MIRA
INFORM REPORT
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Report Date : |
13.03.2013 |
IDENTIFICATION DETAILS
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Name : |
FIORIO COLORI SPA |
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Registered Office : |
Via Italia 28, Gessate, 20060 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
06.05.1980 |
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Com. Reg. No.: |
05831410153 |
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Legal Form : |
Public Independent |
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Line of Business : |
manufacturer
of other organic basic chemicals |
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No. of Employees : |
33 |
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
Fiorio Colori SpA
Via Italia 28
Gessate, 20060
Italy
Tel: +39 0295 92901
Fax: +39 0295 382688
SYNTHESIS
Employees: 33
Company Type: Public Independent
Incorporation Date:
06-May-1980
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Euro
Annual Sales: 11.6
Total Assets: 7.0
Business Description
Fiorio Colori SpA is primarily engaged in manufacture of other organic basic chemicals: acyclic hydrocarbons, saturated and unsaturated; cyclic hydrocarbons, saturated and unsaturated; acyclic and cyclic alcohols, including synthetic ethyl alcohol; mono- and polycarboxyclic acids including acetic acid; other oxygen-function compounds including aldehydes, ketones, quinones and dual or poly oxygen-function compounds; nitrogen-function organic compounds including amines; other organic compounds including wood distillation products, etc.; manufacture of charcoal; production of pitch and pitch coke; manufacture of synthetic aromatic products; and distillation of coal tar.
Industry
Industry Chemical Manufacturing
ANZSIC 2006: 1812 - Basic
Organic Chemical Manufacturing
NACE 2002: 2414 - Manufacture
of other organic basic chemicals
NAICS 2002: 32519 - Other
Basic Organic Chemical Manufacturing
UK SIC 2003: 2414 - Manufacture
of other organic basic chemicals
UK SIC 2007: 2014 - Manufacture
of other organic basic chemicals
US SIC 1987: 2869 - Industrial
Organic Chemicals, Not Elsewhere Classified
Key Executives
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Name |
Title |
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Franco Fiorio |
President |
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Enzo Rosati |
Managing director |
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Gianmaria Fiorio |
Vice president |
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Oscar Querro |
Commercial manager |
Registered No.(ITA): 05831410153
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 Italia 28
Gessate, 20060
Italy
Tel: +39 0295 92901
Fax: +39 0295 382688
Sales EUR(mil): 8.3
Assets EUR(mil): 5.4
Employees: 33
Fiscal Year End: 31-Dec-2011
Industry: Chemical
Manufacturing
Incorporation Date: 06-May-1980
Company Type: Public
Independent
Quoted Status: Not
Quoted
Registered No.(ITA): 05831410153
President: Franco
Fiorio
Contents
Industry Codes
Business Description
Financial Data
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
1812 - Basic Organic Chemical Manufacturing
NACE 2002 Codes:
2414 - Manufacture of other organic basic chemicals
NAICS 2002 Codes:
32519 - Other Basic Organic Chemical Manufacturing
US SIC 1987:
2869 - Industrial Organic Chemicals, Not Elsewhere Classified
UK SIC 2003:
2414 - Manufacture of other organic basic chemicals
UK SIC 2007:
2014 - Manufacture of other organic basic chemicals
Business
Description
Fiorio Colori SpA is primarily engaged in manufacture of other organic basic chemicals: acyclic hydrocarbons, saturated and unsaturated; cyclic hydrocarbons, saturated and unsaturated; acyclic and cyclic alcohols, including synthetic ethyl alcohol; mono- and polycarboxyclic acids including acetic acid; other oxygen-function compounds including aldehydes, ketones, quinones and dual or poly oxygen-function compounds; nitrogen-function organic compounds including amines; other organic compounds including wood distillation products, etc.; manufacture of charcoal; production of pitch and pitch coke; manufacture of synthetic aromatic products; and distillation of coal tar.
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Executive report
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Executives |
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President |
President |
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Managing director |
Managing Director |
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Commercial manager |
Commercial Executive |
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Vice president |
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 |
11.5 |
9.1 |
7.9 |
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Net sales |
11.6 |
8.6 |
8.3 |
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Other operating income |
0.0 |
0.1 |
0.0 |
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Raw materials and consumables employed |
6.0 |
4.2 |
3.3 |
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Other expenses |
2.4 |
1.9 |
1.6 |
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Total payroll costs |
2.4 |
2.1 |
2.3 |
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Fixed asset depreciation and amortisation |
0.2 |
0.3 |
0.4 |
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Other operating costs |
0.1 |
0.1 |
0.1 |
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Net operating
income |
0.4 |
0.4 |
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 |
0.1 |
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Profit before tax |
0.2 |
0.3 |
0.1 |
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Extraordinary result |
- |
- |
0.0 |
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Profit after extraordinary items and
before tax |
0.2 |
0.3 |
0.1 |
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Total taxation |
0.2 |
0.1 |
0.0 |
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Net profit |
0.1 |
0.1 |
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 |
2.7 |
5.6 |
5.8 |
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Provision for risks |
0.0 |
1.1 |
1.2 |
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Provision for pensions |
1.0 |
1.0 |
1.0 |
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Mortgages and loans |
0.6 |
0.3 |
1.0 |
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Trade creditors |
1.1 |
1.5 |
1.3 |
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Bank loans and overdrafts |
1.2 |
0.7 |
0.3 |
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Other current liabilities |
0.3 |
0.5 |
0.4 |
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Accruals and deferred income |
0.1 |
0.1 |
0.1 |
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Total current
liabilities |
2.7 |
2.9 |
2.1 |
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Total
liabilities (including net worth) |
7.0 |
10.8 |
11.2 |
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Intangibles |
0.0 |
- |
- |
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Buildings |
- |
3.8 |
4.3 |
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Total tangible
fixed assets |
0.2 |
4.1 |
4.6 |
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Total financial
assets |
0.0 |
0.0 |
0.0 |
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Receivables due after 1 year |
0.1 |
0.2 |
0.2 |
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Total
non-current assets |
0.4 |
4.3 |
4.8 |
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Finished goods |
2.7 |
2.9 |
2.7 |
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Net stocks and work in progress |
3.7 |
3.5 |
3.3 |
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Trade debtors |
2.7 |
2.2 |
2.3 |
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Other receivables |
0.1 |
0.2 |
0.1 |
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Cash and liquid assets |
0.1 |
0.6 |
0.7 |
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Accruals |
0.0 |
0.0 |
0.0 |
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Total current
assets |
6.6 |
6.5 |
6.4 |
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Total assets |
7.0 |
10.8 |
11.2 |
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 |
2.40 |
2.20 |
3.10 |
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Quick ratio |
1.10 |
1.00 |
1.50 |
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Current liabilities to net worth |
0.01% |
0.01% |
0.00% |
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Sales per employee |
0.25 |
0.20 |
0.19 |
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Profit per employee |
0.01 |
0.01 |
0.00 |
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Average wage per employee |
0.05 |
0.05 |
0.05 |
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Net worth |
2.7 |
5.6 |
5.8 |
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Number of employees |
33 |
33 |
31 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.54.34 |
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UK Pound |
1 |
Rs.80.89 |
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Euro |
1 |
Rs.70.73 |
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.