MIRA
INFORM REPORT
|
Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
VAROMA S.R.L. |
|
|
|
|
Registered Office : |
Via Del Bosco, 300 56029 - Santa
Croce sull'Arno (PI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
25.09.1997 |
|
|
|
|
Com. Reg. No.: |
PI-1997-50490 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesale of
hides, skins and leather |
|
|
|
|
No. of Employees : |
From 1 to 5 |
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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 and address
Varoma S.r.l.
Via Del Bosco, 300
56029 - Santa Croce sull'Arno (PI) -IT-
Summary
|
Fiscal Code |
: |
01393630502 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
25/09/1997 |
|
Equity |
: |
750.000 |
|
Turnover Range |
: |
3.000.000/3.750.000 |
|
Number of Employees |
: |
from 1 to 5 |
Activity
Wholesale of hides, skins and leather
Legal
Data
Legal Form : Limited liability company
|
Fiscal Code : 01393630502 |
|
Foreign Trade Reg. no. : PI016033 since
08/02/2000 |
|
Chamber of Commerce no. : 124522 of since
07/04/1997 |
|
Firms' Register : PI-1997-50490 of |
|
V.A.T. Code : 01393630502 |
|
Trade Agents Licence : 5185 of since
27/05/1997 |
|
Establishment date |
: 24/01/1997 |
|
|
Start of Activities |
: 25/09/1997 |
|
|
Legal duration |
: 31/12/2020 |
|
|
Nominal Capital |
: 90.400 |
|
|
Subscribed Capital |
: 90.400 |
|
|
Paid up Capital |
: 90.400 |
|
Members
|
|
Maestrelli |
Giampiero |
|
|
|
Born in San Miniato |
(PI) |
on 26/10/1948 |
- Fiscal Code : MSTGPR48R26I046Q |
|
|
|
Residence: |
|
Castelladroni |
, 1 |
- 50054 |
Fucecchio |
(FI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
04/09/2007 |
|
|
|
|
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 |
|
Maestrelli Giampiero |
Fucecchio - IT - |
MSTGPR48R26I046Q |
36.160 .Eur |
40,00 |
|
Maestrelli Martina |
|
MSTMTN79E52D815O |
13.560 .Eur |
15,00 |
|
Maestrelli Federico |
|
MSTFRC74D03D815G |
22.600 .Eur |
25,00 |
|
Benzi Mauro Gilberto |
|
BNZMGL48E25D969K |
18.080 .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 |
|
TOSCANA PIANTE E FIORI SOCIETA' CONSORTI LE
A RESPONSABILITA' LIMITATA |
Pescia - IT - |
00518790472 |
1.530 .Eur |
1,17 |
|
|
Active |
Firm's
location and structure
In order to carry out its activities the firm
uses the following locations:
|
- |
Legal and operative seat |
|
|
|
|
|
|
|
Del Bosco |
, 300 |
- 56029 |
- Santa Croce sull'Arno |
(PI) |
- IT - |
|
|
|
|
Employees |
: 3 |
|
Fittings and Equipment for a value of
57.000 |
Eur |
|
Stocks for a value of 1.010.000 |
Eur |
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.
Bankers
The firm operates with:
|
Bank Name |
Agency Name |
Address |
ZIP Code |
City |
ABI Code |
CAB Code |
|
CASSA DI RISPARMIO DI LUCCA PISA LIVORN |
|
|
|
|
6200 |
0 |
Financial
and Economical Analysis
The company is active since 1997
The economic-financial analysis has been made
on the base of the b/s of the latests three years.
Under an economic point of view, profits were
registered during the last years with a r.o.e. of 3,68% in 2011 with a good
increase in turnover (+27,73% in 2011 compared to 2010 and +4,51% in 2010
compared to 2009).
The operating result was positive in the last
financial year (8,13%) falling within the field's average.
The amount of the operating result is equal
to Eur. 251.362 rising (+more then 100%) in relation to the previous year.
The gross operating margin of the latest financial
year is of Eur. 269.058 growing by more then 100% if compared to the year
before.
Company's financial status is balanced since
indebtedness is not high (3,3) yet on the increase as against the previous
accounting period.
The management generated equity capital for
an amount of Eur. 678.288 , unchanged as opposed to the preceding year.
During the last financial year debts totalled
Eur. 2.371.957 (Eur. 92.886 of which were m/l term debts) showing a stable
trend as opposed to 2010 (Eur. 2.132.088).
Liquidity is good.
During financial year 2011 the cash flow
amounted to Eur. 42.690
During 2011 financial year labour costs
amounted to Eur. 128.647, with a 4,4% incidence on production costs. , whereas
4,06% is the incidence on sales revenues.
High incidence of financial charges on
turnover.
Financial
Data
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.171.224 |
|
Profit (Loss) for the period |
24.994 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.482.736 |
|
Profit (Loss) for the period |
1.765 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.375.480 |
|
Profit (Loss) for the period |
9.382 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.748.450 |
|
Profit (Loss) for the period |
48.409 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.893.621 |
|
Profit (Loss) for the period |
71.065 |
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 |
0,01 |
0,02 |
0,03 |
0,11 |
|
Elasticity Ratio |
Units |
0,99 |
0,98 |
0,97 |
0,87 |
|
Availability of stock |
Units |
0,33 |
0,34 |
0,39 |
0,17 |
|
Total Liquidity Ratio |
Units |
0,66 |
0,64 |
0,58 |
0,61 |
|
Quick Ratio |
Units |
0,01 |
0,00 |
0,00 |
0,03 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
3,30 |
2,75 |
2,42 |
3,90 |
|
Self Financing Ratio |
Units |
0,22 |
0,24 |
0,25 |
0,17 |
|
Capital protection Ratio |
Units |
0,83 |
0,87 |
0,85 |
0,66 |
|
Liabilities consolidation quotient |
Units |
0,05 |
0,15 |
0,23 |
0,09 |
|
Financing |
Units |
3,50 |
3,11 |
2,91 |
4,57 |
|
Permanent Indebtedness Ratio |
Units |
0,26 |
0,34 |
0,39 |
0,28 |
|
M/L term Debts Ratio |
Units |
0,04 |
0,10 |
0,14 |
0,06 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
2,65 |
n.c. |
0,96 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
22,00 |
20,45 |
15,08 |
2,10 |
|
Current ratio |
Units |
1,34 |
1,49 |
1,60 |
1,13 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,90 |
0,97 |
0,95 |
0,86 |
|
Structure's primary quotient |
Units |
18,61 |
14,33 |
9,71 |
1,34 |
|
Treasury's primary quotient |
Units |
0,02 |
0,00 |
0,00 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
455,67 |
418,84 |
399,06 |
587,66 |
|
Current Capital ( net ) |
Value |
770.905 |
933.007 |
989.988 |
135.886 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
1,35 |
0,81 |
1,06 |
1,61 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
3,68 |
0,26 |
1,37 |
5,01 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
8,16 |
4,54 |
5,24 |
13,67 |
|
Return on Investment ( R.O.I. ) |
% |
8,13 |
1,80 |
4,43 |
4,30 |
|
Return/ Sales |
% |
7,93 |
2,08 |
5,09 |
2,39 |
|
Extra Management revenues/charges incid. |
% |
9,94 |
3,41 |
7,76 |
27,17 |
|
Cash Flow |
Value |
42.690 |
20.211 |
25.207 |
47.597 |
|
Operating Profit |
Value |
251.362 |
51.724 |
120.922 |
71.380 |
|
Gross Operating Margin |
Value |
269.058 |
70.170 |
136.747 |
124.518 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
n.c. |
258,03 |
n.c. |
90,43 |
|
Debts to suppliers average term |
Days |
n.c. |
40,74 |
n.c. |
76,51 |
|
Average stock waiting period |
Days |
114,16 |
143,16 |
161,98 |
37,27 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,03 |
0,86 |
0,87 |
1,64 |
|
Rate of stock return |
Units |
3,15 |
2,51 |
2,22 |
9,56 |
|
Labour cost incidence |
% |
4,06 |
5,39 |
4,93 |
4,81 |
|
Net financial revenues/ charges incidence |
% |
-2,83 |
-2,15 |
-3,47 |
-0,99 |
|
Labour cost on purchasing expenses |
% |
4,40 |
5,49 |
5,19 |
4,83 |
|
Short-term financing charges |
% |
3,79 |
2,51 |
4,14 |
2,90 |
|
Capital on hand |
% |
97,46 |
115,63 |
114,85 |
60,86 |
|
Sales pro employee |
Value |
792.806 |
620.684 |
791.826 |
686.413 |
|
Labour cost pro employee |
Value |
32.162 |
33.428 |
39.040 |
33.271 |
Market
/ Territory Data
|
Population living in the province |
: |
|
|
Population living in the region |
: |
|
|
Number of families in the region |
: |
|
Monthly 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 941
significant companies.
The companies cash their credits on an
average of 90 dd.
The average duration of suppliers debts is
about 77 dd.
The sector's profitability is on an average
of 1,61%.
The labour cost affects the turnover in the
measure of 4,81%.
Goods are held in stock in a range of 37 dd.
The difference between the sales volume and
the resources used to realize it is about 1,64.
The employees costs represent the 4,83% of
the production costs.
Statistical
Detrimental Data
Statistically the trade activity passes
through serious crises.
The area is statistically considered
moderately risky.
In the region 24.960 protested subjects are
found; in the province they count to 2.664.
The insolvency index for the region is 0,70,
, while for the province it is 0,68.
Total Bankrupt companies in the province :
1.648.
Total Bankrupt companies in the region :
20.423.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
|
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.71.33 |
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 |
|
-- |
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.