MIRA
INFORM REPORT
|
Report Date : |
20th
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
DELTA
ACCIAI - S.P.A. |
|
|
|
|
Registered Office : |
Via Donatello, 11, 10071- Borgaro Torinese (TO) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
21/06/1976 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Iron
industry. Processing
related to steel profiling |
RATING & COMMENTS
|
MIRA’s Rating : |
Aaa |
|
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 |
|
Maximum Credit Limit : |
596.500
- Eur |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Company Name & Address
|
Delta Acciai - S.p.A. |
|
Via |
Donatello, |
11 |
|
10071 |
- Borgaro Torinese |
(TO) |
-IT- |
SUMMARY
|
Fiscal Code |
: |
01626920019 |
|
Legal Form |
: |
Joint stock company |
|
Start of Activities |
: |
29/06/1977 |
|
Patrimonial Consistence |
: |
Over 2.500.000 Eur |
|
Turnover Range |
: |
12.750.000/15.500.000 Eur |
|
Number of Employees |
: |
from 11 to 15 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
596.500 - Eur |
|
Score |
: |
5. Risk low |
|
Creditworthness Rate |
: |
100% (Excellent) |
|
|
|
Financial/patrimonial analysis very good - Credit with very low risk |
N.B.: The Creditworthness Rate shows, in percentage, the ratio
between the suggested credit opinion and the credit amount that the firm could
get if the financial situation would be completely positive.
ACTIVITY
Iron
industry.
Processing
related to steel profiling
LEGAL DATA
Legal
Form :
Joint stock company
Fiscal
Code :
01626920019
Foreign
Trade Reg. no. :
TO036748 since 04/03/1992
Foreign
Trade Reg. no. :
36748 of Torino
Chamber
of Commerce no. :
1543941 of Milano
Chamber
of Commerce no. : 511531 of Torino since 28/07/1976
Court :
1351 of Torino
Foundation Date : 21/06/1976
Establishment Date : 21/06/1976
Start of Activities : 29/06/1977
Legal Duration Date : 31/12/2050
Nominal Capital : 1.456.000 Eur
Subscribed Capital : 1.456.000 Eur
Paid up Capital : 1.456.000 Eur
MEMBERS
|
Cavaliere |
Guido |
|
Born in San Mauro Torinese |
on 13/09/1944 |
- Fiscal Code : CVLGDU44P13L424O |
|
Residence : |
Via |
Valle Della Quiete |
, 35 |
- 10099 |
San Mauro Torinese |
(TO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
12/12/2005 |
|
|
No
Protests registered.
|
Migliasso |
Bruno |
|
Born in Torino |
on 07/10/1939 |
- Fiscal Code : MGLBRN39R07L219Z |
|
Residence : |
Via |
Vezzolano |
, 14 |
- 14020 |
Albugnano |
(AT) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
12/12/2005 |
|
|
|
Director |
12/12/2005 |
|
|
No
Protests registered.
|
Trivero |
Carla |
|
Born in Albugnano |
on 18/03/1939 |
- Fiscal Code : TRVCRL39C58A173R |
|
Residence : |
Corso |
Galileo Ferraris |
, 75 |
- 10100 |
Torino |
(TO) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
12/12/2005 |
|
|
|
Board Chairman |
12/12/2005 |
|
|
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.
MIGLIASSO
|
BRUNO Company Style |
Legal Seat |
Fiscal Code |
Position |
Firm Status |
|
CAMI - S.A.S. DI BRUNO MIGLIASSO E C. |
Torino (TO) - IT - |
04430820011 |
General Partner |
Registered |
|
DELTA INOX S.R.L. |
Torino (TO) - IT - |
04968430159 |
Board Chairman |
Ceased |
|
DELTA TUBI INOX S.R.L. |
Torino (TO) - IT - |
05123200015 |
Sole Director |
Ceased |
|
DELTAMET - S.R.L. |
Cossato (BI) - IT - |
01665250021 |
Sole Director |
Liquidated |
|
LAMINOX S.R.L. |
Torino (TO) - IT - |
00494950017 |
Sole Director |
Ceased |
|
LAVORAZIONI ACCIAI SPECIALI S.R.L. |
Borgaro Torinese (TO) - IT - |
07556800014 |
Sole Director |
Registered |
|
LE ROCCE S.A.S. DI MIGLIASSO BRUNO E C. |
Torino (TO) - IT - |
00106550908 |
General Partner |
Registered |
|
MIGLIASSO BRUNO |
Torino (TO) - IT - |
MGLBRN39R07L219Z |
Proprietor |
Ceased |
|
S.I.P.I. - SOCIETA' ITALIANA PROFILATI
INOSSIDABILI - S.P.A. |
Parma (PR) - IT - |
01783550344 |
Director |
Registered |
|
TO - SHOP S.A.S. DI BRUNO MIGLIASSO E C. |
Torino (TO) - IT - |
01031320011 |
General Partner |
Registered |
TRIVERO
|
CARLA Company Style |
Legal Seat |
Fiscal Code |
Position |
Firm Status |
|
CARLA TRIVERO S.A.S. |
Torino (TO) - IT - |
05362940016 |
General Partner |
Ceased |
|
IMMOBILIARE PATRIMA DI BRUNO MIGLIASSO
EC. S.N.C. |
Torino (TO) - IT - |
01948600018 |
Partner of unlimit. partnership |
Registered |
|
TRIVERO CARLA |
Torino (TO) - IT - |
TRVCRL39C58A173R |
Proprietor |
Ceased |
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 |
|
Cavaliere Guido |
San Mauro Torinese - IT - |
CVLGDU44P13L424O |
162
.Eur |
0,01
|
|
Migliasso Bruno |
Albugnano - IT - |
MGLBRN39R07L219Z |
1.456
.Eur |
0,10
|
|
Deltafin S.R.L. |
Borgaro Torinese - IT - |
05404310012 |
1.454.381
.Eur |
99,88
|
DIRECT PARTICIPATIONS
|
Company Style |
Legal Seat |
Fiscal Code |
Owned Shares |
% of Ownership |
|
Laminox S.r.l. |
Torino - IT - |
00494950017 |
46.481
.Eur |
100,00
|
STRUCTURE AND COMPANY ACTIVITY
In order
to carry out its activities the firm uses the following locations:
|
- |
Legal and operative seat |
|
in : |
|
|
|
|
|
Via |
Donatello |
, 11 |
- 10071 - |
Borgaro Torinese |
(TO) |
- IT - |
|
|
|
|
PHONE |
: 011/2222075-096 |
|
|
|
|
PHONE |
: 011/2246855 |
|
|
|
|
PHONE |
: 011/2620103 |
|
- |
Secondary office |
(Store ) |
since 12/01/1998 |
in : |
|
|
|
|
|
Via |
Tommaso Edison |
, 118 |
- 20019 - |
Settimo Milanese |
(MI) |
- IT - |
|
|
|
|
PHONE |
: 02/48910945 |
|
|
|
|
PHONE |
: 02/48915632-652 |
|
|
|
|
PHONE |
: 02/48915662 |
|
|
|
|
Employees |
: 14 |
|
|
|
|
Fittings and Equipment |
for
a value of 114.000 |
Eur |
|
|
|
|
Stocks |
for
a value of 2.562.000 |
Eur |
|
|
|
|
Furniture and fittings |
for
a value of 30.987 |
Eur |
|
|
|
|
Vehicles |
for
a value of 82.633 |
Eur |
Trade
organization: direct or by agents.
The
subject works in Italy and abroad
|
|
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 :
|
- direct orders from foreign companies |
Import
comes generally from the following nations:
|
- Spagna |
|
- Germania |
|
- Belgio |
|
- Olanda |
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 |
23/12/1987 |
|
Company's Capital Changes |
|
Former Type |
Former Amount |
New Type |
New Amount |
Changement Date |
|
|
51.129Eur
|
paid-up |
723.039Eur
|
25/01/1988 |
|
subcribed,nominal and issued |
723.039Eur
|
subcribed,nominal and issued |
1.446.079Eur
|
27/11/1995 |
|
Ex-Members / Ex-Positions |
|
Migliasso |
Giuseppe |
|
Born in San Damiano d'Asti |
on 07/12/1905 |
- Fiscal Code : MGLGPP05T07H811M |
|
Residence : |
Lungo |
Po Antonelli |
, 155 |
- 10100 |
Torino |
(TO) |
- IT - |
|
Position |
|
Vice-Chairman |
|
Trivero |
Carla |
|
Born in Albugnano |
on 18/03/1939 |
- Fiscal Code : TRVCRL39C58A173R |
|
Residence : |
Corso |
Galileo Ferraris |
, 75 |
- 10100 |
Torino |
(TO) |
- IT - |
|
Position |
|
Chairman |
|
Trivero |
Maria |
|
Born in Albugnano |
on 20/12/1935 |
- Fiscal Code : TRVMRA35T60A173E |
|
Position |
|
Vice-Chairman |
|
Bartolini |
Paolo |
|
Born in Milano |
on 06/03/1980 |
- Fiscal Code : BRTPLA80C06F205I |
|
Residence : |
Via |
Cesare Da Sesto |
, 43 |
- 20099 |
Sesto San Giovanni |
(MI) |
- IT - |
|
Position |
|
Director |
|
Former seats |
|
- |
Branch |
(Warehouse ) |
|
|
|
|
|
Corso |
Taranto |
- 10100 |
- Torino |
(TO) |
- IT - |
|
. |
|
The firm absorbed by merging of |
|
Laminox S.r.l. |
|
Corso |
Taranto |
, 87 |
, 10100 |
, Torino |
(TO) |
- IT - |
|
Fiscal Code: 00494950017 |
|
Date |
: |
21/12/1995 |
|
The firm absorbed by merging of |
|
Delta Inox S.r.l. |
|
Corso |
Taranto |
, 87 |
, 10100 |
, Torino |
(TO) |
- IT - |
|
Fiscal Code: 04968430159 |
|
Date |
: |
21/12/1995 |
|
The firm absorbed by merging of |
|
Delta Tubi Inox Srl |
|
Date |
: |
16/12/1991 |
|
The firm absorbed by merging of |
|
Abi Inox S.r.l. |
|
Date |
: |
16/12/1991 |
PAYMENTS ANALYSIS
The
average term of debts to suplliers is normal compared with that
of the
sector.
PAYMENTS
SCORE : ZZZZZ - 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.
BANKERS
|
Bank Name |
Agency Name |
Address |
ZIP Code |
City |
ABI Code |
CAB Code |
|
BANCA PASSADORE e C. S.p.A. |
|
|
|
|
|
|
IMMOVABLES *
*No
specific (mortgage/cadastrial registrations) inspections have been requested.
|
Immovable Type |
Value |
|
Real estates |
1.586.858
.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 1977
During
the last years, it achieved profits (r.o.e. 16,84% on 2005) with a stable trend
in the turnover.
The
return on Investment in the last financial year was positive (16,5%) falling
within the field's average.
Very
good financial situation: shareholder's equity covers short-terms debts with an
indebtedness level equal to 0,56 lower than in 2004.
The company
does not exceed in bank credits; payments average period is instead slightly
high (122,32 gg.) even if it still falls within the sector's average.
It shows
a good range of liquidity.
FINANCIAL DATA
Complete balance-sheet for the year as at 31/12/2005 (in Eur x 1 )
|
Item Type |
Amount |
Source |
|
Sales |
13.190.404 |
filed balance sheet |
|
Profit (Loss) for the period |
1.045.253 |
filed balance sheet |
Complete balance-sheet for the year as at 31/12/2004 (in Eur x 1 )
|
Item Type |
Amount |
Source |
|
Sales |
13.486.796 |
filed balance sheet |
|
Profit (Loss) for the period |
1.023.390 |
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
Balance Sheet as at 31/12/2004 - Months 12 - Currency
Eur - Amounts x 1
|
Years |
|
|
2005 |
2004 |
|
BALANCE SHEET ACCOUNTS |
||||
|
. |
|
|
|
|
|
ASSETS |
|
|
|
|
|
CREDITS TO SHAREHOLDERS |
|
|
|
|
|
FIXED ASSETS ( NET ) |
|
|
1.730.550 |
1.783.748 |
|
. Intangible assets |
|
|
|
|
|
. Tangible fixed assets |
|
|
1.710.069 |
1.764.487 |
|
. . Land and buildings |
|
|
1.586.858 |
1.661.242 |
|
. . Plants, Equipm.and Machinery |
|
|
113.946 |
90.808 |
|
. Long-term Investments |
|
|
20.481 |
19.261 |
|
. . Financial loans |
|
|
20.451 |
19.231 |
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
8.899.932 |
9.246.607 |
|
. Stock |
|
|
2.561.772 |
3.618.797 |
|
. Credits |
|
|
5.621.005 |
5.627.221 |
|
. . Credits to clients |
|
|
5.072.262 |
5.345.203 |
|
. . Other credits |
|
|
548.743 |
282.018 |
|
. Short-term financial assets |
|
|
|
|
|
. Liquid assets |
|
|
717.155 |
589 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
19.536 |
33.184 |
|
TOTAL ASSETS |
|
|
10.650.018 |
11.063.539 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
6.205.279 |
5.160.027 |
|
. Company's capital |
|
|
1.456.000 |
1.456.000 |
|
. Reserves |
|
|
1.465.539 |
1.465.539 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
2.238.487 |
1.215.098 |
|
. Profit (loss) |
|
|
1.045.253 |
1.023.390 |
|
PROVISION CHARGES ACCOUNTS |
|
|
51.646 |
51.646 |
|
STAFF TERM INDEMNITY |
|
|
130.374 |
131.729 |
|
DEBTS |
|
|
4.234.363 |
5.694.549 |
|
. Financial M/L terms |
|
|
|
|
|
. . Financial M/L term banks |
|
|
|
|
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
|
1.906.667 |
|
. . Financial short-term banks |
|
|
|
1.617.451 |
|
. . Financial short-term bonds |
|
|
|
289.216 |
|
. . Other financial short-term debts |
|
|
|
|
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
3.306.678 |
3.060.650 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
927.685 |
727.232 |
|
ACCRUED COSTS DEFERR. LIABILITIES |
|
|
28.356 |
25.588 |
|
TOTAL LIABILITIES |
|
|
10.650.018 |
11.063.539 |
|
. |
|
|
|
|
PROFIT AND LOSS ACCOUNTS
|
OUTPUT VALUE |
|
|
13.239.843 |
13.538.036 |
|
. Revenues from sales/services |
|
|
13.190.404 |
13.486.796 |
|
. Change of stock (products) |
|
|
|
|
|
OPERATING EXPENSES |
|
|
11.482.264 |
12.610.865 |
|
. Purchasing expenses |
|
|
8.880.060 |
10.126.556 |
|
. Change of stock (raw material) |
|
|
1.057.025 |
371.377 |
|
. Expenses from services |
|
|
769.237 |
800.791 |
|
. Expenses from leasing |
|
|
79.131 |
85.715 |
|
. General expenses/sundry charges |
|
|
90.143 |
592.108 |
|
. Staff expenses |
|
|
467.771 |
479.218 |
|
. Depreciation/Devaluation costs |
|
|
138.897 |
155.100 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-19.539 |
-47.269 |
|
. Financial charges |
|
|
-49.760 |
-111.806 |
|
. Financial revenues |
|
|
30.221 |
64.537 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES
(CHARGES) |
|
|
2.089 |
544.875 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
1.740.129 |
1.424.777 |
|
TAX |
|
|
694.876 |
401.387 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
1.045.253 |
1.023.390 |
RATIOS
|
|
Item |
O.V. |
O.V. |
as
at 31/12/2005 |
as
at 31/12/2004 |
Sector
Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
3,66 |
2,96 |
1,54 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
0,56 |
1,10 |
2,48 |
|
Current ratio |
Units |
=> 1 |
l |
2,10 |
1,62 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
=> 1 |
l |
1,49 |
0,98 |
0,88 |
|
Return on Sales |
% |
|
l |
8,97 |
8,73 |
4,03 |
|
Average stock waiting period |
dd |
|
l |
69,91 |
96,58 |
50,75 |
|
Credits to clients average term |
dd |
|
l |
138,42 |
142,66 |
128,91 |
|
Debts to suppliers average term |
dd |
|
l |
122,32 |
100,04 |
145,33 |
|
Net financial revenues/ charges incidence |
% |
|
l |
-
0,14 |
-
0,35 |
-
0,95 |
|
Labour cost incidence |
% |
|
l |
3,54 |
3,55 |
14,23 |
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.
RELIABILITY SCORE
Considering
also subject's structural and behavioural characteristics its credit margin
rate (from 0 to 100%) is equal to 100%, in respect of a sector average of 54%.
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:
596.500 .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.
SOURCES
- Our
historical data
- Public
Administration
-
Reporters
-
Newspapers
- Users
-
Statistics Bodies
-
Financial Project Editions
N.B.:
Data from the Public Administration present in the report are updated since the
last available edition.
MARKET / TERRITORY DATA
|
Population living in the province |
: |
2.236.941 |
|
Population living in the region |
: |
4.330.172 |
|
Number of families in the region |
: |
1.889.207 |
Monthly
family expences average in the region (in Eur.) :
|
- per food products |
: |
429 |
|
- per non food products |
: |
1.789 |
|
- per energy consume |
: |
135 |
SECTOR DATA
The
values are calculated on a base of 316 significant companies.
The
companies cash their credits on an average of 128 dd.
The
average duration of suppliers debts is about 145 dd.
The
sector's profitability is on an average of 4,03%.
The
labour cost affects the turnover in the measure of 14,23%.
Goods
are held in stock in a range of 50 dd.
The
difference between the sales volume and the resources used to realize it is
about 1,24.
The
employees costs represent the 14,37% 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 27.019 protested subjects are found; in the province they count to
16.723.
The
insolvency index for the region is 0,63, while for the province it is 0,76.
Total
Bankrupt companies in the province : 7.726.
Total
Bankrupt companies in the region : 14.165.
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 |
|