MIRA INFORM REPORT

 

 

Report Date :

04.02.2014

 

IDENTIFICATION DETAILS

 

Name :

CHIMENTO GIOIELLIERI S.P.A.

 

 

Registered Office :

Via Serenissima, 8/1,

36040 - Grisignano di Zocco (VI)

 

 

Country :

Italy

 

 

Financials (as on) :

31.07.2012

 

 

Date of Incorporation :

17.09.1985

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

·         Manufacturer of jewellery in precious metals or plated with precious metals

Wholesaler of clocks, watches and jewellery

 

 

No. of Employees :

from 71 to 90 employees

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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

 

Chimento Gioiellieri S.p.a.

 

Via Serenissima, 8/1

 

36040 - Grisignano di Zocco  (VI) -IT-

 

Summary

 

Fiscal Code

:

01773620248

Legal Form

:

Joint stock company

start of Activities

:

17/09/1985

Equity

:

Over 2.582.254

Turnover Range

:

12.750.000/15.500.000

Number of Employees

:

from 71 to 90

 

Activity

 

·         Manufacturer of jewellery in precious metals or plated with precious metals

Wholesaler of clocks, watches and jewellery

 

Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 01773620248

 

Foreign Trade Reg. no. : VI015466 since 19/12/1991

 

Chamber of Commerce no. : 153829 of Alessandria

 

Chamber of Commerce no. : 172399 of Caserta

 

Chamber of Commerce no. : 426150 of Firenze

 

Chamber of Commerce no. : 391555 of Genova

 

Chamber of Commerce no. : 1319829 of Milano

 

Chamber of Commerce no. : 213568 of Palermo

 

Chamber of Commerce no. : 691886 of Roma

 

Chamber of Commerce no. : 737591 of Torino

 

Chamber of Commerce no. : 246214 of Venezia

 

Chamber of Commerce no. : 183591 of Vicenza since 11/10/1985

 

V.A.T. Code : 01773620248

 

Foundation date

: 17/09/1985

Establishment date

: 17/09/1985

Start of Activities

: 17/09/1985

Legal duration

: 31/12/2050

Nominal Capital

: 17.480.000

 

Subscribed Capital

: 17.480.000

 

Paid up Capital

: 17.480.000

 



Members

 

 

Chimento

Adriano

 

 

 

Born in Montegalda

(VI)

on 01/01/1940

- Fiscal Code : CHMDRN40A01F514O

 

 

 

Residence:

 

Margherita

, 22

- 36100

Vicenza

(VI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Board Chairman

18/05/2012

 

 

Director

04/05/2012

 

 

 

 

No Prejudicial events are reported

 

 

No Protests registered

 

 

Chimento

Mario

 

 

 

Born in Vicenza

(VI)

on 03/04/1971

- Fiscal Code : CHMMRA71D03L840N

 

 

 

Residence:

 

Trissino

, 169

- 36100

Vicenza

(VI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

04/05/2012

 

 

Managing Director

18/05/2012

 

 

 

 

No Prejudicial events are reported

 

 

No Protests registered

 

 

Franzina

Enrico

 

 

 

Born in Padova

(PD)

on 03/11/1966

- Fiscal Code : FRNNRC66S03G224F

 

 

 

Residence:

 

Serenissima

, 8/1

- 36040

Grisignano di Zocco

(VI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Attorney with special power

01/12/2009

 

 

 

 

No Prejudicial events are reported

 

 

No Protests registered




Companies connected to members

 

*checkings have been performed on a national scale.

 

In this module are listed the companies in which members hold or have holded positions.

 

 

Chimento

Adriano

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Chimento Gioiellieri S.r.l.

Vicenza (VI) - IT -

00886770247

Chairman and Managing Director

Withdrawn

Registered

AGROGEST - SOCIETA' DI SVILUPPO AGROZOOTECNICO S.P.A.

Treviso (TV) - IT -

01700050261

Director

Withdrawn

Registered

Chimento eamp; Partners S.R.L.

Vicenza (VI) - IT -

02686450244

Director

Withdrawn

Registered

Rubus S.r.l.

Vicenza (VI) - IT -

02686470242

Sole Director

Active

Registered

Rubus S.r.l.

Vicenza (VI) - IT -

02686470242

General Partner

Withdrawn

Registered

Chimento Adriano

Grisignano di Zocco (VI) - IT -

CHMDRN40A01F514O

Proprietor

Withdrawn

Ceased

 

 

Chimento

Mario

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Rubus S.r.l.

Vicenza (VI) - IT -

02686470242

Limited Partner

Withdrawn

Registered

Ofidio Immobiliare S.r.l.

Vicenza (VI) - IT -

02784050243

Sole Director

Active

Registered

 

The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive, etc.

For more information, in this case, we advise to request further investigations.



Capital Shareholders

 

Shareholders' list as at date of data collection:

 

Firm's Style / Name

Seat / Residence

Fiscal Code

Owned Shares

% Ownership

Chimento Adriano

Vicenza - IT -

CHMDRN40A01F514O

5.265.512 .Eur

30,12

Cordusio Societa' Fiduciaria Per Azioni

 

01855720155

5.738.928 .Eur

32,83

Rubus S.r.l.

 

02686470242

6.475.560 .Eur

37,04


Direct Participations

 

The Company under review has participations in the following Companies:

 

Firm's Style

Seat

Fiscal Code

Owned Shares Amount

% Ownership

since

until

Share Status

Consorzio Emagold Italia Srl In Sigla Emagold Srl

Milano - IT -

10427600159

250 .Eur

1,61

 

 

Active

Il Tari'- Societa' Consortile Per Azioni

Marcianise - IT -

05825080632

14.094 .Eur

0,36

 

 

Active



Firm's location and structure

 

In order to carry out its activities the firm uses the following locations:

 

-

Legal and operative seat

 

 

 

 

 

 

 

Serenissima

, 8/1

- 36040

- Grisignano di Zocco

(VI)

- IT -

 

 

 

 

Total Surface: 69 Sq.mt.

 

 

 

 

PHONE

: 0444418418

 

 

 

 

FAX

: 0444418419

 

-

Branch

(Shop)

since 23/10/1991

 

 

 

 

 

 

Pola

, 20

- 36040

- Torri di Quartesolo

(VI)

- IT -

 

 

 

 

Total Surface: 69 Sq.mt.

 

 

 

 

PHONE

: 0444267028

 

-

Branch

(Store)

since 29/09/1994

until 27/12/1999

 

 

 

 

 

 

Celotto

, 36

- 36040

- Grisignano di Zocco

(VI)

- IT -

 

-

Branch

(Warehouse)

since 01/03/2003

until 30/06/2010

 

 

 

 

 

 

Dell'industria

, 5

- 36040

- Grisignano di Zocco

(VI)

- IT -

 

-

Branch

(Sales office)

since 10/04/1993

 

 

 

 

 

Schlossberg

, 19

- 75175

- Pforzheim

- IT -

 

-

Branch

(Sales office)

since 20/05/1987

 

 

 

 

 

 

Mazzini

, 10

- 15048

- Valenza

(AL)

- IT -

 

-

Branch

(Warehouse)

since 11/11/1997

 

 

 

 

 

 

Pozzo Bianco 1/a- Zona Asi

- 81025

- Marcianise

(CE)

- IT -

 

-

Branch

(Shop)

since 07/03/2008

 

 

 

 

 

 

Asi Sud

- 81025

- Marcianise

(CE)

- IT -

 

 

 

 

Total Surface: 38 Sq.mt.

 

-

Branch

(Sales office)

 

 

 

 

 

 

Lucchese

, 84/C

- 50019

- Sesto Fiorentino

(FI)

- IT -

 

-

Branch

(Sales office)

 

 

 

 

 

 

Cesarea

, 2/28

- 16100

- Genova

(GE)

- IT -

 

-

Branch

(Sales office)

since 20/09/1989

 

 

 

 

 

 

Papa Achille

, 30

- 20100

- Milano

(MI)

- IT -

 

-

Branch

(Shop)

since 06/11/2000

 

 

 

 

 

 

Della Spiga

, 1

- 20100

- Milano

(MI)

- IT -

 

-

Branch

(Sales office)

since 04/02/1999

 

 

 

 

 

 

Trapani

, 1/C

- 90100

- Palermo

(PA)

- IT -

 

-

Branch

(Sales office)

since 10/09/1989

 

 

 

 

 

 

Appia Nuova

, 138

- 00100

- Roma

(RM)

- IT -

 

-

Branch

(Sales office)

since 09/09/1989

 

 

 

 

 

 

San Pio V

, 32

- 10100

- Torino

(TO)

- IT -

 

-

Branch

(Shop)

since 30/07/1995

 

 

 

 

 

 

San Marco - Campo S.moise'

, 1460

- 30100

- Venezia

(VE)

- IT -

 

 

 

 

Employees

: 89

 

Fittings and Equipment for a value of 64.000

Eur

 

Stocks for a value of 18.470.000

Eur

 

 

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Export represents from 20% to 50% of the global turnover.

Products abroad are placed by :

- importers

 

- its own agents

 

Export is mainly towards:

- Italy

 

 

Historical Information and/or Firm's Status

 

CHANGES TO THE LEGAL FORM:

 

Former legal form

New legal form

Changement Date

General partnership

Joint stock company

31/12/1986

 

EX-MEMBERS / EX-POSITIONS:

 

Pasin

Alessandro

 

 

Born in Vicenza

(VI)

on 03/04/1951

- Fiscal Code : PSNLSN51D03L840K

 

 

Residence:

 

De Campesani

, 47

- 36100

Vicenza

(VI)

- IT -

 

Ex-Postions

Managing Director

Director

 

Bertoncello

Maurizio

 

 

Born in Bassano del Grappa

(VI)

on 17/11/1951

- Fiscal Code : BRTMRZ51S17A703O

 

 

Residence:

 

Trieste

, 10/A

- 36060

Romano d'Ezzelino

(VI)

- IT -

 

Ex-Postions

Director

Assistant board Chairman

Managing Director

 

Zanconato

Giorgio

 

 

Born in Lonigo

(VI)

on 19/08/1966

- Fiscal Code : ZNCGRG66M19E682Y

 

 

Residence:

 

Monte Delle Piume

, 6

- 36040

Orgiano

(VI)

- IT -

 

Ex-Postions

Temporary Auditor

 

Sinico

Giovanni

 

 

Born in Vicenza

(VI)

on 11/04/1959

- Fiscal Code : SNCGNN59D11L840E

 

 

Residence:

 

Dei Pioppi

, 13/D

- 36040

Grisignano di Zocco

(VI)

- IT -

 

Ex-Postions

Temporary Auditor

 

Chimento

Giorgio

 

 

Born in Grisignano di Zocco

(VI)

on 26/02/1955

- Fiscal Code : CHMGRG55B26E184C

 

 

Residence:

 

Adige

, 1

- 36040

Grisignano di Zocco

(VI)

- IT -

 

Ex-Postions

Director

 

Chimento

Antonietta

 

 

Born in Grisignano di Zocco

(VI)

on 12/06/1949

- Fiscal Code : CHMNNT49H52E184S

 

 

Residence:

 

Beggiato

- 36040

Grisignano di Zocco

(VI)

- IT -

 

Ex-Postions

Director

 

Chimento

Federica

 

 

Born in Vicenza

(VI)

on 26/10/1969

- Fiscal Code : CHMFRC69R66L840D

 

 

Residence:

 

300 South Pointe Drive

Miami Beach

- IT -

 

Ex-Postions

Director

 

Pozzato

Walter

 

 

Born in Fontaniva

(PD)

on 07/02/1955

- Fiscal Code : PZZWTR55B07D679D

 

 

Residence:

 

Pillon

, 1/A

- 35031

Abano Terme

(PD)

- IT -

 

Ex-Postions

Procurator



CEASINGS/INCORPORATIONS/MERGES:

 

Project of splitting-up and tranfer into

 

 

 

Habitus S.r.l.

 

 

 

Crivelli Carlo

, 12

, 20122

, Milano

(MI)

- IT -

 

 

Fiscal Code: 04942850969

 

 

Date

Merging/splitting-up project:

21/06/2006



Protests

 

Protests checking on the subject firm has given a negative result.



Data Base Prejudicial Events Search

 

Search performed on a National Scale

 

Prejudicial Events Search Result: NEGATIVE

 

Search performed on a specialized data base.



Legal Procedures

 

None reported, standing to the latest received edition of the Official Publications.


Financial and Economical Analysis

 

Subject is active since 1985

The analysis is based on the latest 3 balance sheets.

During the last years the subject suffered net losses and in 2012 r.o.e. is -21,42%. The last financial year was marked by a decrease in the turnover.

The return on investment in the last financial year was negative (-4,86%).

The operating loss amounts to Eur. -2.089.683 .

At the end of the latest financial year, a negative gross operating margin of Eur. -1.184.602 was registered.

The financial status of the company is fairly balanced with an indebtedness level of 1,65 yet on the increase as against the previous accounting period.

The equity capital is equal to Eur. 13.217.978 on the same levels as the year before.

Total debts recorded amounted to Eur. 27.915.833 (Eur. 5.918.977 of which were m/l term debts) on the same levels as the year before.

Financial indebtedness is considered fair whereas the recourse to commercial borrowings is high even in comparison with the sector's.

Liquid assets are good.

Due from customers average term is high and equal to 347,52 days. besides being higher than the sector's average.

Cash flow is negative at the end of financial year 2012.

Labour cost expenses amount to Eur. 2.437.790 , representing 14,66% on the total of production costs. , whereas 17,94% is the incidence on sales revenues.

Financial charges are high: the incidence on sales volume amounts to -5,38%


Financial Data

 

 

 

Complete balance-sheet for the year

31/07/2012

(in Eur

x 1)

 

Item Type

Value

Sales

13.588.556

Profit (Loss) for the period

-2.831.783

 

 

 

Complete balance-sheet for the year

31/12/2011

(in Eur

x 1)

 

Item Type

Value

Sales

30.423.348

Profit (Loss) for the period

-1.246.311

 

 

 

Complete balance-sheet for the year

31/12/2010

(in Eur

x 1)

 

Item Type

Value

Sales

29.015.193

Profit (Loss) for the period

-1.763.831

 

 

 

Complete balance-sheet for the year

31/12/2009

(in Eur

x 1)

 

Item Type

Value

Sales

33.181.201

Profit (Loss) for the period

-2.535.628

 

 

 

Complete balance-sheet for the year

31/12/2008

(in Eur

x 1)

 

Item Type

Value

Sales

46.920.932

Profit (Loss) for the period

-1.678.948

 

 

Balance Sheets

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

 

- Balance Sheet as at 31/07/2012 - 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

 

Years

2012

2011

2010

BALANCE SHEET ACCOUNTS

 

ASSETS

 

 

 

CREDITS VS PARTNERS

 

 

 

. Deposits not yet withdrawn

 

 

 

. Deposits already withdrawn

 

 

 

Total credits vs partners

 

 

 

FIXED ASSETS

 

 

 

. INTANGIBLE FIXED ASSETS

 

 

 

. . Start-up and expansion expenses

 

 

 

. . Research,develop. and advert.expens.

188.957

422.027

221.503

. . Industrial patent rights

81.526

84.766

91.709

. . Concessions,licenses,trademarks,etc.

5.527

6.931

10.426

. . Goodwill

 

 

 

. . Assets in formation and advance paymen.

 

 

 

. . Other intangible fixed assets

608.664

577.107

644.549

. Total Intangible Fixed Assets

884.674

1.090.831

968.187

. TANGIBLE FIXED ASSETS

 

 

 

. . Real estate

7.148.325

7.310.038

7.587.260

. . Plant and machinery

53.091

62.896

72.605

. . Industrial and commercial equipment

10.984

18.114

22.713

. . Other assets

394.931

293.558

290.509

. . Assets under construction and advances

 

 

 

. Total Tangible fixed assets

7.607.331

7.684.606

7.973.087

. FINANCIAL FIXED ASSETS

 

 

 

. . Equity investments

 

 

 

. . . Equity invest. in subsidiary companies

 

 

 

. . . Equity invest. in associated companies

 

 

 

. . . Equity invest. in holding companies

 

 

 

. . . Equity invest. in other companies

 

 

 

. . Financial receivables

1.753.551

1.630.265

1.251.474

. . . . Within 12 months

1.753.551

1.630.265

1.251.474

. . . . Beyond 12 months

 

 

 

. . . Receivab due from subsidiaries

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . . Receivables due from assoc.comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . . Receivables due from holding comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . . Receivables due from third parties

1.753.551

1.630.265

1.251.474

. . . . Within 12 months

1.753.551

1.630.265

1.251.474

. . . . Beyond 12 months

 

 

 

. . Other securities

92.385

92.385

92.385

. . Own shares

 

 

 

. . . Total nominal value

 

 

 

. Total financial fixed assets

1.845.936

1.722.650

1.343.859

Total fixed assets

10.337.941

10.498.087

10.285.133

CURRENT ASSETS

 

 

 

. INVENTORIES

 

 

 

. . Raw materials and other consumables

12.532.569

12.086.166

12.896.650

. . Work in progress and semimanufactured

723.115

745.506

829.385

. . Work in progress on order

 

 

 

. . Finished goods

5.213.914

4.776.666

5.529.201

. . Advance payments

 

 

 

. Total Inventories

18.469.598

17.608.338

19.255.236

. CREDITS NOT HELD AS FIXED ASSETS

 

 

 

. . Within 12 months

13.496.497

18.114.248

18.444.649

. . Beyond 12 months

148.286

179.316

178.258

. . Trade receivables

13.117.516

17.697.378

17.884.734

. . . . Within 12 months

13.117.516

17.697.378

17.884.734

. . . . Beyond 12 months

 

 

 

. . Receivables due from subsid. comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Receivables due from assoc. comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Receivables due from holding comp.

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Fiscal Receivables

31.532

164.105

216.593

. . . . Within 12 months

31.532

164.105

216.593

. . . . Beyond 12 months

 

 

 

. . Receivables for anticipated taxes

99.962

99.962

100.387

. . . . Within 12 months

 

 

425

. . . . Beyond 12 months

99.962

99.962

99.962

. . Receivables due from third parties

395.773

332.119

421.193

. . . . Within 12 months

347.449

252.765

342.897

. . . . Beyond 12 months

48.324

79.354

78.296

. Total Credits not held as fixed assets

13.644.783

18.293.564

18.622.907

. FINANCIAL ASSETS

 

 

 

. . Equity invest. in subsidiary comp.

 

 

 

. . Equity invest. in associated companies

 

 

 

. . Equity invest. in holding companies

 

 

 

. . Other equity investments

 

 

 

. . Own shares

 

 

 

. . . Total nominale value

 

 

 

. . Other securities

 

 

 

. Total Financial Assets

 

 

 

. LIQUID FUNDS

 

 

 

. . Bank and post office deposits

132.773

61.243

26.596

. . Checks

 

 

 

. . Banknotes and coins

5.372

4.732

32.110

. Total Liquid funds

138.145

65.975

58.706

Total current assets

32.252.526

35.967.877

37.936.849

ADJUSTMENT ACCOUNTS

 

 

 

. Discount on loans

 

354.992

396.567

. Other adjustment accounts

418.807

 

 

Total adjustments accounts

418.807

354.992

396.567

TOTAL ASSETS

43.009.274

46.820.956

48.618.549

 

 

 

 

LIABILITIES

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

. Capital stock

17.480.000

17.480.000

17.480.000

. Additional paid-in capital

 

 

 

. Revaluation reserves

662.732

662.732

662.732

. Legal reserve

125.061

125.061

125.061

. Reserve for Own shares

 

 

 

. Statute reserves

 

 

 

. Other reserves

792.110

792.111

792.108

. Accumulated Profits (Losses)

-3.010.142

-1.763.831

 

. Profit( loss) of the year

-2.831.783

-1.246.311

-1.763.831

. Advances on dividends

 

 

 

. Partial loss of the year Coverage

 

 

 

Total Stockholders'Equity

13.217.978

16.049.762

17.296.070

RESERVES FOR RISKS AND CHARGES

 

 

 

. . Reserve for employee termination indem.

 

 

 

. . Taxation fund, also differed

 

 

 

. . Other funds

300.000

300.000

200.000

Total Reserves for Risks and Charges

300.000

300.000

200.000

Employee termination indemnities

1.329.717

1.367.332

1.397.996

ACCOUNTS PAYABLE

 

 

 

. . . . Within 12 months

21.996.856

21.861.719

21.804.933

. . . . Beyond 12 months

5.918.977

7.058.367

7.811.501

. . Bonds

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Convertible bonds repayable

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to shareholders for financing

4.409.000

4.409.000

4.409.000

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

4.409.000

4.409.000

4.409.000

. . Due to banks

15.409.774

16.964.662

18.648.696

. . . . Within 12 months

13.899.797

14.315.295

15.246.195

. . . . Beyond 12 months

1.509.977

2.649.367

3.402.501

. . Due to other providers of finance

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Advances from customers

193.679

25.185

25.185

. . . . Within 12 months

193.679

25.185

25.185

. . . . Beyond 12 months

 

 

 

. . Trade payables

6.668.584

6.173.753

5.123.696

. . . . Within 12 months

6.668.584

6.173.753

5.123.696

. . . . Beyond 12 months

 

 

 

. . Securities issued

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to subsidiary companies

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to associated companies

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to holding companies

 

 

 

. . . . Within 12 months

 

 

 

. . . . Beyond 12 months

 

 

 

. . Due to the tax authorities

108.655

309.166

326.147

. . . . Within 12 months

108.655

309.166

326.147

. . . . Beyond 12 months

 

 

 

. . Due to social security and welfare inst.

135.984

258.844

234.278

. . . . Within 12 months

135.984

258.844

234.278

. . . . Beyond 12 months

 

 

 

. . Other payables

990.157

779.476

849.432

. . . . Within 12 months

990.157

779.476

849.432

. . . . Beyond 12 months

 

 

 

Total accounts payable

27.915.833

28.920.086

29.616.434

ADJUSTMENT ACCOUNTS

 

 

 

. Agio on loans

 

 

 

. Other adjustment accounts

245.746

183.776

108.049

Total adjustment accounts

245.746

183.776

108.049

TOTAL LIABILITIES

43.009.274

46.820.956

48.618.549

 

 

 

 

 

 

MEMORANDUM ACCOUNTS

 

Third party goods

 

 

 

Investment accounts

 

924.102

713.498

Risk accounts

 

2.578.947

3.315.789

Civil and fiscal norms relation

 

 

 

 

 

 

 

 

 

PROFIT AND LOSS ACCOUNTS

 

VALUE OF PRODUCTION

 

 

 

. Revenues from sales and services

13.588.556

30.423.348

29.015.193

. Changes in work in progress

202.543

-373.775

548.291

. Changes in semi-manufact. products

 

 

 

. Capitalization of internal work

 

 

 

. Other income and revenues

750.038

953.714

746.301

. . Contributions for operating expenses

 

 

 

. . Different income and revenues

750.038

953.714

746.301

Total value of production

14.541.137

31.003.287

30.309.785

PRODUCTION COSTS

 

 

 

. Raw material,other materials and consum.

8.290.818

14.867.273

18.079.445

. Services received

5.408.499

8.599.680

9.156.459

. Leases and rentals

123.268

227.691

326.272

. Payroll and related costs

2.437.790

4.387.613

4.550.894

. . Wages and salaries

1.692.284

3.010.570

3.138.437

. . Social security contributions

554.702

974.047

1.004.382

. . Employee termination indemnities

175.876

321.013

325.197

. . Pension and similar

 

 

 

. . Other costs

14.928

81.983

82.878

. Amortization and depreciation

905.081

1.569.381

1.363.494

. . Amortization of intangible fixed assets

391.512

808.689

488.595

. . Amortization of tangible fixed assets

278.804

409.266

734.129

. . Depreciation of tangible fixed assets

 

 

 

. . Writedown of current receiv.and of liquid

234.765

351.426

140.770

. Changes in raw materials

-658.717

1.273.125

-2.307.823

. Provisions to risk reserves

 

100.000

 

. Other provisions

 

 

 

. Other operating costs

124.081

219.975

230.375

Total production costs

16.630.820

31.244.738

31.399.116

Diff. between value and cost of product.

-2.089.683

-241.451

-1.089.331

FINANCIAL INCOME AND EXPENSE

 

 

 

. Income from equity investments

 

 

 

. . In subsidiary companies

 

 

 

. . In associated companies

 

 

 

. . In other companies

 

 

 

. Other financial income

68.744

132.937

140.506

. . Financ.income from receivables

 

 

 

. . . Towards subsidiary companies

 

 

 

. . . Towards associated companies

 

 

 

. . . Towards holding companies

 

 

 

. . . Towards other companies

 

 

 

. . Financ.income from secur. t.f.assets

 

 

 

. . Financ.income from secur. cur.assets

 

 

 

. . Financ.income other than the above

 

132.937

140.506

. . . - Subsidiary companies

 

 

 

. . . - Associated companies

 

 

 

. . . - Holding companies

 

 

 

. . . - Other companies

 

132.937

140.506

. Interest and other financial expense

-800.251

-1.127.181

-913.542

. . Towards subsidiary companies

 

 

 

. . Towards associated companies

 

 

 

. . Towards holding companies

 

 

 

. . Towards other companies

 

1.127.181

913.542

Total financial income and expense

-731.507

-994.244

-773.036

ADJUSTMENTS TO FINANCIAL ASSETS

 

 

 

. Revaluations

 

 

 

. . Of equity investments

 

 

 

. . Of financ.fixed assets not repres.E.I.

 

 

 

. . Of securities incl.among current assets

 

 

 

. Devaluation

 

 

 

. . Of equity investments

 

 

 

. . Of financial fixed assets (no equity inv)

 

 

 

. . Of securities included among current ass

 

 

 

Total adjustments to financial assets

 

 

 

EXTRAORDINARY INCOME AND EXPENSE

 

 

 

. Extraordinary income

101.622

309.228

342.714

. . Gains on disposals

 

 

 

. . Other extraordinary income

101.622

309.228

342.714

. Extraordinary expense

-112.215

-207.141

-146.771

. . Losses on disposals

 

 

 

. . Taxes relating to prior years

 

 

 

. . Other extraordinary expense

-112.215

-207.141

-146.771

Total extraordinary income and expense

-10.593

102.087

195.943

Results before income taxes

-2.831.783

-1.133.608

-1.666.424

. Taxes on current income

 

112.703

97.407

. . current taxes

 

112.278

96.019

. . differed taxes(anticip.)

 

425

1.388

. Net income for the period

-2.831.783

-1.246.311

-1.763.831

. Adjustments in tax regulations pursuance

 

 

 

. Provisions in tax regulations pursuance

 

 

 

. Profit (loss) of the year

-2.831.783

-1.246.311

-1.763.831

 

RATIOS

Value Type

as at 31/07/2012

as at 31/12/2011

as at 31/12/2010

Sector Average

COMPOSITION ON INVESTMENT

 

 

 

 

 

Rigidity Ratio

Units

0,24

0,22

0,21

0,19

Elasticity Ratio

Units

0,75

0,77

0,78

0,80

Availability of stock

Units

0,43

0,38

0,40

0,30

Total Liquidity Ratio

Units

0,32

0,39

0,38

0,45

Quick Ratio

Units

0,00

0,00

0,00

0,02

COMPOSITION ON SOURCE

 

 

 

 

 

Net Short-term indebtedness

Units

1,65

1,36

1,26

2,34

Self Financing Ratio

Units

0,31

0,34

0,36

0,23

Capital protection Ratio

Units

-0,11

-0,01

0,09

0,67

Liabilities consolidation quotient

Units

0,33

0,39

0,42

0,19

Financing

Units

2,11

1,80

1,71

2,93

Permanent Indebtedness Ratio

Units

0,48

0,52

0,55

0,42

M/L term Debts Ratio

Units

0,17

0,18

0,19

0,12

Net Financial Indebtedness Ratio

Units

1,49

1,33

1,33

0,93

CORRELATION

 

 

 

 

 

Fixed assets ratio

Units

1,98

2,33

2,58

2,24

Current ratio

Units

1,47

1,65

1,74

1,39

Acid Test Ratio-Liquidity Ratio

Units

0,63

0,84

0,86

0,82

Structure's primary quotient

Units

1,28

1,53

1,68

1,40

Treasury's primary quotient

Units

0,01

0,00

0,00

0,04

Rate of indebtedness ( Leverage )

%

325,38

291,72

281,10

424,51

Current Capital ( net )

Value

10.255.670

14.106.158

16.131.916

394.433

RETURN

 

 

 

 

 

Return on Sales

%

-14,18

1,06

-1,38

2,17

Return on Equity - Net- ( R.O.E. )

%

-21,42

-7,77

-10,20

0,73

Return on Equity - Gross - ( R.O.E. )

%

-21,42

-7,06

-9,63

6,79

Return on Investment ( R.O.I. )

%

-4,86

-0,52

-2,24

3,16

Return/ Sales

%

-15,38

-0,79

-3,75

3,18

Extra Management revenues/charges incid.

%

n.c.

n.c.

n.c.

10,78

Cash Flow

Value

-1.926.702

323.070

-400.337

53.639

Operating Profit

Value

-2.089.683

-241.451

-1.089.331

72.080

Gross Operating Margin

Value

-1.184.602

1.427.930

274.163

161.031

MANAGEMENT

 

 

 

 

 

Credits to clients average term

Days

347,52

209,41

221,90

99,53

Debts to suppliers average term

Days

173,68

93,80

66,92

104,89

Average stock waiting period

Days

489,31

208,36

238,91

87,12

Rate of capital employed return ( Turnover )

Units

0,32

0,65

0,60

1,10

Rate of stock return

Units

0,74

1,73

1,51

4,08

Labour cost incidence

%

17,94

14,42

15,68

13,32

Net financial revenues/ charges incidence

%

-5,38

-3,27

-2,66

-2,33

Labour cost on purchasing expenses

%

14,66

14,04

14,49

13,08

Short-term financing charges

%

2,87

3,90

3,08

4,17

Capital on hand

%

316,51

153,90

167,56

90,78

Sales pro employee

Value

93.072

222.068

204.332

252.126

Labour cost pro employee

Value

16.697

32.026

32.048

32.207

 

 

Market / Territory Data

 

Population living in the province

:

831.356

Population living in the region

:

4.699.950

Number of families in the region

:

1.813.210

 

Monthly family expenses average in the region (in Eur..) :

- per food products

:

456

- per non food products

:

2.052

- per energy consume

:

127



Sector Data

 

The values are calculated on a base of 591 significant companies.

The companies cash their credits on an average of 100 dd.

The average duration of suppliers debts is about 105 dd.

The sector's profitability is on an average of 2,17%.

The labour cost affects the turnover in the measure of 13,32%.

Goods are held in stock in a range of 87 dd.

The difference between the sales volume and the resources used to realize it is about 1,10.

The employees costs represent the 13,08% of the production costs.

 

Statistical Detrimental Data

 

Statistically the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 13.782 protested subjects are found; in the province they count to 2.234.

The insolvency index for the region is 0,30, , while for the province it is 0,27.

Total Bankrupt companies in the province : 2.546.

Total Bankrupt companies in the region : 16.714.

 

 

 

 

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.62.69

UK Pound

1

Rs.102.97

Euro

1

Rs.84.58

 

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.