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MIRA INFORM REPORT
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Report No. : |
511283 |
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Report Date : |
24.05.2018 |
IDENTIFICATION DETAILS
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Name : |
AERTRE S.R.L. |
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Registered Office : |
Piazza Della Repubblica, 5, 20121 – Milano (MI) |
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Country : |
Italy |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
12.05.1992 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of Apparel (Except Fur Apparel) |
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No. of Employees : |
From 11 To 15 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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Status : |
Good |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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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%.
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Source
: CIA |
Company name & address
AERTRE S.R.L.
Piazza Della Repubblica, 5
20121 – Milano (MI) -IT-
Summary
|
Fiscal Code |
: |
02053760126 |
|
Legal Form |
: |
Limited Liability Company |
|
start of Activities |
: |
01/02/1993 |
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Equity |
: |
1.500.000 |
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Turnover Range |
: |
2.250.000/3.000.000 |
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Number of Employees |
: |
From 11 To 15 |
Activity
Manufacture of apparel (except fur apparel)
Legal
Data
Legal Form : Limited liability company
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Fiscal Code : 02053760126 |
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Foreign Trade Reg. no. : 33376 of Varese since 11/06/1993 |
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Chamber of Commerce no. : 1495234 of Milano since 25/09/1996 |
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Chamber of Commerce no. : 227065 of Varese since 07/07/1992 |
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Firms' Register : MI-1996-795693 of Varese since 19/02/1996 |
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V.A.T. Code : 11788450150 |
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Tribunal Co. Register : 25999 of since 05/06/1992 |
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Foundation date |
: 12/05/1992 |
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Establishment date |
: 12/05/1992 |
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Start of Activities |
: 01/02/1993 |
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Legal duration |
: 31/12/2050 |
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Nominal Capital |
: 110.000 |
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Subscribed Capital |
: 110.000 |
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Paid up Capital |
: 110.000 |
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Legal mail : |
AERTRE@PEC.IT |
Members
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Scandroglio |
Aldo |
|
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Born in Busto Arsizio |
(VA) |
on 01/11/1937 |
- Fiscal Code : SCNLDA37S01B300J |
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Residence: |
Ascoli Piceno |
, 11 |
- 21052 |
Busto Arsizio |
(VA) |
- IT - |
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Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
15/01/2001 |
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No Prejudicial events are reported |
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No Protests registered |
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Scandroglio Andrea Ugo |
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Position |
Since |
Shares Amount |
% Ownership |
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Partner |
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No Prejudicial events are reported |
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No Protests registered |
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Scandroglio Patrizia |
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Position |
Since |
Shares Amount |
% Ownership |
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Partner |
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No Prejudicial events are reported |
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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 |
|
Scandroglio Andrea Ugo |
SCNNRG79A24B300E |
50.060 .Eur |
45,50 |
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Scandroglio Patrizia |
SCNPRZ73T47B300Q |
50.060 .Eur |
45,50 |
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Marcora Giuseppina |
MRCGPP50E49B300Q |
9.880 .Eur |
8,98 |
Direct
Participations
The Company under review has no participations in other Companies.
Firm's
location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
Della Repubblica |
, 5 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
PHONE |
: 0331376300 |
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Legal mail |
: AERTRE@PEC.IT |
|
- |
Branch |
(Factory) |
since 20/02/1996 |
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Fratelli Bandiera |
, 9 |
- 21057 |
- Olgiate Olona |
(VA) |
- IT - |
|
Employees |
: 11 |
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Fittings and Equipment for a value of 67.000 |
Eur |
|
Stocks for a value of 1.010.000 |
Eur |
|
Vehicles for a value of 46.000 |
Eur |
The firm has a direct commercial organization
Sales area on a regional scale.
Transports are mainly done using own vehicles and third parties ones
The company supplies wholesalers and retailers.
Company generally accepts payments with terms of 60/90 days.
Financial means used for sale: bank transfers and bank orders.
Purchase terms: 60-90-120 days.
Main used payment modalities are by cash orders and bank transfers.
Import comes generally from the following nations:
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- France |
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- Holland |
Protests
Protests checking on the subject firm has given a negative result.
Data
Base Prejudicial Events Search
Search performed on a National Scale
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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.
National
Real Estates Survey
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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 1993.
Balance sheets for the years 2014, 2015 and 2016 were analyzed.
During the last years, it recorded positive net results (r.o.e. 2,08% in
2016) but without a significant increase in the turnover.
The return on Investment in the last financial year was positive (1,79%)
falling within the field's average.
An operating result of Eur. 42.307 has been registered. increasing if
compared to the yeart 2015.
The gross operating margin of the latest financial year is of Eur.
90.956 showing an upward trend if compared to 2015.
The company has an excellent net worth if compared to its debts, with a
low indebtedness (0,3)
It's shareholders funds amount to Eur. 1.317.955 with a -26,49% fall.
Total debts (both short and M/L term) equals Eur. 784.666, increasing if
compared to the previous year, during which they were equal to Eur. 422.774
(85,59%).
Liquidity is good.
The financial management generated a cash flow of Eur. 72.383.
Labour cost amounts to Eur. 354.055, with a 14,65% incidence on
production costs. , whereas the incidence of such costs on sales revenues is
equal to 14,55%.
If compared to the sales volume (-0,12%), the impact of the financial
charges is limited.
Financial
Data
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Complete balance-sheet for the year |
al 31/12/2016 |
(in Eur |
x 1) |
|
Item Type |
Value |
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Sales |
2.432.793 |
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Profit (Loss) for the period |
27.365 |
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Complete balance-sheet for the year |
al 31/12/2015 |
(in Eur |
x 1) |
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Item Type |
Value |
|
Sales |
2.456.102 |
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Profit (Loss) for the period |
47.770 |
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Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
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Item Type |
Value |
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Sales |
2.218.890 |
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Profit (Loss) for the period |
36.645 |
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Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
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Item Type |
Value |
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Sales |
2.283.139 |
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Profit (Loss) for the period |
37.295 |
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Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.388.285 |
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Profit (Loss) for the period |
36.435 |
Balance
Sheets
From our constant monitoring of the relevant Public Administration
offices, no more recent balance sheets result to have been filed.
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- 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 |
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COMPOSITION ON
INVESTMENT |
|||||
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Rigidity Ratio |
Units |
0,10 |
0,11 |
0,04 |
0,14 |
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Elasticity Ratio |
Units |
0,90 |
0,89 |
0,96 |
0,84 |
|
Availability of stock |
Units |
0,43 |
0,41 |
0,42 |
0,24 |
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Total Liquidity Ratio |
Units |
0,47 |
0,48 |
0,54 |
0,53 |
|
Quick Ratio |
Units |
0,17 |
0,20 |
0,23 |
0,03 |
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COMPOSITION ON
SOURCE |
|||||
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Net Short-term indebtedness |
Units |
0,30 |
n.c. |
n.c. |
3,78 |
|
Self Financing Ratio |
Units |
0,56 |
0,72 |
0,68 |
0,17 |
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Capital protection Ratio |
Units |
0,90 |
0,91 |
0,92 |
0,66 |
|
Liabilities consolidation quotient |
Units |
0,23 |
0,47 |
0,40 |
0,14 |
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Financing |
Units |
0,60 |
0,24 |
0,31 |
4,55 |
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Permanent Indebtedness Ratio |
Units |
0,64 |
0,80 |
0,76 |
0,33 |
|
M/L term Debts Ratio |
Units |
0,08 |
0,08 |
0,08 |
0,09 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
n.c. |
n.c. |
1,26 |
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CORRELATION |
|||||
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Fixed assets ratio |
Units |
6,17 |
7,00 |
20,56 |
1,87 |
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Current ratio |
Units |
2,70 |
5,21 |
4,58 |
1,17 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,40 |
2,82 |
2,56 |
0,79 |
|
Structure's primary quotient |
Units |
5,42 |
6,29 |
18,30 |
1,13 |
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Treasury's primary quotient |
Units |
0,50 |
1,20 |
1,11 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
178,97 |
138,78 |
147,21 |
587,75 |
|
Current Capital ( net ) |
Value |
1.331.078 |
1.780.233 |
1.933.865 |
209.248 |
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RETURN |
|||||
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Return on Sales |
% |
2,98 |
3,65 |
2,82 |
2,26 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
2,08 |
2,66 |
2,10 |
3,48 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
2,99 |
2,86 |
3,26 |
12,19 |
|
Return on Investment ( R.O.I. ) |
% |
1,79 |
0,63 |
2,41 |
3,83 |
|
Return/ Sales |
% |
1,74 |
0,64 |
2,79 |
3,45 |
|
Extra Management revenues/charges incid. |
% |
64,68 |
305,12 |
59,09 |
20,46 |
|
Cash Flow |
Value |
72.383 |
89.742 |
62.670 |
50.400 |
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Operating Profit |
Value |
42.307 |
15.656 |
62.014 |
68.610 |
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Gross Operating Margin |
Value |
90.956 |
60.828 |
91.039 |
124.742 |
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MANAGEMENT |
|||||
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Credits to clients average term |
Days |
n.c. |
n.c. |
n.c. |
120,68 |
|
Debts to suppliers average term |
Days |
n.c. |
n.c. |
n.c. |
115,81 |
|
Average stock waiting period |
Days |
149,98 |
148,09 |
176,86 |
78,40 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,03 |
0,99 |
0,86 |
1,14 |
|
Rate of stock return |
Units |
2,40 |
2,43 |
2,04 |
4,57 |
|
Labour cost incidence |
% |
14,55 |
13,55 |
15,40 |
12,27 |
|
Net financial revenues/ charges incidence |
% |
-0,12 |
-0,10 |
-0,02 |
-1,84 |
|
Labour cost on purchasing expenses |
% |
14,65 |
14,13 |
14,78 |
12,16 |
|
Short-term financing charges |
% |
0,38 |
0,58 |
0,07 |
3,35 |
|
Capital on hand |
% |
96,95 |
101,32 |
115,79 |
87,41 |
|
Sales pro employee |
Value |
221.163 |
245.610 |
221.889 |
245.343 |
|
Labour cost pro employee |
Value |
32.186 |
33.286 |
34.165 |
32.046 |
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 |
: |
3.839.216 |
|
Population living in the region |
: |
9.393.092 |
|
Number of families in the region |
: |
3.858.736 |
Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
460 |
|
- per non food products |
: |
2.090 |
|
- per energy consume |
: |
114 |
Sector
Data
The values are calculated on a base of 864 significant companies.
The companies cash their credits on an average of 121 dd.
The average duration of suppliers debts is about 116 dd.
The sector's profitability is on an average of 2,26%.
The labour cost affects the turnover in the measure of 12,27%.
Goods are held in stock in a range of 78 dd.
The difference between the sales volume and the resources used to
realize it is about 1,14.
The employees costs represent the 12,16% of the production costs.
Statistical
Detrimental Data
Statistically the trade activity passes through serious crises.
The area is statistically considered lowly risky.
In the region 50.886 protested subjects are found; in the province they
count to 24.765.
The insolvency index for the region is 0,55, , while for the province it
is 0,66.
Total Bankrupt companies in the province : 22.523.
Total Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.21 |
|
|
1 |
INR 91.43 |
|
Euro |
1 |
INR 80.24 |
|
Euro |
1 |
INR 80.15 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
TPT |
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.