MIRA INFORM REPORT
|
Report Date : |
18.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
ESSEGI S.R.L.
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Registered Office : |
Via 8 Marzo, 6, 63015 - Monte
Urano (FM) |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
13.01.1997 |
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Com. Reg. No.: |
AP-1997-109833 since 17/03/1997 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of footwear |
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 : |
190.000 Eur |
|
Status : |
Good |
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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 |
Company name & address
Essegi s.r.l.
Via 8 Marzo, 6
63015 - Monte Urano (FM) -IT-
Summary
|
Fiscal Code |
: |
01508970447 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
13/01/1997 |
|
Equity |
: |
400.000 Eur |
|
|
: |
3.750.000/5.000.000 Eur |
|
Number of Employees |
: |
from 6 to 10 |
Credit Analysis
|
Credit Opinion |
: |
190.000 - Eur |
Activity
Manufacture of footwear
Wholesale of footwear and accessories
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 01508970447 |
|
Chamber of Commerce no. : 151755 of |
|
Chamber of Commerce no. : 151755 of Fermo since 27/02/2009 |
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Firms' Register : AP-1997-109833 since 17/03/1997 |
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V.A.T. Code : 01508970447 |
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Foundation date |
: 13/01/1997 |
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Establishment date |
: 13/01/1997 |
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Start of Activities |
: 13/01/1997 |
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|
Legal duration |
: 31/12/2035 |
|
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Nominal Capital |
: 10.400 |
Eur |
|
Subscribed Capital |
: 10.400 |
Eur |
|
Paid up Capital |
: 10.400 |
Eur |
Members
|
Cognigni |
Luigi |
|
|
|
Born in Cortona |
(AR) |
on 18/12/1941 |
- Fiscal Code : CGNLGU41T18D077T |
|
|
|
Residence : |
Via |
Castelfidardo |
, 6 |
- 63023 |
Fermo |
(FM) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
28/07/2005 |
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|
|
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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.
|
COGNIGNI |
LUIGI |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
IMMOBILIARE |
Monte Urano (FM) - IT - |
00729160440 |
Sole Director |
Active |
Registered |
|
LAURA SHOES S.R.L. |
Monte Urano (FM) - IT - |
01061520449 |
Sole Director |
Active |
Registered |
|
SAN MARCO*RECORD - SOCIETA' A RESPONSABILITA' LIMITATA |
|
|
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 |
|
COGNIGNI STEFANO |
Villa San Pietro - IT - |
CGNSFN69D17G920Y |
5.200 .Eur |
50,00 |
|
Capriccioni Giandomenico |
|
CPRGDM66S07I324Z |
5.200 .Eur |
50,00 |
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 |
|
Euran Consorzio Per Lo Sviluppo Industriale Monturanese |
Monte Urano - IT - |
01549960449 |
103 .Eur |
4,17 |
|
|
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
since 16/01/1997 |
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Via |
8 Marzo |
, 6 |
- 63015 |
- Monte Urano |
(FM) |
- IT - |
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PHONE |
: 0734/843317 |
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FAX |
: 0734/843339 |
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Employees |
: 4 |
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Assistants |
: 2 |
|
Fittings and Equipment for a value of 46.000 |
Eur |
|
Stocks for a value of 770.000 |
Eur |
Historical Information and/or Firm's Status
EX-MEMBERS / EX-POSITIONS:
|
|
Frapiccini |
Rita |
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|
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Born in Sant'Elpidio A Mare |
on 02/05/1947 |
- Fiscal Code : FRPRTI47E42I324C |
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Residence : |
Via |
Castelfidardo |
, 6 |
- 63023 |
Fermo |
(AP) |
- IT - |
|
Ex-Postions |
|
Sole Director |
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:
|
Bank Name |
Agency Name |
Address |
ZIP Code |
City |
ABI Code |
CAB Code |
|
BANCA DELLE |
|
|
|
|
6055 |
0 |
Immovables *
*Subject to survey.
|
Immovable Type |
Value |
|
Real estates |
48.546 - Eur |
NB.: For Capital Companies the value of the Immovables is the one
reported in the latest available financial documents.
Financial and Economical Analysis
Company's starting of activities dates back to 1997.
Balance sheets for the years 2007, 2008 and 2009 were analyzed.
During the last years, it recorded positive net results (r.o.e. 5,11% in
2009) thanks to a progressive increase in turnover (+10,86% in 2009 compared to
2008 and +61,28% in 2008 compared to 2007).
The operating result in 2009 was positive (17,81%) and reflects the
field's average.
The amount of the operating result for the year 2009 is of Eur. 338.990
with a 32,1% growth.
The gross operating margin of the latest financial year is of Eur.
379.391 growing by 31,7% if compared to the year before.
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
4,62 which is also improving if compared to the previous year.
It's shareholders funds amount to Eur. 301.832 , unchanged as opposed to
the preceding year.
Total debts recorded amounted to Eur. 1.555.710 (Eur. 154.473 of which
were m/l term debts) with a growth equal to 43,02%.
Current liquid assets is positive.
During financial year 2009 the cash flow amounted to Eur. 55.817
In the last financial year labour cost was of Eur. 122.918, with a 2,47%
incidence on total costs of production. and a 2,58% incidence on sales volumes.
High incidence of financial charges on turnover.
Financial
Data
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
4.756.816 |
|
Profit (Loss) for the period |
15.416 |
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Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
4.290.739 |
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Profit (Loss) for the period |
13.949 |
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Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
2.660.268 |
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Profit (Loss) for the period |
9.655 |
|
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Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
2.472.968 |
|
Profit (Loss) for the period |
15.334 |
|
|
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Complete balance-sheet for the year |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
2.307.000 |
|
Profit (Loss) for the period |
39.000 |
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 31/12/2009 - 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 31/12/2009 |
as at 31/12/2008 |
as at 31/12/2007 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,08 |
0,08 |
0,06 |
0,16 |
|
Elasticity Ratio |
Units |
0,89 |
0,86 |
0,83 |
0,82 |
|
Availability of stock |
Units |
0,40 |
0,17 |
0,08 |
0,22 |
|
Total Liquidity Ratio |
Units |
0,49 |
0,69 |
0,74 |
0,54 |
|
Quick Ratio |
Units |
0,00 |
0,01 |
0,00 |
0,04 |
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COMPOSITION ON
SOURCE |
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|
|
|
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Net Short-term indebtedness |
Units |
4,62 |
3,54 |
1,77 |
3,60 |
|
Self Financing Ratio |
Units |
0,16 |
0,20 |
0,31 |
0,15 |
|
Capital protection Ratio |
Units |
0,91 |
0,91 |
0,92 |
0,65 |
|
Liabilities consolidation quotient |
Units |
0,14 |
0,10 |
0,24 |
0,19 |
|
Financing |
Units |
5,15 |
3,80 |
2,07 |
4,71 |
|
Permanent Indebtedness Ratio |
Units |
0,26 |
0,27 |
0,44 |
0,33 |
|
M/L term Debts Ratio |
Units |
0,10 |
0,07 |
0,13 |
0,12 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
n.c. |
n.c. |
1,16 |
|
CORRELATION |
|
|
|
|
|
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Fixed assets ratio |
Units |
3,38 |
3,35 |
7,21 |
1,89 |
|
Current ratio |
Units |
1,21 |
1,19 |
1,50 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,66 |
0,96 |
1,34 |
0,83 |
|
Structure's primary quotient |
Units |
2,05 |
2,48 |
5,04 |
1,01 |
|
Treasury's primary quotient |
Units |
0,00 |
0,01 |
0,00 |
0,07 |
|
Rate of indebtedness ( Leverage ) |
% |
630,56 |
493,35 |
322,32 |
628,15 |
|
Current Capital ( net ) |
Value |
292.432 |
196.775 |
245.747 |
260.096 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
1,17 |
1,06 |
1,06 |
2,70 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
5,11 |
4,87 |
3,54 |
6,58 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
22,79 |
19,54 |
21,85 |
24,44 |
|
Return on Investment ( R.O.I. ) |
% |
17,81 |
18,16 |
20,89 |
5,31 |
|
Return/ Sales |
% |
7,13 |
5,98 |
6,89 |
3,61 |
|
Extra Management revenues/charges incid. |
% |
4,55 |
5,44 |
5,26 |
21,09 |
|
Cash Flow |
Value |
55.817 |
45.416 |
28.208 |
84.129 |
|
Operating Profit |
Value |
338.990 |
256.601 |
183.478 |
106.060 |
|
Gross Operating Margin |
Value |
379.391 |
288.068 |
202.031 |
175.502 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
n.c. |
n.c. |
88,02 |
99,01 |
|
Debts to suppliers average term |
Days |
n.c. |
n.c. |
0,00 |
131,97 |
|
Average stock waiting period |
Days |
58,03 |
20,30 |
10,51 |
51,83 |
|
Rate of capital employed return ( Turnover ) |
Units |
2,50 |
3,04 |
3,02 |
1,46 |
|
Rate of stock return |
Units |
6,20 |
17,73 |
34,15 |
6,91 |
|
Labour cost incidence |
% |
2,58 |
2,61 |
3,97 |
16,19 |
|
Net financial revenues/ charges incidence |
% |
- 1,65 |
- 2,01 |
- 2,88 |
- 1,14 |
|
Labour cost on purchasing expenses |
% |
2,47 |
2,64 |
4,26 |
16,19 |
|
Short-term financing charges |
% |
5,04 |
7,96 |
13,70 |
2,70 |
|
Capital on hand |
% |
40,01 |
32,93 |
33,01 |
68,48 |
|
Sales pro employee |
Value |
1.189.204 |
1.430.246 |
886.756 |
179.384 |
|
Labour cost pro employee |
Value |
30.729 |
37.292 |
35.223 |
30.943 |
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:
190.000 Eur.
Market / Territory Data
|
Population living in the province |
: |
0 |
|
Population living in the region |
: |
1.518.780 |
|
Number of families in the region |
: |
577.034 |
Monthly family expenses average in the region (in Eur.) :
|
- per food products |
: |
496 |
|
- per non food products |
: |
1.837 |
|
- per energy consume |
: |
122 |
Sector Data
The values are calculated on a base of 1.066 significant companies.
The companies cash their credits on an average of 99 dd.
The average duration of suppliers debts is about 131 dd.
The sector's profitability is on an average of 2,70%.
The labour cost affects the turnover in the measure of 16,19%.
Goods are held in stock in a range of 51 dd.
The difference between the sales volume and the resources used to
realize it is about 1,46.
The employees costs represent the 16,19% of the production costs.
Statistical Detrimental Data
The area is statistically considered moderately risky.
In the region 9.333 protested subjects are found; in the province they
count to 0.
The insolvency index for the region is 0,62, , while for the province it
is .
Total Bankrupt companies in the region : 6.005.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.38 |
|
|
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.61.60 |
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.