MIRA INFORM REPORT

 

 

Report Date :

02.10.2012

 

IDENTIFICATION DETAILS

 

Name :

T.I.A.C. THE INTERNATIONAL ABRASIVE CO. SRL

 

 

 

Registered Office :

Via Monte Cervino 2 Bollate, 20021

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

13.10.1950

 

 

Com. Reg. No.:

00695850156

 

 

Legal Form :

Private Independent

 

 

Line of Business :

Manufacture of millstones, sharpening or polishing stones and natural or artificial abrasive products including abrasive products on a soft base.

 

 

No. of Employees :

44

 

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 :

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Italy

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

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 and address

 

Top of Form

Bottom of Form

T.I.A.C. The International Abrasive Co. SRL

                                                                                                                                                     

 

Via Monte Cervino 2

 

 

Bollate, 20021

Italy

 

Tel:

+39 0238 302324

Fax:

+39 0233 300436

 

 

 

Employees:

44

Company Type:

Private Independent

 

 

Incorporation Date:

13-Oct-1950

Financials in:

USD (mil)

 

 

Fiscal Year End:

31-Dec-2010

Reporting Currency:

Euro

Annual Sales:

6.9

Total Assets:

10.8

                                      

Business Description       

 

T.I.A.C. The International Abrasive Co. SRL is primarily engaged in manufacture of millstones, sharpening or polishing stones and natural or artificial abrasive products including abrasive products on a soft base.

          

Industry                                                                                                                               

 

Industry

Construction - Supplies and Fixtures

ANZSIC 2006:

2090 - Other Non-Metallic Mineral Product Manufacturing

NACE 2002:

2681 - Production of abrasive products

NAICS 2002:

327910 - Abrasive Product Manufacturing

UK SIC 2003:

2681 - Production of abrasive products

UK SIC 2007:

2391 - Production of abrasive products

US SIC 1987:

3291 - Abrasive Products

                      

Key Executives           

   

 

Name

Title

Carlo Doniselli

President

Luigi Cocchiaro

Member of the board

Andrea Doniselli

Member of the board

Giovani Doniselli

Member of the board

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

 

Corporate Overview

 

Location
Via Monte Cervino 2
Bollate, 20021
Italy

 

Tel:

+39 0238 302324

Fax:

+39 0233 300436

 

Suggest Company URL

 

Sales EUR(mil):

5.2

Assets EUR(mil):

8.0

Employees:

44

Fiscal Year End:

31-Dec-2010

 

Industry:

Construction - Supplies and Fixtures

Incorporation Date:

13-Oct-1950

Company Type:

Private Independent

Quoted Status:

Not Quoted

Registered No.(ITA):

00695850156

 

President:

Carlo Doniselli

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

 

ANZSIC 2006 Codes:

2090

-

Other Non-Metallic Mineral Product Manufacturing

2029

-

Other Ceramic Product Manufacturing

6999

-

Other Professional, Scientific and Technical Services Not Elsewhere Classified

 

NACE 2002 Codes:

2681

-

Production of abrasive products

2621

-

Manufacture of ceramic household and ornamental articles

2622

-

Manufacture of ceramic sanitary fixtures

2630

-

Manufacture of ceramic tiles and flags

2682

-

Manufacture of other non-metallic mineral products not elsewhere classified

7487

-

Other business activities not elsewhere classified

 

NAICS 2002 Codes:

327910

-

Abrasive Product Manufacturing

327112

-

Vitreous China, Fine Earthenware, and Other Pottery Product Manufacturing

327122

-

Ceramic Wall and Floor Tile Manufacturing

5619

-

Other Support Services

327111

-

Vitreous China Plumbing Fixture and China and Earthenware Bathroom Accessories Manufacturing

327999

-

All Other Miscellaneous Nonmetallic Mineral Product Manufacturing

 

US SIC 1987:

3291

-

Abrasive Products

3253

-

Ceramic Wall and Floor Tile

3261

-

Vitreous China Plumbing Fixtures and China and Earthenware Fittings and Bathroom Accessories

3269

-

Pottery Products, Not Elsewhere Classified

3299

-

Nonmetallic Mineral Products, Not Elsewhere Classified

7389

-

Business Services, Not Elsewhere Classified

 

UK SIC 2003:

2681

-

Production of abrasive products

7487

-

Other business activities not elsewhere classified

2682

-

Manufacture of other non-metallic mineral products not elsewhere classified

2621

-

Manufacture of ceramic household and ornamental articles

2630

-

Manufacture of ceramic tiles and flags

2622

-

Manufacture of ceramic sanitary fixtures

 

UK SIC 2007:

2391

-

Production of abrasive products

2399

-

Manufacture of other non-metallic mineral products n.e.c.

2342

-

Manufacture of ceramic sanitary fixtures

2331

-

Manufacture of ceramic tiles and flags

2341

-

Manufacture of ceramic household and ornamental articles

8299

-

Other business support service activities n.e.c.

 

 

Business Description

T.I.A.C. The International Abrasive Co. SRL is primarily engaged in manufacture of millstones, sharpening or polishing stones and natural or artificial abrasive products including abrasive products on a soft base.

 

 

 

 

 

 

 

 

Financial Data

 

Financials in:

EUR(mil)

 

Revenue:

5.2

Assets:

8.0

Current Assets:

3.7

 

Total Liabilities:

8.0

 

Net Worth:

6.0

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

47.6%

NA

Key Corporate Relationships

Bank:

Intesa Sanpaolo Ag

 

 

 

 

 

 

 

 

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

Luigi Cocchiaro

 

Member of the board

Director/Board Member

Andrea Doniselli

 

Member of the board

Director/Board Member

Giovani Doniselli

 

Member of the board

Director/Board Member

 

Executives

 

Name

Title

Function

Carlo Doniselli

 

President

President

 

 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

7.1

4.9

10.0

Net sales

6.9

4.9

9.9

Other operating income

0.2

0.0

0.1

Raw materials and consumables employed

2.4

1.7

3.6

Other expenses

1.6

1.5

1.9

Total payroll costs

2.3

2.2

2.8

Fixed asset depreciation and amortisation

0.4

0.4

0.3

Other operating costs

0.3

0.3

0.3

Net operating income

0.1

-1.1

1.1

Total financial income

0.0

0.1

0.1

Profit before tax

0.1

-1.0

1.1

Extraordinary result

-

-

0.1

Profit after extraordinary items and before tax

0.1

-1.0

1.3

Total taxation

0.1

0.0

0.6

Net profit

-

-

0.7

Net loss

0.0

1.0

-

 

 

 

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

8.1

8.6

9.3

Provision for risks

0.2

0.2

0.2

Provision for pensions

1.0

1.0

1.1

Trade creditors

-

0.5

1.3

Bank loans and overdrafts

-

0.0

0.0

Other current liabilities

1.5

0.5

1.9

Total current liabilities

1.5

1.1

3.2

Total liabilities (including net worth)

10.8

10.9

13.8

Intangibles

0.0

0.0

0.0

Buildings

-

-

4.3

Total tangible fixed assets

4.8

5.1

5.1

Long-term investments

-

-

0.0

Total financial assets

0.0

0.0

0.0

Receivables due after 1 year

0.9

0.9

1.0

Total non-current assets

5.8

6.1

6.2

Finished goods

-

-

0.2

Net stocks and work in progress

0.6

0.6

0.6

Trade debtors

3.4

2.4

4.2

Other receivables

0.2

0.4

0.5

Cash and liquid assets

0.8

1.4

2.3

Accruals

0.0

0.0

0.0

Total current assets

5.0

4.8

7.7

Total assets

10.8

10.9

13.8

 

 

 

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

3.30

4.50

2.40

Quick ratio

2.90

3.90

2.20

Current liabilities to net worth

0.00%

0.00%

0.00%

Sales per employee

0.12

0.08

0.16

Profit per employee

0.00

-0.02

-

Average wage per employee

0.04

0.04

0.04

Net worth

8.1

8.6

9.3

Number of employees

44

42

-

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.78

UK Pound

1

Rs.85.16

Euro

1

Rs.67.78

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.