|
|
|
MIRA INFORM REPORT
|
Report No. : |
516135 |
|
Report Date : |
22.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
CUBOTEX SRL |
|
|
|
|
Registered Office : |
Via Maurizio Gonzaga, 2 20100 - Milano (MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
19.01.1986 |
|
|
|
|
Legal Form : |
Limited
liability company |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employees : |
from
16 to 25 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
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 (31.12.2017) |
Current Rating (01.04.2018) |
|
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 comprises 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 and address
CUBOTEX
SRL
Via Maurizio Gonzaga, 2
20100 - Milano (MI) -IT-
Summary
|
Fiscal
Code |
: |
07617590158 |
|
Legal
Form |
: |
Limited
liability company |
|
start
of Activities |
: |
19/01/1986 |
|
Equity |
: |
1.500.000 |
|
Turnover
Range |
: |
1.250.000/1.500.000 |
|
Number
of Employees |
: |
from
16 to 25 |
Activity
MANUFACTURE
OF MACHINERY AND EQUIPMENT N.E.C.
Manufacture
of machinery for textile, apparel and leather industries
(including
spare parts and accessories)
Wholesale
of machinery for the textile industry and sewing and knitting machines
Legal Data
Legal
Form : Limited liability company
|
Fiscal
Code : 07617590158 |
|
Foreign
Trade Reg. no. : MI139846 since 03/03/1992 |
|
Chamber
of Commerce no. : 1172724 of Milano since 14/01/1985 |
|
V.A.T.
Code : 07617590158 |
|
Foundation
date |
:
01/01/1984 |
|
|
Establishment
date |
:
19/11/1984 |
|
|
Start
of Activities |
:
19/01/1986 |
|
|
Legal
duration |
:
31/12/2030 |
|
|
Nominal
Capital |
:
99.500 |
|
|
Subscribed
Capital |
:
99.500 |
|
|
Paid
up Capital |
:
99.500 |
|
Legal
mail : |
CUBOTEX@PEC.CUBOTEX.IT |
Members
|
|
Pagliari |
Laurina |
|
|
Born
in Castelvisconti |
(CR) |
on
01/08/1950 |
-
Fiscal Code : PGLLRN50M41C290T |
|
|
Residence: |
Treviso |
,
5 |
-
20010 |
Pogliano
Milanese |
(MI) |
-
IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
13/12/2007 |
||
|
Managing
Director |
13/12/2007 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
|
Bolzoni |
Giuseppe
Angelo |
|
|
Born
in Bollate |
(MI) |
on
08/03/1981 |
-
Fiscal Code : BLZGPP81C08A940Y |
|
|
Residence: |
Treviso |
,
5 |
-
20010 |
Pogliano
Milanese |
(MI) |
-
IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
13/12/2007 |
||
|
Board
Chairman |
13/12/2007 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
|
Bolzoni
Debora Maddalena |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
Companies
connected to members *
*checkings
have been performed on a national scale.
In
this module the companies in which members hold/held positions are listed.
The
Members of the subject firm are not reported to be Members in other companies.
Capital
Shareholders
Shareholders'
list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Pagliari
Laurina |
Pogliano
Milanese - IT - |
PGLLRN50M41C290T |
23.216
.Eur |
23,33 |
|
Bolzoni
Giuseppe Angelo |
Pogliano
Milanese - IT - |
BLZGPP81C08A940Y |
38.142
.Eur |
38,33 |
|
Bolzoni
Debora Maddalena |
BLZDRM70E69A940G |
38.142
.Eur |
38,33 |
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 |
|
Maurizio
Gonzaga |
,
0002 |
-
20100 |
-
Milano |
(MI) |
-
IT - |
|
PHONE |
:
029327101 |
|
PHONE |
:
02867261 |
|
FAX |
:
0293590245 |
|
Legal
mail |
:
CUBOTEX@PEC.CUBOTEX.IT |
|
- |
Branch |
(Branch) |
since
01/08/1991 |
|
Bergamo |
,
11 |
-
20010 |
-
Pregnana Milanese |
(MI) |
-
IT - |
|
Employees |
:
20 |
|
Fittings
and Equipment for a value of 77.000 |
Eur |
|
Stocks
for a value of 520.000 |
Eur |
The
firm operates abroad as exporter..
Export
represents from 20% to 50% of the global turnover.
Products
abroad are placed by :
|
-
its own agents |
Export
is mainly towards:
|
- |
Historical
Information and/or Firm's Status
CEASINGS/INCORPORATIONS/MERGES:
|
|
Project
of merging by taking over of |
|
|
|
|
QUATTRO
NOVEMBRE |
,
6 |
,
20100 |
,
Milano |
(MI) |
-
IT - |
|
|
Fiscal
Code: 10506570158 |
|
|
Date |
Merging/splitting-up
project: |
01/10/2004 |
|
|
The
firm absorbed by merging of |
|
|
|
|
QUATTRO
NOVEMBRE |
,
6 |
,
20100 |
,
Milano |
(MI) |
-
IT - |
|
|
Fiscal
Code: 10506570158 |
|
|
Date |
: |
13/12/2004 |
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 |
|
PREGNANA
MILANESE (MI) |
Buildings |
2 |
19/06/2018 |
Buildings
Details
|
Cadastre |
Title |
Location |
Sheet No. |
Particle No. |
Sub No. |
Categorie |
Classe |
Consistence |
Cadastrial Rent |
Part No. |
|
B |
Proprieta' |
PREGNANA
MILANESE (MI) VIA BERGAMO, 11 Piano T-1 |
8 |
102 |
cat.
D/7 |
Euro:
15.287,12 |
||||
|
B |
Proprieta'
per 1/1 |
PREGNANA
MILANESE (MI) VIA BERGAMO, 11 Piano T |
8 |
362 |
cat.
F/1 |
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 1986
Balance
sheets for the years 2014, 2015 and 2016 were analyzed.
Unstable
economic results mark the company's financial state of affairs. with a negative
economic result in the last financial year. In the last financial year a drop
in sales has been registered (-64,41%).
A
loss is registered as to the operating result (-18,41%).
The
amount of the operating loss for 2016 is equal to Eur. -480.304.
The
GOM is negative and amounts to Eur. -400.328.
Very
good financial situation: shareholder's equity covers short-terms debts with an
indebtedness level equal to 0,76 increasing compared to last year (0,52)
It's
shareholders funds amount to Eur. 1.318.026 showing a -22,62% drop.
Total
indebtedness amounts to Eur. 1.104.987, showing a stable trend as opposed to
2015 (Eur. 1.031.048).
Available
funds are good.
The
financial management generated a negative cash flow (Eur. -305.431).
Subordinate
employment cost is of Eur. 652.255, i.e. 32,73% on total production costs. ,
whereas the incidence of such costs on sales revenues is equal to 47,66%.
Financial
charges have a limited incidence (-0,42%) on sales volume.
Financial
Data
|
|
Complete
balance-sheet for the year |
al
31/12/2016 |
(in
Eur |
x
1) |
|
Item Type |
Value |
|
Sales |
1.368.458 |
|
Profit
(Loss) for the period |
-385.407 |
|
|
Complete
balance-sheet for the year |
al
31/12/2015 |
(in
Eur |
x
1) |
|
Item Type |
Value |
|
Sales |
3.845.798 |
|
Profit
(Loss) for the period |
59.847 |
|
|
Complete
balance-sheet for the year |
al
31/12/2014 |
(in
Eur |
x
1) |
|
Item Type |
Value |
|
Sales |
1.330.317 |
|
Profit
(Loss) for the period |
-263.535 |
|
|
Complete
balance-sheet for the year |
al
31/12/2013 |
(in
Eur |
x
1) |
|
Item Type |
Value |
|
Sales |
3.026.457 |
|
Profit
(Loss) for the period |
55.692 |
|
|
Complete
balance-sheet for the year |
al
31/12/2012 |
(in
Eur |
x
1) |
|
Item Type |
Value |
|
Sales |
2.921.879 |
|
Profit
(Loss) for the period |
-58.934 |
Financials
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 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
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 |
0,56 |
0,53 |
0,53 |
0,18 |
|
Elasticity
Ratio |
Units |
0,43 |
0,46 |
0,46 |
0,80 |
|
Availability
of stock |
Units |
0,20 |
0,12 |
0,13 |
0,24 |
|
Total
Liquidity Ratio |
Units |
0,23 |
0,35 |
0,33 |
0,48 |
|
Quick
Ratio |
Units |
0,04 |
0,05 |
0,10 |
0,03 |
|
COMPOSITION
ON SOURCE |
|||||
|
Net
Short-term indebtedness |
Units |
0,76 |
0,52 |
0,54 |
3,25 |
|
Self
Financing Ratio |
Units |
0,51 |
0,59 |
0,54 |
0,19 |
|
Capital
protection Ratio |
Units |
1,22 |
0,91 |
1,10 |
0,63 |
|
Liabilities
consolidation quotient |
Units |
0,16 |
0,15 |
0,14 |
0,19 |
|
Financing |
Units |
0,84 |
0,61 |
0,74 |
3,80 |
|
Permanent
Indebtedness Ratio |
Units |
0,57 |
0,64 |
0,60 |
0,36 |
|
M/L
term Debts Ratio |
Units |
0,07 |
0,05 |
0,06 |
0,11 |
|
Net
Financial Indebtedness Ratio |
Units |
n.c. |
0,20 |
0,00 |
0,63 |
|
CORRELATION |
|||||
|
Fixed
assets ratio |
Units |
1,01 |
1,20 |
1,13 |
1,75 |
|
Current
ratio |
Units |
1,02 |
1,31 |
1,17 |
1,21 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
0,55 |
0,97 |
0,83 |
0,81 |
|
Structure's
primary quotient |
Units |
0,89 |
1,10 |
1,02 |
1,03 |
|
Treasury's
primary quotient |
Units |
0,09 |
0,14 |
0,24 |
0,06 |
|
Rate
of indebtedness ( Leverage ) |
% |
197,95 |
170,56 |
183,55 |
516,42 |
|
Current
Capital ( net ) |
Value |
26.684 |
319.298 |
197.291 |
422.465 |
|
RETURN |
|||||
|
Return
on Sales |
% |
-22,32 |
3,64 |
-13,75 |
3,35 |
|
Return
on Equity - Net- ( R.O.E. ) |
% |
-29,24 |
3,51 |
-16,03 |
5,13 |
|
Return
on Equity - Gross - ( R.O.E. ) |
% |
-36,88 |
4,86 |
-16,48 |
14,77 |
|
Return
on Investment ( R.O.I. ) |
% |
-18,41 |
2,17 |
-7,68 |
4,16 |
|
Return/
Sales |
% |
-35,10 |
1,64 |
-17,41 |
4,11 |
|
Extra
Management revenues/charges incid. |
% |
n.c. |
94,83 |
n.c. |
28,57 |
|
Cash
Flow |
Value |
-305.431 |
139.954 |
-182.972 |
122.482 |
|
Operating
Profit |
Value |
-480.304 |
63.112 |
-231.598 |
144.752 |
|
Gross
Operating Margin |
Value |
-400.328 |
143.219 |
-151.035 |
241.990 |
|
MANAGEMENT |
|||||
|
Credits
to clients average term |
Days |
n.c. |
48,56 |
123,86 |
111,85 |
|
Debts
to suppliers average term |
Days |
n.c. |
59,54 |
177,29 |
128,30 |
|
Average
stock waiting period |
Days |
136,91 |
32,53 |
108,11 |
80,43 |
|
Rate
of capital employed return ( Turnover ) |
Units |
0,52 |
1,32 |
0,44 |
1,08 |
|
Rate
of stock return |
Units |
2,63 |
11,07 |
3,33 |
4,45 |
|
Labour
cost incidence |
% |
47,66 |
15,07 |
40,12 |
19,12 |
|
Net
financial revenues/ charges incidence |
% |
-0,42 |
-0,12 |
-0,06 |
-1,08 |
|
Labour
cost on purchasing expenses |
% |
32,73 |
15,49 |
28,81 |
19,02 |
|
Short-term
financing charges |
% |
0,52 |
0,45 |
0,11 |
2,68 |
|
Capital
on hand |
% |
190,65 |
75,55 |
226,77 |
91,91 |
|
Sales
pro employee |
Value |
68.422 |
213.655 |
83.144 |
198.432 |
|
Labour
cost pro employee |
Value |
32.612 |
32.204 |
33.360 |
35.779 |
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 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.
Statistical
Detrimental Data
Statistcally
the trade activity shows periods of crisis.
The
area is statistically considered lowly risky.
In
the region 50.886 protested subjects are found; in the province they count to
24.765.
The
insolvency index for the region is 0,55, , while for the province it is 0,66.
Total
Bankrupt companies in the province : 22.523.
Total
Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.20 |
|
|
1 |
INR 89.58 |
|
Euro |
1 |
INR 78.79 |
|
EURO |
1 |
INR 79.00 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
SDA |
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.