MIRA
INFORM REPORT
|
Report Date : |
22.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
COVERFIBRE S.P.A. |
|
|
|
|
Registered Office : |
Via Parugiano Di Sotto, 35 50045 - Montemurlo (PO), |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
29.04.1974 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
·
Wholesale of other textile goods ·
Wholesale of raw and semi-finished textile fibres |
|
|
|
|
No. of Employees : |
fom 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 : |
Slow but Correct |
|
|
|
|
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 |
Company name and address
COVERFIBRE S.P.A.
Via Parugiano Di Sotto, 35
50045 - Montemurlo (PO), Italy
Summary
|
Fiscal Code |
: |
00243840972 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
29/04/1974 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
10.000.000/12.750.000 |
|
Number of Employees |
: |
fom 6 to 10 |
|
Group |
: |
COVERI |
Activity
Wholesale of other textile goods
Wholesale of raw and semi-finished textile fibres
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 00243840972 |
|
Foreign Trade Reg. no. : PO003066 since 19/12/1991 |
|
Foreign Trade Reg. no. : 3066 of Prato since 19/12/1991 |
|
Chamber of Commerce no. : 245135 of Firenze |
|
Chamber of Commerce no. : 245135 of Prato since 16/02/1974 |
|
Firms' Register : PO005-3358 of Prato since 19/02/1996 |
|
V.A.T. Code : 00243840972 |
|
Trade Agents Licence : 31364 of Prato since 10/09/2013 |
|
R. E. C. no. : 29581 of Prato since 17/05/1974 |
|
Tribunal Co. Register : 3358 of |
|
Foundation date |
: 28/12/1973 |
|
|
Establishment date |
: 28/12/1973 |
|
|
Start of Activities |
: 29/04/1974 |
|
|
Legal duration |
: 31/12/2025 |
|
|
Nominal Capital |
: 2.750.280 |
|
|
Subscribed Capital |
: 2.750.280 |
|
|
Paid up Capital |
: 2.750.280 |
|
Members
|
|
Coveri |
Giovanni |
|
|
|
Born in Firenze |
(FI) |
on 03/10/1966 |
- Fiscal Code : CVRGNN66R03D612D |
|
|
|
Residence: |
|
Giovanni Amendola |
, 42 |
- 59100 |
Prato |
(PO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
30/05/2011 |
|
|
|
Person in charge |
10/09/2013 |
|
|
|
|
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.
|
|
Coveri |
Giovanni |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Algico S.r.l. |
Montemurlo (PO) - IT - |
01011370481 |
Sole Director |
Active |
Registered |
|
Algico S.r.l. |
Montemurlo (PO) - IT - |
01011370481 |
Liquidator |
Withdrawn |
Registered |
|
Algico S.r.l. |
Montemurlo (PO) - IT - |
01011370481 |
Sole partner |
Withdrawn |
Registered |
|
COMABO S.R.L. |
Montemurlo (PO) - IT - |
00430740480 |
Chairman |
Withdrawn |
Registered |
|
Z.c.t. Spa |
Cerreto Castello (BI) - IT - |
01923400020 |
Director |
Withdrawn |
Registered |
|
Orditura Cotex S.r.l. In Liquidazione |
Montemurlo (PO) - IT - |
01813570973 |
Board Chairman |
Withdrawn |
In liquidation |
|
Woolmaco Srl In Liquidazione |
Montemurlo (PO) - IT - |
01858650979 |
Sole Director |
Withdrawn |
Registered |
|
Woolmaco Srl In Liquidazione |
Montemurlo (PO) - IT - |
01858650979 |
Liquidator |
Withdrawn |
Registered |
|
Edilbisentium S.r.l. |
Prato (PO) - IT - |
01894370970 |
Managing Director |
Active |
Registered |
|
Cosolar S.r.l. |
Prato (PO) - IT - |
02019330972 |
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 |
|
Coveri Giovanni |
Prato - IT - |
CVRGNN66R03D612D |
2.202.179 .Eur |
80,07 |
|
Fidicontrol - Societa' Fiduciaria E Di R evisione - Societa' Per
Azioni |
|
02383500580 |
548.100 .Eur |
19,93 |
Direct Participations
The Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares Amount |
% Ownership |
since |
until |
Share Status |
|
Woolmaco Srl In Liquidazione |
Montemurlo - IT - |
01858650979 |
40.000 .Eur |
50,00 |
|
|
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
since 22/01/1998 |
|
|
|
|
|
|
Parugiano Di Sotto |
, 35 |
- 50045 |
- Montemurlo |
(PO) |
- IT - |
|
|
|
|
PHONE |
: 0574683450 |
|
|
|
|
PHONE |
: 0574683460 |
|
|
|
|
FAX |
: 0574683453 |
|
- |
Branch |
(Warehouse) |
since 05/09/2002 |
|
|
|
|
|
|
Parugiano Di Sotto |
, 37/39 |
- 50045 |
- Montemurlo |
(PO) |
- IT - |
|
- |
Branch |
|
since 15/12/1997 |
|
|
|
|
|
|
Parugiano Di Sotto |
, 35 |
- 50045 |
- Montemurlo |
(PO) |
- IT - |
|
|
|
|
Employees |
: 6 |
|
|
|
|
Assistants |
: 2 |
|
Fittings and Equipment for a value of 340.000 |
Eur |
|
Stocks for a value of 2.800.000 |
Eur |
|
Vehicles: 1. |
Sales are on an international scale.
|
|
The firm operates abroad as importer / exporter..
To purchase foreign products the firm uses the following channels :
|
- direct orders to foreign companies |
Export represents up to 20% of the global turnover.
Products abroad are placed by :
|
- direct orders from foreign companies |
Import comes generally from the following nations:
|
- Cyprus |
|
- Gabon |
Historical Information and/or Firm's Status
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Joint stock company |
Limited liability company |
05/12/1985 |
|
Limited liability company |
Joint stock company |
03/05/1995 |
COMPANY STYLE MODIFICATIONS:
|
Former Style |
New Style |
Changement Date |
|
Primafibre SpA |
Coverfibre Srl |
05/12/1985 |
EX-MEMBERS / EX-POSITIONS:
|
|
Leporini |
Roberto |
|
|
|
Born in Prato |
(FI) |
on 05/05/1939 |
- Fiscal Code : LPRRRT39E05G999K |
|
|
|
Residence: |
|
Caruso |
, 25 |
- 50047 |
Prato |
(PO) |
- IT - |
|
Ex-Postions |
|
Director |
|
|
Rosati |
Andrea Luca |
|
|
|
Born in Prato |
(FI) |
on 03/07/1950 |
- Fiscal Code : RSTNRL50L03G999X |
|
|
|
Residence: |
|
M. Cecconi |
, 30 |
- 59100 |
Prato |
(PO) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
|
|
Salvi |
Massimo |
|
|
|
Born in Firenze |
(FI) |
on 07/01/1966 |
- Fiscal Code : SLVMSM66A07D612C |
|
|
|
Residence: |
|
Buozzi |
, 144 |
- 50013 |
Campi Bisenzio |
(FI) |
- IT - |
|
Ex-Postions |
|
Director |
|
|
Nistri |
Fabrizio |
|
|
|
Born in Prato |
(FI) |
on 16/02/1956 |
- Fiscal Code : NSTFRZ56B16G999A |
|
|
|
Residence: |
|
Catani |
, 28/C |
- 59100 |
Prato |
(PO) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Brogi |
Pierluigi |
|
|
|
Born in Terni |
(TR) |
on 25/09/1965 |
- Fiscal Code : BRGPLG65P25L117U |
|
|
|
Residence: |
|
A. Labriola |
, 28 |
- 59100 |
Prato |
(PO) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Coveri |
Giovanni |
|
|
|
Born in Firenze |
(FI) |
on 03/10/1966 |
- Fiscal Code : CVRGNN66R03D612D |
|
|
|
Residence: |
|
Giovanni Amendola |
, 42 |
- 59100 |
Prato |
(PO) |
- IT - |
|
Ex-Postions |
|
Managing Director |
|
Board Chairman |
|
Managing Director |
|
|
Badiani |
Marco |
|
|
|
Born in Prato |
(FI) |
on 25/04/1966 |
- Fiscal Code : BDNMRC66D25G999P |
|
|
|
Residence: |
|
Badiani |
, 10 |
- 59100 |
Prato |
(PO) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Chiti |
Riccardo |
|
|
|
Born in Prato |
(FI) |
on 07/02/1962 |
- Fiscal Code : CHTRCR62B07G999A |
|
|
|
Residence: |
|
Salvagnoli |
, 12 |
- 59100 |
Prato |
(PO) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Di Muoio |
Angelo |
|
|
|
Born in Civitavecchia |
(RM) |
on 07/09/1965 |
- Fiscal Code : DMINGL65P07C773U |
|
|
|
Residence: |
|
Montegrappa |
, 280 |
- 59100 |
Prato |
(PO) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
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 1974.
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 (-17,42%).
The return on investment in the last financial year was negative (-4%).
The operating loss amounts to Eur. -389.285 .
The gross operating margin for the fiscal year 2012 is negative, for an
amount of Eur. -171.430.
The financial status of the company is fairly balanced with an
indebtedness level of 1,72 with an improving trend as on the decrease.
With regard to equity capital, an amount of Eur. 3.470.141 is
registered. , unchanged as opposed to the preceding year.
Total debts (both short and M/L term) equals Eur. 6.101.186, showing a
stable trend as opposed to 2011 (Eur. 6.486.214).
Bank borrowings' volume is slightly high but the recourse to suppliers'
credit is modest 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 167,84 days. and
higher than the average of the sector.
Cash flow is negative at the end of financial year 2012.
Labour cost expenses amount to Eur. 331.549 , representing 2,78% on the
total of production costs. , whereas the incidence on sales revenues is of
2,9%.
Limited financial charges in relation to sales volume.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
11.431.364 |
|
Profit (Loss) for the period |
-259.949 |
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
13.842.970 |
|
Profit (Loss) for the period |
14.817 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
13.911.642 |
|
Profit (Loss) for the period |
119.383 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
11.737.056 |
|
Profit (Loss) for the period |
-170.041 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
14.382.859 |
|
Profit (Loss) for the period |
-282.445 |
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 31/12/2012 - 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 |
|
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|
|
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 |
0,13 |
0,09 |
0,07 |
0,09 |
|
Elasticity Ratio |
Units |
0,87 |
0,91 |
0,92 |
0,89 |
|
Availability of stock |
Units |
0,29 |
0,38 |
0,26 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,58 |
0,53 |
0,66 |
0,54 |
|
Quick Ratio |
Units |
0,01 |
0,00 |
0,01 |
0,03 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
1,72 |
1,74 |
2,25 |
3,95 |
|
Self Financing Ratio |
Units |
0,36 |
0,36 |
0,30 |
0,17 |
|
Capital protection Ratio |
Units |
0,28 |
0,26 |
0,23 |
0,62 |
|
Liabilities consolidation quotient |
Units |
0,02 |
0,02 |
0,01 |
0,10 |
|
Financing |
Units |
1,76 |
1,74 |
2,28 |
4,85 |
|
Permanent Indebtedness Ratio |
Units |
0,37 |
0,37 |
0,31 |
0,29 |
|
M/L term Debts Ratio |
Units |
0,01 |
0,01 |
0,01 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
1,40 |
1,52 |
1,69 |
1,04 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
2,92 |
4,08 |
4,68 |
2,37 |
|
Current ratio |
Units |
1,39 |
1,45 |
1,33 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,93 |
0,85 |
0,95 |
0,80 |
|
Structure's primary quotient |
Units |
2,80 |
3,95 |
4,56 |
1,48 |
|
Treasury's primary quotient |
Units |
0,02 |
0,00 |
0,01 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
280,65 |
277,51 |
331,16 |
602,26 |
|
Current Capital ( net ) |
Value |
2.370.445 |
2.890.377 |
2.796.614 |
191.984 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
-0,37 |
1,10 |
2,50 |
2,03 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
-7,49 |
0,40 |
3,21 |
6,31 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
-9,66 |
2,73 |
6,06 |
17,00 |
|
Return on Investment ( R.O.I. ) |
% |
-4,00 |
4,82 |
4,92 |
4,18 |
|
Return/ Sales |
% |
-3,41 |
3,61 |
4,35 |
3,46 |
|
Extra Management revenues/charges incid. |
% |
n.c. |
2,97 |
19,71 |
27,96 |
|
Cash Flow |
Value |
-42.094 |
152.197 |
347.975 |
44.823 |
|
Operating Profit |
Value |
-389.285 |
499.227 |
605.627 |
74.603 |
|
Gross Operating Margin |
Value |
-171.430 |
636.607 |
834.219 |
111.383 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
167,84 |
134,33 |
191,31 |
113,70 |
|
Debts to suppliers average term |
Days |
34,44 |
16,22 |
51,16 |
118,14 |
|
Average stock waiting period |
Days |
88,20 |
101,15 |
82,66 |
72,90 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,17 |
1,34 |
1,13 |
1,25 |
|
Rate of stock return |
Units |
4,08 |
3,56 |
4,35 |
4,88 |
|
Labour cost incidence |
% |
2,90 |
2,01 |
1,57 |
8,14 |
|
Net financial revenues/ charges incidence |
% |
-0,33 |
-2,54 |
-2,87 |
-1,38 |
|
Labour cost on purchasing expenses |
% |
2,78 |
2,07 |
1,64 |
8,25 |
|
Short-term financing charges |
% |
5,22 |
5,42 |
4,79 |
2,76 |
|
Capital on hand |
% |
85,20 |
74,78 |
88,44 |
79,85 |
|
Sales pro employee |
Value |
1.143.136 |
4.614.323 |
2.318.607 |
397.742 |
|
Labour cost pro employee |
Value |
33.154 |
92.629 |
36.482 |
33.267 |
Remarks
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.
Market / Territory Data
|
Population living in the province |
: |
|
|
Population living in the region |
: |
|
|
Number of families in the region |
: |
|
Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
|
|
- per non food products |
: |
|
|
- per energy consume |
: |
|
Sector Data
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.
Statistical Detrimental Data
Statistically the trade activity passes through serious crises.
The area is statistically considered moderately risky.
In the region 24.960 protested subjects are found; in the province they
count to 2.055.
The insolvency index for the region is 0,70, , while for the province it
is 0,88.
Total Bankrupt companies in the province : 3.109.
Total Bankrupt companies in the region : 20.423.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.89 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.84.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.