MIRA INFORM REPORT
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Report Date : |
04.10.2013 |
IDENTIFICATION DETAILS
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Name : |
CALZATURIFICIO EFFEGI STYLE SPA |
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Registered Office : |
Localita Piazzili 1b,
Cavaion Veronese, 37010 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
08.10.1975 |
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Com. Reg. No.: |
00559620232 |
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Legal Form : |
Public
Independent Company |
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Line of Business : |
·
manufacturer
of footwear for all purposes, of any material, by any process including
moulding ·
Manufacturer
of gaiters, leggings and similar articles ·
Manufacturer
of parts of footwear: manufacture of uppers and parts of uppers, outer and
inner soles, heels |
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No. of Employees : |
137 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
slow |
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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 – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Italy |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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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, 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.
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Source : CIA |
Company name & address
Calzaturificio Effegi
Style SpA
Localita Piazzili 1b
Cavaion Veronese,
37010
Italy
Tel: 39 (045) 6205111
Fax: +39 0456 269222
Web: www.effegi-style.it
Synthesis
Employees: 137
Company Type: Public
Independent
Incorporation
Date: 08-Oct-1975
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2011
Reporting
Currency: Euro
Annual Sales: 112.5
Total Assets: 61.9
Business Description
Effegi Style SpA
is primarily engaged in manufacture of footwear for all purposes, of any
material, by any process including moulding; manufacture of gaiters, leggings
and similar articles; and manufacture of parts of footwear: manufacture of
uppers and parts of uppers, outer and inner soles, heels.
Industry
Industry
Clothing and Apparel Manufacturing
ANZSIC 2006: 1352 - Footwear Manufacturing
ISIC Rev 4: 1520 - Manufacture of footwear
NACE Rev 2: 1520 - Manufacture of footwear
NAICS 2012: 316210 - Footwear Manufacturing
UK SIC 2007: 1520 - Manufacture of footwear
US SIC 1987: 3143 - Men's Footwear, Except Athletic
Key Executives
Name Title
Giovanni Maurizio
Ferrari President
1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet
Item Exchange Rate: USD 1 = EUR 0.770327
Corporate Overview
Location
LocalitĂ Piazzili 1b
Cavaion Veronese,
37010
Italy
Tel: 39 (045) 6205111
Fax: +39 0456 269222
Web: www.effegi-style.it
Sales EUR(mil): 80.9
Assets EUR(mil): 47.7
Employees: 137
Fiscal Year End: 31-Dec-2011
Industry: Footwear
Incorporation
Date: 08-Oct-1975
Company Type: Public Independent
Quoted Status: Not Quoted
Registered No.(ITA): 00559620232
President: Giovanni Maurizio Ferrari
Industry Codes
ANZSIC 2006
Codes:
1352 - Footwear
Manufacturing
ISIC Rev 4 Codes:
1520 - Manufacture
of footwear
NACE Rev 2 Codes:
1520 - Manufacture
of footwear
NAICS 2012 Codes:
316210 - Footwear
Manufacturing
US SIC 1987:
3143 - Men's
Footwear, Except Athletic
3144 - Women's
Footwear, Except Athletic
3149 - Footwear,
Except Rubber, Not Elsewhere Classified
UK SIC 2007:
1520 - Manufacture
of footwear
Business Description
Manufacture of
footwear
More Business Descriptions
Effegi Style SpA
is primarily engaged in manufacture of footwear for all purposes, of any
material, by any process including moulding; manufacture of gaiters, leggings and
similar articles; and manufacture of parts of footwear: manufacture of uppers
and parts of uppers, outer and inner soles, heels, etc.
Footwear
Manufacturing
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Executive report
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Executives |
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President |
President |
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Managing director |
Managing Director |
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Managing director |
Managing Director |
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Managing director |
Managing Director |
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Managing director |
Managing Director |
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Annual Profit & Loss
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate (Period
Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Total income |
122.0 |
117.0 |
112.6 |
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Net sales |
112.5 |
109.6 |
110.8 |
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Other operating income |
0.8 |
0.5 |
0.7 |
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Raw materials and consumables employed |
71.7 |
71.8 |
73.2 |
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Other expenses |
38.7 |
35.2 |
31.8 |
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Total payroll costs |
10.1 |
9.5 |
9.8 |
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Fixed asset depreciation and amortisation |
6.4 |
3.8 |
1.7 |
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Other operating costs |
0.2 |
0.2 |
0.4 |
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Net operating income |
-5.2 |
-3.5 |
-4.4 |
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Total financial income |
-0.1 |
0.2 |
-0.2 |
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Total expenses |
1.7 |
1.2 |
1.2 |
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Profit before tax |
-7.0 |
-4.5 |
-5.8 |
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Extraordinary result |
0.4 |
0.3 |
0.2 |
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Profit after extraordinary items and before tax |
-6.6 |
-4.2 |
-5.7 |
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Total taxation |
0.2 |
0.2 |
0.2 |
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Net loss |
6.8 |
4.4 |
5.9 |
Annual Balance Sheet
Financials in: USD (mil)
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Total stockholders equity |
23.5 |
27.9 |
33.4 |
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Provision for risks |
1.1 |
1.2 |
1.4 |
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Provision for pensions |
1.8 |
1.9 |
2.2 |
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Other long-term liabilities |
- |
- |
1.7 |
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Trade creditors |
16.5 |
22.2 |
20.2 |
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Bank loans and overdrafts |
15.8 |
9.6 |
1.0 |
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Other current liabilities |
3.3 |
7.9 |
4.8 |
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Accruals and deferred income |
0.0 |
0.0 |
0.0 |
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Total current liabilities |
35.6 |
39.7 |
26.0 |
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Total liabilities (including net worth) |
61.9 |
70.8 |
64.8 |
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Intangibles |
3.6 |
4.3 |
1.4 |
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Buildings |
15.5 |
16.2 |
17.1 |
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Total tangible fixed assets |
16.5 |
17.3 |
18.1 |
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Long-term investments |
- |
- |
0.1 |
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Total financial assets |
- |
- |
0.1 |
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Receivables due after 1 year |
0.0 |
0.0 |
0.0 |
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Total non-current assets |
20.1 |
21.6 |
19.5 |
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Finished goods |
16.0 |
13.3 |
13.1 |
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Net stocks and work in progress |
23.2 |
21.2 |
19.5 |
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Trade debtors |
16.1 |
19.1 |
19.3 |
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Other receivables |
2.2 |
8.6 |
5.7 |
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Cash and liquid assets |
0.1 |
0.2 |
0.6 |
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Accruals |
0.2 |
0.1 |
0.2 |
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Total current assets |
41.8 |
49.2 |
45.3 |
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Total assets |
61.9 |
70.8 |
64.8 |
Annual Ratios
Financials in: USD (mil)
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Current ratio |
1.20 |
1.20 |
1.70 |
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Quick ratio |
0.50 |
0.70 |
1.00 |
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Current liabilities to net worth |
0.02% |
0.01% |
0.01% |
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Sales per employee |
0.59 |
- |
0.57 |
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Profit per employee |
-0.03 |
- |
-0.03 |
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Average wage per employee |
0.05 |
- |
0.05 |
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Net worth |
23.5 |
27.9 |
33.4 |
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Number of employees |
137 |
- |
141 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.93 |
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UK Pound |
1 |
Rs.100.44 |
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Euro |
1 |
Rs.84.24 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.