MIRA
INFORM REPORT
|
Report Date : |
19.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
OFFICINE FACCO E C. - S.P.A. |
|
|
|
|
Registered Office : |
Via Venezia, 30 Marsango, 35010 - Campo
San Martino (PD) |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
07.04.1961 |
|
|
|
|
Com. Reg. No.: |
PD060-4880 of since 19/02/1996 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturer of metal structures and
structure parts |
|
|
|
|
No. of Employees : |
91 to 110 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
ITALY - ECONOMIC OVERVIEW
Italy has a diversified
industrial economy, which is divided into a developed industrial north,
dominated by private companies, and a less-developed, welfare-dependent,
agricultural south, with high unemployment. 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 exceptionally high public debt burdens and structural
impediments to growth have rendered it vulnerable to scrutiny by financial
markets. Public debt has increased steadily since 2007, reaching 120% of GDP in
2011, and borrowing costs on sovereign government debt have risen to record
levels. During the second half of 2011 the government passed a series of three
austerity packages to balance its budget by 2013 and decrease its public debt
burden. These measures included a hike in the value-added tax, pension reforms,
and cuts to public administration. The government also faces pressure from
investors and European partners to address Italy's long-standing structural
impediments to growth, such as an inflexible labor market and widespread tax
evasion. The international financial crisis worsened conditions in Italy''s
labor market, with unemployment rising from 6.2% in 2007 to 8.4% in 2011, but
in the longer-term Italy''s low fertility rate and quota-driven immigration
policies will increasingly strain its economy. The euro-zone crisis along with
Italian austerity measures have reduced exports and domestic demand, slowing
Italy''s recovery. Italy''s GDP is still 5% below its 2007 pre-crisis level.
|
Source : CIA |
Company name & address
Officine Facco E C. - S.p.a.
Via Venezia, 30
Marsango
35010 - Campo San Martino (PD) -IT-
Summary
|
Fiscal Code |
: |
00202900288 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
07/04/1961 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
75.000.000/100.000.000 |
|
Number of Employees |
: |
from 91 to 110 |
Activity
Manufacture of metal structures and
structure parts
Manufacture of products iron, copper and
other metals
Manufacture of agricultural and silviculture
machinery
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 00202900288 |
|
Foreign Trade Reg. no. : PD012193 since
30/12/1991 |
|
Foreign Trade Reg. no. : 12193 of since
30/12/1991 |
|
Chamber of Commerce no. : 87132 of since
21/04/1961 |
|
Firms' Register : PD060-4880 of since
19/02/1996 |
|
V.A.T. Code : 00202900288 |
|
Tribunal Co. Register : 4480 of |
|
Foundation date |
: 02/03/1961 |
|
|
Establishment date |
: 02/03/1961 |
|
|
Start of Activities |
: 07/04/1961 |
|
|
Legal duration |
: 31/12/2030 |
|
|
Nominal Capital |
: 7.000.000 |
|
|
Subscribed Capital |
: 7.000.000 |
|
|
Paid up Capital |
: 7.000.000 |
|
Members
|
|
Finco |
Massimo |
|
|
|
Born in Padova |
(PD) |
on 29/10/1958 |
- Fiscal Code : FNCMSM58R29G224L |
|
|
|
Residence: |
|
Umberto I |
, 36 |
- 35122 |
Padova |
(PD) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
21/12/2009 |
|
|
|
Board Chairman |
21/12/2009 |
|
|
|
Managing Director |
21/12/2009 |
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
|
Finco |
Luigi |
|
|
|
Born in Campo San Martino |
(PD) |
on 14/08/1927 |
- Fiscal Code : FNCLGU27M14B564Q |
|
|
|
Residence: |
|
Caselle |
, 1 |
- 35010 |
Campo San Martino |
(PD) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
21/12/2009 |
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Poppi |
Mario |
|
|
|
Born in San Giorgio in Bosco |
(PD) |
on 10/09/1949 |
- Fiscal Code : PPPMRA49P10H897M |
|
|
|
Residence: |
|
San Nicolo' |
, 6 |
- 35010 |
San Giorgio in Bosco |
(PD) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney with special power |
01/06/2000 |
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Finco |
Luca |
|
|
|
Born in Campo San Martino |
(PD) |
on 16/12/1967 |
- Fiscal Code : FNCLCU67T16B564S |
|
|
|
Residence: |
|
Caselle |
, 1 |
- 35010 |
Campo San Martino |
(PD) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
21/12/2009 |
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Sarzo |
Flavio |
|
|
|
Born in Curtarolo |
(PD) |
on 29/04/1960 |
- Fiscal Code : SRZFLV60D29D226W |
|
|
|
Residence: |
|
Sant'antonio |
, 34 |
- 35010 |
Campo San Martino |
(PD) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney with special power |
22/11/2004 |
|
|
|
|
No Prejudicial
events are reported |
|
|
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 |
|
Finmix s.a.s. di Luigi Finco e C. |
Padova - IT - |
00794340281 |
1.050.000 .Eur |
15,00 |
|
Finco Massimo |
Padova - IT - |
FNCMSM58R29G224L |
4.060.000 .Eur |
58,00 |
|
Finco Luca |
Campo San Martino - IT - |
FNCLCU67T16B564S |
1.890.000 .Eur |
27,00 |
Direct Participations
The Company under review has participations
in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares
Amount |
% Ownership |
since |
until |
Share Status |
|
Sapi S.p.a. |
Padova - IT - |
00667110282 |
7.650 .Eur |
0,27 |
|
|
Active |
|
Centro Sportivo Petrarca, *impianti Rugb y
Padova S.p.a. |
Padova - IT - |
01586460287 |
2.790 .Eur |
0,12 |
|
|
Active |
|
Tecnostudio S.R.L. |
San Giorgio in Bosco - IT - |
02144080286 |
4.080 .Eur |
40,00 |
|
|
Active |
|
Flexy Societa' A Responsabilita' Limitat a
Con Sigla Flexy S.r.l. |
Curtarolo - IT - |
03340620289 |
15.600 .Eur |
30,00 |
|
|
Active |
Firm's location and structure
In order to carry out its activities the
firm uses the following locations:
|
- |
Legal and
operative seat |
|
|
|
|
|
|
|
Venezia |
, 30 |
- 35010 |
- Campo San Martino |
(PD) |
- IT - |
|
|
|
|
PHONE |
: 0499630538-9698111 |
|
|
|
|
PHONE |
: 0499630588 |
|
|
|
|
FAX |
: 0499630605 |
|
- |
Branch |
(Warehouse) |
since 01/06/2000 |
|
|
|
|
|
|
Caduti Di Russia |
, 17 |
- 35010 |
- Curtarolo |
(PD) |
- IT - |
|
|
|
|
Employees |
: 96 |
|
Fittings and Equipment for a value of
450.000 |
Eur |
|
Stocks for a value of 52.480.000 |
Eur |
|
Furniture and fittings for a value of
150.000 |
Eur |
|
Vehicles for a value of 770.000 |
Eur |
|
Work in progress for a value of 32.110.000 |
Eur |
|
|
The firm operates abroad as importer /
exporter..
Export represents more than 50% of the
global turnover.
Products abroad are placed by :
|
- its own foreign branches |
|
- direct orders from foreign companies |
Import comes generally from the following
nations:
|
- Italy |
|
- Hungary |
Export is mainly towards:
|
- Etiopia |
Historical Information and/or Firm's Status
CHANGES TO THE
LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
General partnership |
Joint stock company |
10/09/1974 |
EX-MEMBERS /
EX-POSITIONS:
|
|
Finco |
Luigi |
|
|
|
Born in Campo San Martino |
(PD) |
on 14/08/1927 |
- Fiscal Code : FNCLGU27M14B564Q |
|
|
|
Residence: |
|
Caselle |
, 1 |
- 35010 |
Campo San Martino |
(PD) |
- IT - |
|
Ex-Postions |
|
Chairman and Managing Director |
|
|
Finco |
Luigi |
|
|
|
Born in CAMPO SAN MARTINO |
(PD) |
on 14/08/1927 |
- Fiscal Code : FNCLGU27M14B564Q |
|
|
|
Residence: |
|
CASELLE |
, 1 |
- 35100 |
Padova |
(PD) |
- IT - |
|
Ex-Postions |
|
Director |
|
|
Finco |
Luigi |
|
|
|
Born in Campo San Martino |
(PD) |
on 14/08/1927 |
- Fiscal Code : FNCLGU27M14B564Q |
|
Ex-Postions |
|
Director |
|
|
Finco |
Luigi |
|
|
|
Born in CAMPO SAN MARTINO |
(PD) |
on 14/08/1927 |
- Fiscal Code : FNCLGU27M14B564Q |
|
|
|
Residence: |
|
CASELLE, |
- 35010 |
Campo San Martino |
(PD) |
- IT - |
|
Ex-Postions |
|
Director |
|
|
Facco |
Eugenio |
|
|
|
Born in Campo San Martino |
(PD) |
on 13/03/1922 |
- Fiscal Code : FCCGNE22C13B564V |
|
Ex-Postions |
|
Vice-Chairman |
Protests
Protests checking on the subject firm has
given a negative result.
Data Base Prejudicial Events
Search
Search performed on a National Scale
|
|
|
Prejudicial
Events found with cancellations* |
Search performed on a specialized data base.
*Concerns also partially erased events.
Legal Procedures
None reported, standing to the latest
received edition of the Official Publications.
Financial and Economical Analysis
Subject is active since 1961
The economic-financial analysis has been
made on the base of the b/s of the latests three years.
During the last years, it achieved profits
(r.o.e. 8,58% on 2011) with a remarkable upward trend (+8,88% on 2011 compared
to 2010 and +61,45% on 2010 compared to 2009).
The operating result was positive in the
last financial year (3,31%) and in line with the sector's average.
The amount of the operating result for the
year 2011 is of Eur. 3.501.175 increasing if compared to the yeart 2010.
The G.O.M. amounted to Eur. 4.254.129 with a
23,61% increase as opposed to the preceding year.
The financial position is not well balanced
as the volume of debts is fairly remarkable if compared to shareholder's
equity, in fact total debts are 6,16 with an upward trend.
Subject can manage an equity capital funds
for an amount of Eur. 13.858.665 , unchanged as opposed to the preceding year.
During the last financial year total debts
volume reached Eur. 89.251.319 (Eur. 10.000 were m/l term ones) increasing if
compared to the previous year, during which they were equal to Eur. 61.524.636
(45,06%).
Moderate recourse to bank credit while the
exposure towards suppliers is rather high but lined up with the field's
average.
The available funds are good.
Due from customers average term is high and
equal to 145,1 days. also in relation to the average of the sector.
Eur. 1.942.471 is the value of cash flow
during the year 2011
In the last financial year labour cost was
of Eur. 4.643.913, with a 4,91% incidence on total costs of production. ,
whereas the incidence on sales revenues is of 5,89%.
Limited financial charges in relation to
sales volume.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
78.797.473 |
|
Profit (Loss) for the period |
1.189.517 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
72.370.325 |
|
Profit (Loss) for the period |
1.106.887 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
44.822.591 |
|
Profit (Loss) for the period |
469.938 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
45.407.361 |
|
Profit (Loss) for the period |
578.030 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
58.899.175 |
|
Profit (Loss) for the period |
74.953 |
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 31/12/2011 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet
as at 31/12/2010 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet
as at 31/12/2009 - 12 Mesi - Currency: - Amounts x 1 |
|
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|
|
RATIOS |
Value
Type |
as at 31/12/2011 |
as at 31/12/2010 |
as at 31/12/2009 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,07 |
0,10 |
0,11 |
0,28 |
|
Elasticity Ratio |
Units |
0,89 |
0,87 |
0,88 |
0,69 |
|
Availability of stock |
Units |
0,50 |
0,39 |
0,53 |
0,18 |
|
Total Liquidity Ratio |
Units |
0,40 |
0,47 |
0,35 |
0,47 |
|
Quick Ratio |
Units |
0,04 |
0,07 |
0,04 |
0,02 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
6,16 |
4,20 |
4,34 |
2,32 |
|
Self Financing Ratio |
Units |
0,13 |
0,18 |
0,17 |
0,23 |
|
Capital protection Ratio |
Units |
0,41 |
0,40 |
0,41 |
0,74 |
|
Liabilities consolidation quotient |
Units |
0,01 |
0,02 |
0,02 |
0,24 |
|
Financing |
Units |
6,44 |
4,58 |
4,60 |
2,86 |
|
Permanent Indebtedness Ratio |
Units |
0,14 |
0,19 |
0,19 |
0,42 |
|
M/L term Debts Ratio |
Units |
0,01 |
0,02 |
0,02 |
0,13 |
|
Net Financial Indebtedness Ratio |
Units |
0,55 |
0,07 |
0,50 |
0,91 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,95 |
1,88 |
1,74 |
1,37 |
|
Current ratio |
Units |
1,06 |
1,08 |
1,10 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,47 |
0,59 |
0,44 |
0,84 |
|
Structure's primary quotient |
Units |
1,80 |
1,72 |
1,58 |
0,86 |
|
Treasury's primary quotient |
Units |
0,04 |
0,08 |
0,06 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
764,10 |
569,55 |
572,01 |
422,49 |
|
Current Capital ( net ) |
Value |
5.161.106 |
4.937.326 |
5.748.148 |
281.462 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
2,47 |
2,42 |
2,80 |
3,68 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
8,58 |
8,23 |
3,71 |
3,84 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
17,51 |
14,61 |
8,40 |
12,87 |
|
Return on Investment ( R.O.I. ) |
% |
3,31 |
3,65 |
2,17 |
4,59 |
|
Return/ Sales |
% |
4,44 |
3,86 |
3,50 |
4,38 |
|
Extra Management revenues/charges incid. |
% |
33,97 |
39,62 |
29,95 |
22,35 |
|
Cash Flow |
Value |
1.942.471 |
1.754.323 |
1.254.795 |
131.799 |
|
Operating Profit |
Value |
3.501.175 |
2.793.956 |
1.569.276 |
134.410 |
|
Gross Operating Margin |
Value |
4.254.129 |
3.441.392 |
2.354.133 |
257.621 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
145,10 |
126,11 |
140,98 |
106,38 |
|
Debts to suppliers average term |
Days |
136,66 |
173,10 |
122,43 |
123,44 |
|
Average stock waiting period |
Days |
239,76 |
150,36 |
309,43 |
62,20 |
|
Rate of capital employed return ( Turnover
) |
Units |
0,74 |
0,95 |
0,62 |
1,07 |
|
Rate of stock return |
Units |
1,50 |
2,39 |
1,16 |
5,77 |
|
Labour cost incidence |
% |
5,89 |
5,43 |
8,20 |
17,51 |
|
Net financial revenues/ charges incidence |
% |
-0,82 |
-1,15 |
-1,15 |
-1,55 |
|
Labour cost on purchasing expenses |
% |
4,91 |
6,45 |
8,20 |
17,84 |
|
Short-term financing charges |
% |
0,91 |
1,45 |
1,24 |
3,12 |
|
Capital on hand |
% |
134,39 |
105,80 |
161,64 |
93,68 |
|
Sales pro employee |
Value |
543.430 |
593.199 |
689.578 |
193.450 |
|
Labour cost pro employee |
Value |
32.026 |
32.233 |
56.545 |
33.229 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.99 |
|
UK Pound |
1 |
Rs.87.21 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.