MIRA INFORM REPORT
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Report Date : |
21.05.2013 |
IDENTIFICATION DETAILS
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Name : |
MAINA ORGANI DI TRASMISSIONE SOCIETA PER
AZIONI |
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Registered Office : |
Corso Alessandria 160, Asti, 14100 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
14.07.1994 |
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Com. Reg. No.: |
06754430012 |
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Legal Form : |
Public Subsidiary Company |
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Line of Business : |
manufacturer of ball and roller bearings and parts
thereof. |
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No. of Employees : |
121 |
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 : |
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
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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 |
Company name & address
Maina Organi di Trasmissione Societa Per Azioni
Corso Alessandria 160
Asti, 14100
Italy
Tel: +39 0141 492811
Fax: +39 0141 272595
Synthesis
Employees: 121
Company Type: Public
Subsidiary
Corporate Family: 2
Companies
Ultimate Parent: AUDEO SRL
Incorporation Date:
14-Jul-1994
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Euro
Annual Sales: 44.5
Total Assets: 49.3
Business Description
Maina Organi di Trasmissione Societa Per Azioni is primarily engaged in
manufacture of ball and roller bearings and parts thereof; manufacture of
mechanical power transmission equipment (transmission shafts and cranks: cam
shafts, crank shafts, cranks, etc.; bearing housings and plain shaft bearings);
manufacture of gears, gearing and gear boxes and other speed changers;
manufacture of clutches and shaft couplings; manufacture of flywheels and
pulleys; manufacture of articulated link chain; and manufacture of hydraulic
transmission equipment.
Industry
Industry Miscellaneous Capital Goods
ANZSIC 2006: 2439 - Other
Electrical Equipment Manufacturing
NACE 2002: 2914 - Manufacture
of bearings, gears, gearing and driving elements
NAICS 2002: 333613 -
Mechanical Power Transmission Equipment Manufacturing
UK SIC 2003: 2914 - Manufacture
of bearings, gears, gearing and driving elements
UK SIC 2007: 2815 - Manufacture
of bearings, gears, gearing and driving elements
US SIC 1987: 3566 - Speed
Changers, Industrial High-Speed Drives, and Gears
Key Executives
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Name |
Title |
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Giancarla Maina |
Sole administrator |
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Franco Giaccone |
EDP manager |
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Paolo Massano |
Purchasing manager |
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Giorgio Franco |
Head of accounting department |
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Remo Cavallo |
Personnel manager |
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
Corso Alessandria 160
Asti, 14100
Italy
Tel: +39 0141 492811
Fax: +39 0141 272595
Sales EUR(mil): 32.0
Assets EUR(mil): 38.0
Employees: 121
Fiscal Year End: 31-Dec-2011
Industry: Miscellaneous
Capital Goods
Incorporation Date: 14-Jul-1994
Company Type: Public
Subsidiary
Quoted Status: Not
Quoted
Registered No.(ITA): 06754430012
Sole administrator: Giancarla
Maina
Industry Codes
ANZSIC 2006 Codes:
2439 - Other Electrical Equipment Manufacturing
3739 - Other Goods Wholesaling Not Elsewhere Classified
2499 - Other Machinery and Equipment Manufacturing Not Elsewhere
Classified
NACE 2002 Codes:
2914 - Manufacture of bearings, gears, gearing and driving
elements
5190 - Other wholesale
2924 - Manufacture of other general purpose machinery not
elsewhere classified
NAICS 2002 Codes:
333613 - Mechanical Power Transmission Equipment Manufacturing
33399 - All Other General Purpose Machinery Manufacturing
423990 - Other Miscellaneous Durable Goods Merchant Wholesalers
US SIC 1987:
3566 - Speed Changers, Industrial High-Speed Drives, and Gears
3569 - General Industrial Machinery and Equipment, Not Elsewhere
Classified
5099 - Durable Goods, Not Elsewhere Classified
UK SIC 2003:
2914 - Manufacture of bearings, gears, gearing and driving
elements
5190 - Other wholesale
2924 - Manufacture of other general purpose machinery not
elsewhere classified
UK SIC 2007:
2815 - Manufacture of bearings, gears, gearing and driving
elements
4690 - Non-specialised wholesale trade
2829 - Manufacture of other general-purpose machinery n.e.c.
Business
Description
Maina Organi di
Trasmissione Societa Per Azioni is primarily engaged in manufacture of ball and
roller bearings and parts thereof; manufacture of mechanical power transmission
equipment (transmission shafts and cranks: cam shafts, crank shafts, cranks,
etc.; bearing housings and plain shaft bearings); manufacture of gears, gearing
and gear boxes and other speed changers; manufacture of clutches and shaft
couplings; manufacture of flywheels and pulleys; manufacture of articulated
link chain; and manufacture of hydraulic transmission equipment.
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Corporate Family |
Corporate
Structure News: |
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Maina Organi di Trasmissione Societa Per Azioni |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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AUDEO SRL |
Parent |
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Maina Organi di Trasmissione
Societa Per Azioni |
Subsidiary |
Asti, Asti |
Italy |
Miscellaneous Capital Goods |
44.5 |
126 |
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Executive report
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Executives |
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Sole administrator |
President |
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Head of accounting department |
Accounting Executive |
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Personnel manager |
Human Resources Executive |
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EDP manager |
Information Executive |
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Commercial manager |
Commercial Executive |
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Purchasing manager |
Purchasing Executive |
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Executive |
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 |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Total income |
44.6 |
40.1 |
48.3 |
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Net sales |
44.5 |
41.9 |
47.7 |
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Other operating income |
0.2 |
0.1 |
0.2 |
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Raw materials and consumables employed |
18.6 |
15.8 |
19.6 |
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Other expenses |
12.1 |
9.7 |
9.5 |
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Total payroll costs |
9.1 |
8.1 |
7.9 |
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Fixed asset depreciation and amortisation |
2.2 |
2.2 |
2.2 |
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Other operating costs |
0.4 |
0.3 |
0.2 |
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Net operating
income |
2.2 |
4.1 |
8.9 |
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Total financial
income |
0.1 |
0.1 |
0.0 |
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Total expenses |
0.2 |
0.2 |
0.4 |
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Profit before tax |
2.1 |
4.0 |
8.6 |
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Extraordinary result |
0.0 |
0.0 |
0.0 |
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Profit after extraordinary items and
before tax |
2.1 |
4.0 |
8.5 |
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Total taxation |
0.9 |
1.5 |
2.8 |
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Net profit |
1.2 |
2.5 |
5.7 |
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 |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Total
stockholders equity |
20.2 |
19.7 |
21.1 |
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Provision for risks |
1.1 |
0.8 |
0.8 |
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Provision for pensions |
1.5 |
1.7 |
2.2 |
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Mortgages and loans |
4.2 |
5.7 |
8.3 |
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Other long-term liabilities |
0.2 |
0.3 |
0.3 |
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Trade creditors |
14.0 |
8.6 |
8.0 |
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Advances received |
3.0 |
2.8 |
4.8 |
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Bank loans and overdrafts |
2.0 |
2.1 |
4.7 |
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Other current liabilities |
3.1 |
3.3 |
3.3 |
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Accruals and deferred income |
0.0 |
0.0 |
0.1 |
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Total current
liabilities |
22.1 |
16.7 |
20.9 |
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Total
liabilities (including net worth) |
49.3 |
45.0 |
53.6 |
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Intangibles |
0.6 |
0.7 |
0.9 |
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Total tangible
fixed assets |
10.1 |
6.1 |
8.2 |
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Total financial
assets |
0.2 |
0.2 |
0.1 |
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Receivables due after 1 year |
0.1 |
0.1 |
0.0 |
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Total
non-current assets |
11.0 |
7.1 |
9.2 |
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Work in progress |
10.7 |
7.7 |
13.4 |
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Finished goods |
5.0 |
5.2 |
7.6 |
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Net stocks and work in progress |
21.6 |
16.7 |
26.6 |
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Trade debtors |
13.6 |
15.8 |
16.2 |
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Other receivables |
2.1 |
2.4 |
1.1 |
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Cash and liquid assets |
0.9 |
3.0 |
0.3 |
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Accruals |
0.2 |
0.2 |
0.2 |
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Total current
assets |
38.4 |
37.9 |
44.4 |
|
Total assets |
49.3 |
45.0 |
53.6 |
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 |
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Consolidated |
No |
No |
No |
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|
|
|
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Current ratio |
1.70 |
2.30 |
2.10 |
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Quick ratio |
0.80 |
1.30 |
0.90 |
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Current liabilities to net worth |
0.01% |
0.01% |
0.01% |
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Sales per employee |
0.26 |
0.28 |
0.32 |
|
Profit per employee |
0.01 |
0.03 |
0.06 |
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Average wage per employee |
0.05 |
0.05 |
0.05 |
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Net worth |
20.2 |
19.7 |
21.1 |
|
Number of employees |
121 |
113 |
106 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.04 |
|
UK Pound |
1 |
Rs.83.61 |
|
Euro |
1 |
Rs.70.68 |
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 |
|
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 |
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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.