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Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
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Name : |
L' ARCOLAIO S.R.L. |
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Registered Office : |
Via Cerro Antico, 48 03043 – |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.12.2000 |
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Com. Reg. No.: |
FR-2000-18955 of since 09/08/2000 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of finished textile articles (except apparel) |
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No. of Employees : |
1 to 5 |
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RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Italy |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
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
L' Arcolaio S.r.l.
Via Cerro Antico, 48
03043 – Cassino (FR) -IT-
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Fiscal Code |
: |
02144490600 |
|
Legal Form |
: |
Limited liability company |
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start of Activities |
: |
01/12/2000 |
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Equity |
: |
200.000 |
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Turnover Range |
: |
1.000.000/1.250.000 |
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Number of Employees |
: |
from 1 to 5 |
Manufacture of finished textile articles (except apparel)
Legal Form : Limited liability company
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Fiscal Code : 02144490600 |
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Foreign Trade Reg. no. : FR005607 since 05/12/2000 |
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Foreign Trade Reg. no. : 005607 of since 05/12/2000 |
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Chamber of Commerce no. : 132453 of since 07/07/2000 |
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Firms' Register : FR-2000-18955 of since 09/08/2000 |
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V.A.T. Code : 02144490600 |
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Establishment date |
: 11/05/2000 |
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Start of Activities |
: 01/12/2000 |
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Legal duration |
: 31/12/2050 |
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Nominal Capital |
: 60.200 |
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Subscribed Capital |
: 60.200 |
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Paid up Capital |
: 60.200 |
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Marino |
Sebastiano |
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Born in Cassino |
(FR) |
on 29/05/1979 |
- Fiscal Code : MRNSST79E29C034V |
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Residence: |
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Lombardia |
, 64 |
- 03043 |
Cassino |
(FR) |
- IT - |
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Position |
Since |
Shares Amount |
% Ownership |
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Sole Director |
11/05/2000 |
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No Protests registered |
*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.
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Marino Sebastiano |
Cassino - IT - |
MRNSST79E29C034V |
57.190 .Eur |
95,00 |
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MARINO RENATA |
|
MRNRNT84A42C034D |
3.010 .Eur |
5,00 |
The Company under review has no participations in other Companies.
In order to carry out its activities the firm uses the following
locations:
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- |
Legal and operative seat |
(Workshop) |
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Cerro Antico |
, 48 |
- 03043 |
- Cassino |
(FR) |
- IT - |
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Employees |
: 2 |
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Fittings and Equipment for a value of 290.000 |
Eur |
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Stocks for a value of 380.000 |
Eur |
The firm has a direct commercial organization
Sales are on a local scale.
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Protests checking on the subject firm has given a negative result.
Search performed on a National Scale
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Prejudicial Events Search Result: NEGATIVE |
Search performed on a specialized data base.
None reported, standing to the latest received edition of the Official
Publications.
Company's starting of activities dates back to 2000.
The economic-financial analysis has been made on the base of the b/s of
the latests three years.
Under the financial profile unstable results are noted. anyway in 2010 a
positive result was achieved (r.o.e. 16,4%). The turnover is growing in the
last financial year (+11,53%).
The operating result was positive in the last financial year (6,77%) and
in line with the sector's average.
The amount of the operating result for the year 2010 is of Eur. 73.050
increasing if compared to the yeart 2009.
During the latest financial year the gross operating margin amounted to Eur.
83.799 ,with no change if compared to the year before.
The ratio between debts and total assets is fairly high, as it comes out
from the indebtedness (4,32) but on the decrease if compared to the year
before.
The equity capital is equal to Eur. 150.467 on the same levels as the
year before.
Total debts recorded amounted to Eur. 899.977 (Eur. 69.865 of which were
m/l term debts) while during the financial year 2009 the amount was equal to
Eur. 695.652.
The recourse to bank credit is slightly high and also borrowings from
suppliers appear to be high, with an average payment period equal to 128,29 gg.
however still within the sector's average.
It shows a good range of liquidity.
Trade credits are collected slowly, average term is 128,71 days. but on
the same levels as the average of the sector.
The financial management generated a cash flow of Eur. 35.421.
Labour cost expenses amount to Eur. 101.924 , representing 9,84% on the
total of production costs. and a 9,4% incidence on sales volumes.
High incidence of financial charges on turnover.
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Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
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Item Type |
Value |
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Sales |
1.084.716 |
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Profit (Loss) for the period |
24.672 |
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Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
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Item Type |
Value |
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Sales |
972.493 |
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Profit (Loss) for the period |
-710 |
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Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1) |
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Item Type |
Value |
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Sales |
670.175 |
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Profit (Loss) for the period |
2.652 |
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Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1) |
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Item Type |
Value |
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Sales |
586.916 |
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Profit (Loss) for the period |
2.353 |
From our constant monitoring of the relevant Public Administration
offices, no more recent balance sheets result to have been filed.
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- Balance Sheet as at 31/12/2010 - 12 Mesi - Currency: - Amounts x 1 |
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- Balance Sheet as at 31/12/2009 - 12 Mesi - Currency: - Amounts x 1 |
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- Balance Sheet as at 31/12/2008 - 12 Mesi - Currency: - 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 |
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COMPOSITION ON
INVESTMENT |
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Rigidity Ratio |
Units |
0,08 |
0,10 |
0,05 |
0,24 |
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Elasticity Ratio |
Units |
0,92 |
0,90 |
0,94 |
0,72 |
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Availability of stock |
Units |
0,35 |
0,35 |
0,37 |
0,19 |
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Total Liquidity Ratio |
Units |
0,57 |
0,55 |
0,57 |
0,45 |
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Quick Ratio |
Units |
0,17 |
0,10 |
0,23 |
0,02 |
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COMPOSITION ON
SOURCE |
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Net Short-term indebtedness |
Units |
4,32 |
4,74 |
3,08 |
1,93 |
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Self Financing Ratio |
Units |
0,14 |
0,15 |
0,17 |
0,25 |
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Capital protection Ratio |
Units |
0,44 |
0,53 |
0,50 |
0,71 |
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Liabilities consolidation quotient |
Units |
0,11 |
0,06 |
0,07 |
0,23 |
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Financing |
Units |
5,98 |
5,53 |
4,60 |
2,69 |
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Permanent Indebtedness Ratio |
Units |
0,23 |
0,19 |
0,23 |
0,42 |
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M/L term Debts Ratio |
Units |
0,09 |
0,04 |
0,05 |
0,10 |
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Net Financial Indebtedness Ratio |
Units |
1,96 |
n.c. |
n.c. |
1,12 |
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CORRELATION |
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Fixed assets ratio |
Units |
2,85 |
1,87 |
4,13 |
1,56 |
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Current ratio |
Units |
1,20 |
1,12 |
1,25 |
1,24 |
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Acid Test Ratio-Liquidity Ratio |
Units |
0,74 |
0,69 |
0,76 |
0,87 |
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Structure's primary quotient |
Units |
1,76 |
1,44 |
3,14 |
1,01 |
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Treasury's primary quotient |
Units |
0,22 |
0,12 |
0,30 |
0,04 |
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Rate of indebtedness ( Leverage ) |
% |
717,36 |
673,24 |
578,33 |
407,34 |
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Current Capital ( net ) |
Value |
162.820 |
83.122 |
136.257 |
387.489 |
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RETURN |
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Return on Sales |
% |
3,27 |
2,48 |
4,03 |
2,88 |
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Return on Equity - Net- ( R.O.E. ) |
% |
16,40 |
-0,56 |
2,10 |
2,51 |
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Return on Equity - Gross - ( R.O.E. ) |
% |
33,11 |
11,41 |
12,47 |
9,26 |
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Return on Investment ( R.O.I. ) |
% |
6,77 |
7,14 |
8,46 |
3,77 |
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Return/ Sales |
% |
6,73 |
6,22 |
9,23 |
3,77 |
|
Extra Management revenues/charges incid. |
% |
33,77 |
-1,17 |
4,29 |
21,16 |
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Cash Flow |
Value |
35.421 |
24.097 |
26.987 |
79.355 |
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Operating Profit |
Value |
73.050 |
60.498 |
61.886 |
112.730 |
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Gross Operating Margin |
Value |
83.799 |
85.305 |
86.221 |
210.674 |
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MANAGEMENT |
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Credits to clients average term |
Days |
128,71 |
n.c. |
127,01 |
117,72 |
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Debts to suppliers average term |
Days |
128,29 |
n.c. |
n.c. |
111,36 |
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Average stock waiting period |
Days |
124,70 |
109,03 |
145,47 |
76,26 |
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Rate of capital employed return ( Turnover ) |
Units |
1,00 |
1,15 |
0,92 |
1,01 |
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Rate of stock return |
Units |
2,89 |
3,30 |
2,47 |
4,65 |
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Labour cost incidence |
% |
9,40 |
10,79 |
13,29 |
14,67 |
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Net financial revenues/ charges incidence |
% |
-3,22 |
-4,46 |
-6,88 |
-1,77 |
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Labour cost on purchasing expenses |
% |
9,84 |
11,01 |
13,48 |
14,77 |
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Short-term financing charges |
% |
3,89 |
6,26 |
7,96 |
3,20 |
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Capital on hand |
% |
99,51 |
87,08 |
109,17 |
98,20 |
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Sales pro employee |
Value |
361.572 |
138.927 |
95.739 |
213.243 |
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Labour cost pro employee |
Value |
33.974 |
14.995 |
12.719 |
32.119 |
Our Company collects data from public registers, lists, archives or
contained in Acts and/or documents (held by the National Chamber of Commerce or
Immovables Territorial Agency), users, reporters or however generally
accessible (for example, from categorical lists, statistical institutes, press
reports and from public inspection internet sites).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.63 |
|
|
1 |
Rs.86.17 |
|
Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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-- |
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.