MIRA
INFORM REPORT
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Report Date : |
12.11.2012 |
IDENTIFICATION DETAILS
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Name : |
PAOLO GAZZIERO SPA |
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Registered Office : |
Via Della Noce 2, Brescia, 25125 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
27.03.1985 |
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Com. Reg. No.: |
01441230172 |
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Legal Form : |
Public Independent |
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Line of Business : |
Engaged in specialised wholesale not covered in one of the previous
categories; and wholesale of a variety of goods without any particular
specialisation |
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No. of Employees : |
32 |
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 – 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 and address
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Paolo Gazziero SpA |
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Employees: |
32 |
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Company Type: |
Public Independent |
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Incorporation Date: |
27-Mar-1985 |
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Fiscal Year End: |
31-Dec-2011 |
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Reporting Currency: |
Euro |
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Annual Sales: |
14.6 |
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Total Assets: |
11.9 |
Business Description
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Paolo Gazziero SpA is primarily engaged in
specialised wholesale not covered in one of the previous categories; and
wholesale of a variety of goods without any particular specialisation. |
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
423990 - Other Miscellaneous Durable Goods Merchant
Wholesalers |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Registered No.(ITA)
01441230172
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
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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 |
14.6 |
14.0 |
15.0 |
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Net sales |
14.6 |
14.0 |
14.9 |
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Other operating income |
0.0 |
0.0 |
0.1 |
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Raw materials and consumables employed |
11.7 |
11.2 |
11.8 |
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Other expenses |
1.2 |
1.0 |
1.2 |
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Total payroll costs |
1.4 |
1.3 |
1.2 |
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Fixed asset depreciation and amortisation |
0.1 |
0.1 |
0.1 |
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Other operating costs |
0.2 |
0.2 |
0.4 |
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Net operating
income |
0.0 |
0.2 |
0.3 |
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Total financial
income |
0.0 |
0.0 |
0.0 |
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Total expenses |
0.2 |
0.1 |
0.2 |
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Profit before tax |
-0.2 |
0.0 |
0.1 |
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Extraordinary result |
0.0 |
-0.1 |
0.0 |
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Profit after extraordinary items and
before tax |
-0.2 |
-0.1 |
0.0 |
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Total taxation |
0.0 |
0.1 |
0.1 |
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Net loss |
0.2 |
0.2 |
0.1 |
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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 |
1.8 |
2.0 |
2.4 |
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Provision for risks |
0.0 |
0.0 |
0.0 |
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Provision for pensions |
0.4 |
0.4 |
0.4 |
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Other long-term liabilities |
1.6 |
1.6 |
0.1 |
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Trade creditors |
3.9 |
3.1 |
3.1 |
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Bank loans and overdrafts |
4.0 |
3.5 |
4.2 |
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Other current liabilities |
0.4 |
0.5 |
2.9 |
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Accruals and deferred income |
0.0 |
0.0 |
0.0 |
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Total current
liabilities |
8.2 |
7.1 |
10.3 |
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Total
liabilities (including net worth) |
11.9 |
11.1 |
13.2 |
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Intangibles |
0.0 |
0.0 |
0.0 |
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Buildings |
1.8 |
1.9 |
2.1 |
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Total tangible
fixed assets |
1.9 |
2.0 |
2.2 |
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Long-term investments |
0.1 |
0.1 |
0.3 |
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Total financial
assets |
0.1 |
0.1 |
0.3 |
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Receivables due after 1 year |
0.6 |
0.2 |
0.5 |
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Total
non-current assets |
2.6 |
2.3 |
3.0 |
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Finished goods |
3.9 |
3.4 |
3.5 |
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Net stocks and work in progress |
3.9 |
3.6 |
3.8 |
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Trade debtors |
5.1 |
5.0 |
6.2 |
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Other receivables |
0.1 |
0.1 |
0.1 |
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Cash and liquid assets |
0.1 |
0.1 |
0.1 |
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Accruals |
0.0 |
0.0 |
0.0 |
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Total current
assets |
9.3 |
8.8 |
10.1 |
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Total assets |
11.9 |
11.1 |
13.2 |
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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 |
1.10 |
1.20 |
1.00 |
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Quick ratio |
0.60 |
0.70 |
0.60 |
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Current liabilities to net worth |
0.05% |
0.04% |
0.04% |
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Sales per employee |
0.28 |
0.26 |
0.32 |
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Profit per employee |
0.00 |
0.00 |
0.00 |
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Average wage per employee |
0.03 |
0.02 |
0.03 |
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Net worth |
1.8 |
2.0 |
2.4 |
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Number of employees |
37 |
41 |
34 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.34 |
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1 |
Rs.86.96 |
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Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
-- |
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.