MIRA
INFORM REPORT
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Report Date : |
04.12.2012 |
IDENTIFICATION DETAILS
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Name : |
IMATEX SPA |
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Registered Office : |
Via Luigi Cadorna 33, Nibionno, 23895 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.11.1978 |
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Com. Reg. No.: |
00202080131 |
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Legal Form : |
Public Independent Company |
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Line of Business : |
Subject is engaged in preparatory operations on woollen-type fibres degreasing
and carbonising of wool, carding; and manufacture of woollen-type yarns,
either with wool or artificial or synthetic fibres, for weaving, knitting,
etc. |
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No. of Employees : |
108 employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
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.
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Source : CIA |
Company name & address
Imatex SpA
Via Luigi Cadorna 33
Nibionno, 23895
Italy
Tel: +39 0316 92222
Fax: +39 0316 90216
Synthesis
Employees: 108
Company Type: Public Independent
Incorporation Date:
01-Nov-1978
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Euro
Annual Sales: 27.3
Total Assets: 17.6
Business Description
Imatex SpA is primarily engaged in preparatory operations on woollen-type fibres: degreasing and carbonising of wool, carding; and manufacture of woollen-type yarns, either with wool or artificial or synthetic fibres, for weaving, knitting, etc.
Industry
Industry Apparel and Accessories
ANZSIC 2006: 1312 - Natural
Textile Manufacturing
NACE 2002: 1712 - Preparation
and spinning of woollen-type fibres
NAICS 2002: 313111 - Yarn
Spinning Mills
UK SIC 2003: 1712 - Preparation
and spinning of woollen-type fibres
UK SIC 2007: 1310 - Preparation
and spinning of textile fibres
US SIC 1987: 2231 - Broadwoven
Fabric Mills, Wool (Including Dyeing and Finishing)
Key Executives
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Name |
Title |
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Marco Fumagalli |
President |
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Marco Guggi |
Sales manager |
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Marco Dozio |
Head of accounting department |
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Pietro Bertarini |
Executive |
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 Luigi Cadorna 33
Nibionno, 23895
Italy
Tel: +39 0316 92222
Fax: +39 0316 90216
Sales EUR(mil): 19.6
Assets EUR(mil): 13.6
Employees: 108
Fiscal Year End: 31-Dec-2011
Industry: Apparel
and Accessories
Incorporation Date: 01-Nov-1978
Company Type: Public
Independent
Quoted Status: Not
Quoted
Registered No.(ITA): 00202080131
President: Marco
Fumagalli
Contents
Industry Codes
Business Description
Financial Data
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
1312 - Natural Textile Manufacturing
NACE 2002 Codes:
1712 - Preparation and spinning of woollen-type fibres
NAICS 2002 Codes:
313111 - Yarn Spinning Mills
US SIC 1987:
2231 - Broadwoven Fabric Mills, Wool (Including Dyeing and
Finishing)
UK SIC 2003:
1712 - Preparation and spinning of woollen-type fibres
UK SIC 2007:
1310 - Preparation and spinning of textile fibres
Business
Description
Imatex SpA is primarily
engaged in preparatory operations on woollen-type fibres: degreasing and
carbonising of wool, carding; and manufacture of woollen-type yarns, either
with wool or artificial or synthetic fibres, for weaving, knitting, etc.
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Executive report
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Executives |
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President |
President |
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Managing director |
Managing Director |
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Managing director |
Managing Director |
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Managing director |
Managing Director |
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Managing director |
Managing Director |
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Managing director |
Managing Director |
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Head of accounting department |
Accounting Executive |
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Sales manager |
Sales Executive |
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Executive |
Other |
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Annual Profit & Loss
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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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) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Total income |
28.7 |
31.8 |
31.1 |
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Net sales |
27.3 |
31.2 |
30.0 |
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Other operating income |
0.5 |
0.6 |
0.4 |
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Raw materials and consumables employed |
9.4 |
10.7 |
9.7 |
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Other expenses |
11.7 |
13.4 |
13.0 |
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Total payroll costs |
6.5 |
6.5 |
6.6 |
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Fixed asset depreciation and amortisation |
1.2 |
1.1 |
1.3 |
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Other operating costs |
0.2 |
0.1 |
0.2 |
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Net operating
income |
-0.3 |
-0.1 |
0.3 |
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Total financial
income |
0.1 |
0.0 |
0.0 |
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Total expenses |
0.0 |
0.0 |
0.0 |
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Profit before tax |
-0.2 |
-0.1 |
0.3 |
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Extraordinary result |
0.2 |
0.4 |
0.0 |
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Profit after extraordinary items and
before tax |
0.0 |
0.3 |
0.3 |
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Total taxation |
0.2 |
0.2 |
0.3 |
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Net profit |
- |
0.1 |
0.0 |
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Net loss |
0.2 |
- |
- |
Annual Balance
Sheet
Financials in: USD (mil)
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Total
stockholders equity |
8.6 |
9.1 |
9.6 |
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Provision for risks |
0.5 |
0.5 |
0.5 |
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Provision for pensions |
1.7 |
1.9 |
2.1 |
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Mortgages and loans |
0.1 |
0.1 |
- |
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Trade creditors |
5.5 |
6.1 |
6.0 |
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Bank loans and overdrafts |
0.0 |
- |
0.0 |
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Other current liabilities |
1.3 |
1.5 |
1.5 |
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Total current
liabilities |
6.7 |
7.6 |
7.5 |
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Total
liabilities (including net worth) |
17.6 |
19.1 |
19.7 |
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Intangibles |
0.8 |
0.6 |
0.8 |
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Total tangible
fixed assets |
2.0 |
2.3 |
2.8 |
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Long-term investments |
0.0 |
0.0 |
0.0 |
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Total financial
assets |
0.0 |
0.0 |
0.0 |
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Total
non-current assets |
2.9 |
2.9 |
3.6 |
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Finished goods |
2.6 |
2.3 |
2.5 |
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Net stocks and work in progress |
6.7 |
6.8 |
6.8 |
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Trade debtors |
5.7 |
7.0 |
7.8 |
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Other receivables |
0.3 |
0.4 |
0.3 |
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Cash and liquid assets |
1.9 |
2.1 |
1.0 |
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Accruals |
0.0 |
0.0 |
0.1 |
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Total current
assets |
14.7 |
16.3 |
16.1 |
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Total assets |
17.6 |
19.1 |
19.7 |
Annual Ratios
Financials in: USD (mil)
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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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 |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Current ratio |
2.20 |
2.10 |
2.20 |
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Quick ratio |
1.20 |
1.20 |
1.20 |
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Current liabilities to net worth |
0.01% |
0.01% |
0.01% |
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Sales per employee |
0.18 |
0.21 |
0.19 |
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Profit per employee |
- |
0.00 |
0.00 |
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Average wage per employee |
0.04 |
0.04 |
0.04 |
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Net worth |
8.6 |
9.1 |
9.6 |
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Number of employees |
108 |
114 |
112 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.56 |
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UK Pound |
1 |
Rs.87.46 |
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Euro |
1 |
Rs.71.08 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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.