MIRA
INFORM REPORT
|
Report Date : |
24.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
M.S. DISTRIBUZIONE S.P.A. |
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|
Registered Office : |
Via Colonna Vittoria, 18, 00100
– Roma (RM) -IT- |
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Country : |
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Financials (as on) : |
2006 |
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Date of Incorporation : |
23/12/2004 |
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Legal Form : |
Joint stock company |
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Line of Business : |
Wholesale of ready-made clothes and of articles for
clothing |
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 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY &
ADDRESS
M.S. DISTRIBUZIONE S.P.A.
Via Colonna Vittoria, 18
00100 – Roma (RM) -IT-
SUMMARY
Fiscal Code : 02098060201
Legal Form : Joint stock
company
Establishment Date : 23/12/2004
Patrimonial Consistence : 500.000
Eur
Number of Employees : from 26
to 35
CREDIT ANALYSIS
CREDIT OPINION : 91.900 -
Eur
Score : Risk high
Creditworthness Rate : (Scanty)
Modest financial and economic
aspect - Limited credit is suggested.
ACTIVITY
Wholesale of ready-made clothes and of articles for clothing.
LEGAL DATA
Legal Form : Joint stock company
Fiscal Code :
02098060201
Chamber of Commerce no. :
223791 of Mantova
Chamber of Commerce no. :
231948 of Mantova
Chamber of Commerce no. :
1153543 of Roma since 18/01/2007
Firms' Register :
MN-2005-859
Establishment Date :
23/12/2004
Legal Duration Date :
31/12/2030
Nominal Capital : 2.000.000 Eur
Subscribed Capital :
2.000.000 Eur
Paid up Capital :
2.000.000 Eur
MEMBERS
Bacchi Pierfrancesco
Born in Suzzara (MN) on
19/07/1967 -
Fiscal Code : BCCPFR67L19L020L
Residence
: Viale Della Liberta' , 3 - 46029 Suzzara (MN) - IT -
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
23/05/2007 |
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|
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.
BACCHI PIERFRANCESCO
|
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 |
|
Iriden S.a. |
|
|
1.999.757 .Eur |
99,98 |
|
Bacchi Pierfrancesco |
Suzzara - IT - |
BCCPFR67L19L020L |
243 .Eur |
0,01 |
DIRECT
PARTICIPATIONS
|
Company Style |
Legal Seat |
Fiscal Code |
Owned Shares |
% of Ownership |
Share Status |
|
B.s. S.r.l. |
Roma - IT - |
02103560203 |
5.000 .Eur |
50,00 |
Active |
|
Esse 51 S.r.l. |
Roma - IT - |
09625651006 |
9.800 .Eur |
98,00 |
Active |
|
Emme 51 S.r.l. |
Roma - IT - |
09625661005 |
9.800 .Eur |
98,00 |
Active |
|
Mispa Srl |
Roma - IT - |
02043580204 |
9.800 .Eur |
98,00 |
Active |
|
Smir Srl |
Roma - IT - |
02043590203 |
9.800 .Eur |
98,00 |
Active |
STRUCTURE AND
COMPANY ACTIVITY
In order to carry out its activities the firm uses the following locations:
- Legal and operative
seat in :
Via Colonna Vittoria , 18 - 00193 - Roma (RM) - IT -
- Branch (Store
) since 05/04/2007 in :
Via Fogazzaro , 2/4 - 46030 - Borgoforte (MN) - IT -
- Branch
(Sales office ) since 05/04/2007 in :
Via
Verga , 266 - 46030 - Borgoforte (MN) -
IT -
Employees : 35
Fittings and Equipment for a value of 303.500 Eur
Stocks for a
value of 10.331.720 Eur
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.
None reported in the name of the Firm.
FINANCIAL AND
ECONOMICAL ANALYSIS
Company's starting of activities dates back to some years ago (2004).
Under an economic point of view, profits were registered during the last years with a r.o.e. of 95,87% in 2006 and during the last financial year an increase in sales volume was registered (more then 100% in 2006).
The operating result was positive in the last financial year (2,13%) and in line with the sector'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 (84,42) which is anyway decreasing.
Financial debts exposure is under control while the recourse to commercial credit is rather frequent even if it still falls within the sector's average.
The available funds are good.
FINANCIAL DATA
Complete
balance-sheet for the year as at 31/12/2006 (in Eur x 1 )
|
Item Type |
Amount |
Source |
|
Sales |
41.328.405 |
filed balance sheet |
|
Profit (Loss) for the period |
376.886 |
filed balance sheet |
Complete balance-sheet
for the year as at 31/12/2005 (in Eur x 1 )
|
Item Type |
Amount |
Source |
|
Sales |
16.713.765 |
filed balance sheet |
|
Profit (Loss) for the period |
6.226 |
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 31/12/2006 - Months 12 - Currency Eur -
Amounts x 1
Balance Sheet as at 31/12/2005 - Months 12 - Currency Eur - Amounts
x 1
|
Years |
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2006 |
2005 |
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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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|
401.253 |
1.970 |
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. Intangible assets |
|
|
1.576 |
1.970 |
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. Tangible fixed assets |
|
|
399.677 |
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. . Land and buildings |
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. . Plants, Equipm.and Machinery |
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|
303.402 |
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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 |
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33.441.393 |
17.817.354 |
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. Stock |
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|
16.660.290 |
10.163.538 |
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. Credits |
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16.761.905 |
7.633.966 |
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. . Credits to clients |
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|
13.827.048 |
4.677.279 |
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. . Other credits |
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|
2.934.857 |
2.956.687 |
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. Short-term financial assets |
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. Liquid assets |
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|
19.198 |
19.850 |
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ACCRUED INCOME-DEFERR. ASSETS |
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|
1.334 |
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TOTAL ASSETS |
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|
33.843.980 |
17.819.324 |
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. |
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LIABILITIES |
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NET WORTH |
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|
393.111 |
16.226 |
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. Company's capital |
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|
10.000 |
10.000 |
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. Reserves |
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|
6.225 |
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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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376.886 |
6.226 |
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PROVISION CHARGES ACCOUNTS |
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STAFF TERM INDEMNITY |
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|
98.377 |
66.730 |
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DEBTS |
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33.206.457 |
17.642.045 |
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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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|
91.869 |
47.877 |
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. . Financial short-term banks |
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91.869 |
47.877 |
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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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15.505.061 |
9.864.106 |
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. Sundry M/L debts |
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. Sundry short-term debts |
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17.609.527 |
7.730.062 |
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ACCRUED COSTS DEFERR. LIABILITIES |
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|
146.035 |
94.323 |
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TOTAL LIABILITIES |
|
|
33.843.980 |
17.819.324 |
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. |
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PROFIT AND LOSS ACCOUNTS |
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OUTPUT VALUE |
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|
41.353.125 |
16.713.765 |
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. Revenues from sales/services |
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|
41.328.405 |
16.713.765 |
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. Change of stock (products) |
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OPERATING EXPENSES |
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|
40.632.027 |
16.673.711 |
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. Purchasing expenses |
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|
44.564.814 |
23.992.026 |
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. Change of stock (raw material) |
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|
-6.049.257 |
-7.976.053 |
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. Expenses from services |
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|
630.484 |
178.981 |
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. Expenses from leasing |
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|
294.839 |
86.164 |
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. General expenses/sundry charges |
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|
20.441 |
1.284 |
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. Staff expenses |
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|
1.134.812 |
391.309 |
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. Depreciation/Devaluation costs |
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|
35.894 |
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FINANCIAL REVENUES (CHARGES) |
|
|
-30.637 |
-2.876 |
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. Financial charges |
|
|
-30.659 |
-2.886 |
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. Financial revenues |
|
|
22 |
10 |
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FINANCIAL ASSETS CORRECTION |
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|
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EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
636 |
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PROFIT (LOSS) FOR THE PERIOD |
|
|
691.097 |
37.178 |
|
TAX |
|
|
314.211 |
30.952 |
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CORRECT./ALLOCAT. FISCAL RULE |
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NET PROFIT (LOSS) |
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|
376.886 |
6.226 |
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RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2006 |
as at 31/12/2005 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
1,22 |
42,10 |
2,86 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
84,42 |
1.086,04 |
3,99 |
|
Current ratio |
Units |
=> 1 |
l |
1,00 |
1,00 |
1,20 |
|
Acid Test Ratio-Liquidity Ratio |
Units' |
=> 1 |
l |
0,50 |
0,43 |
0,76 |
|
Return on Sales |
% |
|
l |
0,99 |
0,03 |
1,91 |
|
Average stock waiting period |
dd |
|
l |
145,11 |
218,88 |
84,81 |
|
Credits to clients average term |
dd |
|
l |
120,42 |
100,72 |
98,35 |
|
Debts to suppliers average term |
dd |
|
l |
122,68 |
146,37 |
140,38 |
|
Net financial revenues/ charges incidence |
% |
|
l |
- 0,07 |
- 0,01 |
- 1,11 |
|
Labour cost incidence |
% |
|
l |
2,74 |
2,34 |
8,20 |
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
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:
91.900 .Eur.
MARKET / TERRITORY
DATA
Population living in the
province :
3.807.992
Population living in the
region :
5.269.972
Number of families in the
region :
2.091.220
Monthly family expences average in the region (in Eur.) :
- per food products :
472
- per non food products : 1.832
- per energy consume : 102
SECTOR DATA
The values are calculated on a base of 2.099 significant companies.
The companies cash their credits on an average of 98 dd.
The average duration of suppliers debts is about 140 dd.
The sector's profitability is on an average of 1,91%.
The labour cost affects the turnover in the measure of 8,20%.
Goods are held in stock in a range of 84 dd.
The difference between the sales volume and the resources used to realize it is about 1,33.
The employees costs represent the 8,19% of the production costs.
STATISTICAL DETRIMENTAL
DATA
Statistically the trade activity passes through serious crises.
The area is statistically considered moderately risky.
In the region 53.924 protested subjects are found; in the province they count to 34.465.
The insolvency index for the region is 1,04, while for the province it is 0,92.
Total Bankrupt companies in the province : 31.914.
Total Bankrupt companies in the region : 37.442.
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. |
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%)