MIRA
INFORM REPORT
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Report Date : |
01.03.2012 |
IDENTIFICATION DETAILS
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Name : |
COVEME SPA |
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Registered Office : |
Via Emilia Levante 288 San Lazzaro Di Savena, 40068 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
11.10.2004 |
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Com. Reg. No.: |
02490361207 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Manufacture of plastics in primary forms |
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No. of Employees : |
170 |
RATING & COMMENTS
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MIRAs Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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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 September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Company name and address
Coveme SpA
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Business
Description
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Coveme SPA (Coveme) is specialized in the distribution of flexible
insulation materials in Italy and Europe. The comapnyis principally engaged
in production of engineered substrates and laminates, based on polyester
film, dedicated to different industrial fields such as graphic arts, medical,
label stock, card and tags, transfer release film, printable films for
imaging media, solar cells encapsulation, electrical insulation, flexible
electronic circuits, flexible packaging, RFID antennas. The company has developed
research and development in Biomedical, Flexible Circuitry and RFID,
Silk-screen print on fabrics and plastic material, Photovoltaic,
Electromechanical and Electrotechnical and Flexible Packaging Tapes and
Polymer Plates. In addition, the company has developed a technological
component known as backsheet, made of the highest performing materials on the
market today such as fluoropolymers, high grade polyester and adhesives
resistant to hydrolysis and ultraviolet rays. Coveme is UNI EN Iso 9001:2008
certified and has its production facilities in Gorizia, staffed by
specialized and dedicated personnel. Coveme is headquartered in Bolonga,
Italy. |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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US SIC 1987: |
2821 -
Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers |
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Key Executives
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News
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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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Coveme SpA |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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COVEME HOLDING SRL |
Parent |
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Subsidiary |
San Lazzaro Di Savena |
Italy |
Chemicals - Plastics and Rubber |
251.5 |
170 |
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Subsidiary |
Gorizia, Gorizia |
Italy |
Waste Management Services |
4.0 |
38 |
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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 |
245.6 |
114.7 |
159.8 |
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Net sales |
251.5 |
118.2 |
157.1 |
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Other operating income |
0.5 |
0.2 |
0.4 |
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Raw materials and consumables employed |
128.8 |
62.2 |
93.9 |
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Other expenses |
34.2 |
21.0 |
27.0 |
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Total payroll costs |
12.7 |
9.8 |
9.5 |
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Fixed asset depreciation and amortisation |
3.0 |
2.7 |
3.8 |
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Other operating costs |
1.2 |
0.7 |
0.7 |
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Net operating income |
65.7 |
18.3 |
24.8 |
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Total financial income |
0.0 |
0.1 |
0.2 |
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Total expenses |
0.2 |
0.2 |
1.0 |
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Profit before tax |
65.6 |
18.2 |
24.0 |
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Extraordinary result |
-0.6 |
0.1 |
- |
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Profit after extraordinary items and before tax |
65.0 |
18.2 |
24.0 |
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Total taxation |
20.7 |
6.0 |
7.2 |
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Net profit |
44.3 |
12.2 |
16.8 |
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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 |
84.4 |
42.3 |
28.8 |
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Provision for risks |
0.6 |
1.0 |
0.9 |
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Provision for pensions |
0.9 |
0.9 |
0.9 |
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Mortgages and loans |
5.3 |
4.7 |
3.3 |
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Other long-term liabilities |
- |
- |
0.7 |
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Trade creditors |
48.0 |
20.4 |
16.7 |
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Bank loans and overdrafts |
6.3 |
5.9 |
12.5 |
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Other current liabilities |
31.4 |
3.8 |
7.9 |
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Accruals and deferred income |
0.0 |
0.0 |
0.1 |
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Total current liabilities |
85.8 |
30.0 |
37.1 |
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Total liabilities (including net worth) |
176.9 |
78.9 |
71.5 |
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Intangibles |
1.4 |
1.1 |
1.3 |
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Buildings |
0.5 |
0.2 |
0.2 |
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Total tangible fixed assets |
15.6 |
7.3 |
7.4 |
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Long-term investments |
13.5 |
0.0 |
0.0 |
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Total financial assets |
15.0 |
0.8 |
0.9 |
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Loans to associated companies |
0.1 |
0.5 |
0.5 |
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Total non-current assets |
32.0 |
9.1 |
9.5 |
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Finished goods |
46.8 |
21.0 |
24.0 |
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Net stocks and work in progress |
46.8 |
21.0 |
24.0 |
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Trade debtors |
61.8 |
33.1 |
30.6 |
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Other receivables |
5.5 |
1.2 |
1.0 |
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Cash and liquid assets |
22.5 |
14.4 |
6.3 |
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Marketable securities |
7.9 |
0.0 |
0.0 |
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Accruals |
0.4 |
0.1 |
0.1 |
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Total current assets |
144.9 |
69.8 |
62.0 |
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Total assets |
176.9 |
78.9 |
71.5 |
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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 |
1.70 |
2.30 |
1.70 |
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Quick ratio |
1.10 |
1.60 |
1.00 |
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Current liabilities to net worth |
0.01% |
0.01% |
0.01% |
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Sales per employee |
1.29 |
0.64 |
0.87 |
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Profit per employee |
0.33 |
0.10 |
0.13 |
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Average wage per employee |
0.07 |
0.05 |
0.05 |
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Net worth |
84.4 |
42.3 |
28.8 |
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Number of employees |
147 |
132 |
130 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.94 |
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1 |
Rs.77.95 |
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Euro |
1 |
Rs.65.94 |
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 |
-- |
This score serves as a reference to assess SCs 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.