MIRA INFORM REPORT

 

 

Report Date :

23.07.2012

 

IDENTIFICATION DETAILS

 

Name :

FREDDITALIA INTERNATIONAL SPA

 

 

Registered Office :

Via Dei Rigattieri Snc, La Valle, Castiglione Della Pescaia, 58043

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

17.09.1981

 

 

Com. Reg. No.:

00640480539

 

 

Legal Form :

Public Parent Company

 

 

Line of Business :

Subject is engaged in non-specialised wholesale of food, beverages and tobacco

 

 

No. of Employees :

45

 

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 

 

Fredditalia International SpA

Via Dei Rigattieri Snc

La Valle

Castiglione Della Pescaia, 58043

Italy

Tel:       +39 0564 933666

Fax:      +39 0564 935314

 

 

Synthesis     

 

Employees:                  45

Company Type:             Public Parent

Corporate Family:          2 Companies

Incorporation Date:         17-Sep-1981     

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2009

Reporting Currency:       Euro

Annual Sales:                43.5

Total Assets:                31.4

 

 

Business Description     

 

FREDDITALIA INTERNATIONAL SPA is primarily engaged in non-specialised wholesale of food, beverages and tobacco.

 

Industry             

Industry            Food Processing

ANZSIC 2006:    3609 - Other Grocery Wholesaling

NACE 2002:      5139 - Non-specialised wholesale of food, beverages and tobacco

NAICS 2002:     424490 - Other Grocery and Related Products Merchant Wholesalers

UK SIC 2003:    5139 - Non-specialised wholesale of food, beverages and tobacco

US SIC 1987:    5142 - Packaged Frozen Foods

 

           

Key Executives   

 

Name

Title

Andrea Armellini

President

Carlo Santinelli

Purchasing manager

Alessandro Cillerai

Head of accounting department

Marcello Armellini

Vice president

Bruno Iacobbe

Member of the board

Registered No.(ITA): 00640480539

 

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7190468

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6969855

 

 

Corporate Overview

 

Location

Via Dei Rigattieri Snc

La Valle

Castiglione Della Pescaia, 58043

Italy

Tel:       +39 0564 933666

Fax:      +39 0564 935314

           

Sales EUR(mil):             31.3

Assets EUR(mil):           21.9

Employees:                   45

Fiscal Year End:            31-Dec-2009

Industry:                        Food Processing

Incorporation Date:         17-Sep-1981

Company Type:             Public Parent

Quoted Status:              Not Quoted

Registered No.(ITA):       00640480539

President:                     Andrea Armellini

 

Contents

Industry Codes

Business Description

Financial Data

Subsidiaries

Key Corporate Relationships

 

Industry Codes

ANZSIC 2006 Codes:

3609     -          Other Grocery Wholesaling

360       -          Grocery, Liquor and Tobacco Product Wholesaling

 

NACE 2002 Codes:

5139     -          Non-specialised wholesale of food, beverages and tobacco

5138     -          Wholesale of other food including fish, crustaceans and molluscs

 

NAICS 2002 Codes:

424490  -          Other Grocery and Related Products Merchant Wholesalers

424460  -          Fish and Seafood Merchant Wholesalers

 

US SIC 1987:

5142     -          Packaged Frozen Foods

514       -          Groceries and Related Products

 

UK SIC 2003:

5139     -          Non-specialised wholesale of food, beverages and tobacco

5138     -          Wholesale of other food including fish, crustaceans and molluscs

 

Business Description

FREDDITALIA INTERNATIONAL SPA is primarily engaged in non-specialised wholesale of food, beverages and tobacco.

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

31.3

Assets:

21.9

Current Assets:

16.3

 

Total Liabilities:

21.9

 

Net Worth:

3.6

 

 

 

Date of Financial Data:

31-Dec-2009

 

1 Year Growth

3.1%

NA

 

Subsidiaries

Company

Percentage Owned

Country

Cosfer SRL

 

 

 

 

 

 

Key Corporate Relationships

Bank:

Banca Monte dei Paschi di Siena Ag, Banco di Sardegna Ag, Intesa Sanpaolo Ag

 

 

 

 

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

Fredditalia International SpA 
Total Corporate Family Members: 2 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Fredditalia InternationalSpA

Parent

Castiglione Della Pescaia, Grosseto

Italy

Food Processing

43.5

60

 

Cosfer SRL

Subsidiary

Livorno, Livorno

Italy

Retail (Grocery)

10.1

11

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Bruno Iacobbe

 

Member of the board

Director/Board Member

 

 

Executives

 

Name

Title

Function

 

Andrea Armellini

 

President

President

 

Alessandro Cillerai

 

Head of accounting department

Accounting Executive

 

Carlo Santinelli

 

Purchasing manager

Purchasing Executive

 

Marcello Armellini

 

Vice president

Other

 

 

 

Annual Profit & Loss

 

 

 

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.719047

0.683679

0.730637

Consolidated

No

No

No

 

 

 

 

Total income

43.5

44.6

40.9

Net sales

43.5

44.3

40.0

Other operating income

0.1

0.3

0.9

Raw materials and consumables employed

34.2

34.9

31.7

Other expenses

5.1

5.2

4.5

Total payroll costs

2.6

2.5

2.3

Fixed asset depreciation and amortisation

0.2

0.2

0.1

Other operating costs

1.1

1.0

1.0

Net operating income

0.4

1.0

1.3

Total financial income

0.0

0.0

0.3

Total expenses

0.8

1.4

1.1

Profit before tax

-0.4

-0.3

0.4

Extraordinary result

0.0

0.0

0.0

Profit after extraordinary items and before tax

-0.4

-0.3

0.5

Total taxation

0.2

0.3

0.3

Net profit

-

-

0.2

Net loss

0.6

0.6

-

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

31-Dec-2009

31-Dec-2008

31-Dec-2007

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.696986

0.719399

0.683971

Consolidated

No

No

No

 

 

 

 

Total stockholders equity

5.2

5.6

2.4

Provision for pensions

1.0

0.9

0.8

Mortgages and loans

7.1

9.5

8.9

Trade creditors

2.2

1.7

3.0

Bank loans and overdrafts

8.2

8.2

7.8

Other current liabilities

7.5

5.2

5.8

Accruals and deferred income

0.1

0.1

0.1

Total current liabilities

18.0

15.2

16.7

Total liabilities (including net worth)

31.4

31.2

28.8

Intangibles

0.0

0.0

0.1

Buildings

5.3

5.2

1.1

Total tangible fixed assets

6.2

5.8

1.7

Long-term investments

1.4

1.3

1.4

Total financial assets

1.6

1.7

1.8

Receivables due after 1 year

0.1

0.1

0.1

Loans to associated companies

0.1

0.2

0.2

Total non-current assets

8.0

7.6

3.6

Finished goods

10.3

11.0

11.9

Net stocks and work in progress

10.3

11.0

11.9

Trade debtors

11.5

11.4

11.9

Other receivables

0.9

0.9

0.9

Cash and liquid assets

0.5

0.1

0.2

Accruals

0.2

0.2

0.2

Total current assets

23.4

23.6

25.1

Total assets

31.4

31.2

28.8

 

 

Annual Ratios

Financials in: USD (mil)

 

 

 

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.696986

0.719399

0.683971

Consolidated

No

No

No

 

 

 

 

Current ratio

1.30

1.50

1.50

Quick ratio

0.70

0.80

0.80

Current liabilities to net worth

0.04%

0.03%

0.07%

Sales per employee

0.69

0.67

0.68

Profit per employee

-0.01

0.00

0.01

Average wage per employee

0.04

0.04

0.04

Net worth

5.2

5.6

2.4

Number of employees

45

43

43

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.15

UK Pound

1

Rs.86.58

Euro

1

Rs.67.60

 

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.