|
Report Date : |
20.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
SIROFIL S.R.L. |
|
|
|
|
Registered Office : |
Via Monreale, 11 20100 - Milano (MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
29.01.1981 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
· Weaving of textiles · Wholesale of textile products ·
Wholesale of raw and semi-finished textile
fibres |
|
|
|
|
No. of Employees : |
From 1 to 5 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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
SIROFIL S.R.L.
Via Monreale, 11 20100 - Milano (MI)-IT-
|
Fiscal Code |
: |
04924360151 |
|
Legal Form |
: |
Limited liability company |
|
Establishment Date |
: |
29/01/1981 |
|
Equity |
: |
100.000 |
|
Turnover Range |
: |
3.750.000/5.000.000 |
|
Number of Employees |
: |
from 1 to 5 |
Weaving of textiles
Wholesale of textile products
Wholesale of raw and semi-finished textile fibres
Legal Form : Limited liability company
|
Fiscal Code : 04924360151 |
|
Foreign Trade Reg. no. : MI023800 since 10/12/1991 |
|
Chamber of Commerce no. : 1064943 of Milano since 31/03/1981 |
|
V.A.T. Code : 04924360151 |
|
Establishment date |
: 29/01/1981 |
|
|
Legal duration |
: 31/12/2100 |
|
|
Nominal Capital |
: 51.480 |
|
|
Subscribed Capital |
: 51.480 |
|
|
Paid up Capital |
: 51.480 |
|
|
Brunati |
Enrico |
|
|
Born in Torino |
(TO) |
on 22/12/1930 |
- Fiscal Code : BRNNRC30T22L219W |
|
|
|
Residence: |
|
Dei Rospigliosi |
, 0003 |
- 20151 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
28/07/1986 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
Ruzzini |
Gianluca Adalberto Lucio |
|
|
|
Born in Milano |
(MI) |
on 14/12/1964 |
- Fiscal Code : RZZGLC64T14F205E |
|
|
|
Residence: |
|
Pagliano |
, 5 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
10/10/2005 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
*checkings have been performed on a national scale.
In this module are listed the companies in which members hold or have holded positions.
|
Ruzzini |
Gianluca Adalberto Lucio |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
T.d.m. Tele Dal Mondo S.r.l. |
Viadana (MN) - IT - |
02099770204 |
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.
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Brunati Enrico |
Milano - IT - |
BRNNRC30T22L219W |
20.592 .Eur |
40,00 |
|
Ruzzini Gianluca Adalberto Lucio |
Milano - IT - |
RZZGLC64T14F205E |
30.888 .Eur |
60,00 |
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 |
|
|
|
|
|
|
|
Monreale |
, 0011 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
|
|
|
PHONE |
: 0240090172 |
|
|
|
|
Employees |
: 3 |
|
Fittings and Equipment for a value of 16.000 |
Eur |
|
Stocks for a value of 860.000 |
Eur |
|
|
The firm operates abroad as importer..
To purchase foreign products the firm uses the following channels :
|
- its own sales net-work |
Export represents more than 50% of the global turnover.
Products abroad are placed by :
|
- its own sales net-work |
Import comes generally from the following nations:
|
- Austria |
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.
None reported, standing to the latest received edition of the Official Publications.
Subject is active since 1981
The analysis is based on the latest 3 balance sheets.
Under the financial profile unstable results are noted. with a loss in the last financial year. In the last financial year a drop in sales has been registered (-11,31%).
The return on investment in the last financial year was negative (-1,29%).
The operating loss amounts to Eur. -32.553 .
At the end of the latest financial year, a negative gross operating margin of Eur. -30.338 was registered.
Financial condition is not balanced as own capitals do not cover debts, indebtedness level is in fact high (23,51) which is rising compared to 2011.
With regard to equity capital, an amount of Eur. 92.059 is registered. , falling in comparison with the year before.
The financial management has recorded total debts amounting to Eur. 2.361.869, with a growth equal to 40,34%.
Remarkable financial indebtedness specially if compared to equity capital, the exposure to suppliers is moderate (6,03 gg. is the average payment period) below the sector's average.
Payments are supported by good current assets.
Trade credits average terms are 86,81 days. , that compared to the sector's average is shorter.
(Eur. -73.455) is the negative value of the cash flow.
Labour cost expenses amount to Eur. 124.305 , representing 2,94% on the total of production costs. , whereas the incidence on sales revenues is of 2,97%.
The financial management has a limited economic impact, equal to -1,42% on the sales.
|
|
Complete balance-sheet for the year |
31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
4.186.096 |
|
Profit (Loss) for the period |
-75.670 |
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
4.720.387 |
|
Profit (Loss) for the period |
-7.784 |
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
4.474.720 |
|
Profit (Loss) for the period |
20.724 |
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.452.415 |
|
Profit (Loss) for the period |
7.826 |
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 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROFIT AND LOSS ACCOUNTS
|
|
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 |
0,05 |
0,06 |
0,10 |
0,22 |
|
Elasticity Ratio |
Units |
0,95 |
0,94 |
0,90 |
0,75 |
|
Availability of stock |
Units |
0,34 |
0,28 |
0,04 |
0,23 |
|
Total Liquidity Ratio |
Units |
0,61 |
0,66 |
0,86 |
0,45 |
|
Quick Ratio |
Units |
0,09 |
0,07 |
0,15 |
0,02 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
23,51 |
9,31 |
5,09 |
1,65 |
|
Self Financing Ratio |
Units |
0,04 |
0,09 |
0,14 |
0,30 |
|
Capital protection Ratio |
Units |
1,26 |
0,74 |
0,59 |
0,79 |
|
Liabilities consolidation quotient |
Units |
0,03 |
0,03 |
0,04 |
0,20 |
|
Financing |
Units |
25,66 |
10,03 |
6,09 |
2,05 |
|
Permanent Indebtedness Ratio |
Units |
0,06 |
0,12 |
0,17 |
0,45 |
|
M/L term Debts Ratio |
Units |
0,03 |
0,03 |
0,04 |
0,11 |
|
Net Financial Indebtedness Ratio |
Units |
22,49 |
8,18 |
4,50 |
0,57 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,29 |
1,82 |
1,77 |
1,60 |
|
Current ratio |
Units |
1,01 |
1,06 |
1,09 |
1,27 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,65 |
0,74 |
1,04 |
0,84 |
|
Structure's primary quotient |
Units |
0,76 |
1,36 |
1,40 |
1,11 |
|
Treasury's primary quotient |
Units |
0,09 |
0,08 |
0,18 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
2735,18 |
1136,86 |
735,11 |
327,18 |
|
Current Capital ( net ) |
Value |
34.974 |
100.733 |
95.986 |
870.113 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
-1,75 |
-0,05 |
0,61 |
1,60 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
-82,20 |
-4,64 |
11,81 |
0,47 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
-99,89 |
-1,60 |
26,93 |
2,85 |
|
Return on Investment ( R.O.I. ) |
% |
-1,29 |
0,20 |
7,15 |
2,55 |
|
Return/ Sales |
% |
-0,78 |
0,08 |
2,06 |
2,66 |
|
Extra Management revenues/charges incid. |
% |
n.c. |
-201,97 |
22,47 |
14,76 |
|
Cash Flow |
Value |
-73.455 |
-2.459 |
27.470 |
47.325 |
|
Operating Profit |
Value |
-32.553 |
3.854 |
92.237 |
69.715 |
|
Gross Operating Margin |
Value |
-30.338 |
9.179 |
98.983 |
147.816 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
86,81 |
44,54 |
67,17 |
114,56 |
|
Debts to suppliers average term |
Days |
6,03 |
12,04 |
6,34 |
113,59 |
|
Average stock waiting period |
Days |
74,16 |
40,45 |
4,55 |
93,83 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,66 |
2,48 |
3,47 |
0,96 |
|
Rate of stock return |
Units |
4,85 |
8,90 |
79,10 |
3,84 |
|
Labour cost incidence |
% |
2,97 |
2,64 |
3,19 |
15,62 |
|
Net financial revenues/ charges incidence |
% |
-1,42 |
-2,02 |
-0,87 |
-1,87 |
|
Labour cost on purchasing expenses |
% |
2,94 |
2,40 |
3,21 |
14,72 |
|
Short-term financing charges |
% |
3,49 |
6,50 |
9,30 |
3,34 |
|
Capital on hand |
% |
60,15 |
40,40 |
28,83 |
104,51 |
|
Sales pro employee |
Value |
1.395.365 |
1.573.462 |
1.289.544 |
218.478 |
|
Labour cost pro employee |
Value |
41.435 |
41.563 |
41.098 |
32.758 |
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.
The values are calculated on a base of 634 significant companies.
The companies cash their credits on an average of 115 dd.
The average duration of suppliers debts is about 114 dd.
The sector's profitability is on an average of 1,60%.
The labour cost affects the turnover in the measure of 15,62%.
Goods are held in stock in a range of 94 dd.
The difference between the sales volume and the resources used to realize it is about 0,96.
The employees costs represent the 14,72% of the production costs.
Statistically the trade activity passes through serious crises.
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.62.23 |
|
|
1 |
Rs.100.18 |
|
Euro |
1 |
Rs.84.06 |
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.