MIRA INFORM REPORT
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Report Date : |
02.05.2014 |
IDENTIFICATION DETAILS
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Name : |
NORDMECCANICA SPA |
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Registered Office : |
Strada Della Orsina 16/16 A, Piacenza,
29122 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
12.10.1978 |
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Com. Reg. No.: |
00333340339 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Engaged in manufacture of machinery for working soft rubber or
plastics or for the manufacture of products of these materials |
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No. of Employees : |
162 |
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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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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Nordmeccanica SpA |
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Employees: |
162 |
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Company Type: |
Public Subsidiary |
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Corporate Family: |
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Ultimate Parent: |
CERFIN SPA |
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Incorporation
Date: |
12-Oct-1978 |
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Fiscal Year End:
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31-Dec-2012 |
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Reporting
Currency: |
Euro |
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Annual Sales: |
83.8 |
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Total Assets: |
58.4 |
Business
Description
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Nordmeccanica SpA is primarily engaged in
manufacture of machinery for working soft rubber or plastics or for the
manufacture of products of these materials (extruders, moulders, pneumatic
tyre making or retreading machines and other machines for making a specific
rubber or plastic product); manufacture of printing and bookbinding machines;
manufacture of machinery for producing tiles, bricks, shaped ceramic pastes,
pipes, graphite electrodes, blackboard chalk, foundry moulds, etc.;
manufacture of moulding boxes for any material; mould bases; moulding
patterns; moulds; manufacture of dryers for wood, paper pulp, paper or
paperboard; manufacture of centrifugal clothes dryers; manufacture of diverse
special machinery and equipment (machines to assemble electric or electronic
lamps, tubes (valves) or bulbs; machines for production or hot-working of
glass or glassware, glass fibre or yarn; machinery or apparatus for isotopic
separation; rope-making machinery, etc.); and manufacture of industrial
robots for multiple uses. |
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: |
2899 - Manufacture of other special-purpose machinery
n.e.c. |
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NAICS 2012: |
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UK SIC 2007: |
2899 - Manufacture of other special-purpose machinery
n.e.c. |
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US SIC 1987: |
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News
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Registered
No.(ITA)
00333340339
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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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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CERFIN SPA |
Parent |
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Subsidiary |
Piacenza, Piacenza |
Italy |
Machinery and Equipment Manufacturing |
83.8 |
162 |
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News
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 |
84.4 |
80.0 |
57.3 |
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Net sales |
83.8 |
79.3 |
56.3 |
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Other operating income |
0.4 |
0.3 |
0.5 |
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Raw materials and consumables employed |
41.6 |
36.8 |
26.9 |
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Other expenses |
23.9 |
19.9 |
16.0 |
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Total payroll costs |
11.1 |
11.2 |
9.6 |
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Fixed asset depreciation and amortisation |
0.7 |
0.7 |
0.7 |
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Other operating costs |
1.6 |
1.5 |
1.7 |
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Net operating income |
5.6 |
9.9 |
2.5 |
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Total financial income |
0.3 |
0.2 |
0.3 |
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Total expenses |
0.6 |
0.5 |
0.4 |
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Profit before tax |
5.3 |
9.6 |
2.4 |
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Extraordinary result |
0.4 |
0.1 |
0.0 |
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Profit after extraordinary items and before tax |
5.8 |
9.7 |
2.4 |
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Total taxation |
2.0 |
3.6 |
1.2 |
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Net profit |
3.7 |
6.1 |
1.2 |
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Annual Balance Sheet |
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Financials in: USD (mil) |
|
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 |
20.2 |
16.5 |
11.3 |
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Provision for risks |
0.2 |
0.1 |
0.1 |
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Provision for pensions |
1.4 |
1.4 |
1.5 |
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Mortgages and loans |
3.5 |
4.1 |
4.8 |
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Other long-term liabilities |
0.8 |
0.8 |
- |
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Trade creditors |
20.8 |
19.0 |
22.6 |
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Bank loans and overdrafts |
1.4 |
1.3 |
1.0 |
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Other current liabilities |
9.9 |
10.4 |
7.0 |
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Accruals and deferred income |
0.3 |
0.2 |
0.2 |
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Total current liabilities |
32.4 |
30.9 |
30.9 |
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Total liabilities (including net worth) |
58.4 |
53.7 |
48.5 |
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Intangibles |
0.5 |
0.4 |
0.5 |
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Buildings |
5.9 |
5.9 |
6.0 |
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Total tangible fixed assets |
6.6 |
6.6 |
6.9 |
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Long-term investments |
0.5 |
0.6 |
0.7 |
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Total financial assets |
0.6 |
0.7 |
0.7 |
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Receivables due after 1 year |
1.2 |
0.7 |
1.3 |
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Loans to associated companies |
0.0 |
0.0 |
0.1 |
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Total non-current assets |
8.9 |
8.3 |
9.4 |
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Finished goods |
3.9 |
3.7 |
3.4 |
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Net stocks and work in progress |
14.9 |
15.7 |
12.9 |
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Trade debtors |
13.5 |
10.9 |
13.3 |
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Other receivables |
12.5 |
5.5 |
3.9 |
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Cash and liquid assets |
7.1 |
12.2 |
8.3 |
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Accruals |
1.5 |
1.1 |
0.7 |
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Total current assets |
49.5 |
45.5 |
39.1 |
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Total assets |
58.4 |
53.7 |
48.5 |
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Annual Ratios |
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Financials in: USD (mil) |
|
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 |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
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Consolidated |
No |
No |
No |
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Current ratio |
1.50 |
1.50 |
1.30 |
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Quick ratio |
1.10 |
1.00 |
0.80 |
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Current liabilities to net worth |
0.02% |
0.02% |
0.03% |
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Sales per employee |
0.41 |
0.38 |
0.29 |
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Profit per employee |
0.03 |
0.05 |
0.01 |
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Average wage per employee |
0.05 |
0.05 |
0.05 |
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Net worth |
20.2 |
16.5 |
11.3 |
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Number of employees |
159 |
149 |
147 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
|
1 |
Rs.101.45 |
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Euro |
1 |
Rs.83.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
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 |
|
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 |
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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.