MIRA INFORM REPORT
|
Report Date : |
05.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
BRIOSCHI SRL |
|
|
|
|
Registered Office : |
Viale Vicenza 3, Valenza, 15048 |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
08.03.1991 |
|
|
|
|
Com. Reg. No.: |
01488010065 |
|
|
|
|
Legal Form : |
Private Independent Company |
|
|
|
|
Line of Business : |
wholesale of furniture wholesale of jewellery |
|
|
|
|
No. of Employees : |
03 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 : |
Small Company |
|
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
Brioschi SRL
Viale Vicenza 3
Valenza, 15048
Italy
Tel: +39 0131 943029
Fax: +39 0131 951602
Synthesis
Employees: 3
Company Type: Private Independent
Incorporation Date:
08-Mar-1991
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2010
Reporting Currency: Euro
Annual Sales: 2.5
Total Assets: 3.0
Business Description
Brioschi SRL is primarily engaged in wholesale of furniture; wholesale of jewellery; wholesale of musical instruments; wholesale of photographic goods; wholesale of toys and games; wholesale of travel and fancy goods; and wholesale of other household goods not elsewhere classified.
Industry
Industry Miscellaneous Capital Goods
ANZSIC 2006: 3739 - Other Goods
Wholesaling Not Elsewhere Classified
NACE 2002: 5147 - Wholesale
of other household goods
NAICS 2002: 4232 - Furniture
and Home Furnishing Merchant Wholesalers
UK SIC 2003: 5147 - Wholesale
of other household goods
UK SIC 2007: 4649 - Wholesale
of other household goods
US SIC 1987: 5094 - Jewelry,
Watches, Precious Stones, and Precious Metals
Key Executives
Name Title
Roberto Silvio Brioschi Sole
administrator
Massimo Brioschi Executive
Registered
No.(ITA): 01488010065
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064
Corporate Overview
Location
Viale Vicenza 3
Valenza, 15048
Italy
Tel: +39 0131 943029
Fax: +39 0131 951602
Sales EUR(mil): 1.9
Assets EUR(mil): 2.3
Employees: 3
Fiscal Year End: 31-Dec-2010
Industry: Miscellaneous
Capital Goods
Incorporation Date: 08-Mar-1991
Company Type: Private
Independent
Quoted Status: Not
Quoted
Registered No.(ITA): 01488010065
Sole administrator: Roberto
Silvio Brioschi
Contents
Industry Codes
Business Description
Financial Data
Industry Codes
ANZSIC 2006 Codes:
3739 - Other Goods Wholesaling Not Elsewhere Classified
NACE 2002 Codes:
5147 - Wholesale of other household goods
NAICS 2002 Codes:
4232 - Furniture and Home Furnishing Merchant Wholesalers
US SIC 1987:
5094 - Jewelry, Watches, Precious Stones, and Precious Metals
UK SIC 2003:
5147 - Wholesale of other household goods
UK SIC 2007:
4649 - Wholesale of other household goods
Business
Description
Brioschi SRL is primarily engaged in wholesale of furniture; wholesale of jewellery; wholesale of musical instruments; wholesale of photographic goods; wholesale of toys and games; wholesale of travel and fancy goods; and wholesale of other household goods not elsewhere classified.
|
|||||||||||||||||||||||||||||||||||
Executive report
|
Executives |
|
|
|
|
|||
|
Sole administrator |
President |
|
|||
|
Executive |
Other |
|
Annual Profit & Loss
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate (Period
Average) |
0.755078 |
0.719047 |
0.683679 |
|
Consolidated |
No |
No |
No |
|
Total income |
2.6 |
2.1 |
2.4 |
|
Net sales |
2.5 |
2.1 |
2.4 |
|
Other operating income |
0.0 |
0.0 |
- |
|
Raw materials and consumables employed |
2.0 |
1.7 |
2.0 |
|
Other expenses |
0.1 |
0.1 |
0.1 |
|
Total payroll costs |
0.1 |
0.1 |
0.1 |
|
Fixed asset depreciation and amortisation |
0.0 |
0.0 |
0.0 |
|
Other operating costs |
0.0 |
0.1 |
0.0 |
|
Net operating
income |
0.3 |
0.1 |
0.2 |
|
Total financial
income |
0.0 |
0.0 |
- |
|
Total expenses |
0.1 |
0.1 |
0.1 |
|
Profit before tax |
0.2 |
0.0 |
0.1 |
|
Extraordinary result |
0.0 |
0.0 |
- |
|
Profit after extraordinary items and
before tax |
0.2 |
0.0 |
0.1 |
|
Total taxation |
0.1 |
0.0 |
0.0 |
|
Net profit |
0.1 |
- |
0.1 |
|
Net loss |
- |
0.0 |
- |
Annual Balance
Sheet
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total
stockholders equity |
0.7 |
0.7 |
0.7 |
|
Provision for risks |
0.0 |
0.0 |
0.0 |
|
Provision for pensions |
0.1 |
0.1 |
0.1 |
|
Mortgages and loans |
0.2 |
0.2 |
- |
|
Other long-term liabilities |
0.6 |
0.6 |
0.6 |
|
Trade creditors |
0.0 |
0.0 |
0.0 |
|
Bank loans and overdrafts |
1.3 |
1.2 |
1.3 |
|
Other current liabilities |
0.1 |
0.1 |
0.0 |
|
Accruals and deferred income |
0.0 |
0.0 |
0.0 |
|
Total current
liabilities |
1.5 |
1.3 |
1.3 |
|
Total
liabilities (including net worth) |
3.0 |
2.9 |
2.7 |
|
Intangibles |
0.0 |
0.0 |
- |
|
Total tangible
fixed assets |
0.0 |
0.0 |
0.0 |
|
Long-term investments |
- |
- |
0.0 |
|
Total financial
assets |
0.0 |
0.0 |
0.0 |
|
Total
non-current assets |
0.0 |
0.0 |
0.0 |
|
Finished goods |
- |
- |
1.0 |
|
Net stocks and work in progress |
0.9 |
0.9 |
1.0 |
|
Trade debtors |
1.9 |
1.8 |
1.6 |
|
Other receivables |
0.1 |
0.1 |
0.1 |
|
Cash and liquid assets |
0.0 |
0.0 |
0.0 |
|
Accruals |
0.0 |
0.0 |
0.0 |
|
Total current
assets |
3.0 |
2.9 |
2.7 |
|
Total assets |
3.0 |
2.9 |
2.7 |
Annual Ratios
Financials in: USD (mil)
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
2.10 |
2.30 |
2.00 |
|
Quick ratio |
1.40 |
1.50 |
1.30 |
|
Current liabilities to net worth |
0.02% |
0.02% |
0.02% |
|
Sales per employee |
0.64 |
0.51 |
0.56 |
|
Profit per employee |
0.05 |
0.00 |
0.02 |
|
Average wage per employee |
0.04 |
0.03 |
0.03 |
|
Net worth |
0.7 |
0.7 |
0.7 |
|
Number of employees |
3 |
3 |
3 |
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.55.54 |
|
UK Pound |
1 |
Rs.88.23 |
|
Euro |
1 |
Rs.70.02 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.