MIRA
INFORM REPORT
|
Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ROBY FOULARDS S.P.A. |
|
|
|
|
Registered Office : |
Via Rezzonico, 61 22100 – Como
(CO) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
24.09.1985 |
|
|
|
|
Com. Reg. No.: |
CO075-18847 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Silk weaving. Manufacture of Scarves, Foulards and Shawls. |
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 : |
Eur 92.000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name & address
Roby Foulards S.p.a.
Via Rezzonico, 61
22100 - Como (CO) -IT-
SUMMARY
|
Fiscal Code |
: |
01558410138 |
|
Legal Form |
: |
Joint stock company |
|
Start of Activities |
: |
24/09/1985 |
|
Patrimonial Consistence |
: |
1.500.000 Eur |
|
Turnover Range |
: |
7.750.000/9.000.000 Eur |
|
Number of Employees |
: |
from 26 to 35 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
92.000 - Eur |
|
Score |
: |
Risk high |
|
Creditworthness Rate |
: |
Scanty |
|
|
|
Modest financial and economic aspect - Limited credit is suggested. |
ACTIVITY
Silk weaving.
Manufacture of scarves, foulards and shawls.
LEGAL DATA
Legal Form
: Joint stock company
|
Fiscal Code : 01558410138 |
|
Foreign Trade Reg. no.
: 12682 of Como since 20/12/1991 |
|
Chamber of Commerce no. :
198827 of Como since 07/10/1985 |
|
Firms' Register
: CO075-18847 since 19/02/1996 |
|
V.A.T. Code
: 01558410138 |
|
R. E. C. no. : 35060 of Como since 19/02/1986 |
|
R. E. C. no. : 0035060 of Como since 19/02/1986 |
|
Foundation Date |
: 24/09/1985 |
|
|
Establishment Date |
: 24/09/1985 |
|
|
Start of Activities |
: 24/09/1985 |
|
|
Legal Duration Date |
: 31/12/2030 |
|
|
Nominal Capital |
: 1.300.000 |
Eur |
|
Subscribed Capital |
: 1.300.000 |
Eur |
|
Paid up Capital |
: 1.300.000 |
Eur |
MEMBERS
|
Trovatelli |
Elisa |
|
Born in Como |
(CO) |
on 07/08/1945 |
- Fiscal Code : TRVLSE45M47C933Y |
|
Residence : |
Via |
Del Dosso |
, 2 |
- 22030 |
Montorfano |
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
31/05/2006 |
|
|
No Protests registered.
|
Pellegrini |
Alessandro |
|
Born in Como |
(CO) |
on 02/03/1968 |
- Fiscal Code : PLLLSN68C02C933Q |
|
Residence : |
Via |
Pascoli |
, 22 |
- 22070 |
Casnate Con Bernate |
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
31/05/2006 |
|
|
No Protests registered.
|
Pellegrini |
Massimiliano |
|
Born in Como |
(CO) |
on 22/08/1966 |
- Fiscal Code : PLLMSM66M22C933D |
|
Residence : |
Via |
Silvio Pellico |
, 11 |
- 22070 |
Casnate Con Bernate |
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
31/05/2006 |
|
|
No Protests registered.
|
Pellegrini |
Angelo |
|
Born in Como |
(CO) |
on 13/07/1942 |
- Fiscal Code : PLLNGL42L13A142L |
|
Residence : |
Via |
Del Dosso |
, 2 |
- 22030 |
Montorfano |
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
26/05/2006 |
|
|
No Protests registered.
|
Pellegrini |
Roberta |
|
Born in Como |
(CO) |
on 13/05/1973 |
- Fiscal Code : PLLRRT73E53C933G |
|
Residence : |
Via |
Al Dosso |
, 2 |
- 22030 |
Montorfano |
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
26/05/2006 |
|
|
No Protests registered.
COMPANIES CONNECTED TO MEMBERS *
*checkings have been performed on a national scale.
The Members of the subject firm are not reported to be Members in other
companies.
CAPITAL SHAREHOLDERS
|
Style / Name |
Seat / Address |
Fiscal Code |
Owned Shares |
% of Ownership |
|
Pentafin - S.p.a. |
Como - IT - |
01785970136 |
1.040.000 .Eur |
80,00 |
|
Pellegrini Angelo |
Montorfano - IT - |
PLLNGL42L13A142L |
260.000 .Eur |
20,00 |
DIRECT PARTICIPATIONS
|
Company Style |
Legal Seat |
Fiscal Code |
Owned Shares |
% of Ownership |
Share Status |
|
STAMPERIA LUCIANO CATTANEO - S.R.L. |
Luisago - IT - |
00052080132 |
98.113 .Eur |
99,99 |
Active |
STRUCTURE AND COMPANY ACTIVITY
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
in : |
|
|
|
|
|
Via |
Rezzonico |
, 61 |
- 22100 - |
Como |
(CO) |
- IT - |
|
|
|
|
PHONE |
: 031/564210 |
|
- |
Branch |
(Factory ) |
since 20/10/1993 |
in : |
|
|
|
|
|
Via |
Tevere |
, 3 |
- 22070 - |
Casnate Con Bernate |
(CO) |
- IT - |
|
|
|
|
PHONE |
: 031/564210 |
|
- |
Branch |
(Warehouse ) |
since 01/07/1995 |
in : |
|
|
|
|
|
Via |
Repubblica Romana |
, 7/B Loc. REBBIO |
- 22100 - |
Como |
(CO) |
- IT - |
|
|
|
|
PHONE |
: 031/564210 |
|
- |
Branch |
(Factory ) |
since 02/10/2006 |
in : |
|
|
|
|
|
Via |
Gorizia |
, 5 Loc. PORTICHETTO |
- 22070 - |
Luisago |
(CO) |
- IT - |
|
|
|
|
Employees |
: 32 |
|
|
|
|
Fittings and Equipment |
for a value of
1.460.000 |
Eur |
|
|
|
|
Stocks |
for a value of
4.280.000 |
Eur |
|
|
|
|
Furniture and fittings |
for a value of
52.000 |
Eur |
|
|
|
|
Vehicles |
for a value of
100.000 |
Eur |
The firm has a direct commercial organization
Business are addressed to Northern Italy.
Transports are mainly done using own vehicles and third parties ones
The company supplies wholesalers and retailers.
Export represents more than 50% of the global turnover.
Products abroad are placed by :
|
- national or foreign important buyers |
|
- importers |
|
- its own agents |
|
- direct orders from foreign companies |
Company uses to accept the following term of sales: 30-60-90 days.
Financial means used for sale: bank transfers and bank orders.
Company's purchase terms are within 90 and 120 days.
Main used payment modalities are by cash orders and bank transfers.
Import comes generally from the following nations:
|
- Germania |
|
- Francia |
Export is mainly towards:
|
- Rep.di Guinea |
|
- Polonia |
|
- Ungheria |
|
- Austria |
|
- Gran Bretagna |
HISTORICAL INFORMATION AND/OR
FIRM'S STATUS
|
Changes to the
legal form |
|
Former legal
form |
New legal form |
Changement Date |
|
Joint stock company |
Limited liability company |
09/12/1986 |
|
Limited liability company |
Joint stock company |
28/10/1994 |
|
Company Style
modifications |
|
Former Style |
New Style |
Changement Date |
|
Roby Foulards S.R.L. |
Roby Foulards S.p.A. |
28/10/1994 |
|
Ex-Members /
Ex-Positions |
|
Pellegrini |
Angelo |
|
Born in COMO |
on 13/07/1942 |
- Fiscal Code : PLLNGL42L13C933J |
|
Residence : |
Via |
DEL DOSSO |
, 2 |
- 22030 |
Montorfano |
(CO) |
- IT - |
|
Position |
|
Chairman |
|
Board Chairman |
|
Trovatelli |
Elisa |
|
Born in Como |
on 07/08/1945 |
- Fiscal Code : TRVLSE45M47C933Y |
|
Residence : |
Via |
Del Dosso |
, 2 |
- 22030 |
Montorfano |
(CO) |
- IT - |
|
Position |
|
Director |
|
Pellegrini |
Alessandro |
|
Born in Como |
on 02/03/1968 |
|
Residence : |
Via |
Al Dosso |
, 2 |
- 22030 |
Montorfano |
(CO) |
- IT - |
|
Position |
|
Procurator |
|
Pellegrini |
Massimiliano |
|
Born in Como |
on 22/08/1966 |
|
Residence : |
Via |
Al Dosso |
, 2 |
- 22030 |
Montorfano |
(CO) |
- IT - |
|
Position |
|
Procurator |
|
Pansolin |
Antonio |
|
Born in Como |
on 17/03/1936 |
- Fiscal Code : PNSNTN36C17C933H |
|
Residence : |
Via |
Capueta |
, 23 |
- 22070 |
Montano Lucino |
(CO) |
- IT - |
|
Position |
|
Managing Director |
|
Pellegrini |
Alessandro |
|
Born in Como |
on 02/03/1968 |
- Fiscal Code : PLLLSN68C02C933Q |
|
Residence : |
Via |
Pascoli |
, 22 |
- 22070 |
Casnate Con Bernate |
(CO) |
- IT - |
|
Position |
|
Procurator |
|
Pellegrini |
Massimiliano |
|
Born in Como |
on 22/08/1966 |
- Fiscal Code : PLLMSM66M22C933D |
|
Residence : |
Via |
Silvio Pellico |
, 11 |
- 22070 |
Casnate Con Bernate |
(CO) |
- IT - |
|
Position |
|
Procurator |
|
The firm absorbed by merging of |
|
STAMPERIA LUCIANO CATTANEO - S.R.L. |
|
Via |
GORIZIA |
, 5 |
, 22070 |
, Luisago |
(CO) |
- IT - |
|
Fiscal Code: 00052080132 |
|
Date |
: |
02/10/2006 |
|
Project of merging by taking over of |
|
STAMPERIA LUCIANO CATTANEO - S.R.L. |
|
Via |
GORIZIA |
, 5 |
, 22070 |
, Luisago |
(CO) |
- IT - |
|
Fiscal Code: 00052080132 |
|
Date |
Merging/Splitting-up Project : |
22/06/2006 |
PAYMENTS ANALYSIS
The average term of debts to suppliers is shorter than the sector one.
PAYMENTS SCORE : - No insolvency
CREDIT REVOLVING
During last Year, the subject of inquiry has not been monitored by our
company.
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 |
1.488.937 .Eur |
NB.: For Capital Companies the value of the Immovables is the one reported
in the last available financial documents.
FINANCIAL AND ECONOMICAL ANALYSIS
Company's starting of activities dates back to 1985.
Last two financial years were marked by losses; in 2006 r.o.e. is
-92,49%.
The operating result is negative.
The ratio between shareholder's equity and borrowed capital is not well
balanced, the indebtedness level is equal to 6,16 which is decreasing.
Considerable bank indebtedness; on the other hand the recourse to
suppliers' credit is slightly high but lower than the field average.
It shows a good range of liquidity.
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
8.289.961 |
filed balance sheet |
|
Profit (Loss) for the period |
-927.069 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
7.609.698 |
filed balance sheet |
|
Profit (Loss) for the period |
-165.681 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
9.064.746 |
filed balance sheet |
|
Profit (Loss) for the period |
-337.871 |
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 ) |
|
|
3.155.391 |
2.322.370 |
|
. Intangible assets |
|
|
141.803 |
143.458 |
|
. Tangible fixed assets |
|
|
2.994.869 |
17.730 |
|
. . Land and buildings |
|
|
1.488.937 |
|
|
. . Plants, Equipm.and Machinery |
|
|
1.463.712 |
1.216 |
|
. Long-term Investments |
|
|
18.719 |
2.161.182 |
|
. . Financial loans |
|
|
18.719 |
2.161.182 |
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
6.765.626 |
6.202.074 |
|
. Stock |
|
|
4.281.977 |
4.136.379 |
|
. Credits |
|
|
1.717.851 |
1.534.544 |
|
. . Credits to clients |
|
|
1.585.935 |
1.494.214 |
|
. . Other credits |
|
|
131.916 |
40.330 |
|
. Short-term financial assets |
|
|
520.456 |
523.404 |
|
. Liquid assets |
|
|
245.342 |
7.747 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
42.072 |
10.783 |
|
TOTAL ASSETS |
|
|
9.963.089 |
8.535.227 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
1.002.257 |
672.054 |
|
. Company's capital |
|
|
1.300.000 |
1.300.000 |
|
. Reserves |
|
|
665.031 |
44.945 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
-35.705 |
-507.210 |
|
. Profit (loss) |
|
|
-927.069 |
-165.681 |
|
PROVISION FOR RISKS AND LOSSES |
|
|
|
|
|
SEVERANCE INDEMNITY FUND |
|
|
685.246 |
449.102 |
|
DEBTS |
|
|
8.253.945 |
7.403.937 |
|
. Financial M/L terms |
|
|
1.827.227 |
1.592.955 |
|
. . Financial M/L term banks |
|
|
135.000 |
|
|
. . Financial M/L bonds |
|
|
1.300.000 |
1.300.000 |
|
. . Other financial M/L debts |
|
|
392.227 |
292.955 |
|
. Financial short-term debts |
|
|
4.165.417 |
3.406.711 |
|
. . Financial short-term banks |
|
|
3.936.694 |
3.042.725 |
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
228.723 |
363.986 |
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
1.845.282 |
2.105.778 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
416.019 |
298.493 |
|
ACCRUED EXPENSE |
|
|
21.641 |
10.134 |
|
TOTAL LIABILITIES |
|
|
9.963.089 |
8.535.227 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS
ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
8.525.384 |
8.329.337 |
|
. Revenues from sales/services |
|
|
8.289.961 |
7.609.698 |
|
. Change of stock (products) |
|
|
149.069 |
655.931 |
|
OPERATING EXPENSES |
|
|
9.068.472 |
8.308.516 |
|
. Purchasing expenses |
|
|
2.951.591 |
2.986.859 |
|
. Change of stock (raw material) |
|
|
43.713 |
62.860 |
|
. Expenses from services |
|
|
3.573.088 |
3.487.604 |
|
. Expenses from leasing |
|
|
251.710 |
236.640 |
|
. General expenses/sundry charges |
|
|
35.566 |
16.087 |
|
. Staff expenses |
|
|
1.856.197 |
1.298.952 |
|
. Depreciation/Devaluation costs |
|
|
356.607 |
219.514 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-313.501 |
-137.618 |
|
. Financial charges |
|
|
-338.102 |
-165.168 |
|
. Financial revenues |
|
|
24.601 |
27.550 |
|
FINANCIAL ASSETS CORRECTION |
|
|
-2.948 |
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
4.108 |
17.592 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
-855.429 |
-99.205 |
|
TAX |
|
|
71.640 |
66.476 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
-927.069 |
-165.681 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2006 |
as at 31/12/2005 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
1,11 |
1,16 |
2,28 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
6,16 |
8,63 |
3,73 |
|
Current ratio |
Units |
=> 1 |
l |
1,05 |
1,06 |
1,24 |
|
Acid Test Ratio-Liquidity Ratio |
Units' |
=> 1 |
l |
0,38 |
0,35 |
0,87 |
|
Return on Sales |
% |
|
l |
- 6,88 |
0,70 |
2,33 |
|
Average stock waiting period |
dd |
|
l |
185,94 |
195,66 |
65,05 |
|
Credits to clients average term |
dd |
|
l |
68,86 |
70,66 |
125,44 |
|
Debts to suppliers average term |
dd |
|
l |
98,02 |
112,93 |
140,38 |
|
Net financial revenues/ charges incidence |
% |
|
l |
- 3,78 |
- 1,80 |
- 1,20 |
|
Labour cost incidence |
% |
|
l |
22,39 |
17,06 |
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; n.c.=not computable)
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:
92.000 .Eur.
MARKET / TERRITORY DATA
|
Population living in the province |
: |
560.941 |
|
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 1.805 significant companies.
The companies cash their credits on an average of 125 dd.
The average duration of suppliers debts is about 140 dd.
The sector's profitability is on an average of 2,33%.
The labour cost affects the turnover in the measure of 12,37%.
Goods are held in stock in a range of 65 dd.
The difference between the sales volume and the resources used to
realize it is about 1,23.
The employees costs represent the 12,44% 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 50.886 protested subjects are found; in the province they
count to 3.842.
The insolvency index for the region is 0,55, while for the province it
is 0,70.
Total Bankrupt companies in the province : 2.010.
Total Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs42.28. |
|
UK Pound |
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.65.69 |
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%)