MIRA
INFORM REPORT
|
Report Date : |
09.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
COSFER SRL |
|
|
|
|
Registered Office : |
Via Sacco E Vanzetti, 1/B Stagno 57017 – Collesalvetti (LI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
15.11.1978 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Wholesale of frozen, deep-frozen, conserved o dried fished products |
|
|
|
|
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 |
|
Maximum Credit Limits : |
170.000 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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
COSFER SRL
Via Sacco E Vanzetti, 1/B STAGNO
57017 - Collesalvetti (LI) Italy
Summary
|
Fiscal Code |
: |
00380470492 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
15/11/1978 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
6.500.000/7.750.000 |
|
Number of Employees |
: |
from 11 to 15 |
Credit Analysis
Credit Opinion 170.000
Eur.
Activity
Wholesale of frozen, deep-frozen, conserved o dried fished products
Legal Data
Legal Form : Limited liability company
|
Wholesaler list : 165 of Livorno since 10/04/1991 |
|
Fiscal Code : 00380470492 |
|
Foreign Trade Reg. no. : 2540 of Livorno since 30/03/1992 |
|
Foreign Trade Reg. no. : 002540 of Livorno since 30/03/1992 |
|
Chamber of Commerce no. : 59863 of Livorno since 13/12/1978 |
|
Firms' Register : LI009-4425 of Livorno since 19/02/1996 |
|
V.A.T. Code : 00380470492 |
|
Tribunal Co. Register : 4425 of since 12/12/1978 |
|
Foundation date |
: 15/11/1978 |
|
|
Establishment date |
: 15/11/1978 |
|
|
Start of Activities |
: 15/11/1978 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 98.800 |
|
|
Subscribed Capital |
: 98.800 |
|
|
Paid up Capital |
: 98.800 |
Members
|
|
Iacobbe |
Bruno |
|
|
Born in Marsiglia |
( ) |
on 29/06/1950 |
- Fiscal Code : CBBBRN50H29Z110E |
|
|
Residence: |
La Santa |
- 58043 |
Castiglion Della Pescaia |
(GR) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
28/11/2006 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Fredditalia International Spa |
|
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 are listed the companies in which members hold or have holded positions.
|
|
Iacobbe |
Bruno |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Fredditalia International Spa |
Castiglione della Pescaia (GR) - IT - |
00640480539 |
Director |
Active |
Registered |
|
Fredditalia International Spa |
Castiglione della Pescaia (GR) - IT - |
00640480539 |
Director |
Withdrawn |
Registered |
|
Fredditalia Di Armellini E C. S.n.c. |
Castiglione della Pescaia (GR) - IT - |
00080620537 |
Director |
Withdrawn |
Ceased |
|
Fredditalia Di Armellini E C. S.n.c. |
Castiglione della Pescaia (GR) - IT - |
00080620537 |
Partner |
Withdrawn |
Ceased |
|
Iacobbe Bruno |
Castiglione della Pescaia (GR) - IT - |
CBBBRN50H29Z110E |
Proprietor |
Withdrawn |
Ceased |
The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive, etc.
For more information, in this case, we advise to request further investigations.
Capital Shareholders
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Armellini Marcello |
Castiglione della Pescaia - IT - |
RMLMCL40T03C310P |
494 .Eur |
0,50 |
|
Armellini Andrea |
Castiglione della Pescaia - IT - |
RMLNDR65T20G687O |
494 .Eur |
0,50 |
|
Fredditalia International Spa |
00640480539 |
97.812 .Eur |
99,00 |
Direct Participations
The Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares Amount |
% Ownership |
since |
until |
Share Status |
|
Consorzio Grosseto Energia - Societa' Co nsortile R.l. In Breve Co.gr.e. S.c.r. |
Grosseto - IT - |
01251730535 |
800 .Eur |
1,96 |
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following locations:
|
- |
Legal and operative seat |
since 11/12/1985 |
|
Sacco E Vanzetti |
, 1/B |
- 57014 |
- Collesalvetti |
(LI) |
- IT - |
|
PHONE |
: 0586942658 |
|
Employees |
: 11 |
|
Assistants |
: 1 |
|
Fittings and Equipment for a value of 300.000 |
Eur |
|
Stocks for a value of 640.000 |
Eur |
|
Vehicles: 1. |
The firm operates abroad as importer..
To purchase foreign products the firm uses the following channels :
|
- national or foreign important buyers |
|
- direct orders to foreign companies |
Import comes generally from the following nations:
|
- Italy |
|
- Belgium |
|
- France |
Historical Information and/or Firm's Status
COMPANY'S CAPITAL CHANGES:
|
Former Type |
Former Amount |
New Type |
New Amount |
Changement Date |
|
nominal |
20.658 |
nominal |
154.937 |
10/02/1983 |
EX-MEMBERS / EX-POSITIONS:
|
|
Armellini |
Andrea |
|
|
Born in Piombino |
(LI) |
on 20/12/1965 |
- Fiscal Code : RMLNDR65T20G687O |
|
|
Residence: |
Le Vigne |
- 58043 |
Castiglione della Pescaia |
(GR) |
- IT - |
|
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
The company is active since 1978
The analysis is based on the latest 3 balance sheets.
Under an economic point of view, profits were registered during the last years with a r.o.e. of 1,53% in 2013 keeping the turnover steady during the last two years.
The operating result in 2013 was positive (2,62%) falling within the field's average.
The amount of the operating result for the year 2013 is of Eur. 213.291 ,showing stability in respect to the value of 2012.
During the latest financial year the gross operating margin amounted to Eur. 424.405 growing by 24,21% if compared to the year before.
From a financial aspect the company's status covers total short-term debts; the indebtedness volume in 2013 is in fact 0,92 improved in comparison with the year before (1,28.).
The equity capital is equal to Eur. 3.368.413 , unchanged as opposed to the preceding year.
During the last financial year debts totalled Eur. 4.613.093 (Eur. 1.140.241 of which were m/l term debts) on the same levels as the year before.
Available funds are good.
During financial year 2013 the cash flow amounted to Eur. 262.659
Labour cost amounts to Eur. 439.701, with a 6,03% incidence on production costs. , whereas the incidence on sales revenues is of 5,88%.
High incidence of financial charges on turnover.
Financial Data
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.478.230 |
|
Profit (Loss) for the period |
51.545 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
6.999.443 |
|
Profit (Loss) for the period |
15.245 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.803.412 |
|
Profit (Loss) for the period |
24.754 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.636.310 |
|
Profit (Loss) for the period |
12.714 |
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 |
0,57 |
0,53 |
0,48 |
0,13 |
|
Elasticity Ratio |
Units |
0,43 |
0,47 |
0,52 |
0,85 |
|
Availability of stock |
Units |
n.c. |
0,05 |
n.c. |
0,16 |
|
Total Liquidity Ratio |
Units |
0,43 |
0,42 |
0,52 |
0,62 |
|
Quick Ratio |
Units |
0,04 |
0,03 |
0,00 |
0,03 |
|
COMPOSITION ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
0,92 |
1,28 |
1,62 |
5,02 |
|
Self Financing Ratio |
Units |
0,41 |
0,36 |
0,32 |
0,13 |
|
Capital protection Ratio |
Units |
0,96 |
0,97 |
0,96 |
0,58 |
|
Liabilities consolidation quotient |
Units |
0,37 |
0,28 |
0,28 |
0,10 |
|
Financing |
Units |
1,37 |
1,72 |
2,07 |
6,17 |
|
Permanent Indebtedness Ratio |
Units |
0,57 |
0,50 |
0,47 |
0,25 |
|
M/L term Debts Ratio |
Units |
0,16 |
0,14 |
0,15 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
n.c. |
n.c. |
1,16 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
1,00 |
0,94 |
0,98 |
1,57 |
|
Current ratio |
Units |
1,00 |
0,94 |
0,98 |
1,09 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,00 |
0,85 |
0,98 |
0,85 |
|
Structure's primary quotient |
Units |
0,72 |
0,68 |
0,67 |
0,96 |
|
Treasury's primary quotient |
Units |
0,10 |
0,06 |
0,01 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
241,23 |
275,63 |
310,85 |
743,68 |
|
Current Capital ( net ) |
Value |
4.148 |
-252.786 |
-92.841 |
70.465 |
|
RETURN |
|||||
|
Return on Sales |
% |
3,51 |
1,79 |
3,03 |
1,66 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
1,53 |
0,46 |
0,75 |
6,68 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
3,13 |
2,25 |
2,51 |
19,39 |
|
Return on Investment ( R.O.I. ) |
% |
2,62 |
2,53 |
2,22 |
3,84 |
|
Return/ Sales |
% |
2,85 |
3,31 |
2,92 |
2,16 |
|
Extra Management revenues/charges incid. |
% |
24,17 |
6,58 |
10,86 |
28,56 |
|
Cash Flow |
Value |
262.659 |
125.181 |
236.401 |
48.046 |
|
Operating Profit |
Value |
213.291 |
231.734 |
227.929 |
59.910 |
|
Gross Operating Margin |
Value |
424.405 |
341.670 |
439.576 |
99.701 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
n.c. |
n.c. |
n.c. |
86,56 |
|
Debts to suppliers average term |
Days |
n.c. |
n.c. |
n.c. |
100,32 |
|
Average stock waiting period |
Days |
n.c. |
23,19 |
n.c. |
31,97 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,92 |
0,77 |
0,76 |
1,82 |
|
Rate of stock return |
Units |
n.c. |
15,52 |
n.c. |
11,18 |
|
Labour cost incidence |
% |
5,88 |
6,71 |
5,60 |
5,95 |
|
Net financial revenues/ charges incidence |
% |
-1,51 |
-2,42 |
-1,87 |
-0,81 |
|
Labour cost on purchasing expenses |
% |
6,03 |
6,85 |
5,73 |
5,95 |
|
Short-term financing charges |
% |
2,46 |
2,99 |
2,15 |
2,18 |
|
Capital on hand |
% |
108,66 |
130,62 |
131,52 |
54,67 |
|
Sales pro employee |
Value |
575.248 |
499.960 |
600.262 |
507.074 |
|
Labour cost pro employee |
Value |
33.823 |
33.551 |
33.622 |
32.650 |
Credit Opinion
170.000Eur.
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 5.101 significant companies.
The companies cash their credits on an average of 87 dd.
The average duration of suppliers debts is about 100 dd.
The sector's profitability is on an average of 1,66%.
The labour cost affects the turnover in the measure of 5,95%.
Goods are held in stock in a range of 32 dd.
The difference between the sales volume and the resources used to realize it is about 1,82.
The employees costs represent the 5,95% of the production costs.
Statistical Detrimental Data
Statistcally the trade activity shows periods of crisis.
The area is statistically considered remarkably risky.
In the region 24.960 protested subjects are found; in the province they count to 3.391.
The insolvency index for the region is 0,70, , while for the province it is 1,03.
Total Bankrupt companies in the province : 1.155.
Total Bankrupt companies in the region : 20.423.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.35 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.77.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.