MIRA INFORM REPORT
|
Report Date : |
16.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
F.G.S. FONDERIA GHISE E ACCIAI SPECIALI S.P.A. |
|
|
|
|
Registered Office : |
Via Garzoneri, 11 24047 – Treviglio (BG) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
10.11.1975 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Subject is engaged in Cast iron fusion |
|
|
|
|
No. of Employees : |
From 36 to 50 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 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 and address
F.G.S. FONDERIA GHISE E ACCIAI SPECIALI S.P.A.
VIA GARZONERI, 11
24047 - TREVIGLIO (BG) -IT-
Summary
|
Fiscal Code |
: |
00223620162 |
|
Legal Form |
: |
Joint stock company |
|
Foundation Date |
: |
10/11/1975 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
20.000.000/25.000.000 |
|
Number of Employees |
: |
from 36 to 50 |
Activity
Cast iron fusion
Legal
Data
Legal Form : Joint stock company
|
Fiscal Code : 00223620162 |
|
Foreign Trade Reg. no. : BG016411 since 10/01/1992 |
|
Foreign Trade Reg. no. : 16411 of Bergamo |
|
Chamber of Commerce no. : 157207 of Bergamo since 05/02/1976 |
|
Firms' Register : BG024-10601 of Bergamo since 19/02/1996 |
|
V.A.T. Code : 00223620162 |
|
Tribunal Co. Register : 10601 of |
|
Foundation date |
: 10/11/1975 |
|
|
Establishment date |
: 10/11/1975 |
|
|
Legal duration |
: 31/12/2030 |
|
|
Nominal Capital |
: 2.500.000 |
|
|
Subscribed Capital |
: 2.500.000 |
|
|
Paid up Capital |
: 2.500.000 |
Members
|
|
Longaretti |
Carlo |
|
|
Born in Urgnano |
(BG) |
on 17/11/1924 |
- Fiscal Code : LNGCRL24S17L502R |
|
|
Residence: |
Zambianchi |
, 5 |
- 24100 |
Bergamo |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
20/04/2012 |
|
|
No Prejudicial events are reported |
|
|
Longaretti |
Pierluigi |
|
|
Born in Bergamo |
(BG) |
on 01/11/1951 |
- Fiscal Code : LNGPLG51S01A794O |
|
|
Residence: |
Pontirolo |
, 20 BIS |
- 24047 |
Treviglio |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Procurator |
16/09/2011 |
||
|
Director |
20/04/2012 |
||
|
Board Chairman |
20/04/2012 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Ferrecchi |
Giorgio |
|
|
Born in Millesimo |
(SV) |
on 24/04/1945 |
- Fiscal Code : FRRGRG45D24F213E |
|
|
Residence: |
Via Ceresio |
, 34 |
Ruvigliana |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
20/04/2012 |
|
|
Precicast Holding S.a. |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
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.
|
|
Longaretti |
Pierluigi |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Preform S.r.l. |
Treviglio (BG) - IT - |
01806940167 |
Chairman |
Active |
Registered |
|
Preform S.r.l. |
Treviglio (BG) - IT - |
01806940167 |
Managing 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 |
|
Longaretti Carlo |
Bergamo - IT - |
LNGCRL24S17L502R |
25.000 .Eur |
1,00 |
|
Longaretti Pierluigi |
Treviglio - IT - |
LNGPLG51S01A794O |
25.000 .Eur |
1,00 |
|
Precicast Holding S.a. |
95055190169 |
2.450.000 .Eur |
98,00 |
Direct
Participations
The Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares Amount |
% Ownership |
since |
until |
Share Status |
|
Fonderia Barianese S.r.l. |
Bariano - IT - |
00217920164 |
203.840 .Eur |
49,00 |
Active |
Firm's
location and structure
In order to carry out its activities the firm uses the following locations:
|
- |
Legal and operative seat |
since 27/04/1984 |
|
Garzoneri |
, 11 |
- 24047 |
- Treviglio |
(BG) |
- IT - |
|
PHONE |
: 0363302588 |
|
FAX |
: 0363419058 |
|
- |
Branch |
(Store) |
since 01/10/1987 |
|
Milano |
, 36/C |
- 24047 |
- Treviglio |
(BG) |
- IT - |
|
PHONE |
: 0363302588 |
|
- |
Branch |
(Store) |
since 30/09/2010 |
|
Milano |
, 32 |
- 24047 |
- Treviglio |
(BG) |
- IT - |
|
Employees |
: 35 |
|
Assistants |
: 1 |
|
Fittings and Equipment for a value of 1.050.000 |
Eur |
|
Stocks for a value of 3.600.000 |
Eur |
The firm operates abroad as importer / exporter..
To purchase foreign products the firm uses the following channels :
|
- direct orders to foreign companies |
Export represents up to 20% of the global turnover.
Products abroad are placed by :
|
- its own agents |
|
- direct orders from foreign companies |
Import comes generally from the following nations:
|
- Poland |
|
- France |
|
- Belgium |
|
- Italy |
Export is mainly towards:
|
- Italy |
|
- Belgium |
Historical
Information and/or Firm's Status
EX-MEMBERS / EX-POSITIONS:
|
|
Longaretti |
Carlo |
|
|
Born in Urgnano |
(BG) |
on 17/11/1924 |
- Fiscal Code : LNGCRL24S17L502R |
|
|
Residence: |
Zambianchi |
, 5 |
- 24100 |
Bergamo |
(BG) |
- IT - |
|
Ex-Postions |
|
Managing Director |
|
Managing Director |
|
|
Penati |
Giuseppe |
|
|
Born in Milano |
(MI) |
on 19/09/1926 |
- Fiscal Code : PNTGPP26P19F205J |
|
Ex-Postions |
|
Vice-Chairman |
|
Assistant board Chairman |
|
|
Longaretti |
Amanzio |
|
|
Born in Treviglio |
(BG) |
on 26/06/1918 |
- Fiscal Code : LNGMNZ18H26L400W |
|
|
Residence: |
Garzoneri |
, 13 |
- 24047 |
Treviglio |
(BG) |
- IT - |
|
Ex-Postions |
|
Procurator |
|
Director |
|
Board Chairman |
|
|
Wiefler |
Franz Carl |
|
|
Born in Bruck And Der Mur |
( ) |
on 13/06/1926 |
- Fiscal Code : WFLFNZ26H13Z102R |
|
Ex-Postions |
|
Board Chairman |
|
Legal Owners' representative |
|
|
Clemente |
Federico |
|
|
Born in Milano |
(MI) |
on 10/06/1965 |
- Fiscal Code : CLMFRC65H10F205H |
|
|
Residence: |
Localita' Chia Viale Belvedere |
, SNC |
- 09010 |
Domus De Maria |
(CA) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Buffelli |
Giuliano |
|
|
Born in Gera Lario |
(CO) |
on 19/05/1943 |
- Fiscal Code : BFFGLN43E19D974U |
|
|
Residence: |
Masone |
, 19 |
- 24100 |
Bergamo |
(BG) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Giacometti |
Giovanni |
|
|
Born in Corteno Golgi |
(BS) |
on 14/07/1944 |
- Fiscal Code : GCMGNN44L14D064Q |
|
|
Residence: |
Manzoni |
, 25 |
- 24030 |
Mozzo |
(BG) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
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
Subject is active since 1975
Balance sheets for the years 2011, 2012 and 2013 were analyzed.
Under an economic point of view, profits were registered during the last years with a r.o.e. of 3,75% in 2013
The operating result in 2013 was positive (4,28%) falling within the field's average.
The operating result is positive and amounts to Eur. 1.284.950 on stable levels if compared to the previous year.
A gross operating margine for a value of Eur. 2.143.635 was reached. with no sensible increase as against 2012.
Indebtedness is scanty since debts are lower than liquidity.
It's shareholders funds amount to Eur. 22.953.537 , unchanged if compared to 2012.
Total indebtedness totalled Eur. 6.295.411, on the same levels as the year before.
Bank and suppliers credit recourse is limited, 77,29 gg. is payment average period below the sector's average.
The management determines a good range of liquidity.
Trade credits are collected slowly, average term is 121,3 days. even if compared to the average of the sector.
Eur. 1.718.477 is the value of cash flow during the year 2013
During 2013 financial year labour costs amounted to Eur. 1.996.674, with a 10,04% incidence on production costs. , with a 9,46% incidence on turnover.
Financial incomes cover financial charges.
Financial
Data
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
21.106.868 |
|
Profit (Loss) for the period |
859.792 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
24.352.619 |
|
Profit (Loss) for the period |
938.998 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
25.535.336 |
|
Profit (Loss) for the period |
1.085.458 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
21.655.677 |
|
Profit (Loss) for the period |
875.503 |
|
|
Complete balance-sheet for the year |
al 31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
22.755.453 |
|
Profit (Loss) for the period |
2.399.618 |
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 31/12/2013 - 12 Mesi - Currency: - Amounts x 1 |
|
- 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 |
|
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|
|
RATIOS |
Value Type |
as at 31/12/2013 |
as at 31/12/2012 |
as at 31/12/2011 |
Sector Average |
|
COMPOSITION ON INVESTMENT |
|||||
|
Rigidity Ratio |
Units |
0,31 |
0,33 |
0,34 |
0,35 |
|
Elasticity Ratio |
Units |
0,68 |
0,66 |
0,65 |
0,64 |
|
Availability of stock |
Units |
0,12 |
0,11 |
0,10 |
0,15 |
|
Total Liquidity Ratio |
Units |
0,56 |
0,55 |
0,55 |
0,43 |
|
Quick Ratio |
Units |
0,31 |
0,24 |
0,27 |
0,02 |
|
COMPOSITION ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
n.c. |
n.c. |
0,00 |
1,86 |
|
Self Financing Ratio |
Units |
0,76 |
0,75 |
0,71 |
0,27 |
|
Capital protection Ratio |
Units |
0,85 |
0,85 |
0,83 |
0,75 |
|
Liabilities consolidation quotient |
Units |
0,11 |
0,09 |
0,08 |
0,22 |
|
Financing |
Units |
0,27 |
0,31 |
0,38 |
2,35 |
|
Permanent Indebtedness Ratio |
Units |
0,79 |
0,77 |
0,73 |
0,43 |
|
M/L term Debts Ratio |
Units |
0,02 |
0,02 |
0,02 |
0,12 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,91 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
2,52 |
2,29 |
2,11 |
1,11 |
|
Current ratio |
Units |
3,26 |
2,87 |
2,42 |
1,06 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
2,69 |
2,39 |
2,03 |
0,77 |
|
Structure's primary quotient |
Units |
2,44 |
2,23 |
2,05 |
0,83 |
|
Treasury's primary quotient |
Units |
1,47 |
1,04 |
0,99 |
0,03 |
|
Rate of indebtedness ( Leverage ) |
% |
130,73 |
134,02 |
141,36 |
360,10 |
|
Current Capital ( net ) |
Value |
14.257.107 |
12.864.039 |
11.596.043 |
408.634 |
|
RETURN |
|||||
|
Return on Sales |
% |
8,14 |
7,35 |
6,72 |
3,40 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
3,75 |
4,23 |
5,08 |
2,16 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
5,89 |
6,49 |
8,09 |
8,08 |
|
Return on Investment ( R.O.I. ) |
% |
4,28 |
4,46 |
5,76 |
3,84 |
|
Return/ Sales |
% |
6,09 |
5,45 |
6,81 |
2,98 |
|
Extra Management revenues/charges incid. |
% |
66,91 |
70,81 |
62,42 |
25,99 |
|
Cash Flow |
Value |
1.718.477 |
1.790.160 |
1.715.578 |
328.591 |
|
Operating Profit |
Value |
1.284.950 |
1.326.018 |
1.738.879 |
295.822 |
|
Gross Operating Margin |
Value |
2.143.635 |
2.177.180 |
2.368.999 |
749.380 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
121,30 |
117,25 |
115,88 |
98,28 |
|
Debts to suppliers average term |
Days |
77,29 |
72,59 |
93,23 |
123,62 |
|
Average stock waiting period |
Days |
61,43 |
49,16 |
44,52 |
49,03 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,70 |
0,82 |
0,85 |
1,10 |
|
Rate of stock return |
Units |
5,86 |
7,32 |
8,09 |
7,33 |
|
Labour cost incidence |
% |
9,46 |
7,93 |
7,87 |
17,85 |
|
Net financial revenues/ charges incidence |
% |
0,36 |
0,10 |
-0,11 |
-1,52 |
|
Labour cost on purchasing expenses |
% |
10,04 |
8,34 |
8,57 |
17,84 |
|
Short-term financing charges |
% |
1,16 |
1,17 |
1,08 |
3,12 |
|
Capital on hand |
% |
142,17 |
122,14 |
118,22 |
90,42 |
|
Sales pro employee |
Value |
340.433 |
405.876 |
411.860 |
223.268 |
|
Labour cost pro employee |
Value |
32.204 |
32.203 |
32.431 |
40.069 |
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 480 significant companies.
The companies cash their credits on an average of 98 dd.
The average duration of suppliers debts is about 124 dd.
The sector's profitability is on an average of 3,40%.
The labour cost affects the turnover in the measure of 17,85%.
Goods are held in stock in a range of 49 dd.
The difference between the sales volume and the resources used to realize it is about 1,10.
The employees costs represent the 17,84% 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 50.886 protested subjects are found; in the province they count to 4.150.
The insolvency index for the region is 0,55, , while for the province it is 0,41.
Total Bankrupt companies in the province : 4.376.
Total Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.