MIRA INFORM REPORT
|
Report No. : |
344963 |
|
Report Date : |
17.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
BSC SPA |
|
|
|
|
Registered Office : |
Via Xx Settembre 1870, 50 47923 – Rimini (RN) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
18.02.2011 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Wholesale of various non-food consumer goods |
|
|
|
|
No. of Employee : |
fom 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 |
Company
name and address
BSC SPA
Via Xx Settembre 1870, 50
47923 – Rimini
(RN) -IT-
Summary
|
Fiscal Code |
: |
02431200415 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
18/02/2011 |
|
Equity |
: |
300.000 |
|
Turnover Range |
: |
3.000.000/3.750.000 |
|
Number of Employees |
: |
fom 6 to 10 |
|
n.b.: The Creditworthness Rate shows, in percentage, the ratio between
the suggested credit opinion and the credit amount that the firm could get if
the financial situation would be completely positive. |
Activity
Wholesale of various non-food consumer goods
Legal
Data
Legal Form : Joint stock company
|
Fiscal Code : 02431200415 |
|
Chamber of Commerce no. : 319985 of Rimini since 05/04/2012 |
|
Chamber of Commerce no. : 1135770 of Torino |
|
V.A.T. Code : 02431200415 |
|
Establishment date |
: 26/11/2010 |
|
|
Start of Activities |
: 18/02/2011 |
|
|
Legal duration |
: 31/12/2080 |
|
|
Nominal Capital |
: 120.000 |
|
|
Subscribed Capital |
: 120.000 |
|
|
Paid up Capital |
: 120.000 |
|
Legal mail : |
BSCSRL10@PEC.IT |
Members
|
|
Enrico-meina |
Federico |
|
|
Born in Torino |
(TO) |
on 08/02/1976 |
- Fiscal Code : NRCFRC76B08L219H |
|
|
Residence: |
San Leone |
, 5 |
- 12030 |
Manta |
(CN) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
05/03/2013 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Garzia |
Giuseppe |
|
|
Born in Casarano |
(LE) |
on 11/02/1977 |
- Fiscal Code : GRZGPP77B11B936O |
|
|
Residence: |
Baracca |
, 8 |
- 73046 |
Matino |
(LE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Institor |
06/06/2011 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Cavioli |
Andrea |
|
|
Born in Rimini |
(FO) |
on 03/08/1974 |
- Fiscal Code : CVLNDR74M03H294N |
|
|
Residence: |
Elisabetta Sirani |
, 3 |
- 47923 |
Rimini |
(RN) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
21/03/2013 |
|
|
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.
|
|
Enrico-meina |
Federico |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Il Baco Da Seta Di Enrico Meina Gian Luigi E C. Societa' Semplice
Agricola |
Manta (CN) - IT - |
03037330044 |
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.
Capital
Shareholders
Shareholders' list as at date of data collection:
|
Firm's Style /
Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Sacchi Laura Adele |
SCCLDL72M41L219X |
12.000 .Eur |
10,00 |
|
|
Enrico-meina Federico |
Manta - IT - |
NRCFRC76B08L219H |
62.600 .Eur |
52,16 |
|
Garzia Giuseppe |
Matino - IT - |
GRZGPP77B11B936O |
28.100 .Eur |
23,41 |
|
Cavioli Andrea |
Rimini - IT - |
CVLNDR74M03H294N |
17.300 .Eur |
14,41 |
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 |
|
Stylish Italy Srl |
04021780400 |
7.500 .Eur |
75,00 |
Active |
Firm's
location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
Xx Settembre 1870 |
, 50 |
- 47037 |
- Rimini |
(RN) |
- IT - |
|
Total Surface: 100 Sq.mt. |
|
Legal mail |
: BSCSRL10@PEC.IT |
|
Employees |
: 8 |
|
Stocks for a value of 450.000 |
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 under review started the activities in 2011.
The analysis is based on the latest 3 balance sheets.
During the last years, it achieved profits (r.o.e. 9,98% on 2014) with a
good increase in turnover (+7,15% in 2014 compared to 2013 and +28,99% in 2013
compared to 2012).
The return on Investment in the last financial year was positive (7,65%)
and in line with the sector's average.
The amount of the operating result is equal to Eur. 124.219 with an
increase of 24,34% if the compared to the previous financial year.
During the latest financial year the gross operating margin amounted to
Eur. 154.666 showing a 26,98% growth.
The financial status of the company is fairly balanced with an
indebtedness level of 3,33 and decreasing as against 2013.
With regard to equity capital, an amount of Eur. 292.200 is registered.
on stable levels.
Total indebtedness totalled Eur. 1.244.290, , a more or less stable
value.
Bank borrowings' volume is slightly high but the recourse to suppliers'
credit is modest below the sector's average.
The management determines a good range of liquidity.
On average trade credits are collected in 84,1 days. , lower than the
sector's average.
2014 financial year closed with a cash flow of Eur. 59.594
Subordinate employment cost is of Eur. 283.388, i.e. 8,16% on total
production costs. , whereas the incidence of such costs on sales revenues is
equal to 8,12%.
The financial management has a limited economic impact, equal to -1,26%
on the sales.
Financial
Data
|
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.488.778 |
|
Profit (Loss) for the period |
29.147 |
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.255.795 |
|
Profit (Loss) for the period |
21.588 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.523.969 |
|
Profit (Loss) for the period |
27.469 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.699.454 |
|
Profit (Loss) for the period |
204.297 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Profit (Loss) for the period |
-300 |
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 |
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 |
0,04 |
0,05 |
0,05 |
0,09 |
|
Elasticity Ratio |
Units |
0,96 |
0,93 |
0,95 |
0,89 |
|
Availability of stock |
Units |
0,28 |
0,09 |
0,09 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,69 |
0,83 |
0,86 |
0,54 |
|
Quick Ratio |
Units |
0,17 |
0,14 |
0,10 |
0,03 |
|
COMPOSITION ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
3,33 |
3,74 |
3,53 |
3,95 |
|
Self Financing Ratio |
Units |
0,18 |
0,16 |
0,19 |
0,17 |
|
Capital protection Ratio |
Units |
0,49 |
0,46 |
0,84 |
0,62 |
|
Liabilities consolidation quotient |
Units |
0,03 |
0,05 |
0,02 |
0,10 |
|
Financing |
Units |
4,26 |
4,74 |
4,07 |
4,85 |
|
Permanent Indebtedness Ratio |
Units |
0,20 |
0,20 |
0,20 |
0,29 |
|
M/L term Debts Ratio |
Units |
0,02 |
0,04 |
0,01 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
1,56 |
1,08 |
n.c. |
1,04 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
5,62 |
3,89 |
3,75 |
2,37 |
|
Current ratio |
Units |
1,26 |
1,22 |
1,25 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,89 |
1,10 |
1,14 |
0,80 |
|
Structure's primary quotient |
Units |
4,98 |
3,15 |
3,50 |
1,48 |
|
Treasury's primary quotient |
Units |
0,22 |
0,19 |
0,13 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
555,40 |
607,36 |
538,40 |
602,26 |
|
Current Capital ( net ) |
Value |
317.617 |
267.320 |
248.870 |
191.984 |
|
RETURN |
|||||
|
Return on Sales |
% |
1,71 |
1,34 |
2,18 |
2,03 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
9,98 |
8,21 |
11,38 |
6,31 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
28,90 |
25,69 |
31,22 |
17,00 |
|
Return on Investment ( R.O.I. ) |
% |
7,65 |
6,25 |
6,45 |
4,18 |
|
Return/ Sales |
% |
3,56 |
3,07 |
3,32 |
3,46 |
|
Extra Management revenues/charges incid. |
% |
23,46 |
21,61 |
32,73 |
27,96 |
|
Cash Flow |
Value |
59.594 |
43.484 |
55.019 |
44.823 |
|
Operating Profit |
Value |
124.219 |
99.899 |
83.916 |
74.603 |
|
Gross Operating Margin |
Value |
154.666 |
121.795 |
111.466 |
111.383 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
84,10 |
119,67 |
n.c. |
113,70 |
|
Debts to suppliers average term |
Days |
34,29 |
65,59 |
n.c. |
118,14 |
|
Average stock waiting period |
Days |
46,31 |
16,58 |
16,40 |
72,90 |
|
Rate of capital employed return ( Turnover ) |
Units |
2,15 |
2,04 |
1,94 |
1,25 |
|
Rate of stock return |
Units |
7,77 |
21,71 |
21,95 |
4,88 |
|
Labour cost incidence |
% |
8,12 |
8,60 |
7,95 |
8,14 |
|
Net financial revenues/ charges incidence |
% |
-1,26 |
-1,22 |
-0,39 |
-1,38 |
|
Labour cost on purchasing expenses |
% |
8,16 |
8,60 |
7,95 |
8,25 |
|
Short-term financing charges |
% |
3,55 |
3,23 |
1,00 |
2,76 |
|
Capital on hand |
% |
46,52 |
49,07 |
51,51 |
79,85 |
|
Sales pro employee |
Value |
436.097 |
43.410 |
420.661 |
397.742 |
|
Labour cost pro employee |
Value |
35.423 |
3.735 |
33.446 |
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 moderately risky.
In the region 18.860 protested subjects are found; in the province they
count to 2.270.
The insolvency index for the region is 0,46, , while for the province it
is 0,81.
Total Bankrupt companies in the province : 749.
Total Bankrupt companies in the region : 14.698.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.11 |
|
|
1 |
Rs.99.50 |
|
Euro |
1 |
Rs.74.24 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
SDA |
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.