MIRA
INFORM REPORT
|
Report No. : |
301535 |
|
Report Date : |
05.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
VAROMA S.R.L. |
|
|
|
|
Registered Office : |
Via Del Bosco, 300 56029 – Santa Croce sull’ Arno (PI) |
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|
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Country : |
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|
|
|
Financials (as on) : |
31.12.2013 |
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|
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Date of Incorporation : |
25.09.1997 |
|
|
|
|
Legal Form : |
Limited liability company |
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|
|
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Line of Business : |
Wholesale of hides, skins and leather |
|
|
|
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No. of Employee : |
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 |
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|
|
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 & address
|
Varoma S.r.l. |
|
Via |
Del Bosco, |
300 |
|
56029 |
- Santa Croce sull'Arno |
(PI) |
-IT- |
Summary
|
Fiscal Code |
: |
01393630502 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
25/09/1997 |
|
Equity |
: |
750.000 |
|
Turnover Range |
: |
2.250.000/3.000.000 |
|
Number of Employees |
: |
from 1 to 5 |
Activity
Wholesale of hides, skins and leather
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 01393630502 |
|
Foreign Trade Reg. no. : PI016033 since
08/02/2000 |
|
Chamber of Commerce no. : 124522 of Pisa
since 07/04/1997 |
|
Firms' Register : PI-1997-50490 of Pisa |
|
V.A.T. Code : 01393630502 |
|
Trade Agents Licence
: 5185 of Pisa since 27/05/1997 |
|
Establishment date |
: 24/01/1997 |
|
|
Start of Activities |
: 25/09/1997 |
|
|
Legal duration |
: 31/12/2020 |
|
|
Nominal Capital |
: 90.400 |
|
|
Subscribed Capital |
: 90.400 |
|
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Paid up Capital |
: 90.400 |
|
Members
|
|
Maestrelli |
Giampiero |
|
|
|
Born in San Miniato |
(PI) |
on 26/10/1948 |
- Fiscal Code : MSTGPR48R26I046Q |
|
|
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Residence: |
|
Castelladroni |
, 1 |
- 50054 |
Fucecchio |
(FI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
04/09/2007 |
|
|
|
|
No
Prejudicial events are reported |
|
|
No Protests
registered |
|
|
Maestrelli Federico |
|
|
|
|
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 |
|
Maestrelli Giampiero |
Fucecchio - IT - |
MSTGPR48R26I046Q |
45.200 .Eur |
50,00 |
|
Maestrelli Martina |
|
MSTMTN79E52D815O |
13.560 .Eur |
15,00 |
|
Maestrelli Federico |
|
MSTFRC74D03D815G |
22.600 .Eur |
25,00 |
|
Morreale Gino |
|
MRRGNI67L20M126F |
9.040 .Eur |
10,00 |
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 |
|
TOSCANA PIANTE E FIORI SOCIETA' CONSORTI
LE A RESPONSABILITA' LIMITATA |
Pescia - IT - |
00518790472 |
1.530 .Eur |
1,17 |
|
|
Active |
Firm's location and structure
In order to carry out its activities the firm
uses the following locations:
|
- |
Legal and
operative seat |
|
|
|
|
|
|
|
Del Bosco |
, 300 |
- 56029 |
- Santa Croce sull'Arno |
(PI) |
- IT - |
|
|
|
|
Employees |
: 3 |
|
Fittings and Equipment for a value of
57.000 |
Eur |
|
Stocks for a value of 970.000 |
Eur |
|
|
Historical Information and/or Firm's Status
EX-MEMBERS /
EX-POSITIONS:
|
|
Maestrelli Federico |
|
|
- Fiscal Code : MSTFRC74D03D815G |
|
Ex-Postions |
|
Partner |
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.
Bankers
The firm operates with:
|
Bank Name |
Agency Name |
Address |
ZIP Code |
City |
ABI Code |
CAB Code |
|
CASSA DI RISPARMIO DI LUCCA PISA LIVORN |
|
|
|
|
6200 |
0 |
Financial and Economical Analysis
Company's starting of activities dates back
to 1997.
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 1,65% in 2013
The operating result was positive in the
last financial year (6,44%) and in line with the sector's average.
The amount of the operating result for the
year 2013 is of Eur. 165.484 showing a downwards
trend equal to -39,25% if compared to the value of the financial year 2012.
The economic management produced a gross
operating margin of Eur. 173.309 showing a downward
trend as opposed to the previous year.
The financial status of the company is
fairly balanced with an indebtedness level of 2,64 and decreasing as against
2012.
With regard to equity capital, an amount of Eur. 647.485 is registered. , unchanged if compared to
2012.
During the last financial year total debts
volume reached Eur. 1.867.078 (Eur.
68.206 were m/l term ones) on the same levels as the year before.
Liquidity is good.
Eur. 18.493 is the
value of cash flow during the year 2013
Labour cost amounts to Eur. 149.803, with a 6,76% incidence on production costs. ,
with a 6,31% incidence on turnover.
Finacial chareges are high: the incidence on sales volume amounts to
-5,47%
Financial Data
|
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.372.741 |
|
Profit (Loss) for the period |
10.668 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.476.528 |
|
Profit (Loss) for the period |
101.356 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.171.224 |
|
Profit (Loss) for the period |
24.994 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.482.736 |
|
Profit (Loss) for the period |
1.765 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.375.480 |
|
Profit (Loss) for the period |
9.382 |
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 |
0,01 |
0,01 |
0,01 |
0,11 |
|
Elasticity Ratio |
Units |
0,99 |
0,99 |
0,99 |
0,87 |
|
Availability of stock |
Units |
0,38 |
0,36 |
0,33 |
0,17 |
|
Total Liquidity Ratio |
Units |
0,61 |
0,63 |
0,66 |
0,61 |
|
Quick Ratio |
Units |
0,03 |
n.c. |
0,01 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
2,64 |
2,89 |
3,30 |
3,90 |
|
Self Financing Ratio |
Units |
0,25 |
0,27 |
0,22 |
0,17 |
|
Capital protection Ratio |
Units |
0,84 |
0,82 |
0,83 |
0,66 |
|
Liabilities consolidation quotient |
Units |
0,06 |
0,04 |
0,05 |
0,09 |
|
Financing |
Units |
2,88 |
2,68 |
3,50 |
4,57 |
|
Permanent Indebtedness Ratio |
Units |
0,30 |
0,29 |
0,26 |
0,28 |
|
M/L term Debts Ratio |
Units |
0,04 |
0,03 |
0,04 |
0,06 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
n.c. |
n.c. |
0,96 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
44,11 |
32,19 |
22,00 |
2,10 |
|
Current ratio |
Units |
1,41 |
1,40 |
1,34 |
1,13 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,87 |
0,89 |
0,90 |
0,86 |
|
Structure's primary quotient |
Units |
37,66 |
29,23 |
18,61 |
1,34 |
|
Treasury's primary quotient |
Units |
0,05 |
n.c. |
0,02 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
396,86 |
375,90 |
455,67 |
587,66 |
|
Current Capital ( net ) |
Value |
746.247 |
677.107 |
770.905 |
135.886 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
0,78 |
3,38 |
1,35 |
1,61 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
1,65 |
15,92 |
3,68 |
5,01 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
5,32 |
22,90 |
8,16 |
13,67 |
|
Return on Investment ( R.O.I. ) |
% |
6,44 |
11,38 |
8,13 |
4,30 |
|
Return/ Sales |
% |
6,97 |
7,84 |
7,93 |
2,39 |
|
Extra Management revenues/charges incid. |
% |
6,45 |
37,20 |
9,94 |
27,17 |
|
Cash Flow |
Value |
18.493 |
117.412 |
42.690 |
47.597 |
|
Operating Profit |
Value |
165.484 |
272.442 |
251.362 |
71.380 |
|
Gross Operating Margin |
Value |
173.309 |
288.498 |
269.058 |
124.518 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
n.c. |
n.c. |
n.c. |
90,43 |
|
Debts to suppliers average term |
Days |
n.c. |
n.c. |
n.c. |
76,51 |
|
Average stock waiting period |
Days |
147,57 |
88,65 |
114,16 |
37,27 |
|
Rate of capital employed return ( Turnover
) |
Units |
0,92 |
1,45 |
1,03 |
1,64 |
|
Rate of stock return |
Units |
2,44 |
4,06 |
3,15 |
9,56 |
|
Labour cost incidence |
% |
6,31 |
3,79 |
4,06 |
4,81 |
|
Net financial revenues/ charges incidence |
% |
-5,47 |
-3,75 |
-2,83 |
-0,99 |
|
Labour cost on
purchasing expenses |
% |
6,76 |
4,11 |
4,40 |
4,83 |
|
Short-term financing charges |
% |
6,96 |
7,64 |
3,79 |
2,90 |
|
Capital on hand |
% |
108,30 |
68,86 |
97,46 |
60,86 |
|
Sales pro employee |
Value |
593.185 |
869.132 |
792.806 |
686.413 |
|
Labour cost pro
employee |
Value |
37.450 |
32.907 |
32.162 |
33.271 |
Market / Territory Data
|
Population living in the province |
: |
|
|
Population living in the region |
: |
|
|
Number of families in the region |
: |
|
394.101Monthly 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 941
significant companies.
The companies cash their credits on an
average of 90 dd.
The average duration of suppliers debts is
about 77 dd.
The sector's profitability is on an average
of 1,61%.
The labour cost
affects the turnover in the measure of 4,81%.
Goods are held in stock in a range of 37 dd.
The difference between the sales volume and
the resources used to realize it is about 1,64.
The employees costs represent the 4,83% of
the production costs.
Statistical Detrimental Data
Statistically the trade activity passes
through serious crises.
The area is statistically considered moderately
risky.
In the region 24.960 protested subjects are
found; in the province they count to 2.664.
The insolvency index for the region is 0,70,
, while for the province it is 0,68.
Total Bankrupt companies in the province :
1.648.
Total Bankrupt companies in the region :
20.423.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.28 |
|
|
1 |
Rs.98.38 |
|
Euro |
1 |
Rs.76.30 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.