MIRA
INFORM REPORT
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Report Date : |
17.01.2014 |
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Tel. No.: |
0445/694301 |
IDENTIFICATION DETAILS
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Name : |
LAFER SPA |
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Registered Office : |
Via Lago Di Garda 98, Schio, 36015 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
31.12.1980 |
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Com. Reg. No.: |
01279170243 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Subject is engaged in manufacture of textile machinery |
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No. of Employees : |
100 |
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 : |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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
LAFER SPA
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Business Description
Lafer 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, etc.); 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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Bruno Scortegagna |
President |
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Ruggero Pietro Marchioretto |
Executive |
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Daniela Scortegagna |
Executive |
News
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Title |
Date |
|
State
College Borough Council welcomes new members |
6-Jan-2014 |
|
The
Adjunct's Lament |
1-Jan-2014 |
|
How brain
processes shape and colour |
22-Dec-2013 |
|
How brain
processes shape and colour |
22-Dec-2013 |
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Midwage
jobs havent recovered |
22-Dec-2013 |
|
Processing
Shape and Color in Monkeys |
19-Dec-2013 |
Registered No.(ITA): 01279170243
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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3739 |
- |
Other Goods Wholesaling 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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4690 |
- |
Non-specialized wholesale trade |
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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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4690 |
- |
Non-specialised wholesale trade |
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NAICS 2012 Codes: |
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333249 |
- |
Other Industrial Machinery Manufacturing |
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423990 |
- |
Other Miscellaneous Durable Goods Merchant Wholesalers |
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US SIC 1987: |
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3552 |
- |
Textile Machinery |
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5099 |
- |
Durable Goods, Not Elsewhere Classified |
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UK SIC 2007: |
||
|
2894 |
- |
Manufacture of machinery for textile, apparel and leather production |
|
4690 |
- |
Non-specialised wholesale trade |
Lafer 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, etc.); 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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Corporate Family
Total Corporate Family Members: 3
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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LAFIN SRL |
Parent |
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Subsidiary |
Schio, Vicenza |
Italy |
Machinery and Equipment Manufacturing |
37.4 |
100 |
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Subsidiary |
Gazoldo Degli Ippoliti, Mantova |
Italy |
Machinery and Equipment Manufacturing |
3.8 |
9 |
Executives Report
Executives
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President |
President |
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Managing director |
Managing Director |
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Executive |
Purchasing Executive |
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Executive |
Purchasing Executive |
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News
|
State
College Borough Council welcomes new members |
06-Jan-2014 |
|
The
Adjunct's Lament |
01-Jan-2014 |
|
How brain
processes shape and colour |
22-Dec-2013 |
|
How brain
processes shape and colour |
22-Dec-2013 |
|
Midwage
jobs havent recovered |
22-Dec-2013 |
|
Processing
Shape and Color in Monkeys |
19-Dec-2013 |
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Union,
district court public opinion |
12-Dec-2013 |
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A Look
Ahead -- Week of December 9 - 13 |
06-Dec-2013 |
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KCC Modern
Living Begins Fall Close-Out Sale |
29-Nov-2013 |
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Lobbyist
dismisses report tying group to Koch ; Money, policies allegedly traced to
Kan. brothers |
17-Nov-2013 |
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Daubert,
Lafer, Myers take State College council seats |
06-Nov-2013 |
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 |
35.4 |
42.0 |
33.9 |
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Net sales |
33.8 |
41.9 |
33.7 |
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Other operating income |
0.6 |
0.4 |
1.0 |
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Raw materials and consumables employed |
15.9 |
21.6 |
15.2 |
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Other expenses |
11.2 |
12.0 |
11.0 |
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Total payroll costs |
6.5 |
6.3 |
5.6 |
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Fixed asset depreciation and amortisation |
0.6 |
0.5 |
0.5 |
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Other operating costs |
0.3 |
0.2 |
0.2 |
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Net operating income |
0.9 |
1.4 |
1.5 |
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Total financial income |
0.1 |
0.1 |
0.2 |
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Total expenses |
0.4 |
0.2 |
0.3 |
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Profit before tax |
0.6 |
1.3 |
1.4 |
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Extraordinary result |
0.0 |
0.0 |
0.0 |
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Profit after extraordinary items and before tax |
0.6 |
1.3 |
1.4 |
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Total taxation |
0.5 |
0.6 |
0.5 |
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Net profit |
0.1 |
0.7 |
0.9 |
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 |
3.5 |
4.3 |
5.4 |
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Provision for risks |
0.7 |
0.6 |
0.6 |
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Provision for pensions |
0.8 |
0.8 |
1.0 |
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Mortgages and loans |
3.8 |
3.5 |
3.2 |
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Other long-term liabilities |
0.0 |
0.0 |
0.1 |
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Trade creditors |
12.1 |
16.5 |
14.4 |
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Bank loans and overdrafts |
2.9 |
2.1 |
2.6 |
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Other current liabilities |
2.9 |
4.3 |
3.0 |
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Accruals and deferred income |
0.1 |
0.1 |
0.0 |
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Total current liabilities |
17.9 |
23.0 |
20.0 |
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Total liabilities (including net worth) |
26.7 |
32.3 |
30.4 |
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Intangibles |
0.0 |
0.0 |
0.0 |
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Buildings |
4.8 |
5.1 |
4.4 |
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Total tangible fixed assets |
6.3 |
6.9 |
5.1 |
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Long-term investments |
1.2 |
1.3 |
1.4 |
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Total financial assets |
3.7 |
3.8 |
4.1 |
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Receivables due after 1 year |
1.1 |
1.7 |
1.6 |
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Loans to associated companies |
2.4 |
2.5 |
2.7 |
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Total non-current assets |
11.1 |
12.4 |
10.8 |
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Finished goods |
1.6 |
0.8 |
1.0 |
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Net stocks and work in progress |
3.4 |
2.3 |
2.9 |
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Trade debtors |
4.8 |
7.4 |
7.8 |
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Other receivables |
2.4 |
2.8 |
1.4 |
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Cash and liquid assets |
4.5 |
7.0 |
6.9 |
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Accruals |
0.4 |
0.4 |
0.6 |
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Total current assets |
15.5 |
19.9 |
19.6 |
|
Total assets |
26.7 |
32.3 |
30.4 |
Annual Ratios
Financials in: USD (mil)
|
|
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 |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
|
|
|
|
|
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Current ratio |
0.90 |
0.90 |
1.00 |
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Quick ratio |
0.70 |
0.80 |
0.80 |
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Current liabilities to net worth |
0.05% |
0.05% |
0.04% |
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Sales per employee |
0.26 |
0.33 |
0.25 |
|
Profit per employee |
0.00 |
0.01 |
0.01 |
|
Average wage per employee |
0.05 |
0.05 |
0.04 |
|
Net worth |
3.5 |
4.3 |
5.4 |
|
Number of employees |
92 |
97 |
99 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.53 |
|
|
1 |
Rs.100.73 |
|
Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
|
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 |
|
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 |
|
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 |
|
---- |
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%)