|
|
|
MIRA INFORM REPORT
|
Report No. : |
487942 |
|
Report Date : |
23.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
SESA - S.P.A. |
|
|
|
|
Registered Office : |
Via Mantova,
12, 21057 - Olgiate Olona (VA) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
01.01.1950 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
·
Manufacture of metal
products ( except machinery and equipment) ·
Manufacture of
structural metal products ·
Forging, drawing,
stamping and roll-forming of metal; powder metallurgy ·
Manufacture of
products iron, copper and other metals |
|
|
|
|
No. of Employees : |
From 71 To 90 |
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 : |
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
|
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 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. 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 more than 0.8%
each year, but picked up in 2017. In 2017, overall unemployment was 11.4%, but
youth unemployment remained high at 37.1%.
|
Source
: CIA |
Company
name & address
SESA - S.P.A.
Via Mantova, 12
21057 - Olgiate
Olona (VA) -IT-
Summary
|
Fiscal Code |
: |
00184100121 |
|
Legal Form |
: |
Joint Stock Company |
|
Foundation Date |
: |
01/01/1950 |
|
Equity |
: |
1.000.000 |
|
Turnover Range |
: |
10.000.000/12.750.000 |
|
Number of Employees |
: |
From 71 To 90 |
Activity
Manufacture of metal products ( except
machinery and equipment)
Manufacture of structural metal products
Forging, drawing, stamping and roll-forming
of metal; powder metallurgy
Manufacture of products iron, copper and
other metals
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 00184100121 |
|
Foreign Trade Reg. no. : 016389 of Varese
since 09/01/1992 |
|
Chamber of Commerce no. : 50722 of Varese
since 28/03/1950 |
|
Firms' Register : VA026-4313 of Varese since
19/02/1996 |
|
V.A.T. Code : 00184100121 |
|
Foundation date |
: 01/01/1950 |
|
|
Establishment date |
: 18/03/1950 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 600.000 |
|
|
Subscribed Capital |
: 600.000 |
|
|
Paid up Capital |
: 600.000 |
|
Legal mail : |
SESAPLATES@MEGAPEC.EU |
Members
|
|
Santori |
Marco |
|
|
Born in Busto Arsizio |
(VA) |
on 28/07/1953 |
- Fiscal Code : SNTMRC53L28B300H |
|
|
Residence: |
Via G.motta |
, 45 |
Mendrisio |
- CH - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole partner |
09/07/2015 |
||
|
Board Chairman |
15/06/2016 |
||
|
Director |
15/06/2016 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Santori |
Carlo Umberto |
|
|
Born in Busto Arsizio |
(VA) |
on 28/05/1977 |
- Fiscal Code : SNTCLM77E28B300Q |
|
|
Residence: |
Pastrengo |
, 18 |
- 21054 |
Fagnano Olona |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
15/06/2016 |
||
|
Managing Director |
15/06/2016 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Santori |
Luca |
|
|
Born in Busto Arsizio |
(VA) |
on 11/10/1983 |
- Fiscal Code : SNTLCU83R11B300L |
|
|
Residence: |
Caprera |
, 10 |
- 21052 |
Busto Arsizio |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
15/06/2016 |
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.
|
|
Santori |
Marco |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Immobiliare Cassiopea - S.r.l. |
Busto Arsizio (VA) - IT - |
01808100125 |
Board Chairman |
Withdrawn |
Registered |
|
SANTORI MARCO |
Busto Arsizio (VA) - IT - |
SNTMRC53L28B300H |
Proprietor |
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 |
|
Santori Marco |
Mendrisio - CH - |
SNTMRC53L28B300H |
480.000 .Eur |
80,00 |
|
Santori Carlo Umberto |
Fagnano Olona - IT - |
SNTCLM77E28B300Q |
60.000 .Eur |
10,00 |
|
Santori Luca |
Busto Arsizio - IT - |
SNTLCU83R11B300L |
60.000 .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 |
|
Industria E Universita' S.r.l. |
Varese - IT - |
01930490121 |
15.300 .Eur |
0,11 |
Active |
||
|
Consorzio Per L'energia Varese (in Breve
Energi.va ) |
Varese - IT - |
02513640124 |
Active |
Firm's location and structure
In order to carry out its activities the firm
uses the following locations:
|
- |
Legal and operative seat |
|
Mantova |
, 12 |
- 21057 |
- Olgiate Olona |
(VA) |
- IT - |
|
PHONE |
: 0331631388 |
|
FAX |
: 0331677313 |
|
Legal mail |
: SESAPLATES@MEGAPEC.EU |
|
Employees |
: 72 |
|
Fittings and Equipment for a value of
1.110.000 |
Eur |
|
Stocks for a value of 3.110.000 |
Eur |
The firm operates abroad as importer /
exporter..
Export represents more than 50% of the global
turnover.
Products abroad are placed by :
|
- its own agents |
|
- direct orders from foreign companies |
Import comes generally from the following
nations:
|
- Hungary |
Historical Information and/or Firm's Status
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
General partnership |
Limited liability company |
14/07/1982 |
|
Limited liability company |
Joint stock company |
01/03/1988 |
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
Subject is active since 1950
The economic-financial analysis has been made
on the base of the b/s of the latests three years.
Under the financial profile unstable results
are noted. anyway in 2016 a positive result was achieved (r.o.e. 2,45%).
The operating result was positive in the last
financial year (2,6%) and in line with the sector's average.
The operating result is positive and amounts
to Eur. 233.860 on stable levels if compared to the previous year.
The gross operating margin of the latest
financial year is of Eur. 644.981 on the same levels as the previous financial
year.
The ratio between shareholder's equity and
borrowed capital is not well balanced, the indebtedness level is equal to 5,53
falling if compared to 2015.
With regard to equity capital, an amount of
Eur. 943.199 is registered. on the same levels as the year before.
During the last financial year total debts
volume reached Eur. 7.500.437 (Eur. 1.992.570 were m/l term ones) on the same
levels as the year before.
Financial debts as well as debts to suppliers
are rather high but lined up with the field's average.
It shows a good range of liquidity.
On average trade credits are collected in 57,35
days. , a value lower than the sector's average.
As far as the cash flow is concerned during
the latest financial year it amounted to Eur. 434.199
In the last financial year labour cost was of
Eur. 4.082.638, with a 32,14% incidence on total costs of production. , with a
32,72% incidence on turnover.
The financial management has a limited
economic impact, equal to -1,15% on the sales.
Financial Data
|
|
Complete balance-sheet for the year |
al 31/12/2016 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
12.475.978 |
|
Profit (Loss) for the period |
23.078 |
|
|
Complete balance-sheet for the year |
al 31/12/2015 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
13.251.922 |
|
Profit (Loss) for the period |
23.099 |
|
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
11.707.555 |
|
Profit (Loss) for the period |
-370.396 |
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
11.259.532 |
|
Profit (Loss) for the period |
-884.112 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
13.449.644 |
|
Profit (Loss) for the period |
69.931 |
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 |
0,35 |
0,39 |
0,41 |
0,29 |
|
Elasticity Ratio |
Units |
0,65 |
0,60 |
0,58 |
0,68 |
|
Availability of stock |
Units |
0,35 |
0,29 |
0,32 |
0,17 |
|
Total Liquidity Ratio |
Units |
0,30 |
0,31 |
0,26 |
0,46 |
|
Quick Ratio |
Units |
0,03 |
0,03 |
0,03 |
0,01 |
|
COMPOSITION ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
5,53 |
6,04 |
8,28 |
2,76 |
|
Self Financing Ratio |
Units |
0,10 |
0,11 |
0,07 |
0,19 |
|
Capital protection Ratio |
Units |
0,34 |
0,32 |
1,12 |
0,73 |
|
Liabilities consolidation quotient |
Units |
0,44 |
0,29 |
0,42 |
0,26 |
|
Financing |
Units |
7,95 |
7,64 |
11,54 |
3,72 |
|
Permanent Indebtedness Ratio |
Units |
0,37 |
0,31 |
0,34 |
0,40 |
|
M/L term Debts Ratio |
Units |
0,27 |
0,20 |
0,26 |
0,14 |
|
Net Financial Indebtedness Ratio |
Units |
3,68 |
2,81 |
4,69 |
1,43 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
1,07 |
0,79 |
0,82 |
1,26 |
|
Current ratio |
Units |
1,06 |
0,88 |
0,92 |
1,17 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,49 |
0,45 |
0,41 |
0,82 |
|
Structure's primary quotient |
Units |
0,30 |
0,28 |
0,17 |
0,66 |
|
Treasury's primary quotient |
Units |
0,05 |
0,04 |
0,05 |
0,03 |
|
Rate of indebtedness ( Leverage ) |
% |
955,11 |
928,74 |
1383,49 |
525,76 |
|
Current Capital ( net ) |
Value |
307.452 |
-705.272 |
-392.205 |
298.138 |
|
RETURN |
|||||
|
Return on Sales |
% |
3,48 |
3,69 |
1,49 |
4,68 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
2,45 |
2,51 |
-62,04 |
3,71 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
9,60 |
7,29 |
-44,02 |
13,44 |
|
Return on Investment ( R.O.I. ) |
% |
2,60 |
2,57 |
-1,42 |
4,74 |
|
Return/ Sales |
% |
1,87 |
1,66 |
-1,00 |
4,15 |
|
Extra Management revenues/charges incid. |
% |
9,87 |
10,50 |
n.c. |
21,51 |
|
Cash Flow |
Value |
434.199 |
489.568 |
174.005 |
185.471 |
|
Operating Profit |
Value |
233.860 |
219.981 |
-117.327 |
194.639 |
|
Gross Operating Margin |
Value |
644.981 |
686.450 |
427.074 |
390.334 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
57,35 |
49,98 |
43,88 |
101,01 |
|
Debts to suppliers average term |
Days |
107,79 |
131,84 |
139,50 |
120,12 |
|
Average stock waiting period |
Days |
89,71 |
67,55 |
81,64 |
52,84 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,38 |
1,55 |
1,42 |
1,16 |
|
Rate of stock return |
Units |
4,01 |
5,33 |
4,41 |
6,79 |
|
Labour cost incidence |
% |
32,72 |
34,21 |
39,02 |
15,66 |
|
Net financial revenues/ charges incidence |
% |
-1,15 |
-1,11 |
-1,24 |
-1,77 |
|
Labour cost on purchasing expenses |
% |
32,14 |
35,13 |
35,84 |
16,92 |
|
Short-term financing charges |
% |
1,91 |
2,09 |
2,12 |
3,19 |
|
Capital on hand |
% |
72,21 |
64,49 |
70,55 |
85,76 |
|
Sales pro employee |
Value |
98.236 |
93.985 |
82.447 |
226.946 |
|
Labour cost pro employee |
Value |
32.146 |
32.149 |
32.172 |
33.958 |
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 |
: |
843.250 |
|
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 680
significant companies.
The companies cash their credits on an
average of 101 dd.
The average duration of suppliers debts is
about 120 dd.
The sector's profitability is on an average
of 4,68%.
The labour cost affects the turnover in the
measure of 15,66%.
Goods are held in stock in a range of 53 dd.
The difference between the sales volume and
the resources used to realize it is about 1,16.
The employees costs represent the 16,92% of
the production costs.
Statistical Detrimental Data
Statistically the trade activity shows
periods of crisis.
The area is statistically considered
moderately risky.
In the region 50.886 protested subjects are found;
in the province they count to 4.597.
The insolvency index for the region is 0,55,
, while for the province it is 0,55.
Total Bankrupt companies in the province :
3.052.
Total Bankrupt companies in the region :
39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.89 |
|
|
1 |
INR 88.60 |
|
Euro |
1 |
INR 78.12 |
|
Euro |
1 |
INR 78.22 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
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.