MIRA
INFORM REPORT
|
Report Date : |
04.04.2008 |
IDENTIFICATION DETAILS
|
Name : |
TESSALIA DUE - S.P.A. |
|
|
|
|
Registered Office : |
Strada D'avia, 192 41100-
Modena (MO) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
02.03.1984 |
|
|
|
|
Com. Reg. No.: |
MO023-14722 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Wholesale of Household Articles, Carpets and Mattresses. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
EUR 85.700 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
As for Your mandate, we report on :
Tessalia Due - S.p.a.
Strada D'avia, 192
41100 - Modena (MO) -IT-
SUMMARY
|
Fiscal Code |
: |
01290260361 |
|
Legal Form |
: |
Joint stock company |
|
Start of Activities |
: |
02/03/1984 |
|
Patrimonial Consistence |
: |
1.500.000 Eur |
|
Turnover Range |
: |
7.750.000/9.000.000 Eur |
|
Number of Employees |
: |
from 11 to 15 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
85.700 - Eur |
|
Score |
: |
Risk medium |
|
Creditworthness Rate |
: |
Modest |
|
|
|
The financial situation is not very balanced-Credit is possible but |
|
|
|
following the future developments. |
ACTIVITY
Wholesale of household articles, carpets and mattresses.
Wholesale of house linen.
Wholesale of blankets.
LEGAL DATA
Legal Form
: Joint stock company
|
Fiscal Code : 01290260361 |
|
Foreign Trade Reg. no.
: MO004075 since 17/12/1991 |
|
Foreign Trade Reg. no.
: 4075 of Modena since 17/12/1991 |
|
Foreign Trade Reg. no.
: 004075 of Modena since 17/12/1991 |
|
Chamber of Commerce no. : 203103
of Modena since 31/12/1980 |
|
Firms' Register : MO023-14722 since 19/02/1996 |
|
V.A.T. Code : 01290260361 |
|
Foundation Date |
: 20/11/1980 |
|
|
Establishment Date |
: 20/11/1980 |
|
|
Start of Activities |
: 02/03/1984 |
|
|
Legal Duration Date |
: 31/12/2030 |
|
|
Nominal Capital |
: 2.040.000 |
Eur |
|
Subscribed Capital |
: 1.020.000 |
Eur |
|
Paid up Capital |
: 1.020.000 |
Eur |
MEMBERS
|
Michalopulos |
Giorgio |
|
Born in Modena |
(MO) |
on 16/07/1965 |
- Fiscal Code : MCHGRG65L16F257Z |
|
Residence : |
Via |
Delle Costellazioni |
, 118 |
- 41100 |
Modena |
(MO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
29/06/2005 |
|
|
|
Director |
29/06/2005 |
|
|
|
Assistant board Chairman |
29/06/2005 |
|
|
No Protests registered.
|
Bianco |
Agnese |
|
Born in Modena |
(MO) |
on 25/11/1943 |
- Fiscal Code : BNCGNS43S65F257H |
|
Residence : |
Via |
Campagna |
, 1 |
- 41100 |
Modena |
(MO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
29/06/2005 |
|
|
|
Director |
29/06/2005 |
|
|
No Protests registered.
|
Michalopulos |
Demetrios |
|
Born in Larissa |
on 28/09/1942 |
- Fiscal Code : MCHDTR42P28Z115P |
|
Residence : |
Via |
Campagna |
, 1 |
- 41100 |
Modena |
(MO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
29/06/2005 |
|
|
|
Director |
29/06/2005 |
|
|
|
Board Chairman |
29/06/2005 |
|
|
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.
|
MICHALOPULOS |
DEMETRIOS |
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Position Status |
Firm Status |
|
TESSALIA DI MICHALOPULOS DEMETRIOS |
Modena (MO) - IT - |
MCHDTR42P28Z115P |
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 |
|
Michalopulos Giorgio |
Modena - IT - |
MCHGRG65L16F257Z |
158.828 .Eur |
15,57 |
|
Bianco Agnese |
Modena - IT - |
BNCGNS43S65F257H |
9.270 .Eur |
0,90 |
|
Michalopulos Demetrios |
Modena - IT - |
MCHDTR42P28Z115P |
851.900 .Eur |
83,51 |
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 |
|
since 20/11/1980 |
in : |
|
|
|
|
|
Strada |
D'avia |
, 192 |
- 41100 - |
Modena |
(MO) |
- IT - |
|
|
|
|
|
Total Surface: 240 (Sq.Mt.) |
|
|
|
|
TELEX |
: 216155 |
|
|
|
|
PHONE |
: 059/351339 |
|
- |
Branch |
(Store ) |
since 01/07/2005 |
in : |
|
|
|
|
|
Via |
Bartoli |
, 2 Loc. LESIGNANA |
- 41100 - |
Modena |
(MO) |
- IT - |
|
|
|
|
PHONE |
: 059/245357 |
|
|
|
|
FAX |
: 059/216538 |
|
|
|
|
Employees |
: 12 |
|
|
|
|
Fittings and Equipment |
for a value of
15.000 |
Eur |
|
|
|
|
Stocks |
for a value of
4.737.500 |
Eur |
|
|
|
|
Furniture and fittings |
for a value of
15.493 |
Eur |
|
|
|
|
Vehicles |
for a value of
46.481 |
Eur |
The firm operates abroad as importer / exporter. .
Export represents from 20% to 50% of the global turnover.
Products abroad are placed by :
|
- its own agents |
Import comes generally from the following nations:
|
- Grecia |
|
- Irlanda |
|
- Islanda |
|
- Bulgaria |
Export is mainly towards:
|
- Grecia |
|
- Ungheria |
|
- Belgio |
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 |
27/12/1980 |
|
Ex-Members /
Ex-Positions |
|
Bianchi |
Emilio |
|
Born in Modena |
on 23/07/1941 |
- Fiscal Code : BNCMLE41L23F257P |
|
Residence : |
Via |
Giardini |
, 408/1 |
- 41100 |
Modena |
(MO) |
- IT - |
|
Position |
|
Supervisory Board Chairman |
|
Alabastri |
Graziana |
|
Born in Pavullo nel Frignano |
on 01/06/1957 |
- Fiscal Code : LBSGZN57H41G393Z |
|
Residence : |
Via |
Boito |
, 4 |
- 41026 |
Pavullo nel Frignano |
(MO) |
- IT - |
|
Position |
|
Temporary Auditor |
|
Gollini |
Donatella |
|
Born in Modena |
on 28/01/1946 |
- Fiscal Code : GLLDTL46A68F257B |
|
Residence : |
Via |
Giardini |
, 408/1 |
- 41100 |
Modena |
(MO) |
- IT - |
|
Position |
|
Permanent Auditor |
|
Former seats |
|
- |
Branch |
(Warehouse ) |
since 01/02/1998 |
|
|
|
|
|
Via |
Livingstone |
- 41100 |
- Modena |
(MO) |
- IT - |
|
- |
Branch |
(Store ) |
since 03/06/2003 |
|
|
|
|
|
Via |
ZINI |
- 41100 |
- MODENA |
(MO) |
- IT - |
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.
NEGATIVITIES
In the name of the firm the following events are registered:
|
Type |
Subject |
Expiry Date |
Amount |
Reason |
Result |
Closure Date |
|
informative note before conntentious |
|
10/07/1995 |
0. |
Temporary state of illiquidity |
|
|
LEGAL PROCEDURES
None reported, standing to the last received edition of the Official
Publications.
IMMOVABLES *
*No specific (mortgage/cadastrial registrations) inspections have been
requested.
|
Immovable Type |
Value |
|
Real estates |
3.003.273 .Eur |
NB.: For Capital Companies the value of the Immovables is the one
reported in the last available financial documents.
FINANCIAL AND ECONOMICAL ANALYSIS
Company's starting of activities dates back to 1984.
Under an economic point of view, profits were registered during the last
years with a r.o.e. of 6,95% in 2006 with an increase in 2006 (+15,76%).
The operating result in 2006 was positive (6,1%) falling within the
field's average.
Financial condition is not balanced as own capitals do not cover debts,
indebtedness level is in fact high (10,18) falling as opposed to the year
before.
The recourse to bank credit is high compared to net worth, debts to
suppliers are on the other hand limited below field's average.
Liquidity is not positive.
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
7.860.861 |
filed balance sheet |
|
Profit (Loss) for the period |
90.897 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
6.790.388 |
filed balance sheet |
|
Profit (Loss) for the period |
57.870 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
7.177.319 |
filed balance sheet |
|
Profit (Loss) for the period |
93.266 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2003 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
5.348.940 |
filed balance sheet |
|
Profit (Loss) for the period |
-13.929 |
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 ) |
|
|
3.063.230 |
2.674.615 |
|
. Intangible assets |
|
|
24.079 |
20.993 |
|
. Tangible fixed assets |
|
|
3.039.151 |
2.653.622 |
|
. . Land and buildings |
|
|
3.003.273 |
2.614.996 |
|
. . Plants, Equipm.and Machinery |
|
|
14.858 |
19.445 |
|
. Long-term Investments |
|
|
|
|
|
. . Financial loans |
|
|
|
|
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
12.013.312 |
11.810.785 |
|
. Stock |
|
|
4.737.266 |
4.825.267 |
|
. Credits |
|
|
7.275.754 |
6.977.410 |
|
. . Credits to clients |
|
|
7.043.547 |
6.105.146 |
|
. . Other credits |
|
|
232.207 |
872.264 |
|
. Short-term financial assets |
|
|
19 |
19 |
|
. Liquid assets |
|
|
273 |
8.089 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
22.444 |
38.785 |
|
TOTAL ASSETS |
|
|
15.098.986 |
14.524.185 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
1.307.452 |
1.216.555 |
|
. Company's capital |
|
|
1.020.000 |
1.020.000 |
|
. Reserves |
|
|
196.555 |
200.000 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
|
-61.315 |
|
. Profit (loss) |
|
|
90.897 |
57.870 |
|
PROVISION FOR RISKS AND LOSSES |
|
|
328.025 |
316.540 |
|
SEVERANCE INDEMNITY FUND |
|
|
139.913 |
122.989 |
|
DEBTS |
|
|
13.322.297 |
12.840.891 |
|
. Financial M/L terms |
|
|
|
|
|
. . Financial M/L term banks |
|
|
|
|
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
8.186.440 |
9.995.103 |
|
. . Financial short-term banks |
|
|
6.712.981 |
8.533.375 |
|
. . Financial short-term bonds |
|
|
1.020.000 |
1.020.000 |
|
. . Other financial short-term debts |
|
|
453.459 |
441.728 |
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
710.962 |
916.342 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
4.424.895 |
1.929.446 |
|
ACCRUED EXPENSE |
|
|
1.299 |
27.210 |
|
TOTAL LIABILITIES |
|
|
15.098.986 |
14.524.185 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS
ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
7.864.179 |
6.820.920 |
|
. Revenues from sales/services |
|
|
7.860.861 |
6.790.388 |
|
. Change of stock (products) |
|
|
|
|
|
OPERATING EXPENSES |
|
|
6.942.675 |
6.021.370 |
|
. Purchasing expenses |
|
|
4.116.401 |
4.599.413 |
|
. Change of stock (raw material) |
|
|
88.001 |
-1.471.855 |
|
. Expenses from services |
|
|
2.003.662 |
2.248.736 |
|
. Expenses from leasing |
|
|
70.440 |
98.589 |
|
. General expenses/sundry charges |
|
|
72.754 |
84.224 |
|
. Staff expenses |
|
|
455.494 |
360.132 |
|
. Depreciation/Devaluation costs |
|
|
135.923 |
102.131 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-625.331 |
-566.262 |
|
. Financial charges |
|
|
-629.133 |
-566.436 |
|
. Financial revenues |
|
|
3.802 |
174 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
2.804 |
-2.016 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
298.977 |
231.272 |
|
TAX |
|
|
208.080 |
173.402 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
90.897 |
57.870 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2006 |
as at 31/12/2005 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
0,47 |
0,50 |
2,86 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
10,18 |
10,54 |
3,99 |
|
Current ratio |
Units |
=> 1 |
l |
0,90 |
0,91 |
1,20 |
|
Acid Test Ratio-Liquidity Ratio |
Units' |
=> 1 |
l |
0,54 |
0,54 |
0,76 |
|
Return on Sales |
% |
|
l |
2,88 |
2,35 |
1,91 |
|
Average stock waiting period |
dd |
|
l |
216,93 |
255,81 |
84,81 |
|
Credits to clients average term |
dd |
|
l |
322,56 |
323,64 |
98,35 |
|
Debts to suppliers average term |
dd |
|
l |
41,32 |
47,48 |
140,38 |
|
Net financial revenues/ charges incidence |
% |
|
l |
- 7,95 |
- 8,33 |
- 1,11 |
|
Labour cost incidence |
% |
|
l |
5,79 |
5,30 |
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; 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:
85.700 .Eur.
MARKET / TERRITORY DATA
|
Population living in the province |
: |
659.925 |
|
Population living in the region |
: |
4.151.369 |
|
Number of families in the region |
: |
1.748.359 |
Monthly family expences average in the region (in Eur.) :
|
- per food products |
: |
425 |
|
- per non food products |
: |
2.063 |
|
- per energy consume |
: |
143 |
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 lowly risky.
In the region 18.860 protested subjects are found; in the province they
count to 3.557.
The insolvency index for the region is 0,46, while for the province it
is 0,55.
Total Bankrupt companies in the province : 2.526.
Total Bankrupt companies in the region : 14.698.
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%)