MIRA INFORM REPORT

 

 

Report Date :

19.11.2012

 

IDENTIFICATION DETAILS

 

Name :

GALMET SRL

 

 

Registered Office :

Via Corsica 9/11 A, Genova, 16128

 

 

Country :

Italy

 

 

Financials (as on) :

30.06.2011

 

 

Date of Incorporation :

27.03.2008

 

 

Com. Reg. No.:

01798760995

 

 

Legal Form :

Private Independent

 

 

Line of Business :

Engaged in wholesale (purchase and sale) of metal and non-metal waste and scrap and materials for recycling, including collecting, sorting, separating etc.

 

 

No. of Employees :

2

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

Slow but correct

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

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Italy

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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.

 

Source : CIA

 

 

Company name and address

 

Galmet SRL

 

 

 

Via Corsica 9/11 A

 

 

Genova, 16128

Italy

 

 

Tel:

+39 010 8604539

Fax:

+39 010 8603606

 

Employees:

2

Company Type:

Private Independent

 

 

Incorporation Date:

27-Mar-2008

Fiscal Year End:

30-Jun-2011

Reporting Currency:

Euro

Annual Sales:

33.4

Total Assets:

16.4

 

 

Business Description     

 

 

Galmet SRL is primarily engaged in wholesale (purchase and sale) of metal and non-metal waste and scrap and materials for recycling, including collecting, sorting, separating, stripping of used goods such as cars in order to obtain reusable parts, (re) packing, storage and delivery, but without a real transformation process. Additionally the purchased and sold waste has a remaining value; and dismantling of end-of-life vehicles (dismantling of cars; wholesale in car wrecks; sale of parts from wrecks to private persons and professional users).

 

 

Industry      

 

 

Industry

Waste Management Services

ANZSIC 2006:

3322 - Metal and Mineral Wholesaling

NACE 2002:

5157 - Wholesale of waste and scrap

NAICS 2002:

423930 - Recyclable Material Merchant Wholesalers

UK SIC 2003:

5157 - Wholesale of waste and scrap

UK SIC 2007:

4677 - Wholesale of waste and scrap

US SIC 1987:

5093 - Scrap and Waste Materials

 

 

Key Executives   

             

 

Name

Title

Giampaolo Guiducci

Sole administrator

 

 

Registered No.(ITA)

 

01798760995

 

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7347003

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6897265

 

 

Corporate Overview

 

 

Location
Via Corsica 9/11 A
Genova, 16128
Italy

 

Tel:

+39 010 8604539

Fax:

+39 010 8603606

 

 

Sales EUR(mil):

24.5

Assets EUR(mil):

11.3

Employees:

2

Fiscal Year End:

30-Jun-2011

 

KeyIDSM:

108011156

Industry:

Waste Management Services

Incorporation Date:

27-Mar-2008

Company Type:

Private Independent

Quoted Status:

Not Quoted

Registered No.(ITA):

01798760995

 

Sole administrator:

Giampaolo Guiducci

 

Industry Codes

 

ANZSIC 2006 Codes:

3322

-

Metal and Mineral Wholesaling

 

NACE 2002 Codes:

5157

-

Wholesale of waste and scrap

 

NAICS 2002 Codes:

423930

-

Recyclable Material Merchant Wholesalers

 

US SIC 1987:

5093

-

Scrap and Waste Materials

 

UK SIC 2003:

5157

-

Wholesale of waste and scrap

 

UK SIC 2007:

4677

-

Wholesale of waste and scrap

 

Business Description

Galmet SRL is primarily engaged in wholesale (purchase and sale) of metal and non-metal waste and scrap and materials for recycling, including collecting, sorting, separating, stripping of used goods such as cars in order to obtain reusable parts, (re) packing, storage and delivery, but without a real transformation process. Additionally the purchased and sold waste has a remaining value; and dismantling of end-of-life vehicles (dismantling of cars; wholesale in car wrecks; sale of parts from wrecks to private persons and professional users).

 

 

 

 

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

24.5

Assets:

11.3

Current Assets:

11.2

 

Total Liabilities:

11.3

 

Net Worth:

0.7

 

 

 

Date of Financial Data:

30-Jun-2011

 

1 Year Growth

226.8%

NA

 

Executives Report

 

Executives

 

Name

Title

Function

 

Giampaolo Guiducci

 

Sole administrator

President

 

 

 

Annual Profit & Loss

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.7347

0.721483

0.731067

Consolidated

No

No

No

 

 

 

 

Total income

31.7

13.9

4.2

Net sales

33.4

10.4

3.4

Other operating income

0.0

0.1

0.0

Raw materials and consumables employed

29.7

12.6

3.7

Other expenses

1.4

0.6

0.2

Total payroll costs

0.1

0.0

0.0

Fixed asset depreciation and amortisation

0.0

0.0

0.0

Other operating costs

0.0

0.0

0.0

Net operating income

0.4

0.6

0.3

Total financial income

0.2

-0.3

0.0

Total expenses

0.2

0.1

0.0

Profit before tax

0.4

0.2

0.3

Profit after extraordinary items and before tax

0.4

0.2

0.3

Total taxation

0.1

0.1

0.1

Net profit

0.3

0.1

0.2

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.689727

0.816393

0.712936

Consolidated

No

No

No

 

 

 

 

Total stockholders equity

1.0

0.6

0.6

Provision for pensions

0.0

0.0

0.0

Mortgages and loans

11.1

-

-

Other long-term liabilities

4.2

-

1.0

Trade creditors

3.2

2.7

1.7

Bank loans and overdrafts

-

4.8

0.0

Other current liabilities

-3.2

0.8

0.0

Accruals and deferred income

0.0

0.0

0.0

Total current liabilities

0.0

8.2

1.8

Total liabilities (including net worth)

16.4

8.8

3.3

Intangibles

0.0

0.0

0.0

Total tangible fixed assets

0.0

0.0

0.0

Long-term investments

-

-

0.1

Total financial assets

0.1

0.0

0.1

Total non-current assets

0.1

0.1

0.1

Finished goods

-

-

2.1

Net stocks and work in progress

3.9

4.8

2.1

Trade debtors

9.5

3.4

0.5

Other receivables

0.4

0.2

0.1

Cash and liquid assets

2.4

0.3

0.6

Accruals

0.0

0.0

0.0

Total current assets

16.3

8.7

3.2

Total assets

16.4

8.8

3.3

 

 

Annual Ratios

Financials in: USD (mil)

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.689727

0.816393

0.712936

Consolidated

No

No

No

 

 

 

 

Current ratio

422.80

1.10

1.80

Quick ratio

320.80

0.50

0.60

Current liabilities to net worth

-

0.14%

0.03%

Sales per employee

-

7.50

-

Average wage per employee

-

0.02

-

Net worth

1.0

0.6

0.6

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.99

UK Pound

1

Rs.87.21

Euro

1

Rs.70.22

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.