|
|
|
MIRA INFORM REPORT
|
Report No. : |
486891 |
|
Report Date : |
19.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
NORD CINIGLIA S.R.L. |
|
|
|
|
Registered Office : |
Via
Agro Castello, 38, 24020 - Casnigo (BG) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
30.01.1997 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Subject
is engaged in Preparation and spinning of textile fibres. |
|
|
|
|
No. of Employees : |
17 |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 (30.06.2017) |
Current Rating (30.09.2017) |
|
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 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, reaching 133% of GDP in 2016. 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 longstanding structural impediments to growth, such as 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 late 2011. In 2015-16, Italy’s economy grew 0.7% each year. In 2016, overall unemployment was 11.7%, but youth unemployment remains high at 37.1%.
|
Source
: CIA |
Company
name and address
Nord
Ciniglia S.r.l.
Via Agro Castello, 38
24020 - Casnigo (BG) -IT-
Summary
|
Fiscal
Code |
: |
02517850166 |
|
Legal
Form |
: |
Limited
liability company |
|
start
of Activities |
: |
30/01/1997 |
|
Equity |
: |
Over
2.582.254 |
|
Turnover
Range |
: |
10.000.000/12.750.000 |
|
Number
of Employees |
: |
from
16 to 25 |
Activity
Preparation
and spinning of textile fibres
Legal
Data
Legal
Form : Limited liability company
|
Fiscal
Code : 02517850166 |
|
Foreign
Trade Reg. no. : 048430 of Bergamo since 12/02/1998 |
|
Chamber
of Commerce no. : 300913 of Bergamo since 04/03/1997 |
|
Firms'
Register : BG-1997-63862 of Bergamo since 07/03/1997 |
|
V.A.T.
Code : 02517850166 |
|
Establishment
date |
:
30/01/1997 |
|
|
Start
of Activities |
:
30/01/1997 |
|
|
Legal
duration |
:
31/12/2030 |
|
|
Nominal
Capital |
:
92.962 |
|
|
Subscribed
Capital |
:
92.962 |
|
|
Paid
up Capital |
:
92.962 |
|
Legal
mail : |
NORDCINIGLIA@PEC.NORDCINIGLIA.IT |
Members
|
|
Martinelli |
Angelo
Luciano |
|
|
Born
in Leffe |
(BG) |
on
30/04/1962 |
-
Fiscal Code : MRTNLL62D30E509N |
|
|
Residence: |
Ss.
Trinita', |
,
39 |
-
24020 |
Casnigo |
(BG) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
18/11/2002 |
||
|
Board
Chairman |
18/11/2002 |
|
|
No
Prejudicial events are reported |
|
|
Martinelli |
Sergio |
|
|
Born
in Leffe |
(BG) |
on
26/04/1956 |
-
Fiscal Code : MRTSRG56D26E509G |
|
|
Residence: |
S.
Alessandro |
,
72 |
-
24122 |
Bergamo |
(BG) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
18/11/2002 |
|
|
Paccanelli |
Alberto |
|
|
Born
in Bergamo |
(BG) |
on
19/04/1960 |
-
Fiscal Code : PCCLRT60D19A794X |
|
|
Residence: |
Torquato
Tasso |
,
101 |
-
24121 |
Bergamo |
(BG) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
11/01/2011 |
|
|
Martinelli
Ginetto S.p.a. O, Piu' Brevem |
ente,
M.g. S.p.a. |
|
|
Residence: |
Agro
Del Castello |
,
38 |
-
24020 |
Casnigo |
(BG) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Sole
partner |
14/12/2007 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
|
Martinelli |
Angelo
Luciano |
|
|
Born
in Leffe |
(BG) |
on
30/04/1962 |
-
Fiscal Code : MRTNLL62D30E509N |
|
|
Residence: |
Santissima
Trinita' |
,
39 |
-
24020 |
Casnigo |
(BG) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
18/11/2002 |
||
|
Board
Chairman |
18/11/2002 |
|
|
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.
|
|
Martinelli |
Angelo
Luciano |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
Giuseppe
Brignoli E Figli S.r.l. In Breve Gibi S.r.l. |
Leffe
(BG) - IT - |
00230620163 |
Director |
Active |
Registered |
|
Martinelli
Ginetto Partecipazioni S.p.a. |
Casnigo
(BG) - IT - |
01018510162 |
Director |
Active |
Registered |
|
Candeggio
La Briantea S.r.l. O Piu' Brevemente La Briantea S.r.l. |
Casnigo
(BG) - IT - |
00768300154 |
Director |
Active |
Registered |
|
Martinelli
Ginetto S.p.a. O, Piu' Brevemente, M.g. S.p.a. |
Casnigo
(BG) - IT - |
03403660164 |
Director |
Active |
Registered |
|
Fondazione
Casa Serena Leffe Onlus |
Leffe
(BG) - IT - |
81002130169 |
Director |
Active |
Registered |
|
Wykt
S.r.l. |
Leffe
(BG) - IT - |
03096110162 |
Director |
Active |
Registered |
|
Societa'
Agricola Monte Farno S.s. |
Leffe
(BG) - IT - |
03708110162 |
Director |
Active |
Registered |
|
Societa'
Agricola Monte Farno S.s. |
Leffe
(BG) - IT - |
03708110162 |
Partner |
Active |
Registered |
|
|
Martinelli |
Angelo
Luciano |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
LINEA
PRINCIPE S.R.L. |
Milano
(MI) - IT - |
01480950136 |
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.
Capital
Shareholders
Shareholders'
list as at date of data collection:
|
Firm's
Style / Name |
Seat
/ Residence |
Fiscal
Code |
Owned
Shares |
%
Ownership |
|
Martinelli
Ginetto S.p.a. O, Piu' Brevem ente, M.g. S.p.a. |
Casnigo
- IT - |
03403660164 |
92.962
.Eur |
100,00 |
Direct
Participations
The
Company under review has no participations in other Companies.
Firm's
location and structure
In
order to carry out its activities the firm uses the following locations:
|
- |
Legal
and operative seat |
|
Agro
Castello |
,
38 |
-
24020 |
-
Casnigo |
(BG) |
-
IT - |
|
PHONE |
:
035726327 |
|
Legal
mail |
:
NORDCINIGLIA@PEC.NORDCINIGLIA.IT |
|
Employees |
:
17 |
|
Assistants |
:
1 |
|
Fittings
and Equipment for a value of 120.000 |
Eur |
|
Stocks
for a value of 3.550.000 |
Eur |
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
requested subject is not present c/o the CADASTRE OFFICES. |
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 1997.
Balance sheets for the years 2014, 2015 and 2016 were analyzed.
Under an economic point of view, profits were registered during the last years with a r.o.e. of 16,75% in 2016 but without a significant increase in the turnover.
The operating result in 2016 was positive (11,99%) and in line with the sector's average.
The operating result is positive and amounts to Eur. 933.793 , on more or less the same values as in the year before.
During the latest financial year the gross operating margin amounted to Eur. 978.898 with no sensible increase as against 2015.
The company has an excellent net worth if compared to its debts, with a low indebtedness (0,74) improved in comparison with the year before (1,18.).
Subject can manage an equity capital funds for an amount of Eur. 4.044.899 on stable levels.
Total indebtedness amounts to Eur. 3.576.783, , decreasing if compared to 2015 (-32,1%).
Financial indebdtedness is under control whereas debts to suppliers are frequent and higher than sector's average.
Neverthless available funds are good.
Credits are collected in 63,5 days on the average. , that compared to the sector's average is shorter.
Eur. 722.583 is the value of cash flow during the year 2016
During 2016 financial year labour costs amounted to Eur. 685.712, with a 6,91% incidence on production costs. , whereas the incidence on sales revenues is of 6,56%.
The financial charges are lower than the financial incomes.
Financial
Data
|
|
Complete
balance-sheet for the year |
al
31/12/2016 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
10.446.832 |
|
Profit
(Loss) for the period |
677.478 |
|
|
Complete
balance-sheet for the year |
al
31/12/2015 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
10.877.814 |
|
Profit
(Loss) for the period |
692.504 |
|
|
Complete
balance-sheet for the year |
al
31/12/2014 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
10.282.842 |
|
Profit
(Loss) for the period |
514.960 |
|
|
Complete
balance-sheet for the year |
al
31/12/2013 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
8.605.561 |
|
Profit
(Loss) for the period |
282.249 |
|
|
Complete
balance-sheet for the year |
al
31/12/2012 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
8.164.761 |
|
Profit
(Loss) for the period |
1.925.165 |
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 |
0,02 |
0,02 |
0,02 |
0,27 |
|
Elasticity
Ratio |
Units |
0,98 |
0,98 |
0,98 |
0,71 |
|
Availability
of stock |
Units |
0,46 |
0,51 |
0,59 |
0,20 |
|
Total
Liquidity Ratio |
Units |
0,52 |
0,48 |
0,40 |
0,45 |
|
Quick
Ratio |
Units |
0,07 |
0,09 |
0,06 |
0,01 |
|
COMPOSITION
ON SOURCE |
|||||
|
Net
Short-term indebtedness |
Units |
0,74 |
1,18 |
0,84 |
2,05 |
|
Self
Financing Ratio |
Units |
0,52 |
0,41 |
0,50 |
0,26 |
|
Capital
protection Ratio |
Units |
0,81 |
0,79 |
0,82 |
0,77 |
|
Liabilities
consolidation quotient |
Units |
0,02 |
0,02 |
0,03 |
0,17 |
|
Financing |
Units |
0,88 |
1,39 |
0,96 |
2,43 |
|
Permanent
Indebtedness Ratio |
Units |
0,53 |
0,42 |
0,52 |
0,41 |
|
M/L
term Debts Ratio |
Units |
0,01 |
0,01 |
0,01 |
0,08 |
|
Net
Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,78 |
|
CORRELATION |
|||||
|
Fixed
assets ratio |
Units |
24,81 |
23,94 |
31,26 |
1,63 |
|
Current
ratio |
Units |
2,13 |
1,71 |
2,03 |
1,27 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
1,14 |
0,83 |
0,82 |
0,86 |
|
Structure's
primary quotient |
Units |
24,28 |
23,36 |
30,49 |
1,07 |
|
Treasury's
primary quotient |
Units |
0,16 |
0,15 |
0,13 |
0,02 |
|
Rate
of indebtedness ( Leverage ) |
% |
192,57 |
241,22 |
198,71 |
370,05 |
|
Current
Capital ( net ) |
Value |
4.045.096 |
3.728.163 |
3.433.224 |
571.296 |
|
RETURN |
|||||
|
Return
on Sales |
% |
6,92 |
7,18 |
5,30 |
1,30 |
|
Return
on Equity - Net- ( R.O.E. ) |
% |
16,75 |
18,24 |
14,91 |
-0,89 |
|
Return
on Equity - Gross - ( R.O.E. ) |
% |
24,00 |
25,50 |
21,63 |
2,00 |
|
Return
on Investment ( R.O.I. ) |
% |
11,99 |
11,41 |
13,73 |
1,87 |
|
Return/
Sales |
% |
8,94 |
9,61 |
9,17 |
1,81 |
|
Extra
Management revenues/charges incid. |
% |
72,55 |
66,23 |
54,62 |
4,33 |
|
Cash
Flow |
Value |
722.583 |
781.176 |
544.481 |
44.316 |
|
Operating
Profit |
Value |
933.793 |
1.045.531 |
942.739 |
59.860 |
|
Gross
Operating Margin |
Value |
978.898 |
1.134.203 |
972.260 |
144.930 |
|
MANAGEMENT |
|||||
|
Credits
to clients average term |
Days |
63,50 |
84,06 |
68,80 |
114,91 |
|
Debts
to suppliers average term |
Days |
158,65 |
179,17 |
135,16 |
108,86 |
|
Average
stock waiting period |
Days |
122,36 |
153,43 |
140,86 |
76,19 |
|
Rate
of capital employed return ( Turnover ) |
Units |
1,34 |
1,19 |
1,50 |
1,01 |
|
Rate
of stock return |
Units |
2,94 |
2,35 |
2,56 |
4,72 |
|
Labour
cost incidence |
% |
6,56 |
6,30 |
5,64 |
15,97 |
|
Net
financial revenues/ charges incidence |
% |
0,35 |
-0,65 |
-1,97 |
-2,33 |
|
Labour
cost on purchasing expenses |
% |
6,91 |
6,96 |
6,28 |
16,13 |
|
Short-term
financing charges |
% |
n.c. |
1,62 |
6,27 |
3,86 |
|
Capital
on hand |
% |
74,56 |
84,21 |
66,77 |
98,78 |
|
Sales
pro employee |
Value |
497.468 |
517.991 |
571.269 |
196.263 |
|
Labour
cost pro employee |
Value |
32.652 |
32.616 |
32.237 |
32.990 |
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 |
: |
1.022.428 |
|
Population
living in the region |
: |
9.393.092 |
|
Number
of families in the region |
: |
3.858.736 |
Monthly
family expences average in the region (in Eur..) :
|
-
per food products |
: |
460 |
|
-
per non food products |
: |
2.090 |
|
-
per energy consume |
: |
114 |
Sector
Data
The
values are calculated on a base of 246 significant companies.
The
companies cash their credits on an average of 115 dd.
The
average duration of suppliers debts is about 109 dd.
The
sector's profitability is on an average of 1,30%.
The
labour cost affects the turnover in the measure of 15,97%.
Goods
are held in stock in a range of 76 dd.
The
difference between the sales volume and the resources used to realize it is
about 1,01.
The
employees costs represent the 16,13% of the production costs.
Statistical
Detrimental Data
Statistically
the trade activity passes through serious crises.
The
area is statistically considered lowly risky.
In
the region 50.886 protested subjects are found; in the province they count to
4.150.
The
insolvency index for the region is 0,55, , while for the province it is 0,41.
Total
Bankrupt companies in the province : 4.376.
Total
Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.84 |
|
|
1 |
INR 88.28 |
|
Euro |
1 |
INR 77.88 |
|
EURO |
1 |
INR 78.07 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
DNS |
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.