MIRA INFORM REPORT
|
Report No. : |
343141 |
|
Report Date : |
02.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
POLO GROUP S.R.L. |
|
|
|
|
Registered Office : |
Via Del Mandorlo, 34 70022 –
Altamura (BA) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
29.07.1999 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Manufacture of armchairs and
sofas |
|
|
|
|
No. of Employees : |
from 26 to 35 |
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 Complaint |
|
|
|
|
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
|
Polo Group S.r.l. |
|
Via Del Mandorlo, 34 |
|
70022 – Altamura (BA) -IT- |
Summary
|
Fiscal Code |
: |
05374910726 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
01/02/2000 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
20.000.000/25.000.000 |
|
Number of Employees |
: |
from 26 to 35 |
Activity
MANUFACTURE OF FURNITURE
Manufacture of armchairs and
sofas
Legal Data
Legal Form : Limited liability
company
|
Fiscal Code : 05374910726 |
|
Chamber of Commerce no. :
414700 of Bari since 02/09/1999 |
|
Firms' Register :
BA-1999-64509 of Bari |
|
V.A.T. Code : 05374910726 |
|
Establishment date |
: 29/07/1999 |
|
|
Start of Activities |
: 01/02/2000 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 300.000 |
|
|
Subscribed Capital |
: 300.000 |
|
|
Paid up Capital |
: 300.000 |
|
Legal mail : |
POLOGROUPSRL@PEC.IT |
Members
|
|
Cornacchia |
Antonio |
|
Born in Altamura |
(BA) |
on 16/12/1971 |
- Fiscal Code :
CRNNTN71T16A225U |
|
Residence: |
Della Cicoriella |
, 15 |
- 70022 |
Altamura |
(BA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
23/12/2014 |
|
No Prejudicial events are
reported |
|
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.
|
|
Cornacchia |
Antonio |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Copietra Sud S.R.L. |
Altamura (BA) - IT - |
01222500728 |
Sole Director |
Withdrawn |
Registered |
|
Espresso Divani Societa' A
Responsabilita' Limitata |
Altamura (BA) - IT - |
07246690726 |
Sole Director |
Active |
Registered |
|
Mo.do. Italia Societa' A
Responsabilita'Limitata |
Altamura (BA) - IT - |
07258590723 |
Liquidator |
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.
Capital Shareholders
Shareholders' list as at date
of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Cornacchia Antonio |
Altamura - IT - |
CRNNTN71T16A225U |
102.000 .Eur |
34,00 |
|
Cornacchia Nicola |
Altamura - IT - |
CRNNCL73A27A225B |
66.000 .Eur |
22,00 |
|
Cornacchia Carlo |
CRNCRL74R24A225T |
66.000 .Eur |
22,00 |
|
|
Cornacchia Roberto |
CRNRRT78A19A225Y |
66.000 .Eur |
22,00 |
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 |
|
"nobis Societa'
Consortile A Responsabil Ita' Limitata" In Sigla "nobis
S.c.r.l." |
Bari - IT - |
05212820723 |
1.549 .Eur |
14,99 |
Active |
||
|
Exel S.r.l. |
Milano - IT - |
04240590960 |
3.000 .Eur |
30,00 |
Active |
||
|
Consorzio Clemobili |
06429210724 |
Active |
Firm's location and structure
In order to carry out its
activities the firm uses the following locations:
|
Legal and operative seat |
|
Del Mandorlo |
, 34 |
- 70022 |
- Altamura |
(BA) |
- IT - |
|
PHONE |
: 0803163811 |
|
FAX |
: 0803163855 |
|
Legal mail |
: POLOGROUPSRL@PEC.IT |
|
Branch |
(Warehouse) |
since 01/05/2015 |
|
Graviscella |
, SNC |
- 70022 |
- Altamura |
(BA) |
- IT - |
|
Employees |
: 35 |
|
Fittings and Equipment for a
value of 130.000 |
Eur |
|
Stocks for a value of
2.360.000 |
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 2000
An eco-fin analysis has been
made on the base od the b/s fo the years 2012, 2013 and 2014.
During the last years, it achieved
profits (r.o.e. 5,74% on 2014) but without a significant increase in the
turnover.
The operating result was
positive in the last financial year (4,19%) and in line with the sector's
average.
The operating result is
positive and amounts to Eur. 509.951 increasing if compared to the yeart 2013.
The gross operating margin of
the latest financial year is of Eur. 1.056.778 stable if compared to the
financial year 2013.
The analysis shows a fair
financial position as the indebtedness volume is acceptable (1,41) yet on the
increase as against the previous accounting period.
The equity capital is equal to
Eur. 3.579.637 on the same levels as the year before.
Total debts recorded amounted
to Eur. 7.745.614 (Eur. 2.492.761 of which were m/l term debts) with no
important change.
The exposure towards banks is
slightly high, the recourse to suppliers' credit is limited which is also lower
than the sector average.
The liquidity level is
positive (1,77).
Credits are collected in 87,49
days on the average. , on the same levels as the sector's average.
During financial year 2014 the
cash flow amounted to Eur. 677.278
In the last financial year
labour cost was of Eur. 1.642.505, with a 7,32% incidence on total costs of
production. , with a 7,17% incidence on turnover.
The financial management has a
limited economic impact, equal to -0,75% on the sales.
Financial Data
|
|
Complete balance-sheet for
the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
22.895.741 |
|
Profit (Loss) for the period |
205.451 |
|
|
Complete balance-sheet for
the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
22.794.927 |
|
Profit (Loss) for the period |
158.764 |
|
|
Complete balance-sheet for
the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
21.198.659 |
|
Profit (Loss) for the period |
62.105 |
|
|
Complete balance-sheet for
the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
19.110.692 |
|
Profit (Loss) for the period |
52.265 |
|
|
Complete balance-sheet for
the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
16.315.485 |
|
Profit (Loss) for the period |
37.632 |
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 |
0,24 |
0,24 |
0,26 |
0,25 |
|
Elasticity Ratio |
Units |
0,76 |
0,75 |
0,74 |
0,72 |
|
Availability of stock |
Units |
0,19 |
0,21 |
0,18 |
0,20 |
|
Total Liquidity Ratio |
Units |
0,57 |
0,55 |
0,56 |
0,45 |
|
Quick Ratio |
Units |
0,02 |
0,03 |
0,02 |
0,02 |
|
COMPOSITION ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
1,41 |
1,10 |
1,46 |
2,92 |
|
Self Financing Ratio |
Units |
0,29 |
0,32 |
0,32 |
0,19 |
|
Capital protection Ratio |
Units |
0,86 |
0,90 |
0,92 |
0,71 |
|
Liabilities consolidation
quotient |
Units |
0,47 |
0,64 |
0,28 |
0,22 |
|
Financing |
Units |
2,16 |
1,94 |
1,94 |
3,80 |
|
Permanent Indebtedness Ratio |
Units |
0,50 |
0,56 |
0,45 |
0,38 |
|
M/L term Debts Ratio |
Units |
0,20 |
0,24 |
0,14 |
0,12 |
|
Net Financial Indebtedness
Ratio |
Units |
1,09 |
1,06 |
1,00 |
0,97 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
2,11 |
2,31 |
1,74 |
1,26 |
|
Current ratio |
Units |
1,77 |
2,01 |
1,54 |
1,13 |
|
Acid Test Ratio-Liquidity
Ratio |
Units |
1,32 |
1,46 |
1,17 |
0,75 |
|
Structure's primary quotient |
Units |
1,24 |
1,31 |
1,22 |
0,76 |
|
Treasury's primary quotient |
Units |
0,04 |
0,07 |
0,04 |
0,04 |
|
Rate of indebtedness (
Leverage ) |
% |
340,28 |
315,98 |
315,86 |
515,14 |
|
Current Capital ( net ) |
Value |
4.027.743 |
5.248.492 |
3.669.909 |
177.926 |
|
RETURN |
|||||
|
Return on Sales |
% |
2,96 |
4,20 |
5,33 |
2,74 |
|
Return on Equity - Net- (
R.O.E. ) |
% |
5,74 |
3,63 |
1,38 |
1,67 |
|
Return on Equity - Gross - (
R.O.E. ) |
% |
9,37 |
5,82 |
3,15 |
8,36 |
|
Return on Investment (
R.O.I. ) |
% |
4,19 |
2,88 |
3,92 |
3,41 |
|
Return/ Sales |
% |
2,23 |
1,75 |
2,64 |
3,12 |
|
Extra Management
revenues/charges incid. |
% |
40,29 |
39,88 |
11,09 |
15,78 |
|
Cash Flow |
Value |
677.278 |
956.642 |
1.129.427 |
76.501 |
|
Operating Profit |
Value |
509.951 |
398.143 |
559.773 |
88.970 |
|
Gross Operating Margin |
Value |
1.056.778 |
1.196.021 |
1.627.095 |
173.361 |
|
MANAGEMENT |
|||||
|
Credits to clients average
term |
Days |
87,49 |
93,44 |
104,07 |
100,31 |
|
Debts to suppliers average
term |
Days |
62,15 |
57,35 |
73,63 |
115,26 |
|
Average stock waiting period |
Days |
37,11 |
45,04 |
42,52 |
67,16 |
|
Rate of capital employed
return ( Turnover ) |
Units |
1,88 |
1,65 |
1,49 |
1,08 |
|
Rate of stock return |
Units |
9,70 |
7,99 |
8,47 |
5,32 |
|
Labour cost incidence |
% |
7,17 |
6,85 |
2,94 |
17,27 |
|
Net financial revenues/
charges incidence |
% |
-0,75 |
-0,63 |
-1,99 |
-1,88 |
|
Labour cost on purchasing
expenses |
% |
7,32 |
6,86 |
2,90 |
16,89 |
|
Short-term financing charges |
% |
2,22 |
1,71 |
4,82 |
3,16 |
|
Capital on hand |
% |
53,20 |
60,63 |
67,28 |
92,21 |
|
Sales pro employee |
Value |
602.519 |
814.104 |
1.413.243 |
183.224 |
|
Labour cost pro employee |
Value |
43.223 |
55.759 |
41.485 |
32.179 |
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 2.257 significant companies.
The companies cash their
credits on an average of 100 dd.
The average duration of
suppliers debts is about 115 dd.
The sector's profitability is
on an average of 2,74%.
The labour cost affects the
turnover in the measure of 17,27%.
Goods are held in stock in a
range of 67 dd.
The difference between the
sales volume and the resources used to realize it is about 1,08.
The employees costs represent
the 16,89% of the production costs.
Statistical Detrimental Data
Statistically the trade
activity passes through serious crises.
The area is statistically
considered remarkably risky.
In the region 41.341 protested
subjects are found; in the province they count to 14.510.
The insolvency index for the
region is 1,02, , while for the province it is 0,92.
Total Bankrupt companies in
the province : 8.292.
Total Bankrupt companies in
the region : 15.496.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.55 |
|
UK Pound |
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
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.