MIRA
INFORM REPORT
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Report Date : |
23.11.2012 |
IDENTIFICATION DETAILS
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Name : |
Agrover SRL |
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Registered Office : |
Via Ronsecco 2, Lignana, 13034 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
02.06.2000 |
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Legal Form : |
Private Independent |
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Line of Business : |
Subject is primarily engaged in grain milling; and manufacture of
breakfast cereals and cereals-based foods. |
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No. of Employees : |
13 |
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 : |
Slow |
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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 (31.03.2011) |
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
AGROVER
SRL
Via Ronsecco 2
Lignana, 13034
Italy
Tel: +39
0161 344008
Fax: +39 0161 344009
Synthesis
Employees: 13
Company Type: Private Independent
Incorporation
Date: 02-Jun-2000
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2011
Reporting
Currency: Euro
Annual Sales: 36.7
Total Assets: 13.2
Business Description
Agrover SRL is primarily engaged in grain milling; and manufacture of
breakfast cereals and cereals-based foods.
Industry
Industry Food Processing
ANZSIC 2006: 1161 - Grain Mill Product Manufacturing
NACE 2002: 1561 - Manufacture of grain mill products
NAICS 2002: 31121 - Flour Milling and Malt
Manufacturing
UK SIC 2003: 1561 - Manufacture of grain mill products
UK SIC 2007: 1061 - Manufacture of grain mill products
US SIC 1987: 2044 - Rice Milling
Key Executives
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Name |
Title |
|
Roberto Mottino |
Sole
administrator |
Registered No.(ITA)
01992340024
1 - Profit & Loss Item Exchange Rate: USD
1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 =
EUR 0.770327
Corporate Overview
Location
Via Ronsecco 2
Lignana, 13034
Italy
Tel: +39 0161 344008
Fax: +39 0161 344009
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Sales EUR(mil): |
26.4 |
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Assets EUR(mil): |
10.2 |
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Employees: |
13 |
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Fiscal Year End: |
31-Dec-2011 |
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Industry: |
Food Processing |
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Incorporation Date: |
02-Jun-2000 |
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Company Type: |
Private Independent |
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Quoted Status: |
Not Quoted |
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Registered No.(ITA): |
01992340024 |
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Sole administrator: |
Roberto Mottino |
Industry Codes
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ANZSIC 2006 Codes: |
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1161 |
- |
Grain Mill Product Manufacturing |
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360 |
- |
Grocery, Liquor and Tobacco Product
Wholesaling |
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NACE 2002 Codes: |
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1561 |
- |
Manufacture of grain mill products |
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5138 |
- |
Wholesale of other food including fish,
crustaceans and molluscs |
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NAICS 2002 Codes: |
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31121 |
- |
Flour Milling and Malt Manufacturing |
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424460 |
- |
Fish and Seafood Merchant Wholesalers |
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US SIC 1987: |
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2044 |
- |
Rice Milling |
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514 |
- |
Groceries and Related Products |
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UK SIC 2003: |
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1561 |
- |
Manufacture of grain mill products |
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5138 |
- |
Wholesale of other food including fish,
crustaceans and molluscs |
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UK SIC 2007: |
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1061 |
- |
Manufacture of grain mill products |
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4638 |
- |
Wholesale of other food, including fish,
crustaceans and molluscs |
Business
Description
Agrover SRL is primarily engaged in grain
milling; and manufacture of breakfast cereals and cereals-based foods.
Financial
Data
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Executive report
Executives
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Sole administrator |
President |
Annual
Profit & Loss
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
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Total income |
36.9 |
28.6 |
22.6 |
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Net sales |
36.7 |
29.0 |
22.6 |
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Other operating income |
0.1 |
0.1 |
0.1 |
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Raw materials and consumables employed |
30.2 |
23.1 |
18.1 |
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Other expenses |
4.9 |
4.1 |
3.3 |
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Total payroll costs |
0.6 |
0.5 |
0.4 |
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Fixed asset depreciation and amortisation |
0.3 |
0.2 |
0.2 |
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Other operating costs |
0.1 |
0.2 |
0.1 |
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Net operating
income |
0.8 |
0.5 |
0.4 |
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Total financial
income |
-0.3 |
-0.2 |
-0.2 |
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Total expenses |
0.2 |
0.2 |
0.2 |
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Profit before tax |
0.2 |
0.1 |
0.1 |
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Extraordinary result |
-0.1 |
0.0 |
0.0 |
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Profit after extraordinary items and
before tax |
0.1 |
0.2 |
0.1 |
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Total taxation |
0.1 |
0.1 |
0.1 |
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Net profit |
0.0 |
0.1 |
0.0 |
Annual Balance Sheet
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 |
1.9 |
1.9 |
2.0 |
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Provision for pensions |
0.1 |
0.1 |
0.1 |
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Mortgages and loans |
1.3 |
1.7 |
1.2 |
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Other long-term liabilities |
0.0 |
0.0 |
0.0 |
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Trade creditors |
5.9 |
5.8 |
5.0 |
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Bank loans and overdrafts |
3.9 |
2.5 |
3.3 |
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Other current liabilities |
0.1 |
0.1 |
0.1 |
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Accruals and deferred income |
0.1 |
0.1 |
0.1 |
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Total current
liabilities |
10.0 |
8.5 |
8.5 |
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Total liabilities
(including net worth) |
13.2 |
12.2 |
11.8 |
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Intangibles |
0.0 |
0.0 |
0.0 |
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Buildings |
2.7 |
2.6 |
2.5 |
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Total tangible
fixed assets |
3.8 |
3.5 |
3.4 |
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Long-term investments |
0.0 |
0.0 |
0.0 |
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Total financial
assets |
0.0 |
0.0 |
0.0 |
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Receivables due after 1 year |
0.0 |
0.0 |
0.1 |
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Total non-current
assets |
3.9 |
3.6 |
3.6 |
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Finished goods |
0.3 |
0.2 |
0.7 |
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Net stocks and work in progress |
1.5 |
1.5 |
2.0 |
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Trade debtors |
5.4 |
3.7 |
4.8 |
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Other receivables |
0.6 |
0.7 |
0.6 |
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Cash and liquid assets |
1.7 |
2.5 |
0.6 |
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Accruals |
0.2 |
0.2 |
0.3 |
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Total current
assets |
9.3 |
8.6 |
8.3 |
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Total assets |
13.2 |
12.2 |
11.8 |
Annual Ratios
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 |
0.90 |
1.00 |
1.00 |
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Quick ratio |
0.80 |
0.80 |
0.70 |
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Current liabilities to net worth |
0.05% |
0.04% |
0.04% |
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Sales per employee |
2.40 |
2.19 |
1.80 |
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Profit per employee |
0.01 |
0.01 |
0.01 |
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Average wage per employee |
0.04 |
0.04 |
0.03 |
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Net worth |
1.9 |
1.9 |
2.0 |
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Number of employees |
11 |
10 |
9 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.16 |
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1 |
Rs.70.86 |
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Euro |
1 |
Rs.70.86 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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%)