|
|
|
MIRA INFORM REPORT
|
Report No. : |
491531 |
|
Report Date : |
20.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
SMALTOCHIMICA
S.P.A. |
|
|
|
|
Registered Office : |
Via Crociale,
52/54, 41042 - Fiorano Modenese (MO) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
03.02.1977 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
·
Manufacture of paints,
varnishes and similar coatings, printing ink and synthetic adhesives ·
Retail sale of cars
and light motor vehicle (less 3,5 t) (including trading agencies) ·
Wholesale of
wallpaper, colours and paints |
|
|
|
|
No. of Employees : |
From 36 To 50 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Italy |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
ITALY - ECONOMIC OVERVIEW
Italy’s economy compromises a developed industrial north, dominated by
private companies, and a less-developed, highly subsidized, agricultural south,
with a legacy of unemployment and underdevelopment. 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, reaching 131% of GDP in 2017. 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 records. The
government still faces pressure from investors and European partners to sustain
its efforts to address Italy's longstanding structural economic problems,
including labor market inefficiencies, a sluggish judicial system, and a weak
banking sector. Italy’s economy returned to modest growth in late 2014 for the
first time since 2011. In 2015-16, Italy’s economy grew at about 1% each year,
and in 2017 growth accelerated to 1.5% of GDP. In 2017, overall unemployment
was 11.4%, but youth unemployment remained high at 37.1%.
|
Source
: CIA |
Company
name & address
SMALTOCHIMICA S.P.A.
Via Crociale, 52/54
41042 - Fiorano
Modenese (MO) -IT-
Summary
|
Fiscal Code |
: |
00691170369 |
|
Legal Form |
: |
Joint Stock Company |
|
start of Activities |
: |
16/03/1977 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
12.750.000/15.500.000 |
|
Number of Employees |
: |
From 36 To 50 |
Activity
Manufacture of paints, varnishes and similar
coatings, printing ink and synthetic adhesives
Retail sale of cars and light motor vehicle (less
3,5 t) (including trading agencies)
Wholesale of wallpaper, colours and paints
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 00691170369 |
|
Foreign Trade Reg. no. : 019909 of Modena
since 17/02/1993 |
|
Foreign Trade Reg. no. : M506264 of Modena
since 11/07/1983 |
|
Chamber of Commerce no. : 177709 of Modena
since 24/02/1977 |
|
Firms' Register : MO023-9503 of Modena
since 19/02/1996 |
|
V.A.T. Code : 00691170369 |
|
R. E. C. no. : 17963 of Modena since 06/10/1997 |
|
Tribunal Co. Register : 9503 of |
|
Foundation date |
: 03/02/1977 |
|
|
Establishment date |
: 03/02/1977 |
|
|
Start of Activities |
: 16/03/1977 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 2.800.000 |
|
|
Subscribed Capital |
: 2.800.000 |
|
|
Paid up Capital |
: 2.800.000 |
|
Legal mail : |
SMALTOCHIMICA@PEC.IT |
Members
|
|
Ferro (italia) S.r.l. |
|
|
Residence: |
Ferrari Carazzoli |
, 1 |
- 41042 |
Fiorano Modenese |
(MO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Piccinini |
Ivano |
|
|
Born in Nonantola |
(MO) |
on 03/03/1943 |
- Fiscal Code : PCCVNI43C03F930J |
|
|
Residence: |
Fabbrica Rubbiani |
, 27 |
- 41049 |
Sassuolo |
(MO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
27/06/2016 |
||
|
Board Chairman |
27/06/2016 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Piccinini |
Chiara |
|
|
Born in Sassuolo |
(MO) |
on 13/09/1977 |
- Fiscal Code : PCCCHR77P53I462J |
|
|
Residence: |
Canalino |
, 21 |
- 41124 |
Modena |
(MO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
27/06/2016 |
|
|
Piccinini |
Federico |
|
|
Born in Modena |
(MO) |
on 15/12/1975 |
- Fiscal Code : PCCFRC75T15F257D |
|
|
Residence: |
Fabbrica Rubbiani |
, 27 |
- 41049 |
Sassuolo |
(MO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
27/06/2016 |
||
|
Managing Director |
27/06/2016 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
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.
|
|
Piccinini |
Ivano |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Euromeccanica S.r.l. |
Maranello (MO) - IT - |
02198820363 |
Director |
Withdrawn |
Merged |
|
Euromeccanica S.r.l. |
Maranello (MO) - IT - |
02198820363 |
Board Chairman |
Withdrawn |
Merged |
|
Mistral Srl |
Sassuolo (MO) - IT - |
02775870369 |
Director |
Withdrawn |
Registered |
|
|
Piccinini |
Federico |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Mistral Srl |
Sassuolo (MO) - IT - |
02775870369 |
Director |
Withdrawn |
Registered |
|
Mistral Srl |
Sassuolo (MO) - IT - |
02775870369 |
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 |
|
Ferro (italia) S.r.l. |
Fiorano Modenese - IT - |
00757780150 |
1.120.000 .Eur |
40,00 |
|
Piccinini Ivano |
Sassuolo - IT - |
PCCVNI43C03F930J |
1.400.000 .Eur |
50,00 |
|
SIGHINOLFI NADIA |
Sassuolo - IT - |
SGHNDA49S44C107N |
280.000 .Eur |
10,00 |
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 |
|
Mistral Srl |
Sassuolo - IT - |
02775870369 |
5.000 .Eur |
50,00 |
Active |
Firm's location and structure
In order to carry out its activities the firm
uses the following locations:
|
- |
Legal and operative seat |
since 28/02/1989 |
|
Crociale |
, 52/54 |
- 41042 |
- Fiorano Modenese |
(MO) |
- IT - |
|
PHONE |
: 0536845055 |
|
FAX |
: 0536843600 |
|
Legal mail |
: SMALTOCHIMICA@PEC.IT |
|
- |
Branch |
(Factory) |
since 01/08/2013 |
|
Trebbo |
, 150 |
- 41053 |
- Maranello |
(MO) |
- IT - |
|
Employees |
: 38 |
|
Fittings and Equipment for a value of
840.000 |
Eur |
|
Stocks for a value of 2.730.000 |
Eur |
Historical Information and/or Firm's Status
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Limited partnership |
Limited liability company |
15/11/1979 |
CEASINGS/INCORPORATIONS/MERGES:
|
|
Project of merging by taking over of |
|
|
|
|
Trebbo |
, 150 |
, 41053 |
, Maranello |
(MO) |
- IT - |
|
|
Fiscal Code: 02198820363 |
|
|
Date |
Merging/splitting-up project: |
20/03/2013 |
|
|
The firm absorbed by merging of |
|
|
|
|
Trebbo |
, 150 |
, 41053 |
, Maranello |
(MO) |
- IT - |
|
|
Fiscal Code: 02198820363 |
|
|
Date |
: |
16/07/2013 |
|
|
Project of merging by taking over of |
|
|
|
|
Del Crociale |
, 56 |
, 41042 |
, Fiorano Modenese |
(MO) |
- IT - |
|
|
Fiscal Code: 02469740357 |
|
|
Date |
Merging/splitting-up project: |
18/10/2017 |
|
|
Resolution of merging of |
|
|
|
|
Del Crociale |
, 56 |
, 41042 |
, Fiorano Modenese |
(MO) |
- IT - |
|
|
Fiscal Code: 02469740357 |
|
|
Date |
: |
22/11/2017 |
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.
National Real Estates Survey
The firm under review, by the reported
percentages, owns the following real estates:
|
Town |
Cadastre |
No. Immovables |
Up to Date |
|
FIORANO MODENESE (MO) |
Buildings |
2 |
14/02/2018 |
|
FIORANO MODENESE (MO) |
Land |
1 |
14/02/2018 |
|
MARANELLO (MO) |
Buildings |
2 |
14/02/2018 |
|
Buildings Details |
|
Cadastre |
Title |
Location |
Sheet No. |
Particle No. |
Sub No. |
Categorie |
Classe |
Consistence |
Cadastrial Rent |
Part No. |
|
B |
Proprieta' per 1/1 |
FIORANO MODENESE (MO) VIA DEL CROCIALE, 56
Piano T-1 |
15 |
79 |
2 |
cat. D/7 |
Euro: 37.212,00 |
|||
|
B |
Proprieta' per 1/1 |
FIORANO MODENESE (MO) VIA DEL CROCIALE, 52
Piano T-1 |
15 |
83 |
3 |
cat. D/7 |
Euro: 37.225,00 |
|||
|
B |
Proprieta' per 1/1 |
MARANELLO (MO) VIA LORENZO BANDINI, 4 Piano
T-1 |
2 |
321 |
8 |
cat. D/7 |
Euro: 7.325,42 |
|||
|
B |
Proprieta' per 1/1 |
MARANELLO (MO) VIA LORENZO BANDINI, 8 Piano
T-1 |
2 |
321 |
9 |
cat. D/7 |
Euro: 3.759,81 |
|
Land Details |
|
Cadastre |
Title |
Location |
Sheet No. |
Particle No. |
Sub No. |
Category |
Class |
Consistence |
Cadastrial Rent |
Part No. |
|
L |
Proprieta' per 1/1 |
FIORANO MODENESE (MO) |
15 |
78 |
INCOLT PROD |
2 |
3 are 12 ca |
R.D.Euro:0,06 R.A. Euro: 0,02 |
3740 |
All responsibilities are declined regarding
any possible omissions concerning the given results. Therefore, we advise to
request for "Hypothecating Survey Inspection" c/o the locally
competent RR.II. Immovables Registry, as this service doesn't fully guarantees
the actual title of the Real Estates of the requested Subject.
Financial and Economical Analysis
Company's starting of activities dates back
to 1977.
An eco-fin analysis has been made on the base
od the b/s fo the years 2014, 2015 and 2016.
Unstable economic results mark the company's
financial state of affairs. ; in the last financial year a loss was registered
(r.o.e. -21,62%)
A loss is registered as to the operating
result (-4,54%).
The amount of the operating loss for 2016 is
equal to Eur. -1.128.169.
During the latest financial year the gross
operating margin amounted to Eur. 58.722 recording a -65,14% decrease.
The analysis shows a fair financial position
as the indebtedness volume is acceptable (1,49) but with an increase as against
the previous accounting period.
The equity capital is equal to Eur. 8.013.697
on the same levels as the year before.
During the last financial year total debts
volume reached Eur. 15.826.396 (Eur. 3.921.421 were m/l term ones) showing a
stable trend as opposed to 2015 (Eur. 18.330.027).
Both financial indebtedness and suppliers
exposure are rather high even in comparison with the sector's.
Liquidity is good (1,03)
As far as the collection of credit goes, the
average is high (134,22 days). , as it normally happens in the sector.
Cash flow is negative at the end of financial
year 2016.
Labour cost expenses amount to Eur. 2.080.324
, representing 14,1% on the total of production costs. , with a 15,97%
incidence on turnover.
The incidence percentage of financial charges
on sales volume is equal to -3,86%.
Financial Data
|
|
Complete balance-sheet for the year |
al 31/12/2016 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
13.027.014 |
|
Profit (Loss) for the period |
-1.732.826 |
|
|
Complete balance-sheet for the year |
al 31/12/2015 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
13.608.698 |
|
Profit (Loss) for the period |
-452.071 |
|
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
17.616.562 |
|
Profit (Loss) for the period |
40.533 |
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 31/12/2016 - 12 Mesi
- Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/12/2015 - 12 Mesi -
Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/12/2014 - 12 Mesi
- Currency: - Amounts x 1 |
|
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|
|
RATIOS |
Value Type |
as at 31/12/2016 |
as at 31/12/2015 |
as at 31/12/2014 |
Sector Average |
|
COMPOSITION ON INVESTMENT |
|||||
|
Rigidity Ratio |
Units |
0,51 |
0,51 |
0,47 |
0,29 |
|
Elasticity Ratio |
Units |
0,49 |
0,49 |
0,53 |
0,70 |
|
Availability of stock |
Units |
0,11 |
0,11 |
0,10 |
0,16 |
|
Total Liquidity Ratio |
Units |
0,38 |
0,38 |
0,42 |
0,51 |
|
Quick Ratio |
Units |
0,00 |
0,00 |
0,01 |
0,02 |
|
COMPOSITION ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
1,49 |
1,10 |
1,00 |
1,70 |
|
Self Financing Ratio |
Units |
0,32 |
0,34 |
0,35 |
0,25 |
|
Capital protection Ratio |
Units |
0,87 |
0,76 |
0,72 |
0,74 |
|
Liabilities consolidation quotient |
Units |
0,38 |
0,76 |
0,84 |
0,25 |
|
Financing |
Units |
1,97 |
1,88 |
1,82 |
2,65 |
|
Permanent Indebtedness Ratio |
Units |
0,50 |
0,62 |
0,64 |
0,47 |
|
M/L term Debts Ratio |
Units |
0,18 |
0,28 |
0,30 |
0,15 |
|
Net Financial Indebtedness Ratio |
Units |
1,37 |
1,38 |
1,34 |
1,09 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
1,00 |
1,23 |
1,36 |
1,41 |
|
Current ratio |
Units |
1,03 |
1,32 |
1,48 |
1,33 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,80 |
1,03 |
1,19 |
1,01 |
|
Structure's primary quotient |
Units |
0,64 |
0,67 |
0,73 |
0,80 |
|
Treasury's primary quotient |
Units |
0,00 |
0,00 |
0,02 |
0,03 |
|
Rate of indebtedness ( Leverage ) |
% |
309,98 |
295,14 |
289,25 |
397,48 |
|
Current Capital ( net ) |
Value |
378.114 |
3.398.678 |
5.049.328 |
426.243 |
|
RETURN |
|||||
|
Return on Sales |
% |
-6,50 |
-0,09 |
1,69 |
4,43 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
-21,62 |
-4,64 |
0,40 |
2,69 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
-20,36 |
-3,77 |
2,51 |
7,32 |
|
Return on Investment ( R.O.I. ) |
% |
-4,54 |
-0,94 |
1,39 |
3,84 |
|
Return/ Sales |
% |
-8,66 |
-2,00 |
2,33 |
4,21 |
|
Extra Management revenues/charges incid. |
% |
n.c. |
n.c. |
9,89 |
38,95 |
|
Cash Flow |
Value |
-847.270 |
-11.854 |
297.669 |
207.698 |
|
Operating Profit |
Value |
-1.128.169 |
-271.722 |
409.795 |
192.997 |
|
Gross Operating Margin |
Value |
58.722 |
168.495 |
666.931 |
422.876 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
134,22 |
149,12 |
138,48 |
130,87 |
|
Debts to suppliers average term |
Days |
147,57 |
132,28 |
96,85 |
110,41 |
|
Average stock waiting period |
Days |
75,38 |
82,53 |
61,66 |
50,99 |
|
Rate of capital employed return ( Turnover
) |
Units |
0,52 |
0,47 |
0,60 |
1,00 |
|
Rate of stock return |
Units |
4,78 |
4,36 |
5,84 |
7,04 |
|
Labour cost incidence |
% |
15,97 |
16,39 |
15,38 |
13,96 |
|
Net financial revenues/ charges incidence |
% |
-3,86 |
-1,43 |
-1,15 |
-1,78 |
|
Labour cost on purchasing expenses |
% |
14,10 |
15,39 |
15,06 |
14,31 |
|
Short-term financing charges |
% |
3,67 |
2,68 |
2,00 |
2,92 |
|
Capital on hand |
% |
190,69 |
211,38 |
167,45 |
100,22 |
|
Sales pro employee |
Value |
200.415 |
197.227 |
209.720 |
280.328 |
|
Labour cost pro employee |
Value |
32.004 |
32.334 |
32.257 |
35.422 |
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 |
: |
|
Sector Data
The values are calculated on a base of 329
significant companies.
The companies cash their credits on an
average of 131 dd.
The average duration of suppliers debts is
about 110 dd.
The sector's profitability is on an average
of 4,43%.
The labour cost affects the turnover in the
measure of 13,96%.
Goods are held in stock in a range of 51 dd.
The difference between the sales volume and
the resources used to realize it is about 1,00.
The employees costs represent the 14,31% of
the production costs.
Statistical Detrimental Data
Statistically the trade activity shows
trifling crises.
The area is statistically considered lowly
risky.
In the region 18.860 protested subjects are
found; in the province they count to 3.557.
The insolvency index for the region is 0,46,
, while for the province it is 0,55.
Total Bankrupt companies in the province :
2.526.
Total Bankrupt companies in the region :
14.698.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.90 |
|
|
1 |
INR 90.31 |
|
Euro |
1 |
INR 80.17 |
|
Euro |
1 |
INR 79.93 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.