MIRA
INFORM REPORT
|
Report Date : |
17.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
GOLD STAR EUROPE S.R.L. |
|
|
|
|
Registered Office : |
Via Vecchia Ferriera,70 36100- Vicenza(VI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
27.11.2007 |
|
|
|
|
Legal Form : |
Sole-Member Limited Liability Company |
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|
|
|
Line of Business : |
Wholesale of clocks, watches and jewellery |
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 |
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|
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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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name and address
Gold Star Europe S.r.l.
Via Vecchia Ferriera,70
36100- Vicenza(VI)-IT-
Summary
|
Fiscal Code |
: |
03410450245 |
|
Legal Form |
: |
Sole-Member Limited Liability Company |
|
start of Activities |
: |
27/11/2007 |
|
Equity |
: |
300.000 Eur |
|
Turnover Range |
: |
3.750.000/5.000.000 Eur |
|
Number of Employees |
: |
from 1 to 5 |
Activity
Wholesale of clocks, watches and jewellery
Retail sale of watches, jewellery and silverware
Legal Data
Legal Form : Sole-Member Limited Liability Company
|
Fiscal Code : 03410450245 |
|
Chamber of Commerce no. : 323292 of Vicenza since 01/08/2007 |
|
V.A.T. Code : 03410450245 |
|
Establishment date |
: 24/07/2007 |
|
|
Start of Activities |
: 27/11/2007 |
|
|
Legal duration |
: 31/12/2030 |
|
|
Nominal Capital |
: 90.000 |
Eur |
|
Subscribed Capital |
: 90.000 |
Eur |
|
Paid up Capital |
: 90.000 |
Eur |
Members
|
|
Trevisan |
Maurizio |
|
|
|
Born in Verona |
(VR) |
on 01/01/1960 |
- Fiscal Code : TRVMRZ60A01L781I |
|
|
|
Residence : |
Via |
Localita' Dossi |
, 3 |
- 37036 |
San Martino Buon Albergo |
(VR) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
20/07/2010 |
|
|
|
|
No Protests registered |
|
|
Marangoni |
Gianni |
|
|
|
Born in Castelmassa |
(RO) |
on 22/03/1965 |
- Fiscal Code : MRNGNN65C22C207U |
|
|
|
Residence : |
Via |
Gramignazzi |
, 426 |
- 45030 |
Castelnovo Bariano |
(RO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
20/07/2010 |
|
|
|
Director |
20/07/2010 |
|
|
|
Board Chairman |
20/07/2010 |
|
|
|
|
No Protests registered |
|
|
Pozza |
Stefano Gino |
|
|
|
Born in Marostica |
(VI) |
on 03/12/1967 |
- Fiscal Code : PZZSFN67T03E970P |
|
|
|
Residence : |
Via |
Dell'artigianato |
, 27 |
- 36060 |
Molvena |
(VI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
20/07/2010 |
|
|
|
|
No Protests registered |
|
|
Incani |
Alessandro |
|
|
|
Born in Ferrara |
(FE) |
on 01/07/1973 |
- Fiscal Code : NCNLSN73L01D548L |
|
|
|
Residence : |
Via |
Cesare Battisti |
, 119 |
- 45035 |
Castelmassa |
(RO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
20/07/2010 |
|
|
|
Director |
20/07/2010 |
|
|
|
|
No Protests registered |
|
|
G.s.e. International S.a. |
|
|
|
|
Rue De L'eau |
, 18 |
Lussemburgo |
- LU - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole partner |
|
|
|
|
|
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.
|
|
MARANGONI |
GIANNI |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
C.G. EMMOLOGIA DI MARANGONI GIANNI |
Castelnovo Bariano (RO) - IT - |
MRNGNN65C22C207U |
Proprietor |
Withdrawn |
Registered |
|
PROGETTO D DI INCANI ALESSANDRO E C. S.A.S. |
Castelnovo Bariano (RO) - IT - |
01183010295 |
Limited Partner |
Withdrawn |
Ceased |
|
PROGETTO G.S.E. S.R.L. |
Vicenza (VI) - IT - |
03475350249 |
Director |
Active |
Registered |
|
|
INCANI |
ALESSANDRO |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
PROGETTO D DI INCANI ALESSANDRO E C. S.A.S. |
Castelnovo Bariano (RO) - IT - |
01183010295 |
General Partner |
Withdrawn |
Ceased |
|
PROGETTO G.S.E. S.R.L. |
Vicenza (VI) - IT - |
03475350249 |
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 |
|
G.s.e. International S.a. |
Lussemburgo - LU - |
03486940244 |
|
100,00 |
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 |
|
|
|
|
|
|
Via |
Vecchia Ferriera |
, 70 |
- 36100 |
- Vicenza |
(VI) |
- IT - |
|
|
|
|
PHONE |
: 0444/167933 |
|
|
|
|
PHONE |
: 0444/167935 |
|
|
|
|
Employees |
: 1 |
|
Fittings and Equipment for a value of 15.000 |
Eur |
|
Stocks for a value of 280.000 |
Eur |
|
|
Historical Information and/or Firm's Status
EX-MEMBERS / EX-POSITIONS:
|
|
Trevisan |
Maurizio |
|
|
|
Born in Verona |
on 01/01/1960 |
- Fiscal Code : TRVMRZ60A01L781I |
|
|
|
Residence : |
Via |
Localita' Dossi |
, 3 |
- 37036 |
San Martino Buon Albergo |
(VR) |
- IT - |
|
Ex-Postions |
|
Board Chairman |
Protests
Protests checking on the subject firm has given a negative result.
Legal Procedures
None reported, standing to the latest received edition of the Official
Publications.
Financial and Economical Analysis
Company's starting of activities dates back to some years ago (2007).
The economic-financial analysis has been made on the base of the b/s of
the latests three years.
During the last years, it recorded positive net results (r.o.e. 44,57%
in 2009) thanks to a progressive increase in turnover (+97,32% in 2009 compared
to 2008 and more then 100% in 2008 compared to 2007).
The operating result in 2009 was positive (6,25%) falling within the
field's average.
The amount of the operating result for the year 2009 is of Eur. 217.517
rising (+more then 100%) in relation to the previous year.
The G.O.M. amounted to Eur. 290.230 showing a more then 100% growth.
The ratio between shareholder's equity and borrowed capital is not well
balanced, the indebtedness level is equal to 8,9 which is also improving if
compared to the previous year.
The management generated equity capital for an amount of Eur. 270.454 ,
increasing by 80,4% if compared to the year before.
During the last financial year debts totalled Eur. 3.205.974 (Eur.
608.563 of which were m/l term debts) with a growth equal to 97,01%.
The financial exposure is moderate, on the other hand the recourse to
commercial credit is high, with a high average payment period even in
comparison with the sector's.
Liquidity is however good.
Trade credits are collected slowly, average term is 246,84 days. even
higher than the average of the specific sector.
The financial management generated a cash flow of Eur. 193.255.
Labour cost amounts to Eur. 38.070, with a 0,99% incidence on production
costs. , whereas the incidence on sales revenues is of 0,93%.
If compared to the sales volume (-0,52%), the impact of the financial
charges is limited.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
4.081.898 |
|
Profit (Loss) for the period |
120.542 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
2.068.596 |
|
Profit (Loss) for the period |
9.863 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
1.023.115 |
|
Profit (Loss) for the period |
50.048 |
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 31/12/2009 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
- Balance Sheet as at 31/12/2008 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
- Balance Sheet as at 31/12/2007 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
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|
RATIOS |
Value Type |
as at 31/12/2009 |
as at 31/12/2008 |
as at 31/12/2007 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,05 |
0,10 |
0,11 |
0,12 |
|
Elasticity Ratio |
Units |
0,95 |
0,90 |
0,89 |
0,85 |
|
Availability of stock |
Units |
0,08 |
0,24 |
0,10 |
0,48 |
|
Total Liquidity Ratio |
Units |
0,87 |
0,66 |
0,79 |
0,26 |
|
Quick Ratio |
Units |
0,05 |
0,03 |
0,46 |
0,05 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
8,90 |
6,34 |
3,08 |
3,86 |
|
Self Financing Ratio |
Units |
0,08 |
0,08 |
0,13 |
0,15 |
|
Capital protection Ratio |
Units |
0,22 |
0,33 |
0,00 |
0,58 |
|
Liabilities consolidation quotient |
Units |
0,23 |
0,62 |
n.c. |
0,15 |
|
Financing |
Units |
11,85 |
10,85 |
6,55 |
5,35 |
|
Permanent Indebtedness Ratio |
Units |
0,25 |
0,43 |
0,13 |
0,31 |
|
M/L term Debts Ratio |
Units |
0,18 |
0,35 |
n.c. |
0,09 |
|
Net Financial Indebtedness Ratio |
Units |
0,06 |
1,33 |
0,00 |
0,57 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
5,20 |
4,27 |
1,17 |
2,11 |
|
Current ratio |
Units |
1,27 |
1,60 |
1,03 |
1,19 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,16 |
1,17 |
0,92 |
0,44 |
|
Structure's primary quotient |
Units |
1,60 |
0,83 |
1,17 |
1,19 |
|
Treasury's primary quotient |
Units |
0,07 |
0,06 |
0,54 |
0,09 |
|
Rate of indebtedness ( Leverage ) |
% |
1.285,90 |
1.194,11 |
761,25 |
665,11 |
|
Current Capital ( net ) |
Value |
697.482 |
601.732 |
29.734 |
123.388 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
4,73 |
1,57 |
5,13 |
2,87 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
44,57 |
6,58 |
35,74 |
7,69 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
72,14 |
12,81 |
56,10 |
24,31 |
|
Return on Investment ( R.O.I. ) |
% |
6,25 |
3,34 |
5,21 |
4,69 |
|
Return/ Sales |
% |
5,33 |
2,89 |
5,43 |
3,78 |
|
Extra Management revenues/charges incid. |
% |
55,42 |
16,49 |
90,13 |
29,69 |
|
Cash Flow |
Value |
193.255 |
32.428 |
52.486 |
41.697 |
|
Operating Profit |
Value |
217.517 |
59.824 |
55.531 |
55.640 |
|
Gross Operating Margin |
Value |
290.230 |
82.389 |
57.969 |
87.260 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
246,84 |
192,60 |
113,29 |
30,31 |
|
Debts to suppliers average term |
Days |
283,78 |
211,06 |
274,68 |
160,73 |
|
Average stock waiting period |
Days |
25,11 |
74,98 |
37,60 |
119,66 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,17 |
1,16 |
0,96 |
1,28 |
|
Rate of stock return |
Units |
14,34 |
4,80 |
9,57 |
2,97 |
|
Labour cost incidence |
% |
0,93 |
1,41 |
n.c. |
10,86 |
|
Net financial revenues/ charges incidence |
% |
- 0,52 |
- 1,95 |
2,25 |
- 1,00 |
|
Labour cost on purchasing expenses |
% |
0,99 |
1,45 |
n.c. |
10,79 |
|
Short-term financing charges |
% |
0,69 |
2,58 |
n.c. |
2,12 |
|
Capital on hand |
% |
85,20 |
86,54 |
104,20 |
78,08 |
|
Sales pro employee |
Value |
4.081.898 |
2.068.596 |
|
285.501 |
|
Labour cost pro employee |
Value |
38.070 |
29.219 |
|
31.571 |
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:
90.000Eur.
Market / Territory Data
|
Population living in the province |
: |
831.356 |
|
Population living in the region |
: |
4.699.950 |
|
Number of families in the region |
: |
1.813.210 |
Monthly family expences average in the region (in Eur.) :
|
- per food products |
: |
456 |
|
- per non food products |
: |
2.052 |
|
- per energy consume |
: |
127 |
Sector Data
The values are calculated on a base of 2.211 significant companies.
The companies cash their credits on an average of 30 dd.
The average duration of suppliers debts is about 160 dd.
The sector's profitability is on an average of 2,87%.
The labour cost affects the turnover in the measure of 10,86%.
Goods are held in stock in a range of 119 dd.
The difference between the sales volume and the resources used to
realize it is about 1,28.
The employees costs represent the 10,79% of the production costs.
Statistical Detrimental Data
The area is statistically considered lowly risky.
In the region 13.782 protested subjects are found; in the province they
count to 2.234.
The insolvency index for the region is 0,30, , while for the province it
is 0,27.
Total Bankrupt companies in the province : 2.546.
Total Bankrupt companies in the region : 16.714.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.90 |
|
|
1 |
Rs.72.54 |
|
Euro |
1 |
Rs.63.39 |
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.