MIRA
INFORM REPORT
|
Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SANDALJ TRADING COMPANY – S.P.A. |
|
|
|
|
Registered Office : |
Via Rossini 14-34121, Trieste |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
01.02.1979 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Wholesale of Sugar and Chocolate and Sugar Confectionery |
|
|
|
|
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 : |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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 and 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 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
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 |
: |
|
238.092Monthly 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.59.08 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.