MIRA
INFORM REPORT
|
Report Date : |
03.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
Ciocca S.p.a. |
|
|
|
|
Registered Office : |
Via Luigi Ciocca, 11 25027
- Quinzano d'Oglio (BS) -IT |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
12/10/1946 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Knitwear and hosiery factory. Production of socks and stockings. Production of other knitwear articles. Wholesale trade of the same
articles. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
773.100 - Eur |
|
|
|
|
Status : |
Very Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name & address
Ciocca S.p.a.
Via
Luigi Ciocca, 11
25027 -
Quinzano d'Oglio (BS) -IT-
SUMMARY
|
Legal Form |
: |
Joint stock company |
|
Start of Activities |
: |
12/10/1946 |
|
Patrimonial Consistence |
: |
Over 2.500.000 Eur |
|
|
: |
20.000.000/25.000.000 Eur |
|
Number of Employees |
: |
from 131 to 150 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
773.100 - Eur |
ACTIVITY
Knitwear and hosiery factory.
Production of socks and stockings.
Production of other knitwear articles. Wholesale trade of the same
articles.
LEGAL DATA
Legal Form : Joint stock company
|
Fiscal Code : 00283120178 |
|
Foreign Trade Reg. no. : BS004371 since 09/12/1991 |
|
Foreign Trade Reg. no. : 004371 of |
|
Chamber of Commerce no. : 21564 of |
|
Firms' Register : BS029-35573 since 19/02/1996 |
|
V.A.T. Code : 00549760981 |
|
Foundation Date |
: 12/10/1946 |
|
|
Establishment Date |
: 12/10/1946 |
|
|
Start of Activities |
: 12/10/1946 |
|
|
Legal Duration Date |
: 31/12/2040 |
|
|
Nominal Capital |
: 1.863.000 |
Eur |
|
Subscribed Capital |
: 1.863.000 |
Eur |
|
Paid up Capital |
: 1.863.000 |
Eur |
MEMBERS
|
Ciocca |
Luigi |
|
Born in |
(BS) |
on 08/04/1944 |
- Fiscal Code : CCCLGU44D08B157Q |
|
Residence : |
Via |
Stoa |
, 26 |
- 25027 |
Quinzano d'Oglio |
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
10/05/2005 |
|
|
|
Attorney with special power |
03/07/2002 |
|
|
No Protests registered.
|
Ciocca |
Roberto |
|
Born in |
(BS) |
on 17/12/1953 |
- Fiscal Code : CCCRRT53T17B157X |
|
Residence : |
Via |
Dante |
, 18 |
- 25100 |
|
(BS) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
10/05/2005 |
|
|
|
Attorney with special power |
05/06/2002 |
|
|
|
Managing Director |
10/05/2005 |
|
|
No Protests registered.
|
Ciocca |
Alberto |
|
Born in |
(BS) |
on 17/12/1953 |
- Fiscal Code : CCCLRT53T17B157R |
|
Residence : |
Via |
Del Bollo |
, 4 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
10/05/2005 |
|
|
|
Board Chairman |
10/05/2005 |
|
|
No Protests registered.
|
Zanoni |
Fabrizio |
|
Born in |
(CR) |
on 31/08/1962 |
- Fiscal Code : ZNNFRZ62M31D150L |
|
Residence : |
Via |
Falcone E Borsellino |
, 24 |
- 26022 |
Castelverde |
(CR) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney with special power |
04/05/1993 |
|
|
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.
|
CIOCCA |
|
|
CIOCCA |
|
|
CIOCCA |
|
|
ZANONI |
|
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 |
|
ISTIFID S.P.A. - SOCIETA' FIDUCIARIA E DI REVISIONE BREVEMENTE : ISTIFID
S.P.A. |
Milano - IT - |
01863180152 |
10.350 .Eur |
0,55 |
|
Ciocca Luigi |
Quinzano d'Oglio - IT - |
CCCLGU44D08B157Q |
25.875 .Eur |
1,38 |
|
Ciocca Roberto |
|
CCCRRT53T17B157X |
72.450 .Eur |
3,88 |
|
Ciocca Alberto |
Milano - IT - |
CCCLRT53T17B157R |
62.100 .Eur |
3,33 |
|
Quifin S.p.a. |
|
00873800171 |
1.358.903 .Eur |
72,94 |
|
Quifin S.p.a. |
|
00873800171 |
214.296 .Eur |
11,50 |
|
Ciocca Filippo |
|
CCCFPP75R22B157R |
25.875 .Eur |
1,38 |
|
Ciocca Michele |
|
CCCMHL77E16B157U |
25.875 .Eur |
1,38 |
|
Merli Maria |
|
MRLMRA18D48B157Q |
214.296 .Eur |
11,50 |
|
CIOCCA MAURIZIO |
|
CCCMRZ51A20B157U |
72.450 .Eur |
3,88 |
DIRECT PARTICIPATIONS
The Company under review has no participations in other Companies.
STRUCTURE AND COMPANY
ACTIVITY
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
since 30/07/1987 |
in : |
|
|
|
|
|
Via |
Luigi Ciocca |
, 11 |
- 25027 - |
Quinzano d'Oglio |
(BS) |
- IT - |
|
|
|
|
PHONE |
: 030/925911 |
|
|
|
|
FAX |
: 039/93158 |
|
|
|
|
Employees |
: 145 |
|
|
|
|
Fittings and Equipment |
for a value of
2.099.000 |
Eur |
|
|
|
|
Stocks |
for a value of
4.947.500 |
Eur |
|
|
|
|
Furniture and fittings |
for a value of
167.848 |
Eur |
|
|
|
|
Vehicles |
for a value of
103.291 |
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 :
|
- its own agents |
Import comes generally from the following nations:
|
- Francia |
Export is mainly towards:
|
- Ungheria |
|
- |
|
- Irlanda |
HISTORICAL
INFORMATION AND/OR FIRM'S
STATUS
|
Ex-Members /
Ex-Positions |
|
Ciocca |
Luigi |
|
Born in |
on 08/04/1944 |
- Fiscal Code : CCCLGU44D08B157Q |
|
Residence : |
Via |
Stoa |
, 26 |
- 25027 |
Quinzano d'Oglio |
(BS) |
- IT - |
|
Position |
|
Chairman |
|
Board Chairman |
|
Ciocca |
Roberto |
|
Born in |
on 17/12/1953 |
- Fiscal Code : CCCRRT53T17B157X |
|
Residence : |
Via |
Dante |
, 18 |
- 25100 |
|
(BS) |
- IT - |
|
Position |
|
Managing Director |
|
Ciocca |
Giuseppe |
|
Born in Milano |
on 15/08/1911 |
- Fiscal Code : CCCGPP11M15F205O |
|
Position |
|
Chairman |
|
Ciocca |
Luca |
|
Born in |
on 12/02/1946 |
- Fiscal Code : CCCLCU46B12B157O |
|
Position |
|
Managing Director |
|
Ciocca |
Alberto |
|
Born in |
on 17/12/1953 |
- Fiscal Code : CCCLRT53T17B157R |
|
Residence : |
Via |
Del Bollo |
, 4 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Position |
|
Director |
|
Capellini |
Marco |
|
Born in MILANO |
on 14/08/1953 |
- Fiscal Code : CPLMRC53M14F205J |
|
Residence : |
Via |
FLAVIO VEGEZIO |
, 18 |
- 20100 |
Milano |
(MI) |
- IT - |
|
Position |
|
Temporary Auditor |
|
AZZANELLI |
PAOLO |
|
Born in QUINZANO D'OGLIO |
on 02/10/1948 |
- Fiscal Code : ZZNPLA48R02H140Z |
|
Residence : |
Via |
|
, 28 |
- 25027 |
Quinzano d'Oglio |
(BS) |
- IT - |
|
Position |
|
Responsible technician |
|
Former seats |
|
- |
Branch |
(Factory ) |
until 19/12/1986 |
|
|
|
|
|
- 25027 |
- Quinzano d'Oglio |
(BS) |
- IT - |
|
- |
Branch |
(Warehouse ) |
since 14/11/1994 |
until 15/06/1996 |
|
|
|
|
|
Via |
Zanardelli |
- 25027 |
- Quinzano d'Oglio |
(BS) |
- IT - |
|
- |
Branch |
(Sales office ) |
since 11/01/1987 |
|
|
|
|
|
Piazza |
5 Giornate |
- 20100 |
- Milano |
(MI) |
- IT - |
|
Splitting-up and setting-up of a new company |
|
CIM S.P.A. |
|
, Quinzano D'oglio |
- IT - |
|
Date |
Splitting-up : |
23/06/1999 |
PAYMENTS ANALYSIS
The average term of debts to suppliers is shorter than the sector one.
PAYMENTS SCORE : - No insolvency
CREDIT REVOLVING
The subject of inquiry has been monitored by our company:
During the last 6 Months : n. 1 times.
During the last 12 Months : n. 1 times.
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 Nazionale Lavoro |
|
|
|
|
|
|
|
Monte Paschi Siena |
|
|
|
|
|
|
IMMOVABLES *
*No specific (mortgage/cadastrial registrations) inspections have been
requested.
|
Immovable Type |
Value |
|
Real estates |
1.212.041 .Eur |
NB.: For Capital Companies the value of the Immovables is the one
reported in the last available financial documents.
FINANCIAL AND
ECONOMICAL ANALYSIS
The company is active since 1946
During the last years, it recorded positive net results (r.o.e. 5,4% in
2005) but without a significant increase in the turnover.
The operating result was positive in the last financial year (5,98%)
falling within the field's average.
The company has an excellent net worth if compared to its debts, with a
low indebtedness (0,4) increasing compared to last year (0,27)
The company does not exceed in bank borrowings; the recourse to
suppliers' credit is also limited below the sector's average.
Payments are supported by good current assets.
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
24.308.221 |
filed balance sheet |
|
Profit (Loss) for the period |
774.705 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
25.223.981 |
filed balance sheet |
|
Profit (Loss) for the period |
756.974 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2003 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
25.403.915 |
filed balance sheet |
|
Profit (Loss) for the period |
507.283 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2002 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
24.702.133 |
filed balance sheet |
|
Profit (Loss) for the period |
496.315 |
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 ) |
|
|
8.001.348 |
3.711.655 |
|
. Intangible assets |
|
|
1.613.547 |
51.440 |
|
. Tangible fixed assets |
|
|
3.445.292 |
2.049.735 |
|
. . Land and buildings |
|
|
1.212.041 |
1.277.675 |
|
. . Plants, Equipm.and Machinery |
|
|
2.099.247 |
626.638 |
|
. Long-term Investments |
|
|
2.942.509 |
1.610.480 |
|
. . Financial loans |
|
|
2.942.509 |
1.610.480 |
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
17.736.627 |
18.835.561 |
|
. Stock |
|
|
4.947.340 |
3.976.878 |
|
. Credits |
|
|
12.407.601 |
13.530.757 |
|
. . Credits to clients |
|
|
11.848.945 |
12.943.382 |
|
. . Other credits |
|
|
558.656 |
587.375 |
|
. Short-term financial assets |
|
|
|
|
|
. Liquid assets |
|
|
381.686 |
1.327.926 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
95.952 |
137.549 |
|
TOTAL ASSETS |
|
|
25.833.927 |
22.684.765 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
14.338.748 |
12.662.749 |
|
. Company's capital |
|
|
1.863.000 |
1.863.000 |
|
. Reserves |
|
|
11.201.571 |
9.543.303 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
499.472 |
499.472 |
|
. Profit (loss) |
|
|
774.705 |
756.974 |
|
PROVISION CHARGES ACCOUNTS |
|
|
834.127 |
879.644 |
|
STAFF TERM INDEMNITY |
|
|
2.471.807 |
2.325.180 |
|
DEBTS |
|
|
7.666.638 |
6.247.379 |
|
. Financial M/L terms |
|
|
1.430.586 |
1.484.814 |
|
. . Financial M/L term banks |
|
|
|
|
|
. . Financial M/L bonds |
|
|
1.430.586 |
1.484.814 |
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
1.514.409 |
54.228 |
|
. . Financial short-term banks |
|
|
|
|
|
. . Financial short-term bonds |
|
|
54.228 |
54.228 |
|
. . Other financial short-term debts |
|
|
1.460.181 |
|
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
3.876.938 |
3.325.974 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
844.705 |
1.382.363 |
|
ACCRUED COSTS DEFERR. LIABILITIES |
|
|
522.607 |
569.813 |
|
TOTAL LIABILITIES |
|
|
25.833.927 |
22.684.765 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS
ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
24.460.754 |
24.514.580 |
|
. Revenues from sales/services |
|
|
24.308.221 |
25.223.981 |
|
. Change of stock (products) |
|
|
47.211 |
-813.606 |
|
OPERATING EXPENSES |
|
|
22.915.655 |
22.425.472 |
|
. Purchasing expenses |
|
|
11.020.791 |
9.518.344 |
|
. Change of stock (raw material) |
|
|
-923.251 |
87.860 |
|
. Expenses from services |
|
|
6.606.008 |
6.366.438 |
|
. Expenses from leasing |
|
|
41.734 |
105.863 |
|
. General expenses/sundry charges |
|
|
106.413 |
129.926 |
|
. Staff expenses |
|
|
4.640.448 |
4.501.510 |
|
. Depreciation/Devaluation costs |
|
|
1.423.512 |
1.715.531 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-159.217 |
-162.453 |
|
. Financial charges |
|
|
-251.674 |
-232.708 |
|
. Financial revenues |
|
|
92.457 |
70.255 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
-7.208 |
18.680 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
1.378.674 |
1.945.335 |
|
TAX |
|
|
603.969 |
1.188.361 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
774.705 |
756.974 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2005 |
as at 31/12/2004 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
l |
2,27 |
4,43 |
1,97 |
|
Net Short-term indebtedness |
Units |
- 1 |
l |
0,40 |
0,27 |
3,20 |
|
Current ratio |
Units |
=> 1 |
l |
2,84 |
3,95 |
1,23 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
=> 1 |
l |
2,05 |
3,11 |
0,84 |
|
Return on Sales |
% |
|
l |
9,04 |
9,80 |
2,09 |
|
Average stock waiting period |
dd |
|
l |
73,26 |
56,73 |
65,05 |
|
Credits to clients average term |
dd |
|
l |
175,46 |
184,71 |
120,48 |
|
Debts to suppliers average term |
dd |
|
l |
78,98 |
74,84 |
131,57 |
|
Net financial revenues/ charges incidence |
% |
|
l |
- 0,65 |
- 0,64 |
- 1,55 |
|
Labour cost incidence |
% |
|
l |
19,09 |
17,84 |
13,15 |
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;
FURTHER INFORMATION
The company under review has been established several years ago by Mr.
Luigi Ciocca.
Nowadays the factory is in the hands of his nephews.
The company also produces products under third parties trade marks.
No detrimental itemsa have been registered against it.
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 99%, in respect of a sector
average of 39%.
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:
773.100 .Eur.
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 780 significant companies.
The companies cash their credits on an average of 120 dd.
The average duration of suppliers debts is about 131 dd.
The sector's profitability is on an average of 2,09%.
The labour cost affects the turnover in the measure of 13,15%.
Goods are held in stock in a range of 65 dd.
The difference between the sales volume and the resources used to
realize it is about 1,22.
The employees costs represent the 13,35% of the production costs.
STATISTICAL
DETRIMENTAL DATA
Statistically the trade activity passes through serious crises.
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 |
|
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%)