MIRA
INFORM REPORT
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Report Date : |
28.02.2013 |
IDENTIFICATION DETAILS
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Name : |
M.T.M. SRL |
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Registered Office : |
Via La Morra 1, Casassa, Cherasco, 12062 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
07.06.1977 |
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Com. Reg. No.: |
00525960043 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
manufacturer of machinery for working soft rubber
or plastics |
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No. of Employees : |
801 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
Company name & address
M.T.M. SRL
Via La Morra 1
Casassa
Cherasco, 12062
Italy
Tel: +39 0172 48681
Fax: +39 0172 488237
Synthesis
Employees: 801
Company Type: Private Subsidiary
Corporate Family: 14
Companies
Ultimate Parent: Fuel
Systems Solutions, Inc.
Incorporation Date:
07-Jun-1977
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Euro
Annual Sales: 181.7
Total Assets: 258.7
Business Description
M.T.M. SRL is primarily engaged in manufacture of machinery for working
soft rubber or plastics or for the manufacture of products of these materials
(extruders, moulders, pneumatic tyre making or retreading machines and other
machines for making a specific rubber or plastic product); manufacture of
printing and bookbinding machines; manufacture of machinery for producing
tiles, bricks, shaped ceramic pastes, pipes, graphite electrodes, blackboard
chalk, foundry moulds, etc.; manufacture of moulding boxes for any material;
mould bases; moulding patterns; moulds; manufacture of dryers for wood, paper
pulp, paper or paperboard; manufacture of centrifugal clothes dryers;
manufacture of diverse special machinery and equipment (machines to assemble
electric or electronic lamps, tubes (valves) or bulbs; machines for production
or hot-working of glass or glassware, glass fibre or yarn; machinery or
apparatus for isotopic separation; rope-making machinery, etc.); and
manufacture of industrial robots for multiple uses.
Industry
Industry Miscellaneous Capital Goods
ANZSIC 2006: 2499 - Other
Machinery and Equipment Manufacturing Not Elsewhere Classified
NACE 2002: 2956 - Manufacture
of other special purpose machinery not elsewhere classified
NAICS 2002: 333298 - All Other
Industrial Machinery Manufacturing
UK SIC 2003: 2956 - Manufacture
of other special purpose machinery not elsewhere classified
UK SIC 2007: 2899 - Manufacture
of other special-purpose machinery n.e.c.
US SIC 1987: 3569 - General
Industrial Machinery and Equipment, Not Elsewhere Classified
Key Executives
|
Name |
Title |
|
Mariano Costamagna |
President |
|
Frank Spiniello |
Head of accounting department |
|
Margherita Piumatti |
Personnel manager |
|
Giuseppe Colombo |
Manager |
|
Marco Di Toro |
Member of the board |
Registered No.(ITA): 00525960043
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 La Morra 1
Casassa
Cherasco, 12062
Italy
Tel: +39 0172 48681
Fax: +39 0172 488237
Sales EUR(mil): 130.6
Assets EUR(mil): 199.3
Employees: 801
Fiscal Year End: 31-Dec-2011
Industry: Miscellaneous
Capital Goods
Incorporation Date: 07-Jun-1977
Company Type: Private
Subsidiary
Quoted Status: Not
Quoted
Registered No.(ITA): 00525960043
President: Mariano
Costamagna
Contents
Industry Codes
Business Description
Financial Data
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2499 - Other Machinery and Equipment Manufacturing Not Elsewhere
Classified
245 - Pump, Compressor, Heating and Ventilation Equipment
Manufacturing
2240 - Sheet Metal Product Manufacturing (except Metal Structural
and Container Products)
231 - Motor Vehicle and Motor Vehicle Part Manufacturing
941 - Automotive Repair and Maintenance
NACE 2002 Codes:
2956 - Manufacture of other special purpose machinery not
elsewhere classified
2912 - Manufacture of pumps and compressors
2911 - Manufacture of engines and turbines, except aircraft,
vehicle and cycle engines
3430 - Manufacture of parts and accessories for motor vehicles and
their engines
2840 - Forging, pressing, stamping and roll forming of metal;
powder metallurgy
5020 - Maintenance and repair of motor vehicles
NAICS 2002 Codes:
333298 - All Other Industrial Machinery Manufacturing
33211 - Forging and Stamping
33391 - Pump and Compressor Manufacturing
33631 - Motor Vehicle Gasoline Engine and Engine Parts
Manufacturing
8111 - Automotive Repair and Maintenance
33361 - Engine, Turbine, and Power Transmission Equipment Manufacturing
US SIC 1987:
3569 - General Industrial Machinery and Equipment, Not Elsewhere
Classified
356 - General Industrial Machinery and Equipment
351 - Engines and Turbines
3714 - Motor Vehicle Parts and Accessories
346 - Metal Forgings and Stampings
753 - Automotive Repair Shops
UK SIC 2003:
2956 - Manufacture of other special purpose machinery not
elsewhere classified
2912 - Manufacture of pumps and compressors
5020 - Maintenance and repair of motor vehicles
3430 - Manufacture of parts and accessories for motor vehicles and
their engines
2840 - Forging, pressing, stamping and roll forming of metal;
powder metallurgy
2911 - Manufacture of engines and turbines, except aircraft,
vehicle and cycle engines
UK SIC 2007:
2899 - Manufacture of other special-purpose machinery n.e.c.
4520 - Maintenance and repair of motor vehicles
2813 - Manufacture of other pumps and compressors
2932 - Manufacture of other parts and accessories for motor
vehicles
2811 - Manufacture of engines and turbines, except aircraft,
vehicle and cycle engines
2550 - Forging, pressing, stamping and roll-forming of metal;
powder metallurgy
Business
Description
M.T.M. SRL is
primarily engaged in manufacture of machinery for working soft rubber or
plastics or for the manufacture of products of these materials (extruders,
moulders, pneumatic tyre making or retreading machines and other machines for
making a specific rubber or plastic product); manufacture of printing and
bookbinding machines; manufacture of machinery for producing tiles, bricks,
shaped ceramic pastes, pipes, graphite electrodes, blackboard chalk, foundry
moulds, etc.; manufacture of moulding boxes for any material; mould bases;
moulding patterns; moulds; manufacture of dryers for wood, paper pulp, paper or
paperboard; manufacture of centrifugal clothes dryers; manufacture of diverse
special machinery and equipment (machines to assemble electric or electronic
lamps, tubes (valves) or bulbs; machines for production or hot-working of glass
or glassware, glass fibre or yarn; machinery or apparatus for isotopic
separation; rope-making machinery, etc.); and manufacture of industrial robots
for multiple uses.
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Corporate Family |
Corporate
Structure News: |
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Fuel
Systems Solutions, Inc. |
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M.T.M. SRL |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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|
Parent |
New York, NY |
United States |
Auto and Truck Parts |
418.1 |
1,700 |
|
|
|
Subsidiary |
Cherasco, Cuneo |
Italy |
Miscellaneous Capital Goods |
181.7 |
826 |
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|
Subsidiary |
Beccar, Buenos Aires |
Argentina |
Auto and Truck Parts |
30.5 |
306 |
|
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|
Subsidiary |
Santa Ana, CA |
United States |
Miscellaneous Capital Goods |
174.5 |
700 |
|
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|
Branch |
Union City, IN |
United States |
Auto and Truck Manufacturers |
3.1 |
50 |
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Branch |
Sterling Heights, MI |
United States |
Miscellaneous Capital Goods |
11.2 |
25 |
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Subsidiary |
Tlalnepantla De Baz, Estado De Mexico |
Mexico |
Miscellaneous Capital Goods |
8.9 |
25 |
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Subsidiary |
Cesena, Forli Cesena |
Italy |
Miscellaneous Capital Goods |
23.0 |
47 |
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Subsidiary |
Delfgauw |
Netherlands |
Miscellaneous Capital Goods |
|
30 |
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Subsidiary |
GrĂ¼nberg, Hessen |
Germany |
Retail (Specialty) |
|
1 |
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Subsidiary |
Malvern |
United Kingdom |
Retail (Specialty) |
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Subsidiary |
Carrum Downs, VIC |
Australia |
Miscellaneous Capital Goods |
|
15 |
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Subsidiary |
Fukuoka, Fukuoka |
Japan |
Miscellaneous Capital Goods |
|
10 |
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Subsidiary |
Cuneo |
Italy |
Engineering Consultants |
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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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Head of accounting department |
Accounting Executive |
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Personnel manager |
Human Resources Executive |
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Manager |
Other |
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Annual Profit & Loss
|
|
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 |
185.5 |
241.7 |
327.4 |
|
Net sales |
181.7 |
242.1 |
333.4 |
|
Other operating income |
1.6 |
1.0 |
0.2 |
|
Raw materials and consumables employed |
82.4 |
78.5 |
100.7 |
|
Other expenses |
41.6 |
50.9 |
60.8 |
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Total payroll costs |
43.8 |
52.2 |
61.2 |
|
Fixed asset depreciation and amortisation |
9.7 |
4.5 |
4.4 |
|
Other operating costs |
- |
1.7 |
1.0 |
|
Net operating
income |
8.1 |
53.9 |
99.3 |
|
Total financial
income |
1.7 |
0.9 |
1.3 |
|
Total expenses |
0.3 |
0.3 |
0.8 |
|
Profit before tax |
9.5 |
54.5 |
99.8 |
|
Extraordinary result |
-1.1 |
-0.6 |
0.1 |
|
Profit after extraordinary items and
before tax |
8.4 |
54.0 |
99.9 |
|
Total taxation |
3.8 |
16.7 |
33.0 |
|
Net profit |
4.6 |
37.2 |
66.9 |
Annual Balance
Sheet
Financials in: USD (mil)
|
|
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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Total stockholders
equity |
190.1 |
186.6 |
159.3 |
|
Provision for risks |
6.3 |
5.7 |
5.2 |
|
Provision for pensions |
4.2 |
3.7 |
4.0 |
|
Mortgages and loans |
3.2 |
5.6 |
8.5 |
|
Trade creditors |
36.4 |
26.8 |
65.6 |
|
Bank loans and overdrafts |
3.6 |
2.3 |
2.6 |
|
Other current liabilities |
14.7 |
9.6 |
32.2 |
|
Accruals and deferred income |
0.2 |
0.6 |
1.5 |
|
Total current
liabilities |
54.9 |
39.3 |
101.9 |
|
Total
liabilities (including net worth) |
258.7 |
240.8 |
278.8 |
|
Intangibles |
17.3 |
13.3 |
12.1 |
|
Total tangible
fixed assets |
27.4 |
27.4 |
15.1 |
|
Long-term investments |
41.6 |
34.8 |
36.4 |
|
Total financial
assets |
46.3 |
39.7 |
43.3 |
|
Receivables due after 1 year |
0.1 |
0.2 |
0.2 |
|
Loans to associated companies |
4.7 |
5.0 |
6.9 |
|
Total non-current
assets |
91.2 |
80.6 |
70.7 |
|
Finished goods |
14.9 |
12.2 |
8.2 |
|
Net stocks and work in progress |
41.6 |
35.2 |
40.1 |
|
Trade debtors |
38.0 |
29.2 |
116.8 |
|
Other receivables |
37.2 |
37.6 |
23.4 |
|
Cash and liquid assets |
50.1 |
57.9 |
27.3 |
|
Marketable securities |
0.1 |
0.1 |
0.1 |
|
Accruals |
0.5 |
0.3 |
0.5 |
|
Total current
assets |
167.5 |
160.3 |
208.1 |
|
Total assets |
258.7 |
240.8 |
278.8 |
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 |
|
|
|
|
|
|
Current ratio |
3.00 |
4.10 |
2.00 |
|
Quick ratio |
2.30 |
3.20 |
1.60 |
|
Current liabilities to net worth |
0.00% |
0.00% |
0.01% |
|
Sales per employee |
0.16 |
0.19 |
0.24 |
|
Profit per employee |
0.01 |
0.04 |
0.07 |
|
Average wage per employee |
0.04 |
0.04 |
0.04 |
|
Net worth |
190.1 |
186.6 |
159.3 |
|
Number of employees |
801 |
958 |
1,006 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.84 |
|
UK Pound |
1 |
Rs.81.24 |
|
Euro |
1 |
Rs.70.39 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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.