MIRA
INFORM REPORT
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Report Date : |
05.03.2013 |
IDENTIFICATION DETAILS
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Name : |
DETTIN SPA |
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Registered Office : |
Via Campania 9 Schio, 36015 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
24.10.1962 |
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Com. Reg. No.: |
00146080247 |
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Legal Form : |
Public Independent |
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Line of Business : |
Subject is engaged in manufacture of metal household
articles (sauce-pans, frying pans and other non-electrical utensils for use
at the table or in the kitchen; base metal flat ware |
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No. of Employees : |
40 |
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 |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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, welfare-dependent,
agricultural south, with high unemployment. 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 exceptionally high public debt burdens and structural
impediments to growth have rendered it vulnerable to scrutiny by financial
markets. Public debt has increased steadily since 2007, reaching 120% of GDP in
2011, and borrowing costs on sovereign government debt have risen to record
levels. During the second half of 2011 the government passed a series of three
austerity packages to balance its budget by 2013 and decrease its public debt
burden. 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 address Italy's long-standing structural
impediments to growth, such as an inflexible labor market and widespread tax
evasion. The international financial crisis worsened conditions in Italy''s labor market, with unemployment rising from 6.2%
in 2007 to 8.4% in 2011, but in the longer-term Italy''s
low fertility rate and quota-driven immigration policies will increasingly
strain its economy. The euro-zone crisis along with Italian austerity measures
have reduced exports and domestic demand, slowing Italy''s
recovery. Italy''s GDP is still 5% below its 2007
pre-crisis level.
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Source : CIA |
Company name and address
DETTIN SPA
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Business Description
Dettin SpA
is primarily engaged in manufacture of metal household articles (sauce-pans,
frying pans and other non-electrical utensils for use at the table or in the
kitchen; base metal flat ware; small kitchen appliances and accessories; and
metal scouring pads); manufacture of baths, sinks, wash basins and similar
articles of base metal; manufacture of small metal goods for office use; manufacture
of safes, strong-boxes, armoured doors, etc.;
manufacture of cutlasses, swords, bayonets, etc.; manufacture of ships’ propellers; and manufacture of various articles in
base metal (metal safety headgear; clasps, buckles, hooks; and sign plates).
Industry
Key Executives
|
Name |
Title |
|
Piergiorgio Dettin |
President |
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Luca Dettin |
Managing director |
Registered No.(ITA): 00146080247
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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2299 |
- |
Other Fabricated Metal Product
Manufacturing Not Elsewhere Classified |
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2499 |
- |
Other Machinery and
Equipment Manufacturing Not Elsewhere Classified |
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NACE
2002 Codes: |
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2875 |
- |
Manufacture of other
fabricated metal products not elsewhere classified |
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2956 |
- |
Manufacture of other
special purpose machinery not elsewhere classified |
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NAICS
2002 Codes: |
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332999 |
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All Other Miscellaneous
Fabricated Metal Product Manufacturing |
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333298 |
- |
All Other Industrial
Machinery Manufacturing |
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US
SIC 1987: |
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3499 |
- |
Fabricated Metal Products,
Not Elsewhere Classified |
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3569 |
- |
General Industrial
Machinery and Equipment, Not Elsewhere Classified |
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UK
SIC 2003: |
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2875 |
- |
Manufacture of other fabricated
metal products not elsewhere classified |
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2956 |
- |
Manufacture of other
special purpose machinery not elsewhere classified |
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UK
SIC 2007: |
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2599 |
- |
Manufacture of other
fabricated metal products n.e.c. |
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2899 |
- |
Manufacture of other
special-purpose machinery n.e.c. |
Dettin SpA is primarily engaged in manufacture of metal household articles (sauce-pans, frying pans and other non-electrical utensils for use at the table or in the kitchen; base metal flat ware; small kitchen appliances and accessories; and metal scouring pads); manufacture of baths, sinks, wash basins and similar articles of base metal; manufacture of small metal goods for office use; manufacture of safes, strong-boxes, armoured doors, etc.; manufacture of cutlasses, swords, bayonets, etc.; manufacture of ships’ propellers; and manufacture of various articles in base metal (metal safety headgear; clasps, buckles, hooks; and sign plates).
Financial Data
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Bank: |
Banca Nazionale
del Lavoro Ag, Unicredit
Ag |
Executives
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President |
President |
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Managing director |
Managing Director |
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 |
9.2 |
7.1 |
7.4 |
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Net sales |
9.0 |
7.1 |
7.0 |
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Other operating income |
0.1 |
0.1 |
0.2 |
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Raw materials and consumables employed |
4.6 |
2.2 |
2.5 |
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Other expenses |
2.6 |
1.9 |
2.1 |
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Total payroll costs |
2.7 |
2.4 |
2.3 |
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Fixed asset depreciation and amortisation |
0.2 |
0.2 |
0.2 |
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Other operating costs |
0.2 |
0.1 |
0.1 |
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Net operating income |
-1.1 |
0.2 |
0.2 |
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Total financial income |
0.0 |
0.0 |
0.0 |
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Total expenses |
0.1 |
0.1 |
0.0 |
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Profit before tax |
-1.1 |
0.2 |
0.1 |
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Extraordinary result |
-0.2 |
- |
- |
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Profit after extraordinary items and before tax |
-1.3 |
0.2 |
0.1 |
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Total taxation |
0.0 |
0.1 |
0.1 |
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Net profit |
- |
0.0 |
0.0 |
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Net loss |
1.3 |
- |
- |
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 |
4.3 |
5.7 |
6.0 |
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Provision for risks |
0.0 |
- |
- |
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Provision for pensions |
1.1 |
1.2 |
1.3 |
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Mortgages and loans |
3.2 |
- |
- |
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Other long-term liabilities |
0.5 |
0.1 |
0.2 |
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Trade creditors |
3.3 |
2.2 |
1.2 |
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Bank loans and overdrafts |
0.2 |
0.2 |
0.0 |
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Other current liabilities |
4.7 |
3.4 |
1.6 |
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Total current liabilities |
8.2 |
5.9 |
2.8 |
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Total liabilities (including net worth) |
17.2 |
12.9 |
10.2 |
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Intangibles |
0.0 |
0.0 |
0.0 |
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Buildings |
7.6 |
5.0 |
5.4 |
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Total tangible fixed assets |
7.8 |
5.0 |
5.5 |
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Long-term investments |
0.0 |
- |
- |
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Total financial assets |
0.3 |
0.3 |
0.4 |
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Total non-current assets |
8.1 |
5.4 |
5.9 |
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Work in progress |
3.4 |
1.5 |
1.4 |
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Finished goods |
0.1 |
- |
0.1 |
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Net stocks and work in progress |
4.6 |
2.8 |
2.0 |
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Trade debtors |
2.3 |
3.2 |
1.5 |
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Other receivables |
1.8 |
1.0 |
0.2 |
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Cash and liquid assets |
0.4 |
0.5 |
0.6 |
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Accruals |
0.0 |
0.0 |
0.0 |
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Total current assets |
9.1 |
7.5 |
4.4 |
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Total assets |
17.2 |
12.9 |
10.2 |
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 |
1.10 |
1.30 |
1.60 |
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Quick ratio |
0.60 |
0.80 |
0.90 |
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Current liabilities to net worth |
0.02% |
0.01% |
0.01% |
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Sales per employee |
0.16 |
0.13 |
0.12 |
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Profit per employee |
-0.02 |
0.00 |
0.00 |
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Average wage per employee |
0.05 |
0.04 |
0.04 |
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Net worth |
4.3 |
5.7 |
6.0 |
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Number of employees |
40 |
41 |
44 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.05 |
|
|
1 |
Rs.82.75 |
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Euro |
1 |
Rs.71.61 |
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 |
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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.