|
Report Date : |
19.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
C.E.F.A.M. - S.R.L. |
|
|
|
|
Registered Office : |
Via Sant'agostino, 53 22060- Bulciago
(LC) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
14.01.1963 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Subject is engaged in Preparation and spinning of textile fibres and
Weaving of textiles. |
|
|
|
|
No. of Employees : |
From 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 – 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
C.E.F.A.M. - S.R.L.
Via Sant'agostino, 53 22060- Bulciago (LC)
|
Fiscal Code |
: |
00208960138 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
14/01/1963 |
|
Equity |
: |
2.000.000 |
|
Turnover Range |
: |
1.500.000/2.000.000 |
|
Number of Employees |
: |
from 6 to 10 |
Preparation and spinning of textile fibres
Weaving of textiles
Legal Form :
Limited liability company
|
Fiscal Code :
00208960138 |
|
Foreign Trade Reg. no. :
LC001886 since 18/12/1991 |
|
Chamber of Commerce no. : 100980 of Como |
|
Chamber of Commerce no. : 100980 of Lecco since 26/03/1963 |
|
V.A.T. Code : 00208960138 |
|
Foundation date |
: 14/04/1963 |
|
|
Establishment date |
: 24/07/1979 |
|
|
Start of Activities |
: 14/01/1963 |
|
|
Legal duration |
: 31/12/2030 |
|
|
Nominal Capital |
: 93.600 |
|
|
Subscribed Capital |
: 93.600 |
|
|
Paid up Capital |
: 93.600 |
|
Cappellini |
Ferruccio |
|
Born in Bulciago |
(CO) |
on 03/12/1932 |
- Fiscal Code : CPPFRC32T03B261C |
|
Residence: |
S. Agostino |
, 53 |
- 23892 |
Bulciago |
(LC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
25/01/1999 |
|
|
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 |
|
Cappellini Ferruccio |
Bulciago - IT - |
CPPFRC32T03B261C |
32.760 .Eur |
35,00 |
|
Cappellini Ezio |
CPPZEI34B09B261F |
35.880 .Eur |
38,33 |
|
|
Cappellini Giuseppina |
CPPGPP60R66B261Z |
7.800 .Eur |
8,33 |
|
|
Cappellini Maurizio |
CPPMRZ60A02A818Y |
4.680 .Eur |
5,00 |
|
|
Filigura Teresa |
FLGTRS32M65F887X |
9.360 .Eur |
10,00 |
|
|
Cappellini Maria Cristina |
CPPMCR66H70A818M |
3.120 .Eur |
3,33 |
The Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares Amount |
% Ownership |
since |
until |
Share Status |
|
CONSORZIO ENERGIA OGGI |
03297660965 |
Active |
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
since 14/01/1963 |
|
Sant'agostino |
, 53 |
- 22060 |
- Bulciago |
(LC) |
- IT - |
|
PHONE |
: 031860172 |
|
FAX |
: 031861370 |
|
Employees |
: 6 |
|
Fittings and Equipment for a value of 1.220.000 |
Eur |
|
Stocks for a value of 270.000 |
Eur |
The firm operates abroad as importer..
To purchase foreign products the firm uses the following channels :
|
- direct orders to foreign companies |
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.
Subject is active since 1963
The analysis is based on the latest 3 balance sheets.
During the last years, net losses were registered; in 2012 r.o.e. is
-0,84%. The last financial year was marked by a decrease in the turnover.
The return on Investment in the last financial year was positive (0,02%)
and in line with the sector's average.
The operating result is positive and amounts to Eur. 471 recording a
drop as opposed to the year before (-94,26%).
The G.O.M. amounted to Eur. 33.287 , with a -27,63% decrease.
Very good financial situation: shareholder's equity covers short-terms
debts with an indebtedness level equal to 0,57 lower than in 2011.
It's shareholders funds amount to Eur. 1.544.202 on the same levels as
the year before.
Eur. 929.520 is the amount of total debts, both commercial and of
different nature, with no important change.
Bank and suppliers credit recourse is limited, 83,82 gg. is payment
average period which is also lower than the sector average.
Payments are supported by good current assets.
Due from customers average term is high and equal to 163,58 days. even
higher than the average of the specific sector.
During financial year 2012 the cash flow amounted to Eur. 19.892
Subordinate employment cost is of Eur. 188.568, i.e. 10,44% on total
production costs. , whereas the incidence of such costs on sales revenues is
equal to 10,79%.
Financial charges have a limited incidence (-0,55%) on sales volume.
|
|
Complete balance-sheet for the year |
31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
1.747.472 |
|
Profit (Loss) for the period |
-12.924 |
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.028.641 |
|
Profit (Loss) for the period |
-14.601 |
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
1.912.796 |
|
Profit (Loss) for the period |
-1.987 |
From our constant monitoring of the relevant Public Administration
offices, no more recent balance sheets result to have been filed.
|
- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1 |
|
- 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 31/12/2012 |
as at 31/12/2011 |
as at 31/12/2010 |
Sector Average |
|
COMPOSITION ON INVESTMENT |
|||||
|
Rigidity Ratio |
Units |
0,56 |
0,55 |
0,53 |
0,27 |
|
Elasticity Ratio |
Units |
0,44 |
0,45 |
0,47 |
0,71 |
|
Availability of stock |
Units |
0,10 |
0,10 |
0,13 |
0,20 |
|
Total Liquidity Ratio |
Units |
0,34 |
0,35 |
0,34 |
0,45 |
|
Quick Ratio |
Units |
0,02 |
0,00 |
0,00 |
0,01 |
|
COMPOSITION ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
0,57 |
0,60 |
0,70 |
2,05 |
|
Self Financing Ratio |
Units |
0,58 |
0,56 |
0,53 |
0,26 |
|
Capital protection Ratio |
Units |
0,95 |
0,95 |
0,94 |
0,77 |
|
Liabilities consolidation quotient |
Units |
0,22 |
0,32 |
0,25 |
0,17 |
|
Financing |
Units |
0,60 |
0,62 |
0,70 |
2,43 |
|
Permanent Indebtedness Ratio |
Units |
0,65 |
0,66 |
0,62 |
0,41 |
|
M/L term Debts Ratio |
Units |
0,07 |
0,11 |
0,09 |
0,08 |
|
Net Financial Indebtedness Ratio |
Units |
0,32 |
0,40 |
0,43 |
0,78 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
1,16 |
1,20 |
1,17 |
1,63 |
|
Current ratio |
Units |
1,26 |
1,34 |
1,27 |
1,27 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,98 |
1,05 |
0,93 |
0,86 |
|
Structure's primary quotient |
Units |
1,03 |
1,01 |
1,00 |
1,07 |
|
Treasury's primary quotient |
Units |
0,06 |
0,00 |
0,00 |
0,02 |
|
Rate of indebtedness ( Leverage ) |
% |
173,37 |
179,61 |
189,45 |
370,05 |
|
Current Capital ( net ) |
Value |
245.726 |
316.774 |
296.863 |
571.296 |
|
RETURN |
|||||
|
Return on Sales |
% |
1,14 |
1,14 |
2,06 |
1,30 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
-0,84 |
-0,94 |
-0,13 |
-0,89 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
-0,50 |
-0,33 |
0,25 |
2,00 |
|
Return on Investment ( R.O.I. ) |
% |
0,02 |
0,29 |
0,12 |
1,87 |
|
Return/ Sales |
% |
0,03 |
0,41 |
0,19 |
1,81 |
|
Extra Management revenues/charges incid. |
% |
-2743,95 |
-177,67 |
-53,47 |
4,33 |
|
Cash Flow |
Value |
19.892 |
23.178 |
39.316 |
44.316 |
|
Operating Profit |
Value |
471 |
8.218 |
3.716 |
59.860 |
|
Gross Operating Margin |
Value |
33.287 |
45.997 |
45.019 |
144.930 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
163,58 |
162,38 |
180,81 |
114,91 |
|
Debts to suppliers average term |
Days |
83,82 |
65,84 |
85,79 |
108,86 |
|
Average stock waiting period |
Days |
54,63 |
47,45 |
71,23 |
76,19 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,65 |
0,73 |
0,64 |
1,01 |
|
Rate of stock return |
Units |
6,59 |
7,59 |
5,05 |
4,72 |
|
Labour cost incidence |
% |
10,79 |
12,52 |
12,94 |
15,97 |
|
Net financial revenues/ charges incidence |
% |
-0,55 |
-0,66 |
0,01 |
-2,33 |
|
Labour cost on purchasing expenses |
% |
10,44 |
12,49 |
12,77 |
16,13 |
|
Short-term financing charges |
% |
1,03 |
1,40 |
0,01 |
3,86 |
|
Capital on hand |
% |
153,21 |
137,86 |
155,67 |
98,78 |
|
Sales pro employee |
Value |
349.494 |
289.805 |
273.256 |
196.263 |
|
Labour cost pro employee |
Value |
37.713 |
36.274 |
35.365 |
32.990 |
1) Protests checking (relative to the last five years) performed by
crossing and matching the members names and the Firm's Style with the reported
addresses, is supplied by the Informatic Registry managed by the Italian
Chamber of Commerce. If the fiscal code is not indicated, the eventual
homonymous cases are submitted to expert staff evaluation in order to limit
wrong matching risks.
2) The Legal Data, supplied and retrived from the Firm's Registry of the
Italian Chamber of Commerce, are in line with the last registered
modifications.
3) Risk evaluation and Credit Opinion have been performed on the base of
the actual data at the moment of their availability.
|
Population living in the province |
: |
322.150 |
|
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 246 significant companies.
The companies cash their credits on an average of 115 dd.
The average duration of suppliers debts is about 109 dd.
The sector's profitability is on an average of 1,30%.
The labour cost affects the turnover in the measure of 15,97%.
Goods are held in stock in a range of 76 dd.
The difference between the sales volume and the resources used to
realize it is about 1,01.
The employees costs represent the 16,13% 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 1.666.
The insolvency index for the region is 0,55, , while for the province it
is 0,52.
Total Bankrupt companies in the province : 940.
Total Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.63 |
|
|
1 |
Rs.101.06 |
|
Euro |
1 |
Rs.84.56 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.