MIRA
INFORM REPORT
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Report Date : |
18.02.2014 |
IDENTIFICATION DETAILS
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Name : |
GALMET SPA |
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Registered Office : |
Via Corsica 9/11 A, Genova, 16128 |
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Country : |
Italy |
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Financials (as on) : |
30.06.2013 |
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Date of Incorporation : |
27.03.2008 |
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Com. Reg. No.: |
01798760995 |
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Legal Form : |
Public Independent |
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Line of Business : |
Subject is 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. |
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No of Employees : |
2 |
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 : |
Slow But Correct |
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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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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, highly subsidized, agricultural
south, where unemployment is high. 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 126% of GDP in 2012, and investor
concerns about the broader euro-zone crisis at times have caused borrowing
costs on sovereign government debt to rise to euro-era. During the second half
of 2011 the government passed three austerity packages to reduce its budget
deficit and help bring down borrowing costs. 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 sustain
its recent efforts to address Italy's long-standing structural impediments to
growth, such as labor market inefficiencies and widespread tax evasion. In 2012
economic growth and labor market conditions deteriorated, with growth at -2.3%
and unemployment rising to nearly 11%, with youth unemployment around 35%. The
government has undertaken several reform initiatives designed to increase
long-term economic growth. Italy's GDP is now 7% below its 2007 pre-crisis
level.
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Source
: CIA |
COMPANY details
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Galmet SpA |
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Business Description
Galmet SpA 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
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
4669
- Wholesale of waste and scrap and other products n.e.c. |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Name |
Title |
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Giampaolo Guiducci |
Sole administrator |
News
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Title |
Date |
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Poland-Gdansk: Organisation of package tours Tenders Electronic Daily (5849 Words) |
7-Feb-2014 |
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Ploughing cash into safety plan Central Coast Express Advocate South (367 Words) |
22-Aug-2013 |
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Central Coast Express Advocate South (306 Words) |
22-Aug-2013 |
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Galmet to begin manufacturing solar thermal
collectors in SW Poland SolarServer (170 Words) |
25-Feb-2013 |
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Poland : Galmet to ADD solar thermal production
CAPACITY to a FACTORY Mena Report (113 Words) |
25-Feb-2013 |
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Poland : Galmet to ADD solar thermal production
CAPACITY to a FACTORY TendersInfo News (123 Words) |
25-Feb-2013 |
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7736976
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.767034
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ANZSIC 2006 Codes: |
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3322 |
- |
Metal and Mineral Wholesaling |
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ISIC Rev 4 Codes: |
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4669 |
- |
Wholesale of waste and scrap and other
products n.e.c. |
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4662 |
- |
Wholesale of metals and metal ores |
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NACE Rev 2 Codes: |
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4677 |
- |
Wholesale of waste and scrap |
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4672 |
- |
Wholesale of metals and metal ores |
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NAICS 2012 Codes: |
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423930 |
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Recyclable Material Merchant Wholesalers |
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423520 |
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Coal and Other Mineral and Ore Merchant
Wholesalers |
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US SIC 1987: |
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5093 |
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Scrap and Waste Materials |
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505 |
- |
Metals and Minerals, Except Petroleum |
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UK SIC 2007: |
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4677 |
- |
Wholesale of waste and scrap |
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4672 |
- |
Wholesale of metals and metal ores |
Galmet SpA 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).
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Bank: |
CASSA DI RISPARMIO DE LA SPEZIA |
Executives Report
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Executives |
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Sole administrator |
Owner/Proprietor |
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News
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Poland-Gdansk: Organisation of package tours |
07-Feb-2014 |
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Ploughing cash into safety plan |
22-Aug-2013 |
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Splashing out for safety |
22-Aug-2013 |
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Galmet to begin manufacturing solar thermal
collectors in SW Poland |
25-Feb-2013 |
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Poland : Galmet to ADD solar thermal production
CAPACITY to a FACTORY |
25-Feb-2013 |
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Poland : Galmet to ADD solar thermal production
CAPACITY to a FACTORY |
25-Feb-2013 |
Annual
Profit & Loss
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30-Jun-2013 |
30-Jun-2012 |
30-Jun-2011 |
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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) |
0.773698 |
0.747695 |
0.7347 |
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Consolidated |
No |
No |
No |
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Total income |
40.5 |
35.1 |
31.7 |
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Net sales |
36.1 |
32.9 |
33.4 |
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Other operating income |
0.0 |
0.0 |
0.0 |
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Raw materials and consumables employed |
38.2 |
32.4 |
29.7 |
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Other expenses |
1.7 |
1.4 |
1.4 |
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Total payroll costs |
0.2 |
0.1 |
0.1 |
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Fixed asset depreciation and amortisation |
0.0 |
0.0 |
0.0 |
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Other operating costs |
0.0 |
0.0 |
0.0 |
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Net operating
income |
0.4 |
1.1 |
0.4 |
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Total financial
income |
0.2 |
-0.4 |
0.2 |
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Total expenses |
0.5 |
0.4 |
0.2 |
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Profit before tax |
0.2 |
0.3 |
0.4 |
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Profit after extraordinary items and
before tax |
0.2 |
0.3 |
0.4 |
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Total taxation |
0.1 |
0.1 |
0.1 |
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Net profit |
0.1 |
0.2 |
0.3 |
Annual Balance
Sheet
Financials in: USD (mil)
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30-Jun-2013 |
30-Jun-2012 |
30-Jun-2011 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.767034 |
0.804664 |
0.689727 |
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Consolidated |
No |
No |
No |
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Total
stockholders equity |
1.2 |
1.1 |
1.0 |
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Provision for pensions |
0.0 |
0.0 |
0.0 |
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Mortgages and loans |
- |
- |
11.1 |
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Other long-term liabilities |
- |
- |
4.2 |
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Trade creditors |
3.9 |
3.9 |
3.2 |
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Bank loans and overdrafts |
14.1 |
9.2 |
- |
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Other current liabilities |
0.7 |
0.8 |
-3.2 |
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Accruals and deferred income |
0.1 |
0.0 |
0.0 |
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Total current
liabilities |
18.8 |
13.9 |
0.0 |
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Total
liabilities (including net worth) |
20.0 |
15.0 |
16.4 |
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Intangibles |
- |
- |
0.0 |
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Total tangible
fixed assets |
0.0 |
0.0 |
0.0 |
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Long-term investments |
0.0 |
0.0 |
- |
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Total financial
assets |
0.0 |
0.0 |
0.1 |
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Total
non-current assets |
0.1 |
0.1 |
0.1 |
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Finished goods |
10.1 |
5.4 |
- |
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Net stocks and work in progress |
10.1 |
5.4 |
3.9 |
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Trade debtors |
8.0 |
7.7 |
9.5 |
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Other receivables |
0.4 |
0.3 |
0.4 |
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Cash and liquid assets |
1.3 |
1.5 |
2.4 |
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Accruals |
0.0 |
0.0 |
0.0 |
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Total current
assets |
20.0 |
15.0 |
16.3 |
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Total assets |
20.0 |
15.0 |
16.4 |
Annual
Ratios
Financials in: USD (mil)
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30-Jun-2013 |
30-Jun-2012 |
30-Jun-2011 |
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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 |
0.767034 |
0.804664 |
0.689727 |
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Consolidated |
No |
No |
No |
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Current ratio |
1.10 |
1.10 |
422.80 |
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Quick ratio |
0.50 |
0.70 |
320.80 |
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Current liabilities to net worth |
0.15% |
0.13% |
- |
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Sales per employee |
13.95 |
- |
- |
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Profit per employee |
0.06 |
- |
- |
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Average wage per employee |
0.08 |
- |
- |
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Net worth |
1.2 |
1.1 |
1.0 |
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Number of employees |
2 |
- |
- |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 61.95 |
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|
1 |
Rs. 104.02 |
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Euro |
1 |
Rs. 84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.