MIRA
INFORM REPORT
|
Report Date : |
07.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
TI EMME S.R.L. |
|
|
|
|
Registered Office : |
Via Toscana, 25, 63019 -
Sant'Elpidio a Mare (FM) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
05.05.1982 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesaler of skins and untreated and
treated leather (except skins for furs) |
|
|
|
|
No. of Employees : |
01 to 05 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 & address
Ti Emme s.r.l.
Via Toscana, 25
63019 - Sant'Elpidio a Mare (FM) -IT-
Summary
|
Fiscal Code |
: |
00516320447 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
28/05/1982 |
|
Equity |
: |
500.000 |
|
Turnover Range |
: |
2.250.000/3.000.000 |
|
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
|
Fiscal Code : 00516320447 |
|
Foreign Trade Reg. no. : FM003151 since
16/01/1992 |
|
Foreign Trade Reg. no. : M062704 of |
|
Chamber of Commerce no. : 100498 of since
27/02/2009 |
|
V.A.T. Code : 00516320447 |
|
Tribunal Co. Register : 2891 of since
13/05/1982 |
|
Foundation date |
: 05/05/1982 |
|
|
Establishment date |
: 05/05/1982 |
|
|
Start of Activities |
: 28/05/1982 |
|
|
Legal duration |
: 31/12/2025 |
|
|
Nominal Capital |
: 62.400 |
|
|
Subscribed Capital |
: 62.400 |
|
|
Paid up Capital |
: 62.400 |
|
Members
|
|
Testella |
Manfredo |
|
|
|
Born in Sant'Elpidio a Mare |
(AP) |
on 12/06/1953 |
- Fiscal Code : TSTMFR53H12I324X |
|
|
|
Residence: |
|
Toscana |
, 23 |
- 63019 |
Sant'Elpidio a Mare |
(FM) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
09/01/2001 |
|
|
|
|
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.
|
|
Testella |
Manfredo |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Ti Emme Paradiso S.r.l. |
Sant'Elpidio a Mare (FM) - IT - |
01811510443 |
Sole Director |
Active |
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 |
|
Testella Manfredo |
Sant'Elpidio a Mare - IT - |
TSTMFR53H12I324X |
56.160 .Eur |
90,00 |
|
Marziali Paola |
|
MRZPLA55M50D542O |
6.240 .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:
|
- |
Legal and
operative seat |
|
since 16/01/1990 |
|
|
|
|
|
|
Toscana |
, 25 |
- 63019 |
- Sant'Elpidio a Mare |
(FM) |
- IT - |
|
|
|
|
PHONE |
: 0734810310 |
|
|
|
|
FAX |
: 0734810428 |
|
|
|
|
Employees |
: 4 |
|
|
|
|
Active partners |
: 1 |
|
Fittings and Equipment for a value of
2.000 |
Eur |
|
Stocks for a value of 420.000 |
Eur |
|
|
The firm operates abroad as importer /
exporter..
To purchase foreign products the firm uses
the following channels :
|
- its own sales net-work |
Export represents up to 20% of the global
turnover.
Historical Information and/or Firm's Status
CHANGES TO THE
LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Limited partnership |
Limited liability company |
16/01/1990 |
COMPANY STYLE
MODIFICATIONS:
|
Former Style |
New Style |
Changement Date |
|
Ti Emme S.a.s. di Manfredo Testella e C. |
|
16/01/1990 |
EX-MEMBERS /
EX-POSITIONS:
|
|
Testella |
Marcello |
|
|
|
Born in Sant'Elpidio a Mare |
(AP) |
on 28/11/1949 |
- Fiscal Code : TSTMCL49S28I324V |
|
|
|
Fiscal residence: |
|
Toscana |
, 92 |
- 63019 |
Sant'Elpidio a Mare |
(AP) |
- IT - |
|
Ex-Postions |
|
Sole Director |
|
|
Testella |
Manfredo |
|
|
|
Born in Sant'Elpidio a Mare |
(AP) |
on 12/06/1953 |
- Fiscal Code : TSTMFR53H12I324X |
|
|
|
Residence: |
|
Toscana |
, 23 |
- 63019 |
Sant'Elpidio a Mare |
(FM) |
- IT - |
|
Ex-Postions |
|
General Partner |
|
|
Marziali Paola |
|
|
|
|
Born in Fermo |
(AP) |
on 10/08/1955 |
- Fiscal Code : MRZPLA55M50D542O |
|
Ex-Postions |
|
Limited Partner |
|
|
Nasini Antonia
Maria |
|
|
|
|
Born in Fermo |
(AP) |
on 22/08/1950 |
- Fiscal Code : NSNNNM50M62D542O |
|
Ex-Postions |
|
Limited Partner |
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 1982.
The analysis is based on the latest 3
balance sheets.
Under an economic point of view, profits
were registered during the last years with a r.o.e. of 6,6% in 2011 thanks to a
progressive increase in turnover (+30,45% in 2011 compared to 2010 and +5,6% in
2010 compared to 2009).
The operating result was positive in the
last financial year (8,25%) and in line with the sector's average.
The amount of the operating result for the
year 2011 is of Eur. 125.607 with a 35,35% growth.
The G.O.M. amounted to Eur. 150.512 with a
22,8% growth.
Company's financial status is balanced since
indebtedness is not high (1,58) yet on the increase as against the previous
accounting period.
The equity capital is equal to Eur. 405.516
on stable levels.
The financial management has recorded total
debts amounting to Eur. 1.024.479, , rising as opposed to the previous year
(+56%).
Bank exsposure is limited and the suppliers'
credit is modest too, 44,97 gg. is the payment average period which is also
lower than the sector average.
The liquidity level is positive (1,22).
Accounts receivable average term is 43,41
days. , lower than the sector's average.
During financial year 2011 the cash flow
amounted to Eur. 45.524
Labour cost expenses amount to Eur. 106.253
, representing 3,88% on the total of production costs. and a 3,71% incidence on
sales volumes.
High incidence of financial charges on
turnover.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.860.657 |
|
Profit (Loss) for the period |
26.747 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.192.825 |
|
Profit (Loss) for the period |
35.538 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.076.461 |
|
Profit (Loss) for the period |
31.680 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.037.307 |
|
Profit (Loss) for the period |
2.501 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.291.282 |
|
Profit (Loss) for the period |
7.473 |
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 |
0,17 |
0,24 |
0,25 |
0,11 |
|
Elasticity Ratio |
Units |
0,82 |
0,74 |
0,74 |
0,87 |
|
Availability of stock |
Units |
0,27 |
0,35 |
0,40 |
0,17 |
|
Total Liquidity Ratio |
Units |
0,55 |
0,39 |
0,34 |
0,61 |
|
Quick Ratio |
Units |
0,25 |
0,14 |
0,06 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
1,58 |
1,32 |
1,76 |
3,90 |
|
Self Financing Ratio |
Units |
0,27 |
0,34 |
0,32 |
0,17 |
|
Capital protection Ratio |
Units |
0,29 |
0,74 |
0,14 |
0,66 |
|
Liabilities consolidation quotient |
Units |
0,03 |
0,04 |
0,03 |
0,09 |
|
Financing |
Units |
2,53 |
1,73 |
1,95 |
4,57 |
|
Permanent Indebtedness Ratio |
Units |
0,29 |
0,36 |
0,34 |
0,28 |
|
M/L term Debts Ratio |
Units |
0,02 |
0,02 |
0,02 |
0,06 |
|
Net Financial Indebtedness Ratio |
Units |
0,54 |
0,54 |
0,44 |
0,96 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,71 |
1,52 |
1,32 |
2,10 |
|
Current ratio |
Units |
1,22 |
1,27 |
1,20 |
1,13 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,81 |
0,67 |
0,56 |
0,86 |
|
Structure's primary quotient |
Units |
1,59 |
1,42 |
1,25 |
1,34 |
|
Treasury's primary quotient |
Units |
0,38 |
0,24 |
0,10 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
375,32 |
294,53 |
314,73 |
587,66 |
|
Current Capital ( net ) |
Value |
226.217 |
174.262 |
133.233 |
135.886 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
1,59 |
2,73 |
2,99 |
1,61 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
6,60 |
9,38 |
9,23 |
5,01 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
18,01 |
18,76 |
19,47 |
13,67 |
|
Return on Investment ( R.O.I. ) |
% |
8,25 |
8,32 |
7,64 |
4,30 |
|
Return/ Sales |
% |
4,39 |
4,23 |
3,97 |
2,39 |
|
Extra Management revenues/charges incid. |
% |
21,29 |
38,30 |
38,39 |
27,17 |
|
Cash Flow |
Value |
45.524 |
59.766 |
62.004 |
47.597 |
|
Operating Profit |
Value |
125.607 |
92.795 |
82.515 |
71.380 |
|
Gross Operating Margin |
Value |
150.512 |
122.562 |
112.890 |
124.518 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
43,41 |
34,42 |
40,44 |
90,43 |
|
Debts to suppliers average term |
Days |
44,97 |
42,41 |
84,90 |
76,51 |
|
Average stock waiting period |
Days |
52,60 |
64,34 |
74,64 |
37,27 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,88 |
1,97 |
1,92 |
1,64 |
|
Rate of stock return |
Units |
6,84 |
5,60 |
4,82 |
9,56 |
|
Labour cost incidence |
% |
3,71 |
3,84 |
4,13 |
4,81 |
|
Net financial revenues/ charges incidence |
% |
-1,84 |
-0,98 |
-0,85 |
-0,99 |
|
Labour cost on purchasing expenses |
% |
3,88 |
3,99 |
4,30 |
4,83 |
|
Short-term financing charges |
% |
5,25 |
3,26 |
2,64 |
2,90 |
|
Capital on hand |
% |
53,20 |
50,87 |
52,02 |
60,86 |
|
Sales pro employee |
Value |
715.164 |
654.574 |
692.153 |
686.413 |
|
Labour cost pro employee |
Value |
26.563 |
25.137 |
28.581 |
33.271 |
Market / Territory Data
|
Population living in the province |
: |
|
|
Population living in the region |
: |
|
|
Number of families in the region |
: |
|
Monthly family expenses average in the
region (in .) :
|
- per food products |
: |
|
|
- per non food products |
: |
|
|
- per energy consume |
: |
|
Sector Data
The values are calculated on a base of 941
significant companies.
The companies cash their credits on an
average of 90 dd.
The average duration of suppliers debts is
about 77 dd.
The sector's profitability is on an average
of 1,61%.
The labour cost affects the turnover in the
measure of 4,81%.
Goods are held in stock in a range of 37 dd.
The difference between the sales volume and
the resources used to realize it is about 1,64.
The employees costs represent the 4,83% of
the production costs.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.71 |
|
UK Pound |
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.71.43 |
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.