MIRA INFORM REPORT

 

 

Report Date :

20.08.2012

 

IDENTIFICATION DETAILS

 

Name :

CHIMENTO GIOIELLIERI SPA

 

 

Registered Office :

Via Serenissima 8/1, Grisignano Di Zocco, 36040

 

 

Country :

Italy

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

17.09.1985

 

 

Com. Reg. No.:

01773620248

 

 

Legal Form :

Public Independent company

 

 

Line of Business :

Subject is engaged in production of worked pearls; production of precious and semi-precious stones in the worked state

 

 

No. of Employees :

154 employees

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

Payment Behaviour :

Slow

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Italy

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company name & address 

 

Chimento Gioiellieri SpA

Via Serenissima 8/1

Grisignano Di Zocco, 36040

Italy

Tel:       +39 0444 418418

Fax:      +39 0444 418419

Web:    www.chimento.com

 

           

Synthesis

 

Employees:                  154

Company Type:             Public Independent

Incorporation Date:         17-Sep-1985    

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2011

Reporting Currency:       Euro

Annual Sales:               42.3

Total Assets:                 60.8

 

 

Business Description     

 

Chimento Gioiellieri SpA is primarily engaged in production of worked pearls; production of precious and semi-precious stones in the worked state. Included is the working of industrial quality stones and synthetic or reconstructed precious or semi-precious stones; working of diamonds; manufacture of jewellery of precious metal or of base metals clad with precious metals, or precious or semi-precious stones, or of combinations of precious metal and precious or semi-precious stones or of other materials; manufacture of goldsmiths’ articles of precious metals or of base metals clad with precious metals (dinnerware, flatware, hollow-ware, toilet articles, office or desk articles, articles for religious use, etc.). This class also includes: personalised engraving on objects of precious metals.

 

Industry             

Industry            Jewelry and Silverware

ANZSIC 2006:    2591 - Jewellery and Silverware Manufacturing

NACE 2002:      3622 - Manufacture of jewellery and related articles not elsewhere classified

NAICS 2002:     339911 - Jewelry (except Costume) Manufacturing

UK SIC 2003:    3622 - Manufacture of jewellery and related articles not elsewhere classified

US SIC 1987:    3911 - Jewelry, Precious Metal

 

           


 

Key Executives   

 

Name

Title

Adriano Chimento

President

Alessandro Pasin

Direttore Generale

Maurizio Bertoncello

Manager

Giorgio Chimento

Commercial manager

Mario Chimento

Member of the board

 

 

Registered No.(ITA):                 01773620248

 

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

 

 

Corporate Overview

 

Location

Via Serenissima 8/1

Grisignano Di Zocco, 36040

Italy

Tel:       +39 0444 418418

Fax:      +39 0444 418419

Web     www.chimento.com

           

Sales EUR(mil):             30.4

Assets EUR(mil):           46.8

Employees:                   154

Fiscal Year End:            31-Dec-2011

Industry:                        Jewelry and Silverware

Incorporation Date:         17-Sep-1985

Company Type:             Public Independent

Quoted Status:              Not Quoted

Registered No.(ITA):       01773620248

President:                     Adriano Chimento

 

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

 

ANZSIC 2006 Codes:

2591     -          Jewellery and Silverware Manufacturing

4279     -          Other Store-Based Retailing Not Elsewhere Classified

 

NACE 2002 Codes:

5248     -          Other retail sale in specialised stores

3622     -          Manufacture of jewellery and related articles not elsewhere classified

 

NAICS 2002 Codes:

453       -          Miscellaneous Store Retailers

339911  -          Jewelry (except Costume) Manufacturing

 

US SIC 1987:

3911     -          Jewelry, Precious Metal

599       -          Retail Stores, Not Elsewhere Classified

 

UK SIC 2003:

5248     -          Other retail sale in specialised stores

3622     -          Manufacture of jewellery and related articles not elsewhere classified

 

Business Description

Chimento Gioiellieri SpA is primarily engaged in production of worked pearls; production of precious and semi-precious stones in the worked state. Included is the working of industrial quality stones and synthetic or reconstructed precious or semi-precious stones; working of diamonds; manufacture of jewellery of precious metal or of base metals clad with precious metals, or precious or semi-precious stones, or of combinations of precious metal and precious or semi-precious stones or of other materials; manufacture of goldsmiths’ articles of precious metals or of base metals clad with precious metals (dinnerware, flatware, hollow-ware, toilet articles, office or desk articles, articles for religious use, etc.). This class also includes: personalised engraving on objects of precious metals.

 

More Business Descriptions

Jewelry and Silverware Manufacturing

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

30.4

Assets:

46.8

Current Assets:

36.1

 

Total Liabilities:

46.8

 

Net Worth:

16.0

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

4.9%

NA

 

Key Corporate Relationships

Bank:

Unicredit Ag, Intesa Sanpaolo Ag, Veneto Banca Ag

 

 

 

 

 

 

 

 

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Mario Chimento

 

Member of the board

Director/Board Member

 

 

Executives

 

Name

Title

Function

 

Adriano Chimento

 

President

President

 

Alessandro Pasin

 

Direttore Generale

Managing Director

 

Giorgio Chimento

 

Commercial manager

Commercial Executive

 

Maurizio Bertoncello

 

Manager

Other

 

Enrico Franzina

 

Executive

Other

 



Annual Profit & Loss

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.71919

0.755078

0.719047

Consolidated

No

No

No

 

 

 

 

Total income

43.1

40.1

43.1

Net sales

42.3

38.4

46.1

Other operating income

1.3

1.0

0.9

Raw materials and consumables employed

22.4

20.9

23.7

Other expenses

12.4

12.6

12.2

Total payroll costs

6.1

6.0

6.9

Fixed asset depreciation and amortisation

2.2

1.8

2.3

Other operating costs

0.3

0.3

0.4

Net operating income

-0.3

-1.4

-2.3

Total financial income

0.1

0.3

0.9

Total expenses

1.5

1.4

1.7

Profit before tax

-1.7

-2.5

-3.1

Extraordinary result

0.1

0.3

-0.3

Profit after extraordinary items and before tax

-1.6

-2.2

-3.4

Total taxation

0.2

0.1

0.1

Net loss

1.7

2.3

3.5

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.770327

0.745406

0.696986

Consolidated

No

No

No

 

 

 

 

Total stockholders equity

20.8

23.2

20.2

Provision for risks

0.4

0.3

0.5

Provision for pensions

1.8

1.9

2.1

Mortgages and loans

3.4

4.6

5.5

Other long-term liabilities

5.7

5.9

7.2

Trade creditors

8.0

6.9

8.0

Bank loans and overdrafts

18.6

20.5

26.8

Other current liabilities

1.8

1.9

3.0

Accruals and deferred income

0.2

0.1

0.3

Total current liabilities

28.6

29.4

38.1

Total liabilities (including net worth)

60.8

65.2

73.5

Intangibles

1.4

1.3

1.6

Buildings

9.5

10.2

11.4

Total tangible fixed assets

10.0

10.7

12.4

Total financial assets

2.2

1.8

2.6

Receivables due after 1 year

0.2

0.2

0.3

Total non-current assets

13.9

14.0

16.8

Finished goods

7.2

8.5

8.7

Net stocks and work in progress

22.9

25.8

23.5

Trade debtors

23.0

24.0

31.6

Other receivables

0.5

0.8

0.9

Cash and liquid assets

0.1

0.1

0.1

Accruals

0.5

0.5

0.5

Total current assets

46.9

51.2

56.6

Total assets

60.8

65.2

73.5

 

Annual Ratios

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.770327

0.745406

0.696986

Consolidated

No

No

No

 

 

 

 

Current ratio

1.60

1.70

1.50

Quick ratio

0.80

0.90

0.90

Current liabilities to net worth

0.01%

0.01%

0.02%

Sales per employee

0.20

0.18

0.19

Profit per employee

-0.01

-0.01

-0.01

Average wage per employee

0.03

0.03

0.03

Net worth

20.8

23.2

20.2

Number of employees

154

163

173

 

 

DIAMOND INDUSTRY – INDIA

-          From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

-          The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

-          The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

-          Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

-          Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

-          The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

-          Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

-          Excerpts from Times of India dated 30th October 2010 is as under –

 

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

      This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

-          Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.87.55

Euro

1

Rs.68.85

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.