|
Report No. : |
338240 |
|
Report Date : |
01.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
GMM S.P.A. |
|
|
|
|
Registered Office : |
Via Nuova, 155/B, 28883 - Gravellona Toce (VB) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
01.10.1993 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturer of Other Machine Tools. |
|
|
|
|
No. of Employees : |
From 51 to 70 |
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 : |
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, 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 |
GMM
S.P.A.
Via Nuova, 155/B
28883 - Gravellona Toce (VB) -IT-
|
Fiscal
Code |
: |
01470340033 |
|
Legal
Form |
: |
Joint
stock company |
|
start
of Activities |
: |
06/10/1993 |
|
Equity |
: |
Over
2.582.254 |
|
Turnover
Range |
: |
20.000.000/25.000.000
|
|
Number
of Employees |
: |
from
51 to 70 |
Manufacture
of other machine tools
Legal
Form : Joint stock company
|
Fiscal
Code : 01470340033 |
|
Foreign
Trade Reg. no. : VB002909 since 20/02/1995 |
|
Chamber
of Commerce no. : 308007 of Bergamo |
|
Chamber
of Commerce no. : 176119 of Novara |
|
Chamber
of Commerce no. : 176119 of Verbania since 10/12/1993 |
|
Chamber
of Commerce no. : 360983 of Vicenza |
|
Firms'
Register : of Novara |
|
V.A.T.
Code : 01470340033 |
|
Tribunal
Co. Register : 8752 of |
|
Foundation
date |
:
01/10/1993 |
|
|
Establishment
date |
:
01/10/1993 |
|
|
Start
of Activities |
:
06/10/1993 |
|
|
Legal
duration |
:
31/12/2030 |
|
|
Nominal
Capital |
:
1.000.000 |
|
|
Subscribed
Capital |
:
1.000.000 |
|
|
Paid
up Capital |
:
1.000.000 |
|
Legal
mail : |
GMMSPA@PEC.CONFARTIGIANATO.IT |
|
Lagostina |
Giovanni |
|
Born
in Gravellona Toce |
(NO) |
on
22/09/1946 |
-
Fiscal Code : LGSGNN46P22E153Y |
|
Residence: |
Cantarana |
,
11 |
-
28883 |
Gravellona
Toce |
(VB) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Board
Chairman |
22/06/2015 |
||
|
Managing
Director |
22/06/2015 |
|
No Prejudicial events are reported |
|
No
Protests registered |
|
Guazzoni |
Luigi |
|
Born
in Verbania |
(NO) |
on
01/01/1941 |
-
Fiscal Code : GZZLGU41A01L746L |
|
Residence: |
Giulio
Pogiani |
,
3/D |
-
28900 |
Verbania |
(VB) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Managing
Director |
22/06/2015 |
||
|
Director |
22/06/2015 |
|
No Prejudicial events are reported |
|
No
Protests registered |
|
Franzi |
Corradino |
|
Born
in Varese |
(VA) |
on
20/04/1954 |
-
Fiscal Code : FRNCRD54D20L682Z |
|
Residence: |
Monti |
,
11 |
-
21059 |
Viggiu' |
(VA) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Procurator |
30/11/2001 |
||
|
Director |
22/06/2015 |
|
No Prejudicial events are reported |
|
No
Protests registered |
|
Gmm
Holding S.p.a. |
|
: |
Nuova |
,
155/B |
-
28883 |
Gravellona
Toce |
(VB) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Partner |
|
No Prejudicial events are reported |
|
No
Protests registered |
*checkings
have been performed on a national scale.
In
this module are listed the companies in which members hold or have holded
positions.
|
Lagostina |
Giovanni |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
Terzago
Brevetti S.r.l- |
Gravellona
Toce (VB) - IT - |
06733630583 |
Director |
Active |
Registered |
|
Terzago
Brevetti S.r.l- |
Gravellona
Toce (VB) - IT - |
06733630583 |
Managing
Director |
Active |
Registered |
|
Mectoce
S.r.l. |
Gravellona
Toce (VB) - IT - |
01817250036 |
Director |
Active |
Registered |
|
Gmm
Holding S.p.a. |
Gravellona
Toce (VB) - IT - |
01979820030 |
Director |
Active |
Registered |
|
Guazzoni |
Luigi |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
TERZAGO
BREVETTI - S.R.L. |
Gravellona
Toce (VB) - IT - |
01171150038 |
Sole
Director |
Withdrawn |
Registered |
|
Terzago
Brevetti S.r.l- |
Gravellona
Toce (VB) - IT - |
06733630583 |
Managing
Director |
Active |
Registered |
|
Terzago
Brevetti S.r.l- |
Gravellona
Toce (VB) - IT - |
06733630583 |
Board
Chairman |
Active |
Registered |
|
Mectoce
S.r.l. |
Gravellona
Toce (VB) - IT - |
01817250036 |
Director |
Active |
Registered |
|
Gmm
Holding S.p.a. |
Gravellona
Toce (VB) - IT - |
01979820030 |
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.
Shareholders'
list as at date of data collection:
|
Firm's
Style / Name |
Seat
/ Residence |
Fiscal
Code |
Owned
Shares |
%
Ownership |
|
Gmm
Holding S.p.a. |
Gravellona
Toce - IT - |
01979820030 |
898.000
.Eur |
89,80 |
|
Newton
Equity Partners S.r.l. |
Milano
- IT - |
04995680966 |
102.000
.Eur |
10,20 |
The
Company under review has participations in the following Companies:
|
Firm's
Style |
Seat |
Fiscal
Code |
Owned
Shares Amount |
%
Ownership |
since
|
until
|
Share
Status |
|
Internazionale
Marmi E Macchine - Carrar a S.p.a. |
Carrara
- IT - |
00207170457 |
51.724
.Eur |
0,16 |
Active |
||
|
Mectoce
S.r.l. |
Gravellona
Toce - IT - |
01817250036 |
50.000
.Eur |
80,00 |
Active |
||
|
Cemar
S.r.l. |
Schio
- IT - |
03125500243 |
75.000
.Eur |
75,00 |
Active |
In
order to carry out its activities the firm uses the following locations:
|
- |
Legal
and operative seat |
since
06/10/1993 |
|
Nuova |
,
155/B |
-
28025 |
-
Gravellona Toce |
(VB) |
-
IT - |
|
PHONE |
:
0323864381 |
|
FAX |
:
0323864517 |
|
Legal
mail |
:
GMMSPA@PEC.CONFARTIGIANATO.IT |
|
- |
Branch |
(Sales
office) |
since
01/07/2005 |
|
Caduti
Del Lavoro |
,
20/22 |
-
28020 |
-
Pieve Vergonte |
(VB) |
-
IT - |
|
- |
Branch |
(Store) |
since
20/02/2013 |
|
Lago
Di Misurina |
,
72 |
-
36015 |
-
Schio |
(VI) |
-
IT - |
|
Employees |
:
52 |
|
Assistants |
:
3 |
|
Fittings
and Equipment for a value of 71.000 |
Eur |
|
Stocks
for a value of 8.100.000 |
Eur |
|
Vehicles
: 1 |
Trade
organization: direct or by agents.
Sales
area on a national scale.
Import
comes generally from the following nations:
|
-
France |
Protests
checking on the subject firm has given a negative result.
Search
performed on a National Scale
|
Prejudicial
Events Search Result: |
|
Prejudicial
Events found with cancellations* |
Mortgage
by Court Injunction
on 29/09/2014. for an amount of 185.000 Euro. Event writing-off
|
CREDITO VALTELLINESE S. C. |
Search
performed on a specialized data base.
*Concerns
also partially erased events.
None
reported, standing to the latest received edition of the Official Publications.
The
firm operates with:
|
Bank
Name |
Agency
Name |
Address |
ZIP
Code |
City |
ABI
Code |
CAB
Code |
|
BANCA
POPOLARE DI NOVARA |
5608 |
0 |
||||
|
BANCA
INTESA SPA |
3069 |
0 |
Company's
starting of activities dates back to 1993.
The
analysis is based on the latest 3 balance sheets.
Unstable
economic results mark the company's financial state of affairs. yet with a
positive result in the 2013 (r.o.e. 9,3%). Upward trend as to the turnover in
the last financial year (+15,5%).
The
return on Investment in the last financial year was positive (3,53%) falling
within the field's average.
An
operating result of Eur. 882.201 has been registered. with a -43,9% fall as
against the year 2012.
The
G.O.M. amounted to Eur. 1.638.109 on the same levels as the previous financial
year.
The
analysis shows a fair financial position as the indebtedness volume is
acceptable (3,94) and decreasing as against 2012.
With
regard to equity capital, an amount of Eur. 4.784.166 is registered. with a
growth of 22,85% in 2013.
Total
indebtedness amounts to Eur. 19.471.166, on the same levels as the year before.
The
recourse to bank credit is slightly high and also borrowings from suppliers
appear to be high, with an average payment period equal to 136,31 gg. but lined
up with the field's average.
Liquidity
is good (1,12)
As
far as the collection of credit goes, the average is high (145,48 days). even
higher than the average of the specific sector.
The
financial management generated a cash flow of Eur. 825.924.
Labour
cost amounts to Eur. 2.959.856, with a 12% incidence on production costs. and a
12,17% incidence on sales volumes.
Financial
charges have a high incidence (-2,02%) on turnover figures.
|
Complete
balance-sheet for the year |
al
31/12/2013 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
24.315.774 |
|
Profit
(Loss) for the period |
445.016 |
|
Complete
balance-sheet for the year |
al
31/12/2012 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
21.051.380 |
|
Profit
(Loss) for the period |
-716.126 |
|
Complete
balance-sheet for the year |
al
31/12/2011 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
21.213.412 |
|
Profit
(Loss) for the period |
13.940 |
|
Complete
balance-sheet for the year |
al
31/12/2010 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
19.707.186 |
|
Profit
(Loss) for the period |
-321.187 |
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 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
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 |
0,13 |
0,15 |
0,17 |
|
Elasticity
Ratio |
Units |
0,87 |
0,86 |
0,85 |
0,80 |
|
Availability
of stock |
Units |
0,32 |
0,31 |
0,28 |
0,27 |
|
Total
Liquidity Ratio |
Units |
0,55 |
0,55 |
0,57 |
0,50 |
|
Quick
Ratio |
Units |
0,02 |
0,00 |
0,01 |
0,03 |
|
COMPOSITION
ON SOURCE |
|||||
|
Net
Short-term indebtedness |
Units |
3,94 |
4,04 |
2,83 |
3,14 |
|
Self
Financing Ratio |
Units |
0,19 |
0,18 |
0,22 |
0,19 |
|
Capital
protection Ratio |
Units |
0,60 |
0,93 |
0,78 |
0,68 |
|
Liabilities
consolidation quotient |
Units |
0,03 |
0,13 |
0,23 |
0,18 |
|
Financing |
Units |
4,07 |
4,48 |
3,41 |
3,79 |
|
Permanent
Indebtedness Ratio |
Units |
0,22 |
0,27 |
0,36 |
0,34 |
|
M/L
term Debts Ratio |
Units |
0,02 |
0,10 |
0,15 |
0,09 |
|
Net
Financial Indebtedness Ratio |
Units |
1,85 |
2,61 |
1,85 |
0,77 |
|
CORRELATION |
|||||
|
Fixed
assets ratio |
Units |
1,76 |
2,05 |
2,46 |
1,75 |
|
Current
ratio |
Units |
1,12 |
1,20 |
1,35 |
1,23 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
0,70 |
0,77 |
0,91 |
0,78 |
|
Structure's
primary quotient |
Units |
1,56 |
1,33 |
1,47 |
1,04 |
|
Treasury's
primary quotient |
Units |
0,03 |
0,00 |
0,02 |
0,05 |
|
Rate
of indebtedness ( Leverage ) |
% |
521,70 |
563,15 |
458,14 |
518,96 |
|
Current
Capital ( net ) |
Value |
2.305.940 |
3.139.661 |
4.611.778 |
406.983 |
|
RETURN |
|||||
|
Return
on Sales |
% |
3,40 |
-1,47 |
1,49 |
3,69 |
|
Return
on Equity - Net- ( R.O.E. ) |
% |
9,30 |
-18,39 |
0,30 |
5,16 |
|
Return
on Equity - Gross - ( R.O.E. ) |
% |
8,20 |
-7,20 |
10,97 |
17,72 |
|
Return
on Investment ( R.O.I. ) |
% |
3,53 |
7,17 |
6,64 |
3,94 |
|
Return/
Sales |
% |
3,63 |
7,47 |
6,61 |
4,48 |
|
Extra
Management revenues/charges incid. |
% |
50,44 |
-45,53 |
0,99 |
26,52 |
|
Cash
Flow |
Value |
825.924 |
-309.469 |
315.059 |
142.024 |
|
Operating
Profit |
Value |
882.201 |
1.572.804 |
1.402.264 |
126.602 |
|
Gross
Operating Margin |
Value |
1.638.109 |
1.979.461 |
1.703.383 |
241.461 |
|
MANAGEMENT |
|||||
|
Credits
to clients average term |
Days |
145,48 |
171,22 |
173,29 |
116,01 |
|
Debts
to suppliers average term |
Days |
136,31 |
119,57 |
112,92 |
127,79 |
|
Average
stock waiting period |
Days |
119,88 |
115,29 |
99,55 |
96,89 |
|
Rate
of capital employed return ( Turnover ) |
Units |
0,97 |
0,96 |
1,00 |
1,03 |
|
Rate
of stock return |
Units |
3,00 |
3,12 |
3,62 |
3,58 |
|
Labour
cost incidence |
% |
12,17 |
11,45 |
10,29 |
21,20 |
|
Net
financial revenues/ charges incidence |
% |
-2,02 |
-1,93 |
-1,45 |
-1,00 |
|
Labour
cost on purchasing expenses |
% |
12,00 |
11,58 |
10,82 |
20,95 |
|
Short-term
financing charges |
% |
2,58 |
2,34 |
2,11 |
2,70 |
|
Capital
on hand |
% |
102,65 |
104,17 |
99,57 |
96,90 |
|
Sales
pro employee |
Value |
264.301 |
501.223 |
311.961 |
191.520 |
|
Labour
cost pro employee |
Value |
32.172 |
57.382 |
32.115 |
39.641 |
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.
|
Population
living in the province |
:
|
161.575 |
|
Population
living in the region |
:
|
4.330.172 |
|
Number
of families in the region |
:
|
1.889.207 |
Monthly
family expences average in the region (in Eur..) :
|
-
per food products |
:
|
429 |
|
-
per non food products |
:
|
1.789 |
|
-
per energy consume |
:
|
135 |
The
values are calculated on a base of 45 significant companies.
The
companies cash their credits on an average of 116 dd.
The
average duration of suppliers debts is about 128 dd.
The
sector's profitability is on an average of 3,69%.
The
labour cost affects the turnover in the measure of 21,20%.
Goods
are held in stock in a range of 97 dd.
The
difference between the sales volume and the resources used to realize it is
about 1,03.
The
employees costs represent the 20,95% of the production costs.
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.66.26 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.74.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.