MIRA
INFORM REPORT
|
Report Date : |
01.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
Cavalieri E Co.
S.r.l. |
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Registered Office : |
Corso Sicilia, 10PIANO4 95100 - |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
28/10/2003 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Retail of household articles, chinaware and glassware. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
4.100 - Eur |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
name & address
Cavalieri E Co. S.r.l.
Corso
Sicilia, 10PIANO4
95100 -
SUMMARY
|
Legal Form |
: |
Limited liability company |
|
Start of Activities |
: |
28/10/2003 |
|
Patrimonial Consistence |
: |
25.000 Eur |
|
|
: |
375.000/500.000 Eur |
|
Number of Employees |
: |
from 1 to 5 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
4.100 - Eur |
ACTIVITY
Retail of household articles, chinaware and glassware.
LEGAL DATA
Legal Form : Limited liability company
|
Fiscal Code : 04081990873 |
|
Chamber of Commerce no. : 272593 of |
|
Establishment Date |
: 04/07/2003 |
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|
Start of Activities |
: 28/10/2003 |
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|
Legal Duration Date |
: 31/12/2050 |
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Nominal Capital |
: 12.000 |
Eur |
|
Subscribed Capital |
: 12.000 |
Eur |
|
Paid up Capital |
: 12.000 |
Eur |
MEMBERS
|
Cavalieri |
Aurelio Gabriele |
|
Born in |
(CT) |
on 03/02/1979 |
- Fiscal Code : CVLRGB79B03C351G |
|
Residence : |
Viale |
Vittorio |
, 349 |
- 95100 |
|
(CT) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
04/07/2003 |
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|
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 |
|
Cavalieri Aurelio |
|
CVLRLA79B03C351U |
11.400 .Eur |
95,00 |
|
Cavalieri |
|
CVLVGN78A66C351K |
600 .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 |
|
in : |
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|
|
|
|
Corso |
Sicilia |
, 10PIANO4 |
- 95100 - |
|
(CT) |
- IT - |
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Total Surface: 68 (Sq.Mt.) |
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Employees |
: 3 |
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Fittings and Equipment |
for a value of
370.500 |
Eur |
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|
|
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Stocks |
for a value of
170.430 |
Eur |
PAYMENTS ANALYSIS
The average term of debts to suppliers is high compared with that of the
sector.
PAYMENTS SCORE : - 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.
None reported in the name of the Firm.
FINANCIAL AND
ECONOMICAL ANALYSIS
The company has been active for some years.
During the last years, it recorded positive net results (r.o.e. 5,95% in
2005) and during the last financial year an increase in sales volume was
registered (+27,78% in 2005).
The return on Investment in the last financial year was positive (2,13%)
and reflects the field's average.
Financial condition is not balanced as own capitals do not cover debts,
indebtedness level is in fact high (20,71) falling as opposed to the year
before.
Payments average period is high and higher than the sector.
Liquidity is however good.
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
428.894 |
filed balance sheet |
|
Profit (Loss) for the period |
1.137 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
335.637 |
filed balance sheet |
|
Profit (Loss) for the period |
4.430 |
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 |
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|
2005 |
2004 |
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|
BALANCE SHEET
ACCOUNTS |
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. |
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ASSETS |
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CREDITS TO SHAREHOLDERS |
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FIXED ASSETS ( NET ) |
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|
16.095 |
3.337 |
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. Intangible assets |
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|
2.146 |
1.270 |
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. Tangible fixed assets |
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|
13.949 |
2.067 |
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. . Land and buildings |
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. . Plants, Equipm.and Machinery |
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. Long-term Investments |
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. . Financial loans |
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. . Own shares |
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CURRENT ASSETS |
|
|
427.536 |
415.941 |
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. Stock |
|
|
396.000 |
370.373 |
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. Credits |
|
|
10.550 |
39.175 |
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. . Credits to clients |
|
|
10.550 |
39.175 |
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. . Other credits |
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. Short-term financial assets |
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. Liquid assets |
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|
20.986 |
6.393 |
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ACCRUED INCOME-DEFERR. ASSETS |
|
|
78 |
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TOTAL ASSETS |
|
|
443.709 |
419.278 |
|
. |
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LIABILITIES |
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NET WORTH |
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|
19.098 |
17.960 |
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. Company's capital |
|
|
12.000 |
12.000 |
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. Reserves |
|
|
5.961 |
1.530 |
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. Reserves company's own shares |
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. Retained profits (losses) |
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. Profit (loss) |
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|
1.137 |
4.430 |
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PROVISION CHARGES ACCOUNTS |
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STAFF TERM INDEMNITY |
|
|
8.004 |
2.986 |
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DEBTS |
|
|
416.607 |
398.332 |
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. Financial M/L terms |
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. . Financial M/L term banks |
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. . Financial M/L bonds |
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. . Other financial M/L debts |
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. Financial short-term debts |
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. . Financial short-term banks |
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. . Financial short-term bonds |
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. . Other financial short-term debts |
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. M/L term debts to suppliers |
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. Short-term debts to suppliers |
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. Sundry M/L debts |
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. Sundry short-term debts |
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ACCRUED COSTS DEFERR. LIABILITIES |
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TOTAL LIABILITIES |
|
|
443.709 |
419.278 |
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. |
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PROFIT AND LOSS ACCOUNTS |
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OUTPUT VALUE |
|
|
428.944 |
336.970 |
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. Revenues from sales/services |
|
|
428.894 |
335.637 |
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. Change of stock (products) |
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|
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OPERATING EXPENSES |
|
|
419.454 |
326.924 |
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. Purchasing expenses |
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|
316.541 |
402.379 |
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. Change of stock (raw material) |
|
|
-25.627 |
-156.262 |
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. Expenses from services |
|
|
23.969 |
16.467 |
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. Expenses from leasing |
|
|
1.844 |
1.800 |
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. General expenses/sundry charges |
|
|
1.862 |
774 |
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. Staff expenses |
|
|
97.835 |
60.532 |
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. Depreciation/Devaluation costs |
|
|
3.030 |
1.234 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-716 |
-51 |
|
. Financial charges |
|
|
-743 |
-93 |
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. Financial revenues |
|
|
27 |
42 |
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FINANCIAL ASSETS CORRECTION |
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EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
1 |
-2 |
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PROFIT (LOSS) FOR THE PERIOD |
|
|
8.775 |
9.993 |
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TAX |
|
|
7.638 |
5.563 |
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CORRECT./ALLOCAT. FISCAL RULE |
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NET PROFIT (LOSS) |
|
|
1.137 |
4.430 |
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RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2005 |
as at 31/12/2004 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
|
1,68 |
6,27 |
1,61 |
|
Net Short-term indebtedness |
Units |
- 1 |
|
20,71 |
21,82 |
5,39 |
|
Current ratio |
Units |
=> 1 |
|
1,02 |
1,04 |
1,10 |
|
Acid Test Ratio-Liquidity Ratio |
Units' |
=> 1 |
|
0,07 |
0,11 |
0,51 |
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Return on Sales |
% |
|
|
0,97 |
1,68 |
2,14 |
|
Average stock waiting period |
dd |
|
|
332,38 |
397,22 |
94,12 |
|
Credits to clients average term |
dd |
|
|
8,82 |
42,01 |
48,97 |
|
Debts to suppliers average term |
dd |
|
|
430,00 |
340,00 |
150,00 |
|
Net financial revenues/ charges incidence |
% |
|
|
- 0,16 |
- 0,01 |
- 1,06 |
|
Labour cost incidence |
% |
|
|
22,81 |
18,03 |
8,91 |
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;
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 12%, in respect of a sector
average of 34%.
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:
4.100 .Eur.
MARKET / TERRITORY
DATA
|
Population living in the province |
: |
1.071.883 |
|
Population living in the region |
: |
5.013.081 |
|
Number of families in the region |
: |
1.842.252 |
Monthly family expenses average in the region (in Eur.) :
|
- per food products |
: |
425 |
|
- per non food products |
: |
1.256 |
|
- per energy consume |
: |
69 |
SECTOR DATA
The values are calculated on a base of 1.557 significant companies.
The companies cash their credits on an average of 48 dd.
The average duration of suppliers debts is about 150 dd.
The sector's profitability is on an average of 2,14%.
The labour cost affects the turnover in the measure of 8,91%.
Goods are held in stock in a range of 94 dd.
The difference between the sales volume and the resources used to
realize it is about 1,49.
The employees costs represent the 8,90% of the production costs.
STATISTICAL
DETRIMENTAL DATA
Statistically the trade activity shows periods of crisis.
The area is statistically considered remarkably risky.
In the region 54.738 protested subjects are found; in the province they
count to 13.788.
The insolvency index for the region is 1,09, while for the province it
is 1,29.
Total Bankrupt companies in the province : 3.235.
Total Bankrupt companies in the region : 14.491.
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%)