MIRA INFORM REPORT

 

 

Report Date :

11.08.2011

 

IDENTIFICATION DETAILS

 

Name :

ITEMA (SWITZERLAND) LTD.

 

 

Registered Office :

Binzackerstrasse 41 8620 Wetzikon Switzerland/CH

 

 

Country :

Switzerland

 

 

Date of Incorporation :

01.07.1988

 

 

Com. Reg. No.:

020.3.925.478-4 / 445771

 

 

Legal Form :

Company limited by shares

 

 

Line of Business :

Manufacture of machinery for textile, apparel and leather production

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

CHF 600'000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Switzerland

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Name and address

 

ITEMA (Switzerland) Ltd.

 

Operating address:

Binzackerstrasse 41

8620 Wetzikon

Switzerland/CH

 

Telephone:                    043 4882121

Fax:                             043 4882101

 

Web site:                      http://www.itemagroup.com

E-mail:                         info@itemagroup.com

 

VAT-No.:                      CHE-105.981.424

 

 

Profile

 

Established:                  1988

Line of Business:           Financial services, Machinery

Industry Division:           Services, Manufacturing

Industry-code (NACE):   6420       Activities of holding companies

                                    2894       Manufacture of machinery for textile, apparel and leather production

Import/Export:               Export

Export sales:                98.0%

Quality certification:       ISO 9001:2000

Banks:                         UBS Ltd

                                    CS Credit Suisse

 

 

Operational Figures

 

Coverage:                     Company

Figures:                        approximately

Employees:                  500

 

 

Activity

 

The business activities includes the development, manufacture and sale of textile machinery and accessories and related services. It branches, representative offices and bases exist worldwide.

 

 

Real Estate

 

Real Estate:                  It is understood that the company owns certain property.

 

 

Company Register

 

Company No:                020.3.925.478-4 / 445771

Legal form:                    Company limited by shares

Registration:                 01.07.1988

Legal status:                 active

Responsible Register:    Handelsregister des Kantons Zürich

Auditor:                        KPMG AG, Zürich

History:                        Date of Statutes: 29.11.2010

                                    Date of Statutes: 25.05.2009

                                    Date of Statutes: 08.12.2008

                                    Date of Statutes: 29.09.2004

                                    Date of Statutes: 15.04.2004

                                    Date of Statutes: 02.12.2002

                                    Date of Statutes: 13.11.2002

                                    Date of Statutes: 17.12.1998

                                    Date of Statutes: 02.06.1993

                                    Date of Statutes: 18.03.1993

                                    Date of Incorporation Statutes: 20.05.1988

 

Entry          Deleted      Name

16.01.2009                    ITEMA (Suisse) SA (Name translated)

07.01.2009                    ITEMA (Switzerland) Ltd.

07.01.2009                    ITEMA (Schweiz) AG (Name translated)

07.01.2009                    ITEMA (Svizzera) SA (Name translated)

07.01.2009  16.01.2009  ITEMA (Swiss) SA (Name translated)

06.01.2003  07.01.2009  Sultex AG

06.01.2003  07.01.2009  Sultex Limited (Name translated)

06.01.2003  07.01.2009  Sultex SA (Name translated)

24.12.1998  06.01.2003  Sulzer Textil AG

24.12.1998  06.01.2003  Sulzer Textil Ltd (Name translated)

24.12.1998  06.01.2003  Sulzer Textil SA (Name translated)

24.06.1993  24.12.1998  Sulzer Ruti SA (Name translated)

24.06.1993  24.12.1998  Sulzer Ruti Limited (Name translated)

10.05.1993  24.12.1998  Sulzer Rüti AG

01.07.1988  10.05.1993  Sulzer-Rüti Textilmaschinen AG

 

Entry          Deleted      Legal domicile

09.07.2009                    Wetzikon (ZH), Switzerland

01.07.1988  09.07.2009  Rüti (ZH), Switzerland

 

Entry          Deleted      Address

09.07.2009                    Binzackerstrasse 41, 8620 Wetzikon/ZH, Switzerland/CH

06.06.1997  09.07.2009  Joweid Zentrum, 8630 Rüti/ZH, Switzerland/CH

01.07.1988  06.06.1997  Caspar Honegger-Strasse, 8630 Rüti/ZH, Switzerland/CH

 

Entry          Deleted      Capital

24.06.1993                    Share Capital CHF 75'000'000, paidup CHF 75'000'000

01.07.1988  24.06.1993  Share Capital CHF 50'000, paidup CHF 50'000

 

Entry          Deleted      Capital Structure

24.06.1993                    750'000 Registered shares of CHF 100.--

01.07.1988  24.06.1993  500 Registered shares of CHF 100.--

 

Entry          Deleted      Activity (original Language)

03.05.2004                    Die Gesellschaft bezweckt die Entwicklung, die Herstellung und den Handel von Textilmaschinen, vorwiegend Webmaschinen. Sie bezweckt ferner den Handel, die Entwicklung und die Herstellung von Ersatzteilen für die genannten Maschinen, und sie erbringt Dienstleistungen auf dem Gebiet der Textilindustrie. Die Gesellschaft ist befugt, Finanzierungs-, Sanierungs- und Interzessionsmassnahmen zugunsten von Aktionären, Konzerngesellschaften oder Dritten vorzunehmen, sowie Aktionären, Konzerngesellschaften oder Dritten Darlehen zu gewähren, wenn dies den Interessen des Konzerns förderlich ist. Die Gesellschaft kann im In- und Ausland Zweigniederlassungen errichten, sich an anderen Unternehmungen im In- und Ausland beteiligen oder solche finanzieren, gleichartige oder verwandte Unternehmungen gründen oder erwerben. Sie kann Lizenzen vergeben, Vertretungen übernehmen sowie alle Geschäfte tätigen und Verträge abschliessen, die mit dem Gesellschaftszweck in Verbindung stehen und zu dessen Förderung als nützlich erscheinen. Die Gesellschaft kann Grundeigentum im In- und Ausland erwerben.

24.06.1993  03.05.2004  Entwicklung, Herstellung und Handel von Textilmaschinen, vorwiegend Webmaschinen, ferner Handel, Entwicklung und Herstellung von Ersatzteilen für die genannten Maschinen und Erbringen von Dienstleistungen auf dem Gebiet der Textilindustrie; die Gesellschaft kann sich an anderen Unternehmungen beteiligen, Lizenzen vergeben, Vertretungen übernehmen und Grundeigentum erwerben.

01.07.1988  24.06.1993  Handel mit sowie Entwicklung und Herstellung von Textilmaschinen; kann sich an anderen Unternehmungen beteiligen und Liegenschaften erwerben.

 

Entry          Deleted      Remarks (original Language)

30.06.2009                    Merger: Übernahme der Aktiven und Passiven der Atelier de construction STEIGER SA, in Vionnaz (CH-621.3.001.120-2), mit einem Aktienkapital von CHF 1'000'000.00, einem Partizipationskapital von CHF 500'000.00 und gesetzlichen Reserven von CHF 500'000.00, gemäss Fusionsvertrag vom 18.06.2009 und Bilanz per 31.12.2008. Aktiven von CHF 20'139'397.00 und Passiven (Fremdkapital) von CHF 20'079'327.00 gehen auf die übernehmende Gesellschaft über. Gemäss Bestätigung des staatlich beaufsichtigten Revisionsunternehmens liegen Rangrücktrittserklärungen im Umfang der Unterdeckung vor. Da die übernehmende Gesellschaft sämtliche Aktien der übertragenden Gesellschaft hält, findet weder eine Kapitalerhöhung noch eine Aktienzuteilung statt.

24.06.1993                    Contribution in kind/Asset takeover: Die Gesellschaft übernimmt bei der Kapitalerhöhung vom 02.06.1993 einen Teil der Aktiven und Passiven der Sulzer AG, in Winterthur, nämlich den Unternehmensbereich "Sulzer Rüti" gemäss Aufteilungsbilanz per 01.01.1993, wonach die übernommenen Aktiven CHF 459'145'596.21 und die übernommenen Passiven CHF 359'195'596.21 betragen, wofür 749'500 Namenaktien zu CHF 100.-- ausgegeben werden.

24.06.1993                    Reports: Die Mitteilungen an die Aktionäre erfolgen durch Veröffentlichung im SHAB oder, sofern das Gesetz nicht zwingend etwas anderes bestimmt, durch eingeschriebenen Brief.

10.05.1993                    Shares: Die Übertragbarkeit der Namenaktien ist nach Massgabe der Statuten beschränkt.

01.07.1988                    Publishing authority: SHAB.

 

Entry          Deleted      Branches

09.07.2009                    Allmendweg 8, 4528 Zuchwil/SO, Switzerland/CH (Business place)

09.07.2009  12.04.2010  Joweid Zentrum  3, 8630 Rüti/ZH, Switzerland/CH (Business place)

09.07.2009  12.04.2010  Route du Simplon 20, 1895 Vionnaz/VS, Switzerland/CH (Business place)

 

 

Official Administration

 

Title                                           Name

President                                    Angelo Radici, Origin: Italy, Address: Leffe, Italy, single signature

Chief Executive                            Bernhard Cruycke, Origin: Belgium, Address: Wevelgem , Belgium, single signature, Appointment: 15.01.2010

Executive Director                        Lorenzo Cucchetto, Origin: Italy, Address: Santa Maria di Negrar , Italy, without signature, Appointment: 28.09.2010

Executive Director                        Palmiro Radici, Origin: Italy, Address: Bergamo, Italy, without signature

Executive Director                        Danilo Arizzi, Origin: Italy, Address: Albino, Italy, without signature

 

 

Management

 

Title                                           Name

Member of the management         Rolf Bosshardt, Origin: Winterthur, Muttenz, Switzerland, Address: 4802 Strengelbach/AG, Switzerland, joint signature of two

Director                                       Gerhard Käser, Origin: Melchnau, Switzerland, Address: Wangen a. d. Aare, Switzerland, joint signature of two

Director                                       Oliver Fawer, Origin: Wald, Switzerland, Address: Bellach, Switzerland, joint signature of two

Director                                       Christian Straubhaar, Origin: Zürich, Switzerland, Address: Veyrier, Switzerland, joint signature of two

Director                                       Fabio Mazzucchetti, Origin: Italy, Address: Ranica, Italy, joint signature of two, Appointment: 17.06.2011

Vice-Director                               Claudio Rinaldi, Origin: Italy, Address: Ernetschwil, Switzerland, joint signature of two

Member with procuration              Rolf Siegrist, Origin: Oberbipp, Switzerland, Address: Niederbipp, Switzerland, joint power of attorney of two, Appointment: 17.06.2011

Member with procuration              Marcel Otter, Origin: Aedermannsdorf, Switzerland, Address: Balsthal, Switzerland, joint power of attorney of two

Member with procuration              Aleksander Landau, Origin: Voketswil, Switzerland, Address: Rappersil-Jona, Switzerland, joint power of attorney of two

Member with procuration              Rolf Güntensperger, Origin: Eschenbach, Switzerland, Address: Rappersil-Jona, Switzerland, joint power of attorney of two

Member with procuration              Urs Scheidegger, Origin: Huttwil, Switzerland, Address: Kirchberg/BE, Switzerland, joint power of attorney of two

 

 

Executive board

 

Title                                           Name

Chief Executive Officer                 Bernhard Cruycke

 

 

Ultimate Parent Company

 

Name:                          ITEMA Holding S.p.A.

City/Country:                 Colzate, Italy/IT

 

 

Owner/-s

 

No. of Owner/-s:            1

Owner:                         The company is foreign owned.

 

Class:                          100%

Name:                          Promatech Spa

City/Country:                 Colzate, Italy/IT

Interest:                        100.00% voting right, 100.00% capital interest (since 2001)

 

 

Investments

 

Class:                          100%

Name:                          Heinz Linder GmbH

City/Country:                 Zuchwil, Switzerland/CH

Interest:                        100.00% voting right, 100.00% capital interest (since 25.05.2010)

 

Class:                          100%

Name:                          ITEMA Weaving (Japan) Limited

City/Country:                 Osaka, Japan/JP

Interest:                        100.00% voting right, 100.00% capital interest

 

Class:                          100%

Name:                          Sultex-Export GmbH

City/Country:                 Rüti, Switzerland/CH

Interest:                        100.00% voting right, 100.00% capital interest

 

Class:                          50-99%

Name:                          Toyoda-Sulzer Sales Ltd

City/Country:                 Ibaraki, Japan/JP

Interest:                        51.00% voting right, 51.00% capital interest

 

Class:                          40-49%

Name:                          Toyoda-Sulzer Manufacturing Ltd

City/Country:                 Ohbu, Japan/JP

Interest:                        49.00% voting right, 49.00% capital interest

 

Class:                          10-19%

Name:                          Lakshmi Automatic Loom Works Ltd

City/Country:                 Hosur, India/IN

Interest:                        16.40% voting right, 16.40% capital interest

 

 

Remarks

 

Debt collection case:

AUG 2006: CHF 1'440.00, payment after legal demand.

JAN 2008: CHF   538.00, payment after legal demand.

DEC 2008: CHF   265.75, payment after legal demand.

AUG 2009: CHF   706.60, payment after legal demand.

 

 

Legal Actions

 

Control date       Year                       No.             Amount CHF     Status

05.11.2010          2010                           0

05.11.2010          2009                           2                       614'240.-- Opposition filed

05.11.2010          2008                           2                       100'000.-- Opposition filed

05.11.2010          2007                           0

05.11.2010          2006                           0

05.11.2010          2005                           0

 

An updated legal action check is only available against proof of interest. e.g. a copy of an enquiry letter, and order or invoice relating to the subject company.

 

 

Credit Information

 

Financial Statements:    The company does not disclose any financial statements. Third parties are not permitted any insight into the financial affairs. It is therefore difficult to make a proper assessment of the actual situation.

 

Financial Situation:        The financial situation is in order.

 

Payment experiences:   Payments are made with arranged conditions.

 

Maximum Credit:           CHF 600'000.--

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.20

UK Pound

1

Rs.73.51

Euro

1

Rs.64.76

 

 

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

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.