MIRA
INFORM REPORT
|
Report Date : |
28.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
Phard S.p.a. |
|
|
|
|
Registered Office : |
Via Dei Fiorentini, 21 80100 – |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
12/01/1990 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Wholesale of ready-made clothes and of articles for clothing. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
373.900 – Eur |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name & address
Phard S.p.a.
Via
Dei Fiorentini, 21
80100 -
SUMMARY
|
Legal Form |
: |
Joint stock company |
|
Start of Activities |
: |
12/01/1990 |
|
Patrimonial Consistence |
: |
Over 2.500.000 Eur |
|
|
: |
50.000.000/75.000.000 Eur |
|
Number of Employees |
: |
from 111 to 130 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
373.900 - Eur |
ACTIVITY
Wholesale of ready-made clothes and of articles for clothing.
LEGAL DATA
Legal Form : Joint stock company
|
Fiscal Code : 05077500634 |
|
Foreign Trade Reg. no. : 19250 of |
|
Foreign Trade Reg. no. : 019250 of |
|
Chamber of Commerce no. : 332151 of |
|
Chamber of Commerce no. : 1443413 of Milano |
|
Chamber of Commerce no. : 414822 of |
|
Chamber of Commerce no. : 787981 of Roma |
|
Chamber of Commerce no. : 130285 of Teramo |
|
Firms' Register : NA049-1986-5183 since 19/02/1996 |
|
R. E. C. no. : 95351 of |
|
R. E. C. no. : 0095351 of |
|
Court : 518386 of |
|
Foundation Date |
: 23/09/1986 |
|
|
Establishment Date |
: 23/09/1986 |
|
|
Start of Activities |
: 12/01/1990 |
|
|
Legal Duration Date |
: 31/12/2050 |
|
|
Nominal Capital |
: 11.632.500 |
Eur |
|
Subscribed Capital |
: 11.632.500 |
Eur |
|
Paid up Capital |
: 11.632.500 |
Eur |
MEMBERS
|
Esposito |
Maurizio |
|
Born in |
(NA) |
on 10/04/1961 |
- Fiscal Code : SPSMRZ61D10F839B |
|
Residence : |
Via |
Filichito |
, 8/F |
- 80040 |
Volla |
(NA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
|
|
|
|
Director |
|
|
|
No Protests registered.
|
Esposito |
Alessandro |
|
Born in |
(NA) |
on 27/10/1969 |
- Fiscal Code : SPSLSN69R27F839S |
|
Residence : |
Piazza |
MASANIELLO |
, 31 |
- 80100 |
|
(NA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
28/12/2004 |
|
|
No Protests registered.
|
Esposito |
Concetta |
|
Born in |
(NA) |
on 19/04/1958 |
- Fiscal Code : SPSCCT58D59F839L |
|
Residence : |
Piazza |
MASANIELLO |
, 31 |
- 80100 |
|
(NA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
28/12/2004 |
|
|
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.
|
ESPOSITO |
|
|
ESPOSITO |
|
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 |
|
Esposito Roberto |
|
SPSRRT64C25F839O |
3.272.222 .Eur |
28,13 |
|
Esposito Maurizio |
Volla - IT - |
SPSMRZ61D10F839B |
3.272.222 .Eur |
28,13 |
|
Esposito Alessandro |
|
SPSLSN69R27F839S |
3.271.059 .Eur |
28,12 |
|
Esposito Concetta |
|
SPSCCT58D59F839L |
1.816.996 .Eur |
15,62 |
DIRECT PARTICIPATIONS
|
Company Style |
Legal Seat |
Fiscal Code |
Owned Shares |
% of Ownership |
|
Cis - Centro Ingrosso Sviluppo |
|
01316130630 |
290.983 .Eur |
1,12 |
|
ICI - ITALIA CENTRO INGROSSO - S.P.A. |
Roma - IT - |
07356850581 |
400 .Eur |
20,00 |
|
DON'T CORPORATION S.R.L. |
|
06911230636 |
102.000 .Eur |
40,00 |
|
CONSORZIO MUSIANO |
|
01539790673 |
1.000 .Eur |
|
|
KIDS GROUP S.R.L. |
|
01960790978 |
30.000 .Eur |
30,00 |
|
Ready Made S.r.l. |
|
01400010672 |
|
100,00 |
STRUCTURE AND COMPANY
ACTIVITY
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
since 23/09/1991 |
in : |
|
|
|
|
|
Via |
DEI FIORENTINI |
, 21 |
- 80100 - |
|
(NA) |
- IT - |
|
|
|
|
|
Trading Style: Phard |
|
|
|
|
PHONE |
: 051/863989 |
|
- |
Branch |
(Wholesale store ) |
since 03/03/1991 |
in : |
|
|
|
|
|
Via |
CIS ISOLA 1 |
, 133 |
- 80035 - |
NOLA |
(NA) |
- IT - |
|
- |
Branch |
(Wholesale store ) |
since 10/01/1995 |
in : |
|
|
|
|
|
Via |
CIS - ISOLA 8 N. 8032/8033 |
- 80035 - |
NOLA |
(NA) |
- IT - |
|
- |
Branch |
(Store ) |
since 01/09/1990 |
in : |
|
|
|
|
|
PRESSO |
CENTERGROSS - BLOCCO |
, 7 Loc. FUNO |
- 40050 - |
ARGELATO |
(BO) |
- IT - |
|
|
|
|
PHONE |
: 051/6646920 |
|
- |
Branch |
(Store ) |
since 01/09/1993 |
in : |
|
|
|
|
|
PRESSO |
CENTERGROSS - GALLERIA 38/BIS |
, Loc. FUNO |
- 40050 - |
ARGELATO |
(BO) |
- IT - |
|
|
|
|
PHONE |
: 051/6646920 |
|
- |
Branch |
(Shop ) |
since 27/02/1994 |
in : |
|
|
|
|
|
Strada |
PADANA SUPERIORE |
, 18-Q7 |
- 20063 - |
CERNUSCO SUL NAVIGLIO |
(MI) |
- IT - |
|
- |
Branch |
(Production engineering department ) |
since 02/11/2001 |
in : |
|
|
|
|
|
Via |
IGNAZIO SILONE |
, Loc. CONTRADA RIPOLI |
- 64023 - |
MOSCIANO SANT'ANGELO |
(TE) |
- IT - |
|
- |
Branch |
(Point of sale ) |
since 03/02/2003 |
in : |
|
|
|
|
|
Via |
S. ALESSANDRO |
, 7 |
- 00100 - |
ROMA |
(RM) |
- IT - |
|
|
|
|
Employees |
: 114 |
|
|
|
|
Assistants |
: 5 |
|
|
|
|
Fittings and Equipment |
for a value of
892.500 |
Eur |
|
|
|
|
Stocks |
for a value of
3.074.000 |
Eur |
HISTORICAL
INFORMATION AND/OR FIRM'S
STATUS
|
Changes to the
legal form |
|
Former legal
form |
New legal form |
Changement Date |
|
Limited partnership |
Joint stock company |
29/12/1993 |
|
Company Style
modifications |
|
Former Style |
New Style |
Changement Date |
|
Phard Sas di Roberto Esposito |
|
29/12/1993 |
|
Ex-Members /
Ex-Positions |
|
Esposito |
Maurizio |
|
Born in |
on 10/04/1961 |
- Fiscal Code : SPSMRZ61D10F839B |
|
Residence : |
Via |
Filichito |
, 8/F |
- 80040 |
Volla |
(NA) |
- IT - |
|
Position |
|
Managing Director |
|
Director |
PAYMENTS ANALYSIS
The average term of debts to suppliers is shorter than the sector one.
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. 7 times.
During the last 12 Months : n. 13 times.
PROTESTS
Protests checking on the subject firm has given the following results:
|
PHARD SPA A FIRMA ILLEGGIBILE (05077500634) |
|
VIA |
- |
|
Protest Type |
Elevation Date |
Amount (in
Euros) |
Amount (in
Liras) |
Reason |
Elevation
Officer |
|
Protested cheque |
23/09/2004 |
9.830 |
19.033.534 |
Mistake |
|
LEGAL PROCEDURES
None reported, standing to the last received edition of the Official
Publications.
BANKERS
|
Bank Name |
Agency Name |
Address |
ZIP Code |
City |
ABI Code |
CAB Code |
|
BANCA COMMERCIALE ITALIANA |
|
|
|
|
2002 |
0 |
IMMOVABLES *
*No specific (mortgage/cadastrial registrations) inspections have been
requested.
|
Immovable Type |
Value |
|
Real estates |
663.762 .Eur |
NB.: For Capital Companies the value of the Immovables is the one
reported in the last available financial documents.
FINANCIAL AND
ECONOMICAL ANALYSIS
The company is active since 1990
During the last years, it achieved profits (r.o.e. 1,69% on 2005) and
during the last financial year an increase in sales volume was registered
(+17,59% in 2005).
The return on Investment in the last financial year was positive (5,31%)
and in line with the sector's average.
The financial status of the company is fairly balanced with an
indebtedness level of 2,76 but with an increase as against the previous
accounting period.
Bank borrowings' volume is slightly high but it modestly dips into
suppliers credit, 81,54 gg. is the payments' average time below the sector's
average.
The management determines a good range of liquidity.
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
73.993.314 |
filed balance sheet |
|
Profit (Loss) for the period |
297.367 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
62.919.730 |
filed balance sheet |
|
Profit (Loss) for the period |
208.861 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2003 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
64.367.017 |
filed balance sheet |
|
Profit (Loss) for the period |
233.376 |
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 31/12/2005 - Months 12 - Currency Eur - Amounts x 1 |
|
Balance Sheet as
at 31/12/2004 - Months 12 - Currency Eur - Amounts x 1 |
|
Years |
|
|
2005 |
2004 |
|
|
BALANCE SHEET
ACCOUNTS |
|
|
|
|
. |
|
|
|
|
|
ASSETS |
|
|
|
|
|
CREDITS TO SHAREHOLDERS |
|
|
|
|
|
FIXED ASSETS ( NET ) |
|
|
14.460.249 |
17.219.258 |
|
. Intangible assets |
|
|
9.951.789 |
13.942.204 |
|
. Tangible fixed assets |
|
|
2.664.667 |
2.033.531 |
|
. . Land and buildings |
|
|
663.762 |
663.762 |
|
. . Plants, Equipm.and Machinery |
|
|
892.329 |
840.366 |
|
. Long-term Investments |
|
|
1.843.793 |
1.243.523 |
|
. . Financial loans |
|
|
1.843.793 |
1.243.523 |
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
67.158.743 |
56.533.513 |
|
. Stock |
|
|
3.074.242 |
4.535.128 |
|
. Credits |
|
|
30.223.368 |
23.908.337 |
|
. . Credits to clients |
|
|
27.247.425 |
21.289.067 |
|
. . Other credits |
|
|
2.975.943 |
2.619.270 |
|
. Short-term financial assets |
|
|
26.663.897 |
23.906.647 |
|
. Liquid assets |
|
|
7.197.236 |
4.183.401 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
1.758.483 |
1.727.067 |
|
TOTAL ASSETS |
|
|
83.377.475 |
75.479.838 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
17.546.981 |
17.249.613 |
|
. Company's capital |
|
|
11.632.500 |
11.632.500 |
|
. Reserves |
|
|
193.401 |
182.957 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
5.423.713 |
5.225.295 |
|
. Profit (loss) |
|
|
297.367 |
208.861 |
|
PROVISION CHARGES ACCOUNTS |
|
|
860.444 |
|
|
STAFF TERM INDEMNITY |
|
|
680.041 |
519.713 |
|
DEBTS |
|
|
64.002.664 |
57.446.392 |
|
. Financial M/L terms |
|
|
8.293.252 |
6.199.562 |
|
. . Financial M/L term banks |
|
|
8.293.252 |
6.199.562 |
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
39.330.701 |
36.265.249 |
|
. . Financial short-term banks |
|
|
37.780.701 |
35.277.749 |
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
1.550.000 |
987.500 |
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
13.669.601 |
12.651.797 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
2.709.110 |
2.329.784 |
|
ACCRUED COSTS DEFERR. LIABILITIES |
|
|
287.345 |
264.120 |
|
TOTAL LIABILITIES |
|
|
83.377.475 |
75.479.838 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS
ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
76.353.356 |
64.606.771 |
|
. Revenues from sales/services |
|
|
73.993.314 |
62.919.730 |
|
. Change of stock (products) |
|
|
|
|
|
OPERATING EXPENSES |
|
|
71.925.226 |
60.733.937 |
|
. Purchasing expenses |
|
|
37.553.880 |
33.157.557 |
|
. Change of stock (raw material) |
|
|
1.460.886 |
-261.593 |
|
. Expenses from services |
|
|
20.123.699 |
15.284.078 |
|
. Expenses from leasing |
|
|
2.658.602 |
2.821.650 |
|
. General expenses/sundry charges |
|
|
798.058 |
544.214 |
|
. Staff expenses |
|
|
4.235.957 |
4.098.791 |
|
. Depreciation/Devaluation costs |
|
|
5.094.144 |
5.089.240 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-2.535.466 |
-2.496.261 |
|
. Financial charges |
|
|
-3.669.148 |
-3.317.909 |
|
. Financial revenues |
|
|
1.133.682 |
821.648 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
-2 |
-127.872 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
1.892.662 |
1.248.701 |
|
TAX |
|
|
1.595.295 |
1.039.840 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
297.367 |
208.861 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2005 |
as at 31/12/2004 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
|
1,83 |
1,39 |
2,51 |
|
Net Short-term indebtedness |
Units |
- 1 |
|
2,76 |
2,72 |
4,47 |
|
Current ratio |
Units |
=> 1 |
|
1,20 |
1,10 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
=> 1 |
|
1,15 |
1,01 |
0,74 |
|
Return on Sales |
% |
|
|
7,28 |
8,42 |
1,72 |
|
Average stock waiting period |
dd |
|
|
14,94 |
25,92 |
82,72 |
|
Credits to clients average term |
dd |
|
|
132,55 |
121,78 |
97,73 |
|
Debts to suppliers average term |
dd |
|
|
81,54 |
88,84 |
140,00 |
|
Net financial revenues/ charges incidence |
% |
|
|
- 3,42 |
- 3,96 |
- 1,14 |
|
Labour cost incidence |
% |
|
|
5,72 |
6,51 |
7,68 |
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;
CREDIT OPINION
DETERMINATION
The credit opinion determination is divided into two phases :
1) Risk analysis (Score).
2) Reliability score identification.
RELIABILITY SCORE
Considering also subject's structural and behavioural characteristics
its credit margin rate (from 0 to 100%) is equal to 72%, in respect of a sector
average of 29%.
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:
373.900 .Eur.
MARKET / TERRITORY
DATA
|
Population living in the province |
: |
3.092.859 |
|
Population living in the region |
: |
5.788.986 |
|
Number of families in the region |
: |
1.966.064 |
Monthly family expenses average in the region (in Eur.) :
|
- per food products |
: |
475 |
|
- per non food products |
: |
1.304 |
|
- per energy consume |
: |
79 |
SECTOR DATA
The values are calculated on a base of 2.235 significant companies.
The companies cash their credits on an average of 97 dd.
The average duration of suppliers debts is about 140 dd.
The sector's profitability is on an average of 1,72%.
The labour cost affects the turnover in the measure of 7,68%.
Goods are held in stock in a range of 82 dd.
The difference between the sales volume and the resources used to
realize it is about 1,39.
The employees costs represent the 7,73% of the production costs.
STATISTICAL
DETRIMENTAL DATA
Statistically the trade activity passes through serious crises.
The area is statistically considered remarkably risky.
In the region 80.616 protested subjects are found; in the province they
count to 41.815.
The insolvency index for the region is 1,40, while for the province it
is 1,36.
Total Bankrupt companies in the province : 18.217.
Total Bankrupt companies in the region : 28.514.
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/normal. |
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%)