MIRA INFORM REPORT
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Report Date : |
05.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
GRUPPO MASTROTTO SPA |
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Registered Office : |
Via Iv Strada 7, Arzignano, 36071 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
02.04.1992 |
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Com. Reg. No.: |
02629600244 |
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Legal Form : |
Public Subsidiary Company |
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Line of Business : |
production of tanned leather; manufacture of
chamois dressed, parchment dressed, patent or metallised leathers; and
manufacture of composition leather |
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No. of Employees : |
822 employees |
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 : |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 & address
Gruppo Mastrotto SpA
Via Iv Strada 7
Arzignano, 36071
Italy
Tel: +39 0444 476200
Fax: 39 0444 621201
Web: www.mastrotto.com
Synthesis
Employees: 822
Company Type: Public Subsidiary
Corporate Family: 9
Companies
Ultimate Parent: Rino
Mastrotto Group S.p.A.
Incorporation Date:
02-Apr-1992
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Euro
Annual Sales: 312.3
Total Assets: 298.8
Business Description
Gruppo Mastrotto SpA is primarily engaged in production of tanned
leather; manufacture of chamois dressed, parchment dressed, patent or
metallised leathers; and manufacture of composition leather.
Industry
Industry Apparel and Accessories
ANZSIC 2006: 1320 - Leather
Tanning, Fur Dressing and Leather Product Manufacturing
NACE 2002: 1910 - Tanning and
dressing of leather
NAICS 2002: 316110 - Leather
and Hide Tanning and Finishing
UK SIC 2003: 1910 - Tanning and
dressing of leather
UK SIC 2007: 1511 - Tanning and
dressing of leather; dressing and dyeing of fur
US SIC 1987: 3111 - Leather
Tanning and Finishing
Key Executives
|
Name |
Title |
|
Santo Mastrotto |
President |
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Bruno Mastrotto |
Vice president |
|
Roberto Albanello |
Executive |
|
Alberto Antolini |
Executive |
|
Luca Bazzan |
Executive |
Registered No.(ITA): 02629600244
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 Iv Strada 7
Arzignano, 36071
Italy
Tel: +39 0444 476200
Fax: 39 0444 621201
Web: www.mastrotto.com
Sales EUR(mil): 224.6
Assets EUR(mil): 230.2
Employees: 822
Fiscal Year End: 31-Dec-2011
Industry: Apparel
and Accessories
Incorporation Date: 02-Apr-1992
Company Type: Public
Subsidiary
Quoted Status: Not
Quoted
Registered No.(ITA): 02629600244
President: Santo
Mastrotto
Contents
· Industry Codes
· Business Description
· Financial Data
· Subsidiaries
· Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
1320 - Leather Tanning, Fur Dressing and Leather Product
Manufacturing
32 - Construction Services
2700 - Gas Supply
323 - Building Installation Services
NACE 2002 Codes:
1910 - Tanning and dressing of leather
4022 - Distribution and trade of gaseous fuels through mains
4525 - Other construction work involving special trades
4533 - Plumbing
NAICS 2002 Codes:
316110 - Leather and Hide Tanning and Finishing
238 - Specialty Trade Contractors
238220 - Plumbing, Heating, and Air-Conditioning Contractors
221210 - Natural Gas Distribution
US SIC 1987:
3111 - Leather Tanning and Finishing
4923 - Natural Gas Transmission and Distribution
179 - Miscellaneous Special Trade Contractors
1711 - Plumbing, Heating and Air-Conditioning
UK SIC 2003:
1910 - Tanning and dressing of leather
4022 - Distribution and trade of gaseous fuels through mains
4533 - Plumbing
4525 - Other construction work involving special trades
UK SIC 2007:
1511 - Tanning and dressing of leather; dressing and dyeing of fur
4322 - Plumbing, heat and air-conditioning installation
3522 - Distribution of gaseous fuels through mains
43999 - Specialised construction activities (other than scaffold
erection) n.e.c.
Business
Description
Gruppo Mastrotto
SpA is primarily engaged in production of tanned leather; manufacture of
chamois dressed, parchment dressed, patent or metallised leathers; and
manufacture of composition leather.
More Business
Descriptions
Other Leather and Allied Product Manufacturing
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Corporate
Family |
Corporate
Structure News: |
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Rino Mastrotto
Group S.p.A. |
|
Gruppo Mastrotto SpA |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Trissino |
Italy |
Apparel and Accessories |
266.7 |
497 |
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Subsidiary |
Maracanau, Ceara |
Brazil |
Apparel and Accessories |
34.7 |
280 |
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Subsidiary |
Svenljunga |
Sweden |
Apparel and Accessories |
125.0 |
150 |
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Subsidiary |
Wismar, Mecklenburg-Vorpommern |
Germany |
Apparel and Accessories |
|
40 |
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Subsidiary |
Arzignano, Vicenza |
Italy |
Electronic Instruments and Controls |
2.4 |
9 |
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Subsidiary |
Arzignano |
Italy |
Apparel and Accessories |
1.0 |
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Subsidiary |
Arzignano, Vicenza |
Italy |
Apparel and Accessories |
312.3 |
784 |
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Subsidiary |
Cachoeirinha, Bahia (Ba) |
Brazil |
Apparel and Accessories |
52.4 |
500 |
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Subsidiary |
Bogor, West Java |
Indonesia |
Apparel and Accessories |
|
150 |
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Executive report
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Executives |
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President |
President |
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Managing director |
Managing Director |
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Managing director |
Managing Director |
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Managing director |
Managing Director |
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Managing director |
Managing Director |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Vice president |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Annual Profit & Loss
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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 |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Total income |
316.7 |
342.7 |
300.9 |
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Net sales |
312.3 |
335.6 |
302.5 |
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Other operating income |
4.1 |
3.8 |
3.7 |
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Raw materials and consumables employed |
188.2 |
209.3 |
161.1 |
|
Other expenses |
55.1 |
63.8 |
63.7 |
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Total payroll costs |
51.7 |
54.0 |
48.5 |
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Fixed asset depreciation and amortisation |
10.5 |
8.5 |
10.5 |
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Other operating costs |
0.8 |
0.7 |
0.7 |
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Net operating income |
10.4 |
6.3 |
16.5 |
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Total financial income |
2.3 |
11.2 |
4.6 |
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Total expenses |
2.7 |
3.9 |
5.7 |
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Profit before tax |
10.0 |
13.6 |
15.4 |
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Extraordinary result |
-1.8 |
-10.2 |
-7.7 |
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Profit after extraordinary items and before tax |
8.3 |
3.4 |
7.7 |
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Total taxation |
4.8 |
2.4 |
5.4 |
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Net profit |
3.5 |
1.0 |
2.3 |
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 |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Total stockholders equity |
106.4 |
106.6 |
112.9 |
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Provision for risks |
10.4 |
19.1 |
8.0 |
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Provision for pensions |
6.9 |
7.8 |
8.7 |
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Mortgages and loans |
- |
0.4 |
2.8 |
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Other long-term liabilities |
75.5 |
65.0 |
94.4 |
|
Trade creditors |
33.0 |
41.7 |
45.8 |
|
Bank loans and overdrafts |
12.3 |
9.8 |
6.0 |
|
Other current liabilities |
54.4 |
61.8 |
52.2 |
|
Accruals and deferred income |
0.0 |
0.0 |
0.1 |
|
Total current liabilities |
99.6 |
113.3 |
104.1 |
|
Total liabilities (including net worth) |
298.8 |
312.3 |
330.8 |
|
Intangibles |
1.5 |
0.7 |
1.0 |
|
Buildings |
44.0 |
47.4 |
52.1 |
|
Total tangible fixed assets |
58.6 |
65.4 |
71.1 |
|
Long-term investments |
39.1 |
39.9 |
42.0 |
|
Total financial assets |
42.0 |
40.9 |
43.7 |
|
Receivables due after 1 year |
0.7 |
0.3 |
0.2 |
|
Loans to associated companies |
0.1 |
0.1 |
0.1 |
|
Total non-current assets |
102.8 |
107.3 |
115.9 |
|
Finished goods |
53.9 |
55.4 |
55.7 |
|
Net stocks and work in progress |
92.8 |
99.2 |
105.2 |
|
Trade debtors |
59.8 |
72.2 |
73.0 |
|
Other receivables |
26.5 |
32.0 |
32.8 |
|
Cash and liquid assets |
16.6 |
1.4 |
3.8 |
|
Accruals |
0.3 |
0.1 |
0.2 |
|
Total current assets |
196.0 |
205.0 |
214.9 |
|
Total assets |
298.8 |
312.3 |
330.8 |
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 |
2.00 |
1.80 |
2.10 |
|
Quick ratio |
1.00 |
0.90 |
1.10 |
|
Current liabilities to net worth |
0.01% |
0.01% |
0.01% |
|
Sales per employee |
0.27 |
0.29 |
0.27 |
|
Profit per employee |
0.01 |
0.00 |
0.01 |
|
Average wage per employee |
0.05 |
0.05 |
0.04 |
|
Net worth |
106.4 |
106.6 |
112.9 |
|
Number of employees |
822 |
885 |
808 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.54 |
|
UK Pound |
1 |
Rs.88.23 |
|
Euro |
1 |
Rs.70.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.