MIRA INFORM REPORT
|
Report No. : |
302310 |
|
Report Date : |
16.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
FENILI CALZATURE - SOCIETA' A RESPONSABI LITA' LIMITATA OPPURE: FENILI CALZATURE |
|
|
|
|
Registered Office : |
Via Dei Baini 3 SEGROMIGNO IN MONTE 55018 – Capannori (LU) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
25.09.1985 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture of Footwear |
|
|
|
|
No. of Employee : |
14 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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 |
|
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
|
Fenili Calzature - Societa' A Responsabi
Lita' Limitata Oppure: Fenili Calzature |
|
Via |
Dei Baini, |
3 SEGROMIGNO IN MONTE |
|
55018 |
- Capannori |
(LU) |
-IT- |
Summary
|
Fiscal Code |
: |
01172290460 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
25/09/1985 |
|
Equity |
: |
2.000.000 |
|
Turnover Range |
: |
15.500.000/18.000.000 |
|
Number of Employees |
: |
from 11 to 15 |
Activity
Manufacture of footwear
Legal Data
Legal Form : Limited liability company
|
Register of Handcraft firms : 36755 |
|
Register of Handcraft firms : 36755 of
Lucca |
|
Fiscal Code : 01172290460 |
|
Foreign Trade Reg. no. : LU002650 since
16/12/1991 |
|
Chamber of Commerce no. : 122296 of Lucca
since 02/10/1985 |
|
Firms' Register : LU017-13864 of Lucca
since 19/02/1996 |
|
V.A.T. Code : 01172290460 |
|
Foundation date |
: 25/09/1985 |
|
|
Establishment date |
: 25/09/1985 |
|
|
Start of Activities |
: 25/09/1985 |
|
|
Legal duration |
: 31/12/2025 |
|
|
Nominal Capital |
: 52.000 |
|
|
Subscribed Capital |
: 52.000 |
|
|
Paid up Capital |
: 52.000 |
NOTE:
The company under review is not subject to any court procedure but it hasn’t paid taxes and so the tax authorities has pledged part of its assets.
In this condition we must downgrade the rating.
Members
|
|
Fenili |
Giovanni |
|
|
Born in Lucca |
(LU) |
on 13/10/1956 |
- Fiscal Code : FNLGNN56R13E715J |
|
|
Residence: |
Dei Bocchi |
, 193 |
- 55012 |
Capannori |
(LU) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
21/02/1996 |
|
|
Prejudicial events registered |
Bankrupcty Judgment - Mod.60 - 08/10/2014.
|
|
DEMANIO DELLO STATO |
- 20/10/2014.
|
|
DEMANIO DELLO STATO |
|
|
No Protests registered |
|
|
Fenili |
Stefano |
|
|
Born in Lucca |
(LU) |
on 02/08/1961 |
- Fiscal Code : FNLSFN61M02E715S |
|
|
Residence: |
Di Piaggiori |
, 159 |
- 55012 |
Capannori |
(LU) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
21/02/1996 |
|
|
Prejudicial events registered |
Bankrupcty Judgment - Mod.60 -
08/10/2014.
|
|
DEMANIO DELLO STATO |
- 20/10/2014.
|
|
DEMANIO DELLO STATO |
|
|
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.
|
|
Fenili |
Giovanni |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Fenili Giovanni |
Capannori (LU) - IT - |
FNLGNN56R13E715J |
Proprietor |
Withdrawn |
Ceased |
|
|
Fenili |
Stefano |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Fenix S.r.l. In Liquidazione |
Capannori (LU) - IT - |
01669270462 |
Sole Director |
Withdrawn |
Ceased |
|
Fenix S.r.l. In Liquidazione |
Capannori (LU) - IT - |
01669270462 |
Liquidator |
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 |
|
Fenili Giovanni |
Capannori - IT - |
FNLGNN56R13E715J |
26.000 .Eur |
50,00 |
|
Fenili Stefano |
Capannori - IT - |
FNLSFN61M02E715S |
26.000 .Eur |
50,00 |
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 |
|
Ceseca Innovazione S.r.l. |
Capannori - IT - |
01105020463 |
52 .Eur |
0,50 |
Active |
Firm's location and structure
In order to carry out its activities the firm
uses the following locations:
|
- |
Legal and operative seat |
since 25/09/1985 |
|
Dei Baini |
, 3 |
- 55012 |
- Capannori |
(LU) |
- IT - |
|
PHONE |
: 0583920426 |
|
FAX |
: 0583920255 |
|
Email |
: FENILI@PEC.NETPEC.IT |
|
Employees |
: 14 |
|
Fittings and Equipment for a value of
120.000 |
Eur |
|
Stocks for a value of 3.550.000 |
Eur |
The firm operates abroad as importer /
exporter..
To purchase foreign products the firm uses
the following channels :
|
- distributors |
Export represents more than 50% of the global
turnover.
Products abroad are placed by :
|
- its own agents |
Historical
Information and/or Firm's Status
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
General partnership |
Limited liability company |
21/02/1996 |
COMPANY STYLE MODIFICATIONS:
|
Former Style |
New Style |
Changement Date |
|
Calzaturificio Fenili GIovanni e C. Snc |
Fenili Calzature Srl |
21/02/1996 |
EX-MEMBERS / EX-POSITIONS:
|
|
Neri |
Marco |
|
|
Born in Bologna |
(BO) |
on 12/03/1956 |
- Fiscal Code : NREMRC56C12A944C |
|
|
Residence: |
S.donato |
, 300 |
- 55100 |
Lucca |
(LU) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
|
|
Bianchini |
Amadeo |
|
|
Born in Camaiore |
(LU) |
on 28/07/1944 |
- Fiscal Code : BNCMDA44L28B455Z |
|
|
Residence: |
Castel Durante |
, 7 |
- 55060 |
Capannori |
(LU) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Capanni |
Massimo |
|
|
Born in Barga |
(LU) |
on 04/08/1954 |
- Fiscal Code : CPNMSM54M04A657B |
|
|
Residence: |
Della Repubblica |
, 339 |
- 55051 |
Barga |
(LU) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Stefanelli |
Enrico |
|
|
Born in Lucca |
(LU) |
on 11/11/1962 |
- Fiscal Code : STFNRC62S11E715C |
|
|
Residence: |
Campioni |
, 115 |
- 55100 |
Lucca |
(LU) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Marchi |
Marco |
|
|
Born in Lucca |
(LU) |
on 28/10/1962 |
- Fiscal Code : MRCMRC62R28E715N |
|
|
Residence: |
Pisana Trav. I |
, 18 |
- 55100 |
Lucca |
(LU) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
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 |
|
BANCA TOSCANA S.P.A. |
3400 |
0 |
Financial and Economical Analysis
The company is active since 1985
Balance sheets for the years 2011, 2012 and
2013 were analyzed.
Under an economic point of view, profits were
registered during the last years with a r.o.e. of 4,86% in 2013 keeping the
turnover steady during the last two years.
The return on Investment in the last
financial year was positive (3,93%) and in line with the sector's average.
An operating result of Eur. 298.451 has been
registered. on stable levels if compared to the previous year.
The economic management produced a gross
operating margin of Eur. 377.383 with no sensible increase as against 2012.
The financial status of the company is fairly
balanced with an indebtedness level of 3,14 with an improving trend as on the
decrease.
Subject can manage an equity capital funds
for an amount of Eur. 1.674.166 on the same levels as the year before.
Total debts recorded amounted to Eur.
5.589.788 (Eur. 133.544 of which were m/l term debts) , decreasing if compared
to 2012 (-22,33%).
Bank borrowings' volume is slightly high but
the recourse to suppliers' credit is modest which is also lower than the sector
average.
Payments are supported by good current
assets.
Trade credits average terms are 76,46 days. ,
on the same levels as the sector's average.
As far as the cash flow is concerned during the
latest financial year it amounted to Eur. 160.296
In the last financial year labour cost was of
Eur. 446.340, with a 2,79% incidence on total costs of production. , whereas
the incidence of such costs on sales revenues is equal to 2,74%.
Financial charges have a limited incidence
(-0,82%) on sales volume.
Financial Data
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
16.303.082 |
|
Profit (Loss) for the period |
81.364 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
15.846.511 |
|
Profit (Loss) for the period |
63.443 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
21.838.682 |
|
Profit (Loss) for the period |
66.165 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
26.506.034 |
|
Profit (Loss) for the period |
252.448 |
|
|
Complete balance-sheet for the year |
al 31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
19.069.234 |
|
Profit (Loss) for the period |
168.899 |
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 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
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 |
0,03 |
0,04 |
0,19 |
|
Elasticity Ratio |
Units |
0,96 |
0,96 |
0,96 |
0,80 |
|
Availability of stock |
Units |
0,47 |
0,42 |
0,38 |
0,24 |
|
Total Liquidity Ratio |
Units |
0,50 |
0,54 |
0,58 |
0,50 |
|
Quick Ratio |
Units |
0,03 |
0,04 |
0,10 |
0,04 |
|
COMPOSITION ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
3,14 |
4,13 |
3,43 |
3,49 |
|
Self Financing Ratio |
Units |
0,22 |
0,17 |
0,18 |
0,18 |
|
Capital protection Ratio |
Units |
0,92 |
0,93 |
0,92 |
0,70 |
|
Liabilities consolidation quotient |
Units |
0,06 |
0,06 |
0,10 |
0,18 |
|
Financing |
Units |
3,34 |
4,52 |
4,23 |
4,27 |
|
Permanent Indebtedness Ratio |
Units |
0,26 |
0,22 |
0,25 |
0,33 |
|
M/L term Debts Ratio |
Units |
0,04 |
0,04 |
0,07 |
0,11 |
|
Net Financial Indebtedness Ratio |
Units |
1,75 |
2,42 |
2,02 |
1,13 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
7,15 |
6,25 |
6,45 |
1,55 |
|
Current ratio |
Units |
1,34 |
1,26 |
1,32 |
1,17 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,69 |
0,71 |
0,80 |
0,78 |
|
Structure's primary quotient |
Units |
6,06 |
5,00 |
4,66 |
0,92 |
|
Treasury's primary quotient |
Units |
0,04 |
0,05 |
0,14 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
454,16 |
572,70 |
547,03 |
550,20 |
|
Current Capital ( net ) |
Value |
1.862.080 |
1.831.086 |
1.959.975 |
287.582 |
|
RETURN |
|||||
|
Return on Sales |
% |
0,98 |
0,89 |
0,68 |
2,35 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
4,86 |
3,98 |
4,33 |
4,20 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
10,29 |
8,76 |
9,46 |
12,89 |
|
Return on Investment ( R.O.I. ) |
% |
3,93 |
3,15 |
3,24 |
4,43 |
|
Return/ Sales |
% |
1,83 |
1,81 |
1,24 |
3,15 |
|
Extra Management revenues/charges incid. |
% |
27,26 |
22,10 |
24,43 |
20,02 |
|
Cash Flow |
Value |
160.296 |
141.026 |
149.349 |
101.373 |
|
Operating Profit |
Value |
298.451 |
287.089 |
270.859 |
119.132 |
|
Gross Operating Margin |
Value |
377.383 |
364.672 |
354.043 |
246.882 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
76,46 |
101,36 |
63,92 |
88,11 |
|
Debts to suppliers average term |
Days |
53,70 |
62,67 |
38,56 |
98,41 |
|
Average stock waiting period |
Days |
78,43 |
87,41 |
51,89 |
59,58 |
|
Rate of capital employed return ( Turnover
) |
Units |
2,14 |
1,74 |
2,61 |
1,40 |
|
Rate of stock return |
Units |
4,59 |
4,12 |
6,94 |
6,04 |
|
Labour cost incidence |
% |
2,74 |
2,99 |
2,15 |
15,38 |
|
Net financial revenues/ charges incidence |
% |
-0,82 |
-0,95 |
-0,61 |
-1,52 |
|
Labour cost on purchasing expenses |
% |
2,79 |
2,99 |
2,14 |
15,21 |
|
Short-term financing charges |
% |
2,40 |
2,10 |
2,17 |
3,16 |
|
Capital on hand |
% |
46,64 |
57,56 |
38,31 |
71,49 |
|
Sales pro employee |
Value |
1.254.083 |
1.131.893 |
1.559.905 |
195.712 |
|
Labour cost pro employee |
Value |
34.333 |
33.803 |
33.590 |
29.600 |
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 1.066
significant companies.
The companies cash their credits on an
average of 88 dd.
The average duration of suppliers debts is
about 98 dd.
The sector's profitability is on an average
of 2,35%.
The labour cost affects the turnover in the
measure of 15,38%.
Goods are held in stock in a range of 60 dd.
The difference between the sales volume and
the resources used to realize it is about 1,40.
The employees costs represent the 15,21% 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 2.537.
The insolvency index for the region is 0,70,
, while for the province it is 0,67.
Total Bankrupt companies in the province :
2.402.
Total Bankrupt companies in the region :
20.423.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.76 |
|
|
1 |
Rs.94.02 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.