MIRA INFORM REPORT

 

 

Report Date :

28.05.2014

 

IDENTIFICATION DETAILS

 

Name :

CIELO VENEZIA 1270 S.P.A. IN SIGLA CV S. P.A.

 

 

Registered Office :

Via Piazzon, 82 Olmo 36051- Creazzo (IV) – IT -

 

 

Country :

Italy

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

01.07.1991

 

 

Legal Form :

Joint stock company

 

 

Line of Business :
  • Shaping of precious and semi-precious stones for jewellery and for Industrial use
  • Wholesale of clocks, watches and jewellery
  • Retail sale of watches and jewellery in specialised stores

 

 

No. of Employees

91 to 110

 

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 but correct

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

 

Cielo Venezia 1270 S.p.a. In Sigla Cv S. P.a.

 

Via

Piazzon,

82 OLMO

 

36051

- Creazzo

(VI)

-IT-

 

 

Summary

 

Fiscal Code

:

00899580245

Legal Form

:

Joint stock company

start of Activities

:

01/07/1991

Equity

:

Over 2.582.254

Turnover Range

:

35.000.000/50.000.000

Number of Employees

:

from 91 to 110

 

Activity

 

Shaping of precious and semi-precious stones for jewellery and for Industrial use

Wholesale of clocks, watches and jewellery

Retail sale of watches and jewellery in specialised stores

 

Legal Data

 

Legal Form : Joint stock company

Fiscal Code : 00899580245

 

Foreign Trade Reg. no. : VI035399 since 28/06/1993

 

Foreign Trade Reg. no. : 35399 of Vicenza since 28/06/1993

 

Chamber of Commerce no. : 356817 of Bari

 

Chamber of Commerce no. : 306463 of Bergamo

 

Chamber of Commerce no. : 369099 of Brescia

 

Chamber of Commerce no. : 175618 of Caserta

 

Chamber of Commerce no. : 223409 of Cuneo

 

Chamber of Commerce no. : 250207 of Como

 

Chamber of Commerce no. : 148324 of Cremona

 

Chamber of Commerce no. : 1566291 of Milano

 

Chamber of Commerce no. : 204640 of Mantova

 

Chamber of Commerce no. : 295509 of Padova

 

Chamber of Commerce no. : 410079 of Padova

 

Chamber of Commerce no. : 184570 of Perugia

 

Chamber of Commerce no. : 220480 of Reggio Emilia

 

Chamber of Commerce no. : 955948 of Roma

 

Chamber of Commerce no. : 273389 of Rimini

 

Chamber of Commerce no. : 985114 of Torino

 

Chamber of Commerce no. : 252520 of Varese

 

Chamber of Commerce no. : 210322 of Vicenza since 20/09/1990

 

Chamber of Commerce no. : 251969 of Verona

 

Chamber of Commerce no. : 388149 of Verona

 

Firms' Register : VI116-25257 of Vicenza since 19/02/1996

 

V.A.T. Code : 00899580245

 

Foundation date

: 19/07/1990

Establishment date

: 19/07/1990

Start of Activities

: 01/07/1991

Legal duration

: 30/06/2050

Nominal Capital

: 2.700.000

Subscribed Capital

: 2.700.000

Paid up Capital

: 2.700.000

 

Members

 

Cielo

Sergio

 

Born in Montorso Vicentino

(VI)

on 26/03/1950

- Fiscal Code : CLISRG50C26F696Q

 

Residence:

Zanella

, 25

- 36050

Montorso Vicentino

(VI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

28/10/2011

Board Chairman

28/10/2011

Managing Director

28/10/2011

 

No Prejudicial events are reported

 

No Protests registered

 

Tirapelle

Mara

 

Born in Gambellara

(VI)

on 12/11/1952

- Fiscal Code : TRPMRA52S52D897J

 

Residence:

G. Zanella

, 20

- 36050

Montorso Vicentino

(VI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

28/10/2011

 

Cielo

Mattia

 

Born in Verona

(VR)

on 06/05/1973

- Fiscal Code : CLIMTT73E06L781E

 

Residence:

Anna Frank

, 43

- 36051

Creazzo

(VI)

- IT -

 

Position

Since

Shares Amount

% Ownership

Director

28/10/2011

 

Industrie Cielo S.p.a.

 

 

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

 

Cielo

Sergio

 

Firm's Style

Seat

Fiscal Code

Position

Position Status

Firm's Status

Worldgem S.R.L.

Creazzo (VI) - IT -

01799640246

Chairman

Withdrawn

Merged

Dalbrizzi Srl

Vicenza (VI) - IT -

02263330249

Sole partner

Active

Registered

Industrie Cielo S.p.a.

Vicenza (VI) - IT -

03167570245

Sole Director

Active

Registered

Worldgem Brands S.r.l. Societa' Con Unico Socio

Creazzo (VI) - IT -

03342700246

Managing Director

Active

Registered

Worldgem Brands S.r.l. Societa' Con Unico Socio

Creazzo (VI) - IT -

03342700246

Director

Active

Registered

Worldgem Brands S.r.l. Societa' Con Unico Socio

Creazzo (VI) - IT -

03342700246

Board Chairman

Active

Registered

Meccaniche Veloci S.r.l.

Creazzo (VI) - IT -

05281570969

Sole Director

Active

Registered

Cielo Sergio

Montorso Vicentino (VI) - IT -

CLISRG50C26F696Q

Proprietor

Withdrawn

Registered

Cielo S.r.l. - In Liquidazione

Creazzo (VI) - IT -

03668720240

Sole Director

Withdrawn

Registered

Cielo S.r.l. - In Liquidazione

Creazzo (VI) - IT -

03668720240

Liquidator

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

Cielo Sergio

Montorso Vicentino - IT -

CLISRG50C26F696Q

180.000 .Eur

6,66

Industrie Cielo S.p.a.

03167570245

2.520.000 .Eur

93,33

 

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

Worldgem Brands S.r.l. Societa' Con Unic o Socio

Creazzo - IT -

03342700246

100.000 .Eur

100,00

Active

Meccaniche Veloci S.r.l.

Creazzo - IT -

05281570969

12.245 .Eur

100,00

Active

Cielo S.r.l. - In Liquidazione

Creazzo - IT -

03668720240

10.000 .Eur

100,00

Active

 

Firm's location and structure

 

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

 

-

Legal and operative seat

 

Piazzon

, 82

- 36051

- Creazzo

(VI)

- IT -

 

PHONE

: 0444990100

 

-

Branch

(Shop)

since 04/11/1995

 

Dei Signori

, 9

- 36100

- Vicenza

(VI)

- IT -

 

Total Surface: 40 Sq.mt.

 

PHONE

: 0444320644

 

-

Branch

(Store)

since 01/07/2009

 

Dell'edilizia

, 73

- 36100

- Vicenza

(VI)

- IT -

 

-

Branch

(Shop)

since 25/11/1999

 

Stazione Roma-termini

- 00100

- Roma

(RM)

- IT -

 

Total Surface: 49 Sq.mt.

 

-

Branch

(Shop)

since 06/12/2002

 

Crea

, 10

- 10095

- Grugliasco

(TO)

- IT -

 

Total Surface: 43 Sq.mt.

 

-

Branch

(Shop)

since 01/09/2011

 

Provinciale

, 63/B

- 37030

- Lavagno

(VR)

- IT -

 

Employees

: 95

 

Fittings and Equipment for a value of 22.000

Eur

 

Stocks for a value of 15.490.000

Eur

 

Trade organization: direct or by agents.

The company sells in Italy and abroad.

The company sells mainly to retailers and local consumers

The firm operates abroad as importer / exporter..

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

Financial means used for sale: bank transfers and bank orders.

Company's purchase terms are within 90 and 120 days.

Main used payment modalities are by cash orders and bank transfers.

 

 

Traded Brands / Suppliers

 

- SPIRIT Slovakia s.r.o.

 

- Miluna

 

- Mattia Cielo

 

- Kiara

 

- Yukiko

 

- Meccaniche Veloci

 

 

Historical Information and/or Firm's Status

 

CHANGES TO THE LEGAL FORM

 

Former legal form

New legal form

Changement Date

Limited liability company

Joint stock company

18/06/1996

 

COMPANY STYLE MODIFICATIONS:

 

Former Style

New Style

Changement Date

Yukiko S.r.l.

Worldgem S.r.l.

30/06/1995

 

EX-MEMBERS / EX-POSITIONS:

 

Tirapelle

Mara

 

Born in Gambellara

(VI)

on 12/11/1952

- Fiscal Code : TRPMRA52S52D897J

 

Residence:

G. Zanella

, 20

- 36050

Montorso Vicentino

(VI)

- IT -

 

Ex-Postions

Managing Director

 

Cielo

Mattia

 

Born in Verona

(VR)

on 06/05/1973

- Fiscal Code : CLIMTT73E06L781E

 

Residence:

Anna Frank

, 43

- 36051

Creazzo

(VI)

- IT -

 

Ex-Postions

Managing Director

 

Pricewaterhousecoopers S.p.a. In Breve

Pwc

 

- Fiscal Code : 12979880155

 

Residence:

Monte Rosa

, 91

- 20149

Milano

(MI)

- IT -

 

Ex-Postions

Auditor

 

Dalla Vecchia

Andrea Felice

 

Born in Schio

(VI)

on 30/07/1968

- Fiscal Code : DLLNRF68L30I531Z

 

Residence:

B.e. Fina

, 114

- 36100

Vicenza

(VI)

- IT -

 

Ex-Postions

Temporary Auditor

 

Dalla Valle

Nevio

 

Born in Arzignano

(VI)

on 03/08/1963

- Fiscal Code : DLLNVE63M03A459X

 

Residence:

Belluno

, 16

- 36071

Arzignano

(VI)

- IT -

 

Ex-Postions

Temporary Auditor

 

Cantini

Marcello

 

Born in Livorno

(LI)

on 13/03/1946

- Fiscal Code : CNTMCL46C13E625S

 

Residence:

Sempione

, 19

- 20020

Arese

(MI)

- IT -

 

Ex-Postions

Procurator

 

Boschiero

Filippo

 

Born in Vicenza

(VI)

on 27/01/1970

- Fiscal Code : BSCFPP70A27L840O

 

Residence:

Fusinieri

, 29

- 36100

Vicenza

(VI)

- IT -

 

Ex-Postions

Temporary Auditor

 

CEASINGS/INCORPORATIONS/MERGES:

 

The firm absorbed by merging of

 

Worldgem S.R.L.

 

Piazzon

, 114

, 36051

, Creazzo

(VI)

- IT -

 

Fiscal Code: 01799640246

 

Date

:

21/06/1995



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.

 

Bankers

 

The firm operates with:

 

Bank Name

Agency Name

Address

ZIP Code

City

ABI Code

CAB Code

UNICREDIT BANCA D IMPRESA

36051

Creazzo

3226

BANCA POPOLARE DI VICENZA

36051

Creazzo

5728

BANCA INTESASANPAOLO S.P.A.

36051

Creazzo

3069

 

Financial and Economical Analysis

 

Company's starting of activities dates back to 1991.

Balance sheets for the years 2011, 2012 and 2013 were analyzed.

Under the financial profile unstable results are noted. with a loss in the last financial year. In the last financial year a drop in sales has been registered (-16,53%).

The operating result in 2013 was positive (3,85%) and in line with the sector's average.

An operating result of Eur. 2.298.224 has been registered. with a more then 100% growth.

A gross operating margine for a value of Eur. 3.353.730 was reached. with no sensible increase as against 2012.

The analysis shows a fair financial position as the indebtedness volume is acceptable (2,1) and decreasing as against 2012.

With regard to equity capital, an amount of Eur. 18.822.455 is registered. , unchanged as opposed to the preceding year.

The financial management has recorded total debts amounting to Eur. 39.623.742, with no important change.

Financial indebtedness is considered fair whereas the recourse to commercial borrowings is high but lined up with the field's average.

Liquid assets are good.

Trade credits are collected slowly, average term is 212,22 days. even higher than the average of the specific sector.

During financial year 2013 the cash flow amounted to Eur. 821.069

Labour cost expenses amount to Eur. 4.299.428 , representing 10,67% on the total of production costs. and a 11,04% incidence on sales volumes.

Finacial chareges are high: the incidence on sales volume amounts to -2,48%

 

Financial Data

 

Complete balance-sheet for the year

al 30/06/2013

(in Eur

x 1)

 

Item Type

Value

Sales

38.944.364

Profit (Loss) for the period

-33.240

 

Complete balance-sheet for the year

al 30/06/2012

(in Eur

x 1)

 

Item Type

Value

Sales

46.661.177

Profit (Loss) for the period

-1.724.745

 

Complete balance-sheet for the year

al 30/06/2011

(in Eur

x 1)

 

Item Type

Value

Sales

54.116.649

Profit (Loss) for the period

2.247.846

 

Complete balance-sheet for the year

al 30/06/2010

(in Eur

x 1)

 

Item Type

Value

Sales

55.268.056

Profit (Loss) for the period

346.080

 

Complete balance-sheet for the year

al 30/06/2009

(in Eur

x 1)

 

Item Type

Value

Sales

54.951.665

Profit (Loss) for the period

1.606.258

 

 

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 30/06/2013 - 12 Mesi - Currency: - Amounts x 1

 

- Balance Sheet as at 30/06/2012 - 12 Mesi - Currency: - Amounts x 1

 

- Balance Sheet as at 30/06/2011 - 12 Mesi - Currency: - Amounts x 1

 

Years

2013

2012

2011

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.

. . Industrial patent rights

12.962

7.540

17.867

. . Concessions,licenses,trademarks,etc.

1.850.764

180.882

241.176

. . Goodwill

. . Assets in formation and advance paymen.

4.355.000

. . Other intangible fixed assets

99.192

4.334.206

167.927

. Total Intangible Fixed Assets

1.962.918

4.522.628

4.781.970

. TANGIBLE FIXED ASSETS

. . Real estate

. . Plant and machinery

21.985

. . Industrial and commercial equipment

. . Other assets

667.398

865.760

722.447

. . Assets under construction and advances

. Total Tangible fixed assets

667.398

887.745

722.447

. FINANCIAL FIXED ASSETS

. . Equity investments

11.827.415

12.454.053

12.154.053

. . . Equity invest. in subsidiary companies

11.827.213

12.453.851

12.153.851

. . . Equity invest. in associated companies

. . . Equity invest. in holding companies

. . . Equity invest. in other companies

202

202

202

. . Financial receivables

1.691.928

967.092

1.508.389

. . . . Within 12 months

1.691.928

967.092

1.508.389

. . . . Beyond 12 months

. . . Receivab due from subsidiaries

477.092

967.092

1.401.698

. . . . Within 12 months

477.092

967.092

1.401.698

. . . . Beyond 12 months

. . . Receivables due from assoc.comp.

. . . . Within 12 months

. . . . Beyond 12 months

. . . Receivables due from holding comp.

1.214.836

106.691

. . . . Within 12 months

1.214.836

106.691

. . . . Beyond 12 months

. . . Receivables due from third parties

. . . . Within 12 months

. . . . Beyond 12 months

. . Other securities

. . Own shares

. . . Total nominal value

. Total financial fixed assets

13.519.343

13.421.145

13.662.442

Total fixed assets

16.149.659

18.831.518

19.166.859

CURRENT ASSETS

. INVENTORIES

. . Raw materials and other consumables

2.878.760

3.141.918

2.459.561

. . Work in progress and semimanufactured

. . Work in progress on order

. . Finished goods

12.607.268

10.556.001

8.321.422

. . Advance payments

. Total Inventories

15.486.028

13.697.919

10.780.983

. CREDITS NOT HELD AS FIXED ASSETS

. . Within 12 months

27.919.640

36.165.059

38.219.790

. . Beyond 12 months

. . Trade receivables

22.957.319

26.794.086

31.148.228

. . . . Within 12 months

22.957.319

26.794.086

31.148.228

. . . . Beyond 12 months

. . Receivables due from subsid. comp.

3.022.189

5.841.798

4.726.768

. . . . Within 12 months

3.022.189

5.841.798

4.726.768

. . . . Beyond 12 months

. . Receivables due from assoc. comp.

. . . . Within 12 months

. . . . Beyond 12 months

. . Receivables due from holding comp.

312.175

1.219.930

31.500

. . . . Within 12 months

312.175

1.219.930

31.500

. . . . Beyond 12 months

. . Fiscal Receivables

135.326

191.852

126.272

. . . . Within 12 months

135.326

191.852

126.272

. . . . Beyond 12 months

. . Receivables for anticipated taxes

755.855

1.064.420

673.049

. . . . Within 12 months

755.855

1.064.420

673.049

. . . . Beyond 12 months

. . Receivables due from third parties

736.776

1.052.973

1.513.973

. . . . Within 12 months

736.776

1.052.973

1.513.973

. . . . Beyond 12 months

. Total Credits not held as fixed assets

27.919.640

36.165.059

38.219.790

. 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

39.984

33.714

2.378.624

. . Checks

726

6.477

4.551

. . Banknotes and coins

28.818

23.063

26.338

. Total Liquid funds

69.528

63.254

2.409.513

Total current assets

43.475.196

49.926.232

51.410.286

ADJUSTMENT ACCOUNTS

. Discount on loans

. Other adjustment accounts

124.293

218.569

264.173

Total adjustments accounts

124.293

218.569

264.173

TOTAL ASSETS

59.749.148

68.976.319

70.841.318

LIABILITIES

STOCKHOLDERS' EQUITY

. Capital stock

2.700.000

2.700.000

2.700.000

. Additional paid-in capital

4.374.685

4.374.685

4.374.685

. Revaluation reserves

. Legal reserve

540.000

540.000

540.000

. Reserve for Own shares

. Statute reserves

. Other reserves

26.309

26.309

11.190.411

. Accumulated Profits (Losses)

11.214.701

12.939.446

. Profit( loss) of the year

-33.240

-1.724.745

2.247.846

. Advances on dividends

. Partial loss of the year Coverage

Total Stockholders'Equity

18.822.455

18.855.695

21.052.942

RESERVES FOR RISKS AND CHARGES

. . Reserve for employee termination indem.

130.000

146.914

152.208

. . Taxation fund, also differed

27.000

27.000

. . Other funds

454.043

894.901

964.488

Total Reserves for Risks and Charges

584.043

1.068.815

1.143.696

Employee termination indemnities

670.354

742.493

764.912

ACCOUNTS PAYABLE

. . . . Within 12 months

39.623.742

45.413.701

43.761.630

. . . . Beyond 12 months

2.594.466

4.086.559

. . Bonds

. . . . Within 12 months

. . . . Beyond 12 months

. . Convertible bonds repayable

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to shareholders for financing

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to banks

23.403.368

28.211.916

28.605.254

. . . . Within 12 months

23.403.368

25.617.450

24.518.695

. . . . Beyond 12 months

2.594.466

4.086.559

. . Due to other providers of finance

. . . . Within 12 months

. . . . Beyond 12 months

. . Advances from customers

55.958

8.185

69.660

. . . . Within 12 months

55.958

8.185

69.660

. . . . Beyond 12 months

. . Trade payables

8.157.064

10.456.230

13.331.073

. . . . Within 12 months

8.157.064

10.456.230

13.331.073

. . . . Beyond 12 months

. . Securities issued

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to subsidiary companies

5.652.624

4.516.909

3.805.932

. . . . Within 12 months

5.652.624

4.516.909

3.805.932

. . . . Beyond 12 months

. . Due to associated companies

. . . . Within 12 months

. . . . Beyond 12 months

. . Due to holding companies

900.752

1.488.809

424.201

. . . . Within 12 months

900.752

1.488.809

424.201

. . . . Beyond 12 months

. . Due to the tax authorities

368.069

1.533.202

460.436

. . . . Within 12 months

368.069

1.533.202

460.436

. . . . Beyond 12 months

. . Due to social security and welfare inst.

390.460

421.811

372.594

. . . . Within 12 months

390.460

421.811

372.594

. . . . Beyond 12 months

. . Other payables

695.447

1.371.105

779.039

. . . . Within 12 months

695.447

1.371.105

779.039

. . . . Beyond 12 months

Total accounts payable

39.623.742

48.008.167

47.848.189

ADJUSTMENT ACCOUNTS

. Agio on loans

261.179

. Other adjustment accounts

48.554

39.970

31.579

Total adjustment accounts

48.554

301.149

31.579

TOTAL LIABILITIES

59.749.148

68.976.319

70.841.318

 

MEMORANDUM ACCOUNTS

 

Third party goods

Investment accounts

Risk accounts

Civil and fiscal norms relation

 

PROFIT AND LOSS ACCOUNTS

 

VALUE OF PRODUCTION

. Revenues from sales and services

38.944.364

46.661.177

54.116.649

. Changes in work in progress

-26.196

2.234.579

. Changes in semi-manufact. products

839.944

. Capitalization of internal work

. Other income and revenues

3.659.808

1.025.390

1.098.143

. . Contributions for operating expenses

. . Different income and revenues

3.659.808

1.025.390

1.098.143

Total value of production

42.577.976

49.921.146

56.054.736

PRODUCTION COSTS

. Raw material,other materials and consum.

13.682.459

18.637.761

19.440.316

. Services received

18.338.798

20.737.977

22.375.879

. Leases and rentals

1.177.724

1.293.839

1.110.555

. Payroll and related costs

4.299.428

5.160.040

4.932.194

. . Wages and salaries

2.992.371

3.553.849

3.538.817

. . Social security contributions

916.686

1.145.921

1.088.521

. . Employee termination indemnities

194.106

277.735

250.646

. . Pension and similar

. . Other costs

196.265

182.535

54.210

. Amortization and depreciation

854.309

2.201.689

1.192.934

. . Amortization of intangible fixed assets

145.443

562.906

146.613

. . Amortization of tangible fixed assets

155.436

207.327

234.858

. . Depreciation of tangible fixed assets

. . Writedown of current receiv.and of liquid

553.430

1.431.456

811.463

. Changes in raw materials

263.158

-713.014

587.827

. Provisions to risk reserves

15.000

. Other provisions

201.197

102.392

. Other operating costs

1.462.679

1.655.498

689.129

Total production costs

40.279.752

49.076.182

50.343.834

Diff. between value and cost of product.

2.298.224

844.964

5.710.902

FINANCIAL INCOME AND EXPENSE

. Income from equity investments

. . In subsidiary companies

. . In associated companies

. . In other companies

. Other financial income

116.768

245.660

136.331

. . 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

. . . - Subsidiary companies

. . . - Associated companies

. . . - Holding companies

. . . - Other companies

. Interest and other financial expense

-1.082.005

-1.819.816

-165.614

. . Towards subsidiary companies

. . Towards associated companies

. . Towards holding companies

. . Towards other companies

Total financial income and expense

-965.237

-1.574.156

-29.283

ADJUSTMENTS TO FINANCIAL ASSETS

. Revaluations

. . Of equity investments

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

. . Of securities incl.among current assets

. Devaluation

-926.275

-715.273

-1.232.908

. . Of equity investments

-926.275

-715.273

-1.232.908

. . Of financial fixed assets (no equity inv)

. . Of securities included among current ass

Total adjustments to financial assets

-926.275

-715.273

-1.232.908

EXTRAORDINARY INCOME AND EXPENSE

. Extraordinary income

290.015

2

. . Gains on disposals

2

. . Other extraordinary income

290.015

. Extraordinary expense

-1

-52.989

. . Losses on disposals

. . Taxes relating to prior years

-52.989

. . Other extraordinary expense

-1

Total extraordinary income and expense

290.014

-52.987

Results before income taxes

696.726

-1.497.452

4.448.711

. Taxes on current income

729.966

227.293

2.200.865

. . current taxes

421.401

618.664

1.991.520

. . differed taxes(anticip.)

308.565

-391.371

209.345

. Net income for the period

-33.240

-1.724.745

2.247.846

. Adjustments in tax regulations pursuance

. Provisions in tax regulations pursuance

. Profit (loss) of the year

-33.240

-1.724.745

2.247.846

 

RATIOS

Value Type

as at 30/06/2013

as at 30/06/2012

as at 30/06/2011

Sector Average

COMPOSITION ON INVESTMENT

Rigidity Ratio

Units

0,27

0,27

0,27

0,13

Elasticity Ratio

Units

0,73

0,72

0,73

0,85

Availability of stock

Units

0,26

0,20

0,15

0,54

Total Liquidity Ratio

Units

0,47

0,53

0,57

0,22

Quick Ratio

Units

0,00

0,00

0,03

0,04

COMPOSITION ON SOURCE

Net Short-term indebtedness

Units

2,10

2,41

1,96

4,36

Self Financing Ratio

Units

0,32

0,27

0,30

0,14

Capital protection Ratio

Units

0,86

0,95

0,76

0,56

Liabilities consolidation quotient

Units

0,02

0,07

0,11

0,15

Financing

Units

2,11

2,55

2,27

5,86

Permanent Indebtedness Ratio

Units

0,33

0,32

0,37

0,31

M/L term Debts Ratio

Units

0,01

0,05

0,07

0,10

Net Financial Indebtedness Ratio

Units

1,24

1,49

1,24

0,98

CORRELATION

Fixed assets ratio

Units

1,21

1,18

1,35

2,02

Current ratio

Units

1,10

1,10

1,17

1,15

Acid Test Ratio-Liquidity Ratio

Units

0,71

0,80

0,93

0,36

Structure's primary quotient

Units

1,17

1,00

1,10

1,06

Treasury's primary quotient

Units

0,00

0,00

0,06

0,07

Rate of indebtedness ( Leverage )

%

317,44

365,81

336,49

707,22

Current Capital ( net )

Value

3.851.454

4.512.531

7.648.656

61.776

RETURN

Return on Sales

%

2,11

1,02

6,36

2,62

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

%

-0,18

-9,15

10,68

6,19

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

%

3,70

-7,94

21,13

15,72

Return on Investment ( R.O.I. )

%

3,85

1,23

8,06

3,25

Return/ Sales

%

5,90

1,81

10,55

2,94

Extra Management revenues/charges incid.

%

-1,45

-204,12

39,36

31,16

Cash Flow

Value

821.069

476.944

3.440.780

20.178

Operating Profit

Value

2.298.224

844.964

5.710.902

23.558

Gross Operating Margin

Value

3.353.730

3.149.045

6.918.836

40.605

MANAGEMENT

Credits to clients average term

Days

212,22

206,72

207,21

26,46

Debts to suppliers average term

Days

159,52

145,72

147,27

152,76

Average stock waiting period

Days

143,15

105,68

71,72

158,60

Rate of capital employed return ( Turnover )

Units

0,65

0,68

0,76

1,10

Rate of stock return

Units

2,51

3,41

5,02

2,21

Labour cost incidence

%

11,04

11,06

9,11

10,29

Net financial revenues/ charges incidence

%

-2,48

-3,37

-0,05

-1,31

Labour cost on purchasing expenses

%

10,67

10,51

9,80

10,25

Short-term financing charges

%

2,73

3,79

0,35

2,10

Capital on hand

%

153,42

147,82

130,90

90,76

Sales pro employee

Value

409.940

412.930

439.972

267.102

Labour cost pro employee

Value

45.257

45.664

40.099

30.754

 

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

:

831.356

Population living in the region

:

4.699.950

Number of families in the region

:

1.813.210

 

Monthly family expences 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 2.211 significant companies.

 

The companies cash their credits on an average of 26 dd.

The average duration of suppliers debts is about 153 dd.

The sector's profitability is on an average of 2,62%.

The labour cost affects the turnover in the measure of 10,29%.

Goods are held in stock in a range of 159 dd.

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

The employees costs represent the 10,25% 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 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.59.05

UK Pound

1

Rs.99.61

Euro

1

Rs.80.60

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

PDT

 

               

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.