MIRA
INFORM REPORT
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Report Date : |
07.12.2012 |
IDENTIFICATION DETAILS
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Name : |
FOND METALLI SPA |
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Registered Office : |
Via Galvani 3, Campodarsego, 35011 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
06.04.2000 |
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Com. Reg. No.: |
01891300350 |
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Legal Form : |
Public Independent Company |
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Line of Business : |
manufacturer
of hand operated or power driven lifting, handling, loading or unloading
machinery (pulley tackle and hoists, winches, capstans and jacks; derricks,
cranes, mobile lifting frames, straddle carriers, etc |
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No. of Employees : |
70 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 but Correct |
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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
Fond Metalli SpA
Via Galvani 3
Campodarsego, 35011
Italy
Tel: +39 0499 202370
Fax: +39 0495 564827
Synthesis
Employees: 70
Company Type: Public Independent
Incorporation Date:
06-Apr-2000
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Euro
Annual Sales: 18.4
Total Assets: 11.5
Business Description
Fond Metalli SpA is primarily engaged in manufacture of hand operated or power driven lifting, handling, loading or unloading machinery (pulley tackle and hoists, winches, capstans and jacks; derricks, cranes, mobile lifting frames, straddle carriers, etc.; works trucks, whether or not fitted with lifting or handling equipment whether or not self-propelled, of the type used in factories;mechanical manipulators and industrial robots specifically designed for lifting, handling, loading or unloading); manufacture of conveyors, teleferics, etc.; and manufacture of lifts, escalators and moving walkways. This class also includes: maintenance of lifts and escalators.
Industry
Industry Construction and Agriculture
Machinery
ANZSIC 2006: 2462 - Mining and
Construction Machinery Manufacturing
NACE 2002: 2922 - Manufacture
of lifting and handling equipment
NAICS 2002: 33392 - Material
Handling Equipment Manufacturing
UK SIC 2003: 2922 - Manufacture
of lifting and handling equipment
UK SIC 2007: 2822 - Manufacture
of lifting and handling equipment
US SIC 1987: 3536 - Overhead
Traveling Cranes, Hoists, and Monorail Systems
Key Executives
Name Title
Vittorino Lazzaro President
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 Galvani 3
Campodarsego, 35011
Italy
Tel: +39 0499 202370
Fax: +39 0495 564827
Sales EUR(mil): 13.2
Assets EUR(mil): 8.9
Employees: 70
Fiscal Year End: 31-Dec-2011
Industry: Construction
and Agriculture Machinery
Incorporation Date: 06-Apr-2000
Company Type: Public
Independent
Quoted Status: Not
Quoted
Registered No.(ITA): 01891300350
President: Vittorino
Lazzaro
Contents
Industry Codes
Business Description
Financial Data
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2462 - Mining and Construction Machinery Manufacturing
2299 - Other Fabricated Metal Product Manufacturing Not Elsewhere
Classified
2499 - Other Machinery and Equipment Manufacturing Not Elsewhere
Classified
NACE 2002 Codes:
2922 - Manufacture of lifting and handling equipment
2875 - Manufacture of other fabricated metal products not
elsewhere classified
2956 - Manufacture of other special purpose machinery not
elsewhere classified
NAICS 2002 Codes:
33392 - Material Handling Equipment Manufacturing
332999 - All Other Miscellaneous Fabricated Metal Product
Manufacturing
333298 - All Other Industrial Machinery Manufacturing
US SIC 1987:
3536 - Overhead Traveling Cranes, Hoists, and Monorail Systems
3569 - General Industrial Machinery and Equipment, Not Elsewhere
Classified
3499 - Fabricated Metal Products, Not Elsewhere Classified
UK SIC 2003:
2922 - Manufacture of lifting and handling equipment
2956 - Manufacture of other special purpose machinery not
elsewhere classified
2875 - Manufacture of other fabricated metal products not
elsewhere classified
UK SIC 2007:
2822 - Manufacture of lifting and handling equipment
2899 - Manufacture of other special-purpose machinery n.e.c.
2599 - Manufacture of other fabricated metal products n.e.c.
Business
Description
Fond Metalli SpA
is primarily engaged in manufacture of hand operated or power driven lifting,
handling, loading or unloading machinery (pulley tackle and hoists, winches,
capstans and jacks; derricks, cranes, mobile lifting frames, straddle carriers,
etc.; works trucks, whether or not fitted with lifting or handling equipment
whether or not self-propelled, of the type used in factories;mechanical
manipulators and industrial robots specifically designed for lifting, handling,
loading or unloading); manufacture of conveyors, teleferics, etc.; and
manufacture of lifts, escalators and moving walkways. This class also includes:
maintenance of lifts and escalators.
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Executives
Report
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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 |
18.5 |
15.7 |
13.4 |
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Net sales |
18.4 |
15.5 |
13.5 |
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Other operating income |
0.2 |
0.0 |
0.1 |
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Raw materials and consumables employed |
9.0 |
7.8 |
7.4 |
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Other expenses |
4.5 |
3.9 |
1.8 |
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Total payroll costs |
3.4 |
3.4 |
3.7 |
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Fixed asset depreciation and amortisation |
1.1 |
1.0 |
1.2 |
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Other operating costs |
0.1 |
0.1 |
0.0 |
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Net operating
income |
0.3 |
-0.5 |
-0.8 |
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Total financial
income |
0.0 |
0.0 |
0.0 |
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Total expenses |
0.1 |
0.1 |
0.2 |
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Profit before tax |
0.2 |
-0.6 |
-1.0 |
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Extraordinary result |
-0.2 |
-0.3 |
0.5 |
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Profit after extraordinary items and
before tax |
0.0 |
-0.9 |
-0.5 |
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Total taxation |
0.1 |
-0.2 |
-0.1 |
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Net loss |
0.2 |
0.7 |
0.4 |
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 |
2.7 |
3.0 |
4.0 |
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Provision for risks |
0.3 |
0.0 |
- |
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Provision for pensions |
0.5 |
0.7 |
0.7 |
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Mortgages and loans |
0.7 |
2.4 |
4.5 |
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Trade creditors |
3.5 |
4.7 |
3.1 |
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Advances received |
0.2 |
0.3 |
- |
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Bank loans and overdrafts |
2.8 |
2.0 |
0.9 |
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Other current liabilities |
0.7 |
0.7 |
0.9 |
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Accruals and deferred income |
0.0 |
0.0 |
0.1 |
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Total current
liabilities |
7.3 |
7.7 |
5.0 |
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Total
liabilities (including net worth) |
11.5 |
13.8 |
14.2 |
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Intangibles |
1.1 |
1.7 |
2.5 |
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Total tangible
fixed assets |
1.6 |
0.8 |
0.8 |
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Receivables due after 1 year |
0.6 |
0.8 |
0.4 |
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Total
non-current assets |
3.2 |
3.3 |
3.7 |
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Work in progress |
- |
0.4 |
- |
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Finished goods |
0.6 |
0.7 |
0.6 |
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Net stocks and work in progress |
2.8 |
2.3 |
2.0 |
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Trade debtors |
3.9 |
6.0 |
6.1 |
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Other receivables |
0.2 |
0.1 |
0.9 |
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Cash and liquid assets |
1.2 |
1.9 |
1.4 |
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Accruals |
0.2 |
0.1 |
0.0 |
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Total current
assets |
8.3 |
10.4 |
10.4 |
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Total assets |
11.5 |
13.8 |
14.2 |
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 |
1.10 |
1.40 |
2.10 |
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Quick ratio |
0.80 |
1.00 |
1.70 |
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Current liabilities to net worth |
0.03% |
0.03% |
0.01% |
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Sales per employee |
0.19 |
0.17 |
0.14 |
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Profit per employee |
0.00 |
-0.01 |
-0.01 |
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Average wage per employee |
0.04 |
0.04 |
0.04 |
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Net worth |
2.7 |
3.0 |
4.0 |
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Number of employees |
70 |
70 |
67 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.47 |
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UK Pound |
1 |
Rs.87.63 |
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Euro |
1 |
Rs.71.12 |
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.