MIRA INFORM REPORT
|
Report No. : |
321058 |
|
Report Date : |
06.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
AREL SRL |
|
|
|
|
Registered Office : |
Via Francesco Melzi D'eril, 29 20154 – Milano
(MI) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
10.09.2012 |
|
|
|
|
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 : |
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 – 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
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
AREL SRL
|
Via |
Francesco Melzi D'eril, |
29 |
|
20154 |
- Milano |
(MI) |
-IT- |
Summary
|
Fiscal Code |
: |
07870110967 |
|
Legal Form |
: |
Limited liability company |
|
Start of Activities |
: |
10/09/2012 |
|
Equity |
: |
200.000 |
|
Turnover Range |
: |
10.000.000/12.750.000 |
|
Number of Employees |
: |
From 1 to 5 |
Activity
Wholesale of clocks, watches and jewellery
Legal
Data
Legal Form : Limited liability company
|
Fiscal Code : 07870110967 |
|
Chamber of Commerce no. : 250486 of Alessandria |
|
Chamber of Commerce no. : 1987251 of Milano since 11/06/2012 |
|
V.A.T. Code : 07870110967 |
|
Establishment date |
: 16/05/2012 |
|
|
Start of Activities |
: 10/09/2012 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 90.000 |
|
|
Subscribed Capital |
: 90.000 |
|
|
Paid up Capital |
: 90.000 |
Members
|
|
Arazi |
Elie |
|
|
Born in LIBANO |
( ) |
on 05/06/1952 |
- Fiscal Code : RZALEI52H05Z229E |
|
|
Residence: |
FRUA GIUSEPPE |
, 8 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
BEISSAH KATRI LILIANE |
|
|
Born |
on 09/10/1953 |
- Fiscal Code : BSSKRL53R49Z229F |
|
|
Residence: |
Frua Giuseppe |
, 8 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
No Prejudicial events are reported |
|
|
No Protests registered |
|
|
Arazi |
David |
|
|
Born in Pietrasanta |
(LU) |
on 18/08/1988 |
- Fiscal Code : RZADVD88M18G628B |
|
|
Residence: |
Dei Gracchi |
, 26 |
- 20146 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
16/05/2012 |
|
|
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 |
|
Arazi Elie |
Milano - IT - |
RZALEI52H05Z229E |
45.000 .Eur |
50,00 |
|
BEISSAH KATRI LILIANE |
Milano - IT - |
BSSKRL53R49Z229F |
45.000 .Eur |
50,00 |
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 |
|
Francesco Melzi D'eril |
, 29 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
- |
Branch |
(Sales office) |
since 10/09/2012 |
|
Garibaldi |
, 107 |
- 15048 |
- Valenza |
(AL) |
- IT - |
|
Employees |
: 5 |
|
Stocks for a value of 1.130.000 |
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
Subject under review started the activities in 2012.
The economic-financial analysis has been made on the base of the latest
2 balance sheets.
During the last years, it achieved profits (r.o.e. 17,7% on 2013) and
with an upward trend in turnover trend during the last financial year (more
then 100% in 2013).
The operating result was positive in the last financial year (0,85%) and
reflects the field's average.
The operating result is positive and amounts to Eur. 47.910 with an
increase of more then 100% if the compared to the previous financial year.
The gross operating margin of the latest financial year is of Eur.
50.674 with a more then 100% increase as opposed to the preceding year.
Short-term debts volume if compared to net worth, as it comes out from
the total indebtedness (31,91) which tends downward.
The management generated equity capital for an amount of Eur. 168.521 ,
with an upward trend.
Total indebtedness amounts to Eur. 5.390.491, while during the financial
year 2012 the amount was equal to Eur. 3.232.766.
Liquidity is good.
During financial year 2013 the cash flow amounted to Eur. 32.597
During 2013 financial year labour costs amounted to Eur. 114.944, with a
1,1% incidence on production costs. , whereas the incidence on sales revenues
is of 1,09%.
Financial incomes cover financial charges.
Financial
Data
|
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
10.526.411 |
|
Profit (Loss) for the period |
29.833 |
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
3.018.305 |
|
Profit (Loss) for the period |
48.687 |
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 31/12/2013 - 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 31/12/2013 |
as at 31/12/2012 |
Sector Average |
|
COMPOSITION ON INVESTMENT |
||||
|
Rigidity Ratio |
Units |
0,00 |
0,00 |
0,09 |
|
Elasticity Ratio |
Units |
1,00 |
1,00 |
0,89 |
|
Availability of stock |
Units |
0,20 |
0,32 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,80 |
0,68 |
0,54 |
|
Quick Ratio |
Units |
0,00 |
0,01 |
0,03 |
|
COMPOSITION ON SOURCE |
||||
|
Net Short-term indebtedness |
Units |
31,91 |
35,94 |
3,95 |
|
Self Financing Ratio |
Units |
0,03 |
0,03 |
0,17 |
|
Capital protection Ratio |
Units |
0,29 |
0,00 |
0,62 |
|
Liabilities consolidation quotient |
Units |
0,00 |
0,00 |
0,10 |
|
Financing |
Units |
31,99 |
36,45 |
4,85 |
|
Permanent Indebtedness Ratio |
Units |
0,03 |
0,03 |
0,29 |
|
M/L term Debts Ratio |
Units |
0,00 |
0,00 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
n.c. |
n.c. |
1,04 |
|
CORRELATION |
||||
|
Fixed assets ratio |
Units |
12,71 |
5,41 |
2,37 |
|
Current ratio |
Units |
1,04 |
1,03 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,83 |
0,70 |
0,80 |
|
Structure's primary quotient |
Units |
12,23 |
5,36 |
1,48 |
|
Treasury's primary quotient |
Units |
0,00 |
0,01 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
3350,71 |
3777,45 |
602,26 |
|
Current Capital ( net ) |
Value |
242.372 |
100.827 |
191.984 |
|
RETURN |
||||
|
Return on Sales |
% |
0,31 |
1,64 |
2,03 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
17,70 |
54,90 |
6,31 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
29,18 |
75,88 |
17,00 |
|
Return on Investment ( R.O.I. ) |
% |
0,85 |
-0,90 |
4,18 |
|
Return/ Sales |
% |
0,46 |
-1,00 |
3,46 |
|
Extra Management revenues/charges incid. |
% |
62,27 |
n.c. |
27,96 |
|
Cash Flow |
Value |
32.597 |
49.435 |
44.823 |
|
Operating Profit |
Value |
47.910 |
-30.215 |
74.603 |
|
Gross Operating Margin |
Value |
50.674 |
-29.467 |
111.383 |
|
MANAGEMENT |
||||
|
Credits to clients average term |
Days |
n.c. |
n.c. |
113,70 |
|
Debts to suppliers average term |
Days |
n.c. |
n.c. |
118,14 |
|
Average stock waiting period |
Days |
38,78 |
126,04 |
72,90 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,86 |
0,90 |
1,25 |
|
Rate of stock return |
Units |
9,28 |
2,86 |
4,88 |
|
Labour cost incidence |
% |
1,09 |
0,53 |
8,14 |
|
Net financial revenues/ charges incidence |
% |
0,01 |
3,23 |
-1,38 |
|
Labour cost on purchasing expenses |
% |
1,10 |
0,52 |
8,25 |
|
Short-term financing charges |
% |
n.c. |
n.c. |
2,76 |
|
Capital on hand |
% |
53,64 |
110,99 |
79,85 |
|
Sales pro employee |
Value |
3.508.803 |
397.742 |
|
|
Labour cost pro employee |
Value |
38.314 |
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.63.52 |
|
|
1 |
Rs.95.96 |
|
Euro |
1 |
Rs. 70.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
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.