MIRA INFORM REPORT
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Report Date : |
28.05.2013 |
IDENTIFICATION DETAILS
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Name : |
INDUSTRIAL STARTER SPA |
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Registered Office : |
Via Lago D' Iseo 26, Altavilla Vicentina, 36077 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
02.05.1978 |
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Com. Reg. No.: |
00619090244 |
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Legal Form : |
Public Subsidiary Company |
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Line of Business : |
manufacturer of other men’s outerwear; and manufacture
of other women’s outerwear |
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No. of Employees : |
44 |
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 : |
No Complaints |
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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
Industrial Starter SpA
Via Lago D' Iseo 26
Altavilla Vicentina, 36077
Italy
Tel: +39 0444 573422
Fax: +39 0444 574897
Synthesis
Employees: 44
Company Type: Public Subsidiary
Corporate Family: 2
Companies
Ultimate Parent: VER SRL
Incorporation Date:
02-May-1978
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Euro
Annual Sales: 36.6
Total Assets: 29.2
Business Description
Industrial Starter SpA is primarily engaged in manufacture of other men’s outerwear; and manufacture of other women’s outerwear.
Industry
Industry Apparel and Accessories
ANZSIC 2006: 1351 - Clothing
Manufacturing
NACE 2002: 1822 - Manufacture
of other outerwear
NAICS 2002: 3152 - Cut and Sew
Apparel Manufacturing
UK SIC 2003: 1822 - Manufacture
of other outerwear
UK SIC 2007: 1413 - Manufacture
of other outerwear
US SIC 1987: 2311 - Men's and
Boys' Suits, Coats, and Overcoats
Key Executives
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Name |
Title |
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Giancarlo Roncolato |
President |
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Ermanno Piccolo |
Managing director |
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Vinicio Diego Dalla Vecchia |
Managing director |
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Roberto Piccolo |
Managing director |
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Roberto Nardon |
Executive |
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
Via Lago D' Iseo 26
Altavilla Vicentina, 36077
Italy
Tel: +39 0444 573422
Fax: +39 0444 574897
Sales EUR(mil) : 26.3
Assets EUR(mil): 22.5
Employees: 44
Fiscal Year End: 31-Dec-2011
Industry: Apparel
and Accessories
Incorporation Date: 02-May-1978
Company Type: Public
Subsidiary
Quoted Status: Not
Quoted
Registered No.(ITA): 00619090244
President: Giancarlo
Roncolato
Industry Codes
ANZSIC 2006 Codes:
1351 - Clothing Manufacturing
NACE 2002 Codes:
1822 - Manufacture of other outerwear
NAICS 2002 Codes:
3152 - Cut and Sew Apparel Manufacturing
US SIC 1987:
2311 - Men's and Boys' Suits, Coats, and Overcoats
UK SIC 2003:
1822 - Manufacture of other outerwear
UK SIC 2007:
1413 - Manufacture of other outerwear
Business
Description
Industrial Starter SpA is primarily engaged in manufacture of other
men’s outerwear; and manufacture of
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Corporate Family |
Corporate
Structure News: |
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Industrial
Starter SpA |
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Industrial Starter SpA |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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VER SRL |
Parent |
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Industrial Starter SpA |
Subsidiary |
Altavilla Vicentina, Vicenza |
Italy |
Apparel and Accessories |
36.6 |
44 |
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Executive report
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Executives |
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President |
President |
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Managing director |
Managing Director |
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Managing director |
Managing Director |
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Managing director |
Managing Director |
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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 |
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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 |
28.4 |
33.8 |
33.7 |
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Net sales |
36.6 |
33.6 |
33.5 |
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Other operating income |
0.2 |
0.2 |
0.2 |
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Raw materials and consumables employed |
25.6 |
24.1 |
23.7 |
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Other expenses |
3.7 |
3.4 |
3.8 |
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Total payroll costs |
2.7 |
2.4 |
2.4 |
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Fixed asset depreciation and amortisation |
0.3 |
0.5 |
0.6 |
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Other operating costs |
0.1 |
0.1 |
0.1 |
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Net operating
income |
-4.0 |
3.3 |
3.1 |
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Total financial
income |
8.6 |
0.3 |
-0.1 |
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Total expenses |
0.5 |
0.6 |
0.8 |
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Profit before tax |
4.1 |
3.0 |
2.3 |
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Extraordinary result |
0.0 |
0.0 |
-0.1 |
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Profit after extraordinary items and
before tax |
4.1 |
3.0 |
2.2 |
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Total taxation |
1.4 |
1.1 |
0.7 |
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Net profit |
2.7 |
1.9 |
1.5 |
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 |
14.1 |
13.6 |
13.9 |
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Provision for risks |
0.4 |
0.7 |
1.1 |
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Provision for pensions |
0.7 |
0.7 |
0.6 |
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Trade creditors |
5.1 |
6.2 |
6.0 |
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Bank loans and overdrafts |
7.0 |
3.5 |
6.1 |
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Other current liabilities |
1.8 |
1.8 |
1.7 |
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Accruals and deferred income |
0.0 |
0.0 |
0.0 |
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Total current
liabilities |
13.9 |
11.5 |
13.9 |
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Total liabilities
(including net worth) |
29.2 |
26.5 |
29.5 |
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Intangibles |
0.1 |
0.0 |
0.0 |
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Buildings |
0.2 |
0.2 |
- |
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Total tangible
fixed assets |
0.4 |
0.5 |
0.3 |
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Long-term investments |
0.1 |
0.1 |
0.2 |
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Total financial
assets |
0.2 |
0.2 |
0.2 |
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Total
non-current assets |
0.6 |
0.6 |
0.5 |
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Finished goods |
12.0 |
8.0 |
9.8 |
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Net stocks and work in progress |
12.1 |
8.0 |
9.8 |
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Trade debtors |
13.7 |
14.3 |
15.2 |
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Other receivables |
2.7 |
2.9 |
3.7 |
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Cash and liquid assets |
0.0 |
0.6 |
0.1 |
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Accruals |
0.1 |
0.1 |
0.2 |
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Total current
assets |
28.5 |
25.9 |
29.0 |
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Total assets |
29.2 |
26.5 |
29.5 |
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 |
2.00 |
2.20 |
2.10 |
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Quick ratio |
1.20 |
1.60 |
1.40 |
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Current liabilities to net worth |
0.01% |
0.01% |
0.01% |
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Sales per employee |
0.60 |
0.58 |
0.56 |
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Profit per employee |
0.07 |
0.05 |
0.04 |
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Average wage per employee |
0.04 |
0.04 |
0.04 |
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Net worth |
14.1 |
13.6 |
13.9 |
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Number of employees |
44 |
44 |
43 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.62 |
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UK Pound |
1 |
Rs.84.18 |
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Euro |
1 |
Rs.71.96 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.