MIRA
INFORM REPORT
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Report Date : |
16.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SIRCA INTERNATIONAL SPA |
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Registered Office : |
Via Trieste 8, Trezzano Rosa, 20060 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
14.12.1984 |
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Com. Reg. No.: |
07589260152 |
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Legal Form : |
Public Independent Company |
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Line of Business : |
manufacturer
of electronic instruments and appliances for measuring, checking, testing,
navigating and other purposes, except industrial process control equipment |
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No. of Employees : |
47 |
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 : |
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 & address
Sirca International
SpA
Via Trieste 8
Trezzano Rosa, 20060
Italy
Tel: +39 0292 010204
Fax: +39 0292 010216
Synthesis
Employees: 47
Company Type: Public Independent
Incorporation Date: 14-Dec-1984
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Euro
Annual Sales: 19.0
Total Assets: 12.4
Business Description
Sirca International SpA is primarily engaged in manufacture of electronic instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment; and manufacture of non-electronic instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment.
Industry
Industry Scientific
and Technical Instruments
ANZSIC 2006: 2419 - Other
Professional and Scientific Equipment Manufacturing
NACE 2002: 3320 - Manufacture
of instruments and appliances for measuring, checking, testing, navigating
and other
purposes, except industrial process control equipment
NAICS 2002: 334513 - Instrument's
and Related Products Manufacturing for Measuring, Displaying, and
Controlling
Industrial Process Variable
UK SIC 2003: 3320 - Manufacture
of instruments and appliances for measuring, checking, testing, navigating
and other
purposes, except industrial process control equipment
UK SIC 2007: 2651 - Manufacture
of instruments and appliances for measuring, testing and navigation
US SIC 1987: 3825 - Instruments
for Measuring and Testing of Electricity and Electrical Signals
Key Executives
Name Title
Massimo Cassinari President
Isabella Cassinari Member
of the board
Corporate Overview
Location
Via Trieste 8
Trezzano Rosa, 20060
Italy
Tel: +39 0292 010204
Fax: +39 0292 010216
Sales EUR(mil): 13.7
Assets EUR(mil): 9.6
Employees: 47
Fiscal Year End: 31-Dec-2011
Industry: Scientific
and Technical Instruments
Incorporation Date: 14-Dec-1984
Company Type: Public
Independent
Quoted Status: Not
Quoted
Registered No.(ITA): 07589260152
President: Massimo
Cassinari
Industry Codes
ANZSIC 2006 Codes:
2419 - Other Professional and Scientific Equipment Manufacturing
6999 - Other Professional, Scientific and Technical Services Not
Elsewhere Classified
2439 - Other Electrical Equipment Manufacturing
3494 - Other Electrical and Electronic Goods Wholesaling
NACE 2002 Codes:
3320 - Manufacture of instruments and appliances for measuring,
checking, testing, navigating and other purposes, except industrial process
control equipment
5186 - Wholesale of other electronic parts and equipment
3120 - Manufacture of electricity distribution and control
apparatus
7487 - Other business activities not elsewhere classified
3162 - Manufacture of other electrical equipment not elsewhere
classified
NAICS 2002 Codes:
334513 - Instrument's and Related Products Manufacturing for
Measuring, Displaying, and Controlling Industrial Process Variable
335999 - All Other Miscellaneous Electrical Equipment and Component
Manufacturing
4236 - Electrical and Electronic Goods Merchant Wholesalers
5619 - Other Support Services
335313 - Switchgear and Switchboard Apparatus Manufacturing
US SIC 1987:
3825 - Instruments for Measuring and Testing of Electricity and
Electrical Signals
3613 - Switchgear and Switchboard Apparatus
7389 - Business Services, Not Elsewhere Classified
3699 - Electrical Machinery, Equipment, and Supplies, Not
Elsewhere Classified
5065 - Electronic Parts and Equipment, Not Elsewhere Classified
UK SIC 2003:
3320 - Manufacture of instruments and appliances for measuring,
checking, testing, navigating and other purposes, except industrial process
control equipment
7487 - Other business activities not elsewhere classified
3162 - Manufacture of other electrical equipment not elsewhere
classified
5186 - Wholesale of other electronic parts and equipment
3120 - Manufacture of electricity distribution and control
apparatus
UK SIC 2007:
2651 - Manufacture of instruments and appliances for measuring,
testing and navigation
4652 - Wholesale of electronic and telecommunications equipment
and parts
8299 - Other business support service activities n.e.c.
2712 - Manufacture of electricity distribution and control
apparatus
2790 - Manufacture of other electrical equipment
Business
Description
Sirca International SpA is primarily engaged in manufacture of electronic instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment; and manufacture of non-electronic instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment.
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Executive report
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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 |
19.3 |
14.7 |
15.1 |
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Net sales |
19.0 |
14.6 |
15.0 |
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Other operating income |
0.3 |
0.1 |
0.1 |
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Raw materials and consumables employed |
9.3 |
6.5 |
6.5 |
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Other expenses |
6.3 |
5.3 |
5.8 |
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Total payroll costs |
2.7 |
2.3 |
2.2 |
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Fixed asset depreciation and amortisation |
0.3 |
0.2 |
0.1 |
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Other operating costs |
0.1 |
0.0 |
0.1 |
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Net operating
income |
0.7 |
0.5 |
0.5 |
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Total financial
income |
0.1 |
0.0 |
0.1 |
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Total expenses |
0.1 |
0.0 |
0.0 |
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Profit before tax |
0.7 |
0.4 |
0.5 |
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Extraordinary result |
0.0 |
0.1 |
0.0 |
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Profit after extraordinary items and
before tax |
0.7 |
0.5 |
0.6 |
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Total taxation |
0.4 |
0.2 |
0.3 |
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Net profit |
0.3 |
0.3 |
0.2 |
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 |
4.7 |
4.5 |
4.6 |
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Provision for pensions |
0.8 |
0.7 |
0.6 |
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Mortgages and loans |
0.8 |
1.1 |
- |
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Trade creditors |
5.2 |
2.7 |
3.2 |
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Bank loans and overdrafts |
- |
0.1 |
0.1 |
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Other current liabilities |
0.7 |
0.5 |
0.7 |
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Accruals and deferred income |
0.2 |
0.2 |
0.2 |
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Total current
liabilities |
6.2 |
3.5 |
4.2 |
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Total liabilities
(including net worth) |
12.4 |
9.8 |
9.4 |
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Intangibles |
0.1 |
0.1 |
0.1 |
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Buildings |
0.5 |
0.5 |
0.5 |
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Total tangible
fixed assets |
1.7 |
1.7 |
0.9 |
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Total financial
assets |
0.0 |
0.0 |
0.0 |
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Receivables due after 1 year |
0.2 |
0.0 |
0.0 |
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Total
non-current assets |
2.0 |
1.8 |
1.1 |
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Finished goods |
1.5 |
1.0 |
1.4 |
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Net stocks and work in progress |
1.8 |
1.4 |
1.5 |
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Trade debtors |
5.4 |
4.1 |
4.4 |
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Other receivables |
0.9 |
0.6 |
0.7 |
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Cash and liquid assets |
2.1 |
1.7 |
1.4 |
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Marketable securities |
0.1 |
0.1 |
0.1 |
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Accruals |
0.1 |
0.2 |
0.2 |
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Total current
assets |
10.4 |
8.0 |
8.4 |
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Total assets |
12.4 |
9.8 |
9.4 |
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 |
1.70 |
2.30 |
2.00 |
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Quick ratio |
1.40 |
1.90 |
1.60 |
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Current liabilities to net worth |
0.01% |
0.01% |
0.01% |
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Sales per employee |
0.29 |
0.25 |
0.24 |
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Profit per employee |
0.01 |
0.01 |
0.01 |
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Average wage per employee |
0.04 |
0.04 |
0.04 |
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Net worth |
4.7 |
4.5 |
4.6 |
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Number of employees |
47 |
45 |
44 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.05 |
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UK Pound |
1 |
Rs.90.71 |
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Euro |
1 |
Rs.78.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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.