MIRA
INFORM REPORT
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Report Date : |
18.09.2013 |
IDENTIFICATION DETAILS
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Name : |
FISHER & PAYKEL APPLIANCES ITALY S.P.A. |
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Registered Office : |
Via Fabbian Matteo 731030, Borso del
Grappa, 31030 |
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Country : |
Italy |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
24.06.1997 |
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Com. Reg. No.: |
03295340263 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Engaged in manufacture of domestic electric appliances (refrigerators
and freezers, dishwashers, washing and drying machines, vacuum cleaners,
floor polishers, waste disposers, grinders, blenders, juice squeezers, tin
openers, electric shavers, electric tooth brushes, knife sharpeners,
ventilating or recycling hoods. |
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No. of Employees : |
399 |
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 and address
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Fisher & Paykel Appliances Italy S.p.A. |
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Employees: |
399 |
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Company Type: |
Public Subsidiary |
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Corporate
Family: |
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Ultimate Parent: |
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Incorporation
Date: |
24-Jun-1997 |
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Fiscal Year End:
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31-Mar-2012 |
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Reporting
Currency: |
Euro |
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Annual Sales: |
108.0 |
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Total Assets: |
70.4 |
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Business Description |
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Fisher & Paykel Appliances Italy SpA
is primarily engaged in manufacture of domestic electric appliances
(refrigerators and freezers, dishwashers, washing and drying machines, vacuum
cleaners, floor polishers, waste disposers, grinders, blenders, juice
squeezers, tin openers, electric shavers, electric tooth brushes, knife
sharpeners, ventilating or recycling hoods0; manufacture of domestic
electro-thermic appliances (electric water heaters; electric blankets,
electric dryers, combs, brushes, curlers; electric smoothing irons; space
heaters and household type fans; electric ovens, micro-wave ovens, cookers,
hot plates, toasters, coffee or tea makers, frying- pans, roasters, grills,
electric heating resistors, etc.). |
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Industry |
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Industry |
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ANZSIC 2006: |
2499 - Other Machinery and Equipment Manufacturing Not
Elsewhere Classified |
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ISIC Rev 4: |
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NACE Rev 2: |
2829 - Manufacture of other general-purpose machinery
n.e.c. |
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NAICS 2012: |
333318 - Other Commercial and Service Industry Machinery
Manufacturing |
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UK SIC 2007: |
2829 - Manufacture of other general-purpose machinery
n.e.c. |
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US SIC 1987: |
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Registered No.(ITA):
03295340263
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7269425
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7534632
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More Business
Descriptions |
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Corporate
Structure News
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Fisher & Paykel Appliances Italy S.p.A. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Qingdao |
China |
Electrical Equipment and Appliances Manufacturing |
12,654.5 |
57,977 |
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Subsidiary |
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Hong Kong |
Electrical Equipment and Appliances Manufacturing |
8,813.0 |
17,304 |
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Subsidiary |
Hefei, Anhui |
China |
Electrical Equipment and Appliances Manufacturing |
500.9 |
4,800 |
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Subsidiary |
Auckland |
New Zealand |
Electrical Equipment and Appliances Manufacturing |
831.0 |
3,300 |
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Subsidiary |
Reynosa, Tamaulipas |
Mexico |
Electrical Equipment and Appliances Manufacturing |
|
400 |
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Subsidiary |
Borso del Grappa, Treviso |
Italy |
Machinery and Equipment Manufacturing |
108.0 |
399 |
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Subsidiary |
Auckland |
New Zealand |
Banking |
28.3 |
200 |
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Subsidiary |
Cleveland, QLD |
Australia |
Electronics and Appliances Stores |
|
200 |
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Subsidiary |
Auckland |
New Zealand |
Investment Services |
|
120 |
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Subsidiary |
Seri Complex |
Brunei Darussalam |
Computer, Office Equipment and Software Merchant
Wholesalers |
|
80 |
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Subsidiary |
Huntington Beach, CA |
United States |
Electrical Equipment and Appliances Manufacturing |
150.0 |
57 |
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Subsidiary |
Singapore |
Singapore |
Electronics Wholesale |
|
40 |
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Subsidiary |
Milton Keynes |
United Kingdom |
Electronics Wholesale |
14.5 |
24 |
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Subsidiary |
Auckland |
New Zealand |
Machinery Wholesale |
|
70 |
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Subsidiary |
Elk Grove Village, IL |
United States |
Holding Companies |
1.8 |
3 |
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Subsidiary |
Mississauga, ON |
Canada |
Home Furnishings Wholesale |
|
10 |
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Subsidiary |
Auckland |
New Zealand |
Banking |
1.6 |
2 |
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Subsidiary |
Rayong |
Thailand |
Electrical Equipment and Appliances Manufacturing |
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Subsidiary |
Causeway Bay |
Hong Kong |
Electronics Wholesale |
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Subsidiary |
Piraeus |
Greece |
Electronics Wholesale |
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Subsidiary |
Bremen |
Germany |
Construction and Hardware Materials Wholesale |
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Subsidiary |
Cleveland, QLD |
Australia |
Electronics Wholesale |
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Subsidiary |
Auckland |
New Zealand |
Holding Companies |
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Subsidiary |
Wuhan, Hubei |
China |
Motor Vehicle Parts Manufacturing |
621.4 |
2,000 |
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Subsidiary |
Qingdao, Shandong |
China |
Electrical Equipment and Appliances Manufacturing |
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1,500 |
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Subsidiary |
Qingdao, Shandong |
China |
Machinery and Equipment Manufacturing |
107.6 |
1,300 |
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Qingdao Household Appliance Technological Equipment
Institute |
Subsidiary |
Qingdao, Shandong |
China |
Rubber and Plastic Product Manufacturing |
102.2 |
1,200 |
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Subsidiary |
Hefei, Anhui |
China |
Motor Vehicle Parts Manufacturing |
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1,100 |
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Qingdao Hai'er Air-Condition Refrigeration Equipment Co.,
Ltd. |
Subsidiary |
Jiaonan, Shandong |
China |
Electrical Equipment and Appliances Manufacturing |
138.5 |
900 |
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Subsidiary |
Dalian, Liaoning |
China |
Electrical Equipment and Appliances Manufacturing |
111.8 |
822 |
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Subsidiary |
Qingdao, Shandong |
China |
Electrical Equipment and Appliances Manufacturing |
103.9 |
800 |
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Hefei Haier Research And Develop Special Type Of Steel
Plate Co., Ltd. |
Subsidiary |
Hefei, Anhui |
China |
Metal Products Manufacturing |
155.8 |
600 |
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Subsidiary |
Zunyi, Guizhou |
China |
Electrical Equipment and Appliances Manufacturing |
311.0 |
489 |
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Qingdao Haier Research And Develop Special Type Of Steel
Plate Co., Ltd. |
Subsidiary |
Qingdao, Shandong |
China |
Metal Products Manufacturing |
|
343 |
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Subsidiary |
Dalian, Liaoning |
China |
Electrical Equipment and Appliances Manufacturing |
101.0 |
254 |
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Subsidiary |
Qingdao, Shandong |
China |
Miscellaneous Professional Services |
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20 |
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Subsidiary |
Chongqing, Chongqing |
China |
Electronics Wholesale |
4,325.4 |
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Subsidiary |
Qingdao, Shandong |
China |
Motor Vehicle Parts Manufacturing |
394.9 |
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Subsidiary |
Qingdao, Shandong |
China |
Motor Vehicle Parts Manufacturing |
231.1 |
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Subsidiary |
Qingdao, Shandong |
China |
Electrical Equipment and Appliances Manufacturing |
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Subsidiary |
Qingdao, Shandong |
China |
Electrical Equipment and Appliances Manufacturing |
521.7 |
500 |
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Subsidiary |
New York, NY |
United States |
Commercial and Industrial Rental |
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Board of Directors
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Annual Profit & Loss
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31-Mar-2012 |
31-Mar-2011 |
31-Mar-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) |
0.726943 |
0.757168 |
0.70861 |
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Consolidated |
No |
No |
No |
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Total income |
107.6 |
112.7 |
99.9 |
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Net sales |
108.0 |
108.1 |
97.3 |
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Other operating income |
1.7 |
2.1 |
2.2 |
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Raw materials and consumables employed |
60.5 |
64.4 |
59.0 |
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Other expenses |
15.6 |
16.3 |
15.7 |
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Total payroll costs |
21.6 |
20.8 |
20.4 |
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Fixed asset depreciation and amortisation |
4.0 |
4.0 |
4.7 |
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Other operating costs |
0.3 |
- |
0.4 |
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Net operating income |
5.4 |
7.2 |
-0.2 |
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Total financial income |
0.9 |
0.1 |
1.6 |
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Total expenses |
0.4 |
0.5 |
0.6 |
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Profit before tax |
6.0 |
6.7 |
0.9 |
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Extraordinary result |
- |
0.0 |
-0.1 |
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Profit after extraordinary items and before tax |
6.0 |
6.7 |
0.8 |
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Total taxation |
2.5 |
2.7 |
0.8 |
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Net profit |
3.5 |
4.0 |
0.0 |
Annual Balance Sheet
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Financials in: USD (mil) |
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|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.753463 |
0.704672 |
0.739044 |
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Consolidated |
No |
No |
No |
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Total stockholders equity |
31.7 |
30.3 |
24.9 |
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Provision for risks |
0.5 |
0.5 |
0.4 |
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Provision for pensions |
3.6 |
3.9 |
3.7 |
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Trade creditors |
21.2 |
23.9 |
24.4 |
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Other current liabilities |
13.5 |
23.1 |
30.9 |
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Total current liabilities |
34.7 |
47.0 |
55.3 |
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Total liabilities (including net worth) |
70.4 |
81.8 |
84.3 |
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Intangibles |
16.1 |
18.8 |
19.4 |
|
Buildings |
3.2 |
3.8 |
3.9 |
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Total tangible fixed assets |
9.3 |
10.2 |
10.3 |
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Long-term investments |
0.0 |
0.0 |
0.0 |
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Total financial assets |
0.0 |
0.0 |
0.0 |
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Total non-current assets |
25.4 |
29.0 |
29.7 |
|
Finished goods |
5.0 |
8.2 |
5.9 |
|
Net stocks and work in progress |
12.8 |
17.5 |
16.3 |
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Trade debtors |
18.0 |
17.8 |
19.4 |
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Other receivables |
5.6 |
10.7 |
14.5 |
|
Cash and liquid assets |
8.6 |
6.7 |
4.2 |
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Accruals |
0.1 |
0.1 |
0.1 |
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Total current assets |
45.0 |
52.8 |
54.5 |
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Total assets |
70.4 |
81.8 |
84.3 |
Annual Ratios
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Financials in: USD (mil) |
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|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.753463 |
0.704672 |
0.739044 |
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Consolidated |
No |
No |
No |
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Current ratio |
1.30 |
1.10 |
1.00 |
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Quick ratio |
0.90 |
0.80 |
0.70 |
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Current liabilities to net worth |
0.01% |
0.02% |
0.02% |
|
Sales per employee |
0.20 |
0.20 |
0.18 |
|
Profit per employee |
0.01 |
0.01 |
0.00 |
|
Average wage per employee |
0.04 |
0.04 |
0.04 |
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Net worth |
31.7 |
30.3 |
24.9 |
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Number of employees |
399 |
402 |
392 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.37 |
|
|
1 |
Rs.100.85 |
|
Euro |
1 |
Rs.84.59 |
INFORMATION DETAILS
|
Report Prepared by
: |
PDT |
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 |
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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 |
|
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 |
|
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 |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.