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Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
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Name : |
CIFA SPA |
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Registered Office : |
Via Stati Uniti
d'America 26 Senago, 20030 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
20.12.2001 |
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Com. Reg. No.: |
02693100121 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Manufacture of machinery for mining, quarrying and construction |
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No. of Employees : |
359 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Italy |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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.
Source
: CIA
CIFA SpA
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Business Description
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Manufacture of construction machinery for
concrete and metals handling including concrete batching and mixing plants,
concrete mixers, pumpsand tunnel steelforms |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
2952 - Manufacture of machinery for mining,
quarrying and construction |
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NAICS 2002: |
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UK SIC 2003: |
2952 - Manufacture of machinery for mining,
quarrying and construction |
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UK SIC 2007: |
2892 - Manufacture of machinery for mining,
quarrying and construction |
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US SIC 1987: |
Key Executives
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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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CIFA SpA |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Cifa (Luxembourg) Holdings SARL |
Parent |
|
|
|
|
|
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Subsidiary |
Senago, MI |
Italy |
Construction and Agriculture Machinery |
194.0 |
359 |
|
|
Subsidiary |
Castiglione Delle Stiviere, Mantova |
Italy |
Construction - Supplies and Fixtures |
33.0 |
155 |
|
|
Subsidiary |
Zanica, Bergamo |
Italy |
Miscellaneous Fabricated Products |
25.2 |
118 |
|
|
Subsidiary |
Rogolo, Sondrio |
Italy |
Personal and Household Products |
9.9 |
29 |
Executives Report
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate (Period Average) |
0.71919 |
0.755078 |
0.719047 |
|
Consolidated |
No |
No |
No |
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|
|
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Total income |
217.4 |
169.6 |
231.0 |
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Net sales |
194.0 |
167.9 |
233.2 |
|
Other operating income |
24.2 |
5.4 |
10.3 |
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Raw materials and consumables employed |
154.7 |
131.2 |
183.4 |
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Other expenses |
26.2 |
36.8 |
30.2 |
|
Total payroll costs |
15.6 |
12.3 |
12.2 |
|
Fixed asset depreciation and amortisation |
8.3 |
18.7 |
8.1 |
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Other operating costs |
0.3 |
0.2 |
0.2 |
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Net operating income |
12.3 |
-29.7 |
-3.2 |
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Total financial income |
1.2 |
8.5 |
1.6 |
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Total expenses |
9.6 |
6.3 |
10.1 |
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Profit before tax |
3.8 |
-27.6 |
-11.7 |
|
Extraordinary result |
4.0 |
-3.2 |
-3.8 |
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Profit after extraordinary items and before
tax |
7.8 |
-30.7 |
-15.5 |
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Total taxation |
6.1 |
-1.8 |
-0.7 |
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Net profit |
1.7 |
- |
- |
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Net loss |
- |
28.9 |
14.9 |
|
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Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
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Total stockholders equity |
14.9 |
13.8 |
86.3 |
|
Provision for risks |
15.4 |
25.6 |
21.6 |
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Provision for pensions |
1.9 |
2.0 |
2.3 |
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Mortgages and loans |
233.7 |
241.5 |
145.6 |
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Other long-term liabilities |
1.2 |
- |
- |
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Trade creditors |
25.8 |
25.5 |
29.6 |
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Bank loans and overdrafts |
0.4 |
0.4 |
60.9 |
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Other current liabilities |
54.4 |
37.5 |
45.6 |
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Accruals and deferred income |
0.2 |
0.5 |
0.7 |
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Total current liabilities |
80.8 |
63.9 |
136.9 |
|
Total liabilities (including net worth) |
347.8 |
346.8 |
392.6 |
|
Intangibles |
29.6 |
32.7 |
45.7 |
|
Buildings |
0.0 |
0.0 |
- |
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Total tangible fixed assets |
3.0 |
3.1 |
4.2 |
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Long-term investments |
126.8 |
131.7 |
140.9 |
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Total financial assets |
126.9 |
131.7 |
140.9 |
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Receivables due after 1 year |
8.9 |
15.0 |
0.6 |
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Total non-current assets |
168.3 |
182.6 |
191.4 |
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Finished goods |
9.9 |
12.1 |
17.9 |
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Net stocks and work in progress |
19.8 |
21.7 |
28.8 |
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Trade debtors |
44.5 |
42.2 |
83.1 |
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Other receivables |
96.1 |
71.2 |
66.8 |
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Cash and liquid assets |
16.1 |
19.0 |
11.5 |
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Marketable securities |
2.2 |
9.5 |
9.9 |
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Accruals |
0.8 |
0.7 |
1.2 |
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Total current assets |
179.6 |
164.2 |
201.3 |
|
Total assets |
347.8 |
346.8 |
392.6 |
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Annual Ratios |
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
2.20 |
2.60 |
1.50 |
|
Quick ratio |
2.00 |
2.20 |
1.30 |
|
Current liabilities to net worth |
0.05% |
0.05% |
0.02% |
|
Sales per employee |
0.88 |
0.83 |
1.13 |
|
Profit per employee |
0.04 |
-0.15 |
-0.08 |
|
Average wage per employee |
0.07 |
0.06 |
0.06 |
|
Net worth |
14.9 |
13.8 |
86.3 |
|
Number of employees |
159 |
152 |
148 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.10 |
|
|
1 |
Rs.82.46 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
-- |
NB |
New Business |
-- |
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.