MIRA
INFORM REPORT
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Report Date : |
20.09.2007 |
IDENTIFICATION DETAILS
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Name : |
Pirelli Tyre ( |
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Registered Office : |
St. Jakobs-Strasse 54,
Postfach
4002 |
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Country : |
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Date of Incorporation : |
30-07-1979 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Involved in the purchase and sale of tyres |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
EUR 250.000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Detail
assessment: |
payments: |
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There are no
recorded complaints on the business conduct of the company and current
liabilities are settled in an orderly manner. |
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Individual
credit limit*: |
EUR 250.000.-- |
Name
Pirelli Tyre
(Europe) SA
Line of Business
Pneuhandel
Legal domicile
St.
Jakobs-Strasse 54
4052 Basel/BS
Business address
St.
Jakobs-Strasse 54
Postfach 4002
Basel
4052 Basel/BS
Switzerland
Telephone: 061
3164111
Fax: 061 3164355
Homepage: www.pirelli.com
CREDIT ADVICE
Credit opinion
: A maximum credit amount of EUR 250.000 can be taken into consideration.
This credit
advice is based on information available at the time of conducting the
research, being the above indicated date.
All amounts in
this report are given in Swiss Francs (CHF) unless otherwise stated.
GENERAL COMPANY DATA
OFFICIAL DATA:
Legal
form: Joint stock company
First
Publication: 30-07-1979
Last
Publication: 29-03-2007
Share
capital: 1.000.000
Paid up: 1.000.000
Divided
into: 10.000 Bearer shares of 100
Direct Parent
com.: Pirelli Tyre Holding NV,
Breukelen, Austria/AT with a share of 100%.
Company
Management: Domenico Nobili
Registered
name 30-12-1994 Pirelli Tyre
(Europe) SA
Previous Logiplanning SA
Registered
domicile 02-01-1996, 4000 Basel/BS
Previous, 6900
Lugano/TI
ACTIVITY:
Sector: Wholesale
Activity:
The company is
involved in the purchase and sale of tyres, epecially of the Pirelli Group. The
tyres are being sold to Pirelli retailers, agents and external clients.
Marks,
Sales: Pirelli
The company
maintains various "branches" (offices) worldwide.
Trading
area: Worldwide
Import/Export: The company is active in Import, but
not in Export.
EMPLOYEES:
Number of
employees: 51-100
Number of
employees of the Pirelli Group at year-end :
2006: 28,617
2005: 26'827
2004: 24'790
2003: 36'337
2002: 37'350
PAYMENT AND FINANCIAL
DATA
PAYMENT
EXPERIENCES:
Legal
actions: Information only
available against proof of interest.
There are no
recorded complaints on the business conduct of the company and current
liabilities are settled in an orderly manner.
For financial
transactions the company should be able to provide appropriate securities.
FINANCIAL
DATA:
Financial
position: The financial affairs are
considered to be in order.
The Company's
financial condition has improved significantly during the first quarter 2007.
Key figures
(in CHF 1.000):
Pirelli Tyre
Europa
31.12.2006 31.12.2005
Sales 2'918'730.0 2'877'369.0
Investments 194'943.0 137'190.0
Consolidated
key figures (in EUR 1.000.000):
Pirelli
Konzern
31.12.2006 31.12.2005 31.12.2004
12 Months 12 Months 12 Months
Sales 4'841.2 4'545.7 3'966.9
Operating Profit/Loss 401.4 354.9 268.8
Cost of employees 1'075.8 1'029.9 968.3
Depreciation 201.0 197.0 182.0
Profit/Loss -1048.8 399.0 304.1
Cash-Flow 467.3 349.5
Investments 255.5 233.6 211.3
Research/Development 171.0 174.0 171.0
Shareholder funds 4'686.6 5'613.8 3'841.0
Balance sheet total 10'227.5 10'814.2 10'317.5
Basic numbers
of Pirelli for the first quarter 2007 (as per 31.03., in thousand Euro):
31.03.2007 31.03.2006
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Turnover 1'811'290 1'206'120
Operating results 129'480 119'796
Netto result 56'278 91'803
Takeover
from: Lunares SA
4000 Basel/BS
Type: Take over of assets and
liabilities
Registered
on: 22-12-2003
Assets: 36.457.720
Liabilities: 245.900
Banker(-s): UBS
Ltd, 4000 Basel
Credit Suisse (CS), 4000 Basel
Auditors: PricewaterhouseCoopers
AG, Basel
Premises: The
premises at the above mentioned address are rented.
Real estate
property: No real estate is owned.
The property
is owned by the Group.
The Group owns
numerous properties. The gross book amount and net carrying amount of the land
and buildings amount to (in Euro, as at 31 December):
Gross book amount Net carrying amount
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2006 719.462.000.-- 440.125.000.--
2005 683.861.000.-- 408.971.000.--
2004 1.111.725.000.-- 659.259.000.--
Fiscal
taxation: No information is
available due to the local tax authority regulation.
COMPANY AND PERSON
RELATIONS
COMPANY
CONNECTIONS:
Direct Parent
com.: Pirelli Tyre Holding NV,
Breukelen, Austria/AT with a share of 100%.
Ultimate
Parent com.: Pirelli & C.S.p.A., Mailand, Italy/IT.
Pirelli Tyre
Holding NV in turn is wholly owned by Pirelli Societa per Azioni headquartered
in Milan.
Pirelli &
C.S.p.a. is a holding company and combines and controls all the globally
operative Pirelli group companies. The group's main focus is on the industrial
core businesses Tyres and Broadband Solutions.
Under its
umbrella Pirelli S.p.a. combines 24 factory outlets in 12 countries. It's
shares are listed on the Milan Stock Exchange.
Direct
Investments:
Agom SA,
Conthey/VS.
Agom SA
Bioggio, Bioggio/TI (100.0%).
Elastika
Pirelli SA, Athen, Greece/GR (99.9%).
Pirelli Asia
Pte Ltd, Singapore, Singapore/SG (100.0%).
Pirelli Ges.
mbH, Wien, Austria/AT (100.0%).
Pirelli
Hungary Tyre Trading and Services Ltd,
Budapest,
Hungary/HU (100.0%).
Pirelli Polska
Sp.zo.o, Warschau, Poland/PL (100.0%).
Pirelli
Slovakia s.r.o, Bratislava, Slovakia/SK (100.0%).
Pirelli Tire
Inc, Frederick Town, Canada/CA (100.0%).
Pirelli Tyre
(Pty) Ltd, Sandton, South Africa/ZA (100.0%).
Pirelli Tyre
Nordic AB, Stockholm, Sweden/SE (100.0%).
Pirelli Tyre
Russia OOO, Moskau, Russia/RU.
Pirelli Tyres
Australia Pty Ltd, Pymble, Australia/AU (100.0%).
Pirelli Tyres
Belux SA, Bruxelles, Belgium/BE (100.0%).
Pirelli Tyres
Nederland BV, Heinennord, Netherlands/NL (100.0%).
Pneus Pirelli
SA, Roissy, France/FR (100.0%).
BOARD OF
DIRECTORS:
Francesco Gori,
from Italy, in Milano/Italy, President, sole signature.
Bernard
Huppert, from StA Frankreichs, Reinach BL, in Reinach/BL/Switzerland,
Member, sole
signature.
Thomas Knecht,
from Doettingen, in Bueren/SO/Switzerland,
Member,
collective signature.
Franca
Largura, from Tramelan, in Binningen/BL/Switzerland,
Member,
collective signature.
Maurizio Sala,
from Italy, in Corsico Milano/Italy,
Member, sole
signature.
MANAGEMENT:
Domenico
Nobili, from Italy, in Basel/BS/Switzerland,
General
Director, sole signature.
Giovanni A.
Arca, from Italy, in Bartenheim/France,
Authorised
signatory, collective signing authority.
Dieter
Jermann, from Dittingen, in Wahlen/BL/Switzerland,
Authorised
signatory, collective signing authority.
Heidi Richard,
from Sigriswil, in Waldighofen/France,
Authorised
signatory, collective signing authority.
PERSONNEL
INFORMATION:
Based on the
information available to us Domenico Nobili lives at the address St.
Jakobstrasse 53 in 4019 Basel.
There are no
detrimental reports on the senior executives' business conduct.
FURTHER
MANDATES:
Domenico
Nobili:
- Pirelli
Societe de Services Sarl, Basel
COMMENTS:
Based on the
information available to us, the Pirelli Group sold its
Telecom Cables
and Systems activities to Goldman Sachs Capital Partners effective July 28,
2005.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)