MIRA INFORM REPORT

 

 

Report Date :

13.03.2012

 

IDENTIFICATION DETAILS

 

Name :

SIR SAFETY SYSTEM SPA

 

 

Registered Office :

Zona Industriale, Assisi, 06081

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

16.11.1988

 

 

Com. Reg. No.:

01748360540

 

 

Legal Form :

Public Independent

 

 

Line of Business :

Manufacture of workwear

 

 

No. of Employees :

98

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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 and address

 

Sir Safety System SpA (Sezione Infortunistica Regionale) In Breve Sir Safety System SpA

 

 

 

Zona Industriale

 

 

Assisi, 06081

Italy

 

Tel:

+39 0758 043737

 

 

Employees: 98

Company Type: Public Independent

Incorporation Date: 16-Nov-1988

 

Fiscal Year End: 31-Dec-2010 Reporting Currency: Euro Annual Sales: 38.6 Total Assets: 39.3

 

 

Business Description

 

 

Sir Safety System SpA (Sezione Infortunistica Regionale) In Breve Sir Safety System SpA is primarily engaged in manufacture of workwear.

 

Industry

 

 

Industry

Apparel and Accessories

ANZSIC 2006:

1351 - Clothing Manufacturing

NACE 2002:

1821 - Manufacture of workwear

NAICS 2002:

3152 - Cut and Sew Apparel Manufacturing

UK SIC 2003:

1821 - Manufacture of workwear

US SIC 1987:

3449 - Miscellaneous Structural Metal Work

 

 

Key Executives

 

 

 

Name

Title

Gino Sirci

President

Francesco Sirci

Member of the board

 

 

Registered No.(ITA)

 

01748360540

 

 

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

Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

 

 

Corporate Overview

 

 

 

Location
Zona Industriale
Assisi, 06081
Italy

 

Tel:

+39 0758 043737

 

Sales EUR(mil):

29.2

Assets EUR(mil):

29.3

Employees:

98

Fiscal Year End:

31-Dec-2010

 

 

 

Industry:

Apparel and Accessories

Incorporation Date:

16-Nov-1988

Company Type:

Public Independent

Quoted Status:

Not Quoted

Registered No.(ITA):

01748360540

 

Member of the board:

Francesco Sirci

 

Industry Codes

ANZSIC 2006 Codes:

1351

-

Clothing Manufacturing

2299

-

Other Fabricated Metal Product Manufacturing Not Elsewhere Classified

3411

-

Agricultural and Construction Machinery Wholesaling

3739

-

Other Goods Wholesaling Not Elsewhere Classified

1352

-

Footwear Manufacturing

9429

-

Other Machinery and Equipment Repair and Maintenance

 

NACE 2002 Codes:

2875

-

Manufacture of other fabricated metal products not elsewhere classified

5190

-

Other wholesale

1821

-

Manufacture of workwear

5274

-

Repair not elsewhere classified

1930

-

Manufacture of footwear

5182

-

Wholesale of mining, construction and civil engineering machinery

 

NAICS 2002 Codes:

423990

-

Other Miscellaneous Durable Goods Merchant Wholesalers

332999

-

All Other Miscellaneous Fabricated Metal Product Manufacturing

3152

-

Cut and Sew Apparel Manufacturing

423810

-

Construction and Mining (except Oil Well) Machinery and Equipment Merchant Wholesalers

811490

-

Other Personal and Household Goods Repair and Maintenance

31621

-

Footwear Manufacturing

 

US SIC 1987:

314

-

Footwear, Except Rubber

3499

-

Fabricated Metal Products, Not Elsewhere Classified

5082

-

Construction and Mining (Except Petroleum) Machinery and Equipment

5099

-

Durable Goods, Not Elsewhere Classified

3449

-

Miscellaneous Structural Metal Work

7699

-

Repair Shops and Related Services, Not Elsewhere Classified

 

UK SIC 2003:

1821

-

Manufacture of workwear

5190

-

Other wholesale

1930

-

Manufacture of footwear

2875

-

Manufacture of other fabricated metal products not elsewhere classified

5274

-

Repair not elsewhere classified

5182

-

Wholesale of mining, construction and civil engineering machinery

 

 

Business Description

 

Sir Safety System SpA (Sezione Infortunistica Regionale) In Breve Sir Safety System SpA is primarily engaged in manufacture of workwear

 

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

29.2

Assets:

29.3

Current Assets:

20.4

 

Total Liabilities:

29.3

 

Net Worth:

7.5

 

 

 

Date of Financial Data:

31-Dec-2010

 

 

1 Year Growth

11.6%

NA

 

 

Key Corporate Relationships

 

Bank:

Banca Monte dei Paschi di Siena Ag, Intesa Sanpaolo Ag

 

Sir Safety System SpA (Sezione Infortunistica Regionale) In Breve Sir Safety System SpA

Assisi, Perugia, Italy, Tel: +39 0758 043737

Executives Report

 

Board of Directors

 

Name

Title

Function

Source

Francesco Sirci

 

Member of the board

Director/Board Member

D&B 

 

Executives

 

Name

Title

Function

Source

Gino Sirci

 

President

President

D&B 

 

 

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

38.9

36.6

39.7

Net sales

38.6

36.4

39.6

Other operating income

0.3

0.2

0.1

Raw materials and consumables employed

19.9

18.7

20.0

Other expenses

9.5

8.7

9.6

Total payroll costs

4.4

3.9

3.9

Fixed asset depreciation and amortisation

1.0

1.1

1.0

Other operating costs

0.6

0.5

0.6

Net operating income

3.5

3.7

4.5

Total financial income

0.1

0.1

-0.2

Total expenses

0.5

0.6

2.0

Profit before tax

3.0

3.1

2.3

Extraordinary result

0.0

0.0

0.4

Profit after extraordinary items and before tax

3.0

3.0

2.7

Total taxation

1.2

1.2

1.0

Net profit

1.8

1.8

1.7

 

 

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

10.1

9.3

7.6

Provision for risks

1.0

1.2

1.0

Provision for pensions

0.4

0.4

0.4

Mortgages and loans

3.5

4.4

3.4

Other long-term liabilities

0.1

0.2

0.5

Trade creditors

6.0

5.4

5.7

Bank loans and overdrafts

17.1

17.7

18.4

Other current liabilities

1.1

1.3

0.9

Accruals and deferred income

0.1

0.1

0.1

Total current liabilities

24.3

24.5

25.0

Total liabilities (including net worth)

39.3

39.9

37.9

Intangibles

0.3

0.4

0.6

Buildings

10.5

11.6

10.0

Total tangible fixed assets

11.2

12.4

10.9

Long-term investments

0.2

0.3

0.3

Total financial assets

0.2

0.3

0.3

Receivables due after 1 year

0.2

0.3

0.1

Total non-current assets

11.9

13.2

11.9

Finished goods

7.3

7.5

8.2

Net stocks and work in progress

8.1

8.0

8.3

Trade debtors

18.5

17.4

16.5

Other receivables

0.2

0.2

0.5

Cash and liquid assets

0.4

0.8

0.6

Accruals

0.2

0.2

0.1

Total current assets

27.4

26.7

26.0

Total assets

39.3

39.9

37.9

 

 

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

1.10

1.10

1.00

Quick ratio

0.80

0.80

0.70

Current liabilities to net worth

0.02%

0.03%

0.03%

Sales per employee

0.33

0.33

0.39

Profit per employee

0.03

0.03

0.02

Average wage per employee

0.04

0.04

0.04

Net worth

10.1

9.3

7.6

Number of employees

88

79

75

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.94

UK Pound

1

Rs.78.25

Euro

1

Rs.65.39

 

 

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.