MIRA
INFORM REPORT
|
Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
M.I.T. S.P.A. |
|
|
|
|
Registered Office : |
Via Calice, 84, 51031- Agliana
(PT) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
10.07.1996 |
|
|
|
|
Com. Reg. No.: |
PT-1996-160667 of since 10/10/1996 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturer of textiles |
|
|
|
|
No. of Employees : |
11 to 15 employees |
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 : |
25.000 |
|
Status : |
Moderate |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
Eur.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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
ITALY - ECONOMIC OVERVIEW
Italy has a
diversified industrial economy, which is divided into a developed industrial
north, dominated by private companies, and a less-developed, welfare-dependent,
agricultural south, with high unemployment. The Italian economy is driven in
large part by the manufacture of high-quality consumer goods produced by small
and medium-sized enterprises, many of them family owned. Italy also has a
sizable underground economy, which by some estimates accounts for as much as
17% of GDP. These activities are most common within the agriculture,
construction, and service sectors. Italy is the third-largest economy in the
euro-zone, but exceptionally high public debt burdens and structural
impediments to growth have rendered it vulnerable to scrutiny by financial
markets. Public debt has increased steadily since 2007, reaching 120% of GDP in
2011, and borrowing costs on sovereign government debt have risen to record
levels. During the second half of 2011 the government passed a series of three
austerity packages to balance its budget by 2013 and decrease its public debt
burden. These measures included a hike in the value-added tax, pension reforms,
and cuts to public administration. The government also faces pressure from
investors and European partners to address Italy's long-standing structural
impediments to growth, such as an inflexible labor market and widespread tax
evasion. The international financial crisis worsened conditions in Italy''s
labor market, with unemployment rising from 6.2% in 2007 to 8.4% in 2011, but
in the longer-term Italy''s low fertility rate and quota-driven immigration
policies will increasingly strain its economy. The euro-zone crisis along with
Italian austerity measures have reduced exports and domestic demand, slowing
Italy''s recovery. Italy''s GDP is still 5% below its 2007 pre-crisis level.
|
Source : CIA |
Company name & address
M.i.t. S.p.A.
Via Calice, 84
51031 - Agliana (PT) -IT-
Summary
|
Fiscal Code |
: |
01286770472 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
10/07/1996 |
|
Equity |
: |
400.000 |
|
Turnover Range |
: |
3.750.000/5.000.000 |
|
Number of Employees |
: |
from 11 to 15 |
Credit Analysis
|
Credit Opinion |
: |
25.000 |
Activity
MANUFACTURE OF TEXTILES
Finishing of textiles
Legal
Data
Legal Form : Joint stock company
|
Fiscal Code : 01286770472 |
|
Foreign Trade Reg. no. : PT014736 since
13/11/1996 |
|
Foreign Trade Reg. no. : 14736 of since
13/11/1996 |
|
Chamber of Commerce no. : 133464 of since
02/10/1996 |
|
Firms' Register : PT-1996-160667 of since
10/10/1996 |
|
V.A.T. Code : 01286770472 |
|
Foundation date |
: 10/07/1996 |
|
|
Establishment date |
: 10/07/1996 |
|
|
Start of Activities |
: 10/07/1996 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 250.000 |
|
|
Subscribed Capital |
: 250.000 |
|
|
Paid up Capital |
: 250.000 |
|
Members
|
|
Moscardi |
Stefano |
|
|
|
Born in Firenze |
(FI) |
on 22/04/1965 |
- Fiscal Code : MSCSFN65D22D612N |
|
|
|
Residence: |
|
S. Gonda |
, 54 |
- 59100 |
Prato |
(PO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
29/04/2011 |
|
|
|
Director |
|
|
|
|
Managing Director |
29/04/2011 |
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Mazzei |
Sara |
|
|
|
Born in Firenze |
(FI) |
on 02/08/1976 |
- Fiscal Code : MZZSRA76M42D612K |
|
|
|
Residence: |
|
Forra Di Castelnuovo |
, 92 |
- 51030 |
Serravalle Pistoiese |
(PT) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
29/04/2011 |
|
|
|
Managing Director |
29/04/2011 |
|
|
|
|
No Prejudicial
events are reported |
|
|
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 |
|
Bini Nicola |
Agliana - IT - |
BNINCL71E16G999F |
100.000 .Eur |
40,00 |
|
Mazzei Virginia |
Pistoia - IT - |
MZZVGN78T59G713D |
50.000 .Eur |
20,00 |
|
Moscardi Stefano |
Prato - IT - |
MSCSFN65D22D612N |
50.000 .Eur |
20,00 |
|
Mazzei Sara |
Serravalle Pistoiese - IT - |
MZZSRA76M42D612K |
50.000 .Eur |
20,00 |
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 |
|
Banca Interregionale S.p.a. |
Pistoia - IT - |
01553760479 |
37.500 .Eur |
0,19 |
|
|
Active |
Firm's location and structure
In order to carry out its activities the
firm uses the following locations:
|
- |
Legal and
operative seat |
(Factory) |
|
|
|
|
|
|
Calice |
, 84 |
- 51031 |
- Agliana |
(PT) |
- IT - |
|
|
|
|
PHONE |
: 0574710182 |
|
- |
Branch |
(Store) |
since 12/04/2010 |
|
|
|
|
|
|
Adelmo Santini |
, 49 |
- 51031 |
- Agliana |
(PT) |
- IT - |
|
|
|
|
Employees |
: 10 |
|
|
|
|
Assistants |
: 2 |
|
Fittings and Equipment for a value of
10.000 |
Eur |
|
Stocks for a value of 830.000 |
Eur |
|
|
Historical Information and/or Firm's Status
EX-MEMBERS /
EX-POSITIONS:
|
|
Bini |
Nicola |
|
|
|
Born in Prato |
(FI) |
on 16/05/1971 |
- Fiscal Code : BNINCL71E16G999F |
|
|
|
Residence: |
|
Adelmo Santini |
, 21 |
- 51031 |
Agliana |
(PT) |
- IT - |
|
Ex-Postions |
|
Sole Director |
|
Director |
|
|
Mazzei |
Virginia |
|
|
|
Born in Pistoia |
(PT) |
on 19/12/1978 |
- Fiscal Code : MZZVGN78T59G713D |
|
|
|
Residence: |
|
Dello Specchio |
, 52 |
- 51100 |
Pistoia |
(PT) |
- IT - |
|
Ex-Postions |
|
Director |
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
Subject is active since 1996
The analysis is based on the latest 3
balance sheets.
During the last years, it recorded positive
net results (r.o.e. 2,26% in 2011)
The return on Investment in the last
financial year was positive (4,16%) falling within the field's average.
An operating result of Eur. 221.929 has been
registered. , on more or less the same values as in the year before.
The gross operating margin of the latest financial
year is of Eur. 288.942 stable if compared to the financial year 2010.
Short-term debts volume if compared to net
worth, as it comes out from the total indebtedness (10,74) which is anyway
decreasing.
The equity capital is equal to Eur. 362.165 on
stable levels.
Total debts recorded amounted to Eur.
4.880.598 (Eur. 979.357 of which were m/l term debts) , a more or less stable
value.
Remarkable financial indebtedness; payments
average period is slightly high too (133,28 gg.) even in comparison with the
sector's.
It shows a not very good liquidity level.
Trade credits are collected slowly, average
term is 201,57 days. even higher than the average of the specific sector.
Eur. 75.188 is the value of cash flow during
the year 2011
During 2011 financial year labour costs
amounted to Eur. 323.181, with a 6,89% incidence on production costs. , with a
6,63% incidence on turnover.
Financial charges have a high incidence
(-3,21%) on turnover figures.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
4.875.255 |
|
Profit (Loss) for the period |
8.175 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.618.404 |
|
Profit (Loss) for the period |
45.972 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
4.783.938 |
|
Profit (Loss) for the period |
37.127 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.729.233 |
|
Profit (Loss) for the period |
-52.310 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
4.519.147 |
|
Profit (Loss) for the period |
9.773 |
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 31/12/2011 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet
as at 31/12/2010 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet
as at 31/12/2009 - 12 Mesi - Currency: - Amounts x 1 |
|
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|
|
RATIOS |
Value
Type |
as at 31/12/2011 |
as at 31/12/2010 |
as at 31/12/2009 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,31 |
0,27 |
0,31 |
0,29 |
|
Elasticity Ratio |
Units |
0,69 |
0,73 |
0,68 |
0,70 |
|
Availability of stock |
Units |
0,16 |
0,13 |
0,23 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,53 |
0,60 |
0,45 |
0,39 |
|
Quick Ratio |
Units |
0,00 |
0,02 |
0,01 |
0,01 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
10,74 |
12,71 |
10,65 |
1,69 |
|
Self Financing Ratio |
Units |
0,07 |
0,06 |
0,07 |
0,29 |
|
Capital protection Ratio |
Units |
0,29 |
0,16 |
0,07 |
0,71 |
|
Liabilities consolidation quotient |
Units |
0,27 |
0,23 |
0,30 |
0,26 |
|
Financing |
Units |
13,48 |
15,95 |
13,98 |
2,12 |
|
Permanent Indebtedness Ratio |
Units |
0,26 |
0,23 |
0,28 |
0,45 |
|
M/L term Debts Ratio |
Units |
0,20 |
0,17 |
0,21 |
0,13 |
|
Net Financial Indebtedness Ratio |
Units |
8,90 |
6,66 |
n.c. |
0,96 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
0,85 |
0,87 |
0,89 |
1,38 |
|
Current ratio |
Units |
0,94 |
0,96 |
0,96 |
1,25 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,73 |
0,79 |
0,64 |
0,75 |
|
Structure's primary quotient |
Units |
0,22 |
0,22 |
0,21 |
0,90 |
|
Treasury's primary quotient |
Units |
0,00 |
0,03 |
0,02 |
0,03 |
|
Rate of indebtedness ( Leverage ) |
% |
1471,62 |
1732,95 |
1532,71 |
339,62 |
|
Current Capital ( net ) |
Value |
-240.338 |
-162.882 |
-124.379 |
1.615.606 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
1,54 |
1,54 |
1,52 |
1,74 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
2,26 |
12,99 |
12,05 |
0,25 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
17,57 |
26,82 |
29,46 |
2,94 |
|
Return on Investment ( R.O.I. ) |
% |
4,16 |
3,54 |
3,36 |
2,31 |
|
Return/ Sales |
% |
4,55 |
2,85 |
3,32 |
2,50 |
|
Extra Management revenues/charges incid. |
% |
3,68 |
21,15 |
23,39 |
8,02 |
|
Cash Flow |
Value |
75.188 |
117.283 |
72.531 |
210.372 |
|
Operating Profit |
Value |
221.929 |
217.400 |
158.738 |
359.192 |
|
Gross Operating Margin |
Value |
288.942 |
288.711 |
194.142 |
692.382 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
201,57 |
144,79 |
n.c. |
111,18 |
|
Debts to suppliers average term |
Days |
133,28 |
163,60 |
n.c. |
104,44 |
|
Average stock waiting period |
Days |
61,35 |
37,79 |
81,31 |
86,89 |
|
Rate of capital employed return ( Turnover
) |
Units |
0,91 |
1,24 |
1,01 |
1,04 |
|
Rate of stock return |
Units |
5,87 |
9,53 |
4,43 |
4,12 |
|
Labour cost incidence |
% |
6,63 |
3,82 |
6,38 |
15,12 |
|
Net financial revenues/ charges incidence |
% |
-3,21 |
-1,76 |
-1,80 |
-2,07 |
|
Labour cost on purchasing expenses |
% |
6,89 |
4,06 |
6,12 |
14,82 |
|
Short-term financing charges |
% |
3,21 |
2,38 |
2,01 |
3,48 |
|
Capital on hand |
% |
109,32 |
80,52 |
98,68 |
95,83 |
|
Sales pro employee |
Value |
487.525 |
846.489 |
531.548 |
237.592 |
|
Labour cost pro employee |
Value |
32.318 |
32.295 |
33.907 |
33.432 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.82 |
|
UK Pound |
1 |
Rs.84.96 |
|
Euro |
1 |
Rs.68.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.