MIRA
INFORM REPORT
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Report Date : |
11.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
OERLIKON
SAURER ARBON AG |
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Formerly Known as : |
SAURER
STICKSYSTEME AG |
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Registered Office : |
Textilstrasse
2, 9320 Arbon/TG |
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Country : |
Switzerland |
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Date of Incorporation : |
18.12.1990 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture/Wholesale of Textile Machines |
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 1.000.000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name
Oerlikon
Saurer Arbon AG
Line of Business
Sticksysteme
Legal domicile
Textilstrasse
2
9320 Arbon/TG
Switzerland
Telephone: 071
4475111
Fax: 071 4475411
Homepage: www.saurer.oerlikontextile.com
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Business connections are
permissible. |
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detail
assessment: |
payments: |
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No complaints |
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individual
credit limit*: |
EUR 1.000.000,-- |
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: 18-12-1990
First
Publication: 08-01-1991
Last
Publication: 25-02-2008
History:
Since 2007 the
company has been part of the OC Oerlikon Group (formerly Unaxis) and is part of
the segment "Oerlikon Textile".
Share
capital: 14.160.000
Paid up: 14.160.000
Divided
into: 14.160 Registered shares of 1.000
History: 25-06-2001 14.160.000 Capital increase
18-12-1990
50.000 Capital by incorporation
13.160.000 Capital increase
Direct Parent com.
Saurer AG,
9320 Arbon/TG, Switzerland/CH.
Company Management
Dr. Juerg Henz
Registered name
23-08-2007
Oerlikon Saurer Arbon AG
04-05-2006
Saurer Arbon AG
29-06-2001
Saurer Hamel AG
Previous Saurer Sticksysteme AG
Registered translations of the Company name:
English Oerlikon Saurer Arbon Ltd
French Oerlikon Saurer Arbon SA
ACTIVITY
Line of
business: Textile machines
Sector: Manufacture/Wholesale
Activity:
The company is
involved in the developement, manufacture and distribution of shuttle
embroidery machines, embroidery equipment and embroidery software.
Within the
group Oerlikon Saurer Arbon AG is part of Oerlikon Textile. Oerlikon Textile is
a total solution provider in the area of textile machines and textile plant
engineering and thus covers the entire textile value chain.
The red
Oerlikon logo unites the brand names Barmag, Neumag, Saurer (Allma, Volkmann,
Saurer and Melco Product Line), Schlafhorst (Schlafhorst, Zinser and Jinsheng
Product Line), as well as Oerlikon Textile Components.
Trading area
Switzerland,
Foreign/Abroad
Import/Export
The company is
active in Export, but not in Import.
EMPLOYEES
Number of
employees of Oerlikon Textile (full-time equivalents at year-end):
2007: 7'753
2006: 7'822
2005: 7'099
2004: 5'861
2003: 6'443
Personnel of
the Oerlikon Group at year-end:
2007: 19'349
2006: 18'735
2005: 6'434
2004: 6'844
2003: 6'456
The
significant increase of the workforce in 2006 is mainly attributable to the
acquisition of Saurer AG in autumn 2006.
PAYMENT AND FINANCIAL DATA
PAYMENT
EXPERIENCES:
Legal
actions: Information only
available against proof of interest.
The payments and
business transactions are conducted in an orderly manner.
FINANCIAL DATA:
Financial
position: The financial affairs are
considered to be in order.
Key figures (in EUR 1.000.000):
Oerlikon Saurer Textile
31.12.2007 31.12.2006
Sales 2'719.0 464.0
Operating Profit/Loss 208.0 24.0
Depreciation 69.0 11.0
Investments 84.0 27.0
Research/Development 103.0 20.0
Orders received 2'655.0 398.0
Consolidated key figures (in CHF 1.000.000):
Oerlikon Gruppe
31.12.2007 31.12.2006 31.12.2005 31.12.2004
12 Months 12 Months 12 Months 12 Months
Sales 5'629.0 2'206.0 1'605.0 1'850.0
Operating Profit/Loss 496.0 325.0 34.0 -329.0
Cost of employees 1'412.0 693.0 600.0 629.0
Depreciation 205.0 99.0
Profit/Loss 319.0 306.0 21.0 -372.0
Cash-Flow 678.0 372.0 84.0 114.0
Investments 273.0 161.0 91.0 240.0
Research/Development 274.0 149.0 148.0 180.0
Orders received 6'041.0 2'491.0 1'455.0 1'778.0
Shareholder funds 1'859.0 1'488.0 1'001.0 1'215.0
Balance sheet total 6'290.0 6'189.0 1'979.0 2'411.0
Inssured value of 4'768.0 4'780.0 1'654.0
assets
The
consolidated financial results in fiscal 2004 were substantially affected by a
heavy loss at Display Technology.
Takeover from: Hamal AG
9320 Arbon/TG
Type: Take over as a result of merger
Registered on: 25-06-2001
Contract date: 07-06-2001
Balance Sheet per: 31-12-2000
Takeover per: 12-06-2001
Assets: 14.253.527
Liabilities: 11.719.554
Issued share capital: 1.000.000
Takeover from: Societe Immobiliere Garage du
Pont-de-la-Morge SA
1964 Conthey/VS
Type: Take over as a result of merger
Registered on: 14-02-2001
Contract date: 15-12-2000
Balance Sheet per: 15-12-2000
Assets: 3.063.023
Liabilities: 3.041.600
Banker(-s)
Various major
banks local branches
Auditors
KPMG AG, Zuerich
The group owns
numerous properties in Switzerland and abroad. The acquisition values and the
net book value of the land and buildings as well as the fire insurance value of
the buildings amount to (at at 31 December, in CHF):
Acquistion
value Book value
Insurance value
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2007 839.000.000.-- 622.000.000.-- 1.549.000.000.--
2006 866.000.000.-- 643.000.000.-- 1.636.000.000.--
Fiscal
taxation: No information is
available due to the local tax authority regulation.
COMPANY AND PERSON RELATIONS
COMPANY
CONNECTIONS:
Direct Parent com.:
Saurer AG,
9320 Arbon/TG, Switzerland/CH.
Ultimate Parent com.:
OC Oerlikon
Corporation AG, 8807 Freienbach/SZ, Switzerland/CH.
The registered
shares of OC Oerlikon Corporation AG are traded on the SWX Swiss Exchange. The
latter controls 100% of the share capital of Saurer AG.
Primary
shareholders (share ownership in %) of OC Oerlikon Corporation
AG (status
June 2008):
- Victory
Industriebeteiligung AG, Vienna, Austria (26.32%)
- Renova
Industries Ltd, Zurich (24.99%), beneficial ownership:
Victor F.
Vekselberg, Moscow and Zurich)
- Deutsche
Bank Group (15.62%)
The equity
holding company Victory is controlled by Austrian investor Ronny Pecik.
Oerlikon is
one of the world's most successful high-tech industrial groups specializing in
machine and plant engineering. The company is a leader in the field of
industrial solutions and innovative technologies for textile manufacture,
thin-film solar and thin-film coating, drive, precision and vacuum systems.
Investments:
In the group
are approximately 140 companies, of
which 21 are
in Switzerland and 119 abroad.
BOARD OF DIRECTORS:
Dr. Joerg
Eichkorn, from Germany, in
Horgen/ZH/Switzerland,
President,
collective signature.
Bjoern Istvan
Bajan, from Preles, in
Schindellegi/SZ/Switzerland,
Member,
collective signature.
Dr. Uwe
Krueger, from Germany, in
Waedenswil/ZH/Switzerland,
Member,
collective signature.
MANAGEMENT:
Hans Abegglen,
from Iseltwald, in
Arbon/TG/Switzerland,
Authorised
signatory, collective signature.
Dr. Juerg
Henz, from Baerschwil, in
Zuzwil/SG/Switzerland,
Authorised
signatory, collective signature.
Dr. Werner
Heuberger, from Wuppenau, St.
Gallen-Rotmonten,
in Kronbuehl/SG/Switzerland,
Authorised
signatory, collective signature.
Walter Kobler,
from Oberriet SG, in
Arbon/TG/Switzerland,
Authorised
signatory, collective signature.
Daniel Lutz,
from Rheineck, in
Eggersriet/SG/Switzerland,
Authorised
signatory, collective signature.
Karl Maager,
from St. Gallen, in
Wil/SG/Switzerland,
Authorised
signatory, collective signature.
Beat Maeusli,
from Grosshoechstetten, in
Abtwil/AG/Switzerland,
Authorised
signatory, collective signature.
Christof Naier,
from Austria, in Lustenau/Austria,
Authorised
signatory, collective signature.
PERSONNEL INFORMATION
The top-level
members of the management enjoy a good reputation in business affairs.
FURTHER MANDATES
Dr. Joerg
Eichkorn:
- OC Oerlikon
Corporation AG, Pfaeffikon, Freienbach
- OC Oerlikon
Management AG, Pfaeffikon, Freienbach
- Oerlikon
Assembly Equipment AG, Steinhausen, Steinhausen
- Oerlikon
Space AG, Zuerich
- Saurer AG,
Arbon
etc.
COMMENTS
The further
evolution under the new ownership remains to be 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. |
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%)