MIRA INFORM REPORT

 

 

Report Date :

13.07.2012

 

IDENTIFICATION DETAILS

 

Name :

SOMMER SPA

 

 

Registered Office :

Via Sommer 4, Montecchio Maggiore, 36075

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

09.07.1960

 

 

Com. Reg. No.:

00142840248

 

 

Legal Form :

Public Independent Company

 

 

Line of Business :

manufacturer of paints, varnishes and similar coatings; manufacture of printing ink; and manufacture of mastics and sealants

 

 

No. of Employees :

60

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Italy

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address 

 

Sommer SpA

Via Sommer 4

Montecchio Maggiore, 36075

Italy

Tel:       +39 0444 747000

Fax:      +39 0444 747111

 

 

Synthesis

 

Employees:                  60

Company Type:            Public Independent

Incorporation Date:         09-Jul-1960      

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2010

Reporting Currency:       Euro

Annual Sales:               19.9

Total Assets:                 35.0

 

 

Business Description     

 

SOMMER SPA is primarily engaged in manufacture of paints, varnishes and similar coatings; manufacture of printing ink; and manufacture of mastics and sealants.

 

Industry

Industry            Chemical Manufacturing

ANZSIC 2006:    1916 - Paint and Coatings Manufacturing

NACE 2002:      2430 - Manufacture of paints, varnishes and similar coatings, printing ink and mastics

NAICS 2002:     3255 - Paint, Coating, and Adhesive Manufacturing

UK SIC 2003:    2430 - Manufacture of paints, varnishes and similar coatings, printing ink and mastics

US SIC 1987:    2851 - Paints, Varnishes, Lacquers, Enamels, and Allied Products

 

           

Key Executives   

 

Name

Title

Frank-Thorsten Sommer

President

Claudia Fehre

Vice president

Bruno Basler

Member of the board

 

 

News   

 

Title

Date

Mind Machines Technology Enhances Peak Performance Sports Focus Training For Olympic Athletes Helping To Bring Home Over 40 Medals
PR Web (653 Words)

11-Jul-2012

US Patent Issued to Reinz-Dichtungs on July 10 for "End Plate for a Fuel Cell Stack" (German Inventors)
U.S. Fed News (186 Words)

11-Jul-2012

FinancialForce.com to Host Professional Services Executive Webinar Series With Featured Speakers From Top Research Firms IDC and Vital Analysis
Market Wire (449 Words)

9-Jul-2012

John A. Tumolo, cofounder of Rita's Water Ice
Philadelphia Inquirer (PA) (365 Words)

8-Jul-2012

Headline
Telegraph-Herald (Dubuque, IA) (179 Words)

8-Jul-2012

 

Registered No.(ITA):                   00142840248

 

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

 

 

Corporate Overview

 

Location

Via Sommer 4

Montecchio Maggiore, 36075

Italy

Tel:       +39 0444 747000

Fax:      +39 0444 747111

           

Sales EUR(mil):             15.0

Assets EUR(mil):           26.1

Employees:                   60

Fiscal Year End:            31-Dec-2010

Industry:                        Chemical Manufacturing

Incorporation Date:         09-Jul-1960

Company Type:             Public Independent

Quoted Status:              Not Quoted

Registered No.(ITA):       00142840248

President:                     Frank-Thorsten Sommer

 

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

 

 

Industry Codes

 

ANZSIC 2006 Codes:

1916     -          Paint and Coatings Manufacturing

 

NACE 2002 Codes:

2430     -          Manufacture of paints, varnishes and similar coatings, printing ink and mastics

 

NAICS 2002 Codes:

3255     -          Paint, Coating, and Adhesive Manufacturing

 

US SIC 1987:

2851     -          Paints, Varnishes, Lacquers, Enamels, and Allied Products

 

UK SIC 2003:

2430     -          Manufacture of paints, varnishes and similar coatings, printing ink and mastics

 

Business Description

SOMMER SPA is primarily engaged in manufacture of paints, varnishes and similar coatings; manufacture of printing ink; and manufacture of mastics and sealants.

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

15.0

Assets:

26.1

Current Assets:

22.0

 

Total Liabilities:

26.1

 

Net Worth:

21.2

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

-7.3%

NA

 

Key Corporate Relationships

Bank:

Intesa Sanpaolo Ag, Banca Popolare di Vicenza Ag, UniCredit Banca Ag

 

 

 

 

 

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

Bruno Basler

 

Member of the board

Director/Board Member

 

 

 

Executives

 

Name

Title

Function

 

Frank-Thorsten Sommer

 

President

President

 

Claudia Fehre

 

Vice president

Other

 

 

Annual Profit & Loss

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

Consolidated

No

No

No

 

 

 

 

Total income

20.2

22.4

23.7

Net sales

19.9

22.5

23.6

Other operating income

0.1

0.1

0.2

Raw materials and consumables employed

11.9

13.1

14.7

Other expenses

3.8

4.1

4.3

Total payroll costs

3.4

3.8

4.4

Fixed asset depreciation and amortisation

0.7

0.7

0.7

Other operating costs

0.4

0.2

0.2

Net operating income

0.1

0.4

-0.6

Total financial income

1.0

0.4

1.8

Total expenses

0.0

0.0

0.0

Profit before tax

1.1

0.8

1.2

Extraordinary result

0.1

-0.2

0.1

Profit after extraordinary items and before tax

1.3

0.6

1.3

Total taxation

0.5

0.3

0.5

Net profit

0.8

0.3

0.8

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

Consolidated

No

No

No

 

 

 

 

Total stockholders equity

28.4

29.5

28.4

Provision for risks

1.3

1.4

1.3

Provision for pensions

0.9

1.0

1.1

Other long-term liabilities

-

-

0.0

Trade creditors

-

5.3

3.5

Other current liabilities

4.3

0.8

1.4

Total current liabilities

4.3

6.1

4.9

Total liabilities (including net worth)

35.0

38.1

35.8

Intangibles

0.0

0.1

0.1

Buildings

4.4

5.0

5.0

Total tangible fixed assets

5.2

6.1

6.3

Long-term investments

0.0

0.1

0.1

Total financial assets

0.0

0.1

0.1

Receivables due after 1 year

0.2

0.0

0.0

Total non-current assets

5.4

6.3

6.6

Finished goods

1.8

1.7

2.0

Net stocks and work in progress

4.1

3.7

4.1

Trade debtors

5.8

7.5

5.3

Other receivables

0.8

2.0

1.7

Cash and liquid assets

18.8

18.7

18.0

Accruals

0.0

0.0

0.0

Total current assets

29.5

31.8

29.2

Total assets

35.0

38.1

35.8

 

 

Annual Ratios

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

Consolidated

No

No

No

 

 

 

 

Current ratio

6.80

5.20

5.90

Quick ratio

5.80

4.60

5.10

Current liabilities to net worth

0.00%

0.00%

0.00%

Sales per employee

0.25

0.24

0.22

Profit per employee

0.02

0.01

0.01

Average wage per employee

0.04

0.04

0.04

Net worth

28.4

29.5

28.4

Number of employees

60

67

73

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.86.28

Euro

1

Rs.68.15

 

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

----

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.