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Report Date : |
08.08.2013 |
IDENTIFICATION DETAILS
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Name : |
OLTREMARE SRL |
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Registered Office : |
Via Dell' Industria 17/19 Calderara Di Reno, 40012 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
27.07.1960 |
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Com. Reg. No.: |
00290520378 |
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Legal Form : |
Private Independent |
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Line of Business : |
Manufacture of machinery for food, beverage and tobacco processing |
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No. of Employees : |
22 |
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, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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, highly subsidized, agricultural south, where unemployment is
high. 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 its exceptionally high public debt
and structural impediments to growth have rendered it vulnerable to scrutiny by
financial markets. Public debt has increased steadily since 2007, topping 126%
of GDP in 2012, and investor concerns about the broader euro-zone crisis at
times have caused borrowing costs on sovereign government debt to rise to
euro-era. During the second half of 2011 the government passed three austerity
packages to reduce its budget deficit and help bring down borrowing costs.
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 sustain its recent efforts to address
Italy's long-standing structural impediments to growth, such as labor market
inefficiencies and widespread tax evasion. In 2012 economic growth and labor
market conditions deteriorated, with growth at -2.3% and unemployment rising to
nearly 11%, with youth unemployment around 35%. The government has undertaken
several reform initiatives designed to increase long-term economic growth.
Italy's GDP is now 7% below its 2007 pre-crisis level.
Source
: CIA
Oltremare SRL
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Business
Description
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Oltremare SRL is primarily engaged in manufacture of agricultural
dryers; manufacture of machinery for the dairy industry (cream separators;
milk processing machinery (homogenisers and irradiators); milk converting
machinery (butter churns, butter workers and moulding machines); cheese-making
machines (homogenisers, moulders, presses, etc.); manufacture of machinery
for the grain milling industry (winnowers, sieving belts, cyclone separators,
aspirator separators, grain brushing machines and the like; grinding mills,
“breading” rolls or mills, feeders, sifters, bran cleaners, blenders,
rice hullers, pea splitters); manufacture of presses, crushers, etc. used to
make wine, cider, fruit juices, etc.; manufacture of machinery for the bakery
industry or for making macaroni, spaghetti or similar products (manufacture
of non-electric bakery ovens, dough mixers, dough-dividers, moulders,
slicers, cake depositing machines, etc.); manufacture of machines and
equipment to process diverse food (machinery to make confectionery, cocoa or
chocolate; to manufacture sugar; for breweries; to process meat or poultry;
to prepare fruit, nuts or vegetables; to prepare fish, shell fish or other
sea-food; other machinery for the industrial preparation or manufacture of
food or drink; manufacture of machinery for the extraction or preparation of
animal or vegetable fats or oils; manufacture of machinery for the
preparation of tobacco and for the making of cigarettes or cigars, or for
pipe or chewing tobacco or snuff; and manufacture of machinery for the
preparation of food in hotels and restaurants. |
Industry
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Industry |
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ANZSIC 2006: |
2469 - Other Specialised Machinery and Equipment
Manufacturing |
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ISIC Rev 4: |
2825 - Manufacture of machinery for food, beverage
and tobacco processing |
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NACE Rev 2: |
2893 - Manufacture of machinery for food, beverage
and tobacco processing |
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NAICS 2012: |
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UK SIC 2007: |
2893 - Manufacture of machinery for food, beverage
and tobacco processing |
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US SIC 1987: |
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
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Executives
Report
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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 |
12.5 |
13.2 |
7.1 |
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Net sales |
12.9 |
13.4 |
7.0 |
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Other operating income |
0.0 |
0.0 |
0.1 |
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Raw materials and consumables employed |
6.9 |
7.7 |
2.9 |
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Other expenses |
3.0 |
3.4 |
2.3 |
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Total payroll costs |
2.0 |
1.5 |
1.3 |
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Fixed asset depreciation and amortisation |
0.1 |
0.1 |
0.1 |
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Other operating costs |
0.0 |
0.1 |
0.1 |
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Net operating income |
0.4 |
0.5 |
0.3 |
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Total financial income |
0.0 |
- |
0.0 |
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Total expenses |
0.2 |
0.2 |
0.2 |
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Profit before tax |
0.2 |
0.4 |
0.1 |
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Extraordinary result |
- |
0.0 |
0.0 |
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Profit after extraordinary items and before tax |
0.2 |
0.3 |
0.1 |
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Total taxation |
0.2 |
0.2 |
0.1 |
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Net profit |
0.0 |
0.2 |
0.0 |
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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 |
1.3 |
1.3 |
1.2 |
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Provision for pensions |
0.4 |
0.4 |
0.5 |
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Mortgages and loans |
0.3 |
- |
- |
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Other long-term liabilities |
- |
- |
0.1 |
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Trade creditors |
4.2 |
- |
- |
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Bank loans and overdrafts |
4.0 |
- |
- |
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Other current liabilities |
5.1 |
10.0 |
8.7 |
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Accruals and deferred income |
0.2 |
0.1 |
0.1 |
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Total current liabilities |
13.4 |
10.1 |
8.8 |
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Total liabilities (including net worth) |
15.4 |
11.8 |
10.6 |
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Intangibles |
- |
0.0 |
0.1 |
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Total tangible fixed assets |
0.1 |
0.1 |
0.1 |
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Long-term investments |
0.3 |
- |
- |
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Total financial assets |
0.3 |
0.3 |
0.1 |
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Total non-current assets |
0.5 |
0.4 |
0.3 |
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Finished goods |
2.2 |
- |
- |
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Net stocks and work in progress |
4.0 |
3.7 |
4.0 |
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Trade debtors |
8.3 |
- |
- |
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Other receivables |
1.8 |
6.9 |
6.0 |
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Cash and liquid assets |
0.8 |
0.1 |
0.2 |
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Marketable securities |
- |
0.8 |
- |
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Accruals |
0.0 |
- |
0.1 |
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Total current assets |
14.9 |
11.4 |
10.3 |
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Total assets |
15.4 |
11.8 |
10.6 |
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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 |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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|
|
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Current ratio |
1.10 |
1.10 |
1.20 |
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Quick ratio |
0.80 |
0.80 |
0.70 |
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Current liabilities to net worth |
0.11% |
0.08% |
0.07% |
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Sales per employee |
0.33 |
0.53 |
0.26 |
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Profit per employee |
0.00 |
- |
- |
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Average wage per employee |
0.05 |
0.06 |
0.05 |
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Net worth |
1.3 |
1.3 |
1.2 |
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Number of employees |
28 |
- |
- |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.39 |
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|
1 |
Rs.94.17 |
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Euro |
1 |
Rs.81.70 |
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 |
-- |
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.