|
|
|
MIRA
INFORM REPORT
|
Report No. : |
496989 |
|
Report Date : |
10.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
INTERFIL S.P.A. |
|
|
|
|
Registered Office : |
Via Caldera, 21, 20153- Milano (MI)-IT |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
18.04.1985 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
·
Preparation and spinning of textile fibres ·
Wholesale of raw and semi-finished textile fibres |
|
|
|
|
No. of Employees : |
From 6 to 10 |
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 (30.09.2017) |
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 and address
|
Interfil
S.p.a. |
|
Via |
Caldera, |
21 |
|
20153 |
-
Milano |
(MI) |
-IT- |
Summary
|
Fiscal
Code |
: |
07837790158 |
|
Legal
Form |
: |
Joint
stock company |
|
start
of Activities |
: |
20/06/1985 |
|
Equity |
: |
Over
2.582.254 |
|
Turnover
Range |
: |
20.000.000/25.000.000
|
|
Number
of Employees |
: |
fom 6
to 10 |
Activity
Preparation
and spinning of textile fibres
Wholesale
of raw and semi-finished textile fibres
Legal Data
Legal
Form : Joint stock company
|
Fiscal
Code : 07837790158 |
|
Foreign
Trade Reg. no. : MI069456 since 23/12/1991 |
|
Foreign
Trade Reg. no. : 069456 of Milano since 23/12/1991 |
|
Chamber
of Commerce no. : 1186151 of Milano since 12/06/1985 |
|
V.A.T.
Code : 07837790158 |
|
Tribunal
Co. Register : 246724 of since 12/06/1985 |
|
Foundation
date |
:
18/04/1985 |
|
|
Establishment
date |
:
18/04/1985 |
|
|
Start
of Activities |
:
20/06/1985 |
|
|
Legal
duration |
:
31/12/2035 |
|
|
Nominal
Capital |
:
520.000 |
|
|
Subscribed
Capital |
:
520.000 |
|
|
Paid up
Capital |
:
520.000 |
|
Legal
mail : |
INTERFILSPA@PEC.IT |
|
Legal
mail : |
INTERFILSPA@PEC.IT |
Members
|
Modiano |
Guido |
|
Born in
Istanbul |
( ) |
on
05/04/1936 |
-
Fiscal Code : MDNGDU36D05Z243S |
|
Residence: |
Alberto
Da Giussano |
, 26 |
- 20145 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
03/04/2015 |
||
|
Board
Chairman |
03/04/2015 |
||
|
Managing
Director |
03/04/2015 |
|
No
Prejudicial events are reported |
|
No
Protests registered |
|
Modiano |
Alfredo |
|
Born in
Milano |
(MI) |
on
05/09/1964 |
-
Fiscal Code : MDNLRD64P05F205R |
|
Residence: |
Santa
Maria Alla Porta |
, N. 5 |
- 20123 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
03/04/2015 |
||
|
Managing
Director |
03/04/2015 |
|
No
Prejudicial events are reported |
|
No
Protests registered |
|
Moranelli |
Stefania |
|
Born in
Milano |
(MI) |
on
03/08/1969 |
-
Fiscal Code : MRNSFN69M43F205T |
|
Residence: |
Spadolini
Giovanni |
, 10/A |
- 20141 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Attorney
with special power |
20/09/2011 |
|
No
Prejudicial events are reported |
|
No
Protests registered |
|
Angelucci |
Matilde |
|
Born in
Paderno Dugnano |
(MI) |
on
27/06/1963 |
-
Fiscal Code : NGLMLD63H67G220R |
|
Residence: |
Brodolini |
, 3 |
- 20054 |
Nova
Milanese |
(MB) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Attorney
with special power |
22/05/2013 |
|
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.
|
Modiano |
Guido |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
Motex
Di Modiano Guido |
Milano
(MI) - IT - |
MDNGDU36D05Z243S |
Proprietor |
Active |
Registered |
|
Ennetielle
Srl |
Milano
(MI) - IT - |
10131110156 |
Director |
Active |
Registered |
|
Modal
S.r.l. |
Gallarate
(VA) - IT - |
02646460127 |
Sole
Director |
Withdrawn |
Registered |
|
Appello
Ebraico Per La Solidarieta' - Organizzazione Non Lucrativa Di Utilita' S |
Milano
(MI) - IT - |
97252730151 |
Director |
Withdrawn |
Registered |
|
Fricky
S.r.l. |
Milano
(MI) - IT - |
07645390969 |
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 |
|
Modiano
Guido |
Milano
- IT - |
MDNGDU36D05Z243S |
416.000
.Eur |
80,00 |
|
Modiano
Alfredo |
Milano
- IT - |
MDNLRD64P05F205R |
104.000
.Eur |
20,00 |
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 |
|
Caldera |
, 21 |
- 20100 |
-
Milano |
(MI) |
- IT - |
|
PHONE |
:
024404941 |
|
FAX |
: 024401414 |
|
Legal
mail |
:
INTERFILSPA@PEC.IT |
|
- |
Legal
and operative seat |
until
26/01/2016 |
|
Di'vittorio
G. |
, 0010 |
- 20094 |
-
Corsico |
(MI) |
- IT - |
|
PHONE |
:
024404941 |
|
FAX |
:
024401414 |
|
Legal
mail |
:
INTERFILSPA@PEC.IT |
|
Employees |
: 9 |
|
Fittings
and Equipment for a value of 4.000 |
Eur |
|
Stocks
for a value of 5.500.000 |
Eur |
|
Furniture
and fittings for a value of 8.000 |
Eur |
|
Vans
for a value of 13.000 |
Eur |
The firm
operates abroad as importer / exporter..
To
purchase foreign products the firm uses the following channels :
|
- its
own sales net-work |
Export
represents up to 20% of the global turnover.
Products
abroad are placed by :
|
- its
own sales net-work |
Import
comes generally from the following nations:
|
- Italy |
Export is
mainly towards:
|
- Italy |
Historical Information and/or
Firm's Status
COMPANY'S
CAPITAL CHANGES:
|
Former
Type |
Former
Amount |
New
Type |
New
Amount |
Changement
Date |
|
387.343Eur |
516.457Eur |
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 1985.
Balance
sheets for the years 2014, 2015 and 2016 were analyzed.
During
the last years, it achieved profits (r.o.e. 14,76% on 2016) keeping the
turnover steady during the last two years.
The
operating result was positive in the last financial year (6,32%) falling within
the field's average.
The
amount of the operating result is equal to Eur. 843.688 with a more then 100%
growth.
The
economic management produced a gross operating margin of Eur. 876.529 showing
an upward trend if compared to 2015.
Company's
financial status is balanced since indebtedness is not high (2,82) with an
improving trend as on the decrease.
The
equity capital is equal to Eur. 3.329.565 , unchanged as opposed to the preceding
year.
Total
indebtedness amounts to Eur. 9.652.437, showing a stable trend as opposed to
2015 (Eur. 9.319.984).
Bank
borrowings' volume is slightly high but it modestly dips into suppliers credit,
39,61 gg. is the payments' average time below the sector's average.
Payments
are supported by good current assets.
Trade
credits are collected slowly, average term is 107,09 days. within the average
values of the sector.
The
financial management generated a cash flow of Eur. 524.374.
Labour
cost amounts to Eur. 620.906, with a 2,78% incidence on production costs. ,
with a 2,69% incidence on turnover.
Limited
financial charges in relation to sales volume.
Financial Data
|
Complete
balance-sheet for the year |
al
31/12/2016 |
(in Eur |
x 1) |
|
Item
Type |
Value |
|
Sales |
23.124.082 |
|
Profit
(Loss) for the period |
491.533 |
|
Complete
balance-sheet for the year |
al
31/12/2015 |
(in Eur |
x 1) |
|
Item
Type |
Value |
|
Sales |
22.066.025 |
|
Profit
(Loss) for the period |
229.472 |
|
Complete
balance-sheet for the year |
al
31/12/2014 |
(in Eur |
x 1) |
|
Item
Type |
Value |
|
Sales |
19.538.134 |
|
Profit
(Loss) for the period |
226.125 |
|
Complete
balance-sheet for the year |
al
31/12/2013 |
(in Eur |
x 1) |
|
Item
Type |
Value |
|
Sales |
22.094.096 |
|
Profit
(Loss) for the period |
253.992 |
|
Complete
balance-sheet for the year |
al
31/12/2012 |
(in Eur |
x 1) |
|
Item
Type |
Value |
|
Sales |
18.270.124 |
|
Profit
(Loss) for the period |
168.274 |
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 |
0,00 |
0,01 |
0,00 |
0,11 |
|
Elasticity
Ratio |
Units |
0,99 |
0,99 |
1,00 |
0,87 |
|
Availability
of stock |
Units |
0,41 |
0,37 |
0,43 |
0,22 |
|
Total
Liquidity Ratio |
Units |
0,58 |
0,62 |
0,57 |
0,56 |
|
Quick
Ratio |
Units |
0,02 |
0,02 |
0,02 |
0,02 |
|
COMPOSITION
ON SOURCE |
|||||
|
Net
Short-term indebtedness |
Units |
2,82 |
2,98 |
2,35 |
3,81 |
|
Self
Financing Ratio |
Units |
0,25 |
0,24 |
0,29 |
0,17 |
|
Capital
protection Ratio |
Units |
0,70 |
0,75 |
0,70 |
0,65 |
|
Liabilities
consolidation quotient |
Units |
0,03 |
0,03 |
0,03 |
0,12 |
|
Financing |
Units |
2,90 |
3,07 |
2,44 |
4,72 |
|
Permanent
Indebtedness Ratio |
Units |
0,27 |
0,26 |
0,31 |
0,30 |
|
M/L
term Debts Ratio |
Units |
0,02 |
0,02 |
0,02 |
0,07 |
|
Net
Financial Indebtedness Ratio |
Units |
2,00 |
2,16 |
1,71 |
1,28 |
|
CORRELATION |
|||||
|
Fixed
assets ratio |
Units |
55,47 |
42,83 |
123,91 |
2,06 |
|
Current
ratio |
Units |
1,37 |
1,35 |
1,42 |
1,16 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
0,81 |
0,84 |
0,81 |
0,84 |
|
Structure's
primary quotient |
Units |
50,93 |
39,43 |
115,40 |
1,28 |
|
Treasury's
primary quotient |
Units |
0,03 |
0,03 |
0,04 |
0,03 |
|
Rate of
indebtedness ( Leverage ) |
% |
401,03 |
417,97 |
347,21 |
591,61 |
|
Current
Capital ( net ) |
Value |
3.618.853 |
3.280.693 |
3.304.912 |
219.071 |
|
RETURN |
|||||
|
Return
on Sales |
% |
2,27 |
1,27 |
1,27 |
2,22 |
|
Return
on Equity - Net- ( R.O.E. ) |
% |
14,76 |
7,55 |
6,99 |
6,27 |
|
Return
on Equity - Gross - ( R.O.E. ) |
% |
22,14 |
11,08 |
10,65 |
15,95 |
|
Return
on Investment ( R.O.I. ) |
% |
6,32 |
2,87 |
3,80 |
4,19 |
|
Return/
Sales |
% |
3,65 |
1,65 |
2,18 |
3,42 |
|
Extra
Management revenues/charges incid. |
% |
58,26 |
62,86 |
53,04 |
29,26 |
|
Cash
Flow |
Value |
524.374 |
280.001 |
248.806 |
61.669 |
|
Operating
Profit |
Value |
843.688 |
365.062 |
426.296 |
95.558 |
|
Gross
Operating Margin |
Value |
876.529 |
415.591 |
448.977 |
144.934 |
|
MANAGEMENT |
|||||
|
Credits
to clients average term |
Days |
107,09 |
113,15 |
104,30 |
120,94 |
|
Debts
to suppliers average term |
Days |
39,61 |
40,49 |
38,18 |
120,04 |
|
Average
stock waiting period |
Days |
85,64 |
77,43 |
88,58 |
61,92 |
|
Rate of
capital employed return ( Turnover ) |
Units |
1,73 |
1,74 |
1,74 |
1,27 |
|
Rate of
stock return |
Units |
4,20 |
4,65 |
4,06 |
5,74 |
|
Labour
cost incidence |
% |
2,69 |
2,38 |
2,43 |
7,77 |
|
Net
financial revenues/ charges incidence |
% |
-0,46 |
-0,13 |
-0,42 |
-1,26 |
|
Labour
cost on purchasing expenses |
% |
2,78 |
2,42 |
2,47 |
7,90 |
|
Short-term
financing charges |
% |
1,11 |
0,31 |
1,04 |
2,67 |
|
Capital
on hand |
% |
57,74 |
57,55 |
57,48 |
78,39 |
|
Sales
pro employee |
Value |
1.217.056 |
1.379.126 |
1.395.581 |
437.713 |
|
Labour
cost pro employee |
Value |
32.679 |
32.884 |
33.843 |
33.928 |
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 |
: |
3.839.216 |
|
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 6.137 significant companies.
The
companies cash their credits on an average of 121 dd.
The
average duration of suppliers debts is about 120 dd.
The
sector's profitability is on an average of 2,22%.
The
labour cost affects the turnover in the measure of 7,77%.
Goods are
held in stock in a range of 62 dd.
The
difference between the sales volume and the resources used to realize it is
about 1,27.
The
employees costs represent the 7,90% 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
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 65.08 |
|
|
1 |
INR 89.85 |
|
Euro |
1 |
INR 80.16 |
|
Euro |
1 |
INR 80.00 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
SYL |
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.