MIRA INFORM REPORT
|
Report No. : |
355034 |
|
Report Date : |
19.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
GRITTI GROUP S.P.A. |
|
|
|
|
Registered Office : |
Via Zanica, 6/F, 24050 – Grassobbio (BG) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
02.12.1987 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
·
Various manufacture and accessories for apparel ·
Manufacture of umbrellas, buttons, zips, wigs and
similars |
|
|
|
|
No. of Employees : |
From 111 to 130 |
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 |
|||
|
Maximum Credit Limit : |
EUR 250.000 |
|
|||
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Italy |
A1 |
A1 |
|
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 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 132%
of GDP in 2014, 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 tax evasion. In 2014 economic growth and labor market
conditions continued to deteriorate, with overall unemployment rising to 12.2%
and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007
pre-crisis level.
|
Source
: CIA |
Company name & address
GRITTI GROUP S.P.A.
Via Zanica, 6/F
24050 – Grassobbio (BG) -IT-
Summary
|
Fiscal Code |
: |
01433490164 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
02/12/1987 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
12.750.000/15.500.000 |
|
Number of Employees |
: |
from 111 to 130 |
Credit analysis
Credit Opinion : 250.000
-
Activity
Various manufacture and accessories for apparel
Manufacture of umbrellas, buttons, zips, wigs and similars
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 01433490164 |
|
Foreign Trade Reg. no. : 18243 of Bergamo since 21/01/1992 |
|
Chamber of Commerce no. : 205382 of Bergamo since 26/02/1983 |
|
Firms' Register : BG024-21615 of Bergamo since 19/02/1996 |
|
V.A.T. Code : 01433490164 |
|
Trade Agents Licence : of Bergamo since 26/01/2015 |
|
Tribunal Co. Register : 21615 of |
|
Foundation date |
: 21/01/1983 |
|
|
Establishment date |
: 21/01/1983 |
|
|
Start of Activities |
: 02/12/1987 |
|
|
Legal duration |
: 31/12/2060 |
|
|
Nominal Capital |
: 3.247.200 |
|
|
Subscribed Capital |
: 3.247.200 |
|
|
Paid up Capital |
: 3.247.200 |
|
Legal mail : |
GRITTIGROUP@PEC.IT |
Members
|
|
Gritti |
Ermanno |
|
|
Born in Palosco |
(BG) |
on 23/02/1948 |
- Fiscal Code : GRTRNN48B23G295Z |
|
|
Residence: |
Scaramagli |
, 3 |
- 24129 |
Bergamo |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
26/06/2014 |
||
|
Board Chairman |
26/06/2014 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Fabbro |
Angela |
|
|
Born in Treviso |
(TV) |
on 13/12/1949 |
- Fiscal Code : FBBNGL49T53L407E |
|
|
Residence: |
Scaramagli |
, 3 |
- 24129 |
Bergamo |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
26/06/2014 |
||
|
Assistant board Chairman |
26/06/2014 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Gritti |
Paolo |
|
|
Born in Bergamo |
(BG) |
on 14/01/1975 |
- Fiscal Code : GRTPLA75A14A794D |
|
|
Residence: |
Scaramagli |
, 3 |
- 24129 |
Bergamo |
(BG) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
26/06/2014 |
||
|
Attorney with special power |
24/07/2007 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Petra S.p.a. |
|
|
: |
Zanica |
, 6/F |
- 24050 |
Grassobbio |
(BG) |
- IT - |
|
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.
|
|
Gritti |
Ermanno |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Nautilus Spa |
Bergamo (BG) - IT - |
02297640167 |
Sole Director |
Withdrawn |
Registered |
|
Artitalia Bottoni Consorzio |
Milano (MI) - IT - |
97090520152 |
Chairman of the
Steer.committee |
Active |
Registered |
|
Bottonificio Carlo Gritti S.p.a. |
Palosco (BG) - IT - |
00383620168 |
Director |
Withdrawn |
Ceased |
|
Gritti - S.p.a. |
Palosco (BG) - IT - |
01250720164 |
Sole Director |
Withdrawn |
Ceased |
|
La Vigna - S.r.l. -in Liquidazione |
Bergamo (BG) - IT - |
01764480164 |
Liquidator |
Withdrawn |
Ceased |
|
Ocean S.p.a. In Liquidazione |
Bergamo (BG) - IT - |
02964200162 |
Director |
Withdrawn |
Registered |
|
Ocean S.p.a. In Liquidazione |
Bergamo (BG) - IT - |
02964200162 |
Board Chairman |
Withdrawn |
Registered |
|
Petra S.p.a. |
Grassobbio (BG) - IT - |
03708590165 |
Sole Director |
Active |
Registered |
|
|
Fabbro |
Angela |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Diffusione Srl |
Palosco (BG) - IT - |
01395990169 |
Sole Director |
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 |
|
Gritti Ermanno |
Bergamo - IT - |
GRTRNN48B23G295Z |
1.458.000 .Eur |
44,90 |
|
Fabbro Angela |
Bergamo - IT - |
FBBNGL49T53L407E |
369.000 .Eur |
11,36 |
|
Petra S.p.a. |
Grassobbio - IT - |
03708590165 |
1.420.200 .Eur |
43,73 |
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 |
|
Consorzio Orobie Energia - In Liquidazio ne |
Bergamo - IT - |
95109920165 |
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
(Factory) |
since 27/08/1987 |
|
Zanica |
, 6/F |
- 24050 |
- Grassobbio |
(BG) |
- IT - |
|
PHONE |
: 035586111 |
|
FAX |
: 035586114 |
|
Legal mail |
: GRITTIGROUP@PEC.IT |
|
Employees |
: 111 |
|
Fittings and Equipment for a value of 1.890.000 |
Eur |
|
Stocks for a value of 2.560.000 |
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 :
|
- national or foreign important buyers |
Historical Information and/or Firm's Status
CHANGES TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Limited liability company |
Joint stock company |
15/07/1987 |
COMPANY STYLE MODIFICATIONS:
|
Former Style |
New Style |
Changement Date |
|
Erta Ripa S.r.l. |
27/02/1986 |
|
|
Sofinberg S.r.l. |
27/08/1987 |
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 |
|
BANCA POPOLARE DI BERGAMO SPA |
5428 |
0 |
Financial and Economical Analysis
Company's starting of activities dates back to 1987.
The economic-financial analysis has been made on the base of the b/s of
the latests three years.
Under an economic point of view, profits were registered during the last
years with a r.o.e. of 2,84% in 2014
The return on Investment in the last financial year was positive (2,44%)
falling within the field's average.
The amount of the operating result is equal to Eur. 363.863 showing a
fall as opposed to the previous year (-37,16%).
The economic management produced a gross operating margin of Eur.
1.058.190 ,with no change if compared to the year before.
The analysis shows a fair financial position as the indebtedness volume
is acceptable (1,48)
The management generated equity capital for an amount of Eur. 3.863.859
, stable in comparison with the value of the previous year.
Total indebtedness was equal to Eur. 10.094.456 (Eur. 3.670.369 was the
value of m/l term debts) showing a stable trend as opposed to 2013 (Eur.
10.926.043).
Bank borrowings' volume is slightly high but the recourse to suppliers'
credit is modest below the sector's average.
The management determines a good range of liquidity.
Trade credits average terms are 77,02 days. , shorter than the sector's
average.
As far as the cash flow is concerned during the latest financial year it
amounted to Eur. 803.898
Labour cost expenses amount to Eur. 3.565.193 , representing 26,69% on
the total of production costs. , with a 27,53% incidence on turnover.
Finacial chareges are high: the incidence on sales volume amounts to
-1,59%
Financial Data
|
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
12.949.221 |
|
Profit (Loss) for the period |
109.571 |
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
14.374.803 |
|
Profit (Loss) for the period |
5.753 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
15.377.820 |
|
Profit (Loss) for the period |
32.657 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
16.724.574 |
|
Profit (Loss) for the period |
-92.927 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
16.214.377 |
|
Profit (Loss) for the period |
-177.858 |
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 31/12/2014 - 12 Mesi - Currency: - Amounts x 1 |
|
- 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 |
|
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|
|
RATIOS |
Value Type |
as at 31/12/2014 |
as at 31/12/2013 |
as at 31/12/2012 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|||||
|
Rigidity Ratio |
Units |
0,42 |
0,42 |
0,43 |
0,14 |
|
Elasticity Ratio |
Units |
0,56 |
0,56 |
0,56 |
0,84 |
|
Availability of stock |
Units |
0,17 |
0,15 |
0,15 |
0,24 |
|
Total Liquidity Ratio |
Units |
0,39 |
0,41 |
0,41 |
0,53 |
|
Quick Ratio |
Units |
0,05 |
0,04 |
0,02 |
0,03 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
1,48 |
1,48 |
2,14 |
3,78 |
|
Self Financing Ratio |
Units |
0,26 |
0,21 |
0,20 |
0,17 |
|
Capital protection Ratio |
Units |
0,13 |
-0,36 |
-0,37 |
0,66 |
|
Liabilities consolidation quotient |
Units |
0,69 |
1,19 |
0,75 |
0,14 |
|
Financing |
Units |
2,61 |
3,36 |
3,64 |
4,55 |
|
Permanent Indebtedness Ratio |
Units |
0,56 |
0,62 |
0,53 |
0,33 |
|
M/L term Debts Ratio |
Units |
0,30 |
0,41 |
0,33 |
0,09 |
|
Net Financial Indebtedness Ratio |
Units |
1,90 |
2,54 |
2,73 |
1,26 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
1,33 |
1,48 |
1,24 |
1,87 |
|
Current ratio |
Units |
1,30 |
1,62 |
1,27 |
1,17 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,90 |
1,19 |
0,92 |
0,79 |
|
Structure's primary quotient |
Units |
0,62 |
0,50 |
0,46 |
1,13 |
|
Treasury's primary quotient |
Units |
0,11 |
0,11 |
0,05 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
385,55 |
477,90 |
508,85 |
587,75 |
|
Current Capital ( net ) |
Value |
1.946.510 |
3.345.250 |
1.962.932 |
209.248 |
|
RETURN |
|||||
|
Return on Sales |
% |
6,21 |
4,86 |
4,79 |
2,26 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
2,84 |
0,18 |
1,01 |
3,48 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
3,12 |
4,06 |
9,15 |
12,19 |
|
Return on Investment ( R.O.I. ) |
% |
2,44 |
3,72 |
4,24 |
3,83 |
|
Return/ Sales |
% |
2,81 |
4,03 |
4,55 |
3,45 |
|
Extra Management revenues/charges incid. |
% |
30,11 |
0,99 |
4,66 |
20,46 |
|
Cash Flow |
Value |
803.898 |
698.750 |
736.880 |
50.400 |
|
Operating Profit |
Value |
363.863 |
579.076 |
700.262 |
68.610 |
|
Gross Operating Margin |
Value |
1.058.190 |
1.306.073 |
1.404.485 |
124.742 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
77,02 |
82,03 |
103,10 |
120,68 |
|
Debts to suppliers average term |
Days |
52,71 |
51,39 |
64,89 |
115,81 |
|
Average stock waiting period |
Days |
71,18 |
57,73 |
59,16 |
78,40 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,87 |
0,92 |
0,93 |
1,14 |
|
Rate of stock return |
Units |
5,06 |
6,24 |
6,09 |
4,57 |
|
Labour cost incidence |
% |
27,53 |
25,84 |
25,87 |
12,27 |
|
Net financial revenues/ charges incidence |
% |
-1,59 |
-2,52 |
-2,81 |
-1,84 |
|
Labour cost on purchasing expenses |
% |
26,69 |
26,37 |
27,01 |
12,16 |
|
Short-term financing charges |
% |
3,60 |
3,76 |
3,90 |
3,35 |
|
Capital on hand |
% |
115,04 |
108,19 |
107,49 |
87,41 |
|
Sales pro employee |
Value |
116.659 |
123.920 |
124.014 |
245.343 |
|
Labour cost pro employee |
Value |
32.118 |
32.022 |
32.085 |
32.046 |
Credit Opinion
250.000
Eur.
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 864 significant companies.
The companies cash their credits on an average of 121 dd.
The average duration of suppliers debts is about 116 dd.
The sector's profitability is on an average of 2,26%.
The labour cost affects the turnover in the measure of 12,27%.
Goods are held in stock in a range of 78 dd.
The difference between the sales volume and the resources used to
realize it is about 1,14.
The employees costs represent the 12,16% of the production costs.
Statistical Detrimental Data
Statistically the trade activity passes through serious crises.
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.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
|
EUR |
1 |
Rs.72.06 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.