MIRA INFORM REPORT
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Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
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Name : |
G.F. SPA |
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Registered Office : |
Via Edison 3, Rubbiano, Solignano, 43040 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.11.1979 |
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Com. Reg. No.: |
00577200348 |
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Legal Form : |
Public Independent |
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Line of Business : |
Manufacture of machinery for working soft rubber or plastics |
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No. of Employees : |
77 |
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 : |
Reported as 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 and address
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G.F. SpA |
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Employees: |
77 |
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Company Type: |
Public
Independent |
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Incorporation
Date: |
10-Nov-1979 |
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Fiscal Year End:
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31-Dec-2011 |
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Reporting
Currency: |
Euro |
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Annual Sales: |
16.5 |
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Total Assets: |
25.0 |
Business Description
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G.F. SpA is primarily engaged in
manufacture of machinery for working soft rubber or plastics or for the
manufacture of products of these materials (extruders, moulders, pneumatic
tyre making or retreading machines and other machines for making a specific
rubber or plastic product); manufacture of printing and bookbinding machines;
manufacture of machinery for producing tiles, bricks, shaped ceramic pastes,
pipes, graphite electrodes, blackboard chalk, foundry moulds, etc.; manufacture
of moulding boxes for any material; mould bases; moulding patterns; moulds;
manufacture of dryers for wood, paper pulp, paper or paperboard; manufacture
of centrifugal clothes dryers; manufacture of diverse special machinery and
equipment (machines to assemble electric or electronic lamps, tubes (valves)
or bulbs; machines for production or hot-working of glass or glassware, glass
fibre or yarn; machinery or apparatus for isotopic separation; rope-making
machinery, etc.); and manufacture of industrial robots for multiple uses. |
Industry
Key Executives
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News
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Registered No.(ITA)
00577200348
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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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 |
17.4 |
14.7 |
21.0 |
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Net sales |
16.5 |
13.3 |
21.3 |
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Other operating income |
0.3 |
0.8 |
0.3 |
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Raw materials and consumables employed |
3.5 |
3.2 |
9.6 |
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Other expenses |
6.6 |
4.6 |
6.0 |
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Total payroll costs |
4.5 |
3.6 |
3.2 |
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Fixed asset depreciation and amortisation |
1.4 |
1.3 |
1.3 |
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Other operating costs |
0.2 |
0.1 |
0.3 |
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Net operating income |
1.2 |
1.9 |
0.8 |
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Total financial income |
0.2 |
0.1 |
0.1 |
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Total expenses |
0.1 |
0.1 |
0.5 |
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Profit before tax |
1.2 |
1.8 |
0.4 |
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Extraordinary result |
-0.2 |
-0.5 |
-0.2 |
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Profit after extraordinary items and before tax |
1.1 |
1.3 |
0.2 |
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Total taxation |
0.4 |
0.4 |
0.2 |
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Net profit |
0.7 |
0.9 |
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 |
5.7 |
5.2 |
4.5 |
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Provision for pensions |
0.8 |
0.7 |
0.6 |
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Mortgages and loans |
0.9 |
1.1 |
2.3 |
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Other long-term liabilities |
0.5 |
0.8 |
- |
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Trade creditors |
4.3 |
3.1 |
4.7 |
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Bank loans and overdrafts |
1.3 |
2.2 |
3.6 |
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Other current liabilities |
11.4 |
7.5 |
5.7 |
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Accruals and deferred income |
0.0 |
0.1 |
0.1 |
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Total current liabilities |
17.1 |
12.9 |
14.1 |
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Total liabilities (including net worth) |
25.0 |
20.6 |
21.5 |
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Intangibles |
0.3 |
0.3 |
0.5 |
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Buildings |
0.6 |
0.6 |
0.7 |
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Total tangible fixed assets |
2.2 |
3.3 |
3.2 |
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Long-term investments |
0.1 |
0.0 |
- |
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Total financial assets |
3.3 |
3.3 |
0.4 |
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Receivables due after 1 year |
0.2 |
0.2 |
0.2 |
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Total non-current assets |
6.0 |
7.1 |
4.3 |
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Finished goods |
1.5 |
1.0 |
0.4 |
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Net stocks and work in progress |
2.9 |
2.3 |
1.7 |
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Trade debtors |
10.6 |
6.9 |
10.2 |
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Other receivables |
2.9 |
1.2 |
1.6 |
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Cash and liquid assets |
2.0 |
2.4 |
2.6 |
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Accruals |
0.7 |
0.8 |
1.0 |
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Total current assets |
19.0 |
13.5 |
17.2 |
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Total assets |
25.0 |
20.6 |
21.5 |
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 |
1.00 |
1.20 |
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Quick ratio |
1.00 |
0.90 |
1.10 |
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Current liabilities to net worth |
0.03% |
0.03% |
0.03% |
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Sales per employee |
0.18 |
- |
0.21 |
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Profit per employee |
0.01 |
- |
0.00 |
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Average wage per employee |
0.05 |
- |
0.03 |
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Net worth |
5.7 |
5.2 |
4.5 |
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Number of employees |
67 |
- |
73 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.16 |
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1 |
Rs.81.74 |
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Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
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Report Prepared
by : |
PDT |
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.