MIRA INFORM REPORT
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Report Date : |
25.09.2013 |
IDENTIFICATION DETAILS
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Name : |
SORIN GROUP ITALIA SRL |
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Registered Office : |
VIa Beningo Crespi 17, Milano, 20159 |
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Country : |
Italy |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
21.01.1992 |
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Com. Reg. No.: |
10556980158 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
Manufacturing of medical instruments and apparatus including
oxygenators and autotransfusion machines |
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No. of Employees : |
1,734 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Italy |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
ITALY - ECONOMIC OVERVIEW
Italy has a diversified industrial
economy, which is divided into a developed industrial north, dominated by
private companies, and a less-developed, highly subsidized, agricultural south,
where unemployment is high. The Italian economy is driven in large part by the
manufacture of high-quality consumer goods produced by small and medium-sized
enterprises, many of them family-owned. Italy also has a sizable underground
economy, which by some estimates accounts for as much as 17% of GDP. These
activities are most common within the agriculture, construction, and service
sectors. Italy is the third-largest economy in the euro-zone, but its
exceptionally high public debt and structural impediments to growth have
rendered it vulnerable to scrutiny by financial markets. Public debt has increased
steadily since 2007, topping 126% of GDP in 2012, and investor concerns about
the broader euro-zone crisis at times have caused borrowing costs on sovereign
government debt to rise to euro-era. During the second half of 2011 the
government passed three austerity packages to reduce its budget deficit and
help bring down borrowing costs. These measures included a hike in the
value-added tax, pension reforms, and cuts to public administration. The
government also faces pressure from investors and European partners to sustain
its recent efforts to address Italy's long-standing structural impediments to
growth, such as labor market inefficiencies and widespread tax evasion. In 2012
economic growth and labor market conditions deteriorated, with growth at -2.3%
and unemployment rising to nearly 11%, with youth unemployment around 35%. The
government has undertaken several reform initiatives designed to increase
long-term economic growth. Italy's GDP is now 7% below its 2007 pre-crisis
level.
Source
: CIA
Company Name and Address
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Sorin Group Italia Srl |
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Business Description
Sorin Group Italia S.r.l (SGI) is a medical device company. The
company develops, manufactures and markets medical technologies for cardiac
surgery and for the treatment of cardiac rhythm disorders. It offers
cardiopulmonary products for use in open-heart surgery for adult, pediatric,
and neonatal extracorporeal circulation; and equipment and disposables for
autotransfusion and apheresis for use in various clinical blood therapies. The
company also offers products for use in electrophysiology, pacing,
interventional cardiology, and renal care. SGI’s cardiopulmonary products
include heart-lung machines, oxygenators, and auto transfusion systems. The
company’s cardiac rhythm management products include implantable cardiac
defibrillator and pacemaker systems to restore normal cardiac rhythm; cardiac
resynchronization therapy (CRT) systems to treat heart failure; and arrhythmia
assessment systems. SGI is headquartered in Milano, Italy
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
3250 -
Manufacture of medical and dental instruments and supplies |
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NACE Rev 2: |
3250 -
Manufacture of medical and dental instruments and supplies |
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NAICS 2012: |
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UK SIC 2007: |
3250 -
Manufacture of medical and dental instruments and supplies |
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US SIC 1987: |
Key Executive
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Name |
Title |
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President |
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Leonardo Altiero |
Executive |
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Gianfranco Apicella |
Executive |
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Enrico Caldera |
Executive |
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Chairman Sorin Group |
News
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Title |
Date |
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US Patent
Issued to Sorin Group Italia on Sept. 17 for "Minimally-invasive
cardiac-valve prosthesis" (Italian, British Inventors) |
17-Sep-2013 |
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Patent
Issued for Prosthetic Vascular Conduit |
28-Aug-2013 |
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Prosthetic
vascular conduit |
26-Aug-2013 |
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Italy-Legnano:
Pacemaker |
23-Aug-2013 |
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Patent
Issued for Blood Reservoir with Ultrasonic Volume Sensor |
22-Aug-2013 |
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Blood
reservoir with ultrasonic volume sensor |
20-Aug-2013 |
Registered No.(ITA): 10556980158
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7782366
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.7566
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ANZSIC 2006 Codes: |
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2412 |
- |
Medical and Surgical Equipment
Manufacturing |
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ISIC Rev 4 Codes: |
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3250 |
- |
Manufacture of medical and dental
instruments and supplies |
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NACE Rev 2 Codes: |
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3250 |
- |
Manufacture of medical and dental
instruments and supplies |
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NAICS 2012 Codes: |
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339112 |
- |
Surgical and Medical Instrument
Manufacturing |
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US SIC 1987: |
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3841 |
- |
Surgical and Medical Instruments and
Apparatus |
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UK SIC 2007: |
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3250 |
- |
Manufacture of medical and dental
instruments and supplies |
Manufacturing of medical instruments and apparatus
including oxygenators and autotransfusion machines
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More Business Descriptions
Sorin Group Italia SRL is primarily engaged in manufacture of
instruments and appliances used for medical, surgical, dental or veterinary purposes
(electro-diagnostic apparatus such as electrocardiographs, ultrasonic
diagnostic equipment, scintillation scanners, nuclear magnetic resonance
apparatus, dental drill engines, sterilizers, ophthalmic instruments);
manufacture of syringes, needles used in medicine, mirrors, reflectors,
endoscopes, etc.; manufacture of apparatus based on the use of X-rays or alpha,
beta or gamma radiation whether ornot for use in human or animal medicine
(X-ray tubes, high tension generators, control panels, desks, screens, etc.);
manufacture of medical, surgical, dental or veterinary furniture (operating
tables, hospital beds with mechanical fittings, dentists’ chairs); and
manufacture of mechano-therapy appliances, massage apparatus, psychological
testing apparatus, ozone therapy, oxygen therapy, artificial respiration
apparatus, gas masks, etc. This class also includes: manufacture of orthopaedic
appliances (crutches, surgical belts and trusses, splints, artificial teeth,
artificial limbs and other artificial parts of the body, hearing aids,
pace-makers, orthopaedic shoes, etc.).
Sorin Group Italia S.r.l (SGI) is a medical device company. The company
develops, manufactures and markets medical technologies for cardiac surgery and
for the treatment of cardiac rhythm disorders. It offers cardiopulmonary
products for use in open-heart surgery for adult, pediatric, and neonatal
extracorporeal circulation; and equipment and disposables for autotransfusion
and apheresis for use in various clinical blood therapies. The company also
offers products for use in electrophysiology, pacing, interventional
cardiology, and renal care. SGI’s cardiopulmonary products include heart-lung
machines, oxygenators, and auto transfusion systems. The company’s cardiac
rhythm management products include implantable cardiac defibrillator and
pacemaker systems to restore normal cardiac rhythm; cardiac resynchronization
therapy (CRT) systems to treat heart failure; and arrhythmia assessment
systems. SGI is headquartered in Milano, Italy.
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Strategic Initiatives
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Partnerships |
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Sphere Medical continues to make encouraging progress in the commercialisation
of our innovative monitoring and diagnostic products and we look forward to
making further announcements as the year progresses." Michel Darnaud,
president, Cardiopulmonary Business Unit and Intercontinental, Sorin Group,
said, "We are committed to continuing to deliver product and service
excellence to support our worldwide leading position in cardiopulmonary care
through the use of innovative technology to improve patient outcome.
Monitoring of the patient and operating environment is an increasingly
important area of cardiopulmonary surgery, and our collaboration with Sphere
Medical fits perfectly within these goals".Jan 31, 2012Sorin Group
Launches New Complete Portfolio Of Pacing, Defibrillation And Left
Ventricular LeadsSorin Group Italia S.r.l (Sorin Group) announced CE Mark
approval and commercial launch for a comprehensive new range of pacing,
defibrillation and left ventricular leads. Designed for safety and long term
reliability, TILDA pacing leads, VIGILA defibrillation leads and CELERITY
left ventricular lead families offer multiple implant options to accommodate
patients’ needs and physicians’ preferences.While all families benefit
from flexible silicone lead body, steroid eluting tips that reduce
inflammation and iridium fractal coated electrodes with proven electrical
performance, each lead family presents its own additional features, the
company said. |
Corporate Structure News
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Milano |
Italy |
Medical Equipment and Supplies |
939.4 |
3,695 |
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Subsidiary |
Milano, MI |
Italy |
Medical Equipment and Supplies |
267.0 |
1,734 |
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Subsidiary |
Clamart |
France |
Electromedical and Control Instruments Manufacturing |
233.9 |
374 |
|
|
Subsidiary |
MĂ¼nchen, Bayern |
Germany |
Electromedical and Control Instruments Manufacturing |
|
250 |
|
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Subsidiary |
Sollentuna |
Sweden |
Professional and Commercial Equipment Wholesale |
5.8 |
10 |
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Subsidiary |
Louvain-La-Neuve |
Belgium |
Medical Equipment and Supplies |
|
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Subsidiary |
Arvada, CO |
United States |
Holding Companies |
226.0 |
801 |
|
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Subsidiary |
Costa Mesa, CA |
United States |
Medical Equipment and Supplies |
12.6 |
66 |
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Subsidiary |
Costa Mesa, CA |
United States |
Diagnostic Laboratories |
|
65 |
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Subsidiary |
Arvada, CO |
United States |
Medical Equipment and Supplies |
80.7 |
40 |
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Subsidiary |
Montrouge |
France |
Medical Equipment and Supplies |
255.1 |
374 |
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Subsidiary |
Rancho Santa Margarita, CA |
United States |
Electromedical and Control Instruments Manufacturing |
11.0 |
128 |
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Subsidiary |
Milan |
Italy |
Holding Companies |
|
90 |
|
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Subsidiary |
Saluggia, VC |
Italy |
Electromedical and Control Instruments Manufacturing |
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50 |
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Subsidiary |
Saluggia, Vercelli |
Italy |
Electricity Generation and Distribution |
8.6 |
49 |
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Subsidiary |
Zaventem |
Belgium |
Professional and Commercial Equipment Wholesale |
15.3 |
24 |
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Subsidiary |
Amsterdam Zuidoost, Noord-Holland |
Netherlands |
Miscellaneous Wholesale |
26.4 |
23 |
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Subsidiary |
Chiyoda-Ku, Tokyo |
Japan |
Professional and Commercial Equipment Wholesale |
39.3 |
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Competitors Report
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Company Name |
Location |
Employees |
Ownership |
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Cem Srl |
Senigallia,
Italy |
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Private |
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Esaote SpA |
Genova, GE,
Italy |
694 |
Public |
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Gallini SRL |
Mirandola,
Modena, Italy |
24 |
Private |
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Radim S.P.A. |
Pomezia Rm,
Italy |
230 |
Private |
Executives Report
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Board
of Directors |
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Chairman Sorin Group |
Chairman |
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Executives |
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President |
President |
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Managing Director |
Managing Director |
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Managing director |
Managing Director |
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Managing director |
Managing Director |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Executive |
Other |
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Annual Profit & Loss
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|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
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Consolidated |
No |
No |
No |
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Total income |
299.4 |
350.9 |
324.6 |
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Net sales |
267.0 |
338.1 |
317.5 |
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Other operating income |
21.4 |
1.8 |
2.8 |
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Raw materials and consumables employed |
133.6 |
170.8 |
151.5 |
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Other expenses |
55.8 |
59.1 |
61.3 |
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Total payroll costs |
51.3 |
56.6 |
50.4 |
|
Fixed asset depreciation and amortisation |
11.4 |
14.2 |
14.3 |
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Other operating costs |
9.6 |
1.9 |
2.7 |
|
Net operating
income |
37.7 |
48.3 |
44.4 |
|
Total financial
income |
12.9 |
8.6 |
3.5 |
|
Total expenses |
3.9 |
4.1 |
3.6 |
|
Profit before tax |
46.8 |
52.9 |
44.2 |
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Extraordinary result |
-7.1 |
12.2 |
33.7 |
|
Profit after extraordinary items and before
tax |
39.6 |
65.1 |
77.9 |
|
Total taxation |
12.6 |
17.6 |
17.3 |
|
Net profit |
27.0 |
47.5 |
60.6 |
Annual Balance Sheet
Financials in: USD
(mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
|
Consolidated |
No |
No |
No |
|
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Total
stockholders equity |
335.2 |
346.2 |
374.3 |
|
Provision for risks |
5.0 |
7.2 |
7.6 |
|
Provision for pensions |
10.4 |
12.0 |
12.5 |
|
Other long-term liabilities |
1.2 |
2.4 |
0.3 |
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Trade creditors |
51.0 |
51.3 |
56.5 |
|
Bank loans and overdrafts |
0.4 |
5.5 |
0.4 |
|
Other current liabilities |
48.7 |
27.8 |
30.1 |
|
Accruals and deferred income |
5.3 |
5.0 |
5.3 |
|
Total current
liabilities |
105.4 |
89.7 |
92.3 |
|
Total
liabilities (including net worth) |
457.1 |
457.4 |
487.0 |
|
Intangibles |
47.2 |
47.0 |
44.3 |
|
Buildings |
1.7 |
1.5 |
1.5 |
|
Total tangible
fixed assets |
36.7 |
29.8 |
25.0 |
|
Long-term investments |
222.7 |
219.9 |
214.7 |
|
Total financial assets |
222.7 |
219.9 |
214.7 |
|
Receivables due after 1 year |
3.5 |
3.7 |
3.7 |
|
Total
non-current assets |
310.1 |
300.3 |
287.7 |
|
Finished goods |
34.4 |
27.8 |
25.4 |
|
Net stocks and work in progress |
54.4 |
44.8 |
42.4 |
|
Trade debtors |
67.4 |
70.1 |
78.0 |
|
Other receivables |
19.2 |
39.0 |
75.9 |
|
Cash and liquid assets |
4.1 |
0.9 |
0.7 |
|
Accruals |
1.7 |
2.2 |
2.2 |
|
Total current
assets |
147.0 |
157.1 |
199.2 |
|
Total assets |
457.1 |
457.4 |
487.0 |
Annual Ratios
Financials in: USD
(mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
1.40 |
1.80 |
2.20 |
|
Quick ratio |
0.90 |
1.20 |
1.70 |
|
Current liabilities to net worth |
0.00% |
0.00% |
0.00% |
|
Sales per employee |
0.29 |
0.29 |
0.29 |
|
Profit per employee |
0.04 |
0.06 |
0.07 |
|
Average wage per employee |
0.06 |
0.05 |
0.05 |
|
Net worth |
335.2 |
346.2 |
374.3 |
|
Number of employees |
707 |
845 |
841 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.66 |
|
|
1 |
Rs.100.46 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.