MIRA INFORM REPORT
|
Report Date : |
25.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
TEX- MA S.R.L. |
|
|
|
|
Registered Office : |
Via Caduti Partigiani, 5 Soci 52011- Bibbiena (AR)
-IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
27.11.1975 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Wholesale of textile products |
|
|
|
|
No. of Employees : |
fom 6 to 10 |
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 (31.03.2012) |
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 |
Company name and address
TEX- MA S.R.L.
Via Caduti Partigiani, 5 Soci
52011 - Bibbiena (AR) -IT-
Summary
|
Fiscal Code |
: |
00190500512 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
27/11/1975 |
|
Equity |
: |
750.000 |
|
Turnover Range |
: |
2.000.000/2.250.000 |
|
Number of Employees |
: |
fom 6 to 10 |
Activity
Wholesale of textile products
Wholesale of clothing and accessories
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 00190500512 |
|
Foreign Trade Reg. no. : AR003458 since 21/12/1991 |
|
Foreign Trade Reg. no. : 003458 of since 21/12/1991 |
|
Foreign Trade Reg. no. : 051228 of |
|
Chamber of Commerce no. : 63544 of since 18/12/1975 |
|
Chamber of Commerce no. : 115496 of |
|
Firms' Register : AR002-3107 of since 19/02/1996 |
|
V.A.T. Code : 00190500512 |
|
Foundation date |
: 27/11/1975 |
|
|
Establishment date |
: 27/11/1975 |
|
|
Start of Activities |
: 27/11/1975 |
|
|
Legal duration |
: 31/12/2020 |
|
|
Nominal Capital |
: 40.560 |
|
|
Subscribed Capital |
: 40.560 |
|
|
Paid up Capital |
: 40.560 |
|
Members
|
|
Milli |
Giovanni |
|
|
|
Born in Bibbiena |
(AR) |
on 18/08/1967 |
- Fiscal Code : MLLGNN67M18A851A |
|
|
|
Residence: |
|
Casa Silli |
, 9 |
- 52010 |
Bibbiena |
(AR) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
23/10/2008 |
|
|
|
|
No Protests registered |
|
|
Milli |
Orlando |
|
|
|
Born in Bibbiena |
(AR) |
on 26/09/1942 |
- Fiscal Code : MLLRND42P26A851Y |
|
|
|
Residence: |
|
Casa Silli |
, 9 |
- 52010 |
Bibbiena |
(AR) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
23/10/2008 |
|
|
|
|
No Protests registered |
|
|
Milli |
Carlo |
|
|
|
Born in Bibbiena |
(AR) |
on 06/02/1932 |
- Fiscal Code : MLLCRL32B06A851Y |
|
|
|
Residence: |
|
Nazionale |
, 54/A |
- 52011 |
Bibbiena |
(AR) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
23/10/2008 |
|
|
|
Board Chairman |
23/10/2008 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Milli |
Francesco |
|
|
|
Born in Bibbiena |
(AR) |
on 31/01/1936 |
- Fiscal Code : MLLFNC36A31A851X |
|
|
|
Residence: |
|
Michelangelo |
, 16 |
- 52010 |
Bibbiena |
(AR) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
23/10/2008 |
|
|
|
|
No Protests registered |
|
|
Milli |
Gianna |
|
|
|
Born in Arezzo |
(AR) |
on 10/04/1967 |
- Fiscal Code : MLLGNN67D50A390U |
|
|
|
Residence: |
|
Giotto |
, 16/B |
- 52010 |
Bibbiena |
(AR) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
23/10/2008 |
|
|
|
|
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 |
|
Milli Orlando |
Bibbiena - IT - |
MLLRND42P26A851Y |
13.524 .Eur |
33,34 |
|
Milli Carlo |
Bibbiena - IT - |
MLLCRL32B06A851Y |
13.518 .Eur |
33,33 |
|
Milli Francesco |
Bibbiena - IT - |
MLLFNC36A31A851X |
13.518 .Eur |
33,33 |
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 |
|
TECNOIMPIANTI CASENTINO S.R.L. |
Bibbiena - IT - |
00126810514 |
10.400 .Eur |
100,00 |
|
|
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
since 27/11/1975 |
|
|
|
|
|
|
Caduti Partigiani - Soci |
, 5 |
- 52011 |
- Bibbiena |
(AR) |
- IT - |
|
|
|
|
Total Surface: 100 Sq.mt. |
|
|
|
|
PHONE |
: 0575561166 |
|
|
|
|
PHONE |
: 043830373 |
|
|
|
|
FAX |
: 0575560563 |
|
- |
Branch |
(Shop) |
since 27/05/1987 |
|
|
|
|
|
|
Nazionale |
, 54 |
- 52011 |
- Bibbiena |
(AR) |
- IT - |
|
|
|
|
PHONE |
: 0575561166 |
|
|
|
|
PHONE |
: 0574673102 |
|
- |
Branch |
(Shop) |
since 01/12/1992 |
|
|
|
|
|
|
Xx Settembre |
, 2/B |
- 52011 |
- Bibbiena |
(AR) |
- IT - |
|
|
|
|
Total Surface: 55 Sq.mt. |
|
|
|
|
PHONE |
: 0575561163 |
|
- |
Branch |
(Shop) |
since 07/10/1988 |
|
|
|
|
|
|
A. Selva |
, Loc: FERRUCCIA |
- 51031 |
- Agliana |
(PT) |
- IT - |
|
|
|
|
Employees |
: 6 |
|
Fittings and Equipment for a value of 1.380.000 |
Eur |
|
Stocks for a value of 450.000 |
Eur |
The firm has a direct commercial organization
Sales are on a local scale.
|
|
The firm operates abroad as importer / exporter..
To purchase foreign products the firm uses the following channels :
|
- national or foreign important buyers |
Export represents up to 20% of the global turnover.
Products abroad are placed by :
|
- national or foreign important buyers |
Import comes generally from the following nations:
|
- Italy |
|
- France |
Export is mainly towards:
|
- Ireland |
|
- Greece |
|
- |
|
- Gabon |
|
- Somalia |
Historical Information and/or
Firm's Status
EX-MEMBERS / EX-POSITIONS:
|
|
Milli |
Carlo |
|
|
|
Born in Bibbiena |
(AR) |
on 06/02/1932 |
- Fiscal Code : MLLCRL32B06A851Y |
|
|
|
Residence: |
|
Nazionale |
, 54/A |
- 52011 |
Bibbiena |
(AR) |
- IT - |
|
Ex-Postions |
|
Chairman |
|
|
Milli |
Francesco |
|
|
|
Born in Bibbiena |
(AR) |
on 31/01/1936 |
- Fiscal Code : MLLFNC36A31A851X |
|
|
|
Residence: |
|
Michelangelo |
, 16 |
- 52010 |
Bibbiena |
(AR) |
- IT - |
|
Ex-Postions |
|
Board Chairman |
CEASINGS/INCORPORATIONS/MERGES:
|
|
Project of merging by taking over of |
|
|
|
|
|
|
|
|
NAZIONALE |
, 52011 |
, Bibbiena |
(AR) |
- IT - |
|
|
|
Fiscal Code: 00126810514 |
|
|
|
Date |
Merging/splitting-up project: |
01/01/2003 |
|
|
Splitting-up project and setting-up of new co |
|
|
|
Date |
Merging/Splitting-up Project-New Company: |
30/06/2003 |
|
|
The firm absorbed by merging of |
|
|
|
|
|
|
|
|
NAZIONALE |
, 52011 |
, Bibbiena |
(AR) |
- IT - |
|
|
|
Fiscal Code: 00126810514 |
|
|
|
Date |
: |
10/12/2003 |
|
|
Splitting-up and setting-up of a new company |
|
|
|
|
|
|
|
, Bibbiena Via Nazionale,54 Soci |
- IT - |
|
|
|
Date |
Splitting-up: |
12/12/2003 |
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
Subject is active since 1975
Balance sheets for the years 2009, 2010 and 2011 were analyzed.
Unstable economic results mark the company's financial state of affairs.
anyway in 2011 a positive result was achieved (r.o.e. 3,14%). Business volume
is falling in the last financial year.
The operating result in 2011 was positive (3,93%) and in line with the
sector's average.
An operating result of Eur. 63.972 has been registered. on stable levels
if compared to the previous year.
During the latest financial year the gross operating margin amounted to
Eur. 80.041 stable if compared to the financial year 2010.
The company has an excellent net worth if compared to its debts, with a
low indebtedness (0,82)
The management generated equity capital for an amount of Eur. 694.194 ,
stable in comparison with the value of the previous year.
Total indebtedness totalled Eur. 615.548, showing a stable trend as
opposed to 2010 (Eur. 581.708).
Bank and suppliers credit recourse is limited, 30,88 gg. is payment
average period which is also lower than the sector average.
Payments are supported by good current assets.
Trade credits are collected slowly, average term is 141,9 days. even if
compared to the average of the sector.
2011 financial year closed with a cash flow of Eur. 37.866
Labour cost amounts to Eur. 241.771, with a 11,21% incidence on
production costs. , whereas the incidence on sales revenues is of 10,92%.
Financial incomes cover financial charges.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.214.044 |
|
Profit (Loss) for the period |
21.797 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.615.880 |
|
Profit (Loss) for the period |
30.669 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.300.091 |
|
Profit (Loss) for the period |
-114.304 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
1.820.679 |
|
Profit (Loss) for the period |
-114.317 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.391.808 |
|
Profit (Loss) for the period |
21.950 |
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 |
0,02 |
0,03 |
0,01 |
0,09 |
|
Elasticity Ratio |
Units |
0,98 |
0,96 |
0,98 |
0,89 |
|
Availability of stock |
Units |
0,28 |
0,28 |
0,35 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,70 |
0,68 |
0,63 |
0,54 |
|
Quick Ratio |
Units |
0,03 |
0,02 |
0,04 |
0,03 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
0,82 |
0,82 |
1,62 |
3,95 |
|
Self Financing Ratio |
Units |
0,43 |
0,43 |
0,32 |
0,17 |
|
Capital protection Ratio |
Units |
0,91 |
0,89 |
1,11 |
0,62 |
|
Liabilities consolidation quotient |
Units |
0,25 |
0,24 |
0,11 |
0,10 |
|
Financing |
Units |
0,89 |
0,87 |
1,75 |
4,85 |
|
Permanent Indebtedness Ratio |
Units |
0,52 |
0,52 |
0,38 |
0,29 |
|
M/L term Debts Ratio |
Units |
0,10 |
0,09 |
0,06 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
0,47 |
0,36 |
n.c. |
1,04 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
27,98 |
18,48 |
34,19 |
2,37 |
|
Current ratio |
Units |
2,58 |
2,56 |
1,78 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,84 |
1,81 |
1,15 |
0,80 |
|
Structure's primary quotient |
Units |
22,84 |
15,30 |
28,60 |
1,48 |
|
Treasury's primary quotient |
Units |
0,07 |
0,05 |
0,07 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
234,19 |
230,21 |
316,39 |
602,26 |
|
Current Capital ( net ) |
Value |
970.590 |
910.111 |
874.825 |
191.984 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
1,71 |
1,86 |
-4,20 |
2,03 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
3,14 |
4,56 |
-17,81 |
6,31 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
9,54 |
9,81 |
-19,60 |
17,00 |
|
Return on Investment ( R.O.I. ) |
% |
3,93 |
4,57 |
-5,80 |
4,18 |
|
Return/ Sales |
% |
2,89 |
2,70 |
-5,12 |
3,46 |
|
Extra Management revenues/charges incid. |
% |
34,07 |
43,37 |
n.c. |
27,96 |
|
Cash Flow |
Value |
37.866 |
48.693 |
-96.630 |
44.823 |
|
Operating Profit |
Value |
63.972 |
70.719 |
-117.768 |
74.603 |
|
Gross Operating Margin |
Value |
80.041 |
88.743 |
-100.094 |
111.383 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
141,90 |
107,38 |
n.c. |
113,70 |
|
Debts to suppliers average term |
Days |
30,88 |
42,86 |
n.c. |
118,14 |
|
Average stock waiting period |
Days |
73,90 |
60,34 |
111,26 |
72,90 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,36 |
1,69 |
1,13 |
1,25 |
|
Rate of stock return |
Units |
4,87 |
5,97 |
3,24 |
4,88 |
|
Labour cost incidence |
% |
10,92 |
8,99 |
9,96 |
8,14 |
|
Net financial revenues/ charges incidence |
% |
0,10 |
-0,19 |
-0,42 |
-1,38 |
|
Labour cost on purchasing expenses |
% |
11,21 |
9,23 |
9,42 |
8,25 |
|
Short-term financing charges |
% |
1,67 |
2,02 |
1,36 |
2,76 |
|
Capital on hand |
% |
73,43 |
59,17 |
88,27 |
79,85 |
|
Sales pro employee |
Value |
316.292 |
373.697 |
328.584 |
397.742 |
|
Labour cost pro employee |
Value |
34.538 |
33.593 |
32.718 |
33.267 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.85 |
|
|
1 |
Rs.85.25 |
|
Euro |
1 |
Rs.71.72 |
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.