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|
MIRA
INFORM REPORT
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Report No. : |
493822 |
|
Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
VAROMA S.R.L. |
|
|
|
|
Registered Office : |
Via Iacopo Di Appiano, Snc Ponte
A Cappiano |
|
|
|
|
Country : |
Italy |
|
|
|
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Financials (as on) : |
31.12.2016 |
|
|
|
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Date of Incorporation : |
24.01.1997 |
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|
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|
Legal Form : |
Limited liability company |
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|
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Line of Business : |
Wholesale of hides, skins and leather |
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|
|
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No. of Employees : |
1 to 5 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Italy |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
ITALY - ECONOMIC OVERVIEW
Italy’s economy compromises a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, with a legacy of unemployment and underdevelopment. 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, reaching 131% of GDP in 2017. 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 records. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's longstanding structural economic problems, including labor market inefficiencies, a sluggish judicial system, and a weak banking sector. Italy’s economy returned to modest growth in late 2014 for the first time since 2011. In 2015-16, Italy’s economy grew at about 1% each year, and in 2017 growth accelerated to 1.5% of GDP. In 2017, overall unemployment was 11.4%, but youth unemployment remained high at 37.1%.
|
Source
: CIA |
Company name and address
Varoma S.r.l.
Via Iacopo Di Appiano, SNC PONTE A
CAPPIANO
50054 - Fucecchio (FI) -IT-
Summary
|
Fiscal Code |
: |
01393630502 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
25/09/1997 |
|
Equity |
: |
750.000 |
|
Turnover Range |
: |
2.250.000/3.000.000 |
|
Number of Employees |
: |
from 1 to 5 |
Activity
Wholesale of hides, skins and leather
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 01393630502 |
|
Foreign Trade Reg. no. : PI016033 since 08/02/2000 |
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Chamber of Commerce no. : 645642 of Firenze since 14/06/2016 |
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Chamber of Commerce no. : 124522 of Pisa since 07/04/1997 |
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Firms' Register : PI-1997-50490 of Pisa |
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V.A.T. Code : 01393630502 |
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Trade Agents Licence : 5185 of Pisa since 27/05/1997 |
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Establishment date |
: 24/01/1997 |
|
|
Start of Activities |
: 25/09/1997 |
|
|
Legal duration |
: 31/12/2020 |
|
|
Nominal Capital |
: 90.400 |
|
|
Subscribed Capital |
: 90.400 |
|
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Paid up Capital |
: 90.400 |
|
Legal mail : |
VAROMA.SRL@PEC.IT |
Members
|
|
Maestrelli |
Giampiero |
|
|
Born in San Miniato |
(PI) |
on 26/10/1948 |
- Fiscal Code : MSTGPR48R26I046Q |
|
|
Residence: |
Castelladroni |
, 1 |
- 50054 |
Fucecchio |
(FI) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Sole Director |
04/09/2007 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Maestrelli Federico |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Partner |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
Companies connected to members *
*checkings have been performed on a national scale.
In this module the companies in which members hold/held
positions are listed.
The Members of the subject firm are not reported to be
Members in other companies.
Capital Shareholders
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal
Code |
Owned
Shares |
%
Ownership |
|
Maestrelli Giampiero |
Fucecchio - IT - |
MSTGPR48R26I046Q |
45.200
.Eur |
50,00 |
|
Maestrelli Martina |
MSTMTN79E52D815O |
13.560
.Eur |
15,00 |
|
|
Maestrelli Federico |
MSTFRC74D03D815G |
22.600
.Eur |
25,00 |
|
|
Morreale Gino |
MRRGNI67L20M126F |
9.040
.Eur |
10,00 |
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 |
|
TOSCANA PIANTE E FIORI SOCIETA' CONSORTI LE A
RESPONSABILITA' LIMITATA |
Pescia - IT - |
00518790472 |
1.530
.Eur |
1,17 |
Active |
Firm's location and structure
In order to carry out its activities the firm uses the
following locations:
|
- |
Legal and operative seat |
|
Iacopo Di Appiano |
, SNC |
- 50054 |
- Fucecchio |
(FI) |
- IT - |
|
Legal mail |
: VAROMA.SRL@PEC.IT |
|
- |
Legal and operative seat |
until 12/05/2016 |
|
Del Bosco |
, 300 |
- 56029 |
- Santa Croce sull'Arno |
(PI) |
- IT - |
|
Employees |
: 4 |
|
Fittings and Equipment for a value of 3.000 |
Eur |
|
Stocks for a value of 1.540.000 |
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.
Bankers
The firm operates with:
|
Bank Name |
Agency
Name |
Address |
ZIP
Code |
City |
ABI
Code |
CAB
Code |
|
CASSA DI RISPARMIO DI LUCCA PISA LIVORN |
6200 |
0 |
National Real Estates Survey
|
The requested subject is not present c/o the CADASTRE
OFFICES. |
All responsibilities are declined regarding any possible
omissions concerning the given results. Therefore, we advise to request for
"Hypothecating Survey Inspection" c/o the locally competent RR.II.
Immovables Registry, as this service doesn't fully guarantees the actual title
of the Real Estates of the requested Subject.
Financial and Economical Analysis
Company's starting of activities dates back to 1997.
An eco-fin analysis has been made on the base od the b/s fo
the years 2014, 2015 and 2016.
During the last years, it recorded positive net results
(r.o.e. 2,7% in 2016) with a stable trend in the turnover.
The operating result in 2016 was positive (4,95%) falling
within the field's average.
The amount of the operating result for the year 2016 is of
Eur. 149.578 , with no sizeable change as opposed to the year before.
During the latest financial year the gross operating margin
amounted to Eur. 192.359 with no sensible increase as against 2015.
The analysis shows a fair financial position as the
indebtedness volume is acceptable (2,81) yet on the increase as against the
previous accounting period.
It's shareholders funds amount to Eur. 629.161 , unchanged
as opposed to the preceding year.
Total debts recorded amounted to Eur. 2.319.575 (Eur.
553.232 of which were m/l term debts) , with no sensible variation.
Current liquid assets is positive.
Due from customers average term is high and equal to 176,31
days. also in relation to the average of the sector.
The financial management generated a cash flow of Eur.
59.798.
Subordinate employment cost is of Eur. 178.336, i.e. 7,23%
on total production costs. , whereas the incidence of such costs on sales
revenues is equal to 6,91%.
The incidence percentage of financial charges on sales
volume is equal to -4,24%.
Financial Data
|
|
Complete balance-sheet for the year |
al 31/12/2016 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.582.140 |
|
Profit (Loss) for the period |
17.017 |
|
|
Complete balance-sheet for the year |
al 31/12/2015 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.435.355 |
|
Profit (Loss) for the period |
2.570 |
|
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.265.878 |
|
Profit (Loss) for the period |
12.087 |
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.372.741 |
|
Profit (Loss) for the period |
10.668 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.476.528 |
|
Profit (Loss) for the period |
101.356 |
financials
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 31/12/2016 - 12 Mesi - Currency: -
Amounts x 1 |
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- Balance Sheet as at 31/12/2015 - 12 Mesi - Currency: -
Amounts x 1 |
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- Balance Sheet as at 31/12/2014 - 12 Mesi - Currency: -
Amounts x 1 |
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RATIOS |
Value Type |
as
at 31/12/2016 |
as at
31/12/2015 |
as
at 31/12/2014 |
Sector
Average |
|
COMPOSITION
ON INVESTMENT |
|||||
|
Rigidity Ratio |
Units |
0,04 |
0,01 |
0,01 |
0,11 |
|
Elasticity Ratio |
Units |
0,96 |
0,98 |
0,98 |
0,87 |
|
Availability of stock |
Units |
0,51 |
0,49 |
0,45 |
0,17 |
|
Total Liquidity Ratio |
Units |
0,45 |
0,49 |
0,54 |
0,61 |
|
Quick Ratio |
Units |
0,00 |
0,00 |
0,02 |
0,03 |
|
COMPOSITION
ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
2,81 |
2,68 |
2,61 |
3,90 |
|
Self Financing Ratio |
Units |
0,21 |
0,22 |
0,26 |
0,17 |
|
Capital protection Ratio |
Units |
0,83 |
0,85 |
0,84 |
0,66 |
|
Liabilities consolidation quotient |
Units |
0,35 |
0,31 |
0,03 |
0,09 |
|
Financing |
Units |
3,69 |
3,42 |
2,72 |
4,57 |
|
Permanent Indebtedness Ratio |
Units |
0,41 |
0,40 |
0,29 |
0,28 |
|
M/L term Debts Ratio |
Units |
0,20 |
0,18 |
0,02 |
0,06 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
2,70 |
2,29 |
0,96 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
10,47 |
30,57 |
22,86 |
2,10 |
|
Current ratio |
Units |
1,64 |
1,66 |
1,39 |
1,13 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,77 |
0,83 |
0,76 |
0,86 |
|
Structure's primary quotient |
Units |
5,28 |
16,72 |
20,91 |
1,34 |
|
Treasury's primary quotient |
Units |
0,00 |
0,00 |
0,03 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
480,60 |
453,96 |
381,00 |
587,66 |
|
Current Capital ( net ) |
Value |
1.133.494 |
1.089.621 |
686.487 |
135.886 |
|
RETURN |
|||||
|
Return on Sales |
% |
2,32 |
1,23 |
0,66 |
1,61 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
2,70 |
0,42 |
1,85 |
5,01 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
6,39 |
4,23 |
3,35 |
13,67 |
|
Return on Investment ( R.O.I. ) |
% |
4,95 |
6,43 |
6,29 |
4,30 |
|
Return/ Sales |
% |
5,79 |
7,34 |
6,92 |
2,39 |
|
Extra Management revenues/charges incid. |
% |
11,38 |
1,44 |
7,71 |
27,17 |
|
Cash Flow |
Value |
59.798 |
29.923 |
14.893 |
47.597 |
|
Operating Profit |
Value |
149.578 |
178.777 |
156.787 |
71.380 |
|
Gross Operating Margin |
Value |
192.359 |
206.130 |
159.593 |
124.518 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
176,31 |
190,61 |
194,35 |
90,43 |
|
Debts to suppliers average term |
Days |
n.c. |
55,28 |
30,44 |
76,51 |
|
Average stock waiting period |
Days |
214,25 |
202,23 |
177,19 |
37,27 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,85 |
0,88 |
0,91 |
1,64 |
|
Rate of stock return |
Units |
1,68 |
1,78 |
2,03 |
9,56 |
|
Labour cost incidence |
% |
6,91 |
6,70 |
6,42 |
4,81 |
|
Net financial revenues/ charges incidence |
% |
-4,24 |
-4,67 |
-5,20 |
-0,99 |
|
Labour cost on purchasing expenses |
% |
7,23 |
7,23 |
6,89 |
4,83 |
|
Short-term financing charges |
% |
4,72 |
5,43 |
6,62 |
2,90 |
|
Capital on hand |
% |
117,10 |
114,11 |
110,06 |
60,86 |
|
Sales pro employee |
Value |
645.535 |
487.071 |
566.469 |
686.413 |
|
Labour cost pro employee |
Value |
44.584 |
32.657 |
36.347 |
33.271 |
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 941 significant
companies.
The companies cash their credits on an average of 90 dd.
The average duration of suppliers debts is about 77 dd.
The sector's profitability is on an average of 1,61%.
The labour cost affects the turnover in the measure of
4,81%.
Goods are held in stock in a range of 37 dd.
The difference between the sales volume and the resources
used to realize it is about 1,64.
The employees costs represent the 4,83% of the production
costs.
Statistical Detrimental Data
Statistically the trade activity passes through serious
crises.
The area is statistically considered moderately risky.
In the region 24.960 protested subjects are found; in the
province they count to 5.242.
The insolvency index for the region is 0,70, , while for the
province it is 0,55.
Total Bankrupt companies in the province : 6.520.
Total Bankrupt companies in the region : 20.423.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.81 |
|
|
1 |
INR 90.66 |
|
Euro |
1 |
INR 79.94 |
|
Euro |
1 |
INR 79.89 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.