|
Report No. : |
339830.2 |
|
Report Date : |
09.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
FEN SRL |
|
|
|
|
Registered Office : |
Via Rossano, 44, 36056 - Tezze sul Brenta (VI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
23.11.1990 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture
of machinery for the food, beverage and tobacco industries. |
|
|
|
|
No. of Employees : |
From 36 to 50 |
RATING & COMMENTS
|
MIRAs 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 |
|
FEN
SRL |
|
Via |
Rossano, |
44
|
|
36056 |
-
Tezze sul Brenta |
(VI) |
-IT- |
|
Fiscal
Code |
: |
02284770266 |
|
Legal
Form |
: |
Limited
liability company |
|
start
of Activities |
: |
15/03/1991 |
|
Equity |
: |
2.000.000
|
|
Turnover
Range |
: |
15.500.000/18.000.000
|
|
Number
of Employees |
: |
from
36 to 50 |
Manufacture
of machinery for the food, beverage and tobacco industries
Legal
Form : Limited liability company
|
Fiscal
Code : 02284770266 |
|
Foreign
Trade Reg. no. : 14159 of Treviso since 23/12/1991 |
|
Chamber
of Commerce no. : 230768 of Padova since 11/11/1996 |
|
Chamber
of Commerce no. : 200228 of Treviso since 25/01/1991 |
|
Chamber
of Commerce no. : 242654 of Vicenza since 14/11/1996 |
|
Firms'
Register : TV086-31274 of Treviso since 19/02/1996 |
|
V.A.T.
Code : 02565420243 |
|
Foundation
date |
:
23/11/1990 |
|
|
Establishment
date |
:
23/11/1990 |
|
|
Start
of Activities |
:
15/03/1991 |
|
|
Legal
duration |
:
31/12/2015 |
|
|
Nominal
Capital |
:
100.000 |
|
|
Subscribed
Capital |
:
100.000 |
|
|
Paid
up Capital |
:
100.000 |
|
Legal
mail : |
FEN@PEC.FENITALIA.COM |
|
Ismec
S.r.l. |
|
: |
Rossano |
,
42 |
-
36056 |
Tezze
sul Brenta |
(VI) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Partner |
|
No
Prejudicial events are reported |
|
No
Protests registered |
|
Baggio |
Dario |
|
Born
in Bassano del Grappa |
(VI) |
on
09/07/1970 |
-
Fiscal Code : BGGDRA70L09A703U |
|
Residence: |
Q.re
Cremona |
,
16 |
-
36027 |
Rosa' |
(VI) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
25/06/2015 |
|
No
Prejudicial events are reported |
|
No
Protests registered |
|
Baggio |
Federica
Irma |
|
Born
in Bassano del Grappa |
(VI) |
on
26/01/1967 |
-
Fiscal Code : BGGFRC67A66A703A |
|
Residence: |
Madonna
Di Monte Berico |
,
8 |
-
36061 |
Bassano
del Grappa |
(VI) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
25/06/2015 |
|
No
Prejudicial events are reported |
|
No
Protests registered |
*checkings
have been performed on a national scale.
In
this module are listed the companies in which members hold or have holded positions.
|
Baggio |
Dario |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
Ismec
S.r.l. |
Tezze
sul Brenta (VI) - IT - |
01784810242 |
Director |
Active |
Registered |
The
indication "REGISTERED" as Firm Status could refer to Firms in
Liquidation, Active, Inactive.
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 |
|
Baggio
Gianni |
Rosa'
- IT - |
BGGGNN72L03A703K |
200
.Eur |
0,20 |
|
Ismec
S.r.l. |
Tezze
sul Brenta - IT - |
01784810242 |
99.400
.Eur |
99,40 |
|
Baggio
Dario |
Rosa'
- IT - |
BGGDRA70L09A703U |
200
.Eur |
0,20 |
|
Baggio
Federica Irma |
Bassano
del Grappa - IT - |
BGGFRC67A66A703A |
200
.Eur |
0,20 |
The
Company under review has no participations in other Companies.
In
order to carry out its activities the firm uses the following locations:
|
- |
Legal
and operative seat |
|
Rossano |
,
44 |
-
36056 |
-
Tezze sul Brenta |
(VI) |
-
IT - |
|
PHONE |
:
0424868721 |
|
Legal
mail |
:
FEN@PEC.FENITALIA.COM |
|
- |
Branch |
since
01/03/2012 |
|
Ca'
Dolfin |
,
12/C |
-
36027 |
-
Rosa' |
(VI) |
-
IT - |
|
- |
Branch |
since
01/05/2014 |
|
Della
Marina |
,
7 |
-
36056 |
-
Tezze sul Brenta |
(VI) |
-
IT - |
|
Employees |
:
38 |
|
Fittings
and Equipment for a value of 190.000 |
Eur |
|
Stocks
for a value of 3.160.000 |
Eur |
CHANGES
TO THE LEGAL FORM:
|
Former
legal form |
New
legal form |
Changement
Date |
|
Limited
liability company |
Joint
stock company |
04/03/1991 |
|
Joint
stock company |
Limited
liability company |
06/09/1999 |
COMPANY
STYLE MODIFICATIONS:
|
Former
Style |
New
Style |
Changement
Date |
|
F.E.N.
Food Engineering Srl |
FEN
NEW FOOD ENGINEERING SpA |
04/03/1991 |
|
FEN
- FOOD ENTERPRISE S.P.A |
FEN
SRL |
15/10/1999 |
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 1991.
The
economic-financial analysis has been made on the base of the b/s of the latests
three years.
During
the last years, it achieved profits (r.o.e. 23,24% on 2014) with an increase in
2014 (+21,29%).
The
operating result in 2014 was positive (7,79%) and in line with the sector's
average.
The
amount of the operating result is equal to Eur. 723.174 rising (+63,52%) in
relation to the previous year.
A
gross operating margine for a value of Eur. 1.132.799 was reached. showing a
51,35% growth.
The
analysis shows a fair financial position as the indebtedness volume is
acceptable (3,04) and falling as against the previous year (4,87).
It's
shareholders funds amount to Eur. 1.776.058 on the same levels as the year
before.
Total
debts recorded amounted to Eur. 6.876.670 (Eur. 256.822 of which were m/l term
debts) whereas in the year before they amounted to Eur. 8.779.480, with a
-21,67% drop.
Moderate
recourse to bank credit while the exposure towards suppliers is rather high but
lined up with the field's average.
Liquidity
is good (1,25)
On
average trade credits are collected in 83,39 days. , shorter than the sector's
average.
The
financial management generated a cash flow of Eur. 514.838.
Labour
cost amounts to Eur. 2.163.465, with a 15,66% incidence on production costs. ,
with a 13,52% incidence on turnover.
Financial
charges have a limited incidence (-0,22%) on sales volume.
|
Complete
balance-sheet for the year |
al
31/12/2014 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
16.003.184 |
|
Profit
(Loss) for the period |
412.737 |
|
Complete
balance-sheet for the year |
al
31/12/2013 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
13.193.939 |
|
Profit
(Loss) for the period |
258.539 |
|
Complete
balance-sheet for the year |
al
31/12/2012 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
13.987.570 |
|
Profit
(Loss) for the period |
424.596 |
|
Complete
balance-sheet for the year |
al
31/12/2011 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
8.831.329 |
|
Profit
(Loss) for the period |
414.272 |
|
Complete
balance-sheet for the year |
al
31/12/2010 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
6.318.161 |
|
Profit
(Loss) for the period |
85.952 |
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 |
0,11 |
0,08 |
0,05 |
0,18 |
|
Elasticity
Ratio |
Units |
0,89 |
0,91 |
0,94 |
0,80 |
|
Availability
of stock |
Units |
0,34 |
0,46 |
0,36 |
0,24 |
|
Total
Liquidity Ratio |
Units |
0,55 |
0,44 |
0,58 |
0,48 |
|
Quick
Ratio |
Units |
0,13 |
0,08 |
0,31 |
0,03 |
|
COMPOSITION
ON SOURCE |
|||||
|
Net
Short-term indebtedness |
Units |
3,04 |
4,87 |
2,43 |
3,25 |
|
Self
Financing Ratio |
Units |
0,19 |
0,15 |
0,19 |
0,19 |
|
Capital
protection Ratio |
Units |
0,71 |
0,62 |
0,42 |
0,63 |
|
Liabilities
consolidation quotient |
Units |
0,09 |
0,03 |
0,03 |
0,19 |
|
Financing |
Units |
3,87 |
5,41 |
4,08 |
3,80 |
|
Permanent
Indebtedness Ratio |
Units |
0,25 |
0,18 |
0,22 |
0,36 |
|
M/L
term Debts Ratio |
Units |
0,06 |
0,02 |
0,03 |
0,11 |
|
Net
Financial Indebtedness Ratio |
Units |
0,00 |
0,33 |
0,00 |
0,63 |
|
CORRELATION |
|||||
|
Fixed
assets ratio |
Units |
2,40 |
2,13 |
4,47 |
1,75 |
|
Current
ratio |
Units |
1,25 |
1,10 |
1,22 |
1,21 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
0,77 |
0,54 |
0,75 |
0,81 |
|
Structure's
primary quotient |
Units |
1,82 |
1,83 |
3,92 |
1,03 |
|
Treasury's
primary quotient |
Units |
0,18 |
0,10 |
0,40 |
0,06 |
|
Rate
of indebtedness ( Leverage ) |
% |
522,39 |
656,84 |
527,95 |
516,42 |
|
Current
Capital ( net ) |
Value |
1.627.771 |
880.301 |
1.473.947 |
422.465 |
|
RETURN |
|||||
|
Return
on Sales |
% |
3,22 |
2,53 |
3,95 |
3,35 |
|
Return
on Equity - Net- ( R.O.E. ) |
% |
23,24 |
15,94 |
25,73 |
5,13 |
|
Return
on Equity - Gross - ( R.O.E. ) |
% |
38,71 |
27,09 |
42,91 |
14,77 |
|
Return
on Investment ( R.O.I. ) |
% |
7,79 |
4,15 |
7,64 |
4,16 |
|
Return/
Sales |
% |
4,52 |
3,35 |
4,76 |
4,11 |
|
Extra
Management revenues/charges incid. |
% |
57,07 |
58,46 |
63,78 |
28,57 |
|
Cash
Flow |
Value |
514.838 |
333.251 |
552.741 |
122.482 |
|
Operating
Profit |
Value |
723.174 |
442.231 |
665.690 |
144.752 |
|
Gross
Operating Margin |
Value |
1.132.799 |
748.451 |
1.219.789 |
241.990 |
|
MANAGEMENT |
|||||
|
Credits
to clients average term |
Days |
83,39 |
89,90 |
50,20 |
111,85 |
|
Debts
to suppliers average term |
Days |
108,77 |
115,54 |
112,54 |
128,30 |
|
Average
stock waiting period |
Days |
71,16 |
135,15 |
81,14 |
80,43 |
|
Rate
of capital employed return ( Turnover ) |
Units |
1,72 |
1,24 |
1,61 |
1,08 |
|
Rate
of stock return |
Units |
5,06 |
2,66 |
4,44 |
4,45 |
|
Labour
cost incidence |
% |
13,52 |
16,06 |
13,12 |
19,12 |
|
Net
financial revenues/ charges incidence |
% |
-0,22 |
-0,02 |
0,09 |
-1,08 |
|
Labour
cost on purchasing expenses |
% |
15,66 |
14,28 |
11,90 |
19,02 |
|
Short-term
financing charges |
% |
0,66 |
0,35 |
0,36 |
2,68 |
|
Capital
on hand |
% |
57,98 |
80,74 |
62,28 |
91,91 |
|
Sales
pro employee |
Value |
238.853 |
199.908 |
245.395 |
198.432 |
|
Labour
cost pro employee |
Value |
32.291 |
32.114 |
32.185 |
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 |
:
|
831.356 |
|
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 1.206 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 13.782 protested subjects are found; in the province they count to
2.234.
The
insolvency index for the region is 0,30, , while for the province it is 0,27.
Total
Bankrupt companies in the province : 2.546.
Total
Bankrupt companies in the region : 16.714.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.61 |
|
UK Pound |
1 |
Rs.102.30 |
|
Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
VNT |
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 SCs
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.