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Report Date : |
02.02.2013 |
IDENTIFICATION DETAILS
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Name : |
AGRICOLA GRAINS SPA |
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Registered Office : |
Via Sorgaglia 11
Arre, 35020 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
23.01.1991 |
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Com. Reg. No.: |
02435810284 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Manufacture of grain mill products |
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No. of Employees : |
33 |
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 : |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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
Agricola Grains SpA
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Business Description
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Agricola Grains SpA is primarily engaged in
grain milling; and manufacture of breakfast cereals and cereals-based foods. |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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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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Agricola Grains SpA |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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AGRIVERDE SRL |
Parent |
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Subsidiary |
Arre, Padova |
Italy |
Food Processing |
60.1 |
33 |
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Subsidiary |
Arre, Padova |
Italy |
Food Processing |
2.0 |
9 |
Executives Report
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|
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 |
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Consolidated |
No |
No |
No |
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Total income |
59.8 |
56.5 |
43.9 |
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Net sales |
60.1 |
47.0 |
46.7 |
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Other operating income |
0.9 |
0.9 |
0.9 |
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Raw materials and consumables employed |
47.0 |
45.2 |
33.5 |
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Other expenses |
8.3 |
8.3 |
7.3 |
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Total payroll costs |
1.7 |
1.2 |
1.2 |
|
Fixed asset depreciation and amortisation |
1.3 |
1.0 |
1.0 |
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Other operating costs |
0.3 |
0.2 |
0.2 |
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Net operating income |
1.2 |
0.6 |
0.7 |
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Total financial income |
0.1 |
0.0 |
0.1 |
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Total expenses |
0.6 |
0.3 |
0.5 |
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Profit before tax |
0.7 |
0.4 |
0.3 |
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Extraordinary result |
-0.1 |
0.0 |
-0.1 |
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Profit after extraordinary items and before
tax |
0.6 |
0.4 |
0.2 |
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Total taxation |
0.3 |
0.2 |
0.1 |
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Net profit |
0.2 |
0.2 |
0.1 |
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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 |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Total stockholders equity |
4.5 |
4.4 |
4.5 |
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Provision for risks |
0.1 |
0.1 |
0.0 |
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Provision for pensions |
0.3 |
0.2 |
0.2 |
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Mortgages and loans |
2.7 |
- |
4.1 |
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Trade creditors |
8.1 |
9.3 |
5.5 |
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Bank loans and overdrafts |
14.5 |
14.2 |
7.9 |
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Other current liabilities |
0.4 |
0.5 |
0.3 |
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Accruals and deferred income |
1.8 |
0.6 |
1.4 |
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Total current liabilities |
24.7 |
24.6 |
15.1 |
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Total liabilities (including net worth) |
32.3 |
29.3 |
23.9 |
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Intangibles |
0.4 |
0.2 |
0.2 |
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Buildings |
1.1 |
- |
5.5 |
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Total tangible fixed assets |
9.4 |
3.1 |
8.9 |
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Long-term investments |
0.4 |
1.2 |
0.4 |
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Total financial assets |
0.4 |
1.2 |
0.4 |
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Receivables due after 1 year |
0.3 |
1.6 |
0.0 |
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Total non-current assets |
10.5 |
6.2 |
9.5 |
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Finished goods |
13.0 |
14.6 |
6.2 |
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Net stocks and work in progress |
13.8 |
14.9 |
7.3 |
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Trade debtors |
5.4 |
6.5 |
5.4 |
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Other receivables |
2.4 |
1.4 |
1.4 |
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Cash and liquid assets |
0.1 |
0.0 |
0.2 |
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Accruals |
0.0 |
0.2 |
0.1 |
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Total current assets |
21.8 |
23.1 |
14.4 |
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Total assets |
32.3 |
29.3 |
23.9 |
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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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Current ratio |
0.90 |
0.90 |
1.00 |
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Quick ratio |
0.30 |
0.30 |
0.50 |
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Current liabilities to net worth |
0.06% |
0.06% |
0.03% |
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Sales per employee |
1.20 |
1.48 |
1.34 |
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Profit per employee |
0.01 |
0.01 |
0.01 |
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Average wage per employee |
0.03 |
0.04 |
0.03 |
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Net worth |
4.5 |
4.4 |
4.5 |
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Number of employees |
36 |
24 |
25 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.32 |
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|
1 |
Rs.84.60 |
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Euro |
1 |
Rs.72.63 |
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.