MIRA
INFORM REPORT
|
Report Date : |
06.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
CONCERIA CADORE S.R.L. |
|
|
|
|
Registered Office : |
Via Lavoro, 23 36071- Arzignano (VI) |
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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 : |
17.11.1978 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Preparation and tanning of leather; dressing and dyeing of fur |
|
|
|
|
No. of Employees : |
from 91 to 110 |
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 |
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|
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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,
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 and address
CONCERIA CADORE S.R.L.
Via Lavoro, 23
36071 - Arzignano (VI) -IT-
Summary
|
Fiscal Code |
: |
00656130242 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
17/11/1978 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
75.000.000/100.000.000 |
|
Number of Employees |
: |
from 91 to 110 |
Highlights
|
We need to stress that on 02.04.2012 the company under review was
subject |
|
to a fire in its factory of Arzignano. |
|
The damages' amount were estimated in a measure of about 10 mio. EUR. |
|
The financial accounts as at 31.12.2012 are not available yet. |
|
|
Activity
Preparation and tanning of leather; dressing and dyeing of fur
Legal Data
Legal Form : Limited liability company
|
Register of Handcraft firms : 45524 of Vicenza since 10/12/1979 until
05/10/1981 |
|
Fiscal Code : 00656130242 |
|
Foreign Trade Reg. no. : VI023304 since 03/01/1992 |
|
Chamber of Commerce no. : 144942 of Vicenza since 23/01/1979 |
|
Firms' Register : VI116-9388 of Vicenza since 19/02/1996 |
|
V.A.T. Code : 00656130242 |
|
Foundation date |
: 17/11/1978 |
|
|
Establishment date |
: 17/11/1978 |
|
|
Start of Activities |
: 17/11/1978 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 8.250.000 |
|
|
Subscribed Capital |
: 8.250.000 |
|
|
Paid up Capital |
: 8.250.000 |
|
Members
|
|
Sartori |
Silvio Mario |
|
|
|
Born in Sarego |
(VI) |
on 15/06/1945 |
- Fiscal Code : SRTSVM45H15I430T |
|
|
|
Residence: |
|
L.einaudi |
, 1 |
- 36071 |
Arzignano |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
|
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
Companies connected to members *
*checkings have been performed on a national scale.
In this module are listed the companies in which members hold or have
holded positions.
|
|
Sartori |
Silvio Mario |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Conceria Trust S.r.l. |
Chiampo (VI) - IT - |
03702050240 |
Attorney with special power |
Withdrawn |
Registered |
The indication "REGISTERED" as Firm Status could refer to
Firms in Liquidation, Active, Inactive, etc.
For more information, in this case, we advise to request further
investigations.
Capital Shareholders
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Sartori Silvio Mario |
Arzignano - IT - |
SRTSVM45H15I430T |
4.125.000 .Eur |
50,00 |
|
Solda' Bertilla |
|
SLDBTL54L46I430N |
4.125.000 .Eur |
50,00 |
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 |
|
|
|
|
|
|
|
Lavoro |
, 23 |
- 36071 |
- Arzignano |
(VI) |
- IT - |
|
|
|
|
PHONE |
: 0444450655 |
|
|
|
|
FAX |
: 0444676223 |
|
|
|
|
Email |
: importpelli@conceriacadore.it |
|
- |
Branch |
(Factory) |
since 14/07/2011 |
|
|
|
|
|
|
Strada Dei Laghi |
, 14 |
- 36072 |
- Chiampo |
(VI) |
- IT - |
|
- |
Branch |
(Store) |
since 01/06/2012 |
|
|
|
|
|
|
Lago Di Alleghe |
, SNC |
- 36072 |
- Chiampo |
(VI) |
- IT - |
|
|
|
|
Employees |
: 93 |
|
Fittings and Equipment for a value of 570.000 |
Eur |
|
Stocks for a value of 20.960.000 |
Eur |
|
Vehicles for a value of 130.000 |
Eur |
Sales are on an international scale.
|
|
The firm operates abroad as importer / exporter..
To purchase foreign products the firm uses the following channels :
|
- distributors |
|
- its own agents |
|
- direct orders to foreign companies |
Export represents from 20% to 50% of the global turnover.
Products abroad are placed by :
|
- importers |
|
- its own agents |
|
- direct orders from foreign companies |
Export is mainly towards:
|
- Italy |
Historical Information and/or Firm's Status
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
General partnership |
Limited liability company |
04/12/1980 |
COMPANY STYLE MODIFICATIONS:
|
Former Style |
New Style |
Changement Date |
|
Rifinizione Cadore S.r.l. |
|
21/12/1996 |
COMPANY'S CAPITAL CHANGES:
|
Former Type |
Former Amount |
New Type |
New Amount |
Changement Date |
|
subcribed,nominal and issued |
255.646 |
subcribed,nominal and issued |
4.234.947 |
21/12/1996 |
EX-MEMBERS / EX-POSITIONS:
|
|
Sartori |
Silvio |
|
|
|
Born in Sarego |
(VI) |
on 15/06/1945 |
- Fiscal Code : SRTSLV45H15I430W |
|
|
|
Residence: |
|
Luigi Einaudi |
, 1 |
- 36071 |
Arzignano |
(VI) |
- IT - |
|
Ex-Postions |
|
Sole Director |
|
|
Lotto |
Paola Teresa |
|
|
|
Born in Montegalda |
(VI) |
on 28/06/1960 |
- Fiscal Code : LTTPTR60H68F514M |
|
|
|
Residence: |
|
Bedinella |
, 61 |
- 36040 |
Grisignano di Zocco |
(VI) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Rizzo |
Augusto |
|
|
|
Born in Vicenza |
(VI) |
on 04/09/1937 |
- Fiscal Code : RZZGST37P04L840Y |
|
|
|
Residence: |
|
Meschinelli |
, 62 |
- 36100 |
Vicenza |
(VI) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Rizzo |
Cesare |
|
|
|
Born in Vicenza |
(VI) |
on 19/04/1970 |
- Fiscal Code : RZZCSR70D19L840M |
|
|
|
Residence: |
|
Teso |
, 13 |
- 36100 |
Vicenza |
(VI) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Baschirotto |
Ruggero |
|
|
|
Born in Cusano Milanino |
(MI) |
on 26/06/1938 |
- Fiscal Code : BSCRGR38H26D231C |
|
|
|
Residence: |
|
Verdi |
, 5 |
- 36010 |
Monticello Conte Otto |
(VI) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
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
Company's starting of activities dates back to 1978.
The analysis is based on the latest 3 balance sheets.
Unstable economic results mark the company's financial state of affairs.
anyway in 2011 a positive result was achieved (r.o.e. 2,68%).
The operating result was positive in the last financial year (5,13%) and
in line with the sector's average.
The amount of the operating result for the year 2011 is of Eur.
2.711.925 ,showing stability in respect to the value of 2010.
A gross operating margine for a value of Eur. 3.638.490 was reached.
,with no change if compared to the year before.
The analysis shows a fair financial position as the indebtedness volume
is acceptable (3,51) and falling as against the previous year (4,37).
It's shareholders funds amount to Eur. 10.173.434 , stable in comparison
with the value of the previous year.
In the year 2011 total debts amounted to Eur. 41.848.563 showing a
stable trend as opposed to 2010 (Eur. 45.671.071).
Bank borrowings' volume is slightly high but it modestly dips into
suppliers credit, 45,26 gg. is the payments' average time below the sector's
average.
The liquidity level is positive (1,17).
Credits are collected in 70,23 days on the average. , a value lower than
the sector's average.
2011 financial year closed with a cash flow of Eur. 1.091.179
Subordinate employment cost is of Eur. 3.747.535, i.e. 4,29% on total
production costs. , whereas 4,13% is the incidence on sales revenues.
The financial management is marked by a high incidence of financial
charges in relation to sales revenues (-2,19%).
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
90.806.029 |
|
Profit (Loss) for the period |
272.579 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
88.185.605 |
|
Profit (Loss) for the period |
-386.698 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
57.225.749 |
|
Profit (Loss) for the period |
214.390 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
68.240.234 |
|
Profit (Loss) for the period |
80.459 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
86.949.088 |
|
Profit (Loss) for the period |
256.384 |
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 |
0,20 |
0,16 |
0,15 |
0,18 |
|
Elasticity Ratio |
Units |
0,79 |
0,84 |
0,85 |
0,80 |
|
Availability of stock |
Units |
0,40 |
0,40 |
0,45 |
0,20 |
|
Total Liquidity Ratio |
Units |
0,40 |
0,45 |
0,40 |
0,51 |
|
Quick Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,02 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
3,51 |
4,37 |
3,77 |
2,38 |
|
Self Financing Ratio |
Units |
0,19 |
0,16 |
0,18 |
0,24 |
|
Capital protection Ratio |
Units |
0,16 |
0,57 |
0,52 |
0,68 |
|
Liabilities consolidation quotient |
Units |
0,18 |
0,18 |
0,23 |
0,18 |
|
Financing |
Units |
4,11 |
5,13 |
4,59 |
2,86 |
|
Permanent Indebtedness Ratio |
Units |
0,31 |
0,29 |
0,33 |
0,38 |
|
M/L term Debts Ratio |
Units |
0,12 |
0,13 |
0,15 |
0,11 |
|
Net Financial Indebtedness Ratio |
Units |
3,00 |
3,67 |
2,91 |
1,00 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,53 |
1,86 |
2,23 |
1,78 |
|
Current ratio |
Units |
1,17 |
1,20 |
1,28 |
1,25 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,59 |
0,64 |
0,61 |
0,84 |
|
Structure's primary quotient |
Units |
0,94 |
1,03 |
1,20 |
1,07 |
|
Treasury's primary quotient |
Units |
0,00 |
0,00 |
0,00 |
0,03 |
|
Rate of indebtedness ( Leverage ) |
% |
519,52 |
622,41 |
569,29 |
408,81 |
|
Current Capital ( net ) |
Value |
6.091.684 |
7.792.903 |
9.941.226 |
312.424 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
1,20 |
0,21 |
0,96 |
2,67 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
2,68 |
-4,34 |
2,31 |
3,20 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
6,75 |
4,62 |
4,02 |
8,58 |
|
Return on Investment ( R.O.I. ) |
% |
5,13 |
6,05 |
3,94 |
4,36 |
|
Return/ Sales |
% |
2,99 |
3,80 |
3,64 |
3,63 |
|
Extra Management revenues/charges incid. |
% |
10,05 |
-11,53 |
10,28 |
23,99 |
|
Cash Flow |
Value |
1.091.179 |
181.034 |
548.125 |
112.609 |
|
Operating Profit |
Value |
2.711.925 |
3.353.951 |
2.084.802 |
127.644 |
|
Gross Operating Margin |
Value |
3.638.490 |
3.921.683 |
2.419.435 |
230.719 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
70,23 |
89,95 |
112,09 |
101,46 |
|
Debts to suppliers average term |
Days |
45,26 |
60,17 |
111,55 |
94,66 |
|
Average stock waiting period |
Days |
83,09 |
89,81 |
149,55 |
56,34 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,72 |
1,59 |
1,08 |
1,34 |
|
Rate of stock return |
Units |
4,33 |
4,01 |
2,41 |
6,30 |
|
Labour cost incidence |
% |
4,13 |
4,04 |
5,57 |
12,44 |
|
Net financial revenues/ charges incidence |
% |
-2,19 |
-3,12 |
-2,99 |
-1,48 |
|
Labour cost on purchasing expenses |
% |
4,29 |
4,28 |
6,21 |
12,90 |
|
Short-term financing charges |
% |
4,86 |
6,18 |
4,07 |
3,49 |
|
Capital on hand |
% |
58,20 |
62,82 |
92,39 |
74,43 |
|
Sales pro employee |
Value |
987.022 |
969.072 |
697.874 |
253.464 |
|
Labour cost pro employee |
Value |
40.734 |
39.147 |
38.841 |
32.147 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.82 |
|
|
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.