MIRA
INFORM REPORT
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Report Date : |
10.10.2007 |
IDENTIFICATION DETAILS
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Name : |
Sultex AG |
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Registered Office : |
Postfach 274, 8630 Rueti/ZH |
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Country : |
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Date of Incorporation : |
01-07-1988 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturer of weaving machines |
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 : |
Regular |
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Litigation : |
Clear |
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Detail
assessment: |
Payments: |
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There are no complaints about the mode of payment and business
conduct. |
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Individual
credit limit*: |
EUR 250.000.-- |
Name
Sultex AG
Line of Business
Websysteme
Legal domicile
Joweid Zentrum
8630 Rueti/ZH
Business address
Postfach 274
8630 Rueti/ZH
Telephone: 055 2502121
Fax: 055 2502101
Homepage: www.sultex.com
E-Mail: contact@sultex.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
Registration: 01-07-1988
First Publication: 28-07-1988
Last Publication: 13-02-2007
Created by: The company was newly established.
History:
According to a press release
dated 27.07.2001, the Sulzer Group sold the weaving business of Sultex (fomerly
known as "Sulzer Textil") to Promatech S.P.A. (Colzate, Italy), which
is a member of the Itema Group, a north Italian family business. The sales price amounted to approximately CHF 200
Million. Sulzer Textile will carry on its activities as an independent company
but will however change its name.
The acquisition was approved by antitrust authorities effective of
01.10.2002.
In the following years the
company however suffered from heavy losses with the weaving machine production.
From 2004 until 2006 the number of employees was curtailed drastically from
1,900 to 500 jobs today. Since no liability reserve had been set up, a
pre-financed social plan did however not exist. There was allegedly a plan to
absorb around CHF 30 million from future profits to finance a social plan.
Information about whether this financing scheme has been executed is however
not available.
Share capital: 75.000.000
Paid up: 75.000.000
Divided into: 750.000
Registered shares of 100
History: 50.000
Capital by incorporation
Shareholders:
Direct Parent com.: Promatech
SpA,
Company Management: Walter
Nadalin
Registered name 10-01-2003 Sultex AG
31-12-1998 Sulzer Textil AG
Previous Sulzer-Rueti Textilmaschinen AG
Registered translations of the Company name:
English Sultex
Limited
French Sultex SA
ACTIVITY:
Line of business: Manufacture of
weaving machines
Sector:
Manufacture
Activity:
The scope of business encompasses the distribution and manufacture of
shuttle less weaving machines, accessories and correspondent services.
Sultex AG offers the broadest range of weaving machines from rapier to
projectile to multi-phase technology.
The company has been certified ISO 9001:2000.
Products:
Projectile, rapier, air-jet and multi-phase weaving machines
Sales distributions:
Representation in various countries.
Locations: Location of branches:
Zuchwil.
Trading area: International
Import/Export: The company is
active in Import and Export.
Export: 90% of total turnover
Significance: It is one of the
leading companies in its business sector.
EMPLOYEES:
Number of employees: 500
In earlier years the company employed more than 1,900 people. The staff
cuts are attributable to the bad results and several restructuring steps.
PAYMENT AND FINANCIAL DATA
PAYMENT EXPERIENCES:
Legal actions: No legal actions, distraints or loss certificates
registered.
Report from
24-01-2005, in 8630 Rueti.
2003 2004 2005
No. Amount No.
Amount No. Amount
Betreibungen None 0 None 0 None 0
Pfaendungen
Verlustscheine
Report from 20-09-2001,
in 4501 Solothurn.
Report from 15-06-2000, in
8630 Rueti.
A current check of the legal actions requires a document of
justification with a legitimate signature.
There are no complaints about the mode of payment and business conduct.
Because of the in the report mentioned circumstances, large-scale
financial transactions should be capable of providing appropriate capital
guarantees or securities.
Possible existing account relationships should be kept under strong
control.
FINANCIAL DATA:
Financial position: The financial
situation and the development remains to be followed.
Financial Statements: The company does not disclose any financial
statements.
Since the market environment has been very difficult for many years, it
is however difficult to make a proper assessment of the actual financial
situation.
Key figures (in CHF):
The new shareholders declined to provide any financials.
The last revenue figure released by the Itema Group dates back to 2003.
In this year the group generated sales of EUR 741 million.
Banker(-s): Banking connections
are not made available by the company
Auditors: KPMG Fides, Zuerich
Real estate property: Real estate is owned.
The current market prices and possible mortages of the company owned
real estates are not known.
COMPANY AND PERSON RELATIONS
COMPANY CONNECTIONS:
Direct Parent com.: Promatech
SpA,
Ultimate Parent com.: Itema Group, Italy/IT.
The new Italian owner of the company is recognized as being strong
financially and economically. The Itema Group is headed by Mr. Miro Radici. In
this holding, in which it has a stake of 75%, the Radici family organised the
textile machinery activities. Other branches of the Radici Group predominantly
produce mainly synthetic fibres and fabrics.
The subholding Promatec is active in the four following marketing
segments: weaving machines, bobbin winders, accessories and high tech
electronics.
The following companies also belong to the Promatech and Itema Group:
Promatech, Savio, Fimtextile, Eutron and S.A.A.R.. Promatech's most important
markets are
Sultex AG has further participations in companies in
BOARD OF DIRECTORS:
Palmiro Radici, from
Walter Nadalin, from
Managing Director, collective signature.
Dr. Peter R.
Altenburger, from Neuhausen am Rheinfall, in Zollikon/ZH/Switzerland,
Member, collective signature.
Danilo Arizzi, from
Dr. Ulrich
Bolleter, from Meilen, in Seuzach/ZH/Switzerland, Member.
Massimo
Calderan, from Wallisellen, in Zuerich/ZH/Switzerland, Member.
Dr. Michele Puller, from
Angelo Radici, from
Maurizio Radici, from
Michael
Rechsteiner, from Appenzell, in Oberweningen/ZH/Switzerland,
Member,
collective signature.
Juerg E.
Wenger, from Kirchenthurnen, in Moerigen/BE/Switzerland,
Member, collective signature.
MANAGEMENT:
Joerg Flueck, from Neuendorf, in Halten/SO/Switzerland,
Asst. Director, collective signature.
Beat Emch, from Lueterswil-Gaechliwil, in Eglisau/ZH/Switzerland,
Vice Director, collective signature.
Gerhard
Kaeser, from Melchnau, in Wangen an der Aare/BE/Switzerland,
Vice Director, collective signature.
Fritz Legler,
from Luchsingen, in Niederurnen/GL/Switzerland,
Vice Director, collective signature.
Claudio Rinaldi, from
Vice Director, collective signature.
Urs Schor, from Subingen, in Lommiswil/SO/Switzerland,
Vice Director, collective signature.
Rudolf
Spoerri, from Fischenthal, in Duernten/ZH/Switzerland,
Vice Director, collective signature.
Flurin Valentin, from Sent, in Jona/SG/Switzerland,
Vice Director, collective signature.
PERSONNEL INFORMATION:
Mr. Walter Nadalin lives at the address Altenbachstrasse 17f in 8832
Wollerau, together with his spouse Therese.
The top-level members of the management enjoy a good reputation.
FURTHER MANDATES:
Walter Nadalin:
- Atelier de construction STEIGER SA, Vionnaz
- Steiger Participations SA, Zug
COMMENTS:
Given the circumstances mentioned in this report, the further evolution
remains to be very closely observed.
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/normal. |
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%)