|
Report No. : |
353784 |
|
Report Date : |
11.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
EG S.P.A. |
|
|
|
|
Registered Office : |
Via Pavia, 6 20136 – Milano (MI) -IT- |
|
|
|
|
Country : |
Italy |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
19.03.1998 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Wholesale of pharmaceutical goods |
|
|
|
|
No. of Employee : |
From 51 to 70 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Italy |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
ITALY - ECONOMIC OVERVIEW
Italy has a diversified economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is higher. 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 132% of GDP in 2014, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and tax evasion. In 2014 economic growth and labor market conditions continued to deteriorate, with overall unemployment rising to 12.2% and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007 pre-crisis level.
|
Source
: CIA |
|
Eg S.p.a. |
|
Via Pavia, 6 |
|
20136 – Milano (MI) -IT- |
|
Fiscal Code |
: |
12432150154 |
|
Legal Form |
: |
Joint stock company |
|
start of Activities |
: |
15/06/1999 |
|
Equity |
: |
Over 2.582.254 |
|
Turnover Range |
: |
over 129.114.224 |
|
Number of Employees |
: |
from 51 to 70 |
Wholesale of pharmaceutical goods
Legal Form : Joint stock company
|
Fiscal Code : 12432150154 |
|
Chamber of Commerce no. : 1557340 of Milano since 08/05/1998 |
|
Firms' Register : MI-1998-113233 of Milano since 06/05/1998 |
|
V.A.T. Code : 12432150154 |
|
Establishment date |
: 19/03/1998 |
|
|
Start of Activities |
: 15/06/1999 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 4.500.000 |
|
|
Subscribed Capital |
: 4.500.000 |
|
|
Paid up Capital |
: 4.500.000 |
|
Legal mail : |
EGSPA@LEGALMAIL.IT |
|
Brandes |
Stefan Ulf |
|
Born in Amburgo |
( ) |
on 22/12/1967 |
- Fiscal Code : BRNSFN67T22Z112Z |
|
Residence: |
Antonio Gramsci |
, 2 |
- 20154 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
13/03/2014 |
|
Balbo Di Vinadio |
Ippolito |
|
Born in Genova |
(GE) |
on 09/06/1957 |
- Fiscal Code : BLBPLT57H09D969C |
|
Residence: |
Verona |
, 18/TER |
- 13900 |
Biella |
(BI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Attorney with special power |
06/11/2012 |
||
|
Procurator |
11/11/2015 |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Hausermann |
Enrique |
|
Born in Barcellona |
( ) |
on 31/12/1945 |
- Fiscal Code : HSRNRQ45T31Z131J |
|
Residence: |
San Sisto |
, 8 |
- 20123 |
Milano |
(MI) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
13/03/2014 |
||
|
Managing Director |
13/03/2014 |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Slegers |
Luc Maurice Godelieva |
|
Born in Mol |
( ) |
on 21/06/1953 |
- Fiscal Code : SLGLMR53H21Z103V |
|
Residence: |
Wielewaallaan |
, 40 |
Grimbergen |
- BE - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
13/03/2014 |
||
|
Board Chairman |
13/03/2014 |
|
No Prejudicial events are reported |
|
No Protests registered |
|
Pianezza |
Paolo Antonio Alfonso |
|
Born in Milano |
(MI) |
on 13/06/1952 |
- Fiscal Code : PNZPNT52H13F205A |
|
|
Residence: |
Aurelio Saffi |
, 9 |
- 20123 |
Milano |
(MI) |
- IT - |
|
||||
|
Position |
Since |
Shares Amount |
% Ownership |
|||||||||
|
Procurator |
28/04/2011 |
|||||||||||
|
Prejudicial events registered |
Distraint - 21/07/2014.
|
CASSA LOMBARDA S. P. A. |
- 21/07/2014.
|
CASSA LOMBARDA S. P. A. |
|
No Protests registered |
|
Stada Arzneimittel Ag |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Partner |
|
No Prejudicial events are reported |
|
No Protests registered |
*checkings have been performed on a national scale.
In this module are listed the companies in which members hold or
have holded positions.
|
Hausermann |
Enrique |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Crinos S.p.a. |
Milano (MI) - IT - |
03481280968 |
Managing Director |
Active |
Registered |
|
Crinos S.p.a. |
Milano (MI) - IT - |
03481280968 |
Director |
Active |
Registered |
|
Asgenia S.r.l. |
Roma (RM) - IT - |
12457321003 |
Director |
Active |
Registered |
|
Asgenia S.r.l. |
Roma (RM) - IT - |
12457321003 |
Board Chairman |
Active |
Registered |
|
Slegers |
Luc Maurice Godelieva |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
Crinos S.p.a. |
Milano (MI) - IT - |
03481280968 |
Director |
Active |
Registered |
|
Crinos S.p.a. |
Milano (MI) - IT - |
03481280968 |
Board Chairman |
Active |
Registered |
The indication "REGISTERED" as Firm Status could refer to Firms in
Liquidation, Active, Inactive.
For more information, in this case, we advise to request further
investigations.
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Stada Arzneimittel Ag |
97213070150 |
4.449.000 .Eur |
98,86 |
|
|
Bepha Beteiligungsgesellschaft Fur Pharm awerth |
97213060151 |
51.000 .Eur |
1,13 |
The Company under review has no participations in other Companies.
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
Pavia |
, 6 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
PHONE |
: 02831037 |
|
Legal mail |
: EGSPA@LEGALMAIL.IT |
|
- |
Branch |
since 25/02/2002 |
|
Pavia |
, 6 |
- 20100 |
- Milano |
(MI) |
- IT - |
|
Employees |
: 70 |
|
Fittings and Equipment for a value of 50.000 |
Eur |
|
Stocks for a value of 28.160.000 |
Eur |
CEASINGS/INCORPORATIONS/MERGES:
|
Project of merging by taking over of |
|
NPA NEW PHARMAJANI S.P.A.BREVE |
|
|
PAVIA |
, 6 |
, 20136 |
, MILANO |
(MI) |
- IT - |
|
Fiscal Code: 03757690965 |
|
Date |
Merging/splitting-up project: |
24/10/2005 |
|
The firm absorbed by merging of |
|
NPA NEW PHARMAJANI S.P.A.BREVE |
|
PAVIA |
, 6 |
, 20136 |
, MILANO |
(MI) |
- IT - |
|
Fiscal Code: 03757690965 |
|
Date |
: |
13/01/2006 |
Protests checking on the subject firm has given a negative result.
Search performed on a National Scale
|
Prejudicial Events Search Result: NEGATIVE |
Search performed on a specialized data base.
None reported, standing to the latest received edition of the Official
Publications.
Company's starting of activities dates back to 1999.
The economic-financial analysis has been made on the base of the
b/s of the latests three years.
During the last years, it achieved profits (r.o.e. 4,1% on 2014)
thanks to a progressive increase in turnover (+9,14% in 2014 compared to 2013
and +21,73% in 2013 compared to 2012).
The return on Investment in the last financial year was positive
(4,05%) falling within the field's average.
The amount of the operating result is equal to Eur. 4.996.465
showing a fall as opposed to the previous year (-81,28%).
The gross operating margin of the latest financial year is of Eur.
9.907.745 , with a -69,31% decrease.
Very good financial situation: shareholder's equity covers
short-terms debts with an indebtedness level equal to 0,72 but slighlty
increasing.
Subject can manage an equity capital funds for an amount of Eur.
66.260.643 on the same levels as the year before.
Total debts (both short and M/L term) equals Eur. 51.642.368, ,
with no sensible variation.
The company does not exceed in bank credits; payments average
period is instead slightly high (124,64 gg.) but lined up with the field's
average.
Liquidity is good (2,18)
As far as the collection of credit goes, the average is high
(121,62 days). , as it normally happens in the sector.
As far as the cash flow is concerned during the latest financial
year it amounted to Eur. 5.301.270
Subordinate employment cost is of Eur. 6.494.685, i.e. 4,31% on
total production costs. , whereas 4,01% is the incidence on sales revenues.
The incidence of the financial charges is of -0,61% on the sales
amount.
|
Complete balance-sheet for the year |
al 31/12/2014 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
162.057.115 |
|
Profit (Loss) for the period |
2.719.708 |
|
Complete balance-sheet for the year |
al 31/12/2013 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
148.475.954 |
|
Profit (Loss) for the period |
17.534.946 |
|
Complete balance-sheet for the year |
al 31/12/2012 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
121.962.770 |
|
Profit (Loss) for the period |
15.612.431 |
|
Complete balance-sheet for the year |
al 31/12/2011 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
107.853.856 |
|
Profit (Loss) for the period |
10.997.851 |
|
Complete balance-sheet for the year |
al 31/12/2010 |
(in Eur |
x 1) |
|
Item Type |
Value |
|
Sales |
94.536.909 |
|
Profit (Loss) for the period |
11.159.131 |
From our constant monitoring of the relevant Public Administration
offices, no more recent balance sheets result to have been filed.
|
- Balance Sheet as at 31/12/2014 - 12 Mesi - Currency: - Amounts
x 1 |
|
- Balance Sheet as at 31/12/2013 - 12 Mesi - Currency: - Amounts
x 1 |
|
- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts
x 1 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Value Type |
as at 31/12/2014 |
as at 31/12/2013 |
as at 31/12/2012 |
Sector Average |
|
|
COMPOSITION ON INVESTMENT |
|||||
|
Rigidity Ratio |
Units |
0,08 |
0,10 |
0,10 |
0,09 |
|
Elasticity Ratio |
Units |
0,91 |
0,89 |
0,89 |
0,89 |
|
Availability of stock |
Units |
0,23 |
0,31 |
0,26 |
0,26 |
|
Total Liquidity Ratio |
Units |
0,68 |
0,58 |
0,63 |
0,54 |
|
Quick Ratio |
Units |
0,03 |
0,02 |
0,02 |
0,03 |
|
COMPOSITION ON SOURCE |
|||||
|
Net Short-term indebtedness |
Units |
0,72 |
0,71 |
1,10 |
3,95 |
|
Self Financing Ratio |
Units |
0,54 |
0,55 |
0,45 |
0,17 |
|
Capital protection Ratio |
Units |
0,89 |
0,65 |
0,56 |
0,62 |
|
Liabilities consolidation quotient |
Units |
0,01 |
0,01 |
0,01 |
0,10 |
|
Financing |
Units |
0,78 |
0,76 |
1,14 |
4,85 |
|
Permanent Indebtedness Ratio |
Units |
0,54 |
0,55 |
0,46 |
0,29 |
|
M/L term Debts Ratio |
Units |
0,00 |
0,00 |
0,01 |
0,07 |
|
Net Financial Indebtedness Ratio |
Units |
0,00 |
0,00 |
0,04 |
1,04 |
|
CORRELATION |
|||||
|
Fixed assets ratio |
Units |
6,45 |
5,47 |
4,50 |
2,37 |
|
Current ratio |
Units |
2,18 |
2,16 |
1,74 |
1,18 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
1,63 |
1,41 |
1,24 |
0,80 |
|
Structure's primary quotient |
Units |
6,39 |
5,42 |
4,45 |
1,48 |
|
Treasury's primary quotient |
Units |
0,08 |
0,06 |
0,04 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
186,40 |
183,07 |
222,27 |
602,26 |
|
Current Capital ( net ) |
Value |
60.859.067 |
55.800.748 |
38.775.929 |
191.984 |
|
RETURN |
|||||
|
Return on Sales |
% |
3,27 |
13,49 |
14,35 |
2,03 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
4,10 |
27,60 |
33,94 |
6,31 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
6,08 |
40,97 |
50,05 |
17,00 |
|
Return on Investment ( R.O.I. ) |
% |
4,05 |
22,95 |
23,01 |
4,18 |
|
Return/ Sales |
% |
3,08 |
17,98 |
19,29 |
3,46 |
|
Extra Management revenues/charges incid. |
% |
54,43 |
65,68 |
66,36 |
27,96 |
|
Cash Flow |
Value |
5.301.270 |
20.029.336 |
17.500.554 |
44.823 |
|
Operating Profit |
Value |
4.996.465 |
26.698.923 |
23.527.921 |
74.603 |
|
Gross Operating Margin |
Value |
9.907.745 |
32.283.759 |
28.064.775 |
111.383 |
|
MANAGEMENT |
|||||
|
Credits to clients average term |
Days |
121,62 |
133,01 |
140,87 |
113,70 |
|
Debts to suppliers average term |
Days |
124,64 |
78,54 |
92,29 |
118,14 |
|
Average stock waiting period |
Days |
62,55 |
87,37 |
77,75 |
72,90 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,31 |
1,28 |
1,19 |
1,25 |
|
Rate of stock return |
Units |
5,76 |
4,12 |
4,63 |
4,88 |
|
Labour cost incidence |
% |
4,01 |
3,84 |
3,99 |
8,14 |
|
Net financial revenues/ charges incidence |
% |
-0,61 |
-0,63 |
-0,85 |
-1,38 |
|
Labour cost on purchasing expenses |
% |
4,31 |
4,32 |
4,69 |
8,25 |
|
Short-term financing charges |
% |
1,94 |
1,95 |
2,00 |
2,76 |
|
Capital on hand |
% |
76,21 |
78,35 |
83,84 |
79,85 |
|
Sales pro employee |
Value |
802.262 |
834.134 |
2.067.165 |
397.742 |
|
Labour cost pro employee |
Value |
32.151 |
32.064 |
82.578 |
33.267 |
|
Population living in the province |
: |
3.839.216 |
|
Population living in the region |
: |
9.393.092 |
|
Number of families in the region |
: |
3.858.736 |
Monthly family expences average in the region (in Eur..) :
|
- per food products |
: |
460 |
|
- per non food products |
: |
2.090 |
|
- per energy consume |
: |
114 |
The values are calculated on a base of 9.175 significant
companies.
The companies cash their credits on an average of 114 dd.
The average duration of suppliers debts is about 118 dd.
The sector's profitability is on an average of 2,03%.
The labour cost affects the turnover in the measure of 8,14%.
Goods are held in stock in a range of 73 dd.
The difference between the sales volume and the resources used to
realize it is about 1,25.
The employees costs represent the 8,25% of the production costs.
Statistcally the trade activity shows periods of crisis.
The area is statistically considered lowly risky.
In the region 50.886 protested subjects are found; in the province
they count to 24.765.
The insolvency index for the region is 0,55, , while for the
province it is 0,66.
Total Bankrupt companies in the province : 22.523.
Total Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.79 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.73.14 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
TRU |
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.