MIRA INFORM REPORT
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Report Date : |
10.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SAVEMA SPA |
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Registered Office : |
Via Aurelia 24 Pietrasanta, 55045 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
05.05.1993 |
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Com. Reg. No.: |
00597780451 |
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Legal Form : |
Public Independent |
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Line of Business : |
Subject is engaged in cutting, shaping and finishing stone
for use in construction, in cemeteries, on roads, as roofing. |
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No. of Employees : |
99 |
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 : |
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 – March, 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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, highly subsidized, agricultural south, where unemployment is
high. 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 its exceptionally high public debt
and structural impediments to growth have rendered it vulnerable to scrutiny by
financial markets. Public debt has increased steadily since 2007, topping 126%
of GDP in 2012, and investor concerns about the broader euro-zone crisis at
times have caused borrowing costs on sovereign government debt to rise to
euro-era. During the second half of 2011 the government passed three austerity
packages to reduce its budget deficit and help bring down borrowing costs.
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 sustain its recent efforts to address
Italy's long-standing structural impediments to growth, such as labor market
inefficiencies and widespread tax evasion. In 2012 economic growth and labor
market conditions deteriorated, with growth at -2.3% and unemployment rising to
nearly 11%, with youth unemployment around 35%. The government has undertaken
several reform initiatives designed to increase long-term economic growth.
Italy's GDP is now 7% below its 2007 pre-crisis level.
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Source
: CIA |
Company name and address
SAVEMA SPA
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Via Aurelia 24 Pietrasanta, 55045 Italy
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Business Description
Savema SpA is primarily engaged in cutting, shaping and
finishing stone for use in construction, in cemeteries, on roads, as roofing.
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
2670 - Cutting,
shaping and finishing of ornamental and building stone |
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NAICS 2002: |
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UK SIC 2003: |
2670 -
Cutting, shaping and finishing of ornamental and building stone |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Name |
Title |
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Luigi Piacentini |
Sole administrator |
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Ugo Bosetti |
Executive |
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Giovanni Maccabruni |
Executive |
News
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Title |
Date |
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2012 Pinnacle Award winners |
1-Apr-2013 |
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1-Dec-2012 |
Registered No.(ITA): 00597780451
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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ANZSIC 2006 Codes: |
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2090 |
- |
Other Non-Metallic Mineral Product Manufacturing |
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333 |
- |
Timber and Hardware Goods Wholesaling |
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NACE 2002 Codes: |
||
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2670 |
- |
Cutting, shaping and finishing of ornamental and building
stone |
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5153 |
- |
Wholesale of wood, construction materials and sanitary
equipment |
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NAICS 2002 Codes: |
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327991 |
- |
Cut Stone and Stone Product Manufacturing |
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4233 |
- |
Lumber and Other Construction Materials Merchant
Wholesalers |
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US SIC 1987: |
||
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3281 |
- |
Cut Stone and Stone Products |
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503 |
- |
Lumber and Other Construction Materials |
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UK SIC 2003: |
||
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2670 |
- |
Cutting, shaping and finishing of ornamental and building
stone |
|
5153 |
- |
Wholesale of wood, construction materials and sanitary
equipment |
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UK SIC 2007: |
||
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2370 |
- |
Cutting, shaping and finishing of stone |
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4673 |
- |
Wholesale of wood, construction materials and sanitary
equipment |
Savema SpA is primarily engaged in cutting, shaping and finishing stone for use in construction, in cemeteries, on roads, as roofing.
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Executives Report
Executives
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Sole administrator |
President |
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Executive |
Other |
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Executive |
Other |
News
|
2012
Pinnacle Award winners |
01-Apr-2013 |
|
01-Dec-2012 |
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 |
36.9 |
36.9 |
38.9 |
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Net sales |
32.9 |
34.0 |
35.8 |
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Other operating income |
4.2 |
0.9 |
1.9 |
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Raw materials and consumables employed |
18.0 |
19.4 |
17.8 |
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Other expenses |
8.0 |
8.3 |
11.7 |
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Total payroll costs |
6.6 |
6.5 |
6.5 |
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Fixed asset depreciation and amortisation |
1.4 |
1.3 |
1.1 |
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Other operating costs |
0.5 |
0.3 |
0.4 |
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Net operating income |
2.5 |
1.3 |
1.3 |
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Total financial income |
0.0 |
-0.1 |
0.0 |
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Total expenses |
1.6 |
1.0 |
1.4 |
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Profit before tax |
0.9 |
0.2 |
0.0 |
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Extraordinary result |
0.1 |
0.0 |
0.0 |
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Profit after extraordinary items and before tax |
1.0 |
0.1 |
0.0 |
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Total taxation |
1.0 |
0.4 |
0.4 |
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Net profit |
0.0 |
- |
- |
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Net loss |
- |
0.3 |
0.4 |
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 |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Total stockholders equity |
19.9 |
20.5 |
21.6 |
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Provision for risks |
1.8 |
1.3 |
1.4 |
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Provision for pensions |
2.3 |
2.4 |
2.5 |
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Mortgages and loans |
13.6 |
15.4 |
18.0 |
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Other long-term liabilities |
1.2 |
1.5 |
1.9 |
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Trade creditors |
6.8 |
9.1 |
7.8 |
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Bank loans and overdrafts |
12.0 |
15.5 |
10.8 |
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Other current liabilities |
3.8 |
3.1 |
5.0 |
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Accruals and deferred income |
0.0 |
0.0 |
0.0 |
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Total current liabilities |
22.6 |
27.6 |
23.6 |
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Total liabilities (including net worth) |
61.4 |
68.8 |
69.0 |
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Intangibles |
2.2 |
2.1 |
1.4 |
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Buildings |
19.2 |
20.5 |
22.1 |
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Total tangible fixed assets |
29.8 |
31.8 |
34.4 |
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Long-term investments |
2.2 |
2.3 |
2.5 |
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Total financial assets |
2.4 |
2.5 |
3.2 |
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Receivables due after 1 year |
0.4 |
0.4 |
0.5 |
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Loans to associated companies |
0.0 |
0.0 |
0.0 |
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Total non-current assets |
34.8 |
36.8 |
39.5 |
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Finished goods |
10.4 |
11.2 |
10.7 |
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Net stocks and work in progress |
16.6 |
18.2 |
17.0 |
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Trade debtors |
8.8 |
10.9 |
9.5 |
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Other receivables |
1.0 |
1.3 |
2.6 |
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Cash and liquid assets |
0.1 |
1.4 |
0.3 |
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Accruals |
0.1 |
0.1 |
0.2 |
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Total current assets |
26.6 |
32.0 |
29.5 |
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Total assets |
61.4 |
68.8 |
69.0 |
Annual Ratios
Financials in: USD (mil)
|
|
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 |
1.20 |
1.20 |
1.30 |
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Quick ratio |
0.40 |
0.50 |
0.50 |
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Current liabilities to net worth |
0.01% |
0.01% |
0.01% |
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Sales per employee |
0.24 |
0.25 |
0.26 |
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Profit per employee |
0.01 |
0.00 |
- |
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Average wage per employee |
0.05 |
0.05 |
0.05 |
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Net worth |
19.9 |
20.5 |
21.6 |
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Number of employees |
100 |
102 |
99 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.07 |
|
|
1 |
Rs.89.91 |
|
Euro |
1 |
Rs.77.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
|
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.