MIRA INFORM REPORT
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Report Date : |
28.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
CADCHOD S.R.L. |
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Registered Office : |
Via Spadari, 7, 20123- Milano |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
18.09.1997 |
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Com. Reg. No.: |
MI-1997-295336 of 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 (Gold and
Diamonds) |
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No. of Employees
: |
6 Employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
No Complaints |
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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 – June 30th,
2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 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.
Source : CIA
Cadchod S.r.l.
Via Spadari, 7,
20123- Milano (MI) -IT-
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Fiscal Code |
: |
12235880155 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
07/01/1998 |
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Equity |
: |
750.000 |
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Turnover Range |
: |
3.750.000/5.000.000 |
|
Number of Employees |
: |
fom 6 to 10 |
Wholesale of Clocks, Watches and Jewellery (Gold and Diamonds)
Retail sale of watches, jewellery and silverware
Legal Form : Limited liability company
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Fiscal Code : 12235880155 |
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Chamber of Commerce no. : 1542181 of since 13/11/1997 |
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Firms' Register : MI-1997-295336 of 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 |
|
Legal duration |
: 31/12/2030 |
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Nominal Capital |
: 19.800 |
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Subscribed Capital |
: 19.800 |
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Paid up Capital |
: 19.800 |
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Yekutiel |
Ron |
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Born in Kfar Saba |
( ) |
on 16/04/1958 |
- Fiscal Code : YKTRNO58D16Z226I |
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Residence: |
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Arzaga |
, 24 |
- 20146 |
Milano |
(MI) |
- IT - |
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Position |
Since |
Shares Amount |
% Ownership |
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Sole Director |
01/03/2002 |
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No Prejudicial events are reported |
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No Protests registered |
*checkings have been performed on a national scale.
In this module the companies in which members hold/held positions are
listed.
The Members of the subject firm are not reported to be Members in other
companies.
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Societa' Italiana Di Revisione E Fiducia Ria S.i.re.f.s.p.a In For Ma
Abbreviata |
Milano - IT - |
01840910150 |
9.702 .Eur |
49,00 |
|
Intesa Sanpaolo Trust Company Fiduciaria S.p.a. |
Milano - IT - |
08503890157 |
10.098 .Eur |
51,00 |
The Company under review has no participations in other Companies.
In order to carry out its activities the firm uses the following
locations:
- Legal and operative seat
Spadari ,
7 - 20123 -
Milano (MI) - IT -
PHONE :
0286915700
Employees :
6
Fittings and
Equipment for a value of 320.000 Eur
Stocks for a value
of 2.190.000 Eur
The firm has a direct commercial organization
Sales area on a regional scale.
Protests checking on the subject firm has given a negative result.
Search performed on a National Scale
Prejudicial Events Search Result: NEGATIVE
Search performed on a specialized data base.
None reported, standing to the latest received edition of the Official
Publications.
Subject is active since 1998
The analysis is based on the latest 3 balance sheets.
Unstable economic results mark the company's financial state of affairs.
yet with a positive result in the 2011 (r.o.e. 4,91%). Upward trend as to the
turnover in the last financial year (+41,68%).
The return on Investment in the last financial year was positive (6,79%)
and reflects the field's average.
The operating result is positive and amounts to Eur. 369.484 increasing
if compared to the yeart 2010.
During the latest financial year the gross operating margin amounted to
Eur. 388.917 showing a 28,08% growth.
The financial position is not well balanced as the volume of debts is
fairly remarkable if compared to shareholder's equity, in fact total debts are
7,07 with an upward trend.
The equity capital is equal to Eur. 660.006 , unchanged if compared to
2010.
Total indebtedness amounts to Eur. 4.678.264, increasing if compared to
the previous year, during which they were equal to Eur. 3.390.766 (37,97%).
Financial indebtedness is considered fair whereas the recourse to
commercial borrowings is high besides being higher than sector's average.
Liquidity is however good.
Trade credits average terms are slow, on average 266,02 days. besides
being higher than the sector's average.
2011 financial year closed with a cash flow of Eur. 51.870
In the last financial year labour cost was of Eur. 214.840, with a 5,5% incidence
on total costs of production. , with a 5,02% incidence on turnover.
Financial charges have a high incidence (-6,86%) on turnover figures.
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
4.277.265 |
|
Profit (Loss) for the period |
32.437 |
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Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
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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 |
|
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 |
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Sales |
3.729.747 |
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Profit (Loss) for the period |
51.627 |
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 31/12/2011 - 12 Mesi - Currency: - Amounts x 1 |
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- Balance Sheet as at 31/12/2010 - 12 Mesi - Currency: - Amounts x 1 |
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- Balance Sheet as at 31/12/2009 - 12 Mesi - Currency: - Amounts x 1 |
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RATIOS |
Value Type |
as at 31/12/2011 |
as at 31/12/2010 |
as at 31/12/2009 |
Sector Average |
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COMPOSITION ON INVESTMENT |
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Rigidity Ratio |
Units |
0,00 |
0,00 |
0,00 |
0,09 |
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Elasticity Ratio |
Units |
1,00 |
1,00 |
0,99 |
0,89 |
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Availability of stock |
Units |
0,40 |
0,40 |
0,31 |
0,26 |
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Total Liquidity Ratio |
Units |
0,59 |
0,60 |
0,69 |
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 |
7,07 |
5,38 |
4,74 |
3,95 |
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Self Financing Ratio |
Units |
0,12 |
0,15 |
0,16 |
0,17 |
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Capital protection Ratio |
Units |
0,92 |
0,01 |
1,21 |
0,62 |
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Liabilities consolidation quotient |
Units |
0,02 |
0,02 |
0,06 |
0,10 |
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Financing |
Units |
7,09 |
5,40 |
4,96 |
4,85 |
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Permanent Indebtedness Ratio |
Units |
0,13 |
0,17 |
0,21 |
0,29 |
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M/L term Debts Ratio |
Units |
0,01 |
0,02 |
0,05 |
0,07 |
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Net Financial Indebtedness Ratio |
Units |
3,97 |
4,14 |
3,44 |
1,04 |
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CORRELATION |
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Fixed assets ratio |
Units |
57,78 |
67,00 |
57,00 |
2,37 |
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Current ratio |
Units |
1,16 |
1,21 |
1,28 |
1,18 |
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Acid Test Ratio-Liquidity Ratio |
Units |
0,69 |
0,73 |
0,88 |
0,80 |
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Structure's primary quotient |
Units |
52,20 |
60,40 |
43,99 |
1,48 |
|
Treasury's primary quotient |
Units |
0,00 |
0,00 |
0,00 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
824,07 |
655,47 |
609,63 |
602,26 |
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Current Capital ( net ) |
Value |
744.064 |
717.652 |
822.775 |
191.984 |
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RETURN |
|
|
|
|
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Return on Sales |
% |
1,21 |
0,29 |
-5,47 |
2,03 |
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Return on Equity - Net- ( R.O.E. ) |
% |
4,91 |
0,79 |
-24,53 |
6,31 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
11,63 |
6,21 |
-25,40 |
17,00 |
|
Return on Investment ( R.O.I. ) |
% |
6,79 |
7,29 |
-1,09 |
4,18 |
|
Return/ Sales |
% |
8,64 |
9,93 |
-1,67 |
3,46 |
|
Extra Management revenues/charges incid. |
% |
8,78 |
1,66 |
n.c. |
27,96 |
|
Cash Flow |
Value |
51.870 |
8.729 |
-136.069 |
44.823 |
|
Operating Profit |
Value |
369.484 |
299.885 |
-41.491 |
74.603 |
|
Gross Operating Margin |
Value |
388.917 |
303.646 |
-24.811 |
111.383 |
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MANAGEMENT |
|
|
|
|
|
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Credits to clients average term |
Days |
266,02 |
287,71 |
348,81 |
113,70 |
|
Debts to suppliers average term |
Days |
166,56 |
90,52 |
220,91 |
118,14 |
|
Average stock waiting period |
Days |
184,53 |
194,78 |
168,89 |
72,90 |
|
Rate of capital employed return ( Turnover ) |
Units |
0,79 |
0,73 |
0,66 |
1,25 |
|
Rate of stock return |
Units |
1,95 |
1,85 |
2,13 |
4,88 |
|
Labour cost incidence |
% |
5,02 |
6,91 |
7,86 |
8,14 |
|
Net financial revenues/ charges incidence |
% |
-6,86 |
-8,52 |
-4,69 |
-1,38 |
|
Labour cost on purchasing expenses |
% |
5,50 |
7,67 |
7,73 |
8,25 |
|
Short-term financing charges |
% |
6,28 |
7,62 |
3,78 |
2,76 |
|
Capital on hand |
% |
127,16 |
136,26 |
152,45 |
79,85 |
|
Sales pro employee |
Value |
712.877 |
503.138 |
497.930 |
397.742 |
|
Labour cost pro employee |
Value |
35.806 |
34.765 |
39.151 |
33.267 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
|
1 |
Rs.89.34 |
|
Euro |
1 |
Rs.72.35 |
INFORMATION DETAILS
|
Report Prepared
by : |
NLM |
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.