MIRA INFORM REPORT
|
Report No. : |
326516 |
|
Report Date : |
11.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
CADCHOD S.R.L. |
|
|
|
|
Registered Office : |
Via Spadari, 7, 20123 – Milano (MI) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
07.01.1998 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
·
Wholesale of clocks, watches and jewellery ·
Retail sale of watches, jewellery and silverware |
|
|
|
|
No. of Employees : |
From 6 to 10 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Italy |
A2 |
A1 |
|
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 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 132%
of GDP in 2014, 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 tax evasion. In 2014 economic growth and labor market
conditions continued to deteriorate, with overall unemployment rising to 12.2%
and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007
pre-crisis level.
|
Source
: CIA |
Company
Name & address
CADCHOD S.R.L.
Via Spadari, 7
20123 – Milano (MI) -IT-
Summary
|
Fiscal Code |
: |
12235880155 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
07/01/1998 |
|
Equity |
: |
1.500.000 |
|
Turnover Range |
: |
9.000.000/10.000.000 |
|
Number of Employees |
: |
fom 6 to 10 |
Activity
Wholesale of clocks, watches and jewellery
Retail sale of watches, jewellery and silverware
Legal
Data
Legal Form : Limited liability company
|
Fiscal Code : 12235880155 |
|
Chamber of Commerce no. : 1542181 of Milano since 13/11/1997 |
|
Firms' Register : MI-1997-295336 of Milano since 11/11/1997 |
|
V.A.T. Code : 12235880155 |
|
Establishment date |
: 18/09/1997 |
|
|
Start of Activities |
: 07/01/1998 |
|
|
Legal duration |
: 31/12/2030 |
|
|
Nominal Capital |
: 60.408 |
|
|
Subscribed Capital |
: 60.408 |
|
|
Paid up Capital |
: 60.408 |
|
Legal mail : |
CADCHOD@PEC.IT |
Members
|
|
Yekutiel |
Ron |
|
|
Born in Kfar Saba |
( ) |
on 16/04/1958 |
- Fiscal Code : YKTRNO58D16Z226I |
|
|
Residence: |
Arzaga |
, 24 |
- 20146 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
01/03/2002 |
|
|
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.
|
|
Yekutiel |
Ron |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
YEKUTIEL RON |
Milano (MI) - IT - |
YKTRNO58D16Z226I |
Proprietor |
Withdrawn |
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 |
|
Yekutiel Ron |
Milano - IT - |
YKTRNO58D16Z226I |
28.335 .Eur |
46,90 |
|
Schwartz Sara Ora |
SCHSRR68R58F205W |
10.098 .Eur |
16,71 |
|
|
Levi Zipora |
LVEZPR70A63F205D |
9.702 .Eur |
16,06 |
|
|
Yekutiel David Rafael |
YKTDDR90E09F205T |
12.273 .Eur |
20,31 |
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 |
|
Spadari |
, 7 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
PHONE |
: 0286915700 |
|
Legal mail |
: CADCHOD@PEC.IT |
|
Employees |
: 6 |
|
Fittings and Equipment for a value of 2.000 |
Eur |
|
Stocks for a value of 700.000 |
Eur |
The firm has a direct commercial organization
Sales area on a regional scale.
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 1998.
The eonomic-financial analysis is based on the latest 3 b/s.
Under an economic point of view, profits were registered during the last
years with a r.o.e. of 4,79% in 2014 thanks to a progressive increase in
turnover (+20,51% in 2014 compared to 2013 and +61,9% in 2013 compared to
2012).
The operating result in 2014 was positive (7,17%) falling within the
field's average.
The amount of the operating result is equal to Eur. 455.449 rising
(+more then 100%) in relation to the previous year.
A gross operating margine for a value of Eur. 498.621 was reached. with
a more then 100% growth.
The financial position is not well balanced as the volume of debts is
fairly remarkable if compared to shareholder's equity, in fact total debts are
4,68 but on the decrease if compared to the year before.
The equity capital is equal to Eur. 1.076.214 on stable levels.
Bank borrowings' volume is slightly high but the recourse to suppliers'
credit is modest below field's average.
The management determines a good range of liquidity.
Due from customers average term is high and equal to 208,36 days. even
higher than the average of the specific sector.
2014 financial year closed with a cash flow of Eur. 94.684
During 2014 financial year labour costs amounted to Eur. 242.944, with a
2,67% incidence on production costs. , whereas the incidence on sales revenues
is of 2,54%.
The financial management is marked by a high incidence of financial
charges in relation to sales revenues (-3,62%).
Financial
Data
|
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
9.554.064 |
|
Profit (Loss) for the period |
51.512 |
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
7.927.673 |
|
Profit (Loss) for the period |
126.268 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
4.896.510 |
|
Profit (Loss) for the period |
197.819 |
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
4.277.265 |
|
Profit (Loss) for the period |
32.437 |
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.018.832 |
|
Profit (Loss) for the period |
4.968 |
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 31/12/2014 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/12/2013 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1 |
|
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|
|
RATIOS |
Value Type |
as at 31/12/2014 |
as at 31/12/2013 |
as at 31/12/2012 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|||||
|
Rigidity Ratio |
Units |
0,00 |
0,00 |
0,01 |
0,09 |
|
Elasticity Ratio |
Units |
1,00 |
0,99 |
0,99 |
0,89 |
|
Availability of stock |
Units |
0,11 |
0,37 |
0,51 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,89 |
0,62 |
0,48 |
0,54 |
|
Quick Ratio |
Units |
0,01 |
0,00 |
0,01 |
0,03 |
|
COMPOSITION ON
SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
4,68 |
5,82 |
5,29 |
3,95 |
|
Self Financing Ratio |
Units |
0,17 |
0,14 |
0,15 |
0,17 |
|
Capital protection Ratio |
Units |
0,90 |
0,83 |
0,75 |
0,62 |
|
Liabilities consolidation quotient |
Units |
0,02 |
0,02 |
0,03 |
0,10 |
|
Financing |
Units |
4,72 |
5,87 |
5,37 |
4,85 |
|
Permanent Indebtedness Ratio |
Units |
0,18 |
0,16 |
0,17 |
0,29 |
|
M/L term Debts Ratio |
Units |
0,01 |
0,02 |
0,02 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
3,08 |
3,19 |
n.c. |
1,04 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
51,46 |
32,39 |
20,26 |
2,37 |
|
Current ratio |
Units |
1,24 |
1,20 |
1,22 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,11 |
0,75 |
0,59 |
0,80 |
|
Structure's primary quotient |
Units |
47,51 |
28,97 |
17,82 |
1,48 |
|
Treasury's primary quotient |
Units |
0,01 |
0,00 |
0,01 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
589,89 |
704,70 |
656,26 |
602,26 |
|
Current Capital ( net ) |
Value |
1.241.804 |
1.169.747 |
1.004.008 |
191.984 |
|
RETURN |
|||||
|
Return on Sales |
% |
0,99 |
2,05 |
4,50 |
2,03 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
4,79 |
12,57 |
23,06 |
6,31 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
10,31 |
19,59 |
37,48 |
17,00 |
|
Return on Investment ( R.O.I. ) |
% |
7,17 |
1,95 |
7,06 |
4,18 |
|
Return/ Sales |
% |
4,77 |
1,74 |
8,11 |
3,46 |
|
Extra Management revenues/charges incid. |
% |
11,31 |
91,31 |
49,80 |
27,96 |
|
Cash Flow |
Value |
94.684 |
162.519 |
220.399 |
44.823 |
|
Operating Profit |
Value |
455.449 |
138.286 |
397.224 |
74.603 |
|
Gross Operating Margin |
Value |
498.621 |
174.537 |
449.804 |
111.383 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
208,36 |
197,79 |
n.c. |
113,70 |
|
Debts to suppliers average term |
Days |
88,40 |
126,91 |
n.c. |
118,14 |
|
Average stock waiting period |
Days |
26,19 |
120,18 |
212,60 |
72,90 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,50 |
1,12 |
0,87 |
1,25 |
|
Rate of stock return |
Units |
13,74 |
3,00 |
1,69 |
4,88 |
|
Labour cost incidence |
% |
2,54 |
2,86 |
4,37 |
8,14 |
|
Net financial revenues/ charges incidence |
% |
-3,62 |
0,74 |
-1,79 |
-1,38 |
|
Labour cost on purchasing expenses |
% |
2,67 |
2,91 |
4,75 |
8,25 |
|
Short-term financing charges |
% |
6,85 |
n.c. |
1,91 |
2,76 |
|
Capital on hand |
% |
66,45 |
89,31 |
114,97 |
79,85 |
|
Sales pro employee |
Value |
1.364.866 |
1.321.278 |
816.085 |
397.742 |
|
Labour cost pro employee |
Value |
34.706 |
37.811 |
35.628 |
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
Statistically 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.63.88 |
|
|
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.72.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
TPT |
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.