MIRA
INFORM REPORT
|
Report Date : |
13.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CONSORTIUM S.P.A. |
|
|
|
|
Registered Office : |
Via Dell’Industria, Sn 37038-Soave(VR) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
2005 |
|
|
|
|
Date of Incorporation : |
20.02.1991 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Wholesale trade
of chemical products, animal and vegetal derived ind ustrial oils, raw
rubber. Wholesale of half-manufactured ferrous metals. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
420.900-Eur |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Name and address
|
Consortium S.p.a. |
|
Via |
Dell'Industria, |
Sn |
|
37038 |
- Soave |
(VR) |
-IT- |
SUMMARY
|
Fiscal Code |
: |
02041370236 |
|
Legal Form |
: |
Joint stock company |
|
Start of Activities |
: |
20/02/1991 |
|
Patrimonial Consistence |
: |
2.500.000 Eur |
|
Turnover Range |
: |
15.500.000/18.000.000 Eur |
|
Number of Employees |
: |
from 16 to 25 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
420.900 - Eur |
|
Score |
: |
4. Risk normal |
|
Creditworthness Rate |
: |
(Good) |
|
Eurorating |
: |
Under the financial aspect a certain balance is reported which leads |
|
|
|
to a credit with a very limited risk. |
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|
|
|
ACTIVITY
Wholesale trade of
chemical products, animal and vegetal derived ind ustrial oils, raw rubber.
Wholesale of half-manufactured
ferrous metals.
LEGAL DATA
Legal Form : Joint
stock company
|
Fiscal Code : 02041370236 |
|
Foreign Trade Reg. no. : 21067 of Verona since 29/10/1992 |
|
Chamber of Commerce no. : 313814 of Vicenza |
|
Chamber of Commerce no. : 213745 of Verona since 15/07/1988 |
|
Firms' Register : VR091-27051 since 19/02/1996 |
|
R. E. C. no. : 49540 of Verona since 26/09/1988 |
|
R. E. C. no. : 0049540 of Verona since 26/09/1988 |
|
Court : 27051 of Verona |
|
Foundation Date |
: 15/04/1988 |
|
|
Establishment Date |
: 15/04/1988 |
|
|
Start of Activities |
: 20/02/1991 |
|
|
Legal Duration Date |
: 31/12/2024 |
|
|
Nominal Capital |
: 600.000 |
Eur |
|
Subscribed Capital |
: 600.000 |
Eur |
|
Paid up Capital |
: 600.000 |
Eur |
MEMBERS
|
Lischetti |
Bruno |
|
Born in Codogno |
(MI) |
on 08/11/1943 |
- Fiscal Code : LSCBRN43S08C816Z |
|
Residence : |
Via |
Vergani |
, 30 |
- 35037 |
Teolo |
(PD) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
02/05/2000 |
|
|
No Protests
registered.
COMPANIES CONNECTED TO
MEMBERS
checkings have been
performed on a national scale.
The Members of the
subject firm are not reported to be Members in other companies.
CAPITAL SHAREHOLDERS
|
Style / Name |
Seat / Address |
Fiscal Code |
Owned Shares |
% of Ownership |
|
Par.Fin.Gest. S.R.L. |
Verona - IT - |
02042810230 |
570.000 .Eur |
95,00 |
|
MANOLI LORENZO |
Soave - IT - |
MNLLNZ54A02B531B |
30.000 .Eur |
5,00 |
DIRECT PARTICIPATIONS
The Company under
review has no participations in other Companies.
STRUCTURE AND COMPANY
ACTIVITY
In order to carry
out its activities the firm uses the following locations:
|
- |
Legal and operative seat |
|
since 27/11/1995 |
in : |
|
|
|
|
|
Via |
Dell'Industria |
, Sn |
- 37038 - |
Soave |
(VR) |
- IT - |
|
|
|
|
PHONE |
: 045/6102888 |
|
|
|
|
FAX |
: 045/6102877 |
|
- |
Branch |
(Factory ) |
since 11/01/2006 |
in : |
|
|
|
|
|
Via |
P.d.l. Gualda |
- 36077 - |
Montecchio Maggiore |
(VI) |
- IT - |
|
|
|
|
Employees |
: 20 |
|
|
|
|
Fittings and Equipment |
for a value of 78.500 |
Eur |
|
|
|
|
Stocks |
for a value of 3.021.000 |
Eur |
|
|
|
|
Furniture and fittings |
for a value of 15.493 |
Eur |
|
|
|
|
Vehicles |
for a value of 30.987 |
Eur |
HISTORICAL
INFORMATION AND/OR FIRM'S STATUS
|
Changes to the legal form |
|
Former legal form |
New legal form |
Changement Date |
|
Limited liability company |
Joint stock company |
03/06/1996 |
|
Company Style modifications |
|
Former Style |
New Style |
Changement Date |
|
Consortium S.r.l. |
|
03/06/1996 |
|
Former seats |
|
- |
Branch |
|
since 21/01/1992 |
until 17/06/1994 |
|
|
|
|
|
Localita' |
ABBADIA |
- 53040 |
- MONTEPULCIANO |
(SI) |
- IT - |
|
. |
|
Splitting-up and setting-up of a new company |
|
PFG IMMOBILIARE SRL |
|
Date |
Splitting-up : |
06/06/2005 |
PAYMENTS ANALYSIS
The average term of
debts to suplliers is normal compared with that of the sector.
PAYMENTS SCORE : ZZZZZ
- No insolvency
CREDIT REVOLVING
During last Year,
the subject of inquiry has not been monitored by our company.
PROTESTS
Protests checking
on the subject firm has given a negative result.
LEGAL PROCEDURES
None reported, standing
to the last received edition of the Official Publications.
IMMOVABLES
No specific
(mortgage/cadastrial registrations) inspections have been requested.
|
Immovable Type |
Value |
|
Real estates |
2.401.346 .Eur |
NB.: For Capital Companies
the value of the Immovables is the one reported in the last available financial
documents.
FINANCIAL AND
ECONOMICAL ANALYSIS
Subject is active
since 1991 During the last years, it achieved profits (r.o.e. 37,64% on 2005) but
without a significant increase in the turnover.
The return on
Investment in the last financial year was positive (18,29%) and in line with
the sector's average.
Company's financial
status is balanced since indebtedness is not high (2,19) yet on the increase as
against the previous accounting period.
The company does
not exceed in bank borrowings; the recourse to suppliers' credit is also
limited which is within the sector's average.
Payments are
supported by good current assets.
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
15.972.339 |
filed balance sheet |
|
Profit (Loss) for the period |
853.146 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
16.816.396 |
filed balance sheet |
|
Profit (Loss) for the period |
1.144.381 |
filed balance sheet |
BALANCE SHEETS
From our constant
monitoring of the Public Administration, actually, no more recent balance
sheets result to be filed.
|
Balance Sheet as at 31/12/2005 - Months 12 - Currency Eur - Amounts x 1 |
|
Balance Sheet as at 31/12/2004 - Months 12 - Currency Eur - Amounts x 1 |
|
Years |
|
|
2005 |
2004 |
|
|
BALANCE SHEET ACCOUNTS |
|
|
|
|
. |
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|
|
|
|
ASSETS |
|
|
|
|
|
CREDITS TO SHAREHOLDERS |
|
|
|
|
|
FIXED ASSETS ( NET ) |
|
|
200.532 |
2.637.815 |
|
. Intangible assets |
|
|
29.979 |
27.155 |
|
. Tangible fixed assets |
|
|
170.553 |
2.610.660 |
|
. . Land and buildings |
|
|
|
2.401.346 |
|
. . Plants, Equipm.and Machinery |
|
|
78.506 |
82.167 |
|
. Long-term Investments |
|
|
|
|
|
. . Financial loans |
|
|
|
|
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
7.884.928 |
8.339.237 |
|
. Stock |
|
|
3.020.766 |
2.514.743 |
|
. Credits |
|
|
4.353.368 |
5.110.258 |
|
. . Credits to clients |
|
|
4.326.111 |
5.074.494 |
|
. . Other credits |
|
|
27.257 |
35.764 |
|
. Short-term financial assets |
|
|
22 |
22 |
|
. Liquid assets |
|
|
510.772 |
714.214 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
28.065 |
3.948 |
|
TOTAL ASSETS |
|
|
8.113.525 |
10.981.000 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
2.266.578 |
3.793.786 |
|
. Company's capital |
|
|
600.000 |
600.000 |
|
. Reserves |
|
|
813.432 |
2.049.405 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
|
|
|
. Profit (loss) |
|
|
853.146 |
1.144.381 |
|
PROVISION CHARGES ACCOUNTS |
|
|
|
296 |
|
STAFF TERM INDEMNITY |
|
|
264.699 |
231.804 |
|
DEBTS |
|
|
5.550.363 |
6.921.309 |
|
. Financial M/L terms |
|
|
55.292 |
|
|
. . Financial M/L term banks |
|
|
55.292 |
|
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
2.019.942 |
1.429.952 |
|
. . Financial short-term banks |
|
|
1.476.942 |
411.952 |
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
543.000 |
1.018.000 |
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
3.305.035 |
5.207.055 |
|
. Sundry M/L debts |
|
|
|
47.044 |
|
. Sundry short-term debts |
|
|
170.094 |
237.258 |
|
ACCRUED COSTS DEFERR. LIABILITIES |
|
|
31.885 |
33.805 |
|
TOTAL LIABILITIES |
|
|
8.113.525 |
10.981.000 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
16.488.459 |
17.456.470 |
|
. Revenues from sales/services |
|
|
15.972.339 |
16.816.396 |
|
. Change of stock (products) |
|
|
506.023 |
630.683 |
|
OPERATING EXPENSES |
|
|
15.004.017 |
15.538.195 |
|
. Purchasing expenses |
|
|
12.738.089 |
13.585.460 |
|
. Change of stock (raw material) |
|
|
|
|
|
. Expenses from services |
|
|
1.157.587 |
914.977 |
|
. Expenses from leasing |
|
|
102.572 |
14.413 |
|
. General expenses/sundry charges |
|
|
32.363 |
28.839 |
|
. Staff expenses |
|
|
806.717 |
796.837 |
|
. Depreciation/Devaluation costs |
|
|
166.689 |
197.669 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-46.625 |
-25.562 |
|
. Financial charges |
|
|
-54.696 |
-44.882 |
|
. Financial revenues |
|
|
8.071 |
19.320 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
2 |
545 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
1.437.819 |
1.893.258 |
|
TAX |
|
|
584.673 |
748.877 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
853.146 |
1.144.381 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2005 |
as at 31/12/2004 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
12,89 |
1,54 |
1,97 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
2,19 |
1,62 |
4,14 |
|
Current ratio |
Units |
=> 1 |
l |
1,43 |
1,21 |
1,14 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
=> 1 |
l |
0,88 |
0,84 |
0,95 |
|
Return on Sales |
% |
|
l |
6,38 |
7,98 |
2,14 |
|
Average stock waiting period |
dd |
|
l |
68,07 |
53,82 |
24,65 |
|
Credits to clients average term |
dd |
|
l |
97,48 |
108,61 |
111,88 |
|
Debts to suppliers average term |
dd |
|
l |
84,99 |
129,13 |
104,86 |
|
Net financial revenues/ charges incidence |
% |
|
l |
- 0,29 |
- 0,15 |
- 0,66 |
|
Labour cost incidence |
% |
|
l |
5,05 |
4,73 |
4,63 |
O.V. = Optimal
Value. When not present refer to the sector's.
A coloured item
indicates the opinion of the rate during the last financial year
(green=good; orange=not
optimal; red=insufficient; n.c.=not computable)
CREDIT OPINION
DETERMINATION
The credit opinion
determination is divided into two phases :
1) Risk analysis
(Score).
2) Reliability
score identification.
RELIABILITY SCORE
Considering also subject's
structural and behavioural characteristics its credit margin rate (from 0 to
100%) is equal to 81%, in respect of a sector average of 45%.
CREDIT OPINION
On the basis of the
above mentioned, and the sales volume obtained, we deem that the maximum
exposure for short and medium term transactions ( 90 - 120 days ) could be of:
420.900 .Eur.
MARKET / TERRITORY
DATA
|
Population living in the province |
: |
860.796 |
|
Population living in the region |
: |
4.699.950 |
|
Number of families in the region |
: |
1.813.210 |
Monthly family
expences average in the region (in Eur.) :
|
- per food products |
: |
456 |
|
- per non food products |
: |
2.052 |
|
- per energy consume |
: |
127 |
SECTOR DATA
The values are calculated
on a base of 1.629 significant companies.
The companies cash
their credits on an average of 111 dd.
The average
duration of suppliers debts is about 104 dd.
The sector's
profitability is on an average of 2,14%.
The labour cost
affects the turnover in the measure of 4,63%.
Goods are held in
stock in a range of 24 dd.
The difference
between the sales volume and the resources used to realize it is about 1,75.
The employees costs
represent the 4,73% 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
13.782 protested subjects are found; in the province they count to 2.673.
The insolvency
index for the region is 0,30, while for the province it is 0,31.
Total Bankrupt
companies in the province : 2.982.
Total Bankrupt
companies in the region : 16.714.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)