MIRA INFORM REPORT
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Report Date : |
16.12.2011 |
IDENTIFICATION DETAILS
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Name : |
ASFO SPA |
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Registered Office : |
Via Iv Novembre 12, Chiuppano, 36010 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
13.11.1980 |
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Com. Reg. No.: |
00771360245 |
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Legal Form : |
Public Subsidiary Company |
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Line of Business : |
Subject is engaged in production of Iron and Steel |
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No. of Employees
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293 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Italy |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
Asfo SpA
Via Iv Novembre 12
Chiuppano, 36010
Italy
Tel: +39 0445 805290
Fax: +39 0445 805299
Synthesis
Employees: 293
Company Type: Public Subsidiary
Corporate Family: 6
Companies
Ultimate Parent: SPRIG SRL
Incorporation Date:
13-Nov-1980
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2009
Reporting Currency: Euro
Annual Sales: 100.2
Total Assets: 169.1
Business Description
Asfo SpA is primarily engaged in production of pig iron and spiegeleisen in pigs, blocks or other primary forms; production of ferro-alloys; production of semi-finished products of iron or non-alloy steel; production of ingots, other primary forms and semi-finished products of stainless steel or other alloy steel; production of angles, shapes and sections of stainless steel or other alloy steel; production of bars and rods of stainless steel or other alloy steel; production of flat-rolled products of iron or non-alloy steel; production of angles, shapes and sections of iron and non-alloy steel; production of bars and rods of iron and non-alloy steel; production of sheet piling; and production of railway track materials.
Industry
Industry Iron and Steel
ANZSIC 2006: 2110 - Iron
Smelting and Steel Manufacturing
NACE 2002: 2710 - Manufacture
of basic iron and steel and of ferro-alloys
NAICS 2002: 331111 - Iron and Steel
Mills
UK SIC 2003: 2710 - Manufacture
of basic iron and steel and of ferro-alloys
US SIC 1987: 3312 - Steel
Works, Blast Furnaces (Including Coke Ovens), and Rolling Mills
Key Executives
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Name |
Title |
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Massimo Guzzoni |
President |
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Jacopo Guzzoni |
Vice president |
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Marco Gelfi |
Member of the board |
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Ambrogio Invernizzi |
Member of the board |
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Carlo Emilio Rocca |
Managing director |
Registered No.(ITA): 00771360245
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7190468
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6969855
Corporate Overview
Location
Via Iv Novembre 12
Chiuppano, 36010
Italy
Tel: +39 0445 805290
Fax: +39 0445 805299
Sales EUR(mil): 72.1
Assets EUR(mil): 117.8
Employees: 293
Fiscal Year End: 31-Dec-2009
Industry: Iron and Steel
Incorporation Date: 13-Nov-1980
Company Type: Public Subsidiary
Quoted Status: Not Quoted
Registered No.(ITA): 00771360245
Managing director: Carlo
Emilio Rocca
Contents
· Industry Codes
· Business Description
· Financial Data
· Subsidiaries
· Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
3322 - Metal and Mineral Wholesaling
2240 - Sheet Metal Product Manufacturing (except Metal Structural
and Container Products)
2110 - Iron Smelting and Steel Manufacturing
NACE 2002 Codes:
2710 - Manufacture of basic iron and steel and of ferro-alloys
5152 - Wholesale of metals and ores
2840 - Forging, pressing, stamping and roll forming of metal;
powder metallurgy
NAICS 2002 Codes:
331111 - Iron and Steel Mills
33211 - Forging and Stamping
423520 - Coal and Other Mineral and Ore Merchant Wholesalers
US SIC 1987:
346 - Metal Forgings and Stampings
505 - Metals and Minerals, Except Petroleum
3312 - Steel Works, Blast Furnaces (Including Coke Ovens), and
Rolling Mills
UK SIC 2003:
5152 - Wholesale of metals and ores
2840 - Forging, pressing, stamping and roll forming of metal;
powder metallurgy
2710 - Manufacture of basic iron and steel and of ferro-alloys
Business
Description
Asfo SpA is
primarily engaged in production of pig iron and spiegeleisen in pigs, blocks or
other primary forms; production of ferro-alloys; production of semi-finished
products of iron or non-alloy steel; production of ingots, other primary forms
and semi-finished products of stainless steel or other alloy steel; production
of angles, shapes and sections of stainless steel or other alloy steel;
production of bars and rods of stainless steel or other alloy steel; production
of flat-rolled products of iron or non-alloy steel; production of angles,
shapes and sections of iron and non-alloy steel; production of bars and rods of
iron and non-alloy steel; production of sheet piling; and production of railway
track materials.
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Corporate
Family |
Corporate
Structure News: |
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Asfo SpA |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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SPRIG SRL |
Parent |
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Fomas Finanziaria SpA |
Subsidiary |
Osnago, Lecco |
Italy |
Commercial Banks |
2.5 |
9 |
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Fomas SpA |
Subsidiary |
Osnago, LC |
Italy |
Miscellaneous Fabricated Products |
422.3 |
378 |
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Asfo SpA |
Subsidiary |
Chiuppano, Vicenza |
Italy |
Iron and Steel |
100.2 |
293 |
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La Foulerie |
Subsidiary |
Carignan |
France |
Miscellaneous Fabricated Products |
62.0 |
176 |
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Hot Roll SRL |
Subsidiary |
Busano, Torino (Turin) |
Italy |
Miscellaneous Fabricated Products |
57.1 |
147 |
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Executive report
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Board
of Directors |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Executives |
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President |
President |
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Managing director |
Managing Director |
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Executive |
Other |
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Executive |
Other |
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Vice president |
Other |
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Executive |
Other |
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Executive |
Other |
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Annual Profit & Loss
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31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.719047 |
0.683679 |
0.730637 |
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Consolidated |
No |
No |
No |
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Total income |
90.0 |
215.5 |
189.1 |
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Net sales |
100.2 |
214.2 |
182.0 |
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Other operating income |
2.4 |
1.9 |
1.1 |
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Raw materials and consumables employed |
31.8 |
94.4 |
90.2 |
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Other expenses |
22.1 |
39.5 |
34.9 |
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Total payroll costs |
9.9 |
12.8 |
16.5 |
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Fixed asset depreciation and amortisation |
6.2 |
6.6 |
6.1 |
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Other operating costs |
0.3 |
0.5 |
0.3 |
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Net operating
income |
19.8 |
61.7 |
41.1 |
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Total financial
income |
0.2 |
0.7 |
- |
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Total expenses |
0.1 |
0.3 |
0.8 |
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Profit before tax |
20.0 |
62.1 |
39.5 |
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Extraordinary result |
0.1 |
- |
- |
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Profit after extraordinary items and
before tax |
20.0 |
62.0 |
39.4 |
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Total taxation |
5.8 |
19.2 |
15.6 |
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Net profit |
14.2 |
42.9 |
23.8 |
Annual Balance
Sheet
Financials in: USD (mil)
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31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.696986 |
0.719399 |
0.683971 |
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Consolidated |
No |
No |
No |
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Total
stockholders equity |
138.3 |
119.8 |
83.1 |
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Provision for risks |
2.1 |
1.4 |
2.1 |
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Provision for pensions |
2.0 |
2.1 |
2.6 |
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Mortgages and loans |
- |
0.4 |
0.9 |
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Other long-term liabilities |
- |
0.1 |
- |
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Trade creditors |
21.9 |
27.8 |
31.2 |
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Bank loans and overdrafts |
0.4 |
0.4 |
10.4 |
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Other current liabilities |
4.3 |
7.8 |
14.1 |
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Accruals and deferred income |
0.1 |
0.0 |
0.2 |
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Total current
liabilities |
26.7 |
36.1 |
55.9 |
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Total
liabilities (including net worth) |
169.1 |
159.9 |
144.7 |
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Intangibles |
0.6 |
1.0 |
1.4 |
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Buildings |
32.6 |
18.3 |
11.6 |
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Total tangible
fixed assets |
96.3 |
51.1 |
34.6 |
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Long-term investments |
1.0 |
1.0 |
1.0 |
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Total financial
assets |
1.0 |
1.0 |
1.0 |
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Receivables due after 1 year |
2.4 |
2.4 |
2.5 |
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Total
non-current assets |
100.4 |
55.4 |
39.6 |
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Finished goods |
9.8 |
22.9 |
25.5 |
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Net stocks and work in progress |
23.0 |
44.4 |
47.8 |
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Trade debtors |
16.4 |
47.3 |
48.7 |
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Other receivables |
12.1 |
7.0 |
3.9 |
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Cash and liquid assets |
17.1 |
5.7 |
4.7 |
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Accruals |
0.2 |
0.1 |
0.0 |
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Total current
assets |
68.7 |
104.5 |
105.1 |
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Total assets |
169.1 |
159.9 |
144.7 |
Annual Ratios
Financials in: USD (mil)
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31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.696986 |
0.719399 |
0.683971 |
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Consolidated |
No |
No |
No |
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Sales per employee |
0.48 |
0.97 |
1.29 |
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Profit per employee |
0.10 |
0.28 |
0.28 |
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Average wage per employee |
0.05 |
0.06 |
0.12 |
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Net worth |
138.3 |
119.8 |
83.1 |
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Number of employees |
293 |
292 |
200 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.24 |
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UK Pound |
1 |
Rs.83.77 |
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Euro |
1 |
Rs.70.46 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.