MIRA
INFORM REPORT
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Report Date : |
31.08.2012 |
IDENTIFICATION DETAILS
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Name : |
BRFL ITALIA SRL |
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Registered Office : |
Via Giuseppe Mercalli 8/A Parma, 43100 |
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Country : |
Italy |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
05.05.2008 |
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Com. Reg. No.: |
02845141205 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
Retail sale of clothing |
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No. of Employees : |
92 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Italy |
A2 |
A2 |
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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 |
ITALY - ECONOMIC OVERVIEW
Italy has a diversified
industrial economy, which is divided into a developed industrial north,
dominated by private companies, and a less-developed, welfare-dependent,
agricultural south, with high unemployment. 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 exceptionally high public debt burdens and structural
impediments to growth have rendered it vulnerable to scrutiny by financial
markets. Public debt has increased steadily since 2007, reaching 120% of GDP in
2011, and borrowing costs on sovereign government debt have risen to record
levels. During the second half of 2011 the government passed a series of three
austerity packages to balance its budget by 2013 and decrease its public debt
burden. These measures included a hike in the value-added tax, pension reforms,
and cuts to public administration. The government also faces pressure from
investors and European partners to address Italy's long-standing structural
impediments to growth, such as an inflexible labor market and widespread tax
evasion. The international financial crisis worsened conditions in Italy''s
labor market, with unemployment rising from 6.2% in 2007 to 8.4% in 2011, but
in the longer-term Italy''s low fertility rate and quota-driven immigration
policies will increasingly strain its economy. The euro-zone crisis along with
Italian austerity measures have reduced exports and domestic demand, slowing
Italy''s recovery. Italy''s GDP is still 5% below its 2007 pre-crisis level.
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Source
: CIA |
Company name and address
Brfl Italia SRL
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Business
Description
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Brfl Italia SRL is primarily engaged in retail sale of adults’ fur
and leather clothing; retail sale of children’s and infants’ clothing;
retail sale of other women’s clothing; and retail sale of footwear and
leather goods. |
Industry
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Industry |
Retail (Apparel) |
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ANZSIC 2006: |
4251 - Clothing Retailing |
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NACE 2002: |
5242 - Retail sale of clothing |
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NAICS 2002: |
4481 - Clothing Stores |
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UK SIC 2003: |
5242 - Retail sale of clothing |
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US SIC 1987: |
5651 - Family Clothing Stores |
Key Executives
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1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7571683
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.704672
Corporate Overview
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Corporate Structure News
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Brfl Italia SRL |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Mumbai |
India |
Apparel and Accessories |
609.4 |
26,519 |
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Subsidiary |
Parma, Parma |
Italy |
Retail (Apparel) |
32.1 |
92 |
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Subsidiary |
Greenford |
United Kingdom |
Apparel and Accessories |
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6 |
Executives Report
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Annual Profit & Loss
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31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.757168 |
0.70861 |
0.707647 |
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Consolidated |
No |
No |
No |
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Total income |
36.8 |
40.1 |
29.0 |
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Net sales |
32.1 |
32.4 |
26.3 |
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Other operating income |
4.7 |
7.7 |
2.7 |
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Raw materials and consumables employed |
19.5 |
15.0 |
7.2 |
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Other expenses |
17.1 |
17.6 |
18.1 |
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Total payroll costs |
7.9 |
9.0 |
7.4 |
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Fixed asset depreciation and amortisation |
3.9 |
3.6 |
1.8 |
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Other operating costs |
0.7 |
0.1 |
0.1 |
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Net operating income |
-12.4 |
-5.1 |
-5.6 |
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Total financial income |
0.1 |
0.0 |
0.7 |
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Total expenses |
0.1 |
0.3 |
0.5 |
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Profit before tax |
-12.4 |
-5.4 |
-5.5 |
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Extraordinary result |
0.0 |
-0.6 |
0.0 |
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Profit after extraordinary items and before tax |
-12.4 |
-6.0 |
-5.5 |
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Total taxation |
-3.7 |
-3.2 |
-1.3 |
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Net loss |
8.7 |
2.8 |
4.2 |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
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31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.704672 |
0.739044 |
0.753182 |
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Consolidated |
No |
No |
No |
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Total stockholders equity |
12.0 |
6.9 |
9.4 |
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Provision for risks |
0.9 |
0.3 |
0.4 |
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Provision for pensions |
0.5 |
0.4 |
0.2 |
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Other long-term liabilities |
60.7 |
60.2 |
- |
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Trade creditors |
6.7 |
6.7 |
9.5 |
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Bank loans and overdrafts |
0.6 |
2.1 |
16.0 |
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Other current liabilities |
21.8 |
11.6 |
38.0 |
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Accruals and deferred income |
0.3 |
0.0 |
0.0 |
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Total current liabilities |
29.4 |
20.5 |
63.4 |
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Total liabilities (including net worth) |
103.4 |
88.2 |
73.4 |
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Intangibles |
45.6 |
40.5 |
38.9 |
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Total tangible fixed assets |
2.6 |
2.0 |
0.8 |
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Long-term investments |
6.7 |
6.4 |
- |
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Total financial assets |
8.8 |
7.3 |
0.8 |
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Total non-current assets |
57.1 |
49.8 |
40.6 |
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Finished goods |
14.4 |
15.7 |
14.3 |
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Net stocks and work in progress |
14.4 |
15.7 |
14.3 |
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Trade debtors |
13.9 |
10.8 |
9.7 |
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Other receivables |
13.8 |
7.8 |
5.1 |
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Cash and liquid assets |
2.1 |
1.8 |
2.1 |
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Accruals |
2.2 |
2.4 |
1.7 |
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Total current assets |
46.3 |
38.4 |
32.9 |
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Total assets |
103.4 |
88.2 |
73.4 |
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Annual Ratios |
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Financials in:
USD (mil) |
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31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.704672 |
0.739044 |
0.753182 |
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Consolidated |
No |
No |
No |
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Current ratio |
1.60 |
1.90 |
0.50 |
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Quick ratio |
1.10 |
1.10 |
0.30 |
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Current liabilities to net worth |
0.02% |
0.03% |
0.07% |
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Sales per employee |
0.21 |
0.19 |
0.23 |
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Profit per employee |
-0.08 |
-0.04 |
-0.03 |
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Average wage per employee |
0.05 |
0.05 |
0.07 |
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Net worth |
12.0 |
6.9 |
9.4 |
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Number of employees |
115 |
121 |
125 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.65 |
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1 |
Rs.88.10 |
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Euro |
1 |
Rs.69.83 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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.