MIRA
INFORM REPORT
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Report Date : |
06.12.2012 |
IDENTIFICATION DETAILS
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Name : |
CASTALDI LIGHTING SRL |
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Registered Office : |
Via Benvenuto Cellini 8, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
04.04.2003 |
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Com. Reg. No.: |
00813200144 |
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Legal Form : |
Public Subsidiary Company |
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Line of Business : |
manufacturer
of electric filament or discharge lamps (ultra-violet or infra-red lamps; arc
lamps; flashbulbs, flashcubes, etc.) |
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No. of Employees : |
106 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 : |
Slow |
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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
Castaldi Lighting SRL
Via Benvenuto Cellini 8
Cassano Magnago, 21012
Italy
Tel: +39 0331 777736
Fax: +39 0331 791286
Synthesis
Employees: 106
Company Type: Public Subsidiary
Corporate Family: 7
Companies
Ultimate Parent: IN ALTUM SA
Incorporation Date:
04-Apr-2003
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Euro
Annual Sales: 23.9
Total Assets: 34.8
Business Description
Castaldi Lighting SRL is primarily engaged in manufacture of electric filament or discharge lamps (ultra-violet or infra-red lamps; arc lamps; flashbulbs, flashcubes, etc.); and manufacture of electric lamps and lighting fittings (chandeliers, table, desk, bedside or floor-standing lamps, even non-electric; portable electric lamps; illuminated signs and name-plates, etc.; outdoor and road lighting; and lighting sets of a kind used for Christmas trees).
Industry
Industry Construction - Supplies and
Fixtures
ANZSIC 2006: 243 - Electrical
Equipment Manufacturing
NACE 2002: 3150 - Manufacture
of lighting equipment and electric lamps
NAICS 2002: 3351 - Electric
Lighting Equipment Manufacturing
UK SIC 2003: 3150 - Manufacture
of lighting equipment and electric lamps
UK SIC 2007: 2740 - Manufacture
of electric lighting equipment
US SIC 1987: 3648 - Lighting
Equipment, Not Elsewhere Classified
Key Executives
|
Name |
Title |
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Stefano Ferro |
President |
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Stefano Chirico |
Member of the board |
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Christophe Andre' Lo Lefevre |
Member of the board |
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 Benvenuto Cellini 8
Cassano Magnago, 21012
Italy
Tel: +39 0331 777736
Fax: +39 0331 791286
Sales EUR(mil): 17.2
Assets EUR(mil): 26.8
Employees: 106
Fiscal Year End: 31-Dec-2011
Industry: Construction - Supplies and Fixtures
Incorporation Date: 04-Apr-2003
Company Type: Public
Subsidiary
Quoted Status: Not
Quoted
Registered No.(ITA): 00813200144
President: Stefano
Ferro
Contents
Industry Codes
Business Description
Financial Data
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
243 - Electrical Equipment Manufacturing
NACE 2002 Codes:
3150 - Manufacture of lighting equipment and electric lamps
NAICS 2002 Codes:
3351 - Electric Lighting Equipment Manufacturing
US SIC 1987:
3648 - Lighting Equipment, Not Elsewhere Classified
UK SIC 2003:
3150 - Manufacture of lighting equipment and electric lamps
UK SIC 2007:
2740 - Manufacture of electric lighting equipment
Business
Description
Castaldi Lighting
SRL is primarily engaged in manufacture of electric filament or discharge lamps
(ultra-violet or infra-red lamps; arc lamps; flashbulbs, flashcubes, etc.); and
manufacture of electric lamps and lighting fittings (chandeliers, table, desk,
bedside or floor-standing lamps, even non-electric; portable electric lamps;
illuminated signs and name-plates, etc.; outdoor and road lighting; and
lighting sets of a kind used for Christmas trees).
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Corporate Family |
Corporate
Structure News: |
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Castaldi
Lighting SRL |
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Castaldi Lighting SRL |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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IN ALTUM SA |
Parent |
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Subsidiary |
Milano, Milano |
Italy |
Miscellaneous Financial Services |
3.3 |
9 |
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Subsidiary |
Cassano Magnago, Varese |
Italy |
Construction - Supplies and Fixtures |
23.9 |
110 |
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Subsidiary |
Legnano, Milano |
Italy |
Miscellaneous Capital Goods |
21.6 |
103 |
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Subsidiary |
Torino, Torino |
Italy |
Construction - Supplies and Fixtures |
20.6 |
66 |
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Subsidiary |
Argelato, Bologna |
Italy |
Software and Programming |
9.4 |
64 |
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Subsidiary |
Montecchio Maggiore, Vicenza |
Italy |
Furniture and Fixtures |
13.9 |
46 |
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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Executives |
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President |
President |
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Managing director |
Managing Director |
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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 |
25.1 |
10.5 |
9.8 |
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Net sales |
23.9 |
9.8 |
10.5 |
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Other operating income |
0.6 |
0.1 |
0.3 |
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Raw materials and consumables employed |
8.0 |
2.7 |
1.8 |
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Other expenses |
8.9 |
3.7 |
3.4 |
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Total payroll costs |
6.8 |
2.9 |
3.0 |
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Fixed asset depreciation and amortisation |
3.3 |
1.9 |
2.0 |
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Other operating costs |
0.3 |
0.1 |
0.1 |
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Net operating
income |
-2.2 |
-0.9 |
-0.5 |
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Total financial
income |
0.0 |
- |
0.0 |
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Total expenses |
0.8 |
0.2 |
0.5 |
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Profit before tax |
-3.0 |
-1.1 |
-1.0 |
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Extraordinary result |
-0.6 |
-0.2 |
- |
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Profit after extraordinary items and
before tax |
-3.6 |
-1.3 |
-1.0 |
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Total taxation |
-0.3 |
-0.1 |
-0.1 |
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Net loss |
3.3 |
1.2 |
0.9 |
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 |
8.1 |
10.3 |
12.4 |
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Provision for risks |
1.9 |
2.3 |
2.3 |
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Provision for pensions |
0.9 |
0.5 |
0.6 |
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Mortgages and loans |
- |
10.8 |
10.4 |
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Other long-term liabilities |
0.0 |
- |
- |
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Trade creditors |
4.8 |
1.4 |
1.5 |
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Bank loans and overdrafts |
17.1 |
- |
2.5 |
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Other current liabilities |
1.7 |
0.9 |
0.7 |
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Accruals and deferred income |
0.3 |
0.1 |
- |
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Total current
liabilities |
23.9 |
2.4 |
4.7 |
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Total
liabilities (including net worth) |
34.8 |
26.4 |
30.4 |
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Intangibles |
19.7 |
18.0 |
21.0 |
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Total tangible
fixed assets |
0.9 |
0.4 |
0.5 |
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Long-term investments |
0.0 |
0.0 |
0.0 |
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Total financial
assets |
0.2 |
0.0 |
0.0 |
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Receivables due after 1 year |
1.0 |
0.4 |
0.6 |
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Total
non-current assets |
21.8 |
18.9 |
22.1 |
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Finished goods |
2.6 |
1.4 |
0.8 |
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Net stocks and work in progress |
4.8 |
2.7 |
2.3 |
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Trade debtors |
7.8 |
3.5 |
3.7 |
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Other receivables |
0.2 |
0.5 |
0.4 |
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Cash and liquid assets |
0.0 |
0.7 |
1.9 |
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Accruals |
0.1 |
0.0 |
0.0 |
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Total current
assets |
12.9 |
7.5 |
8.3 |
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Total assets |
34.8 |
26.4 |
30.4 |
Annual Ratios
Financials in: USD (mil)
|
|
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 |
0.50 |
3.10 |
1.80 |
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Quick ratio |
0.30 |
1.90 |
1.30 |
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Current liabilities to net worth |
0.03% |
0.00% |
0.00% |
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Sales per employee |
0.16 |
0.17 |
0.16 |
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Profit per employee |
-0.02 |
-0.02 |
-0.01 |
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Average wage per employee |
0.05 |
0.05 |
0.04 |
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Net worth |
8.1 |
10.3 |
12.4 |
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Number of employees |
106 |
43 |
48 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.57 |
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UK Pound |
1 |
Rs.87.90 |
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Euro |
1 |
Rs.71.53 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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.