|
Report No. : |
330323 |
|
Report Date : |
06.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
MORIAN S.R.L. |
|
|
|
|
Registered Office : |
Via Codebelli, 2 Vallalta, 41030 - Concordia Sulla Secchia (MO) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
26.09.1989 |
|
|
|
|
Legal Form : |
Sole-Member Limited Liability Company |
|
|
|
|
Line of Business : |
·
Wholesale of Textiles ·
Wholesale of Haberdashery, Threads, Yarns and
Braiding |
|
|
|
|
No. of Employees : |
From 6 to 10 |
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 |
|
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 |
MORIAN S.R.L.
Via Codebelli, 2 VALLALTA
41030 - Concordia sulla Secchia
(MO) -IT-
|
Fiscal Code |
: |
01877820363 |
|
Legal Form |
: |
Sole-Member Limited Liability Company |
|
start of Activities |
: |
26/09/1989 |
|
Equity |
: |
1.500.000 |
|
Turnover Range |
: |
7.750.000/9.000.000 |
|
Number of Employees |
: |
fom 6 to 10 |
Wholesale of textiles
Wholesale of haberdashery, threads, yarns and braiding
Legal Form : Sole-Member Limited Liability Company
|
Fiscal Code : 01877820363 |
|
Foreign Trade Reg. no. : MO009231 since 08/01/1992 |
|
Foreign Trade Reg. no. : 508226 of Modena |
|
Chamber of Commerce no. : 248973 of Modena since 24/01/1989 |
|
V.A.T. Code : 01877820363 |
|
Tribunal Co. Register : 30023 of since 20/01/1989 |
|
Foundation date |
: 03/01/1989 |
|
|
Establishment date |
: 03/01/1989 |
|
|
Start of Activities |
: 26/09/1989 |
|
|
Legal duration |
: 31/12/2030 |
|
|
Nominal Capital |
: 46.800 |
|
|
Subscribed Capital |
: 46.800 |
|
|
Paid up Capital |
: 46.800 |
|
Legal mail : |
MORIAN@PEC.MORIAN.IT |
|
|
Morselli |
Roberto |
|
|
Born in Concordia sulla Secchia |
(MO) |
on 01/04/1965 |
- Fiscal Code : MRSRRT65D01C951Q |
|
|
Residence: |
Codebelli |
, 2 |
- 41033 |
Concordia sulla Secchia |
(MO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
26/02/1997 |
||
|
Sole partner |
19/12/2005 |
|
|
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.
|
|
Morselli |
Roberto |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Tre Emme Snc Di Morselli Roberto E C. |
Mirandola (MO) - IT - |
03444640365 |
Partner |
Active |
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 |
|
Morselli Roberto |
Concordia sulla Secchia - IT - |
MRSRRT65D01C951Q |
100,00 |
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 |
since 26/09/1989 |
|
Codebelli |
, 2 |
- 41033 |
- Concordia sulla Secchia |
(MO) |
- IT - |
|
Total Surface: 120 Sq.mt. |
|
PHONE |
: 053540510 |
|
Legal mail |
: MORIAN@PEC.MORIAN.IT |
|
- |
Branch |
(Store) |
since 01/07/2008 |
|
G. Di Vittorio |
, 7 |
- 41033 |
- Concordia sulla Secchia |
(MO) |
- IT - |
|
- |
Branch |
(Store) |
since 01/11/2014 |
|
Novella |
, 32/34 |
- 41033 |
- Concordia sulla Secchia |
(MO) |
- IT - |
|
Employees |
: 6 |
|
Assistants |
: 1 |
|
Fittings and Equipment for a value of 98.000 |
Eur |
|
Stocks for a value of 770.000 |
Eur |
The firm operates abroad as importer / exporter..
To purchase foreign products the firm uses the following channels :
|
- direct orders to foreign companies |
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:
|
- Austria |
|
- Cyprus |
Export is mainly towards:
|
- Austria |
|
- Cyprus |
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
General partnership |
Limited liability company |
26/09/1989 |
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.
Financial and Economical Analysis
The company is active since 1989
Balance sheets for the years 2012, 2013 and 2014 were analyzed.
During the last years, it achieved profits (r.o.e. 8,51% on 2014) and
during the last financial year an increase in sales volume was registered
(+20,1% in 2014).
The return on Investment in the last financial year was positive (6,44%)
and in line with the sector's average.
An operating result of Eur. 292.514 has been registered. increasing if
compared to the yeart 2013.
The economic management produced a gross operating margin of Eur.
340.762 growing by 23,16% if compared to the year before.
The financial status of the company is fairly balanced with an
indebtedness level of 2,68 and decreasing as against 2013.
Subject can manage an equity capital funds for an amount of Eur.
1.234.751 , rising by 20,51%.
Total debts recorded amounted to Eur. 3.829.260 (Eur. 515.958 of which
were m/l term debts) , a more or less stable value.
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.
Due from customers average term is high and equal to 142,11 days.
besides being higher than the sector's average.
During financial year 2014 the cash flow amounted to Eur. 153.330
Labour cost amounts to Eur. 201.778, with a 2,47% incidence on
production costs. , with a 2,41% incidence on turnover.
High incidence of financial charges on turnover.
|
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
8.380.152 |
|
Profit (Loss) for the period |
105.082 |
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
6.977.109 |
|
Profit (Loss) for the period |
67.642 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.607.592 |
|
Profit (Loss) for the period |
60.885 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
8.267.290 |
|
Profit (Loss) for the period |
73.777 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
6.638.722 |
|
Profit (Loss) for the period |
5.390 |
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 |
0,07 |
0,07 |
0,06 |
0,09 |
|
Elasticity Ratio |
Units |
0,93 |
0,93 |
0,94 |
0,89 |
|
Availability of stock |
Units |
0,17 |
0,22 |
0,19 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,76 |
0,72 |
0,75 |
0,54 |
|
Quick Ratio |
Units |
0,00 |
0,00 |
n.c. |
0,03 |
|
COMPOSITION ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
2,68 |
2,76 |
3,09 |
3,95 |
|
Self Financing Ratio |
Units |
0,27 |
0,22 |
0,18 |
0,17 |
|
Capital protection Ratio |
Units |
0,79 |
0,89 |
0,89 |
0,62 |
|
Liabilities consolidation quotient |
Units |
0,18 |
0,29 |
0,44 |
0,10 |
|
Financing |
Units |
3,10 |
3,50 |
4,40 |
4,85 |
|
Permanent Indebtedness Ratio |
Units |
0,40 |
0,39 |
0,43 |
0,29 |
|
M/L term Debts Ratio |
Units |
0,13 |
0,18 |
0,25 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
2,07 |
2,83 |
3,27 |
1,04 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
6,08 |
5,90 |
6,77 |
2,37 |
|
Current ratio |
Units |
1,28 |
1,56 |
1,66 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,05 |
1,19 |
1,33 |
0,80 |
|
Structure's primary quotient |
Units |
4,10 |
3,26 |
2,86 |
1,48 |
|
Treasury's primary quotient |
Units |
0,00 |
0,00 |
n.c. |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
367,88 |
460,36 |
547,78 |
602,26 |
|
Current Capital ( net ) |
Value |
927.771 |
1.573.845 |
1.949.854 |
191.984 |
|
RETURN |
|||||
|
Return on Sales |
% |
1,83 |
1,78 |
1,55 |
2,03 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
8,51 |
6,60 |
6,36 |
6,31 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
13,97 |
12,55 |
13,60 |
17,00 |
|
Return on Investment ( R.O.I. ) |
% |
6,44 |
4,67 |
5,48 |
4,18 |
|
Return/ Sales |
% |
3,49 |
3,16 |
3,77 |
3,46 |
|
Extra Management revenues/charges incid. |
% |
35,92 |
30,69 |
21,21 |
27,96 |
|
Cash Flow |
Value |
153.330 |
123.917 |
117.589 |
44.823 |
|
Operating Profit |
Value |
292.514 |
220.387 |
287.112 |
74.603 |
|
Gross Operating Margin |
Value |
340.762 |
276.662 |
343.816 |
111.383 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
142,11 |
164,96 |
180,65 |
113,70 |
|
Debts to suppliers average term |
Days |
30,37 |
30,36 |
41,27 |
118,14 |
|
Average stock waiting period |
Days |
33,20 |
53,12 |
45,94 |
72,90 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,84 |
1,48 |
1,45 |
1,25 |
|
Rate of stock return |
Units |
10,84 |
6,78 |
7,84 |
4,88 |
|
Labour cost incidence |
% |
2,41 |
2,88 |
2,25 |
8,14 |
|
Net financial revenues/ charges incidence |
% |
-1,54 |
-1,19 |
-1,82 |
-1,38 |
|
Labour cost on purchasing expenses |
% |
2,47 |
2,97 |
2,33 |
8,25 |
|
Short-term financing charges |
% |
3,36 |
2,31 |
3,30 |
2,76 |
|
Capital on hand |
% |
54,20 |
67,60 |
68,90 |
79,85 |
|
Sales pro employee |
Value |
1.396.692 |
1.162.851 |
1.521.518 |
397.742 |
|
Labour cost pro employee |
Value |
33.629 |
33.525 |
34.252 |
33.267 |
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 |
: |
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 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.
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.63.40 |
|
|
1 |
Rs.98.94 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.