MIRA INFORM REPORT

 

 

Report Date :

20.09.2007

 

IDENTIFICATION DETAILS

 

Name :

M.s. Spa

 

 

Registered Office :

Viale Dell' Oceano Atlantico, 4

00100 – Roma (RM) -IT-

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

01/07/2002

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Wholesale of ready-made clothes and of articles for clothing.

Retail of clothes.

 

 

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 :

156.500 - Eur

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

name & address

 

M.s. Spa

 

Viale Dell' Oceano Atlantico, 4

 

00100 - Roma (RM) -IT-

 

 

SUMMARY

 

 

Legal Form

:

Joint stock company

Start of Activities

:

01/07/2002

Patrimonial Consistence

:

Over 2.500.000 Eur

Turnover Range

:

75.000.000/100.000.000 Eur

Number of Employees

:

from 51 to 70

 

 

CREDIT ANALYSIS

 

CREDIT OPINION

:

156.500 - Eur

 

 

ACTIVITY

 

Wholesale of ready-made clothes and of articles for clothing.

Retail of clothes.

 

 

LEGAL DATA

 

Legal Form : Joint stock company

Fiscal Code : 02001020201

 

Foreign Trade Reg. no. : 020346 of Mantova since 10/06/2003

 

Chamber of Commerce no. : 341187 of Bergamo

 

Chamber of Commerce no. : 180161 of Biella

 

Chamber of Commerce no. : 445887 of Bologna

 

Chamber of Commerce no. : 159626 of Cremona

 

Chamber of Commerce no. : 181259 of Ferrara

 

Chamber of Commerce no. : 66250 of Gorizia

 

Chamber of Commerce no. : 117264 of Imperia

 

Chamber of Commerce no. : 126211 of Livorno

 

Chamber of Commerce no. : 1710714 of Milano

 

Chamber of Commerce no. : 215496 of Mantova since 28/05/2002

 

Chamber of Commerce no. : 337105 of Modena

 

Chamber of Commerce no. : 224004 of Parma

 

Chamber of Commerce no. : 1708563 of Parma

 

Chamber of Commerce no. : 236574 of Pavia

 

Chamber of Commerce no. : 1153537 of Roma since 18/01/2007

 

Chamber of Commerce no. : 137794 of Rovigo

 

Chamber of Commerce no. : 249389 of Udine

 

Chamber of Commerce no. : 298748 of Vicenza

 

Chamber of Commerce no. : 298749 of Vicenza

 

Firms' Register : MN-2002-15557 since 27/06/2002

 

Establishment Date

: 17/04/2002

Start of Activities

: 01/07/2002

Legal Duration Date

: 31/12/2050

Nominal Capital

: 5.000.000

Eur

Subscribed Capital

: 5.000.000

Eur

Paid up Capital

: 5.000.000

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

30/06/2005

 

 

 

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

Company Style

Legal Seat

Fiscal Code

Position

Position Status

Firm Status

B.S. S.R.L.

Roma (RM) - IT -

02103560203

Sole Director

Active

Registered

BACCHI PIERFRANCESCO

Suzzara (MN) - IT -

BCCPFR67L19L020L

Proprietor

Active

Registered

CONSORZIO M.S. SUD

Oria (BR) - IT -

02051930747

Vice-Chairman

Active

Registered

M.S. ABBIGLIAMENTO S.R.L.

Roma (RM) - IT -

02160290207

Sole Director

Active

Registered

M.S. DISTRIBUZIONE S.P.A.

Roma (RM) - IT -

02098060201

Sole Director

Active

Registered

M.S. PUBBLICITA' S.R.L.

Roma (RM) - IT -

02098050202

Sole Director

Active

Registered

MIR MODA SRL

Borgoforte (MN) - IT -

02001010202

Sole Director

-

Ceased

MISPA SRL

Roma (RM) - IT -

02043580204

Sole Director

Active

Registered

MIVA SRL

Roma (RM) - IT -

02043540208

Sole Director

-

Ceased

ORIA S.R.L.

Roma (RM) - IT -

02073000206

Sole Director

Active

Registered

PADANA STOCK S.R.L.

Roma (RM) - IT -

02172220200

Sole Director

Active

Registered

SERVIZI COMMERCIALI S.R.L.

Roma (RM) - IT -

02098070200

Sole Director

Active

Registered

SERVIZI IMMOBILIARI SRL

Roma (RM) - IT -

02044930358

Sole Director

Active

Registered

SMIR SRL

Roma (RM) - IT -

02043590203

Sole Director

Active

Registered

SPAM SRL

Roma (RM) - IT -

02040430205

Sole Director

Active

Registered

SPAMI S.R.L.

Roma (RM) - IT -

02072990209

Sole Director

Active

Registered

 

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

Morselli Massimo

 

MRSMSM45R18H771A

12.712 .Eur

0,25

Marven S.a.

 

 

4.987.288 .Eur

99,74

 

 

DIRECT PARTICIPATIONS

 

Company Style

Legal Seat

Fiscal Code

Owned Shares

% of Ownership

Share Status

Consorzio M.s. Sud

Oria - IT -

02051930747

3.000 .Eur

33,33

Active

 

 

STRUCTURE AND COMPANY ACTIVITY

 

In order to carry out its activities the firm uses the following locations:

 

-

Legal and operative seat

 

in :

 

 

 

 

 

Viale

Dell' Oceano Atlantico

, 4

- 00144 -

Roma

(RM)

- IT -

 

 

 

 

 

Trading Style: COMMERCIALE MODA

 

-

Branch

(Shop )

since 01/12/2002

in :

 

 

 

 

 

Via

Papa Giovanni Xxiii

, 21

- 24040 -

Madone

(BG)

- IT -

 

-

Branch

(Shop )

since 28/03/2003

in :

 

 

 

 

 

Via

Buozzi

, 2

- 46045 -

Marmirolo

(MN)

- IT -

 

 

 

 

 

Total Surface: 900 (Sq.Mt.)

 

-

Branch

(Shop )

since 24/05/2003

in :

 

 

 

 

 

Via

Grazzi Soncini

, 14

- 46019 -

Viadana

(MN)

- IT -

 

 

 

 

 

Total Surface: 635 (Sq.Mt.)

 

-

Branch

(Shop )

since 15/01/2003

in :

 

 

 

 

 

Via

S. Leonardo

, 197/A

- 43100 -

Parma

(PR)

- IT -

 

-

Branch

(Shop )

since 20/02/2003

in :

 

 

 

 

 

Via

Amendola

, 304

- 13836 -

Cossato

(BI)

- IT -

 

 

 

 

 

Total Surface: 1.000 (Sq.Mt.)

 

-

Branch

(Shop )

since 06/02/2003

in :

 

 

 

 

 

Strada

Provinciale Francesca

, 45

- 24040 -

Ciserano

(BG)

- IT -

 

-

Branch

(Shop )

since 06/02/2003

in :

 

 

 

 

 

Viale

Isonzo

, 67/B

- 20089 -

Rozzano

(MI)

- IT -

 

 

 

 

 

Total Surface: 600 (Sq.Mt.)

 

-

Branch

(Shop )

since 25/01/2003

in :

 

 

 

 

 

Via

Garzarolli

, 203

- 34170 -

Gorizia

(GO)

- IT -

 

 

 

 

 

Total Surface: 539 (Sq.Mt.)

 

-

Branch

(Shop )

since 19/12/2002

in :

 

 

 

 

 

Via

Dell'artigianato

, 6

- 45030 -

Occhiobello

(RO)

- IT -

 

 

 

 

 

Total Surface: 1.000 (Sq.Mt.)

 

-

Branch

(Shop )

since 01/12/2002

in :

 

 

 

 

 

Via

Firenze

, 130/132

- 57100 -

Livorno

(LI)

- IT -

 

 

 

 

 

Total Surface: 849 (Sq.Mt.)

 

-

Branch

(Shop )

since 01/12/2002

in :

 

 

 

 

 

Corso

Genova

, 95

- 27029 -

Vigevano

(PV)

- IT -

 

 

 

 

 

Total Surface: 440 (Sq.Mt.)

 

-

Branch

(Shop )

since 25/01/2003

in :

 

 

 

 

 

Viale

Partigiani

, 78/B

- 27100 -

Pavia

(PV)

- IT -

 

 

 

 

 

Total Surface: 720 (Sq.Mt.)

 

-

Branch

(Shop )

since 01/12/2002

in :

 

 

 

 

 

Via

Agosti

, 187/187

- 18038 -

San Remo

(IM)

- IT -

 

 

 

 

 

Total Surface: 350 (Sq.Mt.)

 

-

Branch

(Shop )

since 07/06/2003

in :

 

 

 

 

 

Via

Della Fornace

, 1/12

- 44012 -

Bondeno

(FE)

- IT -

 

 

 

 

 

Total Surface: 250 (Sq.Mt.)

 

-

Branch

(Store )

since 01/12/2002

in :

 

 

 

 

 

Via

Verga

, 945

- 46030 -

Borgoforte

(MN)

- IT -

 

-

Branch

(Store )

since 01/12/2002

in :

 

 

 

 

 

Via

Verga - Via Fogazzaro

, 266 Loc. Fraz. Pioppelle

- 46030 -

Borgoforte

(MN)

- IT -

 

 

 

 

PHONE

: 0376/649033

 

-

Branch

(Shop )

since 20/12/2002

in :

 

 

 

 

 

Via

Cremona

, 23

- 46012 -

Bozzolo

(MN)

- IT -

 

 

 

 

 

Total Surface: 798 (Sq.Mt.)

 

-

Branch

(Shop )

since 10/07/2003

in :

 

 

 

 

 

Via

Volta

, 20/A

- 26041 -

Casalmaggiore

(CR)

- IT -

 

 

 

 

 

Total Surface: 126 (Sq.Mt.)

 

-

Branch

(Shop )

since 19/04/2003

in :

 

 

 

 

 

Viale

Cabassi

, 36

- 41012 -

Carpi

(MO)

- IT -

 

-

Branch

(Shop )

since 19/02/2003

in :

 

 

 

 

 

Via

Venezia

, 1

- 33038 -

San Daniele del Friuli

(UD)

- IT -

 

 

 

 

 

Total Surface: 588 (Sq.Mt.)

 

-

Branch

(Shop )

since 01/12/2002

in :

 

 

 

 

 

Via

S.s. Padana Superiore

, 11

- 36100 -

Vicenza

(VI)

- IT -

 

-

Branch

(Shop )

since 10/07/2003

in :

 

 

 

 

 

Via

Taglio Angolo Via Torre

, 21

- 41100 -

Modena

(MO)

- IT -

 

 

 

 

 

Total Surface: 110 (Sq.Mt.)

 

-

Branch

(Shop )

since 30/04/2004

in :

 

 

 

 

 

Riva

Di Reno

, 2

- 40100 -

Bologna

(BO)

- IT -

 

 

 

 

 

Total Surface: 1.800 (Sq.Mt.)

 

-

Branch

(Shop )

since 03/02/2005

in :

 

 

 

 

 

Via

Donella

, 2/C

- 46029 -

Suzzara

(MN)

- IT -

 

 

 

 

 

Total Surface: 790 (Sq.Mt.)

 

 

 

 

Employees

: 58

 

 

 

 

Fittings and Equipment

for a value of 72.500

Eur

 

 

 

 

Stocks

for a value of 10.540.500

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

02/04/2003

 

Ex-Members / Ex-Positions

 

Dondi

Ezio

 

Born in Reggiolo

on 11/06/1928

- Fiscal Code : DNDZEI28H11H225X

 

Residence :

Via

Matteotti

, 44

- 42046

Reggiolo

(RE)

- IT -

 

Position

Permanent Auditor

 

Anceschi

Andrea

 

Born in Reggio Emilia

on 26/05/1966

- Fiscal Code : NCSNDR66E26H223J

 

Residence :

Via

Brancati

, 11

- 42100

Reggio Emilia

(RE)

- IT -

 

Position

Temporary Auditor



PAYMENTS ANALYSIS

 

The average term of debts to suppliers is shorter than the sector one.

 

PAYMENTS SCORE : - 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

 

Company's starting of activities dates back to 2002.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 2% in 2006 with a good increase in turnover (+10,58% in 2006 compared to 2005 and +33,82% in 2005 compared to 2004).

The operating result in 2006 was positive (3,12%) falling within the field's average.

The financial position is not well balanced as the volume of debts is fairly remarkable if compared to shareholder's equity, in fact total debts are 5,15 increasing as against 2005.

Bank borrowings' volume is slightly high but it modestly dips into suppliers credit, 80,13 gg. is the payments' average time which is also lower than the sector average.

The liquidity level is positive (1,23).

 

 

FINANCIAL DATA

 

Complete balance-sheet for the year as at

31/12/2006

(in Eur

x 1 )

 

Item Type

Amount

Source

Sales

84.911.429

filed balance sheet

Profit (Loss) for the period

122.456

filed balance sheet

 

Complete balance-sheet for the year as at

31/12/2005

(in Eur

x 1 )

 

Item Type

Amount

Source

Sales

76.780.501

filed balance sheet

Profit (Loss) for the period

392.249

filed balance sheet

 

Complete balance-sheet for the year as at

31/12/2004

(in Eur

x 1 )

 

Item Type

Amount

Source

Sales

57.373.885

filed balance sheet

Profit (Loss) for the period

342.575

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

 

 

2006

2005

 

BALANCE SHEET ACCOUNTS

 

 

 

.

 

 

 

 

ASSETS

 

 

 

 

CREDITS TO SHAREHOLDERS

 

 

 

 

FIXED ASSETS ( NET )

 

 

231.649

1.293.425

. Intangible assets

 

 

159.377

198.134

. Tangible fixed assets

 

 

72.272

1.095.291

. . Land and buildings

 

 

 

 

. . Plants, Equipm. and Machinery

 

 

72.272

1.095.291

. Long-term Investments

 

 

 

 

. . Financial loans

 

 

 

 

. . Own shares

 

 

 

 

CURRENT ASSETS

 

 

39.033.939

29.558.957

. Stock

 

 

10.540.346

4.429.896

. Credits

 

 

28.386.902

25.004.602

. . Credits to clients

 

 

28.194.431

21.762.730

. . Other credits

 

 

192.471

3.241.872

. Short-term financial assets

 

 

 

 

. Liquid assets

 

 

106.691

124.459

ACCRUED INCOME-DEFERR. ASSETS

 

 

104.143

123.925

TOTAL ASSETS

 

 

39.369.731

30.976.307

.

 

 

 

 

LIABILITIES

 

 

 

 

NET WORTH

 

 

6.102.798

5.980.341

. Company's capital

 

 

5.000.000

5.000.000

. Reserves

 

 

980.342

588.092

. Reserves company's own shares

 

 

 

 

. Retained profits (losses)

 

 

 

 

. Profit (loss)

 

 

122.456

392.249

PROVISION CHARGES ACCOUNTS

 

 

 

 

STAFF TERM INDEMNITY

 

 

118.714

132.214

DEBTS

 

 

32.897.077

24.664.050

. Financial M/L terms

 

 

1.300.000

1.300.000

. . Financial M/L term banks

 

 

1.200.000

1.200.000

. . Financial M/L bonds

 

 

 

 

. . Other financial M/L debts

 

 

100.000

100.000

. Financial short-term debts

 

 

7.141.090

4.398.356

. . Financial short-term banks

 

 

7.141.090

4.398.356

. . Financial short-term bonds

 

 

 

 

. . Other financial short-term debts

 

 

 

 

. M/L term debts to suppliers

 

 

 

 

. Short-term debts to suppliers

 

 

18.842.706

13.441.570

. Sundry M/L debts

 

 

 

 

. Sundry short-term debts

 

 

5.613.281

5.524.124

ACCRUED COSTS DEFERR. LIABILITIES

 

 

251.142

199.702

TOTAL LIABILITIES

 

 

39.369.731

30.976.307

.

 

 

 

 

 

PROFIT AND LOSS ACCOUNTS

 

 

 

OUTPUT VALUE

 

 

86.660.942

78.334.230

. Revenues from sales/services

 

 

84.911.429

76.780.501

. Change of stock (products)

 

 

 

 

OPERATING EXPENSES

 

 

85.431.252

77.237.930

. Purchasing expenses

 

 

80.585.310

63.493.226

. Change of stock (raw material)

 

 

-1.385.960

5.528.686

. Expenses from services

 

 

2.233.409

3.156.508

. Expenses from leasing

 

 

1.825.317

1.964.434

. General expenses/sundry charges

 

 

180.152

33.078

. Staff expenses

 

 

1.726.544

2.755.419

. Depreciation/Devaluation costs

 

 

266.480

306.579

FINANCIAL REVENUES (CHARGES)

 

 

-658.346

-379.999

. Financial charges

 

 

-661.115

-381.294

. Financial revenues

 

 

2.769

1.295

FINANCIAL ASSETS CORRECTION

 

 

 

 

EXTRAORDINARY FINANCIAL REVENUES (CHARGES)

 

 

-92.178

192.376

PROFIT (LOSS) FOR THE PERIOD

 

 

479.166

908.677

TAX

 

 

356.710

516.428

CORRECT./ALLOCAT. FISCAL RULE

 

 

 

 

NET PROFIT (LOSS)

 

 

122.456

392.249

 

RATIOS

Item

O.V.

O.V.

as at 31/12/2006

as at 31/12/2005

Sector Average

Fixed assets ratio

Units

=> 1

l

32,46

5,73

1,58

Net Short-term indebtedness

Units

- 1

l

5,15

3,88

4,88

Current ratio

Units

=> 1

l

1,23

1,26

1,11

Acid Test Ratio-Liquidity Ratio

Units

=> 1

l

0,90

1,07

0,32

Return on Sales

%

 

l

0,45

0,91

2,48

Average stock waiting period

dd

 

l

44,67

20,73

125,78

Credits to clients average term

dd

 

l

119,52

102,02

20,40

Debts to suppliers average term

dd

 

l

80,13

70,52

161,71

Net financial revenues/ charges incidence

%

 

l

- 0,77

- 0,49

- 1,11

Labour cost incidence

%

 

l

2,03

3,58

11,27

 

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

 

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:

 

156.500 .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 expenses 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 1.493 significant companies.

The companies cash their credits on an average of 20 dd.

The average duration of suppliers debts is about 161 dd.

The sector's profitability is on an average of 2,48%.

The labour cost affects the turnover in the measure of 11,27%.

Goods are held in stock in a range of 125 dd.

The difference between the sales volume and the resources used to realize it is about 1,36.

The employees costs represent the 11,21% 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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions