MIRA INFORM REPORT
|
Report Date : |
15.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
F.T. EXPORT S.R.L. |
|
|
|
|
Registered Office : |
Corso Regio Parco, 15 BIS 10152- Torino
(TO) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
01.06.2000 |
|
|
|
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Com. Reg. No.: |
07968250014 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
· Wholesale trade of motor vehicle parts and accessories · Retail trade of motor vehicle parts and accessories |
|
|
|
|
No. of Employees : |
From 1 to 5 |
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 |
|
|
|
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 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
F.T. EXPORT S.R.L.
Corso Regio Parco, 15
BIS
10152 - Torino (TO) -IT-
Summary
|
Fiscal Code |
: |
07968250014 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
01/06/2000 |
|
Equity |
: |
1.500.000 |
|
Turnover Range |
: |
6.500.000/7.750.000 |
|
Number of Employees |
: |
from 1 to 5 |
Activity
Wholesale trade of motor vehicle parts and
accessories
Retail trade of motor vehicle parts and
accessories
Legal
Data
Legal Form : Limited liability company
Fiscal Code : 07968250014
Chamber of Commerce no. : 935049 of Torino since 02/05/2000
V.A.T. Code : 07968250014
|
Establishment date |
: 05/04/2000 |
|
Start of Activities |
: 01/06/2000 |
|
Legal duration |
: 31/12/2030 |
|
Nominal Capital |
: 100.000 |
|
Subscribed Capital |
: 100.000 |
|
Paid up Capital |
: 100.000 |
Members
|
|
Toso |
Jacopo |
|
|
Born in Torino |
(TO) |
on 30/07/1985 |
- Fiscal Code : TSOJCP85L30L219M |
|
|
Residence: |
Accademia Albertina |
, 21 |
- 10123 |
Torino |
(TO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
01/11/2012 |
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Toso |
Francesco |
|
|
Born in Torino |
(TO) |
on 23/01/1951 |
- Fiscal Code : TSOFNC51A23L219C |
|
|
Residence: |
Strada E Close Festac |
, 721 |
Lagos |
- NG - |
|
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 |
|
Toso Francesco |
Lagos - NG - |
TSOFNC51A23L219C |
99.000 .Eur |
99,00 |
|
Muccio Marinella |
MCCMNL54M42L219U |
1.000 .Eur |
1,00 |
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 |
|
Regio Parco |
, 15 BIS |
- 10100 |
- Torino |
(TO) |
- IT - |
|
Employees |
: 5 |
|
Fittings and Equipment for a value of 56.000 |
Eur |
|
Stocks for a value of 91.000 |
Eur |
Historical Information and/or Firm's Status
EX-MEMBERS /
EX-POSITIONS:
|
|
Toso |
Francesco |
|
|
Born in Torino |
(TO) |
on 23/01/1951 |
- Fiscal Code : TSOFNC51A23L219C |
|
|
Residence: |
Strada E Close Festac |
, 721 |
Lagos |
- NG - |
|
Ex-Postions |
|
Sole Director |
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
Subject is active since 2000
An eco-fin analysis has been made on the
base od the b/s fo the years 2011, 2012 and 2013.
Under an economic point of view, profits
were registered during the last years with a r.o.e. of 20,54% in 2013 with a
remarkable upward trend (+97,98% on 2013 compared to 2012 and +20,06% on 2012
compared to 2011).
The operating result in 2013 was positive
(10,3%) falling within the field's average.
The amount of the operating result for the
year 2013 is of Eur. 422.277 increasing if compared to the yeart 2012.
During the latest financial year the gross
operating margin amounted to Eur. 449.022 showing an upward trend if compared
to 2012.
The financial status of the company is
fairly balanced with an indebtedness level of 2,49 but with an increase as
against the previous accounting period.
The equity capital is equal to Eur.
1.056.470 , rising by 25,85%.
During the last financial year total debts
volume reached Eur. 2.997.320 (Eur. 277.527 were m/l term ones) with a growth
equal to 44,78%.
Liquidity is good.
2013 financial year closed with a cash flow
of Eur. 243.756
Labour cost amounts to Eur. 214.981, with a
3,31% incidence on production costs. , whereas the incidence on sales revenues
is of 3,08%.
Financial charges have a limited incidence
(-1%) on sales volume.
Financial
Data
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
6.977.855 |
|
Profit (Loss) for the period |
217.011 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.524.438 |
|
Profit (Loss) for the period |
65.904 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.935.335 |
|
Profit (Loss) for the period |
72.829 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.671.181 |
|
Profit (Loss) for the period |
-40.720 |
|
|
Complete balance-sheet for the year |
al 31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.232.744 |
|
Profit (Loss) for the period |
3.438 |
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 |
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 |
0,01 |
0,01 |
0,02 |
0,09 |
|
Elasticity Ratio |
Units |
0,99 |
0,98 |
0,98 |
0,89 |
|
Availability of stock |
Units |
0,02 |
0,05 |
0,03 |
0,35 |
|
Total Liquidity Ratio |
Units |
0,96 |
0,93 |
0,95 |
0,44 |
|
Quick Ratio |
Units |
0,02 |
0,06 |
0,06 |
0,03 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
2,49 |
2,05 |
2,08 |
3,45 |
|
Self Financing Ratio |
Units |
0,26 |
0,29 |
0,26 |
0,20 |
|
Capital protection Ratio |
Units |
0,70 |
0,80 |
0,78 |
0,70 |
|
Liabilities consolidation quotient |
Units |
0,11 |
0,10 |
0,22 |
0,12 |
|
Financing |
Units |
2,84 |
2,47 |
2,79 |
3,94 |
|
Permanent Indebtedness Ratio |
Units |
0,33 |
0,35 |
0,39 |
0,32 |
|
M/L term Debts Ratio |
Units |
0,07 |
0,07 |
0,13 |
0,08 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
n.c. |
n.c. |
1,48 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
29,29 |
24,72 |
22,80 |
2,77 |
|
Current ratio |
Units |
1,49 |
1,53 |
1,65 |
1,25 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,45 |
1,45 |
1,59 |
0,67 |
|
Structure's primary quotient |
Units |
22,72 |
20,02 |
15,05 |
1,78 |
|
Treasury's primary quotient |
Units |
0,03 |
0,09 |
0,10 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
388,20 |
350,56 |
388,52 |
505,88 |
|
Current Capital ( net ) |
Value |
1.326.989 |
1.006.333 |
1.156.696 |
292.109 |
|
RETURN |
|||||
|
Return on Sales |
% |
3,49 |
2,23 |
3,56 |
2,29 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
20,54 |
7,85 |
9,41 |
6,61 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
33,34 |
12,69 |
16,26 |
15,89 |
|
Return on Investment ( R.O.I. ) |
% |
10,30 |
4,81 |
4,84 |
4,92 |
|
Return/ Sales |
% |
6,05 |
4,02 |
4,96 |
3,82 |
|
Extra Management revenues/charges incid. |
% |
51,39 |
46,56 |
50,06 |
27,17 |
|
Cash Flow |
Value |
243.756 |
78.438 |
104.456 |
57.935 |
|
Operating Profit |
Value |
422.277 |
141.561 |
145.485 |
131.635 |
|
Gross Operating Margin |
Value |
449.022 |
154.095 |
177.112 |
168.145 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
n.c. |
n.c. |
n.c. |
101,30 |
|
Debts to suppliers average term |
Days |
n.c. |
n.c. |
n.c. |
107,24 |
|
Average stock waiting period |
Days |
4,70 |
16,23 |
11,84 |
98,98 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,70 |
1,20 |
0,98 |
1,17 |
|
Rate of stock return |
Units |
76,65 |
22,18 |
30,41 |
3,63 |
|
Labour cost incidence |
% |
3,08 |
6,41 |
8,03 |
8,81 |
|
Net financial revenues/ charges incidence |
% |
-1,00 |
-1,24 |
-0,67 |
-1,50 |
|
Labour cost on purchasing expenses |
% |
3,31 |
6,55 |
7,77 |
8,90 |
|
Short-term financing charges |
% |
2,36 |
2,13 |
0,94 |
3,08 |
|
Capital on hand |
% |
58,77 |
83,50 |
102,39 |
84,23 |
|
Sales pro employee |
Value |
1.162.975 |
503.491 |
419.333 |
407.684 |
|
Labour cost pro employee |
Value |
35.830 |
32.263 |
33.661 |
34.028 |
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 |
: |
|
Sector
Data
The values are calculated on a base of 443
significant companies.
The companies cash their credits on an
average of 101 dd.
The average duration of suppliers debts is about
107 dd.
The sector's profitability is on an average
of 2,29%.
The labour cost affects the turnover in the
measure of 8,81%.
Goods are held in stock in a range of 99 dd.
The difference between the sales volume and
the resources used to realize it is about 1,17.
The employees costs represent the 8,90% of
the production costs.
Statistical
Detrimental Data
Statistcally the trade activity shows
periods of crisis.
The area is statistically considered
moderately risky.
In the region 27.019 protested subjects are
found; in the province they count to 16.723.
The insolvency index for the region is 0,63,
, while for the province it is 0,76.
Total Bankrupt companies in the province :
7.726.
Total Bankrupt companies in the region :
14.165.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.65 |
|
|
1 |
Rs.96.54 |
|
Euro |
1 |
Rs.76.70 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.