Thursday, 10 May 2012
RICHARD - GINORI 1735 S.P.A.
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Company name
RICHARD - GINORI 1735 S.P.A.
Identification number If you want to know more, ASKMORE modeFinance’s credit report.
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Country
Italy
ZIP code and city
50019 - SESTO FIORENTINO
Address
Via Giulio Cesare 21 +39 055 42 04 91 www.richardginori1735.com amministrazione@richardginori1735.com
Legal form
Joint stock company
Account
Consolidated
Incorporation date NACE 2 Sector
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2341 - Manufacture of ceramic household and ornamental articles
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Listed Status
Active
MORE Credit limit
410,000 e
plans 3 types of reports:
Turnover (th e) Rating s-peek
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ASKMORE Basic: This report includes modeFinance ’ s MORE Credit Ratings and MORE Credit Limit to help you in the decision making. It covers all essential information including financial statements of the last three years and descriptive information including trade description and sector analysis. This report type is ideally suited for decisions on transactions with each level of credit risk.
31/12/2009
31/12/2008
37,011
29,845
29,704
CCC
CC
CCC
13.00%
35.00%
13.00%
100%
100%
100%
Leverage ratio
4.35
5.26
3.24
Total asset/Total liabilities
1.23
1.19
1.31
Current Ratio
0.91
0.93
1.33
Quick Ratio
0.36
0.45
0.60
Probability of default
Plus
Basic
31/12/2010
Confidence Level
TM
Solvency ratios
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%)
-11.90
-20.06
-11.02
Return on equity ROE (%)
-87.74
-137.73
-54.28
0.65
0.48
0.53
-0.14
-0.10
-0.18
0.41
0.14
0.27
-7.30
-9.01
-5.53
Asset turnover Interest paid weight Gross Profit/Operating revenue Interest Coverage ratios EBIT interest coverage ratio
Analysis and trend of financial strength
modeFinance Headquarter Building A - AREA Science Park Padriciano 99 - 34149 Trieste - Italy Ph.: +39 040 375 5337 Fax: +39 040 375 6741 info@modefinance.com TM
key askMORETM is a registered mark of modeFinanceTM
MORE Credit Rating
D not available
non return
C
CC
extremly pathological pathological
CCC
B
BB
BBB
A
AA
AAA
high danger
weak
sufficient
adequate
good
very strong
extremely strong
RICHARD - GINORI 1735 S.P.A.
Thursday, 10 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sector Analysis Company
Healthy
Balanced
Vulnerable
Risky
Solvency ratios Leverage ratio
4.35
0.47
1.58
3.66
-1.74
Total asset/Total liabilities
1.23
3.13
1.63
1.23
0.98
Current Ratio
0.91
2.50
1.43
1.05
0.71
Quick Ratio
0.36
1.97
1.04
0.71
0.45
Return on investement ROI (%)
-11.90
13.34
4.54
0.36
-7.42
Return on equity ROE (%)
-87.74
14.33
5.39
-4.73
-93.09
Liquidity ratios
Profitability and economic equilibrium ratios
Asset turnover
0.65
1.22
1.04
0.91
0.87
Interest paid weight
-0.14
0.01
0.20
0.00
-0.17
Gross Profit/Operating revenue
0.41
0.27
0.20
0.13
0.07
-7.30
87.80
3.57
0.03
-4.21
Days Sales Of Inventory (DIO)
189
35
42
55
54
Days Sales Outstanding (DSO)
108
59
71
74
61
Days Payable Outstanding (DPO)
86
27
46
62
70
Cash Conversion Cycle (DIO + DSO - DPO)
211
67
74
76
52
-
1,538
4,072
2,382
600
CCC
A
BB
B
CC
Interest Coverage ratios EBIT interest coverage ratio Cash Conversion Cycle (days)
Numer of analyzed companies (Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 23 with financial data of year 2010.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
RICHARD - GINORI 1735 S.P.A.
Thursday, 10 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Sector Analysis - Graphs
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
RICHARD - GINORI 1735 S.P.A.
Thursday, 10 May 2012 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Balance Sheet BALANCE SHEET (th e)
31/12/2010
31/12/2009
31/12/2008
IFRS
IFRS
IFRS
1
1
1
Total assets
56,974
62,490
55,708
Fixed assets
25,014
25,730
25,163
886
205
199
18,146
20,438
19,917
Accounting practice Exchange rate EUR - EUR
Intangible fixed assets Tangible fixed assets
5,982
5,087
5,047
31,960
36,760
30,545
Stocks
19,130
18,762
16,874
Debtors
10,949
15,169
10,764
1,881
2,829
2,907
916
2,116
810
Other fixed assets Current assets
Other current assets Cash & cash equivalent Shareholders funds
10,650
9,989
13,147
Capital
27,687
16,780
16,780
-17,037
-6,791
-3,633
Total liabilities
46,324
52,501
42,561
Non current liabilities
11,147
12,797
19,678
Long term debt
3,782
3,489
10,197
Other non-current liabilities
7,365
9,308
9,481
35,177
39,704
22,883
Other shareholders funds
Current liabilities
0
0
0
8,723
12,655
8,296
26,454
27,049
14,587
56,974
62,490
55,708
31/12/2010
31/12/2009
31/12/2008
Loans Creditors Other current liabilities Total shareh. funds & liab. NET DEBT (th e) Short term debts Long term debt Cash & cash equivalent Net debt
0
0
0
3,782
3,489
10,197
916
2,116
810
2,866
1,373
9,387
31/12/2010
31/12/2009
31/12/2008
Working capital
21,356
21,276
19,342
Net Current Assets
-3,217
-2,944
7,662
31/12/2010
31/12/2009
31/12/2008
Days Sales Of Inventory (DIO)
189
229
207
Days Sales Outstanding (DSO)
108
186
132
86
155
102
211
260
237
Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO)
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
RICHARD - GINORI 1735 S.P.A.
Thursday, 10 May 2012 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Income Statement INCOME STATEMENT (th e)
31/12/2010
31/12/2009
31/12/2008
IFRS
IFRS
IFRS
1
1
1
35,475
29,425
28,390
20.6
3.6
-
1,536
420
1,314
Operating revenue / turnover
37,011
29,845
29,704
Total operating costs
43,883
41,579
35,914
Costs growth (%)
6
16
-
Service costs
14,731
12,812
10,220
Material costs
11,174
12,009
9,389
Costs of employees
16,488
15,265
13,836
-5,382
-10,241
-3,741
1,490
1,493
2,469
-6,872
-11,734
-6,210
-850
-2,102
-1,053
Financial revenue
19
23
90
Financial expenses
869
2,125
1,143
Accounting practice Exchange rate EUR - EUR Sales Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
EBITDA Depreciation EBIT Financial P/L
941
1,302
1,123
P/L before tax
-7,722
-13,836
-7,263
Extr. and other P/L
-1,518
215
22
-
-
-
Interest paid
Extr. and other revenue Extr. and other expenses P/L before tax + Extr. and other P/L Taxation
-
-
-
-9,240
-13,621
-7,241
104
137
-105
-9,344
-13,758
-7,136
31/12/2010
31/12/2009
31/12/2008
Costs of Good Sold
21,944
25,784
21,646
Gross Profit
15,067
4,061
8,058
Other Operating Expenses
21,939
15,795
14,268
31/12/2010
31/12/2009
31/12/2008
-7,854
-12,265
-4,667
9,471
4,165
10,397
P/L for period
Cash flow Added value
31/12/2010 Number of employees
396
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
31/12/2009
31/12/2008
388
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
380
RICHARD - GINORI 1735 S.P.A.
Thursday, 10 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Evolutions and trends
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
RICHARD - GINORI 1735 S.P.A.
Thursday, 10 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
Richard - Ginori 1735 is an Italy - based company active in the ceramics industry. The Company’s core activity is the production of ceramic tableware and homeware, offering a range of objects in porcelain and fine bone china for domestic use, as well as porcelain figurines and collectibles, which it sells to businesses in the hotel and catering industry and the general public. The Company is a leading Italian maker of fine porcelain and bone china dinnerware. The Company’s products may be classified under four main categories which are china tableware, gifts and articles for the home; products for use in hotels and coffee shops; fancy goods and capodimonte statuettes; and terracotta vases. It’s brand names include LAVENO Richard Ginori, MISSONIHOME, and LAURE JAPY PARIS. Richard - Ginori produces its products in its Sesto Fiorentino and Trequanda plants. The Company has retail outlets in Italy and France, and has its registered office located at Viale Giulio Cesare 50,50019 Sesto Fiorentino, Italy. The Company’s subsidiaries include the Museo Richard Ginori della Manifattura di Doccia S. p. A. which manages the Ginori museum located in Sesto Fiorentino; Richard Ginori Japan which is responsible for the distribution and marketing of Richard - Ginori’s products in the Japanese market; Ginori Real Estate, a real estate company created in order to carry out the sale of the real estate assets at Sesto Fiorentino; and Richard - Ginori 1735 INC., responsible for the marketing of Richard - Ginori products in the North American market.
History
Not available.
Primary business line
Production of ceramic tableware and homeware, offering a range of objects in porcelain and fine bone china for domestic use, as well as porcelain figurines and collectibles, which it sells to businesses in the hotel and catering industry and the general public.
Secondary business line
Not available.
Main activity
Manufacturing.
Secondary activity
Not available.
Main products and services
Not available.
Size estimate
Leading Italian maker of fine porcelain and bone china dinnerware.
Strategy, organization and policy
Not available.
Strategic alliances
Not available.
Membership of a network
Not available.
Main brand names
LAVENO Richard Ginori; MISSONIHOME; LAURE JAPY PARIS.
Main domestic country
Italy.
Main foreign countries or regions
France.
Main production sites
Sesto Fiorentino; Trequanda.
Main distribution sites
Italy; France.
Main sales representation sites
Italy; France.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
RICHARD - GINORI 1735 S.P.A.
Thursday, 10 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Main customers
Hotel; Catering industry; General public.
Auditor/Advisor/Bank name
type
address
KPMG S.P.A. DELOITTE & TOUCHE ITALIA SPA
Auditor Auditor
-
Board name
date of birth
nationality
function
Mr Roberto Villa Mr Giuseppe Bongiovanni Mr Aldo Cingolani Mr Roberto Giovanelli Mr Mario Lorenzoni
11/09/1952 26/01/1959 22/06/1946 07/09/1941
Italy Italy
Chairman of the Board of Directors Director Director Director Director
Sharehoders (the first twenty shareholders ordered by Direct %)) Rating:
STARFIN SRL Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
-
Operating revenue (MIL $) Total Assets (MIL $)
Rating:
USBERTI PERIDE Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
-
IT 34.89 -
2.19 -
-
Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
5 5 27 2012/03
2011/05
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
RICHARD - GINORI 1735 S.P.A.
Thursday, 10 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
LEONI MARIA LUISA Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
IT -
-
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees
<2.00
-
Information date
2010/02
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
IMGIT 87 S.R.L. Country ISO code NACE Rev. 2, Core code Direct % Total %
IT 100.00 100.00
Direct % Total %
2 2010/12
Rating: IT -
CCC
Operating revenue (MIL $) Total Assets (MIL $)
100.00 100.00
2011/10
Rating:
Country ISO code NACE Rev. 2, Core code
Operating revenue (MIL $) Total Assets (MIL $)
IT 100.00 100.00
Direct % Total %
Direct % Total %
Direct % Total %
-
Operating revenue (MIL $) Total Assets (MIL $)
100.00 100.00
Number of Employees Information date
0 1 56 2010/12
Rating: IT -
C
Operating revenue (MIL $) Total Assets (MIL $)
100.00 100.00
Number of Employees Information date
RICHARD GINORI ASIA PACIFIC K.K. Country ISO code NACE Rev. 2, Core code
0 15 1 2010/12
Rating: IT -
NEGOZI RICHARD GINORI S.R.L. Country ISO code NACE Rev. 2, Core code
CCC
Number of Employees Information date
NEGOZI RICHARD GINORI Country ISO code NACE Rev. 2, Core code
0 6
Number of Employees Information date
MUSEO RICHARDGINORI DELLA MANIFATTURA DI DOCCIA SPA
Direct % Total %
0 4
Number of Employees Information date
IMMOBILIARE MUSEO DI DOCCIA S.R.L. Country ISO code NACE Rev. 2, Core code
C
Operating revenue (MIL $) Total Assets (MIL $)
JP 100.00 100.00
22 2011/06
Rating:
-
Operating revenue (MIL $) Total Assets (MIL $)
12 -
Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
5 5
2010/12
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
RICHARD - GINORI 1735 S.P.A.
Thursday, 10 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
RICHARD - GINORI 1735 INC. Country ISO code NACE Rev. 2, Core code Direct % Total %
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US MO -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
IT 50.00 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
TR 49.00 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
IT 1.99 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
CCC 0 49 2010/12 -
Rating:
ARGILLA DI PETROIO SRL Country ISO code NACE Rev. 2, Core code Direct % Total %
2 5 2011/10
Rating:
RICHARD GINORI TURKEY Country ISO code NACE Rev. 2, Core code Direct % Total %
-
Rating:
GINORI REAL ESTATE SPA IN LIQUIDAZIONE Country ISO code NACE Rev. 2, Core code Direct % Total %
2010/12
Rating:
RICHARD GINORI 1735 INC Country ISO code NACE Rev. 2, Core code Direct % Total %
-
US 100.00 100.00
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
2010/12 BBB
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
1 0 2011/03
RICHARD - GINORI 1735 S.P.A.
Thursday, 10 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
ASKMORE rating guide General vision
A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk factors. The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial companies by using data included in financial statements. The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the model are obtained by applying newly developed numerical methodologies, drawing together financial theory, data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective algorithm that produces a classification of each company, by taking into account any attributes (such as sector and country) characterizing a firm. The model gives the opportunity to assign a rating to a company even without considering a complete data analysis and allows to process quality information. It induces a better understanding of a companyâ&#x20AC;&#x2122;s strength and weakness thanks to sophisticated data mining tools and taking into account the analyst knowledge. The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium between the different aspects, better will be the final rating. This is done studying, evaluating and aggregating the most important sections of the financial and economic behavior of a company such as: profitability, liquidity, solvency, interest coverage and efficiency.
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
RICHARD - GINORI 1735 S.P.A.
Thursday, 10 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating scale Rating class
Rating macro class
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
AAA
AA
Assessment
economic and financial flow and fund equilibrium. Healthy
The company has very strong creditworthiness. It also has a good capital structure and economic and financial equilibrium. Difference from AAA is slight. The company has a high solvency. The company is however more susceptible to the adverse effects of changes in
A
circumstances and economic conditions than companies in higher rated categories. Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial commitments could be affected by serious unfavourable events.
BBB Balanced
A company rated BB is more vulnerable than companies rated BBB. Furthermore the company faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions.
BB
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
B
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments. Vulnerable
CCC
A company rated CCC has a dangerous disequilibrium on the capital structure and on its economic and financial fundamentals. Adverse market events and an inadequate management could affect with high probability the company’s solvency.
CC
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the company’s strong disequilibrium could increase. Risky
C
The company shows considerable pathological situations. commitments is very low.
D
The company has not any longer the capacity to meet its financial commitments.
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The company’s capacity to meet its financial
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
RICHARD - GINORI 1735 S.P.A.
Thursday, 10 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Fundamental Credit Rating Ratios Analysis area
Ratio
Assessment This measures the level of total liabilities of the company in comparison
Leverage ratio
with equity.
Solvency ratios
Financial ratios
Assets to debt
This indicates companyâ&#x20AC;&#x2122;s solvency. The company shows a level of deficit when the value of this ratio is under one unit.
Fixed Assets coverage ratio
This is calculated only for holdings. It measures the capital structure i.e. whether a company covers the fixed assets with long term capital.
Current ratio
This measures whether a company has sufficient short-term assets to cover its short-term liabilities.
Liquidity ratios This compares current liabilities only to those assets that can be readily
Quick ratio
turned into cash.
Return on Investement(ROI)
This measures the profitability of company investments without regard to the way the investment is financed.
Return on Equity(ROE)
This measures the profitability of the equity.
Asset turnover
This indicates the investments turnover with regards to sales. The level assumed from the ratio depends on the sector in which the company operates.
Profit margin
This indicates the profitability of sales.
Interest Paid coverage
This indicate the ability of the company to cover interest expenses through the economic margins (Gross profit and EBIT) and through the cash flow from operating activities.
Profitability and economic ratios
Interest coverage ratio
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
RICHARD - GINORI 1735 S.P.A.
Thursday, 10 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
MORE Credit Limit, Probability of default and Confidence Level MORE Credit Limit
MORE Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial relationship with the analyzed company with an outlook of one year. modeFinance used the following values associated with the company analyzed while computing the credit limit:
• Size; • Years in Business; • Average number of suppliers; • Liquidity of the company and the comparison with its sector; • The funds dedicated to be paid to suppliers; • The likelihood that a company may pay its debts in the next 12 months (MORE Ratings).
The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual public data. This value should be reviewed by paying attention to the Confidence Level value and by using other information such as other business information, news... etc; and private information such as the relationship with client, history of payments, guarantees and the knowledge of the sector.
Probability of default e Confidence Level
In addition to the MORE Rating, modeFinance also estimates the probability of default and provides a level of confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go into default. As the probability of default is strongly affected by the economic climate that the company is operating in, companies in the same MORE class will not necessarily have the same probability of default. The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level:
Confidence =
P Available Information P Total Information
The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the MORE rating is able to take into account for each company. For companies with fully populated records a confidence level of 100% would be applied: companies where no financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
RICHARD - GINORI 1735 S.P.A.
Thursday, 10 May 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Notes and disclaimer NOTES
modeFinance has based the present analysis on the company available financial statements, coming from one or more of the following sources: local providers, Commercial Register (Companies House), websites, modeFinanceâ&#x20AC;&#x2122;s database etc.
DISCLAIMER
All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.
Contacts
Info web
modeFinance MORE rating AREA Science Park 34149 Trieste, via Padriciano 99 - ITALY info@modefinance.com www.modefinance.com
Phone
+39 040 3755337
Company Products Where
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741