MIRA INFORM REPORT
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Report Date : |
19.06.2013 |
IDENTIFICATION DETAILS
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Name : |
NEW GEM SPA |
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Registered Office : |
Piazza Antonio Gramsci 12/G Valenza, 15048 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
05.02.1990 |
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Com. Reg. No.: |
01440770061 |
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Legal Form : |
Public Independent |
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Line of Business : |
Subject is engaged in wholesale of furniture |
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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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – 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 and address
NEW GEM SPA
Piazza Antonio Gramsci 12/G
Valenza, 15048
Italy
Tel: +39
0131 945885
Fax: +39
0131 947885
Employees: 6
Company Type: Public Independent
Incorporation
Date: 05-Feb-1990
Financials in: USD (In Millions)
Fiscal Year End: 31-Dec-2011
Reporting
Currency: Euro
Annual Sales: 17.6
Total Assets: 11.2
Business Description
New Gem SpA 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
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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 |
Key Executives
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Name |
Title |
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Johann Wogerbauer |
Sole administrator |
News
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Title |
Date |
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The day
baseball left town |
6-Oct-2012 |
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EDITORIAL:
York building shining a light on the arts |
4-Oct-2012 |
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C4's
"Funny" Fortnight: big names... |
26-Aug-2012 |
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Stand 128,
Lunch! 20 - 21 September 2012, Business Design Centre, London. |
6-Aug-2012 |
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BrandOpus
creates new look for Lil-Lets |
17-Jul-2012 |
Registered No.(ITA): 01440770061
1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.770327
Location
Piazza
Antonio Gramsci 12/G
Valenza, 15048
Italy
Tel: +39 0131 945885
Fax: +39 0131 947885
Sales EUR(mil): 12.7
Assets EUR(mil): 8.6
Employees: 6
Fiscal Year End: 31-Dec-2011
Industry: Miscellaneous
Capital Goods
Incorporation Date: 05-Feb-1990
Company Type: Public Independent
Quoted Status: Not Quoted
Registered No.(ITA): 01440770061
Sole administrator: Johann Wogerbauer
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ANZSIC 2006 Codes: |
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3739 |
- |
Other Goods Wholesaling Not Elsewhere Classified |
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NACE 2002 Codes: |
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5147 |
- |
Wholesale of other household goods |
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NAICS 2002 Codes: |
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4232 |
- |
Furniture and Home Furnishing Merchant Wholesalers |
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US SIC 1987: |
||
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5094 |
- |
Jewelry, Watches, Precious Stones, and Precious Metals |
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UK SIC 2003: |
||
|
5147 |
- |
Wholesale of other household goods |
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UK SIC 2007: |
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4649 |
- |
Wholesale of other household goods |
New Gem SpA 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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Bank: Ubi Banca Popolare Commercio e Industria Ag
Executives
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Sole administrator |
President |
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 |
17.8 |
12.5 |
9.6 |
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Net sales |
17.6 |
12.5 |
9.6 |
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Other operating income |
0.2 |
0.0 |
0.0 |
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Raw materials and consumables employed |
16.4 |
10.8 |
8.2 |
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Other expenses |
0.6 |
0.6 |
0.6 |
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Total payroll costs |
0.3 |
0.3 |
0.3 |
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Fixed asset depreciation and amortisation |
0.1 |
0.1 |
0.1 |
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Other operating costs |
0.2 |
0.1 |
0.4 |
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Net operating income |
0.1 |
0.7 |
0.1 |
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Total financial income |
-0.1 |
0.0 |
0.4 |
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Total expenses |
0.3 |
0.2 |
0.3 |
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Profit before tax |
-0.3 |
0.5 |
0.2 |
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Profit after extraordinary items and before tax |
-0.3 |
0.5 |
0.2 |
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Total taxation |
0.0 |
0.2 |
0.2 |
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Net profit |
- |
0.3 |
0.1 |
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Net loss |
0.3 |
- |
- |
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 |
1.6 |
2.1 |
1.9 |
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Provision for risks |
- |
0.0 |
0.0 |
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Provision for pensions |
0.1 |
0.1 |
0.1 |
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Mortgages and loans |
0.8 |
1.3 |
0.7 |
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Trade creditors |
6.4 |
3.8 |
2.4 |
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Bank loans and overdrafts |
1.8 |
1.4 |
2.1 |
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Other current liabilities |
0.5 |
0.4 |
0.4 |
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Total current liabilities |
8.7 |
5.7 |
4.9 |
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Total liabilities (including net worth) |
11.2 |
9.1 |
7.7 |
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Buildings |
0.3 |
- |
- |
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Total tangible fixed assets |
0.5 |
0.5 |
0.4 |
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Total financial assets |
0.0 |
0.0 |
0.0 |
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Total non-current assets |
0.5 |
0.5 |
0.4 |
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Net stocks and work in progress |
1.8 |
1.2 |
0.8 |
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Trade debtors |
8.4 |
6.8 |
5.9 |
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Other receivables |
0.3 |
0.1 |
0.1 |
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Cash and liquid assets |
0.1 |
0.5 |
0.5 |
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Accruals |
0.0 |
0.0 |
0.0 |
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Total current assets |
10.7 |
8.7 |
7.2 |
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Total assets |
11.2 |
9.1 |
7.7 |
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 |
1.20 |
1.50 |
1.50 |
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Quick ratio |
1.00 |
1.30 |
1.30 |
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Current liabilities to net worth |
0.06% |
0.03% |
0.03% |
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Sales per employee |
2.11 |
1.58 |
1.15 |
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Profit per employee |
-0.03 |
- |
- |
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Average wage per employee |
0.04 |
0.04 |
0.04 |
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Net worth |
1.6 |
2.1 |
1.9 |
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Number of employees |
6 |
- |
- |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.45 |
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UK Pound |
1 |
Rs.91.60 |
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Euro |
1 |
Rs.77.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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 |
---- |
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%)