MIRA INFORM REPORT
|
Report Date : |
30.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
MANGLAM GEMS S.R.L |
|
|
|
|
Registered Office : |
Via Cappuccini, 4, 20122 – Milano (MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
18.07.2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesale of clocks, watches and jewellery |
|
|
|
|
No. of Employees : |
from 1 to 5 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 higher. 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 133% of GDP in 2013, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2013 economic growth and labor market conditions deteriorated, with growth at -1.8% and unemployment rising to 12.4%, with youth unemployment around 40%. Italy's GDP is now 8% below its 2007 pre-crisis level.
|
Source
: CIA |
Company
name and address
|
MANGLAM GEMS S.R.L. |
|
Via |
Cappuccini, |
4 |
|
20122 |
- Milano |
(MI) |
-IT- |
Summary
|
Fiscal Code |
: |
06276570964 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
21/01/2009 |
|
Equity |
: |
125.000 |
|
Turnover Range |
: |
500.000/750.000 |
|
Number of Employees |
: |
from 1 to 5 |
Activity
Wholesale of clocks, watches and jewellery
Legal
Data
Legal Form : Limited liability company
|
Fiscal Code : 06276570964 |
|
Chamber of Commerce no. : 1881761 of Milano since 28/07/2008 |
|
V.A.T. Code : 06276570964 |
|
Establishment date |
: 18/07/2008 |
|
|
Start of Activities |
: 21/01/2009 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 10.000 |
|
|
Subscribed Capital |
: 10.000 |
|
|
Paid up Capital |
: 10.000 |
Members
|
|
Gupta |
Rahul |
|
|
Born in Jaipur |
( ) |
on 21/09/1987 |
- Fiscal Code : GPTRHL87P21Z222B |
|
|
Residence: |
Unione |
, 4 |
- 20122 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
08/01/2014 |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Gupta Rekha |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
Companies
connected to members *
*checkings have been performed on a national scale.
In this module the companies in which members hold/held positions are listed.
The Members of the subject firm are not reported to be Members in other
companies.
Capital
Shareholders
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Gupta Rahul |
Milano - IT - |
GPTRHL87P21Z222B |
4.900 .Eur |
49,00 |
|
Gupta Rekha |
GPTRKH66M56Z222K |
5.000 .Eur |
50,00 |
|
|
Gupta Rajesh Kumar |
GPTRSH61D15Z222Y |
100 .Eur |
1,00 |
Direct
Participations
The Company under review has no participations in other Companies.
Firm's
location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
Cappuccini |
, 4 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
- |
Branch |
(Sales office) |
since 21/01/2009 |
|
Paolo Da Cannobio |
, 10 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
Stocks for a value of 65.000 |
Eur |
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
Company's starting of activities dates back to 2009.
The analysis is based on the latest 3 balance sheets.
During the last years, it achieved profits (r.o.e. 22,79% on 2012)
thanks to a progressive increase in turnover (+27,19% in 2012 compared to 2011
and +14,89% in 2011 compared to 2010).
The operating result in 2012 was positive (11,26%) falling within the
field's average.
The amount of the operating result for the year 2012 is of Eur. 32.724
with a -25% drop.
The gross operating margin of the latest financial year is of Eur.
34.603 , with a -22,02% decrease.
The financial status of the company is fairly balanced with an
indebtedness level of 1,07 and falling as against the previous year (2,7).
With regard to equity capital, an amount of Eur. 117.639 is registered.
with a growth of 29,51% in 2012.
The financial management has recorded total debts amounting to Eur.
136.657, , with a fall of -49,95%.
Available funds are good.
As far as the cash flow is concerned during the latest financial year it
amounted to Eur. 28.690
Limited financial charges in relation to sales volume.
Financial
Data
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
589.901 |
|
Profit (Loss) for the period |
26.811 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
463.779 |
|
Profit (Loss) for the period |
27.935 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
403.656 |
|
Profit (Loss) for the period |
29.765 |
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 31/12/2012 - 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 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
PROFIT AND LOSS ACCOUNTS |
|
VALUE OF PRODUCTION |
|||
|
. Revenues from sales and services |
589.901 |
463.778 |
403.657 |
|
. Changes in work in progress |
17.561 |
||
|
. Changes in semi-manufact. products |
|||
|
. Capitalization of internal work |
|||
|
. Other income and revenues |
1.861 |
885 |
2.506 |
|
. . Contributions for operating expenses |
|||
|
. . Different income and revenues |
1.861 |
885 |
2.506 |
|
Total value of production |
591.762 |
464.663 |
423.724 |
|
PRODUCTION COSTS |
|||
|
. Raw material,other materials and consum. |
315.316 |
311.067 |
337.038 |
|
. Services received |
101.297 |
77.730 |
32.775 |
|
. Leases and rentals |
12.629 |
12.289 |
11.939 |
|
. Payroll and related costs |
|||
|
. . Wages and salaries |
|||
|
. . Social security contributions |
|||
|
. . Employee termination indemnities |
|||
|
. . Pension and similar |
|||
|
. . Other costs |
|||
|
. Amortization and depreciation |
1.879 |
743 |
743 |
|
. . Amortization of intangible fixed assets |
641 |
641 |
641 |
|
. . Amortization of tangible fixed assets |
198 |
102 |
102 |
|
. . Depreciation of tangible fixed assets |
|||
|
. . Writedown of current receiv.and of liquid |
1.040 |
||
|
. Changes in raw materials |
115.542 |
11.000 |
|
|
. Provisions to risk reserves |
|||
|
. Other provisions |
|||
|
. Other operating costs |
12.375 |
8.202 |
4.663 |
|
Total production costs |
559.038 |
421.031 |
387.158 |
|
Diff. between value and cost of product. |
32.724 |
43.632 |
36.566 |
|
FINANCIAL INCOME AND EXPENSE |
|||
|
. Income from equity investments |
|||
|
. . In subsidiary companies |
|||
|
. . In associated companies |
|||
|
. . In other companies |
|||
|
. Other financial income |
11 |
2 |
1 |
|
. . 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 |
11 |
2 |
1 |
|
. . . - Subsidiary companies |
|||
|
. . . - Associated companies |
|||
|
. . . - Holding companies |
|||
|
. . . - Other companies |
11 |
2 |
1 |
|
. Interest and other financial expense |
-4.048 |
-13.469 |
-5.589 |
|
. . Towards subsidiary companies |
|||
|
. . Towards associated companies |
|||
|
. . Towards holding companies |
|||
|
. . Towards other companies |
4.048 |
13.469 |
5.589 |
|
Total financial income and expense |
-4.037 |
-13.467 |
-5.588 |
|
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 |
|||
|
. . Gains on disposals |
|||
|
. . Other extraordinary income |
|||
|
. Extraordinary expense |
|||
|
. . Losses on disposals |
|||
|
. . Taxes relating to prior years |
|||
|
. . Other extraordinary expense |
|||
|
Total extraordinary income and expense |
|||
|
Results before income taxes |
28.687 |
30.165 |
30.978 |
|
. Taxes on current income |
1.876 |
2.230 |
1.213 |
|
. . current taxes |
1.876 |
2.230 |
1.213 |
|
. . differed taxes(anticip.) |
|||
|
. Net income for the period |
26.811 |
27.935 |
29.765 |
|
. Adjustments in tax regulations pursuance |
|||
|
. Provisions in tax regulations pursuance |
|||
|
. Profit (loss) of the year |
26.811 |
27.935 |
29.765 |
|
RATIOS |
Value Type |
as
at 31/12/2012 |
as
at 31/12/2011 |
as
at 31/12/2010 |
Sector
Average |
|
COMPOSITION ON INVESTMENT |
|||||
|
Rigidity Ratio |
Units |
0,01 |
0,00 |
0,01 |
0,09 |
|
Elasticity Ratio |
Units |
0,96 |
0,97 |
0,97 |
0,89 |
|
Availability of stock |
Units |
0,22 |
0,47 |
0,42 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,73 |
0,50 |
0,55 |
0,54 |
|
Quick Ratio |
Units |
0,04 |
0,07 |
0,06 |
0,03 |
|
COMPOSITION ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
1,07 |
2,70 |
5,79 |
3,95 |
|
Self Financing Ratio |
Units |
0,40 |
0,24 |
0,14 |
0,17 |
|
Capital protection Ratio |
Units |
0,69 |
0,58 |
0,37 |
0,62 |
|
Liabilities consolidation quotient |
Units |
n.c. |
n.c. |
n.c. |
0,10 |
|
Financing |
Units |
1,16 |
3,01 |
6,20 |
4,85 |
|
Permanent Indebtedness Ratio |
Units |
0,40 |
0,24 |
0,14 |
0,29 |
|
M/L term Debts Ratio |
Units |
n.c. |
n.c. |
n.c. |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
n.c. |
n.c. |
1,04 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
63,73 |
52,62 |
25,47 |
2,37 |
|
Current ratio |
Units |
2,03 |
1,36 |
1,13 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,56 |
0,70 |
0,64 |
0,80 |
|
Structure's primary quotient |
Units |
63,73 |
52,62 |
25,47 |
1,48 |
|
Treasury's primary quotient |
Units |
0,08 |
0,10 |
0,07 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
246,96 |
421,93 |
720,21 |
602,26 |
|
Current Capital ( net ) |
Value |
141.159 |
97.847 |
49.913 |
191.984 |
|
RETURN |
|||||
|
Return on Sales |
% |
4,86 |
6,18 |
7,56 |
2,03 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
22,79 |
30,76 |
47,33 |
6,31 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
24,39 |
33,21 |
49,26 |
17,00 |
|
Return on Investment ( R.O.I. ) |
% |
11,26 |
11,39 |
8,07 |
4,18 |
|
Return/ Sales |
% |
5,55 |
9,41 |
9,06 |
3,46 |
|
Extra Management revenues/charges incid. |
% |
81,93 |
64,02 |
81,40 |
27,96 |
|
Cash Flow |
Value |
28.690 |
28.678 |
30.508 |
44.823 |
|
Operating Profit |
Value |
32.724 |
43.632 |
36.566 |
74.603 |
|
Gross Operating Margin |
Value |
34.603 |
44.375 |
37.309 |
111.383 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
n.c. |
n.c. |
n.c. |
113,70 |
|
Debts to suppliers average term |
Days |
n.c. |
n.c. |
n.c. |
118,14 |
|
Average stock waiting period |
Days |
39,49 |
139,92 |
170,57 |
72,90 |
|
Rate of capital employed return ( Turnover ) |
Units |
2,03 |
1,21 |
0,89 |
1,25 |
|
Rate of stock return |
Units |
9,12 |
2,57 |
2,11 |
4,88 |
|
Labour cost incidence |
% |
n.c. |
n.c. |
n.c. |
8,14 |
|
Net financial revenues/ charges incidence |
% |
-0,68 |
-2,90 |
-1,38 |
-1,38 |
|
Labour cost on purchasing expenses |
% |
n.c. |
n.c. |
n.c. |
8,25 |
|
Short-term financing charges |
% |
2,96 |
4,93 |
1,43 |
2,76 |
|
Capital on hand |
% |
49,25 |
82,63 |
112,21 |
79,85 |
|
Sales pro employee |
Value |
397.742 |
|||
|
Labour cost pro employee |
Value |
33.267 |
Remarks
1) Protests checking (relative to the last five years) performed by crossing
and matching the members names and the Firm's Style with the reported
addresses, is supplied by the Informatic Registry managed by the Italian
Chamber of Commerce. If the fiscal code is not indicated, the eventual
homonymous cases are submitted to expert staff evaluation in order to limit
wrong matching risks.
2) The Legal Data, supplied and retrived from the Firm's Registry of the
Italian Chamber of Commerce, are in line with the last registered
modifications.
3) Risk evaluation and Credit Opinion have been performed on the base of
the actual data at the moment of their availability.
Market
/ Territory Data
|
Population living in the province |
: |
|
|
Population living in the region |
: |
|
|
Number of families in the region |
: |
|
Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
|
|
- per non food products |
: |
|
|
- per energy consume |
: |
|
Sector
Data
The values are calculated on a base of 9.175 significant companies.
The companies cash their credits on an average of 114 dd.
The average duration of suppliers debts is about 118 dd.
The sector's profitability is on an average of 2,03%.
The labour cost affects the turnover in the measure of 8,14%.
Goods are held in stock in a range of 73 dd.
The difference between the sales volume and the resources used to
realize it is about 1,25.
The employees costs represent the 8,25% of the production costs.
Statistical
Detrimental Data
Statistcally the trade activity shows periods of crisis.
The area is statistically considered lowly risky.
In the region 50.886 protested subjects are found; in the province they
count to 24.765.
The insolvency index for the region is 0,55, , while for the province it
is 0,66.
Total Bankrupt companies in the province : 22.523.
Total Bankrupt companies in the region : 39.612.
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.60.10 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NNA |
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.