MIRA
INFORM REPORT
|
Report Date : |
01.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
METALLEGHE SPA |
|
|
|
|
Registered Office : |
Via Enrico Fermi 12, Flero, 25020 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
29.12.2005 |
|
|
|
|
Com. Reg. No.: |
02711250981 |
|
|
|
|
Legal Form : |
Public Parent Company |
|
|
|
|
Line of Business : |
production
of pig iron and spiegeleisen in pigs, blocks or other primary forms; production
of ferro-alloys |
|
|
|
|
No. of Employees : |
48 employees |
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 : |
No Complaints |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
ITALY - ECONOMIC OVERVIEW
Italy has a
diversified industrial economy, which is divided into a developed industrial
north, dominated by private companies, and a less-developed, welfare-dependent,
agricultural south, with high unemployment. The Italian economy is driven in
large part by the manufacture of high-quality consumer goods produced by small
and medium-sized enterprises, many of them family owned. Italy also has a
sizable underground economy, which by some estimates accounts for as much as
17% of GDP. These activities are most common within the agriculture,
construction, and service sectors. Italy is the third-largest economy in the
euro-zone, but exceptionally high public debt burdens and structural
impediments to growth have rendered it vulnerable to scrutiny by financial markets.
Public debt has increased steadily since 2007, reaching 120% of GDP in 2011,
and borrowing costs on sovereign government debt have risen to record levels.
During the second half of 2011 the government passed a series of three
austerity packages to balance its budget by 2013 and decrease its public debt
burden. These measures included a hike in the value-added tax, pension reforms,
and cuts to public administration. The government also faces pressure from
investors and European partners to address Italy's long-standing structural
impediments to growth, such as an inflexible labor market and widespread tax
evasion. The international financial crisis worsened conditions in Italy''s
labor market, with unemployment rising from 6.2% in 2007 to 8.4% in 2011, but
in the longer-term Italy''s low fertility rate and quota-driven immigration
policies will increasingly strain its economy. The euro-zone crisis along with
Italian austerity measures have reduced exports and domestic demand, slowing
Italy''s recovery. Italy''s GDP is still 5% below its 2007 pre-crisis level.
|
Source : CIA |
Company name & address
Metalleghe SpA
Via Enrico Fermi 12
Flero, 25020
Italy
Tel: +39 0302 680261
Fax: +39 0302 680541
Synthesis
Employees: 48
Company Type: Public Parent
Corporate Family: 2
Companies
Incorporation Date:
29-Dec-2005
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Euro
Annual Sales: 194.9
Total Assets: 93.6
Business Description
Metalleghe 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
UK SIC 2007: 2410 - 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
Name Title
Guido Dusi President
News
Title Date
Italy's Metalleghe plans to build 30 mln euro silicon processing plant
in Bosnia
- Serb Republic govt SeeNews (106 Words) 6-Sep-2012
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
Corporate Overview
Location
Via Enrico Fermi 12
Flero, 25020
Italy
Tel: +39 0302 680261
Fax: +39 0302 680541
Sales EUR(mil): 140.2
Assets EUR(mil): 72.1
Employees: 48
Fiscal Year End: 31-Dec-2011
Industry: Iron
and Steel
Incorporation Date: 29-Dec-2005
Company Type: Public
Parent
Quoted Status: Not
Quoted
Registered No.(ITA): 02711250981
President: Guido
Dusi
Contents
Industry Codes
Business Description
Financial Data
Subsidiaries
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2110 - Iron Smelting and Steel Manufacturing
NACE 2002 Codes:
2710 - Manufacture of basic iron and steel and of ferro-alloys
NAICS 2002 Codes:
331111 - Iron and Steel Mills
US SIC 1987:
3312 - Steel Works, Blast Furnaces (Including Coke Ovens), and Rolling
Mills
UK SIC 2003:
2710 - Manufacture of basic iron and steel and of ferro-alloys
UK SIC 2007:
2410 - Manufacture of basic iron and steel and of ferro-alloys
Business
Description
Metalleghe 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.
|
|||||||||||||||||||||||||||||||||||||||||||
|
Corporate Family |
Corporate
Structure News: |
|
|
Metalleghe
SpA |
|
Metalleghe SpA |
|
|
Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
|
Metalleghe SpA |
Parent |
Flero, Brescia |
Italy |
Iron and Steel |
194.9 |
48 |
|
|
Esart Fonderie SRL |
Subsidiary |
Flero, Brescia |
Italy |
Metal Mining |
9.6 |
15 |
|
Executive report
|
Executives |
|
|
|
|
|||
|
President |
President |
|
|||
|
Managing director |
Managing Director |
|
|||
|
Managing director |
Managing Director |
|
Annual Profit & Loss
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total income |
195.3 |
165.3 |
87.8 |
|
Net sales |
194.9 |
163.0 |
91.4 |
|
Other operating income |
1.0 |
0.9 |
0.7 |
|
Raw materials and consumables employed |
172.5 |
144.3 |
75.2 |
|
Other expenses |
16.7 |
13.7 |
8.7 |
|
Total payroll costs |
3.9 |
3.0 |
3.5 |
|
Fixed asset depreciation and amortisation |
1.0 |
1.1 |
0.9 |
|
Other operating costs |
0.3 |
0.8 |
0.4 |
|
Net operating
income |
0.8 |
2.6 |
-1.0 |
|
Total financial
income |
5.1 |
3.7 |
3.4 |
|
Total expenses |
1.9 |
1.2 |
1.5 |
|
Profit before tax |
4.0 |
5.0 |
0.9 |
|
Extraordinary result |
0.2 |
0.0 |
-1.9 |
|
Profit after extraordinary items and
before tax |
4.2 |
4.9 |
-0.9 |
|
Total taxation |
0.5 |
0.8 |
-0.3 |
|
Net profit |
3.7 |
4.1 |
- |
|
Net loss |
- |
- |
0.6 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total
stockholders equity |
16.8 |
20.0 |
18.4 |
|
Provision for risks |
0.0 |
0.1 |
0.1 |
|
Provision for pensions |
1.0 |
0.9 |
0.9 |
|
Mortgages and loans |
5.1 |
4.1 |
9.3 |
|
Other long-term liabilities |
2.1 |
0.4 |
0.0 |
|
Trade creditors |
7.8 |
17.6 |
9.9 |
|
Bank loans and overdrafts |
51.2 |
54.9 |
33.5 |
|
Other current liabilities |
9.5 |
3.0 |
1.9 |
|
Accruals and deferred income |
- |
- |
0.2 |
|
Total current
liabilities |
68.4 |
75.5 |
45.5 |
|
Total
liabilities (including net worth) |
93.6 |
101.0 |
74.2 |
|
Intangibles |
0.2 |
0.4 |
0.3 |
|
Buildings |
6.1 |
4.8 |
5.5 |
|
Total tangible fixed
assets |
8.4 |
6.4 |
6.8 |
|
Long-term investments |
3.9 |
3.9 |
4.2 |
|
Total financial
assets |
4.2 |
9.9 |
10.7 |
|
Receivables due after 1 year |
0.1 |
2.7 |
1.4 |
|
Loans to associated companies |
0.3 |
5.9 |
6.4 |
|
Total
non-current assets |
12.9 |
19.3 |
19.2 |
|
Finished goods |
7.0 |
7.8 |
6.9 |
|
Net stocks and work in progress |
10.6 |
13.2 |
7.9 |
|
Trade debtors |
52.4 |
49.5 |
27.4 |
|
Other receivables |
17.0 |
18.6 |
18.5 |
|
Cash and liquid assets |
0.2 |
0.1 |
0.8 |
|
Marketable securities |
0.3 |
0.0 |
0.0 |
|
Accruals |
0.2 |
0.2 |
0.3 |
|
Total current
assets |
80.7 |
81.6 |
55.0 |
|
Total assets |
93.6 |
101.0 |
74.2 |
Annual Ratios
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
1.20 |
1.10 |
1.20 |
|
Quick ratio |
1.00 |
0.90 |
1.00 |
|
Current liabilities to net worth |
0.04% |
0.04% |
0.03% |
|
Sales per employee |
- |
2.68 |
1.37 |
|
Profit per employee |
- |
0.08 |
-0.01 |
|
Average wage per employee |
- |
0.05 |
0.05 |
|
Net worth |
16.8 |
20.0 |
18.4 |
|
Number of employees |
48 |
46 |
48 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.53 |
|
UK Pound |
1 |
Rs.87.48 |
|
Euro |
1 |
Rs.70.89 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.