MIRA
INFORM REPORT
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Report Date : |
25.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
MANOR AG |
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Registered Office : |
Postfach
337, 4005 Basel/BS |
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Country : |
Switzerland |
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Date of Incorporation : |
01.01.1924 |
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Legal Form : |
Joint Stock
Company |
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Line of Business : |
Department
Stores of Food and Non Food Items |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
EUR 2.500 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Overall
assessment: |
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Business connections are
permissible |
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Detail
assessment: |
Payments: |
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Regular |
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Individual credit limit*: |
EUR 2.500.000,-- |
Name
Manor AG
Line of Business
Kaufhaus
Legal domicile
Rebgasse 34
4058 Basel/BS
Business address
Postfach 337
4005 Basel/BS
Switzerland
Telephone: 061 6861111
Fax: 061 6811192
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: 01-01-1924
Last
Publication: 03-01-2008
Share
capital: 50.000.000
Paid up: 50.000.000
Divided
into: 50.000 Shares of 1.000
History: 30-06-1994
43.000.000
Capital
increase as a result of merger 20.000.000 Previous capital
Direct Parent com
Manor Holding SA,
1201 Geneve/GE, Switzerland/CH.
Company Management
Rolando
Benedick
Manor AG,
Basel
Registered
translations of the Company name
English Manor Ltd.
French Manor SA
ESTABLISHMENT DETAILS
Distribution
centre: Baldeggstrasse 1, 6280 Hochdorf
Distribution
centre: 4313 Moehlin
ACTIVITY
Line of
business: Department stores
Sector: Retail
Activity:
Manor AG operates many department stores throughout
Switzerland, generally with a comprehensive selection of food and non food
items. In addition, they operate "Manor Restaurants" at certain
locations.
30% of sales are generated from clothing and textile
products, in the sector Household/Liesure and Furniture/Electronics and Watches
27% and Foods/Restaurants 25%.
Until the end of 1994 these department stores
operated under various names and legal names, i.e. under Kaufmann Nordmann AG,
Kaufhaus Vialn AG, etc. Since the mentioned merger, the company trades under
the name "Manor" in the German speaking part of Switzerland.
The various department stores are supplied, inter
alia, by the Manor distribution centre
in Moehlin, Industriestrasse 7, the purchase and distribution centre 6280
Hochdorf, Baldeggstrasse 1 as well as the distribution centre (also called
Manor-Flor) at the Industriestrasse 555, in Egerkingen.
The shopping and distribution center for the home
furnishing center "Fly" is based in 4613 Rickenbach, Industrie West
24 (formerly Industriestrasse 808; address changed by the authorities). This
center conducts its business activities under the term "FLY Sitz Schweiz
MANOR AG".
Products
In all of its
major department stores Manor AG offers a comprehensive range of food and
non-food products of renown brands.
Sales distributions
Branches
throughout Switzerland.
As of
31.12.2006, the Manor Group operated 70 department stores (72 at 31.12.2005),
19 home furnishing centres ("Fly", previously Casa X) and 19 sports
shops (Athleticum).
The smallest
shop has an area of 600 square meters, and the largest department store in
Geneva covers an area of more than 17,000 square meters.
The overall
sales area is approximately 330,000 square meters.
In 2006, Manor
outsourced its billing and accounting activities which are now handled by a company
in Urdorf. Therefore invoices for Manor have to be sent to the address
"P.O. Box, 8901 Urdorf". In addition it is also important to add a
note concerning the receiver of the goods, inter alia the distribution centre
in Hochdorf, and most of the time also supplemented with a number. In Urdorf,
it is however not possible to contact Manor via telephone.
Trading
area: Switzerland
Significance: The company is of national
significance. It is one of the leading companies in its business sector.
EMPLOYEES
Number of
employees: 11.022
PAYMENT AND FINANCIAL
DATA
PAYMENT EXPERIENCES
Legal actions: Position per 28-04-2006.
Report from 28-04-2006, in 4001 Basel.
2004 2005 2006
No. Amount No. Amount No. Amount
Betreibungen 1 2.250 3 658.490 1 96
Payed 1 2.250
Rechtsvorschl. 2 658.180
Report from 28-11-2005, in 4001 Basel.
2003 2004 2005
No. Amount No. Amount No. Amount
Betreibungen 3 107.471 1 2.250 3 658.490
Rechtsvorschl. 1 105.240 2 658.180
Payed 1 269 1 2.250
Erloschen 1 1.963
Report from 03-09-2003, in 4001 Basel.
2001 2002 2003
No. Amount No. Amount No. Amount
Betreibungen None 0 None 0 1 105.440
Rechtsvorschl. 1 105.440
A current
check of the legal actions requires a document of justification with a
legitimate signature.
The payments
are made promptly and the business conduct is
considered correct
FINANCIAL DATA
Financial
position: The financial situation is considered solid.
Financial
Statements: The company does not
disclose detailed financial statements.
Key figures (in CHF 1.000.000)
Manor AG
(Manor-Warenhaeuser)
31.12.2006 31.12.2005
31.12.2004 31.12.2003
Sales
2'837.0 2'803.0 2'789.0 2'804.0
Consolidated
key figures (in CHF 1.000.000):
Manor/FLY/Athleticum
31.12.2006 31.12.2005
31.12.2004
Sales
3'131.0 3'061.0 3'045.0
Takeover
from: Manorama AG
6280 Hochdorf/LU
Type: Take over as a
result of merger
Registered
on: 30-06-1994
Balance Sheet
per: 01-01-1994
Assets: 55.080.985
Liabilities: 44.244.806
Issued share
capital: 10.000.000
Takeover
from: Nordmann AG Solothurn
4500 Solothurn/SO
Type: Take over as a result of merger
Registered
on: 30-06-1994
Balance Sheet
per: 01-01-1994
Assets: 103.505.039
Liabilities: 93.974.149
Issued share
capital: 9.000.000
Takeover
from: Kaufhaus Nordmann AG
6300 Zug/ZG
Type: Take over as a result of merger
Registered
on: 30-06-1994
Balance Sheet
per: 01-01-1994
Assets: 6.739.764
Liabilities: 2.291.664
Issued share
capital: 4.000.000
Banker(-s)
UBS Ltd, 4000
Basel sowie weitere Grossbanken
Auditors
KPMG AG, Zug
Real estate property
The company owns
an extensive number of properties. Further information was not made available.
Fiscal taxation
No information
is available due to the local tax authority regulation.
COMPANY AND PERSON
RELATIONS
COMPANY
CONNECTIONS:
Direct Parent
com.: Manor
Holding SA, 1201 Geneve/GE, Switzerland/CH.
Ultimate
Parent com.: Maus Freres SA, 1200
Geneve/GE.
Shareholder(s): Manor
Holding SA, Geneve.
The above
captioned parent companies are wholly owned by the Maus and Nordmann families.
The following companies
also belong to the Manor and the Maus-Freres Group respectively:
- Jumbo AG,
Dietlikon
- Elektro Plus
AG, Dietlikon
- City Disk
AG, Allschwil
- Athleticum
Sportsmarkets AG, Huenenberg.
- etc.
Direct
Investments: FC Basel Marketing AG, Basel/BS (87.5%).
Manor is
member of following associations:
- IG- DHS
(Interessengemeinschaft Detailhandel Schweiz)
- IGDS
(International Group of Department Stores)
- IADS
(International Association of Department Stores)
- SRF (Swiss
Retail Federation)
BOARD OF DIRECTORS
Rolando
Benedick, from Lugano, in
Arlesheim/BL/Switzerland,
President,
collective signature.
Didier Maus,
from Geneve, Ruettenen, in
Hermance/GE/Switzerland,
Vice
President, collective signature.
Thierry Halff,
from Basel, in Gy/GE/Switzerland,
Secretary,
collective signature.
Pierre-Andre
Maus, from Geneve, Ruettenen, in
Coppet/VD/Switzerland,
Member,
collective signature.
MANAGEMENT
Bertrand
Jungo, from Duedingen, Freiburg, in
Duedingen/FR/Switzerland,
General
Director, collective signature.
Jean-Claude
Ardenti, from Chandon, in
Allschwil/BL/Switzerland,
Director,
collective signature.
Luciano Ponti,
from Lugano, in
Binningen/BL/Switzerland,
Director,
collective signature.
Bruno
Schwager, from Bichelsee-Balterswil, in
Nusshof/BL/Switzerland,
Director,
collective signature.
PERSONNEL
INFORMATION:
Rolando
Benedick was born on 08.10.1956. He is married to Denise and lives at the
address Villa ai Pini, Waldstrasse 16, in Arlesheim.
The top-level
members of the managment enjoy a good reputation in business affairs.
FURTHER
MANDATES:
Rolando
Benedick:
- Barry
Callebaut AG, Zuerich
- Grandi
Magazzini Manor Sud SA, Lugano
- Freiwilliger
Museumsverein, Basel
- MCH Messe
Schweiz (Holding) AG, Basel
- Triventura
AG, Baar
etc.
COMMENTS
In 2004 and 2005 Manor didn't open any new department
stores. It has to be noted, however, that the stores in Geneva, Baden and Vevey
have been refurbished extensively in 2005. In 2006 Manor opened no new store
either, but again comprehensively renovated the Lugano- and Geneva-based
locations. Furthermore, the small department stores in Chiasso and Estavayer
were closed in 2006. In 2007, Manor is to open a store at the shopping center
Shoppyland in Schoenbuehl, canton Berne and near the station in St. Gallen. The
business at Multergasse in St. Gallen will be closed instead.
In addition,
three new department stores are to be opned in 2008 and 2009.
In the form of
a "test" the group opened 15 boutiques under the term "Yes or
No" for the young in Shanghai, China in the second half of 2004. The said
boutiques are based on the "shop-in-shop" concept and have been
integrated
into department stores and shopping centres. This pilot project was continued
in 2006. Whether the company is to expand to other cities or not, depends on
the results of these pilot projects. Information thereon is currently however
not available.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.41.96 |
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UK Pound |
1 |
Rs.83.78 |
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Euro |
1 |
Rs.65.82 |
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%)