MIRA
INFORM REPORT
|
Report Date : |
19.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
GIACOMINI OFFICINE MECCANICHE S.R.L. |
|
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|
|
Registered Office : |
Via Cirla, 25 28883 – Gracellona Toca (VB) – IT - |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
23.04.1970 |
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Legal Form : |
Limited liability company |
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Line of Business : |
Manufacture of other mining, quarrying and building site
machinery (including spare parts and accessories) |
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No. of Employees : |
11 to 15 |
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 |
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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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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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 and address
|
Giacomini Officine Meccaniche S.r.l. |
|
Via |
Cirla, |
25 |
|
28883 |
- Gravellona Toce |
(VB) |
-IT- |
Summary
|
Fiscal Code |
: |
00221120033 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
23/04/1970 |
|
Equity |
: |
750.000 |
|
Turnover Range |
: |
3.000.000/3.750.000 |
|
Number of Employees |
: |
from 11 to 15 |
Activity
Manufacture of other mining, quarrying and building site machinery
(including spare parts and accessories)
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 00221120033 |
|
Chamber of Commerce no. : 104477 of Verbania since
26/05/1970 |
|
V.A.T. Code : 00221120033 |
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Foundation date |
: 23/04/1970 |
|
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Establishment date |
: 23/04/1970 |
|
|
Start of Activities |
: 23/04/1970 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 119.000 |
|
|
Subscribed Capital |
: 119.000 |
|
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Paid up Capital |
: 119.000 |
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Members
|
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Giacomini |
Renato |
|
|
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Born in Domodossola |
(NO) |
on 06/12/1940 |
- Fiscal Code : GCMRNT40T06D332R |
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|
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Residence: |
|
Partigiani |
, 49 |
- 28883 |
Gravellona Toce |
(VB) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Board Chairman |
20/02/1999 |
|
|
|
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No Prejudicial events are reported |
|
|
No Protests registered |
|
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Giacomini |
Paolo |
|
|
|
Born in Premosello-Chiovenda |
(NO) |
on 13/06/1971 |
- Fiscal Code : GCMPLA71H13H037V |
|
|
|
Residence: |
|
Pratolungo |
, 1D |
- 28028 |
Pettenasco |
(NO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
20/02/1999 |
|
|
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.
|
|
Giacomini |
Renato |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Giacomini Immobiliare S.r.l. |
Gravellona Toce (VB) - IT - |
02018660031 |
Board Chairman |
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 |
|
Giacomini Renato |
Gravellona Toce - IT - |
GCMRNT40T06D332R |
64.260 .Eur |
54,00 |
|
Giacomini Paolo |
Pettenasco - IT - |
GCMPLA71H13H037V |
21.420 .Eur |
18,00 |
|
Giacomini Immobiliare S.r.l. |
|
02018660031 |
21.420 .Eur |
18,00 |
|
Uberti Cleonice |
|
BRTCNC41A64E153T |
11.900 .Eur |
10,00 |
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 |
|
since 23/04/1970 |
|
|
|
|
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Cirla |
, 25 |
- 28025 |
- Gravellona Toce |
(VB) |
- IT - |
|
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|
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PHONE |
: 0323848474 |
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|
|
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Employees |
: 14 |
|
Fittings and Equipment for a value of 170.000 |
Eur |
|
Stocks for a value of 1.920.000 |
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 from 20% to 50% of the global turnover.
Products abroad are placed by :
|
- its own agents |
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- direct orders from foreign companies |
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- consortium with other companies |
Export is mainly towards:
|
- Gabon |
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- Italy |
|
- Austria |
Historical Information and/or Firm's Status
EX-MEMBERS / EX-POSITIONS:
|
|
Giacomini Sergio |
|
|
|
|
Born in Domodossola |
(NO) |
on 22/06/1939 |
- Fiscal Code : GCMSRG39H22D332V |
|
|
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Fiscal residence: |
|
Risaia |
, 8 |
- 28025 |
Gravellona Toce |
(NO) |
- IT - |
|
Ex-Postions |
|
Sole Director |
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 1970
The analysis is based on the latest 3 balance sheets.
Under an economic point of view, profits were registered
during the last years with a r.o.e. of 2,16% in 2013 keeping the turnover
steady during the last two years.
The operating result in 2013 was positive (3,88%) falling
within the field's average.
An operating result of Eur. 153.119 has been registered.
recording a drop as opposed to the year before (-22,32%).
The G.O.M. amounted to Eur. 230.048 , stable if compared to
the year before.
Company's financial status is balanced since indebtedness is
not high (3,9) and falling as against the previous year (4,51).
It's shareholders funds amount to Eur. 591.606 , stable in
comparison with the value of the previous year.
In the year 2013 total debts amounted to Eur. 3.196.022 , a
more or less stable value.
Liquidity is good.
The financial management generated a cash flow of Eur.
89.705.
Labour cost expenses amount to Eur. 558.249 , representing
18,75% on the total of production costs. , with a 17,53% incidence on turnover.
Financial charges have a high incidence (-3,51%) on turnover
figures.
Financial Data
|
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.183.927 |
|
Profit (Loss) for the period |
12.776 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.273.180 |
|
Profit (Loss) for the period |
18.502 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.399.636 |
|
Profit (Loss) for the period |
91 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.166.430 |
|
Profit (Loss) for the period |
-56.772 |
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 |
0,12 |
0,11 |
0,11 |
0,18 |
|
Elasticity Ratio |
Units |
0,88 |
0,89 |
0,89 |
0,80 |
|
Availability of stock |
Units |
0,49 |
0,51 |
0,48 |
0,24 |
|
Total Liquidity Ratio |
Units |
0,39 |
0,38 |
0,41 |
0,48 |
|
Quick Ratio |
Units |
0,06 |
0,02 |
0,02 |
0,03 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
3,90 |
4,51 |
5,75 |
3,25 |
|
Self Financing Ratio |
Units |
0,15 |
0,14 |
0,12 |
0,19 |
|
Capital protection Ratio |
Units |
0,78 |
0,76 |
0,79 |
0,63 |
|
Liabilities consolidation quotient |
Units |
0,32 |
0,27 |
0,22 |
0,19 |
|
Financing |
Units |
5,40 |
5,69 |
6,98 |
3,80 |
|
Permanent Indebtedness Ratio |
Units |
0,36 |
0,32 |
0,28 |
0,36 |
|
M/L term Debts Ratio |
Units |
0,21 |
0,18 |
0,16 |
0,11 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
n.c. |
n.c. |
0,63 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
3,04 |
2,87 |
2,55 |
1,75 |
|
Current ratio |
Units |
1,37 |
1,32 |
1,24 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,61 |
0,56 |
0,57 |
0,81 |
|
Structure's primary quotient |
Units |
1,28 |
1,28 |
1,10 |
1,03 |
|
Treasury's primary quotient |
Units |
0,09 |
0,03 |
0,02 |
0,06 |
|
Rate of indebtedness ( Leverage ) |
% |
666,62 |
694,35 |
821,11 |
516,42 |
|
Current Capital ( net ) |
Value |
935.561 |
858.272 |
785.395 |
422.465 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
2,82 |
2,29 |
2,24 |
3,35 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
2,16 |
3,20 |
0,02 |
5,13 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
8,95 |
10,90 |
7,75 |
14,77 |
|
Return on Investment ( R.O.I. ) |
% |
3,88 |
4,90 |
4,01 |
4,16 |
|
Return/ Sales |
% |
4,81 |
6,02 |
5,42 |
4,11 |
|
Extra Management revenues/charges incid. |
% |
8,34 |
9,39 |
0,05 |
28,57 |
|
Cash Flow |
Value |
89.705 |
74.966 |
75.992 |
122.482 |
|
Operating Profit |
Value |
153.119 |
197.132 |
184.301 |
144.752 |
|
Gross Operating Margin |
Value |
230.048 |
253.596 |
260.202 |
241.990 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
n.c. |
n.c. |
n.c. |
111,85 |
|
Debts to suppliers average term |
Days |
n.c. |
n.c. |
n.c. |
128,30 |
|
Average stock waiting period |
Days |
217,13 |
224,40 |
233,53 |
80,43 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,81 |
0,81 |
0,74 |
1,08 |
|
Rate of stock return |
Units |
1,66 |
1,60 |
1,54 |
4,45 |
|
Labour cost incidence |
% |
17,53 |
18,99 |
19,83 |
19,12 |
|
Net financial revenues/ charges incidence |
% |
-3,51 |
-4,22 |
-3,96 |
-1,08 |
|
Labour cost on purchasing expenses |
% |
18,75 |
21,08 |
20,98 |
19,02 |
|
Short-term financing charges |
% |
3,50 |
4,21 |
3,45 |
2,68 |
|
Capital on hand |
% |
123,86 |
122,79 |
135,33 |
91,91 |
|
Sales pro employee |
Value |
187.289 |
172.272 |
161.887 |
198.432 |
|
Labour cost pro employee |
Value |
32.838 |
32.719 |
32.105 |
35.779 |
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 1.206 significant
companies.
The companies cash their credits on an average of 112 dd.
The average duration of suppliers debts is about 128 dd.
The sector's profitability is on an average of 3,35%.
The labour cost affects the turnover in the measure of
19,12%.
Goods are held in stock in a range of 80 dd.
The difference between the sales volume and the resources
used to realize it is about 1,08.
The employees costs represent the 19,02% of the production
costs.
Statistical Detrimental Data
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.61.05 |
|
|
1 |
Rs.99.55 |
|
Euro |
1 |
Rs.78.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PDT |
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.