|
Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
KOKO TEXTILE
S.R.L. |
|
|
|
|
Registered Office : |
Via Moie, 16/F 25073 – Bovezzo
(BS) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
16.06.2010 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesale of
textile products |
|
|
|
|
No. of Employees : |
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 (31.03.2011) |
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
Koko Textile s.r.l.
Via Moie, 16/F
25073 – Bovezzo (BS) -IT-
|
Fiscal Code |
: |
03209620982 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
16/06/2010 |
|
Equity |
: |
300.000 |
|
Turnover Range |
: |
10.000.000/12.750.000 |
|
Number of Employees |
: |
from 6 to 10 |
Wholesale of textile products
Wholesale of shirts, underwear and similars
Retail sale of shirts, underwear and knitwear
Legal Form : Limited liability company
|
Fiscal Code : 03209620982 |
|
Chamber of Commerce no. : 514308 of since
25/03/2010 |
|
V.A.T. Code : 03209620982 |
|
Establishment date |
: 23/03/2010 |
|
|
Start of Activities |
: 16/06/2010 |
|
|
Legal duration |
: 31/12/2040 |
|
|
Nominal Capital |
: 10.000 |
|
|
Subscribed Capital |
: 10.000 |
|
|
Paid up Capital |
: 10.000 |
|
|
|
Boglioni |
Costantino |
|
|
|
Born in Brescia |
(BS) |
on 22/01/1954 |
- Fiscal Code : BGLCTN54A22B157J |
|
|
|
Residence: |
|
Gioberti |
, 5 |
- 25073 |
Bovezzo |
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
23/03/2010 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
*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.
Shareholders' list as at date of data
collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Duni Maria |
Bovezzo - IT - |
DNUMRA60T64B157T |
8.000 .Eur |
80,00 |
|
Boglioni Costantino |
Bovezzo - IT - |
BGLCTN54A22B157J |
2.000 .Eur |
20,00 |
The Company under review has no
participations in other Companies.
In order to carry out its activities the firm
uses the following locations:
|
- |
Legal and operative seat |
|
|
|
|
|
|
|
Moie |
, 16/F |
- 25073 |
- Bovezzo |
(BS) |
- IT - |
|
|
|
|
PHONE |
: 0302711547 |
|
|
|
|
Employees |
: 7 |
|
|
|
|
Assistants |
: 1 |
|
Stocks for a value of 250.000 |
Eur |
|
|
CEASINGS/INCORPORATIONS/MERGES:
|
|
Subject took over a division of |
|
|
|
Desj Calze S.r.l. In Liquidazione |
|
|
|
Fiscal Code: 03293360172 |
|
|
|
Date |
: |
15/06/2010 |
Protests checking on the subject firm has
given a negative result.
Search performed on a National Scale
|
|
|
Prejudicial Events Search Result: NEGATIVE |
Search performed on a specialized data base.
None reported, standing to the latest
received edition of the Official Publications.
The company has been active for some years.
On the base of the analysis made on the b/s
of the years 2011 and 2010, it can be gathered that:
Under an economic point of view, profits were
registered during the last years with a r.o.e. of 42,89% in 2011 and during the
last financial year an increase in sales volume was registered (+52,36% in
2011).
The return on Investment in the last
financial year was positive (7,77%) falling within the field's average.
An operating result of Eur. 344.276 has been
registered. increasing if compared to the yeart 2010.
The economic management produced a gross
operating margin of Eur. 383.293 showing an upward trend if compared to 2010.
Net worth does not allow a regular
management, short-term debts volume is considerably high, with an high
indebtedness volume on the whole (10,46) which tends downward.
Subject can manage an equity capital funds
for an amount of Eur. 261.034 with a growth of 75,1% in 2011.
During the last financial year total debts
volume reached Eur. 3.757.068 (Eur. 895.192 were m/l term ones) with a downward
trend if compared to the preceding year (-20,78%).
The recourse to bank credit is high compared
to net worth, debts to suppliers are on the other hand limited which is also
lower than the sector average.
Payments are supported by good current
assets.
Trade credits are collected slowly, average
term is 119,76 days. but in line with the sector.
The financial management generated a cash
flow of Eur. 150.979.
Labour cost expenses amount to Eur. 303.641 ,
representing 3% on the total of production costs. and a 2,92% incidence on
sales volumes.
The financial management has a limited
economic impact, equal to -1,37% on the sales.
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
10.406.022 |
|
Profit (Loss) for the period |
111.962 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
6.829.553 |
|
Profit (Loss) for the period |
139.072 |
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 |
|
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|
RATIOS |
Value Type |
as at 31/12/2011 |
as at 31/12/2010 |
Sector Average |
|
COMPOSITION ON INVESTMENT |
|
|
|
|
|
Rigidity Ratio |
Units |
0,05 |
0,05 |
0,09 |
|
Elasticity Ratio |
Units |
0,94 |
0,89 |
0,89 |
|
Availability of stock |
Units |
0,06 |
0,04 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,88 |
0,86 |
0,54 |
|
Quick Ratio |
Units |
0,03 |
0,04 |
0,03 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
Net Short-term indebtedness |
Units |
10,46 |
23,56 |
3,95 |
|
Self Financing Ratio |
Units |
0,06 |
0,03 |
0,17 |
|
Capital protection Ratio |
Units |
0,53 |
0,00 |
0,62 |
|
Liabilities consolidation quotient |
Units |
0,34 |
0,29 |
0,10 |
|
Financing |
Units |
14,39 |
31,82 |
4,85 |
|
Permanent Indebtedness Ratio |
Units |
0,28 |
0,23 |
0,29 |
|
M/L term Debts Ratio |
Units |
0,22 |
0,20 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
8,36 |
17,13 |
1,04 |
|
CORRELATION |
|
|
|
|
|
Fixed assets ratio |
Units |
5,13 |
4,38 |
2,37 |
|
Current ratio |
Units |
1,46 |
1,29 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,37 |
1,24 |
0,80 |
|
Structure's primary quotient |
Units |
1,07 |
0,53 |
1,48 |
|
Treasury's primary quotient |
Units |
0,05 |
0,06 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
1698,44 |
3644,28 |
602,26 |
|
Current Capital ( net ) |
Value |
1.308.208 |
1.099.192 |
191.984 |
|
RETURN |
|
|
|
|
|
Return on Sales |
% |
1,45 |
2,42 |
2,03 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
42,89 |
93,29 |
6,31 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
77,21 |
147,50 |
17,00 |
|
Return on Investment ( R.O.I. ) |
% |
7,77 |
4,29 |
4,18 |
|
Return/ Sales |
% |
3,31 |
3,41 |
3,46 |
|
Extra Management revenues/charges incid. |
% |
32,52 |
59,71 |
27,96 |
|
Cash Flow |
Value |
150.979 |
165.369 |
44.823 |
|
Operating Profit |
Value |
344.276 |
232.906 |
74.603 |
|
Gross Operating Margin |
Value |
383.293 |
259.203 |
111.383 |
|
MANAGEMENT |
|
|
|
|
|
Credits to clients average term |
Days |
119,76 |
213,70 |
113,70 |
|
Debts to suppliers average term |
Days |
49,68 |
102,68 |
118,14 |
|
Average stock waiting period |
Days |
8,74 |
10,32 |
72,90 |
|
Rate of capital employed return ( Turnover
) |
Units |
2,35 |
1,26 |
1,25 |
|
Rate of stock return |
Units |
41,21 |
34,90 |
4,88 |
|
Labour cost incidence |
% |
2,92 |
2,67 |
8,14 |
|
Net financial revenues/ charges incidence |
% |
-1,37 |
-0,19 |
-1,38 |
|
Labour cost on purchasing expenses |
% |
3,00 |
2,67 |
8,25 |
|
Short-term financing charges |
% |
3,80 |
0,27 |
2,76 |
|
Capital on hand |
% |
42,61 |
79,54 |
79,85 |
|
Sales pro employee |
Value |
1.156.224 |
1.365.910 |
397.742 |
|
Labour cost pro employee |
Value |
33.737 |
36.483 |
33.267 |
|
Population living in the province |
: |
1.169.259 |
|
Population living in the region |
: |
9.393.092 |
|
Number of families in the region |
: |
3.858.736 |
Monthly family expences average in the region
(in Eur..) :
|
- per food products |
: |
460 |
|
- per non food products |
: |
2.090 |
|
- per energy consume |
: |
114 |
The values are calculated on a base of 9.175
significant companies.
The companies cash their credits on an
average of 114 dd.
The average duration of suppliers debts is
about 118 dd.
The sector's profitability is on an average
of 2,03%.
The labour cost affects the turnover in the
measure of 8,14%.
Goods are held in stock in a range of 73 dd.
The difference between the sales volume and
the resources used to realize it is about 1,25.
The employees costs represent the 8,25% of
the production costs.
Statistically the trade activity passes
through serious crises.
The area is statistically considered moderately
risky.
In the region 50.886 protested subjects are
found; in the province they count to 5.551.
The insolvency index for the region is 0,55,
, while for the province it is 0,48.
Total Bankrupt companies in the province :
3.452.
Total Bankrupt companies in the region :
39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
|
1 |
Rs.81.33 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.