MIRA
INFORM REPORT
|
Report Date : |
9th March, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
LIBA
CHEM S.R.L. |
|
|
|
|
Registered Office : |
Via Talete, 10, 20041- Agrate Brianza
(MI) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
19.03.1991 |
|
|
|
|
Legal Form : |
Limited
liability company |
|
|
|
|
Line of Business : |
Ø
Wholesale
trade of solid, liquid and gas fuels and of other by-products. Ø
Wholesale
trade of oil products and lubricants. Ø Wholesale of industrial
chemical products. |
RATING
& COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
180.500 - Eur |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
Company Name & Address
|
Liba Chem S.r.l. |
|
Via |
Talete, |
10 |
|
20041 |
- Agrate Brianza |
(MI) |
-IT- |
SUMMARY
|
Fiscal Code |
: |
10330790154 |
|
Legal Form |
: |
Limited liability company |
|
Start of Activities |
: |
25/09/1996 |
|
Patrimonial Consistence |
: |
100.000 Eur |
|
Turnover Range |
: |
3.000.000/3.750.000 Eur |
|
Number of Employees |
: |
from 1 to 5 |
CREDIT ANALYSIS
|
CREDIT
OPINION |
: |
180.500
- Eur |
|
Score |
: |
Risk
normal |
|
Creditworthness
Rate |
: |
(Sufficient) |
|
|
|
Financial
situation is not at its best, but credit is possible with no particular
risks. |
|
|
|
|
|
|
|
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
trade of solid, liquid and gas fuels and of other by-products.
Wholesale
trade of oil products and lubricants.
Wholesale
of industrial chemical products.
LEGAL DATA
Legal Form
: Limited liability company
|
Fiscal Code : 10330790154 |
|
Foreign Trade Reg. no. :
MI233771 since 24/10/1995 |
|
Foreign Trade Reg. no. : 233771
of Milano since 24/10/1995 |
|
Chamber of Commerce no. :
1364928 of Milano since 16/05/1991 |
|
Firms' Register : 315432 |
|
Firms' Register : MI146-315432
since 19/02/1996 |
|
V.A.T. Code : 10330790154 |
|
Establishment Date |
: 19/03/1991 |
|
|
Start of Activities |
: 25/09/1996 |
|
|
Legal Duration Date |
: 31/12/2050 |
|
|
Nominal Capital |
: 65.000 |
Eur |
|
Subscribed Capital |
: 65.000 |
Eur |
|
Paid up Capital |
: 65.000 |
Eur |
MEMBERS
|
Limarzi |
Maria Gemma |
|
Born in Desio |
on 18/11/1965 |
- Fiscal Code : LMRMGM65S58D286U |
|
Residence : |
Via |
Monza |
, 42 |
- 20039 |
Varedo |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
28/03/1994 |
|
|
No
Protests registered.
|
Limarzi |
Raffaello |
|
Born in Portici |
on 01/07/1933 |
- Fiscal Code : LMRRFL33L01G902H |
|
Residence : |
Via |
Monza |
, 0042 |
- 20039 |
Varedo |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
28/03/1994 |
|
|
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 held positions.
|
LIMARZI |
|
|
RAFFAELLO Company Style |
Legal Seat |
Fiscal Code |
Position |
Firm Status |
|
LIMARZI RAFFAELLO |
Varedo (MI) - IT - |
LMRRFL33L01G902H |
Proprietor |
Ceased |
The indication "REGISTERED" as Firm Status could
refere to Firms in Liquidation, Active, Inactive, etc.
For more information, in this case, we advise to request
further investigations.
CAPITAL SHAREHOLDERS
|
Style / Name |
Seat / Address |
Fiscal Code |
Owned Shares |
% of Ownership |
|
Limarzi Maria Gemma |
Varedo - IT - |
LMRMGM65S58D286U |
32.500 .Eur |
50,00 |
|
Limarzi Raffaello |
Varedo - IT - |
LMRRFL33L01G902H |
32.500 .Eur |
50,00 |
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 : |
|
|
|
|
|
Via |
Talete |
, 10 |
- 20041 - |
Agrate Brianza |
(MI) |
- IT - |
|
- |
Forwarding office |
|
in : |
|
|
|
|
|
Via |
Vincenzo Monti |
, 12 |
- 20100 - |
Milano |
(MI) |
- IT - |
|
|
|
|
Employees |
: 2 |
|
|
|
|
Fittings and Equipment |
for a value of 139.443 |
Eur |
|
|
|
|
Stocks |
for a value of 127.500 |
Eur |
The
firm has a direct commercial organization
Sales
area on a regional scale.
HISTORICAL INFORMATION AND/OR FIRM'S STATUS
|
Former seats |
|
- |
Forwarding office |
|
|
|
|
|
|
Piazza |
Pietro Gioberti |
- 20100 |
- Milano |
(MI) |
- IT - |
|
. |
|
The firm succeeded to |
|
Limarzi Raffaello |
|
Via |
Monza |
, 0042 |
, 20039 |
, Varedo |
(MI) |
- IT - |
|
Fiscal Code: LMRRFL33L01G902H |
|
Date |
: |
25/09/1996 |
PAYMENTS ANALYSIS
The
average term of debts to suppliers is shorter than the sector one.
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.
None
reported in the name of the Firm.
FINANCIAL AND ECONOMICAL ANALYSIS
Company's
starting of activities dates back to 1996.
Under
an economic point of view, profits were registered during the last years with a
r.o.e. of 8,63% in 2005
The
operating result was positive in the last financial year (8,66%) and reflects
the field's average.
Net
worth does not allow a regular management, short-term debts volume is
considerably high, with an high indebtedness volume on the whole (9,7) which
tends downward.
The
recourse to suppliers' credit is within the limits as arises from the ratio (50
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 |
3.415.706 |
filed balance sheet |
|
Profit (Loss) for the period |
8.124 |
filed balance sheet |
|
Complete balance-sheet for the
year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
4.165.066 |
filed balance sheet |
|
Profit (Loss) for the period |
5.529 |
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 |
||||
|
. |
|
|
|
|
|
ASSETS |
|
|
|
|
|
CREDITS TO SHAREHOLDERS |
|
|
|
|
|
FIXED ASSETS ( NET ) |
|
|
23.940 |
32.793 |
|
. Intangible assets |
|
|
|
|
|
. Tangible fixed assets |
|
|
23.940 |
32.793 |
|
. . Land and buildings |
|
|
|
|
|
. . Plants, Equipm.and Machinery |
|
|
|
|
|
. Long-term Investments |
|
|
|
|
|
. . Financial loans |
|
|
|
|
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
1.012.384 |
1.027.986 |
|
. Stock |
|
|
127.291 |
90.917 |
|
. Credits |
|
|
884.498 |
937.046 |
|
. . Credits to clients |
|
|
884.498 |
937.046 |
|
. . Other credits |
|
|
|
|
|
. Short-term financial assets |
|
|
|
|
|
. Liquid assets |
|
|
595 |
23 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
9.148 |
11.945 |
|
TOTAL ASSETS |
|
|
1.045.472 |
1.072.724 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
94.099 |
85.975 |
|
. Company's capital |
|
|
65.000 |
65.000 |
|
. Reserves |
|
|
20.975 |
15.446 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
|
|
|
. Profit (loss) |
|
|
8.124 |
5.529 |
|
PROVISION CHARGES ACCOUNTS |
|
|
30.261 |
27.875 |
|
STAFF TERM INDEMNITY |
|
|
5.553 |
8.164 |
|
DEBTS |
|
|
913.732 |
948.652 |
|
. Financial M/L terms |
|
|
|
|
|
. . Financial M/L term banks |
|
|
|
|
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
|
|
|
. . Financial short-term banks |
|
|
|
|
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
|
|
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
|
|
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
|
|
|
ACCRUED COSTS DEFERR. LIABILITIES |
|
|
1.827 |
2.058 |
|
TOTAL LIABILITIES |
|
|
1.045.472 |
1.072.724 |
PROFIT AND LOSS ACCOUNTS
|
OUTPUT VALUE |
|
|
3.503.984 |
4.147.654 |
|
. Revenues from sales/services |
|
|
3.415.706 |
4.165.066 |
|
. Change of stock (products) |
|
|
36.374 |
-57.432 |
|
OPERATING EXPENSES |
|
|
3.413.381 |
4.086.081 |
|
. Purchasing expenses |
|
|
3.204.680 |
3.864.989 |
|
. Change of stock (raw material) |
|
|
|
|
|
. Expenses from services |
|
|
110.567 |
127.707 |
|
. Expenses from leasing |
|
|
33.898 |
27.777 |
|
. General expenses/sundry
charges |
|
|
3.680 |
3.543 |
|
. Staff expenses |
|
|
52.726 |
53.008 |
|
. Depreciation/Devaluation costs |
|
|
7.830 |
9.057 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-56.460 |
-35.551 |
|
. Financial charges |
|
|
-56.537 |
-35.569 |
|
. Financial revenues |
|
|
77 |
18 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES
(CHARGES) |
|
|
-2.693 |
|
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
31.450 |
26.022 |
|
TAX |
|
|
23.326 |
20.493 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
8.124 |
5.529 |
RATIOS
|
|
Item |
O.V. |
O.V. |
as at 31/12/2005 |
as at 31/12/2004 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
4,16 |
2,87 |
1,97 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
9,70 |
11,03 |
4,14 |
|
Current ratio |
Units |
=> 1 |
l |
1,10 |
1,08 |
1,14 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
=> 1 |
l |
0,96 |
0,98 |
0,95 |
|
Return on Sales |
% |
|
l |
0,46 |
0,35 |
2,14 |
|
Average stock waiting period |
dd |
|
l |
13,39 |
7,84 |
24,65 |
|
Credits to clients average term |
dd |
|
l |
93,20 |
80,96 |
111,88 |
|
Debts to suppliers average term |
dd |
|
l |
50,00 |
60,00 |
104,86 |
|
Net financial revenues/ charges
incidence |
% |
|
l |
- 1,65 |
- 0,85 |
- 0,66 |
|
Labour cost incidence |
% |
|
l |
1,54 |
1,27 |
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 58%, 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:
180.500 .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 |
: |
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 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 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.
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%)