MIRA
INFORM REPORT
|
Report Date : |
09.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
Cadchod S.r.l. |
|
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|
|
Registered Office : |
Via Spadari, 7, 20100 – Milano (MI) |
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Country : |
Italy |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
07/01/1998 |
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|
Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale
of watches, clocks and jewellery. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
29.400
- Eur |
|
|
|
|
Status : |
Moderate |
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Payment Behaviour : |
No
Complaints |
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Litigation : |
Clear |
name & address
Cadchod S.r.l.
Via Spadari, 7
20100 - Milano (MI) -IT-
SUMMARY
|
Legal Form |
: |
Limited liability company |
|
Start of Activities |
: |
07/01/1998 |
|
Patrimonial Consistence |
: |
250.000 Eur |
|
Turnover Range |
: |
2.250.000/3.000.000 Eur |
|
Number of Employees |
: |
from 1 to 5 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
29.400 - Eur |
|
|
|
following the future developments. |
ACTIVITY
Wholesale
of watches, clocks and jewellery.
LEGAL DATA
Legal
Form : Limited liability company
|
Fiscal Code : 12235880155 |
|
Chamber of Commerce no. : 1542181 of
Milano since 13/11/1997 |
|
Firms' Register : MI-1997-295336 since
11/11/1997 |
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V.A.T. Code : 12235880155 |
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Establishment Date |
: 18/09/1997 |
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|
Start of Activities |
: 07/01/1998 |
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|
Legal Duration Date |
: 31/12/2030 |
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|
Nominal Capital |
:
19.800 |
Eur |
|
Subscribed Capital |
:
19.800 |
Eur |
|
Paid up Capital |
:
19.800 |
Eur |
MEMBERS
|
Yekutiel |
Ron |
|
Born in Kfar Saba |
on 16/04/1958 |
- Fiscal Code : YKTRNO58D16Z226I |
|
Via |
Arzaga |
, 24 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Sole Director |
01/03/2002 |
|
|
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 held positions.
|
Yekutiel |
Ron |
|
Company
Style |
Legal
Seat |
Fiscal
Code |
Position |
Firm
Status |
|
YEKUTIEL RON |
Milano (MI) - IT - |
YKTRNO58D16Z226I |
Proprietor |
Ceased |
The
indication "REGISTERED" as Firm Status could refere to Firms in
Liquidation, Active, Inactive, etc.
For more
information, in this case, we advise to request further investigations.
CAPITAL SHAREHOLDERS
|
Style
/ Name |
Seat
/ Address |
Fiscal
Code |
Owned
Shares |
%
of Ownership |
|
SOCIETA' ITALIANA DI REVISIONE E
FIDUCIARIA S.I.RE.F.S.P.A |
Milano - IT - |
01840910150 |
9.702
.Eur |
49,00
|
|
SANPAOLO FIDUCIARIA S.P.A. O, PIU'
BREVEMENTE, SANPAOLOFID S.P.A. |
Milano - IT - |
08503890157 |
10.098
.Eur |
51,00
|
DIRECT PARTICIPATIONS
The
Company under review has no participations in other Companies.
STRUCTURE AND COMPANY
ACTIVITY
In order
to carry out its activities the firm uses the following locations:
|
- |
Legal and operative seat |
|
in : |
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|
|
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|
Via |
Spadari |
, 7/9 |
- 20100 - |
Milano |
(MI) |
- IT - |
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|
PHONE |
: 02/86915700 |
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|
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Employees |
: 3 |
|
|
|
|
Fittings and Equipment |
for
a value of 322.785 |
Eur |
|
|
|
|
Stocks |
for
a value of 402.836 |
Eur |
The firm
has a direct commercial organization
Sales
area on a regional scale.
PAYMENTS ANALYSIS
The
average term of debts to suppliers is normal compared with that of the sector.
PAYMENTS
SCORE : - No insolvency
CREDIT REVOLVING
During
last Year, the subject of inquiry has not been monitored by our company.
PROTESTS
Protests
checking on the subject firm has given a negative result.
LEGAL PROCEDURES
None
reported, standing to the last received edition of the Official Publications.
IMMOVABLES *
*No
specific (mortgage/cadastrial registrations) inspections have been requested.
None
reported in the name of the Firm.
FINANCIAL AND
ECONOMICAL ANALYSIS
Company's
starting of activities dates back to 1998.
Under an
economic point of view, profits were registered during the last years with a
r.o.e. of 2,59% in 2005 with an increase in 2005 (+52,82%).
The
return on Investment in the last financial year was positive (10,54%) and in
line with the sector's average.
Short-term
debts volume if compared to net worth, as it comes out from the total
indebtedness (9,3) which is rising compared to 2004.
Payments
average period is slightly high despite being lined up with sector's average.
Liquidity
is good (1,08)
FINANCIAL DATA
|
Complete balance-sheet for the year as at
|
31/12/2005 |
(in Eur |
x 1 ) |
|
Item
Type |
Amount |
Source |
|
Sales |
2.687.277 |
filed balance sheet |
|
Profit (Loss) for the period |
6.068 |
filed balance sheet |
|
Complete balance-sheet for the year as at
|
31/12/2004 |
(in Eur |
x 1 ) |
|
Item
Type |
Amount |
Source |
|
Sales |
1.758.421 |
filed balance sheet |
|
Profit (Loss) for the period |
45.727 |
filed balance sheet |
BALANCE SHEETS
From our
constant monitoring of the Public Administration, actually, no more recent
balance sheets result to be filed.
|
Balance
Sheet as at 31/12/2005 - Months 12 - Currency Eur - Amounts x 1 |
|
Balance
Sheet as at 31/12/2004 - Months 12 - Currency Eur - Amounts x 1 |
|
Years |
|
|
2005 |
2004 |
|
|
BALANCE SHEET ACCOUNTS |
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|
. |
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ASSETS |
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CREDITS TO SHAREHOLDERS |
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|
|
|
|
FIXED ASSETS ( NET ) |
|
|
50.896 |
71.986 |
|
. Intangible assets |
|
|
1.236 |
2.867 |
|
. Tangible fixed assets |
|
|
49.660 |
69.119 |
|
. . Land and buildings |
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. . Plants, Equipm.and Machinery |
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. Long-term Investments |
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. . Financial loans |
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. . Own shares |
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CURRENT ASSETS |
|
|
2.444.532 |
2.060.303 |
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. Stock |
|
|
808.046 |
868.010 |
|
. Credits |
|
|
1.561.760 |
1.131.275 |
|
. . Credits to clients |
|
|
1.561.760 |
1.131.275 |
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. . Other credits |
|
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|
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. Short-term financial assets |
|
|
|
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. Liquid assets |
|
|
74.726 |
61.018 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
4.853 |
5.471 |
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TOTAL ASSETS |
|
|
2.500.281 |
2.137.760 |
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. |
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LIABILITIES |
|
|
|
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NET WORTH |
|
|
233.726 |
227.657 |
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. Company's capital |
|
|
19.800 |
19.800 |
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. Reserves |
|
|
207.858 |
162.130 |
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. Reserves company's own shares |
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. Retained profits (losses) |
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|
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. Profit (loss) |
|
|
6.068 |
45.727 |
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PROVISION CHARGES ACCOUNTS |
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STAFF TERM INDEMNITY |
|
|
17.331 |
14.557 |
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DEBTS |
|
|
2.249.224 |
1.895.546 |
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. Financial M/L terms |
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. . Financial M/L term banks |
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. . Financial M/L bonds |
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. . Other financial M/L debts |
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. Financial short-term debts |
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. . Financial short-term banks |
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. . Financial short-term bonds |
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. . Other financial short-term debts |
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. M/L term debts to suppliers |
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. Short-term debts to suppliers |
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. Sundry M/L debts |
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. Sundry short-term debts |
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ACCRUED COSTS DEFERR. LIABILITIES |
|
|
|
|
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TOTAL LIABILITIES |
|
|
2.500.281 |
2.137.760 |
|
. |
|
|
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PROFIT AND LOSS ACCOUNTS |
|
|
|
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OUTPUT VALUE |
|
|
2.687.277 |
1.759.716 |
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. Revenues from sales/services |
|
|
2.687.277 |
1.758.421 |
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. Change of stock (products) |
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|
|
|
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OPERATING EXPENSES |
|
|
2.423.698 |
1.849.108 |
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. Purchasing expenses |
|
|
2.160.814 |
1.733.168 |
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. Change of stock (raw material) |
|
|
59.964 |
-57.820 |
|
. Expenses from services |
|
|
85.531 |
80.032 |
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. Expenses from leasing |
|
|
29.200 |
29.324 |
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. General expenses/sundry charges |
|
|
1.728 |
3.832 |
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. Staff expenses |
|
|
52.880 |
35.524 |
|
. Depreciation/Devaluation costs |
|
|
33.581 |
25.048 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-220.642 |
165.150 |
|
. Financial charges |
|
|
-221.421 |
163.911 |
|
. Financial revenues |
|
|
779 |
1.239 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
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EXTRAORDINARY FINANCIAL REVENUES
(CHARGES) |
|
|
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PROFIT (LOSS) FOR THE PERIOD |
|
|
42.937 |
75.758 |
|
TAX |
|
|
36.869 |
30.031 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
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|
NET PROFIT (LOSS) |
|
|
6.068 |
45.727 |
|
RATIOS |
Item |
O.V. |
O.V. |
as
at 31/12/2005 |
as
at 31/12/2004 |
Sector
Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
4,93 |
3,36 |
2,53 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
9,30 |
8,05 |
4,82 |
|
Current ratio |
Units |
=> 1 |
l |
1,08 |
1,08 |
1,16 |
|
Acid Test Ratio-Liquidity Ratio |
Units' |
=> 1 |
l |
0,72 |
0,62 |
0,86 |
|
Return on Sales |
% |
|
l |
1,47 |
4,02 |
1,93 |
|
Average stock waiting period |
dd |
|
l |
108,21 |
177,69 |
54,54 |
|
Credits to clients average term |
dd |
|
l |
209,19 |
231,58 |
120,63 |
|
Debts to suppliers average term |
dd |
|
l |
120,00 |
370,00 |
140,00 |
|
Net financial revenues/ charges incidence |
% |
|
l |
-
8,21 |
9,39 |
-
0,85 |
|
Labour cost incidence |
% |
|
l |
1,96 |
2,02 |
7,30 |
O.V.
= Optimal Value. When not present refer to the sector's.
A
coloured item indicates the opinion of the rate during the last financial year
(green=good;
orange=not optimal; red=insufficient; n.c.=not computable)
CREDIT OPINION
DETERMINATION
The
credit opinion determination is divided into two phases :
1) Risk
analysis (Score).
2)
Reliability score identification.
RELIABILITY SCORE
Considering
also subject's structural and behavioural characteristics its credit margin
rate (from 0 to 100%) is equal to 36%, in respect of a sector average of 40%.
CREDIT OPINION
On the
basis of the above mentioned, and the sales volume obtained, we deem that the
maximum exposure for short and medium term transactions ( 90 - 120 days ) could
be of:
29.400 .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.
MARKET / TERRITORY
DATA
|
Population living in the province |
: |
3.839.216 |
|
Population living in the region |
: |
9.393.092 |
|
Number of families in the region |
: |
3.858.736 |
Monthly
family expenses average in the region (in Eur.) :
|
- per food products |
: |
460 |
|
- per non food products |
: |
2.090 |
|
- per energy consume |
: |
114 |
SECTOR DATA
The
values are calculated on a base of 1.980 significant companies.
The
companies cash their credits on an average of 120 dd.
The
average duration of suppliers debts is about 140 dd.
The
sector's profitability is on an average of 1,93%.
The
labour cost affects the turnover in the measure of 7,30%.
Goods
are held in stock in a range of 54 dd.
The
difference between the sales volume and the resources used to realize it is
about 1,46.
The
employees costs represent the 7,41% 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.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|