MIRA INFORM REPORT
|
Report Date : |
30.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
FERRARO - S.P.A. |
|
|
|
|
Registered Office : |
Viale Per Busto Arsizio, 120, 21015 - Lonate Pozzolo
(VA) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
05.07.1983 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture of machinery for textile, apparel and leather industries
(including spare parts and accessories) |
|
|
|
|
No. of Employees : |
26 to 35 |
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 |
|
Status : |
Satisfactory |
|
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Italy |
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, highly subsidized, agricultural south,
where unemployment is high. 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 its
exceptionally high public debt and structural impediments to growth have
rendered it vulnerable to scrutiny by financial markets. Public debt has increased
steadily since 2007, topping 126% of GDP in 2012, and investor concerns about
the broader euro-zone crisis at times have caused borrowing costs on sovereign
government debt to rise to euro-era. During the second half of 2011 the
government passed three austerity packages to reduce its budget deficit and
help bring down borrowing costs. 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 sustain
its recent efforts to address Italy's long-standing structural impediments to
growth, such as labor market inefficiencies and widespread tax evasion. In 2012
economic growth and labor market conditions deteriorated, with growth at -2.3%
and unemployment rising to nearly 11%, with youth unemployment around 35%. The
government has undertaken several reform initiatives designed to increase
long-term economic growth. Italy's GDP is now 7% below its 2007 pre-crisis
level.
|
Source : CIA |
Company name & address
Ferraro - S.p.a.
Viale Per Busto Arsizio, 120
21015 - Lonate Pozzolo (VA) -IT-
Summary
|
Fiscal Code |
: |
01044680187 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
16/01/1986 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
10.000.000/12.750.000 |
|
Number of Employees |
: |
from 26 to 35 |
Activity
Manufacture of machinery for textile, apparel and leather industries
(including spare parts and accessories)
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 01044680187 |
|
Foreign Trade Reg. no. : VA029895 since 15/06/1992 |
|
Chamber of Commerce no. : 193588 of since 11/03/1986 |
|
V.A.T. Code : 01594310128 |
|
Establishment date |
: 05/07/1983 |
|
|
Start of Activities |
: 16/01/1986 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 774.750 |
|
|
Subscribed Capital |
: 774.750 |
|
|
Paid up Capital |
: 774.750 |
|
Members
|
|
Ferraro |
Giancarlo |
|
|
|
Born in Busto Arsizio |
(VA) |
on 09/03/1953 |
- Fiscal Code : FRRGCR53C09B300N |
|
|
|
Residence: |
|
Molino Di Mezzo |
, 2 |
- 21019 |
Somma Lombardo |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
25/06/2010 |
|
|
|
Director |
25/06/2010 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Ferraro |
Simone |
|
|
|
Born in Busto Arsizio |
(VA) |
on 29/11/1979 |
- Fiscal Code : FRRSMN79S29B300B |
|
|
|
Residence: |
|
- 21019 |
Somma Lombardo |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
25/06/2010 |
|
|
|
Director |
25/06/2010 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Roncari |
Anna |
|
|
|
Born in Verona |
(VR) |
on 02/07/1954 |
- Fiscal Code : RNCNNA54L42L781V |
|
|
|
Residence: |
|
Molino Di Mezzo |
, 2 |
- 21019 |
Somma Lombardo |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
25/06/2010 |
|
|
|
Director |
25/06/2010 |
|
|
|
|
No Prejudicial events are reported |
|
|
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.
|
|
Ferraro |
Giancarlo |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Etrusca Di Ferraro Giancarlo E Roncari Anna - Societa' Semplice |
Lonate Pozzolo (VA) - IT - |
02511750123 |
Sole Director |
Withdrawn |
Registered |
|
Etrusca Di Ferraro Giancarlo E Roncari Anna - Societa' Semplice |
Lonate Pozzolo (VA) - IT - |
02511750123 |
Partner |
Active |
Registered |
|
Lamperti Group - S.r.l. In LiquidazionE - In Concordato Preventivo |
Busto Arsizio (VA) - IT - |
02522180120 |
Director |
Withdrawn |
In liquidation |
|
Lamperti Group - S.r.l. In LiquidazionE - In Concordato Preventivo |
Busto Arsizio (VA) - IT - |
02522180120 |
Managing
Director |
Withdrawn |
In liquidation |
|
Interfinish S.r.l. |
Lonate Pozzolo (VA) - IT - |
01804930129 |
Sole Director |
Active |
Registered |
|
Interfinish S.r.l. |
Lonate Pozzolo (VA) - IT - |
01804930129 |
Partner |
Withdrawn |
Registered |
|
Cascina Mulin De Mez Di Ferraro Giancarlo E Roncari Anna S.a.s. |
Somma Lombardo (VA) - IT - |
02190040127 |
General Partner |
Active |
Registered |
|
Cascina Mulin De Mez Di Ferraro Giancarlo E Roncari Anna S.a.s. |
Somma Lombardo (VA) - IT - |
02190040127 |
Manager |
Active |
Registered |
|
|
Ferraro |
Simone |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Sasy S.r.l. - In Liquidazione |
Lonate Pozzolo (VA) - IT - |
03835560966 |
Director |
Withdrawn |
Registered |
|
|
Roncari |
Anna |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Etrusca Di Ferraro Giancarlo E Roncari Anna - Societa' Semplice |
Lonate Pozzolo (VA) - IT - |
02511750123 |
Partner |
Active |
Registered |
|
Interfinish S.r.l. |
Lonate Pozzolo (VA) - IT - |
01804930129 |
Partner |
Withdrawn |
Registered |
|
Cascina Mulin De Mez Di Ferraro Giancarlo E Roncari Anna S.a.s. |
Somma Lombardo (VA) - IT - |
02190040127 |
Limited Partner |
Active |
Registered |
|
Sasy S.r.l. - In Liquidazione |
Lonate Pozzolo (VA) - IT - |
03835560966 |
Director |
Withdrawn |
Registered |
|
Sasy S.r.l. - In Liquidazione |
Lonate Pozzolo (VA) - IT - |
03835560966 |
Liquidator |
Active |
Registered |
|
Sasy S.r.l. - In Liquidazione |
Lonate Pozzolo (VA) - IT - |
03835560966 |
Board Chairman |
Withdrawn |
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 |
|
Ferraro Giancarlo |
Somma Lombardo - IT - |
FRRGCR53C09B300N |
588.810 .Eur |
76,00 |
|
Ferraro Simone |
Somma Lombardo - IT - |
FRRSMN79S29B300B |
73.602 .Eur |
9,50 |
|
Roncari Anna |
Somma Lombardo - IT - |
RNCNNA54L42L781V |
38.737 .Eur |
5,00 |
|
Ferraro Sara |
|
FRRSRA82R43B300J |
73.601 .Eur |
9,50 |
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 |
|
|
|
|
|
|
|
Per Busto Arsizio |
, 120 |
- 21015 |
- Lonate Pozzolo |
(VA) |
- IT - |
|
|
|
|
PHONE |
: 0331302994 |
|
|
|
|
PHONE |
: 033132994 |
|
|
|
|
FAX |
: 0331302968 |
|
- |
Branch |
(Store) |
since 01/04/1992 |
|
|
|
|
|
|
Contrada Gelada |
- 21015 |
- Lonate Pozzolo |
(VA) |
- IT - |
|
|
|
|
PHONE |
: 0331302994 |
|
|
|
|
Employees |
: 31 |
|
Fittings and Equipment for a value of 330.000 |
Eur |
|
Stocks for a value of 1.330.000 |
Eur |
|
|
Historical Information and/or Firm's Status
EX-MEMBERS / EX-POSITIONS:
|
|
Ferraro |
Giancarlo |
|
|
|
Born in Busto Arsizio |
(VA) |
on 09/03/1953 |
- Fiscal Code : FRRGCR53C09B300N |
|
|
|
Residence: |
|
Molino Di Mezzo |
, 2 |
- 21019 |
Somma Lombardo |
(VA) |
- IT - |
|
Ex-Postions |
|
Sole Director |
|
|
Faggiano |
Antonio |
|
|
|
Born in Pavia |
(PV) |
on 23/11/1944 |
- Fiscal Code : FGGNTN44S23G388S |
|
|
|
Residence: |
|
Xx Settembre |
, 66 |
- 21052 |
Busto Arsizio |
(VA) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Moroni |
Davide |
|
|
|
Born in Busto Arsizio |
(VA) |
on 06/02/1980 |
- Fiscal Code : MRNDVD80B06B300K |
|
|
|
Residence: |
|
Buonarroti |
, 4 |
- 21052 |
Busto Arsizio |
(VA) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Bianchi |
Carlo |
|
|
|
Born in Busto Arsizio |
(VA) |
on 11/04/1977 |
- Fiscal Code : BNCCRL77D11B300C |
|
|
|
Residence: |
|
Sempione 18 |
- 28047 |
Oleggio |
(NO) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Frontini |
Massimiliano |
|
|
|
Born in Busto Arsizio |
(VA) |
on 07/09/1968 |
- Fiscal Code : FRNMSM68P07B300I |
|
|
|
Residence: |
|
Mentana |
, 7/B |
- 21052 |
Busto Arsizio |
(VA) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
|
|
Ferioli |
Anna Amba |
|
|
|
Born in Gorla Minore |
(VA) |
on 13/08/1938 |
- Fiscal Code : FRLNMB38M53E102Q |
|
|
|
Residence: |
|
Mentana |
, 7 |
- 21052 |
Busto Arsizio |
(VA) |
- IT - |
|
Ex-Postions |
|
Auditor |
|
Permanent Auditor |
|
|
Caldiroli |
Virginio |
|
|
|
Born in Gorla Minore |
(VA) |
on 01/03/1948 |
- Fiscal Code : CLDVGN48C01E102Z |
|
|
|
Residence: |
|
Tovo |
, 2 |
- 21057 |
Olgiate Olona |
(VA) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Frontini |
Gaudenzio |
|
|
|
Born in Solbiate Olona |
(VA) |
on 28/10/1934 |
- Fiscal Code : FRNGNZ34R28I794C |
|
|
|
Residence: |
|
Mentana |
, 7 |
- 21052 |
Busto Arsizio |
(VA) |
- IT - |
|
Ex-Postions |
|
Auditor |
|
Permanent Auditor |
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 Search Result: NEGATIVE |
Search performed on a specialized data base.
Legal Procedures
None reported, standing to the latest received edition of the Official
Publications.
Financial and Economical Analysis
Company's starting of activities dates back to 1986.
The analysis is based on the latest 3 balance sheets.
Unstable economic results mark the company's financial state of affairs.
yet with a positive result in the 2011 (r.o.e. 1,94%). The turnover is falling
if compared with the previous financial year (eamp;FAT1eamp;%).
The operating result was positive in the last financial year (2,01%)
falling within the field's average.
An operating result of Eur. 211.323 has been registered. with a -52,27%
drop.
During the latest financial year the gross operating margin amounted to
Eur. 486.117 , with a -34,39% decrease.
Very good financial situation: shareholder's equity covers short-terms
debts with an indebtedness level equal to 0,32 lower than in 2010.
Subject can manage an equity capital funds for an amount of Eur.
5.216.717 , unchanged as opposed to the preceding year.
Total indebtedness was equal to Eur. 4.263.156 (Eur. 615.368 was the
value of m/l term debts) with no important change.
Financial debts exposure is under control while the recourse to
commercial credit is rather frequent even if it still falls within the sector's
average.
It shows a good range of liquidity.
As far as the collection of credit goes, the average is high (103,06
days). within the standard level of the average of the sector.
The financial management generated a cash flow of Eur. 375.764.
During 2011 financial year labour costs amounted to Eur. 1.749.985, with
a 16,33% incidence on production costs. , whereas the incidence on sales
revenues is of 17,06%.
If compared to the sales volume (-0,09%), the impact of the financial
charges is limited.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
10.255.084 |
|
Profit (Loss) for the period |
100.970 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
12.678.441 |
|
Profit (Loss) for the period |
128.291 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
8.231.346 |
|
Profit (Loss) for the period |
-161.324 |
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 |
0,37 |
0,35 |
0,35 |
0,18 |
|
Elasticity Ratio |
Units |
0,63 |
0,65 |
0,65 |
0,80 |
|
Availability of stock |
Units |
0,13 |
0,09 |
0,13 |
0,24 |
|
Total Liquidity Ratio |
Units |
0,51 |
0,56 |
0,52 |
0,48 |
|
Quick Ratio |
Units |
0,19 |
0,21 |
0,20 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
0,32 |
0,34 |
0,32 |
3,25 |
|
Self Financing Ratio |
Units |
0,50 |
0,49 |
0,49 |
0,19 |
|
Capital protection Ratio |
Units |
0,83 |
0,83 |
0,89 |
0,63 |
|
Liabilities consolidation quotient |
Units |
0,40 |
0,33 |
0,42 |
0,19 |
|
Financing |
Units |
0,82 |
0,88 |
0,90 |
3,80 |
|
Permanent Indebtedness Ratio |
Units |
0,64 |
0,61 |
0,64 |
0,36 |
|
M/L term Debts Ratio |
Units |
0,14 |
0,12 |
0,15 |
0,11 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,63 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,74 |
1,74 |
1,83 |
1,75 |
|
Current ratio |
Units |
1,82 |
1,73 |
1,83 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,45 |
1,48 |
1,47 |
0,81 |
|
Structure's primary quotient |
Units |
1,35 |
1,39 |
1,40 |
1,03 |
|
Treasury's primary quotient |
Units |
0,54 |
0,56 |
0,56 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
201,10 |
206,16 |
204,48 |
516,42 |
|
Current Capital ( net ) |
Value |
2.982.022 |
2.963.515 |
3.356.635 |
422.465 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
3,66 |
3,19 |
1,87 |
3,35 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
1,94 |
2,44 |
-2,89 |
5,13 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
4,79 |
7,58 |
-1,70 |
14,77 |
|
Return on Investment ( R.O.I. ) |
% |
2,01 |
4,09 |
-0,38 |
4,16 |
|
Return/ Sales |
% |
2,06 |
3,49 |
-0,53 |
4,11 |
|
Extra Management revenues/charges incid. |
% |
47,78 |
28,97 |
n.c. |
28,57 |
|
Cash Flow |
Value |
375.764 |
404.909 |
153.733 |
122.482 |
|
Operating Profit |
Value |
211.323 |
442.824 |
-43.799 |
144.752 |
|
Gross Operating Margin |
Value |
486.117 |
740.997 |
271.258 |
241.990 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
103,06 |
101,54 |
143,03 |
111,85 |
|
Debts to suppliers average term |
Days |
118,98 |
127,35 |
160,58 |
128,30 |
|
Average stock waiting period |
Days |
46,60 |
28,84 |
63,69 |
80,43 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,98 |
1,17 |
0,72 |
1,08 |
|
Rate of stock return |
Units |
7,73 |
12,48 |
5,65 |
4,45 |
|
Labour cost incidence |
% |
17,06 |
14,02 |
20,06 |
19,12 |
|
Net financial revenues/ charges incidence |
% |
-0,09 |
0,07 |
-0,12 |
-1,08 |
|
Labour cost on purchasing expenses |
% |
16,33 |
14,35 |
17,77 |
19,02 |
|
Short-term financing charges |
% |
0,93 |
n.c. |
0,40 |
2,68 |
|
Capital on hand |
% |
102,30 |
85,38 |
138,76 |
91,91 |
|
Sales pro employee |
Value |
320.471 |
384.195 |
235.181 |
198.432 |
|
Labour cost pro employee |
Value |
54.687 |
53.873 |
47.167 |
35.779 |
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 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 1.206 significant companies.
The companies cash their credits on an average of 112 dd.
The average duration of suppliers debts is about 128 dd.
The sector's profitability is on an average of 3,35%.
The labour cost affects the turnover in the measure of 19,12%.
Goods are held in stock in a range of 80 dd.
The difference between the sales volume and the resources used to
realize it is about 1,08.
The employees costs represent the 19,02% of the production costs.
Statistical Detrimental Data
Statistically the trade activity shows periods of crisis.
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.54.27 |
|
UK Pound |
1 |
Rs.84.23 |
|
Euro |
1 |
Rs.70.90 |
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.