MIRA INFORM REPORT
|
Report Date : |
05.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
STILMAN FOOTWEAR S.R.L. |
|
|
|
|
Registered Office : |
Via Castagne, 4 Palazzolo, 37060 – Sona
(VR) |
|
|
|
|
Country : |
|
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|
|
|
Financials (as on) : |
31.10.2009 |
|
|
|
|
Date of Incorporation : |
23.11.1993 |
|
|
|
|
Com. Reg. No.: |
VR091-37023 since 19/02/1996 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of leather clothes |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
70.000 Eur. |
|
Status : |
Moderate |
|
Payment
Behaviour : |
No Complaints |
|
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
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
Stilman Footwear S.r.l.
Via Castagne, 4 Palazzolo
37060 - Sona (VR) -IT-
Summary
|
Fiscal Code |
: |
02488820230 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
16/12/1993 |
|
Equity |
: |
750.000 Eur |
|
|
: |
12.750.000/15.500.000 Eur |
|
Number of Employees |
: |
from 51 to 70 |
Credit Analysis
|
Credit Opinion |
: |
70.000 - Eur |
Activity
Manufacture of leather clothes
Manufacture of footwear
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 02488820230 |
|
Foreign Trade Reg. no. : VR025944 since 28/04/1994 |
|
Foreign Trade Reg. no. : 25944 of |
|
Chamber of Commerce no. : 241965 of |
|
Firms' Register : VR091-37023 since 19/02/1996 |
|
V.A.T. Code : 02488820230 |
|
Tribunal Co. Register : 37023 of |
|
Foundation date |
: 23/11/1993 |
|
|
Establishment date |
: 23/11/1993 |
|
|
Start of Activities |
: 16/12/1993 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 1.210.000 |
Eur |
|
Subscribed Capital |
: 1.210.000 |
Eur |
|
Paid up Capital |
: 1.210.000 |
Eur |
Members
|
|
Manzati |
Andrea |
|
|
|
Born in |
(VR) |
on 11/08/1962 |
- Fiscal Code : MNZNDR62M11L781H |
|
|
|
Residence : |
Via |
C. Cattaneo |
, 4 |
- 37121 |
|
(VR) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
23/11/1993 |
|
|
|
|
No Protests registered |
|
|
Manzati |
Giuseppe |
|
|
|
Born in Sona |
(VR) |
on 07/05/1931 |
- Fiscal Code : MNZGPP31E07I826A |
|
|
|
Residence : |
Via |
Castello |
, 12 |
- 37010 |
Sona |
(VR) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
24/10/1997 |
|
|
|
|
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.
|
|
MANZATI |
ANDREA |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
BRAVO S.R.L. |
Sona (VR) - IT - |
01552180232 |
Sole Director |
Active |
Registered |
|
OKEY DI MANZATI GIUSEPPE E C. S.N.C. |
|
|
Partner |
Withdrawn |
Registered |
|
STILMAN IMMOBILIARE S.R.L. |
Sona (VR) - IT - |
00837320233 |
Procurator |
Active |
Registered |
|
|
MANZATI |
GIUSEPPE |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
NOBILE IMMOBILIARE S.R.L. IN LIQUIDAZIONE |
|
03234050239 |
Liquidator |
Active |
Registered |
|
STILMAN IMMOBILIARE S.R.L. |
Sona (VR) - IT - |
00837320233 |
Sole Director |
Active |
Registered |
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:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Stilman Immobiliare S.r.l. |
Sona - IT - |
00837320233 |
24.200 .Eur |
2,00 |
|
Manzati Andrea |
|
MNZNDR62M11L781H |
1.185.800 .Eur |
98,00 |
Direct Participations
The Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares
Amount |
% Ownership |
since |
until |
Share Status |
|
Bravo S.r.l. |
Sona - IT - |
01552180232 |
10.400 .Eur |
100,00 |
|
|
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
since 16/12/1993 |
|
|
|
|
|
Via |
Castagne |
, 4 Loc. Palazzolo |
- 37060 |
- Sona |
(VR) |
- IT - |
|
|
|
|
PHONE |
: 045/6080011 |
|
|
|
|
PHONE |
: 045/680011 |
|
|
|
|
FAX |
: 045/6080231 |
|
|
|
|
Employees |
: 55 |
|
|
|
|
Assistants |
: 1 |
|
Fittings and Equipment for a value of 58.000 |
Eur |
|
Stocks for a value of 1.890.000 |
Eur |
|
Vehicles : 1 |
Historical Information and/or Firm's Status
CEASINGS/INCORPORATIONS/MERGES:
|
|
Project of merging by taking over of |
|
|
|
Bravo S.r.l. |
|
|
|
Via |
Castagne |
, 4 |
, 37060 |
, Sona |
(VR) |
- IT - |
|
|
|
Fiscal Code: 01552180232 |
|
|
|
Date |
Merging/splitting-up project : |
11/11/2009 |
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.
Financial and Economical Analysis
Subject is active since 1993
The economic-financial analysis has been made on the base of the b/s of
the latests three years.
Last two financial years were marked by losses; in 2009 r.o.e. is
-98,75%. Losses are due to turnover decrease registered over the last years.
The return on investment in the last financial year was negative
(-4,22%).
the operating loss amounts to Eur. -446.747.
At the end of the latest financial year, a negative gross operating
margin of Eur. -302.445 was registered.
Financial condition is not balanced as own capitals do not cover debts,
indebtedness level is in fact high (14,37) which is rising compared to 2008.
Subject can manage an equity capital funds for an amount of Eur. 608.791
, unchanged as opposed to the preceding year.
In the year 2009 total debts amounted to Eur. 8.933.450 with no
important change.
Remarkable financial indebtedness specially if compared to equity
capital, the exposure to suppliers is moderate (73,52 gg. is the average
payment period) below the sector's average.
The management determines a good range of liquidity.
Due from customers average term is high and equal to 199,21 days. besides
being higher than the sector's average.
Cash flow is negative at the end of financial year 2009.
Labour cost amounts to Eur. 1.569.768, with a 11,74% incidence on
production costs. and a 10,88% incidence on sales volumes.
If compared to the sales volume (-0,81%), the impact of the financial
charges is limited.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/10/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
14.430.507 |
|
Profit (Loss) for the period |
-601.209 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
19.076.478 |
|
Profit (Loss) for the period |
-764.967 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
22.408.542 |
|
Profit (Loss) for the period |
-242.729 |
|
|
|
Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
24.936.632 |
|
Profit (Loss) for the period |
2.477 |
|
|
|
Complete balance-sheet for the year |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
25.749.341 |
|
Profit (Loss) for the period |
14.562 |
Balance Sheets
From our constant monitoring of the relevant Public Administration offices,
no more recent balance sheets result to have been filed.
|
- Balance Sheet as at 31/10/2009 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
- Balance Sheet as at 31/12/2008 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
- Balance Sheet as at 31/12/2007 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
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RATIOS |
Value Type |
as at 31/10/2009 |
as at 31/12/2008 |
as at 31/12/2007 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,01 |
0,01 |
0,01 |
0,14 |
|
Elasticity Ratio |
Units |
0,97 |
0,95 |
0,98 |
0,84 |
|
Availability of stock |
Units |
0,18 |
0,31 |
0,37 |
0,21 |
|
Total Liquidity Ratio |
Units |
0,79 |
0,65 |
0,60 |
0,55 |
|
Quick Ratio |
Units |
0,01 |
0,02 |
0,01 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
14,37 |
10,99 |
5,00 |
3,56 |
|
Self Financing Ratio |
Units |
0,06 |
0,07 |
0,13 |
0,16 |
|
Capital protection Ratio |
Units |
0,00 |
0,41 |
0,36 |
0,64 |
|
Liabilities consolidation quotient |
Units |
0,07 |
0,14 |
0,18 |
0,18 |
|
Financing |
Units |
14,67 |
12,08 |
5,63 |
4,38 |
|
Permanent Indebtedness Ratio |
Units |
0,11 |
0,17 |
0,25 |
0,34 |
|
M/L term Debts Ratio |
Units |
0,06 |
0,10 |
0,12 |
0,11 |
|
Net Financial Indebtedness Ratio |
Units |
10,33 |
7,69 |
3,10 |
1,24 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
12,75 |
14,19 |
16,03 |
2,03 |
|
Current ratio |
Units |
1,16 |
1,30 |
1,44 |
1,22 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,95 |
0,88 |
0,89 |
0,85 |
|
Structure's primary quotient |
Units |
6,45 |
5,58 |
8,26 |
1,20 |
|
Treasury's primary quotient |
Units |
0,01 |
0,03 |
0,01 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
1.739,71 |
1.534,77 |
751,35 |
592,42 |
|
Current Capital ( net ) |
Value |
1.409.030 |
2.549.657 |
3.480.045 |
311.080 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
- 3,17 |
- 3,63 |
- 0,69 |
2,78 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
- 98,75 |
- 100,73 |
- 15,92 |
6,35 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
- 92,48 |
- 92,61 |
- 9,26 |
21,12 |
|
Return on Investment ( R.O.I. ) |
% |
- 4,22 |
- 0,88 |
1,27 |
5,13 |
|
Return/ Sales |
% |
- 3,10 |
- 0,54 |
0,65 |
4,26 |
|
Extra Management revenues/charges incid. |
% |
n.c. |
n.c. |
- 166,08 |
21,28 |
|
Cash Flow |
Value |
-456.907 |
-692.378 |
-156.802 |
82.582 |
|
Operating Profit |
Value |
-446.747 |
-103.074 |
146.146 |
119.674 |
|
Gross Operating Margin |
Value |
-302.445 |
-30.406 |
232.140 |
186.659 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
199,21 |
124,49 |
92,37 |
129,13 |
|
Debts to suppliers average term |
Days |
73,52 |
63,97 |
65,19 |
149,76 |
|
Average stock waiting period |
Days |
47,26 |
67,19 |
69,44 |
63,21 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,36 |
1,64 |
1,95 |
1,20 |
|
Rate of stock return |
Units |
7,62 |
5,36 |
5,18 |
5,67 |
|
Labour cost incidence |
% |
10,88 |
12,15 |
12,36 |
13,42 |
|
Net financial revenues/ charges incidence |
% |
- 0,81 |
- 3,15 |
- 1,28 |
- 1,52 |
|
Labour cost on purchasing expenses |
% |
11,74 |
12,33 |
12,16 |
13,23 |
|
Short-term financing charges |
% |
1,31 |
6,57 |
3,44 |
2,86 |
|
Capital on hand |
% |
73,39 |
61,10 |
51,11 |
82,66 |
|
Sales pro employee |
Value |
262.372 |
317.941 |
329.537 |
230.252 |
|
Labour cost pro employee |
Value |
28.541 |
38.624 |
40.745 |
31.552 |
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:
70.000 Eur.
Market / Territory Data
|
Population living in the province |
: |
860.796 |
|
Population living in the region |
: |
4.699.950 |
|
Number of families in the region |
: |
1.813.210 |
Monthly family expenses average in the region (in Eur.) :
|
- per food products |
: |
456 |
|
- per non food products |
: |
2.052 |
|
- per energy consume |
: |
127 |
Sector Data
The values are calculated on a base of 864 significant companies.
The companies cash their credits on an average of 129 dd.
The average duration of suppliers debts is about 149 dd.
The sector's profitability is on an average of 2,78%.
The labour cost affects the turnover in the measure of 13,42%.
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 1,20.
The employees costs represent the 13,23% of the production costs.
Statistical Detrimental Data
The area is statistically considered lowly risky.
In the region 13.782 protested subjects are found; in the province they
count to 2.673.
The insolvency index for the region is 0,30, , while for the province it
is 0,31.
Total Bankrupt companies in the province : 2.982.
Total Bankrupt companies in the region : 16.714.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.65 |
|
|
1 |
Rs.71.93 |
|
Euro |
1 |
Rs.63.24 |
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 |
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 |
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.