MIRA
INFORM REPORT
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Report Date : |
05.11.2012 |
IDENTIFICATION DETAILS
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Name : |
ETRO SPA |
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Registered Office : |
Via Spartaco 3, Milano, 20135 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.12.1976 |
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Com. Reg. No.: |
00600870133 |
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Legal Form : |
Public Parent |
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Line of Business : |
Manufacture of textiles for the fashion industry; production of men's
and women's clothing; production of perfumes |
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No. of Employees : |
358 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
ITALY - ECONOMIC OVERVIEW
Italy has a diversified industrial economy, which
is divided into a developed industrial north, dominated by private companies,
and a less-developed, welfare-dependent, agricultural south, with high
unemployment. The Italian economy is driven in large part by the manufacture of
high-quality consumer goods produced by small and medium-sized enterprises,
many of them family owned. Italy also has a sizable underground economy, which
by some estimates accounts for as much as 17% of GDP. These activities are most
common within the agriculture, construction, and service sectors. Italy is the
third-largest economy in the euro-zone, but exceptionally high public debt
burdens and structural impediments to growth have rendered it vulnerable to
scrutiny by financial markets. Public debt has increased steadily since 2007,
reaching 120% of GDP in 2011, and borrowing costs on sovereign government debt
have risen to record levels. During the second half of 2011 the government
passed a series of three austerity packages to balance its budget by 2013 and
decrease its public debt burden. These measures included a hike in the
value-added tax, pension reforms, and cuts to public administration. The
government also faces pressure from investors and European partners to address
Italy's long-standing structural impediments to growth, such as an inflexible
labor market and widespread tax evasion. The international financial crisis
worsened conditions in Italy''s labor market, with unemployment rising from 6.2%
in 2007 to 8.4% in 2011, but in the longer-term Italy''s low fertility rate and
quota-driven immigration policies will increasingly strain its economy. The
euro-zone crisis along with Italian austerity measures have reduced exports and
domestic demand, slowing Italy''s recovery. Italy''s GDP is still 5% below its
2007 pre-crisis level
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Source
: CIA |
Company name and address
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Etro SpA |
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Employees: |
358 |
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Company Type: |
Public Parent |
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Corporate Family: |
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Incorporation Date: |
01-Dec-1976 |
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Fiscal Year End: |
31-Dec-2011 |
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Reporting Currency: |
Euro |
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Annual Sales: |
301.1 |
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Total Assets: |
429.8 |
Business Description
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Manufacture of textiles for the fashion
industry; production of men's and women's clothing; production of perfumes |
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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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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News
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Registered No.(ITA)
00600870133
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
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More Business
Descriptions |
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Etro SpA is primarily engaged in wholesale of adults' fur and leather clothing;
wholesale of children's and infants' clothing; wholesale of footwear; and
wholesale of clothing not elsewhere classified.
Men's Clothing Stores
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Corporate Structure News: |
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Etro SpA |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Milano, MI |
Italy |
Textiles - Non Apparel |
301.1 |
358 |
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Subsidiary |
Milano, Milano |
Italy |
Retail (Specialty) |
36.6 |
96 |
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Subsidiary |
London |
United Kingdom |
Retail (Apparel) |
4.4 |
15 |
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Subsidiary |
London |
United Kingdom |
Real Estate Operations |
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Subsidiary |
Milano, Milano |
Italy |
Jewelry and Silverware |
1.7 |
14 |
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Subsidiary |
Tokyo |
Japan |
Apparel and Accessories |
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Pebblebrook Hotel Trust Acquires the Hotel Palomar San
Francisco |
25-Oct-2012 |
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Media Release: Value Retail |
24-Oct-2012 |
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Plan launched to tackle taxi queues |
24-Oct-2012 |
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The Charm of Christmas |
23-Oct-2012 |
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ASPIRING models will strut their stuff this Sunday for
the chance to win a trip to New York and be represented by agency Chadwick
Models WA. |
23-Oct-2012 |
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Global Upside Helps Bonfaire Stay Ahead of Trend |
17-Oct-2012 |
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Modern updates on festive wear |
08-Oct-2012 |
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Welcome Back: The New Four Seasons Hotel Toronto Soars as
the Canadian Brand's New Flagship |
05-Oct-2012 |
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TO INDIA, WITH LOVE |
30-Sep-2012 |
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From Strutting To Observing |
27-Sep-2012 |
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TURNING BACK TIME; The Etro Spring Summer '13 line gives
computer-generated prints a miss in favour of nature-inspired motifs that
have all been hand-painted |
01-Oct-2012 |
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An epic collection; Etro's menswear 2013 line looks
eastward, gaining inspiration from the Mahabharata, the paisley, the Madras
check and royal Indian textiles.. |
12-Jul-2012 |
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etro briefs |
04-Apr-2012 |
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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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) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Total income |
306.7 |
265.3 |
268.9 |
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Net sales |
301.1 |
266.1 |
269.9 |
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Other operating income |
1.8 |
2.2 |
2.7 |
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Raw materials and consumables employed |
69.4 |
59.9 |
62.4 |
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Other expenses |
138.7 |
116.8 |
123.5 |
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Total payroll costs |
43.8 |
39.5 |
40.9 |
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Fixed asset depreciation and amortisation |
23.1 |
21.8 |
22.8 |
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Other operating costs |
2.5 |
1.9 |
2.1 |
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Net operating income |
29.2 |
25.5 |
17.3 |
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Total financial income |
5.3 |
9.7 |
-0.5 |
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Total expenses |
6.2 |
5.4 |
5.9 |
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Profit before tax |
28.3 |
29.8 |
11.0 |
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Extraordinary result |
0.2 |
0.0 |
1.5 |
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Profit after extraordinary items and before tax |
28.5 |
29.8 |
12.4 |
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Total taxation |
8.8 |
8.2 |
5.0 |
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Net profit |
19.7 |
21.6 |
7.5 |
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Annual Balance Sheet |
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Financials in:
USD (mil) |
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Total stockholders equity |
309.0 |
304.3 |
304.3 |
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Provision for risks |
6.3 |
5.9 |
6.3 |
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Provision for pensions |
6.2 |
6.7 |
7.5 |
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Other long-term liabilities |
33.9 |
35.0 |
37.4 |
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Trade creditors |
59.5 |
59.1 |
55.5 |
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Bank loans and overdrafts |
- |
0.0 |
15.7 |
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Other current liabilities |
15.0 |
13.6 |
13.1 |
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Accruals and deferred income |
0.0 |
2.6 |
2.9 |
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Total current liabilities |
74.5 |
75.4 |
87.2 |
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Total liabilities (including net worth) |
429.8 |
427.2 |
442.7 |
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Intangibles |
63.0 |
81.8 |
105.9 |
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Buildings |
32.0 |
34.0 |
35.1 |
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Total tangible fixed assets |
40.0 |
42.8 |
42.5 |
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Long-term investments |
139.0 |
123.7 |
128.5 |
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Total financial assets |
149.4 |
142.2 |
150.5 |
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Receivables due after 1 year |
- |
- |
4.9 |
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Loans to associated companies |
- |
18.4 |
22.0 |
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Total non-current assets |
252.4 |
266.8 |
303.8 |
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Finished goods |
30.3 |
27.7 |
32.8 |
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Net stocks and work in progress |
48.3 |
45.3 |
50.3 |
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Trade debtors |
33.7 |
37.8 |
34.8 |
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Other receivables |
39.6 |
47.6 |
47.0 |
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Cash and liquid assets |
54.9 |
28.6 |
5.2 |
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Accruals |
1.0 |
1.2 |
1.5 |
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Total current assets |
177.5 |
160.4 |
138.9 |
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Total assets |
429.8 |
427.2 |
442.7 |
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Annual Ratios |
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Financials in: USD
(mil) |
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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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 |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Current ratio |
2.40 |
2.10 |
1.60 |
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Quick ratio |
1.70 |
1.50 |
1.00 |
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Current liabilities to net worth |
0.00% |
0.00% |
0.00% |
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Sales per employee |
0.60 |
0.58 |
0.54 |
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Profit per employee |
0.06 |
0.06 |
0.02 |
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Average wage per employee |
0.09 |
0.09 |
0.08 |
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Net worth |
309.0 |
304.3 |
304.3 |
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Number of employees |
359 |
349 |
360 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.66 |
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1 |
Rs.86.36 |
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Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.