MIRA INFORM REPORT
|
Report Date : |
17.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
FARO S.P.A. |
|
|
|
|
Registered Office : |
Piazza S.sepolcro, 0001, 20123 – Milano
(MI)-IT |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
26.07.1974 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
|
|
|
|
|
No of Employees : |
From 11 to 15 |
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 : |
Slow |
|
|
|
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 higher. 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 133% of GDP in 2013, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2013 economic growth and labor market conditions deteriorated, with growth at -1.8% and unemployment rising to 12.4%, with youth unemployment around 40%. Italy's GDP is now 8% below its 2007 pre-crisis level.
|
Source
: CIA |
COMPANY
NAME & ADDRESS
|
Faro S.p.a. |
|
Piazza |
S.sepolcro, |
0001 |
|
20123 |
- Milano |
(MI) |
-IT- |
Summary
|
Fiscal Code |
: |
05845050151 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
26/07/1974 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
10.000.000/12.750.000 |
|
Number of Employees |
: |
from 11 to 15 |
Activity
Manufacture of jewellery and related articles
Wholesale of clocks, watches and jewellery
Legal
Data
Legal Form : Joint stock company
|
Fiscal Code : 05845050151 |
|
Foreign Trade Reg. no. : MI003786 since
03/12/1991 |
|
Chamber of Commerce no. : 141026 of Arezzo |
|
Chamber of Commerce no. : 1042051 of
Milano since 13/06/1980 |
|
Chamber of Commerce no. : 897952 of Roma |
|
Firms' Register : MI146-196872 of Milano
since 19/02/1996 |
|
V.A.T. Code : 05845050151 |
|
Foundation date |
: 14/05/1980 |
|
|
Establishment date |
: 14/05/1980 |
|
|
Start of Activities |
: 26/07/1974 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 8.300.000 |
|
|
Subscribed Capital |
: 8.300.000 |
|
|
Paid up Capital |
: 8.300.000 |
Members
|
Boni |
Vittorio |
|
Born in Milano |
(MI) |
on 06/10/1932 |
- Fiscal Code : BNOVTR32R06F205B |
|
Residence: |
Del Torchio |
, 12 |
- 20123 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Partner |
|
No Prejudicial
events are reported |
|
No Protests
registered |
|
Pratici |
Davide |
|
Born in Milano |
(MI) |
on 02/12/1964 |
- Fiscal Code : PRTDVD64T02F205H |
|
|
Residence: |
Del Torchio |
, 12 |
- 20123 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Procurator |
03/04/2012 |
||
|
Board Chairman |
20/09/2013 |
||
|
Director |
20/09/2013 |
|
No Prejudicial
events are reported |
|
No Protests
registered |
|
Boni |
Alessandra |
|
Born in Milano |
(MI) |
on 20/07/1967 |
- Fiscal Code : BNOLSN67L60F205M |
|
Residence: |
Del Torchio |
, 12 |
- 20123 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
20/09/2013 |
|
Boni |
Rossana |
|
Born in Milano |
(MI) |
on 20/02/1958 |
- Fiscal Code : BNORSN58B60F205N |
|
Residence: |
Privata Del Faggio |
, 25 |
- 22060 |
Carimate |
(CO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
20/09/2013 |
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 |
|
Boni Vittorio |
Milano - IT - |
BNOVTR32R06F205B |
6.558.360 .Eur |
79,01 |
|
Larevi Finanziaria Srl |
Milano - IT - |
08265980154 |
121.400 .Eur |
1,46 |
|
Soffientini Renata |
Milano - IT - |
SFFRNT33P47A473N |
325.080 .Eur |
3,91 |
|
Boni Rossana |
Carimate - IT - |
BNORSN58B60F205N |
650.160 .Eur |
7,83 |
|
Boni Alessandra |
Milano - IT - |
BNOLSN67L60F205M |
645.000 .Eur |
7,77 |
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 |
|
Jeval - Jewellers In Valenza - Italy |
Valenza - IT - |
06069460019 |
1.291 .Eur |
Active |
Firm's
location and structure
In order to carry out its activities the firm uses the following locations:
|
- |
Legal and
operative seat |
since 14/05/1980 |
|
S.sepolcro |
, 0001 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
PHONE |
: 02722131 |
|
- |
Branch |
since 01/10/2009 |
|
Vercelli |
, 2 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
Total Surface: 106 Sq.mt. |
|
Employees |
: 14 |
|
Fittings and Equipment for a value of
7.000 |
Eur |
|
Stocks for a value of 5.080.000 |
Eur |
|
Vehicles for a value of 1.000 |
Eur |
Trade organization: direct or by agents.
The company sells in Italy and abroad.
The firm operates abroad as importer /
exporter..
Export represents from 20% to 50% of the
global turnover.
Products abroad are placed by :
|
- national or foreign important buyers |
|
- importers |
Import comes generally from the following
nations:
|
- Great Britain |
|
- Belgium |
|
- France |
|
- Holland |
Export is mainly towards:
|
- |
|
- France |
|
- Germany |
Historical Information and/or Firm's Status
EX-MEMBERS /
EX-POSITIONS:
|
Trotter |
Alessandro
Ludovico |
|
Born in Vimercate |
(MB) |
on 09/06/1940 |
- Fiscal Code : TRTLSN40H09M052V |
|
Residence: |
Cadorna |
, 6 |
- 20123 |
Milano |
(MI) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
|
Boni |
Vittorio |
|
Born in Milano |
(MI) |
on 06/10/1932 |
- Fiscal Code : BNOVTR32R06F205B |
|
Residence: |
Del Torchio |
, 12 |
- 20123 |
Milano |
(MI) |
- IT - |
|
Ex-Postions |
|
Chairman and Managing Director |
|
Board Chairman |
|
Director |
|
Managing Director |
|
Managing Director |
|
Trotter |
Massimo |
|
Born in Monza |
(MB) |
on 22/07/1969 |
- Fiscal Code : TRTMSM69L22F704R |
|
Residence: |
Marco Formentini |
, 4/6 |
- 20121 |
Milano |
(MI) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
Chairman of the Board of Aud. |
|
|
Trotter |
Marco |
|
Born in Monza |
(MB) |
on 19/04/1972 |
- Fiscal Code : TRTMRC72D19F704Q |
|
Residence: |
Cadorna Luigi |
, 6 |
- 20123 |
Milano |
(MI) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
Gaslini |
Carla |
|
Born in Monza |
(MB) |
on 04/04/1946 |
- Fiscal Code : GSLCRL46D44F704U |
|
Residence: |
Castello |
, 16 |
- 20121 |
Milano |
(MI) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
Venegoni |
Fabio Maria |
|
Born in Magenta |
(MI) |
on 05/05/1963 |
- Fiscal Code : VNGFMR63E05E801L |
|
Residence: |
Boccaccio |
, 32 |
- 20123 |
Milano |
(MI) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
Temporary Auditor |
|
Ferraro |
Guido |
|
Born in Monza |
(MB) |
on 27/03/1976 |
- Fiscal Code : FRRGDU76C27F704T |
|
Residence: |
Dante Alighieri |
, 14 |
- 20052 |
Monza |
(MB) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
CEASINGS/INCORPORATIONS/MERGES:
|
Project of
merging by taking over of |
|
Gibo Preziosa
-s.p.a. |
|
S.sepolcro |
, 1 |
, 20123 |
, Milano |
(MI) |
- IT - |
|
Fiscal Code: 07055130152 |
|
Date |
Merging/splitting-up project: |
25/06/2009 |
|
The firm
absorbed by merging of |
|
Gibo Preziosa
-s.p.a. |
|
S.sepolcro |
, 1 |
, 20123 |
, Milano |
(MI) |
- IT - |
|
Fiscal Code: 07055130152 |
|
Date |
: |
21/09/2009 |
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: |
|
Prejudicial
Events found with cancellations* |
Legal Mortgage on 13/07/2005.
for an amount of 634.943 Euro. Event writing-off
|
ESATRI ESAZIONE TRIBUTI S. P. A. |
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 1974
The eonomic-financial analysis is based on the latest 3 b/s.
During the last years the subject suffered net losses and in 2012 r.o.e. is -46,03%. During the last financial years the downward trend in the turnover caused the a.m. losses.
The return on investment in the last financial year was negative (-18,98%).
The operating result is negative (Eur. -3.229.621).
At the end of the latest financial year, a negative gross operating margin of Eur. -1.052.249 was registered.
Company's financial status is balanced since indebtedness is not high (1,24) even though on the increase if compared to 2011.
It's shareholders funds amount to Eur. 6.654.324 showing a -31,52% drop.
Total indebtedness was equal to Eur. 9.356.878 (Eur. 807.200 was the value of m/l term debts) with a downward trend if compared to the preceding year (-21,59%).
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 363,07 days. also in relation to the average of the sector.
Cash flow is negative at the end of financial year 2012.
Subordinate employment cost is of Eur. 1.219.604, i.e. 9,84% on total production costs. , whereas the incidence on sales revenues is of 11,45%.
Finacial chareges are high: the incidence on sales volume amounts to -4,64%
Financial
Data
|
Complete balance-sheet for the year |
31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
10.651.487 |
|
Profit (Loss) for the period |
-3.063.060 |
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
18.007.225 |
|
Profit (Loss) for the period |
-1.078.201 |
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
23.990.345 |
|
Profit (Loss) for the period |
-32.723 |
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
21.969.947 |
|
Profit (Loss) for the period |
321.606 |
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
20.591.077 |
|
Profit (Loss) for the period |
109.805 |
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 31/12/2012 - 12 Mesi - Currency: - Amounts x 1 |
|
- 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 |
|
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|
RATIOS
|
RATIOS |
Value
Type |
as at 31/12/2012 |
as at 31/12/2011 |
as at 31/12/2010 |
Sector Average |
|
COMPOSITION ON INVESTMENT |
|||||
|
Rigidity Ratio |
Units |
0,03 |
0,03 |
0,07 |
0,09 |
|
Elasticity Ratio |
Units |
0,97 |
0,97 |
0,93 |
0,89 |
|
Availability of stock |
Units |
0,30 |
0,36 |
0,38 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,67 |
0,61 |
0,55 |
0,54 |
|
Quick Ratio |
Units |
0,02 |
0,01 |
0,00 |
0,03 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
1,24 |
1,02 |
1,64 |
3,95 |
|
Self Financing Ratio |
Units |
0,39 |
0,43 |
0,36 |
0,17 |
|
Capital protection Ratio |
Units |
0,21 |
0,26 |
0,23 |
0,62 |
|
Liabilities consolidation quotient |
Units |
0,21 |
0,28 |
0,06 |
0,10 |
|
Financing |
Units |
1,41 |
1,23 |
1,64 |
4,85 |
|
Permanent Indebtedness Ratio |
Units |
0,49 |
0,55 |
0,40 |
0,29 |
|
M/L term Debts Ratio |
Units |
0,10 |
0,13 |
0,04 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
0,96 |
0,83 |
1,22 |
1,04 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
15,00 |
19,87 |
5,74 |
2,37 |
|
Current ratio |
Units |
1,92 |
2,17 |
1,56 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,33 |
1,36 |
0,92 |
0,80 |
|
Structure's primary quotient |
Units |
11,87 |
15,34 |
5,21 |
1,48 |
|
Treasury's primary quotient |
Units |
0,04 |
0,03 |
0,00 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
255,75 |
234,96 |
274,51 |
602,26 |
|
Current Capital ( net ) |
Value |
7.908.270 |
11.974.933 |
9.880.008 |
191.984 |
|
RETURN |
|||||
|
Return on Sales |
% |
-8,32 |
-5,00 |
0,68 |
2,03 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
-46,03 |
-11,10 |
-0,30 |
6,31 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
-48,54 |
-9,81 |
0,42 |
17,00 |
|
Return on Investment ( R.O.I. ) |
% |
-18,98 |
1,44 |
2,26 |
4,18 |
|
Return/ Sales |
% |
-30,32 |
1,82 |
2,79 |
3,46 |
|
Extra Management revenues/charges incid. |
% |
n.c. |
-328,77 |
-4,88 |
27,96 |
|
Cash Flow |
Value |
-885.688 |
-900.616 |
163.158 |
44.823 |
|
Operating Profit |
Value |
-3.229.621 |
327.947 |
670.395 |
74.603 |
|
Gross Operating Margin |
Value |
-1.052.249 |
505.532 |
866.276 |
111.383 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
363,07 |
269,15 |
240,45 |
113,70 |
|
Debts to suppliers average term |
Days |
106,95 |
82,35 |
71,38 |
118,14 |
|
Average stock waiting period |
Days |
171,75 |
165,54 |
170,26 |
72,90 |
|
Rate of capital employed return ( Turnover
) |
Units |
0,63 |
0,79 |
0,81 |
1,25 |
|
Rate of stock return |
Units |
2,10 |
2,17 |
2,11 |
4,88 |
|
Labour cost incidence |
% |
11,45 |
9,16 |
6,92 |
8,14 |
|
Net financial revenues/ charges incidence |
% |
-4,64 |
-3,35 |
-2,69 |
-1,38 |
|
Labour cost on purchasing expenses |
% |
9,84 |
10,90 |
7,41 |
8,25 |
|
Short-term financing charges |
% |
5,31 |
5,12 |
3,81 |
2,76 |
|
Capital on hand |
% |
159,78 |
126,79 |
123,53 |
79,85 |
|
Sales pro employee |
Value |
280.302 |
643.115 |
726.980 |
397.742 |
|
Labour cost pro employee |
Value |
32.094 |
58.887 |
50.312 |
33.267 |
Remarks
1) Protests checking (relative to the last five years) performed by crossing and matching the members names and the Firm's Style with the reported addresses, is supplied by the Informatic Registry managed by the Italian Chamber of Commerce. If the fiscal code is not indicated, the eventual homonymous cases are submitted to expert staff evaluation in order to limit wrong matching risks.
2) The Legal Data, supplied and retrived from the Firm's Registry of the Italian Chamber of Commerce, are in line with the last registered modifications.
3) Risk evaluation and Credit Opinion have been performed on the base of the actual data at the moment of their availability.
Market
/ Territory Data
|
Population living in the province |
: |
|
|
Population living in the region |
: |
|
|
Number of families in the region |
: |
|
3.839.216Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
|
|
- per non food products |
: |
|
|
- per energy consume |
: |
|
Sector
Data
The values are calculated on a base of 9.175 significant companies.
The companies cash their credits on an average of 114 dd.
The average duration of suppliers debts is about 118 dd.
The sector's profitability is on an average of 2,03%.
The labour cost affects the turnover in the measure of 8,14%.
Goods are held in stock in a range of 73 dd.
The difference between the sales volume and the resources used to realize it is about 1,25.
The employees costs represent the 8,25% of the production costs.
Statistical
Detrimental Data
Statistcally the trade activity shows periods of crisis.
The area is statistically considered lowly risky.
In the region 50.886 protested subjects are found; in the province they count to 24.765.
The insolvency index for the region is 0,55, , while for the province it is 0,66.
Total Bankrupt companies in the province : 22.523.
Total Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.26 |
|
|
1 |
Rs. 100.78 |
|
Euro |
1 |
Rs. 83.29 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.