|
Report Date : |
15.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
OFFICINE GAUDINO - S.P.A. |
|
|
|
|
Registered Office : |
Via Xxv Aprile, 16 13836 – Cossato (BI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
15.07.1980 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Manufacture of textile machinery, machinery and systems for
auxiliary y treatment of textiles, sewing and weaving machines |
|
|
|
|
No. of Employees |
From 51 to 70 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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, highly subsidized, agricultural south, where unemployment is higher. 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 its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 133% of GDP in 2013, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2013 economic growth and labor market conditions deteriorated, with growth at -1.8% and unemployment rising to 12.4%, with youth unemployment around 40%. Italy's GDP is now 8% below its 2007 pre-crisis level
|
Source
: CIA |
OFFICINE GAUDINO - S.P.A.
Via Xxv Aprile, 16 13836 – Cossato (BI) -IT-
|
Fiscal Code |
: |
01224430023 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
15/07/1980 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
6.500.000/7.750.000 |
|
Number of Employees |
: |
from 51 to 70 |
Manufacture of textile machinery, machinery and systems for auxiliary y treatment of textiles, sewing and weaving machines (including spare parts and accessories)
Legal Form : Joint stock company
|
Fiscal Code : 01224430023 |
|
Foreign Trade Reg. no. : 3151 of Biella since 24/12/1991 |
|
Chamber of Commerce no. : 127729 of Biella since 26/08/1980 |
|
Chamber of Commerce no. : 127729 of Vercelli since 26/08/1980 until 01/01/1994 |
|
Firms' Register : BI004-7776 of Biella since 19/02/1996 |
|
V.A.T. Code : 01224430023 |
|
Tribunal Co. Register : 7776 of since 19/02/1996 |
|
Foundation date |
: 15/07/1980 |
|
|
Establishment date |
: 15/07/1980 |
|
|
Start of Activities |
: 15/07/1980 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 3.563.850 |
|
|
Subscribed Capital |
: 3.563.850 |
|
|
Paid up Capital |
: 3.563.850 |
|
Gaudino |
Paola |
|
Born in Cossato |
(VC) |
on 22/03/1961 |
- Fiscal Code : GDNPLA61C62D094H |
|
Residence: |
Q.sella |
, 46 |
- 13836 |
Cossato |
(BI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney with special power |
|||
|
Institor |
25/02/1994 |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Gaudino |
Piero |
|
Born in Cossato |
(VC) |
on 19/07/1955 |
- Fiscal Code : GDNPRI55L19D094F |
|
Residence: |
Marconi |
, 25 |
- 13836 |
Cossato |
(BI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
29/04/2012 |
||
|
Director |
29/04/2012 |
||
|
Board Chairman |
29/04/2012 |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Gaudino |
Roberto |
|
Born in Cossato |
(VC) |
on 23/01/1957 |
- Fiscal Code : GDNRRT57A23D094E |
|
Residence: |
Per Piatto |
, 29 |
- 13010 |
Quaregna |
(BI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
29/04/2012 |
||
|
Director |
29/04/2012 |
|
No Prejudicial events are reported |
|
No Protests registered |
Companies connected to members *
*checkings have been performed on a national scale.
In this module are listed the companies in which members hold or have holded positions.
|
Gaudino |
Piero |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Lema Lezzeni S.r.l. |
Olgiate Comasco (CO) - IT - |
03008800132 |
Managing Director |
Withdrawn |
Registered |
|
Piroga - S.a.s. Di Dilva Giletta E C. |
Biella (BI) - IT - |
00392200028 |
Limited Partner |
Active |
Registered |
|
Immobiliare Civile San Pietro S.s. |
Cossato (BI) - IT - |
92002420021 |
Partner |
Active |
Registered |
|
Immobiliare Papiro S.s. |
Cossato (BI) - IT - |
00391650025 |
Partner |
Active |
Registered |
|
Gaudino |
Roberto |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Societa' Cooperativa Sociale - La BetullA |
Vigliano Biellese (BI) - IT - |
01462570027 |
Permanent Auditor |
Withdrawn |
Registered |
|
Lema Lezzeni S.r.l. |
Olgiate Comasco (CO) - IT - |
03008800132 |
Board Chairman |
Withdrawn |
Registered |
|
Piroga - S.a.s. Di Dilva Giletta E C. |
Biella (BI) - IT - |
00392200028 |
Limited Partner |
Active |
Registered |
|
Immobiliare Papiro S.s. |
Cossato (BI) - IT - |
00391650025 |
Partner |
Active |
Registered |
|
Marta S.s. |
Quaregna (BI) - IT - |
92004260029 |
Partner |
Active |
Registered |
|
Immobiliare Sant'elena S.s. |
Cossato (BI) - IT - |
92000480027 |
Partner |
Active |
Registered |
The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive, etc.
For more information, in this case, we advise to request further investigations.
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Gaudino Piero |
Cossato - IT - |
GDNPRI55L19D094F |
1.781.925 .Eur |
50,00 |
|
Gaudino Roberto |
Quaregna - IT - |
GDNRRT57A23D094E |
1.781.925 .Eur |
50,00 |
The Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares Amount |
% Ownership |
since |
until |
Share Status |
|
Le Ciminiere S.r.l. |
Valle Mosso - IT - |
01407270022 |
5.000 .Eur |
0,66 |
Active |
In order to carry out its activities the firm uses the following locations:
|
- |
Legal and operative seat |
|
Xxv Aprile |
, 16 |
- 13014 |
- Cossato |
(BI) |
- IT - |
|
TELEX |
: 223125 GAU |
|
PHONE |
: 015925241 |
|
PHONE |
: 015925242 |
|
FAX |
: 0159840055 |
|
Employees |
: 50 |
|
Assistants |
: 3 |
|
Fittings and Equipment for a value of 3.000.000 |
Eur |
|
Stocks for a value of 3.350.000 |
Eur |
The firm operates abroad as exporter..
Export represents more than 50% of the global turnover.
Products abroad are placed by :
|
- its own agents |
Import comes generally from the following nations:
|
- France |
Export is mainly towards:
|
- Italy |
|
- Austria |
|
- France |
|
- Great Britain |
|
- Greece |
|
- Ireland |
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Limited partnership |
Joint stock company |
31/12/1993 |
COMPANY STYLE MODIFICATIONS:
|
Former Style |
New Style |
Changement Date |
|
Officine Gaudino di p.Gaudino e C. Sas |
Officine Gaudino SpA |
31/12/1993 |
EX-MEMBERS / EX-POSITIONS:
|
Gaudino |
Dante |
|
Born in Valle San Nicolao |
(VC) |
on 04/12/1926 |
- Fiscal Code : GDNDNT26T04L620N |
|
Residence: |
Marconi |
, 25 |
- 13836 |
Cossato |
(BI) |
- IT - |
|
Ex-Postions |
|
Procurator |
|
Chairman |
|
Director |
|
Managing Director |
|
Gaudino |
Piero |
|
Born in Cossato |
(VC) |
on 19/07/1955 |
- Fiscal Code : GDNPRI55L19D094F |
|
Residence: |
Marconi |
, 25 |
- 13836 |
Cossato |
(BI) |
- IT - |
|
Ex-Postions |
|
General Partner |
|
Gaudino |
Roberto |
|
Born in Cossato |
(VC) |
on 23/01/1957 |
- Fiscal Code : GDNRRT57A23D094E |
|
Residence: |
Per Piatto |
, 29 |
- 13010 |
Quaregna |
(BI) |
- IT - |
|
Ex-Postions |
|
General Partner |
|
Immobiliare Gaudino S.a.S. |
|
Ex-Postions |
|
Limited Partner |
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.
Subject is active since 1980
An eco-fin analysis has been made on the base od the b/s fo the years 2010, 2011 and 2012.
Under the financial profile unstable results are noted. anyway in 2012 a positive result was achieved (r.o.e. 1,18%). The turnover is falling if compared with the previous financial year (eamp;FAT1eamp;%).
The operating result was positive in the last financial year (1,32%) and reflects the field's average.
The amount of the operating result for the year 2012 is of Eur. 153.356 showing a fall as opposed to the previous year (-44,03%).
The economic management produced a gross operating margin of Eur. 758.475 with no sensible increase as against 2011.
From a financial aspect the company's status covers total short-term debts; the indebtedness volume in 2012 is in fact 0,19 improved in comparison with the year before (1,49.).
It's shareholders funds amount to Eur. 3.519.078 on the same levels as the year before.
Total indebtedness was equal to Eur. 6.982.111 (Eur. 5.234.942 was the value of m/l term debts) , decreasing if compared to 2011 (-34,34%).
Bank borrowings' volume is slightly high but the recourse to suppliers' credit is modest below the sector's average.
The management determines a good range of liquidity.
Trade credits average terms are 41,38 days. , shorter than the sector's average.
The financial management generated a cash flow of Eur. 646.527.
Labour cost expenses amount to Eur. 1.894.586 , representing 27,78% on the total of production costs. , whereas the incidence on sales revenues is of 28,23%.
Finacial chareges are high: the incidence on sales volume amounts to -1,84%
|
Complete balance-sheet for the year |
31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
6.711.291 |
|
Profit (Loss) for the period |
41.408 |
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
9.390.317 |
|
Profit (Loss) for the period |
118.299 |
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
6.627.156 |
|
Profit (Loss) for the period |
-14.542 |
From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.
|
- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1 |
|
- 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 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
RATIOS |
Value Type |
as at 31/12/2012 |
as at 31/12/2011 |
as at 31/12/2010 |
Sector Average |
|
COMPOSITION ON INVESTMENT |
|||||
|
Rigidity Ratio |
Units |
0,52 |
0,44 |
0,42 |
0,18 |
|
Elasticity Ratio |
Units |
0,48 |
0,56 |
0,58 |
0,80 |
|
Availability of stock |
Units |
0,29 |
0,24 |
0,35 |
0,24 |
|
Total Liquidity Ratio |
Units |
0,19 |
0,32 |
0,23 |
0,48 |
|
Quick Ratio |
Units |
0,09 |
0,04 |
0,11 |
0,03 |
|
COMPOSITION ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
0,19 |
1,49 |
0,46 |
3,25 |
|
Self Financing Ratio |
Units |
0,30 |
0,23 |
0,35 |
0,19 |
|
Capital protection Ratio |
Units |
-0,02 |
-0,06 |
-0,06 |
0,63 |
|
Liabilities consolidation quotient |
Units |
3,65 |
1,03 |
1,49 |
0,19 |
|
Financing |
Units |
1,98 |
3,06 |
1,61 |
3,80 |
|
Permanent Indebtedness Ratio |
Units |
0,85 |
0,62 |
0,74 |
0,36 |
|
M/L term Debts Ratio |
Units |
0,55 |
0,39 |
0,39 |
0,11 |
|
Net Financial Indebtedness Ratio |
Units |
1,29 |
1,68 |
0,64 |
0,63 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
1,63 |
1,42 |
1,75 |
1,75 |
|
Current ratio |
Units |
3,18 |
1,48 |
2,20 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,26 |
0,84 |
0,88 |
0,81 |
|
Structure's primary quotient |
Units |
0,58 |
0,53 |
0,82 |
1,03 |
|
Treasury's primary quotient |
Units |
0,61 |
0,10 |
0,40 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
330,76 |
435,93 |
289,84 |
516,42 |
|
Current Capital ( net ) |
Value |
3.807.392 |
2.781.138 |
3.075.768 |
422.465 |
|
RETURN |
|||||
|
Return on Sales |
% |
9,63 |
5,51 |
3,85 |
3,35 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
1,18 |
3,40 |
-0,43 |
5,13 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
2,50 |
5,01 |
1,11 |
14,77 |
|
Return on Investment ( R.O.I. ) |
% |
1,32 |
1,81 |
2,02 |
4,16 |
|
Return/ Sales |
% |
2,29 |
2,92 |
2,97 |
4,11 |
|
Extra Management revenues/charges incid. |
% |
27,00 |
43,17 |
-7,39 |
28,57 |
|
Cash Flow |
Value |
646.527 |
517.752 |
255.401 |
122.482 |
|
Operating Profit |
Value |
153.356 |
274.005 |
196.851 |
144.752 |
|
Gross Operating Margin |
Value |
758.475 |
673.458 |
466.794 |
241.990 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
41,38 |
144,43 |
50,02 |
111,85 |
|
Debts to suppliers average term |
Days |
61,39 |
155,53 |
115,91 |
128,30 |
|
Average stock waiting period |
Days |
179,88 |
141,06 |
183,88 |
80,43 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,58 |
0,62 |
0,68 |
1,08 |
|
Rate of stock return |
Units |
2,00 |
2,55 |
1,96 |
4,45 |
|
Labour cost incidence |
% |
28,23 |
20,80 |
26,66 |
19,12 |
|
Net financial revenues/ charges incidence |
% |
-1,84 |
-1,79 |
-2,54 |
-1,08 |
|
Labour cost on purchasing expenses |
% |
27,78 |
20,80 |
26,47 |
19,02 |
|
Short-term financing charges |
% |
1,81 |
1,64 |
4,12 |
2,68 |
|
Capital on hand |
% |
173,43 |
161,45 |
146,92 |
91,91 |
|
Sales pro employee |
Value |
113.750 |
153.939 |
120.493 |
198.432 |
|
Labour cost pro employee |
Value |
32.111 |
32.022 |
32.118 |
35.779 |
Remarks
1) Protests checking (relative to the last five years) performed by crossing and matching the members names and the Firm's Style with the reported addresses, is supplied by the Informatic Registry managed by the Italian Chamber of Commerce. If the fiscal code is not indicated, the eventual homonymous cases are submitted to expert staff evaluation in order to limit wrong matching risks.
2) The Legal Data, supplied and retrived from the Firm's Registry of the Italian Chamber of Commerce, are in line with the last registered modifications.
3) Risk evaluation and Credit Opinion have been performed on the base of the actual data at the moment of their availability.
|
Population living in the province |
: |
188.197 |
|
Population living in the region |
: |
4.330.172 |
|
Number of families in the region |
: |
1.889.207 |
Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
429 |
|
- per non food products |
: |
1.789 |
|
- per energy consume |
: |
135 |
The values are calculated on a base of 1.206 significant companies.
The companies cash their credits on an average of 112 dd.
The average duration of suppliers debts is about 128 dd.
The sector's profitability is on an average of 3,35%.
The labour cost affects the turnover in the measure of 19,12%.
Goods are held in stock in a range of 80 dd.
The difference between the sales volume and the resources used to realize it is about 1,08.
The employees costs represent the 19,02% of the production costs.
Statistcally the trade activity shows periods of crisis.
The area is statistically considered lowly risky.
In the region 27.019 protested subjects are found; in the province they count to 1.057.
The insolvency index for the region is 0,63, , while for the province it is 0,56.
Total Bankrupt companies in the province : 750.
Total Bankrupt companies in the region : 14.165.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.27 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.