MIRA INFORM REPORT
|
Report Date : |
04.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
NAGRAVISION S.A. |
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Registered Office : |
Route de Genève 22-24,
Case Postale 134, 1033 Cheseaux-Lausanne |
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|
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Country : |
Switzerland |
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Financials (as on) : |
31.12.2010 |
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|
|
|
Date of Incorporation : |
07.07.1999 |
|
|
|
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Com. Reg. No.: |
550.0.062.670-0 / 462417 |
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|
|
Legal Form : |
Company limited by shares |
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|
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Line of Business : |
production of digital TV-Sites and audio production |
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|
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|
No. of Employees
: |
599 |
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 1'800'000 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Exists |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Switzerland |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
Nagravision S.A.
Operating address
Route de Genève 22-24
Case Postale 134
1033
Cheseaux-Lausanne
Switzerland/CH
Telephone: 021
7320311
Fax: 021
7320300
Web site: http://www.nagra.com
E-mail: dtv@nagra.com
VAT-No.: CHE105200676
Profile
Established: 1999
Line of Business: Electro technology
Industry Division: Manufacturing
Industry-code (NACE): 2640 Manufacture of
consumer electronics
Import/Export: Import,
Export
Banks: unknown
Operational Figures
Coverage: Company
Figures: estimated
Employees: 400-599
Sales: CHF
100-200 Mio
Activity
The company is engaged in
the production of digital TV-Sites and audio production. The company also
offers integrated control access systems as well as security systems for the
Pay TV management, Multimedia service and internet access.
Real
Estate
Information on property
ownership was not available.
Company
Register
Company No: 550.0.062.670-0
/ 462417
Legal form: Company
limited by shares
Registration: 07.07.1999
Legal status: active
Responsible Register: Registre du commerce du canton de Vaud
Auditor: PricewaterhouseCoopers
SA, Pully
History: Date
of Incorporation Statutes: 30.06.1999
Entry Deleted Name
active Nagravision
S.A.
Entry Deleted Legal domicile
active Cheseaux-sur-Lausanne,
Switzerland
Entry Deleted Address
29.11.2006 Route
de Genève 22-24, 1033 Cheseaux-Lausanne/VD, Switzerland/CH
29.11.2006 Route de Genève 22, 1033
Cheseaux-sur-Lausanne/VD, Switzerland/CH
Entry Deleted Capital
active Share
Capital CHF 12'000'000, paidup CHF 12'000'000
Entry Deleted Capital Structure
active 1'200'000
Registered shares with restricted transferability of CHF 10.--
Entry Deleted Activity (original Language)
active Développement,
fabrication, intégration et vente de systèmes de communication, notamment dans
le domaine de la télévision à péage, ainsi que toute activité dans le secteur
de l'électronique (softwares et hardwares).
Entry Deleted Remarks (original Language)
active Publishing
authority: Feuille officielle suisse du commerce.
03.06.2009 Merger:
Reprise des actifs et passifs de NagraCard S.A., à Cheseaux-sur-Lausanne
(CH-550-0095594-3), selon contrat de fusion du 15 mai 2009 et bilan au 31
décembre 2008, présentant des actifs de CHF 236'343'825, des passifs envers les
tiers de CHF 243'119'521, soit un excédent de passifs de CHF 6'775'696.
Conformément à l'attestation d'un expert-réviseur agréé, des créances d'un
montant au moins équivalent au découvert et du surendettement de la société
reprenante et de la société transférante ont été postposées. La totalité du
capital-actions des deux sociétés étant détenue par le même actionnaire, la
fusion ne donne pas lieu à une augmentation du capital, ni à une attribution d'actions.
reprise des actifs et passifs de Nagra Trading SA, à Cheseaux-sur-Lausanne
(CH-550-1047788-2), selon contrat de fusion du 15 mai 2009 et bilan au 31
décembre 2008, présentant des actifs de CHF 59'990'545, des passifs envers les
tiers de CHF 51'555'579, soit un actif net de CHF 8'434'966. Conformément à
l'attestation d'un expert-réviseur agréé, des créances d'un montant au moins
équivalent au découvert et du surendettement de la société reprenante ont été
postposées. La société reprenante détenant l'ensemble des actions de la société
transférante, la fusion ne donne pas lieu à une augmentation du capital, ni à
une attribution d'actions.
22.11.2006 Merger:
Reprise des actifs et passifs de Mediacrypt AG, à Zurich (CH-020-3022466-4),
selon contrat de fusion du 6 novembre 2006 et bilan au 30 juin 2006, présentant
des actifs de CHF 2'422'000, des passifs envers les tiers de CHF 822'000, soit
un actif net de CHF 1'600'000. La société reprenante détenant l'ensemble des
actions de la société transférante, la fusion ne donne pas lieu à une
augmentation du capital, ni à une attribution d'actions.
29.06.2004 Merger:
Selon contrat de fusion du 22 juin 2004 et bilan au 31 décembre 2003, la
société reprend à titre universel et sans liquidation, au sens de l'art. 748
CO, l'actif (CHF 8'532'043) et le passif (CHF 10'742'813), soit un passif net
de CHF 2'210'770, de la société LYSIS TRADING SA, à Lausanne. La fusion a lieu
sans augmentation du capital-actions dans la mesure où la société absorbante
détient toutes les actions de la société absorbée.
06.09.2002 Capital:
Capital-actions réduit, selon l'art. 735 CO, de CHF 12'000'000 à CHF
11'132'945, la valeur nominale des 1'200'000 actions nominatives étant réduite
de CHF 10 à CHF 9.277455. Capital-actions reconstitué à CHF 12'000'000, la
valeur nominale des 1'200'000 actions nominatives étant portée de CHF 9.277455
à CHF 10.
06.09.2002 Merger:
Selon contrat de fusion du 24 juin 2002 et bilan au 31 décembre 2001, la
société reprend à titre universel et sans liquidation, au sens de l'art. 748
CO, l'actif (CHF 4'048'936) et le passif (CHF 4'915'991), soit un passif net de
CHF 867'055, de la société "LYSIS INTERNATIONAL S.A.", à Lausanne. La
fusion a lieu sans augmentation du capital-actions dans le mesure où les
actions de la société absorbante et de la société absorbée sont détenues par le
même propiétaire.
Official
Administration
Title Name
President Patrick
Foetisch, Origin: Cottens, Switzerland, Address: 1000 Lausanne/VD, Switzerland,
joint signature of two
Chief Executive André
Kudelski, Origin: Prilly, Switzerland, Address: 1095 Lutry/VD, Switzerland, single signature
Executive Director Pierre Roy, Origin: Soubey, Switzerland,
Address: Morrens/VD, Switzerland, joint signature of two
Executive Director Lucien Gani , Origin: Lausanne, Switzerland,
Address: 1009 Pully/VD, Switzerland, joint signature of two
Executive Director Charles Egli, Origin: Hinwil, Switzerland,
Address: 1091 Grandvaux/VD, Switzerland
Management
Title Name
General Director Pierre
Roy, Origin: Soubey, Switzerland, Address: Morrens/VD, Switzerland, joint
signature of two
General Manager André
Kudelski, Origin: Prilly, Switzerland, Address: 1095 Lutry/VD, Switzerland, single signature
Director Yves
Pitton, Origin: Oppens, Switzerland, Address: 1031 Mex/VD, Switzerland, joint
signature of two, Registered since: 04.02.2009
Director Mauro
Saladini, Origin: Gordola, Switzerland, Address: 1095 Lutry/VD, Switzerland,
joint signature of two, Registered since: 04.02.2009
Director John
Burke, Origin: Ireland, Address: 1296 Coppet/VD, Switzerland, joint signature
of two
Director Nicolas
Goetschmann, Origin: Locle, Switzerland, Address: 1814 La Tour-de-Peilz/VD, Switzerland, joint
signature of two
Director Aleksander
Osadzinski, Origin: United States of America, Address: Atherton, United States
of America, joint signature of two, Registered since: 04.02.2009
Vice-Director Maurice
van Riek, Origin: Netherlands, Address: 1092 Belmont-sur-Lausanne/VD,
Switzerland, joint signature of two, Registered since: 25.03.2009
Executive
board
Title Name
Chief Executive Officer André Kudelski
Chief Operating Officer Pierre Roy
Financial
Data Kudelski Group
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2010 31.12.2009 31.12.2008 31.12.2007 31.12.2006
Number of months: 12 12 12 12 12
Currency: th.
CHF th. CHF th. CHF th. CHF th.
CHF
Statement norm: IAS IAS IAS IAS IAS
Balance Sheet
Intangible fixed assets 223'511.0 236'525.0 244'709.0 214'817.0 37'846.0
Land and buildings 77'819.0 74'672.0 79'694.0 80'579.0 78'725.0
Other tangible fixed assets 68'904.0 71'174.0 85'843.0 97'017.0 70'732.0
Tangible fixed assets 146'723.0 145'846.0 165'537.0 177'596.0 149'457.0
Financial fixed assets 136'571.0 160'868.0 115'051.0 78'224.0 70'168.0
other fixed assets 0.0 0.0 0.0 0.0 0.0
Fixed assets 506'805.0 543'239.0 525'297.0 470'637.0 257'471.0
Stocks 85'703.0 82'276.0 97'350.0 93'813.0 59'778.0
Trade accounts receivable 245'458.0 292'019.0 353'932.0 260'239.0 227'039.0
Liquid assets 199'031.0 210'139.0 247'819.0 278'140.0 444'007.0
Securities 2'103.0 37'658.0 8'993.0
other trade accounts 58'086.0 82'573.0 48'757.0 78'030.0 29'571.0
Accruals 8'169.0 10'268.0 12'217.0 23'310.0 26'147.0
Other current assets 267'389.0 340'638.0 317'786.0 379'480.0 499'725.0
Current assets 598'550.0 714'933.0 769'068.0 733'532.0 786'542.0
Total assets 1'105'355.0 1'258'172.0 1'294'365.0 1'204'169.0 1'044'013.0
Capital 533'683.0 531'935.0 523'960.0 521'594.0 519'352.0
Other shareholders funds -82'873.0 -93'369.0 -61'457.0 -1'581.0 -31'010.0
Total shareholders equity 450'810.0 438'566.0 462'503.0 520'013.0 488'342.0
Minority interests 15'808.0 33'079.0 106'075.0 105'542.0 26'926.0
long term debt (financial debts) 352'899.0 388'105.0 364'180.0 324'868.0 318'516.0
Provisions 2'397.0 7'321.0 8'009.0 9'363.0 7'390.0
Other non current liabilities 38'029.0 34'076.0 32'223.0 26'080.0 21'430.0
Non current liabilities 393'325.0 429'502.0 404'412.0 360'311.0 347'336.0
short term debt (financial debts) 61'596.0 123'191.0 78'904.0 11'954.0 11'310.0
Trade accounts payable 68'623.0 78'830.0 113'701.0 70'993.0 68'705.0
Provisions 10'114.0 2'868.0 6'994.0 7'557.0 7'753.0
Accruals 73'477.0 81'599.0 104'022.0 95'005.0 68'389.0
other accounts payable 31'602.0 70'537.0 17'754.0 32'794.0 25'252.0
other current liabilities 115'193.0 155'004.0 128'770.0 135'356.0 101'394.0
Current liabilities 245'412.0 357'025.0 321'375.0 218'303.0 181'409.0
Shareh. equity, min. interests + liabilities 1'105'355.0 1'258'172.0 1'294'365.0 1'204'169.0 1'044'013.0
Profit and loss account
Net sales 1'035'172.0 1'052'343.0 1'027'506.0 925'813.0 694'340.0
Other operating revenue 34'169.0 8'433.0 9'444.0 16'722.0 61'842.0
Operating revenue 1'069'341.0 1'060'776.0 1'036'950.0 942'535.0 756'182.0
Cost of goods sold 260'220.0 321'522.0 340'477.0 261'810.0 213'975.0
Gross profit 809'121.0 739'254.0 696'473.0 680'725.0 542'207.0
Other operating expenses 699'109.0 665'908.0 677'973.0 595'293.0 392'000.0
Operating result 110'012.0 73'346.0 18'500.0 85'432.0 150'207.0
Interest revenues 2'562.0 4'768.0 10'174.0 17'023.0 15'852.0
other financial revenues 5'558.0 1'275.0 10'981.0 5'842.0 3'231.0
Financial income 8'120.0 6'043.0 21'155.0 22'865.0 19'083.0
Interest expenses 16'709.0 14'440.0 16'104.0 25'911.0 18'994.0
other financial expenses 19'900.0 4'426.0 29'643.0 0.0 0.0
Financial expenses 36'609.0 18'866.0 45'747.0 25'911.0 18'994.0
Financial result -28'489.0 -12'823.0 -24'592.0 -3'046.0 89.0
Result before extraordinary items 81'523.0 60'523.0 -6'092.0 82'386.0 150'296.0
Extraordinary Result 0.0 0.0 0.0 0.0 0.0
Result before taxes 81'523.0 60'523.0 -6'092.0 82'386.0 150'296.0
Taxes 14'846.0 9'432.0 903.0 14'938.0 11'766.0
Result before minority interests 66'677.0 51'091.0 -6'995.0 67'448.0 138'530.0
minority interests 988.0 2'111.0 7'650.0 1'352.0 2'486.0
Result for the financial year 65'689.0 48'980.0 -14'645.0 66'096.0 136'044.0
Cash flow
Depreciation 62'974.0 64'498.0 73'674.0 49'511.0 37'955.0
Cash flow 129'651.0 115'589.0 66'679.0 116'959.0 37'955.0
Cash flow from operating activities 149'146.0 135'183.0 -7'368.0 64'442.0 97'179.0
Investments in tangible fixed assets 43'388.0 27'861.0 28'832.0 33'878.0 21'968.0
Cash flow from investing activities -40'995.0 -224'221.0 -100'563.0 -192'248.0 -63'642.0
Cash flow from financing activities -108'705.0 54'427.0 91'659.0 -26'305.0 -23'156.0
Others -10'554.0 -3'069.0 -14'049.0 -11'756.0 -1'059.0
Change in liquidity -11'108.0 -37'680.0 -30'321.0 -165'867.0 9'322.0
Liquidity at beginning of the year 210'139.0 247'819.0 278'140.0 444'007.0 434'685.0
Liquidity at end ot the year 199'031.0 210'139.0 247'819.0 278'140.0 444'007.0
Notes
Material costs 260'220.0 321'522.0 340'477.0 261'810.0 213'975.0
Cost of employees 402'160.0 373'760.0 359'070.0 336'107.0 215'311.0
Added value 563'366.0 513'221.0 442'756.0 493'915.0 422'556.0
Working Capital 262'538.0 295'465.0 337'581.0 283'059.0 218'112.0
Sales per Employee 337.4 356.2 387.6 360.0 410.4
Market capitalisation 971'459.5 1'133'471.6 533'545.9 1'065'609.5 2'171'310.5
Gross cost land and buildings 122'954.0 116'056.0 94'598.0 97'694.0 90'881.0
Gross cost other tangible fixed assets 198'200.0 225'783.0 18'230.0 12'840.0 12'431.0
Gross cost total 321'154.0 341'839.0 112'828.0 110'534.0 103'312.0
Insurance value land and buildings 83'091.0 94'581.0 90'079.0 96'074.0 91'622.0
Insurance value other tang. fixed assets 136'517.0 132'765.0 128'350.0
Insurance value total 219'608.0 227'346.0 218'429.0
Employees at
year end 3'068 2'954 2'651 2'572 1'692
Ultimate
Parent Company
Name: Kudelski
S.A.
City/Country: Cheseaux-Lausanne,
Switzerland/CH
Owner/-s
No. of Owner/-s: 1
Owner: The
company is domestic owned.
Class: 100%
Name: Kudelski
S.A.
City/Country: Cheseaux-Lausanne,
Switzerland/CH
Interest: 100.00%
voting right, 100.00% capital interest (since 1999)
Investments
It is believed that the
company has no investments.
Legal
Actions
Control date Year No. Amount CHF Status
25.03.2011 2011 1 32'358.-- Opposition filed
25.03.2011 2010 0
25.03.2011 2009 0
25.03.2011 2008 0
25.03.2011 2007 1 7'695.-- Opposition filed
25.03.2011 2006 0
22.03.2010 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
1'800'000
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.23 |
|
UK Pound |
1 |
Rs.82.87 |
|
Euro |
1 |
Rs.69.13 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.