MIRA
INFORM REPORT
|
Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ETON TEXTILE S.P.A. |
|
|
|
|
Registered Office : |
Via F. Turati, 16/C, 24020- Gorle (BG) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
22.10.2009 |
|
|
|
|
Legal Form : |
Joint Stock Company |
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|
|
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Line of Business : |
Wholesaler of clothing and accessories |
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|
|
|
No of Employees : |
From 11 to 15 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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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|
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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 – 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 & ADDRESS
|
Eton Textile
S.p.a. |
|
Via |
F. Turati, |
16/C |
|
24020 |
- Gorle |
(BG) |
-IT- |
Summary
|
Fiscal Code |
: |
04256881212 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
22/10/2009 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
15.500.000/18.000.000 |
|
Number of Employees |
: |
from 11 to 15 |
Activity
Wholesale of clothing and accessories
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 04256881212 |
|
Chamber of Commerce no. : 522530 of Bari |
|
Chamber of Commerce no. : 393113 of Bergamo since 23/10/2009 |
|
Chamber of Commerce no. : 681366 of Napoli |
|
Chamber of Commerce no. : 819251 of Napoli |
|
V.A.T. Code : 04256881212 |
|
Establishment date |
: 30/07/2002 |
|
|
Start of Activities |
: 22/10/2009 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 4.000.000 |
|
|
Subscribed Capital |
: 3.800.000 |
|
|
Paid up Capital |
: 3.800.000 |
|
Members
|
|
Cozzolino |
Giuseppe |
|
|
|
Born in Torre del Greco |
(NA) |
on 31/07/1977 |
- Fiscal Code : CZZGPP77L31L259U |
|
|
|
Residence: |
|
E. De Nicola |
, 47 |
- 80059 |
Torre del Greco |
(NA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
07/01/2013 |
|
|
|
|
Cozzolino |
Antonio |
|
|
|
Born in Torre del Greco |
(NA) |
on 31/08/1974 |
- Fiscal Code : CZZNTN74M31L259V |
|
|
|
Residence: |
|
Sant'eustachio |
, 40 |
- 83100 |
Avellino |
(AV) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
07/01/2013 |
|
|
|
|
Cozzolino |
Antonio |
|
|
|
Born in Torre del Greco |
(NA) |
on 02/03/1981 |
- Fiscal Code : CZZNTN81C02L259J |
|
|
|
Residence: |
|
B. Buozzi |
, 57/B |
- 80040 |
San Sebastiano Al Vesuvio |
(NA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
07/01/2013 |
|
|
|
|
Cozzolino |
Vincenzo |
|
|
|
Born in Torre del Greco |
(NA) |
on 20/03/1975 |
- Fiscal Code : CZZVCN75C20L259I |
|
|
|
Residence: |
|
Italia |
, 173/A |
- 80059 |
Torre del Greco |
(NA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
07/01/2013 |
|
|
|
|
Cozzolino |
Giuseppe |
|
|
|
Born in Torre del Greco |
(NA) |
on 13/12/1984 |
- Fiscal Code : CZZGPP84T13L259I |
|
|
|
Residence: |
|
Gravina |
, 7 |
- 80055 |
Portici |
(NA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
07/01/2013 |
|
|
|
Director |
07/01/2013 |
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Cozzolino |
Antonio |
|
|
|
Born in Torre del Greco |
(NA) |
on 14/04/1985 |
- Fiscal Code : CZZNTN85D14L259U |
|
|
|
Residence: |
|
Italia |
, 173/A |
- 80059 |
Torre del Greco |
(NA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
07/01/2013 |
|
|
|
|
Manifattura
Foderami Cozzolino S.r.l. |
|
|
|
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
|
|
|
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 |
|
Cozzolino Ciro |
Ercolano - IT - |
CZZCRI55B21H243K |
200.000 .Eur |
5,26 |
|
Cozzolino Vincenzo |
Torre del Greco - IT - |
CZZVCN52L03H243L |
300.000 .Eur |
7,89 |
|
Cozzolino Giuseppe |
Torre del Greco - IT - |
CZZGPP77L31L259U |
432.500 .Eur |
11,37 |
|
Cozzolino Antonio |
Avellino - IT - |
CZZNTN74M31L259V |
432.500 .Eur |
11,37 |
|
Cozzolino Antonio |
San Sebastiano Al Vesuvio - IT - |
CZZNTN81C02L259J |
232.500 .Eur |
6,11 |
|
Cozzolino Vincenzo |
Torre del Greco - IT - |
CZZVCN75C20L259I |
155.000 .Eur |
4,07 |
|
Cozzolino Giuseppe |
Portici - IT - |
CZZGPP84T13L259I |
232.500 .Eur |
6,11 |
|
Cozzolino Antonio |
Torre del Greco - IT - |
CZZNTN85D14L259U |
515.000 .Eur |
13,54 |
|
Manifattura Foderami Cozzolino S.r.l. |
|
04680010636 |
1.300.000 .Eur |
34,21 |
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 |
|
|
|
|
|
|
|
F. Turati |
, 16/C |
- 24020 |
- Gorle |
(BG) |
- IT - |
|
- |
Branch |
|
since 22/10/2009 |
|
|
|
|
|
S.s.100 Km.18 Lotto 16 Mod. 21 |
- 70010 |
- Casamassima |
(BA) |
- IT - |
|
- |
Branch |
|
since 22/10/2009 |
|
|
|
|
|
Interporto Lotto D1 N.103/104 |
- 80035 |
- Nola |
(NA) |
- IT - |
|
|
|
|
Employees |
: 15 |
|
Fittings and Equipment for a value of
380.000 |
Eur |
|
Stocks for a value of 6.710.000 |
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
The company has been active for some years.
The eonomic-financial analysis is based on the latest 3 b/s.
During the last years, it recorded positive net results (r.o.e. 10,8% in 2013) thanks to a progressive increase in turnover (+24,29% in 2013 compared to 2012 and +0,24% in 2012 compared to 2011).
The operating result in 2013 was positive (6,82%) falling within the field's average.
The amount of the operating result for the year 2013 is of Eur. 1.410.813 showing an upward trend 33,76% compared to the previous financial year.
The economic management produced a gross operating margin of Eur. 1.556.572 with a 38,11% growth.
The analysis shows a fair financial position as the indebtedness volume is acceptable (3,03) and decreasing as against 2012.
With regard to equity capital, an amount of Eur. 4.735.223 is registered. with a growth of 166,97% in 2013.
During the last financial year total debts volume reached Eur. 15.856.489 (Eur. 1.115.211 were m/l term ones) on the same levels as the year before.
Both financial indebtedness and suppliers exposure are rather high however still within the sector's average.
The available funds are good.
Trade credits average terms are slow, on average 209,7 days. besides being higher than the sector's average.
As far as the cash flow is concerned during the latest financial year it amounted to Eur. 657.356
Labour cost expenses amount to Eur. 534.577 , representing 3,64% on the total of production costs. , whereas the incidence of such costs on sales revenues is equal to 3,33%.
Financial charges have a high incidence (-3,6%) on turnover figures.
Financial Data
|
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
16.044.639 |
|
Profit (Loss) for the period |
511.597 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
12.908.002 |
|
Profit (Loss) for the period |
221.346 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
12.875.976 |
|
Profit (Loss) for the period |
504.161 |
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 |
|
- Balance Sheet
as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1 |
|
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|
ratios
|
RATIOS |
Value
Type |
as at 31/12/2013 |
as at 31/12/2012 |
as at 31/12/2011 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,04 |
0,02 |
0,02 |
0,09 |
|
Elasticity Ratio |
Units |
0,95 |
0,98 |
0,98 |
0,89 |
|
Availability of stock |
Units |
0,32 |
0,34 |
0,28 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,63 |
0,63 |
0,70 |
0,54 |
|
Quick Ratio |
Units |
0,02 |
0,02 |
0,04 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
3,03 |
7,46 |
5,88 |
3,95 |
|
Self Financing Ratio |
Units |
0,23 |
0,10 |
0,14 |
0,17 |
|
Capital protection Ratio |
Units |
0,05 |
0,03 |
0,51 |
0,62 |
|
Liabilities consolidation quotient |
Units |
0,08 |
0,16 |
0,00 |
0,10 |
|
Financing |
Units |
3,35 |
8,95 |
6,18 |
4,85 |
|
Permanent Indebtedness Ratio |
Units |
0,29 |
0,23 |
0,14 |
0,29 |
|
M/L term Debts Ratio |
Units |
0,06 |
0,13 |
0,00 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
2,14 |
6,38 |
4,63 |
1,04 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
7,37 |
10,05 |
6,29 |
2,37 |
|
Current ratio |
Units |
1,34 |
1,27 |
1,14 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,88 |
0,82 |
0,81 |
0,80 |
|
Structure's primary quotient |
Units |
5,90 |
4,43 |
6,22 |
1,48 |
|
Treasury's primary quotient |
Units |
0,03 |
0,03 |
0,05 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
437,04 |
998,90 |
720,30 |
602,26 |
|
Current Capital ( net ) |
Value |
4.990.551 |
3.651.303 |
1.338.739 |
191.984 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
4,10 |
2,28 |
4,35 |
2,03 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
10,80 |
12,48 |
32,48 |
6,31 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
17,61 |
23,09 |
51,30 |
17,00 |
|
Return on Investment ( R.O.I. ) |
% |
6,82 |
5,95 |
10,17 |
4,18 |
|
Return/ Sales |
% |
8,79 |
8,17 |
8,83 |
3,46 |
|
Extra Management revenues/charges incid. |
% |
36,26 |
20,99 |
44,34 |
27,96 |
|
Cash Flow |
Value |
657.356 |
293.664 |
559.786 |
44.823 |
|
Operating Profit |
Value |
1.410.813 |
1.054.676 |
1.137.131 |
74.603 |
|
Gross Operating Margin |
Value |
1.556.572 |
1.126.994 |
1.192.756 |
111.383 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
209,70 |
193,38 |
178,72 |
113,70 |
|
Debts to suppliers average term |
Days |
121,87 |
99,10 |
44,66 |
118,14 |
|
Average stock waiting period |
Days |
150,57 |
169,20 |
87,71 |
72,90 |
|
Rate of capital employed return ( Turnover
) |
Units |
0,78 |
0,73 |
1,15 |
1,25 |
|
Rate of stock return |
Units |
2,39 |
2,13 |
4,10 |
4,88 |
|
Labour cost incidence |
% |
3,33 |
3,33 |
2,49 |
8,14 |
|
Net financial revenues/ charges incidence |
% |
-3,60 |
-5,03 |
-2,65 |
-1,38 |
|
Labour cost on purchasing expenses |
% |
3,64 |
3,62 |
2,73 |
8,25 |
|
Short-term financing charges |
% |
3,64 |
4,12 |
3,56 |
2,76 |
|
Capital on hand |
% |
128,98 |
137,25 |
86,84 |
79,85 |
|
Sales pro employee |
Value |
1.069.642 |
1.075.666 |
1.170.543 |
397.742 |
|
Labour cost pro employee |
Value |
35.638 |
35.863 |
29.134 |
33.267 |
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 |
: |
|
1.022.428Monthly 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 9.175 significant companies.
The companies cash their credits on an average of 114 dd.
The average duration of suppliers debts is about 118 dd.
The sector's profitability is on an average of 2,03%.
The labour cost affects the turnover in the measure of 8,14%.
Goods are held in stock in a range of 73 dd.
The difference between the sales volume and the resources used to realize it is about 1,25.
The employees costs represent the 8,25% 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 4.150.
The insolvency index for the region is 0,55, , while for the province it is 0,41.
Total Bankrupt companies in the province : 4.376.
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. 80.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
SMT |
|
|
|
|
Report Prepared
by : |
DPT |
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.