Corporate Credit Rating 2023 for SCIUKER FRAMES SPA: A3(First Issuance)

Press release 22 September 2023

Solicited Corporate Credit Rating for SCIUKER FRAMES SPA: A3(First Issuance)

modefinance published the Solicited Corporate Credit Rating of SCIUKER FRAMES SPA on the CRA website and the rating assigned to the entity is A3 (first issuance). The analysis revealed that the Company has a strong capacity to meet its commitment on financial obligations.

The Sciuker Group, with its parent company Sciuker Frames S.pA., is active in the production of eco-friendly windows and frames, based on patented technology that has enabled it to set new production and aesthetic standards for the window and door industry. Despite operating in a particularly fragmented market dominated by small companies, the Sciuker Group, active since 1999, has grown over time becoming one of the Italy’s main players in designing and production of wood/metal windows. The company has achieved a significant market share by focusing on a brand identity that emphasizes social responsibility, including environmental care, technological innovation and a widespread sales network throughout the territory. In 2018, it took a further significant step by listing on the AIM segment of the Italian Stock Exchange. In 2020, it entered the energy and seismic requalification market through its subsidiary Sciuker Ecospace, which is also growing steadily. The year 2021 was also significant, which saw the acquisition by the parent company of G.C. Infissi PVC S.r.l. and Teknika S.r.l., which was followed in 2023 by the acquisition of SCK Force S.r.l., D&V S.r.l. and DG S.r.l., as part of the 'deWol Industries' project.

Key Rating Assumptions

The Sciuker Group has an appreciable financial and balance sheet situation, indicating overall good health. With a turnover of 129.17 mln euros, expanding by +79% YoY, the company strengthened its operating margins and net profit (20.65 mln euro; +38.8%). The performance in terms of profitability is appreciable, with a good return on revenue (33%). Moreover, ROI and ROE indicators are at excellent levels. There are also no critical issues in terms of liquidity management, as demonstrated by the adequate value of the current ratio. The financial balance appears adequate. The Group's stock rotation and collection times appear longer than those of the reference peer group analyzed; in any case, the balance between cash inflows and outflows is fully guaranteed. Finally, on the solvency front, there has been an increase in financial debts, necessary to support investments and growth.
However, the Group is sufficiently capitalized (55.48 mln euros) to guarantee a balance between equity and net financial debt. The latter is also adequately supported by the operating margins generated. 

The management of the credit lines granted by the banking system appears to be correct, as well as the full compliance with the financial covenants envisaged by the bond loan agreement.

The main shareholder of Sciuker Frames S.p.A Is H. Arm S.r.l., owned by the Cipriano family while the majority of the remaining shares are traded on the AIM segment of the Italian Stock Exchange. The Board of Directors and the Supervisory Board are collegial and adequately composed. The auditing activity is entrusted to the company BDO Italia S.p.A.. Furthermore, in 2020, the Company adopted the Organisational Model pursuant to Legislative Decree 231/2001, thus guaranteeing an effective and reliable control system.
The group structure is clear and easy to identify.

The analysis of the sector peer group shows that the SCK Group has an excellent dimensional positioning, being among the companies with the highest levels of turnover within the reference sample. Regarding solvency and profitability, the positioning obtained is to be considered good, several points above the 50th percentile of the sample distribution. Analyzing the sector trend, in the last three years the companies have presented liquidity and profitability indicators at fully adequate levels. Overall, solvency is also sufficient. The distribution of companies in the sector also shows a concentration of companies above the sufficiency threshold, underlining the economic-financial health of the peer group. 

The construction sector, driven mainly by the extraordinary housing maintenance supported by tax incentives for renovation and energy upgrading, showed good growth in 2022, consolidating the excellent results of the previous year.Finally, the macroeconomic growth is expected to be modest 

Sensitivity Analysis

In the following table, the addressing factors, actions or events that could lead to an upgrade or a downgrade are summarized: 


The present Corporate Credit rating is issued by modefinance under EU Regulation 1060/2009 and following amendments.

The present rating is solicited and is based on both private and public information. The rated entity and/or related third parties have provided all private information used. modefinance had access to some accounts and other relevant internal documents of the rated entity and/or related third parties. Solicited and unsolicited ratings issued by modefinance are of comparable quality, as the solicitation status has no effect on methodologies used. More comprehensive information on modefinance Corporate Credit Ratings are available at

The present Corporate Credit Rating is issued on MORE Methodology 2.0 and Rating Methodology 1.0. A comprehensive description of both methodologies, as well as information on modefinance Rating Scale and Mappings, is available at

For information on historical default rates of modefinance Corporate Credit Ratings please refer to ESMA Central Repository and ESMA European Rating Platform.

modefinance refers to default as a company under bankruptcy, or under liquidation status, or under administration or for which missed payments on a financial obligation are officially recorded.

The quality of the information available on the rated entity and used to determine the present rating was judged by modefinance as satisfactory. Please note that modefinance does not perform any audit activity and is not in a position to guarantee the accuracy of any information used and/or reported in the present document. As such, modefinance can accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect.

The present credit rating was notified to the rated entity in order to identify potential factual errors, as prescribed by the CRA Regulation.

No amendments were applied after the notification process.

The rated entity is  a buyer of ancillary services provided by modefinance (private corporate rating). modefinance ensures that such situation does not imply a conflict of interest in the issuance of the present credit rating.

The rating action issued by modefinance was performed independently. The analysts, members of the rating team involved in the process, modefinance Srl and its members and shareholders do not have any conflicts of interest in relation to the Rated Entity and/or Related Third Parties. If in the future a potential conflict of interest is identified in relation to the persons reported above, modefinance Ratings will provide the appropriate information and if necessary the rating will be withdrawn.

The present Credit Rating is an opinion of the general creditworthiness that modefinance issues on the rated entity, and should be relied upon to a limited degree. The issued rating is subject to an ongoing monitoring until withdrawal.


Head Analyst - Elisa Graffi, Rating Analyst

Responsible for Rating Approval - Pinar Dilek, Rating Process Manager