MIRA
INFORM REPORT
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Report Date : |
08.07.2013 |
IDENTIFICATION DETAILS
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Name : |
ACACIA GIUSEPPE SRL |
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Registered Office : |
Localita' Ponte D' Assi, Gubbio, 06024 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
18.01.2001 |
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Com. Reg. No.: |
02503150548 |
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Legal Form : |
Private Independent Company |
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Line of Business : |
· Wholesaler of furniture · Wholesaler of jewellery · Wholesaler of musical instruments |
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No. of Employees : |
17 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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.
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Source : CIA |
Company name & address
Acacia Giuseppe SRL
Localita' Ponte D' Assi
Gubbio, 06024
Italy
Tel: +39 0759 272596
Fax: +39 0759 228455
Synthesis
Employees: 17
Company Type: Private Independent
Incorporation Date:
18-Jan-2001
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Euro
Annual Sales: 1.9
Total Assets: 2.8
Business Description
Acacia Giuseppe 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: 5023 - Home
furnishings
Key Executives
Name Title
Giuseppe Acacia Sole
administrator
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
Corporate Overview
Location
Localita' Ponte D' Assi
Gubbio, 06024
Italy
Tel: +39 0759 272596
Fax: +39 0759 228455
Sales EUR(mil): 1.4
Assets EUR(mil): 2.2
Employees: 17
Fiscal Year End: 31-Dec-2011
Industry: Miscellaneous Capital Goods
Incorporation Date: 18-Jan-2001
Company Type: Private Independent
Quoted Status: Not Quoted
Registered No.(ITA): 02503150548
Sole administrator: Giuseppe
Acacia
Industry Codes
ANZSIC 2006 Codes:
3739 - Other Goods Wholesaling Not Elsewhere Classified
4279 - Other Store-Based Retailing Not Elsewhere Classified
NACE 2002 Codes:
5147 - Wholesale of other household goods
5248 - Other retail sale in specialised stores
5190 - Other wholesale
NAICS 2002 Codes:
4232 - Furniture and Home Furnishing Merchant Wholesalers
423990 - Other Miscellaneous Durable Goods Merchant Wholesalers
453 - Miscellaneous Store Retailers
US SIC 1987:
5023 - Home furnishings
5099 - Durable Goods, Not Elsewhere Classified
599 - Retail Stores, Not Elsewhere Classified
UK SIC 2003:
5147 - Wholesale of other household goods
5248 - Other retail sale in specialised stores
5190 - Other wholesale
UK SIC 2007:
4649 - Wholesale of other household goods
477 - Retail sale of other goods in specialised stores
4690 - Non-specialised wholesale trade
Business
Description
Acacia Giuseppe
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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Executive report
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Executives |
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Sole administrator |
President |
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Annual Profit & Loss
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Total income |
2.0 |
2.0 |
2.1 |
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Net sales |
1.9 |
1.9 |
2.0 |
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Other operating income |
0.0 |
0.2 |
0.1 |
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Raw materials and consumables employed |
0.7 |
0.7 |
0.7 |
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Other expenses |
0.4 |
0.4 |
0.4 |
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Total payroll costs |
0.6 |
0.6 |
0.7 |
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Fixed asset depreciation and amortisation |
0.1 |
0.1 |
0.1 |
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Other operating costs |
0.1 |
0.1 |
0.1 |
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Net operating income |
0.1 |
0.1 |
0.1 |
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Total financial income |
0.0 |
0.0 |
0.0 |
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Total expenses |
0.1 |
0.1 |
0.1 |
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Profit before tax |
0.0 |
0.0 |
0.0 |
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Extraordinary result |
0.0 |
0.0 |
0.0 |
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Profit after extraordinary items and before tax |
0.0 |
0.0 |
0.0 |
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Total taxation |
0.0 |
0.0 |
0.0 |
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Net profit |
- |
0.0 |
0.0 |
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Net loss |
0.0 |
- |
- |
Annual Balance Sheet
Financials in: USD (mil)
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Total stockholders equity |
0.1 |
0.1 |
0.1 |
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Provision for risks |
0.0 |
0.0 |
0.0 |
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Provision for pensions |
0.2 |
0.2 |
0.3 |
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Mortgages and loans |
1.6 |
1.8 |
1.4 |
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Trade creditors |
0.4 |
0.5 |
0.6 |
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Bank loans and overdrafts |
0.4 |
0.4 |
0.5 |
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Other current liabilities |
0.1 |
0.1 |
0.1 |
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Accruals and deferred income |
0.0 |
0.0 |
0.0 |
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Total current liabilities |
1.0 |
1.0 |
1.3 |
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Total liabilities (including net worth) |
2.8 |
3.1 |
3.1 |
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Intangibles |
0.0 |
0.0 |
0.0 |
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Total tangible fixed assets |
1.1 |
1.1 |
1.0 |
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Total financial assets |
0.0 |
0.1 |
0.0 |
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Total non-current assets |
1.1 |
1.2 |
1.0 |
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Net stocks and work in progress |
1.2 |
1.3 |
1.4 |
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Trade debtors |
0.5 |
0.5 |
0.6 |
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Other receivables |
0.0 |
0.1 |
0.1 |
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Cash and liquid assets |
0.0 |
0.1 |
0.0 |
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Accruals |
0.0 |
0.0 |
0.0 |
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Total current assets |
1.7 |
2.0 |
2.1 |
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Total assets |
2.8 |
3.1 |
3.1 |
Annual Ratios
Financials in: USD (mil)
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Current ratio |
1.80 |
1.90 |
1.70 |
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Quick ratio |
0.60 |
0.70 |
0.50 |
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Current liabilities to net worth |
0.09% |
0.08% |
0.11% |
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Sales per employee |
- |
- |
0.09 |
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Average wage per employee |
- |
- |
0.03 |
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Net worth |
0.1 |
0.1 |
0.1 |
DIAMOND INDUSTRY – INDIA
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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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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.
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Excerpts from Times of India dated 30th October 2010 is as
under –
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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.
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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
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
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UK Pound |
1 |
Rs.90.79 |
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Euro |
1 |
Rs.77.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.