|
Report No. : |
340569 |
|
Report Date : |
12.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
OFFICINE FACCO E C. S.P.A. |
|
|
|
|
Registered Office : |
Via Venezia,, 30 MARSANGO, 35010 - Campo San Martino (PD)
-IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
07.04.1961 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
·
Manufacture of metal structures and structure
parts ·
Manufacture of products iron, copper and other
metals ·
Manufacture of agricultural and silviculture
machinery |
|
|
|
|
No. of Employees : |
From 71 to 90 |
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 : |
Slow but correct |
|
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Italy |
A1 |
A1 |
|
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 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 132%
of GDP in 2014, 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 tax evasion. In 2014 economic growth and labor market
conditions continued to deteriorate, with overall unemployment rising to 12.2%
and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007
pre-crisis level.
|
Source
: CIA |
OFFICINE FACCO E C. S.P.A.
Via Venezia,, 30 MARSANGO
35010 - Campo San Martino (PD) -IT-
|
Fiscal Code |
: |
00202900288 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
07/04/1961 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
75.000.000/100.000.000 |
|
Number of Employees |
: |
from 71 to 90 |
Manufacture of metal structures and structure parts
Manufacture of products iron, copper and other metals
Manufacture of agricultural and silviculture machinery
Legal Form : Joint stock company
|
Fiscal Code : 00202900288 |
|
Foreign Trade Reg. no. : PD012193 since 30/12/1991 |
|
Foreign Trade Reg. no. : 12193 of Padova since 30/12/1991 |
|
Chamber of Commerce no. : 87132 of Padova since 21/04/1961 |
|
Firms' Register : PD060-4880 of Padova since 19/02/1996 |
|
V.A.T. Code : 00202900288 |
|
Tribunal Co. Register : 4480 of |
|
Foundation date |
: 02/03/1961 |
|
|
Establishment date |
: 02/03/1961 |
|
|
Start of Activities |
: 07/04/1961 |
|
|
Legal duration |
: 31/12/2030 |
|
|
Nominal Capital |
: 7.000.000 |
|
|
Subscribed Capital |
: 7.000.000 |
|
|
Paid up Capital |
: 7.000.000 |
|
Legal mail : |
AMMINISTRAZIONE.FACCO@PEC.IT |
|
|
Finmix Societa' In Accomandita Semplice |
Di Luigi Finco E C. In Sigla Finmix S.a. |
|
|
: |
Trieste |
, 32 |
- 35121 |
Padova |
(PD) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Finco |
Massimo |
|
|
Born in Padova |
(PD) |
on 29/10/1958 |
- Fiscal Code : FNCMSM58R29G224L |
|
|
Residence: |
Umberto I, 36 Int.6 |
- 35122 |
Padova |
(PD) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
11/07/2013 |
||
|
Board Chairman |
11/07/2013 |
||
|
Managing Director |
13/07/2013 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Finco |
Luigi |
|
|
Born in Campo San Martino |
(PD) |
on 14/08/1927 |
- Fiscal Code : FNCLGU27M14B564Q |
|
|
Residence: |
Caselle |
, 1 |
- 35010 |
Campo San Martino |
(PD) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
11/07/2013 |
|
|
No Prejudicial events are reported |
|
|
Finco |
Luca |
|
|
Born in Campo San Martino |
(PD) |
on 16/12/1967 |
- Fiscal Code : FNCLCU67T16B564S |
|
|
Residence: |
Caselle |
, 1 |
- 35010 |
Campo San Martino |
(PD) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
11/07/2013 |
|
|
Finco |
Elisa |
|
|
Born in Camposampiero |
(PD) |
on 18/02/1983 |
- Fiscal Code : FNCLSE83B58B563B |
|
|
Residence: |
Umberto I |
, 36 |
- 35122 |
Padova |
(PD) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
11/07/2013 |
*checkings have been performed on a national scale.
In this module are listed the companies in which members hold or have
holded positions.
|
|
Finco |
Massimo |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Arneg S.p.a. |
Campo San Martino (PD) - IT - |
00220200281 |
Director |
Active |
Registered |
|
Tecno Pool S.p.a. |
San Giorgio in Bosco (PD) - IT - |
01822250286 |
Chairman |
Withdrawn |
Registered |
|
Finmix Societa' In Accomandita SempliceDi Luigi Finco E C. In Sigla
Finmix S.a. |
Padova (PD) - IT - |
00794340281 |
Managing
Director |
Withdrawn |
Registered |
|
Flexy Societa' A Responsabilita' Limitata Con Sigla Flexy S.r.l. |
Curtarolo (PD) - IT - |
03340620289 |
Director |
Active |
Registered |
|
Flexy Societa' A Responsabilita' Limitata Con Sigla Flexy S.r.l. |
Curtarolo (PD) - IT - |
03340620289 |
Board Chairman |
Active |
Registered |
|
Alit S.r.l. |
Santa Giustina in Colle (PD) - IT - |
03360680288 |
Director |
Withdrawn |
Registered |
|
Alit S.r.l. |
Santa Giustina in Colle (PD) - IT - |
03360680288 |
Board Chairman |
Withdrawn |
Registered |
|
FINANZIARIA AGRO INDUSTRIALE - SOCIETA'A RESPONSABILITA' LIMITATA (CON
SIGLA "F |
Campo San Martino (PD) - IT - |
01277590285 |
Director |
Withdrawn |
Registered |
|
COMES COMMERCIALE S.R.L. |
Campo San Martino (PD) - IT - |
00794320283 |
Sole Director |
Withdrawn |
Registered |
|
COSMA COMMERCIALE S.R.L. |
Campo San Martino (PD) - IT - |
00794330282 |
Sole Director |
Withdrawn |
Registered |
|
Finco Massimo |
Padova (PD) - IT - |
FNCMSM58R29G224L |
Proprietor |
Active |
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.
Shareholders' list as at date of data collection:
|
Firm's Style /
Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Finmix Societa' In Accomandita Semplice Di Luigi Finco E C. In Sigla
Finmix S.a. |
Padova - IT - |
00794340281 |
1.890.000 .Eur |
27,00 |
|
Finco Massimo |
Padova - IT - |
FNCMSM58R29G224L |
4.060.000 .Eur |
58,00 |
|
Finco Luca |
Campo San Martino - IT - |
FNCLCU67T16B564S |
1.050.000 .Eur |
15,00 |
The Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares
Amount |
% Ownership |
since |
until |
Share Status |
|
Sapi S.p.a. |
Padova - IT - |
00667110282 |
7.650 .Eur |
0,25 |
Active |
||
|
Centro Sportivo Petrarca, *impianti Rugb y Padova S.p.a. |
Padova - IT - |
01586460287 |
2.790 .Eur |
0,11 |
Active |
||
|
Flexy Societa' A Responsabilita' Limitat a Con Sigla Flexy S.r.l. |
Curtarolo - IT - |
03340620289 |
15.600 .Eur |
30,00 |
Active |
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
Venezia, |
, 30 |
- 35010 |
- Campo San Martino |
(PD) |
- IT - |
|
PHONE |
: 0499630588 |
|
Legal mail |
: AMMINISTRAZIONE.FACCO@PEC.IT |
|
- |
Branch |
(Warehouse) |
since 01/06/2000 |
|
Caduti Di Russia |
, 17 |
- 35010 |
- Curtarolo |
(PD) |
- IT - |
|
Employees |
: 83 |
|
Fittings and Equipment for a value of 970.000 |
Eur |
|
Stocks for a value of 43.950.000 |
Eur |
|
Furniture and fittings for a value of 150.000 |
Eur |
|
Vehicles for a value of 770.000 |
Eur |
|
Work in progress for a value of 24.330.000 |
Eur |
The firm operates abroad as importer / exporter..
Export represents more than 50% of the global turnover.
Products abroad are placed by :
|
- its own foreign branches |
|
- direct orders from foreign companies |
Import comes generally from the following nations:
|
- Italy |
|
- Hungary |
Export is mainly towards:
|
- Etiopia |
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
General partnership |
Joint stock company |
10/09/1974 |
Protests checking on the subject firm has given a negative result.
Search performed on a National Scale
|
|
Prejudicial Events Search Result: |
|
|
Prejudicial Events found with cancellations* |
Legal Mortgage on 08/08/2006. for an amount of 10.775 Euro.
Event writing-off
|
GEST LINE S. P. A. |
Search performed on a specialized data base.
*Concerns also partially erased events.
None reported, standing to the latest received edition of the Official
Publications.
Subject is active since 1961
Balance sheets for the years 2012, 2013 and 2014 were analyzed.
During the last years, it achieved profits (r.o.e. 16,8% on 2014) and
during the last financial year an increase in sales volume was registered
(+12,02% in 2014).
The operating result in 2014 was positive (3,75%) falling within the
field's average.
The amount of the operating result for the year 2014 is of Eur.
4.517.967 with an increase of more then 100% if the compared to the previous
financial year.
The economic management produced a gross operating margin of Eur.
7.112.047 with a more then 100% increase as opposed to the preceding year.
The ratio between shareholder's equity and borrowed capital is not well
balanced, the indebtedness level is equal to 4,23 but on the decrease if
compared to the year before.
Subject can manage an equity capital funds for an amount of Eur.
22.116.906 , rising by 46,84%.
Total indebtedness amounts to Eur. 98.791.923, with a growth equal to
38,89%.
The company does not exceed in bank credits; payments average period is
instead slightly high (141,14 gg.) however still within the sector's average.
It shows a good range of liquidity.
Accounts receivable average term is high (167,33 days). even higher than
the average of the specific sector.
During financial year 2014 the cash flow amounted to Eur. 6.308.897
During 2014 financial year labour costs amounted to Eur. 5.039.139, with
a 4,52% incidence on production costs. , with a 5,43% incidence on turnover.
The financial management is positive as incomes are higher than the
charges.
|
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
92.745.104 |
|
Profit (Loss) for the period |
3.714.817 |
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
82.789.883 |
|
Profit (Loss) for the period |
373.778 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
149.695.947 |
|
Profit (Loss) for the period |
1.169.065 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
78.797.473 |
|
Profit (Loss) for the period |
1.189.517 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
72.370.325 |
|
Profit (Loss) for the period |
1.106.887 |
From our constant monitoring of the relevant Public Administration
offices, no more recent balance sheets result to have been filed.
|
- Balance Sheet as at 31/12/2014 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/12/2013 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
RATIOS |
Value Type |
as at 31/12/2014 |
as at 31/12/2013 |
as at 31/12/2012 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|||||
|
Rigidity Ratio |
Units |
0,13 |
0,19 |
0,11 |
0,28 |
|
Elasticity Ratio |
Units |
0,86 |
0,78 |
0,87 |
0,69 |
|
Availability of stock |
Units |
0,37 |
0,22 |
0,25 |
0,18 |
|
Total Liquidity Ratio |
Units |
0,49 |
0,56 |
0,62 |
0,47 |
|
Quick Ratio |
Units |
0,04 |
0,06 |
0,03 |
0,02 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
4,23 |
4,36 |
4,33 |
2,32 |
|
Self Financing Ratio |
Units |
0,18 |
0,17 |
0,18 |
0,23 |
|
Capital protection Ratio |
Units |
0,35 |
0,49 |
0,43 |
0,74 |
|
Liabilities consolidation quotient |
Units |
0,01 |
0,01 |
0,02 |
0,24 |
|
Financing |
Units |
4,47 |
4,72 |
4,49 |
2,86 |
|
Permanent Indebtedness Ratio |
Units |
0,19 |
0,18 |
0,19 |
0,42 |
|
M/L term Debts Ratio |
Units |
0,01 |
0,01 |
0,01 |
0,13 |
|
Net Financial Indebtedness Ratio |
Units |
0,45 |
1,35 |
1,18 |
0,91 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
1,46 |
0,96 |
1,73 |
1,37 |
|
Current ratio |
Units |
1,04 |
0,97 |
1,10 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,60 |
0,70 |
0,79 |
0,84 |
|
Structure's primary quotient |
Units |
1,41 |
0,91 |
1,60 |
0,86 |
|
Treasury's primary quotient |
Units |
0,05 |
0,08 |
0,03 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
544,22 |
587,58 |
568,94 |
422,49 |
|
Current Capital ( net ) |
Value |
4.156.239 |
-2.249.531 |
6.581.891 |
281.462 |
|
RETURN |
|||||
|
Return on Sales |
% |
6,80 |
1,98 |
1,52 |
3,68 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
16,80 |
2,48 |
8,17 |
3,84 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
25,39 |
5,15 |
14,39 |
12,87 |
|
Return on Investment ( R.O.I. ) |
% |
3,75 |
0,60 |
3,63 |
4,59 |
|
Return/ Sales |
% |
4,87 |
0,64 |
1,98 |
4,38 |
|
Extra Management revenues/charges incid. |
% |
82,22 |
70,75 |
39,54 |
22,35 |
|
Cash Flow |
Value |
6.308.897 |
1.639.911 |
2.278.511 |
131.799 |
|
Operating Profit |
Value |
4.517.967 |
528.312 |
2.956.944 |
134.410 |
|
Gross Operating Margin |
Value |
7.112.047 |
1.794.445 |
4.066.390 |
257.621 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
167,33 |
153,74 |
94,44 |
106,38 |
|
Debts to suppliers average term |
Days |
141,14 |
144,61 |
127,74 |
123,44 |
|
Average stock waiting period |
Days |
170,62 |
82,93 |
48,89 |
62,20 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,77 |
0,94 |
1,84 |
1,07 |
|
Rate of stock return |
Units |
2,11 |
4,34 |
7,36 |
5,77 |
|
Labour cost incidence |
% |
5,43 |
5,91 |
3,49 |
17,51 |
|
Net financial revenues/ charges incidence |
% |
1,18 |
0,30 |
-0,71 |
-1,55 |
|
Labour cost on purchasing expenses |
% |
4,52 |
5,98 |
4,47 |
17,84 |
|
Short-term financing charges |
% |
0,72 |
0,56 |
2,01 |
3,12 |
|
Capital on hand |
% |
129,78 |
106,89 |
54,40 |
93,68 |
|
Sales pro employee |
Value |
590.733 |
544.670 |
2.079.110 |
193.450 |
|
Labour cost pro employee |
Value |
32.096 |
32.172 |
72.629 |
33.229 |
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 |
: |
882.779 |
|
Population living in the region |
: |
4.699.950 |
|
Number of families in the region |
: |
1.813.210 |
Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
456 |
|
- per non food products |
: |
2.052 |
|
- per energy consume |
: |
127 |
The values are calculated on a base of 1.399 significant companies.
The companies cash their credits on an average of 106 dd.
The average duration of suppliers debts is about 123 dd.
The sector's profitability is on an average of 3,68%.
The labour cost affects the turnover in the measure of 17,51%.
Goods are held in stock in a range of 62 dd.
The difference between the sales volume and the resources used to
realize it is about 1,07.
The employees costs represent the 17,84% of the production costs.
Statistically the trade activity shows periods of crisis.
The area is statistically considered moderately risky.
In the region 13.782 protested subjects are found; in the province they
count to 2.646.
The insolvency index for the region is 0,30, , while for the province it
is 0,30.
Total Bankrupt companies in the province : 3.821.
Total Bankrupt companies in the region : 16.714.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.39 |
|
|
1 |
Rs.102.59 |
|
Euro |
1 |
Rs.74.90 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.