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Report Date : |
26.02.2013 |
IDENTIFICATION DETAILS
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Name : |
FARO SPA |
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|
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Registered Office : |
Piazza San
Sepolcro 0001 Milano, 20123 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
14.05.1980 |
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Com. Reg. No.: |
05845050151 |
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Legal Form : |
Public Independent |
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Line of Business : |
Wholesale of other household goods |
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No. of Employees : |
26 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Italy |
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 |
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
Faro SpA
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Business Description
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Faro SpA is primarily engaged in wholesale
of furniture; wholesale of jewellery; wholesale of musical instruments;
wholesale of photographic goods; wholesale of toys and games; wholesale of
travel and fancy goods; and wholesale of other household goods not elsewhere
classified. |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
5094 - Jewelry, Watches, Precious Stones, and
Precious Metals |
Key Executives
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1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
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Executives Report
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|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate (Period Average) |
0.71919 |
0.755078 |
0.719047 |
|
Consolidated |
No |
No |
No |
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|
|
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Total income |
21.5 |
30.5 |
30.9 |
|
Net sales |
25.0 |
31.8 |
30.6 |
|
Other operating income |
0.2 |
0.1 |
0.2 |
|
Raw materials and consumables employed |
17.2 |
26.0 |
25.8 |
|
Other expenses |
1.2 |
1.1 |
1.2 |
|
Total payroll costs |
2.3 |
2.2 |
2.2 |
|
Fixed asset depreciation and amortisation |
0.2 |
0.3 |
0.3 |
|
Other operating costs |
0.1 |
0.1 |
0.1 |
|
Net operating income |
0.5 |
0.9 |
1.3 |
|
Total financial income |
0.1 |
0.0 |
0.0 |
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Total expenses |
1.0 |
0.9 |
0.7 |
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Profit before tax |
-0.4 |
0.0 |
0.5 |
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Extraordinary result |
-0.9 |
0.0 |
0.0 |
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Profit after extraordinary items and before
tax |
-1.3 |
0.1 |
0.6 |
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Total taxation |
0.2 |
0.1 |
0.1 |
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Net profit |
- |
- |
0.4 |
|
Net loss |
1.5 |
0.0 |
- |
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Annual Balance Sheet |
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Financials in: USD (mil) |
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|
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|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
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|
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Total stockholders equity |
12.6 |
14.5 |
15.4 |
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Provision for pensions |
1.5 |
1.5 |
1.6 |
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Other long-term liabilities |
2.2 |
- |
0.4 |
|
Trade creditors |
3.8 |
5.4 |
5.8 |
|
Bank loans and overdrafts |
8.6 |
15.4 |
16.5 |
|
Other current liabilities |
0.8 |
2.8 |
2.4 |
|
Accruals and deferred income |
0.0 |
0.1 |
0.0 |
|
Total current liabilities |
13.3 |
23.8 |
24.7 |
|
Total liabilities (including net worth) |
29.6 |
39.8 |
42.1 |
|
Intangibles |
0.6 |
0.6 |
0.7 |
|
Buildings |
- |
0.1 |
0.1 |
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Total tangible fixed assets |
0.1 |
0.2 |
0.3 |
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Long-term investments |
- |
1.7 |
1.8 |
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Total financial assets |
0.2 |
1.9 |
2.0 |
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Total non-current assets |
0.8 |
2.8 |
3.0 |
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Finished goods |
9.5 |
13.4 |
15.8 |
|
Net stocks and work in progress |
10.7 |
15.2 |
17.7 |
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Trade debtors |
17.5 |
21.5 |
21.0 |
|
Other receivables |
0.2 |
0.2 |
0.2 |
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Cash and liquid assets |
0.4 |
0.0 |
0.2 |
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Accruals |
0.0 |
0.0 |
0.0 |
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Total current assets |
28.8 |
37.0 |
39.1 |
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Total assets |
29.6 |
39.8 |
42.1 |
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|
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Annual Ratios |
|
Financials in: USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
2.20 |
1.60 |
1.60 |
|
Quick ratio |
1.40 |
0.90 |
0.90 |
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Current liabilities to net worth |
0.01% |
0.02% |
0.02% |
|
Sales per employee |
0.64 |
0.73 |
0.69 |
|
Profit per employee |
-0.03 |
0.00 |
0.01 |
|
Average wage per employee |
0.06 |
0.05 |
0.05 |
|
Net worth |
12.6 |
14.5 |
15.4 |
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Number of employees |
28 |
33 |
32 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.04 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.71.41 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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-- |
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.