MIRA
INFORM REPORT
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Report Date : |
23.06.2012 |
IDENTIFICATION DETAILS
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Name : |
ALFATHERM SPA |
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Registered Office : |
Via Guglielmo Oberdan 25 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
23.07.2003 |
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Com. Reg. No.: |
04030960969 |
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Legal Form : |
Public Parent |
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Line of Business : |
Manufacture of plastics in primary forms |
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No. of Employees : |
462 |
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 : |
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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Company name and address
Alfatherm SpA
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Business Description
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ALFATHERM SPA is primarily engaged in manufacture of plastics in
primary forms: polymers, including those of ethylene, propylene, styrene, vinyl
chloride, vinyl acetate and acrylics; polyamides; phenolic and epoxide resins
and polyurethanes; alkyd and polyester resins and polyethers; silicones; and
ion-exchangers based on polymers. This class also includes: manufacture of
cellulose. |
Industry
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Industry |
Chemicals - Plastics and Rubber |
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ANZSIC 2006: |
1821 - Synthetic Resin and Synthetic
Rubber Manufacturing |
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NACE 2002: |
2416 - Manufacture of plastics in primary
forms |
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NAICS 2002: |
325211 - Plastics Material and Resin Manufacturing
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2416 - Manufacture of plastics in primary
forms |
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US SIC 1987: |
2821 - Plastics Materials, Synthetic
Resins, and Nonvulcanizable Elastomers |
Key Executives
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1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064
Corporate Overview
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Corporate Structure News
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Alfatherm SpA |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Venegono Superiore, Varese |
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Chemicals - Plastics and Rubber |
129.9 |
462 |
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Subsidiary |
Gallarate |
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Containers and Packaging |
75.0 |
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Executives Report
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Annual Profit & Loss
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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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) |
0.755078 |
0.719047 |
0.683679 |
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Consolidated |
No |
No |
No |
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Total income |
128.1 |
126.8 |
168.5 |
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Net sales |
129.9 |
123.8 |
167.9 |
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Other operating income |
0.2 |
1.8 |
0.3 |
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Raw materials and consumables employed |
70.9 |
63.9 |
123.9 |
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Other expenses |
22.2 |
22.0 |
6.0 |
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Total payroll costs |
27.8 |
30.0 |
34.4 |
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Fixed asset depreciation and amortisation |
11.4 |
7.5 |
8.0 |
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Other operating costs |
1.6 |
1.5 |
1.7 |
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Net operating income |
-5.7 |
2.0 |
-5.5 |
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Total financial income |
0.1 |
0.0 |
0.1 |
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Total expenses |
4.2 |
5.0 |
6.3 |
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Profit before tax |
-9.8 |
-3.0 |
-11.8 |
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Extraordinary result |
- |
-0.7 |
- |
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Profit after extraordinary items and before tax |
-9.8 |
-3.7 |
-11.8 |
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Total taxation |
-0.1 |
1.4 |
-1.2 |
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Net loss |
9.7 |
5.1 |
10.5 |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
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Consolidated |
No |
No |
No |
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Total stockholders equity |
37.3 |
50.3 |
48.5 |
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Provision for risks |
12.9 |
15.0 |
16.5 |
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Provision for pensions |
6.5 |
7.0 |
8.1 |
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Other long-term liabilities |
1.8 |
60.8 |
- |
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Trade creditors |
33.2 |
41.0 |
36.5 |
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Bank loans and overdrafts |
14.3 |
9.8 |
77.6 |
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Other current liabilities |
71.6 |
17.4 |
10.8 |
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Accruals and deferred income |
0.0 |
0.0 |
0.1 |
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Total current liabilities |
119.2 |
68.2 |
125.0 |
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Total liabilities (including net worth) |
177.7 |
201.3 |
198.0 |
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Intangibles |
63.7 |
70.5 |
67.4 |
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Buildings |
30.5 |
34.3 |
- |
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Total tangible fixed assets |
69.7 |
78.7 |
77.0 |
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Long-term investments |
0.7 |
0.8 |
1.1 |
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Total financial assets |
0.9 |
1.0 |
1.5 |
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Receivables due after 1 year |
0.2 |
0.2 |
- |
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Total non-current assets |
134.6 |
150.4 |
145.9 |
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Finished goods |
11.0 |
- |
- |
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Net stocks and work in progress |
15.2 |
18.9 |
16.6 |
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Trade debtors |
24.9 |
28.7 |
29.6 |
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Other receivables |
0.9 |
1.1 |
3.0 |
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Cash and liquid assets |
2.1 |
2.1 |
2.8 |
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Marketable securities |
- |
0.0 |
- |
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Accruals |
0.1 |
0.1 |
0.2 |
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Total current assets |
43.2 |
50.9 |
52.2 |
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Total assets |
177.7 |
201.3 |
198.0 |
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Annual Ratios |
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Financials in:
USD (mil) |
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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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 |
0.745406 |
0.696986 |
0.719399 |
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Consolidated |
No |
No |
No |
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Current ratio |
0.40 |
0.70 |
0.40 |
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Quick ratio |
0.20 |
0.50 |
0.30 |
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Current liabilities to net worth |
0.03% |
0.01% |
0.03% |
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Sales per employee |
0.27 |
0.18 |
0.21 |
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Profit per employee |
-0.02 |
-0.01 |
-0.02 |
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Average wage per employee |
0.06 |
0.04 |
0.04 |
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Net worth |
37.3 |
50.3 |
48.5 |
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Number of employees |
363 |
486 |
418 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.56.99 |
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1 |
Rs.88.97 |
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Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.