MIRA
INFORM REPORT
|
Report Date : |
05.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
LAFER SPA |
|
|
|
|
Registered Office : |
Via Lago Di Garda 98 Schio, 36015 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
31.12.1980 |
|
|
|
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Com. Reg. No.: |
01279170243 |
|
|
|
|
Legal Form : |
Public Subsidiary |
|
|
|
|
line of business
: |
Manufacture of textile machinery (machines for preparing, producing, extruding, drawing, texturing or cutting man-made textile fibres, materials or yarns |
|
|
|
|
No. of Employees : |
99 |
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 : |
Slow but Correct |
|
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 |
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Restricted |
C2 |
|
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
|
Source
: CIA |
Company name & address
LAFER
SPA
Via Lago Di Garda 98
Schio, 36015
Italy
Tel: +39 0445 694311
Fax: +39 0445 694312
Employees: 99
Company Type: Public
Subsidiary
Corporate Family: 2
Companies
Ultimate Parent: LAFIN
SRL
Incorporation Date: 31-Dec-1980
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Euro
Annual Sales: 33.8
Total Assets: 26.7
Business Description
Lafer SpA is primarily engaged in manufacture of textile
machinery (machines for preparing, producing, extruding, drawing, texturing or
cutting man-made textile fibres, materials or yarns; machines for preparing
textile fibres: cotton gins, bale breakers, garnetters, cotton spreaders, wool
scourers, wool carbonisers, combs, carders, roving frames, etc.; spinning
machines; machines for preparing textile yarns: reelers, warpers and related
machines; weaving machines (looms) including hand looms; knitting machines;
machines for making knotted net, tulle, lace, braid, etc.); manufacture of
auxiliary machines or equipment for textile machinery (dobbies, Jacquards,
automatic stop motions, shuttle changing mechanisms, spindles and spindle
flyers, etc.); manufacture of machinery for fabric processing (machinery for
washing, bleaching, dyeing, dressing, finishing, coating or impregnating
textile fabrics; manufacture of machines for reeling, unreeling, folding,
cutting or pinking textile fabrics); manufacture of laundry machinery (ironing
machines including fusing presses; laundry-type washing and drying machines;
dry cleaning machines); manufacture of sewing machines, sewing machine heads
and sewing machine needles; manufacture of machines for producing or finishing
felt or nonwovens; manufacture of leather machines (machinery for preparing,
tanning or working hides, skins or leather; and machinery for making or
repairing footwear or other articles of hides, skins, leather or furskins).
Industry
|
Industry |
Miscellaneous Capital Goods |
|
ANZSIC 2006: |
2469 - Other Specialised Machinery and Equipment Manufacturing |
|
NACE 2002: |
2954 - Manufacture of machinery for textile, apparel and leather production |
|
NAICS 2002: |
333292 - Textile Machinery Manufacturing |
|
UK SIC 2003: |
2954 - Manufacture of machinery for textile, apparel and leather production |
|
US SIC 1987: |
3552 - Textile Machinery |
Key Executives
|
Name |
Title |
|
Bruno Scortegagna |
President |
|
Ruggero Pietro Marchioretto |
Executive |
|
Daniela Scortegagna |
Executive |
News
|
Title |
Date |
|
Paid
Notice: Deaths STOBER, LORI |
28-Feb-2012 |
|
Paid
Notice: Deaths STOBER, LORI |
27-Feb-2012 |
|
Paid
Notice: Deaths STOBER, LORI |
26-Feb-2012 |
Registered No.(ITA): 01279170243
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD
1 = EUR 0.770327
Location
Via Lago Di Garda 98
Schio, 36015
Italy
Tel: +39 0445 694311
Fax: +39 0445 694312
Sales EUR(mil): 24.3
Assets EUR(mil): 20.5
Employees: 99
Fiscal Year End: 31-Dec-2011
Industry: Miscellaneous
Capital Goods
Incorporation Date: 31-Dec-1980
Company Type: Public
Subsidiary
Quoted Status: Not
Quoted
Registered No.(ITA): 01279170243
President: Bruno
Scortegagna
Industry
Codes
|
ANZSIC 2006 Codes: |
||
|
2469 |
- |
Other Specialised Machinery and Equipment Manufacturing |
|
3739 |
- |
Other Goods Wholesaling Not Elsewhere Classified |
|
NACE 2002 Codes: |
||
|
5190 |
- |
Other wholesale |
|
2954 |
- |
Manufacture of machinery for textile, apparel and leather production |
|
NAICS 2002 Codes: |
||
|
333292 |
- |
Textile Machinery Manufacturing |
|
423990 |
- |
Other Miscellaneous Durable Goods Merchant Wholesalers |
|
US SIC 1987: |
||
|
3552 |
- |
Textile Machinery |
|
5099 |
- |
Durable Goods, Not Elsewhere Classified |
|
UK SIC 2003: |
||
|
5190 |
- |
Other wholesale |
|
2954 |
- |
Manufacture of machinery for textile, apparel and leather production |
Business
Description
Lafer SpA is primarily engaged in manufacture of textile machinery (machines for preparing, producing, extruding, drawing, texturing or cutting man-made textile fibres, materials or yarns; machines for preparing textile fibres: cotton gins, bale breakers, garnetters, cotton spreaders, wool scourers, wool carbonisers, combs, carders, roving frames, etc.; spinning machines; machines for preparing textile yarns: reelers, warpers and related machines; weaving machines (looms) including hand looms; knitting machines; machines for making knotted net, tulle, lace, braid, etc.); manufacture of auxiliary machines or equipment for textile machinery (dobbies, Jacquards, automatic stop motions, shuttle changing mechanisms, spindles and spindle flyers, etc.); manufacture of machinery for fabric processing (machinery for washing, bleaching, dyeing, dressing, finishing, coating or impregnating textile fabrics; manufacture of machines for reeling, unreeling, folding, cutting or pinking textile fabrics); manufacture of laundry machinery (ironing machines including fusing presses; laundry-type washing and drying machines; dry cleaning machines); manufacture of sewing machines, sewing machine heads and sewing machine needles; manufacture of machines for producing or finishing felt or nonwovens; manufacture of leather machines (machinery for preparing, tanning or working hides, skins or leather; and machinery for making or repairing footwear or other articles of hides, skins, leather or furskins).
Financial
Data
|
Financials in: |
EUR(mil) |
1 Year Growth |
|
Revenue: |
24.3 |
-23.0% |
|
Assets: |
20.5 |
NA |
|
Current Assets: |
11.9 |
|
|
Total Liabilities: |
20.5 |
|
|
Net Worth: |
2.7 |
|
|
Date of Financial Data: |
31-Dec-2011 |
|
Key Corporate Relationships
Bank: Banca Nazionale del Lavoro Ag, Intesa Sanpaolo Ag, Banca Popolare Di Vicenza Ag
Corporate
Structure News
Lafer
SpA
Total Corporate Family Members: 2
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
LAFIN SRL |
Parent |
|
|
|
|
|
|
Subsidiary |
Schio, Vicenza |
Italy |
Miscellaneous Capital Goods |
33.8 |
99 |
Executives
|
|
|
|||
|
President |
President |
|||
|
Managing director |
Managing Director |
|||
|
Executive |
Other |
|||
|
Executive |
Other |
News
|
Paid
Notice: Deaths STOBER, LORI |
28-Feb-2012 |
|
|
Paid
Notice: Deaths STOBER, LORI |
27-Feb-2012 |
|
|
Paid
Notice: Deaths STOBER, LORI |
26-Feb-2012 |
|
Annual
Profit & Loss
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total income |
35.4 |
42.0 |
33.9 |
|
Net sales |
33.8 |
41.9 |
33.7 |
|
Other operating income |
0.6 |
0.4 |
1.0 |
|
Raw materials and consumables employed |
15.9 |
21.6 |
15.2 |
|
Other expenses |
11.2 |
12.0 |
11.0 |
|
Total payroll costs |
6.5 |
6.3 |
5.6 |
|
Fixed asset depreciation and amortisation |
0.6 |
0.5 |
0.5 |
|
Other operating costs |
0.3 |
0.2 |
0.2 |
|
Net operating income |
0.9 |
1.4 |
1.5 |
|
Total financial income |
0.1 |
0.1 |
0.2 |
|
Total expenses |
0.4 |
0.2 |
0.3 |
|
Profit before tax |
0.6 |
1.3 |
1.4 |
|
Extraordinary result |
0.0 |
0.0 |
0.0 |
|
Profit after extraordinary items and before tax |
0.6 |
1.3 |
1.4 |
|
Total taxation |
0.5 |
0.6 |
0.5 |
|
Net profit |
0.1 |
0.7 |
0.9 |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total stockholders equity |
3.5 |
4.3 |
5.4 |
|
Provision for risks |
0.7 |
0.6 |
0.6 |
|
Provision for pensions |
0.8 |
0.8 |
1.0 |
|
Mortgages and loans |
3.8 |
3.5 |
3.2 |
|
Other long-term liabilities |
0.0 |
0.0 |
0.1 |
|
Trade creditors |
12.1 |
16.5 |
14.4 |
|
Bank loans and overdrafts |
2.9 |
2.1 |
2.6 |
|
Other current liabilities |
2.9 |
4.3 |
3.0 |
|
Accruals and deferred income |
0.1 |
0.1 |
0.0 |
|
Total current liabilities |
17.9 |
23.0 |
20.0 |
|
Total liabilities (including net worth) |
26.7 |
32.3 |
30.4 |
|
Intangibles |
0.0 |
0.0 |
0.0 |
|
Buildings |
4.8 |
5.1 |
4.4 |
|
Total tangible fixed assets |
6.3 |
6.9 |
5.1 |
|
Long-term investments |
1.2 |
1.3 |
1.4 |
|
Total financial assets |
3.7 |
3.8 |
4.1 |
|
Receivables due after 1 year |
1.1 |
1.7 |
1.6 |
|
Loans to associated companies |
2.4 |
2.5 |
2.7 |
|
Total non-current assets |
11.1 |
12.4 |
10.8 |
|
Finished goods |
1.6 |
0.8 |
1.0 |
|
Net stocks and work in progress |
3.4 |
2.3 |
2.9 |
|
Trade debtors |
4.8 |
7.4 |
7.8 |
|
Other receivables |
2.4 |
2.8 |
1.4 |
|
Cash and liquid assets |
4.5 |
7.0 |
6.9 |
|
Accruals |
0.4 |
0.4 |
0.6 |
|
Total current assets |
15.5 |
19.9 |
19.6 |
|
Total assets |
26.7 |
32.3 |
30.4 |
Annual
Ratios
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
0.90 |
0.90 |
1.00 |
|
Quick ratio |
0.70 |
0.80 |
0.80 |
|
Current liabilities to net worth |
0.05% |
0.05% |
0.04% |
|
Sales per employee |
0.26 |
0.33 |
0.25 |
|
Profit per employee |
0.00 |
0.01 |
0.01 |
|
Average wage per employee |
0.05 |
0.05 |
0.04 |
|
Net worth |
3.5 |
4.3 |
5.4 |
|
Number of employees |
92 |
97 |
99 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.66 |
|
UK Pound |
1 |
Rs.86.36 |
|
Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.