MIRA INFORM REPORT
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Report No. : |
346311 |
|
Report Date : |
24.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
CADCHOD S.R.L. |
|
|
|
|
Registered Office : |
Via Spadari, 7 20123 - Milano(MI) |
|
|
|
|
Country : |
Italy |
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|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
07.01.1998 |
|
|
|
|
Legal Form : |
Limited liability company |
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|
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Line of Business : |
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|
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No. of Employee : |
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 |
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|
|
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Italy |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 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 and 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
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.88 |
|
|
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
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.