MIRA INFORM REPORT
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Report Date : |
06.09.2013 |
IDENTIFICATION DETAILS
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Name : |
NUOVA CARPENTERIA ODOLESE SPA |
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Registered Office : |
Via Marconi 27 Odolo, 25076 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
21.12.1981 |
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Com. Reg. No.: |
01664460175 |
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Legal Form : |
Public Parent |
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Line of Business : |
Subject engaged in production of chrome, manganese, nickel |
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No. of Employees : |
62 |
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
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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
NUOVA CARPENTERIA ODOLESE SPA
Via Marconi 27
Odolo, 25076
Italy
Tel: +39 0365 826188
Fax: +39
0365 826125
SYNTHESIS
Employees: 62
Company Type: Public
Parent
Corporate Family: 2 Companies
Incorporation Date: 21-Dec-1981
Financials in: USD (MIL)
Fiscal Year End: 31-Dec-2012
Reporting Currency: Euro
Annual Sales: 32.6
Total Assets: 88.2
Business Description
Nuova Carpenteria Odolese SpA is primarily engaged in
production of chrome, manganese, nickel, etc., from ores or oxides; production of
chrome, manganese, nickel, etc., from electrolytic and aluminothermic refining
of chrome, manganese, nickel, etc., waste and scrap; production of chrome,
manganese, nickel, etc., alloys; and semi-manufacturing of chrome, manganese,
nickel, etc. This class also includes: production of mattes of nickel.
Industry
Industry Metal Products
Manufacturing
ANZSIC 2006: 2139 - Other Basic
Non-Ferrous Metal Manufacturing
ISIC Rev 4: 2420 - Manufacture
of basic precious and other non-ferrous metals
NACE Rev 2: 2445 - Other non-ferrous
metal production
NAICS 2012: 331491 -
Nonferrous Metal (except Copper and Aluminum) Rolling, Drawing, and Extruding
UK SIC 2007: 2445 - Other
non-ferrous metal production
US SIC 1987: 3356 - Rolling,
Drawing, and Extruding of Nonferrous Metals, Except Copper and Aluminum
Key Executives
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Registered
No.(ITA):01664460175
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7782366
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.7566
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CORPORATE FAMILY |
CORPORATE
STRUCTURE NEWS: |
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Nuova Carpenteria Odolese SpA |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Odolo, Brescia |
Italy |
Metal Products Manufacturing |
32.6 |
62 |
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Subsidiary |
Poncarale, Brescia |
Italy |
Machinery and Equipment
Manufacturing |
2.0 |
8 |
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Executives Report
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Annual Profit & Loss
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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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) |
0.778237 |
0.71919 |
0.755078 |
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Consolidated |
No |
No |
No |
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Total income |
33.0 |
28.5 |
26.4 |
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Net sales |
32.6 |
28.0 |
26.2 |
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Other operating income |
0.5 |
0.5 |
0.2 |
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Raw materials and consumables employed |
15.3 |
10.4 |
12.7 |
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Other expenses |
9.5 |
9.0 |
7.3 |
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Total payroll costs |
4.5 |
4.6 |
4.0 |
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Fixed asset depreciation and amortisation |
1.8 |
1.6 |
1.0 |
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Other operating costs |
0.2 |
1.2 |
0.1 |
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Net operating income |
1.7 |
1.6 |
1.3 |
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Total financial income |
1.9 |
1.8 |
1.5 |
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Total expenses |
0.4 |
0.9 |
0.3 |
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Profit before tax |
3.3 |
2.6 |
2.4 |
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Extraordinary result |
0.0 |
0.0 |
-0.1 |
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Profit after extraordinary items and before tax |
3.3 |
2.5 |
2.4 |
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Total taxation |
1.1 |
0.8 |
0.5 |
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Net profit |
2.3 |
1.8 |
1.9 |
Annual Balance Sheet
Financials in: USD (mil)
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
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Consolidated |
No |
No |
No |
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Total stockholders equity |
19.8 |
17.2 |
16.1 |
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Provision for risks |
1.1 |
0.9 |
0.8 |
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Provision for pensions |
0.8 |
0.7 |
0.8 |
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Mortgages and loans |
2.1 |
2.7 |
1.0 |
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Trade creditors |
17.9 |
15.6 |
18.6 |
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Advances received |
42.1 |
45.2 |
40.7 |
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Bank loans and overdrafts |
2.8 |
1.5 |
1.5 |
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Other current liabilities |
1.5 |
0.9 |
0.9 |
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Accruals and deferred income |
0.1 |
0.1 |
0.1 |
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Total current liabilities |
64.4 |
63.3 |
61.8 |
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Total liabilities (including net worth) |
88.2 |
84.9 |
80.5 |
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Intangibles |
0.1 |
0.1 |
0.0 |
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Buildings |
12.7 |
12.5 |
13.1 |
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Total tangible fixed assets |
19.6 |
19.8 |
18.7 |
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Long-term investments |
0.1 |
0.1 |
0.1 |
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Total financial assets |
1.0 |
0.8 |
0.7 |
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Total non-current assets |
20.7 |
20.7 |
19.4 |
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Work in progress |
4.8 |
3.2 |
9.2 |
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Net stocks and work in progress |
5.1 |
3.6 |
9.8 |
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Trade debtors |
6.8 |
5.3 |
7.9 |
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Other receivables |
1.8 |
3.2 |
9.4 |
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Cash and liquid assets |
27.4 |
37.1 |
21.7 |
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Marketable securities |
26.0 |
14.8 |
12.0 |
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Accruals |
0.3 |
0.3 |
0.2 |
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Total current assets |
67.5 |
64.2 |
61.0 |
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Total assets |
88.2 |
84.9 |
80.5 |
Annual Ratios
Financials in: USD (mil)
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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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 |
0.7566 |
0.770327 |
0.745406 |
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Consolidated |
No |
No |
No |
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Current ratio |
1.00 |
1.00 |
1.00 |
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Quick ratio |
1.00 |
1.00 |
0.80 |
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Current liabilities to net worth |
0.03% |
0.04% |
0.04% |
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Sales per employee |
0.42 |
0.34 |
0.35 |
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Profit per employee |
0.04 |
0.03 |
0.03 |
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Average wage per employee |
0.06 |
0.06 |
0.05 |
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Net worth |
19.8 |
17.2 |
16.1 |
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Number of employees |
60 |
59 |
56 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian
Rupees |
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US Dollar |
1 |
Rs.66.04 |
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UK Pound |
1 |
Rs.103.10 |
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Euro |
1 |
Rs.86.99 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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%)