MIRA
INFORM REPORT
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Report Date : |
08.09.2012 |
IDENTIFICATION DETAILS
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Name : |
COSTRUZIONI MECCANICHE LUIGI BANDERA SPA |
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Registered Office : |
Corso Sempione 120 Busto Arsizio, 21052 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.01.1947 |
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Com. Reg. No.: |
00219880127 |
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Legal Form : |
Public Independent |
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Line of Business : |
Manufacture of other special purpose machinery not elsewhere classified |
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No. of Employees : |
159 |
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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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
Costruzioni
Meccaniche Luigi Bandera SpA
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Business
Description
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Costruzioni Meccaniche Luigi Bandera SpA is primarily engaged in
manufacture of machinery for working soft rubber or plastics or for the
manufacture of products of these materials (extruders, moulders, pneumatic
tyre making or retreading machines and other machines for making a specific
rubber or plastic product); manufacture of printing and bookbinding machines;
manufacture of machinery for producing tiles, bricks, shaped ceramic pastes,
pipes, graphite electrodes, blackboard chalk, foundry moulds, etc.; manufacture
of moulding boxes for any material; mould bases; moulding patterns; moulds;
manufacture of dryers for wood, paper pulp, paper or paperboard; manufacture
of centrifugal clothes dryers; manufacture of diverse special machinery and
equipment (machines to assemble electric or electronic lamps, tubes (valves)
or bulbs; machines for production or hot-working of glass or glassware, glass
fibre or yarn; machinery or apparatus for isotopic separation; rope-making
machinery, etc.); and manufacture of industrial robots for multiple uses. |
Industry
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Industry |
Miscellaneous Capital Goods |
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ANZSIC 2006: |
2499 - Other Machinery and Equipment
Manufacturing Not Elsewhere Classified |
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NACE 2002: |
2956 - Manufacture of other special purpose
machinery not elsewhere classified |
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NAICS 2002: |
333298 - All Other Industrial Machinery
Manufacturing |
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UK SIC 2003: |
2956 - Manufacture of other special
purpose machinery not elsewhere classified |
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UK SIC 2007: |
2899 - Manufacture of other
special-purpose machinery n.e.c. |
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US SIC 1987: |
3559 - Special Industry Machinery, Not
Elsewhere Classified |
Key Executives
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1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
Corporate Overview
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Executives Report
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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 |
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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 |
82.3 |
75.9 |
55.1 |
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Net sales |
84.7 |
78.0 |
52.3 |
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Other operating income |
1.7 |
0.7 |
0.4 |
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Raw materials and consumables employed |
46.4 |
42.2 |
31.3 |
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Other expenses |
16.4 |
16.9 |
13.2 |
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Total payroll costs |
14.0 |
12.6 |
12.3 |
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Fixed asset depreciation and amortisation |
1.1 |
1.3 |
1.2 |
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Other operating costs |
0.6 |
0.4 |
0.3 |
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Net operating income |
3.8 |
2.4 |
-3.2 |
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Total financial income |
0.1 |
0.1 |
0.0 |
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Total expenses |
0.6 |
0.8 |
0.9 |
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Profit before tax |
3.3 |
1.7 |
-4.0 |
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Extraordinary result |
-0.2 |
-0.1 |
-0.2 |
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Profit after extraordinary items and before tax |
3.1 |
1.6 |
-4.2 |
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Total taxation |
1.9 |
0.9 |
0.3 |
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Net profit |
1.2 |
0.7 |
- |
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Net loss |
- |
- |
4.5 |
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Annual Balance
Sheet |
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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 |
9.2 |
8.3 |
8.2 |
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Provision for risks |
1.9 |
1.5 |
1.8 |
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Provision for pensions |
4.2 |
4.1 |
4.3 |
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Mortgages and loans |
0.5 |
5.8 |
7.6 |
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Other long-term liabilities |
6.7 |
5.5 |
7.2 |
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Trade creditors |
17.4 |
23.4 |
20.4 |
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Bank loans and overdrafts |
2.7 |
2.5 |
6.4 |
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Other current liabilities |
16.4 |
15.1 |
16.0 |
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Accruals and deferred income |
0.7 |
0.1 |
0.1 |
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Total current liabilities |
37.2 |
41.2 |
42.9 |
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Total liabilities (including net worth) |
59.7 |
66.4 |
71.8 |
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Intangibles |
0.5 |
0.5 |
0.7 |
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Buildings |
12.7 |
13.5 |
15.0 |
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Total tangible fixed assets |
13.2 |
14.1 |
15.9 |
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Long-term investments |
0.0 |
0.0 |
0.0 |
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Total financial assets |
0.6 |
0.6 |
0.7 |
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Receivables due after 1 year |
1.5 |
1.2 |
1.3 |
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Total non-current assets |
15.8 |
16.5 |
18.6 |
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Finished goods |
13.6 |
17.9 |
22.3 |
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Net stocks and work in progress |
20.5 |
25.4 |
30.1 |
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Trade debtors |
17.9 |
16.8 |
15.8 |
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Other receivables |
1.4 |
2.4 |
2.7 |
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Cash and liquid assets |
3.9 |
5.0 |
4.2 |
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Marketable securities |
- |
- |
0.0 |
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Accruals |
0.2 |
0.3 |
0.5 |
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Total current assets |
43.9 |
49.9 |
53.3 |
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Total assets |
59.7 |
66.4 |
71.8 |
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Annual Ratios |
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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 |
1.20 |
1.20 |
1.20 |
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Quick ratio |
0.60 |
0.60 |
0.50 |
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Current liabilities to net worth |
0.04% |
0.05% |
0.05% |
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Sales per employee |
0.38 |
0.38 |
0.24 |
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Profit per employee |
0.01 |
0.01 |
-0.02 |
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Average wage per employee |
0.06 |
0.06 |
0.06 |
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Net worth |
9.2 |
8.3 |
8.2 |
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Number of employees |
159 |
156 |
158 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.52 |
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1 |
Rs.88.49 |
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Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
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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.