MIRA INFORM REPORT
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Report Date : |
09.05.2013 |
IDENTIFICATION DETAILS
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Name : |
TESSITURA MONTI SPA |
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Registered Office : |
Via Saltore 10, Frazione Varago, Maserada sul Piave,
31052 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
12.06.1980 |
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Com. Reg. No.: |
01141930261 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Subject is engaged in preparatory operations on cotton-type
fibres, carding and combing; and manufacture of cotton-type yarn, either with
cotton or artificial or synthetic fibres, for weaving, knitting, etc. |
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No. of Employees : |
329 |
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 but 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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, highly subsidized, agricultural south, where unemployment is
high. 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 its exceptionally high public debt
and structural impediments to growth have rendered it vulnerable to scrutiny by
financial markets. Public debt has increased steadily since 2007, topping 126%
of GDP in 2012, and investor concerns about the broader euro-zone crisis at
times have caused borrowing costs on sovereign government debt to rise to
euro-era. During the second half of 2011 the government passed three austerity
packages to reduce its budget deficit and help bring down borrowing costs.
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 sustain its recent efforts to address
Italy's long-standing structural impediments to growth, such as labor market
inefficiencies and widespread tax evasion. In 2012 economic growth and labor market
conditions deteriorated, with growth at -2.3% and unemployment rising to nearly
11%, with youth unemployment around 35%. The government has undertaken several
reform iniatiatives designed to increase long-term economic growth. Italy's GDP
is now 7% below its 2007 pre-crisis level.
Source
: CIA
Company Name and Address
Tessitura Monti SpA
Via Saltore 10
Frazione Varago
Maserada sul Piave, 31052
Italy
|
Tel: |
39 (0422) 7291 |
|
Fax: |
+39 0422 877240 |
Company Summary
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Employees: |
329 |
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Company Type:
|
Public Subsidiary |
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Corporate Family:
|
3 Companies |
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Ultimate Parent:
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GRUPPO TESSILE MONTI SPA |
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Incorporation
Date: |
12-Jun-1980 |
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Financial
In |
USD
(Mil) |
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Fiscal Year End:
|
31-Dec-2011 |
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Reporting
Currency: |
Euro |
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Annual Sales:
|
116.8 |
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Total Assets:
|
100.4 |
Business description
Tessitura Monti SpA is primarily engaged in preparatory
operations on cotton-type fibres, carding and combing; and manufacture of cotton-type
yarn, either with cotton or artificial or synthetic fibres, for weaving,
knitting, etc.
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
424310 -
Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
|
Name |
Title |
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Giovanni Monti |
President |
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Paolo Cracco |
Executive |
|
Fabrizio Falcon |
Executive |
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Bruno Monti |
Member of the board |
|
Manuel Monti |
Member of the board |
News
|
Title |
Date |
|
Monti
Fabrics Added For Summer 2013 |
10-Apr-2013 |
|
Press
Release - Monti Fabrics Added For Summer 2013 |
10-Apr-2013 |
|
Monti
Fabrics Added For Summer 2013 |
9-Apr-2013 |
Registered No.(ITA): 01141930261
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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ANZSIC 2006 Codes: |
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3711 |
- |
Textile Product Wholesaling |
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NACE 2002 Codes: |
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5141 |
- |
Wholesale of textiles |
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NAICS 2002 Codes: |
||
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424310 |
- |
Piece Goods, Notions, and Other Dry Goods
Merchant Wholesalers |
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US SIC 1987: |
||
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5131 |
- |
Piece Goods, Notions, and Other Dry Good |
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UK SIC 2003: |
||
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5141 |
- |
Wholesale of textiles |
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UK SIC 2007: |
||
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4641 |
- |
Wholesale of textiles |
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More Business
Descriptions |
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Textile and Fabric Finishing Mills |
Financial Data
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Bank: |
Intesa Sanpaolo Ag, Unicredit Ag, Banca
Nazionale del Lavoro Ag |
Corporate Structure News
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Corporate Family |
: |
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Tessitura Monti SpA |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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GRUPPO TESSILE MONTI
SPA |
Parent |
|
|
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|
|
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Subsidiary |
Maserada sul Piave, TV |
Italy |
Apparel and Accessories |
116.8 |
329 |
|
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Subsidiary |
Masate, Milano |
Italy |
Textiles - Non Apparel |
11.3 |
30 |
Executives Report
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Board
of Directors |
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||||
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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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Member of the board |
Director/Board Member |
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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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News
|
Monti
Fabrics Added For Summer 2013 |
10-Apr-2013 |
|
Press
Release - Monti Fabrics Added For Summer 2013 |
10-Apr-2013 |
|
Monti
Fabrics Added For Summer 2013 |
09-Apr-2013 |
Annual Balance Sheet
|
|
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 |
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Consolidated |
No |
No |
No |
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Total income |
119.1 |
105.7 |
88.4 |
|
Net sales |
116.8 |
105.1 |
97.4 |
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Other operating income |
0.8 |
0.2 |
0.2 |
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Raw materials and consumables employed |
83.2 |
71.2 |
59.1 |
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Other expenses |
18.5 |
20.3 |
17.8 |
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Total payroll costs |
17.2 |
16.1 |
17.9 |
|
Fixed asset depreciation and amortisation |
2.8 |
2.6 |
2.7 |
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Other operating costs |
0.1 |
0.1 |
0.1 |
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Net operating
income |
-2.8 |
-4.7 |
-9.3 |
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Total financial
income |
0.3 |
0.3 |
0.4 |
|
Total expenses |
1.9 |
1.9 |
2.9 |
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Profit before tax |
-4.3 |
-6.2 |
-11.8 |
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Extraordinary result |
-0.5 |
0.0 |
0.7 |
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Profit after extraordinary items and
before tax |
-4.9 |
-6.2 |
-11.1 |
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Total taxation |
-0.3 |
0.3 |
2.9 |
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Net loss |
4.5 |
6.5 |
14.0 |
Annual Balance Sheet
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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 |
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Consolidated |
No |
No |
No |
|
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|
|
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Total
stockholders equity |
5.4 |
7.2 |
6.2 |
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Provision for risks |
1.4 |
2.8 |
4.1 |
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Provision for pensions |
9.5 |
9.9 |
11.9 |
|
Mortgages and loans |
3.7 |
3.8 |
1.1 |
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Trade creditors |
9.6 |
11.2 |
28.0 |
|
Bank loans and overdrafts |
42.0 |
36.7 |
53.3 |
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Other current liabilities |
28.8 |
29.5 |
8.2 |
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Accruals and deferred income |
0.1 |
1.1 |
1.0 |
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Total current
liabilities |
80.5 |
78.5 |
90.6 |
|
Total
liabilities (including net worth) |
100.4 |
102.2 |
113.9 |
|
Intangibles |
1.4 |
2.1 |
3.1 |
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Total tangible
fixed assets |
5.5 |
6.4 |
8.1 |
|
Total financial
assets |
6.4 |
6.6 |
7.0 |
|
Loans to associated companies |
6.4 |
6.6 |
- |
|
Total
non-current assets |
13.2 |
15.1 |
18.2 |
|
Finished goods |
32.3 |
31.9 |
33.6 |
|
Net stocks and work in progress |
36.9 |
36.1 |
38.3 |
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Trade debtors |
32.0 |
31.1 |
52.6 |
|
Other receivables |
17.1 |
18.9 |
2.1 |
|
Cash and liquid assets |
1.1 |
1.0 |
2.6 |
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Accruals |
0.0 |
0.0 |
0.0 |
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Total current
assets |
87.2 |
87.1 |
95.6 |
|
Total assets |
100.4 |
102.2 |
113.9 |
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 |
1.10 |
1.10 |
1.10 |
|
Quick ratio |
0.60 |
0.60 |
0.60 |
|
Current liabilities to net worth |
0.15% |
0.11% |
0.15% |
|
Sales per employee |
0.19 |
0.15 |
0.11 |
|
Profit per employee |
-0.01 |
-0.01 |
-0.01 |
|
Average wage per employee |
0.03 |
0.02 |
0.02 |
|
Net worth |
5.4 |
7.2 |
6.2 |
|
Number of employees |
453 |
535 |
624 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.99 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.