MIRA
INFORM REPORT
|
Report Date : |
7th March, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
VITALE S.R.L. |
|
|
|
|
Registered Office : |
Viale B. Cellini, 44, 15048 - Valenza (AL) -IT- |
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|
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|
Country : |
Italy |
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|
Financials (as on) : |
31.12.2005 |
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|
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|
Date of Incorporation : |
30.09.1993 |
|
|
|
|
Legal Form : |
Limited liability company |
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|
|
|
Line of Business : |
Ø
Wholesale of
watches, clocks and jewellery. Ø Retail of jewellery, gold and silverware. |
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 : |
8.300 - Eur |
|
|
|
|
Status : |
Small Company |
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|
|
Payment Behaviour : |
Unknown |
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|
|
Litigation : |
Clear |
Company Name & Address
|
Vitale S.r.l. |
|
Viale |
B. Cellini, |
44 |
|
15048 |
- Valenza |
(AL) |
-IT- |
SUMMARY
|
Fiscal Code |
: |
01589320066 |
|
Legal Form |
: |
Limited liability company |
|
Start of Activities |
: |
27/10/1999 |
|
Patrimonial Consistence |
: |
25.000 Eur |
|
Turnover Range |
: |
500.000/750.000 Eur |
|
Number of Employees |
: |
from 1 to 5 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
8.300 - Eur |
|
Score |
: |
3. Risk medium |
|
|
|
Modest financial and
economic aspect - Limited credit is suggested. |
|
|
|
n.b.: The
Creditworthness Rate shows, in percentage, the ratio between the suggested
credit opinion and the credit amount that the firm could get if the financial
situation would be completely positive. |
ACTIVITY
Wholesale of
watches, clocks and jewellery.
Retail of
jewellery,gold and silverware.
LEGAL DATA
Legal Form :
Limited liability company
|
Fiscal Code : 01589320066 |
|
Foreign Trade Reg. no. : AL019369 since 03/12/1999 |
|
Foreign Trade Reg. no. : 019369 of Alessandria since
03/12/1999 |
|
Chamber of Commerce no. : 171731 of Alessandria since
05/01/1994 |
|
Firms' Register : 14937 |
|
Firms' Register : AL003-14937 since 19/02/1996 |
|
Establishment Date |
: 30/09/1993 |
|
|
Start of Activities |
: 27/10/1999 |
|
|
Legal Duration Date |
: 31/12/2100 |
|
|
Nominal Capital |
: 10.400 |
Eur |
|
Subscribed Capital |
: 10.400 |
Eur |
|
Paid up Capital |
: 10.400 |
Eur |
MEMBERS
|
Vitale |
Fulvia Maria Elisa |
|
Born in Valenza |
on 09/04/1941 |
- Fiscal Code : VTLFVM41D49L570E |
|
Residence : |
Viale |
Cellini |
, 42/44 |
- 15048 |
Valenza |
(AL) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
06/07/1999 |
|
|
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 |
|
Vitale Fulvia Maria Elisa |
Valenza - IT - |
VTLFVM41D49L570E |
9.880 .Eur |
95,00 |
|
VITALE MARIO |
|
VTLMRA45R29D969T |
520 .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 : |
|
|
|
|
|
Viale |
B. Cellini |
, 44 |
- 15048 - |
Valenza |
(AL) |
- IT - |
|
|
|
|
PHONE |
: 0131/927683 |
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|
|
|
Employees |
: 2 |
|
|
|
|
Fittings and Equipment |
for a value of
399.500 |
Eur |
|
|
|
|
Stocks |
for a value of
646.500 |
Eur |
The firm has a
direct commercial organization
Sales are on a local
scale.
PAYMENTS ANALYSIS
The average term of
debts to suppliers is shorter than the sector one.
PAYMENTS SCORE :
ZZZZZ - No insolvency
CREDIT REVOLVING
The subject of
inquiry has been monitored by our company:
During the last 12 Months
: n. 1 times.
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 is
active since 1999
Under the financial
profile unstable results are noted. with a negative economic result in the last
financial year. Upward trend as to the turnover in the last financial year
(+13,69%).
The return on
Investment in the last financial year was positive (13,18%) falling within the
field's average.
Financial condition
is not balanced as own capitals do not cover debts, indebtedness level is in
fact high (33,21) and increasing if compared to the previous year.
The recourse to
suppliers' credit is within the limits as arises from the ratio (70 gg.), and
lower than sector's average
The management determines
a good range of liquidity.
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
731.506 |
filed balance sheet |
|
Profit (Loss) for the period |
-4.550 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
643.401 |
filed balance sheet |
|
Profit (Loss) for the period |
3.550 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2003 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
524.940 |
filed balance sheet |
|
Profit (Loss) for the period |
-6.741 |
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 |
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|
|
|
|
CREDITS TO SHAREHOLDERS |
|
|
|
1.690 |
|
FIXED ASSETS ( NET ) |
|
|
35.599 |
37.450 |
|
. Intangible assets |
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|
|
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. Tangible fixed assets |
|
|
35.599 |
37.410 |
|
. . Land and buildings |
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. . Plants, Equipm.and Machinery |
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|
|
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. Long-term Investments |
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|
|
40 |
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. . Financial loans |
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|
|
40 |
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. . Own shares |
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|
|
|
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CURRENT ASSETS |
|
|
841.037 |
747.263 |
|
. Stock |
|
|
646.275 |
483.690 |
|
. Credits |
|
|
172.843 |
246.532 |
|
. . Credits to clients |
|
|
172.843 |
246.532 |
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. . Other credits |
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|
|
|
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. Short-term financial assets |
|
|
|
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. Liquid assets |
|
|
21.919 |
17.041 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
3.890 |
4.191 |
|
TOTAL ASSETS |
|
|
880.526 |
790.594 |
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. |
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LIABILITIES |
|
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NET WORTH |
|
|
22.388 |
28.461 |
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. Company's capital |
|
|
10.400 |
10.400 |
|
. Reserves |
|
|
2.323 |
3.846 |
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. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
14.215 |
10.665 |
|
. Profit (loss) |
|
|
-4.550 |
3.550 |
|
PROVISION CHARGES ACCOUNTS |
|
|
|
|
|
STAFF TERM INDEMNITY |
|
|
22.389 |
17.676 |
|
DEBTS |
|
|
835.749 |
742.033 |
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. Financial M/L terms |
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|
|
|
|
. . Financial M/L term banks |
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|
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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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|
|
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. Sundry short-term debts |
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|
|
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ACCRUED COSTS DEFERR. LIABILITIES |
|
|
|
2.424 |
|
TOTAL LIABILITIES |
|
|
880.526 |
790.594 |
|
. |
|
|
|
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PROFIT AND LOSS ACCOUNTS
|
OUTPUT VALUE |
|
|
752.015 |
652.618 |
|
. Revenues from sales/services |
|
|
731.506 |
643.401 |
|
. Change of stock (products) |
|
|
|
|
|
OPERATING EXPENSES |
|
|
635.891 |
603.316 |
|
. Purchasing expenses |
|
|
655.448 |
563.097 |
|
. Change of stock (raw material) |
|
|
-162.585 |
-84.210 |
|
. Expenses from services |
|
|
38.483 |
34.973 |
|
. Expenses from leasing |
|
|
1.686 |
1.657 |
|
. General expenses/sundry charges |
|
|
13.738 |
17.663 |
|
. Staff expenses |
|
|
87.310 |
67.155 |
|
. Depreciation/Devaluation costs |
|
|
1.811 |
2.981 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-104.789 |
-29.113 |
|
. Financial charges |
|
|
-104.789 |
-29.113 |
|
. Financial revenues |
|
|
|
|
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
-2 |
|
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
11.333 |
20.189 |
|
TAX |
|
|
15.883 |
16.639 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
-4.550 |
3.550 |
RATIOS
|
|
Item |
O.V. |
O.V. |
as at 31/12/2005 |
as at 31/12/2004 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
3,22 |
1,42 |
2,05 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
33,21 |
25,22 |
3,85 |
|
Current ratio |
Units |
=> 1 |
l |
1,09 |
1,01 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units' |
=> 1 |
l |
0,25 |
0,35 |
0,49 |
|
Return on Sales |
% |
|
l |
- 0,37 |
1,01 |
2,45 |
|
Average stock waiting period |
dd |
|
l |
318,02 |
270,61 |
108,07 |
|
Credits to clients average term |
dd |
|
l |
85,03 |
137,91 |
43,30 |
|
Debts to suppliers average term |
dd |
|
l |
70,00 |
320,00 |
154,77 |
|
Net financial revenues/ charges incidence |
% |
|
l |
- 14,32 |
- 4,52 |
- 1,09 |
|
Labour cost incidence |
% |
|
l |
11,93 |
10,43 |
8,19 |
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 22%, in respect of a sector average of 27%.
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:
8.300 .Eur.
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.
SOURCES
- Our historical
data
- Public
Administration
- Reporters
- Newspapers
- Users
- Statistics Bodies
- Financial Project
Editions
N.B.: Data from the
Public Administration present in the report are updated since the last
available edition.
MARKET / TERRITORY DATA
|
Population living in the province |
: |
429.080 |
|
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 811 significant companies.
The companies cash
their credits on an average of 43 dd.
The average
duration of suppliers debts is about 154 dd.
The sector's profitability
is on an average of 2,45%.
The labour cost
affects the turnover in the measure of 8,19%.
Goods are held in
stock in a range of 108 dd.
The difference
between the sales volume and the resources used to realize it is about 1,31.
The employees costs
represent the 8,28% of the production costs.
STATISTICAL DETRIMENTAL DATA
Statistcally the
trade activity shows periods of crisis.
The area is
statistically considered moderately risky.
In the region 27.019
protested subjects are found; in the province they count to 2.105.
The insolvency
index for the region is 0,63, while for the province it is 0,50.
Total Bankrupt
companies in the province : 1.755.
Total Bankrupt
companies in the region : 14.165.
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%)