MIRA
INFORM REPORT
|
Report Date : |
25.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
CRISTINA GAVIOLI S.R.L. |
|
|
|
|
Registered Office : |
Via Dell' Agricoltura, 41 41012 – Carpi (MO) -IT- |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
27.12.1986 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Manufacture of other knitted and crocheted apparel |
|
|
|
|
No. of Employees : |
25 |
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 : |
180.000 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 – September 30, 2011
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
|
Cristina
Gavioli s.r.l. |
|
Via |
Dell' Agricoltura, |
41 |
|
41012 |
- Carpi |
(MO) |
-IT- |
Summary
|
Fiscal Code |
: |
01735580365 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
27/12/1986 |
|
Equity |
: |
750.000 Eur |
|
Turnover Range |
: |
7.750.000/9.000.000 Eur |
|
Number of Employees |
: |
from 16 to 25 |
Credit Analysis
|
Credit
Opinion |
: |
180.000
- Eur |
Activity
Manufacture of other knitted and crocheted apparel
Legal Data
Legal Form : Limited liability
company
|
Fiscal Code : 01735580365 |
|
Foreign Trade Reg. no. :
MO007193 since 08/01/1992 |
|
Foreign Trade Reg. no. :
508229 of Modena |
|
Chamber of Commerce no. :
1963317 of Milano |
|
Chamber of Commerce no. :
239484 of Modena since 24/02/1987 |
|
Chamber of Commerce no. : 269315
of Reggio Emilia |
|
V.A.T. Code : 01735580365 |
|
Foundation date |
: 27/12/1986 |
|
|
Establishment date |
: 27/12/1986 |
|
|
Start of Activities |
: 27/12/1986 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 62.400 |
Eur |
|
Subscribed Capital |
: 62.400 |
Eur |
|
Paid up Capital |
: 62.400 |
Eur |
Members
|
|
Bertani
|
Giuseppe
|
|
|
|
Born in Carpi |
(MO) |
on 17/05/1954 |
- Fiscal Code :
BRTGPP54E17B819L |
|
|
|
Residence : |
Via |
De Rosa |
, 8 |
- 41012 |
Carpi |
(MO) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
03/01/2006 |
|
|
|
Board Chairman |
03/01/2006 |
|
|
|
|
No
Protests registered |
|
|
Frabetti
|
Simonetta
|
|
|
|
Born in Crevalcore |
(BO) |
on 08/04/1968 |
- Fiscal Code :
FRBSNT68D48D166I |
|
|
|
Residence : |
Via |
Rossini |
, 132 |
- 40014 |
Crevalcore |
(BO) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
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 have holded positions.
|
|
BERTANI
|
GIUSEPPE
|
|
Firm's Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
CONSORZIO L'EA DI L'AVRU |
Loiri Porto San Paolo (SS) -
IT - |
01604530905 |
Director
|
Withdrawn |
Registered |
|
G.B. DI GIUSEPPE BERTANI E C.
SNC |
Carpi (MO) - IT - |
01761840360 |
Partner
|
Active |
Registered |
|
IMMOBILIARE *GIARDINO DI
ASCARI GEOM. ALBERTO E C. - S.N.C. |
Soliera (MO) - IT - |
00825850365 |
Partner
|
Withdrawn |
Ceased |
|
MEBER IMMOBILIARE S.R.L. |
Carpi (MO) - IT - |
03195320365 |
Director
|
Active |
Registered |
|
MEBER IMMOBILIARE S.R.L. |
Carpi (MO) - IT - |
03195320365 |
Board
Chairman |
Active |
Registered |
|
MEBER S.R.L. |
Carpi (MO) - IT - |
01360420366 |
Director
|
Active |
Registered |
|
REBECCA REJ MAGLIERIE S.R.L. |
Carpi (MO) - IT - |
02486970367 |
Liquidator
|
Withdrawn |
Ceased |
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 |
|
Bertani Giuseppe |
Carpi - IT - |
BRTGPP54E17B819L |
53.040
.Eur |
85,00
|
|
Frabetti Simonetta |
Crevalcore - IT - |
FRBSNT68D48D166I |
9.360
.Eur |
15,00
|
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 |
|
ECO |
Novi di Modena - IT - |
01853850368 |
1.291
.Eur |
1,96
|
|
|
Active |
|
Consorzio Expo Modena |
Modena - IT - |
02236680365 |
|
|
|
|
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following locations:
|
- |
Legal
and operative seat |
(Workshop
) |
|
|
|
|
|
Via |
Dell' Agricoltura |
, 41 |
- 41012 |
- Carpi |
(MO) |
- IT - |
|
- |
Branch
|
(Shop
) |
since 28/09/2007 |
|
|
|
|
|
Via |
Crispi |
, 8/A |
- 42100 |
- Reggio Emilia |
(RE) |
- IT - |
|
|
|
|
Total Surface: 83 Sq.mt. |
|
- |
Branch
|
(Shop
) |
since 01/07/2011 |
|
|
|
|
|
Strada Statale |
Undici |
, 16/18 |
- 20063 |
- Cernusco sul Naviglio |
(MI) |
- IT - |
|
|
|
|
Employees |
: 18 |
|
Fittings and Equipment for a
value of 17.000 |
Eur |
|
Stocks for a value of
2.030.000 |
Eur |
|
|
The firm operates abroad as
exporter. .
Export represents up to 20% of
the global turnover.
Products abroad are placed by :
|
- direct orders from foreign
companies |
Export is mainly towards:
|
- Irlanda |
Historical Information and/or Firm's Status
CHANGES
TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement
Date |
|
Limited partnership |
Limited liability company |
21/04/1997 |
EX-MEMBERS
/ EX-POSITIONS:
|
|
Gavioli
|
Cristina
|
|
|
|
Born in Carpi |
on 25/11/1962 |
- Fiscal Code :
GVLCST62S65B819H |
|
Ex-Postions |
|
General Partner |
|
|
Corradi
|
Cristina
|
|
|
|
Born in Soliera |
on 25/02/1965 |
- Fiscal Code :
CRRCST65B65F257E |
|
|
|
Residence : |
Via |
Paganini |
, 55 |
- 41019 |
Soliera |
(MO) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Rossi
|
Daniele
|
|
|
|
Born in Carpi |
on 05/11/1964 |
- Fiscal Code :
RSSDNL64S05B819C |
|
|
|
Residence : |
Via |
Goito |
, 6 |
- 41012 |
Carpi |
(MO) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Virgili
|
Franco
|
|
|
|
Born in Carpi |
on 07/03/1969 |
- Fiscal Code :
VRGFNC69C07B819B |
|
|
|
Residence : |
Via |
Napoli |
, 31 |
- 41012 |
Carpi |
(MO) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Forti
|
Gian
Paolo |
|
|
|
Born in Soliera |
on 03/02/1951 |
- Fiscal Code : FRTGPL51B03I802N |
|
|
|
Residence : |
Via |
Nova |
, 41 |
- 41012 |
Carpi |
(MO) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Baldecchi
|
Renzo
|
|
|
|
Born in Firenze |
on 27/12/1932 |
- Fiscal Code :
BLDRNZ32T27D612Q |
|
|
|
Residence : |
Via |
Pallanza |
, 21 |
- 41100 |
Modena |
(MO) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
Protests
Protests checking on the subject firm has given a negative result.
Data Base Prejudicial Events Search
Search performed on a National Scale
|
|
|
Prejudicial
Events Search Result: NEGATIVE |
Search performed on a
specialized data base.
Legal Procedures
None reported, standing to the
latest received edition of the Official Publications.
Financial and Economical Analysis
The company is active since 1986
An eco-fin analysis has been
made on the base od the b/s fo the years 2008, 2009 and 2010.
Under an economic point of view,
profits were registered during the last years with a r.o.e. of 1,53% in 2010
and during the last financial year an increase in sales volume was registered
(+21,55% in 2010).
The operating result was
positive in the last financial year (2,86%) and in line with the sector's
average.
The amount of the operating
result is equal to Eur. 172.269 with a 36,77% growth.
The gross operating margin of
the latest financial year is of Eur. 235.499 showing an upward trend if
compared to 2009.
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 7,7 with an upward trend.
Subject can manage an equity
capital funds for an amount of Eur. 562.879 , unchanged as opposed to the
preceding year.
In the year 2010 total debts
amounted to Eur. 5.366.532 on the same levels as the year before.
Considerable bank indebtedness;
on the other hand the recourse to suppliers' credit is slightly high but lined
up with the field's average.
It shows a good range of
liquidity.
Accounts receivable average term
is high (139,07 days). but on the same levels as the average of the sector.
2010 financial year closed with
a cash flow of Eur. 65.363
Subordinate employment cost is
of Eur. 552.291, i.e. 6,57% on total production costs. and a 7,11% incidence on
sales volumes.
The financial management has a
limited economic impact, equal to -1,24% on the sales.
Financial Data
|
|
|
Complete balance-sheet for the
year |
31/12/2010 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
7.766.494 |
|
Profit (Loss) for the period |
8.633 |
|
|
|
Complete balance-sheet for the
year |
31/12/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
6.389.081 |
|
Profit (Loss) for the period |
15.330 |
|
|
|
Complete balance-sheet for the
year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
6.615.172 |
|
Profit (Loss) for the period |
13.817 |
|
|
|
Complete balance-sheet for the
year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
9.239.202 |
|
Profit (Loss) for the period |
2.561 |
|
|
|
Complete balance-sheet for the
year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
12.687.081 |
|
Profit (Loss) for the period |
21.302 |
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 31/12/2010 - 12 Mesi - Currency: Eur - Amounts x 1 |
|
- 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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|
|
RATIOS |
Value Type |
as
at 31/12/2010 |
as
at 31/12/2009 |
as at
31/12/2008 |
Sector
Average |
|
COMPOSITION
ON INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,08 |
0,11 |
0,10 |
0,21 |
|
Elasticity Ratio |
Units |
0,89 |
0,80 |
0,80 |
0,74 |
|
Availability of stock |
Units |
0,34 |
0,22 |
0,14 |
0,22 |
|
Total Liquidity Ratio |
Units |
0,56 |
0,58 |
0,67 |
0,47 |
|
Quick Ratio |
Units |
0,02 |
0,00 |
0,00 |
0,02 |
|
COMPOSITION
ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
7,70 |
7,62 |
9,06 |
1,63 |
|
Self Financing Ratio |
Units |
0,09 |
0,11 |
0,08 |
0,27 |
|
Capital protection Ratio |
Units |
0,87 |
0,86 |
0,76 |
0,76 |
|
Liabilities consolidation
quotient |
Units |
0,22 |
0,07 |
0,17 |
0,17 |
|
Financing |
Units |
9,53 |
8,09 |
10,48 |
2,41 |
|
Permanent Indebtedness Ratio |
Units |
0,26 |
0,16 |
0,21 |
0,42 |
|
M/L term Debts Ratio |
Units |
0,16 |
0,05 |
0,13 |
0,12 |
|
Net Financial Indebtedness
Ratio |
Units |
5,09 |
4,00 |
n.c. |
1,01 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
3,36 |
1,53 |
2,17 |
1,89 |
|
Current ratio |
Units |
1,21 |
0,98 |
1,06 |
1,23 |
|
Acid Test Ratio-Liquidity
Ratio |
Units |
0,76 |
0,71 |
0,88 |
0,87 |
|
Structure's primary quotient |
Units |
1,23 |
1,01 |
0,86 |
1,14 |
|
Treasury's primary quotient |
Units |
0,03 |
0,01 |
0,00 |
0,03 |
|
Rate of indebtedness (
Leverage ) |
% |
1.071,32 |
939,08 |
1.194,01 |
363,43 |
|
Current Capital ( net ) |
Value |
942.514 |
-103.478 |
163.239 |
516.007 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
0,84 |
1,08 |
0,86 |
2,65 |
|
Return on Equity - Net- (
R.O.E. ) |
% |
1,53 |
2,77 |
4,33 |
3,99 |
|
Return on Equity - Gross - (
R.O.E. ) |
% |
12,79 |
9,50 |
16,99 |
8,24 |
|
Return on Investment ( R.O.I.
) |
% |
2,86 |
2,42 |
2,97 |
3,98 |
|
Return/ Sales |
% |
2,22 |
1,97 |
1,71 |
4,06 |
|
Extra Management
revenues/charges incid. |
% |
5,01 |
12,17 |
12,23 |
22,26 |
|
Cash Flow |
Value |
65.363 |
69.079 |
56.710 |
131.616 |
|
Operating Profit |
Value |
172.269 |
125.953 |
112.978 |
171.264 |
|
Gross Operating Margin |
Value |
235.499 |
179.760 |
156.034 |
292.452 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average
term |
Days |
139,07 |
153,43 |
n.c. |
125,56 |
|
Debts to suppliers average
term |
Days |
102,52 |
120,43 |
n.c. |
100,12 |
|
Average stock waiting period |
Days |
93,93 |
64,35 |
28,41 |
71,59 |
|
Rate of capital employed
return ( Turnover ) |
Units |
1,29 |
1,23 |
1,74 |
1,04 |
|
Rate of stock return |
Units |
3,83 |
5,59 |
12,67 |
5,02 |
|
Labour cost incidence |
% |
7,11 |
7,77 |
7,17 |
13,02 |
|
Net financial revenues/
charges incidence |
% |
-
1,24 |
-
1,15 |
-
0,88 |
-
2,14 |
|
Labour cost on purchasing
expenses |
% |
6,57 |
7,10 |
7,44 |
13,65 |
|
Short-term financing charges |
% |
1,80 |
1,64 |
1,85 |
3,52 |
|
Capital on hand |
% |
77,64 |
81,46 |
57,56 |
95,65 |
|
Sales pro employee |
Value |
456.852 |
425.938 |
413.448 |
210.488 |
|
Labour cost pro employee |
Value |
32.487 |
33.098 |
29.634 |
29.351 |
Credit Opinion
180.000 Eur.
Market / Territory Data
|
Population living in the
province |
: |
|
|
Population living in the
region |
: |
|
|
Number of families in the
region |
: |
|
659.925Monthly family expences average
in the region (in Eur.) :
|
- per food products |
: |
|
|
- per non food products |
: |
|
|
- per energy consume |
: |
|
Sector Data
The values are calculated on a
base of 249 significant companies.
The companies cash their credits
on an average of 125 dd.
The average duration of suppliers
debts is about 100 dd.
The sector's profitability is on
an average of 2,65%.
The labour cost affects the
turnover in the measure of 13,02%.
Goods are held in stock in a
range of 71 dd.
The difference between the sales
volume and the resources used to realize it is about 1,04.
The employees costs represent
the 13,65% of the production costs.
Statistical Detrimental Data
The area is statistically
considered lowly risky.
In the region 18.860 protested
subjects are found; in the province they count to 3.557.
The insolvency index for the
region is 0,46, , while for the province it is 0,55.
Total Bankrupt companies in the
province : 2.526.
Total Bankrupt companies in the
region : 14.698.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.79 |
|
|
1 |
Rs.85.17 |
|
Euro |
1 |
Rs.69.53 |
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.