MIRA
INFORM REPORT
|
Report Date : |
04.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
COM-CAVI S.P.A. MULTIMEDIA |
|
|
|
|
Registered Office : |
Via Nuova Delle Brecce, 324 80100- Napoli |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
19.11.1996 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Wholesale of electronic materials. |
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
ANALYSIS
|
|
COM-CAVI S.P.A. MULTIMEDIA |
|
Via |
Nuova Delle Brecce, |
324 |
|
80100 |
- Napoli |
(NA) |
-IT- |
SUMMARY
|
|
Fiscal Code |
: |
07095920638 |
|
Legal Form |
: |
Joint stock company |
|
Start of Activities |
: |
12/09/1997 |
|
Patrimonial Consistence |
: |
Over 2.500.000 Eur |
|
Turnover Range |
: |
35.000.000/50.000.000 Eur |
|
Number of Employees |
: |
fom 6 to 10 |
CREDIT ANALYSIS
|
|
CREDIT OPINION |
: |
143.100 - 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 electronic materials.
Wholesale of electric material in general.
LEGAL DATA
|
Legal Form : Joint stock company
|
Fiscal Code : 07095920638 |
|
Foreign Trade Reg. no. : 029374 of Napoli since 08/06/1998 |
|
Chamber of Commerce no. : 214211 of Caserta |
|
Chamber of Commerce no. : 1763976 of Milano |
|
Chamber of Commerce no. : 573531 of Napoli since 07/02/1997 |
|
Firms' Register : NA-1997-189753 since 12/02/1997 |
|
R. E. C. no. : 168970 of Napoli since 03/04/1997 |
|
Establishment Date |
: 19/11/1996 |
|
|
Start of Activities |
: 12/09/1997 |
|
|
Legal Duration Date |
: 31/12/2050 |
|
|
Nominal Capital |
: 500.041.727 |
Eur |
|
Subscribed Capital |
: 258.250 |
Eur |
|
Paid up Capital |
: 258.250 |
Eur |
MEMBERS
|
|
Latella |
Michele |
|
Born in NAPOLI |
(NA) |
on 28/01/1970 |
- Fiscal Code : LTLMHL70A28F839Y |
|
Residence : |
Via |
CONSALVO |
, 99/H I/F |
- 80100 |
Napoli |
(NA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
03/01/2006 |
|
|
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.
|
LATELLA |
MICHELE |
|
Company Style |
Legal Seat |
Fiscal Code |
Position |
Position Status |
Firm Status |
|
CABLES AND EQUIPMENTS SRL |
Napoli (NA) - IT - |
05827840637 |
Director |
Active |
Registered |
|
COM-CAVI S.P.A. |
Napoli (NA) - IT - |
00707130639 |
Sole Director |
Dismiss |
Registered |
|
EUROCOM-CAVI S.P.A. |
Bollate (MI) - IT - |
03478181211 |
Sole Director |
Dismiss |
Ceased |
|
VOLLEY BALL CLUB - SPARANISE S.R.L. CON SIGLA V.B.C. SPARANISE S.R.L. |
Sparanise (CE) - IT - |
02030660613 |
Director |
- |
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 |
|
Com-cavi S.p.a. |
Napoli - IT - |
00707130639 |
227.260 .Eur |
88,00 |
|
Latella Vincenzo |
Napoli - IT - |
LTLVCN42S10F839J |
7.747 .Eur |
3,00 |
|
Latella Michele |
Napoli - IT - |
LTLMHL70A28F839Y |
7.747 .Eur |
3,00 |
|
DELLA TORRE ROSARIA |
Napoli - IT - |
DLLRSR46M50C697U |
7.747 .Eur |
3,00 |
|
LATELLA MATILDE |
Napoli - IT - |
LTLMLD74H41F839G |
7.747 .Eur |
3,00 |
DIRECT PARTICIPATIONS
|
|
Company Style |
Legal Seat |
Fiscal Code |
Owned Shares |
% of Ownership |
Share Status |
|
First.El. SpA |
Napoli - IT - |
07370530631 |
|
|
Active |
|
Il Luce 2 Srl |
Capodrise - IT - |
02680830615 |
15.300 .Eur |
51,00 |
Active |
|
Tecno Cavi S.R.L. |
|
07632950635 |
6.825 .Eur |
65,00 |
Active |
|
Neapolis Soc. Consrtile a r.l. |
|
07370510633 |
25.822 .Eur |
14,29 |
Active |
STRUCTURE AND COMPANY ACTIVITY
|
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
in : |
|
|
|
|
|
Via |
Nuova Delle Brecce |
, 324 |
- 80100 - |
Napoli |
(NA) |
- IT - |
|
|
|
|
PHONE |
: 081/7797112 |
|
- |
Secondary office |
(Wholesale store ) |
since 01/06/2004 |
in : |
|
|
|
|
|
Via |
Milano |
, 225 |
- 20021 - |
Baranzate |
(MI) |
- IT - |
|
|
|
|
PHONE |
: 02/38203371 |
|
- |
Branch |
(Wholesale store ) |
since 25/03/2004 |
in : |
|
|
|
|
|
Strada |
Statale Sannitica |
, km. 22+500 |
- 81020 - |
Capodrise |
(CE) |
- IT - |
|
|
|
|
Employees |
: 8 |
|
|
|
|
Fittings and Equipment |
for a value of
39.500 |
Eur |
|
|
|
|
Stocks |
for a value of
6.300.000 |
Eur |
HISTORICAL INFORMATION AND/OR FIRM'S STATUS
|
|
Ex-Members /
Ex-Positions |
|
Latella |
Francesco |
|
Born in NAPOLI |
on 12/08/1955 |
- Fiscal Code : LTLFNC55M12F839O |
|
Residence : |
Via |
CASE SPARSE |
, 40 |
- 84019 |
Vietri sul Mare |
(SA) |
- IT - |
|
Position |
|
Director |
|
Latella |
Vincenzo |
|
Born in Napoli |
on 10/11/1942 |
- Fiscal Code : LTLVCN42S10F839J |
|
Residence : |
Via |
Nicolardi |
, 52 |
- 80100 |
Napoli |
(NA) |
- IT - |
|
Position |
|
Director |
|
Latella |
Michele |
|
Born in NAPOLI |
on 28/01/1970 |
- Fiscal Code : LTLMHL70A28F839Y |
|
Residence : |
Via |
CONSALVO |
, 99/H I/F |
- 80100 |
Napoli |
(NA) |
- IT - |
|
Position |
|
Director |
|
Board Chairman |
|
DELLA TORRE |
ROSARIA |
|
Born in CIMITILE |
on 10/08/1946 |
- Fiscal Code : DLLRSR46M50C697U |
|
Residence : |
Via |
NICOLARDI |
, 180 |
- 80100 |
Napoli |
(NA) |
- IT - |
|
Position |
|
Director |
|
LATELLA |
MATILDE |
|
Born in NAPOLI |
on 01/06/1974 |
- Fiscal Code : LTLMLD74H41F839G |
|
Residence : |
Via |
NICOLARDI |
, 180 |
- 80100 |
Napoli |
(NA) |
- IT - |
|
Position |
|
Director |
PAYMENTS ANALYSIS
|
The average term of debts to suppliers is high 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 1997.
During the last years, it achieved profits (r.o.e. 37,05% on 2006) with
a remarkable upward trend (+93,19% on 2006 compared to 2005 and +10,39% on 2005
compared to 2004).
The operating result in 2006 was positive (6,36%) and in line with the
sector's average.
Financial condition is not balanced as own capitals do not cover debts,
indebtedness level is in fact high (9,7) and increasing if compared to the
previous year.
Financial indebtedness is considered fair whereas the recourse to commercial
borrowings is high besides being higher than sector's average.
Liquid assets are good.
|
FINANCIAL DATA |
|
Complete balance-sheet for the year as at |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
45.798.607 |
filed balance sheet |
|
Profit (Loss) for the period |
1.221.519 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
23.705.883 |
filed balance sheet |
|
Profit (Loss) for the period |
367.142 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
21.472.870 |
filed balance sheet |
|
Profit (Loss) for the period |
264.961 |
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 ) |
|
|
399.124 |
204.416 |
|
. Intangible assets |
|
|
184.210 |
153.444 |
|
. Tangible fixed assets |
|
|
214.914 |
50.972 |
|
. . Land and buildings |
|
|
|
|
|
. . Plants, Equipm.and Machinery |
|
|
39.568 |
32.659 |
|
. Long-term Investments |
|
|
|
|
|
. . Financial loans |
|
|
|
|
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
36.127.801 |
22.435.072 |
|
. Stock |
|
|
6.300.000 |
5.648.137 |
|
. Credits |
|
|
28.650.196 |
15.264.522 |
|
. . Credits to clients |
|
|
24.318.283 |
14.136.609 |
|
. . Other credits |
|
|
4.331.913 |
1.127.913 |
|
. Short-term financial assets |
|
|
643.204 |
1.310.463 |
|
. Liquid assets |
|
|
534.401 |
211.950 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
55.570 |
15.174 |
|
TOTAL ASSETS |
|
|
36.582.495 |
22.654.662 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
3.296.143 |
2.074.628 |
|
. Company's capital |
|
|
258.250 |
258.250 |
|
. Reserves |
|
|
211.627 |
211.632 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
1.604.747 |
1.237.604 |
|
. Profit (loss) |
|
|
1.221.519 |
367.142 |
|
PROVISION CHARGES ACCOUNTS |
|
|
|
|
|
STAFF TERM INDEMNITY |
|
|
107.248 |
93.953 |
|
DEBTS |
|
|
33.177.972 |
20.486.081 |
|
. Financial M/L terms |
|
|
|
|
|
. . Financial M/L term banks |
|
|
|
|
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
4.621.914 |
1.713.672 |
|
. . Financial short-term banks |
|
|
4.621.914 |
1.713.672 |
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
|
|
|
. M/L term debts to suppliers |
|
|
641.308 |
795.654 |
|
. Short-term debts to suppliers |
|
|
26.781.801 |
16.735.764 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
1.132.949 |
1.240.991 |
|
ACCRUED COSTS DEFERR. LIABILITIES |
|
|
1.132 |
|
|
TOTAL LIABILITIES |
|
|
36.582.495 |
22.654.662 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS
ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
46.250.845 |
23.911.838 |
|
. Revenues from sales/services |
|
|
45.798.607 |
23.705.883 |
|
. Change of stock (products) |
|
|
|
|
|
OPERATING EXPENSES |
|
|
43.923.015 |
23.176.049 |
|
. Purchasing expenses |
|
|
41.294.962 |
20.759.422 |
|
. Change of stock (raw material) |
|
|
-846.294 |
-401.566 |
|
. Expenses from services |
|
|
2.510.537 |
2.016.119 |
|
. Expenses from leasing |
|
|
155.576 |
122.927 |
|
. General expenses/sundry charges |
|
|
257.376 |
235.114 |
|
. Staff expenses |
|
|
341.985 |
325.848 |
|
. Depreciation/Devaluation costs |
|
|
208.873 |
118.185 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-232.091 |
-76.258 |
|
. Financial charges |
|
|
-238.075 |
-83.481 |
|
. Financial revenues |
|
|
5.984 |
7.223 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
-5.103 |
-3.584 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
2.090.636 |
655.947 |
|
TAX |
|
|
869.117 |
288.805 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
1.221.519 |
367.142 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2006 |
as at 31/12/2005 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
10,13 |
14,50 |
2,54 |
|
Net Short-term
indebtedness |
Units |
- 1 |
l |
9,70 |
9,38 |
4,25 |
|
Current ratio |
Units |
=> 1 |
l |
1,11 |
1,13 |
1,20 |
|
Acid Test
Ratio-Liquidity Ratio |
Units |
=> 1 |
l |
0,91 |
0,85 |
0,85 |
|
Return on Sales |
% |
|
l |
3,12 |
2,04 |
2,10 |
|
Average stock
waiting period |
dd |
|
l |
49,50 |
85,75 |
63,54 |
|
Credits to clients
average term |
dd |
|
l |
191,12 |
214,66 |
125,02 |
|
Debts to suppliers
average term |
dd |
|
l |
224,56 |
275,61 |
140,43 |
|
Net financial
revenues/ charges incidence |
% |
|
l |
- 0,50 |
- 0,32 |
- 0,93 |
|
Labour cost
incidence |
% |
|
l |
0,74 |
1,37 |
8,72 |
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:
143.100 .Eur.
MARKET / TERRITORY DATA
|
|
Population living in the province |
: |
3.092.859 |
|
Population living in the region |
: |
5.788.986 |
|
Number of families in the region |
: |
1.966.064 |
Monthly family expences average in the region (in Eur.) :
|
- per food products |
: |
475 |
|
- per non food products |
: |
1.304 |
|
- per energy consume |
: |
79 |
SECTOR DATA
|
The values are calculated on a base of 3.407 significant companies.
The companies cash their credits on an average of 125 dd.
The average duration of suppliers debts is about 140 dd.
The sector's profitability is on an average of 2,10%.
The labour cost affects the turnover in the measure of 8,72%.
Goods are held in stock in a range of 63 dd.
The difference between the sales volume and the resources used to
realize it is about 1,39.
The employees costs represent the 8,86% of the production costs.
STATISTICAL DETRIMENTAL DATA
|
Statistcally the trade activity shows periods of crisis.
The area is statistically considered remarkably risky.
In the region 80.616 protested subjects are found; in the province they
count to 41.815.
The insolvency index for the region is 1,40, while for the province it
is 1,36.
Total Bankrupt companies in the province : 18.217.
Total Bankrupt companies in the region : 28.514.
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%)