MIRA INFORM REPORT
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Report Date : |
27.08.2013 |
IDENTIFICATION DETAILS
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Name : |
FIMINOX SPA
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Registered Office : |
Via Carpiano
18, Melegnano, 20077 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
09.07.1971 |
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Com. Reg. No.: |
00925070153 |
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Legal Form : |
Public
Independent Company |
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Line of Business : |
wholesaler of ferrous
and non-ferrous metal ores Wholesaler of ferrous
and non-ferrous metals in primary forms Wholesaler of
ferrous and non-ferrous semi-finished metal products |
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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 : |
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 – 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.
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Source : CIA |
Company name & address
Fiminox SpA
Via Carpiano 18
Melegnano, 20077
Italy
Tel: +39 0298 033501
Fax: +39 0298 033502
syntheiss
Employees: 22
Company Type: Public
Independent
Incorporation
Date: 09-Jan-1971
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2012
Reporting
Currency: Euro
Annual Sales: 8.0
Total Assets: 18.7
Business Description
Fiminox SpA is
primarily engaged in wholesale of ferrous and non-ferrous metal ores; wholesale
of ferrous and non-ferrous metals in primary forms; wholesale of ferrous and
non-ferrous semi-finished metal products not elsewhere classified; and
wholesale of gold and other precious metals.
Industry
Industry
Metals and Minerals Wholesale
ANZSIC 2006: 3322 - Metal and Mineral Wholesaling
ISIC Rev 4: 4662 - Wholesale of metals and metal
ores
NACE Rev 2: 4672 - Wholesale of metals and metal ores
NAICS 2012: 423520 - Coal and Other Mineral and Ore
Merchant Wholesalers
UK SIC 2007: 4672 - Wholesale of metals and metal ores
US SIC 1987: 5051 - Metals Service Centers and Offices
Key Executives
Name Title
Stefano Bettinelli President
Chiara Bettinelli Member of the board
Maria Grazia Bettinelli Member of the board
Luigi Bettinelli Member of the board
Silvia Bettinelli Member of the board
1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7782366
2 - Balance Sheet
Item Exchange Rate: USD 1 = EUR 0.7566
Corporate Overview
Location
Via Carpiano 18
Melegnano, 20077
Italy
Tel: +39 0298 033501
Fax: +39 0298 033502
Sales EUR(mil): 6.2
Assets EUR(mil): 14.1
Employees: 22
Fiscal Year End: 31-Dec-2012
Industry: Miscellaneous Capital
Goods
Incorporation
Date: 09-Jan-1971
Company Type: Public Independent
Quoted Status: Not Quoted
Registered
No.(ITA): 00925070153
President: Stefano Bettinelli
Industry Codes
ANZSIC 2006
Codes:
3322 - Metal
and Mineral Wholesaling
3339 - Other
Hardware Goods Wholesaling
ISIC Rev 4 Codes:
4662 - Wholesale
of metals and metal ores
4663 - Wholesale
of construction materials, hardware, plumbing and heating equipment and
supplies
NACE Rev 2 Codes:
4672 - Wholesale
of metals and metal ores
4674 - Wholesale
of hardware, plumbing and heating equipment and supplies
NAICS 2012 Codes:
423520 - Coal
and Other Mineral and Ore Merchant Wholesalers
4237 - Hardware,
and Plumbing and Heating Equipment and Supplies Merchant Wholesalers
US SIC 1987:
5051 - Metals
Service Centers and Offices
507 - Hardware,
and Plumbing and Heating Equipment
UK SIC 2007:
4672 - Wholesale
of metals and metal ores
4674 - Wholesale
of hardware, plumbing and heating equipment and supplies
Business Description
Fiminox SpA is
primarily engaged in wholesale of ferrous and non-ferrous metal ores; wholesale
of ferrous and non-ferrous metals in primary forms; wholesale of ferrous and
non-ferrous semi-finished metal products not elsewhere classified; and
wholesale of gold and other precious metals.
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Executive report
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Board of
Directors |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Executives |
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President |
President |
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Managing director |
Managing Director |
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Annual Profit & Loss
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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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) |
0.778237 |
0.71919 |
0.755078 |
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Consolidated |
No |
No |
No |
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Total income |
8.2 |
10.7 |
10.7 |
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Net sales |
8.0 |
10.3 |
10.6 |
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Other operating income |
0.3 |
0.4 |
0.1 |
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Raw materials and consumables employed |
4.9 |
6.3 |
6.8 |
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Other expenses |
1.0 |
1.6 |
1.3 |
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Total payroll costs |
1.5 |
1.8 |
1.6 |
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Fixed asset depreciation and amortisation |
0.3 |
0.3 |
0.3 |
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Other operating costs |
0.1 |
0.1 |
0.1 |
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Net operating
income |
0.4 |
0.6 |
0.6 |
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Total financial
income |
0.0 |
0.0 |
0.0 |
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Total expenses |
0.3 |
0.4 |
0.4 |
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Profit before tax |
0.1 |
0.3 |
0.3 |
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Extraordinary result |
0.1 |
- |
- |
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Profit after extraordinary items and
before tax |
0.2 |
0.3 |
0.3 |
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Total taxation |
0.1 |
0.2 |
0.2 |
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Net profit |
0.1 |
0.1 |
0.1 |
Annual Balance Sheet
Financials in: USD (mil)
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
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Consolidated |
No |
No |
No |
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Total
stockholders equity |
10.5 |
10.2 |
10.5 |
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Provision for risks |
0.0 |
0.0 |
0.0 |
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Provision for pensions |
0.6 |
0.6 |
0.6 |
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Mortgages and loans |
5.6 |
5.1 |
5.6 |
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Trade creditors |
0.8 |
0.6 |
1.9 |
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Bank loans and overdrafts |
0.8 |
1.4 |
0.9 |
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Other current liabilities |
0.3 |
0.3 |
0.3 |
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Accruals and deferred income |
0.0 |
0.0 |
0.0 |
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Total current
liabilities |
2.0 |
2.4 |
3.2 |
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Total
liabilities (including net worth) |
18.7 |
18.3 |
19.8 |
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Intangibles |
0.0 |
0.1 |
0.1 |
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Buildings |
10.3 |
9.4 |
9.9 |
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Total tangible
fixed assets |
10.9 |
10.1 |
10.8 |
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Total financial
assets |
0.1 |
- |
- |
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Receivables due after 1 year |
0.0 |
- |
0.0 |
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Total
non-current assets |
11.0 |
10.2 |
10.9 |
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Finished goods |
3.9 |
3.8 |
2.8 |
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Net stocks and work in progress |
3.9 |
3.8 |
2.8 |
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Trade debtors |
3.3 |
3.5 |
4.4 |
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Other receivables |
0.2 |
0.6 |
0.2 |
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Cash and liquid assets |
0.2 |
0.1 |
1.6 |
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Accruals |
0.0 |
- |
0.0 |
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Total current assets |
7.7 |
8.1 |
9.0 |
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Total assets |
18.7 |
18.3 |
19.8 |
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Annual Ratios
Financials in: USD (mil)
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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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 |
0.7566 |
0.770327 |
0.745406 |
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Consolidated |
No |
No |
No |
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Current ratio |
3.90 |
3.40 |
2.80 |
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Quick ratio |
1.90 |
1.80 |
2.00 |
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Current liabilities to net worth |
0.00% |
0.00% |
0.00% |
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Sales per employee |
0.28 |
0.32 |
0.35 |
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Profit per employee |
0.01 |
0.01 |
0.01 |
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Average wage per employee |
0.05 |
0.06 |
0.05 |
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Net worth |
10.5 |
10.2 |
10.5 |
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Number of employees |
22 |
23 |
23 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.23 |
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UK Pound |
1 |
Rs.100.01 |
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Euro |
1 |
Rs.85.93 |
INFORMATION DETAILS
|
Report Prepared by
: |
MNL |
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.