MIRA
INFORM REPORT
|
Report Date : |
30.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
Valentino Fashion
Group Spa |
|
|
|
|
Registered Office : |
Via
Filippo Turati, 16/18, 20100
– Milano (MI) -IT- |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
01/07/2005 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing of garments. Manufacture of various clothes. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
213.800 - Eur |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
name & address
Valentino Fashion Group Spa
Via
Filippo Turati, 16/18
20100 - Milano (MI) -IT-
SUMMARY
|
Legal Form |
: |
Joint stock company |
|
Start of Activities |
: |
01/07/2005 |
|
Patrimonial Consistence |
: |
Over 2.500.000 Eur |
|
|
: |
over 150.000.000 Eur |
|
Number of Employees |
: |
from 500 to 750 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
213.800 - Eur |
ACTIVITY
Manufacturing of garments.
Manufacture of various clothes.
Design and styling related to textiles, wear, shoes, jewellery,
furniture and to other consumer's goods.
LEGAL DATA
Legal Form : Joint stock company
|
Fiscal Code : 04740370962 |
|
Foreign Trade Reg. no. : MI350476 since 21/07/2005 |
|
Foreign Trade Reg. no. : 350476 of Milano since 21/07/2005 |
|
Chamber of Commerce no. : 1768245 of Milano since 11/02/2005 |
|
Chamber of Commerce no. : 308869 of |
|
Firms' Register : MI-2005-34277 since 15/02/2005 |
|
V.A.T. Code : 04740370962 |
|
Foundation Date |
: 09/02/2005 |
|
|
Establishment Date |
: 09/02/2005 |
|
|
Start of Activities |
: 01/07/2005 |
|
|
Legal Duration Date |
: 31/12/2050 |
|
|
Nominal Capital |
: 74.106.302 |
Eur |
|
Subscribed Capital |
: 74.106.302 |
Eur |
|
Paid up Capital |
: 74.106.302 |
Eur |
MEMBERS
|
Favrin |
Antonio |
|
Born in Oderzo |
(TV) |
on 23/09/1938 |
- Fiscal Code : FVRNTN38P23F999J |
|
Residence : |
Via |
Turati Filippo |
, 16/18 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
05/12/2005 |
|
|
|
Memb.of the Executive Committee |
15/12/2005 |
|
|
|
Board Chairman |
05/12/2005 |
|
|
No Protests registered.
|
Erede |
Sergio |
|
Born in |
(FI) |
on 14/08/1940 |
- Fiscal Code : RDESRG40M14D612J |
|
Residence : |
Piazza |
DUSE |
, 1 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
05/12/2005 |
|
|
|
Memb.of the Executive Committee |
15/12/2005 |
|
|
No Protests registered.
|
Molinari |
Amato Luigi |
|
Born in |
(GE) |
on 27/02/1939 |
- Fiscal Code : MLNLMT39B27I156E |
|
Residence : |
Via |
San Michele |
, 3 |
- 16035 |
|
(GE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
05/12/2005 |
|
|
No Protests registered.
|
Sassi |
Stefano |
|
Born in |
(VA) |
on 18/04/1960 |
- Fiscal Code : SSSSFN60D18L682L |
|
Residence : |
Via |
Radaelli |
, 14/A |
- 20090 |
Segrate |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
14/12/2006 |
|
|
|
Director |
14/12/2006 |
|
|
|
Memb.of the Executive Committee |
14/12/2006 |
|
|
No Protests registered.
|
Segre |
Dario Federico |
|
Born in Milano |
(MI) |
on 10/09/1957 |
- Fiscal Code : SGRDFD57P10L219E |
|
Residence : |
Via |
San Vittore |
, 45 |
- 20123 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
05/12/2005 |
|
|
|
Memb.of the Executive Committee |
15/12/2005 |
|
|
No Protests registered.
|
Meacci |
Sergio |
|
Born in Laveno-Mombello |
(VA) |
on 26/11/1944 |
- Fiscal Code : MCCSRG44S26F205S |
|
Residence : |
Via |
Roma |
, 21 |
- 21014 |
Laveno-Mombello |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
05/12/2005 |
|
|
|
Memb.of the Executive Committee |
15/12/2005 |
|
|
No Protests registered.
|
KPMG ADVISORY S.P.A. |
|
|
- Fiscal Code : 04662680158 |
|
Via |
VITTOR PISANI |
, 27 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Auditing company |
19/04/2005 |
|
|
|
Notarbartolo Di Villarosa |
Roberto |
|
Born in |
on 22/02/1952 |
- Fiscal Code : NTRRRT52B22Z404A |
|
Residence : |
Via |
Lanzone |
, 1 |
- 20123 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
05/12/2005 |
|
|
No Protests registered.
|
Basso |
Sebastiano |
|
Born in Valdagno |
(VI) |
on 19/09/1958 |
- Fiscal Code : BSSSST58P19L551Y |
|
Residence : |
Via |
Don Francesco Regretti |
, 1 |
- 36078 |
Valdagno |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
01/07/2005 |
|
|
No Protests registered.
|
Bertinotti |
Simona |
|
Born in Alba |
(CN) |
on 11/02/1964 |
- Fiscal Code : BRTSMN64B51A124L |
|
Residence : |
Via |
Bellaria |
, 3 |
- 10025 |
Pino Torinese |
(TO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
19/01/2006 |
|
|
No Protests registered.
|
Andrioli |
Antonella |
|
Born in Padova |
(PD) |
on 13/06/1963 |
- Fiscal Code : NDRNNL63H53G224O |
|
Residence : |
Via |
Per Cernobbio |
, 24/26 |
- 22100 |
|
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney with special power |
22/09/2006 |
|
|
No Protests registered.
|
Gasparrini |
Simone |
|
Born in |
(FI) |
on 26/08/1970 |
- Fiscal Code : GSPSMN70M26D612F |
|
Residence : |
Via |
Carlo Del Prete |
, 1/C |
- 50100 |
|
(FI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
29/03/2007 |
|
|
No Protests registered.
|
Abravanel |
Roger |
|
Born in |
on 27/07/1946 |
- Fiscal Code : BRVRGR46L27Z326H |
|
Residence : |
Via |
Besana Enrico |
, 9 |
- 20122 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
05/12/2005 |
|
|
No Protests registered.
|
Giovannelli |
Alessandro |
|
Born in Rieti |
(RI) |
on 05/02/1954 |
- Fiscal Code : GVNLSN54B05H282R |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
01/07/2005 |
|
|
No Protests registered.
|
Marcante |
Francesco |
|
Born in Malo |
(VI) |
on 14/07/1953 |
- Fiscal Code : MRCFNC53L14E864F |
|
Residence : |
Via |
Valsugana, San Tomio |
, 42 |
- 36034 |
Malo |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
01/07/2005 |
|
|
No Protests registered.
|
Vianello |
Luca |
|
Born in Venezia |
(VE) |
on 09/05/1963 |
- Fiscal Code : VNLLCU63E09L736B |
|
Residence : |
Via |
Burlini |
, 43 |
- 31050 |
Ponzano |
(TV) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
03/05/2005 |
|
|
|
General Manager |
14/12/2006 |
|
|
No Protests registered.
|
Damian |
Alberto |
|
Born in Conegliano |
(TV) |
on 30/06/1963 |
- Fiscal Code : DMNLRT63H30C957F |
|
Residence : |
Viale |
Vittorio |
, 35 |
- 31100 |
|
(TV) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
01/07/2005 |
|
|
No Protests registered.
|
De Buzzaccarini |
Caterina |
|
Born in |
(VI) |
on 04/09/1956 |
- Fiscal Code : DBZCRN56P44L840U |
|
Residence : |
Via |
Jacopo Cabianca |
, 8 |
- 36100 |
|
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
01/07/2005 |
|
|
No Protests registered.
|
|
Roberto |
|
Born in Bassano del Grappa |
(VI) |
on 12/01/1959 |
- Fiscal Code : BRDRRT59A12A703R |
|
Residence : |
Via |
Monte Novegno |
, 11 |
- 36061 |
Bassano del Grappa |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
01/07/2005 |
|
|
No Protests registered.
|
Solda' |
Franco |
|
Born in Valdagno |
(VI) |
on 30/10/1951 |
- Fiscal Code : SLDFNC51R30L551I |
|
Residence : |
Via |
|
, 48 |
- 36078 |
Valdagno |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
01/07/2005 |
|
|
No Protests registered.
|
Vazzoler |
Paolo |
|
Born in |
(TV) |
on 11/11/1961 |
- Fiscal Code : VZZPLA61S11L407N |
|
Residence : |
Via |
Lucchesi |
, 25 |
- 31100 |
|
(TV) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
13/09/2006 |
|
|
No Protests registered.
|
Perin |
Marco |
|
Born in Valdagno |
(VI) |
on 10/02/1974 |
- Fiscal Code : PRNMRC74B10L551K |
|
Residence : |
Via |
Primo Maggio |
, 27 |
- 36078 |
Valdagno |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
12/09/2005 |
|
|
No Protests registered.
|
Geri |
Giovanni |
|
Born in Rufina |
(FI) |
on 24/06/1945 |
- Fiscal Code : GREGNN45H24H635E |
|
Residence : |
Via |
Carlo Cattaneo |
, 16/B |
- 50012 |
Bagno a Ripoli |
(FI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
29/03/2007 |
|
|
No Protests registered.
|
Foddis |
Christian |
|
Born in Roma |
(RM) |
on 19/04/1972 |
- Fiscal Code : FDDCRS72D19H501P |
|
Residence : |
Via |
|
, 6/A, |
Mid Levels |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
13/02/2006 |
|
|
No Protests registered.
|
Nalesso |
Giovanni |
|
Born in Vigonza |
(PD) |
on 07/03/1966 |
- Fiscal Code : NLSGNN66C07L900C |
|
Residence : |
Via |
Gardini |
, 38 |
- 36078 |
Valdagno |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
28/04/2006 |
|
|
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 held
positions.
|
FAVRIN ANTONIO |
|
|
SASSI STEFANO |
|
|
BASSO SEBASTIANO |
|
|
BERTINOTTI SIMONA |
|
|
ANDRIOLI ANTONELLA |
|
|
GIOVANNELLI ALESSANDRO |
|
|
MARCANTE FRANCESCO |
|
|
VIANELLO LUCA |
|
|
DAMIAN ALBERTO |
|
|
DE BUZZACCARINI CATERINA |
|
|
|
|
|
SOLDA' FRANCO |
|
|
VAZZOLER PAOLO |
|
|
GERI GIOVANNI |
|
The indication "REGISTERED" as Firm Status could refere to
Firms in Liquidation, Active, Inactive, etc.
For more information, in this case, we advise to request further
investigations.
CAPITAL SHAREHOLDERS
|
Style / Name |
Seat / Address |
Fiscal Code |
Owned Shares |
% of Ownership |
|
Dona' Dalle Rose Isabella |
|
|
|
3,41 |
|
Dona' Dalle Rose Rosanna |
|
|
|
3,30 |
|
International Capital Growth ( |
|
|
|
23,20 |
|
Pfc Srl |
|
|
|
18,78 |
|
Canova Partecipazioni S.r.l. |
Milano - IT - |
04841860960 |
|
18,78 |
|
TIDUS S.R.L. |
|
03270490240 |
|
12,43 |
DIRECT PARTICIPATIONS
|
Company Style |
Legal Seat |
Fiscal Code |
Owned Shares |
% of Ownership |
Share Status |
|
Valentino S.p.a. |
Milano - IT - |
05412951005 |
|
100,00 |
Active |
STRUCTURE AND COMPANY
ACTIVITY
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
in : |
|
|
|
|
|
Via |
Filippo Turati |
, 16/18 |
- 20100 - |
Milano |
(MI) |
- IT - |
|
|
|
|
PHONE |
: 02/624911 |
|
- |
Branch |
(Administrative office ) |
since 22/02/2005 |
in : |
|
|
|
|
|
|
S. Margherita |
, 1 |
- 36078 - |
Valdagno |
(VI) |
- IT - |
|
- |
Branch |
|
since 12/07/2005 |
in : |
|
|
|
|
|
Viale |
Dei Lanifici |
, 1 |
- 36078 - |
Valdagno |
(VI) |
- IT - |
|
- |
Branch |
(Shop ) |
since 19/04/2006 |
in : |
|
|
|
|
|
Corso |
Venezia |
, 2 |
- 20121 - |
Milano |
(MI) |
- IT - |
|
|
|
|
Employees |
: 589 |
|
|
|
|
Fittings and Equipment |
for a value of
13.431.000 |
Eur |
|
|
|
|
Stocks |
for a value of
52.300.000 |
Eur |
HISTORICAL
INFORMATION AND/OR FIRM'S
STATUS
|
Changes to the
legal form |
|
Former legal
form |
New legal form |
Changement Date |
|
Limited liability company |
Joint stock company |
11/03/2005 |
|
Company Style
modifications |
|
Former Style |
New Style |
Changement Date |
|
Italfashion Srl |
Italfashion SpA |
11/03/2005 |
|
Italfashion SpA |
Valentino Fashion Group SpA |
22/04/2005 |
|
Ex-Members /
Ex-Positions |
|
Dona' Dalle Rose |
Andrea Paolo Maria |
|
Born in Valdagno |
on 21/12/1946 |
- Fiscal Code : DNDNRP46T21L551T |
|
Residence : |
Via |
Delle Tre Madonne |
, 10 |
- 00100 |
Roma |
(RM) |
- IT - |
|
Position |
|
Director |
|
Assistant board Chairman |
|
Memb.of the Executive Committee |
|
SANCRICCA |
ALESSANDRO |
|
Born in FRASCATI |
on 26/08/1963 |
- Fiscal Code : SNCLSN63M26D773X |
|
Residence : |
Via |
MONFERRATO |
, 11 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Position |
|
Procurator |
|
|
LUCA |
|
Born in BOLLATE |
on 29/11/1973 |
- Fiscal Code : CSRLCU73S29A940S |
|
Residence : |
Via |
MARCHETTI LEOPOLDO |
, 1 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Position |
|
Procurator |
|
The firm took over the activity of |
|
V.f.g. Distribuzione S.p.a. Unipersonale |
|
Via |
Filippo Turati |
, 16/18 |
, 20100 |
, Milano |
(MI) |
- IT - |
|
Fiscal Code: 00163810245 |
|
Date |
: |
29/12/2005 |
|
Project of merging by taking over of |
|
Valentino S.p.a. |
|
Via |
Filippo Turati |
, 16/18 |
, 20100 |
, Milano |
(MI) |
- IT - |
|
Fiscal Code: 05412951005 |
|
Date |
Merging/Splitting-up Project : |
12/09/2005 |
|
The firm took over the activity of |
|
Manifattura Lane Gaetano Marzotto E FiglI S.p.a. O Piu' Brevemen |
|
Via |
Filippo Turati |
, 16/18 |
, 20100 |
, Milano |
(MI) |
- IT - |
|
Fiscal Code: 00166580241 |
|
Date |
: |
01/07/2005 |
|
Splitting-up and tranfer from the company |
|
Manifattura Lane Gaetano Marzotto E FiglI S.p.a. O Piu' Brevemen |
|
Via |
Filippo Turati |
, 16/18 |
, 20100 |
, Milano |
(MI) |
- IT - |
|
Fiscal Code: 00166580241 |
|
Date |
Splitting-up : |
27/06/2005 |
|
Project of splitting-up and tranfer from |
|
Manifattura Lane Gaetano Marzotto E FiglI S.p.a. O Piu' Brevemen |
|
Via |
Filippo Turati |
, 16/18 |
, 20100 |
, Milano |
(MI) |
- IT - |
|
Fiscal Code: 00166580241 |
|
Date |
Merging/Splitting-up Project : |
14/03/2005 |
PAYMENTS ANALYSIS
The average term of debts to suppliers is high compared with that of the
sector.
PAYMENTS SCORE : - No insolvency
CREDIT REVOLVING
The subject of inquiry has been monitored by our company:
During the last Month : n. 1 times.
During the last 6 Months : n. 8 times.
During the last 12 Months : n. 18 times.
PROTESTS
Protests checking on the subject firm has given a negative result.
LEGAL PROCEDURES
None reported, standing to the last received edition of the Official
Publications.
IMMOVABLES *
*No specific (mortgage/cadastrial registrations) inspections have been
requested.
|
Immovable Type |
Value |
|
Real estates |
188.000 .Eur |
NB.: For Capital Companies the value of the Immovables is the one
reported in the last available financial documents.
FINANCIAL AND
ECONOMICAL ANALYSIS
Subject under review started the activities in 2005.
Under an economic point of view, profits were registered during the last
years with a r.o.e. of 17,06% in 2006 and during the last financial year an
increase in sales volume was registered (+97,52% in 2006).
The operating result was positive in the last financial year (1,35%) and
in line with the sector's average.
Company's financial status is balanced since indebtedness is not high
(1,26) even though on the increase if compared to 2005.
The financial exposure is moderate, on the other hand the recourse to commercial
credit is high, with a high average payment period and higher than sector's
average.
Even liquidity is rather modest.
FINANCIAL DATA
|
Consolidated result as at |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
1.963.300.000 |
filed balance sheet |
|
Profit before tax |
216.900.000 |
filed balance sheet |
|
Tax |
59.700.000 |
filed balance sheet |
|
Net profit |
157.200.000 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
251.440.000 |
filed balance sheet |
|
Profit (Loss) for the period |
41.009.000 |
filed balance sheet |
|
Shareholders' equity |
240.400.000 |
filed balance sheet |
|
Financial payables |
233.400.000 |
filed balance sheet |
|
Net profit |
41.000.000 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
127.296.589 |
filed balance sheet |
|
Profit (Loss) for the period |
35.119.032 |
filed balance sheet |
|
Consolidated result as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
1.728.000.000 |
filed balance sheet |
|
Profit before tax |
181.600.000 |
filed balance sheet |
|
Tax |
38.400.000 |
filed balance sheet |
|
Net profit |
143.200.000 |
filed balance sheet |
|
Consolidated result as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
1.550.600.000 |
filed balance sheet |
|
Profit (Loss) for the period |
48.595.000 |
filed balance sheet |
|
Net fixed assets |
630.000.000 |
filed balance sheet |
|
Shareholders' equity |
288.900.000 |
filed balance sheet |
|
Profit before tax |
143.300.000 |
filed balance sheet |
|
Total debt |
422.700.000 |
filed balance sheet |
|
Trade accounts receivable |
215.240.000 |
filed balance sheet |
BALANCE SHEETS
From our constant monitoring of the Public Administration, actually, no more
recent balance sheets result to be filed.
|
Balance Sheet as
at 31/12/2006 - Months 12 - Currency Eur - Amounts x 1 |
|
Balance Sheet as
at 31/12/2005 - Months 12 - Currency Eur - Amounts x 1 |
|
Years |
|
|
2006 |
2005 |
|
|
BALANCE SHEET ACCOUNTS
|
|
|
|
|
. |
|
|
|
|
|
ASSETS |
|
|
|
|
|
CREDITS TO SHAREHOLDERS |
|
|
|
|
|
FIXED ASSETS ( NET ) |
|
|
551.070.000 |
554.584.671 |
|
. Intangible assets |
|
|
9.188.000 |
11.548.938 |
|
. Tangible fixed assets |
|
|
13.619.000 |
28.506.133 |
|
. . Land and buildings |
|
|
188.000 |
23.230.327 |
|
. . Plants, Equipm.and Machinery |
|
|
13.431.000 |
4.479.079 |
|
. Long-term Investments |
|
|
528.263.000 |
514.529.600 |
|
. . Financial loans |
|
|
528.263.000 |
514.529.600 |
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
170.107.000 |
153.716.186 |
|
. Stock |
|
|
52.300.000 |
40.614.625 |
|
. Credits |
|
|
117.807.000 |
112.476.156 |
|
. . Credits to clients |
|
|
108.925.000 |
101.088.618 |
|
. . Other credits |
|
|
8.882.000 |
11.387.538 |
|
. Short-term financial assets |
|
|
|
18.350 |
|
. Liquid assets |
|
|
|
607.055 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
|
514.124 |
|
TOTAL ASSETS |
|
|
721.177.000 |
708.814.981 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
240.362.000 |
248.040.086 |
|
. Company's capital |
|
|
74.106.000 |
74.106.302 |
|
. Reserves |
|
|
20.877.000 |
35.147.612 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
104.370.000 |
103.667.140 |
|
. Profit (loss) |
|
|
41.009.000 |
35.119.032 |
|
PROVISION CHARGES ACCOUNTS |
|
|
16.311.000 |
9.455.546 |
|
STAFF TERM INDEMNITY |
|
|
|
9.959.123 |
|
DEBTS |
|
|
464.504.000 |
441.326.098 |
|
. Financial M/L terms |
|
|
159.542.000 |
136.000.000 |
|
. . Financial M/L term banks |
|
|
159.542.000 |
136.000.000 |
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
77.116.000 |
107.561.256 |
|
. . Financial short-term banks |
|
|
77.116.000 |
107.561.256 |
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
|
|
|
. M/L term debts to suppliers |
|
|
626.000 |
|
|
. Short-term debts to suppliers |
|
|
227.220.000 |
185.869.798 |
|
. Sundry M/L debts |
|
|
|
126.532 |
|
. Sundry short-term debts |
|
|
|
11.768.512 |
|
ACCRUED COSTS DEFERR. LIABILITIES |
|
|
|
34.128 |
|
TOTAL LIABILITIES |
|
|
721.177.000 |
708.814.981 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS
ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
251.440.000 |
128.065.106 |
|
. Revenues from sales/services |
|
|
251.440.000 |
127.296.589 |
|
. Change of stock (products) |
|
|
|
-345.986 |
|
OPERATING EXPENSES |
|
|
241.675.000 |
119.819.438 |
|
. Purchasing expenses |
|
|
169.825.000 |
50.391.439 |
|
. Change of stock (raw material) |
|
|
|
3.941 |
|
. Expenses from services |
|
|
70.856.000 |
53.118.150 |
|
. Expenses from leasing |
|
|
|
408.318 |
|
. General expenses/sundry charges |
|
|
994.000 |
949.018 |
|
. Staff expenses |
|
|
|
11.984.060 |
|
. Depreciation/Devaluation costs |
|
|
|
2.964.512 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-7.275.000 |
28.418.518 |
|
. Financial charges |
|
|
-7.275.000 |
|
|
. Financial revenues |
|
|
|
28.418.518 |
|
FINANCIAL ASSETS CORRECTION |
|
|
40.930.000 |
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
|
-110.924 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
43.420.000 |
36.553.262 |
|
TAX |
|
|
2.411.000 |
1.434.230 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
41.009.000 |
35.119.032 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2006 |
as at 31/12/2005 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
|
0,72 |
0,71 |
2,09 |
|
Net Short-term indebtedness |
Units |
- 1 |
|
1,26 |
1,22 |
3,74 |
|
Current ratio |
Units |
=> 1 |
|
0,55 |
0,50 |
1,23 |
|
Acid Test Ratio-Liquidity Ratio |
Units' |
=> 1 |
|
0,38 |
0,37 |
0,86 |
|
Return on Sales |
% |
|
|
16,30 |
29,91 |
2,26 |
|
Average stock waiting period |
dd |
|
|
74,88 |
114,84 |
62,53 |
|
Credits to clients average term |
dd |
|
|
155,95 |
285,87 |
121,67 |
|
Debts to suppliers average term |
dd |
|
|
340,77 |
643,89 |
140,00 |
|
Net financial revenues/ charges incidence |
% |
|
|
- 2,89 |
22,32 |
- 1,30 |
|
Labour cost incidence |
% |
|
|
n.c. |
9,41 |
12,37 |
O.V. = Optimal Value. When not present refer to the sector's.
A coloured item indicates the opinion of the rate during the last
financial year
(green=good; orange=not optimal; red=insufficient;
FURTHER INFORMATION
The company under review comes from a partial split of Marzotto SpA.
The split became effective as of 1 July 2005 with a listing admission of
ordinary stocks, convertible savings shares and non convertible savings shares
of the Valentino Fashion group, after authorisation received by Borsa Italia
SpA and CONSOB which implemented the operation.
As at 31.12.2006 the consolidated net sales amounted to EUR 1.963
million, up by 13.6% from EUR 1.728 million in the previous year. The growth
was the result of the positive trend of sales achieved by all the business
units, which showed double-digit growth rates.
According to a recent press release in 2007 the group will continue to
register organic growth at a sustained pace along the lines set in 2006:
development of women's lines, the footwear and accessories collections, and
direct retail.
* * * *
Complete financial accounts for 2006 have been not yet filed at Chamber
of Commerce.
CREDIT OPINION
On the basis of the above mentioned, and the sales volume obtained, we
deem that the maximum exposure for short and medium term transactions ( 90 -
120 days ) could be of:
213.800 .Eur.
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 expenses 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 1.896 significant companies.
The companies cash their credits on an average of 121 dd.
The average duration of suppliers debts is about 140 dd.
The sector's profitability is on an average of 2,26%.
The labour cost affects the turnover in the measure of 12,37%.
Goods are held in stock in a range of 62 dd.
The difference between the sales volume and the resources used to
realize it is about 1,28.
The employees costs represent the 12,52% 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.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)