MIRA INFORM REPORT
|
Report No. : |
329821 |
|
Report Date : |
30.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
VIPA S.P.A. |
|
|
|
|
Registered Office : |
Via Abetone,
20/22, 41012 -Carpi (MO) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
29.12.1973 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Wholesale
of Furniture, Rugs and Lighting Equipment. |
|
|
|
|
No. of Employees : |
From 71 to 90 |
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 |
Company
Name and address
VIPA S.P.A.
Via Abetone, 20/22
41012 – Carpi (MO)
-IT-
Summary
|
Fiscal
Code |
: |
00007080369 |
|
Legal
Form |
: |
Joint
stock company |
|
Foundation
Date |
: |
29/12/1973 |
|
Equity |
: |
Over
2.582.254 |
|
Turnover
Range |
: |
25.000.000/35.000.000
|
|
Number
of Employees |
: |
from
71 to 90 |
Activity
Wholesale
of furniture, rugs and lighting equipment
Legal
Data
Legal
Form : Joint stock company
|
Fiscal
Code : 00007080369 |
|
Foreign
Trade Reg. no. : MO007110 since 08/01/1992 |
|
Foreign
Trade Reg. no. : 7110 of Modena since 08/01/1992 |
|
Chamber
of Commerce no. : 160574 of Modena since 30/01/1974 |
|
Chamber
of Commerce no. : 193822 of Reggio Emilia |
|
Firms'
Register : MO023-7266 of Modena since 19/02/1996 |
|
V.A.T.
Code : 00007080369 |
|
R.
E. C. no. : 14933 of Modena since 09/04/1974 |
|
Foundation
date |
:
29/12/1973 |
|
Establishment
date |
:
29/12/1973 |
|
Legal
duration |
:
31/12/2050 |
|
Nominal
Capital |
:
1.033.000 |
|
Subscribed
Capital |
:
1.033.000 |
|
Paid
up Capital |
:
1.033.000 |
|
Legal
mail : |
Members
|
|
Vaccari |
Leandrina |
|
|
Born
in Soliera |
(MO) |
on
12/04/1938 |
-
Fiscal Code : VCCLDR38D52I802M |
|
|
Residence: |
Lenin |
,
52 |
-
41012 |
Carpi |
(MO) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
28/06/2013 |
||
|
Board
Chairman |
28/06/2013 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
|
|
Poppi |
Paolo |
|
|
Born
in Soliera |
(MO) |
on
04/01/1960 |
-
Fiscal Code : PPPPLA60A04I802T |
|
|
Residence: |
Delle
Querce |
,
34 |
-
41019 |
Soliera |
(MO) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
28/06/2013 |
|
|
No
Prejudicial events are reported |
|
|
Pederzoli |
Silvio |
|
|
Born
in Carpi |
(MO) |
on
15/03/1943 |
-
Fiscal Code : PDRSLV43C15B819A |
|
|
Residence: |
Carducci |
,
33 |
-
41012 |
Carpi |
(MO) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Auditor |
11/05/2015 |
|
|
Poppi |
Vilson |
|
|
Born
in Soliera |
(MO) |
on
19/09/1955 |
-
Fiscal Code : PPPVSN55P19I802M |
|
|
Residence: |
Borsellino |
,
42 |
-
42047 |
Rolo |
(RE) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
28/06/2013 |
|
|
No
Prejudicial events are reported |
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.
|
|
Vaccari |
Leandrina |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
Valp
S.a.s. Di Vaccari Leandrina |
Carpi
(MO) - IT - |
02688040365 |
General
Partner |
Active |
Registered |
|
Fervit
Fasteners S.p.a. |
Modena
(MO) - IT - |
03282480403 |
Sole
Director |
Active |
Registered |
|
Vipa
Group Srl |
Carpi
(MO) - IT - |
03234590366 |
Director |
Active |
Registered |
|
Vipa
Group Srl |
Carpi
(MO) - IT - |
03234590366 |
Board
Chairman |
Active |
Registered |
|
Immobiliare
Piemme S.r.l. |
Rolo
(RE) - IT - |
02473620355 |
Sole
Director |
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.
Capital
Shareholders
Shareholders'
list as at date of data collection:
|
Firm's
Style / Name |
Seat
/ Residence |
Fiscal
Code |
Owned
Shares |
%
Ownership |
|
Vaccari
Leandrina |
Carpi
- IT - |
VCCLDR38D52I802M |
516.500
.Eur |
50,00 |
|
Poppi
Paolo |
Soliera
- IT - |
PPPPLA60A04I802T |
516.500
.Eur |
50,00 |
|
Poppi
Vilson |
Rolo
- IT - |
PPPVSN55P19I802M |
516.500
.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 |
|
Consorzio
Indipendente Per I Servizi All 'impresa |
08458740969 |
100
.Eur |
0,83 |
Active |
|||
|
Vipa
Group Srl |
Carpi
- IT - |
03234590366 |
12.000
.Eur |
100,00 |
Active |
Firm's
location and structure
In
order to carry out its activities the firm uses the following locations:
|
- |
Legal
and operative seat |
since
16/03/1981 |
|
Abetone |
,
20/22 |
-
41012 |
-
Carpi |
(MO) |
-
IT - |
|
PHONE |
:
059688727 |
|
PHONE |
:
0522658900 |
|
Legal
mail |
:
PEC@PEC.VIPASPA.IT |
|
- |
Branch |
(Point
of sale) |
since
08/01/2001 |
|
Cantonazzo |
,
20/23 |
-
42047 |
-
Rolo |
(RE) |
-
IT - |
|
- |
Branch |
(Warehouse) |
since
01/01/2008 |
|
Cantonazzo |
,
SNC |
-
42047 |
-
Rolo |
(RE) |
-
IT - |
|
Employees |
:
73 |
|
Assistants |
:
1 |
|
Fittings
and Equipment for a value of 130.000 |
Eur |
|
Stocks
for a value of 8.700.000 |
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 :
|
-
its own agents |
|
-
direct orders from foreign companies |
Export
is mainly towards:
|
-
Ireland |
|
-
Italy |
Historical Information and/or Firm's Status
CHANGES TO THE LEGAL
FORM:
|
Former
legal form |
New
legal form |
Changement
Date |
|
General
partnership |
Joint
stock company |
06/05/1998 |
COMPANY STYLE MODIFICATIONS:
|
Former
Style |
New
Style |
Changement
Date |
|
Vipa
di Poppi Adelio eamp; C. Snc |
06/05/1998 |
CEASINGS/INCORPORATIONS/MERGES:
|
|
Project
of splitting-up and tranfer into |
|
|
|
|
Abetone |
,
20/22 |
,
41012 |
,
Carpi |
(MO) |
-
IT - |
|
|
Fiscal
Code: 02688040365 |
|
|
Date
|
Merging/splitting-up
project: |
15/10/2001 |
|
|
Splitting-up
and transfer of assets to |
|
|
|
|
Abetone |
,
20/22 |
,
41012 |
,
Carpi |
(MO) |
-
IT - |
|
|
Fiscal
Code: 02688040365 |
|
|
Date
|
Splitting-up:
|
04/03/2002 |
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 1973
An
eco-fin analysis has been made on the base od the b/s fo the years 2011, 2012
and 2013.
During
the last years, it achieved profits (r.o.e. 4,46% on 2013) but without a
significant increase in the turnover.
The
return on Investment in the last financial year was positive (1,01%) and
reflects the field's average.
The
amount of the operating result for the year 2013 is of Eur. 395.458 with a
-84,32% fall as against the year 2012.
During
the latest financial year the gross operating margin amounted to Eur. 852.822
recording a -69,08% decrease.
From
a financial aspect the company's status covers total short-term debts; the
indebtedness volume in 2013 is in fact 0,25 and with an upward trend compared
to the previous year.
The
equity capital is equal to Eur. 26.090.052 on stable levels.
Total
debts recorded amounted to Eur. 11.907.224 (Eur. 1.010.566 of which were m/l
term debts) , a more or less stable value.
Bank
and suppliers credit recourse is limited, 83,99 gg. is payment average period
which is also lower than the sector average.
The
liquidity level is positive (3,06).
Trade
credits average terms are slow, on average 144,02 days. and higher than the
average of the sector.
Eur.
1.421.063 is the value of cash flow during the year 2013
Labour
cost amounts to Eur. 3.037.064, with a 10,84% incidence on production costs.
and a 10,69% incidence on sales volumes.
The
incidence of the financial charges is of -0,61% on the sales amount.
Financial
Data
|
|
Complete
balance-sheet for the year |
al
31/12/2013 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
28.403.549 |
|
Profit
(Loss) for the period |
1.163.699 |
|
|
Complete
balance-sheet for the year |
al
31/12/2012 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
27.499.358 |
|
Profit
(Loss) for the period |
1.789.954 |
|
|
Complete
balance-sheet for the year |
al
31/12/2011 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
31.166.215 |
|
Profit
(Loss) for the period |
1.343.636 |
|
|
Complete
balance-sheet for the year |
al
31/12/2010 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
27.539.907 |
|
Profit
(Loss) for the period |
3.439.870 |
|
|
Complete
balance-sheet for the year |
al
31/12/2009 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
22.151.496 |
|
Profit
(Loss) for the period |
422.777 |
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 |
0,11 |
0,08 |
0,07 |
0,09 |
|
Elasticity
Ratio |
Units |
0,85 |
0,88 |
0,86 |
0,89 |
|
Availability
of stock |
Units |
0,22 |
0,29 |
0,30 |
0,26 |
|
Total
Liquidity Ratio |
Units |
0,63 |
0,58 |
0,56 |
0,54 |
|
Quick
Ratio |
Units |
0,11 |
0,07 |
0,03 |
0,03 |
|
COMPOSITION
ON SOURCE |
|||||
|
Net
Short-term indebtedness |
Units |
0,25 |
0,28 |
0,42 |
3,95 |
|
Self
Financing Ratio |
Units |
0,67 |
0,69 |
0,66 |
0,17 |
|
Capital
protection Ratio |
Units |
0,92 |
0,89 |
0,90 |
0,62 |
|
Liabilities
consolidation quotient |
Units |
0,11 |
0,13 |
0,02 |
0,10 |
|
Financing |
Units |
0,46 |
0,42 |
0,47 |
4,85 |
|
Permanent
Indebtedness Ratio |
Units |
0,70 |
0,72 |
0,67 |
0,29 |
|
M/L
term Debts Ratio |
Units |
0,03 |
0,03 |
0,01 |
0,07 |
|
Net
Financial Indebtedness Ratio |
Units |
0,08 |
0,14 |
0,28 |
1,04 |
|
CORRELATION |
|||||
|
Fixed
assets ratio |
Units |
6,15 |
8,72 |
9,44 |
2,37 |
|
Current
ratio |
Units |
3,06 |
3,37 |
2,74 |
1,18 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
2,26 |
2,24 |
1,77 |
0,80 |
|
Structure's
primary quotient |
Units |
5,87 |
8,32 |
9,35 |
1,48 |
|
Treasury's
primary quotient |
Units |
0,40 |
0,26 |
0,11 |
0,04 |
|
Rate
of indebtedness ( Leverage ) |
% |
149,39 |
145,12 |
150,74 |
602,26 |
|
Current
Capital ( net ) |
Value |
22.405.074 |
22.328.374 |
19.014.835 |
191.984 |
|
RETURN |
|||||
|
Return
on Sales |
% |
5,00 |
7,37 |
4,98 |
2,03 |
|
Return
on Equity - Net- ( R.O.E. ) |
% |
4,46 |
7,18 |
5,81 |
6,31 |
|
Return
on Equity - Gross - ( R.O.E. ) |
% |
7,27 |
10,73 |
9,10 |
17,00 |
|
Return
on Investment ( R.O.I. ) |
% |
1,01 |
6,97 |
6,52 |
4,18 |
|
Return/
Sales |
% |
1,39 |
9,17 |
7,30 |
3,46 |
|
Extra
Management revenues/charges incid. |
% |
294,27 |
70,97 |
59,06 |
27,96 |
|
Cash
Flow |
Value |
1.421.063 |
2.026.567 |
1.551.242 |
44.823 |
|
Operating
Profit |
Value |
395.458 |
2.522.272 |
2.274.962 |
74.603 |
|
Gross
Operating Margin |
Value |
852.822 |
2.758.885 |
2.482.568 |
111.383 |
|
MANAGEMENT |
|||||
|
Credits
to clients average term |
Days |
144,02 |
126,45 |
129,35 |
113,70 |
|
Debts
to suppliers average term |
Days |
83,99 |
68,41 |
34,77 |
118,14 |
|
Average
stock waiting period |
Days |
110,21 |
138,83 |
121,90 |
72,90 |
|
Rate
of capital employed return ( Turnover ) |
Units |
0,73 |
0,76 |
0,89 |
1,25 |
|
Rate
of stock return |
Units |
3,27 |
2,59 |
2,95 |
4,88 |
|
Labour
cost incidence |
% |
10,69 |
10,40 |
8,94 |
8,14 |
|
Net
financial revenues/ charges incidence |
% |
-0,61 |
-0,76 |
-0,67 |
-1,38 |
|
Labour
cost on purchasing expenses |
% |
10,84 |
11,50 |
9,61 |
8,25 |
|
Short-term
financing charges |
% |
1,63 |
2,54 |
2,31 |
2,76 |
|
Capital
on hand |
% |
137,22 |
131,54 |
111,90 |
79,85 |
|
Sales
pro employee |
Value |
302.165 |
308.981 |
358.232 |
397.742 |
|
Labour
cost pro employee |
Value |
32.309 |
32.138 |
32.016 |
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 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 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
Statistcally
the trade activity shows periods of crisis.
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.63.92 |
|
|
1 |
Rs.100.40 |
|
Euro |
1 |
Rs.70.41 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.