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Report Date : |
03.10.2012 |
IDENTIFICATION DETAILS
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Name : |
ALBANY
INTERNATIONAL EUROPE GMBH |
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Registered Office : |
Victor
von Bruns-Strasse 17 8212 Neuhausen am Rheinfall |
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Country : |
Switzerland |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
16.03.2007 |
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Com. Reg. No.: |
290.4.015.747-4 / 866504 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Wholesale of other machinery and equipment |
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No. of Employees : |
55 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Switzerland |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SWITZERLAND - ECONOMIC OVERVIEW
Switzerland is a peaceful, prosperous,
and modern market economy with low unemployment, a highly skilled labor force,
and a per capita GDP among the highest in the world. Switzerland's economy
benefits from a highly developed service sector, led by financial services, and
a manufacturing industry that specializes in high-technology, knowledge-based
production. Its economic and political stability, transparent legal system,
exceptional infrastructure, efficient capital markets, and low corporate tax
rates also make Switzerland one of the world's most competitive economies. The
Swiss have brought their economic practices largely into conformity with the
EU's, to enhance their international competitiveness, but some trade
protectionism remains, particularly for its small agricultural sector. The fate
of the Swiss economy is tightly linked to that of its neighbors in the euro
zone, which purchases half of all Swiss exports. The global financial crisis of
2008 and resulting economic downturn in 2009 stalled export demand and put
Switzerland in a recession. The Swiss National Bank (SNB) during this period
effectively implemented a zero-interest rate policy to boost the economy as
well as prevent appreciation of the franc, and Switzerland's economy recovered
in 2010 with 2.7% growth. The sovereign debt crises currently unfolding in
neighboring euro-zone countries pose a significant risk to Switzerland's
financial stability and are driving up demand for the Swiss franc by investors
seeking a safehaven currency. The independent SNB has upheld its zero-interest
rate policy and conducted major market interventions to prevent further
appreciation of the Swiss franc, but parliamentarians have urged it to do more
to weaken the currency. The franc's strength has made Swiss exports less
competitive and weakened the country's growth outlook; GDP growth fell to 2.1%
in 2011. Switzerland has also come under increasing pressure from individual
neighboring countries, the EU, the US, and international institutions to reform
its banking secrecy laws. Consequently, the government agreed to conform to
OECD regulations on administrative assistance in tax matters, including tax
evasion. The government has renegotiated its double taxation agreements with
numerous countries, including the US, to incorporate the OECD standard, and in
2011 it reached deals with Germany and the UK to resolve outstanding issues,
particularly the possibility of imposing taxes on bank deposits held by
foreigners. These steps will have a lasting impact on Switzerland's long
history of bank secrecy.
Source : CIA
Albany International Europe GmbH
Operating address:
Victor von Bruns-Strasse 17
8212 Neuhausen am Rheinfall
Switzerland/CH
Telephone: 052
6741111
Fax: 052
6741110
Web site: http://www.albint.com
VAT-No.: CHE113509880
Established: 2007
Line of Business: Consumer goods wholesale
Industry Division: Wholesale trade
Industry-code (NACE): 4669 Wholesale of other
machinery and equipment
Import/Export: Import,
Export
Banks: unknown
Coverage: Company
Figures: estimated
Employees: 55
Sales: CHF
20-40 Mio
The business
activities includes sales of Paper Machine Clothing of the Albany group.
Information on
property ownership was not available.
Company No: 290.4.015.747-4
/ 866504
Legal form: Limited
Liability Company
Registration: 16.03.2007
Legal status: active
Responsible Register: Handelsregister des Kantons Schaffhausen
History: Date
of Statutes: 27.03.2008
Date
of Statutes: 28.03.2007
Date
of Incorporation Statutes: 14.03.2007
Entry Deleted Name
16.03.2007 Albany
International Europe GmbH
16.03.2007 Albany
International Europe LLC (Name translated)
16.03.2007 Albany
International Europe Sàrl (Name translated)
Entry Deleted Legal domicile
16.03.2007 Neuhausen
am Rheinfall, Switzerland
Entry Deleted Address
16.03.2007 Victor
von Bruns-Strasse 17, 8212 Neuhausen am Rheinfall/SH, Switzerland/CH
Entry Deleted Capital
01.04.2008 LLC
Capital CHF 1'000'000
16.03.2007 01.04.2008 LLC Capital CHF 20'000
Entry Deleted Capital Structure
01.04.2008 10'000
Participation shares of CHF 100.--
Entry Deleted Activity (original Language)
16.03.2007 Internationaler
und insbesondere europäischer Vertrieb der von der Albany-Gruppe hergestellten
Produkte sowie die Übernahme von administrativen Aufgaben der europäischen
Gruppengesellschaften.
Entry Deleted Remarks (original Language)
01.04.2008 Reports:
Mitteilungen der Geschäftsführer an die Gesellschafter erfolgen per Brief, E-Mail
oder Telefax an die im Anteilbuch verzeichneten Adressen.
16.03.2007 Publishing
authority: SHAB.
Title Name
General Manager Daniel
Alphonse Halftermeyer, Origin: France, Residential address: 6300 Zug/ZG,
Switzerland, single signature, Registered since: 16.03.2007
Member with signing authority Christian Raymond Rietsch, Origin: France,
Residential address: Schaffhausen, Switzerland, single signature, Registered
since: 29.11.2011
Title Name
Auditor PricewaterhouseCoopers
AG, Residential address: Zürich, Switzerland
Title Name
Chief Executive Officer Daniel Alphonse Halftermeyer
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2004
Number of months: 12 12 12 12 12
Currency: mil.
USD mil.
USD mil. USD mil. USD mil. USD
Balance Sheet
Intangible fixed assets 76.5 120.0 125.2 125.0
Tangible fixed assets 439.5 488.0 514.4 536.5
Financial fixed assets 0.9 2.0 3.0 3.9
other fixed assets 207.1 161.0 210.4 184.6
Fixed assets 724.0 771.0 853.2 850.2
Stocks 133.6 156.0 172.4 206.4
Trade accounts receivable 148.9 177.0 168.8 204.1
Liquid assets 118.9 122.0 97.4 106.5
other trade accounts 105.5 52.0 52.3 37.6
Other current assets 224.4 174.0 149.8 144.2
Current assets 506.9 507.0 491.1 554.8
Total assets 1'230.9 1'278.0 1'344.3 1'405.0 1'155.8
Capital 391.5 403.0 382.7 363.9 0.3
Other shareholders funds 24.3 23.0 42.2 68.9
Total shareholders equity 415.8 426.0 425.0 432.9 550.8
long term debt (financial debts) 373.1 424.0 483.9 508.3
Other non current liabilities 271.3 263.0 250.4 253.5
Non current liabilities 644.4 687.0 734.4 761.9
short term debt (financial debts) 1.7 1.0 15.3 12.6
Trade accounts payable 33.7 44.0 52.6 74.0
Accruals 105.6 110.0 113.3 116.3
other accounts payable 29.7 10.0 3.6 7.2
other current liabilities 135.3 120.0 117.0 123.6
Current liabilities 170.7 165.0 184.9 210.2
Shareh. equity, min. interests + liabilities 1'230.9 1'278.0 1'344.3 1'405.0
Profit and loss account
Net sales 814.7 914.0 871.0 1'086.5
Operating revenue 814.7 914.0 871.0 1'086.5 919.8
Cost of goods sold 485.7 569.0 577.1 724.4
Gross profit 329.0 345.0 293.9 362.0
Other operating expenses 245.9 264.0 330.2 428.9
Operating result 83.1 81.0 -36.3 -66.9 40.5
Interest revenues 2.0 1.0 0.7 1.8
other financial revenues 0.1 4.0 50.1 0.1
Financial income 2.1 5.0 50.9 2.0
Interest expenses 20.1 18.0 21.3 25.3
other financial expenses 2.7 4.0 0.0 0.3
Financial expenses 22.8 22.0 21.4 25.6
Financial result -20.7 -17.0 29.5 -23.6
Result before extraordinary items 62.4 64.0 -6.8 -90.5
Extraordinary income 8.4 380.0 0.0 6.4
Extraordinary expenses 0.0 14.0 10.0 0.0
Extraordinary Result 8.4 366.0 -10.0 6.5
Result before taxes 70.8 430.0 -16.8 -84.0
Taxes 35.8 27.0 15.5 -5.6
Result before minority interests 35.0 403.0 -32.4 -78.3 10.4
Result for the financial year 35.0 403.0 -32.4 -78.3
Cash flow
Depreciation 57.5 54.0 60.2 59.9 55.2
Cash flow 92.5 457.0 27.9 -18.3
Cash flow from operating activities 105.3 99.0 13.9 84.0
Investments in tangible fixed assets 25.0 27.0 38.2 129.5
Cash flow from investing activities -25.8 28.0 -43.6 -87.5
Cash flow from financing activities -65.9 -93.0 22.0 51.8
Others -12.6 -9.0 -1.5 -14.9
Change in liquidity 1.0 25.0 -9.1 33.3
Liquidity at beginning of the year 117.9 97.0 106.5 73.3
Liquidity at end ot the year 118.9 122.0 97.5 106.6
Notes
Research and Development 31.1 31.0
Added value 148.4 502.0 64.7 1.4
Working Capital 248.8 289.0 288.6 336.5
Sales per Employee 0.2 0.2
Market capitalisation 1'104.4
Gross cost land and buildings 275.4 287.0
Gross cost other tangible fixed assets 907.6 922.0
Gross cost total 1'183.0 1'209.0 0.0 0.0
Employees at
year end 4'300 4'700 5'700
Offices abroad 0
Name: Albany
International Corporation
City/Country: Albany,
United States of America/US
No. of Owner/-s: 1
Owner: The
company is foreign owned.
Class: 100%
Name: Albany
International Holding (Switzerland) AG
City/Country: Baar,
Switzerland/CH
Capital share: CHF
1'000'000.--
Interest: 100.00%
voting right, 100.00% capital interest (since 16.03.2007)
Class: 100%
Name: AI
(Switzerland) GmbH
City/Country: Baar,
Switzerland/CH
Interest: 100.00%
voting right, 100.00% capital interest (since 14.07.2008)
Control date Year No. Amount CHF Status
27.08.2007 2007 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.
Debt collection
case:
DEC 2011: CHF
421.00, paid.
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: There are no objections regarding the payment of financial
obligations.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.78 |
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1 |
Rs.85.16 |
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Euro |
1 |
Rs.67.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.