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Report Date : |
07.06.2013 |
IDENTIFICATION DETAILS
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Name : |
DISANO ILLUMINAZIONE SPA |
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Registered Office : |
Viale Lombardia 129 Rozzano, 20089 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
04.11.1980 |
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Com. Reg. No.: |
00883970063 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Manufacture of lighting equipment and electric lamps |
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No. of Employees : |
86 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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.
Source
: CIA
Disano
Illuminazione SpA
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Business
Description
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Disano Illuminazione SpA is primarily engaged in manufacture of
electric filament or discharge lamps (ultra-violet or infra-red lamps; arc
lamps; flashbulbs, flashcubes, etc.); and manufacture of electric lamps and
lighting fittings (chandeliers, table, desk, bedside or floor-standing lamps,
even non-electric; portable electric lamps; illuminated signs and
name-plates, etc.; outdoor and road lighting; and lighting sets of a kind
used for Christmas trees). |
Industry
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Industry |
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ANZSIC 2006: |
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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: |
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US SIC 1987: |
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Key Executives
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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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Disano
Illuminazione SpA |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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LAMPLAST FINANZIARIA SPA |
Parent |
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Subsidiary |
Dorno, Pavia |
Italy |
Fabricated Plastic and Rubber |
117.4 |
329 |
|
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Subsidiary |
Rozzano, MI |
Italy |
Electronic Instruments and Controls |
182.2 |
86 |
|
|
Subsidiary |
Allonzier La Caille |
France |
Appliance and Tool |
26.0 |
34 |
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Subsidiary |
Rozzano, Milano |
Italy |
Construction - Supplies and Fixtures |
32.8 |
64 |
Executives
Report
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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 |
186.0 |
174.6 |
197.0 |
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Net sales |
182.2 |
175.2 |
192.7 |
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Other operating income |
1.7 |
2.7 |
2.2 |
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Raw materials and consumables employed |
127.3 |
119.4 |
138.1 |
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Other expenses |
21.3 |
19.5 |
20.7 |
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Total payroll costs |
6.4 |
6.0 |
6.2 |
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Fixed asset depreciation and amortisation |
0.8 |
1.5 |
1.6 |
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Other operating costs |
0.6 |
0.6 |
0.6 |
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Net operating income |
29.6 |
27.8 |
29.9 |
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Total financial income |
0.6 |
0.2 |
0.3 |
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Total expenses |
- |
0.0 |
- |
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Profit before tax |
30.2 |
28.0 |
30.2 |
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Extraordinary result |
-0.1 |
-0.1 |
-0.3 |
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Profit after extraordinary items and before tax |
30.2 |
27.9 |
29.9 |
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Total taxation |
10.3 |
10.2 |
10.5 |
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Net profit |
19.9 |
17.7 |
19.4 |
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Annual Balance
Sheet |
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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 |
73.2 |
72.5 |
75.6 |
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Provision for risks |
0.0 |
0.0 |
0.0 |
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Provision for pensions |
2.1 |
2.1 |
2.0 |
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Trade creditors |
48.9 |
54.5 |
54.5 |
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Other current liabilities |
1.8 |
2.9 |
2.3 |
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Accruals and deferred income |
4.2 |
3.7 |
4.8 |
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Total current liabilities |
54.9 |
61.1 |
61.6 |
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Total liabilities (including net worth) |
130.2 |
135.7 |
139.2 |
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Intangibles |
0.3 |
0.2 |
0.2 |
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Buildings |
1.3 |
1.4 |
1.3 |
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Total tangible fixed assets |
2.8 |
3.2 |
4.1 |
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Receivables due after 1 year |
1.3 |
1.3 |
1.2 |
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Total non-current assets |
4.4 |
4.8 |
5.5 |
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Finished goods |
19.7 |
18.4 |
23.2 |
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Net stocks and work in progress |
19.7 |
18.4 |
23.2 |
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Trade debtors |
57.1 |
66.4 |
75.3 |
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Other receivables |
1.0 |
0.2 |
2.1 |
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Cash and liquid assets |
43.0 |
42.9 |
31.2 |
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Marketable securities |
3.2 |
1.3 |
- |
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Accruals |
1.6 |
1.8 |
1.9 |
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Total current assets |
125.7 |
131.0 |
133.7 |
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Total assets |
130.2 |
135.7 |
139.2 |
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Annual Ratios |
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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 |
2.30 |
2.10 |
2.20 |
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Quick ratio |
1.90 |
1.80 |
1.80 |
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Current liabilities to net worth |
0.01% |
0.01% |
0.01% |
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Sales per employee |
1.52 |
1.52 |
1.59 |
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Profit per employee |
0.25 |
0.24 |
0.25 |
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Average wage per employee |
0.05 |
0.05 |
0.05 |
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Net worth |
73.2 |
72.5 |
75.6 |
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Number of employees |
86 |
87 |
87 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.87 |
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|
1 |
Rs.87.65 |
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Euro |
1 |
Rs.74.51 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
-- |
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.