MIRA INFORM REPORT
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Report Date : |
20.03.2014 |
IDENTIFICATION DETAILS
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Name : |
CRESO SRL |
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Registered Office : |
Via Valsugana
54, Curtarolo, 35010 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.06.2001 |
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Com. Reg. No.: |
03645650288 |
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Legal Form : |
Private
Independent Company |
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Line of Business : |
·
engaged
in retail sale of adults’ fur and leather clothing ·
Engaged
in retail sale of children’s and infants’ clothing ·
Engaged
in retail sale of other women’s clothing ·
Engaged
in retail sale of footwear and leather goods |
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No. of Employees |
19 (31.12.2012) |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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.
|
Source : CIA |
Company name & address
Creso SRL
Via Valsugana 54
Curtarolo, 35010
Italy
Fax: +39 0499 624234
Synthesis
Employees: 19
(31.12.2012)
Company Type: Private
Independent
Incorporation
Date: 01-Jun-2001
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2012
Reporting
Currency: Euro
Annual Sales: 16.7
Total Assets: 13.8
Business Description
Creso 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
Luca Pedron Sole administrator
1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7782366
2 - Balance Sheet
Item Exchange Rate: USD 1 = EUR 0.7566
Corporate Overview
Location
Via Valsugana 54
Curtarolo, 35010
Italy
Fax: +39 0499 624234
Sales EUR(mil): 13.0
Assets EUR(mil): 10.4
Employees: 19 (31.12.2012)
Fiscal Year End: 31-Dec-2012
Industry: Retail (Apparel)
Incorporation
Date: 01-Jun-2001
Company Type: Private Independent
Quoted Status: Not Quoted
Registered
No.(ITA): 03645650288
Sole
administrator: Luca Pedron
Industry Codes
ANZSIC 2006
Codes:
4251 - Clothing
Retailing
371 - Textile,
Clothing and Footwear Wholesaling
4279 - Other
Store-Based Retailing Not Elsewhere Classified
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
4772 - Retail
sale of footwear and leather goods 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
448 - Clothing
and Clothing Accessories Stores
US SIC 1987:
5651 - Family
Clothing Stores
59 - Miscellaneous
Retail
513 - Apparel,
Piece Goods, and Notions
UK SIC 2007:
4771 - Retail
sale of clothing in specialised stores
4772 - Retail
sale of footwear and leather goods in specialised stores
4642 - Wholesale
of clothing and footwear
Business Description
Creso 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.
Executive
report
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Executives |
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Sole administrator |
Owner/Proprietor |
Annual Profit & Loss
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Period
Length |
12
Months |
12
Months |
12
Months |
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Filed
Currency |
EUR |
EUR |
EUR |
|
Exchange
Rate (Period Average) |
0.778237 |
0.71919 |
0.755078 |
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Consolidated |
No |
No |
No |
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Total income |
17.1 |
16.1 |
6.9 |
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Net sales |
16.7 |
16.0 |
6.9 |
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Other operating income |
0.4 |
0.1 |
0.0 |
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Raw materials and consumables employed |
12.9 |
12.4 |
6.3 |
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Other expenses |
2.9 |
2.9 |
0.4 |
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Total payroll costs |
0.7 |
0.6 |
0.0 |
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Fixed asset depreciation and amortisation |
0.1 |
0.0 |
0.0 |
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Other operating costs |
0.0 |
0.0 |
0.1 |
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Net operating income |
0.4 |
0.1 |
0.1 |
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Total financial income |
-0.1 |
0.1 |
0.0 |
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Total expenses |
0.2 |
0.1 |
0.0 |
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Profit before tax |
0.2 |
0.2 |
0.1 |
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Extraordinary result |
0.0 |
0.0 |
- |
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Profit after extraordinary items and before tax |
0.2 |
0.2 |
0.1 |
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Total taxation |
0.1 |
0.1 |
0.0 |
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Net profit |
0.1 |
0.1 |
0.0 |
Annual Balance Sheet
Financials in: USD (mil)
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Filed
Currency |
EUR |
EUR |
EUR |
|
Exchange
Rate |
0.7566 |
0.770327 |
0.745406 |
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Consolidated |
No |
No |
No |
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Total stockholders equity |
0.3 |
0.2 |
0.2 |
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Provision for pensions |
0.1 |
0.1 |
- |
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Other long-term liabilities |
2.9 |
- |
- |
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Trade creditors |
5.7 |
5.8 |
6.2 |
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Bank loans and overdrafts |
4.4 |
4.6 |
- |
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Other current liabilities |
0.4 |
3.0 |
0.0 |
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Total current liabilities |
10.5 |
13.4 |
6.2 |
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Total liabilities (including net worth) |
13.8 |
13.7 |
6.3 |
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Intangibles |
0.1 |
0.0 |
0.0 |
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Total tangible fixed assets |
0.3 |
0.1 |
0.0 |
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Long-term investments |
0.0 |
- |
- |
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Total financial assets |
0.0 |
0.0 |
0.0 |
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Total non-current assets |
0.4 |
0.1 |
0.1 |
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Finished goods |
5.4 |
- |
- |
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Net stocks and work in progress |
5.4 |
7.0 |
0.9 |
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Trade debtors |
7.8 |
5.0 |
1.1 |
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Other receivables |
0.0 |
0.8 |
0.2 |
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Cash and liquid assets |
0.1 |
0.7 |
4.0 |
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Accruals |
0.0 |
0.0 |
0.0 |
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Total current assets |
13.3 |
13.5 |
6.2 |
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Total assets |
13.8 |
13.7 |
6.3 |
Annual Ratios
Financials in: USD (mil)
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Period
Length |
12
Months |
12
Months |
12
Months |
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Filed
Currency |
EUR |
EUR |
EUR |
|
Exchange
Rate |
0.7566 |
0.770327 |
0.745406 |
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Consolidated |
No |
No |
No |
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|
|
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Current ratio |
1.30 |
1.00 |
1.00 |
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Quick ratio |
0.80 |
0.50 |
0.90 |
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Current liabilities to net worth |
0.38% |
0.57% |
0.37% |
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Sales per employee |
0.68 |
- |
2.59 |
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Profit per employee |
0.01 |
- |
- |
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Average wage per employee |
0.03 |
- |
0.00 |
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Net worth |
0.3 |
0.2 |
0.2 |
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Number of employees |
19 |
- |
- |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.09 |
|
UK Pound |
1 |
Rs.101.41 |
|
Euro |
1 |
Rs.85.08 |
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 |
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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.