MIRA INFORM REPORT
|
Report Date : |
20.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
LION ITALIA - S.R.L. |
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Registered Office : |
Via Valtellina, 18, 22070 - Montano Lucino(CO) |
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Country : |
Italy |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
30.01.1987 |
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Com. Reg. No.: |
CO075-24965 since 19/02/1996 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale of clothing and accessories |
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 : |
80.000 Eur |
|
Status : |
Satisfactory |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Italy |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
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
Lion Italia - S.r.l.
Via Valtellina, 18
22070 - Montano Lucino (CO) -IT-
Summary
|
Fiscal Code |
: |
01751270164 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
27/03/1990 |
|
Equity |
: |
750.000 Eur |
|
Turnover Range |
: |
3.750.000/5.000.000 Eur |
|
Number of Employees |
: |
from 11 to 15 |
Credit Analysis
|
Credit Opinion |
: |
80.000 - Eur |
Activity
Wholesale of clothing and accessories
Retail sale of textiles in specialised
stores
Retail sale of clothing in specialised
stores
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 01751270164 |
|
Foreign Trade Reg. no. : CO025692 since
26/02/1992 |
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Foreign Trade Reg. no. : 25692 of Como |
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Foreign Trade Reg. no. : 025692 of Como
since 26/02/1992 |
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Chamber of Commerce no. : 234557 of
Bergamo |
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Chamber of Commerce no. : 222582 of Como
since 16/03/1990 |
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Firms' Register : CO075-24965 since
19/02/1996 |
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V.A.T. Code : 01847540133 |
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R. E. C. no. : 42409 of Como since
27/03/1990 |
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R. E. C. no. : 0042409 of Como since
27/03/1990 |
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Tribunal Co. Register : 24965 of Como |
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Foundation date |
: 30/01/1987 |
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Establishment date |
: 30/01/1987 |
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Start of Activities |
: 27/03/1990 |
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|
Legal duration |
: 31/12/2050 |
|
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Nominal Capital |
: 100.000 |
Eur |
|
Subscribed Capital |
: 100.000 |
Eur |
|
Paid up Capital |
: 100.000 |
Eur |
Members
|
|
Quaini |
Giovanni |
|
|
|
Born in Como |
(CO) |
on 09/07/1961 |
- Fiscal Code : QNUGNN61L09C933S |
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Residence : |
Via |
Brambilla |
, 16 |
- 22100 |
Como |
(CO) |
- IT - |
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Position |
Since |
Shares Amount |
% Ownership |
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Sole Director |
27/04/2010 |
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|
|
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No Protests
registered |
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Quaini |
Andrea |
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Born in Como |
(CO) |
on 08/06/1958 |
- Fiscal Code : QNUNDR58H08C933G |
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|
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Residence : |
Localita' |
Le Lame |
, 85P |
- 56046 |
Riparbella |
(PI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney with special power |
17/12/2009 |
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|
|
|
No Protests
registered |
Companies connected to members *
*checkings have been performed on a national
scale.
In this module the companies in which
members hold/held positions are listed.
The Members of the subject firm are not
reported to be Members in other companies.
Capital Shareholders
Shareholders' list as at date of data
collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Quaini Giovanni |
Como - IT - |
QNUGNN61L09C933S |
92.000 .Eur |
92,00 |
|
Quaini Andrea |
Riparbella - IT - |
QNUNDR58H08C933G |
8.000 .Eur |
8,00 |
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:
|
- |
Legal and
operative seat |
|
since 20/04/1994 |
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|
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Via |
Valtellina |
, 18 |
- 22070 |
- Montano Lucino |
(CO) |
- IT - |
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Total Surface: 48 Sq.mt. |
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Employees |
: 14 |
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Assistants |
: 1 |
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Fittings and Equipment for a value of
5.000 |
Eur |
|
Stocks for a value of 3.060.000 |
Eur |
|
Vehicles : 1. |
The firm has a direct commercial
organization
Sales are on a local scale.
The company sells mainly to local consumers.
|
|
To purchase foreign products the firm uses
the following channels :
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- trading companies |
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- direct orders to foreign companies |
Export represents more than 50% of the
global turnover.
Products abroad are placed by :
|
- importers |
|
- trading companies |
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- direct orders from foreign companies |
Main used term of sale: cash.
Company usually sells by cash.
Purchase terms: 60-90-120 days.
Main used payment modalities are by cash
orders and bank transfers.
Import comes generally from the following
nations:
|
- Cipro |
Traded Brands / Suppliers
|
- Warner Bros |
|
- Rachael Hale |
Historical Information and/or Firm's Status
EX-MEMBERS /
EX-POSITIONS:
|
|
Mascheretti |
Sergio |
|
|
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Born in Bergamo |
on 18/05/1950 |
- Fiscal Code : MSCSRG50E18A794U |
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|
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Residence : |
Vicolo |
Fiorito |
, 18 |
- 24048 |
Treviolo |
(BG) |
- IT - |
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Ex-Postions |
|
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.
Financial and Economical Analysis
The company is active since 1990
The analysis is based on the latest 3
balance sheets.
During the last years, it recorded positive
net results (r.o.e. 2,65% in 2009)
The operating result was positive in the
last financial year (1,91%) and in line with the sector's average.
The amount of the operating result for the
year 2009 is of Eur. 181.417 showing a downwards trend equal to -25,02% if
compared to the value of the financial year 2008.
The gross operating margin of the latest
financial year is of Eur. 239.620 , stable if compared to the year before.
The ratio between debts and total assets is
fairly high, as it comes out from the indebtedness (8,66) increasing as against
2008.
It's shareholders funds amount to Eur.
662.285 on the same levels as the year before.
In the year 2009 total debts amounted to
Eur. 8.693.080 , rising as opposed to the previous year (+89,64%).
Remarkable financial indebtedness; payments
average period is slightly high too (128,62 gg.) however still within the
sector's average.
Liquidity is not completely adequate.
Accounts receivable average term is high
(168,24 days). and higher than the average of the sector.
During financial year 2009 the cash flow
amounted to Eur. 75.611
Labour cost expenses amount to Eur. 468.735
, representing 7,99% on the total of production costs. , whereas the incidence
on sales revenues is of 10,63%.
The financial management is marked by a high
incidence of financial charges in relation to sales revenues (-3,14%).
Financial Data
|
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Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
4.408.350 |
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Profit (Loss) for the period |
17.558 |
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Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
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Item Type |
Value |
|
Sales |
5.550.130 |
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Profit (Loss) for the period |
30.709 |
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|
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Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
4.079.947 |
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Profit (Loss) for the period |
3.773 |
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|
|
Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
6.763.666 |
|
Profit (Loss) for the period |
177.792 |
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 |
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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 |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,37 |
0,16 |
0,21 |
0,08 |
|
Elasticity Ratio |
Units |
0,61 |
0,80 |
0,74 |
0,90 |
|
Availability of stock |
Units |
0,32 |
0,28 |
0,21 |
0,25 |
|
Total Liquidity Ratio |
Units |
0,29 |
0,53 |
0,52 |
0,58 |
|
Quick Ratio |
Units |
0,01 |
0,02 |
0,10 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
8,66 |
7,20 |
4,28 |
4,11 |
|
Self Financing Ratio |
Units |
0,07 |
0,12 |
0,14 |
0,15 |
|
Capital protection Ratio |
Units |
0,82 |
0,93 |
0,97 |
0,63 |
|
Liabilities consolidation quotient |
Units |
0,50 |
0,01 |
0,13 |
0,11 |
|
Financing |
Units |
13,13 |
7,34 |
5,58 |
5,04 |
|
Permanent Indebtedness Ratio |
Units |
0,38 |
0,13 |
0,24 |
0,28 |
|
M/L term Debts Ratio |
Units |
0,31 |
0,01 |
0,09 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
10,04 |
5,87 |
n.c. |
1,02 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,01 |
0,80 |
1,13 |
2,89 |
|
Current ratio |
Units |
0,99 |
0,93 |
1,01 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,47 |
0,61 |
0,72 |
0,85 |
|
Structure's primary quotient |
Units |
0,19 |
0,74 |
0,68 |
1,77 |
|
Treasury's primary quotient |
Units |
0,02 |
0,02 |
0,13 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
1.432,61 |
849,45 |
681,97 |
634,84 |
|
Current Capital ( net ) |
Value |
-44.506 |
-329.495 |
43.376 |
264.536 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
1,72 |
1,39 |
0,71 |
2,24 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
2,65 |
4,92 |
0,63 |
8,17 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
12,64 |
14,83 |
7,48 |
23,98 |
|
Return on Investment ( R.O.I. ) |
% |
1,91 |
4,56 |
2,44 |
5,16 |
|
Return/ Sales |
% |
4,12 |
4,36 |
2,42 |
3,89 |
|
Extra Management revenues/charges incid. |
% |
9,68 |
12,69 |
3,80 |
27,37 |
|
Cash Flow |
Value |
75.611 |
76.893 |
29.221 |
56.925 |
|
Operating Profit |
Value |
181.417 |
241.970 |
99.083 |
96.744 |
|
Gross Operating Margin |
Value |
239.620 |
288.154 |
124.531 |
134.262 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
168,24 |
172,26 |
151,95 |
121,35 |
|
Debts to suppliers average term |
Days |
128,62 |
51,75 |
200,00 |
142,27 |
|
Average stock waiting period |
Days |
250,10 |
95,29 |
76,57 |
65,23 |
|
Rate of capital employed return ( Turnover
) |
Units |
0,46 |
1,05 |
1,00 |
1,37 |
|
Rate of stock return |
Units |
1,44 |
3,78 |
4,70 |
5,48 |
|
Labour cost incidence |
% |
10,63 |
7,33 |
7,91 |
8,02 |
|
Net financial revenues/ charges incidence |
% |
- 3,14 |
- 3,17 |
- 2,57 |
- 1,07 |
|
Labour cost on purchasing expenses |
% |
7,99 |
6,88 |
6,73 |
8,14 |
|
Short-term financing charges |
% |
1,61 |
3,89 |
3,71 |
2,47 |
|
Capital on hand |
% |
215,23 |
95,57 |
99,24 |
72,70 |
|
Sales pro employee |
Value |
314.882 |
462.510 |
679.991 |
416.252 |
|
Labour cost pro employee |
Value |
33.481 |
33.881 |
53.805 |
32.474 |
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:
80.000Eur.
Market / Territory Data
|
Population living in the province |
: |
560.941 |
|
Population living in the region |
: |
9.393.092 |
|
Number of families in the region |
: |
3.858.736 |
Monthly family expenses average in the
region (in Eur.) :
|
- per food products |
: |
460 |
|
- per non food products |
: |
2.090 |
|
- per energy consume |
: |
114 |
Sector Data
The values are calculated on a base of 9.175
significant companies.
The companies cash their credits on an
average of 121 dd.
The average duration of suppliers debts is
about 142 dd.
The sector's profitability is on an average
of 2,24%.
The labour cost affects the turnover in the
measure of 8,02%.
Goods are held in stock in a range of 65 dd.
The difference between the sales volume and
the resources used to realize it is about 1,37.
The employees costs represent the 8,14% of
the production costs.
Statistical Detrimental Data
The area is statistically considered
moderately risky.
In the region 50.886 protested subjects are
found; in the province they count to 3.842.
The insolvency index for the region is 0,55,
, while for the province it is 0,70.
Total Bankrupt companies in the province :
2.010.
Total Bankrupt companies in the region :
39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
UK Pound |
1 |
Rs.72.43 |
|
Euro |
1 |
Rs.63.62 |
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 |
|
---- |
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.