MIRA INFORM REPORT
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Report Date : |
04.08.2012 |
IDENTIFICATION DETAILS
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Name : |
PANAPESCA SPA |
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Registered Office : |
Via Mazzini 31, Massa e
Cozzile, 51010 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
11.11.1972 |
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Com. Reg. No.: |
00161570478 |
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Legal Form : |
Public Parent |
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Line of Business : |
Manufacture and trade in fish products |
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No. of Employees
: |
270 |
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 |
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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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
Panapesca SpA
Via Mazzini 31
Massa e Cozzile, 51010
Italy
Tel: 39 (0572) 7791
Fax: +39 0572 772186
Web Site: www.panapesca.eu
Employees: 270
Company Type: Public
Parent
Corporate Family: 3 Companies
Incorporation Date:
11-Nov-1972
Financials
in: USD (Millions)
Fiscal Year End: 31-Dec-2010
Reporting Currency: Euro
Annual Sales: 264.1
Total Assets: 270.7
Business Description
Manufacture and trade in fish products
Industry
|
Industry |
Food Processing |
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ANZSIC 2006: |
1120 - Seafood Processing |
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NACE 2002: |
1520 - Processing and preserving of fish and fish products |
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NAICS 2002: |
311712 - Fresh and Frozen Seafood Processing |
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UK SIC 2003: |
1520 - Processing and preserving of fish and fish products |
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US SIC 1987: |
2092 - Prepared Fresh or Frozen Fish and Seafoods |
Key Executives
|
Name |
Title |
|
Vito Panati |
President |
|
Giordano Bartolini |
Member of the board |
|
Roberto Becciani |
Member of the board |
|
Edoardo Dami |
Member of the board |
|
Franco Lisi |
Member of the board |
Registered No.(ITA): 00161570478
1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.7454064
Location
Via Mazzini 31
Massa e Cozzile, 51010
Italy
Tel:
39 (0572) 7791
Fax:+39 0572 772186
Sales EUR(mil): 199.4
Assets EUR(mil): 201.8
Employees: 270
Fiscal Year End: 31-Dec-2010
Industry: Food
Processing
Incorporation Date: 11-Nov-1972
Company Type: Public
Parent
Quoted Status: Not
Quoted
Previous Name: Panatrade SpA
Registered No.(ITA): 00161570478
President: Vito
Panati
Industry
Codes
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ANZSIC 2006 Codes: |
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3604 |
- |
Fish and Seafood Wholesaling |
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1120 |
- |
Seafood Processing |
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NACE 2002 Codes: |
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5138 |
- |
Wholesale of other food including fish, crustaceans and molluscs |
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1520 |
- |
Processing and preserving of fish and fish products |
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NAICS 2002 Codes: |
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311712 |
- |
Fresh and Frozen Seafood Processing |
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424460 |
- |
Fish and Seafood Merchant Wholesalers |
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US SIC 1987: |
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|
5146 |
- |
Fish and Seafoods |
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2092 |
- |
Prepared Fresh or Frozen Fish and Seafoods |
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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
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Financials in: |
EUR(mil) |
1 Year Growth |
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Revenue: |
199.4 |
1.0% |
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Assets: |
201.8 |
NA |
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Current Assets: |
121.6 |
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Total Liabilities: |
201.8 |
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Net Worth: |
52.2 |
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Date of Financial Data: |
31-Dec-2010 |
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Subsidiaries
|
Company |
Percentage Owned |
Country |
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Pana Freezer Center SRL |
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Mega Surgelati SRL |
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Key Corporate Relationships
Bank: Banca Toscana Ag, Cassa di Risparmio di Firenze Ag,
Banca Monte dei Paschi di Siena Ag
Corporate
Structure News
Total Corporate Family Members: 3
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Massa e Cozzile, PT |
Italy |
Food Processing |
264.1 |
270 |
|
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Subsidiary |
Ciampino, Roma |
Italy |
Food Processing |
13.2 |
104 |
|
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Subsidiary |
Ciudad De Buenos Aires, Ciudad De Buenos Aires |
Argentina |
Fish and Livestock |
22.9 |
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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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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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Annual Profit & Loss
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.755078 |
0.719047 |
0.683679 |
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Consolidated |
No |
No |
No |
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|
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Total income |
266.1 |
277.5 |
313.1 |
|
Net sales |
264.1 |
274.7 |
310.2 |
|
Other operating income |
1.9 |
2.7 |
3.0 |
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Raw materials and consumables employed |
206.7 |
214.0 |
243.0 |
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Other expenses |
37.5 |
37.5 |
41.1 |
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Total payroll costs |
13.2 |
13.8 |
14.4 |
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Fixed asset depreciation and amortisation |
4.3 |
4.3 |
4.3 |
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Other operating costs |
1.0 |
1.1 |
0.7 |
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Net operating
income |
3.3 |
6.8 |
9.6 |
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Total financial
income |
7.4 |
7.0 |
2.5 |
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Total expenses |
3.1 |
3.7 |
8.6 |
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Profit before tax |
7.6 |
10.2 |
3.4 |
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Extraordinary result |
-1.0 |
-6.6 |
0.1 |
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Profit after extraordinary items and
before tax |
6.6 |
3.6 |
3.5 |
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Total taxation |
2.2 |
1.4 |
2.1 |
|
Net profit |
4.3 |
2.2 |
1.3 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
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Consolidated |
No |
No |
No |
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Total stockholders equity |
70.0 |
70.2 |
61.6 |
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Provision for risks |
3.5 |
1.6 |
2.8 |
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Provision for pensions |
3.8 |
4.2 |
4.2 |
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Mortgages and loans |
13.5 |
3.4 |
8.1 |
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Other long-term liabilities |
2.4 |
4.5 |
0.5 |
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Trade creditors |
34.9 |
28.9 |
32.9 |
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Bank loans and overdrafts |
130.5 |
139.8 |
142.8 |
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Other current liabilities |
10.4 |
14.7 |
4.3 |
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Accruals and deferred income |
1.7 |
1.9 |
2.0 |
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Total current liabilities |
177.5 |
185.3 |
182.1 |
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Total liabilities (including net worth) |
270.7 |
269.1 |
259.3 |
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Intangibles |
0.4 |
0.6 |
0.7 |
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Buildings |
23.5 |
25.7 |
24.8 |
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Total tangible fixed assets |
30.7 |
34.2 |
34.3 |
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Long-term investments |
57.7 |
38.5 |
19.9 |
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Total financial assets |
76.4 |
80.4 |
65.0 |
|
Receivables due after 1 year |
- |
0.4 |
0.3 |
|
Loans to associated companies |
17.3 |
41.7 |
43.4 |
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Total non-current assets |
107.5 |
115.6 |
100.3 |
|
Finished goods |
60.3 |
48.8 |
56.2 |
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Net stocks and work in progress |
60.3 |
48.8 |
56.2 |
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Trade debtors |
65.8 |
58.6 |
58.2 |
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Other receivables |
33.2 |
42.3 |
40.8 |
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Cash and liquid assets |
1.4 |
1.5 |
2.1 |
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Accruals |
2.4 |
2.4 |
1.8 |
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Total current assets |
163.2 |
153.6 |
159.0 |
|
Total assets |
270.7 |
269.1 |
259.3 |
Annual Ratios
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
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Consolidated |
No |
No |
No |
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|
|
|
|
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Current ratio |
0.90 |
0.80 |
0.90 |
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Quick ratio |
0.60 |
0.60 |
0.60 |
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Current liabilities to net worth |
0.03% |
0.03% |
0.03% |
|
Sales per employee |
0.72 |
0.82 |
0.75 |
|
Profit per employee |
0.02 |
0.01 |
0.01 |
|
Average wage per employee |
0.04 |
0.04 |
0.03 |
|
Net worth |
70.0 |
70.2 |
61.6 |
|
Number of employees |
278 |
240 |
288 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.08 |
|
|
1 |
Rs.87.03 |
|
Euro |
1 |
Rs.68.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.