MIRA
INFORM REPORT
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Report Date : |
11.03.2013 |
IDENTIFICATION DETAILS
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Name : |
MAN SOCKS ITALIA SRL |
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Registered Office : |
Via Mazzini 105, Castiglione Delle Stiviere, 46043 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
02.01.1986 |
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Com. Reg. No.: |
02090940178 |
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Legal Form : |
Private Independent |
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Line of Business : |
manufacturer of hosiery, including socks, tights
and pantihose |
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No. of Employees : |
64 |
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 : |
Usually 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 – 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
Man Socks Italia SRL
Via Mazzini 105
Castiglione Delle Stiviere, 46043
Italy
Tel: +39 0376 639889
Fax: +39 0376 632600
Synthesis
Employees: 64
Company Type: Private Independent
Incorporation Date:
02-Jan-1986
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Euro
Annual Sales: 29.2
Total Assets: 31.0
Business Description
Man Socks Italia SRL is primarily engaged in manufacture of hosiery,
including socks, tights and pantihose. This class also includes: manufacture of
footwear of textile materials without applied soles.
Industry
Industry Apparel and Accessories
ANZSIC 2006: 1340 - Knitted
Product Manufacturing
NACE 2002: 1771 - Manufacture
of knitted and crocheted hosiery
NAICS 2002: 3151 - Apparel
Knitting Mills
UK SIC 2003: 1771 - Manufacture
of knitted and crocheted hosiery
UK SIC 2007: 1431 - Manufacture
of knitted and crocheted hosiery
US SIC 1987: 2252 - Hosiery,
Not Elsewhere Classified
Key Executives
Name Title
Sergio Zaglio President
Registered No.(ITA): 02090940178
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 Mazzini 105
Castiglione Delle Stiviere, 46043
Italy
Tel: +39 0376 639889
Fax: +39 0376 632600
Sales EUR(mil): 21.0
Assets EUR(mil): 23.9
Employees: 64
Fiscal Year End: 31-Dec-2011
Industry: Apparel
and Accessories
Incorporation Date: 02-Jan-1986
Company Type: Private
Independent
Quoted Status: Not
Quoted
Registered No.(ITA): 02090940178
President: Sergio
Zaglio
Industry Codes
ANZSIC 2006 Codes:
1340 - Knitted Product Manufacturing
4279 - Other Store-Based Retailing Not Elsewhere Classified
4251 - Clothing Retailing
NACE 2002 Codes:
1771 - Manufacture of knitted and crocheted hosiery
5248 - Other retail sale in specialised stores
5242 - Retail sale of clothing
NAICS 2002 Codes:
3151 - Apparel Knitting Mills
4481 - Clothing Stores
453 - Miscellaneous Store Retailers
US SIC 1987:
2252 - Hosiery, Not Elsewhere Classified
599 - Retail Stores, Not Elsewhere Classified
5651 - Family Clothing Stores
UK SIC 2003:
1771 - Manufacture of knitted and crocheted hosiery
5242 - Retail sale of clothing
5248 - Other retail sale in specialised stores
UK SIC 2007:
1431 - Manufacture of knitted and crocheted hosiery
477 - Retail sale of other goods in specialised stores
4771 - Retail sale of clothing in specialised stores
Business
Description
Man Socks Italia SRL is primarily engaged in manufacture of hosiery,
including socks, tights and pantihose. This class also includes: manufacture of
footwear of textile materials without applied soles.
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EXECUTIVE RPEORT
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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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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 |
31.6 |
31.2 |
29.0 |
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Net sales |
29.2 |
31.1 |
29.9 |
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Other operating income |
0.3 |
0.6 |
0.1 |
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Raw materials and consumables employed |
19.5 |
19.0 |
17.8 |
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Other expenses |
6.7 |
6.9 |
6.1 |
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Total payroll costs |
2.4 |
2.3 |
2.0 |
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Fixed asset depreciation and amortisation |
1.6 |
1.4 |
1.5 |
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Other operating costs |
0.1 |
0.4 |
0.1 |
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Net operating income |
1.3 |
1.2 |
1.4 |
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Total financial income |
-0.1 |
0.1 |
-0.1 |
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Total expenses |
0.7 |
0.7 |
0.7 |
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Profit before tax |
0.5 |
0.6 |
0.7 |
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Extraordinary result |
-0.1 |
-0.3 |
-0.4 |
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Profit after extraordinary items and before tax |
0.4 |
0.3 |
0.3 |
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Total taxation |
0.3 |
0.3 |
0.3 |
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Net profit |
0.0 |
0.0 |
0.0 |
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 |
9.2 |
9.4 |
10.1 |
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Provision for risks |
0.2 |
0.2 |
0.2 |
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Provision for pensions |
0.7 |
0.7 |
0.6 |
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Mortgages and loans |
5.2 |
6.2 |
5.6 |
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Trade creditors |
5.2 |
4.0 |
4.3 |
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Bank loans and overdrafts |
9.9 |
7.2 |
9.8 |
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Other current liabilities |
0.6 |
1.0 |
1.4 |
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Accruals and deferred income |
0.0 |
0.0 |
0.0 |
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Total current liabilities |
15.7 |
12.2 |
15.5 |
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Total liabilities (including net worth) |
31.0 |
28.7 |
32.1 |
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Intangibles |
3.3 |
1.3 |
2.2 |
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Buildings |
9.8 |
10.5 |
11.6 |
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Total tangible fixed assets |
10.8 |
11.2 |
12.5 |
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Long-term investments |
0.0 |
0.0 |
0.0 |
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Total financial assets |
0.0 |
0.0 |
0.0 |
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Receivables due after 1 year |
0.2 |
0.2 |
- |
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Total non-current assets |
14.3 |
12.6 |
14.6 |
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Finished goods |
5.1 |
3.3 |
3.8 |
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Net stocks and work in progress |
5.3 |
3.4 |
4.2 |
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Trade debtors |
9.9 |
12.0 |
12.2 |
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Other receivables |
1.2 |
0.4 |
0.7 |
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Cash and liquid assets |
0.0 |
0.2 |
0.2 |
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Marketable securities |
0.1 |
0.1 |
0.1 |
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Accruals |
0.1 |
0.0 |
0.1 |
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Total current assets |
16.6 |
16.1 |
17.4 |
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Total assets |
31.0 |
28.7 |
32.1 |
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 |
1.10 |
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Quick ratio |
0.70 |
1.00 |
0.90 |
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Current liabilities to net worth |
0.02% |
0.01% |
0.02% |
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Sales per employee |
0.33 |
0.38 |
0.38 |
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Profit per employee |
0.00 |
0.00 |
0.00 |
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Average wage per employee |
0.03 |
0.03 |
0.03 |
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Net worth |
9.2 |
9.4 |
10.1 |
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Number of employees |
64 |
62 |
56 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.40 |
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UK Pound |
1 |
Rs.81.57 |
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Euro |
1 |
Rs.71.24 |
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.