MIRA
INFORM REPORT
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Report Date : |
02.04.2011 |
IDENTIFICATION DETAILS
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Name : |
GE. CA LEGUMI SOCIETA' PER AZIONI |
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Registered Office : |
Agglomerato Asi Nola - Marigliano ,s.n. 80035 - Nola (NA) |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
21.11.1995 |
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Com. Reg. No.: |
NA049-1993-4278 since 19/02/1996 |
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Legal Form : |
Joint stock company with sole shareholder |
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Line of Business : |
Wholesale of grains and dried legumes |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
250.000 - Eur |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name and address
Ge. Ca Legumi Societa' Per Azioni
Agglomerato Asi Nola - Marigliano ,s.n.
80035 - Nola (NA) -IT-
Summary
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Fiscal Code |
: |
02737371217 |
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Legal Form |
: |
Joint stock company with sole shareholder |
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start of Activities |
: |
21/11/1995 |
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Equity |
: |
Over 2.582.254 Eur |
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: |
25.000.000/35.000.000 Eur |
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Number of Employees |
: |
from 11 to 15 |
Credit Analysis
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Credit Opinion |
: |
250.000 - Eur |
Activity
Wholesale of grains and dried legumes
Legal Data
Legal Form : Joint stock company with sole shareholder
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Fiscal Code : 02737371217 |
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Municipal Licence : 298 since 03/05/1995 |
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Municipal Licence : 298 since 03/05/1995 |
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Foreign Trade Reg. no. : NA021819 since 01/02/1996 |
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Chamber of Commerce no. : 513174 of |
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Firms' Register : NA049-1993-4278 since 19/02/1996 |
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V.A.T. Code : 02737371217 |
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R. E. C. no. : 137342 of |
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Establishment date |
: 09/06/1993 |
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Start of Activities |
: 21/11/1995 |
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Legal duration |
: 31/12/2050 |
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Nominal Capital |
: 3.447.000 |
Eur |
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Subscribed Capital |
: 3.447.000 |
Eur |
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Paid up Capital |
: 3.447.000 |
Eur |
Members
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Casillo |
Angelo |
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Born in Ottaviano |
(NA) |
on 18/06/1967 |
- Fiscal Code : CSLNGL67H18G190L |
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Residence : |
Via |
Europa |
, 74 |
- 80047 |
San Giuseppe Vesuviano |
(NA) |
- IT - |
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Position |
Since |
Shares Amount |
% Ownership |
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Sole Director |
09/10/2008 |
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Sole partner |
22/10/2005 |
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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 have holded
positions.
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CASILLO |
ANGELO |
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Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
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CASILLO GENNARO E C. S.N.C. DI CASILLO ANGELO |
Terzigno (NA) - IT - |
04876620636 |
Partner |
Withdrawn |
Liquidated |
The indication "REGISTERED" as Firm Status could refer to
Firms in Liquidation, Active, Inactive, etc.
For more information, in this case, we advise to request further
investigations.
Capital Shareholders
Shareholders' list as at date of data collection:
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Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
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Casillo Angelo |
San Giuseppe Vesuviano - IT - |
CSLNGL67H18G190L |
|
100,00 |
Direct Participations
The Company under review has no participations in other Companies.
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
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- |
Legal and operative seat |
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Agglomerato Asi Nola- |
- 80035 |
- Nola |
(NA) |
- IT - |
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Employees |
: 12 |
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Fittings and Equipment for a value of 870.000 |
Eur |
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Stocks for a value of 460.000 |
Eur |
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Historical Information and/or Firm's Status
EX-MEMBERS / EX-POSITIONS:
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Iovene |
Giovanna |
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Born in |
on 26/06/1959 |
- Fiscal Code : VNIGNN59H66F839H |
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Residence : |
Via |
Pagliano |
, 28 |
- 80055 |
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(NA) |
- IT - |
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Ex-Postions |
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Temporary Auditor |
Protests
Protests checking on the subject firm has given a negative result.
Legal Procedures
None reported, standing to the latest received edition of the Official
Publications.
Bankers
The firm operates with:
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Bank Name |
Agency Name |
Address |
ZIP Code |
City |
ABI Code |
CAB Code |
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San Paolo Banco di Napoli S.p.A. |
Ag. |
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Financial and Economical Analysis
Company's starting of activities dates back to 1995.
An eco-fin analysis has been made on the base od the b/s fo the years
2007, 2008 and 2009.
During the last years, it achieved profits (r.o.e. 6,95% on 2009) but
without a significant increase in the turnover.
The return on Investment in the last financial year was positive (7,86%)
and in line with the sector's average.
The amount of the operating result for the year 2009 is of Eur.
1.483.959 , with no sizeable change as opposed to the year before.
The G.O.M. amounted to Eur. 1.748.426 , stable if compared to the year
before.
Very good financial situation: shareholder's equity covers short-terms
debts with an indebtedness level equal to 0,45 lower than in 2008.
It's shareholders funds amount to Eur. 10.962.976 on the same levels as
the year before.
Total indebtedness was equal to Eur. 7.871.842 (Eur. 1.900.737 was the
value of m/l term debts) , decreasing if compared to 2008 (-29,25%).
Bank exsposure is limited and the suppliers' credit is modest too, 17,59
gg. is the payment average period below field's average.
Payments are supported by good current assets.
Due from customers average term is high and equal to 132,15 days. and
higher than the average of the sector.
Eur. 1.026.530 is the value of cash flow during the year 2009
Labour cost amounts to Eur. 381.713, with a 1,15% incidence on
production costs. and a 1,11% incidence on sales volumes.
Financial charges have a limited incidence (-1,03%) on sales volume.
Financial Data
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Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
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Item Type |
Value |
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Sales |
34.507.161 |
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Profit (Loss) for the period |
762.063 |
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Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
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Item Type |
Value |
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Sales |
34.856.683 |
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Profit (Loss) for the period |
1.346.247 |
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Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
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Item Type |
Value |
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Sales |
26.066.549 |
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Profit (Loss) for the period |
380.144 |
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Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
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Item Type |
Value |
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Sales |
20.938.401 |
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Profit (Loss) for the period |
268.350 |
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Complete balance-sheet for the year |
31/12/2005 |
(in Eur |
x 1 ) |
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Item Type |
Value |
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Sales |
19.088.421 |
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Profit (Loss) for the period |
184.436 |
Balance Sheets
From our constant monitoring of the relevant Public Administration
offices, no more recent balance sheets result to have been filed.
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- Balance Sheet as at 31/12/2009 - 12 Mesi - Currency: Eur - Amounts x
1 |
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- Balance Sheet as at 31/12/2008 - 12 Mesi - Currency: Eur - Amounts x
1 |
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- Balance Sheet as at 31/12/2007 - 12 Mesi - Currency: Eur - Amounts x
1 |
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RATIOS |
Value Type |
as at 31/12/2009 |
as at 31/12/2008 |
as at 31/12/2007 |
Sector Average |
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COMPOSITION ON
INVESTMENT |
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Rigidity Ratio |
Units |
0,22 |
0,18 |
0,18 |
0,09 |
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Elasticity Ratio |
Units |
0,78 |
0,81 |
0,81 |
0,89 |
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Availability of stock |
Units |
0,02 |
0,02 |
0,09 |
0,18 |
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Total Liquidity Ratio |
Units |
0,76 |
0,79 |
0,72 |
0,63 |
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Quick Ratio |
Units |
0,06 |
0,00 |
0,01 |
0,03 |
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COMPOSITION ON
SOURCE |
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Net Short-term indebtedness |
Units |
0,45 |
0,86 |
0,92 |
4,99 |
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Self Financing Ratio |
Units |
0,58 |
0,47 |
0,46 |
0,13 |
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Capital protection Ratio |
Units |
0,62 |
0,53 |
0,84 |
0,64 |
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Liabilities consolidation quotient |
Units |
0,33 |
0,24 |
0,17 |
0,10 |
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Financing |
Units |
0,72 |
1,09 |
1,12 |
6,29 |
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Permanent Indebtedness Ratio |
Units |
0,68 |
0,57 |
0,54 |
0,25 |
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M/L term Debts Ratio |
Units |
0,10 |
0,10 |
0,07 |
0,06 |
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Net Financial Indebtedness Ratio |
Units |
0,45 |
0,79 |
0,87 |
1,76 |
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CORRELATION |
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Fixed assets ratio |
Units |
3,17 |
3,12 |
3,03 |
2,31 |
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Current ratio |
Units |
2,48 |
1,93 |
1,81 |
1,13 |
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Acid Test Ratio-Liquidity Ratio |
Units |
2,40 |
1,87 |
1,60 |
0,88 |
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Structure's primary quotient |
Units |
2,69 |
2,57 |
2,60 |
1,28 |
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Treasury's primary quotient |
Units |
0,18 |
0,02 |
0,03 |
0,04 |
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Rate of indebtedness ( Leverage ) |
% |
172,28 |
209,67 |
213,17 |
756,72 |
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Current Capital ( net ) |
Value |
8.827.438 |
8.414.126 |
6.940.664 |
136.722 |
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RETURN |
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Return on Sales |
% |
2,97 |
4,49 |
2,10 |
1,50 |
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Return on Equity - Net- ( R.O.E. ) |
% |
6,95 |
13,19 |
4,29 |
7,55 |
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Return on Equity - Gross - ( R.O.E. ) |
% |
10,08 |
19,83 |
7,62 |
21,16 |
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Return on Investment ( R.O.I. ) |
% |
7,86 |
7,65 |
4,73 |
4,65 |
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Return/ Sales |
% |
4,30 |
4,69 |
3,42 |
2,65 |
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Extra Management revenues/charges incid. |
% |
51,35 |
82,19 |
42,54 |
23,28 |
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Cash Flow |
Value |
1.026.530 |
1.566.619 |
549.422 |
44.431 |
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Operating Profit |
Value |
1.483.959 |
1.637.821 |
893.429 |
78.632 |
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Gross Operating Margin |
Value |
1.748.426 |
1.858.193 |
1.062.707 |
114.580 |
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MANAGEMENT |
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Credits to clients average term |
Days |
132,15 |
163,83 |
176,50 |
99,64 |
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Debts to suppliers average term |
Days |
17,59 |
24,42 |
24,84 |
110,13 |
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Average stock waiting period |
Days |
4,75 |
5,13 |
24,69 |
37,00 |
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Rate of capital employed return ( Turnover ) |
Units |
1,83 |
1,62 |
1,38 |
1,77 |
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Rate of stock return |
Units |
75,73 |
70,08 |
14,56 |
9,68 |
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Labour cost incidence |
% |
1,11 |
1,09 |
1,25 |
3,83 |
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Net financial revenues/ charges incidence |
% |
- 1,03 |
1,10 |
- 0,74 |
- 0,88 |
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Labour cost on purchasing expenses |
% |
1,15 |
1,14 |
1,29 |
3,86 |
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Short-term financing charges |
% |
4,55 |
n.c. |
1,96 |
2,40 |
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Capital on hand |
% |
54,73 |
61,36 |
72,41 |
56,28 |
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Sales pro employee |
Value |
2.654.397 |
2.681.283 |
2.606.654 |
788.630 |
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Labour cost pro employee |
Value |
29.362 |
29.331 |
32.758 |
32.043 |
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:
250.000 Eur.
Market / Territory Data
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Population living in the province |
: |
3.092.859 |
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Population living in the region |
: |
5.788.986 |
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Number of families in the region |
: |
1.966.064 |
Monthly family expences average in the region (in Eur.) :
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- per food products |
: |
475 |
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- per non food products |
: |
1.304 |
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- per energy consume |
: |
79 |
Sector Data
The values are calculated on a base of 941 significant companies.
The companies cash their credits on an average of 99 dd.
The average duration of suppliers debts is about 110 dd.
The sector's profitability is on an average of 1,50%.
The labour cost affects the turnover in the measure of 3,83%.
Goods are held in stock in a range of 37 dd.
The difference between the sales volume and the resources used to
realize it is about 1,77.
The employees costs represent the 3,86% of the production costs.
Statistical Detrimental Data
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.65 |
|
|
1 |
Rs.71.93 |
|
Euro |
1 |
Rs.63.24 |
RATING EXPLANATIONS
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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 |
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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 |
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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 |
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 |
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-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.