MIRA
INFORM REPORT
|
Report Date : |
16.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
GMI S.R.L. |
|
|
|
|
Registered Office : |
Via Massimo D'azeglio, 28, 31029 - Vittorio Veneto (TV) |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
25.03.1988 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
·
Manufacture of electronic components ·
Manufacture of meters electricity, gas, water and
other liquids, an alytical precision balance, apparatus for measuring and
regulating (including separate parts and accessories) |
|
|
|
|
No. of Employees : |
from 11 to 15 |
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 – 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 |
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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 |
Company name & address
GMI S.R.L.
Via Massimo D'azeglio, 28
31029 - Vittorio Veneto (TV) -IT-
Summary
|
Fiscal Code |
: |
02075430260 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
04/07/1988 |
|
Equity |
: |
200.000 |
|
Turnover Range |
: |
1.000.000/1.250.000 |
|
Number of Employees |
: |
from 11 to 15 |
Activity
Manufacture of electronic components
Manufacture of meters electricity, gas, water and other liquids, an
alytical precision balance, apparatus for measuring and regulating (including
separate parts and accessories)
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 02075430260 |
|
Foreign Trade Reg. no. : TV021436 since 01/04/1992 |
|
Chamber of Commerce no. : 186860 of Treviso since 30/06/1988 |
|
Firms' Register : TV086-26337 of Treviso since 19/02/1996 |
|
V.A.T. Code : 02075430260 |
|
Establishment date |
: 25/03/1988 |
|
|
Start of Activities |
: 04/07/1988 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 26.000 |
|
|
Subscribed Capital |
: 26.000 |
|
|
Paid up Capital |
: 26.000 |
|
Members
|
|
Battiston |
Arrigo |
|
|
|
Born in Vittorio Veneto |
(TV) |
on 08/05/1954 |
- Fiscal Code : BTTRRG54E08M089V |
|
|
|
Residence: |
|
Borgo Gava |
, 3/A |
- 31012 |
Cappella Maggiore |
(TV) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
|
|
|
|
|
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.
|
|
Battiston |
Arrigo |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Reseco Elettronica Di Da Ros Walter E Battiston Arrigo - S.d.f. |
Vittorio Veneto (TV) - IT - |
00688730266 |
Partner |
Withdrawn |
Ceased |
|
S.i.m. Elettronica |
Vittorio Veneto (TV) - IT - |
BTTRRG54E08M089V |
Proprietor |
Withdrawn |
Ceased |
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.
Capital Shareholders
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Battiston Arrigo |
Cappella Maggiore - IT - |
BTTRRG54E08M089V |
13.000 .Eur |
50,00 |
|
Armellin Emanuela |
|
RMLMNL55L51D794C |
13.000 .Eur |
50,00 |
Direct Participations
The Company under review has no participations in other Companies.
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
|
|
|
|
|
|
Massimo D'azeglio |
, 28 |
- 31029 |
- Vittorio Veneto |
(TV) |
- IT - |
|
|
|
|
PHONE |
: 0438556299 |
|
- |
Branch |
(Workshop) |
since 01/04/1990 |
until 30/11/1994 |
|
|
|
|
|
|
Cal Delle Rive, |
, 3 |
- 31015 |
- Conegliano |
(TV) |
- IT - |
|
|
|
|
PHONE |
: 0438789121 |
|
- |
Branch |
(Operating branch) |
since 01/08/2005 |
|
|
|
|
|
|
Meucci |
, 36 |
- 31029 |
- Vittorio Veneto |
(TV) |
- IT - |
|
|
|
|
PHONE |
: 0438556299 |
|
|
|
|
FAX |
: 0438556899 |
|
|
|
|
Employees |
: 11 |
|
|
|
|
Assistants |
: 1 |
|
Fittings and Equipment for a value of 88.000 |
Eur |
|
Stocks for a value of 1.100.000 |
Eur |
Protests
Protests checking on the subject firm has given a negative result.
Data Base Prejudicial Events
Search
Search performed on a National Scale
|
|
|
Prejudicial Events Search Result: NEGATIVE |
Search performed on a specialized data base.
Legal Procedures
None reported, standing to the latest received edition of the Official
Publications.
Financial and Economical Analysis
Company's starting of activities dates back to 1988.
The eonomic-financial analysis is based on the latest 3 b/s.
During the last years, it recorded positive net results (r.o.e. 10,02%
in 2012)
A loss is registered as to the operating result (-2,52%).
the operating loss amounts to Eur. -58.268.
A gross operating margine for a value of Eur. 154.060 was reached.
stable if compared to the financial year 2011.
The ratio between shareholder's equity and borrowed capital is not well
balanced, the indebtedness level is equal to 7,39 which is decreasing.
The management generated equity capital for an amount of Eur. 157.889 on
stable levels.
During the last financial year debts totalled Eur. 1.848.950 (Eur.
680.757 of which were m/l term debts) on the same levels as the year before.
The company makes frequent use of bank credit; the recourse to suppliers
credit is also high and higher than sector's average.
Liquidity is however good.
Trade credits average terms are slow, on average 257,98 days. also in
relation to the average of the sector.
As far as the cash flow is concerned during the latest financial year it
amounted to Eur. 228.153
In the last financial year labour cost was of Eur. 212.405, with a
16,55% incidence on total costs of production. , with a 17,57% incidence on
turnover.
High incidence of financial charges on turnover.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
1.208.933 |
|
Profit (Loss) for the period |
15.825 |
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
1.620.218 |
|
Profit (Loss) for the period |
9.464 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
1.870.301 |
|
Profit (Loss) for the period |
9.074 |
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 31/12/2012 - 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 |
|
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PROFIT AND LOSS ACCOUNTS
|
VALUE OF PRODUCTION |
|
|
|
|
. Revenues from sales and services |
1.208.933 |
1.620.217 |
1.870.301 |
|
. Changes in work in progress |
-10.602 |
-1.201 |
-16.738 |
|
. Changes in semi-manufact. products |
|
|
|
|
. Capitalization of internal work |
|
|
|
|
. Other income and revenues |
26.820 |
23.234 |
2.927 |
|
. . Contributions for operating expenses |
|
|
|
|
. . Different income and revenues |
26.820 |
23.234 |
2.927 |
|
Total value of production |
1.225.151 |
1.642.250 |
1.856.490 |
|
PRODUCTION COSTS |
|
|
|
|
. Raw material,other materials and consum. |
531.622 |
699.969 |
785.290 |
|
. Services received |
253.309 |
371.915 |
406.615 |
|
. Leases and rentals |
68.728 |
103.796 |
85.200 |
|
. Payroll and related costs |
212.405 |
313.338 |
313.065 |
|
. . Wages and salaries |
122.708 |
193.576 |
184.316 |
|
. . Social security contributions |
64.001 |
91.439 |
96.313 |
|
. . Employee termination indemnities |
25.696 |
28.323 |
32.436 |
|
. . Pension and similar |
|
|
|
|
. . Other costs |
|
|
|
|
. Amortization and depreciation |
212.328 |
223.785 |
200.048 |
|
. . Amortization of intangible fixed assets |
202.262 |
213.429 |
186.179 |
|
. . Amortization of tangible fixed assets |
10.066 |
10.356 |
13.869 |
|
. . Depreciation of tangible fixed assets |
|
|
|
|
. . Writedown of current receiv.and of liquid |
|
|
|
|
. Changes in raw materials |
|
|
|
|
. Provisions to risk reserves |
|
|
|
|
. Other provisions |
|
|
|
|
. Other operating costs |
5.027 |
8.833 |
9.507 |
|
Total production costs |
1.283.419 |
1.721.636 |
1.799.725 |
|
Diff. between value and cost of product. |
-58.268 |
-79.386 |
56.765 |
|
FINANCIAL INCOME AND EXPENSE |
|
|
|
|
. Income from equity investments |
|
|
|
|
. . In subsidiary companies |
|
|
|
|
. . In associated companies |
|
|
|
|
. . In other companies |
|
|
|
|
. Other financial income |
406 |
205 |
1.741 |
|
. . Financ.income from receivables |
|
|
|
|
. . . Towards subsidiary companies |
|
|
|
|
. . . Towards associated companies |
|
|
|
|
. . . Towards holding companies |
|
|
|
|
. . . Towards other companies |
|
|
|
|
. . Financ.income from secur. t.f.assets |
|
|
|
|
. . Financ.income from secur. cur.assets |
|
|
|
|
. . Financ.income other than the above |
|
205 |
1.741 |
|
. . . - Subsidiary companies |
|
|
|
|
. . . - Associated companies |
|
|
|
|
. . . - Holding companies |
|
|
|
|
. . . - Other companies |
|
205 |
1.741 |
|
. Interest and other financial expense |
-46.313 |
-58.806 |
-73.370 |
|
. . Towards subsidiary companies |
|
|
|
|
. . Towards associated companies |
|
|
|
|
. . Towards holding companies |
|
|
|
|
. . Towards other companies |
|
58.806 |
73.370 |
|
Total financial income and expense |
-45.907 |
-58.601 |
-71.629 |
|
ADJUSTMENTS TO FINANCIAL ASSETS |
|
|
|
|
. Revaluations |
|
|
|
|
. . Of equity investments |
|
|
|
|
. . Of financ.fixed assets not repres.E.I. |
|
|
|
|
. . Of securities incl.among current assets |
|
|
|
|
. Devaluation |
|
|
|
|
. . Of equity investments |
|
|
|
|
. . Of financial fixed assets (no equity inv) |
|
|
|
|
. . Of securities included among current ass |
|
|
|
|
Total adjustments to financial assets |
|
|
|
|
EXTRAORDINARY INCOME AND EXPENSE |
|
|
|
|
. Extraordinary income |
120.000 |
150.000 |
31.390 |
|
. . Gains on disposals |
|
|
|
|
. . Other extraordinary income |
120.000 |
150.000 |
31.390 |
|
. Extraordinary expense |
|
|
|
|
. . Losses on disposals |
|
|
|
|
. . Taxes relating to prior years |
|
|
|
|
. . Other extraordinary expense |
|
|
|
|
Total extraordinary income and expense |
120.000 |
150.000 |
31.390 |
|
Results before income taxes |
15.825 |
12.013 |
16.526 |
|
. Taxes on current income |
|
2.549 |
7.452 |
|
. . current taxes |
|
2.549 |
7.452 |
|
. . differed taxes(anticip.) |
|
|
|
|
. Net income for the period |
15.825 |
9.464 |
9.074 |
|
. Adjustments in tax regulations pursuance |
|
|
|
|
. Provisions in tax regulations pursuance |
|
|
|
|
. Profit (loss) of the year |
15.825 |
9.464 |
9.074 |
|
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 |
0,17 |
0,19 |
0,22 |
|
Elasticity Ratio |
Units |
0,87 |
0,82 |
0,79 |
0,76 |
|
Availability of stock |
Units |
0,47 |
0,45 |
0,42 |
0,19 |
|
Total Liquidity Ratio |
Units |
0,39 |
0,37 |
0,38 |
0,52 |
|
Quick Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,03 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
7,39 |
7,61 |
8,25 |
2,39 |
|
Self Financing Ratio |
Units |
0,07 |
0,06 |
0,05 |
0,22 |
|
Capital protection Ratio |
Units |
0,74 |
0,75 |
0,74 |
0,65 |
|
Liabilities consolidation quotient |
Units |
0,82 |
1,11 |
1,29 |
0,23 |
|
Financing |
Units |
11,71 |
14,25 |
17,02 |
3,19 |
|
Permanent Indebtedness Ratio |
Units |
0,48 |
0,55 |
0,58 |
0,42 |
|
M/L term Debts Ratio |
Units |
0,41 |
0,49 |
0,53 |
0,13 |
|
Net Financial Indebtedness Ratio |
Units |
6,56 |
n.c. |
n.c. |
0,64 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
3,71 |
3,21 |
3,08 |
1,80 |
|
Current ratio |
Units |
1,72 |
1,86 |
1,93 |
1,30 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,78 |
0,84 |
0,92 |
0,92 |
|
Structure's primary quotient |
Units |
0,53 |
0,34 |
0,26 |
1,08 |
|
Treasury's primary quotient |
Units |
0,00 |
0,00 |
0,00 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
1466,22 |
1724,26 |
2006,36 |
456,81 |
|
Current Capital ( net ) |
Value |
837.019 |
932.715 |
1.018.345 |
682.896 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
18,87 |
14,40 |
11,18 |
4,56 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
10,02 |
6,66 |
6,84 |
6,81 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
10,02 |
8,46 |
12,46 |
18,85 |
|
Return on Investment ( R.O.I. ) |
% |
-2,52 |
-3,24 |
2,13 |
5,41 |
|
Return/ Sales |
% |
-4,82 |
-4,90 |
3,04 |
4,75 |
|
Extra Management revenues/charges incid. |
% |
n.c. |
n.c. |
15,99 |
35,79 |
|
Cash Flow |
Value |
228.153 |
233.249 |
209.122 |
237.257 |
|
Operating Profit |
Value |
-58.268 |
-79.386 |
56.765 |
228.892 |
|
Gross Operating Margin |
Value |
154.060 |
144.399 |
256.813 |
406.634 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
257,98 |
n.c. |
n.c. |
118,40 |
|
Debts to suppliers average term |
Days |
187,46 |
n.c. |
n.c. |
128,10 |
|
Average stock waiting period |
Days |
326,91 |
246,28 |
213,58 |
54,07 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,52 |
0,66 |
0,70 |
1,13 |
|
Rate of stock return |
Units |
1,10 |
1,46 |
1,69 |
6,62 |
|
Labour cost incidence |
% |
17,57 |
19,34 |
16,74 |
18,32 |
|
Net financial revenues/ charges incidence |
% |
-3,80 |
-3,62 |
-3,83 |
-1,25 |
|
Labour cost on purchasing expenses |
% |
16,55 |
18,20 |
17,40 |
17,78 |
|
Short-term financing charges |
% |
2,50 |
2,90 |
3,25 |
3,03 |
|
Capital on hand |
% |
191,49 |
151,19 |
142,25 |
88,55 |
|
Sales pro employee |
Value |
120.893 |
180.024 |
207.811 |
190.738 |
|
Labour cost pro employee |
Value |
21.240 |
34.815 |
34.785 |
33.796 |
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.
Market / Territory Data
|
Population living in the province |
: |
|
|
Population living in the region |
: |
|
|
Number of families in the region |
: |
|
Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
|
|
- per non food products |
: |
|
|
- per energy consume |
: |
|
Sector Data
The values are calculated on a base of 949 significant companies.
The companies cash their credits on an average of 118 dd.
The average duration of suppliers debts is about 128 dd.
The sector's profitability is on an average of 4,56%.
The labour cost affects the turnover in the measure of 18,32%.
Goods are held in stock in a range of 54 dd.
The difference between the sales volume and the resources used to
realize it is about 1,13.
The employees costs represent the 17,78% of the production costs.
Statistical Detrimental Data
Statistcally the trade activity shows periods of crisis.
The area is statistically considered lowly risky.
In the region 13.782 protested subjects are found; in the province they
count to 2.280.
The insolvency index for the region is 0,30, , while for the province it
is 0,28.
Total Bankrupt companies in the province : 3.317.
Total Bankrupt companies in the region :
16.714.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.59 |
|
|
1 |
Rs.101.09 |
|
Euro |
1 |
Rs.83.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.