|
Report Date : |
21.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
NEW GEM S.P.A. |
|
|
|
|
Registered Office : |
Via Filippo Turati, 41 20082 – Binasco (MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
05.02.1990 |
|
|
|
|
Com. Reg. No.: |
MI-2003-63380 of Milano since 11/03/2003 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
LINE OF BUSINESS : |
WHOLESALE
OF CLOCKS, WATCHES AND JEWELLERY AND ALSO DEALS IN PRECIOUS STONES. |
|
|
|
|
No. of Employees : |
6 to 10 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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, highly subsidized, agricultural south, where unemployment is
high. 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 its exceptionally high public debt
and structural impediments to growth have rendered it vulnerable to scrutiny by
financial markets. Public debt has increased steadily since 2007, topping 126%
of GDP in 2012, and investor concerns about the broader euro-zone crisis at
times have caused borrowing costs on sovereign government debt to rise to
euro-era. During the second half of 2011 the government passed three austerity
packages to reduce its budget deficit and help bring down borrowing costs.
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 sustain its recent efforts to address
Italy's long-standing structural impediments to growth, such as labor market
inefficiencies and widespread tax evasion. In 2012 economic growth and labor
market conditions deteriorated, with growth at -2.3% and unemployment rising to
nearly 11%, with youth unemployment around 35%. The government has undertaken
several reform initiatives designed to increase long-term economic growth.
Italy's GDP is now 7% below its 2007 pre-crisis level.
Source
: CIA
New Gem S.p.a.
Via Filippo Turati, 41
20082 – Binasco (MI) -IT-
|
Fiscal Code |
: |
01440770061 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
05/02/1990 |
|
Equity |
: |
2.000.000 |
|
Turnover Range |
: |
10.000.000/12.750.000 |
|
Number of Employees |
: |
from 6 to 10 |
Wholesale of clocks, watches and jewellery and also deals in precious
stones.
Legal Form : Joint stock company
|
Fiscal Code : 01440770061 |
|
Chamber of Commerce no. : 161983 of Alessandria since 22/05/1990 |
|
Chamber of Commerce no. : 1708426 of Milano since 11/03/2003 |
|
Firms' Register : AL003-12974 of Alessandria since 19/02/1996 |
|
Firms' Register : MI-2003-63380 of Milano since 11/03/2003 |
|
V.A.T. Code : 01440770061 |
|
Establishment date |
: 05/02/1990 |
|
|
Start of Activities |
: 05/02/1990 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 1.800.000 |
|
|
Subscribed Capital |
: 1.800.000 |
|
|
Paid up Capital |
: 1.800.000 |
|
|
|
Wogerbauer |
Johann |
|
|
|
Born in Milano |
(MI) |
on 21/09/1961 |
- Fiscal Code : WGRJNN61P21F205S |
|
|
|
Residence: |
|
Campania |
, 31 |
- 20133 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
31/01/2013 |
|
|
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
*checkings have been performed on a national scale.
In this module are listed the companies in which members hold or have
holded positions.
|
|
Wogerbauer |
Johann |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Valgem S.a.s. Di Avraham Shaul E C. |
Valenza (AL) - IT - |
01258400066 |
Limited Partner |
Withdrawn |
Ceased |
|
Wogerbauer Johann |
Milano (MI) - IT - |
WGRJNN61P21F205S |
Proprietor |
Active |
Registered |
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Wogerbauer Johann |
Milano - IT - |
WGRJNN61P21F205S |
900.000 .Eur |
50,00 |
|
DELPINO SIMONE ALESSANDRO |
|
DLPSNL83S27F205Q |
275.040 .Eur |
15,28 |
|
Luca Gems S.a. |
|
|
624.960 .Eur |
34,72 |
The Company under review has participations in the following Companies:
|
Firm's Style |
Seat |
Fiscal Code |
Owned Shares
Amount |
% Ownership |
since |
until |
Share Status |
|
Fin.or.val. - Societa' Finanziaria Immob iliare Per Il Centro
Commerciale Ora |
Valenza - IT - |
00925330060 |
8.372 .Eur |
0,28 |
|
|
Active |
|
I Preziosi Del Delfino Societa' A Respon Sabilita' Limitata |
Roma - IT - |
06200771001 |
2.040 .Eur |
20,00 |
|
|
Active |
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
|
|
|
|
|
|
Filippo Turati |
, 41 |
- 20082 |
- Binasco |
(MI) |
- IT - |
|
- |
Branch |
(Branch) |
since 18/02/2003 |
|
|
|
|
|
|
Gramsci |
, 12G |
- 15048 |
- Valenza |
(AL) |
- IT - |
|
|
|
|
PHONE |
: 0131945885 |
|
|
|
|
FAX |
: 0131947885 |
|
|
|
|
Employees |
: 6 |
|
Fittings and Equipment for a value of 2.000 |
Eur |
|
Stocks for a value of 620.000 |
Eur |
The firm has a direct commercial organization
|
|
The firm operates abroad as importer..
To purchase foreign products the firm uses the following channels :
|
- direct orders to foreign companies |
Export represents up to 20% of the global turnover.
Import comes generally from the following nations:
|
- France |
EX-MEMBERS / EX-POSITIONS:
|
|
Raselli |
Giovanni |
|
|
|
Born in Valenza |
(AL) |
on 10/01/1959 |
- Fiscal Code : RSLGNN59A10L570W |
|
|
|
Residence: |
|
F.lli Rosselli |
, 17 |
- 15048 |
Valenza |
(AL) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
|
|
Frascarolo |
Pierugo |
|
|
|
Born in Valenza |
(AL) |
on 28/05/1939 |
- Fiscal Code : FRSPRG39E28L570T |
|
|
|
Residence: |
|
Paolo Zunino |
, 8 |
- 16035 |
Rapallo |
(GE) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
|
|
Panelli |
Matteo |
|
|
|
Born in Casale Monferrato |
(AL) |
on 12/09/1975 |
- Fiscal Code : PNLMTT75P12B885H |
|
|
|
Residence: |
|
Alessandria |
, 27 |
- 15048 |
Valenza |
(AL) |
- IT - |
|
Ex-Postions |
|
Temporary Auditor |
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.
The firm operates with:
|
Bank Name |
Agency Name |
Address |
ZIP Code |
City |
ABI Code |
CAB Code |
|
UNICREDIT BANCA SPA |
VALENZA |
VIALE DANTE 13 |
15048 |
Valenza (AL) |
2008 |
48680 |
Subject is active since 2003
The eonomic-financial analysis is based on the latest 3 b/s.
Under the financial profile unstable results are noted. with a negative
economic result in the last financial year. Business volume is falling in the
last financial year.
The operating result was positive in the last financial year (0,64%) and
in line with the sector's average.
The operating result is positive and amounts to Eur. 35.440 with a
-63,13% fall as against the year 2011.
During the latest financial year the gross operating margin amounted to
Eur. 98.519 showing a drop (-37,96%).
The analysis shows a fair financial position as the indebtedness volume
is acceptable (1,34) and falling as against the previous year (5,39).
It's shareholders funds amount to Eur. 1.573.853 , rising by 28,43%.
In the year 2012 total debts amounted to Eur. 3.863.642 whereas in the
year before they amounted to Eur. 7.287.874, with a -46,98% drop.
Bank and suppliers credit recourse is limited, 69,4 gg. is payment
average period below field's average.
Payments are supported by good current assets.
Trade credits are collected slowly, average term is 116,9 days. , as it
normally happens in the sector.
Cash flow is negative at the end of financial year 2012.
Subordinate employment cost is of Eur. 265.082, i.e. 2,49% on total
production costs. , whereas the incidence on sales revenues is of 2,49%.
High incidence of financial charges on turnover.
|
|
|
Complete balance-sheet for the year |
31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
10.661.060 |
|
Profit (Loss) for the period |
-351.548 |
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
12.676.880 |
|
Profit (Loss) for the period |
-211.344 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
9.461.797 |
|
Profit (Loss) for the period |
215.648 |
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
6.910.315 |
|
Profit (Loss) for the period |
51.882 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
6.122.420 |
|
Profit (Loss) for the period |
25.637 |
From our constant monitoring of the relevant Public Administration
offices, no more recent balance sheets result to have been filed.
|
- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1 |
|
- 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 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
RATIOS |
Value Type |
as at 31/12/2012 |
as at 31/12/2011 |
as at 31/12/2010 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,06 |
0,05 |
0,05 |
0,09 |
|
Elasticity Ratio |
Units |
0,94 |
0,95 |
0,95 |
0,89 |
|
Availability of stock |
Units |
0,11 |
0,16 |
0,13 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,83 |
0,79 |
0,82 |
0,54 |
|
Quick Ratio |
Units |
0,17 |
0,01 |
0,06 |
0,03 |
|
COMPOSITION ON SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
1,34 |
5,39 |
2,49 |
3,95 |
|
Self Financing Ratio |
Units |
0,28 |
0,14 |
0,23 |
0,17 |
|
Capital protection Ratio |
Units |
0,08 |
0,52 |
0,34 |
0,62 |
|
Liabilities consolidation quotient |
Units |
0,29 |
0,10 |
0,24 |
0,10 |
|
Financing |
Units |
2,45 |
5,95 |
3,37 |
4,85 |
|
Permanent Indebtedness Ratio |
Units |
0,45 |
0,22 |
0,38 |
0,29 |
|
M/L term Debts Ratio |
Units |
0,16 |
0,08 |
0,15 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
0,67 |
1,58 |
1,04 |
1,04 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
7,09 |
4,92 |
7,18 |
2,37 |
|
Current ratio |
Units |
1,69 |
1,23 |
1,52 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,49 |
1,02 |
1,31 |
0,80 |
|
Structure's primary quotient |
Units |
4,53 |
3,15 |
4,33 |
1,48 |
|
Treasury's primary quotient |
Units |
0,31 |
0,01 |
0,10 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
351,94 |
701,79 |
442,93 |
602,26 |
|
Current Capital ( net ) |
Value |
2.116.452 |
1.520.132 |
2.212.118 |
191.984 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
-2,71 |
-1,17 |
2,98 |
2,03 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
-22,34 |
-17,25 |
14,03 |
6,31 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
-19,31 |
-15,66 |
23,45 |
17,00 |
|
Return on Investment ( R.O.I. ) |
% |
0,64 |
1,12 |
7,80 |
4,18 |
|
Return/ Sales |
% |
0,33 |
0,76 |
5,61 |
3,46 |
|
Extra Management revenues/charges incid. |
% |
-991,95 |
-219,84 |
40,60 |
27,96 |
|
Cash Flow |
Value |
-288.469 |
-148.674 |
281.797 |
44.823 |
|
Operating Profit |
Value |
35.440 |
96.136 |
531.188 |
74.603 |
|
Gross Operating Margin |
Value |
98.519 |
158.806 |
597.337 |
111.383 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
116,90 |
183,94 |
191,97 |
113,70 |
|
Debts to suppliers average term |
Days |
69,40 |
137,72 |
114,17 |
118,14 |
|
Average stock waiting period |
Days |
20,88 |
40,11 |
33,74 |
72,90 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,92 |
1,47 |
1,39 |
1,25 |
|
Rate of stock return |
Units |
17,24 |
8,97 |
10,67 |
4,88 |
|
Labour cost incidence |
% |
2,49 |
1,92 |
2,40 |
8,14 |
|
Net financial revenues/ charges incidence |
% |
-3,33 |
-2,27 |
-1,81 |
-1,38 |
|
Labour cost on purchasing expenses |
% |
2,49 |
1,92 |
2,54 |
8,25 |
|
Short-term financing charges |
% |
9,20 |
3,95 |
3,50 |
2,76 |
|
Capital on hand |
% |
51,95 |
67,84 |
71,94 |
79,85 |
|
Sales pro employee |
Value |
1.776.843 |
2.112.813 |
1.617.401 |
397.742 |
|
Labour cost pro employee |
Value |
44.180 |
40.656 |
38.754 |
33.267 |
|
Population living in the province |
: |
3.839.216 |
|
Population living in the region |
: |
9.393.092 |
|
Number of families in the region |
: |
3.858.736 |
Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
460 |
|
- per non food products |
: |
2.090 |
|
- per energy consume |
: |
114 |
The values are calculated on a base of 9.175 significant companies.
The companies cash their credits on an average of 114 dd.
The average duration of suppliers debts is about 118 dd.
The sector's profitability is on an average of 2,03%.
The labour cost affects the turnover in the measure of 8,14%.
Goods are held in stock in a range of 73 dd.
The difference between the sales volume and the resources used to
realize it is about 1,25.
The employees costs represent the 8,25% of the production costs.
Statistcally the trade activity shows periods of crisis.
The area is statistically considered lowly risky.
In the region 50.886 protested subjects are found; in the province they
count to 24.765.
The insolvency index for the region is 0,55, , while for the province it
is 0,66.
Total Bankrupt companies in the province : 22.523.
Total Bankrupt companies in the region : 39.612.
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.
-
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 –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.73 |
|
|
1 |
Rs.99.78 |
|
Euro |
1 |
Rs.85.07 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.