|
Report No. : |
340104 |
|
Report Date : |
11.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
T.S.M FONDI - S.R.L. |
|
|
|
|
Registered Office : |
Contrada Tenna, 89, 63831 – Rapagnano (FM) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
17.03.1983 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture of Leather Articles For Footwear |
|
|
|
|
No. of Employees : |
From 36 To 50 |
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 |
T.S.M FONDI - S.R.L.
Contrada Tenna, 89
63831 – Rapagnano (FM) -IT-
|
Fiscal Code |
: |
00953830445 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
17/03/1983 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
9.000.000/10.000.000 |
|
Number of Employees |
: |
from 36 to 50 |
Manufacture of leather articles for footwear
Legal Form : Limited liability company
|
Fiscal Code : 00953830445 |
|
Foreign Trade Reg. no. : 910 of Ascoli Piceno since 20/12/1991 |
|
Chamber of Commerce no. : 103368 of Ascoli Piceno since 13/05/1983 |
|
Chamber of Commerce no. : 103368 of Fermo since 27/02/2009 |
|
Firms' Register : AP019-3147 of Ascoli Piceno since 19/02/1996 |
|
V.A.T. Code : 00953830445 |
|
Foundation date |
: 11/02/1983 |
|
|
Establishment date |
: 11/02/1983 |
|
|
Start of Activities |
: 17/03/1983 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 244.400 |
|
|
Subscribed Capital |
: 244.400 |
|
|
Paid up Capital |
: 244.400 |
|
Legal mail : |
TSMFONDI@PECGARANTITA.IT |
|
|
Scatasta |
Paolo |
|
|
Born in Sant'Elpidio a Mare |
(AP) |
on 13/10/1944 |
- Fiscal Code : SCTPLA44R13I324Y |
|
|
Residence: |
Castelletta |
, 1 |
- 63025 |
Rapagnano |
(FM) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Marsili |
Bruno |
|
|
Born in Montegiorgio |
(AP) |
on 19/05/1945 |
- Fiscal Code : MRSBRN45E19F520F |
|
|
Residence: |
Taccari |
, 19 |
- 63023 |
Fermo |
(FM) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
20/03/1987 |
||
|
Managing Director |
13/02/2014 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Marsili |
Guerrino |
|
|
Born in Monte Urano |
(AP) |
on 10/07/1939 |
- Fiscal Code : MRSGRN39L10F653Y |
|
|
Residence: |
Incancellata |
, 100/C |
- 63015 |
Monte Urano |
(FM) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
20/03/1987 |
||
|
Partner |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Marsili |
Maria Pia |
|
|
Born in Montegiorgio |
(AP) |
on 05/03/1943 |
- Fiscal Code : MRSMRP43C45F520H |
|
|
Residence: |
Girola Di Valtenna |
, 134 |
- 63900 |
Fermo |
(FM) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
27/02/2015 |
*checkings have been performed on a national scale.
In this module are listed the companies in which members hold or have
holded positions.
|
|
Scatasta |
Paolo |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
C.r.a.m. (consorzio Regionale AccessoriMacchine) |
Fermo (FM) - IT - |
01335670442 |
Director |
Active |
Registered |
|
C.r.a.m. (consorzio Regionale AccessoriMacchine) |
Fermo (FM) - IT - |
01335670442 |
Assistant board
Chairman |
Active |
Registered |
|
Lineapelle S.p.a. |
Milano (MI) - IT - |
12629090155 |
Director |
Withdrawn |
Registered |
|
|
Marsili |
Bruno |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Goter Thermoplastic Compounds S.p.a |
Mosciano Sant'Angelo (TE) - IT - |
00675410674 |
Director |
Withdrawn |
Registered |
|
Goter Thermoplastic Compounds S.p.a |
Mosciano Sant'Angelo (TE) - IT - |
00675410674 |
Partner |
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.
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Scatasta Paolo |
Rapagnano - IT - |
SCTPLA44R13I324Y |
61.100 .Eur |
25,00 |
|
Marsili Bruno |
Fermo - IT - |
MRSBRN45E19F520F |
61.100 .Eur |
25,00 |
|
Marsili Guerrino |
Monte Urano - IT - |
MRSGRN39L10F653Y |
61.100 .Eur |
25,00 |
|
Smerilli Meri |
Francavilla d'Ete - IT - |
SMRMRE65T54D542Z |
20.366 .Eur |
8,33 |
|
Marsili Maria Pia |
Fermo - IT - |
MRSMRP43C45F520H |
20.366 .Eur |
8,33 |
|
Smerilli Marco |
SMRMRC73A26D542N |
20.366 .Eur |
8,33 |
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 |
|
C.r.a.m. (consorzio Regionale Accessori Macchine) |
Fermo - IT - |
01335670442 |
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
Tenna |
, 89 |
- 63020 |
- Rapagnano |
(FM) |
- IT - |
|
PHONE |
: 0734/510764 |
|
PHONE |
: 0734628002 |
|
FAX |
: 0734628005 |
|
Legal mail |
: TSMFONDI@PECGARANTITA.IT |
|
- |
Branch |
(Workshop) |
since 31/10/1984 |
|
Tenna |
, 90 |
- 63020 |
- Rapagnano |
(FM) |
- IT - |
|
PHONE |
: 0734628002 |
|
- |
Branch |
(Store) |
since 31/10/1984 |
|
Tenna |
, 18/BIS |
- 63020 |
- Rapagnano |
(FM) |
- IT - |
|
PHONE |
: 0734510815 |
|
- |
Branch |
(Warehouse) |
since 25/01/1999 |
|
Campiglione |
, 20 |
- 63023 |
- Fermo |
(FM) |
- IT - |
|
- |
Branch |
(Warehouse) |
since 10/04/2015 |
|
Po |
, 6 |
- 63023 |
- Fermo |
(FM) |
- IT - |
|
Employees |
: 36 |
|
Fittings and Equipment for a value of 2.440.000 |
Eur |
|
Stocks for a value of 440.000 |
Eur |
The firm operates abroad as exporter..
Export represents up to 20% of the global turnover.
Products abroad are placed by :
|
- importers |
|
- its own agents |
Export is mainly towards:
|
- Greece |
|
- Ireland |
|
- Cyprus |
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.
Company's starting of activities dates back to 1983.
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. 4,4% on 2014) and
with an upward trend in turnover trend during the last financial year (+16,48%
in 2014).
The operating result was positive in the last financial year (3,52%) and
reflects the field's average.
The operating result is positive and amounts to Eur. 286.463 with an
increase of 49,62% if the compared to the previous financial year.
The G.O.M. amounted to Eur. 2.342.381 with a 44,24% growth.
The company has an excellent net worth if compared to its debts, with a
low indebtedness (0,09) lower than in 2013.
With regard to equity capital, an amount of Eur. 5.076.532 is
registered. , unchanged as opposed to the preceding year.
Total indebtedness amounts to Eur. 2.649.018, on the same levels as the
year before.
Moderate recourse to bank credit while the exposure towards suppliers is
rather high and higher than sector's average.
Liquidity is good (1,99)
Accounts receivable average term is high (94,41 days). but on the same
levels as the average of the sector.
As far as the cash flow is concerned during the latest financial year it
amounted to Eur. 2.279.494
Subordinate employment cost is of Eur. 1.505.684, i.e. 15,9% on total
production costs. , whereas 16,1% is the incidence on sales revenues.
The financial management is positive as incomes are higher than the
charges.
|
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
9.354.224 |
|
Profit (Loss) for the period |
223.576 |
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
8.030.512 |
|
Profit (Loss) for the period |
104.354 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
8.396.658 |
|
Profit (Loss) for the period |
133.286 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
9.604.912 |
|
Profit (Loss) for the period |
535.861 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
9.351.955 |
|
Profit (Loss) for the period |
566.421 |
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 |
0,35 |
0,40 |
0,36 |
0,19 |
|
Elasticity Ratio |
Units |
0,65 |
0,60 |
0,64 |
0,80 |
|
Availability of stock |
Units |
0,05 |
0,05 |
0,04 |
0,24 |
|
Total Liquidity Ratio |
Units |
0,59 |
0,55 |
0,60 |
0,50 |
|
Quick Ratio |
Units |
0,27 |
0,21 |
0,23 |
0,04 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
0,09 |
0,17 |
0,16 |
3,49 |
|
Self Financing Ratio |
Units |
0,62 |
0,62 |
0,62 |
0,18 |
|
Capital protection Ratio |
Units |
0,86 |
0,91 |
0,90 |
0,70 |
|
Liabilities consolidation quotient |
Units |
0,23 |
0,22 |
0,19 |
0,18 |
|
Financing |
Units |
0,52 |
0,51 |
0,53 |
4,27 |
|
Permanent Indebtedness Ratio |
Units |
0,70 |
0,69 |
0,68 |
0,33 |
|
M/L term Debts Ratio |
Units |
0,07 |
0,07 |
0,06 |
0,11 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
1,13 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
1,98 |
1,72 |
1,91 |
1,55 |
|
Current ratio |
Units |
1,99 |
1,87 |
1,95 |
1,17 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,82 |
1,72 |
1,83 |
0,78 |
|
Structure's primary quotient |
Units |
1,77 |
1,54 |
1,74 |
0,92 |
|
Treasury's primary quotient |
Units |
0,82 |
0,67 |
0,71 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
160,25 |
161,30 |
160,72 |
550,20 |
|
Current Capital ( net ) |
Value |
2.615.612 |
2.193.196 |
2.495.108 |
287.582 |
|
RETURN |
|||||
|
Return on Sales |
% |
24,37 |
19,14 |
22,30 |
2,35 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
4,40 |
2,13 |
2,69 |
4,20 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
6,80 |
4,08 |
4,75 |
12,89 |
|
Return on Investment ( R.O.I. ) |
% |
3,52 |
2,43 |
2,73 |
4,43 |
|
Return/ Sales |
% |
3,06 |
2,38 |
2,59 |
3,15 |
|
Extra Management revenues/charges incid. |
% |
78,05 |
54,51 |
61,37 |
20,02 |
|
Cash Flow |
Value |
2.279.494 |
1.536.735 |
1.872.488 |
101.373 |
|
Operating Profit |
Value |
286.463 |
191.454 |
217.200 |
119.132 |
|
Gross Operating Margin |
Value |
2.342.381 |
1.623.835 |
1.956.402 |
246.882 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
94,41 |
112,66 |
115,23 |
88,11 |
|
Debts to suppliers average term |
Days |
124,15 |
127,79 |
133,66 |
98,41 |
|
Average stock waiting period |
Days |
16,99 |
16,90 |
13,88 |
59,58 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,15 |
1,02 |
1,05 |
1,40 |
|
Rate of stock return |
Units |
21,19 |
21,31 |
25,93 |
6,04 |
|
Labour cost incidence |
% |
16,10 |
17,60 |
15,65 |
15,38 |
|
Net financial revenues/ charges incidence |
% |
0,05 |
0,14 |
0,21 |
-1,52 |
|
Labour cost on purchasing expenses |
% |
15,90 |
17,14 |
15,34 |
15,21 |
|
Short-term financing charges |
% |
0,63 |
0,58 |
0,41 |
3,16 |
|
Capital on hand |
% |
86,97 |
98,30 |
94,91 |
71,49 |
|
Sales pro employee |
Value |
199.026 |
182.511 |
204.796 |
195.712 |
|
Labour cost pro employee |
Value |
32.035 |
32.127 |
32.042 |
29.600 |
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.
|
Population living in the province |
: |
1.518.780 |
|
Population living in the region |
: |
0 |
|
Number of families in the region |
: |
0 |
Monthly family expences average in the region (in .) :
|
- per food products |
: |
0 |
|
- per non food products |
: |
0 |
|
- per energy consume |
: |
0 |
The values are calculated on a base of 1.066 significant companies.
The companies cash their credits on an average of 88 dd.
The average duration of suppliers debts is about 98 dd.
The sector's profitability is on an average of 2,35%.
The labour cost affects the turnover in the measure of 15,38%.
Goods are held in stock in a range of 60 dd.
The difference between the sales volume and the resources used to
realize it is about 1,40.
The employees costs represent the 15,21% of the production costs.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.58 |
|
|
1 |
Rs.102.29 |
|
Euro |
1 |
Rs.74.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.