MIRA INFORM REPORT
|
Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
CALZIFICIO PEZZINI S.R.L. |
|
|
|
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Registered Office : |
Via Stati Uniti,40-46042, Castel Goffredo
(MN) |
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Country : |
Italy |
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|
|
|
Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
06.02.1984 |
|
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Legal Form : |
Limited Liability Company |
|
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|
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Line of Business : |
Manufacture of Knitted and Crocheted
Hosiery |
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|
|
|
No. of Employees : |
From 16 to 25 |
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 |
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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 – 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 |
Company name and address
|
Calzificio
Pezzini S.r.l. |
|
Via |
Stati Uniti, |
40 |
|
46042 |
- Castel Goffredo |
(MN) |
-IT- |
Summary
|
Fiscal Code |
: |
01343910202 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
06/02/1984 |
|
Equity |
: |
150.000 |
|
Turnover Range |
: |
3.000.000/3.750.000 |
|
Number of Employees |
: |
from 16 to 25 |
Activity
Manufacture of knitted and crocheted hosiery
Legal data
Legal Form : Limited liability company
Register of Handcraft firms : 42266
Fiscal Code : 01343910202
Chamber of Commerce no. : 152803 of Mantova since 06/02/1984
V.A.T. Code : 01343910202
|
Establishment date |
: 21/12/1983 |
|
|
Start of Activities |
: 06/02/1984 |
|
|
Legal duration |
: 31/12/2030 |
|
|
Nominal Capital |
: 50.000 |
|
|
Subscribed Capital |
: 50.000 |
|
|
Paid up Capital |
: 50.000 |
|
Members
|
|
Pezzini |
Sergio |
|
|
|
Born in Castel Goffredo |
(MN) |
on 06/03/1948 |
- Fiscal Code : PZZSRG48C06C118M |
|
|
|
Residence: |
|
Concordia |
, 34/A |
- 46042 |
Castel Goffredo |
(MN) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
10/08/2009 |
|
|
|
Assistant board Chairman |
10/08/2009 |
|
|
|
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No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Pezzini |
Daniele |
|
|
|
Born in Castel Goffredo |
(MN) |
on 02/05/1975 |
- Fiscal Code : PZZDNL75E02C118N |
|
|
|
Residence: |
|
Mori Mons. Alessandro |
, 213/6 |
- 46042 |
Castel Goffredo |
(MN) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
10/08/2009 |
|
|
|
Board Chairman |
10/08/2009 |
|
|
|
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No Prejudicial
events are reported |
|
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No Protests
registered |
|
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Buccelli Attilia |
|
|
|
|
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 |
|
Pezzini Sergio |
Castel Goffredo - IT - |
PZZSRG48C06C118M |
12.500 .Eur |
25,00 |
|
Pezzini Daniele |
Castel Goffredo - IT - |
PZZDNL75E02C118N |
25.000 .Eur |
50,00 |
|
Buccelli Attilia |
|
BCCTTL47A44E884R |
12.500 .Eur |
25,00 |
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 |
|
|
|
|
|
|
|
Stati Uniti |
, 40 |
- 46042 |
- Castel Goffredo |
(MN) |
- IT - |
|
- |
Branch |
(office) |
since 02/05/2012 |
|
|
|
|
|
|
Concordia |
, 38 |
- 46042 |
- Castel Goffredo |
(MN) |
- IT - |
|
|
|
|
Employees |
: 14 |
|
|
|
|
Assistants |
: 2 |
|
Stocks for a value of 940.000 |
Eur |
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 1984.
The analysis is based on the latest 3
balance sheets.
During the last years, it achieved profits
(r.o.e. 26,55% on 2012) but without a significant increase in the turnover.
The operating result was positive in the
last financial year (5,05%) falling within the field's average.
The amount of the operating result for the
year 2012 is of Eur. 157.130 with a 48,31% growth.
The economic management produced a gross
operating margin of Eur. 209.615 showing a 41,9% growth.
Short-term debts volume if compared to net
worth, as it comes out from the total indebtedness (12,41) which tends upward.
It's shareholders funds amount to Eur.
148.777 with a growth of 36,13% in 2012.
Total debts recorded amounted to Eur.
2.805.358 (Eur. 923.656 of which were m/l term debts) , showing an upward trend
if compared to 2011.
Liquidity range isn't very considerable.
The financial management generated a cash
flow of Eur. 91.981.
Subordinate employment cost is of Eur.
402.457, i.e. 10,43% on total production costs. , whereas the incidence of such
costs on sales revenues is equal to 11,17%.
Finacial chareges are high: the incidence on
sales volume amounts to -2,18%
Financial Data
|
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.603.801 |
|
Profit (Loss) for the period |
39.496 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.372.922 |
|
Profit (Loss) for the period |
31.734 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.593.439 |
|
Profit (Loss) for the period |
394 |
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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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 |
0,42 |
0,15 |
0,11 |
0,21 |
|
Elasticity Ratio |
Units |
0,57 |
0,83 |
0,87 |
0,74 |
|
Availability of stock |
Units |
0,30 |
0,33 |
0,31 |
0,22 |
|
Total Liquidity Ratio |
Units |
0,27 |
0,50 |
0,56 |
0,47 |
|
Quick Ratio |
Units |
0,01 |
0,04 |
0,07 |
0,02 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
12,41 |
11,65 |
11,73 |
1,63 |
|
Self Financing Ratio |
Units |
0,05 |
0,07 |
0,06 |
0,27 |
|
Capital protection Ratio |
Units |
0,40 |
0,25 |
0,35 |
0,76 |
|
Liabilities consolidation quotient |
Units |
0,55 |
0,10 |
0,18 |
0,17 |
|
Financing |
Units |
18,86 |
12,46 |
13,56 |
2,41 |
|
Permanent Indebtedness Ratio |
Units |
0,38 |
0,15 |
0,20 |
0,42 |
|
M/L term Debts Ratio |
Units |
0,33 |
0,08 |
0,14 |
0,12 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
n.c. |
n.c. |
1,01 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
0,91 |
1,02 |
1,93 |
1,89 |
|
Current ratio |
Units |
0,95 |
1,00 |
1,10 |
1,23 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,45 |
0,60 |
0,71 |
0,87 |
|
Structure's primary quotient |
Units |
0,11 |
0,46 |
0,58 |
1,14 |
|
Treasury's primary quotient |
Units |
0,02 |
0,05 |
0,08 |
0,03 |
|
Rate of indebtedness ( Leverage ) |
% |
2092,31 |
1482,87 |
1619,44 |
363,43 |
|
Current Capital ( net ) |
Value |
-96.571 |
5.930 |
100.363 |
516.008 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
2,55 |
2,18 |
0,90 |
2,65 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
26,55 |
29,04 |
0,51 |
3,99 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
52,57 |
62,59 |
27,42 |
8,24 |
|
Return on Investment ( R.O.I. ) |
% |
5,05 |
6,54 |
3,90 |
3,98 |
|
Return/ Sales |
% |
4,36 |
3,14 |
1,89 |
4,06 |
|
Extra Management revenues/charges incid. |
% |
25,14 |
29,95 |
0,81 |
22,26 |
|
Cash Flow |
Value |
91.981 |
73.513 |
23.433 |
131.616 |
|
Operating Profit |
Value |
157.130 |
105.940 |
48.925 |
171.264 |
|
Gross Operating Margin |
Value |
209.615 |
147.719 |
71.964 |
292.452 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
n.c. |
n.c. |
n.c. |
125,56 |
|
Debts to suppliers average term |
Days |
n.c. |
n.c. |
n.c. |
100,12 |
|
Average stock waiting period |
Days |
93,96 |
57,88 |
54,38 |
71,59 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,16 |
2,08 |
2,07 |
1,04 |
|
Rate of stock return |
Units |
3,83 |
6,22 |
6,62 |
5,02 |
|
Labour cost incidence |
% |
11,17 |
10,69 |
14,07 |
13,02 |
|
Net financial revenues/ charges incidence |
% |
-2,18 |
-1,09 |
-0,71 |
-2,14 |
|
Labour cost on purchasing expenses |
% |
10,43 |
10,90 |
14,07 |
13,65 |
|
Short-term financing charges |
% |
2,83 |
2,73 |
1,76 |
3,52 |
|
Capital on hand |
% |
86,38 |
48,05 |
48,42 |
95,65 |
|
Sales pro employee |
Value |
300.316 |
306.629 |
235.767 |
210.489 |
|
Labour cost pro employee |
Value |
33.538 |
32.783 |
33.161 |
29.351 |
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 |
: |
|
390.957Monthly family expences 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 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.
Statistical Detrimental Data
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.59.08 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.