|
Report Date : |
13.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
INCO INDUSTRIA COLORI SPA |
|
|
|
|
Registered Office : |
Via Montebonello 19/21 Madonna Baldaccini Pavullo Nel Frignano, 41026 |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
22.07.1987 |
|
|
|
|
Com. Reg. No.: |
01304030354 |
|
|
|
|
Legal Form : |
Public Independent |
|
|
|
|
Line of Business : |
Manufacture of paints, varnishes and similar coatings, printing ink and mastics |
|
|
|
|
No. of Employees : |
48 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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, 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
Inco Industria
Colori SpA
|
|
|
||||||||||||||||||||||||||||||||||||||||||
Business
Description
|
Inco Industria Colori SpA is primarily engaged in manufacture of
paints, varnishes and similar coatings; manufacture of printing ink; and
manufacture of mastics and sealants. |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
ISIC Rev 4: |
2022 - Manufacture of paints, varnishes and similar
coatings, printing ink and mastics |
|
NACE Rev 2: |
2030 - Manufacture of paints, varnishes and similar
coatings, printing ink and mastics |
|
NAICS 2012: |
|
|
UK SIC 2007: |
2030 - Manufacture of paints, varnishes and similar
coatings, printing ink and mastics |
|
US SIC 1987: |
2851 - Paints, Varnishes, Lacquers, Enamels, and
Allied Products |
Key Executives
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Executives
Report
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total income |
46.3 |
38.0 |
28.1 |
|
Net sales |
47.2 |
38.3 |
29.2 |
|
Other operating income |
0.1 |
0.2 |
0.1 |
|
Raw materials and consumables employed |
33.4 |
26.6 |
18.7 |
|
Other expenses |
6.3 |
5.6 |
4.7 |
|
Total payroll costs |
2.5 |
2.0 |
1.9 |
|
Fixed asset depreciation and amortisation |
2.1 |
1.9 |
1.8 |
|
Other operating costs |
0.3 |
0.3 |
0.6 |
|
Net operating income |
1.7 |
1.6 |
0.5 |
|
Total financial income |
0.0 |
-0.5 |
0.2 |
|
Total expenses |
0.3 |
0.3 |
0.4 |
|
Profit before tax |
1.4 |
0.9 |
0.3 |
|
Extraordinary result |
0.0 |
-0.1 |
-0.1 |
|
Profit after extraordinary items and before tax |
1.4 |
0.8 |
0.2 |
|
Total taxation |
0.8 |
0.4 |
0.2 |
|
Net profit |
0.6 |
0.4 |
0.0 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total stockholders equity |
18.8 |
18.9 |
19.8 |
|
Provision for risks |
0.0 |
0.0 |
0.1 |
|
Provision for pensions |
0.6 |
0.6 |
0.6 |
|
Mortgages and loans |
2.9 |
2.9 |
3.3 |
|
Other long-term liabilities |
0.6 |
0.8 |
0.9 |
|
Trade creditors |
9.4 |
12.4 |
11.7 |
|
Bank loans and overdrafts |
4.6 |
2.9 |
2.4 |
|
Other current liabilities |
0.9 |
1.5 |
1.8 |
|
Accruals and deferred income |
0.3 |
0.9 |
0.8 |
|
Total current liabilities |
15.3 |
17.7 |
16.7 |
|
Total liabilities (including net worth) |
38.3 |
41.0 |
41.3 |
|
Intangibles |
0.3 |
0.4 |
0.5 |
|
Buildings |
9.1 |
9.7 |
10.9 |
|
Total tangible fixed assets |
11.4 |
11.5 |
12.9 |
|
Long-term investments |
1.1 |
1.2 |
1.2 |
|
Total financial assets |
1.1 |
1.2 |
1.2 |
|
Receivables due after 1 year |
0.0 |
0.0 |
0.0 |
|
Total non-current assets |
12.9 |
13.0 |
14.7 |
|
Finished goods |
2.3 |
3.3 |
4.1 |
|
Net stocks and work in progress |
2.4 |
3.4 |
4.4 |
|
Trade debtors |
20.9 |
20.4 |
19.1 |
|
Other receivables |
1.2 |
1.5 |
0.6 |
|
Cash and liquid assets |
0.8 |
1.8 |
1.5 |
|
Accruals |
0.0 |
0.9 |
1.0 |
|
Total current assets |
25.4 |
28.0 |
26.6 |
|
Total assets |
38.3 |
41.0 |
41.3 |
|
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 |
1.70 |
1.60 |
1.60 |
|
Quick ratio |
1.50 |
1.40 |
1.30 |
|
Current liabilities to net worth |
0.01% |
0.01% |
0.01% |
|
Sales per employee |
0.65 |
0.57 |
0.49 |
|
Profit per employee |
0.02 |
0.01 |
0.00 |
|
Average wage per employee |
0.03 |
0.03 |
0.03 |
|
Net worth |
18.8 |
18.9 |
19.8 |
|
Number of employees |
52 |
51 |
43 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.94.21 |
|
Euro |
1 |
Rs.81.03 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.