|
Report Date : |
22.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
GMM S.P.A. |
|
|
|
|
Registered Office : |
Via Nuova, 155/B 28883 - Gravellona Toce (VB) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
06.10.1993 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Manufacture of machine tools |
|
|
|
|
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 : |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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, 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
|
Source
: CIA |
GMM S.P.A.
Via Nuova, 155/B 28883 - Gravellona Toce (VB)
|
Fiscal Code |
: |
01470340033 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
06/10/1993 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
20.000.000/25.000.000 |
|
Number of Employees |
: |
from 51 to 70 |
Manufacture of other machine tools
Legal Form : Joint stock company
|
Fiscal Code : 01470340033 |
|
Foreign Trade Reg. no. : VB002909 since 20/02/1995 |
|
Chamber of Commerce no. : 308007 of Bergamo |
|
Chamber of Commerce no. : 176119 of Novara |
|
Chamber of Commerce no. : 176119 of Verbania since 10/12/1993 |
|
Firms' Register : of Novara |
|
V.A.T. Code : 01470340033 |
|
Tribunal Co. Register : 8752 of |
|
Foundation date |
: 01/10/1993 |
|
|
Establishment date |
: 01/10/1993 |
|
|
Start of Activities |
: 06/10/1993 |
|
|
Legal duration |
: 31/12/2030 |
|
|
Nominal Capital |
: 1.000.000 |
|
|
Subscribed Capital |
: 1.000.000 |
|
|
Paid up Capital |
: 1.000.000 |
|
Lagostina |
Giovanni |
|
Born in Gravellona Toce |
(NO) |
on 22/09/1946 |
- Fiscal Code : LGSGNN46P22E153Y |
|
Residence: |
Cantarana |
, 11 |
- 28883 |
Gravellona Toce |
(VB) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
12/09/2012 |
||
|
Managing Director |
04/10/2012 |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Guazzoni |
Luigi |
|
Born in Verbania |
(NO) |
on 01/01/1941 |
- Fiscal Code : GZZLGU41A01L746L |
|
Residence: |
Giulio Pogiani |
, 3/D |
- 28900 |
Verbania |
(VB) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
04/10/2012 |
||
|
Director |
12/09/2012 |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Franzi |
Corradino |
|
Born in Varese |
(VA) |
on 20/04/1954 |
- Fiscal Code : FRNCRD54D20L682Z |
|
Residence: |
Monti |
, 11 |
- 21059 |
Viggiu' |
(VA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
30/11/2001 |
||
|
Director |
12/09/2012 |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Bianchetti |
Piergiorgio |
|
Born in Milano |
(MI) |
on 15/10/1951 |
- Fiscal Code : BNCPGR51R15F205U |
|
Residence: |
Sorengo |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
12/09/2012 |
*checkings have been performed on a national scale.
In this module are listed the companies in which members hold or have holded positions.
|
Lagostina |
Giovanni |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Terzago Brevetti S.r.l- |
Gravellona Toce (VB) - IT - |
06733630583 |
Director |
Active |
Registered |
|
Terzago Brevetti S.r.l- |
Gravellona Toce (VB) - IT - |
06733630583 |
Managing Director |
Active |
Registered |
|
Mectoce S.r.l. |
Gravellona Toce (VB) - IT - |
01817250036 |
Director |
Active |
Registered |
|
Gmm Holding S.p.a. |
Gravellona Toce (VB) - IT - |
01979820030 |
Director |
Active |
Registered |
|
Guazzoni |
Luigi |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
TERZAGO BREVETTI - S.R.L. |
Gravellona Toce (VB) - IT - |
01171150038 |
Sole Director |
Withdrawn |
Registered |
|
Terzago Brevetti S.r.l- |
Gravellona Toce (VB) - IT - |
06733630583 |
Managing Director |
Active |
Registered |
|
Terzago Brevetti S.r.l- |
Gravellona Toce (VB) - IT - |
06733630583 |
Board Chairman |
Active |
Registered |
|
Mectoce S.r.l. |
Gravellona Toce (VB) - IT - |
01817250036 |
Director |
Active |
Registered |
|
Gmm Holding S.p.a. |
Gravellona Toce (VB) - IT - |
01979820030 |
Director |
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 |
|
Gmm Holding S.p.a. |
01979820030 |
898.000 .Eur |
89,80 |
|
|
Newton Equity Partners Srl |
04995680966 |
102.000 .Eur |
10,20 |
The Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares Amount |
% Ownership |
since |
until |
Share Status |
|
Internazionale Marmi E Macchine - Carrar a S.p.a. |
Carrara - IT - |
00207170457 |
51.724 .Eur |
0,17 |
Active |
||
|
Mectoce S.r.l. |
Gravellona Toce - IT - |
01817250036 |
50.000 .Eur |
80,00 |
Active |
In order to carry out its activities the firm uses the following locations:
|
- |
Legal and operative seat |
since 06/10/1993 |
|
Nuova |
, 155/B |
- 28025 |
- Gravellona Toce |
(VB) |
- IT - |
|
PHONE |
: 0323864381 |
|
FAX |
: 0323864517 |
|
- |
Branch |
(Sales office) |
since 01/07/2005 |
|
Caduti Del Lavoro |
, 20/22 |
- 28020 |
- Pieve Vergonte |
(VB) |
- IT - |
|
- |
Branch |
(Store) |
since 22/06/2001 |
|
Dell'industria |
, 1 |
- 28050 |
- Verbania |
(VB) |
- IT - |
|
- |
Branch |
(office) |
since 01/02/1998 |
|
Giulio Cesare |
, 14 |
- 24100 |
- Bergamo |
(BG) |
- IT - |
|
Employees |
: 48 |
|
Assistants |
: 3 |
|
Fittings and Equipment for a value of 85.000 |
Eur |
|
Stocks for a value of 6.740.000 |
Eur |
|
Vehicles : 1 |
Trade organization: direct or by agents.
Sales area on a national scale.
Import comes generally from the following nations:
|
- France |
EX-MEMBERS / EX-POSITIONS:
|
Lagostina |
Giovanni |
|
Born in Gravellona Toce |
(NO) |
on 22/09/1946 |
- Fiscal Code : LGSGNN46P22E153Y |
|
Residence: |
Cantarana |
, 11 |
- 28883 |
Gravellona Toce |
(VB) |
- IT - |
|
Ex-Postions |
|
Chairman and Managing Director |
|
Chairman |
|
Managing Director |
|
Procurator |
|
Chairman |
|
Guazzoni |
Luigi |
|
Born in Verbania |
(NO) |
on 01/01/1941 |
- Fiscal Code : GZZLGU41A01L746L |
|
Residence: |
Giulio Pogiani |
, 3/D |
- 28900 |
Verbania |
(VB) |
- IT - |
|
Ex-Postions |
|
Managing Director |
|
Procurator |
|
Franzi |
Corradino |
|
Born in Varese |
(VA) |
on 20/04/1954 |
- Fiscal Code : FRNCRD54D20L682Z |
|
Residence: |
Monti |
, 11 |
- 21059 |
Viggiu' |
(VA) |
- IT - |
|
Ex-Postions |
|
Managing Director |
|
Managing Director |
|
Managing Director |
|
Giovine |
Umberto |
|
Born in Pinerolo |
(TO) |
on 01/12/1949 |
- Fiscal Code : GVNMRT49TO01G674 |
|
Residence: |
Via C. Maraini |
, 11 |
Lugano |
- CH - |
|
Ex-Postions |
|
Director |
|
Gmm Holding S.p.a. |
|
- Fiscal Code : 01979820030 |
|
: |
Nuova |
, 155/B |
- 28883 |
Gravellona Toce |
(VB) |
- IT - |
|
Ex-Postions |
|
Sole partner |
|
Lodari |
Alfredo |
|
Born in Cossonay |
( ) |
on 01/11/1921 |
- Fiscal Code : LDRLRD21S01Z133M |
|
Residence: |
Pondea |
, 5 |
- 28059 |
San Bernardino Verbano |
(VB) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
Ciana |
Pierfranco |
|
Born in MERGOZZO |
(NO) |
on 24/12/1919 |
- Fiscal Code : CNIPFR19T24F146K |
|
Residence: |
Alpi Giulie |
, 11/A |
- 28050 |
Verbania |
(VB) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
|
Summa |
Carmine |
|
Born in Mesagne |
(BR) |
on 04/07/1946 |
- Fiscal Code : SMMCMN46L04F152O |
|
Residence: |
Privata Dei Castagni |
, 4 |
- 28026 |
Omegna |
(VB) |
- IT - |
|
Ex-Postions |
|
Director |
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 firm operates with:
|
Bank Name |
Agency Name |
Address |
ZIP Code |
City |
ABI Code |
CAB Code |
|
BANCA POPOLARE DI NOVARA |
5608 |
0 |
||||
|
BANCA INTESA SPA |
3069 |
0 |
The company is active since 1993
The eonomic-financial analysis is based on the latest 3 b/s.
Under the financial profile unstable results are noted. ; in the last financial year a loss was registered (r.o.e. -18,39%)
The operating result was positive in the last financial year (7,17%) falling within the field's average.
An operating result of Eur. 1.572.804 has been registered. on stable levels if compared to the previous year.
The economic management produced a gross operating margin of Eur. 1.979.461 with no sensible increase as against 2011.
The ratio between shareholder's equity and borrowed capital is not well balanced, the indebtedness level is equal to 4,04 with an upward trend.
The equity capital is equal to Eur. 3.894.136 , unchanged as opposed to the preceding year.
During the last financial year debts totalled Eur. 17.431.223 (Eur. 1.659.576 of which were m/l term debts) on the same levels as the year before.
Both financial indebtedness and suppliers exposure are rather high however still within the sector's average.
The available funds are good.
Due from customers average term is high and equal to 171,22 days. even if compared to the average of the sector.
Managerial cash flow has a minus sign and is equal to Eur. -309.469.
Labour cost expenses amount to Eur. 2.410.079 , representing 11,58% on the total of production costs. and a 11,45% incidence on sales volumes.
Financial charges have a high incidence (-1,93%) on turnover figures.
|
Complete balance-sheet for the year |
31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
21.051.380 |
|
Profit (Loss) for the period |
-716.126 |
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
21.213.412 |
|
Profit (Loss) for the period |
13.940 |
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
19.707.186 |
|
Profit (Loss) for the period |
-321.187 |
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 |
0,13 |
0,15 |
0,18 |
0,17 |
|
Elasticity Ratio |
Units |
0,86 |
0,85 |
0,81 |
0,80 |
|
Availability of stock |
Units |
0,31 |
0,28 |
0,28 |
0,27 |
|
Total Liquidity Ratio |
Units |
0,55 |
0,57 |
0,53 |
0,50 |
|
Quick Ratio |
Units |
0,00 |
0,01 |
0,00 |
0,03 |
|
COMPOSITION ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
4,04 |
2,83 |
2,44 |
3,14 |
|
Self Financing Ratio |
Units |
0,18 |
0,22 |
0,23 |
0,19 |
|
Capital protection Ratio |
Units |
0,93 |
0,78 |
0,85 |
0,68 |
|
Liabilities consolidation quotient |
Units |
0,13 |
0,23 |
0,32 |
0,18 |
|
Financing |
Units |
4,48 |
3,41 |
3,12 |
3,79 |
|
Permanent Indebtedness Ratio |
Units |
0,27 |
0,36 |
0,42 |
0,34 |
|
M/L term Debts Ratio |
Units |
0,10 |
0,15 |
0,18 |
0,09 |
|
Net Financial Indebtedness Ratio |
Units |
2,61 |
1,85 |
1,92 |
0,77 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
2,05 |
2,46 |
2,35 |
1,75 |
|
Current ratio |
Units |
1,20 |
1,35 |
1,42 |
1,23 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,77 |
0,91 |
0,93 |
0,78 |
|
Structure's primary quotient |
Units |
1,33 |
1,47 |
1,32 |
1,04 |
|
Treasury's primary quotient |
Units |
0,00 |
0,02 |
0,00 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
563,15 |
458,14 |
426,85 |
518,96 |
|
Current Capital ( net ) |
Value |
3.139.661 |
4.611.778 |
4.701.489 |
406.983 |
|
RETURN |
|||||
|
Return on Sales |
% |
-1,47 |
1,49 |
-0,42 |
3,69 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
-18,39 |
0,30 |
-6,99 |
5,16 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
-7,20 |
10,97 |
-1,26 |
17,72 |
|
Return on Investment ( R.O.I. ) |
% |
7,17 |
6,64 |
4,36 |
3,94 |
|
Return/ Sales |
% |
7,47 |
6,61 |
4,34 |
4,48 |
|
Extra Management revenues/charges incid. |
% |
-45,53 |
0,99 |
-37,52 |
26,52 |
|
Cash Flow |
Value |
-309.469 |
315.059 |
-82.479 |
142.024 |
|
Operating Profit |
Value |
1.572.804 |
1.402.264 |
855.972 |
126.602 |
|
Gross Operating Margin |
Value |
1.979.461 |
1.703.383 |
1.094.680 |
241.461 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
171,22 |
173,29 |
160,65 |
116,01 |
|
Debts to suppliers average term |
Days |
119,57 |
112,92 |
99,15 |
127,79 |
|
Average stock waiting period |
Days |
115,29 |
99,55 |
100,91 |
96,89 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,96 |
1,00 |
1,00 |
1,03 |
|
Rate of stock return |
Units |
3,12 |
3,62 |
3,57 |
3,58 |
|
Labour cost incidence |
% |
11,45 |
10,29 |
12,15 |
21,20 |
|
Net financial revenues/ charges incidence |
% |
-1,93 |
-1,45 |
-1,54 |
-1,00 |
|
Labour cost on purchasing expenses |
% |
11,58 |
10,82 |
12,76 |
20,95 |
|
Short-term financing charges |
% |
2,34 |
2,11 |
2,34 |
2,70 |
|
Capital on hand |
% |
104,17 |
99,57 |
99,55 |
96,90 |
|
Sales pro employee |
Value |
501.223 |
311.961 |
266.313 |
191.520 |
|
Labour cost pro employee |
Value |
57.382 |
32.115 |
32.359 |
39.641 |
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 |
: |
161.575 |
|
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 45 significant companies.
The companies cash their credits on an average of 116 dd.
The average duration of suppliers debts is about 128 dd.
The sector's profitability is on an average of 3,69%.
The labour cost affects the turnover in the measure of 21,20%.
Goods are held in stock in a range of 97 dd.
The difference between the sales volume and the resources used to realize it is about 1,03.
The employees costs represent the 20,95% of the production costs.
Statistcally the trade activity shows periods of crisis.
The area is statistically considered moderately risky.
In the region 27.019 protested subjects are found; in the province they count to 1.296.
The insolvency index for the region is 0,63, , while for the province it is 0,81.
Total Bankrupt companies in the province : 428.
Total Bankrupt companies in the region : 14.165.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.16 |
|
|
1 |
Rs.103.44 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
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.
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