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Report Date : |
11.02.2013 |
IDENTIFICATION DETAILS
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Name : |
TERMOELETTRONICA
SRL |
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Registered Office : |
Via Provinciale 581 Urgnano, 24059 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.02.1969 |
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Com. Reg. No.: |
00525540167 |
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Legal Form : |
Private Independent |
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Line of Business : |
Construction Services |
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No. of Employees : |
|
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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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
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
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
Termoelettronica SRL
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Business Description
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Termoelettronica SRL is primarily engaged
in construction activities specialising in one aspect common to different kinds
of structures, requiring specialised skills or equipment (construction of
foundations, including pile driving; water well drilling and construction,
shaft sinking; erection of not self-manufactured steel elements; steel
bending; bricklaying and stone setting; scaffolds and work platform erecting
and dismantling, including renting of scaffolds and work platforms; erection
of chimneys and industrial ovens; de-humidification of buildings; lifting
work; work with specialist access requirements necessitating climbing skills
and the use of related equipment i.e. working at height on tall structures). |
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: |
43999 - Specialised construction activities (other
than scaffold erection) n.e.c. |
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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 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate (Period Average) |
0.71919 |
0.755078 |
0.719047 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total income |
1.7 |
2.0 |
3.0 |
|
Net sales |
1.7 |
2.0 |
2.4 |
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Other operating income |
0.0 |
0.2 |
0.4 |
|
Raw materials and consumables employed |
0.7 |
1.1 |
2.0 |
|
Other expenses |
0.5 |
0.4 |
0.4 |
|
Total payroll costs |
0.3 |
0.4 |
0.5 |
|
Fixed asset depreciation and amortisation |
0.0 |
0.0 |
0.0 |
|
Other operating costs |
0.0 |
0.0 |
0.1 |
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Net operating income |
0.1 |
0.0 |
-0.1 |
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Total financial income |
0.0 |
0.0 |
0.0 |
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Total expenses |
0.1 |
0.1 |
0.2 |
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Profit before tax |
0.0 |
0.0 |
-0.3 |
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Extraordinary result |
0.0 |
-0.1 |
0.0 |
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Profit after extraordinary items and before
tax |
0.0 |
-0.1 |
-0.4 |
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Total taxation |
0.0 |
- |
0.0 |
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Net loss |
0.0 |
0.1 |
0.3 |
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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 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
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|
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Total stockholders equity |
0.1 |
0.2 |
0.3 |
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Provision for risks |
0.0 |
0.1 |
0.2 |
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Provision for pensions |
0.2 |
0.2 |
0.2 |
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Other long-term liabilities |
0.5 |
0.6 |
0.7 |
|
Trade creditors |
- |
- |
0.8 |
|
Bank loans and overdrafts |
- |
- |
1.3 |
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Other current liabilities |
2.0 |
2.4 |
1.1 |
|
Accruals and deferred income |
0.2 |
0.2 |
0.2 |
|
Total current liabilities |
2.2 |
2.5 |
3.4 |
|
Total liabilities (including net worth) |
3.0 |
3.5 |
4.9 |
|
Buildings |
- |
- |
0.2 |
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Total tangible fixed assets |
0.2 |
0.2 |
0.2 |
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Receivables due after 1 year |
0.0 |
0.0 |
0.0 |
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Total non-current assets |
0.2 |
0.3 |
0.3 |
|
Finished goods |
- |
- |
0.9 |
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Net stocks and work in progress |
1.2 |
1.4 |
1.8 |
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Trade debtors |
- |
- |
2.2 |
|
Other receivables |
1.5 |
1.7 |
0.3 |
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Cash and liquid assets |
0.1 |
0.1 |
0.2 |
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Accruals |
0.0 |
0.1 |
0.1 |
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Total current assets |
2.8 |
3.3 |
4.6 |
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Total assets |
3.0 |
3.5 |
4.9 |
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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 |
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|
|
|
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Current ratio |
1.30 |
1.30 |
1.40 |
|
Quick ratio |
0.70 |
0.80 |
0.80 |
|
Current liabilities to net worth |
0.18% |
0.16% |
0.12% |
|
Sales per employee |
- |
- |
0.13 |
|
Average wage per employee |
- |
- |
0.03 |
|
Net worth |
0.1 |
0.2 |
0.3 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.57 |
|
|
1 |
Rs.71.79 |
|
Euro |
1 |
Rs.84.25 |
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 |
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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 |
|
<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.