MIRA
INFORM REPORT
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Report Date : |
07.09.2012 |
IDENTIFICATION DETAILS
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Name : |
GOGLIO S.P.A. |
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Registered Office : |
Via dell'Industria 7 Daverio, I-21020 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
12.05.1911 |
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Com. Reg. No.: |
00870210150 |
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Legal Form : |
Public Parent |
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Line of Business : |
Manufacture of plastic packing goods |
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No. of Employees : |
798 |
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 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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.
Source
: CIA
company name and address
Goglio S.p.A.
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Business
Description
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Goglio SpA is primarily engaged in manufacture of plastic tableware,
kitchenware and toilet articles; and manufacture of diverse plastic products
(plastic headgear, insulating fittings, parts of lighting fittings, office or
school supplies, articles of apparel, fittings for furniture, statuettes,
transmission and conveyor belts, etc.). |
Industry
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Industry |
Containers and Packaging |
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ANZSIC 2006: |
1522 - Paper Bag Manufacturing |
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NACE 2002: |
2522 - Manufacture of plastic packing
goods |
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NAICS 2002: |
326111 - Plastics Bag Manufacturing |
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UK SIC 2003: |
2522 - Manufacture of plastic packing
goods |
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UK SIC 2007: |
2222 - Manufacture of plastic packing
goods |
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US SIC 1987: |
2673 - Plastics, Foil, and Coated Paper
Bags |
Key Executives
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News
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1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064
Corporate Overview
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Corporate
Structure News:
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Total Corporate
Family Members: 6 |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Daverio |
Italy |
Containers and Packaging |
192.4 |
798 |
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Subsidiary |
Cadorago, Como |
Italy |
Containers and Packaging |
59.7 |
117 |
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Subsidiary |
Sant Joan Despi, Barcelona |
Spain |
Miscellaneous Capital Goods |
23.3 |
13 |
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Subsidiary |
Zaandam, Noord-Holland |
Netherlands |
Construction and Agriculture Machinery |
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5 |
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Subsidiary |
Krakow |
Poland |
Personal and Household Products |
5.0 |
4 |
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Subsidiary |
Zaandam, Noord-Holland |
Netherlands |
Printing and Publishing |
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Executives Report
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Annual Profit & Loss
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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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) |
0.755078 |
0.719047 |
0.683679 |
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Consolidated |
No |
No |
No |
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Total income |
205.0 |
192.4 |
226.1 |
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Net sales |
192.4 |
185.2 |
219.5 |
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Other operating income |
8.0 |
7.6 |
6.7 |
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Raw materials and consumables employed |
99.3 |
86.1 |
115.3 |
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Other expenses |
41.0 |
41.7 |
46.9 |
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Total payroll costs |
50.9 |
49.8 |
53.2 |
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Fixed asset depreciation and amortisation |
11.0 |
12.6 |
12.1 |
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Other operating costs |
1.3 |
1.4 |
1.9 |
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Net operating income |
1.4 |
0.7 |
-3.3 |
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Total financial income |
7.7 |
9.7 |
9.4 |
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Total expenses |
3.9 |
4.3 |
7.6 |
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Profit before tax |
5.1 |
6.2 |
-1.6 |
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Extraordinary result |
-1.0 |
-0.7 |
1.0 |
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Profit after extraordinary items and before tax |
4.2 |
5.5 |
-0.6 |
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Total taxation |
1.4 |
1.8 |
-2.5 |
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Net profit |
2.7 |
3.7 |
1.9 |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
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Consolidated |
No |
No |
No |
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Total stockholders equity |
93.1 |
99.2 |
94.1 |
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Provision for risks |
15.5 |
17.0 |
17.0 |
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Provision for pensions |
16.6 |
18.0 |
18.4 |
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Mortgages and loans |
53.6 |
25.7 |
35.8 |
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Other long-term liabilities |
1.1 |
1.7 |
5.1 |
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Trade creditors |
36.4 |
37.0 |
42.8 |
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Bank loans and overdrafts |
63.3 |
94.8 |
88.7 |
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Other current liabilities |
25.7 |
26.0 |
25.9 |
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Accruals and deferred income |
2.0 |
2.5 |
3.0 |
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Total current liabilities |
127.3 |
160.3 |
160.4 |
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Total liabilities (including net worth) |
307.3 |
321.8 |
330.8 |
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Intangibles |
2.7 |
3.4 |
4.1 |
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Buildings |
57.8 |
64.0 |
63.2 |
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Total tangible fixed assets |
84.3 |
91.2 |
94.4 |
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Long-term investments |
85.4 |
87.5 |
84.0 |
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Total financial assets |
85.4 |
87.5 |
84.0 |
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Receivables due after 1 year |
1.2 |
2.7 |
3.6 |
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Total non-current assets |
173.6 |
184.9 |
186.1 |
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Finished goods |
23.2 |
22.6 |
25.2 |
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Net stocks and work in progress |
43.7 |
43.5 |
51.8 |
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Trade debtors |
51.7 |
54.5 |
57.7 |
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Other receivables |
35.4 |
36.3 |
33.0 |
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Cash and liquid assets |
2.5 |
2.0 |
1.6 |
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Accruals |
0.4 |
0.5 |
0.6 |
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Total current assets |
133.7 |
136.9 |
144.7 |
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Total assets |
307.3 |
321.8 |
330.8 |
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Annual Ratios |
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Financials in:
USD (mil) |
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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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 |
0.745406 |
0.696986 |
0.719399 |
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Consolidated |
No |
No |
No |
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Current ratio |
1.00 |
0.90 |
0.90 |
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Quick ratio |
0.70 |
0.60 |
0.60 |
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Current liabilities to net worth |
0.01% |
0.02% |
0.02% |
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Sales per employee |
0.19 |
0.18 |
0.20 |
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Profit per employee |
0.00 |
0.01 |
0.00 |
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Average wage per employee |
0.05 |
0.05 |
0.05 |
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Net worth |
93.1 |
99.2 |
94.1 |
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Number of employees |
754 |
743 |
752 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.97 |
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1 |
Rs.89.02 |
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Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
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Report
Prepared by : |
PRL |
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.