|
Report Date : |
01.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
KIASMA S.R.L.
|
|
|
|
|
Registered Office : |
Via Ronchi, 54 , 30037 - Scorze' (VE) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
08.02.2001 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Agents and representavies of sanitary fittings, equipment and
accessories for heating and airconditioning and other similar products (excluding
household airconditioning units) |
|
|
|
|
No. of Employees : |
06 to 10 employees |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
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 (31.03.2012) |
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 |
Kiasma S.r.l.
Via Ronchi, 54
30037 - Scorze' (VE) -IT-
|
Fiscal Code |
: |
03277480277 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
15/04/2001 |
|
Equity |
: |
80.000 |
|
Turnover Range |
: |
2.000.000/2.250.000 |
|
Number of Employees |
: |
from 6 to 10 |
Agents and representavies of sanitary fittings,
equipment and access
ories for heating and airconditioning and
other similar products (ex
cluding household airconditioning units)
Wholesale of plumbing, heating and
airconditioning equipment and sup
plies
Legal Form : Limited liability company
|
Fiscal Code : 03277480277 |
|
Chamber of Commerce no. : 320760 of |
|
Chamber of Commerce no. : 295200 of since
19/03/2001 |
|
V.A.T. Code : 03277480277 |
|
Establishment date |
: 08/02/2001 |
|
|
Start of Activities |
: 15/04/2001 |
|
|
Legal duration |
: 31/12/2035 |
|
|
Nominal Capital |
: 30.000 |
|
|
Subscribed Capital |
: 30.000 |
|
|
Paid up Capital |
: 30.000 |
|
|
|
Crotti |
Martina |
|
|
|
Born in Mirano |
(VE) |
on 11/06/1977 |
- Fiscal Code : CRTMTN77H51F241F |
|
|
|
Residence: |
|
Castellana |
, 1/C |
- 30030 |
Martellago |
(VE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
20/02/2006 |
|
|
|
|
No Prejudicial
events are reported |
|
|
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 |
|
Crotti Martina |
Martellago - IT - |
CRTMTN77H51F241F |
15.000 .Eur |
50,00 |
|
Crotti Monica |
|
CRTMNC79S53F241E |
15.000 .Eur |
50,00 |
The Company under review has no
participations in other Companies.
In order to carry out its activities the
firm uses the following locations:
|
- |
Legal and
operative seat |
|
|
|
|
|
|
|
Ronchi |
, 54 |
- 30037 |
- Scorze' |
(VE) |
- IT - |
|
- |
Branch |
(Office with
warehouse) |
since 01/06/2006 |
|
|
|
|
|
|
Monte Adamello |
, 31/H |
- 31059 |
- Zero Branco |
(TV) |
- IT - |
|
|
|
|
Employees |
: 6 |
|
Fittings and Equipment for a value of
95.000 |
Eur |
|
Stocks for a value of 250.000 |
Eur |
|
|
Protests checking on the subject firm has
given a negative result.
Search performed on a National Scale
|
|
|
Prejudicial
Events Search Result: NEGATIVE |
Search performed on a specialized data base.
None reported, standing to the latest received
edition of the Official Publications.
Subject is active since 2001
The eonomic-financial analysis is based on
the latest 3 b/s.
During the last years, it recorded positive
net results (r.o.e. 8,56% in 2011) with a remarkable upward trend (+13,18% on
2011 compared to 2010 and +1,36% on 2010 compared to 2009).
The return on Investment in the last
financial year was positive (3,59%) falling within the field's average.
The amount of the operating result for the
year 2011 is of Eur. 74.134 , on more or less the same values as in the year
before.
The gross operating margin of the latest
financial year is of Eur. 88.287 on the same levels as the previous financial
year.
Financial condition is not balanced as own capitals
do not cover debts, indebtedness level is in fact high (23,45) which is rising
compared to 2010.
With regard to equity capital, an amount of
Eur. 77.769 is registered. on stable levels.
Total indebtedness was equal to Eur.
1.978.444 (Eur. 93.802 was the value of m/l term debts) , showing an upward
trend if compared to 2010.
Debt/equity ratio is high and the recourse
to commercial borrowings is substantial even in comparison with the sector's.
Even liquidity range appears to be not
completely sufficient.
Eur. 20.807 is the value of cash flow during
the year 2011
In the last financial year labour cost was
of Eur. 153.526, with a 7,57% incidence on total costs of production. , whereas
the incidence of such costs on sales revenues is equal to 7,58%.
The incidence percentage of financial
charges on sales volume is equal to -2,37%.
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.026.168 |
|
Profit (Loss) for the period |
6.654 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
1.790.142 |
|
Profit (Loss) for the period |
15.454 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
1.766.031 |
|
Profit (Loss) for the period |
10.630 |
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 |
0,11 |
0,09 |
0,06 |
0,11 |
|
Elasticity Ratio |
Units |
0,89 |
0,91 |
0,93 |
0,87 |
|
Availability of stock |
Units |
0,12 |
0,12 |
0,14 |
0,22 |
|
Total Liquidity Ratio |
Units |
0,76 |
0,79 |
0,80 |
0,56 |
|
Quick Ratio |
Units |
0,03 |
0,04 |
0,04 |
0,02 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
23,45 |
20,09 |
23,22 |
3,81 |
|
Self Financing Ratio |
Units |
0,04 |
0,04 |
0,04 |
0,17 |
|
Capital protection Ratio |
Units |
0,53 |
0,36 |
0,27 |
0,65 |
|
Liabilities consolidation quotient |
Units |
0,06 |
0,08 |
0,05 |
0,12 |
|
Financing |
Units |
25,44 |
22,53 |
25,15 |
4,72 |
|
Permanent Indebtedness Ratio |
Units |
0,09 |
0,12 |
0,09 |
0,30 |
|
M/L term Debts Ratio |
Units |
0,05 |
0,07 |
0,05 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
8,23 |
n.c. |
n.c. |
1,28 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
0,79 |
1,35 |
1,34 |
2,06 |
|
Current ratio |
Units |
0,97 |
1,03 |
1,02 |
1,16 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,84 |
0,90 |
0,87 |
0,84 |
|
Structure's primary quotient |
Units |
0,34 |
0,49 |
0,59 |
1,28 |
|
Treasury's primary quotient |
Units |
0,03 |
0,05 |
0,04 |
0,03 |
|
Rate of indebtedness ( Leverage ) |
% |
2658,11 |
2382,18 |
2650,87 |
591,61 |
|
Current Capital ( net ) |
Value |
-53.045 |
47.985 |
28.942 |
219.071 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
1,03 |
1,43 |
1,25 |
2,22 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
8,56 |
21,73 |
19,10 |
6,27 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
45,85 |
59,22 |
54,84 |
15,95 |
|
Return on Investment ( R.O.I. ) |
% |
3,59 |
4,51 |
4,15 |
4,19 |
|
Return/ Sales |
% |
3,66 |
4,26 |
3,47 |
3,42 |
|
Extra Management revenues/charges incid. |
% |
8,98 |
20,25 |
17,37 |
29,26 |
|
Cash Flow |
Value |
20.807 |
25.607 |
21.993 |
61.669 |
|
Operating Profit |
Value |
74.134 |
76.327 |
61.215 |
95.558 |
|
Gross Operating Margin |
Value |
88.287 |
86.480 |
72.578 |
144.934 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
n.c. |
n.c. |
n.c. |
120,94 |
|
Debts to suppliers average term |
Days |
191,22 |
n.c. |
n.c. |
120,04 |
|
Average stock waiting period |
Days |
44,52 |
41,23 |
41,18 |
61,92 |
|
Rate of capital employed return ( Turnover
) |
Units |
0,98 |
1,06 |
1,20 |
1,27 |
|
Rate of stock return |
Units |
8,09 |
8,73 |
8,74 |
5,74 |
|
Labour cost incidence |
% |
7,58 |
8,82 |
8,85 |
7,77 |
|
Net financial revenues/ charges incidence |
% |
-2,37 |
-1,91 |
-1,76 |
-1,26 |
|
Labour cost on purchasing expenses |
% |
7,57 |
8,85 |
8,13 |
7,90 |
|
Short-term financing charges |
% |
2,49 |
2,13 |
2,26 |
2,67 |
|
Capital on hand |
% |
102,02 |
94,63 |
83,55 |
78,39 |
|
Sales pro employee |
Value |
506.542 |
447.535 |
441.507 |
437.713 |
|
Labour cost pro employee |
Value |
38.381 |
39.459 |
39.054 |
33.928 |
|
Population living in the province |
: |
829.418 |
|
Population living in the region |
: |
4.699.950 |
|
Number of families in the region |
: |
1.813.210 |
Monthly family expenses average in the
region (in Eur..) :
|
- per food products |
: |
456 |
|
- per non food products |
: |
2.052 |
|
- per energy consume |
: |
127 |
The values are calculated on a base of 6.137
significant companies.
The companies cash their credits on an
average of 121 dd.
The average duration of suppliers debts is
about 120 dd.
The sector's profitability is on an average
of 2,22%.
The labour cost affects the turnover in the
measure of 7,77%.
Goods are held in stock in a range of 62 dd.
The difference between the sales volume and
the resources used to realize it is about 1,27.
The employees costs represent the 7,90% of
the production costs.
Statistcally the trade activity shows
periods of crisis.
The area is statistically considered lowly
risky.
In the region 13.782 protested subjects are
found; in the province they count to 2.633.
The insolvency index for the region is 0,30,
, while for the province it is 0,32.
Total Bankrupt companies in the province :
2.924.
Total Bankrupt companies in the region :
16.714.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
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.