, and the
sales volume obtained, we deem that the maximum exposure for short and medium
term transactions ( 90 - 120 days ) could be of:
300.000 Eur.
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 |
: |
860.796 |
|
Population living in the region |
: |
4.699.950 |
|
Number of families in the region |
: |
1.813.210 |
Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
456 |
|
- per non food products |
: |
2.052 |
|
- per energy consume |
: |
127 |
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.
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 2.673.
The insolvency index for the region is 0,30, , while for the province it
is 0,31.
Total Bankrupt companies in the province : 2.982.
Total Bankrupt companies in the region : 16.714.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.96 |
|
|
1 |
Rs.99.55 |
|
Euro |
1 |
Rs.71.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
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.