|
Report Date : |
02.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
MANIFATTURA F.A. S.R.L. |
|
|
|
|
Registered Office : |
Via G. Verdi, 80/M 46043- Castiglione delle Stiviere MN) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
01.01.1969 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employees |
From 1 to 5 |
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 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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 |
MANIFATTURA F.A. S.R.L.
Via G. Verdi, 80/M
46043 - Castiglione delle Stiviere (MN) -IT-
|
Fiscal Code |
: |
00153160205 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
01/01/1969 |
|
Equity |
: |
400.000 |
|
Turnover Range |
: |
1.250.000/1.500.000 |
|
Number of Employees |
: |
from 1 to 5 |
Preparation and spinning of textile fibres
Manufacture of other knitted and crocheted apparel
Wholesale of haberdashery, threads, yarns and braiding
Legal Form : Limited liability company
|
Fiscal Code : 00153160205 |
|
Foreign Trade Reg. no. : MN002062 since 17/12/1991 |
|
Foreign Trade Reg. no. : 002062 of Mantova since 17/12/1991 |
|
Chamber of Commerce no. : 115744 of Mantova since 17/01/1969 |
|
Firms' Register : MN030-8164 of Mantova since 19/02/1996 |
|
V.A.T. Code : 00153160205 |
|
R. E. C. no. : 22593 of Mantova since 08/03/1989 |
|
Foundation date |
: 01/01/1969 |
|
|
Establishment date |
: 01/01/1969 |
|
|
Start of Activities |
: 01/01/1969 |
|
|
Legal duration |
: 31/12/2025 |
|
|
Nominal Capital |
: 99.000 |
|
|
Subscribed Capital |
: 99.000 |
|
|
Paid up Capital |
: 99.000 |
|
Miglio |
Paride |
|
Born in Verona |
(VR) |
on 28/04/1963 |
- Fiscal Code : MGLPRD63D28L781G |
|
Residence: |
Verdi |
, 80/M |
- 46043 |
Castiglione delle Stiviere |
(MN) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
12/09/2005 |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Furlani Anita |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
No Prejudicial events are reported |
|
No Protests registered |
*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.
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Miglio Paride |
Castiglione delle Stiviere - IT - |
MGLPRD63D28L781G |
99.000 .Eur |
100,00 |
|
Furlani Anita |
FRLNTA62C52L781Z |
69.300 .Eur |
70,00 |
The Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares Amount |
% Ownership |
since |
until |
Share Status |
|
Immobilindustria S.p.a. |
Mantova - IT - |
00492540208 |
500 .Eur |
0,02 |
Active |
In order to carry out its activities the firm uses the following locations:
|
- |
Legal and operative seat |
|
G. Verdi |
, 80/M |
- 46043 |
- Castiglione delle Stiviere |
(MN) |
- IT - |
|
- |
Branch |
(Shop) |
since 06/10/1995 |
until 25/08/2000 |
|
Marconi |
, 16 |
- 46042 |
- Castel Goffredo |
(MN) |
- IT - |
|
Total Surface: 101 Sq.mt. |
|
PHONE |
: 0376770920 |
|
Employees |
: 1 |
|
Assistants |
: 1 |
|
Fittings and Equipment for a value of 220.000 |
Eur |
|
Stocks for a value of 15.000 |
Eur |
The firm operates abroad as importer / exporter..
To purchase foreign products the firm uses the following channels :
|
- distributors |
|
- direct orders to foreign companies |
Export represents up to 20% of the global turnover.
Products abroad are placed by :
|
- its own agents |
Import comes generally from the following nations:
|
- Italy |
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
De facto company |
Limited liability company |
20/03/1981 |
COMPANY STYLE MODIFICATIONS:
|
Former Style |
New Style |
Changement Date |
|
Manifattura F.A. di Miglio Riccardo e Ferrari Lidia |
20/03/1981 |
EX-MEMBERS / EX-POSITIONS:
|
Miglio |
Paride |
|
Born in Verona |
(VR) |
on 28/04/1963 |
- Fiscal Code : MGLPRD63D28L781G |
|
Residence: |
Verdi |
, 80/M |
- 46043 |
Castiglione delle Stiviere |
(MN) |
- IT - |
|
Ex-Postions |
|
Director |
|
Board Chairman |
|
Miglio |
Paolo |
|
Born in Castel Goffredo |
(MN) |
on 03/06/1970 |
- Fiscal Code : MGLPLA70H03C118G |
|
Residence: |
Arrighi |
, 2 |
- 46043 |
Castiglione delle Stiviere |
(MN) |
- IT - |
|
Ex-Postions |
|
Director |
|
Ferrari |
Lidia |
|
Born in CASTEL GOFFREDO |
(MN) |
on 01/03/1938 |
- Fiscal Code : FRRLDI38C41C118G |
|
Residence: |
BATTISTI |
, 4 |
- 46042 |
Castel Goffredo |
(MN) |
- IT - |
|
Ex-Postions |
|
Director |
|
Director |
|
Miglio |
Riccardo |
|
Born in VIADANA |
(MN) |
on 06/01/1938 |
- Fiscal Code : MGLRCR38A06L826P |
|
Residence: |
BATTISTI |
, 4 |
- 46042 |
Castel Goffredo |
(MN) |
- IT - |
|
Ex-Postions |
|
Director |
|
Director |
Protests checking on the subject firm has given a negative result.
Search performed on a National Scale
|
Prejudicial Events Search Result: NEGATIVE |
Search performed on a specialized data base.
None reported, standing to the latest received edition of the Official Publications.
Company's starting of activities dates back to 1969.
Balance sheets for the years 2010, 2011 and 2012 were analyzed.
During the last years, it recorded positive net results (r.o.e. 2,8% in 2012) with a stable trend in the turnover.
The operating result was positive in the last financial year (3,52%) falling within the field's average.
The amount of the operating result for the year 2012 is of Eur. 29.348 showing a downwards trend equal to -20,19% if compared to the value of the financial year 2011.
The gross operating margin of the latest financial year is of Eur. 38.321 on the same levels as the previous financial year.
The financial status of the company is fairly balanced with an indebtedness level of 1,18 even though on the increase if compared to 2011.
The management generated equity capital for an amount of Eur. 379.831 , unchanged if compared to 2011.
Total indebtedness totalled Eur. 449.566, , a more or less stable value.
Bank and suppliers credit recourse is limited, 79,76 gg. is payment average period lined up with the sector.
The management determines a good range of liquidity.
Trade credits average terms are slow, on average 199,91 days. besides being higher than the sector's average.
The financial management generated a cash flow of Eur. 19.607.
During 2012 financial year labour costs amounted to Eur. 15.572, with a 1,31% incidence on production costs. and a 1,1% incidence on sales volumes.
Financial charges have a limited incidence (-0,54%) on sales volume.
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
1.416.106 |
|
Profit (Loss) for the period |
10.634 |
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
1.548.122 |
|
Profit (Loss) for the period |
19.409 |
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
980.626 |
|
Profit (Loss) for the period |
39.143 |
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 |
0,02 |
0,03 |
0,05 |
0,21 |
|
Elasticity Ratio |
Units |
0,98 |
0,97 |
0,95 |
0,74 |
|
Availability of stock |
Units |
0,02 |
0,39 |
0,44 |
0,22 |
|
Total Liquidity Ratio |
Units |
0,96 |
0,57 |
0,51 |
0,47 |
|
Quick Ratio |
Units |
0,00 |
0,00 |
0,08 |
0,02 |
|
COMPOSITION ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
1,18 |
1,16 |
0,54 |
1,63 |
|
Self Financing Ratio |
Units |
0,46 |
0,46 |
0,59 |
0,27 |
|
Capital protection Ratio |
Units |
0,71 |
0,68 |
0,60 |
0,76 |
|
Liabilities consolidation quotient |
Units |
0,01 |
0,01 |
0,01 |
0,17 |
|
Financing |
Units |
1,18 |
1,16 |
0,68 |
2,41 |
|
Permanent Indebtedness Ratio |
Units |
0,46 |
0,46 |
0,60 |
0,42 |
|
M/L term Debts Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,12 |
|
Net Financial Indebtedness Ratio |
Units |
0,48 |
0,31 |
0,00 |
1,01 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
20,52 |
14,10 |
12,43 |
1,89 |
|
Current ratio |
Units |
1,81 |
1,81 |
2,36 |
1,23 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,78 |
1,07 |
1,27 |
0,87 |
|
Structure's primary quotient |
Units |
20,33 |
14,00 |
12,36 |
1,14 |
|
Treasury's primary quotient |
Units |
0,01 |
0,00 |
0,21 |
0,03 |
|
Rate of indebtedness ( Leverage ) |
% |
219,68 |
217,23 |
168,53 |
363,43 |
|
Current Capital ( net ) |
Value |
366.063 |
343.552 |
321.353 |
516.008 |
|
RETURN |
|||||
|
Return on Sales |
% |
1,38 |
1,80 |
4,60 |
2,65 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
2,80 |
5,29 |
11,27 |
3,99 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
5,72 |
9,71 |
18,07 |
8,24 |
|
Return on Investment ( R.O.I. ) |
% |
3,52 |
4,62 |
11,09 |
3,98 |
|
Return/ Sales |
% |
2,07 |
2,38 |
6,62 |
4,06 |
|
Extra Management revenues/charges incid. |
% |
36,23 |
52,78 |
60,32 |
22,26 |
|
Cash Flow |
Value |
19.607 |
27.799 |
45.079 |
131.616 |
|
Operating Profit |
Value |
29.348 |
36.774 |
64.890 |
171.264 |
|
Gross Operating Margin |
Value |
38.321 |
45.164 |
70.826 |
292.452 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
199,91 |
105,28 |
85,47 |
125,56 |
|
Debts to suppliers average term |
Days |
79,76 |
70,01 |
79,82 |
100,12 |
|
Average stock waiting period |
Days |
3,78 |
72,88 |
94,41 |
71,59 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,70 |
1,94 |
1,68 |
1,04 |
|
Rate of stock return |
Units |
95,16 |
4,94 |
3,81 |
5,02 |
|
Labour cost incidence |
% |
1,10 |
0,98 |
1,47 |
13,02 |
|
Net financial revenues/ charges incidence |
% |
-0,54 |
-0,07 |
-0,22 |
-2,14 |
|
Labour cost on purchasing expenses |
% |
1,31 |
0,93 |
1,47 |
13,65 |
|
Short-term financing charges |
% |
1,70 |
0,27 |
2,08 |
3,52 |
|
Capital on hand |
% |
58,92 |
51,45 |
59,67 |
95,65 |
|
Sales pro employee |
Value |
210.489 |
|||
|
Labour cost pro employee |
Value |
29.351 |
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.
|
Population living in the province |
: |
390.957 |
|
Population living in the region |
: |
9.393.092 |
|
Number of families in the region |
: |
3.858.736 |
Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
460 |
|
- per non food products |
: |
2.090 |
|
- per energy consume |
: |
114 |
The values are calculated on a base of 249 significant companies.
The companies cash their credits on an average of 126 dd.
The average duration of suppliers debts is about 100 dd.
The sector's profitability is on an average of 2,65%.
The labour cost affects the turnover in the measure of 13,02%.
Goods are held in stock in a range of 72 dd.
The difference between the sales volume and the resources used to realize it is about 1,04.
The employees costs represent the 13,65% of the production costs.
Statistically the trade activity passes through serious crises.
The area is statistically considered lowly risky.
In the region 50.886 protested subjects are found; in the province they count to 1.630.
The insolvency index for the region is 0,55, , while for the province it is 0,42.
Total Bankrupt companies in the province : 954.
Total Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.03 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.