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Report Date : |
21.02.2013 |
IDENTIFICATION DETAILS
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Name : |
Cadchod SRL |
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Registered Office : |
Via Spadari 7 Milano, 20123 |
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Country : |
Italy |
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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.: |
12235880155 |
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Legal Form : |
Private Independent |
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Line of Business : |
Wholesalers of Furniture, Jewellery, Musical Instrument, Photographic Goods,
Toys and Games, Travel and Fancy goods etc. |
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No. of Employees : |
6 |
RATING & COMMENTS
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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 : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
|
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.
Source
: CIA
Cadchod SRL
Via Spadari 7
Milano, 20123
Italy
Tel: +39 02 86915700
Fax: +39
02 86915701
Employees: 6
Company Type: Private Independent
Incorporation Date: 18-Sep-1997
Financials in: USD
(Mil)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Euro
Annual Sales: 5.9
Total Assets: 7.1
Cadchod 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.
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
5094 -
Jewelry, Watches, Precious Stones, and Precious Metals |
|
Name |
Title |
|
Ron Yekutiel |
Sole administrator |
Registered No.(ITA): 12235880155
1 - Profit & Loss Item Exchange Rate: USD
1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 =
EUR 0.770327
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Cadchod 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.
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Financials in: |
EUR(mil) |
1 Year Growth |
|
|
|
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Revenue: |
4.3 |
|
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Assets: |
5.4 |
41.7% |
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Current Assets: |
5.4 |
NA |
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Total Liabilities: |
5.4 |
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Net Worth: |
0.7 |
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Date of Financial Data: |
31-Dec-2011 |
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Name |
Title |
Function |
|
Ron Yekutiel |
Sole
administrator |
President |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Total income |
5.9 |
4.0 |
3.5 |
|
Net sales |
5.9 |
4.0 |
3.5 |
|
Other operating income |
- |
- |
0.0 |
|
Raw materials and consumables employed |
4.8 |
3.1 |
2.9 |
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Other expenses |
0.3 |
0.2 |
0.2 |
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Total payroll costs |
0.3 |
0.3 |
0.3 |
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Fixed asset depreciation and amortisation |
0.0 |
0.0 |
0.0 |
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Other operating costs |
0.0 |
0.0 |
0.1 |
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Net operating income |
0.5 |
0.4 |
-0.1 |
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Total financial income |
-0.3 |
-0.2 |
0.0 |
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Total expenses |
0.1 |
0.1 |
0.2 |
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Profit before tax |
0.1 |
0.1 |
-0.2 |
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Extraordinary result |
0.0 |
0.0 |
- |
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Profit after extraordinary items and before tax |
0.1 |
0.1 |
-0.2 |
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Total taxation |
0.1 |
0.0 |
0.0 |
|
Net profit |
0.0 |
0.0 |
- |
|
Net loss |
- |
- |
0.2 |
Financials in: USD
(mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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|
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Total stockholders equity |
0.9 |
0.8 |
0.9 |
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Provision for risks |
0.0 |
0.0 |
0.1 |
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Provision for pensions |
0.1 |
0.1 |
0.1 |
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Mortgages and loans |
- |
0.0 |
0.2 |
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Trade creditors |
2.5 |
1.0 |
1.3 |
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Bank loans and overdrafts |
3.4 |
3.5 |
2.9 |
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Other current liabilities |
0.1 |
0.1 |
0.1 |
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Total current liabilities |
6.1 |
4.5 |
4.2 |
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Total liabilities (including net worth) |
7.1 |
5.5 |
5.4 |
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Intangibles |
0.0 |
- |
- |
|
Total tangible fixed assets |
0.0 |
0.0 |
0.0 |
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Total non-current assets |
0.0 |
0.0 |
0.0 |
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Net stocks and work in progress |
2.8 |
2.2 |
1.7 |
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Trade debtors |
4.1 |
3.2 |
3.5 |
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Other receivables |
0.1 |
0.1 |
0.3 |
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Cash and liquid assets |
0.0 |
0.0 |
0.0 |
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Accruals |
0.0 |
0.0 |
0.0 |
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Total current assets |
7.0 |
5.5 |
5.4 |
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Total assets |
7.1 |
5.5 |
5.4 |
Financials in: USD
(mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
|
|
|
|
|
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Current ratio |
1.20 |
1.20 |
1.30 |
|
Quick ratio |
0.70 |
0.70 |
0.90 |
|
Current liabilities to net worth |
0.07% |
0.05% |
0.05% |
|
Sales per employee |
- |
0.50 |
0.50 |
|
Profit per employee |
- |
0.01 |
-0.03 |
|
Average wage per employee |
- |
0.03 |
0.04 |
|
Net worth |
0.9 |
0.8 |
0.9 |
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Number of employees |
- |
6 |
5 |
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.
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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.
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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.
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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.
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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.
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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.
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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.54.05 |
|
|
1 |
Rs.83.45 |
|
Euro |
1 |
Rs.72.53 |
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.