MIRA
INFORM REPORT
|
Report Date : |
12.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
GAM RACCORDI S.P.A. |
|
|
|
|
Registered Office : |
Corso Lodi, 5, 20135 – Milano
(MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
06.12.1991 |
|
|
|
|
Legal Form : |
Joint stock company with sole shareholder |
|
|
|
|
Line of Business : |
· Manufacturer of tubes, pipes, hollow profiles and related fittings in steel (except those in refined steel) Engaged
in Construction of buildings |
|
|
|
|
No of Employees : |
From 91 To 110 Employees |
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 |
Company name & address
Gam Raccordi S.p.a.
Corso Lodi, 5
20135 - Milano (MI) -IT-
Summary
|
Fiscal Code |
: |
01070270333 |
|
Legal Form |
: |
Joint stock company with sole shareholder |
|
start of Activities |
: |
03/12/1992 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
20.000.000/25.000.000 |
|
Number of Employees |
: |
From 91 To 110 |
Activity
· Manufacturer of tubes, pipes, hollow profiles and related fittings in steel (except those in refined steel)
Engaged
in Construction of buildings
Legal Data
Legal Form : Joint stock company with sole
shareholder
|
Fiscal Code : 01070270333 |
|
Foreign Trade Reg. no. : PC011980 since
04/04/2003 |
|
Foreign Trade Reg. no. : 011980 of
Piacenza since 04/04/2003 |
|
Chamber of Commerce no. : 1920037 of
Milano since 09/02/2010 |
|
Chamber of Commerce no. : 125448 of
Piacenza since 03/02/1992 |
|
Firms' Register : 12650 of Piacenza |
|
Firms' Register : PC032-12650 of Piacenza
since 19/02/1996 |
|
V.A.T. Code : 01070270333 |
|
Establishment date |
: 06/12/1991 |
|
|
Start of Activities |
: 03/12/1992 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 1.200.000 |
|
|
Subscribed Capital |
: 1.200.000 |
|
|
Paid up Capital |
: 1.200.000 |
|
Members
|
|
Officine
Meccaniche Righi S.p.a. Enuncia |
bile Anche O.m.r.
- S.p.a. |
|
|
|
|
|
Residence: |
|
Lodi |
, 5 |
- 20135 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole partner |
17/07/2002 |
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Ponzio |
Claudio |
|
|
|
Born in Torino |
(TO) |
on 11/01/1964 |
- Fiscal Code : PNZCLD64A11L219D |
|
|
|
Residence: |
|
Emilia Piacentina |
, 70 |
- 29015 |
Castel San Giovanni |
(PC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
27/04/2012 |
|
|
|
Director |
27/04/2012 |
|
|
|
Managing Director |
27/04/2012 |
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Righi |
Rossella |
|
|
|
Born in Castel San Giovanni |
(PC) |
on 04/09/1971 |
- Fiscal Code : RGHRSL71P44C261O |
|
|
|
Residence: |
|
Strada Del Pradello |
, 2 |
- 29015 |
Castel San Giovanni |
(PC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
27/04/2012 |
|
|
|
Managing Director |
27/06/2012 |
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Righi |
Massimiliano |
|
|
|
Born in Castel San Giovanni |
(PC) |
on 03/08/1976 |
- Fiscal Code : RGHMSM76M03C261Y |
|
|
|
Residence: |
|
Comunale Di Semino' |
, SNC |
- 29010 |
Ziano Piacentino |
(PC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
27/04/2012 |
|
|
|
|
Righi |
Marco |
|
|
|
Born in Castel San Giovanni |
(PC) |
on 21/12/1970 |
- Fiscal Code : RGHMRC70T21C261V |
|
|
|
Residence: |
|
Delle Rondini |
, 2 |
- 29010 |
Piozzano |
(PC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
27/04/2012 |
|
|
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.
|
|
Ponzio |
Claudio |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Officine Meccaniche Righi S.p.a. Enunciabile
Anche O.m.r. - S.p.a. |
Milano (MI) - IT - |
01132090331 |
Director |
Active |
Registered |
|
|
Righi |
Rossella |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Officine Meccaniche Righi S.p.a.
Enunciabile Anche O.m.r. - S.p.a. |
Milano (MI) - IT - |
01132090331 |
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.
Capital Shareholders
Shareholders' list as at date of data
collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Officine Meccaniche Righi S.p.a. Enuncia
bile Anche O.m.r. - S.p.a. |
Milano - IT - |
01132090331 |
|
100,00 |
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 |
|
|
|
|
|
|
|
Lodi |
, 5 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
|
|
|
PHONE |
: 0523738811 |
|
|
|
|
FAX |
: 052397251 |
|
- |
Branch |
(Factory) |
since 09/02/2010 |
until 05/04/2003 |
|
|
|
|
|
|
Roma |
, 29 |
- 29010 |
- Gazzola |
(PC) |
- IT - |
|
|
|
|
Employees |
: 104 |
|
|
|
|
Assistants |
: 1 |
|
Fittings and Equipment for a value of
350.000 |
Eur |
|
Stocks for a value of 5.410.000 |
Eur |
Trade organization: direct or by agents.
The company sells in Italy and abroad.
The company 's mainly customers are
companies.
|
|
Usually the terms of sale are within 90-120
days.
Financial means used for sale: bank
transfers and bank orders.
Company's purchase terms are within 90 and
120 days.
Main used payment modalities are by cash
orders and bank transfers.
Traded Brands / Suppliers
|
- OMR spa |
|
- Marcegaglia Spa |
|
- Cerutti eamp; Urio s.r.l |
Historical Information and/or Firm's Status
EX-MEMBERS /
EX-POSITIONS:
|
|
Binaghi |
Vittorio |
|
|
|
Born in Pontenure |
(PC) |
on 22/08/1942 |
- Fiscal Code : BNGVTR42M22G852V |
|
|
|
Residence: |
|
Verdi |
, 9 |
- 29010 |
Agazzano |
(PC) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Polisicchio |
Roberto |
|
|
|
Born in Catanzaro |
(CZ) |
on 19/06/1958 |
- Fiscal Code : PLSRRT58H19C352T |
|
|
|
Residence: |
|
Ii Mario Greco |
, 10 |
- 88100 |
Catanzaro |
(CZ) |
- IT - |
|
Ex-Postions |
|
Chairman of the Board of Aud. |
|
|
Chiozza |
Andrea |
|
|
|
Born in Piacenza |
(PC) |
on 21/07/1964 |
- Fiscal Code : CHZNDR64L21G535C |
|
|
|
Residence: |
|
Del Consiglio |
, 11 |
- 29100 |
Piacenza |
(PC) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Mancini |
Rolando |
|
|
|
Born in Cremona |
(CR) |
on 16/03/1946 |
- Fiscal Code : MNCRND46C16D150R |
|
|
|
Residence: |
|
Martiri Della Resistenza |
, 10 |
- 29100 |
Piacenza |
(PC) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Gobbi |
Antonio |
|
|
|
Born in Castel San Giovanni |
(PC) |
on 15/05/1958 |
- Fiscal Code : GBBNTN58E15C261J |
|
|
|
Residence: |
|
Raimondo Palmerio |
, 13 |
- 29121 |
Piacenza |
(PC) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Righi |
Marco |
|
|
|
Born in CASTEL SAN GIOVANNI |
(PC) |
on 27/03/1946 |
- Fiscal Code : RGHMRC46C27C261B |
|
|
|
Residence: |
|
NAVIGATORI |
, 4 |
- 29015 |
Castel San Giovanni |
(PC) |
- IT - |
|
Ex-Postions |
|
Sole Director |
|
|
Minola |
Cesare Maria |
|
|
|
Born in Milano |
(MI) |
on 11/06/1938 |
- Fiscal Code : MNLCRM38H11F205J |
|
|
|
Residence: |
|
S. Martino |
, 11/C |
- 20122 |
Milano |
(MI) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
CEASINGS/INCORPORATIONS/MERGES:
|
|
Project of
merging into |
|
|
|
|
|
|
|
|
Lodi |
, 5 |
, 20135 |
, Milano |
(MI) |
- IT - |
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.
Bankers
The firm operates with:
|
Bank Name |
Agency Name |
Address |
ZIP Code |
City |
ABI Code |
CAB Code |
|
CASSA DI RISPARMIO IN BOLOGNA |
|
|
20100 |
Milano |
6385 |
|
|
BANCA DI PIACENZA SOC. COOP. PER AZIONI |
|
|
20100 |
Milano |
5156 |
|
Financial and Economical Analysis
Company's starting of activities dates back
to 1992.
An eco-fin analysis has been made on the
base od the b/s fo the years 2010, 2011 and 2012.
In the economic management , good and bad
results followed on by turns. yet with a positive result in the 2012 (r.o.e.
0,66%). The turnover is growing in the last financial year (+15,12%).
The operating result was positive in the
last financial year (1,22%) and reflects the field's average.
The operating result is positive and amounts
to Eur. 290.858 showing a fall as opposed to the previous year (-79,56%).
A gross operating margine for a value of
Eur. 744.099 was reached. showing a drop (-62,05%).
The company has an excellent net worth if
compared to its debts, with a low indebtedness (0,45) and with an upward trend
compared to the previous year.
It's shareholders funds amount to Eur.
11.585.556 , unchanged as opposed to the preceding year.
Total indebtedness was equal to Eur.
10.067.830 (Eur. 902.839 was the value of m/l term debts) with no important
change.
The recourse to financial credit is within
the limits; on the other hand the recourse to suppliers' credit is rated as
fairly high even in comparison with the sector's.
Liquid assets are good.
Credits are collected in 52,1 days on the
average. , a value lower than the sector's average.
Eur. 529.507 is the value of cash flow
during the year 2012
Labour cost expenses amount to Eur.
4.332.036 , representing 18,28% on the total of production costs. and a 19,35%
incidence on sales volumes.
The financial management has a limited
economic impact, equal to -0,34% on the sales.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
22.389.908 |
|
Profit (Loss) for the period |
76.266 |
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
19.447.742 |
|
Profit (Loss) for the period |
1.194.557 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
15.921.964 |
|
Profit (Loss) for the period |
-2.530.060 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
23.284.326 |
|
Profit (Loss) for the period |
1.639.022 |
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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|
|
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 |
0,33 |
0,36 |
0,46 |
0,33 |
|
Elasticity Ratio |
Units |
0,66 |
0,63 |
0,54 |
0,64 |
|
Availability of stock |
Units |
0,23 |
0,25 |
0,14 |
0,22 |
|
Total Liquidity Ratio |
Units |
0,44 |
0,39 |
0,40 |
0,41 |
|
Quick Ratio |
Units |
0,16 |
0,04 |
0,04 |
0,01 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
0,45 |
0,60 |
0,41 |
1,76 |
|
Self Financing Ratio |
Units |
0,49 |
0,50 |
0,54 |
0,28 |
|
Capital protection Ratio |
Units |
0,89 |
0,79 |
1,13 |
0,65 |
|
Liabilities consolidation quotient |
Units |
0,28 |
0,39 |
0,72 |
0,21 |
|
Financing |
Units |
0,87 |
0,81 |
0,68 |
2,32 |
|
Permanent Indebtedness Ratio |
Units |
0,59 |
0,64 |
0,73 |
0,44 |
|
M/L term Debts Ratio |
Units |
0,11 |
0,13 |
0,19 |
0,10 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,10 |
0,19 |
1,23 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,78 |
1,77 |
1,59 |
1,38 |
|
Current ratio |
Units |
1,72 |
1,84 |
2,10 |
1,17 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,13 |
1,13 |
1,55 |
0,80 |
|
Structure's primary quotient |
Units |
1,46 |
1,40 |
1,18 |
0,84 |
|
Treasury's primary quotient |
Units |
0,43 |
0,13 |
0,14 |
0,02 |
|
Rate of indebtedness ( Leverage ) |
% |
205,01 |
198,64 |
185,23 |
353,85 |
|
Current Capital ( net ) |
Value |
6.591.308 |
6.615.142 |
5.410.482 |
1.089.006 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
2,36 |
8,91 |
-11,38 |
4,21 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
0,66 |
10,38 |
-24,53 |
5,65 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
2,00 |
12,81 |
-25,00 |
10,45 |
|
Return on Investment ( R.O.I. ) |
% |
1,22 |
6,22 |
-13,50 |
5,10 |
|
Return/ Sales |
% |
1,30 |
7,32 |
-16,20 |
5,37 |
|
Extra Management revenues/charges incid. |
% |
26,22 |
83,94 |
n.c. |
32,26 |
|
Cash Flow |
Value |
529.507 |
1.732.297 |
-1.812.574 |
656.826 |
|
Operating Profit |
Value |
290.858 |
1.423.055 |
-2.578.944 |
725.724 |
|
Gross Operating Margin |
Value |
744.099 |
1.960.795 |
-1.861.458 |
1.207.677 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
52,10 |
111,56 |
96,35 |
103,53 |
|
Debts to suppliers average term |
Days |
162,39 |
135,72 |
104,89 |
107,64 |
|
Average stock waiting period |
Days |
87,00 |
103,81 |
60,51 |
64,91 |
|
Rate of capital employed return ( Turnover
) |
Units |
0,94 |
0,85 |
0,83 |
1,09 |
|
Rate of stock return |
Units |
4,14 |
3,47 |
5,95 |
5,55 |
|
Labour cost incidence |
% |
19,35 |
21,24 |
25,34 |
10,69 |
|
Net financial revenues/ charges incidence |
% |
-0,34 |
0,12 |
-0,40 |
-1,62 |
|
Labour cost on purchasing expenses |
% |
18,28 |
21,17 |
23,51 |
11,43 |
|
Short-term financing charges |
% |
0,86 |
n.c. |
0,94 |
3,56 |
|
Capital on hand |
% |
106,08 |
117,56 |
120,00 |
91,63 |
|
Sales pro employee |
Value |
165.851 |
150.757 |
159.219 |
358.274 |
|
Labour cost pro employee |
Value |
32.089 |
32.022 |
40.351 |
35.860 |
Market / Territory Data
|
Population living in the province |
: |
|
|
Population living in the region |
: |
|
|
Number of families in the region |
: |
|
3.839.216Monthly family expenses 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 185
significant companies.
The companies cash their credits on an
average of 104 dd.
The average duration of suppliers debts is
about 108 dd.
The sector's profitability is on an average
of 4,21%.
The labour cost affects the turnover in the
measure of 10,69%.
Goods are held in stock in a range of 65 dd.
The difference between the sales volume and
the resources used to realize it is about 1,09.
The employees costs represent the 11,43% of
the production costs.
Statistical Detrimental Data
Statistically the trade activity shows
periods of crisis.
The area is statistically considered lowly
risky.
In the region 50.886 protested subjects are
found; in the province they count to 24.765.
The insolvency index for the region is 0,55,
, while for the province it is 0,66.
Total Bankrupt companies in the province :
22.523.
Total Bankrupt companies in the region :
39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.05 |
|
UK Pound |
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
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.