MIRA INFORM REPORT
|
Report No. : |
347425 |
|
Report Date : |
29.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
F.N.C. - FABBRICA NAZIONALE CILINDRI S.P .A. |
|
|
|
|
Registered Office : |
Via Dante, 4 20121 - Milano (MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
30.06.1989 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Manufacture of machinery and equipment. |
|
|
|
|
No. of Employee : |
From 91 to 110 |
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 and address
|
F.N.C. - FABBRICA NAZIONALE CILINDRI S.P
.A. |
|
Via Dante, 4 20121 - Milano (MI) -IT- |
Summary
|
Fiscal Code |
: |
08224450158 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
30/06/1989 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
25.000.000/35.000.000 |
|
Number of Employees |
: |
from 91 to 110 |
Activity
MANUFACTURE OF MACHINERY AND EQUIPMENT N.E.C.
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 08224450158 |
|
Foreign Trade Reg. no. : MI078739 since
30/12/1991 |
|
Foreign Trade Reg. no. : 78739 of Milano |
|
Chamber of Commerce no. : 1215610 of Milano
since 26/05/1986 |
|
Chamber of Commerce no. : 232735 of Varese
since 13/10/1993 |
|
Chamber of Commerce no. : 232735 of Varese |
|
Firms' Register : MI146-257268 of Milano
since 19/02/1996 |
|
Firms' Register : MI146-257268 of Varese
since 19/02/1996 |
|
V.A.T. Code : 08224450158 |
|
Tribunal Co. Register : 257268 of |
|
Foundation date |
: 07/02/1986 |
|
|
Establishment date |
: 07/02/1986 |
|
|
Start of Activities |
: 30/06/1989 |
|
|
Legal duration |
: 31/12/2020 |
|
|
Nominal Capital |
: 500.000 |
|
|
Subscribed Capital |
: 500.000 |
|
|
Paid up Capital |
: 500.000 |
|
Legal mail : |
FNCSPA@PEC.IT |
Members
|
Corridori |
Luigi |
|
Born in Milano |
(MI) |
on 20/07/1947 |
- Fiscal Code : CRRLGU47L20F205S |
|
Residence: |
Bergognone |
, 65 |
- 20144 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
03/05/2013 |
||
|
Managing Director |
03/05/2013 |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Gornati |
Franco |
|
Born in Milano |
(MI) |
on 17/06/1948 |
- Fiscal Code : GRNFNC48H17F205Y |
|
Residence: |
Esquilino |
, 9 |
- 20148 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
03/05/2013 |
||
|
Managing Director |
03/05/2013 |
||
|
Board Chairman |
10/02/2015 |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Graziadio |
Eduardo |
|
Born in Cassano Allo Ionio |
(CS) |
on 01/06/1955 |
- Fiscal Code : GRZDRD55H01C002I |
|
Residence: |
S.isidoro |
, 5/F |
- 20090 |
Vimodrone |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
25/01/2014 |
|
Corridori |
Paolo |
|
Born in Milano |
(MI) |
on 27/06/1979 |
- Fiscal Code : CRRPLA79H27F205E |
|
Residence: |
Alessi Galeazzo |
, 10 |
- 20123 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
10/02/2015 |
|
Gornati |
Alessandro Filippo |
|
Born in Milano |
(MI) |
on 26/01/1978 |
- Fiscal Code : GRNLSN78A26F205Y |
|
Residence: |
Gavirate |
, 16 |
- 20148 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
10/02/2015 |
Companies connected to members *
*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.
Capital Shareholders
Shareholders' list as at date of data
collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Corridori Luigi |
Milano - IT - |
CRRLGU47L20F205S |
175.000 .Eur |
35,00 |
|
Gornati Franco |
Milano - IT - |
GRNFNC48H17F205Y |
175.000 .Eur |
35,00 |
|
FRATI ELENA ADELE |
Cassano Magnago - IT - |
FRTLDL50R60F205U |
75.000 .Eur |
15,00 |
|
LEONARD MADELINE |
Cassano Magnago - IT - |
LNRMLN49A56Z110Q |
75.000 .Eur |
15,00 |
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 |
|
GET IT (GROUP OF ENTERPRISES ON TECHNICA L
IMPROVEMENT TRAINING) |
Modena - IT - |
02461280360 |
600.000 .Eur |
1,71 |
Active |
Firm's location and structure
In order to carry out its activities the firm
uses the following locations:
|
- |
Legal and operative seat |
since 30/06/1989 |
|
Dante |
, 4 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
PHONE |
: 029650591 |
|
Legal mail |
: FNCSPA@PEC.IT |
|
- |
Branch |
(Factory) |
since 01/09/2005 |
|
Maestri Del Lavoro |
- 21040 |
- Cislago |
(VA) |
- IT - |
|
Employees |
: 106 |
|
Fittings and Equipment for a value of
1.200.000 |
Eur |
|
Stocks for a value of 9.220.000 |
Eur |
Sales are on an international scale.
The firm operates abroad as importer /
exporter..
To purchase foreign products the firm uses the
following channels :
|
- its own sales net-work |
|
- direct orders to foreign companies |
Export represents up to 20% of the global
turnover.
Products abroad are placed by :
|
- its own sales net-work |
|
- direct orders from foreign companies |
Export is mainly towards:
|
- Italy |
Historical
Information and/or Firm's Status
COMPANY STYLE MODIFICATIONS:
|
Former Style |
New Style |
Changement Date |
|
Popa Srl |
FNC Fabbrica Nazionale Cilindri Srl |
10/11/1989 |
CEASINGS/INCORPORATIONS/MERGES:
|
|
The firm absorved |
|
|
|
|
, MILANO |
- IT - |
|
|
Date |
: |
10/11/1989 |
|
|
The firm absorbed by merging of |
|
|
|
|
, MILANO |
- IT - |
|
|
Date |
: |
10/11/1989 |
|
|
Project of merging by taking over of |
|
|
|
|
LEOPARDI |
, 5 |
, 20100 |
, Milano |
(MI) |
- IT - |
|
|
Fiscal Code: 09778740150 |
|
|
Date |
Merging/splitting-up project: |
28/06/2004 |
|
|
The firm absorbed by merging of |
|
|
|
|
LEOPARDI |
, 5 |
, 20100 |
, Milano |
(MI) |
- IT - |
|
|
Fiscal Code: 09778740150 |
|
|
Date |
: |
15/11/2004 |
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.
Financial and Economical Analysis
Subject is active since 1989
The analysis is based on the latest 3 balance
sheets.
During the last years, it recorded positive
net results (r.o.e. 3,76% in 2014) but without a significant increase in the
turnover.
The operating result in 2014 was positive (3,35%)
falling within the field's average.
The amount of the operating result for the
year 2014 is of Eur. 939.847 , with no sizeable change as opposed to the year
before.
The economic management produced a gross
operating margin of Eur. 1.636.547 ,with no change if compared to the year
before.
Company's financial status is balanced since
indebtedness is not high (2,2) yet on the increase as against the previous
accounting period.
It's shareholders funds amount to Eur.
6.771.835 , unchanged as opposed to the preceding year.
During the last financial year total debts
volume reached Eur. 19.984.566 (Eur. 3.230.233 were m/l term ones) increasing
if compared to the previous year, during which they were equal to Eur.
16.315.657 (22,48%).
The company does not exceed in bank credits;
payments average period is instead slightly high (126,41 gg.) even if it still
falls within the sector's average.
It shows a good range of liquidity.
Accounts receivable average term is 75,2
days. , lower than the sector's average.
During financial year 2014 the cash flow
amounted to Eur. 911.069
Labour cost expenses amount to Eur. 6.605.789
, representing 18,73% on the total of production costs. , whereas the incidence
of such costs on sales revenues is equal to 20,05%.
The financial management has a limited
economic impact, equal to -0,84% on the sales.
Financial Data
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
32.948.114 |
|
Profit (Loss) for the period |
254.369 |
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
33.704.040 |
|
Profit (Loss) for the period |
414.500 |
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
26.598.390 |
|
Profit (Loss) for the period |
205.956 |
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
23.667.059 |
|
Profit (Loss) for the period |
80.238 |
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
28.726.829 |
|
Profit (Loss) for the period |
848.218 |
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 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
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 |
0,28 |
0,29 |
0,16 |
|
Elasticity Ratio |
Units |
0,71 |
0,71 |
0,70 |
0,82 |
|
Availability of stock |
Units |
0,33 |
0,27 |
0,30 |
0,20 |
|
Total Liquidity Ratio |
Units |
0,38 |
0,44 |
0,40 |
0,56 |
|
Quick Ratio |
Units |
0,07 |
0,04 |
0,01 |
0,04 |
|
COMPOSITION ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
2,20 |
1,78 |
1,69 |
3,10 |
|
Self Financing Ratio |
Units |
0,24 |
0,27 |
0,28 |
0,19 |
|
Capital protection Ratio |
Units |
0,89 |
0,86 |
0,88 |
0,63 |
|
Liabilities consolidation quotient |
Units |
0,21 |
0,33 |
0,46 |
0,16 |
|
Financing |
Units |
2,95 |
2,50 |
2,44 |
4,16 |
|
Permanent Indebtedness Ratio |
Units |
0,37 |
0,44 |
0,49 |
0,38 |
|
M/L term Debts Ratio |
Units |
0,13 |
0,17 |
0,22 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
0,96 |
0,89 |
1,10 |
0,02 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
1,32 |
1,57 |
1,71 |
1,80 |
|
Current ratio |
Units |
1,19 |
1,35 |
1,48 |
1,24 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,64 |
0,84 |
0,84 |
0,96 |
|
Structure's primary quotient |
Units |
0,87 |
0,97 |
0,96 |
1,18 |
|
Treasury's primary quotient |
Units |
0,11 |
0,08 |
0,02 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
414,13 |
368,21 |
360,78 |
534,62 |
|
Current Capital ( net ) |
Value |
3.196.065 |
4.420.549 |
5.012.126 |
881.162 |
|
RETURN |
|||||
|
Return on Sales |
% |
2,77 |
3,47 |
4,04 |
3,66 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
3,76 |
6,36 |
3,37 |
8,90 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
9,79 |
11,57 |
9,12 |
19,94 |
|
Return on Investment ( R.O.I. ) |
% |
3,35 |
3,37 |
3,78 |
5,24 |
|
Return/ Sales |
% |
2,85 |
2,40 |
3,13 |
4,57 |
|
Extra Management revenues/charges incid. |
% |
27,06 |
51,24 |
24,76 |
35,24 |
|
Cash Flow |
Value |
911.069 |
1.171.108 |
1.073.952 |
214.985 |
|
Operating Profit |
Value |
939.847 |
809.009 |
831.958 |
310.321 |
|
Gross Operating Margin |
Value |
1.636.547 |
1.605.617 |
1.739.954 |
419.513 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
75,20 |
80,80 |
95,83 |
117,11 |
|
Debts to suppliers average term |
Days |
126,41 |
121,23 |
123,63 |
124,74 |
|
Average stock waiting period |
Days |
100,77 |
68,25 |
90,17 |
56,77 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,17 |
1,40 |
1,21 |
1,11 |
|
Rate of stock return |
Units |
3,57 |
5,27 |
3,99 |
6,23 |
|
Labour cost incidence |
% |
20,05 |
17,33 |
19,34 |
17,11 |
|
Net financial revenues/ charges incidence |
% |
-0,84 |
-0,86 |
-1,03 |
-0,80 |
|
Labour cost on purchasing expenses |
% |
18,73 |
17,65 |
18,92 |
17,78 |
|
Short-term financing charges |
% |
1,42 |
1,88 |
2,09 |
2,20 |
|
Capital on hand |
% |
85,12 |
71,20 |
82,78 |
89,56 |
|
Sales pro employee |
Value |
302.276 |
354.779 |
166.239 |
208.953 |
|
Labour cost pro employee |
Value |
60.603 |
61.499 |
32.157 |
36.854 |
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 |
: |
|
Statistical Detrimental Data
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.65.04 |
|
|
1 |
Rs.99.58 |
|
Euro |
1 |
Rs.71.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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.