MIRA INFORM REPORT
|
Report Date : |
19.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MAGAZINE ZUM GLOBUS AG |
|
|
|
|
Registered Office : |
Postfach,
8957 Spreitenbach/AG |
|
|
|
|
Country : |
Switzerland |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
25.03.1907 |
|
|
|
|
Legal Form : |
Joint Stock
Company |
|
|
|
|
Line of Business : |
Retail
Trading, Department Stores, Holding Company |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
EUR 2.500.000 |
|
|
|
|
Status : |
Very Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
Name
Magazine zum Globus AG
Line of Business
Handelsartikel
Legal domicile
Industriestrasse
171
8957
Spreitenbach/AG
Business address
Postfach
8957
Spreitenbach/AG
Switzerland
Telephone: 058
4552111
Fax: 058 4552110
Homepage: www.globus.ch
|
Overall Assessment:
|
|
|
|
|
Business connections are
permissible. |
|
|
Detail
Assessment: |
Payments: |
|
|
|
No complaints |
|
|
|
Individual
Credit Limit*: |
EUR 2.500.000,-- |
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
First
Publication: 25-03-1907
Last
Publication: 16-07-2008
Created
by: The company was newly
established.
Share
capital: 33.000.000
Paid up: 33.000.000
Divided
into: 330.000 Registered shares
of 100
The transfer
of registered shares is restricted by regulations contained in Statutes.
Shareholders:
Direct Parent
com.: Migros-Genossenschafts-Bund,
8005 Zuerich/ZH,
Switzerland/CH with a share of 100.
Company
Management: Heiz Dutli
Registered
name 27-12-2006 Magazine zum Globus AG
Previous
Magazine zum Globus
Registered
translations of the Company name:
French Grands Magasins Globus SA
Italian Grandi Magazzini Globus SA
English The Globe Stores
Ltd
Registered
domicile 14-04-2003, 8957 Spreitenbach/AG
Previous, 8000 Zuerich/ZH
ACTIVITY:
Line of
business: Retail trading, department stores, holding company
Sector: Retail/Business services
Activity:
Magazine zum Globus (The Globe Stores) is a specialist retail group of companies. Today the Globus Group consists of Globus Department stores (13), Herren Globus (21 specialist menswear stores), Interio Group (20 furnishing houses) and the Office World Group (18 specialist retailers and online shop for office equipment) (status end of 2007). The Globus department stores rank among the most traditional of its kind in Switzerland.
The Globi-Verlag (publishing house) was sold to the Orell Fuessli Verlag as of 1 January 2007.
Outside
Switzerland the Globus Group was only represented with an Interio home
furnishing gallery in Stuttgart, Germany, until spring 2006.
At the same
time, the company is the mother company of the Globus Group.
Magazing Zum
Globus (The Globe Stores) is also the umbrella parent company of the Globus
Group.
Sales
distributions: Branches throughout
Switzerland.
Locations:
Points-of-sale include the Globus department stores, Interio, Herren Globus and Office World. Globus' only business location outside Switzerland since September 2005 was the Interio furnishing gallery in Stuttgart, Germany (until 2006). Effective 1 March 2005, all the 30 Oviesse fashion stores and the sales areas of the Estorel drug stores (Globest) and the Cappuccino Cafes (formerly Nannini Coffee Shops) have been acquired by the fashion house C&A.
Points of sale of the Globus Group:
2007: 72
2006: 73
2005: 74
2004: 89
2003: 184
Retail sales area in m2:
2007: 144,825
2006: 145,360
2005: 147,901
2004: 155,997
2003: 249,000
The logistics
center is located at Industriestrasse 19 in Otelfingen.
Trading
area: Switzerland, Foreign/Abroad
Import/Export: The company is active in Import and Export.
Significance: It is one of the leading companies in its
business
sector.
EMPLOYEES:
Number of
employees: over 2000
Average number
of employees of the Globus Group: 4'700 persons.
Number of
employees of the Migros Group (number of persons in average):
2007: 82'712
2006: 79'597
2005: 81'049
2004: 82'272
2003: 81'600
PAYMENT AND FINANCIAL DATA
PAYMENT EXPERIENCES:
Legal
actions: Information only available against proof of
interest with a valid 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 affairs are
considered to be in order.
Key figures (in CHF 1.000):
Magazine zum
Globus
31.12.2007
Sales 781'300.0
Consolidated key figures (in CHF 1.000):
Globus-Unternehmen
31.12.2007 31.12.2006
12 Months 12 Months
Sales 1'174'800.0 1'124'700.0
Since 2006 detailed consolidiated financial statements are no longer
being released.
Further key figures of the Globus Group in the 2007 fiscal year (in CHF
million):
Globe department stores 702,3
Herren Globus 71,6
Office World 106,1
Interio 287,4
Takeover from: SPAWELL AG
8000 Zuerich/ZH
Type: Take over of assets and liabilities
Registered on: 31-03-2008
Contract date: 06-03-2008
Balance Sheet per: 31-12-2007
Assets: 549.313
Liabilities: 642.486
Take over price: 93.173
Takeover from: Hotel & Restaurants Bristol AG Bern
3000 Bern/BE
Type: Take over of assets and liabilities
Registered on: 23-12-2005
Contract date: 20-12-2005
Balance Sheet per: 30-06-2005
Assets: 4.035.681
Liabilities: 87.175
Takeover from: ABM Au Bon Marche
8180 Buelach/ZH
Type: Take over as a result of merger
Registered on: 28-11-2003
Contract date: 31-10-2003
Balance Sheet per: 31-07-2003
Assets: 102.961.369
Liabilities: 321.860.516
Takeover from: Herren Globus AG
8957 Spreitenbach/AG
Type: Take over as a result of merger
Registered on: 28-11-2003
Contract date: 31-10-2003
Balance Sheet per: 31-07-2003
Assets: 81.876.362
Liabilities: 39.079.315
Takeover from: Interio AG
8957 Spreitenbach/AG
Type: Take over as a result of merger
Registered on: 28-11-2003
Contract date: 31-10-2003
Balance Sheet per: 31-07-2003
Assets: 169.645.999
Liabilities: 32.944.057
Banker(-s)
UBS Ltd, 8000
Zuerich
Auditors
PricewaterhouseCoopers
AG, Zuerich
Premises
The premises at
the above mentioned address are rented.
Most of the
department store properties are owned by the company
Liegenschaften-Betriebe
AG, Zurich.
Fiscal
taxation: No information is available due to the local tax
authority regulation.
COMPANY AND PERSON RELATIONS
COMPANY CONNECTIONS:
Direct Parent
com.: Migros-Genossenschafts-Bund,
8005 Zuerich/ZH,
Switzerland/CH with a share of 100.
Shareholder(s): Migros Beteiligungen AG,
Rueschlikon.
The Association
of Migros Cooperatives is controlled by 10 regional Migros societies. With a
market share of just 18,4% the Migros Group is one of Switzerland's largest
retailer.
The Globus
Group is the second largest chain of stores in Switzerland. Flagship are the
thirteen Globus department stores with products in the premium quality and
upper price category.
Investments: Approximately 136 companies belong
to the group.
Direct Investments:
Betriebsgesellschaft
Zentrum Glatt,
Wallisellen/ZH.
Liegenschaften-Betrieb
AG, Zuerich/ZH (100.0%).
Office World AG,
Zuerich/ZH (100.0%).
BOARD OF DIRECTORS:
Dr. Dieter Berninghaus,
from Germany, in
Kuesnacht/ZH/Switzerland,
President, collective
signature.
Joerg Ch. Zulauf, from
Zuerich, in
Thalwil/ZH/Switzerland,
Vice President,
collective signature.
Herbert Bolliger, from
Schmiedrued, in
Oberrohrdorf/AG/Switzerland,
Member, collective
signature.
Dr. Georg Boesch, from
Luzern, in
Zufikon/AG/Switzerland,
Member.
Thadeus Sal Henselijn,
from Netherlands, in RJ
Huzien/Netherlands,
Member.
Werner Kraettli, from
Untervaz, in
Maisprach/BL/Switzerland,
Member, collective
signature.
MANAGEMENT:
Heinz Dutli, from
Zuerich, Lommis, in
Dietlikon/ZH/Switzerland,
General Manager,
collective signature.
PERSONNEL INFORMATION:
Herbert
Bolliger, born on 23.11.1953, is married to Beatrice, ne Suter, and lives at
the Buacherstrasse 28 in 5452 Oberrohrdorf.
The top-level
members of the management enjoy a good reputation in business affairs. .
FURTHER MANDATES:
Herbert
Bolliger:
- Limmatdruck
AG, Spreitenbach
- Hotelplan
Holding AG, Opfikon
- Migros Bank,
Zug
- Migros Bank,
Zuerich
-
Migros-Genossenschaftsbund, Zuerich
etc.
Dr. Dieter
Berninghaus:
- Ex Libris
AG, Dietikon
- Hotelplan
Holding AG, Opfikon
- Interio AG,
Spreitenbach
- Le Shop
S.A., Ecublens
- Migrol AG,
Zuerich
etc.
COMMENTS
Regarding your
request on Herren Globus, Eichstrasse 27, Zurich:
Until
10.04.2003, Herren Globus AG was headquartered at the above captioned address.
Effective 31.07.2003 the latter merged with Magazine zum Globus and was
subsequently dissolved.
Today Herren
Globus is merely a business unit of Magazine zum Globus AG and no longer has
any proper corporate infrastructure at Eichstrasse 27.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.71 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.65.90 |
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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)