MIRA
INFORM REPORT
|
Report Date : |
08.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
FAZZINI S.P.A. |
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|
|
Registered Office : |
Via A. Volta, 69 21010- Cardano
Al Campo(VA) |
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Country : |
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|
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|
Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
08.01.1976 |
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Com. Reg. No.: |
VA026-9900 |
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|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Manufacture of bed linen, table linen and furnishings |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
250.000 - Eur |
|
Status : |
Good |
|
Payment Behaviour : |
No Complaints |
|
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name and address
Fazzini S.p.a.
Via A. Volta, 69
21010 - Cardano Al Campo (VA) -IT-
Summary
|
Fiscal Code |
: |
00450810122 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
08/01/1976 |
|
Equity |
: |
Over 2.582.254 Eur |
|
|
: |
7.750.000/9.000.000 Eur |
|
Number of Employees |
: |
from 16 to 25 |
Credit Analysis
|
Credit Opinion |
: |
250.000 - Eur |
Activity
Manufacture of bed linen, table linen and furnishings
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 00450810122 |
|
Foreign Trade Reg. no. : VA004989 since 05/12/1991 |
|
Foreign Trade Reg. no. : 4989 of |
|
Chamber of Commerce no. : 137915 of |
|
Firms' Register : VA026-9900 |
|
V.A.T. Code : 00450810122 |
|
Tribunal Co. Register : 9900 of |
|
Foundation date |
: 08/01/1976 |
|
|
Establishment date |
: 08/01/1976 |
|
|
Start of Activities |
: 08/01/1976 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 1.200.000 |
Eur |
|
Subscribed Capital |
: 1.200.000 |
Eur |
|
Paid up Capital |
: 1.125.000 |
Eur |
Members
|
|
Zibetti |
Maria Alberta |
|
|
|
Born in Gallarate |
(VA) |
on 09/07/1948 |
- Fiscal Code : ZBTMLB48L49D869U |
|
|
|
Residence : |
Via |
Palestro |
, 13 |
- 21013 |
Gallarate |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
26/10/2009 |
|
|
|
Board Chairman |
26/10/2009 |
|
|
|
|
No Protests registered |
|
|
Fazzini |
Marco Franco |
|
|
|
Born in Gallarate |
(VA) |
on 30/01/1976 |
- Fiscal Code : FZZMCF76A30D869E |
|
|
|
Residence : |
Via |
Palestro |
, 13 |
- 21013 |
Gallarate |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
26/10/2009 |
|
|
|
Managing Director |
26/10/2009 |
|
|
|
|
No Protests registered |
|
|
Fazzini |
Paolo |
|
|
|
Born in Gallarate |
(VA) |
on 27/07/1983 |
- Fiscal Code : FZZPLA83L27D869S |
|
|
|
Residence : |
Via |
Palestro |
, 13 |
- 21013 |
Gallarate |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
26/10/2009 |
|
|
|
Managing Director |
26/10/2009 |
|
|
|
|
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 have holded
positions.
|
|
ZIBETTI |
MARIA |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
CASTE DI GIUDITTA MACCHI E C. S.A.S. |
Gallarate (VA) - IT - |
01906040124 |
Limited Partner |
Active |
Registered |
|
IMMOBILIARE EUDORA DI ZIBETTI ADELIO E C. S.A.S. |
Gallarate (VA) - IT - |
03576100154 |
Limited Partner |
Active |
Registered |
|
IMMOBILIARE ORSINI DI TONETTI MARILENA E C. S.A.S. |
Gallarate (VA) - IT - |
03576050151 |
Limited Partner |
Active |
Registered |
|
IMMOBILIARE STECA DI ZIBETTI MARIA |
Gallarate (VA) - IT - |
00372740126 |
General Partner |
Active |
Registered |
|
IMMOBILIARE |
Gallarate (VA) - IT - |
03575980150 |
Limited Partner |
Active |
Registered |
|
IMMOBILIARE VELLEDA DI ZIBETTI MARIA PIERA E C. S.A.S. |
Gallarate (VA) - IT - |
03575970151 |
Limited Partner |
Active |
Registered |
|
LE CANDIE DI FAZZINI PAOLO E C. S.A.S. |
Gallarate (VA) - IT - |
03576070159 |
Limited Partner |
Active |
Registered |
|
|
FAZZINI |
MARCO FRANCO |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
CASTE DI GIUDITTA MACCHI E C. S.A.S. |
Gallarate (VA) - IT - |
01906040124 |
Limited Partner |
Active |
Registered |
|
IMMOBILIARE STECA DI ZIBETTI MARIA |
Gallarate (VA) - IT - |
00372740126 |
Limited Partner |
Active |
Registered |
|
LE CANDIE DI FAZZINI PAOLO E C. S.A.S. |
Gallarate (VA) - IT - |
03576070159 |
Limited Partner |
Active |
Registered |
|
|
FAZZINI |
PAOLO |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
CASTE DI GIUDITTA MACCHI E C. S.A.S. |
Gallarate (VA) - IT - |
01906040124 |
Limited Partner |
Active |
Registered |
|
IMMOBILIARE STECA DI ZIBETTI MARIA |
Gallarate (VA) - IT - |
00372740126 |
Limited Partner |
Active |
Registered |
|
LE CANDIE DI FAZZINI PAOLO E C. S.A.S. |
Gallarate (VA) - IT - |
03576070159 |
General Partner |
Active |
Registered |
The indication "REGISTERED" as Firm Status could refer to
Firms in Liquidation, Active, Inactive, etc.
For more information, in this case, we advise to request further
investigations.
Capital Shareholders
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Zibetti Maria |
Gallarate - IT - |
ZBTMLB48L49D869U |
720.000 .Eur |
60,00 |
|
Fazzini Marco Franco |
Gallarate - IT - |
FZZMCF76A30D869E |
.Eur |
20,00 |
|
Fazzini Paolo |
Gallarate - IT - |
FZZPLA83L27D869S |
240.000 .Eur |
20,00 |
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 |
|
since 08/01/1976 |
|
|
|
|
|
Via |
A. Volta |
, 69 |
- 21010 |
- Cardano Al Campo |
(VA) |
- IT - |
|
|
|
|
PHONE |
: 0331/263127 |
|
|
|
|
FAX |
: 0331/262344 |
|
|
|
|
Employees |
: 17 |
|
Fittings and Equipment for a value of 80.000 |
Eur |
|
Stocks for a value of 2.890.000 |
Eur |
|
Furniture and fittings for a value of 15.000 |
Eur |
|
Vehicles for a value of 21.000 |
Eur |
Historical Information and/or Firm's Status
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
General partnership |
Limited partnership |
05/04/1990 |
|
Limited partnership |
Limited liability company |
14/12/1991 |
COMPANY STYLE MODIFICATIONS:
|
Former Style |
New Style |
Changement Date |
|
Industria Tessile F.p.SNC di Stefano Fa zzini e Paolo Piotti |
|
05/04/1990 |
|
Industria Tessile F.P. di Stefano Fazzin i e C. SAS |
|
14/12/1991 |
EX-MEMBERS / EX-POSITIONS:
|
|
|
Enrico |
|
|
|
Born in Gallarate |
on 06/09/1942 |
- Fiscal Code : CLMNRC42P06D869F |
|
|
|
Residence : |
Via |
|
, 4 |
- 21013 |
Gallarate |
(VA) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
|
|
Fazzini Stefano |
|
|
|
|
Born in Gallarate |
on 12/08/1946 |
- Fiscal Code : FZZSFN46M12D869L |
|
|
|
Fiscal residence : |
Via |
Palestro |
, 13 |
- 21013 |
Gallarate |
(VA) |
- IT - |
|
Ex-Postions |
|
Sole Director |
|
General Partner |
|
|
Zibetti Maria |
|
|
Ex-Postions |
|
Partner |
|
Limited Partner |
|
|
Zibetti |
Maria Alberta |
|
|
|
Born in Gallarate |
on 09/07/1948 |
- Fiscal Code : ZBTMLB48L49D869U |
|
|
|
Residence : |
Via |
Palestro |
, 13 |
- 21013 |
Gallarate |
(VA) |
- IT - |
|
Ex-Postions |
|
Sole Director |
|
|
Beia |
Sergio |
|
|
|
Born in Gallarate |
on 03/02/1965 |
- Fiscal Code : BEISRG65B03D869B |
|
|
|
Residence : |
Passo |
Del San Gottardo |
, 6 |
- 21013 |
Gallarate |
(VA) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
Protests
Protests checking on the subject firm has given a negative result.
Legal Procedures
None reported, standing to the latest received edition of the Official
Publications.
Immovables *
*Subject to survey.
|
Immovable Type |
Value |
|
Real estates |
15.835 - Eur |
NB.: For Capital Companies the value of the Immovables is the one
reported in the latest available financial documents.
Financial and Economical Analysis
The company is active since 1976
The economic-financial analysis has been made on the base of the b/s of
the latests three years.
During the last years, it recorded positive net results (r.o.e. 5,83% in
2009) with a stable trend in the turnover.
The return on Investment in the last financial year was positive (4,46%)
and in line with the sector's average.
The operating result is positive and amounts to Eur. 343.866 showing a
downwards trend equal to -40,63% if compared to the value of the financial year
2008.
During the latest financial year the gross operating margin amounted to
Eur. 493.987 recording a -30,25% decrease.
The analysis shows a fair financial position as the indebtedness volume
is acceptable (1,04) with an improving trend as on the decrease.
With regard to equity capital, an amount of Eur. 3.094.224 is
registered. , with an upward trend.
During the last financial year total debts volume reached Eur. 4.249.810
(Eur. 988.890 were m/l term ones) , with no sensible variation.
The company does not exceed in bank credits; payments average period is
instead slightly high (101,48 gg.) but lower than the field average.
It shows a good range of liquidity.
Trade credits are collected slowly, average term is 182,49 days. besides
being higher than the sector's average.
2009 financial year closed with a cash flow of Eur. 330.456
Subordinate employment cost is of Eur. 628.567, i.e. 8,08% on total
production costs. , whereas 7,98% is the incidence on sales revenues.
Limited financial charges in relation to sales volume.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
7.879.290 |
|
Profit (Loss) for the period |
180.335 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
7.658.917 |
|
Profit (Loss) for the period |
247.666 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
7.737.560 |
|
Profit (Loss) for the period |
330.721 |
|
|
|
Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
7.268.242 |
|
Profit (Loss) for the period |
188.646 |
|
|
|
Complete balance-sheet for the year |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
6.834.000 |
|
Profit (Loss) for the period |
188.000 |
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 31/12/2009 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
- Balance Sheet as at 31/12/2008 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
- Balance Sheet as at 31/12/2007 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
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|
|
RATIOS |
Value Type |
as at 31/12/2009 |
as at 31/12/2008 |
as at 31/12/2007 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,04 |
0,06 |
0,06 |
0,18 |
|
Elasticity Ratio |
Units |
0,92 |
0,94 |
0,93 |
0,80 |
|
Availability of stock |
Units |
0,37 |
0,37 |
0,34 |
0,20 |
|
Total Liquidity Ratio |
Units |
0,54 |
0,57 |
0,58 |
0,54 |
|
Quick Ratio |
Units |
0,01 |
0,01 |
0,10 |
0,02 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
1,04 |
1,68 |
1,34 |
2,80 |
|
Self Financing Ratio |
Units |
0,40 |
0,32 |
0,30 |
0,19 |
|
Capital protection Ratio |
Units |
0,55 |
0,65 |
0,57 |
0,66 |
|
Liabilities consolidation quotient |
Units |
0,37 |
0,25 |
0,32 |
0,21 |
|
Financing |
Units |
1,37 |
2,05 |
2,17 |
3,54 |
|
Permanent Indebtedness Ratio |
Units |
0,56 |
0,45 |
0,47 |
0,38 |
|
M/L term Debts Ratio |
Units |
0,16 |
0,13 |
0,17 |
0,12 |
|
Net Financial Indebtedness Ratio |
Units |
0,68 |
1,16 |
n.c. |
0,94 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
13,75 |
7,60 |
7,60 |
1,94 |
|
Current ratio |
Units |
2,17 |
1,74 |
1,80 |
1,27 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,28 |
1,06 |
1,12 |
0,89 |
|
Structure's primary quotient |
Units |
9,86 |
5,34 |
4,86 |
1,14 |
|
Treasury's primary quotient |
Units |
0,01 |
0,01 |
0,20 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
249,36 |
315,20 |
328,74 |
502,11 |
|
Current Capital ( net ) |
Value |
3.802.266 |
3.031.071 |
2.955.637 |
319.928 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
4,19 |
4,92 |
5,77 |
3,43 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
5,83 |
10,26 |
15,26 |
5,58 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
9,17 |
17,84 |
28,33 |
20,25 |
|
Return on Investment ( R.O.I. ) |
% |
4,46 |
7,61 |
10,89 |
5,38 |
|
Return/ Sales |
% |
4,36 |
7,56 |
10,02 |
4,48 |
|
Extra Management revenues/charges incid. |
% |
52,44 |
42,75 |
42,63 |
22,68 |
|
Cash Flow |
Value |
330.456 |
376.627 |
446.584 |
91.584 |
|
Operating Profit |
Value |
343.866 |
579.288 |
775.748 |
120.550 |
|
Gross Operating Margin |
Value |
493.987 |
708.249 |
891.611 |
197.844 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
182,49 |
195,69 |
157,78 |
126,68 |
|
Debts to suppliers average term |
Days |
101,48 |
89,79 |
240,00 |
143,71 |
|
Average stock waiting period |
Days |
131,91 |
131,10 |
115,48 |
59,41 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,02 |
1,01 |
1,08 |
1,19 |
|
Rate of stock return |
Units |
2,73 |
2,75 |
3,11 |
6,05 |
|
Labour cost incidence |
% |
7,98 |
8,50 |
7,60 |
15,59 |
|
Net financial revenues/ charges incidence |
% |
- 0,82 |
- 1,55 |
- 1,08 |
- 1,49 |
|
Labour cost on purchasing expenses |
% |
8,08 |
8,80 |
8,78 |
15,78 |
|
Short-term financing charges |
% |
1,55 |
2,47 |
1,80 |
2,90 |
|
Capital on hand |
% |
97,93 |
99,34 |
92,03 |
83,73 |
|
Sales pro employee |
Value |
437.738 |
510.594 |
552.682 |
199.982 |
|
Labour cost pro employee |
Value |
34.920 |
43.417 |
42.018 |
31.739 |
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:
250.000 Eur.
Market / Territory Data
|
Population living in the province |
: |
843.250 |
|
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 1.146 significant companies.
The companies cash their credits on an average of 126 dd.
The average duration of suppliers debts is about 143 dd.
The sector's profitability is on an average of 3,43%.
The labour cost affects the turnover in the measure of 15,59%.
Goods are held in stock in a range of 59 dd.
The difference between the sales volume and the resources used to
realize it is about 1,19.
The employees costs represent the 15,78% of the production costs.
Statistical Detrimental Data
The area is statistically considered moderately risky.
In the region 50.886 protested subjects are found; in the province they
count to 4.597.
The insolvency index for the region is 0,55, , while for the province it
is 0,55.
Total Bankrupt companies in the province : 3.052.
Total Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.13 |
|
|
1 |
Rs.73.36 |
|
Euro |
1 |
Rs.63.06 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.