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RICHARD - GINORI 1735S.P.A.Thursday, 10 May 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAAnot
available
non return extremlypathological
pathological highdanger
weak sufficient adequate good very
strongextremely
strong
Company name RICHARD - GINORI 1735 S.P.A.
Identification number
Country Italy
ZIP code and city 50019 - SESTO FIORENTINO
Address Via Giulio Cesare 21
+39 055 42 04 91
www.richardginori1735.com
[email protected]
Legal form Joint stock company
Account Consolidated
Incorporation date
NACE 2 Sector 2341 - Manufacture of ceramic household and ornamental articles
Listed
Status Active
MORE Credit limit 410,000 e
31/12/2010 31/12/2009 31/12/2008
Turnover (th e) 37,011 29,845 29,704
Rating CCC CC CCC
Probability of default 13.00% 35.00% 13.00%
Confidence Level 100% 100% 100%
Solvency ratios
Leverage ratio 4.35 5.26 3.24
Total asset/Total liabilities 1.23 1.19 1.31
Liquidity ratios
Current Ratio 0.91 0.93 1.33
Quick Ratio 0.36 0.45 0.60
Profitability and economic equili-
brium ratios
Return on investement ROI (%) -11.90 -20.06 -11.02
Return on equity ROE (%) -87.74 -137.73 -54.28
Asset turnover 0.65 0.48 0.53
Interest paid weight -0.14 -0.10 -0.18
Gross Profit/Operating revenue 0.41 0.14 0.27
Interest Coverage ratios
EBIT interest coverage ratio -7.30 -9.01 -5.53
Analysis and trend of financial
strength
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RICHARD - GINORI 1735S.P.A.Thursday, 10 May 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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
Liquidity ratios
Current Ratio 0.91 2.50 1.43 1.05 0.71
Quick Ratio 0.36 1.97 1.04 0.71 0.45
Profitability and economic equilibrium ratios
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
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
Interest Coverage ratios
EBIT interest coverage ratio -7.30 87.80 3.57 0.03 -4.21
Cash Conversion Cycle (days)
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
Numer of analyzed companies - 1,538 4,072 2,382 600
(Average) Rating CCC A BB B CC
The sector has been chosen according to:
international companies in the sector NACE 2 23 with financial data of year 2010.
Page 3
RICHARD - GINORI 1735S.P.A.Thursday, 10 May 2012
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key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis - Graphs
Page 4
RICHARD - GINORI 1735S.P.A.Thursday, 10 May 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Balance Sheet
BALANCE SHEET (th e) 31/12/2010 31/12/2009 31/12/2008
Accounting practice IFRS IFRS IFRS
Exchange rate EUR - EUR 1 1 1
Total assets 56,974 62,490 55,708
Fixed assets 25,014 25,730 25,163
Intangible fixed assets 886 205 199
Tangible fixed assets 18,146 20,438 19,917
Other fixed assets 5,982 5,087 5,047
Current assets 31,960 36,760 30,545
Stocks 19,130 18,762 16,874
Debtors 10,949 15,169 10,764
Other current assets 1,881 2,829 2,907
Cash & cash equivalent 916 2,116 810
Shareholders funds 10,650 9,989 13,147
Capital 27,687 16,780 16,780
Other shareholders funds -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
Current liabilities 35,177 39,704 22,883
Loans 0 0 0
Creditors 8,723 12,655 8,296
Other current liabilities 26,454 27,049 14,587
Total shareh. funds & liab. 56,974 62,490 55,708
NET DEBT (th e) 31/12/2010 31/12/2009 31/12/2008
Short term debts 0 0 0
Long term debt 3,782 3,489 10,197
Cash & cash equivalent 916 2,116 810
Net debt 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
Days Payable Outstanding (DPO) 86 155 102
Cash Conversion Cycle (DIO + DSO - DPO) 211 260 237
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RICHARD - GINORI 1735S.P.A.Thursday, 10 May 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Income Statement
INCOME STATEMENT (th e) 31/12/2010 31/12/2009 31/12/2008
Accounting practice IFRS IFRS IFRS
Exchange rate EUR - EUR 1 1 1
Sales 35,475 29,425 28,390
Revenues growth (%) 20.6 3.6 -
Other revenues +/- variation in inventories and contract in progress + Fixed assets
own construction capitalized1,536 420 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
EBITDA -5,382 -10,241 -3,741
Depreciation 1,490 1,493 2,469
EBIT -6,872 -11,734 -6,210
Financial P/L -850 -2,102 -1,053
Financial revenue 19 23 90
Financial expenses 869 2,125 1,143
Interest paid 941 1,302 1,123
P/L before tax -7,722 -13,836 -7,263
Extr. and other P/L -1,518 215 22
Extr. and other revenue - - -
Extr. and other expenses - - -
P/L before tax + Extr. and other P/L -9,240 -13,621 -7,241
Taxation 104 137 -105
P/L for period -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
Cash flow -7,854 -12,265 -4,667
Added value 9,471 4,165 10,397
31/12/2010 31/12/2009 31/12/2008
Number of employees 396 388 380
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RICHARD - GINORI 1735S.P.A.Thursday, 10 May 2012
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key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Evolutions and trends
Page 7
RICHARD - GINORI 1735S.P.A.Thursday, 10 May 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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.
Page 8
RICHARD - GINORI 1735S.P.A.Thursday, 10 May 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Main customers Hotel; Catering industry; General public.
Auditor/Advisor/Bank
name type address
KPMG S.P.A. Auditor -
DELOITTE & TOUCHE ITALIA SPA Auditor -
Board
name date of birth nationality function
Mr Roberto Villa 11/09/1952 - Chairman of the Board of Directors
Mr Giuseppe Bongiovanni 26/01/1959 Italy Director
Mr Aldo Cingolani - - Director
Mr Roberto Giovanelli 22/06/1946 - Director
Mr Mario Lorenzoni 07/09/1941 Italy Director
Sharehoders (the first twenty shareholders ordered by Direct %))
STARFIN SRL Rating: -
Country ISO code IT Operating revenue (MIL $) 5
NACE Rev. 2, Core code - Total Assets (MIL $) 5
Direct % 34.89 Number of Employees 27
Total % - Information date 2012/03
Address: Not available
USBERTI PERIDE Rating: -
Country ISO code - Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 2.19 Number of Employees -
Total % - Information date 2011/05
Address: Not available
Page 9
RICHARD - GINORI 1735S.P.A.Thursday, 10 May 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
LEONI MARIA LUISA Rating: -
Country ISO code IT Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees -
Total % <2.00 Information date 2010/02
Address: Not available
Subsidiaries (the first twenty subsidiaries ordered by Direct %)
IMGIT 87 S.R.L. Rating: C
Country ISO code IT Operating revenue (MIL $) 0
NACE Rev. 2, Core code - Total Assets (MIL $) 4
Direct % 100.00 Number of Employees 2
Total % 100.00 Information date 2010/12
IMMOBILIARE MUSEO DI DOCCIA S.R.L. Rating: CCC
Country ISO code IT Operating revenue (MIL $) 0
NACE Rev. 2, Core code - Total Assets (MIL $) 6
Direct % 100.00 Number of Employees -
Total % 100.00 Information date 2011/10
MUSEO RICHARDGINORI DELLA MANIFATTURA DI DOCCIA SPA Rating: CCC
Country ISO code IT Operating revenue (MIL $) 0
NACE Rev. 2, Core code - Total Assets (MIL $) 15
Direct % 100.00 Number of Employees 1
Total % 100.00 Information date 2010/12
NEGOZI RICHARD GINORI Rating: -
Country ISO code IT Operating revenue (MIL $) 0
NACE Rev. 2, Core code - Total Assets (MIL $) 1
Direct % 100.00 Number of Employees 56
Total % 100.00 Information date 2010/12
NEGOZI RICHARD GINORI S.R.L. Rating: C
Country ISO code IT Operating revenue (MIL $) 5
NACE Rev. 2, Core code - Total Assets (MIL $) 5
Direct % 100.00 Number of Employees 22
Total % 100.00 Information date 2011/06
RICHARD GINORI ASIA PACIFIC K.K. Rating: -
Country ISO code JP Operating revenue (MIL $) 12
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 100.00 Number of Employees -
Total % 100.00 Information date 2010/12
Page 10
RICHARD - GINORI 1735S.P.A.Thursday, 10 May 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
RICHARD - GINORI 1735 INC. Rating: -
Country ISO code US Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 100.00 Number of Employees -
Total % 100.00 Information date 2010/12
RICHARD GINORI 1735 INC Rating: -
Country ISO code US Operating revenue (MIL $) 2
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees 5
Total % - Information date 2011/10
GINORI REAL ESTATE SPA IN LIQUIDAZIONE Rating: CCC
Country ISO code IT Operating revenue (MIL $) 0
NACE Rev. 2, Core code - Total Assets (MIL $) 49
Direct % 50.00 Number of Employees -
Total % - Information date 2010/12
RICHARD GINORI TURKEY Rating: -
Country ISO code TR Operating revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 49.00 Number of Employees -
Total % - Information date 2010/12
ARGILLA DI PETROIO SRL Rating: BBB
Country ISO code IT Operating revenue (MIL $) 1
NACE Rev. 2, Core code - Total Assets (MIL $) 0
Direct % 1.99 Number of Employees -
Total % - Information date 2011/03
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RICHARD - GINORI 1735S.P.A.Thursday, 10 May 2012
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key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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 company’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.
Page 12
RICHARD - GINORI 1735S.P.A.Thursday, 10 May 2012
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key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Rating scale
Rating class Rating macro class Assessment
AAA
Healthy
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
economic and financial flow and fund equilibrium.
AAThe company has very strong creditworthiness. It also has a good capital structure and economic and financial
equilibrium. Difference from AAA is slight.
AThe company has a high solvency. The company is however more susceptible to the adverse effects of changes in
circumstances and economic conditions than companies in higher rated categories.
BBB
Balanced
Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial
commitments could be affected by serious unfavourable events.
BBA 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.
B
Vulnerable
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments.
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
Risky
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the
company’s strong disequilibrium could increase.
CThe company shows considerable pathological situations. The company’s capacity to meet its financial
commitments is very low.
D The company has not any longer the capacity to meet its financial commitments.
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RICHARD - GINORI 1735S.P.A.Thursday, 10 May 2012
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key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Fundamental Credit Rating Ratios
Analysis area Ratio Assessment
Solvency ratios
Leverage ratioThis measures the level of total liabilities of the company in comparison
with equity.
Assets to debtThis indicates company’s solvency. The company shows a level of deficit
when the value of this ratio is under one unit.
Financial ratios Fixed Assets coverage ratioThis is calculated only for holdings. It measures the capital structure i.e.
whether a company covers the fixed assets with long term capital.
Liquidity ratios
Current ratioThis measures whether a company has sufficient short-term assets to cover
its short-term liabilities.
Quick ratioThis compares current liabilities only to those assets that can be readily
turned into cash.
Profitability and economic ratios
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 coverage ratio 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.
Page 14
RICHARD - GINORI 1735S.P.A.Thursday, 10 May 2012
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D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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 =
∑Available Information∑
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.
Page 15
RICHARD - GINORI 1735S.P.A.Thursday, 10 May 2012
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key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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, modeFinance’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
Company modeFinance
Products MORE rating
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Info [email protected]
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