|
Report No. : |
355041 |
|
Report Date : |
19.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
VARCOTEX S.P.A. |
|
|
|
|
Registered Office : |
Via Edison, 17 41012 - Carpi (MO) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
04.03.1982 |
|
|
|
|
Legal Form : |
Joint stock company with sole shareholder |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employee : |
From 51 to 70 |
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 Limit : |
EUR 250.000 - |
|
|
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Italy |
A1 |
A1 |
|
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 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 132% of GDP in 2014, 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 tax evasion. In 2014 economic growth and labor market conditions continued to deteriorate, with overall unemployment rising to 12.2% and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007 pre-crisis level.
|
Source
: CIA |
|
VARCOTEX S.P.A. |
|
Via Edison, 17 41012 - Carpi (MO) -IT- |
|
Fiscal Code |
: |
01380370369 |
|
Legal Form |
: |
Joint stock company with sole shareholder |
|
start of Activities |
: |
04/03/1982 |
|
Equity |
: |
1.500.000 |
|
Turnover Range |
: |
6.500.000/7.750.000 |
|
Number of Employees |
: |
from 51 to 70 |
CREDIT LIMIT
|
Credit Opinion |
: |
250.000 - |
Manufacture of textile ribbons, labels and
braidings
Graphic designers` activities
Legal Form : Joint stock company with sole shareholder
|
Fiscal Code : 01380370369 |
|
Foreign Trade Reg. no. : MO000693 since
17/12/1991 |
|
Foreign Trade Reg. no. : 693 of Modena
since 18/12/1991 |
|
Foreign Trade Reg. no. : 000693 of Modena
since 17/12/1991 |
|
Chamber of Commerce no. : 1849694 of Milano |
|
Chamber of Commerce no. : 212573 of Modena
since 31/03/1982 |
|
Firms' Register : MO023-17308 of Modena
since 19/02/1996 |
|
V.A.T. Code : 01380370369 |
|
Tribunal Co. Register : 17308 of |
|
Foundation date |
: 04/03/1982 |
|
|
Establishment date |
: 04/03/1982 |
|
|
Start of Activities |
: 04/03/1982 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 837.433 |
|
|
Subscribed Capital |
: 837.433 |
|
|
Paid up Capital |
: 837.433 |
|
Legal mail : |
INFO@PEC.VARCOTEX.COM |
|
Varcofin S.r.l. |
|
: |
Isonzo |
, 74 |
- 42121 |
Reggio Emilia |
(RE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole partner |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Munari |
Paolo |
|
Born in Reggio Emilia |
(RE) |
on 15/08/1961 |
- Fiscal Code : MNRPLA61M15H223X |
|
Residence: |
Ada Negri |
, 33 |
- 42123 |
Reggio Emilia |
(RE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
29/06/2014 |
|
No Prejudicial events are reported |
|
No Protests registered |
*checkings have been performed on a national
scale.
In this module are listed the companies in which
members hold or have holded positions.
|
Munari |
Paolo |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
LOCATEC S.R.L. |
Carpi (MO) - IT - |
02168320360 |
Director |
Withdrawn |
Registered |
|
Paganini Milano S.r.l. |
Carpi (MO) - IT - |
01548130697 |
Managing Director |
Withdrawn |
Registered |
|
Paganini Milano S.r.l. |
Carpi (MO) - IT - |
01548130697 |
Director |
Withdrawn |
Registered |
|
Paganini Milano S.r.l. |
Carpi (MO) - IT - |
01548130697 |
Board Chairman |
Withdrawn |
Registered |
|
OLOGRIFFE S.R.L. |
Carpi (RM) - IT - |
05050341006 |
Liquidator |
Withdrawn |
Registered |
|
OLOGRIFFE S.R.L. |
Carpi (RM) - IT - |
05050341006 |
Board Chairman |
Withdrawn |
Registered |
|
Global Print Services S.r.l. In
Liquidazione |
Carpi (MO) - IT - |
02832320366 |
Liquidator |
Withdrawn |
Bankrupt |
|
"TAPPARELLI LUIGI eamp; C.
S.N.C." |
Carpi (RE) - IT - |
01063160350 |
Partner |
Withdrawn |
Registered |
|
MUNARI PAOLO |
Reggio Emilia (RE) - IT - |
MNRPLA61M15H223X |
Proprietor |
Withdrawn |
Registered |
|
"OBLIQUE DIFFUSION S.N.C. DI PAOLO
MUNARI E C." |
Reggio Emilia (RE) - IT - |
01313360354 |
Partner |
Withdrawn |
Registered |
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.
Shareholders' list as at date of data
collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Varcofin S.r.l. |
Reggio Emilia - IT - |
01896740352 |
100,00 |
The Company under review has participations
in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares Amount |
% Ownership |
since |
until |
Share Status |
|
Consorzio Ameglia Sviluppo |
Sarzana - IT - |
01172060111 |
Active |
In order to carry out its activities the firm
uses the following locations:
|
- |
Legal and operative seat |
(Factory) |
since 30/09/1985 |
|
Edison |
, 17 |
- 41012 |
- Carpi |
(MO) |
- IT - |
|
PHONE |
: 0596322801 |
|
PHONE |
: 059699869 |
|
FAX |
: 0596322802 |
|
Legal mail |
: INFO@PEC.VARCOTEX.COM |
|
- |
Branch |
since 01/06/2007 |
|
Como |
, 9 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
Employees |
: 59 |
|
Fittings and Equipment for a value of
250.000 |
Eur |
|
Stocks for a value of 640.000 |
Eur |
|
Furniture and fittings for a value of
21.000 |
Eur |
|
Vehicles for a value of 8.000 |
Eur |
Trade organization: direct or by agents.
The company sells in Italy and abroad.
The firm operates abroad as importer /
exporter..
Export represents up to 20% of the global
turnover.
Products abroad are placed by :
|
- direct orders from foreign companies |
Import comes generally from the following
nations:
|
- Italy |
|
- France |
Export is mainly towards:
|
- Poland |
|
- Bulgaria |
|
- Italy |
CEASINGS/INCORPORATIONS/MERGES:
|
Project of merging by taking over of |
|
LOCATEC S.R.L. |
|
GRAMSCI |
, 5 |
, 41012 |
, Carpi |
(MO) |
- IT - |
|
Fiscal Code: 02168320360 |
|
Date |
Merging/splitting-up project: |
02/05/2007 |
|
The firm absorbed by merging of |
|
LOCATEC S.R.L. |
|
GRAMSCI |
, 5 |
, 41012 |
, Carpi |
(MO) |
- IT - |
|
Fiscal Code: 02168320360 |
|
Date |
: |
13/11/2007 |
|
Project of splitting-up and tranfer into |
|
Varcofin S.r.l. |
|
Isonzo |
, 74 |
, 42121 |
, Reggio Emilia |
(RE) |
- IT - |
|
Fiscal Code: 01896740352 |
|
Date |
Merging/splitting-up project: |
28/06/2008 |
|
Splitting-up and transfer of assets to |
|
Varcofin S.r.l. |
|
Isonzo |
, 74 |
, 42121 |
, Reggio Emilia |
(RE) |
- IT - |
|
Fiscal Code: 01896740352 |
|
Date |
Splitting-up: |
11/12/2008 |
|
The firm took over the activity of |
|
Tipolitografia Baraldi s.n.c. (cessata) |
|
Date |
: |
25/09/2003 |
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.
Subject is active since 1982
The analysis is based on the latest 3 balance
sheets.
During the last years, it achieved profits
(r.o.e. 1,13% on 2014) with a stable trend in the turnover.
The operating result in 2014 was positive
(7,46%) and reflects the field's average.
The amount of the operating result is equal
to Eur. 420.256 with a more then 100% growth.
The G.O.M. amounted to Eur. 677.461 showing
an upward trend if compared to 2013.
The financial status of the company is fairly
balanced with an indebtedness level of 2,8 with an improving trend as on the
decrease.
The equity capital is equal to Eur. 1.060.310
, unchanged as opposed to the preceding year.
During the last financial year debts totalled
Eur. 3.483.071 (Eur. 194.621 of which were m/l term debts) , a more or less
stable value.
Financial debts exposure is under control
while the recourse to commercial credit is rather frequent however still within
the sector's average.
The available funds are good.
Due from customers average term is high and
equal to 124,19 days. but in line with the sector.
Eur. 269.222 is the value of cash flow during
the year 2014
Labour cost expenses amount to Eur. 1.892.643
, representing 27,89% on the total of production costs. , with a 26,49%
incidence on turnover.
If compared to the sales volume (-0,86%), the
impact of the financial charges is limited.
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.144.936 |
|
Profit (Loss) for the period |
12.017 |
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.353.588 |
|
Profit (Loss) for the period |
2.675 |
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.387.675 |
|
Profit (Loss) for the period |
10.441 |
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.518.300 |
|
Profit (Loss) for the period |
1.411 |
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.402.008 |
|
Profit (Loss) for the period |
13.316 |
From our constant monitoring of the relevant Public
Administration offices, no more recent balance sheets result to have been
filed.
|
- Balance Sheet as at 31/12/2014 - 12 Mesi
- Currency: - Amounts x 1 |
|
- 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 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
RATIOS |
Value Type |
as at 31/12/2014 |
as at 31/12/2013 |
as at 31/12/2012 |
Sector Average |
|
COMPOSITION ON INVESTMENT |
|||||
|
Rigidity Ratio |
Units |
0,14 |
0,18 |
0,18 |
0,24 |
|
Elasticity Ratio |
Units |
0,73 |
0,79 |
0,80 |
0,72 |
|
Availability of stock |
Units |
0,11 |
0,11 |
0,10 |
0,19 |
|
Total Liquidity Ratio |
Units |
0,62 |
0,69 |
0,70 |
0,45 |
|
Quick Ratio |
Units |
0,06 |
0,08 |
0,00 |
0,02 |
|
COMPOSITION ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
2,80 |
3,34 |
4,71 |
1,93 |
|
Self Financing Ratio |
Units |
0,19 |
0,17 |
0,15 |
0,25 |
|
Capital protection Ratio |
Units |
0,20 |
0,20 |
0,19 |
0,71 |
|
Liabilities consolidation quotient |
Units |
0,29 |
0,20 |
0,16 |
0,23 |
|
Financing |
Units |
3,28 |
3,90 |
4,88 |
2,69 |
|
Permanent Indebtedness Ratio |
Units |
0,36 |
0,30 |
0,26 |
0,42 |
|
M/L term Debts Ratio |
Units |
0,17 |
0,13 |
0,11 |
0,10 |
|
Net Financial Indebtedness Ratio |
Units |
0,86 |
0,87 |
2,35 |
1,12 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
2,56 |
1,63 |
1,45 |
1,56 |
|
Current ratio |
Units |
1,25 |
1,22 |
1,15 |
1,24 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,05 |
1,06 |
1,01 |
0,87 |
|
Structure's primary quotient |
Units |
1,35 |
0,93 |
0,82 |
1,01 |
|
Treasury's primary quotient |
Units |
0,10 |
0,13 |
0,00 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
531,29 |
588,98 |
680,27 |
407,34 |
|
Current Capital ( net ) |
Value |
824.058 |
880.759 |
738.422 |
387.489 |
|
RETURN |
|||||
|
Return on Sales |
% |
3,77 |
4,80 |
3,95 |
2,88 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
1,13 |
0,26 |
1,00 |
2,51 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
9,75 |
5,56 |
6,51 |
9,26 |
|
Return on Investment ( R.O.I. ) |
% |
7,46 |
1,72 |
1,44 |
3,77 |
|
Return/ Sales |
% |
5,88 |
1,44 |
1,39 |
3,77 |
|
Extra Management revenues/charges incid. |
% |
2,86 |
2,52 |
10,19 |
21,16 |
|
Cash Flow |
Value |
269.222 |
352.885 |
292.044 |
79.355 |
|
Operating Profit |
Value |
420.256 |
106.187 |
102.466 |
112.730 |
|
Gross Operating Margin |
Value |
677.461 |
456.397 |
384.069 |
210.674 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
124,19 |
119,43 |
174,63 |
117,72 |
|
Debts to suppliers average term |
Days |
127,78 |
157,64 |
143,87 |
111,36 |
|
Average stock waiting period |
Days |
32,47 |
31,91 |
34,42 |
76,26 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,27 |
1,19 |
1,04 |
1,01 |
|
Rate of stock return |
Units |
11,09 |
11,28 |
10,46 |
4,65 |
|
Labour cost incidence |
% |
26,49 |
25,78 |
25,54 |
14,67 |
|
Net financial revenues/ charges incidence |
% |
-0,86 |
-1,13 |
-1,47 |
-1,77 |
|
Labour cost on purchasing expenses |
% |
27,89 |
25,98 |
25,58 |
14,77 |
|
Short-term financing charges |
% |
2,43 |
2,54 |
2,50 |
3,20 |
|
Capital on hand |
% |
78,84 |
83,96 |
96,28 |
98,20 |
|
Sales pro employee |
Value |
121.100 |
124.637 |
127.373 |
213.243 |
|
Labour cost pro employee |
Value |
32.078 |
32.131 |
32.530 |
32.119 |
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 |
: |
659.925 |
|
Population living in the region |
: |
4.151.369 |
|
Number of families in the region |
: |
1.748.359 |
Monthly family expences average in the region
(in Eur..) :
|
- per food products |
: |
425 |
|
- per non food products |
: |
2.063 |
|
- per energy consume |
: |
143 |
The values are calculated on a base of 1.146
significant companies.
The companies cash their credits on an
average of 118 dd.
The average duration of suppliers debts is about
111 dd.
The sector's profitability is on an average
of 2,88%.
The labour cost affects the turnover in the
measure of 14,67%.
Goods are held in stock in a range of 76 dd.
The difference between the sales volume and
the resources used to realize it is about 1,01.
The employees costs represent the 14,77% of
the production costs.
Statistically the trade activity passes
through serious crises.
The area is statistically considered lowly
risky.
In the region 18.860 protested subjects are
found; in the province they count to 3.557.
The insolvency index for the region is 0,46,
, while for the province it is 0,55.
Total Bankrupt companies in the province :
2.526.
Total Bankrupt companies in the region :
14.698.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
|
EUR |
1 |
Rs.72.06 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
ANK |
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.