MIRA INFORM REPORT
|
Report No. : |
338438 |
|
Report Date : |
01.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
I.T.T. S.P.A. |
|
|
|
|
Formerly Known As : |
INTERNATIONAL
THERMAL TECHNOLOGY -KIRCHNER ITALIA BRANCH-S.P.A. |
|
|
|
|
Registered Office : |
Via Vasto, 1/3 20121
– Milano (MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
30.12.1997 |
|
|
|
|
Legal Form : |
Joint Stock Company with Sole Shareholder |
|
|
|
|
Line of Business : |
·
General Mechanics ·
Manufacture of machinery and equipment |
|
|
|
|
No. of Employee : |
From 51 to 70 |
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
I.T.T.
S.P.A.
Via Vasto, 1/3
20121
– Milano (MI) -IT-
Summary
|
Fiscal
Code |
: |
12307180153 |
|
Legal
Form |
: |
Joint
stock company with sole shareholder |
|
start
of Activities |
: |
30/12/1997 |
|
Equity |
: |
Over
2.582.254 |
|
Turnover
Range |
: |
75.000.000/100.000.000 |
|
Number
of Employees |
: |
from
51 to 70 |
Activity
General
mechanics
MANUFACTURE
OF MACHINERY AND EQUIPMENT
Legal
Data
Legal
Form : Joint stock company with sole shareholder
|
Fiscal
Code : 12307180153 |
|
Foreign
Trade Reg. no. : MI275301 since 06/02/1998 |
|
Chamber
of Commerce no. : 1545778 of Milano since 08/01/1998 |
|
Chamber
of Commerce no. : 1228971 of Roma |
|
Firms'
Register : MI-1998-1496 of Milano since 09/01/1998 |
|
V.A.T.
Code : 12307180153 |
|
Establishment
date |
:
30/12/1997 |
|
|
Start
of Activities |
:
30/12/1997 |
|
|
Legal
duration |
:
31/12/2100 |
|
|
Nominal
Capital |
:
2.000.000 |
|
|
Subscribed
Capital |
:
2.000.000 |
|
|
Paid
up Capital |
:
2.000.000 |
|
Legal
mail : |
ITTSPA@NEENPEC.IT |
Members
|
Pugliese |
Andrea |
|
|
Born
in Roma |
(RM) |
on
14/09/1955 |
-
Fiscal Code : PGLNDR55P14H501X |
|
|
Residence: |
Degli
Scipioni |
,
267 |
-
00100 |
Roma |
(RM) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
28/06/2013 |
|
Gualandris |
Alessandra |
|
|
Born
in Milano |
(MI) |
on
10/02/1950 |
-
Fiscal Code : GLNLSN50B50F205U |
|
|
Residence: |
Vasto |
,
1/3 |
-
20121 |
Milano |
(MI) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
28/06/2013 |
||
|
Board
Chairman |
28/06/2013 |
|
|
Prejudicial
Events found with cancellations* |
Legal Mortgage - 30/11/2006. -
9.575 Euro. Event writing-off
|
|
EQUITALIA ESATRI SPA |
|
|
No
Protests registered |
|
Piccioni |
Arturo |
|
|
Born
in Ascoli Piceno |
(AP) |
on
25/08/1943 |
-
Fiscal Code : PCCRTR43M25A462T |
|
|
Residence: |
Vasto |
,
1/3 |
-
20121 |
Milano |
(MI) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
General
Director |
19/01/1998 |
||
|
Director |
28/06/2013 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
Itt
Holding S.r.l. |
|
|
: |
Pio
Xi |
,
1 |
-
20123 |
Milano |
(MI) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Sole
partner |
13/12/2010 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
*Concerns
also partially erased events.
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.
|
Gualandris |
Alessandra |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
Itt
Power S.r.l. In Liquidazione |
Milano
(MI) - IT - |
06996540966 |
Sole
Director |
Withdrawn |
Registered |
|
Itt
Power S.r.l. In Liquidazione |
Milano
(MI) - IT - |
06996540966 |
Liquidator |
Active |
Registered |
|
Itt
Holding S.r.l. |
Milano
(MI) - IT - |
07234290968 |
Director |
Withdrawn |
Registered |
|
Itt
Holding S.r.l. |
Milano
(MI) - IT - |
07234290968 |
Sole
Director |
Active |
Registered |
|
Itt
Holding S.r.l. |
Milano
(MI) - IT - |
07234290968 |
Board
Chairman |
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.
Capital
Shareholders
Shareholders'
list as at date of data collection:
|
Firm's
Style / Name |
Seat
/ Residence |
Fiscal
Code |
Owned
Shares |
%
Ownership |
|
Itt
Holding S.r.l. |
Milano
- IT - |
07234290968 |
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 |
|
Sv.im.
Consortium Consorzio Per Lo Svilu Ppo Delle Imprese Societa ' Consortile P |
Bari
- IT - |
06868030724 |
250
.Eur |
0,04 |
Active |
||
|
Confiditalia
Consorzio Nazionale Fidi E Garanzie Societa' Consort Ile Per Azioni |
06975220721 |
250
.Eur |
0,05 |
Active |
Firm's
location and structure
In
order to carry out its activities the firm uses the following locations:
|
- |
Legal
and operative seat |
|
Vasto |
,
1/3 |
-
20100 |
-
Milano |
(MI) |
-
IT - |
|
PHONE |
:
0229536032 |
|
FAX |
:
0229536031 |
|
Legal
mail |
:
ITTSPA@NEENPEC.IT |
|
- |
Branch |
(office) |
since
02/03/2009 |
|
Filippo
Brunelleschi |
,
47 |
-
00054 |
-
Fiumicino |
(RM) |
-
IT - |
|
- |
Branch |
(Administrative
office) |
since
13/01/2015 |
|
Bellotti
Felice |
,
17 |
-
20100 |
-
Milano |
(MI) |
-
IT - |
|
Employees |
:
54 |
|
Fittings
and Equipment for a value of 10.000 |
Eur |
|
Stocks
for a value of 19.050.000 |
Eur |
|
Work
in progress for a value of 18.000.000 |
Eur |
The
company sells in Italy and abroad.
The
company 's mainly customers are companies.
Export
trade is the 80 % of the global turnover.
Financial
means used for sale: bank transfers and bank orders.
Main
used payment modalities are by cash orders and bank transfers.
Historical Information and/or Firm's Status
COMPANY
STYLE MODIFICATIONS:
|
Former
Style |
New
Style |
Changement
Date |
|
INTERNATIONAL
THERMAL TECHNOLOGY -KIRCHNER ITALIA BRANCH-S.P.A. |
I.T.T.
S.P.A. |
04/12/2014 |
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
Company's
starting of activities dates back to 1997.
Balance
sheets for the years 2012, 2013 and 2014 were analyzed.
During
the last years, it achieved profits (r.o.e. 14,78% on 2014) with a stable trend
in the turnover.
The
operating result in 2014 was positive (4,47%) falling within the field's
average.
An
operating result of Eur. 3.706.868 has been registered. with no increase in
relation to the financial year 2013.
The
economic management produced a gross operating margin of Eur. 4.632.972 ,with
no change if compared to the year before.
The
analysis shows a fair financial position as the indebtedness volume is
acceptable (2,61) yet on the increase as against the previous accounting
period.
The
equity capital is equal to Eur. 21.253.529 , increasing by 41,97% if compared
to the year before.
Eur.
62.519.633 is the amount of total debts, both commercial and of different
nature, , a more or less stable value.
Financial
indebdtedness is under control whereas debts to suppliers are frequent and
higher than sector's average.
Liquidity
is however good.
Due
from customers average term is high and equal to 199,07 days. besides being higher
than the sector's average.
As
far as the cash flow is concerned during the latest financial year it amounted
to Eur. 3.801.575
In
the last financial year labour cost was of Eur. 4.892.708, with a 5,1%
incidence on total costs of production. , whereas the incidence of such costs
on sales revenues is equal to 6,29%.
The
financial charges do not negatively affect the management, as they are covered
by the incomes.
Financial
Data
|
Complete
balance-sheet for the year |
al
31/12/2014 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
77.766.465 |
|
Profit
(Loss) for the period |
3.141.755 |
|
Complete
balance-sheet for the year |
al
31/12/2013 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
80.163.959 |
|
Profit
(Loss) for the period |
2.634.466 |
|
Complete
balance-sheet for the year |
al
31/12/2012 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
93.656.729 |
|
Profit
(Loss) for the period |
7.027.022 |
|
Complete
balance-sheet for the year |
al
31/12/2011 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
69.352.498 |
|
Profit
(Loss) for the period |
4.694.311 |
|
Complete
balance-sheet for the year |
al
31/12/2010 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
67.227.598 |
|
Profit
(Loss) for the period |
7.767.115 |
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 |
0,12 |
0,15 |
0,15 |
0,16 |
|
Elasticity
Ratio |
Units |
0,87 |
0,85 |
0,85 |
0,82 |
|
Availability
of stock |
Units |
0,23 |
0,03 |
0,15 |
0,20 |
|
Total
Liquidity Ratio |
Units |
0,64 |
0,82 |
0,70 |
0,56 |
|
Quick
Ratio |
Units |
0,08 |
0,26 |
0,16 |
0,04 |
|
COMPOSITION
ON SOURCE |
|||||
|
Net
Short-term indebtedness |
Units |
2,61 |
2,55 |
1,11 |
3,10 |
|
Self
Financing Ratio |
Units |
0,26 |
0,20 |
0,39 |
0,19 |
|
Capital
protection Ratio |
Units |
0,61 |
0,69 |
0,66 |
0,63 |
|
Liabilities
consolidation quotient |
Units |
0,02 |
0,02 |
0,02 |
0,16 |
|
Financing |
Units |
2,94 |
3,86 |
1,51 |
4,16 |
|
Permanent
Indebtedness Ratio |
Units |
0,27 |
0,21 |
0,40 |
0,38 |
|
M/L
term Debts Ratio |
Units |
0,01 |
0,01 |
0,01 |
0,07 |
|
Net
Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,02 |
|
CORRELATION |
|||||
|
Fixed
assets ratio |
Units |
2,17 |
1,46 |
2,68 |
1,80 |
|
Current
ratio |
Units |
1,16 |
1,09 |
1,44 |
1,24 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
0,85 |
1,05 |
1,19 |
0,96 |
|
Structure's
primary quotient |
Units |
2,06 |
1,37 |
2,59 |
1,18 |
|
Treasury's
primary quotient |
Units |
0,11 |
0,34 |
0,27 |
0,06 |
|
Rate
of indebtedness ( Leverage ) |
% |
389,85 |
496,61 |
255,68 |
534,62 |
|
Current
Capital ( net ) |
Value |
9.822.206 |
5.483.969 |
17.269.455 |
881.162 |
|
RETURN |
|||||
|
Return
on Sales |
% |
4,89 |
3,82 |
8,10 |
3,66 |
|
Return
on Equity - Net- ( R.O.E. ) |
% |
14,78 |
17,60 |
26,68 |
8,90 |
|
Return
on Equity - Gross - ( R.O.E. ) |
% |
22,06 |
26,62 |
39,44 |
19,94 |
|
Return
on Investment ( R.O.I. ) |
% |
4,47 |
5,00 |
15,94 |
5,24 |
|
Return/
Sales |
% |
4,77 |
4,64 |
11,46 |
4,57 |
|
Extra
Management revenues/charges incid. |
% |
84,75 |
70,81 |
65,47 |
35,24 |
|
Cash
Flow |
Value |
3.801.575 |
3.065.846 |
7.585.362 |
214.985 |
|
Operating
Profit |
Value |
3.706.868 |
3.720.570 |
10.733.768 |
310.321 |
|
Gross
Operating Margin |
Value |
4.632.972 |
4.151.950 |
11.292.108 |
419.513 |
|
MANAGEMENT |
|||||
|
Credits
to clients average term |
Days |
199,07 |
173,76 |
133,19 |
117,11 |
|
Debts
to suppliers average term |
Days |
173,90 |
170,80 |
144,18 |
124,74 |
|
Average
stock waiting period |
Days |
88,18 |
11,68 |
37,89 |
56,77 |
|
Rate
of capital employed return ( Turnover ) |
Units |
0,94 |
1,08 |
1,39 |
1,11 |
|
Rate
of stock return |
Units |
4,08 |
30,81 |
9,50 |
6,23 |
|
Labour
cost incidence |
% |
6,29 |
5,30 |
4,55 |
17,11 |
|
Net
financial revenues/ charges incidence |
% |
1,47 |
0,43 |
-0,21 |
-0,80 |
|
Labour
cost on purchasing expenses |
% |
5,10 |
6,18 |
5,36 |
17,78 |
|
Short-term
financing charges |
% |
1,08 |
0,89 |
1,67 |
2,20 |
|
Capital
on hand |
% |
106,54 |
92,74 |
71,90 |
89,56 |
|
Sales
pro employee |
Value |
511.621 |
607.302 |
704.185 |
208.953 |
|
Labour
cost pro employee |
Value |
32.188 |
32.202 |
32.047 |
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.66.26 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.74.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.