MIRA
INFORM REPORT
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Report Date : |
12.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
CORNELIANI SPA |
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Formerly Known As : |
Fratelli Claudio & Carlalberto Corneliani
SpA |
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Registered Office : |
Via Panizza 5, Mantova, 46100 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
16.01.1958 |
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Com. Reg. No.: |
00152660205 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
manufacturer of other men’s outerwear; and
manufacture of other women’s outerwear. |
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No. of Employees : |
617 employees |
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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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
Corneliani SpA
Via Panizza 5
Mantova, 46100
Italy
Tel: 39 (0376) 3041
Fax: +39 0376 372831
Web: www.corneliani.com
Synthesis
Employees: 617
Company Type: Public Parent
Corporate Family: 2
Companies
Incorporation Date:
16-Jan-1958
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Euro
Annual Sales: 180.3
Total Assets: 158.9
Business Description
Corneliani SpA is primarily engaged in manufacture of other men’s outerwear; and manufacture of other women’s outerwear.
Industry
Industry Apparel and Accessories
ANZSIC 2006: 1351 - Clothing
Manufacturing
NACE 2002: 1822 - Manufacture
of other outerwear
NAICS 2002: 315222 - Men's and
Boys' Cut and Sew Suit, Coat, and Overcoat Manufacturing
UK SIC 2003: 18221 -
Manufacture of other men's outerwear
UK SIC 2007: 14131 -
Manufacture of men's outerwear, other than leather clothes and workwear
US SIC 1987: 2311 - Men's and
Boys' Suits, Coats, and Overcoats
Key Executives
|
Name |
Title |
|
Carlalberto Corneliani |
President |
|
Giuseppe Botteri |
Head of accounting department |
|
Livio Corrado |
Executive |
|
Cristiano Corneliani |
Member of the board |
|
Stefano Corneliani |
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 Panizza 5
Mantova, 46100
Italy
Tel: 39 (0376) 3041
Fax: +39 0376 372831
Web: www.corneliani.com
Sales EUR(mil): 129.7
Assets EUR(mil): 122.4
Employees: 617
Fiscal Year End: 31-Dec-2011
Industry: Apparel
and Accessories
Incorporation Date: 16-Jan-1958
Company Type: Public
Parent
Quoted Status: Not
Quoted
Previous Name: Fratelli
Claudio & Carlalberto Corneliani SpA
Registered No.(ITA): 00152660205
President: Carlalberto
Corneliani
Contents
Industry Codes
Business Description
Brand/Trade Names
Financial Data
Subsidiaries
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
1351 - Clothing Manufacturing
1352 - Footwear Manufacturing
NACE 2002 Codes:
1822 - Manufacture of other outerwear
1930 - Manufacture of footwear
1824 - Manufacture of other wearing apparel and accessories not
elsewhere classified
NAICS 2002 Codes:
315222 - Men's and Boys' Cut and Sew Suit, Coat, and Overcoat
Manufacturing
316219 - Other Footwear Manufacturing
316213 - Men's Footwear (except Athletic) Manufacturing
315228 - Men's and Boys' Cut and Sew Other Outerwear Manufacturing
315212 - Women's, Girls', and Infants' Cut and Sew Apparel
Contractors
US SIC 1987:
2311 - Men's and Boys' Suits, Coats, and Overcoats
2385 - Waterproof Outerwear
3143 - Men's Footwear, Except Athletic
2329 - Men's and Boys' Clothing, Not Elsewhere Classified
3149 - Footwear, Except Rubber, Not Elsewhere Classified
UK SIC 2003:
18221 - Manufacture of other men's outerwear
1822 - Manufacture of other outerwear
1930 - Manufacture of footwear
1824 - Manufacture of other wearing apparel and accessories not
elsewhere classified
UK SIC 2007:
14131 - Manufacture of men's outerwear, other than leather clothes
and workwear
1413 - Manufacture of other outerwear
1520 - Manufacture of footwear
1419 - Manufacture of other wearing apparel and accessories n.e.c.
Business
Description
Manufacture of high quality men's clothing
More Business Descriptions
Corneliani SpA is primarily engaged in manufacture of other men’s
outerwear; and manufacture of other women’s outerwear.
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Corporate Family |
Corporate
Structure News: |
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Corneliani
SpA |
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Corneliani SpA |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Corneliani SpA |
Parent |
Mantova, MN |
Italy |
Apparel and Accessories |
180.3 |
612 |
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|
Corneliani U. K. Ltd |
Subsidiary |
London |
United Kingdom |
Personal and Household Products |
Executive reports
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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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Member of the board |
Director/Board Member |
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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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Head of accounting department |
Accounting Executive |
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Executive |
Other |
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Executive |
Other |
ANNUAL PROFIT & LOSS
|
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
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Total income |
184.2 |
159.3 |
167.1 |
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Net sales |
180.3 |
159.3 |
171.7 |
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Other operating income |
1.3 |
1.9 |
1.1 |
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Raw materials and consumables employed |
69.9 |
55.6 |
57.5 |
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Other expenses |
70.1 |
63.0 |
67.5 |
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Total payroll costs |
32.5 |
29.3 |
31.2 |
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Fixed asset depreciation and amortisation |
3.5 |
3.1 |
3.4 |
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Other operating costs |
1.3 |
2.1 |
2.2 |
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Net operating
income |
6.9 |
6.3 |
5.3 |
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Total financial
income |
1.1 |
-0.3 |
1.0 |
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Total expenses |
0.9 |
0.9 |
1.0 |
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Profit before tax |
7.1 |
5.2 |
5.3 |
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Extraordinary result |
0.5 |
1.0 |
0.6 |
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Profit after extraordinary items and before
tax |
7.6 |
6.1 |
5.8 |
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Total taxation |
3.1 |
2.2 |
2.5 |
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Net profit |
4.5 |
4.0 |
3.3 |
Annual
Balance Sheet
Financials in: USD (mil)
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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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 |
78.6 |
78.4 |
81.1 |
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Provision for risks |
3.4 |
3.6 |
3.9 |
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Provision for pensions |
10.0 |
10.9 |
12.5 |
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Mortgages and loans |
12.6 |
15.5 |
13.5 |
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Trade creditors |
32.6 |
29.3 |
25.7 |
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Bank loans and overdrafts |
9.0 |
5.4 |
5.6 |
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Other current liabilities |
12.8 |
12.1 |
12.7 |
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Accruals and deferred income |
0.0 |
0.0 |
0.0 |
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Total current
liabilities |
54.4 |
46.8 |
44.0 |
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Total liabilities
(including net worth) |
158.9 |
155.2 |
155.1 |
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Intangibles |
4.4 |
4.3 |
4.9 |
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Buildings |
21.8 |
22.5 |
24.3 |
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Total tangible
fixed assets |
28.4 |
28.7 |
30.2 |
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Long-term investments |
14.5 |
15.2 |
14.7 |
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Total financial
assets |
15.2 |
16.2 |
15.3 |
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Receivables due after 1 year |
0.4 |
0.4 |
0.3 |
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Loans to associated companies |
0.4 |
0.7 |
0.2 |
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Total
non-current assets |
48.4 |
49.6 |
50.7 |
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Finished goods |
26.5 |
24.9 |
28.6 |
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Net stocks and work in progress |
38.0 |
36.1 |
39.4 |
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Trade debtors |
39.8 |
35.4 |
34.1 |
|
Other receivables |
8.3 |
3.5 |
5.5 |
|
Cash and liquid assets |
22.7 |
28.6 |
22.9 |
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Accruals |
1.7 |
2.1 |
2.5 |
|
Total current
assets |
110.6 |
105.5 |
104.4 |
|
Total assets |
158.9 |
155.2 |
155.1 |
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 |
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Consolidated |
No |
No |
No |
|
|
|
|
|
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Current ratio |
2.00 |
2.30 |
2.40 |
|
Quick ratio |
1.30 |
1.50 |
1.50 |
|
Current liabilities to net worth |
0.01% |
0.01% |
0.01% |
|
Sales per employee |
0.21 |
0.20 |
0.19 |
|
Profit per employee |
0.01 |
0.01 |
0.01 |
|
Average wage per employee |
0.04 |
0.04 |
0.03 |
|
Net worth |
78.6 |
78.4 |
81.1 |
|
Number of employees |
617 |
603 |
660 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.32 |
|
UK Pound |
1 |
Rs.87.36 |
|
Euro |
1 |
Rs.70.36 |
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 |
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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.