MIRA INFORM REPORT
|
Report Date : |
03.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
INDEMAC
S.R.L. |
|
|
|
|
Registered Office : |
Via Principale, 14
Pascellata, 64010- Valle Castellana (TE) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
07.07.2010 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Manufacture of apparatus and machinery for laundries and ironing establishments (including spare parts and accessories) |
|
|
|
|
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 – 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 |
|
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 & ADDRESS
INDEMAC
S.R.L.
Via Principale, 14
Pascellata
64010 - Valle Castellana (TE) -IT-
Summary
|
Fiscal Code |
: |
01771240676 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
26/07/2010 |
|
Equity |
: |
50.000 |
|
Turnover Range |
: |
200.000/250.000 |
|
Number of Employees |
: |
from 1 to 5 |
Activity
Manufacture of apparatus and
machinery for laundries and ironing est
ablishments (including spare
parts and accessories)
Legal Data
Legal Form : Limited liability
company
|
Fiscal Code : 01771240676 |
|
Chamber of Commerce no. :
193246 of |
|
Chamber of Commerce no. :
151369 of since 13/07/2010 |
|
V.A.T. Code : 01771240676 |
|
Establishment date |
: 07/07/2010 |
|
|
Start of Activities |
: 26/07/2010 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 20.000 |
|
|
Subscribed Capital |
: 20.000 |
|
|
Paid up Capital |
: 20.000 |
|
Members
|
|
Palmarini |
Emanuele |
|
|
|
Born in San Benedetto del
Tronto |
(AP) |
on 23/08/1979 |
- Fiscal Code :
PLMMNL79M23H769X |
|
|
|
Residence: |
|
Principale |
, 14 |
- 64010 |
Valle Castellana |
(TE) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Sole Director |
07/07/2010 |
|
|
|
|
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 |
|
Palmarini Emanuele |
Valle Castellana - IT - |
PLMMNL79M23H769X |
18.000
.Eur |
90,00 |
|
Palmarini Cesare |
|
PLMCSR77H26H769Q |
2.000
.Eur |
10,00 |
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:
|
- |
Registered
office |
|
|
|
|
|
|
Principale Loc. Pascellata |
, 14 |
- 64010 |
- Valle Castellana |
(TE) |
- IT - |
|
- |
Operative
seat |
since 26/07/2010 |
|
|
|
|
|
|
Campolungo |
, s.n. |
- 63100 |
- Ascoli Piceno |
(AP) |
- IT - |
|
|
|
|
PHONE |
: 0736812807 |
|
|
|
|
PHONE |
: 0736098116 |
|
|
|
|
Employees |
: 3 |
|
Stocks for a value of 44.000 |
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.
Financial and Economical Analysis
Company's starting of activities
dates back to some years ago (2010).
The economic-financial analysis has
been made on the base of the latest 2 balance sheets.
During the last years, it
achieved profits (r.o.e. 33,98% on 2011) with an increase in 2011 (more then
100%).
The return on Investment in the
last financial year was positive (14,44%) falling within the field's average.
The amount of the operating
result for the year 2011 is of Eur. 27.904 rising (+91,59%) in relation to the
previous year.
The gross operating margin of
the latest financial year is of Eur. 30.708 showing a more then 100% growth.
The analysis shows a fair
financial position as the indebtedness volume is acceptable (2,8) but with an
increase as against the previous accounting period.
It's shareholders funds amount
to Eur. 44.209 , increasing by 51,47% if compared to the year before.
In the year 2011 total debts
amounted to Eur. 146.021 increasing if compared to the previous year, during
which they were equal to Eur. 23.595 (more then 100%).
Moderate recourse to bank credit
while the exposure towards suppliers is rather high however still within the
sector's average.
It shows a good range of
liquidity.
Trade credits average terms are
slow, on average 123,25 days. but on the same levels as the average of the
sector.
2011 financial year closed with
a cash flow of Eur. 17.828
In the last financial year
labour cost was of Eur. 34.957, with a 14,45% incidence on total costs of
production. , whereas 14,01% is the incidence on sales revenues.
The incidence of the financial
charges is of -0,42% on the sales amount.
Financial Data
|
|
|
Complete balance-sheet for the
year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
249.473 |
|
Profit (Loss) for the period |
15.024 |
|
|
|
Complete balance-sheet for the
year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
50.587 |
|
Profit (Loss) for the period |
9.185 |
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 |
|
|
RATIOS |
Value Type |
as at 31/12/2011 |
as at 31/12/2010 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
Rigidity Ratio |
Units |
0,09 |
0,07 |
0,18 |
|
Elasticity Ratio |
Units |
0,83 |
0,65 |
0,80 |
|
Availability of stock |
Units |
0,23 |
0,01 |
0,24 |
|
Total Liquidity Ratio |
Units |
0,61 |
0,64 |
0,48 |
|
Quick Ratio |
Units |
0,08 |
0,38 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
Net Short-term indebtedness |
Units |
2,80 |
0,11 |
3,25 |
|
Self Financing Ratio |
Units |
0,23 |
0,55 |
0,19 |
|
Capital protection Ratio |
Units |
0,21 |
0,00 |
0,63 |
|
Liabilities consolidation quotient |
Units |
0,06 |
0,03 |
0,19 |
|
Financing |
Units |
3,30 |
0,81 |
3,80 |
|
Permanent Indebtedness Ratio |
Units |
0,27 |
0,56 |
0,36 |
|
M/L term Debts Ratio |
Units |
0,04 |
0,01 |
0,11 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,63 |
|
CORRELATION |
|
|
|
|
|
Fixed assets ratio |
Units |
3,06 |
8,22 |
1,75 |
|
Current ratio |
Units |
1,15 |
1,47 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,84 |
1,46 |
0,81 |
|
Structure's primary quotient |
Units |
2,56 |
8,01 |
1,03 |
|
Treasury's primary quotient |
Units |
0,11 |
0,87 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
437,04 |
183,47 |
516,42 |
|
Current Capital ( net ) |
Value |
21.186 |
11.196 |
422.465 |
|
RETURN |
|
|
|
|
|
Return on Sales |
% |
7,15 |
19,53 |
3,35 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
33,98 |
31,47 |
5,13 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
60,73 |
49,46 |
14,77 |
|
Return on Investment ( R.O.I. ) |
% |
14,44 |
27,20 |
4,16 |
|
Return/ Sales |
% |
11,19 |
28,79 |
4,11 |
|
Extra Management revenues/charges incid. |
% |
53,84 |
63,07 |
28,57 |
|
Cash Flow |
Value |
17.828 |
9.878 |
122.482 |
|
Operating Profit |
Value |
27.904 |
14.564 |
144.752 |
|
Gross Operating Margin |
Value |
30.708 |
15.257 |
241.990 |
|
MANAGEMENT |
|
|
|
|
|
Credits to clients average term |
Days |
123,25 |
96,90 |
111,85 |
|
Debts to suppliers average term |
Days |
126,69 |
110,67 |
128,30 |
|
Average stock waiting period |
Days |
62,84 |
3,10 |
80,43 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,29 |
0,94 |
1,08 |
|
Rate of stock return |
Units |
5,73 |
116,03 |
4,45 |
|
Labour cost incidence |
% |
14,01 |
28,16 |
19,12 |
|
Net financial revenues/ charges incidence |
% |
-0,42 |
-0,26 |
-1,08 |
|
Labour cost on purchasing expenses |
% |
14,45 |
39,53 |
19,02 |
|
Short-term financing charges |
% |
0,73 |
0,56 |
2,68 |
|
Capital on hand |
% |
77,45 |
105,85 |
91,91 |
|
Sales pro employee |
Value |
249.473 |
|
198.432 |
|
Labour cost pro employee |
Value |
34.957 |
|
35.779 |
Market / Territory Data
|
Population living in the
province |
: |
|
|
Population living in the
region |
: |
|
|
Number of families in the
region |
: |
|
296.063Monthly 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 1.206 significant companies.
The companies cash their credits
on an average of 112 dd.
The average duration of suppliers
debts is about 128 dd.
The sector's profitability is on
an average of 3,35%.
The labour cost affects the
turnover in the measure of 19,12%.
Goods are held in stock in a
range of 80 dd.
The difference between the sales
volume and the resources used to realize it is about 1,08.
The employees costs represent
the 19,02% of the production costs.
Statistical Detrimental Data
Statistcally the trade activity
shows periods of crisis.
The area is statistically
considered remarkably risky.
In the region 11.587 protested
subjects are found; in the province they count to 3.368.
The insolvency index for the
region is 0,90, , while for the province it is 1,15.
Total Bankrupt companies in the
province : 1.327.
Total Bankrupt companies in the
region : 5.123.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.56.49 |
|
UK Pound |
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.73.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.