MIRA
INFORM REPORT
|
Report Date : |
20.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
ITALCOMEX IMPORT - EXPORT S.R.L. |
|
|
|
|
Registered Office : |
Via Napoli, 65, 84014 - Nocera
Inferiore (SA) |
|
|
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|
Country : |
Italy |
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|
|
|
Financials (as on) : |
31.12.2011 |
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|
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Date of Incorporation : |
15.02.2006 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Non-specialised wholesale of food, beverages and tobacco |
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|
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No. of Employees : |
From 1 To 5 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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, highly subsidized, agricultural south,
where unemployment is high. 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 its
exceptionally high public debt and structural impediments to growth have
rendered it vulnerable to scrutiny by financial markets. Public debt has increased
steadily since 2007, topping 126% of GDP in 2012, and investor concerns about
the broader euro-zone crisis at times have caused borrowing costs on sovereign
government debt to rise to euro-era. During the second half of 2011 the
government passed three austerity packages to reduce its budget deficit and
help bring down borrowing costs. 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 sustain
its recent efforts to address Italy's long-standing structural impediments to
growth, such as labor market inefficiencies and widespread tax evasion. In 2012
economic growth and labor market conditions deteriorated, with growth at -2.3%
and unemployment rising to nearly 11%, with youth unemployment around 35%. The
government has undertaken several reform initiatives designed to increase
long-term economic growth. Italy's GDP is now 7% below its 2007 pre-crisis
level.
|
Source : CIA |
Company name & address
Italcomex Import - Export S.r.l.
Via Napoli, 65
84014 - Nocera Inferiore (SA) -IT-
Summary
|
Fiscal Code |
: |
04346620653 |
|
Legal Form |
: |
Limited liability company |
|
Establishment Date |
: |
15/02/2006 |
|
Equity |
: |
80.000 |
|
Turnover Range |
: |
2.000.000/2.250.000 |
|
Number of Employees |
: |
from 1 to 5 |
Activity
Non-specialised wholesale of food, beverages
and tobacco
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 04346620653 |
|
Chamber of Commerce no. : 360131 of since
28/02/2006 |
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V.A.T. Code : 04346620653 |
|
Establishment date |
: 15/02/2006 |
|
|
Legal duration |
: 31/12/2050 |
|
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Nominal Capital |
: 50.000 |
|
|
Subscribed Capital |
: 50.000 |
|
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Paid up Capital |
: 50.000 |
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Members
|
|
Fortunato |
Luigi |
|
|
|
Born in Nocera Inferiore |
(SA) |
on 15/05/1964 |
- Fiscal Code : FRTLGU64E15F912I |
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|
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Residence: |
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Napoli |
, 154 |
- 84014 |
Nocera Inferiore |
(SA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
15/02/2006 |
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|
|
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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 |
|
Fortunato Luigi |
Nocera Inferiore - IT - |
FRTLGU64E15F912I |
27.500 .Eur |
55,00 |
|
Fortunato Carla |
|
FRTCRL70C45F912G |
22.500 .Eur |
45,00 |
Direct Participations
The Company under review has no
participations in other Companies.
Firm's location and structure
In order to carry out its activities the
firm uses the following locations:
|
- |
Legal and
operative seat |
|
|
|
|
|
|
|
Napoli |
, 65 |
- 84014 |
- Nocera Inferiore |
(SA) |
- IT - |
|
|
|
|
PHONE |
: 0815175917 |
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|
|
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Employees |
: 3 |
|
|
|
|
|
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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 2006
Balance sheets for the years 2009, 2010 and
2011 were analyzed.
Under an economic point of view, profits
were registered during the last years with a r.o.e. of 8,64% in 2011 and during
the last financial year an increase in sales volume was registered (+49,01% in
2011).
The operating result was positive in the
last financial year (3,59%) falling within the field's average.
The amount of the operating result is equal
to Eur. 60.893 increasing if compared to the yeart 2010.
The G.O.M. amounted to Eur. 82.496 showing
an upward trend if compared to 2010.
Financial condition is not balanced as own
capitals do not cover debts, indebtedness level is in fact high (21,06) and
increasing if compared to the previous year.
Subject can manage an equity capital funds
for an amount of Eur. 69.670 , stable in comparison with the value of the
previous year.
In the year 2011 total debts amounted to
Eur. 1.595.339 while during the financial year 2010 the amount was equal to
Eur. 1.074.072.
Remarkable financial indebtedness specially
if compared to equity capital, the exposure to suppliers is moderate (82,63 gg.
is the average payment period) lined up with the sector.
Liquidity is not at its best.
Due from customers average term is high and
equal to 102,15 days. within the average values of the sector.
The financial management generated a cash
flow of Eur. 27.620.
Subordinate employment cost is of Eur.
135.276, i.e. 6,17% on total production costs. , whereas the incidence on sales
revenues is of 6,03%.
If compared to the sales volume (-1,44%),
the impact of the financial charges is limited.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.242.326 |
|
Profit (Loss) for the period |
6.017 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
1.504.730 |
|
Profit (Loss) for the period |
9.398 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
1.548.079 |
|
Profit (Loss) for the period |
240 |
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 |
0,13 |
0,06 |
0,06 |
0,13 |
|
Elasticity Ratio |
Units |
0,86 |
0,94 |
0,94 |
0,85 |
|
Availability of stock |
Units |
n.c. |
n.c. |
n.c. |
0,16 |
|
Total Liquidity Ratio |
Units |
0,86 |
0,94 |
0,94 |
0,62 |
|
Quick Ratio |
Units |
0,06 |
0,08 |
0,12 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
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Net Short-term indebtedness |
Units |
21,06 |
16,00 |
17,80 |
5,02 |
|
Self Financing Ratio |
Units |
0,04 |
0,05 |
0,05 |
0,13 |
|
Capital protection Ratio |
Units |
0,20 |
0,07 |
0,07 |
0,58 |
|
Liabilities consolidation quotient |
Units |
0,07 |
0,02 |
0,01 |
0,10 |
|
Financing |
Units |
22,90 |
16,87 |
19,79 |
6,17 |
|
Permanent Indebtedness Ratio |
Units |
0,10 |
0,07 |
0,06 |
0,25 |
|
M/L term Debts Ratio |
Units |
0,06 |
0,02 |
0,01 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
14,36 |
9,10 |
7,05 |
1,16 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
0,77 |
1,21 |
1,04 |
1,57 |
|
Current ratio |
Units |
0,97 |
1,01 |
1,00 |
1,09 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,97 |
1,01 |
1,00 |
0,85 |
|
Structure's primary quotient |
Units |
0,31 |
0,93 |
0,82 |
0,96 |
|
Treasury's primary quotient |
Units |
0,07 |
0,09 |
0,12 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
2431,48 |
1820,40 |
2111,87 |
743,68 |
|
Current Capital ( net ) |
Value |
-52.102 |
11.078 |
2.241 |
70.465 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
1,23 |
1,66 |
0,71 |
1,66 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
8,64 |
14,76 |
0,44 |
6,68 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
40,94 |
40,97 |
35,60 |
19,39 |
|
Return on Investment ( R.O.I. ) |
% |
3,59 |
4,00 |
4,16 |
3,84 |
|
Return/ Sales |
% |
2,72 |
3,08 |
3,08 |
2,16 |
|
Extra Management revenues/charges incid. |
% |
9,88 |
20,25 |
0,50 |
28,56 |
|
Cash Flow |
Value |
27.620 |
25.030 |
11.045 |
48.046 |
|
Operating Profit |
Value |
60.893 |
46.404 |
47.612 |
59.910 |
|
Gross Operating Margin |
Value |
82.496 |
62.036 |
58.417 |
99.701 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
102,15 |
87,27 |
103,77 |
86,56 |
|
Debts to suppliers average term |
Days |
82,63 |
75,67 |
143,24 |
100,32 |
|
Average stock waiting period |
Days |
n.c. |
n.c. |
n.c. |
31,97 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,32 |
1,30 |
1,35 |
1,82 |
|
Rate of stock return |
Units |
n.c. |
n.c. |
n.c. |
11,18 |
|
Labour cost incidence |
% |
6,03 |
6,22 |
8,75 |
5,95 |
|
Net financial revenues/ charges incidence |
% |
-1,44 |
-1,31 |
-1,79 |
-0,81 |
|
Labour cost on purchasing expenses |
% |
6,17 |
6,40 |
9,03 |
5,95 |
|
Short-term financing charges |
% |
2,03 |
1,83 |
2,58 |
2,18 |
|
Capital on hand |
% |
75,55 |
77,01 |
74,01 |
54,67 |
|
Sales pro employee |
Value |
560.581 |
946.371 |
681.973 |
507.074 |
|
Labour cost pro employee |
Value |
33.819 |
58.831 |
59.697 |
32.650 |
Market / Territory Data
|
Population living in the province |
: |
1.089.770 |
|
Population living in the region |
: |
5.788.986 |
|
Number of families in the region |
: |
1.966.064 |
Monthly family expenses 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 5.101
significant companies.
The companies cash their credits on an
average of 87 dd.
The average duration of suppliers debts is
about 100 dd.
The sector's profitability is on an average
of 1,66%.
The labour cost affects the turnover in the
measure of 5,95%.
Goods are held in stock in a range of 32 dd.
The difference between the sales volume and
the resources used to realize it is about 1,82.
The employees costs represent the 5,95% of
the production costs.
Statistical Detrimental Data
Statistically the trade activity passes
through serious crises.
The area is statistically considered remarkably
risky.
In the region 80.616 protested subjects are
found; in the province they count to 17.809.
The insolvency index for the region is 1,40,
, while for the province it is 1,64.
Total Bankrupt companies in the province :
4.254.
Total Bankrupt companies in the region :
28.514.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
UK Pound |
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
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.