MIRA INFORM REPORT

 

 

Report Date :

19.09.2013

 

IDENTIFICATION DETAILS

 

Name :

BEACH CO. SRL

 

 

Registered Office :

Via Giacomo E Filippo Porrata 2, Genova, 16157

 

 

Country :

Italy

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

26.08.1991

 

 

Com. Reg. No.:

03274020100

 

 

Legal Form :

Private Independent Company

 

 

Line of Business :

·         retail sale of adults’ fur and leather clothing

Retail sale of children’s and infants’ clothing

Retail sale of other women’s clothing

Retail sale of footwear and leather goods.

 

 

No. of Employees :

57

 

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 :

Satisfactory

Payment Behaviour :

No Complaints

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

 

 

Company name & address

 

Beach Co. SRL

Via Giacomo E Filippo Porrata 2

Genova, 16157

Italy

Tel:       +39 010 6121818

Fax:      +39 010 6122159

 

 

Synthesis

 

Employees:                  57

Company Type:            Private Independent

Incorporation Date:         26-Aug-1991     

Financials in:                 USD (Millions)

Fiscal Year End:            30-Jun-2012

Reporting Currency:       Euro

Annual Sales:               20.2

Total Assets:                17.6

 

 

Business Description     

 

Beach Co. SRL is primarily engaged in retail sale of adults’ fur and leather clothing; retail sale of children’s and infants’ clothing; retail sale of other women’s clothing; and retail sale of footwear and leather goods.

 

Industry             

Industry            Clothing and Apparel Stores

ANZSIC 2006:    4251 - Clothing Retailing

ISIC Rev 4:        4771 - Retail sale of clothing, footwear and leather articles in specialized stores

NACE Rev 2:     4771 - Retail sale of clothing in specialised stores

NAICS 2012:     448120 - Women's Clothing Stores

UK SIC 2007:    4771 - Retail sale of clothing in specialised stores

US SIC 1987:    5651 - Family Clothing Stores

 

           

Key Executives   

 

Name                           Title    

Fabrizio Scarselli           President         


1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7476949

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.8046644

 

 

Corporate Overview

 

Location

Via Giacomo E Filippo Porrata 2

Genova, 16157

Italy

Tel:       +39 010 6121818

Fax:      +39 010 6122159

           

Sales EUR(mil):             15.1

Assets EUR(mil):           14.1

Employees:                   57

Fiscal Year End:            30-Jun-2012

Industry:                        Retail (Apparel)

Incorporation Date:         26-Aug-1991

Company Type:             Private Independent

Quoted Status:              Not Quoted

Registered No.(ITA):       03274020100

President:                     Fabrizio Scarselli

 

Industry Codes

ANZSIC 2006 Codes:

4251     -          Clothing Retailing

371       -          Textile, Clothing and Footwear Wholesaling

 

ISIC Rev 4 Codes:

4771     -          Retail sale of clothing, footwear and leather articles in specialized stores

4641     -          Wholesale of textiles, clothing and footwear

 

NACE Rev 2 Codes:

4771     -          Retail sale of clothing in specialised stores

4642     -          Wholesale of clothing and footwear

 

NAICS 2012 Codes:

448120  -          Women's Clothing Stores

4243     -          Apparel, Piece Goods, and Notions Merchant Wholesalers

 

US SIC 1987:

5651     -          Family Clothing Stores

513       -          Apparel, Piece Goods, and Notions

 

UK SIC 2007:

4771     -          Retail sale of clothing in specialised stores

4642     -          Wholesale of clothing and footwear

 

Business Description

Beach Co. SRL is primarily engaged in retail sale of adults’ fur and leather clothing; retail sale of children’s and infants’ clothing; retail sale of other women’s clothing; and retail sale of footwear and leather goods.

 

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

15.1

Assets:

14.1

Current Assets:

13.3

 

Total Liabilities:

14.1

 

Net Worth:

3.3

 

 

 

Date of Financial Data:

30-Jun-2012

 

1 Year Growth

15.9%

NA

 

Key Corporate Relationships

Bank:

Monte Paschi di Siena Ag, Unicredit Ag

 

 

 

 

 

 

 

 

 

Executive report

 

Executives

 

Name

Title

Function

 

Fabrizio Scarselli

 

President

President

 

Elisabetta Olivieri

 

Managing director

Managing Director

 

Massimiliano Sponza

 

Managing director

Managing Director

 

 

 

Annual profit & loss

 

 

 

 

30-Jun-2012

30-Jun-2011

30-Jun-2010

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.747695

0.7347

0.721483

Consolidated

No

No

No

 

 

 

 

Total income

20.3

17.8

16.7

Net sales

20.2

17.8

16.7

Other operating income

0.1

0.0

0.0

Raw materials and consumables employed

8.5

6.9

6.1

Other expenses

7.3

7.6

6.6

Total payroll costs

1.8

1.5

1.4

Fixed asset depreciation and amortisation

0.6

0.5

0.4

Other operating costs

0.3

-

0.2

Net operating income

1.8

1.2

2.0

Total financial income

0.4

0.4

0.3

Total expenses

0.6

0.4

0.4

Profit before tax

1.6

1.2

1.9

Extraordinary result

0.0

0.0

0.0

Profit after extraordinary items and before tax

1.6

1.2

1.9

Total taxation

0.6

0.5

0.8

Net profit

1.0

0.8

1.1

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

30-Jun-2012

30-Jun-2011

30-Jun-2010

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.804664

0.689727

0.816393

Consolidated

No

No

No

 

 

 

 

Total stockholders equity

4.1

3.6

3.0

Provision for risks

0.0

0.0

0.1

Provision for pensions

0.3

0.3

0.2

Mortgages and loans

0.8

-

-

Other long-term liabilities

-

-

0.3

Trade creditors

3.4

-

-

Bank loans and overdrafts

8.2

-

-

Other current liabilities

0.6

11.6

7.0

Accruals and deferred income

0.2

0.1

0.1

Total current liabilities

12.4

11.7

7.1

Total liabilities (including net worth)

17.6

15.6

10.7

Intangibles

0.8

0.5

0.6

Buildings

0.0

-

-

Total tangible fixed assets

0.2

0.4

0.3

Receivables due after 1 year

0.0

0.0

0.0

Total non-current assets

1.0

0.9

1.0

Finished goods

7.2

-

-

Net stocks and work in progress

7.2

7.1

3.5

Trade debtors

8.2

-

5.7

Other receivables

0.1

6.9

0.1

Cash and liquid assets

0.2

0.4

0.3

Marketable securities

0.0

0.0

0.0

Accruals

0.8

0.4

0.1

Total current assets

16.5

14.7

9.8

Total assets

17.6

15.6

10.7

 

 

Annual Ratios

 

Financials in: USD (mil)

 

 

 

30-Jun-2012

30-Jun-2011

30-Jun-2010

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.804664

0.689727

0.816393

Consolidated

No

No

No

 

 

 

 

Current ratio

1.30

1.30

1.40

Quick ratio

0.80

0.60

0.90

Current liabilities to net worth

0.03%

0.03%

0.02%

Sales per employee

0.27

-

0.52

Profit per employee

0.02

-

-

Average wage per employee

0.02

-

0.04

Net worth

4.1

3.6

3.0

Number of employees

57

-

-

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.14

UK Pound

1

Rs.100.48

Euro

1

Rs.84.37

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.