|
|
|
MIRA INFORM REPORT
|
Report No. : |
509865 |
|
Report Date : |
19.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
SATI GROUP S.P.A. |
|
|
|
|
Registered Office : |
Via
Bonazzi, 24 40013 - Castel Maggiore |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
03.04.1990 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
·
Wholesale of agricultural machinery, equipment and
supplies ·
Wholesale of packaging. |
|
|
|
|
No. of Employees : |
From 36 to 50 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Italy |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
ITALY - ECONOMIC OVERVIEW
Italy’s economy compromises a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, with a legacy of unemployment and underdevelopment. 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, reaching 131% of GDP in 2017. 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 records. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's longstanding structural economic problems, including labor market inefficiencies, a sluggish judicial system, and a weak banking sector. Italy’s economy returned to modest growth in late 2014 for the first time since 2011. In 2015-16, Italy’s economy grew at about 1% each year, and in 2017 growth accelerated to 1.5% of GDP. In 2017, overall unemployment was 11.4%, but youth unemployment remained high at 37.1%.
|
Source
: CIA |
Company
name and address
Sati
Group 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 |
: |
Over
2.582.254 |
|
Turnover
Range |
: |
18.000.000/20.000.000 |
|
Number
of Employees |
: |
from
36 to 50 |
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 Bologna since 25/05/1989 |
|
Firms'
Register : BO006-51942 of Bologna since 19/02/1996 |
|
V.A.T.
Code : 00672251204 |
|
R.
E. C. no. : 60439 of Bologna 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 |
:
1.000.000 |
|
|
Subscribed
Capital |
:
1.000.000 |
|
|
Paid
up Capital |
:
1.000.000 |
|
Legal
mail : |
SATITRADINGSPA@PEC.SATITRADING.IT |
|
Legal
mail : |
SATIGROUPSPA@PEC.WMAIL.IT |
Members
|
|
Tonelli |
Riccardo |
|
|
Born
in Bologna |
(BO) |
on
06/08/1971 |
-
Fiscal Code : TNLRCR71M06A944Z |
|
|
Residence: |
G.
Monti |
,
5 |
-
40131 |
Bologna |
(BO) |
-
IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Sole
Director |
03/08/2015 |
|
|
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 |
Riccardo |
|
Firm's
Style |
Seat |
Fiscal
Code |
Position |
Position
Status |
Firm's
Status |
|
Sati
Di Tonelli Gianni S.a.s. |
Castel
Maggiore (BO) - IT - |
02082710373 |
Limited
Partner |
Withdrawn |
Registered |
|
Tonelli
Riccardo |
Castel
Maggiore (BO) - IT - |
TNLRCR71M06A944Z |
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 |
|
Tonelli
Silvia |
Bologna
- IT - |
TNLSLV63A53A944J |
||
|
Tonelli
Riccardo |
Bologna
- IT - |
TNLRCR71M06A944Z |
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 |
|
Legal
mail |
:
SATITRADINGSPA@PEC.SATITRADING.IT |
|
Legal
mail |
:
SATIGROUPSPA@PEC.WMAIL.IT |
|
- |
Branch |
since
01/01/2018 |
|
Bonazzi |
,
28 |
-
40013 |
-
Castel Maggiore |
(BO) |
-
IT - |
|
Employees |
:
36 |
|
Fittings
and Equipment for a value of 860.000 |
Eur |
|
Stocks
for a value of 5.300.000 |
Eur |
|
Vehicles
for a value of 52.000 |
Eur |
Historical
Information and/or Firm's Status
CHANGES
TO THE LEGAL FORM:
|
Former
legal form |
New
legal form |
Changement
Date |
|
Limited
liability company |
Joint
stock company |
19/12/2007 |
COMPANY
STYLE MODIFICATIONS:
|
Former
Style |
New
Style |
Changement
Date |
|
SATI
TRADING S.P.A. |
SATI
GROUP S.P.A. |
01/01/2015 |
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.
National
Real Estates Survey
|
The
requested subject is not present c/o the CADASTRE OFFICES. |
All
responsibilities are declined regarding any possible omissions concerning the
given results. Therefore, we advise to request for "Hypothecating Survey
Inspection" c/o the locally competent RR.II. Immovables Registry, as this
service doesn't fully guarantees the actual title of the Real Estates of the
requested Subject.
Financial
and Economical Analysis
The
company is active since 1990
Balance
sheets for the years 2014, 2015 and 2016 were analyzed.
During
the last years, it achieved profits (r.o.e. 10,16% on 2016) keeping the
turnover steady during the last two years.
The
operating result was positive in the last financial year (4,14%) falling within
the field's average.
The
amount of the operating result for the year 2016 is of Eur. 634.281 with a
-20,82% drop.
The
gross operating margin of the latest financial year is of Eur. 825.752 on the
same levels as the previous financial year.
The
company has an excellent net worth if compared to its debts, with a low
indebtedness (0,58) which is yet rising if compared to 2015.
Subject
can manage an equity capital funds for an amount of Eur. 4.005.763 , unchanged
if compared to 2015.
During
the last financial year total debts volume reached Eur. 10.779.383 (Eur.
1.492.896 were m/l term ones) , with no sensible variation.
Bank
exsposure is limited and the suppliers' credit is modest too, 83,95 gg. is the
payment average period which is also lower than the sector average.
Payments
are supported by good current assets.
Credits
are collected in 27,74 days on the average. , that compared to the sector's
average is shorter.
The
financial management generated a cash flow of Eur. 578.625.
Subordinate
employment cost is of Eur. 1.945.485, i.e. 10,47% on total production costs. ,
whereas the incidence of such costs on sales revenues is equal to 10,27%.
Financial
charges have a limited incidence (-0,12%) on sales volume.
Financial
Data
|
|
Complete
balance-sheet for the year |
al
31/12/2016 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
18.937.408 |
|
Profit
(Loss) for the period |
406.896 |
|
|
Complete
balance-sheet for the year |
al
31/12/2015 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
17.929.307 |
|
Profit
(Loss) for the period |
505.809 |
|
|
Complete
balance-sheet for the year |
al
31/12/2014 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
17.170.122 |
|
Profit
(Loss) for the period |
437.527 |
|
|
Complete
balance-sheet for the year |
al
31/12/2013 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
16.602.172 |
|
Profit
(Loss) for the period |
287.222 |
|
|
Complete
balance-sheet for the year |
al
31/12/2012 |
(in
Eur |
x
1) |
|
Item
Type |
Value |
|
Sales |
17.431.577 |
|
Profit
(Loss) for the period |
393.795 |
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 31/12/2016 - 12 Mesi - Currency: - Amounts x 1 |
|
-
Balance Sheet as at 31/12/2015 - 12 Mesi - Currency: - Amounts x 1 |
|
-
Balance Sheet as at 31/12/2014 - 12 Mesi - Currency: - Amounts x 1 |
|
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|
|
RATIOS |
Value
Type |
as
at 31/12/2016 |
as
at 31/12/2015 |
as
at 31/12/2014 |
Sector
Average |
|
COMPOSITION
ON INVESTMENT |
|||||
|
Rigidity
Ratio |
Units |
0,07 |
0,04 |
0,05 |
0,11 |
|
Elasticity
Ratio |
Units |
0,93 |
0,95 |
0,95 |
0,87 |
|
Availability
of stock |
Units |
0,35 |
0,33 |
0,42 |
0,22 |
|
Total
Liquidity Ratio |
Units |
0,58 |
0,62 |
0,53 |
0,56 |
|
Quick
Ratio |
Units |
0,45 |
0,47 |
0,41 |
0,02 |
|
COMPOSITION
ON SOURCE |
|||||
|
Net
Short-term indebtedness |
Units |
0,58 |
0,54 |
0,84 |
3,81 |
|
Self
Financing Ratio |
Units |
0,26 |
0,24 |
0,24 |
0,17 |
|
Capital
protection Ratio |
Units |
0,65 |
0,58 |
0,74 |
0,65 |
|
Liabilities
consolidation quotient |
Units |
0,20 |
0,23 |
0,21 |
0,12 |
|
Financing |
Units |
2,69 |
2,97 |
2,96 |
4,72 |
|
Permanent
Indebtedness Ratio |
Units |
0,38 |
0,39 |
0,37 |
0,30 |
|
M/L
term Debts Ratio |
Units |
0,12 |
0,14 |
0,13 |
0,07 |
|
Net
Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,00 |
1,28 |
|
CORRELATION |
|||||
|
Fixed
assets ratio |
Units |
5,55 |
8,66 |
7,45 |
2,06 |
|
Current
ratio |
Units |
1,53 |
1,57 |
1,55 |
1,16 |
|
Acid
Test Ratio-Liquidity Ratio |
Units |
0,96 |
1,02 |
0,87 |
0,84 |
|
Structure's
primary quotient |
Units |
3,78 |
5,48 |
4,89 |
1,28 |
|
Treasury's
primary quotient |
Units |
0,75 |
0,78 |
0,67 |
0,03 |
|
Rate
of indebtedness ( Leverage ) |
% |
382,85 |
409,90 |
413,35 |
591,61 |
|
Current
Capital ( net ) |
Value |
4.939.256 |
5.105.095 |
4.296.275 |
219.071 |
|
RETURN |
|||||
|
Return
on Sales |
% |
3,06 |
3,64 |
3,08 |
2,22 |
|
Return
on Equity - Net- ( R.O.E. ) |
% |
10,16 |
14,05 |
14,15 |
6,27 |
|
Return
on Equity - Gross - ( R.O.E. ) |
% |
15,29 |
23,30 |
23,96 |
15,95 |
|
Return
on Investment ( R.O.I. ) |
% |
4,14 |
5,43 |
7,23 |
4,19 |
|
Return/
Sales |
% |
3,35 |
4,47 |
5,39 |
3,42 |
|
Extra
Management revenues/charges incid. |
% |
64,15 |
63,14 |
47,31 |
29,26 |
|
Cash
Flow |
Value |
578.625 |
652.225 |
529.686 |
61.669 |
|
Operating
Profit |
Value |
634.281 |
801.122 |
924.799 |
95.558 |
|
Gross
Operating Margin |
Value |
825.752 |
947.538 |
1.016.958 |
144.934 |
|
MANAGEMENT |
|||||
|
Credits
to clients average term |
Days |
27,74 |
34,09 |
24,32 |
120,94 |
|
Debts
to suppliers average term |
Days |
83,95 |
99,49 |
84,09 |
120,04 |
|
Average
stock waiting period |
Days |
100,70 |
99,21 |
111,98 |
61,92 |
|
Rate
of capital employed return ( Turnover ) |
Units |
1,23 |
1,22 |
1,34 |
1,27 |
|
Rate
of stock return |
Units |
3,57 |
3,63 |
3,21 |
5,74 |
|
Labour
cost incidence |
% |
10,27 |
9,39 |
8,99 |
7,77 |
|
Net
financial revenues/ charges incidence |
% |
-0,12 |
0,48 |
-0,67 |
-1,26 |
|
Labour
cost on purchasing expenses |
% |
10,47 |
9,61 |
9,46 |
7,90 |
|
Short-term
financing charges |
% |
0,21 |
0,51 |
1,28 |
2,67 |
|
Capital
on hand |
% |
80,98 |
82,28 |
74,46 |
78,39 |
|
Sales
pro employee |
Value |
315.623 |
344.794 |
357.710 |
437.713 |
|
Labour
cost pro employee |
Value |
32.424 |
32.373 |
32.158 |
33.928 |
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 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
Statistcally
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 |
INR 67.95 |
|
|
1 |
INR 91.87 |
|
Euro |
1 |
INR 80.27 |
|
Euro |
1 |
INR 80.16 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
DNS |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.