MIRA INFORM REPORT

 

 

Report Date :           

03.11.2011

 

IDENTIFICATION DETAILS

 

Name :

PANAPESCA SPA

 

 

Registered Office :

Via Mazzini 31, Massa e Cozzile, 51010

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

11.11.1972       

 

 

Com. Reg. No.:

00161570478

 

 

Legal Form :

Public Parent Company

 

 

Line of Business :

Manufacture and trade in fish products

 

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 :

Usually 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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Italy

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address 

 

Panapesca SpA

Via Mazzini 31

Massa e Cozzile, 51010

Italy

 Tel:      39 (0572) 7791

Fax:      +39 0572 772186

 Web    www.panapesca.eu

 

 

Synthesis     

 

Employees:                  274

Company Type:            Public Parent

Corporate Family:          2 Companies

Incorporation Date:         11-Nov-1972    

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2009

Reporting Currency:       Euro

Annual Sales:                274.8

Total Assets:                 269.1

 

 

Business Description     

 

Manufacture and trade in fish products

 

Industry

Industry            Food Processing

ANZSIC 2006:    1120 - Seafood Processing

NACE 2002:      1520 - Processing and preserving of fish and fish products

NAICS 2002:     311712 - Fresh and Frozen Seafood Processing

UK SIC 2003:    1520 - Processing and preserving of fish and fish products

US SIC 1987:    2092 - Prepared Fresh or Frozen Fish and Seafoods

 

           

Key Executives   

 

Name                           Title    

Vito Panati                    Chairman         

Giordano Bartolini          Member of the board     

Roberto Becciani           Member of the board     

Edoardo Dami                Member of the board     

Franco Lisi                    Member of the board     

 

News   

 

Title                                                     Date

Bertucci's tries to right a wrong

Boston Globe (MA) (817 Words)              23-Oct-2011

 

Registered No.(ITA): 00161570478

 

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 Mazzini 31

Massa e Cozzile, 51010

Italy

Tel:       39 (0572) 7791

Fax:      +39 0572 772186

Web:    www.panapesca.eu

           

Sales EUR(mil):             197.6

Assets EUR(mil):           187.6

Employees:                   274

Fiscal Year End:            31-Dec-2009

Industry:                        Food Processing

Incorporation Date:         11-Nov-1972

Company Type:             Public Parent

Quoted Status:              Not Quoted

Previous Name:             Panatrade SpA

Registered No.(ITA):       00161570478

Chairman:                     Vito Panati

 

Contents

·         Industry Codes

·         Business Description

·         Financial Data

·         Subsidiaries

·         Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

1120     -          Seafood Processing

3604     -          Fish and Seafood Wholesaling

 

NACE 2002 Codes:

5138     -          Wholesale of other food including fish, crustaceans and molluscs

1520     -          Processing and preserving of fish and fish products

 

NAICS 2002 Codes:

424460  -          Fish and Seafood Merchant Wholesalers

311712  -          Fresh and Frozen Seafood Processing

 

US SIC 1987:

2092     -          Prepared Fresh or Frozen Fish and Seafoods

5146     -          Fish and Seafoods

 

UK SIC 2003:

1520     -          Processing and preserving of fish and fish products

5138     -          Wholesale of other food including fish, crustaceans and molluscs

 

Business Description

Manufacture and trade in fish products

 

More Business Descriptions

Panapesca SpA is primarily engaged in freezing of fish; and other fish processing and preserving.

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

197.6

Assets:

187.6

Current Assets:

107.0

 

Total Liabilities:

187.6

 

Net Worth:

48.9

 

 

 

Date of Financial Data:

31-Dec-2009

 

1 Year Growth

0.0%

NA

 

Subsidiaries

Company

Percentage Owned

Country

Pana Freezer Center SRL

 

Italy

Mega Surgelati SRL

 

Italy

Albertpesca Sa

 

Spain

Kaleu-Kaleu S.A.

 

Argentina

Fishing World S.A.

 

Argentina

 

 

 

 

Key Corporate Relationships

Bank:

Cassa di Risparmio di Pistoia e Pescia Ag, Cassa di Risparmio di Lucca Ag, Intesa Sanpaolo Ag

 

 

 

 

 

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

Panapesca SpA

Panapesca SpA 
Total Corporate Family Members: 2 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Panapesca SpA

Parent

Massa e Cozzile, PT

Italy

Food Processing

274.8

274

 

Mega Surgelati SRL

Subsidiary

Ciampino, Roma (Rome)

Italy

Food Processing

13.2

104

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Vito Panati

 

Chairman

Chairman

 

Giordano Bartolini

 

Member of the board

Director/Board Member

 

Roberto Becciani

 

Member of the board

Director/Board Member

 

Edoardo Dami

 

Member of the board

Director/Board Member

 

Franco Lisi

 

Member of the board

Director/Board Member

 

Andrea Panati

 

Member of the board

Director/Board Member

 

Michele Pellegrini

 

Member of the board

Director/Board Member

 

 

 

Annual Profit & Loss

 

 

 

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.719047

0.683679

0.730637

Consolidated

No

No

No

 

 

 

 

Total income

277.5

313.1

299.1

Net sales

274.8

310.2

296.1

Other operating income

2.7

2.9

3.0

Raw materials and consumables employed

214.0

243.0

234.5

Other expenses

37.5

41.1

35.3

Total payroll costs

13.8

14.4

13.3

Fixed asset depreciation and amortisation

4.3

4.3

4.5

Other operating costs

1.1

0.7

1.4

Net operating income

6.8

9.6

10.0

Total financial income

7.0

2.5

1.8

Total expenses

3.7

8.6

7.1

Profit before tax

10.2

3.4

4.7

Extraordinary result

-

0.1

-

Profit after extraordinary items and before tax

3.6

3.5

3.8

Total taxation

1.4

2.1

1.2

Net profit

2.2

1.3

2.6

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2009

31-Dec-2008

31-Dec-2007

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.696986

0.719399

0.683971

Consolidated

No

No

No

 

 

 

 

Total stockholders equity

70.2

61.6

51.6

Provision for risks

1.6

2.8

2.6

Provision for pensions

4.2

4.2

4.8

Mortgages and loans

3.4

8.1

17.2

Other long-term liabilities

4.5

0.5

0.5

Trade creditors

28.9

32.9

37.0

Bank loans and overdrafts

139.8

142.8

125.5

Other current liabilities

14.7

4.3

6.5

Accruals and deferred income

1.9

2.0

2.8

Total current liabilities

185.3

182.1

171.8

Total liabilities (including net worth)

269.1

259.3

248.5

Intangibles

0.6

0.7

0.5

Buildings

25.7

24.8

14.6

Total tangible fixed assets

34.2

34.3

23.4

Long-term investments

38.5

19.9

17.3

Total financial assets

80.4

65.0

58.0

Receivables due after 1 year

0.4

0.3

2.7

Loans to associated companies

41.7

43.4

39.3

Total non-current assets

115.6

100.3

84.6

Finished goods

48.8

56.2

62.8

Net stocks and work in progress

48.8

56.2

62.8

Trade debtors

58.6

58.2

62.2

Other receivables

42.3

40.8

34.5

Cash and liquid assets

1.5

2.1

3.7

Accruals

2.4

1.8

0.7

Total current assets

153.6

159.0

163.8

Total assets

269.1

259.3

248.5

 

Annual Ratios

 

Financials in: USD (mil)

 

 

 

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.696986

0.719399

0.683971

Consolidated

No

No

No

 

 

 

 

Sales per employee

1.36

1.17

1.20

Profit per employee

0.02

0.01

0.02

Average wage per employee

0.07

0.05

0.05

Net worth

70.2

61.6

51.6

Number of employees

282

350

350

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.25

UK Pound

1

Rs.78.73

Euro

1

Rs.67.64

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.