|
Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
LA MECCANICA COSTRUZIONE MACCHINE TESSILI
S.P.A. |
|
|
|
|
Registered Office : |
Via Delle Industrie, 174, 24059- Urgnano (BG) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
03.05.1984 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
General Mechanics |
|
|
|
|
No. of Employees : |
26 to 35 employees |
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 : |
No Complaints |
|
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 |
La Meccanica Costruzione Macchine Tessili S.p.a.
Via Delle Industrie, 174
24059 - Urgnano (BG) -IT-
|
Fiscal Code |
: |
01531260162 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
03/05/1984 |
|
Equity |
: |
750.000 |
|
Turnover Range |
: |
6.500.000/7.750.000 |
|
Number of Employees |
: |
from 26 to 35 |
General mechanics
Manufacture of machinery for
textile, apparel and leather industries
(including spare parts and
accessories)
Legal Form : Joint stock company
|
Fiscal Code : 01531260162 |
|
Foreign Trade Reg. no. : BG009556 since
19/12/1991 |
|
Chamber of Commerce no. : 214178 of since
22/05/1984 |
|
V.A.T. Code : 01531260162 |
|
Establishment date |
: 03/05/1984 |
|
|
Start of Activities |
: 03/05/1984 |
|
|
Legal duration |
: 31/12/2030 |
|
|
Nominal Capital |
: 517.000 |
|
|
Subscribed Capital |
: 517.000 |
|
|
Paid up Capital |
: 517.000 |
|
|
|
Gastoldi |
Paolino |
|
|
|
Born in Urgnano |
(BG) |
on 08/04/1939 |
- Fiscal Code : GSTPLN39D08L502U |
|
|
|
Residence: |
|
Comun Nuovo |
, 194 |
- 24059 |
Urgnano |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
15/05/2012 |
|
|
|
Board Chairman |
15/05/2012 |
|
|
|
|
No
Prejudicial events are reported |
|
|
No Protests
registered |
|
|
Gastoldi |
Marco |
|
|
|
Born in Bergamo |
(BG) |
on 12/04/1974 |
- Fiscal Code : GSTMRC74D12A794I |
|
|
|
Residence: |
|
Rocca |
, 76 |
- 24059 |
Urgnano |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
15/05/2012 |
|
|
|
Assistant board Chairman |
15/05/2012 |
|
|
|
|
No
Prejudicial events are reported |
|
|
No Protests
registered |
|
|
Gastoldi |
Serena |
|
|
|
Born in Urgnano |
(BG) |
on 28/06/1967 |
- Fiscal Code : GSTSRN67H68L502X |
|
|
|
Residence: |
|
Rocca |
, 76 |
- 24059 |
Urgnano |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
15/05/2012 |
|
|
|
|
No Protests
registered |
*checkings have been performed
on a national scale.
In this module the companies in which
members hold/held positions are listed.
The Members of the subject firm
are not reported to be Members in other companies.
Shareholders' list as at date of
data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Gastoldi Paolino |
Urgnano - IT - |
GSTPLN39D08L502U |
465.300 .Eur |
90,00 |
|
Gastoldi Marco |
Urgnano - IT - |
GSTMRC74D12A794I |
25.850 .Eur |
5,00 |
|
Gastoldi Serena |
Urgnano - IT - |
GSTSRN67H68L502X |
25.850 .Eur |
5,00 |
The Company under review has no
participations in other Companies.
In order to carry out its
activities the firm uses the following locations:
|
- |
Legal and
operative seat |
(Workshop) |
|
|
|
|
|
|
Delle Industrie |
, 174 |
- 24059 |
- Urgnano |
(BG) |
- IT - |
|
|
|
|
PHONE |
: 035893099 |
|
|
|
|
FAX |
: 035893120 |
|
|
|
|
Employees |
: 31 |
|
Fittings and Equipment for a value of
57.000 |
Eur |
|
Stocks for a value of 1.110.000 |
Eur |
|
|
The firm operates abroad as
importer / exporter..
To purchase foreign products the
firm uses the following channels :
|
- distributors |
|
- direct orders to foreign companies |
Export represents more than 50% of
the global turnover.
Products abroad are placed by :
|
- its own agents |
|
- direct orders from foreign companies |
Import comes generally from the
following nations:
|
- Italy |
Export is mainly towards:
|
- Bulgaria |
|
- Italy |
|
- Austria |
|
- France |
|
- Greece |
EX-MEMBERS
/ EX-POSITIONS:
|
|
Lavezzo |
Lino |
|
|
|
Born in Brescia |
(BS) |
on 24/09/1975 |
- Fiscal Code : LVZLNI75P24B157Q |
|
|
|
Residence: |
|
San Lazzaro |
, 10 |
- 24100 |
Bergamo |
(BG) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Genco |
Christian |
|
|
|
Born in Sarnico |
(BG) |
on 09/04/1974 |
- Fiscal Code : GNCCRS74D09I437R |
|
|
|
Residence: |
|
Garibaldi |
, 26 |
- 24060 |
Credaro |
(BG) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Rota |
Massimo |
|
|
|
Born in Bergamo |
(BG) |
on 26/03/1970 |
- Fiscal Code : RTOMSM70C26A794S |
|
|
|
Residence: |
|
Broseta |
, 24 |
- 24100 |
Bergamo |
(BG) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
Protests checking on the subject
firm has given a negative result.
Search performed on a National
Scale
|
|
|
Prejudicial
Events Search Result: NEGATIVE |
Search performed on a
specialized data base.
None reported, standing to the
latest received edition of the Official Publications.
The company is active since 1984
Balance sheets for the years
2009, 2010 and 2011 were analyzed.
Under an economic point of view,
profits were registered during the last years with a r.o.e. of 3,37% in 2011
The operating result in 2011 was
positive (1,81%) falling within the field's average.
The amount of the operating result
is equal to Eur. 103.656 with a -44,09% drop.
During the latest financial year
the gross operating margin amounted to Eur. 397.002 with no sensible increase
as against 2010.
The analysis shows a fair
financial position as the indebtedness volume is acceptable (3,89) and falling
as against the previous year (4,13).
The equity capital is equal to
Eur. 597.477 , stable in comparison with the value of the previous year.
Total indebtedness was equal to
Eur. 4.155.754 (Eur. 1.487.960 was the value of m/l term debts) while during
the financial year 2010 the amount was equal to Eur. 3.436.167.
Available funds are good.
Eur. 313.455 is the value of
cash flow during the year 2011
In the last financial year
labour cost was of Eur. 1.411.240, with a 20,66% incidence on total costs of
production. , whereas the incidence on sales revenues is of 20,45%.
Financial charges have a limited
incidence (-0,61%) on sales volume.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
6.899.808 |
|
Profit (Loss) for the period |
20.109 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
8.010.773 |
|
Profit (Loss) for the period |
59.558 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.471.022 |
|
Profit (Loss) for the period |
46.989 |
Balance Sheets
From our constant monitoring of the
relevant Public Administration offices, no more recent balance sheets result to
have been filed.
|
- Balance Sheet
as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet
as at 31/12/2010 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet
as at 31/12/2009 - 12 Mesi - Currency: - Amounts x 1 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
RATIOS |
Value
Type |
as at 31/12/2011 |
as at 31/12/2010 |
as at 31/12/2009 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,40 |
0,30 |
0,34 |
0,18 |
|
Elasticity Ratio |
Units |
0,58 |
0,70 |
0,66 |
0,80 |
|
Availability of stock |
Units |
0,19 |
0,23 |
0,29 |
0,24 |
|
Total Liquidity Ratio |
Units |
0,39 |
0,46 |
0,36 |
0,48 |
|
Quick Ratio |
Units |
0,06 |
0,10 |
0,04 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
3,89 |
4,13 |
4,86 |
3,25 |
|
Self Financing Ratio |
Units |
0,10 |
0,12 |
0,12 |
0,19 |
|
Capital protection Ratio |
Units |
0,10 |
0,00 |
-0,09 |
0,63 |
|
Liabilities consolidation quotient |
Units |
0,87 |
0,46 |
0,40 |
0,19 |
|
Financing |
Units |
6,96 |
5,95 |
5,90 |
3,80 |
|
Permanent Indebtedness Ratio |
Units |
0,51 |
0,38 |
0,36 |
0,36 |
|
M/L term Debts Ratio |
Units |
0,41 |
0,26 |
0,25 |
0,11 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
0,47 |
n.c. |
0,63 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,27 |
1,27 |
1,06 |
1,75 |
|
Current ratio |
Units |
1,25 |
1,20 |
1,07 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,84 |
0,80 |
0,59 |
0,81 |
|
Structure's primary quotient |
Units |
0,26 |
0,38 |
0,34 |
1,03 |
|
Treasury's primary quotient |
Units |
0,13 |
0,18 |
0,07 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
958,36 |
868,91 |
850,09 |
516,42 |
|
Current Capital ( net ) |
Value |
673.507 |
582.719 |
185.607 |
422.465 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
4,54 |
4,01 |
3,97 |
3,35 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
3,37 |
10,32 |
9,07 |
5,13 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
12,84 |
27,49 |
24,96 |
14,77 |
|
Return on Investment ( R.O.I. ) |
% |
1,81 |
3,70 |
4,62 |
4,16 |
|
Return/ Sales |
% |
1,50 |
2,31 |
2,72 |
4,11 |
|
Extra Management revenues/charges incid. |
% |
19,40 |
32,12 |
23,09 |
28,57 |
|
Cash Flow |
Value |
313.455 |
321.178 |
296.952 |
122.482 |
|
Operating Profit |
Value |
103.656 |
185.417 |
203.503 |
144.752 |
|
Gross Operating Margin |
Value |
397.002 |
447.037 |
453.466 |
241.990 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
n.c. |
69,20 |
n.c. |
111,85 |
|
Debts to suppliers average term |
Days |
n.c. |
143,12 |
n.c. |
128,30 |
|
Average stock waiting period |
Days |
57,92 |
52,37 |
61,62 |
80,43 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,21 |
1,60 |
1,70 |
1,08 |
|
Rate of stock return |
Units |
6,22 |
6,87 |
5,84 |
4,45 |
|
Labour cost incidence |
% |
20,45 |
18,14 |
19,13 |
19,12 |
|
Net financial revenues/ charges incidence |
% |
-0,61 |
-0,33 |
-0,99 |
-1,08 |
|
Labour cost on purchasing expenses |
% |
20,66 |
18,71 |
19,90 |
19,02 |
|
Short-term financing charges |
% |
1,23 |
0,93 |
2,88 |
2,68 |
|
Capital on hand |
% |
82,99 |
62,63 |
58,92 |
91,91 |
|
Sales pro employee |
Value |
156.813 |
250.336 |
169.795 |
198.432 |
|
Labour cost pro employee |
Value |
32.073 |
45.408 |
32.476 |
35.779 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.38 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
NLM |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.