MIRA
INFORM REPORT
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Report Date : |
26.02.2013 |
IDENTIFICATION DETAILS
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Name : |
RINO MASTROTTO GROUP S.P.A. |
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Registered Office : |
Via Dell Artigianato 100, Trissino, 36070 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
02.03.1989 |
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Com. Reg. No.: |
01402740060 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject engaged in production of tanned leather; manufacture of chamois dressed, parchment dressed, patent or metallised leathers; and manufacture of composition leather |
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No. of Employees : |
493 |
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 : |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
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.
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Source : CIA |
Company name & address
Rino Mastrotto Group S.p.A.
Via Dell Artigianato 100
Trissino, 36070
Italy
Tel: 39-0445969696
Fax: +39 0445 969697
Web: www.rinomastrottogroup.com
Synthesis
Employees: 493
Company Type: Public Parent
Corporate Family: 4
Companies
Incorporation Date:
02-Mar-1989
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Euro
Annual Sales: 319.7
Total Assets: 286.9
Business Description
Rino Mastrotto Group SpA is primarily engaged in production of tanned
leather; manufacture of chamois dressed, parchment dressed, patent or
metallised leathers; and manufacture of composition leather.
Industry
Industry Apparel and Accessories
ANZSIC 2006: 1320 - Leather
Tanning, Fur Dressing and Leather Product Manufacturing
NACE 2002: 1920 - Manufacture
of luggage, handbags and the like, saddlery and harness
NAICS 2002: 316993 - Personal
Leather Good (except Women's Handbag and Purse) Manufacturing
UK SIC 2003: 1920 - Manufacture
of luggage, handbags and the like, saddlery and harness
UK SIC 2007: 1512 - Manufacture
of luggage, handbags and the like, saddlery and harness
US SIC 1987: 3172 - Personal
Leather Goods, Except Women's Handbags and Purses
Key Executives
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Name |
Title |
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Rino Mastrotto |
President |
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Flavio Teodosio Battilana |
Member of the board |
Registered No.(ITA): 01402740060
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 Dell Artigianato 100
Trissino, 36070
Italy
Tel: 39-0445969696
Fax: +39 0445 969697
Web: www.rinomastrottogroup.com
Sales EUR(mil): 229.9
Assets EUR(mil): 221.0
Employees: 493
Fiscal Year End: 31-Dec-2011
Industry: Apparel
and Accessories
Incorporation Date: 02-Mar-1989
Company Type: Public
Parent
Quoted Status: Not
Quoted
Registered No.(ITA): 01402740060
President : Rino
Mastrotto
Contents
Industry Codes
Business Description
Financial Data
Subsidiaries
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
1320 - Leather Tanning, Fur Dressing and Leather Product
Manufacturing
NACE 2002 Codes:
1920 - Manufacture of luggage, handbags and the like, saddlery and
harness
NAICS 2002 Codes:
316993 - Personal Leather Good (except Women's Handbag and Purse)
Manufacturing
316991 - Luggage Manufacturing
316999 - All Other Leather Good Manufacturing
US SIC 1987:
3172 - Personal Leather Goods, Except Women's Handbags and Purses
3199 - Leather Goods, Not Elsewhere Classified
3161 - Luggage
UK SIC 2003:
1920 - Manufacture of luggage, handbags and the like, saddlery and
harness
UK SIC 2007:
1512 - Manufacture of luggage, handbags and the like, saddlery and
harness
Business
Description
Leather Goods Mfr
More Business
Descriptions
Rino Mastrotto Group SpA is primarily engaged in production of tanned
leather; manufacture of chamois dressed, parchment dressed, patent or
metallised leathers; and manufacture of composition leather.
Leather and Hide Tanning and Finishing
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Corporate Family |
Corporate
Structure News: |
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Rino
Mastrotto Group S.p.A. |
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Rino Mastrotto Group S.p.A. |
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Company Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Trissino |
Italy |
Apparel and Accessories |
319.7 |
500 |
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Subsidiary |
Maracanau, Ceara |
Brazil |
Apparel and Accessories |
34.7 |
280 |
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Subsidiary |
Svenljunga |
Sweden |
Apparel and Accessories |
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150 |
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Subsidiary |
Montorso Vicentino, Vicenza |
Italy |
Electronic Instruments and Controls |
2.4 |
11 |
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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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Executives |
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President |
President |
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Managing director |
Managing Director |
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Managing director |
Managing Director |
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Managing director |
Managing Director |
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Managing director |
Managing Director |
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Annual
Profit & Loss
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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 |
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Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Total income |
329.5 |
281.0 |
242.1 |
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Net sales |
319.7 |
266.7 |
250.0 |
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Other operating income |
3.5 |
2.7 |
2.1 |
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Raw materials and consumables employed |
237.2 |
193.8 |
151.4 |
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Other expenses |
51.7 |
48.3 |
46.7 |
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Total payroll costs |
35.0 |
31.2 |
29.8 |
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Fixed asset depreciation and amortisation |
7.7 |
7.9 |
8.4 |
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Other operating costs |
1.8 |
0.9 |
1.0 |
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Net operating
income |
-3.8 |
-1.1 |
4.8 |
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Total financial
income |
2.0 |
4.8 |
4.5 |
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Total expenses |
6.6 |
4.1 |
5.7 |
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Profit before tax |
-8.4 |
-0.4 |
3.7 |
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Extraordinary result |
-0.9 |
-0.5 |
-1.5 |
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Profit after extraordinary items and
before tax |
-9.3 |
-0.8 |
2.1 |
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Total taxation |
-0.9 |
0.7 |
2.0 |
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Net profit |
- |
- |
0.1 |
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Net loss |
8.4 |
1.6 |
- |
Annual Balance Sheet
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 |
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Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Total
stockholders equity |
76.1 |
82.7 |
90.2 |
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Provision for risks |
18.9 |
20.8 |
21.4 |
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Provision for pensions |
5.3 |
5.8 |
6.4 |
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Mortgages and loans |
4.1 |
7.5 |
4.2 |
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Other long-term liabilities |
- |
4.7 |
3.2 |
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Trade creditors |
31.3 |
33.6 |
33.8 |
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Bank loans and overdrafts |
124.4 |
127.0 |
121.3 |
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Other current liabilities |
26.5 |
21.6 |
26.8 |
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Accruals and deferred income |
0.4 |
0.2 |
0.6 |
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Total current
liabilities |
182.6 |
182.5 |
182.5 |
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Total
liabilities (including net worth) |
286.9 |
303.9 |
307.9 |
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Intangibles |
1.6 |
2.3 |
3.7 |
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Buildings |
69.5 |
72.7 |
72.9 |
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Total tangible
fixed assets |
80.8 |
84.2 |
85.0 |
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Long-term investments |
20.2 |
23.0 |
24.8 |
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Total financial
assets |
29.7 |
41.8 |
43.8 |
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Receivables due after 1 year |
0.0 |
0.0 |
1.0 |
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Loans to associated companies |
8.9 |
9.5 |
1.4 |
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Total
non-current assets |
112.1 |
128.4 |
133.6 |
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Finished goods |
59.6 |
55.5 |
46.9 |
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Net stocks and work in progress |
81.0 |
83.1 |
70.0 |
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Trade debtors |
53.2 |
53.9 |
57.7 |
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Other receivables |
39.0 |
36.0 |
44.9 |
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Cash and liquid assets |
0.9 |
1.6 |
0.4 |
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Marketable securities |
0.4 |
0.4 |
1.0 |
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Accruals |
0.3 |
0.4 |
0.4 |
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Total current
assets |
174.9 |
175.5 |
174.4 |
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Total assets |
286.9 |
303.9 |
307.9 |
Annual Ratios
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 |
1.00 |
1.00 |
1.00 |
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Quick ratio |
0.50 |
0.50 |
0.60 |
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Current liabilities to net worth |
0.02% |
0.02% |
0.02% |
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Sales per employee |
0.47 |
0.41 |
0.38 |
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Profit per employee |
-0.01 |
0.00 |
0.00 |
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Average wage per employee |
0.05 |
0.05 |
0.04 |
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Net worth |
76.1 |
82.7 |
90.2 |
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Number of employees |
493 |
486 |
479 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.04 |
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UK Pound |
1 |
Rs.81.80 |
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Euro |
1 |
Rs.71.41 |
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 |
|
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 |
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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.