MIRA
INFORM REPORT
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Report Date : |
07.12.2012 |
IDENTIFICATION DETAILS
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Name : |
MODENA PARTS SRL |
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Registered Office : |
Via Raimondo Dalla
Costa 183 Modena, 41122 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
17.04.2000 |
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Reg. No.: |
02648210363 |
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Legal Form : |
Private Independent |
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Line of Business : |
Manufacturer of metal household articles (sauce-pans,
frying pans and other non-electrical utensils for use at the table or in the
kitchen) |
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No. of Employees : |
34 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
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 and address
MODENA PARTS SRL
Via Raimondo Dalla Costa
183
Modena, 41122
Italy
Tel: +39
059 260755
Fax: +39
059 260732
Employees: 34
Company Type: Private Independent
Incorporation Date: 17-Apr-2000
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Euro
Annual Sales: 14.5
Total Assets: 14.2
Business Description
Modena Parts SRL is primarily engaged in manufacture of
metal household articles (sauce-pans, frying pans and other non-electrical
utensils for use at the table or in the kitchen; base metal flat ware; small
kitchen appliances and accessories; and metal scouring pads); manufacture of baths,
sinks, wash basins and similar articles of base metal; manufacture of small
metal goods for office use; manufacture of safes, strong-boxes, armoured doors,
etc.; manufacture of cutlasses, swords, bayonets, etc.; manufacture of ships’
propellers; and manufacture of various articles in base metal (metal safety
headgear; clasps, buckles, hooks; and sign plates).
Industry
Key Executives
|
Name |
Title |
|
Gabriele Verucchi |
Sole administrator |
Registered No.(ITA): 02648210363
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.770327
Location
Via Raimondo Dalla Costa 183
Modena, 41122
Italy
Tel: +39
059 260755
Fax: +39
059 260732
Sales EUR(mil): 10.4
Assets EUR(mil): 11.0
Employees: 34
Fiscal Year End: 31-Dec-2011
Industry: Miscellaneous
Fabricated Products
Incorporation Date: 17-Apr-2000
Company Type: Private
Independent
Quoted Status: Not
Quoted
Registered No.(ITA): 02648210363
Sole administrator: Gabriele
Verucchi
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ANZSIC 2006 Codes: |
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|
2299 |
- |
Other Fabricated Metal Product Manufacturing Not Elsewhere Classified |
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2499 |
- |
Other Machinery and Equipment Manufacturing Not Elsewhere Classified |
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NACE 2002 Codes: |
||
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2875 |
- |
Manufacture of other fabricated metal products not elsewhere
classified |
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2956 |
- |
Manufacture of other special purpose machinery not elsewhere classified |
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NAICS 2002 Codes: |
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332999 |
- |
All Other Miscellaneous Fabricated Metal Product Manufacturing |
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333298 |
- |
All Other Industrial Machinery Manufacturing |
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US SIC 1987: |
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3449 |
- |
Miscellaneous Structural Metal Work |
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3569 |
- |
General Industrial Machinery and Equipment, Not Elsewhere Classified |
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UK SIC 2003: |
||
|
2875 |
- |
Manufacture of other fabricated metal products not elsewhere
classified |
|
2956 |
- |
Manufacture of other special purpose machinery not elsewhere
classified |
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UK SIC 2007: |
||
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2599 |
- |
Manufacture of other fabricated metal products n.e.c. |
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2899 |
- |
Manufacture of other special-purpose machinery n.e.c. |
Business
Description
Modena Parts SRL is primarily engaged in manufacture of metal household articles (sauce-pans, frying pans and other non-electrical utensils for use at the table or in the kitchen; base metal flat ware; small kitchen appliances and accessories; and metal scouring pads); manufacture of baths, sinks, wash basins and similar articles of base metal; manufacture of small metal goods for office use; manufacture of safes, strong-boxes, armoured doors, etc.; manufacture of cutlasses, swords, bayonets, etc.; manufacture of ships’ propellers; and manufacture of various articles in base metal (metal safety headgear; clasps, buckles, hooks; and sign plates).
Financial Data
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Financials in: |
EUR(mil) |
1 Year Growth |
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Revenue: |
10.4 |
16.8% |
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Assets: |
11.0 |
NA |
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Current Assets: |
9.0 |
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Total Liabilities: |
11.0 |
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Net Worth: |
1.9 |
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Date of Financial Data: |
31-Dec-2011 |
Executives
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Sole administrator |
President |
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 |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Total income |
16.7 |
12.1 |
9.9 |
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Net sales |
14.5 |
11.8 |
10.6 |
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Other operating income |
0.0 |
0.0 |
0.0 |
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Raw materials and consumables employed |
9.4 |
6.7 |
5.5 |
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Other expenses |
3.9 |
2.8 |
2.2 |
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Total payroll costs |
1.8 |
1.4 |
1.2 |
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Fixed asset depreciation and amortisation |
0.3 |
0.2 |
0.2 |
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Other operating costs |
0.1 |
0.1 |
0.1 |
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Net operating
income |
1.2 |
0.9 |
0.7 |
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Total financial
income |
0.0 |
0.0 |
0.0 |
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Total expenses |
0.2 |
0.1 |
0.2 |
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Profit before tax |
1.0 |
0.7 |
0.5 |
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Extraordinary result |
0.0 |
0.0 |
0.0 |
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Profit after extraordinary items and before
tax |
1.0 |
0.7 |
0.5 |
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Total taxation |
0.4 |
0.3 |
0.2 |
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Net profit |
0.6 |
0.4 |
0.3 |
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 |
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Consolidated |
No |
No |
No |
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Total
stockholders equity |
2.5 |
2.0 |
1.6 |
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Provision for risks |
0.2 |
0.2 |
0.2 |
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Provision for pensions |
0.3 |
0.2 |
0.2 |
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Mortgages and loans |
1.9 |
2.2 |
- |
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Other long-term liabilities |
- |
- |
3.2 |
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Trade creditors |
4.1 |
- |
- |
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Bank loans and overdrafts |
4.6 |
- |
- |
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Other current liabilities |
0.7 |
7.9 |
6.3 |
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Accruals and deferred income |
0.0 |
0.0 |
0.0 |
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Total current
liabilities |
9.3 |
7.9 |
6.4 |
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Total
liabilities (including net worth) |
14.2 |
12.5 |
11.6 |
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Intangibles |
0.0 |
0.0 |
0.0 |
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Buildings |
2.0 |
- |
- |
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Total tangible
fixed assets |
2.5 |
2.6 |
2.6 |
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Long-term investments |
0.0 |
- |
- |
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Total financial
assets |
0.0 |
0.0 |
0.0 |
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Receivables due after 1 year |
0.0 |
0.0 |
0.0 |
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Total
non-current assets |
2.5 |
2.6 |
2.7 |
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Finished goods |
5.5 |
- |
- |
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Net stocks and work in progress |
6.2 |
4.2 |
4.0 |
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Trade debtors |
4.5 |
- |
- |
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Other receivables |
0.5 |
4.3 |
4.7 |
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Cash and liquid assets |
0.4 |
1.3 |
0.2 |
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Accruals |
0.1 |
0.0 |
0.0 |
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Total current
assets |
11.7 |
9.9 |
8.9 |
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Total assets |
14.2 |
12.5 |
11.6 |
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 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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|
|
|
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Current ratio |
1.20 |
1.20 |
1.40 |
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Quick ratio |
0.60 |
0.70 |
0.80 |
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Current liabilities to net worth |
0.04% |
0.04% |
0.04% |
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Sales per employee |
0.29 |
- |
0.26 |
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Profit per employee |
0.02 |
- |
- |
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Average wage per employee |
0.04 |
- |
0.03 |
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Net worth |
2.5 |
2.0 |
1.6 |
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Number of employees |
36 |
- |
- |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.46 |
|
|
1 |
Rs.87.63 |
|
Euro |
1 |
Rs.71.11 |
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 |
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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 |
|
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.