MIRA
INFORM REPORT
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Report Date : |
24.06.2013 |
IDENTIFICATION DETAILS
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Name : |
FAVINI SRL
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Registered Office : |
Via Alcide De Gasperi 26, Rossano Veneto, 36028 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.03.2008 |
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Com. Reg. No.: |
03464230246 |
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Legal Form : |
Private Parent Company |
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Line of Business : |
manufacturer of bleached, semi-bleached or unbleached paper pulp by mechanical, chemical (dissolving or non- dissolving) or semi-chemical processes of paper pulp; and removal of ink and manufacture of pulp from waste paper |
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No. of Employees : |
444 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
No Complaints |
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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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Italy |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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, 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.
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Source : CIA |
Company name & address
Favini SRL
Via Alcide De Gasperi 26
Rossano Veneto, 36028
Italy
Tel: +39 0424 547711
Fax: +39 0424 540684
Synthesis
Employees: 444
Company Type: Private Parent
Corporate Family: 2
Companies
Incorporation Date: 28-Mar-2008
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Euro
Annual Sales: 163.2
Total Assets: 138.0
Business Description
Favini SRL is primarily engaged in manufacture of bleached, semi-bleached or unbleached paper pulp by mechanical, chemical (dissolving or non- dissolving) or semi-chemical processes of paper pulp; and removal of ink and manufacture of pulp from waste paper.
Industry
Industry Paper and Paper Products
ANZSIC 2006: 1510 - Pulp, Paper
and Paperboard Manufacturing
NACE 2002: 2111 - Manufacture
of pulp
NAICS 2002: 322110 - Pulp
Mills
UK SIC 2003: 2111 - Manufacture
of pulp
UK SIC 2007: 1711 - Manufacture
of pulp
US SIC 1987: 2611 - Pulp Mills
Key Executives
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Name |
Title |
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Paolo Scarlatti |
President |
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Marco Bertolo |
Executive |
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Paola Cafasso |
Executive |
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Enrico Ceccat0 |
Member of the board |
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Massimo Montanaro |
Member of the board |
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
Corporate Overview
Location
Via Alcide De Gasperi 26
Rossano Veneto, 36028
Italy
Tel: +39 0424 547711
Fax: +39 0424 540684
Sales EUR(mil): 117.4
Assets EUR(mil): 106.3
employees: 444
Fiscal Year End: 31-Dec-2011
Industry: Paper
and Paper Products
Incorporation Date: 28-Mar-2008
Company Type: Private
Parent
Quoted Status: Not
Quoted
Registered No.(ITA): 03464230246
President: Paolo
Scarlatti
Industry Codes
ANZSIC 2006 Codes:
1510 - Pulp, Paper and Paperboard Manufacturing
NACE 2002 Codes:
2111 - Manufacture of pulp
NAICS 2002 Codes:
322110 - Pulp Mills
US SIC 1987:
2611 - Pulp Mills
UK SIC 2003:
2111 - Manufacture of pulp
UK SIC 2007:
1711 - Manufacture of pulp
Business
Description
Favini SRL is
primarily engaged in manufacture of bleached, semi-bleached or unbleached paper
pulp by mechanical, chemical (dissolving or non- dissolving) or semi-chemical
processes of paper pulp; and removal of ink and manufacture of pulp from waste
paper.
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Corporate Family |
Corporate
Structure News: |
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Favini
SRL |
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Favini SRL |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Favini SRL |
Parent |
Rossano Veneto, Vicenza |
Italy |
Paper and Paper Products |
163.2 |
450 |
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Cartotecnica Favini SRL |
Subsidiary |
Rossano Veneto, Vicenza |
Italy |
Office Supplies |
17.4 |
46 |
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Executive report
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Board of
Directors |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Executives |
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President |
President |
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Managing director |
Managing Director |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Annual
Profit & Loss
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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 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Total income |
169.0 |
167.6 |
133.4 |
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Net sales |
163.2 |
150.3 |
131.7 |
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Other operating income |
2.6 |
1.7 |
1.7 |
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Raw materials and consumables employed |
73.3 |
85.7 |
50.5 |
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Other expenses |
48.9 |
43.3 |
43.8 |
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Total payroll costs |
31.2 |
28.3 |
27.2 |
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Fixed asset depreciation and amortisation |
4.8 |
6.0 |
7.4 |
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Other operating costs |
0.7 |
0.5 |
0.5 |
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Net operating income |
10.1 |
3.7 |
4.0 |
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Total financial income |
0.3 |
0.7 |
0.4 |
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Total expenses |
3.1 |
3.0 |
2.4 |
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Profit before tax |
7.3 |
1.4 |
1.9 |
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Extraordinary result |
0.2 |
0.1 |
0.1 |
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Profit after extraordinary items and before tax |
7.5 |
1.5 |
2.1 |
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Total taxation |
2.3 |
0.3 |
1.4 |
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Net profit |
5.2 |
1.2 |
0.7 |
Annual Balance Sheet
Financials in: USD (mil)
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Total stockholders equity |
23.5 |
19.2 |
19.3 |
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Provision for risks |
18.2 |
16.3 |
13.0 |
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Provision for pensions |
6.5 |
7.0 |
8.0 |
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Mortgages and loans |
19.6 |
21.5 |
24.4 |
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Other long-term liabilities |
- |
0.6 |
- |
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Trade creditors |
27.0 |
29.5 |
19.9 |
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Bank loans and overdrafts |
14.1 |
18.2 |
18.0 |
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Other current liabilities |
28.4 |
27.5 |
8.2 |
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Accruals and deferred income |
0.6 |
0.1 |
0.1 |
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Total current liabilities |
70.2 |
75.3 |
46.2 |
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Total liabilities (including net worth) |
138.0 |
140.0 |
110.9 |
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Intangibles |
6.2 |
5.1 |
4.8 |
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Total tangible fixed assets |
8.2 |
6.5 |
3.5 |
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Long-term investments |
42.9 |
44.4 |
47.1 |
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Total financial assets |
43.0 |
44.4 |
47.2 |
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Receivables due after 1 year |
1.4 |
1.5 |
- |
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Total non-current assets |
58.8 |
57.5 |
55.5 |
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Finished goods |
18.2 |
15.7 |
- |
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Net stocks and work in progress |
26.1 |
22.3 |
2.0 |
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Trade debtors |
34.2 |
38.9 |
33.8 |
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Other receivables |
16.0 |
17.1 |
15.8 |
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Cash and liquid assets |
2.2 |
3.6 |
3.1 |
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Accruals |
0.7 |
0.6 |
0.6 |
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Total current assets |
79.2 |
82.5 |
55.4 |
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Total assets |
138.0 |
140.0 |
110.9 |
Annual Ratios
Financials in: USD (mil)
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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 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Current ratio |
1.10 |
1.10 |
1.20 |
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Quick ratio |
0.80 |
0.80 |
1.20 |
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Current liabilities to net worth |
0.03% |
0.04% |
0.02% |
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Sales per employee |
0.26 |
0.26 |
0.22 |
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Profit per employee |
0.01 |
0.00 |
0.00 |
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Average wage per employee |
0.05 |
0.05 |
0.04 |
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Net worth |
23.5 |
19.2 |
19.3 |
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Number of employees |
444 |
442 |
436 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.35 |
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UK Pound |
1 |
Rs.92.11 |
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Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.