|
Report No. : |
338237 |
|
Report Date : |
03.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
AIR POWER GROUP S.P.A. |
|
|
|
|
Registered Office : |
Via Ca' Del Miele, 9, 42013 – Casalgrande (RE) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
19.02.1998 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture of other special-purpose machinery (including spare parts
and accessories) |
|
|
|
|
No. of Employees : |
From 26 to 35 |
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 |
AIR POWER GROUP S.P.A.
Via Ca' Del Miele, 9
42013 – Casalgrande (RE) -IT-
|
Fiscal Code |
: |
02494070366 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
19/02/1998 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
10.000.000/12.750.000 |
|
Number of Employees |
: |
from 26 to 35 |
Manufacture of other special-purpose machinery n.e.c. (including spare
parts and accessories)
Legal Form : Joint stock company
|
Fiscal Code : 02494070366 |
|
Foreign Trade Reg. no. : RE024351 since 27/02/2001 |
|
Foreign Trade Reg. no. : 030740 of Modena since 23/04/1998 |
|
Chamber of Commerce no. : 307099 of Modena since 23/03/1998 |
|
Chamber of Commerce no. : 228840 of Reggio Emilia since 06/10/2000 |
|
Firms' Register : MO-1998-19641 of Modena since 31/03/1998 |
|
Firms' Register : RE-2000-36460 of Reggio Emilia |
|
V.A.T. Code : 01906390354 |
|
R. E. C. no. : 51694 of Modena since 19/05/1998 |
|
Establishment date |
: 04/02/1998 |
|
|
Start of Activities |
: 19/02/1998 |
|
|
Legal duration |
: 31/12/2025 |
|
|
Nominal Capital |
: 2.000.000 |
|
|
Subscribed Capital |
: 2.000.000 |
|
|
Paid up Capital |
: 2.000.000 |
|
Legal mail : |
AIRPOWERGROUP@PEC.IT |
|
|
Fiduciaria Emiliana S.p.a. |
|
|
Residence: |
Magenta |
, 1/C |
- 42123 |
Reggio Emilia |
(RE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Compagni |
Giuliano |
|
|
Born in Sassuolo |
(MO) |
on 03/06/1967 |
- Fiscal Code : CMPGLN67H03I462N |
|
|
Residence: |
Dossetti |
, 41 |
- 42013 |
Casalgrande |
(RE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
29/06/2015 |
||
|
Board Chairman |
29/06/2015 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Giglioli |
Adelmo Ivano |
|
|
Born in Casalgrande |
(RE) |
on 03/01/1959 |
- Fiscal Code : GGLDMV59A03B893D |
|
|
Residence: |
Longarone |
, 5/8 |
- 42019 |
Scandiano |
(RE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
29/06/2015 |
||
|
Assistant board Chairman |
29/06/2015 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Malavasi |
Paolo |
|
|
Born in Modena |
(MO) |
on 10/05/1957 |
- Fiscal Code : MLVPLA57E10F257R |
|
|
Residence: |
G. Matteotti |
, 131 |
- 41019 |
Soliera |
(MO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
29/06/2015 |
|
|
Fiorini |
Stefano |
|
|
Born in Reggio Emilia |
(RE) |
on 19/01/1966 |
- Fiscal Code : FRNSFN66A19H223D |
|
|
Residence: |
M. D'antona |
, 19 |
- 42019 |
Scandiano |
(RE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
29/06/2015 |
*checkings have been performed on a national scale.
In this module are listed the companies in which members hold or have
holded positions.
|
|
Compagni |
Giuliano |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Boiardo Costruzioni S.r.l. |
Scandiano (RE) - IT - |
02280490356 |
Director |
Active |
Registered |
|
Boiardo Costruzioni S.r.l. |
Scandiano (RE) - IT - |
02280490356 |
Assistant board
Chairman |
Active |
Registered |
|
COMPAGNI GIULIANO |
CASALGRANDE (RE) - IT - |
CMPGLN67H03I462N |
Proprietor |
Withdrawn |
Registered |
|
|
Giglioli |
Adelmo Ivano |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Consulting Immobiliare Service Srl, Abbreviabile In C.i.s. Srl |
Scandiano (RE) - IT - |
02016970366 |
Sole Director |
Active |
Registered |
|
Boiardo Costruzioni S.r.l. |
Scandiano (RE) - IT - |
02280490356 |
Director |
Active |
Registered |
|
Boiardo Costruzioni S.r.l. |
Scandiano (RE) - IT - |
02280490356 |
Board Chairman |
Active |
Registered |
|
Vito Maino E C. S.n.c. |
Moena (TN) - IT - |
01944340221 |
Institor |
Withdrawn |
Registered |
|
Boiardo 1495 S.r.l. |
Scandiano (RE) - IT - |
02522390356 |
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.
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Fiduciaria Emiliana S.p.a. |
Reggio Emilia - IT - |
01199100353 |
1.880.000 .Eur |
94,00 |
|
Compagni Giuliano |
Casalgrande - IT - |
CMPGLN67H03I462N |
60.000 .Eur |
3,00 |
|
Giglioli Adelmo Ivano |
Scandiano - IT - |
GGLDMV59A03B893D |
60.000 .Eur |
3,00 |
The Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares
Amount |
% Ownership |
since |
until |
Share Status |
|
Ceramics Line S.r.l. |
Casalgrande - IT - |
02436870360 |
73.112 .Eur |
74,00 |
Active |
||
|
Elettro-Software S.R.L. |
02683420364 |
39.600 .Eur |
40,00 |
Active |
|||
|
Boiardo Costruzioni S.r.l. |
Scandiano - IT - |
02280490356 |
100.000 .Eur |
100,00 |
Active |
||
|
Boiardo 1495 S.r.l. |
Scandiano - IT - |
02522390356 |
100.000 .Eur |
100,00 |
Active |
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
Ca' Del Miele |
, 9 |
- 42013 |
- Casalgrande |
(RE) |
- IT - |
|
PHONE |
: 0536/805042 |
|
PHONE |
: 0536848290 |
|
FAX |
: 0536772266 |
|
Legal mail |
: AIRPOWERGROUP@PEC.IT |
|
- |
Branch |
(Store) |
since 12/07/1999 |
|
Ca' Del Miele |
, 8/M |
- 42013 |
- Casalgrande |
(RE) |
- IT - |
|
- |
Branch |
(Factory) |
since 13/07/2000 |
|
Regina Pacis |
, 70 |
- 41049 |
- Sassuolo |
(MO) |
- IT - |
|
Employees |
: 22 |
|
Assistants |
: 4 |
|
Fittings and Equipment for a value of 66.000 |
Eur |
|
Stocks for a value of 340.000 |
Eur |
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.
The company is active since 1998
The analysis is based on the latest 3 balance sheets.
During the last years, it achieved profits (r.o.e. 18,46% on 2013) with
a good increase in turnover (+19,81% in 2013 compared to 2012 and +9,55% in
2012 compared to 2011).
The operating result in 2013 was positive (12,96%) and in line with the
sector's average.
The operating result is positive and amounts to Eur. 1.307.221 showing
an upward trend more then 100% compared to the previous financial year.
The G.O.M. amounted to Eur. 1.365.134 showing a 92,13% growth.
The financial status of the company is fairly balanced with an
indebtedness level of 1,49 and decreasing as against 2012.
The equity capital is equal to Eur. 4.168.901 , with an upward trend.
The financial management has recorded total debts amounting to Eur.
6.500.063, with no important change.
Moderate recourse to bank credit while the exposure towards suppliers is
rather high but lined up with the field's average.
Liquidity is rather lacking
Trade credits average terms are slow, on average 104,84 days. , as it
normally happens in the sector.
2013 financial year closed with a cash flow of Eur. 827.525
During 2013 financial year labour costs amounted to Eur. 1.030.106, with
a 9,79% incidence on production costs. and a 8,72% incidence on sales volumes.
The incidence of the financial charges is of -1,05% on the sales amount.
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
11.809.283 |
|
Profit (Loss) for the period |
769.612 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
9.856.365 |
|
Profit (Loss) for the period |
182.155 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
8.996.679 |
|
Profit (Loss) for the period |
259.439 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.262.322 |
|
Profit (Loss) for the period |
221.977 |
From our constant monitoring of the relevant Public Administration
offices, no more recent balance sheets result to have been filed.
|
- Balance Sheet as at 31/12/2013 - 12 Mesi - Currency: - Amounts x 1 |
|
- 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 |
|
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|
|
RATIOS |
Value Type |
as at 31/12/2013 |
as at 31/12/2012 |
as at 31/12/2011 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|||||
|
Rigidity Ratio |
Units |
0,59 |
0,52 |
0,31 |
0,18 |
|
Elasticity Ratio |
Units |
0,41 |
0,48 |
0,69 |
0,80 |
|
Availability of stock |
Units |
0,03 |
0,04 |
0,08 |
0,24 |
|
Total Liquidity Ratio |
Units |
0,37 |
0,44 |
0,61 |
0,48 |
|
Quick Ratio |
Units |
0,03 |
0,03 |
0,14 |
0,03 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
1,49 |
1,59 |
1,00 |
3,25 |
|
Self Financing Ratio |
Units |
0,41 |
0,30 |
0,36 |
0,19 |
|
Capital protection Ratio |
Units |
0,15 |
0,17 |
0,08 |
0,63 |
|
Liabilities consolidation quotient |
Units |
0,03 |
0,34 |
0,30 |
0,19 |
|
Financing |
Units |
1,56 |
2,22 |
1,75 |
3,80 |
|
Permanent Indebtedness Ratio |
Units |
0,43 |
0,48 |
0,50 |
0,36 |
|
M/L term Debts Ratio |
Units |
0,02 |
0,18 |
0,15 |
0,11 |
|
Net Financial Indebtedness Ratio |
Units |
0,70 |
n.c. |
n.c. |
0,63 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
0,73 |
0,92 |
1,62 |
1,75 |
|
Current ratio |
Units |
0,63 |
0,92 |
1,39 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,58 |
0,85 |
1,23 |
0,81 |
|
Structure's primary quotient |
Units |
0,70 |
0,58 |
1,15 |
1,03 |
|
Treasury's primary quotient |
Units |
0,04 |
0,06 |
0,28 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
241,91 |
327,96 |
280,28 |
516,42 |
|
Current Capital ( net ) |
Value |
-2.385.596 |
-345.799 |
1.317.988 |
422.465 |
|
RETURN |
|||||
|
Return on Sales |
% |
7,01 |
2,48 |
3,65 |
3,35 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
18,46 |
6,93 |
10,60 |
5,13 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
27,76 |
14,24 |
17,51 |
14,77 |
|
Return on Investment ( R.O.I. ) |
% |
12,96 |
7,51 |
6,38 |
4,16 |
|
Return/ Sales |
% |
11,07 |
6,57 |
4,86 |
4,11 |
|
Extra Management revenues/charges incid. |
% |
58,87 |
28,12 |
59,32 |
28,57 |
|
Cash Flow |
Value |
827.525 |
244.908 |
328.615 |
122.482 |
|
Operating Profit |
Value |
1.307.221 |
647.739 |
437.383 |
144.752 |
|
Gross Operating Margin |
Value |
1.365.134 |
710.492 |
506.559 |
241.990 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
104,84 |
n.c. |
n.c. |
111,85 |
|
Debts to suppliers average term |
Days |
115,25 |
n.c. |
n.c. |
128,30 |
|
Average stock waiting period |
Days |
10,24 |
11,32 |
21,96 |
80,43 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,17 |
1,14 |
1,31 |
1,08 |
|
Rate of stock return |
Units |
35,17 |
31,81 |
16,39 |
4,45 |
|
Labour cost incidence |
% |
8,72 |
9,49 |
8,89 |
19,12 |
|
Net financial revenues/ charges incidence |
% |
-1,05 |
-0,66 |
-0,12 |
-1,08 |
|
Labour cost on purchasing expenses |
% |
9,79 |
10,13 |
9,21 |
19,02 |
|
Short-term financing charges |
% |
1,91 |
1,16 |
0,34 |
2,68 |
|
Capital on hand |
% |
85,40 |
87,50 |
76,25 |
91,91 |
|
Sales pro employee |
Value |
369.040 |
339.874 |
374.861 |
198.432 |
|
Labour cost pro employee |
Value |
32.190 |
32.240 |
33.310 |
35.779 |
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 |
: |
487.003 |
|
Population living in the region |
: |
4.151.369 |
|
Number of families in the region |
: |
1.748.359 |
Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
425 |
|
- per non food products |
: |
2.063 |
|
- per energy consume |
: |
143 |
The values are calculated on a base of 1.206 significant companies.
The companies cash their credits on an average of 112 dd.
The average duration of suppliers debts is about 128 dd.
The sector's profitability is on an average of 3,35%.
The labour cost affects the turnover in the measure of 19,12%.
Goods are held in stock in a range of 80 dd.
The difference between the sales volume and the resources used to
realize it is about 1,08.
The employees costs represent the 19,02% of the production costs.
Statistcally the trade activity shows periods of crisis.
The area is statistically considered lowly risky.
In the region 18.860 protested subjects are found; in the province they count
to 1.775.
The insolvency index for the region is 0,46, , while for the province it
is 0,38.
Total Bankrupt companies in the province : 1.365.
Total Bankrupt companies in the region : 14.698.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.16 |
|
|
1 |
Rs.101.22 |
|
Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.