MIRA
INFORM REPORT
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Report Date : |
01.02.2014 |
IDENTIFICATION DETAILS
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Name : |
TOP AGRI ITALIA S.P.A |
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Registered Office : |
Via Cappafredda, 6/B 37050 – Roverchiara (VR) |
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Country : |
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Financials (as on) : |
31.05.2013 |
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Date of Incorporation : |
07.04.2011 |
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Legal Form : |
Joint stock company with sole shareholder |
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Line of Business : |
Wholesale of grains and dried legumes |
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No. of Employees : |
From 11 to 15 |
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 but correct |
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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, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 and address
TOP AGRI ITALIA S.P.A.
Via Cappafredda, 6/B
37050 - Roverchiara (VR) -IT-
Summary
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Fiscal Code |
: |
04023410238 |
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Legal Form |
: |
Joint stock company with sole shareholder |
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start of Activities |
: |
07/04/2011 |
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Equity |
: |
2.000.000 |
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Turnover Range |
: |
50.000.000/75.000.000 |
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Number of Employees |
: |
from 11 to 15 |
Activity
Wholesale of grains and dried legumes
Legal Data
Legal Form : Joint stock company with sole shareholder
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Fiscal Code : 04023410238 |
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Chamber of Commerce no. : 385230 of Verona since 07/04/2011 |
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V.A.T. Code : 04023410238 |
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Establishment date |
: 29/03/2011 |
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Start of Activities |
: 07/04/2011 |
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Legal duration |
: 31/12/2050 |
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Nominal Capital |
: 500.000 |
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Subscribed Capital |
: 500.000 |
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Paid up Capital |
: 500.000 |
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Members
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Soave Holding S.r.l. |
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Residence: |
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Cappafredda |
, 6/B |
- 37050 |
Roverchiara |
(VR) |
- IT - |
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Position |
Since |
Shares Amount |
% Ownership |
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Sole partner |
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No Prejudicial events are reported |
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No Protests registered |
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Zanini |
Franca |
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Born in Cassano Magnago |
(VA) |
on 28/08/1963 |
- Fiscal Code : ZNNFNC63M68C004A |
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Residence: |
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Cappafredda |
, 6/A |
- 37050 |
Roverchiara |
(VR) |
- IT - |
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Position |
Since |
Shares Amount |
% Ownership |
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Sole Director |
16/11/2011 |
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No Prejudicial events are reported |
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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.
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Zanini |
Franca |
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Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
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TOP - AGRI DI ZANINI FRANCA |
- - |
ZNNFNC63M68C004A |
Proprietor |
Withdrawn |
Registered |
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Soave Holding S.r.l. |
Roverchiara (VR) - IT - |
03170840239 |
Sole Director |
Active |
Registered |
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S.A.V. DI ZANINI FRANCA eamp; C. S.A.S. |
Roverchiara (VR) - IT - |
01482150230 |
General Partner |
Withdrawn |
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 |
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Soave Holding S.r.l. |
Roverchiara - IT - |
03170840239 |
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100,00 |
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:
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Legal and operative seat |
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Cappafredda |
, 6/B |
- 37050 |
- Roverchiara |
(VR) |
- IT - |
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PHONE |
: 0442685251 |
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Employees |
: 12 |
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Stocks for a value of 11.010.000 |
Eur |
Trade organization: direct or by agents.
Sales area on a national scale.
The company supplies wholesalers and resellers.
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Financial means used for sale: bank transfers and bank orders.
Main used payment modalities are by cash orders and bank transfers.
Historical Information and/or
Firm's Status
CEASINGS/INCORPORATIONS/MERGES:
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Subject took over a division of |
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Cappafredda |
, 6/B |
, 37050 |
, Roverchiara |
(VR) |
- IT - |
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Fiscal Code: 03170840239 |
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Date |
: |
29/03/2011 |
Protests
Protests checking on the subject firm has given a negative result.
Data Base Prejudicial Events
Search
Search performed on a National Scale
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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.
Bankers
The firm operates with:
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Bank Name |
Agency Name |
Address |
ZIP Code |
City |
ABI Code |
CAB Code |
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BANCA POP. DI VERONA - BPV-SGSP SPA |
ROVERCHIARA |
VIA ROMA 69 |
37050 |
Roverchiara |
5188 |
59710 |
Financial and Economical Analysis
The company has been active for some years.
The economic-financial analysis has been made on the base of the b/s of the latests three years.
During the last years, it achieved profits (r.o.e. 16,04% on 2013)
The return on Investment in the last financial year was positive (4,65%) falling within the field's average.
The operating result is positive and amounts to Eur. 1.104.813 with a 20,84% growth.
The G.O.M. amounted to Eur. 1.111.208 growing by 20,48% if compared to the year before.
Financial condition is not balanced as own capitals do not cover debts, indebtedness level is in fact high (12,36) which tends downward.
It's shareholders funds amount to Eur. 1.711.073 on stable levels.
During the last financial year debts totalled Eur. 21.929.504 (Eur. 534.550 of which were m/l term debts) , a more or less stable value.
Remarkable financial indebtedness specially if compared to equity capital, the exposure to suppliers is moderate (69,77 gg. is the average payment period) lined up with the sector.
The management determines a good range of liquidity.
Accounts receivable average term is 58,67 days. , a better value than the sector's average.
2013 financial year closed with a cash flow of Eur. 280.911
In the last financial year labour cost was of Eur. 391.953, with a 0,59% incidence on total costs of production. , with a 0,61% incidence on turnover.
The incidence of the financial charges is of -0,96% on the sales amount.
Financial Data
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Complete balance-sheet for the year |
31/05/2013 |
(in Eur |
x 1) |
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Item Type |
Value |
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Sales |
64.745.078 |
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Profit (Loss) for the period |
274.516 |
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Complete balance-sheet for the year |
31/05/2012 |
(in Eur |
x 1) |
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Item Type |
Value |
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Sales |
84.524.533 |
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Profit (Loss) for the period |
131.912 |
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Complete balance-sheet for the year |
31/05/2011 |
(in Eur |
x 1) |
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Item Type |
Value |
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Sales |
9.552.505 |
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Profit (Loss) for the period |
212.480 |
Balance Sheets
From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.
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- Balance Sheet as at 31/05/2013 - 12 Mesi - Currency: - Amounts x 1 |
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- Balance Sheet as at 31/05/2012 - 12 Mesi - Currency: - Amounts x 1 |
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- Balance Sheet as at 31/05/2011 - 12 Mesi - Currency: - Amounts x 1 |
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RATIOS |
Value Type |
as at 31/05/2013 |
as at 31/05/2012 |
as at 31/05/2011 |
Sector Average |
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COMPOSITION ON INVESTMENT |
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Rigidity Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,11 |
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Elasticity Ratio |
Units |
1,00 |
1,00 |
1,00 |
0,87 |
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Availability of stock |
Units |
0,46 |
0,38 |
0,19 |
0,17 |
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Total Liquidity Ratio |
Units |
0,53 |
0,62 |
0,81 |
0,61 |
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Quick Ratio |
Units |
0,01 |
0,01 |
0,01 |
0,03 |
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COMPOSITION ON SOURCE |
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Net Short-term indebtedness |
Units |
12,36 |
12,70 |
13,25 |
3,90 |
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Self Financing Ratio |
Units |
0,07 |
0,07 |
0,07 |
0,17 |
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Capital protection Ratio |
Units |
0,55 |
0,60 |
0,56 |
0,66 |
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Liabilities consolidation quotient |
Units |
0,03 |
0,04 |
0,03 |
0,09 |
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Financing |
Units |
12,82 |
13,28 |
13,80 |
4,57 |
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Permanent Indebtedness Ratio |
Units |
0,10 |
0,11 |
0,09 |
0,28 |
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M/L term Debts Ratio |
Units |
0,03 |
0,04 |
0,02 |
0,06 |
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Net Financial Indebtedness Ratio |
Units |
5,16 |
4,44 |
3,82 |
0,96 |
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CORRELATION |
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Fixed assets ratio |
Units |
85,59 |
78,16 |
50,52 |
2,10 |
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Current ratio |
Units |
1,11 |
1,12 |
1,10 |
1,13 |
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Acid Test Ratio-Liquidity Ratio |
Units |
0,59 |
0,69 |
0,89 |
0,86 |
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Structure's primary quotient |
Units |
63,31 |
51,26 |
36,90 |
1,34 |
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Treasury's primary quotient |
Units |
0,01 |
0,01 |
0,01 |
0,05 |
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Rate of indebtedness ( Leverage ) |
% |
1387,48 |
1432,23 |
1482,50 |
587,66 |
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Current Capital ( net ) |
Value |
2.313.935 |
2.366.626 |
2.170.808 |
135.886 |
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RETURN |
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Return on Sales |
% |
0,43 |
0,17 |
2,24 |
1,61 |
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Return on Equity - Net- ( R.O.E. ) |
% |
16,04 |
8,45 |
13,06 |
5,01 |
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Return on Equity - Gross - ( R.O.E. ) |
% |
26,61 |
22,13 |
19,28 |
13,67 |
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Return on Investment ( R.O.I. ) |
% |
4,65 |
4,09 |
1,36 |
4,30 |
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Return/ Sales |
% |
1,71 |
1,08 |
3,44 |
2,39 |
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Extra Management revenues/charges incid. |
% |
24,85 |
14,43 |
64,75 |
27,17 |
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Cash Flow |
Value |
280.911 |
139.949 |
214.145 |
47.597 |
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Operating Profit |
Value |
1.104.813 |
914.225 |
328.151 |
71.380 |
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Gross Operating Margin |
Value |
1.111.208 |
922.262 |
329.816 |
124.518 |
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MANAGEMENT |
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Credits to clients average term |
Days |
58,67 |
44,68 |
564,96 |
90,43 |
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Debts to suppliers average term |
Days |
69,77 |
55,33 |
779,65 |
76,51 |
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Average stock waiting period |
Days |
61,21 |
36,44 |
168,48 |
37,27 |
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Rate of capital employed return ( Turnover ) |
Units |
2,73 |
3,78 |
0,40 |
1,64 |
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Rate of stock return |
Units |
5,88 |
9,88 |
2,14 |
9,56 |
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Labour cost incidence |
% |
0,61 |
0,38 |
0,50 |
4,81 |
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Net financial revenues/ charges incidence |
% |
-0,96 |
-0,67 |
-0,15 |
-0,99 |
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Labour cost on purchasing expenses |
% |
0,59 |
0,37 |
0,65 |
4,83 |
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Short-term financing charges |
% |
3,73 |
3,72 |
0,08 |
2,90 |
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Capital on hand |
% |
36,67 |
26,47 |
252,42 |
60,86 |
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Sales pro employee |
Value |
5.395.423 |
8.452.453 |
1.061.389 |
686.413 |
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Labour cost pro employee |
Value |
32.662 |
32.451 |
5.255 |
33.271 |
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
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Population living in the province |
: |
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Population living in the region |
: |
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Number of families in the region |
: |
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Monthly family expences average in the region (in Eur..) :
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- per food products |
: |
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- per non food products |
: |
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- per energy consume |
: |
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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
Statistcally the trade activity shows periods of crisis.
The area is statistically considered lowly risky.
In the region 13.782 protested subjects are found; in the province they count to 2.673.
The insolvency index for the region is 0,30, , while for the province it is 0,31.
Total Bankrupt companies in the province : 2.982.
Total Bankrupt companies in the region : 16.714.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.48 |
|
|
1 |
Rs.102.95 |
|
Euro |
1 |
Rs.84.60 |
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.