MIRA
INFORM REPORT
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Report Date : |
06.09.2013 |
IDENTIFICATION DETAILS
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Name : |
S.E.L.I. SOCIETA ESECUZIONE LAVORI IDRAULICI SPA |
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Registered Office : |
Piazza Guglielmo Marconi 26/C Roma, 00144 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.06.1950 |
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Com. Reg. No.: |
00890540156 |
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Legal Form : |
Public Parent |
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Line of Business : |
Subject is engaged in construction of (waterways, harbour and river
works, pleasure ports (marinas), locks, etc.; and dams and dykes); dredging;
and sub-surface work. |
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No. of Employees : |
301 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 |
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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.
Source
: CIA
COMPANY NAME AND ADDRESS
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Business Description
S.E.L.I. Societa Esecuzione Lavori Idraulici
SpA is primarily engaged in construction of (waterways, harbour and river
works, pleasure ports (marinas), locks, etc.; and dams and dykes); dredging;
and sub-surface work.
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
1623
- Water, Sewer, Pipeline, and Communications and Power Line Construction |
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Key Executives
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Registered
No.(ITA): 00890540156
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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Corporate Family
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Roma, Roma |
Italy |
Specialty Construction Trade Contractors |
107.9 |
491 |
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Subsidiary |
Roma, Roma |
Italy |
Machinery and Equipment Manufacturing |
1.9 |
14 |
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Subsidiary |
Roma, Roma |
Italy |
Miscellaneous Wholesale |
4.4 |
1 |
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Subsidiary |
Settimo Milanese, Milano |
Italy |
Machinery and Equipment Manufacturing |
4.1 |
13 |
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Subsidiary |
Auronzo Di Cadore, Belluno |
Italy |
Commercial and Industrial Rental |
0.0 |
1 |
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Executive report
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financial data
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Annual Profit and loss |
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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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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 |
111.6 |
210.0 |
202.8 |
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Net sales |
107.9 |
206.6 |
191.4 |
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Other operating income |
3.8 |
3.4 |
11.4 |
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Raw materials and consumables employed |
26.7 |
59.8 |
61.7 |
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Other expenses |
46.0 |
64.7 |
66.4 |
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Total payroll costs |
31.5 |
41.9 |
41.9 |
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Fixed asset depreciation and amortisation |
13.7 |
14.8 |
19.4 |
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Other operating costs |
11.4 |
14.2 |
5.7 |
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Net operating income |
-17.6 |
14.6 |
7.6 |
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Total financial income |
5.3 |
1.5 |
11.9 |
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Total expenses |
11.3 |
10.6 |
13.1 |
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Profit before tax |
-23.6 |
5.5 |
6.5 |
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Extraordinary result |
-0.6 |
-0.7 |
- |
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Profit after extraordinary items and before tax |
-24.1 |
4.8 |
6.5 |
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Total taxation |
-2.1 |
2.2 |
2.4 |
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Net profit |
- |
2.6 |
4.0 |
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Net loss |
22.0 |
- |
- |
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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 |
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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 |
26.5 |
44.9 |
42.1 |
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Provision for risks |
10.8 |
18.7 |
19.0 |
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Provision for pensions |
1.5 |
1.7 |
1.9 |
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Mortgages and loans |
13.5 |
6.8 |
7.8 |
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Other long-term liabilities |
20.5 |
10.5 |
18.7 |
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Trade creditors |
58.3 |
57.1 |
68.3 |
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Advances received |
39.7 |
19.2 |
21.7 |
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Bank loans and overdrafts |
74.5 |
87.7 |
106.2 |
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Other current liabilities |
98.2 |
121.5 |
134.6 |
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Accruals and deferred income |
3.2 |
4.9 |
8.0 |
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Total current liabilities |
273.9 |
290.3 |
338.8 |
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Total liabilities (including net worth) |
346.7 |
372.9 |
428.2 |
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Intangibles |
0.3 |
0.5 |
0.6 |
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Buildings |
4.0 |
4.2 |
4.5 |
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Total tangible fixed assets |
109.9 |
108.4 |
152.1 |
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Long-term investments |
2.2 |
2.5 |
2.6 |
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Total financial assets |
21.4 |
23.0 |
20.4 |
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Receivables due after 1 year |
2.7 |
1.6 |
4.3 |
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Loans to associated companies |
14.1 |
14.5 |
11.3 |
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Total non-current assets |
134.4 |
133.6 |
177.4 |
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Work in progress |
42.2 |
45.6 |
76.8 |
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Net stocks and work in progress |
58.4 |
62.6 |
94.5 |
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Trade debtors |
64.7 |
77.0 |
62.8 |
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Other receivables |
56.9 |
87.8 |
82.6 |
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Cash and liquid assets |
27.6 |
9.4 |
4.0 |
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Marketable securities |
0.0 |
- |
0.0 |
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Accruals |
4.7 |
2.5 |
6.9 |
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Total current assets |
212.3 |
239.3 |
250.8 |
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Total assets |
346.7 |
372.9 |
428.2 |
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Annual Ratios |
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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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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 |
0.80 |
0.80 |
0.70 |
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Quick ratio |
0.60 |
0.60 |
0.50 |
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Current liabilities to net worth |
0.10% |
0.07% |
0.08% |
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Sales per employee |
0.26 |
0.36 |
0.32 |
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Profit per employee |
-0.06 |
0.01 |
0.01 |
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Average wage per employee |
0.08 |
0.07 |
0.07 |
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Net worth |
26.5 |
44.9 |
42.1 |
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Number of employees |
301 |
435 |
428 |
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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1 |
Rs. 103.11 |
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Euro |
1 |
Rs. 86.99 |
INFORMATION DETAILS
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Report
Prepared by : |
NIS |
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.