MIRA
INFORM REPORT
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Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
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Name : |
MORGAN TECNICA SPA |
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Registered Office : |
Viale Lavoro E Industria 36, Coccaglio, 25030 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
18.02.2008 |
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Com. Reg. No.: |
02981450980 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Subject is engaged in manufacture of textile machinery (machines for
preparing, producing, extruding, drawing, texturing or cutting man-made
textile fibres, materials or yarns; machines for preparing textile fibres:
cotton gins, bale breakers, garnetters, cotton spreaders, wool scourers, wool
carbonisers, combs, carders, roving frames.; spinning machines; machines for
preparing textile yarns: reelers, warpers and related machines; weaving
machines (looms) including hand looms; knitting machines; machines for making
knotted net, tulle, lace, braid) |
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No of Employees : |
17 |
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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 details
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Morgan Tecnica SpA |
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Business Description
Morgan Tecnica SpA is primarily engaged in manufacture of textile machinery
(machines for preparing, producing, extruding, drawing, texturing or cutting
man-made textile fibres, materials or yarns; machines for preparing textile
fibres: cotton gins, bale breakers, garnetters, cotton spreaders, wool
scourers, wool carbonisers, combs, carders, roving frames,; spinning machines;
machines for preparing textile yarns: reelers, warpers and related machines;
weaving machines (looms) including hand looms; knitting machines; machines for
making knotted net, tulle, lace, braid.); manufacture of auxiliary machines or
equipment for textile machinery (dobbies, Jacquards, automatic stop motions,
shuttle changing mechanisms, spindles and spindle flyers); manufacture of
machinery for fabric processing (machinery for washing, bleaching, dyeing,
dressing, finishing, coating or impregnating textile fabrics; manufacture of
machines for reeling, unreeling, folding, cutting or pinking textile fabrics);
manufacture of laundry machinery (ironing machines including fusing presses;
laundry-type washing and drying machines; dry cleaning machines); manufacture
of sewing machines, sewing machine heads and sewing machine needles;
manufacture of machines for producing or finishing felt or nonwovens;
manufacture of leather machines (machinery for preparing, tanning or working
hides, skins or leather; and machinery for making or repairing footwear or
other articles of hides, skins, leather or furskins).
Industry
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Industry |
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ANZSIC 2006: |
2469
- Other Specialised Machinery and Equipment Manufacturing |
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ISIC Rev 4: |
2826
- Manufacture of machinery for textile, apparel and leather production |
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NACE Rev 2: |
2894
- Manufacture of machinery for textile, apparel and leather production |
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NAICS 2012: |
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UK SIC 2007: |
2894
- Manufacture of machinery for textile, apparel and leather production |
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US SIC 1987: |
Key Executives
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Name |
Title |
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Federica Giachetti |
President |
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Marco Giuseppe Giova Canali |
Member of the board |
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Fabrizio Giachetti |
Member of the board |
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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ANZSIC 2006 Codes: |
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2469 |
- |
Other Specialised Machinery and Equipment
Manufacturing |
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2499 |
- |
Other Machinery and Equipment
Manufacturing Not Elsewhere Classified |
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ISIC Rev 4 Codes: |
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2826 |
- |
Manufacture of machinery for textile,
apparel and leather production |
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2829 |
- |
Manufacture of other special-purpose
machinery |
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NACE Rev 2 Codes: |
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2894 |
- |
Manufacture of machinery for textile,
apparel and leather production |
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2899 |
- |
Manufacture of other special-purpose
machinery n.e.c. |
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NAICS 2012 Codes: |
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333249 |
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Other Industrial Machinery Manufacturing |
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US SIC 1987: |
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3552 |
- |
Textile Machinery |
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3569 |
- |
General Industrial Machinery and
Equipment, Not Elsewhere Classified |
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UK SIC 2007: |
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2894 |
- |
Manufacture of machinery for textile,
apparel and leather production |
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2899 |
- |
Manufacture of other special-purpose
machinery n.e.c. |
Morgan Tecnica SpA is primarily engaged in manufacture of textile machinery (machines for preparing, producing, extruding, drawing, texturing or cutting man-made textile fibres, materials or yarns; machines for preparing textile fibres: cotton gins, bale breakers, garnetters, cotton spreaders, wool scourers, wool carbonisers, combs, carders, roving frames; spinning machines; machines for preparing textile yarns: reelers, warpers and related machines; weaving machines (looms) including hand looms; knitting machines; machines for making knotted net, tulle, lace, braid.); manufacture of auxiliary machines or equipment for textile machinery (dobbies, Jacquards, automatic stop motions, shuttle changing mechanisms, spindles and spindle flyers.); manufacture of machinery for fabric processing (machinery for washing, bleaching, dyeing, dressing, finishing, coating or impregnating textile fabrics; manufacture of machines for reeling, unreeling, folding, cutting or pinking textile fabrics); manufacture of laundry machinery (ironing machines including fusing presses; laundry-type washing and drying machines; dry cleaning machines); manufacture of sewing machines, sewing machine heads and sewing machine needles; manufacture of machines for producing or finishing felt or nonwovens; manufacture of leather machines (machinery for preparing, tanning or working hides, skins or leather; and machinery for making or repairing footwear or other articles of hides, skins, leather or furskins).
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Company |
Percentage
Owned |
Country |
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Morgan Dynamics SRL |
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Bank: |
Intesa Sanpaolo Ag |
Corporate
Family
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Corporate Structure News: |
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Morgan Tecnica
SpA |
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Morgan Tecnica SpA |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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META HOLDING SRL |
Parent |
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Morgan Tecnica SpA |
Subsidiary |
Coccaglio, Brescia |
Italy |
Machinery and Equipment Manufacturing |
8.4 |
17 |
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Executives Report
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Board
of Directors |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Executives |
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President |
President |
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 |
9.2 |
7.9 |
4.5 |
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Net sales |
8.4 |
7.0 |
4.1 |
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Other operating income |
0.2 |
0.1 |
0.1 |
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Raw materials and consumables employed |
4.7 |
4.0 |
1.7 |
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Other expenses |
2.6 |
2.1 |
1.3 |
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Total payroll costs |
1.1 |
1.2 |
1.2 |
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Fixed asset depreciation and amortisation |
0.3 |
0.3 |
0.4 |
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Other operating costs |
0.0 |
0.1 |
0.0 |
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Net operating
income |
0.4 |
0.2 |
-0.1 |
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Total financial
income |
0.0 |
0.0 |
0.0 |
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Total expenses |
0.1 |
0.1 |
0.1 |
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Profit before tax |
0.3 |
0.1 |
-0.2 |
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Profit after extraordinary items and
before tax |
0.3 |
0.1 |
-0.2 |
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Total taxation |
0.1 |
0.1 |
0.0 |
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Net profit |
0.2 |
0.1 |
- |
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Net loss |
- |
- |
0.2 |
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 |
1.6 |
1.4 |
0.5 |
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Provision for risks |
0.0 |
0.0 |
0.0 |
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Provision for pensions |
0.2 |
0.1 |
0.1 |
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Trade creditors |
1.5 |
1.2 |
1.0 |
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Bank loans and overdrafts |
2.1 |
2.4 |
3.5 |
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Other current liabilities |
1.5 |
1.4 |
0.3 |
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Accruals and deferred income |
- |
- |
0.0 |
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Total current
liabilities |
5.0 |
5.0 |
4.8 |
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Total
liabilities (including net worth) |
6.8 |
6.5 |
5.4 |
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Intangibles |
0.3 |
0.5 |
0.7 |
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Total tangible
fixed assets |
0.1 |
0.0 |
0.1 |
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Total financial
assets |
0.0 |
0.0 |
0.0 |
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Total
non-current assets |
0.4 |
0.6 |
0.8 |
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Net stocks and work in progress |
2.0 |
2.1 |
2.1 |
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Trade debtors |
3.9 |
3.4 |
2.2 |
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Other receivables |
0.2 |
0.2 |
0.1 |
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Cash and liquid assets |
0.2 |
0.3 |
0.2 |
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Accruals |
0.0 |
0.0 |
0.0 |
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Total current
assets |
6.4 |
5.9 |
4.6 |
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Total assets |
6.8 |
6.5 |
5.4 |
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 |
1.30 |
1.20 |
1.00 |
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Quick ratio |
0.90 |
0.80 |
0.50 |
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Current liabilities to net worth |
0.03% |
0.04% |
0.10% |
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Sales per employee |
0.39 |
- |
- |
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Profit per employee |
0.01 |
- |
- |
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Average wage per employee |
0.05 |
- |
- |
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Net worth |
1.6 |
1.4 |
0.5 |
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Number of employees |
17 |
- |
- |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs. 62.27 |
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|
1 |
Rs. 103.66 |
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Euro |
1 |
Rs. 85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.