MIRA INFORM REPORT
|
Report Date : |
19.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
FACES S.P.A. |
|
|
|
|
Registered Office : |
Fonderia Acciai Speciali Societa' Per Azioni Via Delle Industrie, 23
30020 - Marcon (VE) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
21.01.1977 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Iron metallurgy - Manufacture of iron, steel and ferro-alloys Steel
fusion |
|
|
|
|
No. of Employees : |
from 51 to 70 |
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 : |
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 – 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 and address
FACES S.P.A.
Fonderia Acciai Speciali Societa' Per Azioni
Via Delle Industrie, 23
30020 - Marcon (VE) -IT-
Summary
|
Fiscal Code |
: |
00637500273 |
|
Legal Form |
: |
Joint stock company |
|
Foundation Date |
: |
21/01/1977 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
15.500.000/18.000.000 |
|
Number of Employees |
: |
from 51 to 70 |
|
|
|
n.b.: The Creditworthness Rate shows, in percentage, the ratio between
the suggested credit opinion and the credit amount that the firm could get if
the financial situation would be completely positive. |
Activity
Iron metallurgy - Manufacture of iron, steel and ferro-alloys Steel
fusion
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 00637500273 |
|
Foreign Trade Reg. no. : VE012434 since 23/12/1991 |
|
Chamber of Commerce no. : 141354 of since 20/04/1977 |
|
V.A.T. Code : 00637500273 |
|
Tribunal Co. Register : 13071 of |
|
Foundation date |
: 21/01/1977 |
|
|
Establishment date |
: 21/01/1977 |
|
|
Legal duration |
: 31/12/2030 |
|
|
Nominal Capital |
: 387.000 |
|
|
Subscribed Capital |
: 387.000 |
|
|
Paid up Capital |
: 387.000 |
|
Members
|
|
Lualdi |
Giorgio |
|
|
|
Born in Busto Arsizio |
(VA) |
on 21/01/1954 |
- Fiscal Code : LLDGRG54A21B300T |
|
|
|
Residence: |
|
Gozzano |
, 50 |
- 21052 |
Busto Arsizio |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
23/04/2010 |
|
|
|
Director |
23/04/2010 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Maurizio |
Paolo |
|
|
|
Born in Venezia |
(VE) |
on 24/03/1965 |
- Fiscal Code : MRZPLA65C24L736D |
|
|
|
Residence: |
|
Fermi, 23/a |
- 30020 |
Marcon |
(VE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
23/04/2010 |
|
|
|
|
No Protests registered |
|
|
Bazzani |
Silvia |
|
|
|
Born in Busto Arsizio |
(VA) |
on 18/11/1979 |
- Fiscal Code : BZZSLV79S58B300G |
|
|
|
Residence: |
|
Verona, 6 |
- 21052 |
Busto Arsizio |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
23/04/2010 |
|
|
|
|
No Protests registered |
|
|
Lualdi |
Giorgia |
|
|
|
Born in Genova |
(GE) |
on 25/07/1979 |
- Fiscal Code : LLDGRG79L65D969M |
|
|
|
Residence: |
|
Gozzano, 50 |
- 21052 |
Busto Arsizio |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
23/04/2010 |
|
|
|
|
No Protests registered |
|
|
Baretta |
Leonzio |
|
|
|
Born in Correzzola |
(PD) |
on 13/01/1939 |
- Fiscal Code : BRTLNZ39A13D040R |
|
|
|
Residence: |
|
Praello |
, 187 |
- 30020 |
Marcon |
(VE) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
23/04/2010 |
|
|
|
|
No Protests registered |
|
|
Lualdi |
Lucia |
|
|
|
Born in Busto Arsizio |
(VA) |
on 10/12/1956 |
- Fiscal Code : LLDLCU56T50B300C |
|
|
|
Residence: |
|
Verona |
, 6 |
- 21052 |
Busto Arsizio |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
23/04/2010 |
|
|
|
|
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.
|
|
Lualdi |
Giorgio |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
B.s.f. Meccanica - S.r.l. |
Carnago (VA) - IT - |
02277820128 |
Director |
Active |
Registered |
|
Gima S.r.l. |
Busto Arsizio (VA) - IT - |
01654870128 |
Sole Director |
Active |
Registered |
|
Immobiliare Ellegiemme S.r.l. |
Busto Arsizio (VA) - IT - |
02497120127 |
Sole Director |
Active |
Registered |
|
Gielle Societa' Agricola Di Lualdi MarioE C. S.a.s. |
Sant'Angelo Lomellina (PV) - IT - |
01201420187 |
Limited Partner |
Active |
Registered |
|
Margaux S.a.s. Di Rovelli Paolo E C. |
San Teodoro (NU) - IT - |
01251500912 |
Limited Partner |
Active |
Registered |
|
Borgo Antico S.r.l. |
Oleggio Castello (NO) - IT - |
02084170030 |
Sole Director |
Active |
Registered |
|
Immobiliare Luma Di Lualdi Giorgio E C.- S.a.s. |
Busto Arsizio (VA) - IT - |
01522080124 |
General Partner |
Active |
Registered |
|
Bmp Meccanica S.r.l. |
Carnago (VA) - IT - |
02922570128 |
Director |
Active |
Registered |
|
Bmp Meccanica S.r.l. |
Carnago (VA) - IT - |
02922570128 |
Sole Director |
Withdrawn |
Registered |
|
Bmp Meccanica S.r.l. |
Carnago (VA) - IT - |
02922570128 |
Board Chairman |
Active |
Registered |
|
Livanto S.r.l.- In Liquidazione |
Busto Arsizio (VA) - IT - |
02726080126 |
Sole Director |
Withdrawn |
Registered |
|
Livanto S.r.l.- In Liquidazione |
Busto Arsizio (VA) - IT - |
02726080126 |
Liquidator |
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 |
|
Lualdi Mario |
Busto Arsizio - IT - |
LLDMRA23C17B300E |
165.287 .Eur |
42,71 |
|
Maurizio Paolo |
Marcon - IT - |
MRZPLA65C24L736D |
49.190 .Eur |
12,71 |
|
Bazzani Silvia |
Busto Arsizio - IT - |
BZZSLV79S58B300G |
68.150 .Eur |
17,61 |
|
Lualdi Giorgia |
Busto Arsizio - IT - |
LLDGRG79L65D969M |
68.112 .Eur |
17,60 |
|
Baretta Leonzio |
Marcon - IT - |
BRTLNZ39A13D040R |
36.261 .Eur |
9,37 |
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 21/01/1977 |
|
|
|
|
|
|
Delle Industrie |
, 23 |
- 30020 |
- Marcon |
(VE) |
- IT - |
|
|
|
|
PHONE |
: 0414569570 |
|
|
|
|
PHONE |
: 0414567644 |
|
|
|
|
FAX |
: 0414569570 |
|
- |
Branch |
(Workshop) |
since 01/07/1997 |
|
|
|
|
|
|
Delle Industrie |
, 65 |
- 30020 |
- Marcon |
(VE) |
- IT - |
|
|
|
|
PHONE |
: 0414567644 |
|
- |
Branch |
(Warehouse) |
since 31/05/2002 |
|
|
|
|
|
|
Delle Industrie |
, 35 |
- 30020 |
- Marcon |
(VE) |
- IT - |
|
- |
Branch |
(Warehouse) |
since 01/04/2003 |
|
|
|
|
|
|
Delle Industrie |
, 63 |
- 30020 |
- Marcon |
(VE) |
- IT - |
|
- |
Branch |
(Warehouse) |
since 01/03/2010 |
|
|
|
|
|
|
Delle Industrie |
, 21 |
- 30020 |
- Marcon |
(VE) |
- IT - |
|
|
|
|
Employees |
: 70 |
|
Fittings and Equipment for a value of 2.410.000 |
Eur |
|
Stocks for a value of 2.700.000 |
Eur |
|
|
The firm operates abroad as importer / exporter..
Export represents up to 20% of the global turnover.
Products abroad are placed by :
|
- direct orders from foreign companies |
Import comes generally from the following nations:
|
- Hungary |
|
- France |
Historical Information and/or
Firm's Status
EX-MEMBERS / EX-POSITIONS:
|
|
Maurizio |
Maurizio |
|
|
|
Born in Marcon |
(VE) |
on 29/04/1934 |
- Fiscal Code : MRZMRZ34D29E936F |
|
|
|
Residence: |
|
Fermi |
, 23/A |
- 30020 |
Marcon |
(VE) |
- IT - |
|
Ex-Postions |
|
Sole Director |
|
Director |
|
|
Dalla Piazza |
Mauro |
|
|
|
Born in Somma Lombardo |
(VA) |
on 28/02/1965 |
- Fiscal Code : DLLMRA65B28I819C |
|
|
|
Residence: |
|
Xxv Aprile |
, 13 |
- 21010 |
Golasecca |
(VA) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Spagnol |
Francesco |
|
|
|
Born in Venezia |
(VE) |
on 05/02/1937 |
- Fiscal Code : SPGFNC37B05L736M |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Vezzaro |
Ilenia |
|
|
|
Born in Busto Arsizio |
(VA) |
on 14/12/1978 |
- Fiscal Code : VZZLNI78T54B300D |
|
|
|
Residence: |
|
San Carlo |
, 13 |
- 21017 |
Samarate |
(VA) |
- IT - |
|
Ex-Postions |
|
Temporary 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
Subject is active since 1977
Balance sheets for the years 2009, 2010 and 2011 were analyzed.
In the economic management , good and bad results followed on by turns.
anyway in 2011 a positive result was achieved (r.o.e. 8,29%). Upward trend as
to the turnover in the last financial year (+36,18%).
The operating result was positive in the last financial year (7,94%) and
in line with the sector's average.
The operating result is positive and amounts to Eur. 1.278.913 with a
more then 100% growth.
The gross operating margin of the latest financial year is of Eur.
2.131.588 showing a more then 100% growth.
Very good financial situation: shareholder's equity covers short-terms
debts with an indebtedness level equal to 0,65 increasing compared to last year
(0,45)
It's shareholders funds amount to Eur. 8.244.239 , unchanged as opposed
to the preceding year.
During the last financial year total debts volume reached Eur. 7.457.126
(Eur. 1.046.610 were m/l term ones) with no important change.
Financial debts exposure is under control while the recourse to
commercial credit is rather frequent and higher than sector's average.
Liquidity is good (1,33)
Trade credits average terms are 69,6 days. , on the same levels as the
sector's average.
As far as the cash flow is concerned during the latest financial year it
amounted to Eur. 1.535.755
During 2011 financial year labour costs amounted to Eur. 3.172.230, with
a 18,98% incidence on production costs. , whereas 18,58% is the incidence on
sales revenues.
Financial charges have a limited incidence (-0,45%) on sales volume.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
17.074.188 |
|
Profit (Loss) for the period |
683.080 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
12.537.080 |
|
Profit (Loss) for the period |
-208.980 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
13.399.005 |
|
Profit (Loss) for the period |
807.093 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
13.105.961 |
|
Profit (Loss) for the period |
736.569 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
11.487.879 |
|
Profit (Loss) for the period |
707.649 |
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 |
0,46 |
0,53 |
0,54 |
0,30 |
|
Elasticity Ratio |
Units |
0,53 |
0,46 |
0,44 |
0,68 |
|
Availability of stock |
Units |
0,17 |
0,11 |
0,07 |
0,21 |
|
Total Liquidity Ratio |
Units |
0,36 |
0,35 |
0,37 |
0,42 |
|
Quick Ratio |
Units |
0,07 |
0,11 |
0,14 |
0,01 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
0,65 |
0,45 |
0,33 |
2,31 |
|
Self Financing Ratio |
Units |
0,51 |
0,52 |
0,63 |
0,21 |
|
Capital protection Ratio |
Units |
0,87 |
0,98 |
0,85 |
0,61 |
|
Liabilities consolidation quotient |
Units |
0,22 |
0,37 |
0,08 |
0,17 |
|
Financing |
Units |
0,90 |
0,86 |
0,54 |
3,62 |
|
Permanent Indebtedness Ratio |
Units |
0,60 |
0,65 |
0,66 |
0,36 |
|
M/L term Debts Ratio |
Units |
0,09 |
0,13 |
0,03 |
0,10 |
|
Net Financial Indebtedness Ratio |
Units |
0,12 |
0,19 |
0,00 |
1,42 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,31 |
1,23 |
1,21 |
1,11 |
|
Current ratio |
Units |
1,33 |
1,32 |
1,30 |
1,10 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,91 |
1,00 |
1,09 |
0,72 |
|
Structure's primary quotient |
Units |
1,12 |
0,99 |
1,16 |
0,81 |
|
Treasury's primary quotient |
Units |
0,17 |
0,32 |
0,40 |
0,02 |
|
Rate of indebtedness ( Leverage ) |
% |
195,26 |
191,48 |
159,25 |
468,75 |
|
Current Capital ( net ) |
Value |
2.132.386 |
1.620.298 |
1.304.133 |
525.922 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
8,99 |
4,71 |
10,04 |
2,32 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
8,29 |
-2,76 |
10,09 |
3,79 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
14,76 |
-0,94 |
15,71 |
10,56 |
|
Return on Investment ( R.O.I. ) |
% |
7,94 |
-0,14 |
10,28 |
3,84 |
|
Return/ Sales |
% |
7,49 |
-0,17 |
9,77 |
3,06 |
|
Extra Management revenues/charges incid. |
% |
53,41 |
n.c. |
61,66 |
32,18 |
|
Cash Flow |
Value |
1.535.755 |
590.794 |
1.344.762 |
1.200.022 |
|
Operating Profit |
Value |
1.278.913 |
-20.857 |
1.308.963 |
1.374.962 |
|
Gross Operating Margin |
Value |
2.131.588 |
778.917 |
1.846.632 |
2.131.798 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
69,60 |
68,72 |
56,32 |
85,05 |
|
Debts to suppliers average term |
Days |
118,68 |
103,42 |
86,24 |
89,46 |
|
Average stock waiting period |
Days |
56,86 |
46,00 |
24,43 |
47,61 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,06 |
0,87 |
1,05 |
1,45 |
|
Rate of stock return |
Units |
6,33 |
7,83 |
14,73 |
7,34 |
|
Labour cost incidence |
% |
18,58 |
22,90 |
19,89 |
5,48 |
|
Net financial revenues/ charges incidence |
% |
-0,45 |
-0,40 |
-0,39 |
-1,06 |
|
Labour cost on purchasing expenses |
% |
18,98 |
21,82 |
22,98 |
5,52 |
|
Short-term financing charges |
% |
1,04 |
0,79 |
1,23 |
2,49 |
|
Capital on hand |
% |
94,28 |
115,48 |
95,02 |
68,88 |
|
Sales pro employee |
Value |
262.679 |
212.492 |
231.017 |
796.124 |
|
Labour cost pro employee |
Value |
48.803 |
48.668 |
45.950 |
44.281 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.45 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.77.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.