MIRA
INFORM REPORT
|
Report Date : |
25.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SATI TRADING S.P.A. |
|
|
|
|
Registered Office : |
Via Bonazzi, 24, 40013 - Castel
Maggiore (BO) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
20.04.1989 |
|
|
|
|
Com. Reg. No.: |
BO006-51942 of since 19/02/1996 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Wholesaler of agricultural machinery,
equipment and supplies |
|
|
|
|
No. of Employees : |
16 to 25 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Italy |
A2 |
A2 |
|
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 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
Sati Trading S.p.A.
Via Bonazzi, 24
40013 - Castel Maggiore (BO) -IT-
Summary
|
Fiscal Code |
: |
03882680378 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
03/04/1990 |
|
Equity |
: |
2.500.000 |
|
Turnover Range |
: |
15.500.000/18.000.000 |
|
Number of Employees |
: |
from 16 to 25 |
Activity
Wholesale of agricultural machinery,
equipment and supplies
Wholesale of packaging
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 03882680378 |
|
Foreign Trade Reg. no. : BO030784 since
21/02/1994 |
|
Chamber of Commerce no. : 322062 of since
25/05/1989 |
|
Firms' Register : BO006-51942 of since
19/02/1996 |
|
V.A.T. Code : 00672251204 |
|
R. E. C. no. : 60439 of since 03/04/1990 |
|
Foundation date |
: 20/04/1989 |
|
|
Establishment date |
: 20/04/1989 |
|
|
Start of Activities |
: 03/04/1990 |
|
|
Legal duration |
: 31/12/2040 |
|
|
Nominal Capital |
: 364.100 |
|
|
Subscribed Capital |
: 364.100 |
|
|
Paid up Capital |
: 364.100 |
|
Members
|
|
Tonelli |
Gianni |
|
|
|
Born in Bologna |
(BO) |
on 24/02/1934 |
- Fiscal Code : TNLGNN34B24A944W |
|
|
|
Residence: |
|
Bonazzi |
, 24 |
- 40013 |
Castel Maggiore |
(BO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
31/08/2011 |
|
|
|
|
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.
|
|
Tonelli |
Gianni |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Sati Di Tonelli Gianni S.a.s. |
Castel Maggiore (BO) - IT - |
02082710373 |
General Partner |
Active |
Registered |
|
A.g.*petzetakis Italia - S.r.l. |
Castel Maggiore (BO) - IT - |
02504590379 |
Attorney with
special power |
Withdrawn |
Ceased |
|
Tonelli Gianni E C. S.r.l. |
Bologna (BO) - IT - |
03874660370 |
Liquidator |
Withdrawn |
Ceased |
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 |
|
Tonelli Gianni |
Castel Maggiore - IT - |
TNLGNN34B24A944W |
48.534 .Eur |
13,33 |
|
Tonelli Silvia |
Bologna - IT - |
TNLSLV63A53A944J |
128.273 .Eur |
35,22 |
|
Tonelli Riccardo |
Bologna - IT - |
TNLRCR71M06A944Z |
142.800 .Eur |
39,22 |
|
Tonelli Claudia |
|
TNLCLD67M46A944D |
44.493 .Eur |
12,22 |
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 |
|
|
|
|
|
|
|
Bonazzi |
, 24 |
- 40013 |
- Castel Maggiore |
(BO) |
- IT - |
|
|
|
|
PHONE |
: 051700321 |
|
|
|
|
FAX |
: 051701350 |
|
|
|
|
Employees |
: 25 |
|
Fittings and Equipment for a value of
1.180.000 |
Eur |
|
Stocks for a value of 4.340.000 |
Eur |
|
Vehicles for a value of 52.000 |
Eur |
|
|
Historical Information and/or Firm's Status
EX-MEMBERS /
EX-POSITIONS:
|
|
Tonelli |
Silvia |
|
|
|
Born in Bologna |
(BO) |
on 13/01/1963 |
- Fiscal Code : TNLSLV63A53A944J |
|
|
|
Residence: |
|
P.p. Molinelli |
, 11 |
- 40100 |
Bologna |
(BO) |
- IT - |
|
Ex-Postions |
|
Attorney General |
|
|
Tonelli |
Riccardo |
|
|
|
Born in Bologna |
(BO) |
on 06/08/1971 |
- Fiscal Code : TNLRCR71M06A944Z |
|
|
|
Residence: |
|
P.p. Molinelli |
, 11 |
- 40100 |
Bologna |
(BO) |
- IT - |
|
Ex-Postions |
|
Attorney General |
|
|
De Pascali |
Giuseppe |
|
|
|
Born in Muro Leccese |
(LE) |
on 26/05/1942 |
- Fiscal Code : DPSGPP42E26F816F |
|
|
|
Residence: |
|
Anzella |
, 868/D |
- 40060 |
Savigno |
(BO) |
- IT - |
|
Ex-Postions |
|
Permanent Auditor |
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
The company is active since 1990
The eonomic-financial analysis is based on
the latest 3 b/s.
During the last years, it recorded positive
net results (r.o.e. 16,63% in 2012) with a stable trend in the turnover.
The operating result was positive in the
last financial year (6,19%) and in line with the sector's average.
The amount of the operating result is equal
to Eur. 745.349 with a -33,4% drop.
A gross operating margine for a value of
Eur. 836.811 was reached. recording a -30,29% decrease.
Company's financial status is balanced since
indebtedness is not high (1,59) and falling as against the previous year
(1,71).
It's shareholders funds amount to Eur.
2.368.310 , unchanged as opposed to the preceding year.
In the year 2012 total debts amounted to
Eur. 9.338.462 , with no sensible variation.
The company does not exceed in bank credits;
payments average period is instead slightly high (98,92 gg.) but lined up with
the field's average.
Liquidity is good (1,36)
As to due from customers, the average terms
are 44,29 days. , lower than the sector's average.
During financial year 2012 the cash flow
amounted to Eur. 485.257
Subordinate employment cost is of Eur.
1.255.677, i.e. 7,5% on total production costs. , whereas the incidence on
sales revenues is of 7,2%.
The financial charges do not negatively
affect the management, as they are covered by the incomes.
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
17.431.577 |
|
Profit (Loss) for the period |
393.795 |
|
|
|
Complete balance-sheet for the year |
31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
17.812.517 |
|
Profit (Loss) for the period |
302.368 |
|
|
|
Complete balance-sheet for the year |
31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
15.551.374 |
|
Profit (Loss) for the period |
216.863 |
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 31/12/2012 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet
as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1 |
|
- Balance Sheet
as at 31/12/2010 - 12 Mesi - Currency: - Amounts x 1 |
|
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|
|
RATIOS |
Value
Type |
as at 31/12/2012 |
as at 31/12/2011 |
as at 31/12/2010 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,05 |
0,03 |
0,03 |
0,11 |
|
Elasticity Ratio |
Units |
0,95 |
0,96 |
0,97 |
0,87 |
|
Availability of stock |
Units |
0,36 |
0,39 |
0,43 |
0,22 |
|
Total Liquidity Ratio |
Units |
0,59 |
0,58 |
0,54 |
0,56 |
|
Quick Ratio |
Units |
0,38 |
0,49 |
0,40 |
0,02 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
1,59 |
1,71 |
1,42 |
3,81 |
|
Self Financing Ratio |
Units |
0,20 |
0,16 |
0,20 |
0,17 |
|
Capital protection Ratio |
Units |
0,68 |
0,66 |
0,65 |
0,65 |
|
Liabilities consolidation quotient |
Units |
0,14 |
0,10 |
0,17 |
0,12 |
|
Financing |
Units |
3,94 |
5,23 |
3,99 |
4,72 |
|
Permanent Indebtedness Ratio |
Units |
0,29 |
0,24 |
0,31 |
0,30 |
|
M/L term Debts Ratio |
Units |
0,10 |
0,08 |
0,12 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
0,02 |
0,00 |
0,00 |
1,28 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
6,22 |
6,79 |
10,42 |
2,06 |
|
Current ratio |
Units |
1,36 |
1,27 |
1,43 |
1,16 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,85 |
0,76 |
0,80 |
0,84 |
|
Structure's primary quotient |
Units |
4,17 |
4,53 |
6,49 |
1,28 |
|
Treasury's primary quotient |
Units |
0,55 |
0,65 |
0,59 |
0,03 |
|
Rate of indebtedness ( Leverage ) |
% |
508,34 |
637,21 |
511,77 |
591,61 |
|
Current Capital ( net ) |
Value |
3.052.415 |
2.591.931 |
2.473.462 |
219.071 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
2,78 |
2,15 |
1,83 |
2,22 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
16,63 |
15,31 |
12,97 |
6,27 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
29,58 |
27,77 |
22,23 |
15,95 |
|
Return on Investment ( R.O.I. ) |
% |
6,19 |
8,89 |
6,70 |
4,19 |
|
Return/ Sales |
% |
4,28 |
6,28 |
3,69 |
3,42 |
|
Extra Management revenues/charges incid. |
% |
52,83 |
27,02 |
37,80 |
29,26 |
|
Cash Flow |
Value |
485.257 |
383.804 |
285.091 |
61.669 |
|
Operating Profit |
Value |
745.349 |
1.119.149 |
573.650 |
95.558 |
|
Gross Operating Margin |
Value |
836.811 |
1.200.585 |
641.878 |
144.934 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
44,29 |
16,52 |
21,50 |
120,94 |
|
Debts to suppliers average term |
Days |
98,92 |
99,69 |
106,55 |
120,04 |
|
Average stock waiting period |
Days |
89,58 |
97,92 |
84,35 |
61,92 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,45 |
1,42 |
1,82 |
1,27 |
|
Rate of stock return |
Units |
4,02 |
3,68 |
4,27 |
5,74 |
|
Labour cost incidence |
% |
7,20 |
5,78 |
6,00 |
7,77 |
|
Net financial revenues/ charges incidence |
% |
0,10 |
-1,41 |
-1,55 |
-1,26 |
|
Labour cost on purchasing expenses |
% |
7,50 |
6,14 |
6,22 |
7,90 |
|
Short-term financing charges |
% |
n.c. |
2,44 |
3,61 |
2,67 |
|
Capital on hand |
% |
69,06 |
70,63 |
55,03 |
78,39 |
|
Sales pro employee |
Value |
446.963 |
1.187.501 |
1.036.758 |
437.713 |
|
Labour cost pro employee |
Value |
32.196 |
68.610 |
62.165 |
33.928 |
Market / Territory Data
|
Population living in the province |
: |
944.297 |
|
Population living in the region |
: |
4.151.369 |
|
Number of families in the region |
: |
1.748.359 |
Monthly family
expenses average in the region (in Eur..) :
|
- per food products |
: |
425 |
|
- per non food products |
: |
2.063 |
|
- per energy consume |
: |
143 |
Sector Data
The values are calculated on a base of 6.137
significant companies.
The companies cash their credits on an
average of 121 dd.
The average duration of suppliers debts is
about 120 dd.
The sector's profitability is on an average
of 2,22%.
The labour cost affects the turnover in the
measure of 7,77%.
Goods are held in stock in a range of 62 dd.
The difference between the sales volume and
the resources used to realize it is about 1,27.
The employees costs represent the 7,90% 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 18.860 protested subjects are
found; in the province they count to 3.720.
The insolvency index for the region is 0,46,
, while for the province it is 0,40.
Total Bankrupt companies in the province :
4.335.
Total Bankrupt companies in the region :
14.698.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.73 |
|
UK Pound |
1 |
Rs.91.82 |
|
Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.