MIRA
INFORM REPORT
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Report Date : |
02.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SULTEX LIMITED |
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Registered Office : |
Joweid
Zentrum 1, Postfach 274, 8630 Rueti/ZH |
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Country : |
Switzerland |
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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 : |
Manufacture 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 : |
No Complaints |
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Litigation : |
Clear |
Name of the company
Sultex AG
Line of Business
Websysteme
Legal domicile
Joweid Zentrum
8630 Rueti/ZH
Business address
Joweid Zentrum
1
Postfach 274
8630 Rueti/ZH
Switzerland
Telephone: 055 2502121
Fax: 055 2502101
Homepage: www.sultex.com
E-Mail: contact@sultex.com
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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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No complaints |
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individual
credit limit*: |
EUR 250.000,-- |
GENERAL COMPANY DATA
OFFICIAL DATA:
Legal
form: Joint stock company
Registration: 01-07-1988
First
Publication: 28-07-1988
Last
Publication: 06-02-2008
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 prefinanced 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, Colzate, Italy/IT with a share
of 100.
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 shuttleless 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
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 the weaving
machine sector the overall group employs 1,700 people.
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
29-08-2007, in 8630 Rueti.
2005 2006 2007
No.
Amount No. Amount
No. Amount
Betreibungen None 0
None 0
None 0
Pfaendungen
Verlustscheine
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
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.
For
large-scale financial transactions the company should be capable of providing
appropriate capital guarantees or sureties.
FINANCIAL DATA:
Financial position: The financial affairs are considered to be
in order.
Financial
Statements: The company provides no financial statements.
Key figures
(in CHF 1.000):
31.12.2007
Sales 270'000.0
Sales figures
of the Itema Group in the weaving machine segment:
2007: Euro 400 million
2008: approx. Euro 400 million (budgeted)
Banker(-s)
UBS Ltd,
Credit Suisse
(CS),
Cantonal Bank
of Zurich (ZKB),
Auditors
KPMG AG,
Zuerich
Premises
The premises
at the above mentioned address are rented.
Real estate
property: No real estate is owned.
The property
in Zuchwil has been sold.
COMPANY AND PERSON RELATIONS
COMPANY CONNECTIONS:
Direct Parent
com.: Promatech SpA, Colzate, Italy/IT
with a share of 100.
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.
Direct Investments:
Atelier de construction
STEIGER SA, Vionnaz.
Itema America Ltd.,
America/US.
Itema Weaving, India/IN.
Itema Weaving, Japan/JP.
The following
companies also belong to the Promatech and Itema Group: Savio, Fimtextile and
Eutron, Italy. Promatech's most important markets are China, Turkey and Italy.
The group has about ten manufacturing
facilities.
BOARD OF DIRECTORS:
Palmiro Radici, from
Italy, in Bergamo/Italy,
President, sole
signature.
Walter Nadalin, from
Biel BE, in
Wollerau/SZ/Switzerland,
Managing Director, collective signature.
Dr. Peter R.
Altenburger, from Neuhausen am
Rheinfall, in
Zollikon/ZH/Switzerland,
Member, collective
signature.
Danilo Arizzi, from
Italy, in Albino/Italy,
Member.
Massimo Calderan, from
Wallisellen, in
Zuerich/ZH/Switzerland,
Member.
Dr. Michele Puller, from
Italy, in
Bergkamen/Germany,
Member.
Angelo Radici, from
Italy, in Leffe/Italy,
Member.
Maurizio Radici, from
Italy, in Bergamo/Italy,
Member.
Michael Rechsteiner,
from Appenzell, in
Oberweningen/ZH/Switzerland,
Member, collective
signature.
Juerg E. Wenger, from
Kirchenthurnen, in
Moerigen/BE/Switzerland,
Member, collective
signature.
MANAGEMENT:
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
Italy, in
Ernetschwil/SG/Switzerland,
Vice Director,
collective signature.
Urs Schor, from
Subingen, in
Lommiswil/SO/Switzerland,
Vice Director,
collective signature.
Flurin Valentin, from Sent, in
Jona/SG/Switzerland,
Vice Director,
collective signature.
PERSONNEL INFORMATION
Walter Nadalin
is married to Therese Nadalin, born in 1960, and lives at the address Altenbachstrasse
17f in 8832 Wollerau.
Peter R.
Altenburger is resident at the address Witellikerweg 21 in 8702 Zollikon.
He is an
Attorney-at-Law by profession.
The top-level
members of the management enjoy a good reputation in business affairs.
FURTHER MANDATES
Walter
Nadalin:
- Atelier de
construction STEIGER SA, Vionnaz
- Steiger
Participations SA, Zug
Dr. Peter
Altenburger:
- FMC
Agricultural Products International AG, Baar
- FMC
Kongsberg International AG, Baar
- FMC
Technologies AG, Baar
- Fibeau
Holding AG, Zug
- Renolit
(Schweiz) AG, Lyss
etc.
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%)