MIRA
INFORM REPORT
|
Report Date : |
30.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
Bialetti
Industrie S.p.a |
|
|
|
|
Registered Office : |
Via Fogliano, 1, 25030 – Coccaglio
(BS) |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
14/03/1952 |
|
|
|
|
Legal Form : |
Joint Stock Company with Sole Shareholder |
|
|
|
|
Line of Business : |
Manufacturing
of crockery, dishes, cutlery and domestic hardware. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
405.400
- Eur |
|
|
|
|
Status : |
Moderate
|
|
|
|
|
Payment Behaviour : |
Unknown
|
|
|
|
|
Litigation : |
Clear |
name & address
Bialetti Industrie S.p.a
Via Fogliano, 1
25030 - Coccaglio (BS) -IT-
SUMMARY
|
Legal Form |
: |
Joint Stock company with sole shareholder
|
|
Start of Activities |
: |
14/03/1952 |
|
Patrimonial Consistence |
: |
Over 2.500.000 Eur |
|
Turnover Range |
: |
over 150.000.000 Eur |
|
Number of Employees |
: |
from 251 to 500 |
|
Group |
: |
BIALETTI |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
405.400 - Eur |
ACTIVITY
Manufacturing
of crockery, dishes, cutlery and domestic hardware.
LEGAL DATA
Legal
Form : Joint Stock company with sole shareholder
|
Fiscal Code : 03032320248 |
|
Foreign Trade Reg. no. : BS087400 since
15/12/2004 |
|
Chamber of Commerce no. : 443939 of
Brescia since 09/11/2004 |
|
Chamber of Commerce no. : 16847 of Milano
|
|
Chamber of Commerce no. : 190502 of
Verbania since 27/12/2002 |
|
Firms' Register : VB-2002-10683 since
31/12/2002 |
|
Foundation Date |
: 14/10/2002 |
|
|
Establishment Date |
: 14/10/2002 |
|
|
Start of Activities |
: 14/03/1952 |
|
|
Legal Duration Date |
: 31/12/2030 |
|
|
Nominal Capital |
:
15.000.000 |
Eur |
|
Subscribed Capital |
:
15.000.000 |
Eur |
|
Paid up Capital |
:
15.000.000 |
Eur |
MEMBERS
|
Piantoni |
Alberto |
|
Born in Rovato |
on 06/04/1956 |
- Fiscal Code : PNTLRT56D06C618Q |
|
Residence : |
Via |
Carera |
, 29 |
- 25038 |
Rovato |
(BS) |
- IT - |
|
Position |
Since |
Shares
Amount |
% Ownership |
|
Director |
25/10/2005 |
|
|
|
Assistant board Chairman |
25/10/2005 |
|
|
|
Managing Director |
25/10/2005 |
|
|
No
Protests registered.
|
BIALETTI HOLDING S.R.L. |
|
|
- Fiscal Code : 01669640987 |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Sole partner |
|
|
|
No Protests
registered.
|
Ranzoni |
Francesco |
|
Born in Chiari |
on 18/01/1961 |
- Fiscal Code : RNZFNC61A18C618P |
|
Residence : |
Via |
Sant'angela Merici |
, 19 |
- 25032 |
Chiari |
(BS) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
25/10/2005 |
|
|
|
Managing Director |
25/10/2005 |
|
|
|
Board Chairman |
25/10/2005 |
|
|
No
Protests registered.
|
Benvenuti |
Maria Antonia |
|
Born in Chiari |
on 25/09/1963 |
- Fiscal Code : BNVMNT63P65B049L |
|
Residence : |
Via |
Sant'angela Marici |
, 19 |
- 25032 |
Chiari |
(BS) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
25/10/2005 |
|
|
No
Protests registered.
|
Mazzotti |
Gianluigi |
|
Born in Cologne |
on 20/06/1961 |
- Fiscal Code : MZZGLG61H20G264O |
|
Residence : |
Via |
Tese |
, 26 |
- 25033 |
Cologne |
(BS) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Attorney with special power |
14/10/2004 |
|
|
No
Protests registered.
|
PRICEWATERHOUSECOOPERS S.P.A. IN BREVE
|
PWC |
|
- Fiscal Code : 12979880155 |
|
Viale |
MONTE ROSA |
, 91 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Auditing company |
25/10/2005 |
|
|
No
Protests registered.
|
Ranzoni |
Roberto |
|
Born in Alzano Lombardo |
on 14/08/1985 |
- Fiscal Code : RNZRRT85M14A246I |
|
Residence : |
Via |
S. Angela Merici |
, 19 |
- 25032 |
Chiari |
(BS) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Director |
25/10/2005 |
|
|
No
Protests registered.
|
Pettenati |
Giovanni |
|
Born in Roma |
on 28/08/1938 |
- Fiscal Code : PTTGNN38M28H501T |
|
Residence : |
Via |
S. Carlo |
, 15/E |
- 20050 |
Ronco Briantino |
(MI) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Procurator |
13/05/2003 |
|
|
No
Protests registered.
|
Spadari |
Anna Luisa |
|
Born in Orzinuovi |
on 26/07/1969 |
- Fiscal Code : SPDNLS69L66G149T |
|
Residence : |
Via |
Savonarola |
, 19/C |
- 25034 |
Orzinuovi |
(BS) |
- IT - |
|
Position |
Since |
Shares
Amount |
%
Ownership |
|
Procurator |
11/09/2006 |
|
|
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 held positions.
|
Piantoni |
|
|
Ranzoni |
|
|
Mazzotti |
|
|
Pettenati |
|
|
Spadari |
|
The
indication "REGISTERED" as Firm Status could refere to Firms in
Liquidation, Active, Inactive, etc.
For more
information, in this case, we advise to request further investigations.
CAPITAL SHAREHOLDERS
|
Style
/ Name |
Seat
/ Address |
Fiscal
Code |
Owned
Shares |
%
of Ownership |
|
BIALETTI HOLDING S.R.L. |
|
01669640987 |
|
100,00
|
DIRECT PARTICIPATIONS
|
Company
Style |
Legal
Seat |
Fiscal
Code |
Owned
Shares |
%
of Ownership |
|
IMMOBILIARE CARDUCCI S.R.L. |
Livorno - IT - |
01869580462 |
100
.Eur |
1,00
|
|
VEDAL SRL |
Corno Giovine - IT - |
06115360155 |
10.400
.Eur |
100,00
|
|
S.I.C. SOCIETA' ITALIANA CAFFETTIERE
S.R.L. |
Verbania - IT - |
01770430039 |
49.500
.Eur |
99,00
|
|
GIRMI S.P.A. |
Omegna - IT - |
00721030153 |
575.000
.Eur |
100,00
|
STRUCTURE AND COMPANY
ACTIVITY
In order
to carry out its activities the firm uses the following locations:
|
- |
Legal and operative seat |
(Factory ) |
since 02/01/2003 |
in : |
|
|
|
|
|
Via |
Fogliano |
, 1 |
- 25030 - |
Coccaglio |
(BS) |
- IT - |
|
|
|
|
|
Trading Style: BIALETTI |
|
- |
Secondary office |
(Factory ) |
since 31/12/2002 |
in : |
|
|
|
|
|
Piazza |
Siro Collini |
, s.n. |
- 28026 - |
Omegna |
(VB) |
- IT - |
|
- |
Branch |
(Store ) |
since 01/03/2005 |
in : |
|
|
|
|
|
Via |
Brescia |
, 26 |
- 25032 - |
Chiari |
(BS) |
- IT - |
|
- |
Branch |
(Warehouse ) |
since 22/02/2006 |
in : |
|
|
|
|
|
Via |
Marco Polo |
- 25030 - |
Coccaglio |
(BS) |
- IT - |
|
- |
Branch |
(Warehouse ) |
since 28/02/2006 |
in : |
|
|
|
|
|
Via |
Medici |
, 22 |
- 25080 - |
Prevalle |
(BS) |
- IT - |
|
- |
Branch |
(Warehouse ) |
since 15/07/2006 |
in : |
|
|
|
|
|
Via |
Brescia |
, 35/37 |
- 25038 - |
Rovato |
(BS) |
- IT - |
|
- |
Branch |
(Factory ) |
since 01/01/2003 |
in : |
|
|
|
|
|
Strada |
Provinciale 33 Km.0,230 |
- 25030 - |
Brandico |
(BS) |
- IT - |
|
- |
Branch |
(Warehouse ) |
since 16/06/2004 |
in : |
|
|
|
|
|
Via |
Per Palazzolo |
, 111 |
- 25030 - |
Coccaglio |
(BS) |
- IT - |
|
- |
Branch |
(Store ) |
since 21/07/2004 |
in : |
|
|
|
|
|
Strada |
Romana Di Sotto |
- 28027 - |
Ornavasso |
(VB) |
- IT - |
|
|
|
|
Employees |
:
422 |
|
|
|
|
Fittings and Equipment |
for
a value of 13.363.322 |
Eur |
|
|
|
|
Stocks |
for
a value of 66.821.775 |
Eur |
Trade
organization: direct or by agents.
Sales
area on a national scale.
The
subject firm uses the following own selling brands:
|
- BIALETTI |
Traded
Brands / Suppliers:
|
- Bialetti |
|
- Elettrika |
|
- Brikka |
|
- Amerikana |
|
- Kaliffa |
|
- Dama |
|
- Dama Colorata |
|
- Style Wave |
|
- Break |
|
- Beak Blu |
|
- Zera |
|
- Style Zera |
|
- Orzo Express |
|
- Kona |
|
- Class |
|
- Stylus |
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 |
02/01/2003 |
|
Company Style modifications |
|
Former
Style |
New
Style |
Changement
Date |
|
Nuova Bialetti Industrie Srl |
|
02/01/2003 |
|
Company's Capital Changes |
|
Former
Type |
Former
Amount |
New
Type |
New
Amount |
Changement
Date |
|
paid-up |
100.000Eur
|
paid-up |
15.000.000Eur
|
02/01/2003 |
|
Ex-Members / Ex-Positions |
|
Sala |
Mauro |
|
Born in BERGAMO |
on 28/04/1961 |
- Fiscal Code : SLAMRA61D28A794T |
|
Residence : |
Via |
DONATORI DI SANGUE |
, 1 |
- 25036 |
Palazzolo sull'Oglio |
(BS) |
- IT - |
|
Position |
|
Director |
|
Schegginetti |
Stefano |
|
Born in NIBBIANO |
on 26/12/1949 |
- Fiscal Code : SCHSFN49T26F885N |
|
Residence : |
Via |
G. CARDUCCI |
, 31 |
- 26845 |
Codogno |
(LO) |
- IT - |
|
Position |
|
Director |
|
Piantoni |
Alberto |
|
Born in CHIARI |
on 06/04/1956 |
- Fiscal Code : PNTLRT56D06C816Q |
|
Residence : |
Via |
CARERA |
, 29 |
- 25038 |
Rovato |
(BS) |
- IT - |
|
Position |
|
Director |
Former seats
|
- |
Branch |
(Factory ) |
|
|
|
|
|
Via |
Pasubio |
- 20037 |
- Paderno Dugnano |
(MI) |
- IT - |
|
- |
Branch |
(Store ) |
since 01/01/2003 |
|
|
|
|
Trading Style : Bialetti |
|
|
|
|
|
Strada Provinciale |
33 Km. 0,230 |
- 25030 |
- Brandico |
(BS) |
- IT - |
|
The firm took over the activity of |
|
BIALETTI HOLDING S.P.A. |
|
Piazza |
SIRO COLLINI |
, 28887 |
, Omegna |
(VB) |
- IT - |
|
Fiscal Code: 00115340036 |
|
Date |
: |
02/01/2003 |
PAYMENTS ANALYSIS
The
average term of debts to suppliers is shorter than the sector one.
PAYMENTS
SCORE : - No insolvency
CREDIT REVOLVING
During
last Year, the subject of inquiry has not been monitored by our company.
PROTESTS
Protests
checking on the subject firm has given a negative result.
LEGAL PROCEDURES
None
reported, standing to the last received edition of the Official Publications.
IMMOVABLES *
*No
specific (mortgage/cadastrial registrations) inspections have been requested.
|
Immovable
Type |
Value |
|
Real estates |
36.560.958
.Eur |
NB.: For
Capital Companies the value of the Immovables is the one reported in the last
available financial documents.
FINANCIAL AND
ECONOMICAL ANALYSIS
Subject
is active since 1952
In 2005
the firm achieved a profit with a r.o.e. del 12,03%.
The
operating result was positive (5,47%). falling within the field's average.
The
ratio between shareholder's equity and borrowed capital is not well balanced,
the indebtedness level is equal to 5,47
The
recourse to bank credit is slightly high and also borrowings from suppliers
appear to be high, with an average payment period equal to 110,34 gg. anyway
better than the field's average.
Liquidity
is not completely adequate.
FINANCIAL DATA
|
Complete balance-sheet for the year as at
|
31/12/2005 |
(in Eur |
x 1 ) |
|
Item
Type |
Amount |
Source |
|
Sales |
167.058.294 |
filed balance sheet |
|
Profit (Loss) for the period |
2.510.485 |
filed balance sheet |
BALANCE SHEETS
From our
constant monitoring of the Public Administration, actually, no more recent
balance sheets result to be filed.
|
Balance
Sheet as at 31/12/2005 - Months 12 - Currency Eur - Amounts x 1 |
|
Year |
|
|
|
2005 |
|
|
BALANCE SHEET ACCOUNTS |
|
|
|
|
. |
|
|
|
|
|
ASSETS |
|
|
|
|
|
CREDITS TO SHAREHOLDERS |
|
|
|
|
|
FIXED ASSETS ( NET ) |
|
|
|
82.014.032 |
|
. Intangible assets |
|
|
|
11.270.804 |
|
. Tangible fixed assets |
|
|
|
48.251.032 |
|
. . Land and buildings |
|
|
|
36.560.958 |
|
. . Plants, Equipm.and Machinery |
|
|
|
10.143.961 |
|
. Long-term Investments |
|
|
|
22.492.196 |
|
. . Financial loans |
|
|
|
22.489.871 |
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
100.387.569 |
|
. Stock |
|
|
|
36.178.935 |
|
. Credits |
|
|
|
56.760.756 |
|
. . Credits to clients |
|
|
|
54.828.574 |
|
. . Other credits |
|
|
|
1.932.182 |
|
. Short-term financial assets |
|
|
|
4.307.328 |
|
. Liquid assets |
|
|
|
3.140.550 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
|
2.476.725 |
|
TOTAL ASSETS |
|
|
|
184.878.326 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
|
20.864.710 |
|
. Company's capital |
|
|
|
15.000.000 |
|
. Reserves |
|
|
|
3.354.225 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
|
|
|
. Profit (loss) |
|
|
|
2.510.485 |
|
PROVISION CHARGES ACCOUNTS |
|
|
|
8.111.270 |
|
STAFF TERM INDEMNITY |
|
|
|
5.095.452 |
|
DEBTS |
|
|
|
148.415.329 |
|
. Financial M/L terms |
|
|
|
31.122.976 |
|
. . Financial M/L term banks |
|
|
|
31.122.976 |
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
|
67.856.517 |
|
. . Financial short-term banks |
|
|
|
66.514.265 |
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
|
1.342.252 |
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
|
41.589.243 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
|
7.846.593 |
|
ACCRUED COSTS DEFERR. LIABILITIES |
|
|
|
2.391.565 |
|
TOTAL LIABILITIES |
|
|
|
184.878.326 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
|
168.940.347 |
|
. Revenues from sales/services |
|
|
|
167.058.294 |
|
. Change of stock (products) |
|
|
|
1.435.286 |
|
OPERATING EXPENSES |
|
|
|
158.825.300 |
|
. Purchasing expenses |
|
|
|
80.090.817 |
|
. Change of stock (raw material) |
|
|
|
-1.974.426 |
|
. Expenses from services |
|
|
|
52.451.702 |
|
. Expenses from leasing |
|
|
|
3.116.651 |
|
. General expenses/sundry charges |
|
|
|
492.253 |
|
. Staff expenses |
|
|
|
16.424.275 |
|
. Depreciation/Devaluation costs |
|
|
|
8.224.028 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
|
-4.527.253 |
|
. Financial charges |
|
|
|
-4.869.970 |
|
. Financial revenues |
|
|
|
342.717 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
656.494 |
|
EXTRAORDINARY FINANCIAL REVENUES
(CHARGES) |
|
|
|
-1.510.454 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
|
4.733.834 |
|
TAX |
|
|
|
2.223.349 |
|
CORRECT./ALLOCAT.FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
|
2.510.485 |
|
RATIOS |
Item |
O.V. |
O.V. |
as
at 31/12/2005 |
Sector
Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
0,69 |
1,59 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
5,47 |
2,55 |
|
Current ratio |
Units |
=> 1 |
l |
0,85 |
1,25 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
=> 1 |
l |
0,54 |
0,90 |
|
Return on Sales |
% |
|
l |
6,42 |
4,28 |
|
Average stock waiting period |
dd |
|
l |
77,94 |
59,18 |
|
Credits to clients average term |
dd |
|
l |
118,15 |
122,36 |
|
Debts to suppliers average term |
dd |
|
l |
110,34 |
145,78 |
|
Net financial revenues/ charges incidence |
% |
|
l |
-
2,70 |
-
1,11 |
|
Labour cost incidence |
% |
|
l |
9,83 |
18,96 |
O.V.
= Optimal Value. When not present refer to the sector's.
A
coloured item indicates the opinion of the rate during the last financial year
(green=good;
orange=not optimal; red=insufficient; n.c.=not computable)
CREDIT OPINION
DETERMINATION
The
credit opinion determination is divided into two phases :
1) Risk
analysis (Score).
2)
Reliability score identification.
CREDIT OPINION
On the
basis of the above mentioned, and the sales volume obtained, we deem that the
maximum exposure for short and medium term transactions ( 90 - 120 days ) could
be of:
405.400 .Eur.
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.
MARKET / TERRITORY
DATA
|
Population living in the province |
: |
1.169.259 |
|
Population living in the region |
: |
9.393.092 |
|
Number of families in the region |
: |
3.858.736 |
Monthly
family expenses average in the region (in Eur.) :
|
- per food products |
: |
460 |
|
- per non food products |
: |
2.090 |
|
- per energy consume |
: |
114 |
SECTOR DATA
The
values are calculated on a base of 1.771 significant companies.
The
companies cash their credits on an average of 122 dd.
The
average duration of suppliers debts is about 145 dd.
The
sector's profitability is on an average of 4,28%.
The
labour cost affects the turnover in the measure of 18,96%.
Goods
are held in stock in a range of 59 dd.
The difference
between the sales volume and the resources used to realize it is about 1,16.
The
employees costs represent the 19,51% of the production costs.
STATISTICAL
DETRIMENTAL DATA
Statistically
the trade activity shows periods of crisis.
The area
is statistically considered moderately risky.
In the
region 50.886 protested subjects are found; in the province they count to
5.551.
The
insolvency index for the region is 0,55, while for the province it is 0,48.
Total
Bankrupt companies in the province : 3.452.
Total
Bankrupt companies in the region : 39.612.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|