MIRA
INFORM REPORT
|
Report Date : |
01.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
BOSS DIAMOND S.R.L. |
|
|
|
|
Registered Office : |
Via A. Chinotto, 24, 36100 Vicenza
(VI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
07.11.1988 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Production of precious metals |
|
|
|
|
No. of Employees : |
06 to 10 employees |
RATING & COMMENTS
|
MIRAs 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 but Correct |
|
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 |
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.
|
Source : CIA |
Company name & address
Boss Diamond s.r.l.
Via A. Chinotto, 24
36100 - Vicenza (VI) -IT-
Summary
|
Fiscal Code |
: |
02029930241 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
15/12/1989 |
|
Equity |
: |
400.000 |
|
Turnover Range |
: |
3.750.000/5.000.000 |
|
Number of Employees |
: |
fom 6 to 10 |
Activity
Production of precious metals
Manufacture of jewellery in
precious metals o plated with precious metals
Wholesale of clocks, watches and
jewellery
Legal Data
Legal Form : Limited liability
company
|
Fiscal Code : 02029930241 |
|
Foreign Trade Reg. no. : VI027818 since
17/02/1992 |
|
Chamber of Commerce no. : 244388 of |
|
Chamber of Commerce no. : 201219 of since
03/01/1989 |
|
V.A.T. Code : 02029930241 |
|
Establishment date |
: 07/11/1988 |
|
|
Start of Activities |
: 15/12/1989 |
|
|
Legal duration |
: 31/12/2030 |
|
|
Nominal Capital |
: 100.000 |
|
|
Subscribed Capital |
: 100.000 |
|
|
Paid up Capital |
: 100.000 |
|
Members
|
|
Martinetti |
Alessandro |
|
|
|
Born in Casale Monferrato |
(AL) |
on 29/04/1981 |
- Fiscal Code : MRTLSN81D29B885U |
|
|
|
Residence: |
|
Del Vivaio |
, 4 |
- 15048 |
Valenza |
(AL) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
29/11/2011 |
|
|
|
|
No
Prejudicial events are reported |
|
|
No Protests
registered |
Companies connected to members *
*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.
Capital Shareholders
Shareholders' list as at date of
data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Martinetti Paolo Lorenzo |
Valenza - IT - |
MRTPLR48L25F556D |
29.000 .Eur |
29,00 |
|
Piano Domenico |
Altavilla Vicentina - IT - |
PNIDNC58P25C271J |
10.500 .Eur |
10,50 |
|
Lotto Moreno Walter |
Vicenza - IT - |
LTTMNW70A23L840X |
10.500 .Eur |
10,50 |
|
Piano Maurizio |
Creazzo - IT - |
PNIMRZ59S05C971B |
10.500 .Eur |
10,50 |
|
Rizzetto Alessandro |
Vicenza - IT - |
RZZLSN67P22L840D |
10.500 .Eur |
10,50 |
|
Martinetti Alessandro |
Valenza - IT - |
MRTLSN81D29B885U |
14.500 .Eur |
14,50 |
|
Martinetti Guido |
|
MRTGDU79R11B885C |
14.500 .Eur |
14,50 |
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 |
|
|
|
|
|
|
|
A. Chinotto |
, 24 |
- 36100 |
- Vicenza |
(VI) |
- IT - |
|
|
|
|
PHONE |
: 0444962725 |
|
- |
Branch |
(office) |
since 07/01/2008 |
|
|
|
|
|
|
Piave Primo Piano |
, 16 |
- 36077 |
- Altavilla Vicentina |
(VI) |
- IT - |
|
- |
Branch |
(office) |
since 01/11/2010 |
|
|
|
|
|
|
Michelangelo |
, 1 |
- 15048 |
- Valenza |
(AL) |
- IT - |
|
|
|
|
Employees |
: 8 |
|
|
|
|
Assistants |
: 1 |
|
Fittings and Equipment for a value of
130.000 |
Eur |
|
Stocks for a value of 220.000 |
Eur |
|
|
The firm operates abroad as
importer..
To purchase foreign products the
firm uses the following channels :
|
- its own sales net-work |
Import comes generally from the
following nations:
|
- Austria |
Historical Information and/or Firm's Status
CHANGES
TO THE LEGAL FORM:
|
Former legal form |
New legal form |
Changement Date |
|
Sole-Member Limited Liability Company |
Limited liability company |
31/03/2009 |
COMPANY
STYLE MODIFICATIONS:
|
Former Style |
New Style |
Changement Date |
|
ADAMANTES S.R.L |
BOSS DIAMOND SRL |
26/03/2009 |
EX-MEMBERS
/ EX-POSITIONS:
|
|
Roberto |
Francesco |
|
|
|
Born in Montemagno |
(AT) |
on 11/04/1929 |
- Fiscal Code : RBRFNC29D11F556A |
|
|
|
Residence: |
|
Giambellino |
, 39 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Ex-Postions |
|
Director |
|
Managing Director |
|
|
Martinetti |
Paolo Lorenzo |
|
|
|
Born in Montemagno |
(AT) |
on 25/07/1948 |
- Fiscal Code : MRTPLR48L25F556D |
|
|
|
Residence: |
|
Del Vivaio |
, 4 |
- 15048 |
Valenza |
(AL) |
- IT - |
|
Ex-Postions |
|
Director |
|
Managing Director |
|
|
Piano |
Domenico |
|
|
|
Born in Castelsaraceno |
(PZ) |
on 25/09/1958 |
- Fiscal Code : PNIDNC58P25C271J |
|
|
|
Residence: |
|
Rimini |
, 27 |
- 36077 |
Altavilla Vicentina |
(VI) |
- IT - |
|
Ex-Postions |
|
Board Chairman |
|
Managing Director |
|
Director |
|
|
Lotto |
Moreno Walter |
|
|
|
Born in Vicenza |
(VI) |
on 23/01/1970 |
- Fiscal Code : LTTMNW70A23L840X |
|
|
|
Residence: |
|
Marosticana |
, 299/Z |
- 36100 |
Vicenza |
(VI) |
- IT - |
|
Ex-Postions |
|
Director |
|
Managing Director |
|
|
Piano |
Maurizio |
|
|
|
Born in Contrada |
(AV) |
on 05/11/1959 |
- Fiscal Code : PNIMRZ59S05C971B |
|
|
|
Residence: |
|
L. Da Vinci |
, 23 |
- 36051 |
Creazzo |
(VI) |
- IT - |
|
Ex-Postions |
|
Director |
|
Managing Director |
|
|
Rizzetto |
Alessandro |
|
|
|
Born in Vicenza |
(VI) |
on 22/09/1967 |
- Fiscal Code : RZZLSN67P22L840D |
|
|
|
Residence: |
|
Della Porciglia |
, 182/C |
- 36100 |
Vicenza |
(VI) |
- IT - |
|
Ex-Postions |
|
Director |
|
Managing Director |
Protests
Protests checking on the subject
firm has given a negative result.
Data Base Prejudicial Events
Search
Search performed on a National
Scale
|
|
|
Prejudicial
Events Search Result: NEGATIVE |
Search performed on a
specialized data base.
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 1989.
The economic-financial analysis
is based on the latest 3 b/s.
During the last years, it
achieved profits (r.o.e. 7,57% on 2011) with a good increase in turnover
(+12,54% in 2011 compared to 2010 and +79,53% in 2010 compared to 2009).
The return on Investment in the
last financial year was positive (4,6%) and in line with the sector's average.
The operating result is positive
and amounts to Eur. 150.264 showing a fall as opposed to the previous year
(-54,1%).
The gross operating margin of
the latest financial year is of Eur. 187.416 with a -54,38% fall.
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 5,58 falling if compared to 2010.
The management generated equity
capital for an amount of Eur. 394.502 on stable levels.
During the last financial year
debts totalled Eur. 2.864.839 (Eur. 532.445 of which were m/l term debts) with
no important change.
The recourse to bank credit is
slightly high and also borrowings from suppliers appear to be high, with an
average payment period equal to 101,65 gg. however still within the sector's
average.
The available funds are good.
Accounts receivable average term
is high (198,18 days). also in relation to the average of the sector.
The financial management
generated a cash flow of Eur. 67.030.
Subordinate employment cost is
of Eur. 196.571, i.e. 4,32% on total production costs. , whereas 4,19% is the
incidence on sales revenues.
The financial management has a
limited economic impact, equal to -1,11% on the sales.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
4.696.370 |
|
Profit (Loss) for the period |
29.878 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
4.172.908 |
|
Profit (Loss) for the period |
204.588 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
2.324.338 |
|
Profit (Loss) for the period |
13.028 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
1.493.004 |
|
Profit (Loss) for the period |
5.433 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
966.647 |
|
Profit (Loss) for the period |
39.749 |
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 31/12/2011 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet
as at 31/12/2010 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet
as at 31/12/2009 - 12 Mesi - Currency: - Amounts x 1 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
RATIOS |
Value
Type |
as at 31/12/2011 |
as at 31/12/2010 |
as at 31/12/2009 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,04 |
0,05 |
0,07 |
0,09 |
|
Elasticity Ratio |
Units |
0,96 |
0,95 |
0,93 |
0,89 |
|
Availability of stock |
Units |
0,07 |
0,16 |
0,07 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,89 |
0,79 |
0,86 |
0,54 |
|
Quick Ratio |
Units |
0,04 |
0,01 |
0,11 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
5,58 |
5,65 |
5,60 |
3,95 |
|
Self Financing Ratio |
Units |
0,12 |
0,12 |
0,11 |
0,17 |
|
Capital protection Ratio |
Units |
0,67 |
0,16 |
0,29 |
0,62 |
|
Liabilities consolidation quotient |
Units |
0,23 |
0,25 |
0,28 |
0,10 |
|
Financing |
Units |
7,26 |
7,23 |
8,50 |
4,85 |
|
Permanent Indebtedness Ratio |
Units |
0,28 |
0,30 |
0,30 |
0,29 |
|
M/L term Debts Ratio |
Units |
0,16 |
0,18 |
0,20 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
3,79 |
1,40 |
0,92 |
1,04 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
6,98 |
6,30 |
4,45 |
2,37 |
|
Current ratio |
Units |
1,34 |
1,36 |
1,34 |
1,18 |
|
Acid Test
Ratio-Liquidity Ratio |
Units |
1,25 |
1,13 |
1,23 |
0,80 |
|
Structure's primary quotient |
Units |
2,96 |
2,56 |
1,54 |
1,48 |
|
Treasury's primary quotient |
Units |
0,06 |
0,02 |
0,15 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
828,54 |
823,49 |
950,01 |
602,26 |
|
Current Capital ( net ) |
Value |
798.193 |
750.338 |
355.959 |
191.984 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
1,43 |
6,90 |
0,87 |
2,03 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
7,57 |
56,11 |
8,14 |
6,31 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
20,66 |
88,19 |
22,97 |
17,00 |
|
Return on Investment ( R.O.I. ) |
% |
4,60 |
10,90 |
8,14 |
4,18 |
|
Return/ Sales |
% |
3,20 |
7,85 |
5,33 |
3,46 |
|
Extra Management revenues/charges incid. |
% |
19,88 |
62,49 |
10,53 |
27,96 |
|
Cash Flow |
Value |
67.030 |
288.059 |
20.287 |
44.823 |
|
Operating Profit |
Value |
150.264 |
327.393 |
123.780 |
74.603 |
|
Gross Operating Margin |
Value |
187.416 |
410.864 |
131.039 |
111.383 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
198,18 |
201,76 |
163,82 |
113,70 |
|
Debts to suppliers average term |
Days |
101,65 |
165,77 |
158,44 |
118,14 |
|
Average stock waiting period |
Days |
16,61 |
40,69 |
16,93 |
72,90 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,44 |
1,39 |
1,53 |
1,25 |
|
Rate of stock return |
Units |
21,68 |
8,85 |
21,26 |
4,88 |
|
Labour cost incidence |
% |
4,19 |
5,36 |
6,10 |
8,14 |
|
Net financial revenues/ charges incidence |
% |
-1,11 |
-0,14 |
-3,73 |
-1,38 |
|
Labour cost on purchasing expenses |
% |
4,32 |
5,81 |
6,44 |
8,25 |
|
Short-term financing charges |
% |
1,82 |
0,24 |
6,37 |
2,76 |
|
Capital on hand |
% |
69,60 |
71,96 |
65,41 |
79,85 |
|
Sales pro employee |
Value |
782.728 |
695.484 |
581.084 |
397.742 |
|
Labour cost pro employee |
Value |
32.761 |
37.259 |
35.455 |
33.267 |
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.55.72 |
|
UK Pound |
1 |
Rs.87.95 |
|
Euro |
1 |
Rs.69.66 |
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 SCs 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.