MIRA
INFORM REPORT
|
Report Date : |
19.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
BLUE SPIRIT S.R.L. |
|
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Registered Office : |
Via Speroni, 14, 21100- Varese (VA) |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
19.02.2003 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesaler of skins as well as untreated and treated leather (except skins for furs) |
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No of Employees : |
02 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 higher. 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 133% of GDP in 2013, but investor
concerns about Italy and the broader euro-zone crisis eased in 2013, bringing
down Italy's borrowing costs on sovereign government debt from euro-era. The
government still faces pressure from investors and European partners to sustain
its efforts to address Italy's long-standing structural impediments to growth,
such as labor market inefficiencies and widespread tax evasion. In 2013
economic growth and labor market conditions deteriorated, with growth at -1.8%
and unemployment rising to 12.4%, with youth unemployment around 40%. Italy's
GDP is now 8% below its 2007 pre-crisis level.
|
Source : CIA |
Company name & address
Blue Spirit S.r.l.
Via Speroni, 14
21100 - Varese (VA) -IT-
Summary
|
Fiscal Code |
: |
02760720124 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
21/03/2003 |
|
Equity |
: |
400.000 |
|
Turnover Range |
: |
3.750.000/5.000.000 |
|
Number of Employees |
: |
2 |
Activity
Wholesaler of skins as well as untreated and
treated leather (except skins for furs)
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 02760720124 |
|
Foreign Trade Reg. no. : VA057318 since
31/01/2006 |
|
Chamber of Commerce no. : 285393 of Varese
since 14/03/2003 |
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V.A.T. Code : 02760720124 |
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Establishment date |
: 19/02/2003 |
|
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Start of Activities |
: 21/03/2003 |
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Legal duration |
: 31/12/2050 |
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Nominal Capital |
: 30.000 |
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Subscribed Capital |
: 30.000 |
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Paid up Capital |
: 30.000 |
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Members
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Pellini |
Livio |
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|
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Born in Varese |
(VA) |
on 23/05/1968 |
- Fiscal Code : PLLLVI68E23L682X |
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Residence: |
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Nazario Sauro |
, 5 |
- 21100 |
Varese |
(VA) |
- IT - |
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Position |
Since |
Shares Amount |
% Ownership |
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Sole Director |
19/02/2003 |
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No Prejudicial
events are reported |
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No Protests
registered |
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Inivale Limited |
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|
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Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
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No Prejudicial
events are reported |
|
|
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 |
|
Pellini Livio |
Varese - IT - |
PLLLVI68E23L682X |
10.000 .Eur |
33,33 |
|
Inivale Limited |
|
95052270121 |
20.000 .Eur |
66,66 |
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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|
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|
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Speroni |
, 14 |
- 21100 |
- Varese |
(VA) |
- IT - |
|
- |
Branch |
|
since 21/03/2003 |
|
|
|
|
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Cavour |
, 38 |
- 21100 |
- Varese |
(VA) |
- IT - |
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Employees |
: 2 |
|
Fittings and Equipment for a value of
380.000 |
Eur |
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Stocks for a value of 24.000 |
Eur |
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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 2003.
The analysis is based on the latest 3
balance sheets.
Under an economic point of view, profits
were registered during the last years with a r.o.e. of 22,91% in 2013 with an
increase in 2013 (+51,58%).
The operating result was positive in the
last financial year (15,05%) and reflects the field's average.
An operating result of Eur. 110.026 has been
registered. rising (+more then 100%) in relation to the previous year.
The G.O.M. amounted to Eur. 112.026 growing
by more then 100% if compared to the year before.
Very good financial situation: shareholder's
equity covers short-terms debts with an indebtedness level equal to 0,43 and
with an upward trend compared to the previous year.
The equity capital is equal to Eur. 324.344
on the same levels as the year before.
Total indebtedness amounts to Eur. 368.354,
, decreasing if compared to 2012 (-45,76%).
Available funds are good.
Eur. 76.302 is the value of cash flow during
the year 2013
Labour cost expenses amount to Eur. 76.607 ,
representing 1,57% on the total of production costs. , whereas 1,57% is the
incidence on sales revenues.
The financial charges are lower than the
financial incomes.
Financial Data
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Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
4.885.456 |
|
Profit (Loss) for the period |
74.302 |
|
|
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Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.223.020 |
|
Profit (Loss) for the period |
31.714 |
|
|
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Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
4.140.694 |
|
Profit (Loss) for the period |
47.747 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
5.228.880 |
|
Profit (Loss) for the period |
-101.829 |
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 31/12/2013 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet
as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1 |
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- Balance Sheet
as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1 |
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RATIOS |
Value Type |
as at 31/12/2013 |
as at 31/12/2012 |
as at 31/12/2011 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
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Rigidity Ratio |
Units |
0,01 |
0,00 |
0,01 |
0,11 |
|
Elasticity Ratio |
Units |
0,98 |
0,99 |
0,99 |
0,87 |
|
Availability of stock |
Units |
0,03 |
0,05 |
0,09 |
0,17 |
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Total Liquidity Ratio |
Units |
0,95 |
0,93 |
0,90 |
0,61 |
|
Quick Ratio |
Units |
0,31 |
0,16 |
0,13 |
0,03 |
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COMPOSITION ON
SOURCE |
|
|
|
|
|
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Net Short-term indebtedness |
Units |
0,43 |
1,74 |
1,14 |
3,90 |
|
Self Financing Ratio |
Units |
0,44 |
0,29 |
0,39 |
0,17 |
|
Capital protection Ratio |
Units |
0,68 |
0,79 |
0,70 |
0,66 |
|
Liabilities consolidation quotient |
Units |
0,09 |
0,04 |
0,06 |
0,09 |
|
Financing |
Units |
1,14 |
2,30 |
1,47 |
4,57 |
|
Permanent Indebtedness Ratio |
Units |
0,49 |
0,32 |
0,42 |
0,28 |
|
M/L term Debts Ratio |
Units |
0,04 |
0,03 |
0,03 |
0,06 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
n.c. |
n.c. |
0,96 |
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CORRELATION |
|
|
|
|
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Fixed assets ratio |
Units |
50,68 |
71,91 |
54,30 |
2,10 |
|
Current ratio |
Units |
1,94 |
1,46 |
1,75 |
1,13 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,88 |
1,39 |
1,60 |
0,86 |
|
Structure's primary quotient |
Units |
46,16 |
65,81 |
49,98 |
1,34 |
|
Treasury's primary quotient |
Units |
0,62 |
0,24 |
0,22 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
225,45 |
341,46 |
259,18 |
587,66 |
|
Current Capital ( net ) |
Value |
347.508 |
315.441 |
290.449 |
135.886 |
|
RETURN |
|
|
|
|
|
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Return on Sales |
% |
1,56 |
1,04 |
1,20 |
1,61 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
22,91 |
10,75 |
18,13 |
5,01 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
34,41 |
16,27 |
27,54 |
13,67 |
|
Return on Investment ( R.O.I. ) |
% |
15,05 |
5,20 |
9,88 |
4,30 |
|
Return/ Sales |
% |
2,25 |
1,63 |
1,63 |
2,39 |
|
Extra Management revenues/charges incid. |
% |
67,53 |
60,52 |
70,80 |
27,17 |
|
Cash Flow |
Value |
76.302 |
33.383 |
49.494 |
47.597 |
|
Operating Profit |
Value |
110.026 |
52.401 |
67.437 |
71.380 |
|
Gross Operating Margin |
Value |
112.026 |
54.070 |
69.184 |
124.518 |
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MANAGEMENT |
|
|
|
|
|
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Credits to clients average term |
Days |
n.c. |
n.c. |
n.c. |
90,43 |
|
Debts to suppliers average term |
Days |
n.c. |
n.c. |
n.c. |
76,51 |
|
Average stock waiting period |
Days |
1,80 |
5,91 |
5,26 |
37,27 |
|
Rate of capital employed return ( Turnover
) |
Units |
6,68 |
3,20 |
6,07 |
1,64 |
|
Rate of stock return |
Units |
199,51 |
60,94 |
68,46 |
9,56 |
|
Labour cost incidence |
% |
1,57 |
2,32 |
1,62 |
4,81 |
|
Net financial revenues/ charges incidence |
% |
0,03 |
-0,17 |
0,07 |
-0,99 |
|
Labour cost on purchasing expenses |
% |
1,57 |
2,29 |
1,62 |
4,83 |
|
Short-term financing charges |
% |
n.c. |
1,03 |
n.c. |
2,90 |
|
Capital on hand |
% |
14,97 |
31,26 |
16,48 |
60,86 |
|
Sales pro employee |
Value |
2.442.728 |
1.611.510 |
2.070.347 |
686.413 |
|
Labour cost pro employee |
Value |
38.303 |
37.378 |
33.479 |
33.271 |
Market / Territory Data
|
Population living in the province |
: |
|
|
Population living in the region |
: |
|
|
Number of families in the region |
: |
|
843.250Monthly family expenses 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 941
significant companies.
The companies cash their credits on an average
of 90 dd.
The average duration of suppliers debts is
about 77 dd.
The sector's profitability is on an average
of 1,61%.
The labour cost affects the turnover in the
measure of 4,81%.
Goods are held in stock in a range of 37 dd.
The difference between the sales volume and
the resources used to realize it is about 1,64.
The employees costs represent the 4,83% 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 50.886 protested subjects are
found; in the province they count to 4.597.
The insolvency index for the region is 0,55,
, while for the province it is 0,55.
Total Bankrupt companies in the province :
3.052.
Total Bankrupt companies in the region :
39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.32 |
|
UK Pound |
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.78.11 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.