|
|
|
MIRA INFORM REPORT
|
Report No. : |
507353 |
|
Report Date : |
07.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
CORINO MACCHINE S.P.A. |
|
|
|
|
Registered Office : |
Strada Statale 231, 3/C
12066 - Monticello D'ALBA (CN) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
11.01.1983 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Manufacture of textile machinery,
machinery and systems for auxiliary treatment of textiles, sewing and weaving
machines (including spare parts and accessories) |
|
|
|
|
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
|
|
|
|
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. 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
Corino Macchine S.p.a.
Strada Statale 231, 3/C
12066 - Monticello d'Alba (CN) -IT-
Summary
|
Fiscal Code |
: |
00841410046 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
20/01/1983 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
12.750.000/15.500.000 |
|
Number of Employees |
: |
from 36 to 50 |
Activity
Manufacture of textile machinery, machinery and systems for
auxiliary treatment of textiles, sewing and weaving machines (including spare
parts and accessories)
Legal
Data
Legal Form : Joint stock company
|
Register of Handcraft firms : 50190 |
|
Register of Handcraft firms : 50190 of Cuneo |
|
Fiscal Code : 00841410046 |
|
Foreign Trade Reg. no. : CN008277 since 30/01/1992 |
|
Foreign Trade Reg. no. : 008277 of Cuneo since 30/01/1992 |
|
Foreign Trade Reg. no. : M272119 of Cuneo |
|
Chamber of Commerce no. : 130185 of Cuneo since 26/01/1983 |
|
Firms' Register : CN003-3160 of Cuneo since 19/02/1996 |
|
V.A.T. Code : 00841410046 |
|
Tribunal Co. Register : 3160 of |
|
Foundation date |
: 11/01/1983 |
|
|
Establishment date |
: 11/01/1983 |
|
|
Start of Activities |
: 20/01/1983 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 500.000 |
|
|
Subscribed Capital |
: 500.000 |
|
|
Paid up Capital |
: 500.000 |
|
Legal mail : |
CORINOMACCHINE@PEC.IT |
Members
|
Corino |
Roberto |
|
Born in Alba |
(CN) |
on 19/05/1953 |
- Fiscal Code : CRNRRT53E19A124O |
|
Residence: |
Cherasca |
, 45 |
- 12051 |
Alba |
(CN) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
13/10/2016 |
||
|
Director |
13/10/2016 |
||
|
Managing Director |
13/10/2016 |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Bubbio |
Tiziana |
|
Born in Alba |
(CN) |
on 03/10/1961 |
- Fiscal Code : BBBTZN61R43A124Y |
|
Residence: |
Cherasca |
, 45 |
- 12051 |
Alba |
(CN) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
13/10/2016 |
||
|
Managing Director |
13/10/2016 |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Corino |
Paolo |
|
Born in Alba |
(CN) |
on 05/02/1987 |
- Fiscal Code : CRNPLA87B05A124H |
|
Residence: |
Cherasca |
, 45 |
- 12051 |
Alba |
(CN) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
13/10/2016 |
||
|
Managing Director |
13/10/2016 |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Corino |
Francesco |
|
Born in Alba |
(CN) |
on 18/12/1988 |
- Fiscal Code : CRNFNC88T18A124L |
|
Residence: |
Cherasca |
, 45 |
- 12051 |
Alba |
(CN) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
13/10/2016 |
||
|
Managing Director |
13/10/2016 |
|
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.
|
Corino |
Roberto |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
CORINO ENGINEERING S.R.L." ABBREVIABILE"CORINO S.R.L.
IN LIQUIDAZIONE |
Monticello d'Alba (CN) - IT - |
01970480040 |
Sole Director |
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 |
|
Corino Roberto |
Alba - IT - |
CRNRRT53E19A124O |
450.000 .Eur |
90,00 |
|
Bubbio Donatella |
Alba - IT - |
BBBDTL57L66A124H |
50.000 .Eur |
10,00 |
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 |
since 20/01/1983 |
|
231 |
, 3/C |
- 12066 |
- Monticello d'Alba |
(CN) |
- IT - |
|
PHONE |
: 0173440576 |
|
FAX |
: 0173363695 |
|
Legal mail |
: CORINOMACCHINE@PEC.IT |
|
Employees |
: 43 |
|
Assistants |
: 3 |
|
Fittings and Equipment for a value of 27.000 |
Eur |
|
Stocks for a value of 1.370.000 |
Eur |
Sales are on an international scale.
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:
|
- Italy |
|
- France |
|
- Ireland |
|
- |
Historical
Information and/or Firm's Status
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Limited partnership |
General partnership |
18/06/1985 |
|
General partnership |
Limited liability company |
19/09/1989 |
|
Limited liability company |
Joint stock company |
11/04/2005 |
COMPANY STYLE MODIFICATIONS:
|
Former Style |
New Style |
Changement Date |
|
Corino Macchine di Roberto Corino eamp; S. s.a.s. |
18/06/1985 |
|
|
Corino Macchine di Roberto Corino eamp; C. s.n.c. |
19/09/1989 |
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 |
|
MONTICELLO D'ALBA (CN) |
Buildings |
1 |
02/05/2018 |
|
Buildings Details |
|
Cadastre |
Title |
Location |
Sheet No. |
Particle No. |
Sub No. |
Categorie |
Classe |
Consistence |
Cadastrial Rent |
Part No. |
|
B |
Proprieta' per 1/1 |
MONTICELLO D'ALBA (CN) STRADA STATALE 231, 3/C Piano T-1 |
12 |
200 |
3 |
cat. D/1 |
Euro: 26.760,00 |
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
The company is active since 1983
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 14,86% in 2016 with a good increase in turnover
(+10,07% in 2016 compared to 2015 and +7,27% in 2015 compared to 2014).
The operating result was positive in the last financial year
(8,47%) and reflects the field's average.
The amount of the operating result is equal to Eur. 1.046.481
,showing stability in respect to the value of 2015.
During the latest financial year the gross operating margin
amounted to Eur. 1.239.282 with no sensible increase as against 2015.
The company has an excellent net worth if compared to its debts,
with a low indebtedness (0,35) and with an upward trend compared to the
previous year.
With regard to equity capital, an amount of Eur. 4.515.019 is
registered. , unchanged as opposed to the preceding year.
In the year 2016 total debts amounted to Eur. 5.958.793 , a more
or less stable value.
The company does not exceed in bank credits; payments average
period is instead slightly high (131,3 gg.) even if it still falls within the
sector's average.
Liquidity is good (1,59)
Accounts receivable average term is 80,13 days. , shorter than the
sector's average.
Eur. 807.277 is the value of cash flow during the year 2016
Labour cost amounts to Eur. 2.032.606, with a 15,33% incidence on
production costs. , whereas the incidence on sales revenues is of 14,38%.
The incidence of the financial charges is of -0,18% on the sales
amount.
Financial
Data
|
|
Complete balance-sheet for the year |
al 31/12/2016 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
14.138.817 |
|
Profit (Loss) for the period |
670.726 |
|
|
Complete balance-sheet for the year |
al 31/12/2015 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
12.844.130 |
|
Profit (Loss) for the period |
589.430 |
|
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
11.973.451 |
|
Profit (Loss) for the period |
273.556 |
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
10.254.427 |
|
Profit (Loss) for the period |
121.242 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
10.543.278 |
|
Profit (Loss) for the period |
142.603 |
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
|
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 |
0,27 |
0,29 |
0,33 |
0,18 |
|
Elasticity Ratio |
Units |
0,73 |
0,70 |
0,67 |
0,80 |
|
Availability of stock |
Units |
0,11 |
0,12 |
0,15 |
0,24 |
|
Total Liquidity Ratio |
Units |
0,62 |
0,58 |
0,52 |
0,48 |
|
Quick Ratio |
Units |
0,33 |
0,31 |
0,21 |
0,03 |
|
COMPOSITION ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
0,35 |
0,40 |
0,82 |
3,25 |
|
Self Financing Ratio |
Units |
0,37 |
0,36 |
0,37 |
0,19 |
|
Capital protection Ratio |
Units |
0,74 |
0,72 |
0,72 |
0,63 |
|
Liabilities consolidation quotient |
Units |
0,24 |
0,30 |
0,18 |
0,19 |
|
Financing |
Units |
1,32 |
1,37 |
1,39 |
3,80 |
|
Permanent Indebtedness Ratio |
Units |
0,47 |
0,49 |
0,46 |
0,36 |
|
M/L term Debts Ratio |
Units |
0,11 |
0,13 |
0,09 |
0,11 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,63 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
1,76 |
1,66 |
1,40 |
1,75 |
|
Current ratio |
Units |
1,59 |
1,57 |
1,30 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,35 |
1,29 |
1,01 |
0,81 |
|
Structure's primary quotient |
Units |
1,36 |
1,21 |
1,12 |
1,03 |
|
Treasury's primary quotient |
Units |
0,72 |
0,69 |
0,41 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
273,54 |
281,25 |
269,81 |
516,42 |
|
Current Capital ( net ) |
Value |
3.334.792 |
2.763.542 |
1.530.148 |
422.465 |
|
RETURN |
|||||
|
Return on Sales |
% |
5,71 |
6,02 |
3,87 |
3,35 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
14,86 |
15,32 |
7,33 |
5,13 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
22,60 |
23,81 |
12,81 |
14,77 |
|
Return on Investment ( R.O.I. ) |
% |
8,47 |
8,49 |
4,73 |
4,16 |
|
Return/ Sales |
% |
7,40 |
7,16 |
3,98 |
4,11 |
|
Extra Management revenues/charges incid. |
% |
64,09 |
64,14 |
57,41 |
28,57 |
|
Cash Flow |
Value |
807.277 |
773.837 |
463.089 |
122.482 |
|
Operating Profit |
Value |
1.046.481 |
919.008 |
476.501 |
144.752 |
|
Gross Operating Margin |
Value |
1.239.282 |
1.153.415 |
666.034 |
241.990 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
80,13 |
71,50 |
82,41 |
111,85 |
|
Debts to suppliers average term |
Days |
131,30 |
127,36 |
138,39 |
128,30 |
|
Average stock waiting period |
Days |
34,78 |
37,37 |
44,24 |
80,43 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,14 |
1,19 |
1,19 |
1,08 |
|
Rate of stock return |
Units |
10,35 |
9,63 |
8,14 |
4,45 |
|
Labour cost incidence |
% |
14,38 |
14,94 |
15,59 |
19,12 |
|
Net financial revenues/ charges incidence |
% |
-0,18 |
-0,02 |
-0,04 |
-1,08 |
|
Labour cost on purchasing expenses |
% |
15,33 |
15,91 |
15,98 |
19,02 |
|
Short-term financing charges |
% |
0,72 |
0,39 |
0,58 |
2,68 |
|
Capital on hand |
% |
87,35 |
84,24 |
84,08 |
91,91 |
|
Sales pro employee |
Value |
224.425 |
217.697 |
206.438 |
198.432 |
|
Labour cost pro employee |
Value |
32.263 |
32.521 |
32.184 |
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 |
: |
569.987 |
|
Population living in the region |
: |
4.330.172 |
|
Number of families in the region |
: |
1.889.207 |
Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
429 |
|
- per non food products |
: |
1.789 |
|
- per energy consume |
: |
135 |
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 27.019 protested subjects are found; in the province
they count to 1.458.
The insolvency index for the region is 0,63, , while for the
province it is 0,26.
Total Bankrupt companies in the province : 1.299.
Total Bankrupt companies in the region : 14.165.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.77 |
|
|
1 |
INR 90.58 |
|
Euro |
1 |
INR 79.97 |
|
Euro |
1 |
INR 80.26 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TRU |
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.