|
|
|
MIRA INFORM REPORT
|
Report No. : |
484234 |
|
Report Date : |
05.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
FARMO RES SOCIETA' A RESPONSABILITA' LIM ITATA |
|
|
|
|
Registered Office : |
Via Del Lavoro, 9 Montaletto,
48015- Cervia(RA)-IT |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
28.05.1985 |
|
|
|
|
Legal Form : |
Limited liability
company |
|
|
|
|
Line of Business : |
Manufacture
of automatic machines for dosing, wrapping and packaging (including
seperate parts and accessories) |
|
|
|
|
No. of Employees : |
From 51 to 70 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
Eur 200.000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Italy |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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, reaching 133% of GDP in 2016. 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 longstanding structural impediments to growth, such as labor market inefficiencies, a sluggish judicial system, and a weak banking sector. Italy’s economy returned to modest growth in late 2014 for the first time since late 2011. In 2015-16, Italy’s economy grew 0.7% each year. In 2016, overall unemployment was 11.7%, but youth unemployment remains high at 37.1%.
|
Source
: CIA |
Company
name and address
|
Farmo
Res Societa' A Responsabilita' Lim itata |
|
Via |
Del Lavoro, |
9
MONTALETTO |
|
48015 |
-
Cervia |
(RA) |
-IT- |
Summary
|
Fiscal
Code |
: |
00949390397 |
|
Legal
Form |
: |
Limited
liability company |
|
start
of Activities |
: |
01/06/1985 |
|
Equity |
: |
2.000.000
|
|
Turnover
Range |
: |
10.000.000/12.750.000
|
|
Number
of Employees |
: |
from 51
to 70 |
Credit Analysis
|
Credit
Opinion |
: |
200.000
- |
Activity
Manufacture
of automatic machines for dosing, wrapping and packaging (including seperate
parts and accessories)
Legal Data
Legal
Form : Limited liability company
|
Fiscal
Code : 00949390397 |
|
Chamber
of Commerce no. : 110218 of Ravenna since 13/06/1985 |
|
V.A.T.
Code : 00949390397 |
|
Establishment
date |
:
28/05/1985 |
|
|
Start
of Activities |
:
01/06/1985 |
|
|
Legal duration |
:
31/12/2050 |
|
|
Nominal
Capital |
:
100.000 |
|
|
Subscribed
Capital |
:
100.000 |
|
|
Paid up
Capital |
:
100.000 |
|
Legal
mail : |
PEC@PEC.FARMORES.COM |
Members
|
|
Armetti |
Massimo |
|
|
Born in
Milano |
(MI) |
on
30/08/1940 |
-
Fiscal Code : RMTMSM40M30F205U |
|
|
Residence: |
Volturno |
, 33 |
- 48015 |
Cervia |
(RA) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Legal
Owners' representative |
|||
|
Sole
Director |
07/07/1997 |
|
|
No
Prejudicial events are reported |
|
|
No
Protests registered |
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 |
|
Armetti
Massimo |
Cervia
- IT - |
RMTMSM40M30F205U |
75.000
.Eur |
75,00 |
|
Forti
Davide |
FRTDVD67E29C553L |
8.333
.Eur |
8,33 |
|
|
Forti
Gian Luca |
FRTGLC63L29C553Y |
8.333
.Eur |
8,33 |
|
|
Forti
Monica |
FRTMNC61P46C553N |
8.333
.Eur |
8,33 |
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 |
|
Del
Lavoro |
, 9 |
- 48015 |
-
Cervia |
(RA) |
- IT - |
|
PHONE |
:
0544965388 |
|
FAX |
:
0544965413 |
|
Legal
mail |
: PEC@PEC.FARMORES.COM |
|
- |
Branch |
(Store) |
since
29/03/2005 |
|
Del
Lavoro |
, 7 |
- 48015 |
-
Cervia |
(RA) |
- IT - |
|
Employees |
: 60 |
|
Fittings
and Equipment for a value of 48.000 |
Eur |
|
Stocks
for a value of 2.490.000 |
Eur |
|
Work in
progress for a value of 1.040.000 |
Eur |
The firm
operates abroad as exporter..
Export
represents more than 50% of the global turnover.
Products
abroad are placed by :
|
-
importers |
|
- its
own agents |
|
- direct
orders from foreign companies |
Export is
mainly towards:
|
- Italy |
|
-
Austria |
|
-
France |
|
-
Belgium |
|
-
Bulgaria |
|
-
Cyprus |
|
-
Hungary |
|
- |
|
- Gabon |
|
-
Somalia |
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.
National Real Estates Survey
The firm
under review, by the reported percentages, owns the following real estates:
|
Town |
Cadastre |
No.
Immovables |
Up to
Date |
|
CERVIA
(RA) |
Buildings |
2 |
02/01/2018 |
|
Buildings
Details |
|
Cadastre |
Title |
Location |
Sheet
No. |
Particle
No. |
Sub No. |
Categorie |
Classe |
Consistence |
Cadastrial
Rent |
Part
No. |
|
B |
Proprieta'
per 1/1 |
CERVIA
(RA) VIALE VOLTURNO, 37 Piano T-2 |
26 |
223 |
29 |
cat.
A/2 |
3 |
5,5
vani |
Euro:766,94 |
|
|
B |
Proprieta'
per 1000/1000 |
CERVIA
(RA) VIA DEL LAVORO, 9 Piano S1-T - 1 |
81 |
110 |
3 |
cat.
D/1 |
Euro:
17.814,00 |
All responsibilities are declined regarding any
possible omissions concerning the given results. Therefore, we advise to request
for "Hypothecating Survey Inspection" c/o the locally competent
RR.II. Immovables Registry, as this service doesn't fully guarantees the actual
title of the Real Estates of the requested Subject.
Financial and Economical
Analysis
Company's
starting of activities dates back to 1985.
The
economic-financial analysis has been made on the base of the b/s of the latests
three years.
During
the last years, it achieved profits (r.o.e. 26,4% on 2016)
The
operating result in 2016 was positive (9,22%) and in line with the sector's
average.
The
amount of the operating result is equal to Eur. 835.731 showing a fall as
opposed to the previous year (-41,93%).
The
G.O.M. amounted to Eur. 995.889 , with a -36,8% decrease.
The financial
status of the company is fairly balanced with an indebtedness level of 1,98
with an improving trend as on the decrease.
It's
shareholders funds amount to Eur. 1.948.344 with a growth of 25,38% in 2016.
During
the last financial year debts totalled Eur. 6.002.216 (Eur. 421.008 of which
were m/l term debts) , a more or less stable value.
Bank and
suppliers credit recourse is limited, 85,36 gg. is payment average period below
the sector's average.
The
management determines a good range of liquidity.
Accounts
receivable average term is 81,47 days. , shorter than the sector's average.
2016
financial year closed with a cash flow of Eur. 674.596
During
2016 financial year labour costs amounted to Eur. 3.149.546, with a 31,2%
incidence on production costs. , whereas the incidence of such costs on sales
revenues is equal to 28,65%.
Financial
charges have a limited incidence (-0,43%) on sales volume.
Financial Data
|
|
Complete
balance-sheet for the year |
al
31/12/2016 |
(in Eur |
x 1) |
|
Item
Type |
Value |
|
Sales |
10.991.475 |
|
Profit
(Loss) for the period |
514.438 |
|
|
Complete
balance-sheet for the year |
al
31/12/2015 |
(in Eur |
x 1) |
|
Item
Type |
Value |
|
Sales |
16.099.839 |
|
Profit
(Loss) for the period |
861.240 |
|
|
Complete
balance-sheet for the year |
al
31/12/2014 |
(in Eur |
x 1) |
|
Item
Type |
Value |
|
Sales |
11.197.744 |
|
Profit
(Loss) for the period |
259.656 |
|
|
Complete
balance-sheet for the year |
al
31/12/2013 |
(in Eur |
x 1) |
|
Item
Type |
Value |
|
Sales |
6.126.079 |
|
Profit
(Loss) for the period |
66.492 |
|
|
Complete
balance-sheet for the year |
al
31/12/2012 |
(in Eur |
x 1) |
|
Item
Type |
Value |
|
Sales |
6.132.120 |
|
Profit
(Loss) for the period |
65.072 |
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 31/12/2016 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance
Sheet as at 31/12/2015 - 12 Mesi - Currency: - Amounts x 1 |
|
-
Balance Sheet as at 31/12/2014 - 12 Mesi - Currency: - Amounts x 1 |
|
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|
|
RATIOS |
Value
Type |
as at 31/12/2016 |
as at 31/12/2015 |
as at 31/12/2014 |
Sector Average |
|
COMPOSITION
ON INVESTMENT |
|||||
|
Rigidity
Ratio |
Units |
0,14 |
0,15 |
0,13 |
0,18 |
|
Elasticity
Ratio |
Units |
0,85 |
0,84 |
0,87 |
0,79 |
|
Availability
of stock |
Units |
0,27 |
0,29 |
0,45 |
0,21 |
|
Total
Liquidity Ratio |
Units |
0,57 |
0,55 |
0,42 |
0,52 |
|
Quick
Ratio |
Units |
0,19 |
0,13 |
0,10 |
0,03 |
|
COMPOSITION
ON SOURCE |
|||||
|
Net
Short-term indebtedness |
Units |
1,98 |
2,58 |
7,09 |
3,01 |
|
Self
Financing Ratio |
Units |
0,21 |
0,18 |
0,09 |
0,19 |
|
Capital
protection Ratio |
Units |
0,68 |
0,38 |
0,59 |
0,66 |
|
Liabilities
consolidation quotient |
Units |
0,23 |
0,29 |
0,22 |
0,16 |
|
Financing |
Units |
3,08 |
3,66 |
8,96 |
3,56 |
|
Permanent
Indebtedness Ratio |
Units |
0,36 |
0,36 |
0,25 |
0,34 |
|
M/L
term Debts Ratio |
Units |
0,14 |
0,17 |
0,16 |
0,10 |
|
Net
Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,69 |
|
CORRELATION |
|||||
|
Fixed
assets ratio |
Units |
2,52 |
2,32 |
1,96 |
1,65 |
|
Current
ratio |
Units |
1,38 |
1,37 |
1,20 |
1,18 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
0,93 |
0,90 |
0,58 |
0,86 |
|
Structure's
primary quotient |
Units |
1,52 |
1,19 |
0,71 |
1,02 |
|
Treasury's
primary quotient |
Units |
0,31 |
0,22 |
0,13 |
0,06 |
|
Rate of
indebtedness ( Leverage ) |
% |
465,29 |
541,38 |
1127,83 |
509,92 |
|
Current
Capital ( net ) |
Value |
2.100.428 |
1.903.216 |
1.400.985 |
330.495 |
|
RETURN |
|||||
|
Return on
Sales |
% |
6,14 |
6,20 |
3,26 |
3,79 |
|
Return
on Equity - Net- ( R.O.E. ) |
% |
26,40 |
55,42 |
29,75 |
6,70 |
|
Return
on Equity - Gross - ( R.O.E. ) |
% |
40,50 |
84,35 |
54,12 |
18,82 |
|
Return
on Investment ( R.O.I. ) |
% |
9,22 |
17,11 |
5,36 |
4,89 |
|
Return/
Sales |
% |
7,60 |
8,94 |
4,71 |
4,78 |
|
Extra
Management revenues/charges incid. |
% |
61,56 |
59,84 |
49,25 |
29,96 |
|
Cash
Flow |
Value |
674.596 |
998.000 |
364.840 |
165.166 |
|
Operating
Profit |
Value |
835.731 |
1.439.193 |
527.273 |
225.594 |
|
Gross
Operating Margin |
Value |
995.889 |
1.575.953 |
632.457 |
376.080 |
|
MANAGEMENT |
|||||
|
Credits
to clients average term |
Days |
81,47 |
52,25 |
77,05 |
111,07 |
|
Debts
to suppliers average term |
Days |
85,36 |
62,79 |
95,22 |
127,44 |
|
Average
stock waiting period |
Days |
81,64 |
53,97 |
141,75 |
62,88 |
|
Rate of
capital employed return ( Turnover ) |
Units |
1,21 |
1,91 |
1,14 |
1,10 |
|
Rate of
stock return |
Units |
4,41 |
6,67 |
2,54 |
5,58 |
|
Labour
cost incidence |
% |
28,65 |
20,36 |
24,55 |
18,94 |
|
Net
financial revenues/ charges incidence |
% |
-0,43 |
-0,80 |
-0,48 |
-1,15 |
|
Labour
cost on purchasing expenses |
% |
31,20 |
26,22 |
22,80 |
18,99 |
|
Short-term
financing charges |
% |
0,78 |
2,27 |
0,72 |
2,55 |
|
Capital
on hand |
% |
82,48 |
52,25 |
87,89 |
90,89 |
|
Sales
pro employee |
Value |
112.157 |
157.841 |
131.738 |
199.007 |
|
Labour
cost pro employee |
Value |
32.138 |
32.129 |
32.336 |
34.820 |
Credit
Opinion
On the basis of the above mentioned, and the sales volume obtained, we deem that the maximum exposure for short and medium term transactions ( 90 - 120 days ) could be of:
200.000
Eur.
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 |
: |
|
Monthly
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 1.964 significant companies.
The
companies cash their credits on an average of 111 dd.
The average
duration of suppliers debts is about 127 dd.
The
sector's profitability is on an average of 3,79%.
The
labour cost affects the turnover in the measure of 18,94%.
Goods are
held in stock in a range of 63 dd.
The
difference between the sales volume and the resources used to realize it is
about 1,10.
The
employees costs represent the 18,99% of the production costs.
Statistical Detrimental Data
Statistcally
the trade activity shows periods of crisis.
The area
is statistically considered moderately risky.
In the
region 18.860 protested subjects are found; in the province they count to
2.146.
The
insolvency index for the region is 0,46, , while for the province it is 0,60.
Total
Bankrupt companies in the province : 1.073.
Total
Bankrupt companies in the region : 14.698.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.39 |
|
|
1 |
INR 85.74 |
|
Euro |
1 |
INR 76.25 |
|
Euro |
1 |
INR 76.36 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.