MIRA INFORM REPORT
|
Report No. : |
339344 |
|
Report Date : |
08.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
TECHNOFABRIC S.P.A. |
|
|
|
|
Registered Office : |
Via Bisognetta, 10/12
12024 - Costigliole Saluzzo (CN) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
30.05.1983 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
· Manufacture of Textiles · Manufacture of Other Technical and Industrial Textiles. |
|
|
|
|
No. of Employees : |
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 : |
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 and address
TECHNOFABRIC S.P.A.
Via Bisognetta, 10/12
12024 - Costigliole Saluzzo (CN) -IT-
Summary
|
Fiscal
Code |
: |
01708800048 |
|
Legal
Form |
: |
Joint
stock company |
|
start
of Activities |
: |
30/05/1983 |
|
Equity |
: |
Over
2.582.254 |
|
Turnover
Range |
: |
7.750.000/9.000.000
|
|
Number
of Employees |
: |
from
51 to 70 |
Activity
Manufacture
of Textiles
Manufacture
of Other Technical and Industrial Textiles.
Legal
Data
Legal
Form : Joint stock company
|
Fiscal
Code : 01708800048 |
|
Foreign
Trade Reg. no. : CN003732 since 20/12/1991 |
|
Chamber
of Commerce no. : 132441 of Cuneo since 14/09/1983 |
|
Firms'
Register : CN203-2073 of Cuneo since 19/02/1996 |
|
V.A.T.
Code : 01708800048 |
|
Foundation
date |
:
30/05/1983 |
|
|
Establishment
date |
:
30/05/1983 |
|
|
Start
of Activities |
:
30/05/1983 |
|
|
Legal
duration |
:
31/12/2030 |
|
|
Nominal
Capital |
:
3.380.000 |
|
|
Subscribed
Capital |
:
3.380.000 |
|
|
Paid
up Capital |
:
3.380.000 |
|
Legal
mail : |
TECHNOFABRICSPA@MULTIPEC.IT |
Members
|
|
Servizio
Italia Societa' Fiduciaria E Di |
Servizi
Per Azioni |
|
|
Residence: |
Vittorio
Veneto |
,
7 |
-
00100 |
Roma |
(RM) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Partner |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
|
Nasi |
Renato |
|
|
Born
in Costigliole Saluzzo |
(CN) |
on
09/11/1931 |
-
Fiscal Code : NSARNT31S09D120M |
|
|
Residence: |
Piasco |
,
12 |
-
12024 |
Costigliole
Saluzzo |
(CN) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
05/05/2015 |
|
|
Landriani |
Guido |
|
|
Born
in Milano |
(MI) |
on
01/11/1934 |
-
Fiscal Code : LNDGDU34S01F205Z |
|
|
Residence: |
Bergerone |
,
27 |
-
20100 |
Milano |
(MI) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
05/05/2015 |
|
|
Sbuttoni |
Marco |
|
|
Born
in Bra |
(CN) |
on
16/11/1960 |
-
Fiscal Code : SBTMRC60S16B111Q |
|
|
Residence: |
Gariglio |
,
19 |
-
12042 |
Bra |
(CN) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
05/05/2015 |
||
|
Managing
Director |
05/05/2015 |
||
|
Board
Chairman |
05/05/2015 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
|
Burlo' |
Luca |
|
|
Born
in Torino |
(TO) |
on
30/05/1970 |
-
Fiscal Code : BRLLCU70E30L219V |
|
|
Residence: |
Regio
Parco |
,
46 |
-
10152 |
Torino |
(TO) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
05/05/2015 |
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.
|
|
Sbuttoni |
Marco |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
Technofinish
S.p.a. |
Piasco
(CN) - IT - |
01887320040 |
Managing
Director |
Withdrawn |
Registered |
|
Technofinish
S.p.a. |
Piasco
(CN) - IT - |
01887320040 |
Director |
Withdrawn |
Registered |
|
Technofinish
S.p.a. |
Piasco
(CN) - IT - |
01887320040 |
Board
Chairman |
Withdrawn |
Registered |
|
Granda
Energia |
Cuneo
(CN) - IT - |
02765730045 |
Vice-Chairman |
Active |
Registered |
|
Granda
Energia |
Cuneo
(CN) - IT - |
02765730045 |
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.
Capital
Shareholders
Shareholders'
list as at date of data collection:
|
Firm's
Style / Name |
Seat
/ Residence |
Fiscal
Code |
Owned
Shares |
%
Ownership |
|
Servizio
Italia Societa' Fiduciaria E Di Servizi Per Azioni |
Roma
- IT - |
00451690580 |
2.028.000
.Eur |
60,00 |
|
NICOLINO
ESTER |
Roma
- IT - |
NCLSTR39T60H727Z |
338.000
.Eur |
10,00 |
|
VOLANTE
RENZA |
Saluzzo
- IT - |
VLNRNZ47M69G575V |
676.000
.Eur |
20,00 |
|
Nasi
Chiara Angela |
NSACRN67H70D205A |
169.000
.Eur |
5,00 |
|
|
Nasi
Claudia Teresa |
NSACDT63R48D205H |
169.000
.Eur |
5,00 |
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 |
|
Granda
Energia |
Cuneo
- IT - |
02765730045 |
Active |
Firm's
location and structure
In
order to carry out its activities the firm uses the following locations:
|
- |
Legal
and operative seat |
since
08/08/1989 |
|
Bisognetta |
,
10/12 |
-
12024 |
-
Costigliole Saluzzo |
(CN) |
-
IT - |
|
PHONE |
:
0175238700 |
|
FAX |
:
0175230920 |
|
Legal
mail |
:
TECHNOFABRICSPA@MULTIPEC.IT |
|
- |
Branch |
(Warehouse) |
since
01/10/2003 |
|
Roata
Raffo |
,
55 |
-
12022 |
-
Busca |
(CN) |
-
IT - |
|
- |
Branch |
(Factory) |
since
11/11/2010 |
|
Rossana |
,
7 |
-
12026 |
-
Piasco |
(CN) |
-
IT - |
|
PHONE |
:
0175238777 |
|
FAX |
:
0175270240 |
|
- |
Branch |
(Warehouse) |
since
11/11/2010 |
|
Roata
Raffo |
,
35 |
-
12022 |
-
Busca |
(CN) |
-
IT - |
|
Employees |
:
61 |
|
Assistants |
:
2 |
|
Fittings
and Equipment for a value of 1.140.000 |
Eur |
|
Stocks
for a value of 4.420.000 |
Eur |
|
Furniture
and fittings for a value of 72.000 |
Eur |
|
Vehicles
for a value of 100.000 |
Eur |
The
firm operates abroad as importer / exporter..
To
purchase foreign products the firm uses the following channels :
|
-
distributors |
Export
represents from 20% to 50% of the global turnover.
Products
abroad are placed by :
|
-
its own agents |
Export
is mainly towards:
|
-
Italy |
|
-
France |
Historical Information and/or Firm's Status
CHANGES
TO THE LEGAL FORM:
|
Former
legal form |
New
legal form |
Changement
Date |
|
Limited
liability company |
Joint
stock company |
08/08/1989 |
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 1983.
The
economic-financial analysis has been made on the base of the b/s of the latests
three years.
Unstable
economic results mark the company's financial state of affairs. ; in the last
financial year a loss was registered (r.o.e. -2,17%) Business volume is falling
in the last financial year.
A
loss is registered as to the operating result (-0,79%).
the
operating loss amounts to Eur. -137.351.
The
gross operating margin of the latest financial year is of Eur. 767.535 , with a
-41,75% decrease.
The
company has an excellent net worth if compared to its debts, with a low
indebtedness (0,31) increasing compared to last year (0,25)
Subject
can manage an equity capital funds for an amount of Eur. 11.472.779 on the same
levels as the year before.
The
financial management has recorded total debts amounting to Eur. 3.549.652, ,
with no sensible variation.
Bank
exsposure is limited and the suppliers' credit is modest too, 82,56 gg. is the
payment average period below the sector's average.
The
management determines a good range of liquidity.
Trade
credits average terms are slow, on average 121,97 days. but in line with the
sector.
The
financial management generated a cash flow of Eur. 655.522.
Subordinate
employment cost is of Eur. 2.105.788, i.e. 24,27% on total production costs. ,
with a 25,56% incidence on turnover.
The
incidence percentage of financial charges on sales volume is equal to -1,61%.
Financial
Data
|
|
Complete
balance-sheet for the year |
al
31/12/2014 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
8.237.890 |
|
Profit
(Loss) for the period |
-249.364 |
|
|
Complete
balance-sheet for the year |
al
31/12/2013 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
11.224.894 |
|
Profit
(Loss) for the period |
165.735 |
|
|
Complete
balance-sheet for the year |
al
31/12/2012 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
10.767.597 |
|
Profit
(Loss) for the period |
297.809 |
|
|
Complete
balance-sheet for the year |
al
31/12/2011 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
10.936.796 |
|
Profit
(Loss) for the period |
239.721 |
|
|
Complete
balance-sheet for the year |
al
31/12/2010 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
11.734.950 |
|
Profit
(Loss) for the period |
563.326 |
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 |
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 |
0,53 |
0,53 |
0,49 |
0,29 |
|
Elasticity
Ratio |
Units |
0,47 |
0,47 |
0,51 |
0,70 |
|
Availability
of stock |
Units |
0,25 |
0,24 |
0,26 |
0,26 |
|
Total
Liquidity Ratio |
Units |
0,22 |
0,24 |
0,24 |
0,39 |
|
Quick
Ratio |
Units |
0,00 |
0,01 |
0,00 |
0,01 |
|
COMPOSITION
ON SOURCE |
|||||
|
Net
Short-term indebtedness |
Units |
0,31 |
0,25 |
0,36 |
1,69 |
|
Self
Financing Ratio |
Units |
0,66 |
0,65 |
0,58 |
0,29 |
|
Capital
protection Ratio |
Units |
0,75 |
0,70 |
0,69 |
0,71 |
|
Liabilities
consolidation quotient |
Units |
0,24 |
0,62 |
0,69 |
0,26 |
|
Financing |
Units |
0,31 |
0,35 |
0,54 |
2,12 |
|
Permanent
Indebtedness Ratio |
Units |
0,71 |
0,76 |
0,72 |
0,45 |
|
M/L
term Debts Ratio |
Units |
0,05 |
0,11 |
0,15 |
0,13 |
|
Net
Financial Indebtedness Ratio |
Units |
0,08 |
0,00 |
0,06 |
0,96 |
|
CORRELATION |
|||||
|
Fixed
assets ratio |
Units |
1,34 |
1,44 |
1,47 |
1,38 |
|
Current
ratio |
Units |
2,31 |
2,76 |
2,41 |
1,25 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
1,06 |
1,38 |
1,16 |
0,75 |
|
Structure's
primary quotient |
Units |
1,25 |
1,23 |
1,17 |
0,90 |
|
Treasury's
primary quotient |
Units |
0,00 |
0,05 |
0,00 |
0,03 |
|
Rate
of indebtedness ( Leverage ) |
% |
151,56 |
153,69 |
173,02 |
339,62 |
|
Current
Capital ( net ) |
Value |
4.632.399 |
5.540.005 |
6.049.360 |
1.615.606 |
|
RETURN |
|||||
|
Return
on Sales |
% |
7,96 |
9,18 |
10,96 |
1,74 |
|
Return
on Equity - Net- ( R.O.E. ) |
% |
-2,17 |
1,38 |
2,52 |
0,25 |
|
Return
on Equity - Gross - ( R.O.E. ) |
% |
-2,09 |
2,99 |
4,48 |
2,94 |
|
Return
on Investment ( R.O.I. ) |
% |
-0,79 |
2,46 |
2,78 |
2,31 |
|
Return/
Sales |
% |
-1,67 |
4,04 |
5,28 |
2,50 |
|
Extra
Management revenues/charges incid. |
% |
n.c. |
36,56 |
52,40 |
8,02 |
|
Cash
Flow |
Value |
655.522 |
1.030.083 |
1.180.199 |
210.372 |
|
Operating
Profit |
Value |
-137.351 |
453.329 |
568.386 |
359.192 |
|
Gross
Operating Margin |
Value |
767.535 |
1.317.677 |
1.450.776 |
692.382 |
|
MANAGEMENT |
|||||
|
Credits
to clients average term |
Days |
121,97 |
99,49 |
124,76 |
111,18 |
|
Debts
to suppliers average term |
Days |
82,56 |
87,55 |
104,40 |
104,44 |
|
Average
stock waiting period |
Days |
193,27 |
139,39 |
178,83 |
86,89 |
|
Rate
of capital employed return ( Turnover ) |
Units |
0,47 |
0,61 |
0,53 |
1,04 |
|
Rate
of stock return |
Units |
1,86 |
2,58 |
2,01 |
4,12 |
|
Labour
cost incidence |
% |
25,56 |
20,33 |
20,81 |
15,12 |
|
Net
financial revenues/ charges incidence |
% |
-1,61 |
-0,91 |
-0,96 |
-2,07 |
|
Labour
cost on purchasing expenses |
% |
24,27 |
22,05 |
21,23 |
14,82 |
|
Short-term
financing charges |
% |
3,85 |
2,49 |
1,82 |
3,48 |
|
Capital
on hand |
% |
211,07 |
163,91 |
189,71 |
95,83 |
|
Sales
pro employee |
Value |
126.736 |
172.690 |
153.822 |
237.592 |
|
Labour
cost pro employee |
Value |
32.396 |
35.099 |
32.011 |
33.432 |
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
Statistically
the trade activity passes through serious crises.
The
area is statistically considered lowly risky.
In
the region 27.019 protested subjects are found; in the province they count to
1.458.
The
insolvency index for the region is 0,63, , while for the province it is 0,26.
Total
Bankrupt companies in the province : 1.299.
Total
Bankrupt companies in the region : 14.165.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.74 |
|
|
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.74.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.