MIRA INFORM REPORT
|
Report No. : |
330334 |
|
Report Date : |
03.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
TEOREMA S.R.L. |
|
|
|
|
Registered Office : |
Via Leonardo Da Vinci, 5 24060 – Castelli Calepio (BG) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
01.05.1994 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
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Line of Business : |
Wholesale of textiles |
|
|
|
|
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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|
|
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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 – 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 Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
Company
name & address
|
Teorema S.r.l. |
|
Via |
Leonardo Da Vinci, |
5 |
|
24060 |
- Castelli Calepio |
(BG) |
-IT- |
Summary
|
Fiscal Code |
: |
02145690166 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
01/05/1994 |
|
Equity |
: |
750.000 |
|
Turnover Range |
: |
3.750.000/5.000.000 |
|
Number of Employees |
: |
from 1 to 5 |
Activity
Wholesale of textiles
Legal
Data
Legal Form : Limited liability company
|
Fiscal Code : 02145690166 |
|
Foreign Trade Reg. no. : BG063116 since
24/03/2006 |
|
Chamber of Commerce no. : 266489 of
Bergamo since 16/03/1992 |
|
Chamber of Commerce no. : 350931 of
Brescia |
|
Firms' Register : 42794 of Bergamo |
|
V.A.T. Code : 02145690166 |
|
Establishment date |
: 07/02/1992 |
|
|
Start of Activities |
: 01/05/1994 |
|
|
Legal duration |
: 31/12/2030 |
|
|
Nominal Capital |
: 25.500 |
|
|
Subscribed Capital |
: 25.500 |
|
|
Paid up Capital |
: 25.500 |
|
Legal mail : |
TEOREMA@PEC.AXIA.IT |
Members
|
|
Seghezzi |
Renato |
|
|
Born in Castelli Calepio |
(BG) |
on 08/07/1962 |
- Fiscal Code : SGHRNT62L08C079G |
|
|
Residence: |
Leonardo Da Vinci |
, 5 |
- 24060 |
Castelli Calepio |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
|||
|
Legal Owners' representative |
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Gatti |
Bortolino |
|
|
Born in Pontoglio |
(BS) |
on 25/09/1953 |
- Fiscal Code : GTTBTL53P25G869E |
|
|
Residence: |
Francesca |
, 5 |
- 25037 |
Pontoglio |
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
19/02/2008 |
|
|
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 |
|
Seghezzi Renato |
Castelli Calepio - IT - |
SGHRNT62L08C079G |
20.400 .Eur |
80,00 |
|
Seghezzi Giulia |
SGHGLI92S53B393U |
5.100 .Eur |
20,00 |
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 |
|
Leonardo Da Vinci |
, 5 |
- 24060 |
- Castelli Calepio |
(BG) |
- IT - |
|
PHONE |
: 0307760157 |
|
FAX |
: 0307769700 |
|
Legal mail |
: TEOREMA@PEC.AXIA.IT |
|
- |
Branch |
(office) |
since 01/05/1994 |
|
De Gasperi |
, 7 |
- 25030 |
- Erbusco |
(BS) |
- IT - |
|
PHONE |
: 0307760157 |
|
Employees |
: 4 |
|
Stocks for a value of 470.000 |
Eur |
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 1994
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 11,92% in 2014 but without a significant increase in the
turnover.
The operating result was positive in the last financial year (2,99%) and
reflects the field's average.
The amount of the operating result for the year 2014 is of Eur. 109.986
rising (+61,59%) in relation to the previous year.
The G.O.M. amounted to Eur. 123.492 growing by 81,43% if compared to the
year before.
The financial position is not well balanced as the volume of debts is fairly
remarkable if compared to shareholder's equity, in fact total debts are 4,37
but on the decrease if compared to the year before.
Subject can manage an equity capital funds for an amount of Eur. 636.846
, with an upward trend.
In the year 2014 total debts amounted to Eur. 3.097.683 showing a stable
trend as opposed to 2013 (Eur. 3.064.958).
Current liquid assets is positive.
2014 financial year closed with a cash flow of Eur. 89.410
Subordinate employment cost is of Eur. 135.101, i.e. 2,84% on total production
costs. , whereas the incidence of such costs on sales revenues is equal to
2,74%.
The financial charges do not negatively affect the management, as they
are covered by the incomes.
Financial
Data
|
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
4.925.451 |
|
Profit (Loss) for the period |
75.904 |
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
4.969.099 |
|
Profit (Loss) for the period |
70.090 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
5.723.840 |
|
Profit (Loss) for the period |
231.881 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.389.673 |
|
Profit (Loss) for the period |
22.735 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.435.505 |
|
Profit (Loss) for the period |
17.383 |
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 31/12/2014 - 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 |
|
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Ratios
|
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 |
0,02 |
0,02 |
0,01 |
0,09 |
|
Elasticity Ratio |
Units |
0,98 |
0,98 |
0,98 |
0,89 |
|
Availability of stock |
Units |
0,13 |
0,15 |
0,03 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,85 |
0,83 |
0,95 |
0,54 |
|
Quick Ratio |
Units |
0,05 |
0,04 |
0,68 |
0,03 |
|
COMPOSITION ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
4,37 |
6,00 |
1,60 |
3,95 |
|
Self Financing Ratio |
Units |
0,17 |
0,14 |
0,12 |
0,17 |
|
Capital protection Ratio |
Units |
0,72 |
0,80 |
0,38 |
0,62 |
|
Liabilities consolidation quotient |
Units |
0,05 |
0,00 |
0,01 |
0,10 |
|
Financing |
Units |
4,86 |
6,32 |
7,18 |
4,85 |
|
Permanent Indebtedness Ratio |
Units |
0,22 |
0,14 |
0,13 |
0,29 |
|
M/L term Debts Ratio |
Units |
0,04 |
0,00 |
0,01 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
n.c. |
n.c. |
1,04 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
11,32 |
9,23 |
8,97 |
2,37 |
|
Current ratio |
Units |
1,22 |
1,14 |
1,13 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,06 |
0,97 |
1,09 |
0,80 |
|
Structure's primary quotient |
Units |
9,07 |
9,01 |
8,59 |
1,48 |
|
Treasury's primary quotient |
Units |
0,06 |
0,05 |
0,78 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
577,78 |
734,85 |
822,92 |
602,26 |
|
Current Capital ( net ) |
Value |
647.475 |
440.567 |
381.918 |
191.984 |
|
RETURN |
|||||
|
Return on Sales |
% |
1,82 |
1,41 |
4,44 |
2,03 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
11,92 |
14,45 |
55,88 |
6,31 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
17,73 |
23,17 |
78,99 |
17,00 |
|
Return on Investment ( R.O.I. ) |
% |
2,99 |
1,91 |
8,06 |
4,18 |
|
Return/ Sales |
% |
2,23 |
1,37 |
4,81 |
3,46 |
|
Extra Management revenues/charges incid. |
% |
69,01 |
102,98 |
84,29 |
27,96 |
|
Cash Flow |
Value |
89.410 |
70.090 |
254.349 |
44.823 |
|
Operating Profit |
Value |
109.986 |
68.064 |
275.095 |
74.603 |
|
Gross Operating Margin |
Value |
123.492 |
68.064 |
297.563 |
111.383 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
n.c. |
n.c. |
51,88 |
113,70 |
|
Debts to suppliers average term |
Days |
n.c. |
n.c. |
n.c. |
118,14 |
|
Average stock waiting period |
Days |
34,59 |
38,58 |
6,38 |
72,90 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,34 |
1,39 |
1,68 |
1,25 |
|
Rate of stock return |
Units |
10,41 |
9,33 |
56,39 |
4,88 |
|
Labour cost incidence |
% |
2,74 |
2,56 |
3,12 |
8,14 |
|
Net financial revenues/ charges incidence |
% |
0,06 |
0,89 |
0,82 |
-1,38 |
|
Labour cost on purchasing expenses |
% |
2,84 |
2,39 |
3,46 |
8,25 |
|
Short-term financing charges |
% |
n.c. |
n.c. |
n.c. |
2,76 |
|
Capital on hand |
% |
74,70 |
71,73 |
59,66 |
79,85 |
|
Sales pro employee |
Value |
1.231.362 |
1.656.366 |
1.144.768 |
397.742 |
|
Labour cost pro employee |
Value |
33.775 |
42.377 |
35.728 |
33.267 |
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 expenses 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 9.175
significant companies.
The companies cash their credits on an
average of 114 dd.
The average duration of suppliers debts is
about 118 dd.
The sector's profitability is on an average
of 2,03%.
The labour cost affects the turnover in the
measure of 8,14%.
Goods are held in stock in a range of 73 dd.
The difference between the sales volume and
the resources used to realize it is about 1,25.
The employees costs represent the 8,25% of
the production costs.
Statistical
Detrimental Data
Statistically the trade activity passes through
serious crises.
The area is statistically considered lowly
risky.
In the region 50.886 protested subjects are
found; in the province they count to 4.150.
The insolvency index for the region is 0,55,
, while for the province it is 0,41.
Total Bankrupt companies in the province :
4.376.
Total Bankrupt companies in the region :
39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.57 |
|
|
1 |
Rs. 99.20 |
|
Euro |
1 |
Rs. 70.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSM |
|
|
|
|
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.