MIRA
INFORM REPORT
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Report Date : |
25.06.2013 |
IDENTIFICATION DETAILS
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Name : |
POLYNT SPA
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Registered Office : |
Via E. Fermi 51, Scanzorosciate, 24020 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
13.06.2005 |
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Com. Reg. No.: |
04902660960 |
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Legal Form : |
Public Subsidiary Company |
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Line of Business : |
Subject is a polymer chemical manufacturing company |
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No. of Employees : |
877 |
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 – 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
Polynt SpA
Via E. Fermi 51
Scanzorosciate, 24020
Italy
Tel: 39-035-65-21-11
Fax: +39 0356 55204
Web: www.polynt.com
Synthesis
Employees: 877
Company Type: Public Subsidiary
Corporate Family: 14
Companies
Ultimate Parent: InvestIndustrial S.p.A.
Incorporation Date:
13-Jun-2005
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Euro
Annual Sales: 756.1
Total Assets: 763.5
Business Description
Polynt SpA (Polynt) is an Italy-based specific polymer chemical manufacturing company. The company classifies its products into two categories, specification products and performance chemicals. Polynt is one of the leading producers of specific polymer chemical intermediates such as anhydrides (maleic, phthalic, and trimellitic) and their derivatives (plasticizers); dibasic acids (fumaric and malic); unsaturated polyester resins, compounds and composites and special esters. The company’s products are used in the production of plastics, paints, inks and adhesives, electrical and electronic materials and components, paper and lubricants. Polynt’s operations are spread in Europe. The company’s subsidiaries are in Italy, Germany, Poland, China, Hong Kong and the UK. Polynt is headquartered in Bergamo, Italy.
Industry
Industry Chemicals - Plastics and Rubber
ANZSIC 2006: 1821 - Synthetic
Resin and Synthetic Rubber Manufacturing
NACE 2002: 2416 - Manufacture
of plastics in primary forms
NAICS 2002: 325211 - Plastics
Material and Resin Manufacturing
UK SIC 2003: 2416 - Manufacture
of plastics in primary forms
UK SIC 2007: 2016 - Manufacture
of plastics in primary forms
US SIC 1987: 2821 - Plastics
Materials, Synthetic Resins, and Nonvulcanizable Elastomers
Key Executives
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Name |
Title |
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Rosario Valido |
CEO |
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Paolo Carugati |
CFO |
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Simona Grilli |
Assistant to the Chief Executive Officer |
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Mario Novelli |
COO |
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Salvatore Di Pasquale |
Internal Audit Manager |
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 E. Fermi 51
Scanzorosciate, 24020
Italy
Tel: 39-035-65-21-11
Fax: +39 0356 55204
Web: www.polynt.com
Sales EUR(mil): 543.7
Assets EUR(mil): 588.1
Employees: 877
Fiscal Year End: 31-Dec-2011
Industry: Chemicals - Plastics and Rubber
Incorporation Date: 13-Jun-2005
Company Type: Public Subsidiary
Quoted Status: Not Quoted
Registered No.(ITA): 04902660960
CEO : Rosario Valido
Industry Codes
ANZSIC 2006 Codes:
1821 - Synthetic Resin and Synthetic Rubber Manufacturing
NACE 2002 Codes:
2416 - Manufacture of plastics in primary forms
NAICS 2002 Codes:
325211 - Plastics Material and Resin Manufacturing
US SIC 1987:
2821 - Plastics Materials, Synthetic Resins, and Nonvulcanizable
Elastomers
UK SIC 2003:
2416 - Manufacture of plastics in primary forms
UK SIC 2007:
2016 - Manufacture of plastics in primary forms
Business
Description
Research,
development, production and marketing of polymer chemical intermediates such as
dibasic acids (malic and fumaric); anhydrides (maleic, phtalic and
trimellitic); unsaturated polyester resins; compunds and composites
More Business
Descriptions
Intermediate Polymers & Resins Mfr
Polynt SpA is
primarily engaged in manufacture of various chemical products: peptones,
peptone derivatives, other protein substances and their derivatives not
elsewhere classified; chemically modified oils and fats; materials used in the
finishing of textiles and leather; powders and pastes used in soldering,
brazing or welding; substances used to pickle metal; prepared additives for
cements; activated carbon, lubricating oil additives, prepared rubber
accelerators, catalysts and other chemical products for industrial use;
anti-knock preparations, anti-freeze preparations, liquids for hydraulic
transmission; and composite diagnostic or laboratory reagents. This class also
includes: manufacture of writing and drawing ink.
Polynt SpA
(Polynt) is an Italy-based specific polymer chemical manufacturing company. The
company classifies its products into two categories, specification products and
performance chemicals. Polynt is one of the leading producers of specific
polymer chemical intermediates such as anhydrides (maleic, phthalic, and
trimellitic) and their derivatives (plasticizers); dibasic acids (fumaric and
malic); unsaturated polyester resins, compounds and composites and special
esters. The company’s products are used in the production of plastics,
paints, inks and adhesives, electrical and electronic materials and components,
paper and lubricants. Polynt’s operations are spread in Europe. The
company’s subsidiaries are in Italy, Germany, Poland, China, Hong Kong and
the UK. Polynt is headquartered in Bergamo, Italy.
Chemicals - Diversified (Major)
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Corporate Family |
Corporate
Structure News: |
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InvestIndustrial
S.p.A. |
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Polynt SpA |
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Company Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Milan |
Italy |
Investment Services |
2,693.0 |
40 |
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Asset/product line purchase
proposed/announced.See corporate
structure news on
InvestIndustrial S.p.A. for details |
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Holding |
Carpentersville, IL |
United States |
Chemical Manufacturing |
206.6 |
6,500 |
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Holding |
Scanzorosciate, BG |
Italy |
Chemicals - Plastics and Rubber |
756.1 |
877 |
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Facility |
San Giovanni Valdarno, AR |
Italy |
Chemical Manufacturing |
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243 |
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Subsidiary |
Changzhou |
China |
Chemical Manufacturing |
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120 |
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Facility |
Brembate di Sopra, BG |
Italy |
Chemical Manufacturing |
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83 |
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Subsidiary |
Miehlen, Rheinland-Pfalz |
Germany |
Chemical Manufacturing |
45.2 |
80 |
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Subsidiary |
Niepolomice |
Poland |
Chemical Manufacturing |
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68 |
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Facility |
Ravenna |
Italy |
Chemical Manufacturing |
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65 |
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Subsidiary |
Leek |
United Kingdom |
Chemical Manufacturing |
28.1 |
48 |
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Subsidiary |
Leek |
United Kingdom |
Chemical Manufacturing |
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Subsidiary |
Leek |
United Kingdom |
Chemical Manufacturing |
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Facility |
Cavaglia, BI |
Italy |
Chemical Manufacturing |
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48 |
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Subsidiary |
Tsim Sha Tsui, Kowloon |
Hong Kong |
Chemical Manufacturing |
50.0 |
4 |
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Competitors Report
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Company Name |
Location |
Employees |
Ownership |
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Arkema SA |
Colombes, France |
14,000 |
Public |
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Cray Valley SA |
Courbevoie, France |
616 |
Public |
|
FUSO CHEMICAL CO.,LTD |
Osaka-Shi, Japan |
824 |
Public |
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Koninklijke DSM N.V. |
Heerlen, Netherlands |
23,318 |
Public |
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Lanxess AG |
Leverkusen, Germany |
17,381 |
Public |
Executive report
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Board
of Directors |
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Board Member |
Director/Board Member |
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Board Member |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Board Member |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Board Member |
Director/Board Member |
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Board Member |
Director/Board Member |
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Board Member |
Director/Board Member |
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Board Member |
Director/Board Member |
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Board Member |
Director/Board Member |
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CEO |
Director/Board Member |
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Executives |
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CEO |
Chief Executive Officer |
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COO |
Operations Executive |
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Assistant to the Chief Executive Officer |
Administration Executive |
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CFO |
Finance Executive |
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Internal Audit Manager |
Accounting Executive |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Chief Corporate Services Officer |
Other |
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Executive |
Other |
D&B |
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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 |
758.5 |
658.5 |
484.5 |
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Net sales |
756.1 |
658.2 |
485.2 |
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Other operating income |
4.4 |
3.4 |
2.7 |
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Raw materials and consumables employed |
501.2 |
420.3 |
287.5 |
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Other expenses |
110.2 |
107.9 |
90.4 |
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Total payroll costs |
74.5 |
73.1 |
62.9 |
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Fixed asset depreciation and amortisation |
44.4 |
58.6 |
60.9 |
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Other operating costs |
3.6 |
6.1 |
4.1 |
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Net operating
income |
24.6 |
-7.5 |
-21.2 |
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Total financial
income |
6.9 |
3.6 |
4.4 |
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Total expenses |
28.9 |
27.6 |
32.8 |
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Profit before tax |
2.6 |
-31.4 |
-49.6 |
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Extraordinary result |
1.4 |
- |
- |
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Profit after extraordinary items and
before tax |
4.0 |
-31.4 |
-49.6 |
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Total taxation |
5.1 |
-6.8 |
-9.7 |
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Net loss |
1.1 |
24.6 |
39.9 |
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 |
214.8 |
216.9 |
224.2 |
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Provision for risks |
82.0 |
93.6 |
102.6 |
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Provision for pensions |
25.6 |
26.0 |
17.3 |
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Mortgages and loans |
293.3 |
331.8 |
382.2 |
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Trade creditors |
77.7 |
103.3 |
91.8 |
|
Bank loans and overdrafts |
47.2 |
83.0 |
137.7 |
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Other current liabilities |
22.6 |
9.5 |
12.5 |
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Accruals and deferred income |
0.3 |
0.3 |
0.3 |
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Total current
liabilities |
147.7 |
196.1 |
242.3 |
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Total
liabilities (including net worth) |
763.5 |
864.5 |
968.8 |
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Intangibles |
103.6 |
111.8 |
136.6 |
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Buildings |
101.0 |
106.1 |
116.0 |
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Total tangible
fixed assets |
284.3 |
317.0 |
372.2 |
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Long-term investments |
83.5 |
80.8 |
86.4 |
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Total financial
assets |
140.0 |
144.3 |
155.3 |
|
Receivables due after 1 year |
2.6 |
8.0 |
7.6 |
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Loans to associated companies |
56.4 |
63.4 |
68.8 |
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Total
non-current assets |
530.4 |
581.1 |
671.7 |
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Finished goods |
48.3 |
52.9 |
60.7 |
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Net stocks and work in progress |
87.9 |
94.7 |
99.9 |
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Trade debtors |
115.4 |
122.1 |
106.2 |
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Other receivables |
12.6 |
17.6 |
4.4 |
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Cash and liquid assets |
16.7 |
48.4 |
85.8 |
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Accruals |
0.4 |
0.5 |
0.9 |
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Total current
assets |
233.1 |
283.3 |
297.1 |
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Total assets |
763.5 |
864.5 |
968.8 |
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 |
1.60 |
1.40 |
1.20 |
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Quick ratio |
1.00 |
1.00 |
0.80 |
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Current liabilities to net worth |
0.01% |
0.01% |
0.01% |
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Sales per employee |
0.62 |
0.57 |
0.40 |
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Profit per employee |
0.00 |
-0.03 |
-0.04 |
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Average wage per employee |
0.06 |
0.06 |
0.05 |
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Net worth |
214.8 |
216.9 |
224.2 |
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Number of employees |
877 |
869 |
877 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.73 |
|
UK Pound |
1 |
Rs.91.82 |
|
Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.