MIRA INFORM REPORT
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Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
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Name : |
PROMOZIONALE
ITALIANA SPA |
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Registered Office : |
Via D' Ambrosi Dante 7, Pesaro, 61122 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
14.03.2008 |
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Com. Reg. No.: |
06002261219 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Subject engaged in specialised wholesale not covered in one of the
previous categories; and wholesale of a variety of goods without any
particular specialisation. |
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No. of Employees : |
24 |
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 |
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
PROMOZIONALE
ITALIANA SPA
Via D' Ambrosi Dante 7
Pesaro, 61122
Italy
Tel: +39 0721 202672
Fax: +39 0721 202886
synthesis
Employees: 24
Company Type: Public Subsidiary
Corporate Family: 2 Companies
Ultimate Parent: UNINVEST SPA
Incorporation Date: 14-Mar-2008
Financials in: USD
(mil)
Fiscal Year End: 31-Dec-2011
Reporting Currency : Euro
Annual Sales: 24.6
Total Assets: 28.2
Business Description
Promozionale Italiana SpA is primarily
engaged in specialised wholesale not covered in one of the previous categories;
and wholesale of a variety of goods without any particular specialisation.
Key Executives
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Registered No.(ITA): 06002261219
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 |
CORPORATE
STRUCTURE NEWS: |
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Promozionale Italiana SpA |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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UNINVEST SPA |
Parent |
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Subsidiary |
Pesaro, Pesaro E Urbino |
Italy |
Miscellaneous Wholesale |
24.6 |
24 |
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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 |
25.3 |
24.3 |
25.6 |
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Net sales |
24.6 |
23.5 |
21.9 |
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Other operating income |
0.7 |
0.7 |
0.6 |
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Raw materials and consumables employed |
13.9 |
15.1 |
17.2 |
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Other expenses |
6.4 |
5.5 |
5.3 |
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Total payroll costs |
1.2 |
1.1 |
0.8 |
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Fixed asset depreciation and amortisation |
0.3 |
0.2 |
0.1 |
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Other operating costs |
0.4 |
0.4 |
0.3 |
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Net operating income |
3.1 |
2.0 |
1.9 |
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Total financial income |
0.0 |
0.0 |
0.0 |
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Total expenses |
0.2 |
0.3 |
0.2 |
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Profit before tax |
2.9 |
1.7 |
1.6 |
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Extraordinary result |
0.5 |
0.0 |
0.0 |
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Profit after extraordinary items and before tax |
3.3 |
1.7 |
1.6 |
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Total taxation |
1.2 |
0.6 |
0.6 |
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Net profit |
2.2 |
1.1 |
1.0 |
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 |
4.2 |
4.4 |
3.5 |
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Provision for pensions |
0.1 |
0.1 |
0.0 |
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Trade creditors |
15.5 |
16.7 |
12.8 |
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Bank loans and overdrafts |
5.3 |
3.5 |
2.5 |
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Other current liabilities |
3.0 |
2.4 |
1.1 |
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Accruals and deferred income |
0.1 |
0.1 |
0.1 |
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Total current liabilities |
23.9 |
22.7 |
16.5 |
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Total liabilities (including net worth) |
28.2 |
27.1 |
20.0 |
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Intangibles |
0.5 |
0.5 |
0.0 |
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Total tangible fixed assets |
0.8 |
2.9 |
0.0 |
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Total financial assets |
0.0 |
- |
0.0 |
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Receivables due after 1 year |
- |
- |
-0.1 |
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Total non-current assets |
1.3 |
3.4 |
0.0 |
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Finished goods |
6.1 |
3.7 |
4.7 |
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Net stocks and work in progress |
6.7 |
3.7 |
4.7 |
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Trade debtors |
15.0 |
15.0 |
13.0 |
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Other receivables |
0.0 |
0.2 |
- |
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Owing from participants |
- |
- |
0.3 |
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Cash and liquid assets |
1.7 |
3.8 |
1.9 |
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Marketable securities |
0.0 |
- |
- |
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Accruals |
3.5 |
0.9 |
0.0 |
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Total current assets |
26.9 |
23.7 |
20.0 |
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Total assets |
28.2 |
27.1 |
20.0 |
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 |
1.10 |
1.00 |
1.20 |
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Quick ratio |
0.80 |
0.90 |
0.90 |
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Current liabilities to net worth |
0.06% |
0.05% |
0.05% |
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Sales per employee |
0.51 |
0.61 |
0.54 |
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Profit per employee |
0.07 |
0.04 |
0.04 |
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Average wage per employee |
0.02 |
0.03 |
0.02 |
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Net worth |
4.2 |
4.4 |
3.5 |
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Number of employees |
35 |
29 |
29 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian
Rupees |
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US Dollar |
1 |
Rs.62.48 |
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UK Pound |
1 |
Rs.99.66 |
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Euro |
1 |
Rs.83.49 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.