MIRA
INFORM REPORT
|
Report Date : |
21st
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
BENNINGER
AG |
|
|
|
|
Registered Office : |
Fabrikstrasse 9240 Uzwil/SG Switzerland |
|
|
|
|
Country : |
Switzerland |
|
|
|
|
Date of Incorporation : |
02-09-1997 |
|
|
|
|
Legal Form : |
Joint
stock company |
|
|
|
|
Line of Business : |
Manufacturers
of textile machine |
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear |
|
Detail assessment: |
Payments: |
|
|
|
There
are no recorded complaints on the business conduct of the company and
current liabilities are settled in an orderly manner. |
|
|
|
individual credit limit*: |
EUR
750.000.-- |
Name
Benninger
AG
Line of Business
Textilmaschinenfabrik
Legal domicile
Fabrikstrasse
9240 Uzwil/SG
Switzerland
Telephone: 071 9558585
Fax: 071
9558747
Homepage: www.benninger.ch
E-Mail:
beninfo@benninger.ch
CREDIT ADVICE
Credit
opinion: A maximum credit of EUR
750.000 is considered in order.
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
Registration: 02-09-1997
First
Publication: 08-09-1997
Last
Publication: 03-05-2006
History:
The
company dates back as far as 1859.
Share
capital: 3.000.000
Paid
up: 3.000.000
Divided
into: 30.000 Registered shares of 100
Company
Management: Franz Koller
ACTIVITY:
Line
of business: Textile machine
manufacturer
Sector: Manufacture/Commercial and
industrial services
Activity:
The
company is dedicated to the manufacturing of textile machines. The production
programme includes weaving preparation and textile finishing machines as well
as tire cord impregnation systems.
A
further operation is based in Zell in southern Germany.
The
company has been certified ISO 9001.
Marks,
Production: BENNINGER
Sales
distributions: 50 Representatives
around the world.
Trading
area: Worldwide
Import/Export: The company is active in Import and
Export.
Export: 98% of total turnover
Asia, EEC countries,
America
Import: 25% of total purchases
EEC countries
EMPLOYEES:
Number
of employees: 600
The
number of employees inlcludes around 50 trainees.
Benninger
employs approximately 700 co-workers (including trainees).
PAYMENT AND FINANCIAL DATA
PAYMENT
EXPERIENCES:
Legal
actions: Position per 07-06-2004.
Report
from 07-06-2004, in 9240 Uzwil.
2002 2003 2004
No. Amount
No. Amount No. Amount
Betreibungen None 0 2 3.129 None 0
Rechtsvorschl. 2 3.129
Report
from 07-02-2001, in 9240 Uzwil.
A
current check of the legal actions requires a document of justification with a
legitimate signature.
There
are no recorded complaints on the business conduct of the company and current
liabilities are settled in an orderly manner.
FINANCIAL
DATA:
Financial
position: The financial situation is
good.
Financial
Statements: The company does not disclose detailed financial statements.
Key
figures (in CHF 1.000):
Benninger
AG
31.12.2006 31.12.2005
31.12.2004 31.12.2003
Budget
Sales 200'000.0
230'000.0 144'000.0 144'000.0
The
sales increase in 2005 is mainly attributable to the positive market
environment.
Takeover
from: Benninger Textile Systems AG
9240 Uzwil/SG
Type: Take over of
assets and liabilities
Registered
on: 19-04-2006
Contract
date: 13-04-2006
Balance
Sheet per: 31-12-2005
Assets: 17.861.618
Liabilities: 13.574.805
Takeover
from: Benninger Holding AG
9240
Uzwil/SG
Type: Take over of assets and liabilities
Registered
on: 19-04-2006
Contract
date: 13-04-2006
Balance
Sheet per: 31-12-2005
Assets: 5.582.566
Takeover
from: Benninger Textile Systems AG
9240 Uzwil/SG
Type: Take over on incorporation
Registered
on: 02-09-1997
Balance
Sheet per: 31-12-1996
Takeover
per: 08-09-1997
Assets: 65.544.000
Liabilities: 57.544.000
Take
over price: 8.000.000
Charge
on capital: 3.000.000
As
receivable: 5.000.000
Banker(-s): Cantonal
Bank of St. Gallen, 9000 St. Gallen
UBS Ltd, 8000 Zuerich
Auditors: KPMG
Fides Peat, St. Gallen
Premises: The
premises at the above mentioned address are rented.
Benninger
owns numerous properties. Official proprietor is the Benninger Immobilien AG.
This company is the former Benninger AG, which had been operating under this
name since the beginning of September 1997.
COMPANY AND PERSON RELATIONS
COMPANY
CONNECTIONS:
Shareholder(s):
CapVis
Equity Partners AG, Zuerich/ZH (85.0%).
Management
(15.0%).
With
effect of 1 July 2005, the former parent company Benninger Textile ystems was
sold to the management and the Swiss-based equity firm apVis. Following this
transaction, the activities of the group were rganized within Benninger AG.
Direct
Investments:
Benninger
India Ltd, Mumbai, India/IN.
Benninger
SpA, Calenzano, Italy/IT.
Benninger
Textile Machinery Co. Ltd, Shanghai,
China/CN.
The
company co-operates closely with the Benninger Guss AG Uzwil. In
1996,
this company acquired the foundry business from the former
Benninger
AG. It employs 100 people.
Benninger
has subsidiaries in Italy, India, Hongkong and China.
BOARD
OF DIRECTORS:
Rolf Friedli, from Ursenbach, in
Herrliberg/ZH/Switzerland,
President, collective signature.
Franz Koller, from Appenzell, in
Kirchberg/SG/Switzerland,
Member, collective signature.
PERSONNEL
INFORMATION:
Rolf
Friedli, born in 1961, is married to Ines Friedli and lives at the address Alte
Dorfstrasse 36 in 8704 Herrliberg.
The
top-level members of the management enjoy a good reputatiion in business
affairs.
FURTHER
MANDATES:
Rolf
Friedli:
-
CapVis Equity Partners AG, Zuerich
-
ETAVIS AG, Zuerich
-
Polyusus IV AG, Uzwil
-
Polyusus VII AG, Zuerich
-
SBC Equity Partners SA, Opfikon
etc.
COMMENTS:
As
as already been referred to in this report, the Benninger Group, Benninger
Textile Systems, respectively was sold to the Swiss-based equity firm CapVis
and the management at the end of 2005.
The
further evolution under the new ownership therefore remains to be expected.
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 |