MIRA
INFORM REPORT
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Report Date : |
11.03.2013 |
IDENTIFICATION DETAILS
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Name : |
CARRARO DRIVE TECH SPA |
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Registered Office : |
Via Olmo 37, Campodarsego, 35011 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
04.06.2008 |
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Com. Reg. No.: |
04308180282 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
manufacturer
of ball and roller bearings and parts thereof |
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No. of Employees : |
713 |
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 & address
Carraro Drive Tech SpA
Via Olmo 37
Campodarsego, 35011
Italy
Tel: +39 0499 219111
Fax: +39 0499 219111
Synthesis
Employees: 713
Company Type: Public Parent
Corporate Family: 2
Companies
Incorporation Date:
04-Jun-2008
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Euro
Annual Sales: 424.9
Total Assets:
310.1
Business Description
Carraro Drive Tech SpA is primarily engaged in manufacture of ball and roller bearings and parts thereof; manufacture of mechanical power transmission equipment (transmission shafts and cranks: cam shafts, crank shafts, cranks, etc.; bearing housings and plain shaft bearings); manufacture of gears, gearing and gear boxes and other speed changers; manufacture of clutches and shaft couplings; manufacture of flywheels and pulleys; manufacture of articulated link chain; and manufacture of hydraulic transmission equipment.
Industry
Industry Miscellaneous Capital Goods
ANZSIC 2006: 2439 - Other
Electrical Equipment Manufacturing
NACE 2002: 2914 - Manufacture
of bearings, gears, gearing and driving elements
NAICS 2002: 333613 - Mechanical
Power Transmission Equipment Manufacturing
UK SIC 2003: 2914 - Manufacture
of bearings, gears, gearing and driving elements
UK SIC 2007: 2815 - Manufacture
of bearings, gears, gearing and driving elements
US SIC 1987: 3568 - Mechanical Power
Transmission Equipment, Not Elsewhere Classified
Key Executives
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Name |
Title |
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Tomaso Carraro |
President |
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Andrea Bovi |
Executive |
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Patrizia Canovese |
Executive |
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Alexander Josef Bossard |
Member of the board |
|
Enrico Gomiero |
Member of the board |
Registered No.(ITA): 04308180282
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 Olmo 37
Campodarsego, 35011
Italy
Tel: +39 0499 219111
Fax: +39 0499 219111
Sales EUR(mil): 305.6
Assets EUR(mil): 238.8
Employees: 713
Fiscal Year End: 31-Dec-2011
Industry: Miscellaneous
Capital Goods
Incorporation Date: 04-Jun-2008
Company Type: Public
Parent
Quoted Status: Not
Quoted
Registered No.(ITA): 04308180282
President: Tomaso
Carraro
Industry Codes
ANZSIC 2006 Codes:
2439 - Other Electrical Equipment Manufacturing
231 - Motor Vehicle and Motor Vehicle Part Manufacturing
3411 - Agricultural and Construction Machinery Wholesaling
696 - Management and Related Consulting Services
NACE 2002 Codes:
2914 - Manufacture of bearings, gears, gearing and driving
elements
5182 - Wholesale of mining, construction and civil engineering
machinery
5188 - Wholesale of agricultural machinery and accessories and
implements, including tractors
7414 - Business and management consultancy activities
3430 - Manufacture of parts and accessories for motor vehicles and
their engines
NAICS 2002 Codes:
333613 - Mechanical Power Transmission Equipment Manufacturing
423810 - Construction and Mining (except Oil Well) Machinery and
Equipment Merchant Wholesalers
33631 - Motor Vehicle Gasoline Engine and Engine Parts
Manufacturing
423820 - Farm and Garden Machinery and Equipment Merchant Wholesalers
54161 - Management Consulting Services
US SIC 1987:
3568 - Mechanical Power Transmission Equipment, Not Elsewhere
Classified
874 - Management and Public Relations Services
5082 - Construction and Mining (Except Petroleum) Machinery and
Equipment
5083 - Farm and Garden Machinery and Equipment
3714 - Motor Vehicle Parts and Accessories
UK SIC 2003:
2914 - Manufacture of bearings, gears, gearing and driving
elements
7414 - Business and management consultancy activities
5188 - Wholesale of agricultural machinery and accessories and
implements, including tractors
5182 - Wholesale of mining, construction and civil engineering
machinery
3430 - Manufacture of parts and accessories for motor vehicles and
their engines
UK SIC 2007:
2815 - Manufacture of bearings, gears, gearing and driving
elements
4663 - Wholesale of mining, construction and civil engineering
machinery
2932 - Manufacture of other parts and accessories for motor
vehicles
7022 - Business and other management consultancy activities
4661 - Wholesale of agricultural machinery, equipment and supplies
Business
Description
Carraro Drive Tech
SpA is primarily engaged in manufacture of ball and roller bearings and parts
thereof; manufacture of mechanical power transmission equipment (transmission
shafts and cranks: cam shafts, crank shafts, cranks, etc.; bearing housings and
plain shaft bearings); manufacture of gears, gearing and gear boxes and other
speed changers; manufacture of clutches and shaft couplings; manufacture of
flywheels and pulleys; manufacture of articulated link chain; and manufacture
of hydraulic transmission equipment.
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Corporate Family |
Corporate
Structure News: |
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Carraro
Drive Tech SpA |
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Carraro Drive Tech SpA |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
Source |
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Carraro Drive Tech SpA |
Parent |
Campodarsego, Padova |
Italy |
Miscellaneous Capital Goods |
424.9 |
647 |
D&B |
|
Carraro China Drive Systems Co., Ltd. |
Subsidiary |
Qingdao, Shandong |
China |
Miscellaneous Capital Goods |
59.8 |
200 |
D&B |
Executive report
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Board
of Directors |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Executives |
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President |
President |
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Managing director |
Managing Director |
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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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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 |
438.4 |
325.4 |
238.9 |
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Net sales |
424.9 |
311.8 |
245.9 |
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Other operating income |
12.9 |
12.4 |
5.1 |
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Raw materials and consumables employed |
311.8 |
227.3 |
168.1 |
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Other expenses |
65.9 |
54.6 |
47.6 |
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Total payroll costs |
47.6 |
38.4 |
38.7 |
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Fixed asset depreciation and amortisation |
6.9 |
7.0 |
8.1 |
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Other operating costs |
0.4 |
4.9 |
1.3 |
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Net operating
income |
5.8 |
-6.7 |
-25.0 |
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Total financial
income |
0.1 |
0.3 |
0.1 |
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Total expenses |
8.2 |
5.4 |
3.9 |
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Profit before tax |
-2.3 |
-11.9 |
-28.8 |
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Extraordinary result |
-3.0 |
-1.3 |
-13.6 |
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Profit after extraordinary items and
before tax |
-5.3 |
-13.2 |
-42.4 |
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Total taxation |
3.6 |
2.7 |
-6.5 |
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Net loss |
8.9 |
15.9 |
35.9 |
Annual Balance
Sheet
Financials in: USD (mil)
|
|
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 |
25.4 |
34.9 |
40.5 |
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Provision for risks |
6.0 |
6.0 |
13.7 |
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Provision for pensions |
6.7 |
8.8 |
10.5 |
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Other long-term liabilities |
1.1 |
0.0 |
- |
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Trade creditors |
124.8 |
77.1 |
67.1 |
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Bank loans and overdrafts |
15.4 |
- |
- |
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Other current liabilities |
130.6 |
159.1 |
137.5 |
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Accruals and deferred income |
- |
- |
0.8 |
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Total current
liabilities |
270.9 |
236.2 |
205.3 |
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Total
liabilities (including net worth) |
310.1 |
286.0 |
270.0 |
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Intangibles |
4.8 |
4.0 |
3.1 |
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Total tangible
fixed assets |
28.8 |
31.7 |
38.7 |
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Long-term investments |
103.9 |
105.4 |
83.8 |
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Total financial
assets |
106.9 |
106.0 |
93.0 |
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Receivables due after 1 year |
10.5 |
14.7 |
17.6 |
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Loans to associated companies |
2.5 |
- |
8.9 |
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Total
non-current assets |
150.9 |
156.4 |
152.3 |
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Finished goods |
40.8 |
- |
35.9 |
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Net stocks and work in progress |
80.7 |
67.9 |
73.2 |
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Trade debtors |
28.0 |
30.0 |
20.5 |
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Other receivables |
35.6 |
30.2 |
11.9 |
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Cash and liquid assets |
14.5 |
1.4 |
10.2 |
|
Marketable securities |
0.4 |
0.1 |
- |
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Accruals |
- |
- |
1.9 |
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Total current
assets |
159.2 |
129.6 |
117.7 |
|
Total assets |
310.1 |
286.0 |
270.0 |
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 |
|
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 |
0.60 |
0.60 |
0.60 |
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Quick ratio |
0.30 |
0.30 |
0.20 |
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Current liabilities to net worth |
0.11% |
0.07% |
0.05% |
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Sales per employee |
0.43 |
0.35 |
0.24 |
|
Profit per employee |
-0.01 |
-0.01 |
-0.04 |
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Average wage per employee |
0.05 |
0.04 |
0.04 |
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Net worth |
25.4 |
34.9 |
40.5 |
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Number of employees |
713 |
682 |
742 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.40 |
|
UK Pound |
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.71.24 |
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 |
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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.