MIRA
INFORM REPORT
|
Report Date : |
07.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
SERGIO'S S.R.L. |
|
|
|
|
Registered Office : |
Contrada Rivola, 73040 – Specchia (LE) |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
24.05.2007 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Manufacture of footwear |
|
|
|
|
No. of Employees : |
65 |
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 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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 and address
SERGIO'S S.R.L.
Contrada Rivola,
73040 – Specchia (LE) -IT-
Summary
|
Fiscal Code |
: |
04054800752 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
03/09/2007 |
|
Equity |
: |
750.000 |
|
Turnover Range |
: |
10.000.000/12.750.000 |
|
Number of Employees |
: |
from 51 to 70 |
Activity
Manufacture of footwear
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 04054800752 |
|
Chamber of Commerce no. : 263654 of Lecce since 31/05/2007 |
|
V.A.T. Code : 04054800752 |
|
Establishment date |
: 24/05/2007 |
|
|
Start of Activities |
: 03/09/2007 |
|
|
Legal duration |
: 31/12/2030 |
|
|
Nominal Capital |
: 60.000 |
|
|
Subscribed Capital |
: 60.000 |
|
|
Paid up Capital |
: 60.000 |
|
Members
|
|
Sergio |
Sergio Adelchi |
|
|
|
Born in Gagliano del Capo |
(LE) |
on 20/04/1982 |
- Fiscal Code : SRGSGD82D20D851I |
|
|
|
Residence: |
|
Diaz |
, SN |
- 73039 |
Tricase |
(LE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Institor |
25/01/2011 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Sergio |
Luca Luigi |
|
|
|
Born in Casarano |
(LE) |
on 22/06/1969 |
- Fiscal Code : SRGLLG69H22B936X |
|
|
|
Residence: |
|
Filangeri |
- 73039 |
Tricase |
(LE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
24/05/2007 |
|
|
|
|
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 |
|
Sergio Sergio Adelchi |
Tricase - IT - |
SRGSGD82D20D851I |
15.000 .Eur |
25,00 |
|
DE GIROLAMO MARIA GIOVANNA |
Tricase - IT - |
DGRMGV62D46L419Y |
3.000 .Eur |
5,00 |
|
SERGIO FABRIZIO |
TRICASE - IT - |
SRGFRZ64H02Z103Z |
3.000 .Eur |
5,00 |
|
Sergio Luca Luigi |
Tricase - IT - |
SRGLLG69H22B936X |
33.000 .Eur |
55,00 |
|
Sergio Cinzia |
|
SRGCNZ71M52B936V |
3.000 .Eur |
5,00 |
|
Sabato Roberto |
|
SBTRRT62L01B936C |
3.000 .Eur |
5,00 |
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:
|
- |
Legal and operative seat |
(Factory) |
|
|
|
|
|
|
Rivola |
- 73040 |
- Specchia |
(LE) |
- IT - |
|
|
|
|
Employees |
: 65 |
|
Fittings and Equipment for a value of 530.000 |
Eur |
|
Stocks for a value of 1.120.000 |
Eur |
Historical Information and/or
Firm's Status
EX-MEMBERS / EX-POSITIONS:
|
|
Sergio |
Sergio Adelchi |
|
|
|
Born in Gagliano del Capo |
(LE) |
on 20/04/1982 |
- Fiscal Code : SRGSGD82D20D851I |
|
|
|
Residence: |
|
Diaz |
, SN |
- 73039 |
Tricase |
(LE) |
- IT - |
|
Ex-Postions |
|
Manager |
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: |
|
|
|
Prejudicial Events found with cancellations* |
Tax distraint on 13/10/2010. Event writing-off
|
EQUITALIA LECCE SPA |
Search performed on a specialized data base.
*Concerns also partially erased events.
Legal Procedures
None reported, standing to the latest received edition of the Official
Publications.
Financial and Economical Analysis
Subject is active since 2007
The analysis is based on the latest 3 balance sheets.
In the economic management , good and bad results followed on by turns.
with a negative economic result in the last financial year. The turnover is
falling if compared with the previous financial year (eamp;FAT1eamp;%).
The operating result was positive in the last financial year (1,93%) and
in line with the sector's average.
The amount of the operating result for the year 2012 is of Eur. 214.012
with a -26,02% drop.
The G.O.M. amounted to Eur. 460.792 , stable if compared to the year
before.
Short-term debts volume if compared to net worth, as it comes out from
the total indebtedness (14,59) and increasing if compared to the previous year.
It's shareholders funds amount to Eur. 621.517 , recording a -34,63%
decrease.
Total indebtedness was equal to Eur. 10.393.162 (Eur. 1.219.760 was the
value of m/l term debts) with no important change.
Moderate recourse to bank credit while the exposure towards suppliers is
rather high even in comparison with the sector's.
Liquidity is good (1,06)
Accounts receivable average term is high (207,96 days). also in relation
to the average of the sector.
(Eur. -82.478) is the negative value of the cash flow.
In the last financial year labour cost was of Eur. 3.581.005, with a
20,79% incidence on total costs of production. , whereas the incidence on sales
revenues is of 30,43%.
The financial management has a limited economic impact, equal to -0,51%
on the sales.
Financial Data
|
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
11.766.085 |
|
Profit (Loss) for the period |
-329.258 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
14.981.102 |
|
Profit (Loss) for the period |
-219.845 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
9.897.613 |
|
Profit (Loss) for the period |
154.406 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.604.476 |
|
Profit (Loss) for the period |
-224.992 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2008 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.902.126 |
|
Profit (Loss) for the period |
36.229 |
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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|
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PROFIT AND LOSS ACCOUNTS |
|
VALUE OF PRODUCTION |
|
|
|
|
. Revenues from sales and services |
11.766.084 |
14.981.103 |
9.897.613 |
|
. Changes in work in progress |
514.328 |
319.677 |
|
|
. Changes in semi-manufact. products |
|
|
|
|
. Capitalization of internal work |
|
|
|
|
. Other income and revenues |
5.159.724 |
88.896 |
96.189 |
|
. . Contributions for operating expenses |
|
|
|
|
. . Different income and revenues |
5.159.724 |
88.896 |
96.189 |
|
Total value of production |
17.440.136 |
15.389.676 |
9.993.802 |
|
PRODUCTION COSTS |
|
|
|
|
. Raw material,other materials and consum. |
11.012.992 |
7.392.176 |
3.920.340 |
|
. Services received |
|
2.342.530 |
1.162.457 |
|
. Leases and rentals |
1.867.128 |
70.796 |
61.488 |
|
. Payroll and related costs |
3.581.005 |
4.034.451 |
3.687.960 |
|
. . Wages and salaries |
2.693.935 |
3.014.301 |
2.725.348 |
|
. . Social security contributions |
700.488 |
793.384 |
721.049 |
|
. . Employee termination indemnities |
185.502 |
219.010 |
180.198 |
|
. . Pension and similar |
|
|
|
|
. . Other costs |
1.080 |
7.756 |
61.365 |
|
. Amortization and depreciation |
246.780 |
219.499 |
122.810 |
|
. . Amortization of intangible fixed assets |
2.404 |
2.924 |
2.457 |
|
. . Amortization of tangible fixed assets |
235.617 |
181.662 |
120.353 |
|
. . Depreciation of tangible fixed assets |
|
|
|
|
. . Writedown of current receiv.and of liquid |
8.759 |
34.913 |
|
|
. Changes in raw materials |
421.050 |
-324.859 |
306.325 |
|
. Provisions to risk reserves |
|
|
|
|
. Other provisions |
|
|
|
|
. Other operating costs |
97.169 |
1.365.780 |
187.898 |
|
Total production costs |
17.226.124 |
15.100.373 |
9.449.278 |
|
Diff. between value and cost of product. |
214.012 |
289.303 |
544.524 |
|
FINANCIAL INCOME AND EXPENSE |
|
|
|
|
. Income from equity investments |
|
|
|
|
. . In subsidiary companies |
|
|
|
|
. . In associated companies |
|
|
|
|
. . In other companies |
|
|
|
|
. Other financial income |
47 |
40 |
47 |
|
. . Financ.income from receivables |
|
|
|
|
. . . Towards subsidiary companies |
|
|
|
|
. . . Towards associated companies |
|
|
|
|
. . . Towards holding companies |
|
|
|
|
. . . Towards other companies |
|
|
|
|
. . Financ.income from secur. t.f.assets |
|
|
|
|
. . Financ.income from secur. cur.assets |
|
|
|
|
. . Financ.income other than the above |
47 |
40 |
47 |
|
. . . - Subsidiary companies |
|
|
|
|
. . . - Associated companies |
|
|
|
|
. . . - Holding companies |
|
|
|
|
. . . - Other companies |
47 |
40 |
47 |
|
. Interest and other financial expense |
-59.636 |
-117.387 |
-52.360 |
|
. . Towards subsidiary companies |
|
|
|
|
. . Towards associated companies |
|
|
|
|
. . Towards holding companies |
|
|
|
|
. . Towards other companies |
59.636 |
117.387 |
52.360 |
|
Total financial income and expense |
-59.589 |
-117.347 |
-52.313 |
|
ADJUSTMENTS TO FINANCIAL ASSETS |
|
|
|
|
. Revaluations |
|
|
|
|
. . Of equity investments |
|
|
|
|
. . Of financ.fixed assets not repres.E.I. |
|
|
|
|
. . Of securities incl.among current assets |
|
|
|
|
. Devaluation |
|
|
|
|
. . Of equity investments |
|
|
|
|
. . Of financial fixed assets (no equity inv) |
|
|
|
|
. . Of securities included among current ass |
|
|
|
|
Total adjustments to financial assets |
|
|
|
|
EXTRAORDINARY INCOME AND EXPENSE |
|
|
|
|
. Extraordinary income |
47.586 |
257 |
169.642 |
|
. . Gains on disposals |
|
|
|
|
. . Other extraordinary income |
47.586 |
257 |
169.642 |
|
. Extraordinary expense |
-356.092 |
|
-392.171 |
|
. . Losses on disposals |
|
|
|
|
. . Taxes relating to prior years |
|
|
|
|
. . Other extraordinary expense |
-356.092 |
|
-392.171 |
|
Total extraordinary income and expense |
-308.506 |
257 |
-222.529 |
|
Results before income taxes |
-154.083 |
172.213 |
269.682 |
|
. Taxes on current income |
175.175 |
392.058 |
115.276 |
|
. . current taxes |
175.175 |
392.058 |
115.276 |
|
. . differed taxes(anticip.) |
|
|
|
|
. Net income for the period |
-329.258 |
-219.845 |
154.406 |
|
. Adjustments in tax regulations pursuance |
|
|
|
|
. Provisions in tax regulations pursuance |
|
|
|
|
. Profit (loss) of the year |
-329.258 |
-219.845 |
154.406 |
|
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 |
0,12 |
0,12 |
0,17 |
0,19 |
|
Elasticity Ratio |
Units |
0,88 |
0,88 |
0,82 |
0,80 |
|
Availability of stock |
Units |
0,10 |
0,09 |
0,05 |
0,24 |
|
Total Liquidity Ratio |
Units |
0,78 |
0,79 |
0,77 |
0,50 |
|
Quick Ratio |
Units |
0,01 |
0,04 |
0,07 |
0,04 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
14,59 |
8,79 |
23,52 |
3,49 |
|
Self Financing Ratio |
Units |
0,06 |
0,08 |
0,04 |
0,18 |
|
Capital protection Ratio |
Units |
1,43 |
1,17 |
0,21 |
0,70 |
|
Liabilities consolidation quotient |
Units |
0,13 |
0,18 |
0,00 |
0,18 |
|
Financing |
Units |
16,72 |
10,97 |
25,41 |
4,27 |
|
Permanent Indebtedness Ratio |
Units |
0,17 |
0,22 |
0,04 |
0,33 |
|
M/L term Debts Ratio |
Units |
0,11 |
0,14 |
0,00 |
0,11 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
1,13 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,39 |
1,88 |
0,23 |
1,55 |
|
Current ratio |
Units |
1,06 |
1,14 |
0,87 |
1,17 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,94 |
1,03 |
0,82 |
0,78 |
|
Structure's primary quotient |
Units |
0,47 |
0,69 |
0,22 |
0,92 |
|
Treasury's primary quotient |
Units |
0,01 |
0,05 |
0,07 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
1782,80 |
1206,86 |
2684,32 |
550,20 |
|
Current Capital ( net ) |
Value |
563.446 |
1.275.939 |
-874.394 |
287.582 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
-0,70 |
0,00 |
2,80 |
2,35 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
-52,98 |
-23,12 |
56,61 |
4,20 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
-24,79 |
18,11 |
98,87 |
12,89 |
|
Return on Investment ( R.O.I. ) |
% |
1,93 |
2,52 |
7,44 |
4,43 |
|
Return/ Sales |
% |
1,82 |
1,93 |
5,50 |
3,15 |
|
Extra Management revenues/charges incid. |
% |
-153,85 |
-75,99 |
28,36 |
20,02 |
|
Cash Flow |
Value |
-82.478 |
-346 |
277.216 |
101.373 |
|
Operating Profit |
Value |
214.012 |
289.303 |
544.524 |
119.132 |
|
Gross Operating Margin |
Value |
460.792 |
508.802 |
667.334 |
246.882 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
207,96 |
166,94 |
156,16 |
88,11 |
|
Debts to suppliers average term |
Days |
138,49 |
214,56 |
226,23 |
98,41 |
|
Average stock waiting period |
Days |
34,36 |
24,75 |
14,01 |
59,58 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,06 |
1,31 |
1,35 |
1,40 |
|
Rate of stock return |
Units |
10,48 |
14,55 |
25,69 |
6,04 |
|
Labour cost incidence |
% |
30,43 |
26,93 |
37,26 |
15,38 |
|
Net financial revenues/ charges incidence |
% |
-0,51 |
-0,78 |
-0,53 |
-1,52 |
|
Labour cost on purchasing expenses |
% |
20,79 |
26,72 |
39,03 |
15,21 |
|
Short-term financing charges |
% |
0,57 |
1,13 |
0,76 |
3,16 |
|
Capital on hand |
% |
94,17 |
76,59 |
73,98 |
71,49 |
|
Sales pro employee |
Value |
106.000 |
118.897 |
86.066 |
195.712 |
|
Labour cost pro employee |
Value |
32.261 |
32.019 |
32.069 |
29.600 |
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 |
: |
85 |
Sector Data
The values are calculated on a base of 1.066 significant companies.
The companies cash their credits on an average of 88 dd.
The average duration of suppliers debts is about 98 dd.
The sector's profitability is on an average of 2,35%.
The labour cost affects the turnover in the measure of 15,38%.
Goods are held in stock in a range of 60 dd.
The difference between the sales volume and the resources used to
realize it is about 1,40.
The employees costs represent the 15,21% of the production costs.
Statistical Detrimental Data
Statistically the trade activity passes through serious crises.
The area is statistically considered remarkably risky.
In the region 41.341 protested subjects are found; in the province they
count to 9.216.
The insolvency index for the region is 1,02, , while for the province it
is 1,15.
Total Bankrupt companies in the province : 2.339.
Total Bankrupt companies in the region : 15.496.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.79 |
|
|
1 |
Rs.102.66 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NNA |
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.