MIRA
INFORM REPORT
|
Report Date : |
17.01.2013 |
IDENTIFICATION DETAILS
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Name : |
CONCERIA PASUBIO SPA |
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Registered Office : |
Via Ii Strada 38
Arzignano, 36071 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.02.1966 |
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Com. Reg. No.: |
00165480245 |
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Legal Form : |
Public Independent |
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Line of Business : |
Subject is engaged in production of tanned leather |
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No. of Employees : |
192 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 and address
CONCERIA PASUBIO SPA
Via Ii Strada 38
Arzignano, 36071
Italy
Tel: +39 0444 472611
Fax: +39 0444 676921
Website: www.pasubio.com
Employees: 192
Company Type: Public Independent
Incorporation Date: 15-Feb-1966
Financials in: USD (In Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Euro
Annual Sales: 217.2
Total Assets: 122.1
Business Description
Conceria Pasubio 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 |
|
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ANZSIC 2006: |
1320 -
Leather Tanning, Fur Dressing and Leather Product Manufacturing |
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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: |
1511 -
Tanning and dressing of leather; dressing and dyeing of fur |
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US SIC 1987: |
Key Executives
|
Name |
Title |
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Luca Pretto |
President |
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Mario Pretto |
Presidente |
|
Roberto Carlotto |
Head of accounting department |
|
Manager |
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|
Carlo Brusin |
Commercial manager |
Registered No.(ITA): 00165480245
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.770327
Location
Via Ii Strada 38
Arzignano, 36071
Italy
Tel: +39 0444 472611
Fax: +39
0444 676921
Website: www.pasubio.com
Sales EUR(mil): 156.2
Assets EUR(mil): 94.1
Employees: 192
Fiscal Year End: 31-Dec-2011
Industry: Apparel
and Accessories
Incorporation
Date: 15-Feb-1966
Company Type: Public
Independent
Quoted Status: Not
Quoted
Registered No.(ITA): 00165480245
President: Luca
Pretto
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ANZSIC 2006 Codes: |
||
|
1320 |
- |
Leather Tanning, Fur Dressing and Leather Product
Manufacturing |
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3739 |
- |
Other Goods Wholesaling Not Elsewhere Classified |
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NACE 2002 Codes: |
||
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1910 |
- |
Tanning and dressing of leather |
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5190 |
- |
Other wholesale |
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NAICS 2002 Codes: |
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316110 |
- |
Leather and Hide Tanning and Finishing |
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423990 |
- |
Other Miscellaneous Durable Goods Merchant Wholesalers |
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US SIC 1987: |
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3111 |
- |
Leather Tanning and Finishing |
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5099 |
- |
Durable Goods, Not Elsewhere Classified |
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UK SIC 2003: |
||
|
1910 |
- |
Tanning and dressing of leather |
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5190 |
- |
Other wholesale |
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UK SIC 2007: |
||
|
1511 |
- |
Tanning and dressing of leather; dressing and dyeing of
fur |
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4690 |
- |
Non-specialised wholesale trade |
Conceria Pasubio SpA is primarily engaged in production of tanned leather; manufacture of chamois dressed, parchment dressed, patent or metallised leathers; and manufacture of composition leather.
More Business Descriptions
Leather and Hide Tanning and Finishing
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Financials in: |
EUR(mil) |
1 Year Growth |
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Revenue: |
156.2 |
20.9% |
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Assets: |
94.1 |
NA |
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Current Assets: |
77.5 |
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Total Liabilities: |
94.1 |
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Net Worth: |
41.0 |
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Date of Financial Data: |
31-Dec-2011 |
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Bank: |
Banca Popolare di Vicenza Ag, Intesa Sanpaolo Ag,
Unicredit Ag |
Executives
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President |
President |
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Presidente |
President |
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Managing director |
Managing Director |
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Head of accounting department |
Accounting Executive |
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Commercial manager |
Commercial Executive |
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Manager |
Other |
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Manager |
Other |
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 |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Total income |
223.2 |
188.0 |
112.0 |
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Net sales |
217.2 |
171.2 |
117.1 |
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Other operating income |
4.1 |
2.3 |
0.3 |
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Raw materials and consumables employed |
147.1 |
121.2 |
61.3 |
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Other expenses |
44.2 |
39.0 |
26.9 |
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Total payroll costs |
11.4 |
10.5 |
9.3 |
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Fixed asset depreciation and amortisation |
3.3 |
1.2 |
0.8 |
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Other operating costs |
0.1 |
0.2 |
0.2 |
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Net operating income |
17.1 |
15.8 |
13.5 |
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Total financial income |
0.8 |
0.7 |
-0.3 |
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Total expenses |
1.2 |
0.6 |
0.6 |
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Profit before tax |
16.6 |
15.9 |
12.7 |
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Extraordinary result |
0.1 |
-0.5 |
-7.4 |
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Profit after extraordinary items and before tax |
16.7 |
15.4 |
5.3 |
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Total taxation |
5.5 |
5.1 |
3.9 |
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Net profit |
11.3 |
10.3 |
1.4 |
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 |
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Consolidated |
No |
No |
No |
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Total stockholders equity |
53.2 |
46.4 |
38.4 |
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Provision for risks |
9.5 |
9.8 |
9.8 |
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Provision for pensions |
1.7 |
1.8 |
2.1 |
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Mortgages and loans |
4.3 |
2.2 |
3.4 |
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Other long-term liabilities |
- |
0.1 |
0.2 |
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Trade creditors |
26.6 |
24.7 |
17.1 |
|
Bank loans and overdrafts |
23.9 |
29.0 |
9.0 |
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Other current liabilities |
2.6 |
3.9 |
4.6 |
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Accruals and deferred income |
0.2 |
0.3 |
0.1 |
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Total current liabilities |
53.4 |
57.8 |
30.8 |
|
Total liabilities (including net worth) |
122.1 |
118.1 |
84.6 |
|
Intangibles |
0.0 |
0.0 |
0.0 |
|
Buildings |
18.4 |
18.7 |
20.4 |
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Total tangible fixed assets |
19.7 |
19.8 |
21.6 |
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Long-term investments |
0.2 |
0.2 |
0.2 |
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Total financial assets |
0.2 |
0.2 |
0.2 |
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Receivables due after 1 year |
1.6 |
2.9 |
0.3 |
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Total non-current assets |
21.5 |
22.9 |
22.2 |
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Finished goods |
29.5 |
28.7 |
14.9 |
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Net stocks and work in progress |
46.0 |
46.3 |
26.4 |
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Trade debtors |
51.2 |
45.8 |
33.5 |
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Other receivables |
0.1 |
0.3 |
0.4 |
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Cash and liquid assets |
3.2 |
2.6 |
2.1 |
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Accruals |
0.1 |
0.1 |
0.1 |
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Total current assets |
100.6 |
95.2 |
62.5 |
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Total assets |
122.1 |
118.1 |
84.6 |
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 |
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Consolidated |
No |
No |
No |
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|
|
|
|
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Current ratio |
1.90 |
1.60 |
2.00 |
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Quick ratio |
1.00 |
0.80 |
1.20 |
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Current liabilities to net worth |
0.01% |
0.01% |
0.01% |
|
Sales per employee |
0.83 |
0.70 |
0.47 |
|
Profit per employee |
0.06 |
0.06 |
0.02 |
|
Average wage per employee |
0.04 |
0.04 |
0.04 |
|
Net worth |
53.2 |
46.4 |
38.4 |
|
Number of employees |
189 |
184 |
179 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
|
1 |
Rs.87.69 |
|
Euro |
1 |
Rs.72.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.