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Report Date : |
16.05.2013 |
IDENTIFICATION DETAILS
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Name : |
COVEME SPA |
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Registered Office : |
Localita'
Autoporto S. Andrea 16 Gorizia, 34170 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
11.10.2004 |
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Com. Reg. No.: |
02490361207 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Manufacture of plastics in primary forms |
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No. of Employees : |
167 |
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 : |
Regular |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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, 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 initiatives designed to increase
long-term economic growth. Italy's GDP is now 7% below its 2007 pre-crisis
level.
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Source : CIA |
Coveme SpA
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Business Description
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Coveme S.p.A. (Coveme) is a specialized distribution
and flexible insulation materials company in Italy and Europe. It engages in
production of engineering substrates and laminates, based on polyester film,
dedicated to different industrial fields such as graphic arts, medical, label
stock, card and tags, transfer release film, printable films for imaging
media, solar cells encapsulation, electrical insulation, flexible electronic
circuits, flexible packaging, RFID antennas. The company has developed
research and development in Biomedical, Flexible Circuitry and RFID,
Silk-screen print on fabrics and plastic material, Photovoltaic,
Electromechanical and Electrotechnical and Flexible Packaging Tapes and
Polymer Plates. In addition, the company has developed a technological
component known as backsheet, made of the highest performing materials on the
market today such as fluoropolymers, high grade polyester and adhesives
resistant to hydrolysis and ultraviolet rays. Coveme is headquartered in
Bolonga, Italy. |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
2821 - Plastics Materials, Synthetic Resins, and
Nonvulcanizable Elastomers |
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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Coveme SpA |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
COVEME HOLDING SRL |
Parent |
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|
|
|
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Subsidiary |
Gorizia, Gorizia |
Italy |
Chemicals - Plastics and Rubber |
234.5 |
170 |
|
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Subsidiary |
Gorizia, Gorizia |
Italy |
Waste Management Services |
4.1 |
39 |
Executives
Report
|
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|
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 |
240.3 |
245.6 |
114.7 |
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Net sales |
234.5 |
251.5 |
118.2 |
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Other operating income |
0.6 |
0.5 |
0.2 |
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Raw materials and consumables employed |
137.4 |
128.8 |
62.2 |
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Other expenses |
35.2 |
34.2 |
21.0 |
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Total payroll costs |
15.5 |
12.7 |
9.8 |
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Fixed asset depreciation and amortisation |
5.2 |
3.0 |
2.7 |
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Other operating costs |
2.0 |
1.2 |
0.7 |
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Net operating income |
45.0 |
65.7 |
18.3 |
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Total financial income |
0.8 |
0.0 |
0.1 |
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Total expenses |
1.0 |
0.2 |
0.2 |
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Profit before tax |
44.8 |
65.6 |
18.2 |
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Extraordinary result |
-0.1 |
-0.6 |
0.1 |
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Profit after extraordinary items and before
tax |
44.8 |
65.0 |
18.2 |
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Total taxation |
14.4 |
20.7 |
6.0 |
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Net profit |
30.3 |
44.3 |
12.2 |
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Annual Balance Sheet |
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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 |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Total stockholders equity |
110.0 |
84.4 |
42.3 |
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Provision for risks |
0.4 |
0.6 |
1.0 |
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Provision for pensions |
0.8 |
0.9 |
0.9 |
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Mortgages and loans |
15.8 |
5.3 |
4.7 |
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Trade creditors |
21.2 |
48.0 |
20.4 |
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Bank loans and overdrafts |
13.7 |
6.3 |
5.9 |
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Other current liabilities |
3.7 |
31.4 |
3.8 |
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Accruals and deferred income |
0.2 |
0.0 |
0.0 |
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Total current liabilities |
38.7 |
85.8 |
30.0 |
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Total liabilities (including net worth) |
165.7 |
176.9 |
78.9 |
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Intangibles |
1.3 |
1.4 |
1.1 |
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Buildings |
0.5 |
0.5 |
0.2 |
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Total tangible fixed assets |
19.4 |
15.6 |
7.3 |
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Long-term investments |
13.0 |
13.5 |
0.0 |
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Total financial assets |
14.0 |
15.0 |
0.8 |
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Loans to associated companies |
- |
0.1 |
0.5 |
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Total non-current assets |
34.7 |
32.0 |
9.1 |
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Finished goods |
42.3 |
46.8 |
21.0 |
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Net stocks and work in progress |
42.3 |
46.8 |
21.0 |
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Trade debtors |
41.2 |
61.8 |
33.1 |
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Other receivables |
8.6 |
5.5 |
1.2 |
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Cash and liquid assets |
31.5 |
22.5 |
14.4 |
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Marketable securities |
7.2 |
7.9 |
0.0 |
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Accruals |
0.2 |
0.4 |
0.1 |
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Total current assets |
131.0 |
144.9 |
69.8 |
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Total assets |
165.7 |
176.9 |
78.9 |
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Annual Ratios |
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Financials in: USD (mil) |
|
|
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 |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
|
|
|
|
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Current ratio |
3.40 |
1.70 |
2.30 |
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Quick ratio |
2.30 |
1.10 |
1.60 |
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Current liabilities to net worth |
0.00% |
0.01% |
0.01% |
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Sales per employee |
1.01 |
1.29 |
0.64 |
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Profit per employee |
0.19 |
0.33 |
0.10 |
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Average wage per employee |
0.07 |
0.07 |
0.05 |
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Net worth |
110.0 |
84.4 |
42.3 |
|
Number of employees |
167 |
147 |
132 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.78 |
|
UK Pound |
1 |
Rs.83.38 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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.