MIRA
INFORM REPORT
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Report Date : |
16.07.2013 |
IDENTIFICATION DETAILS
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Name : |
VIAR VALVOLE SRL |
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Registered Office : |
Via Sandroni 38, Sumirago, 21040 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
11.04.1997 |
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Com. Reg. No.: |
02372020129 |
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Legal Form : |
Private Independent |
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Line of Business : |
manufacturer of industrial taps and valves including regulating valves and intake taps manufacturer of sanitary taps and valves manufacturer of heating taps and valves |
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No. of Employees : |
65 |
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 & address
Viar Valvole SRL
Via Sandroni 38
Sumirago, 21040
Italy
Tel: +39 0331 905159
Fax: +39 0331 270820
Synthesis
Employees: 65
Company Type: Private Independent
Incorporation Date:
11-Apr-1997
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Euro
Annual Sales: 38.0
Total Assets: 38.8
Business Description
Viar Valvole SRL is primarily engaged in manufacture of industrial taps and valves including regulating valves and intake taps; manufacture of sanitary taps and valves; and manufacture of heating taps and valves.
Industry
Industry Miscellaneous Fabricated Products
ANZSIC 2006: 2299 - Other
Fabricated Metal Product Manufacturing Not Elsewhere Classified
NACE 2002: 2913 - Manufacture
of taps and valves
NAICS 2002: 33291 - Metal
Valve Manufacturing
UK SIC 2003: 2913 - Manufacture
of taps and valves
UK SIC 2007: 2814 - Manufacture
of other taps and valves
US SIC 1987: 3494 - Valves and
Pipe Fittings, Not Elsewhere Classified
Key Executives
Name Title
Giuseppe Sartore President
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 Sandroni 38
Sumirago, 21040
Italy
Tel: +39 0331 905159
Fax: +39 0331 270820
Sales EUR(mil): 27.3
Assets EUR(mil): 29.9
Employees: 65
Fiscal Year End: 31-Dec-2011
Industry: Miscellaneous
Fabricated Products
Incorporation Date: 11-Apr-1997
Company Type: Private
Independent
Quoted Status: Not
Quoted
Registered No.(ITA): 02372020129
President: Giuseppe
Sartore
Industry Codes
ANZSIC 2006 Codes:
2299 - Other Fabricated Metal Product Manufacturing Not Elsewhere
Classified
NACE 2002 Codes:
2913 - Manufacture of taps and valves
NAICS 2002 Codes:
33291 - Metal Valve Manufacturing
US SIC 1987:
3494 - Valves and Pipe Fittings, Not Elsewhere Classified
UK SIC 2003:
2913 - Manufacture of taps and valves
UK SIC 2007:
2814 - Manufacture of other taps and valves
Business
Description
Viar Valvole SRL is primarily engaged in manufacture of industrial taps
and valves including regulating valves and intake taps; manufacture of sanitary
taps and valves; and manufacture of heating taps and valves.
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Executive report
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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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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 |
43.6 |
17.8 |
34.9 |
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Net sales |
38.0 |
18.4 |
32.9 |
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Other operating income |
0.3 |
0.2 |
0.3 |
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Raw materials and consumables employed |
24.1 |
7.7 |
18.5 |
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Other expenses |
12.6 |
6.6 |
9.8 |
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Total payroll costs |
4.8 |
3.7 |
4.1 |
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Fixed asset depreciation and amortisation |
0.7 |
0.4 |
0.7 |
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Other operating costs |
0.2 |
0.3 |
0.5 |
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Net operating
income |
1.2 |
-0.8 |
1.3 |
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Total financial
income |
0.0 |
0.0 |
0.0 |
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Total expenses |
0.7 |
0.3 |
0.5 |
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Profit before tax |
0.5 |
-1.1 |
0.8 |
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Extraordinary result |
0.2 |
0.0 |
-0.1 |
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Profit after extraordinary items and
before tax |
0.8 |
-1.1 |
0.8 |
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Total taxation |
0.5 |
-0.3 |
0.5 |
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Net profit |
0.3 |
- |
0.2 |
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Net loss |
- |
0.8 |
- |
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 |
3.3 |
3.2 |
4.3 |
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Provision for risks |
0.2 |
0.4 |
0.3 |
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Provision for pensions |
0.7 |
0.7 |
0.6 |
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Mortgages and loans |
5.2 |
- |
6.0 |
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Other long-term liabilities |
- |
- |
0.1 |
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Trade creditors |
12.7 |
7.7 |
9.9 |
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Bank loans and overdrafts |
11.9 |
10.7 |
8.0 |
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Other current liabilities |
4.7 |
1.9 |
0.9 |
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Accruals and deferred income |
0.0 |
0.0 |
0.4 |
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Total current
liabilities |
29.3 |
20.4 |
19.1 |
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Total
liabilities (including net worth) |
38.8 |
24.6 |
30.5 |
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Intangibles |
1.0 |
1.0 |
0.3 |
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Buildings |
6.3 |
6.7 |
7.1 |
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Total tangible
fixed assets |
7.4 |
7.6 |
8.2 |
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Receivables due after 1 year |
0.0 |
- |
0.0 |
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Total
non-current assets |
8.4 |
8.6 |
8.5 |
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Finished goods |
8.8 |
4.0 |
5.9 |
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Net stocks and work in progress |
13.8 |
8.8 |
9.1 |
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Trade debtors |
15.1 |
4.8 |
9.9 |
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Other receivables |
1.1 |
1.9 |
1.4 |
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Cash and liquid assets |
0.3 |
0.3 |
1.1 |
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Accruals |
0.1 |
0.3 |
0.4 |
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Total current
assets |
30.4 |
16.0 |
22.0 |
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Total assets |
38.8 |
24.6 |
30.5 |
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 |
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Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Current ratio |
1.00 |
0.80 |
1.10 |
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Quick ratio |
0.60 |
0.40 |
0.70 |
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Current liabilities to net worth |
0.09% |
0.06% |
0.05% |
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Sales per employee |
0.42 |
0.23 |
0.37 |
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Profit per employee |
0.01 |
-0.01 |
0.01 |
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Average wage per employee |
0.05 |
0.05 |
0.05 |
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Net worth |
3.3 |
3.2 |
4.3 |
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Number of employees |
65 |
60 |
64 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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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
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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 |
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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.