MIRA
INFORM REPORT
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Report Date : |
17.12.2013 |
IDENTIFICATION DETAILS
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Name : |
IMAB GROUP SPA |
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Registered Office : |
Via Falasconi
92, Fermignano, 61033 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
27.05.1968 |
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Com. Reg. No.: |
00111950416 |
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Legal Form : |
Public
Independent Company |
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Line of Business : |
·
manufacturer
of special furniture for shops such as counters, display cases, shelves ·
manufacturer
of office furniture ·
manufacturer
of furniture for churches, schools, restaurants. |
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No. of Employees : |
499 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – September 30th, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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
Imab Group SpA
Via Falasconi 92
Fermignano, 61033
Italy
Tel: +39 0722 335701
Fax: +39 0722 332028
Company
summary
Employees: 499
Company Type: Public
Independent
Incorporation
Date: 27-May-1968
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2011
Reporting
Currency: Euro
Annual Sales: 120.7
Total Assets: 116.7
Business
Description
Imab Group SpA is
primarily engaged in manufacture of special furniture for shops: counters,
display cases, shelves; manufacture of office furniture; and manufacture of
furniture for churches, schools, restaurants.
Industry
Industry
Furniture Manufacturing
ANZSIC 2006: 2519 - Other Furniture Manufacturing
ISIC Rev 4: 3100 - Manufacture of furniture
NACE Rev 2: 3101 - Manufacture of office and shop
furniture
NAICS 2012: 33721 - Office Furniture (including
Fixtures) Manufacturing
UK SIC 2007: 3101 - Manufacture of office and shop
furniture
US SIC 1987: 2599 - Furniture and Fixtures, Not
Elsewhere Classified
Key
Executives
|
Name |
Title |
|
Gianfranco Bruscoli |
President |
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Alberto Bruscoli |
Member of the board |
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Marianna Bruscoli |
Member of the board |
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Oberdan Pizzoni |
Member of the board |
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 Falasconi 92
Fermignano, 61033
PESARO E URBINO County
Italy
Tel: +39
0722 335701
Fax: +39
0722 332028
Sales EUR(mil): 86.8
Assets EUR(mil): 89.9
Employees: 499
Fiscal Year End: 31-Dec-2011
Industry: Furniture and Fixtures
Incorporation Date: 27-May-1968
Company Type: Public Independent
Quoted Status: Not Quoted
Registered No.(ITA): 00111950416
President: Gianfranco Bruscoli
Industry Codes
ANZSIC 2006 Codes:
2519 - Other Furniture Manufacturing
ISIC Rev 4 Codes:
3100 - Manufacture of furniture
NACE Rev 2 Codes:
3101 - Manufacture of office and shop
furniture
NAICS 2012 Codes:
33721 - Office Furniture (including Fixtures)
Manufacturing
US SIC 1987:
2599 - Furniture and Fixtures, Not Elsewhere
Classified
UK SIC 2007:
3101 - Manufacture of office and shop
furniture
Business Description
Imab Group SpA is primarily engaged in manufacture
of special furniture for shops: counters, display cases, shelves; manufacture
of office furniture; and manufacture of furniture for churches, schools,
restaurants.
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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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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 |
117.2 |
124.7 |
114.1 |
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Net sales |
110.7 |
120.7 |
110.7 |
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Other operating income |
3.7 |
2.4 |
1.5 |
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Raw materials and consumables employed |
58.6 |
62.1 |
55.9 |
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Other expenses |
31.7 |
33.9 |
30.0 |
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Total payroll costs |
18.8 |
19.6 |
16.5 |
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Fixed asset depreciation and amortisation |
2.8 |
2.9 |
3.1 |
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Other operating costs |
0.8 |
2.1 |
4.6 |
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Net operating
income |
4.4 |
4.0 |
4.0 |
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Total financial
income |
0.1 |
0.0 |
0.1 |
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Total expenses |
1.9 |
1.9 |
1.5 |
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Profit before tax |
2.6 |
2.1 |
2.6 |
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Extraordinary result |
-0.2 |
- |
- |
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Profit after extraordinary items and
before tax |
2.4 |
2.1 |
2.6 |
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Total taxation |
1.6 |
1.8 |
1.8 |
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Net profit |
0.8 |
0.3 |
0.7 |
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 |
22.1 |
20.8 |
21.2 |
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Provision for risks |
0.8 |
0.7 |
0.7 |
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Provision for pensions |
2.2 |
2.2 |
2.3 |
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Mortgages and loans |
16.2 |
19.9 |
22.0 |
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Other long-term liabilities |
0.4 |
0.1 |
0.1 |
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Trade creditors |
33.9 |
37.1 |
33.8 |
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Bank loans and overdrafts |
33.9 |
30.4 |
30.9 |
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Other current liabilities |
5.8 |
5.2 |
5.8 |
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Accruals and deferred income |
0.2 |
0.2 |
0.3 |
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Total current
liabilities |
73.8 |
72.9 |
70.9 |
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Total
liabilities (including net worth) |
115.6 |
116.7 |
117.2 |
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Intangibles |
1.2 |
1.2 |
0.9 |
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Buildings |
32.8 |
33.1 |
35.2 |
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Total tangible
fixed assets |
38.0 |
37.5 |
38.3 |
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Long-term investments |
0.3 |
0.9 |
0.5 |
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Total financial
assets |
1.7 |
1.9 |
1.7 |
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Receivables due after 1 year |
2.2 |
1.4 |
0.5 |
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Loans to associated companies |
1.5 |
1.0 |
1.2 |
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Total
non-current assets |
43.2 |
42.0 |
41.3 |
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Finished goods |
9.9 |
6.9 |
5.6 |
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Net stocks and work in progress |
18.3 |
16.5 |
15.0 |
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Trade debtors |
47.6 |
53.9 |
48.5 |
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Other receivables |
2.4 |
2.9 |
4.2 |
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Cash and liquid assets |
3.8 |
0.9 |
7.8 |
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Accruals |
0.3 |
0.4 |
0.3 |
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Total current
assets |
72.4 |
74.7 |
75.8 |
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Total assets |
115.6 |
116.7 |
117.2 |
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 |
1.00 |
1.00 |
1.10 |
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Quick ratio |
0.70 |
0.80 |
0.90 |
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Current liabilities to net worth |
0.03% |
0.04% |
0.03% |
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Sales per employee |
0.17 |
0.18 |
0.19 |
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Profit per employee |
0.00 |
0.00 |
0.00 |
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Average wage per employee |
0.03 |
0.03 |
0.03 |
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Net worth |
22.1 |
20.8 |
21.2 |
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Number of employees |
499 |
474 |
438 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.10 |
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UK Pound |
1 |
Rs.101.27 |
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Euro |
1 |
Rs.85.43 |
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 |
-- |
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.