MIRA
INFORM REPORT
|
Report Date : |
26.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SANDALJ TRADING COMPANY - S.P.A. |
|
|
|
|
Registered Office : |
Via Rossini, 14, 34132 - Trieste (TS) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
01.02.1979 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
· Wholesaler of sugar and chocolate and sugar confectionery · Wholesaler of tea, cocoa and spices |
|
|
|
|
No of Employees : |
from 11 to 15 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Italy |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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 & ADDRESS
|
Sandalj Trading
Company - S.p.a. |
|
Via |
Rossini, |
14 |
|
34132 |
- Trieste |
(TS) |
-IT- |
Summary
|
Fiscal Code |
: |
03471360580 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
01/02/1979 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
25.000.000/35.000.000 |
|
Number of Employees |
: |
from 11 to 15 |
Activity
Wholesale of sugar and chocolate and sugar confectionery
Wholesale of tea, cocoa and spices
Legal Data
Legal Form : Joint stock company
|
Fiscal Code : 03471360580 |
||
|
Foreign Trade Reg. no. : TS000328 since 04/12/1991 |
||
|
Foreign Trade Reg. no. : 852586 of Trieste |
||
|
Chamber of Commerce no. : 80455 of Trieste since 28/11/1979 |
||
|
Firms' Register : TS006-6965 of Trieste |
||
|
V.A.T. Code : 00287350326 |
||
|
Foundation date |
: 01/02/1979 |
|
|
Establishment date |
: 01/02/1979 |
|
|
Start of Activities |
: 01/02/1979 |
|
|
Legal duration |
: 31/12/2030 |
|
|
Nominal Capital |
: 2.000.000 |
|
|
Subscribed Capital |
: 2.000.000 |
|
|
Paid up Capital |
: 2.000.000 |
|
Members
|
|
Sandalj |
Vincenzo |
|
|
|
Born in Trieste |
(TS) |
on 09/06/1950 |
- Fiscal Code : SNDVCN50H09L424X |
|
|
|
Residence: |
|
Romagna |
, 129 |
- 34134 |
Trieste |
(TS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
|
|
|
|
No Prejudicial events
are reported |
|
|
No Protests
registered |
|
|
Rossmann |
Maurizio |
|
|
|
Born in Trieste |
(TS) |
on 10/12/1957 |
- Fiscal Code : RSSMRZ57T10L424U |
|
|
|
Residence: |
|
Marco Polo |
, 8 |
- 34100 |
Trieste |
(TS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
27/04/2012 |
|
|
|
Managing Director |
27/04/2012 |
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Venuti |
Enrico |
|
|
|
Born in Trieste |
(TS) |
on 27/12/1961 |
- Fiscal Code : VNTNRC61T27L424K |
|
|
|
Residence: |
|
Scarlicchio |
, 18/1 |
- 34100 |
Trieste |
(TS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
27/04/2012 |
|
|
|
Managing Director |
22/05/2009 |
|
|
|
Board Chairman |
03/07/2013 |
|
|
|
|
No Prejudicial
events are reported |
|
|
No Protests
registered |
|
|
Bieker |
Egidio |
|
|
|
Born in Trieste |
(TS) |
on 15/10/1953 |
- Fiscal Code : BKRGDE53R15L424A |
|
|
|
Residence: |
|
Dei Mirissa |
, 22/1 |
- 34149 |
Trieste |
(TS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
27/04/2012 |
|
|
|
Managing Director |
22/05/2009 |
|
|
|
|
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.
|
|
Rossmann |
Maurizio |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Fratelli Cosulich - Societa' Per
AzioniAbbreviabile Anche In F.lli Cosulich S.p |
Trieste (TS) - IT - |
00051020329 |
Procurator |
Withdrawn |
Registered |
|
Sancaffe' S.r.l. |
Trieste (TS) - IT - |
00916820327 |
Attorney with
special power |
Active |
Registered |
|
|
Venuti |
Enrico |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Sancaffe' S.r.l. |
Trieste (TS) - IT - |
00916820327 |
Attorney with
special power |
Active |
Registered |
|
|
Bieker |
Egidio |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Sancaffe' S.r.l. |
Trieste (TS) - IT - |
00916820327 |
Sole Director |
Active |
Registered |
|
Sancaffe' S.r.l. |
Trieste (TS) - IT - |
00916820327 |
Attorney with
special power |
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 |
|
Sandalj Trading Company - S.p.a. |
Trieste - IT - |
03471360580 |
200.000 .Eur |
10,00 |
|
Sandalj Vincenzo |
Trieste - IT - |
SNDVCN50H09L424X |
1.800.000 .Eur |
90,00 |
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 |
|
Sandalj Trading Company - S.p.a. |
Trieste - IT - |
03471360580 |
200.000 .Eur |
10,00 |
|
|
Active |
|
Sancaffe' S.r.l. |
Trieste - IT - |
00916820327 |
5.200 .Eur |
10,00 |
|
|
Active |
|
Trieste Coffee Cluster S.r.l. |
Trieste - IT - |
00876500323 |
1.810 .Eur |
6,76 |
|
|
Active |
Firm's location and structure
In order to carry out its activities the firm uses the following locations:
|
- |
Legal and
operative seat |
|
|
|
|
|
|
|
Rossini |
, 14 |
- 34100 |
- Trieste |
(TS) |
- IT - |
|
|
|
|
PHONE |
: 0406793911 |
|
|
|
|
Legal mail |
: SANDALJ@LEGALMAIL.IT |
|
|
|
|
Employees |
: 14 |
|
Fittings and Equipment for a value of
28.000 |
Eur |
|
Stocks for a value of 8.860.000 |
Eur |
|
Vehicles for a value of 67.000 |
Eur |
|
|
The firm operates abroad as importer /
exporter..
To purchase foreign products the firm uses
the following channels :
|
- direct orders to foreign companies |
Export represents up to 20% of the global turnover.
Products abroad are placed by :
|
- trading companies |
Import comes generally from the following
nations:
|
- Stati Uniti |
|
- Guatemala GCA |
|
- |
|
- Guyana |
Historical Information and/or Firm's Status
COMPANY STYLE
MODIFICATIONS:
|
Former Style |
New Style |
Changement Date |
|
Overseas Trading S.r.l. |
|
17/05/1979 |
EX-MEMBERS /
EX-POSITIONS:
|
|
Sandalj |
Vincenzo |
|
|
|
Born in Trieste |
(TS) |
on 09/06/1950 |
- Fiscal Code : SNDVCN50H09L424X |
|
|
|
Residence: |
|
Romagna |
, 129 |
- 34134 |
Trieste |
(TS) |
- IT - |
|
Ex-Postions |
|
Sole Director |
|
Director |
|
Board Chairman |
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 |
|
BANCA POP. FRIULADRIA SPA |
|
|
|
|
5336 |
0 |
Financial and Economical Analysis
The company is active since 1979
The economic-financial analysis has been made on the base of the b/s of the latests three years.
During the last years, it achieved profits (r.o.e. 2,68% on 2012) with a stable trend in the turnover.
The operating result in 2012 was positive (2,94%) and reflects the field's average.
The amount of the operating result for the year 2012 is of Eur. 604.357 recording a drop as opposed to the year before (-45%).
During the latest financial year the gross operating margin amounted to Eur. 869.264 with a -40,63% fall.
The analysis shows a fair financial position as the indebtedness volume is acceptable (3,26) and decreasing as against 2011.
It's shareholders funds amount to Eur. 3.815.221 , unchanged if compared to 2011.
In the year 2012 total debts amounted to Eur. 15.739.083 , a more or less stable value.
The exposure towards banks is slightly high, the recourse to suppliers' credit is limited below the sector's average.
The management determines a good range of liquidity.
Trade credits average terms are 79,85 days. , value within the sector's average.
As far as the cash flow is concerned during the latest financial year it amounted to Eur. 315.411
In the last financial year labour cost was of Eur. 1.176.904, with a 3,81% incidence on total costs of production. , with a 3,75% incidence on turnover.
Financial charges have a limited incidence (-1,24%) on sales volume.
Financial Data
|
|
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
31.364.989 |
|
Profit (Loss) for the period |
102.365 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
32.237.806 |
|
Profit (Loss) for the period |
569.872 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
26.034.551 |
|
Profit (Loss) for the period |
607.698 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2009 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
23.495.974 |
|
Profit (Loss) for the period |
15.578 |
|
|
|
Complete balance-sheet for the year |
al 31/12/2008 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
24.633.644 |
|
Profit (Loss) for the period |
15.275 |
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
|
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 |
0,12 |
0,08 |
0,09 |
0,13 |
|
Elasticity Ratio |
Units |
0,88 |
0,91 |
0,91 |
0,85 |
|
Availability of stock |
Units |
0,43 |
0,39 |
0,37 |
0,16 |
|
Total Liquidity Ratio |
Units |
0,44 |
0,52 |
0,54 |
0,62 |
|
Quick Ratio |
Units |
0,03 |
0,04 |
0,04 |
0,03 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
3,26 |
3,79 |
2,97 |
5,02 |
|
Self Financing Ratio |
Units |
0,19 |
0,17 |
0,18 |
0,13 |
|
Capital protection Ratio |
Units |
0,45 |
0,35 |
0,29 |
0,58 |
|
Liabilities consolidation quotient |
Units |
0,25 |
0,20 |
0,40 |
0,10 |
|
Financing |
Units |
4,13 |
4,71 |
4,29 |
6,17 |
|
Permanent Indebtedness Ratio |
Units |
0,34 |
0,31 |
0,41 |
0,25 |
|
M/L term Debts Ratio |
Units |
0,16 |
0,14 |
0,23 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
3,12 |
3,44 |
3,02 |
1,16 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
2,81 |
3,65 |
4,55 |
1,57 |
|
Current ratio |
Units |
1,37 |
1,35 |
1,58 |
1,09 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,69 |
0,77 |
0,95 |
0,85 |
|
Structure's primary quotient |
Units |
1,51 |
2,01 |
2,01 |
0,96 |
|
Treasury's primary quotient |
Units |
0,05 |
0,06 |
0,06 |
0,05 |
|
Rate of indebtedness ( Leverage ) |
% |
538,48 |
595,01 |
552,01 |
743,68 |
|
Current Capital ( net ) |
Value |
4.847.936 |
5.585.617 |
6.813.477 |
70.465 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
1,01 |
2,74 |
3,32 |
1,66 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
2,68 |
14,38 |
16,44 |
6,68 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
6,87 |
22,50 |
26,19 |
19,39 |
|
Return on Investment ( R.O.I. ) |
% |
2,94 |
4,66 |
6,67 |
3,84 |
|
Return/ Sales |
% |
1,93 |
3,41 |
5,23 |
2,16 |
|
Extra Management revenues/charges incid. |
% |
16,94 |
51,86 |
44,63 |
28,56 |
|
Cash Flow |
Value |
315.411 |
882.184 |
863.494 |
48.046 |
|
Operating Profit |
Value |
604.357 |
1.098.864 |
1.361.773 |
59.910 |
|
Gross Operating Margin |
Value |
869.264 |
1.464.378 |
1.666.025 |
99.701 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
79,85 |
108,79 |
120,89 |
86,56 |
|
Debts to suppliers average term |
Days |
33,98 |
40,73 |
44,60 |
100,32 |
|
Average stock waiting period |
Days |
101,68 |
103,16 |
103,09 |
31,97 |
|
Rate of capital employed return ( Turnover
) |
Units |
1,53 |
1,37 |
1,28 |
1,82 |
|
Rate of stock return |
Units |
3,54 |
3,49 |
3,49 |
11,18 |
|
Labour cost incidence |
% |
3,75 |
3,96 |
4,80 |
5,95 |
|
Net financial revenues/ charges incidence |
% |
-1,24 |
-0,70 |
-1,28 |
-0,81 |
|
Labour cost on purchasing expenses |
% |
3,81 |
4,10 |
5,04 |
5,95 |
|
Short-term financing charges |
% |
4,42 |
3,09 |
4,39 |
2,18 |
|
Capital on hand |
% |
65,50 |
73,14 |
78,38 |
54,67 |
|
Sales pro employee |
Value |
2.613.749 |
2.387.985 |
1.950.153 |
507.074 |
|
Labour cost pro employee |
Value |
98.075 |
94.632 |
93.561 |
32.650 |
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 expenses 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 5.101 significant companies.
The companies cash their credits on an average of 87 dd.
The average duration of suppliers debts is about 100 dd.
The sector's profitability is on an average of 1,66%.
The labour cost affects the turnover in the measure of 5,95%.
Goods are held in stock in a range of 32 dd.
The difference between the sales volume and the resources used to realize it is about 1,82.
The employees costs represent the 5,95% of the production costs.
Statistical Detrimental Data
Statistcally the trade activity shows periods of crisis.
The area is statistically considered moderately risky.
In the region 3.901 protested subjects are found; in the province they count to 919.
The insolvency index for the region is 0,33, , while for the province it is 0,38.
Total Bankrupt companies in the province : 1.169.
Total Bankrupt companies in the region : 5.085.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 58.48 |
|
|
1 |
Rs. 98.67 |
|
Euro |
1 |
Rs. 79.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.