MIRA INFORM REPORT
|
Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
PA- IT LOGISTICA E SISTEMI S.R.L. |
|
|
|
|
Registered Office : |
Via Lodovico Muratori, 26, 20100 – Milano
(MI) |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.09.2009 |
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Legal Form : |
Sole-Member Limited Liability Company |
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Line of Business : |
Freight distribution logistic services |
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No. of Employees : |
26 to 35 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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.
|
Source : CIA |
Company name & address
Pa- It Logistica e Sistemi S.r.l.
Via Lodovico Muratori, 26
20100 - Milano (MI) -IT-
Summary
|
Fiscal Code |
: |
06742300962 |
|
Legal Form |
: |
Sole-Member Limited Liability Company |
|
start of Activities |
: |
08/02/2010 |
|
Equity |
: |
400.000 |
|
Turnover Range |
: |
5.000.000/6.500.000 |
|
Number of Employees |
: |
from 26 to 35 |
Activity
Freight distribution logistic services
Legal Data
Legal Form : Sole-Member Limited Liability
Company
|
Fiscal Code : 06742300962 |
|
Chamber of Commerce no. : 528038 of |
|
Chamber of Commerce no. : 1911919 of since
08/10/2009 |
|
Chamber of Commerce no. : 136259 of |
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V.A.T. Code : 06742300962 |
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Establishment date |
: 28/09/2009 |
|
|
Start of Activities |
: 08/02/2010 |
|
|
Legal duration |
: 31/12/2050 |
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Nominal Capital |
: 77.000 |
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Subscribed Capital |
: 77.000 |
|
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Paid up Capital |
: 77.000 |
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Members
|
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De Cristofaro |
Michele |
|
|
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Born in Giffoni Valle Piana |
(SA) |
on 01/11/1956 |
- Fiscal Code : DCRMHL56S01E027I |
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Residence: |
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Bessarione |
, 46 |
- 20139 |
Milano |
(MI) |
- IT - |
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Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
11/10/2011 |
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|
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Sole partner |
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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 |
|
De Cristofaro Michele |
Milano - IT - |
DCRMHL56S01E027I |
|
100,00 |
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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Lodovico Muratori |
, 26 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
- |
Branch |
(Warehouse) |
since 02/01/2012 |
|
|
|
|
|
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Copernico |
, 26 |
- 20069 |
- Pozzo d'Adda |
(MI) |
- IT - |
|
- |
Branch |
(Sales office) |
since 11/10/2011 |
|
|
|
|
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Attilio Tosoni |
, 35 |
- 25100 |
- Brescia |
(BS) |
- IT - |
|
- |
Branch |
(Store) |
since 27/12/2011 |
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Duca D'aosta |
, 15 |
- 85030 |
- Carbone |
(PZ) |
- IT - |
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Employees |
: 31 |
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Assistants |
: 1 |
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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).
Balance sheets for the years 2009, 2010 and
2011 were analyzed.
During the last years, it achieved profits
(r.o.e. 75,87% on 2011) with a stable trend in the turnover.
The operating result in 2011 was positive
(38,65%) and higler than the field average.
The amount of the operating result for the
year 2011 is of Eur. 351.832 rising (+more then 100%) in relation to the
previous year.
A gross operating margine for a value of
Eur. 353.532 was reached. with a more then 100% growth.
The analysis shows a fair financial position
as the indebtedness volume is acceptable (1,68) with an improving trend as on
the decrease.
It's shareholders funds amount to Eur.
324.890 , increasing by 441,02% if compared to the financial year 2010.
Total indebtedness amounts to Eur. 585.511,
, rising as opposed to the previous year (+more then 100%).
Bank exsposure is limited and the suppliers'
credit is modest too, 44,82 gg. is the payment average period which is also
lower than the sector average.
The management determines a good range of
liquidity.
On average trade credits are collected in
54,78 days. , lower than the sector's average.
During financial year 2011 the cash flow
amounted to Eur. 248.186
Subordinate employment cost is of Eur.
1.007.857, i.e. 19,48% on total production costs. , whereas 18,3% is the
incidence on sales revenues.
Limited financial charges in relation to
sales volume.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
5.508.120 |
|
Profit (Loss) for the period |
246.486 |
|
|
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Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
5.620.106 |
|
Profit (Loss) for the period |
48.647 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
231.645 |
|
Profit (Loss) for the period |
1.405 |
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 |
|
|
|
|
|
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Rigidity Ratio |
Units |
0,04 |
0,00 |
0,01 |
0,20 |
|
Elasticity Ratio |
Units |
0,96 |
0,98 |
0,95 |
0,78 |
|
Availability of stock |
Units |
n.c. |
n.c. |
n.c. |
0,01 |
|
Total Liquidity Ratio |
Units |
0,96 |
0,98 |
0,95 |
0,75 |
|
Quick Ratio |
Units |
0,04 |
0,00 |
0,01 |
0,04 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
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Net Short-term indebtedness |
Units |
1,68 |
4,85 |
14,66 |
3,81 |
|
Self Financing Ratio |
Units |
0,36 |
0,17 |
0,06 |
0,16 |
|
Capital protection Ratio |
Units |
0,00 |
0,02 |
0,00 |
0,49 |
|
Liabilities consolidation quotient |
Units |
n.c. |
0,02 |
0,00 |
0,13 |
|
Financing |
Units |
1,80 |
4,87 |
14,85 |
4,60 |
|
Permanent Indebtedness Ratio |
Units |
0,36 |
0,19 |
0,07 |
0,28 |
|
M/L term Debts Ratio |
Units |
n.c. |
0,02 |
0,00 |
0,08 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,75 |
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CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
10,15 |
74,38 |
9,93 |
1,31 |
|
Current ratio |
Units |
1,50 |
1,20 |
1,02 |
1,06 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,50 |
1,20 |
1,02 |
1,04 |
|
Structure's primary quotient |
Units |
10,15 |
66,72 |
9,50 |
0,84 |
|
Treasury's primary quotient |
Units |
0,07 |
0,00 |
0,01 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
280,22 |
598,47 |
1589,95 |
625,42 |
|
Current Capital ( net ) |
Value |
290.760 |
58.038 |
3.217 |
32.274 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
4,51 |
0,95 |
0,74 |
2,10 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
75,87 |
81,01 |
12,32 |
6,73 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
107,92 |
139,32 |
65,44 |
18,79 |
|
Return on Investment ( R.O.I. ) |
% |
38,65 |
23,35 |
4,13 |
3,71 |
|
Return/ Sales |
% |
6,39 |
1,49 |
3,23 |
2,51 |
|
Extra Management revenues/charges incid. |
% |
70,06 |
57,98 |
18,78 |
23,94 |
|
Cash Flow |
Value |
248.186 |
53.147 |
1.705 |
50.932 |
|
Operating Profit |
Value |
351.832 |
83.908 |
7.482 |
76.879 |
|
Gross Operating Margin |
Value |
353.532 |
88.408 |
7.782 |
145.178 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
54,78 |
11,74 |
264,82 |
98,84 |
|
Debts to suppliers average term |
Days |
44,82 |
2,32 |
217,27 |
94,60 |
|
Average stock waiting period |
Days |
n.c. |
n.c. |
n.c. |
3,43 |
|
Rate of capital employed return ( Turnover
) |
Units |
6,05 |
15,64 |
1,28 |
1,62 |
|
Rate of stock return |
Units |
n.c. |
n.c. |
n.c. |
103,97 |
|
Labour cost incidence |
% |
18,30 |
3,06 |
36,98 |
15,88 |
|
Net financial revenues/ charges incidence |
% |
-0,02 |
0,00 |
-0,01 |
-0,56 |
|
Labour cost on purchasing expenses |
% |
19,48 |
3,11 |
38,21 |
15,75 |
|
Short-term financing charges |
% |
0,37 |
0,08 |
0,01 |
2,05 |
|
Capital on hand |
% |
16,53 |
6,39 |
78,28 |
60,96 |
|
Sales pro employee |
Value |
177.681 |
1.124.021 |
115.822 |
222.610 |
|
Labour cost pro employee |
Value |
32.511 |
34.382 |
42.827 |
32.913 |
Market / Territory Data
|
Population living in the province |
: |
3.839.216 |
|
Population living in the region |
: |
9.393.092 |
|
Number of families in the region |
: |
3.858.736 |
Monthly family expenses average in the
region (in Eur..) :
|
- per food products |
: |
460 |
|
- per non food products |
: |
2.090 |
|
- per energy consume |
: |
114 |
Sector Data
The values are calculated on a base of 1.213
significant companies.
The companies cash their credits on an
average of 99 dd.
The average duration of suppliers debts is
about 95 dd.
The sector's profitability is on an average
of 2,10%.
The labour cost affects the turnover in the
measure of 15,88%.
Goods are held in stock in a range of 3 dd.
The difference between the sales volume and
the resources used to realize it is about 1,62.
The employees costs represent the 15,75% of
the production costs.
Statistical Detrimental Data
Statistcally the trade activity shows
periods of crisis.
The area is statistically considered lowly
risky.
In the region 50.886 protested subjects are found;
in the province they count to 24.765.
The insolvency index for the region is 0,55,
, while for the province it is 0,66.
Total Bankrupt companies in the province :
22.523.
Total Bankrupt companies in the region :
39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.09 |
|
UK Pound |
1 |
Rs.82.47 |
|
Euro |
1 |
Rs.70.49 |
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.