MIRA
INFORM REPORT
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Report Date : |
21.09.2013 |
IDENTIFICATION DETAILS
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Name : |
SINTOFARM SPA |
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Registered Office : |
Via Togliatti 5 San Giacomo Guastalla, 42016 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
06.04.1974 |
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Legal Form : |
Public Independent |
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Line of Business : |
Wholesale of industrial chemicals. |
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No. of Employees : |
40 |
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
Source
: CIA
Company name and address
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Sintofarm SpA |
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Business Description
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Sintofarm SpA is primarily engaged in wholesale of industrial chemicals (aniline, printing ink, essential oils, industrial gases, chemical glues, colouring matter, synthetic resin, methanol, paraffin, scents and flavourings, soda, industrial salt, acids and sulphur, starch derivatives, etc.); wholesale of fertilisers and agro-chemical products; wholesale of plastic materials in primary forms; and wholesale of rubber. |
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Industry
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Industry |
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ANZSIC 2006: |
3323 - Industrial and Agricultural Chemical Product Wholesaling |
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ISIC Rev 4: |
4669 - Wholesale of waste and scrap and other products n.e.c. |
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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: |
5169 - Chemicals and Allied Products, Not Elsewhere Classified |
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News |
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Registered No.(ITA): 00273680355
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
Corporate Overview
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Executives
Report
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Annual Profit & 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 |
73.3 |
77.5 |
74.2 |
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Net sales |
72.8 |
76.1 |
73.6 |
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Other operating income |
0.7 |
0.6 |
0.4 |
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Raw materials and consumables employed |
58.0 |
63.2 |
59.8 |
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Other expenses |
7.4 |
7.2 |
7.2 |
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Total payroll costs |
3.8 |
3.5 |
3.1 |
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Fixed asset depreciation and amortisation |
1.8 |
1.6 |
1.6 |
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Other operating costs |
0.2 |
0.2 |
0.7 |
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Net operating income |
2.1 |
1.8 |
1.8 |
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Total financial income |
0.2 |
-0.1 |
0.3 |
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Total expenses |
1.8 |
1.4 |
1.7 |
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Profit before tax |
0.5 |
0.4 |
0.5 |
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Extraordinary result |
-0.8 |
0.0 |
0.1 |
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Profit after extraordinary items and before tax |
-0.3 |
0.4 |
0.5 |
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Total taxation |
0.3 |
0.3 |
0.4 |
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Net profit |
- |
0.1 |
0.1 |
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Net loss |
0.5 |
- |
- |
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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 |
12.9 |
13.9 |
14.7 |
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Provision for risks |
3.8 |
3.8 |
3.9 |
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Provision for pensions |
1.2 |
1.1 |
1.1 |
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Mortgages and loans |
6.8 |
8.3 |
7.2 |
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Other long-term liabilities |
0.3 |
0.0 |
- |
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Trade creditors |
12.3 |
10.6 |
14.1 |
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Bank loans and overdrafts |
32.3 |
29.8 |
28.3 |
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Other current liabilities |
1.8 |
1.9 |
2.8 |
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Accruals and deferred income |
0.2 |
0.3 |
0.4 |
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Total current liabilities |
46.7 |
42.7 |
45.6 |
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Total liabilities (including net worth) |
71.8 |
69.8 |
72.5 |
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Intangibles |
2.9 |
3.3 |
3.6 |
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Buildings |
13.6 |
14.4 |
15.2 |
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Total tangible fixed assets |
14.4 |
15.4 |
16.4 |
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Long-term investments |
5.1 |
5.3 |
5.7 |
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Total financial assets |
5.9 |
6.2 |
6.7 |
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Receivables due after 1 year |
1.5 |
1.4 |
1.6 |
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Loans to associated companies |
0.7 |
0.7 |
0.8 |
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Total non-current assets |
24.8 |
26.3 |
28.3 |
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Finished goods |
18.1 |
16.6 |
16.6 |
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Net stocks and work in progress |
19.3 |
18.4 |
18.3 |
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Trade debtors |
21.8 |
19.9 |
18.9 |
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Other receivables |
5.5 |
5.0 |
6.3 |
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Cash and liquid assets |
0.3 |
0.2 |
0.7 |
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Accruals |
0.0 |
0.0 |
0.0 |
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Total current assets |
47.0 |
43.5 |
44.2 |
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Total assets |
71.8 |
69.8 |
72.5 |
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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 |
1.00 |
1.00 |
1.00 |
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Quick ratio |
0.60 |
0.60 |
0.60 |
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Current liabilities to net worth |
0.04% |
0.03% |
0.03% |
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Sales per employee |
1.14 |
1.31 |
1.32 |
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Profit per employee |
0.00 |
0.01 |
0.01 |
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Average wage per employee |
0.06 |
0.06 |
0.06 |
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Net worth |
12.9 |
13.9 |
14.7 |
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Number of employees |
46 |
44 |
40 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.24 |
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1 |
Rs.99.90 |
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Euro |
1 |
Rs.84.23 |
INFORMATION DETAILS
|
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.