MIRA
INFORM REPORT
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Report Date : |
07.12.2012 |
IDENTIFICATION DETAILS
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Name : |
GNECCHI SRL |
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Registered Office : |
Via Postale Vecchia 37/A, Olginate, 23854 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
10.03.1982 |
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Com. Reg. No.: |
01298980135 |
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Legal Form : |
Private Independent Company |
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Line of Business : |
Subject is engaged in forging, pressing, stamping and roll-forming of
metal; and powder metallurgy: production of metal objects directly from metal
powders by heat treatment (sintering) or under pressure |
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No. of Employees : |
33 employees |
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 |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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, welfare-dependent,
agricultural south, with high unemployment. 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 exceptionally high public debt burdens and structural impediments
to growth have rendered it vulnerable to scrutiny by financial markets. Public
debt has increased steadily since 2007, reaching 120% of GDP in 2011, and
borrowing costs on sovereign government debt have risen to record levels.
During the second half of 2011 the government passed a series of three
austerity packages to balance its budget by 2013 and decrease its public debt
burden. 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 address Italy's long-standing structural
impediments to growth, such as an inflexible labor market and widespread tax
evasion. The international financial crisis worsened conditions in Italy''s labor
market, with unemployment rising from 6.2% in 2007 to 8.4% in 2011, but in the
longer-term Italy''s low fertility rate and quota-driven immigration policies
will increasingly strain its economy. The euro-zone crisis along with Italian
austerity measures have reduced exports and domestic demand, slowing Italy''s
recovery. Italy''s GDP is still 5% below its 2007 pre-crisis level.
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Source : CIA |
Company name & address
Gnecchi SRL
Via Postale Vecchia 37/A
Olginate, 23854
Italy
Tel: +39 0341 660229
Fax: +39 0341 660243
Synthesis
Employees: 33
Company Type: Private Independent
Incorporation Date:
10-Mar-1982
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Euro
Annual Sales: 7.6
Total Assets: 5.2
Business Description
Gnecchi SRL is primarily engaged in forging, pressing, stamping and roll-forming of metal; and powder metallurgy: production of metal objects directly from metal powders by heat treatment (sintering) or under pressure.
Industry
Industry Miscellaneous Fabricated Products
ANZSIC 2006: 2240 - Sheet Metal
Product Manufacturing (except Metal Structural and Container Products)
NACE 2002: 2840 - Forging,
pressing, stamping and roll forming of metal; powder metallurgy
NAICS 2002: 33211 - Forging
and Stamping
UK SIC 2003: 2840 - Forging,
pressing, stamping and roll forming of metal; powder metallurgy
UK SIC 2007: 2550 - Forging,
pressing, stamping and roll-forming of metal; powder metallurgy
US SIC 1987: 3462 - Iron and
Steel Forgings
Key Executives
Name Title
Alberto Gnecchi President
Michele Corti Member of the board
Luciana Nicoletta Gnecchi Member
of the board
News
Title Date
A lesson in school safety
Glebe, The (31 Words) 5-Jul-2012
School tree hits van KIDS AT RISK, SAYS OWNER
Glebe, The (244 Words) 5-Jul-2012
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
Corporate Overview
Location
Via Postale Vecchia 37/A
Olginate, 23854
Italy
Tel: +39 0341 660229
Fax: +39 0341 660243
Sales EUR(mil): 5.4
Assets EUR(mil): 4.0
Employees: 33
Fiscal Year End: 31-Dec-2011
Industry: Miscellaneous Fabricated Products
Incorporation Date: 10-Mar-1982
Company Type: Private Independent
Quoted Status: Not Quoted
Registered No.(ITA): 01298980135
President: Alberto Gnecchi
Contents
Industry Codes
Business Description
Financial Data
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2240 - Sheet Metal Product Manufacturing (except Metal Structural
and Container Products)
2291 - Spring and Wire Product Manufacturing
NACE 2002 Codes:
2840 - Forging, pressing, stamping and roll forming of metal;
powder metallurgy
2873 - Manufacture of wire products
NAICS 2002 Codes:
33211 - Forging and Stamping
332618 - Other Fabricated Wire Product Manufacturing
US SIC 1987:
3462 - Iron and Steel Forgings
3496 - Miscellaneous Fabricated Wire Products
UK SIC 2003:
2840 - Forging, pressing, stamping and roll forming of metal;
powder metallurgy
2873 - Manufacture of wire products
UK SIC 2007:
2550 - Forging, pressing, stamping and roll-forming of metal;
powder metallurgy
2593 - Manufacture of wire products, chain and springs
Business
Description
Gnecchi SRL is primarily engaged in forging, pressing, stamping and
roll-forming of metal; and powder metallurgy: production of metal objects
directly from metal powders by heat treatment (sintering) or under pressure.
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Executive 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 |
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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 |
7.9 |
7.7 |
7.4 |
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Net sales |
7.6 |
6.9 |
7.3 |
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Other operating income |
- |
0.3 |
0.1 |
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Raw materials and consumables employed |
4.0 |
3.6 |
3.1 |
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Other expenses |
1.9 |
2.0 |
2.2 |
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Total payroll costs |
1.8 |
1.8 |
1.8 |
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Fixed asset depreciation and amortisation |
0.2 |
0.2 |
0.2 |
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Other operating costs |
0.0 |
0.0 |
0.0 |
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Net operating
income |
0.0 |
0.1 |
0.2 |
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Total financial
income |
- |
- |
0.0 |
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Total expenses |
0.0 |
0.0 |
0.0 |
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Profit before tax |
-0.1 |
0.1 |
0.1 |
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Extraordinary result |
0.1 |
0.0 |
0.0 |
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Profit after extraordinary items and
before tax |
0.0 |
0.1 |
0.2 |
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Total taxation |
0.1 |
0.1 |
0.1 |
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Net profit |
- |
0.0 |
0.1 |
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Net loss |
0.1 |
- |
- |
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 |
1.9 |
2.0 |
2.1 |
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Provision for pensions |
0.6 |
0.5 |
0.5 |
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Mortgages and loans |
0.6 |
- |
0.8 |
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Other long-term liabilities |
- |
0.6 |
- |
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Trade creditors |
1.8 |
1.6 |
1.9 |
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Other current liabilities |
0.3 |
0.4 |
0.4 |
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Total current
liabilities |
2.1 |
1.9 |
2.3 |
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Total
liabilities (including net worth) |
5.2 |
5.1 |
5.8 |
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Intangibles |
0.4 |
0.4 |
0.2 |
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Buildings |
- |
0.0 |
0.0 |
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Total tangible
fixed assets |
1.0 |
0.7 |
0.7 |
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Receivables due after 1 year |
0.0 |
0.0 |
0.0 |
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Total
non-current assets |
1.3 |
1.1 |
1.0 |
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Finished goods |
- |
1.1 |
0.6 |
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Net stocks and work in progress |
1.7 |
1.4 |
1.0 |
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Trade debtors |
2.0 |
1.9 |
2.2 |
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Other receivables |
0.1 |
0.2 |
0.7 |
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Cash and liquid assets |
0.1 |
0.5 |
0.8 |
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Accruals |
0.0 |
0.0 |
0.0 |
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Total current
assets |
3.9 |
3.9 |
4.8 |
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Total assets |
5.2 |
5.1 |
5.8 |
Annual Ratios
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 |
1.80 |
2.00 |
2.10 |
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Quick ratio |
1.00 |
1.30 |
1.60 |
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Current liabilities to net worth |
0.01% |
0.01% |
0.01% |
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Sales per employee |
0.16 |
0.16 |
0.15 |
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Profit per employee |
0.00 |
0.00 |
0.00 |
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Average wage per employee |
0.04 |
0.04 |
0.04 |
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Net worth |
1.9 |
2.0 |
2.1 |
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Number of employees |
33 |
33 |
35 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.47 |
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UK Pound |
1 |
Rs.87.63 |
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Euro |
1 |
Rs.71.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.