MIRA
INFORM REPORT
|
Report Date : |
20.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SITI LEATHER GROUP S.R.L. |
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Registered Office : |
Via Della Concia, 2 36054 -
Montebello Vicentino (VI) -IT- |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
13.01.2011 |
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Legal Form : |
Limited liability company |
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Line of Business : |
Wholesale of skins and untreated and treated leather (except skins for
furs) |
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No. of Employees : |
from 1 to 5 |
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
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Country Name |
Previous Rating (31.03.2012) |
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.
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Source : CIA |
Company Name and address
SITI LEATHER GROUP S.R.L.
Via Della Concia, 2
36054 - Montebello Vicentino (VI) -IT- Italy
Summary
|
Fiscal Code |
: |
03658970243 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
13/01/2011 |
|
Equity |
: |
65.000 |
|
Turnover Range |
: |
2.000.000/2.250.000 |
|
Number of Employees |
: |
from 1 to 5 |
Activity
Wholesale of skins and untreated and treated leather (except skins for
furs)
Legal Data
Legal Form : Limited liability company
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Fiscal Code : 03658970243 |
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Chamber of Commerce no. : 343269 of since 31/12/2010 |
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V.A.T. Code : 03658970243 |
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Establishment date |
: 13/12/2010 |
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Start of Activities |
: 13/01/2011 |
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Legal duration |
: 31/12/2050 |
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Nominal Capital |
: 50.000 |
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Subscribed Capital |
: 50.000 |
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Paid up Capital |
: 50.000 |
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Members
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Vallarsa |
Giuliano |
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Born in Arzignano |
(VI) |
on 21/06/1955 |
- Fiscal Code : VLLGLN55H21A459Q |
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Residence: |
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Cavalloni |
, 1/2 |
- 36053 |
Gambellara |
(VI) |
- IT - |
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Position |
Since |
Shares Amount |
% Ownership |
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Sole Director |
29/06/2012 |
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No Prejudicial events are reported |
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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 |
|
Vallarsa Giuliano |
Gambellara - IT - |
VLLGLN55H21A459Q |
22.500 .Eur |
45,00 |
|
Bestpol Sp. Z.o.o. |
|
95116210246 |
27.500 .Eur |
55,00 |
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 |
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Della Concia |
, 2 |
- 36054 |
- Montebello Vicentino |
(VI) |
- IT - |
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PHONE |
: 0444440782 |
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Email |
: SITILEATHERGROUP@LEGALMAIL.IT |
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Employees |
: 5 |
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Stocks for a value of 660.000 |
Eur |
Protests
Protests checking on the subject firm has given a negative result.
Data Base Prejudicial Events
Search
Search performed on a National Scale
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|
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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 activity has only recently started.
The analysis is based on the b/s relating to year 2011.
the financial period 2011 closed with a profit (r.o.e. del 16,13%).
The operating result is positive (1,74%). falling within the field's
average.
The operating result generated by the management is of Eur. 20.695.
Positive gross operating margin for a value of Eur. 25.124.
Short-term debts volume if compared to net worth, as it comes out from
the total indebtedness (18,24)
Subject manages equity capital amounting to Eur. 59.618.
The totel indebtedness is of Eur. 1.128.427 , both commercial and of
other nature.
The company does not exceed in bank credits; payments average period is
instead slightly high (144,45 gg.) and higher than sector's average.
The available funds are good.
Accounts receivable average term is 48,86 days. , that compared to the
sector's average is shorter.
Financial year closed with a cash flow of Eur. 14.047.
Labour cost expenses amount to Eur. 54.265 , representing 2,72% on the
total of production costs. and a 2,69% incidence on sales volumes.
The financial management is positive as incomes are higher than the
charges.
Financial Data
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Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
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Item Type |
Value |
|
Sales |
2.018.311 |
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Profit (Loss) for the period |
9.618 |
Balance Sheets
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 31/12/2011 - 12 Mesi - Currency: - Amounts x 1 |
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RATIOS |
Value Type |
as at 31/12/2011 |
Sector Average |
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COMPOSITION ON INVESTMENT |
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Rigidity Ratio |
Units |
0,04 |
0,11 |
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Elasticity Ratio |
Units |
0,95 |
0,87 |
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Availability of stock |
Units |
0,56 |
0,17 |
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Total Liquidity Ratio |
Units |
0,39 |
0,61 |
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Quick Ratio |
Units |
0,03 |
0,03 |
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COMPOSITION ON SOURCE |
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Net Short-term indebtedness |
Units |
18,24 |
3,90 |
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Self Financing Ratio |
Units |
0,05 |
0,17 |
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Capital protection Ratio |
Units |
0,00 |
0,66 |
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Liabilities consolidation quotient |
Units |
0,00 |
0,09 |
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Financing |
Units |
18,93 |
4,57 |
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Permanent Indebtedness Ratio |
Units |
0,05 |
0,28 |
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M/L term Debts Ratio |
Units |
0,00 |
0,06 |
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Net Financial Indebtedness Ratio |
Units |
0,26 |
0,96 |
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CORRELATION |
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Fixed assets ratio |
Units |
1,38 |
2,10 |
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Current ratio |
Units |
1,01 |
1,13 |
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Acid Test Ratio-Liquidity Ratio |
Units |
0,42 |
0,86 |
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Structure's primary quotient |
Units |
1,31 |
1,34 |
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Treasury's primary quotient |
Units |
0,04 |
0,05 |
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Rate of indebtedness ( Leverage ) |
% |
1998,01 |
587,66 |
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Current Capital ( net ) |
Value |
5.921 |
135.886 |
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RETURN |
|
|
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Return on Sales (R.O.S.) |
% |
0,70 |
1,61 |
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Return on Equity - Net- ( R.O.E. ) |
% |
16,13 |
5,01 |
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Return on Equity - Gross - ( R.O.E. ) |
% |
35,14 |
13,67 |
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Return on Investment ( R.O.I. ) |
% |
1,74 |
4,30 |
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Return/ Sales |
% |
1,03 |
2,39 |
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Extra Management revenues/charges incid. |
% |
46,47 |
27,17 |
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Cash Flow |
Value |
14.047 |
47.597 |
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Operating Profit |
Value |
20.695 |
71.380 |
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Gross Operating Margin |
Value |
25.124 |
124.518 |
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MANAGEMENT |
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Credits to clients average term |
Days |
48,86 |
90,43 |
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Debts to suppliers average term |
Days |
144,45 |
76,51 |
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Average stock waiting period |
Days |
118,58 |
37,27 |
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Rate of capital employed return ( Turnover ) |
Units |
1,69 |
1,64 |
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Rate of stock return |
Units |
3,04 |
9,56 |
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Labour cost incidence |
% |
2,69 |
4,81 |
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Net financial revenues/charges incidence |
% |
0,01 |
-0,99 |
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Labour cost on purchasing expenses |
% |
2,72 |
4,83 |
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Short-term financing charges |
% |
n.c. |
2,90 |
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Capital on hand |
% |
59,02 |
60,86 |
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Sales pro employee |
Value |
403.662 |
686.413 |
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Labour cost pro employee |
Value |
10.853 |
33.271 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.94 |
|
|
1 |
Rs.86.24 |
|
Euro |
1 |
Rs.72.20 |
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 |
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NB |
New Business |
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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.