MIRA INFORM REPORT
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Report Date : |
09.09.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
CADCHODS.R.L.
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Registered Office : |
Via Spadari,7 , 20100- Milano (MI) -IT |
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Country : |
Italy |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.09.1997 |
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Com. Reg. No.: |
MI-1997-295336 since 11/11/1997 |
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Legal Form : |
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 |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
60.000 Eur |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
& address
CadchodS.r.l.
Via Spadari, 7
20100 - Milano (MI) -IT-
Summary
|
Fiscal Code |
: |
12235880155 |
|
Legal Form |
: |
Limited liability
company |
|
start of Activities |
: |
07/01/1998 |
|
Equity |
: |
750.000 Eur |
|
Turnover Range |
: |
3.000.000/3.750.000
Eur |
|
Number of Employees |
: |
from 6 to 10 |
Credit
Analysis
|
Credit Opinion |
: |
60.000 - Eur |
Activity
Wholesale of clocks, watches and jewellery
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 12235880155 |
|
Chamber of Commerce no. : 1542181 of Milano since
13/11/1997 |
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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 |
: 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 |
|
|
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Born in Kfar Saba |
on 16/04/1958 |
- Fiscal Code : YKTRNO58D16Z226I |
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Residence : |
Via |
Arzaga |
, 24 |
- 20146 |
Milano |
(MI) |
- IT - |
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Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
01/03/2002 |
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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.
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YEKUTIEL |
RON |
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Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
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YEKUTIEL RON |
Milano (MI) - IT - |
YKTRNO58D16Z226I |
Proprietor |
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 |
|
Societa' Italiana Di Revisione E
FiduciariaS.i.re.f. S.p.A. |
Milano - IT - |
01840910150 |
9.702 .Eur |
49,00 |
|
Intesa Sanpaolo Trust Company FiduciariaS.p.a.o In
Breve Intesa Sanpaolo Trust |
Milano - IT - |
08503890157 |
10.098 .Eur |
51,00 |
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:
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- |
Legal and operative seat |
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Via |
Spadari |
, 7 |
- 20100 |
- Milano |
(MI) |
- IT - |
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PHONE |
: 02/86915700 |
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Employees |
: 6 |
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Fittings and Equipment for a value of 320.000 |
Eur |
|
Stocks for a value of 1.630.000 |
Eur |
The firm has a direct commercial organization
Sales area on a regional scale.
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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
1998.
The economic-financial analysis has been made on
the base of the b/s of the latests three years.
Unstable economic results mark the company's
financial state of affairs. anyway in 2010 a positive result was achieved
(r.o.e. 0,79%). Upward trend as to the turnover in the last financial year
(+21,25%).
The operating result in 2010 was positive (7,29%)
and in line with the sector's average.
The operating result is positive and amounts to
Eur. 299.885 with a more then 100% growth.
The G.O.M. amounted to Eur. 303.646 showing an
upward trend if compared to 2009.
The ratio between shareholder's equity and borrowed
capital is not well balanced, the indebtedness level is equal to 5,38
increasing as against 2009.
The management generated equity capital for an
amount of Eur. 627.571 on stable levels.
During the last financial year debts totalled Eur.
3.390.766 (Eur. 10.767 of which were m/l term debts) on the same levels as the
year before.
Both financial indebtedness and suppliers exposure
are rather high but lower than the field average.
It shows a good range of liquidity.
Due from customers average term is high and equal
to 287,71 days. also in relation to the average of the sector.
As far as the cash flow is concerned during the
latest financial year it amounted to Eur. 8.729
Labour cost expenses amount to Eur. 208.595 ,
representing 7,67% on the total of production costs. , with a 6,91% incidence
on turnover.
The financial management is marked by a high
incidence of financial charges in relation to sales revenues (-8,52%).
Financial Data
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Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
3.018.832 |
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Profit (Loss) for the period |
4.968 |
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Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
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Item Type |
Value |
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Sales |
2.489.650 |
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Profit (Loss) for the period |
-152.749 |
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Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
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Item Type |
Value |
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Sales |
4.105.565 |
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Profit (Loss) for the period |
-218.464 |
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Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
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Item Type |
Value |
|
Sales |
3.729.747 |
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Profit (Loss) for the period |
51.627 |
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Complete balance-sheet for the year |
31/12/2006 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
3.725.025 |
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Profit (Loss) for the period |
43.464 |
Balance Sheets
From our constant monitoring of the relevant Public
Administration offices, no more recent balance sheets result to have been
filed.
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- Balance Sheet as at 31/12/2010 - 12 Mesi -
Currency: Eur - Amounts x 1 |
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- Balance Sheet as at 31/12/2009 - 12 Mesi -
Currency: Eur - Amounts x 1 |
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- Balance Sheet as at 31/12/2008 - 12 Mesi -
Currency: Eur - Amounts x 1 |
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RATIOS |
Value Type |
as at 31/12/2010 |
as at 31/12/2009 |
as at 31/12/2008 |
Sector Average |
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COMPOSITION ON INVESTMENT |
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Rigidity Ratio |
Units |
0,00 |
0,00 |
0,02 |
0,09 |
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Elasticity Ratio |
Units |
1,00 |
0,99 |
0,97 |
0,89 |
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Availability of stock |
Units |
0,40 |
0,31 |
0,35 |
0,26 |
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Total Liquidity Ratio |
Units |
0,60 |
0,69 |
0,61 |
0,54 |
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Quick Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,03 |
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COMPOSITION ON SOURCE |
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Net Short-term indebtedness |
Units |
5,38 |
4,74 |
47,79 |
3,95 |
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Self Financing Ratio |
Units |
0,15 |
0,16 |
0,02 |
0,17 |
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Capital protection Ratio |
Units |
0,01 |
1,21 |
2,80 |
0,62 |
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Liabilities consolidation quotient |
Units |
0,02 |
0,06 |
0,01 |
0,10 |
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Financing |
Units |
5,40 |
4,96 |
48,01 |
4,85 |
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Permanent Indebtedness Ratio |
Units |
0,17 |
0,21 |
0,02 |
0,29 |
|
M/L term Debts Ratio |
Units |
0,02 |
0,05 |
0,00 |
0,07 |
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Net Financial Indebtedness Ratio |
Units |
4,14 |
3,44 |
29,11 |
1,04 |
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CORRELATION |
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Fixed assets ratio |
Units |
67,00 |
57,00 |
1,07 |
2,37 |
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Current ratio |
Units |
1,21 |
1,28 |
1,00 |
1,18 |
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Acid Test Ratio-Liquidity Ratio |
Units |
0,73 |
0,88 |
0,63 |
0,80 |
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Structure's primary quotient |
Units |
60,40 |
43,99 |
0,72 |
1,48 |
|
Treasury's primary quotient |
Units |
0,00 |
0,00 |
0,00 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
655,47 |
609,63 |
4.968,34 |
602,26 |
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Current Capital ( net ) |
Value |
717.652 |
822.775 |
45.077 |
191.984 |
|
RETURN |
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|
|
|
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Return on Sales |
% |
0,29 |
- 5,47 |
- 4,58 |
2,03 |
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Return on Equity - Net- ( R.O.E. ) |
% |
0,79 |
- 24,53 |
- 197,97 |
6,31 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
6,21 |
- 25,40 |
- 219,43 |
17,00 |
|
Return on Investment ( R.O.I. ) |
% |
7,29 |
- 1,09 |
3,49 |
4,18 |
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Return/ Sales |
% |
9,93 |
- 1,67 |
4,66 |
3,46 |
|
Extra Management revenues/charges incid. |
% |
1,66 |
n.c. |
- 113,95 |
27,96 |
|
Cash Flow |
Value |
8.729 |
-136.069 |
-188.254 |
44.823 |
|
Operating Profit |
Value |
299.885 |
-41.491 |
191.717 |
74.603 |
|
Gross Operating Margin |
Value |
303.646 |
-24.811 |
221.927 |
111.383 |
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MANAGEMENT |
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Credits to clients average term |
Days |
287,71 |
348,81 |
283,53 |
113,70 |
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Debts to suppliers average term |
Days |
90,52 |
220,91 |
160,88 |
118,14 |
|
Average stock waiting period |
Days |
194,78 |
168,89 |
171,54 |
72,90 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,73 |
0,66 |
0,74 |
1,25 |
|
Rate of stock return |
Units |
1,85 |
2,13 |
2,09 |
4,88 |
|
Labour cost incidence |
% |
6,91 |
7,86 |
4,56 |
8,14 |
|
Net financial revenues/ charges incidence |
% |
- 8,52 |
- 4,69 |
- 10,58 |
- 1,38 |
|
Labour cost on purchasing expenses |
% |
7,67 |
7,73 |
4,79 |
8,25 |
|
Short-term financing charges |
% |
7,62 |
3,78 |
8,21 |
2,76 |
|
Capital on hand |
% |
136,26 |
152,45 |
133,54 |
79,85 |
|
Sales pro employee |
Value |
503.138 |
497.930 |
821.113 |
397.742 |
|
Labour cost pro employee |
Value |
34.765 |
39.151 |
37.524 |
33.267 |
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:
60.000 Eur.
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 9.175
significant companies.
The companies cash their credits on an average of
113 dd.
The average duration of suppliers debts is about
118 dd.
The sector's profitability is on an average of
2,03%.
The labour cost affects the turnover in the measure
of 8,14%.
Goods are held in stock in a range of 72 dd.
The difference between the sales volume and the
resources used to realize it is about 1,25.
The employees costs represent the 8,25% of the
production costs.
Statistical
Detrimental Data
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.18 |
|
UK Pound |
1 |
Rs.73.65 |
|
Euro |
1 |
Rs.64.95 |
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.