MIRA
INFORM REPORT
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Report Date : |
16.10.2012 |
IDENTIFICATION DETAILS
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Name : |
ENERGY COAL SPA |
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Registered Office : |
Via San Vincenzo 2 Genova, 16121 |
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Country : |
Italy |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
01.04.1997 |
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Com. Reg. No.: |
03647280100 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Wholesale of petroleum and petroleum products |
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No. of Employees : |
26 |
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 : |
Slow but correct |
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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.
Source
: CIA
Company name and address
Energy Coal SpA
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Business Description
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Energy Coal SpA is primarily engaged in wholesale of petroleum and
petroleum products; and wholesale of other fuels and related products. |
Industry
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Industry |
Miscellaneous
Capital Goods |
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ANZSIC 2006: |
3322 - Metal and Mineral Wholesaling |
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NACE 2002: |
5152 - Wholesale of metals and ores |
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NAICS 2002: |
423520 - Coal and Other Mineral and Ore
Merchant Wholesalers |
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UK SIC 2003: |
5152 - Wholesale of metals and ores |
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UK SIC 2007: |
4672 - Wholesale of metals and metal ores |
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US SIC 1987: |
5052 - Coal and Other Minerals and Ores |
Key Executives
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News
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1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7347003
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6897265
Corporate Overview
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Corporate Structure News
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Energy Coal SpA |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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ICE HOLDING SRL |
Parent |
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Subsidiary |
Cairo Montenotte, Savona |
Italy |
Construction - Raw Materials |
244.3 |
308 |
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Subsidiary |
Genova, GE |
Italy |
Miscellaneous Capital Goods |
454.3 |
26 |
Executives Report
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Annual Profit & Loss
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30-Jun-2011 |
30-Jun-2010 |
30-Jun-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) |
0.7347 |
0.721483 |
0.731067 |
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Consolidated |
No |
No |
No |
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Total income |
464.5 |
330.5 |
508.5 |
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Net sales |
454.3 |
319.7 |
501.6 |
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Other operating income |
10.3 |
10.8 |
6.9 |
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Raw materials and consumables employed |
352.8 |
235.0 |
365.0 |
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Other expenses |
102.4 |
86.2 |
123.4 |
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Total payroll costs |
2.1 |
2.7 |
3.0 |
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Fixed asset depreciation and amortisation |
0.6 |
0.2 |
4.6 |
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Other operating costs |
0.5 |
0.6 |
1.0 |
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Net operating income |
6.2 |
5.7 |
11.5 |
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Total financial income |
1.7 |
-1.3 |
0.0 |
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Total expenses |
4.4 |
3.7 |
7.0 |
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Profit before tax |
3.6 |
0.7 |
4.5 |
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Extraordinary result |
-1.6 |
0.6 |
-4.3 |
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Profit after extraordinary items and before tax |
1.9 |
1.2 |
0.2 |
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Total taxation |
-0.4 |
-0.2 |
-0.8 |
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Net profit |
2.3 |
1.5 |
1.0 |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
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30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.689727 |
0.816393 |
0.712936 |
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Consolidated |
No |
No |
No |
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Total stockholders equity |
28.7 |
22.5 |
24.7 |
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Provision for risks |
6.9 |
1.6 |
2.6 |
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Provision for pensions |
0.8 |
0.6 |
1.0 |
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Mortgages and loans |
0.1 |
0.2 |
0.4 |
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Trade creditors |
32.1 |
34.2 |
27.4 |
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Bank loans and overdrafts |
163.4 |
118.8 |
122.2 |
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Other current liabilities |
39.8 |
21.4 |
41.7 |
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Accruals and deferred income |
6.3 |
0.3 |
0.2 |
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Total current liabilities |
241.5 |
174.6 |
191.6 |
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Total liabilities (including net worth) |
277.9 |
199.5 |
220.2 |
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Intangibles |
0.7 |
0.5 |
1.6 |
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Total tangible fixed assets |
0.0 |
0.0 |
0.0 |
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Long-term investments |
35.1 |
25.2 |
27.8 |
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Total financial assets |
59.4 |
41.7 |
39.7 |
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Loans to associated companies |
18.7 |
13.3 |
8.3 |
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Total non-current assets |
60.1 |
42.2 |
41.3 |
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Finished goods |
51.1 |
28.1 |
51.5 |
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Net stocks and work in progress |
51.1 |
28.1 |
51.5 |
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Trade debtors |
77.8 |
66.2 |
51.9 |
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Other receivables |
83.8 |
58.4 |
71.0 |
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Cash and liquid assets |
0.5 |
3.9 |
4.0 |
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Accruals |
4.7 |
0.6 |
0.5 |
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Total current assets |
217.8 |
157.4 |
178.9 |
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Total assets |
277.9 |
199.5 |
220.2 |
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Annual Ratios |
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Financials in:
USD (mil) |
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30-Jun-2011 |
30-Jun-2010 |
30-Jun-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 |
0.689727 |
0.816393 |
0.712936 |
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Consolidated |
No |
No |
No |
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Current ratio |
0.90 |
0.90 |
0.90 |
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Quick ratio |
0.70 |
0.70 |
0.70 |
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Current liabilities to net worth |
0.08% |
0.08% |
0.08% |
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Sales per employee |
13.35 |
9.23 |
13.10 |
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Profit per employee |
0.06 |
0.04 |
0.01 |
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Average wage per employee |
0.06 |
0.08 |
0.08 |
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Net worth |
28.7 |
22.5 |
24.7 |
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Number of employees |
25 |
25 |
28 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.12 |
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1 |
Rs.85.14 |
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Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.