MIRA INFORM REPORT
|
Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
DURST
PHOTOTECHNIK SPA |
|
|
|
|
Registered Office : |
Via Vittorio Veneto 59, Bressanone, 39042 |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
14.10.1980 |
|
|
|
|
Com. Reg. No.: |
00848170213 |
|
|
|
|
Legal Form : |
Public Subsidiary |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employees : |
205 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source : CIA |
Company name & address
DURST PHOTOTECHNIK
SPA
Via Vittorio Veneto 59
Bressanone, 39042
Italy
Tel: +39 0472 810111
Fax: +39 0472 830905
Website - www.durst.it
SYNTHESIS
Employees: 205
Company Type: Public Subsidiary
Corporate Family: 4 Companies
Ultimate Parent: TECHNICON SPA
Incorporation Date: 14-Oct-1980
Financials in: USD
(mil)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Euro
Annual Sales: 142.3
Total Assets: 108.4
Business Description
Durst Phototechnik SpA is primarily engaged in manufacture of spectacles
and unmounted lenses; manufacture of optical precision instruments; manufacture
of photographic and cinematographic equipment.
Industry
Industry Machinery and Equipment Manufacturing
ANZSIC 2006: 2419 - Other Professional and Scientific Equipment
Manufacturing
ISIC Rev 4: 2670 - Manufacture of optical instruments and photographic
equipment
NACE Rev 2: 2670 - Manufacture of optical instruments and photographic
equipment
NAICS 2012: 33331 - Commercial and Service Industry Machinery
Manufacturing
UK SIC 2007: 2670 - Manufacture of optical instruments and photographic
equipment
US SIC 1987: 3861 - Photographic Equipment and Supplies
Key Executives
Name
Title
Richard Piock Dr.
President
Christian Gatterer
Head of accounting department
Norbert Von Aufschnaiter Executive
Siegfried Weifner
Executive
News
|
||||||||||||||
|
|
Registered
No.(ITA): 00848170213
1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.770327
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
CORPORATE FAMILY |
CORPORATE
STRUCTURE NEWS: |
|
|
|
|
Durst Phototechnik SpA |
|
|
|
|
|
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
|
TECHNICON SPA |
Parent |
|
|
|
|
|
|
|
Subsidiary |
Bressanone, Bolzano |
Italy |
Metal Products Manufacturing |
68.7 |
335 |
|
|
|
Subsidiary |
Varna, Bolzano |
Italy |
Metal Products Manufacturing |
4.6 |
23 |
|
|
|
Subsidiary |
Bressanone, Bolzano |
Italy |
Machinery and Equipment Manufacturing |
142.3 |
205 |
|
|
|
|
Annual
Profit & Loss
|
|
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 |
|
|
|
|
|
|
Total income |
152.1 |
97.1 |
64.1 |
|
Net sales |
142.3 |
89.6 |
56.7 |
|
Other operating income |
5.1 |
4.6 |
7.3 |
|
Raw materials and consumables employed |
81.3 |
50.3 |
31.8 |
|
Other expenses |
19.9 |
14.0 |
12.6 |
|
Total payroll costs |
19.1 |
15.0 |
12.7 |
|
Fixed asset depreciation and amortisation |
3.9 |
2.0 |
2.5 |
|
Other operating costs |
0.4 |
0.5 |
0.6 |
|
Net operating income |
27.4 |
15.2 |
3.9 |
|
Total financial income |
1.0 |
0.7 |
0.5 |
|
Total expenses |
1.3 |
0.0 |
0.2 |
|
Profit before tax |
27.1 |
15.9 |
4.1 |
|
Extraordinary result |
-0.7 |
-0.1 |
-0.4 |
|
Profit after extraordinary items and before tax |
26.4 |
15.8 |
3.7 |
|
Total taxation |
8.7 |
5.2 |
1.1 |
|
Net profit |
17.7 |
10.6 |
2.6 |
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 |
|
|
|
|
|
|
Total stockholders equity |
69.1 |
54.7 |
47.0 |
|
Provision for risks |
3.7 |
3.0 |
2.4 |
|
Provision for pensions |
2.7 |
2.8 |
3.1 |
|
Mortgages and loans |
2.5 |
3.1 |
2.5 |
|
Trade creditors |
11.2 |
7.6 |
4.9 |
|
Bank loans and overdrafts |
0.6 |
0.4 |
0.5 |
|
Other current liabilities |
18.6 |
14.6 |
7.0 |
|
Accruals and deferred income |
0.0 |
0.0 |
0.0 |
|
Total current liabilities |
30.5 |
22.7 |
12.4 |
|
Total liabilities (including net worth) |
108.4 |
86.3 |
67.4 |
|
Intangibles |
0.1 |
0.0 |
0.1 |
|
Buildings |
16.5 |
13.6 |
14.2 |
|
Total tangible fixed assets |
20.0 |
16.8 |
17.1 |
|
Long-term investments |
4.2 |
4.3 |
4.6 |
|
Total financial assets |
5.2 |
5.6 |
5.9 |
|
Loans to associated companies |
1.0 |
1.3 |
1.3 |
|
Total non-current assets |
25.3 |
22.5 |
23.1 |
|
Finished goods |
12.3 |
8.7 |
5.8 |
|
Net stocks and work in progress |
16.8 |
12.2 |
8.7 |
|
Trade debtors |
17.1 |
16.6 |
9.2 |
|
Other receivables |
12.7 |
12.7 |
13.2 |
|
Cash and liquid assets |
29.5 |
19.2 |
10.8 |
|
Marketable securities |
6.7 |
2.8 |
2.0 |
|
Accruals |
0.3 |
0.4 |
0.3 |
|
Total current assets |
83.1 |
63.8 |
44.3 |
|
Total assets |
108.4 |
86.3 |
67.4 |
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 |
2.70 |
2.80 |
3.60 |
|
Quick ratio |
2.20 |
2.30 |
2.90 |
|
Current liabilities to net worth |
0.00% |
0.00% |
0.00% |
|
Sales per employee |
- |
0.40 |
0.25 |
|
Profit per employee |
- |
0.07 |
0.02 |
|
Average wage per employee |
- |
0.07 |
0.06 |
|
Net worth |
69.1 |
54.7 |
47.0 |
|
Number of employees |
- |
168 |
162 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.62.35 |
|
UK Pound |
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.53 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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%)