|
Report Date : |
13.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
HUGO BOSS TICINO SA |
|
|
|
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Registered Office : |
Via Sant'Apollonia 32 6877 Coldrerio/TI |
|
|
|
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Country : |
Switzerland |
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|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
21.06.1955 |
|
|
|
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Com. Reg. No.: |
524.3.000.446-8 / 43306 |
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|
|
|
Legal Form : |
Company Limited By Shares |
|
|
|
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Line of Business : |
The company is engaged in the sale of fashions of HUGO BOSS. |
|
|
|
|
No. of Employees : |
250-399 |
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Switzerland |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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
3.0% 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
safe-haven 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 1.9% in 2011 and 0.8%
in 2012. 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 is
considering 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
HUGO BOSS Ticino
SA
Operating
address:
Via Sant'Apollonia
32
6877 Coldrerio/TI
Switzerland/CH
Telephone: 0848
880033
Fax: 0848
880039
Web
site: http://www.hugoboss.com
E-mail: info@hugoboss.ch
VAT-No.: CHE105974045
Established: 1955
Line
of Business: Consumer goods wholesale
Industry
Division: Wholesale trade
Industry-code (NACE): 4642 Wholesale of clothing and footwear
Import/Export: Import, Export
Export
sales: 98,0%
Banks: unknown
Coverage: Company
Figures: estimated
Employees: 250-399
Sales: CHF 40-60 Mio
The company is engaged in the sale of
fashions of HUGO BOSS.
Real
Estate: It is understood
that the company owns certain property.
Company
No: 524.3.000.446-8 / 43306
Legal
form: Company limited
by shares
Registration: 21.06.1955
Legal
status: active
Responsible
Register: Registro di commercio del
Cantone Ticino
History: Date of Statutes:
25.10.1965
Date of
Statutes: 10.06.1985
Date of
Statutes: 28.08.1981
Date of
Statutes: 08.09.1987
Date of Incorporation
Statutes: 18.06.1955
Date of
Statutes: 15.11.2007
Date of
Statutes: 27.04.2007
Date of
Statutes: 21.07.2004
Date of
Statutes: 17.12.2003
Date of
Statutes: 07.11.2003
Date of
Statutes: 27.07.2000
Entry Deleted Name
02.05.2007 HUGO
BOSS Ticino SA
02.05.2007 HUGO
BOSS Ticino Ltd (Name translated)
02.05.2007 HUGO
BOSS Ticino AG (Name translated)
02.05.2007 HUGO
BOSS Ticino SA (Name translated)
17.08.2000 Della Croce & Ci, SA
17.08.2000 02.05.2007 Hugo Boss Industries (Svizzera) SA
17.08.2000 02.05.2007 Hugo Boss Industries (Schweiz) AG (Name
translated)
17.08.2000 02.05.2007 Hugo Boss Industries (Switzerland) Ltd. (Name
translated)
17.08.2000 02.05.2007 Hugo Boss Industries (Suisse) SA (Name
translated)
Entry Deleted Legal domicile
22.07.2004 Coldrerio,
Switzerland
17.08.2000 Besazio, Switzerland
17.08.2000 22.07.2004 Novazzano, Switzerland
Entry Deleted Address
06.09.2006 Via
Sant'Apollonia 32, 6877 Coldrerio/TI, Switzerland/CH
Entry Deleted Capital
active Share
Capital CHF 250,000, paidup CHF 250,000
Entry Deleted Capital Structure
16.11.2007 2,500
Registered shares of CHF 100.--
Entry Deleted Activity (original Language)
02.05.2007 Lo
sviluppo, l'acquisto, la distribuzione e la vendita a livello mondiale di
articoli di abbigliamento, di articoli di calzature, di bagaglio, di accessori
e di cosiddetti prodotti lifestyle in tessile e non, per uomo, donna e bambino.
Pụ occuparsi dell'amministrazione e della gestione di attività e beni
finanziari e non finanziari. Pụ acquistare, gestire e vendere beni immobili
connessi con la sua attività commerciale. Pụ partecipare ad imprese analoghe,
assumere rappresentanze del ramo ed occuparsi di tutte le operazioni atte al
conseguimento degli scopi sociali o che con gli stessi siano in rapporto
diretto o indiretto.
Entry Deleted Remarks (original Language)
active Publishing
authority: FUSC.
active Shares:
Le azioni nominative sono privilegiate quanto al diritto di voto.
02.05.2007 Merger:
ripresa di attivi e passivi della società HUGO BOSS Services (Svizzera) SA, in
Besazio (CH-524.3.000.441-0 ), secondo il contratto di fusione del 10.04.2007 e
bilancio al 31.12.2006, che presenta attivi per CHF 29'276'876.--, nei quali
sono comprese tutte le azioni della società assuntrice, e passivi verso terzi
per CHF 168'170.--, con un attivo netto di CHF 29'108'709.--. La fusione
avviene senza aumento di capitale visto che gli azionisti della società
trasferente ricevono le azioni proprie della società assuntrice a seguito della
fusione.
02.05.2007 Merger:
ripresa di attivi e passivi della società Hugo Boss Shoes & Accessories SA,
in Coldrerio (CH-100.3.018.042-0), secondo contratto di fusione del 24.04.2007
e bilancio al 31.12.2006, che presenta attivi per CHF 37'375'882.--, e passivi
verso terzi per CHF 51'031'707.--, con un'eccedenza passiva di CHF
13'655'825.--. Conformemente all'attestazione di un revisore particolarmente
qualificato, la società assuntrice dispone di fondi propri liberamente
disponibili nella misura del sovraindebitamento ed inoltre dei crediti per un
ammontare almeno equivalente allo scoperto e al sovraindebitamento sono stati
postergati. La totalità del capitale azionario delle due società è detenuta
dallo stesso azionista, la fusione avviene dunque senza aumento di capitale e senza
attribuzione di azioni.
Title Name
President Christoph
Auhagen, Origin: Germany, Residential address: Stuttgart, Germany, joint
signature of two, Registered since: 15.09.2010
Chief
Executive Friedolin
Klumpp, Origin: Germany, Residential address: 6987 Caslano/TI, Switzerland,
joint signature of two
Director Paolo
Dermitzel, Origin: Massagno, Switzerland, Residential address: 6932
Breganzona/TI, Switzerland, joint signature of two
Director Mark
Alexander Langer, Origin: Germany, Residential address: Stuttgart, Germany,
joint signature of two, Registered since: 22.03.2010
Director Dr.
Markus Vischer, Origin: Basel, Switzerland, Residential address: 8001
Zürich/ZH, Switzerland, joint signature of two
Title Name
Director Francesco
Cicognani, Origin: Italy, Residential address: Fagnano Olona, Italy, joint
signature of two, Registered since: 10.06.2011
Director Davide
Corniolo, Origin: Italy, Residential address: Saltrio, Italy, joint signature
of two, Registered since: 10.06.2011
Director Anton
Magnani, Origin: Italy, Residential address: Magliaso, Switzerland, joint
signature of two
Director Claus
Mühlfeit, Origin: Germany, Residential address: 6822 Arogno/TI, Switzerland,
joint signature of two
Member
with procuration Kerstin
Germann, Origin: Jonschwil, Switzerland, Residential address: Monte Carasso,
Switzerland, joint power of attorney of two
Title Name
Auditor Ernst
& Young AG, Residential address: Lugano, Switzerland, Id:
CH-514.9.016.936-1, Registered since: 11.05.2012
Title Name
Chief
Executive Officer Friedolin
Klumpp (frederic_klumpp@hugoboss.com)
Consolidation: unconsolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2012 31.12.2011 31.12.2010 31.12.2009 31.12.2008
Number of months: 12 12 12 12 12
Currency: th.
EUR th. EUR th. EUR th. EUR th.
EUR
Result before
minority interests 72,709.0 63,154.0 42,826.0 33,791.0 38,897.0
Total shareholders
equity 96,000.0 86,817.0 74,034.0 60,894.0 66,364.0
Employees at year end 380 380 360 300 300
Employees inland 380 380 360 300 300
Employees abroad 0 0 0 0 0
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2012 31.12.2011 31.12.2010 31.12.2009 31.12.2008
Number of months: 12 12 12 12 12
Currency: th.
EUR th. EUR th. EUR th. EUR th.
EUR
Statement norm: IAS IAS IAS IAS IAS
Balance Sheet
Intangible fixed
assets 142,210.0 141,098.0 126,937.0
Land and buildings 141,384.0 122,205.0 88,456.0
Other tangible
fixed assets 216,070.0 163,325.0 175,959.0
Tangible fixed
assets 357,454.0 285,530.0 264,415.0
Financial fixed
assets 14,542.0 13,744.0 20,843.0
other fixed assets 71,731.0 84,575.0 54,989.0
Fixed assets 585,937.0 524,947.0 467,184.0
Stocks 430,297.0 457,913.0 377,330.0
Trade accounts
receivable 214,899.0 174,576.0 133,365.0
Liquid assets 254,606.0 200,396.0 294,884.0
Securities 26,541.0 11,701.0 10,621.0
other trade
accounts 72,238.0 79,483.0 72,058.0
Other current
assets 353,385.0 291,580.0 377,563.0
Current assets 998,581.0 924,069.0 888,258.0
Total assets 1,584,518.0 1,449,016.0 1,355,442.0 1,065,400.0 1,161,600.0
Capital 70,400.0 28,037.0 28,037.0
Other shareholders
funds 542,920.0 471,372.0 315,768.0
Total shareholders
equity 613,320.0 499,409.0 343,805.0 202,300.0 199,000.0
Minority interests 24,587.0 23,829.0 17,416.0
long term debt
(financial debts) 63,265.0 355,042.0 514,122.0
Provisions 55,188.0 40,880.0 39,047.0
Other non current
liabilities 33,635.0 65,112.0 51,985.0
Non current
liabilities 152,088.0 461,034.0 605,154.0
short term debt
(financial debts) 332,177.0 33,464.0 18,814.0
Trade accounts
payable 227,575.0 225,145.0 187,991.0
Provisions 90,270.0 89,822.0 86,807.0
other accounts
payable 144,501.0 116,313.0 95,455.0
other current
liabilities 234,771.0 206,135.0 182,262.0
Current
liabilities 794,523.0 464,744.0 389,067.0
Shareh. equity,
min. interests + liabilities 1,584,518.0 1,449,016.0 1,355,442.0
Profit and loss
account
Net sales 2,345,854.0 2,058,841.0 1,729,446.0
Operating revenue 2,345,854.0 2,058,841.0 1,729,446.0 1,561,900.0 1,686,100.0
Cost of goods sold 892,609.0 756,552.0 661,798.0
Gross profit 1,453,245.0 1,302,289.0 1,067,648.0
Other operating
expenses 1,020,044.0 908,199.0 803,705.0
Operating result 433,201.0 394,090.0 263,943.0 158,400.0 190,100.0
Interest revenues 2,659.0 4,721.0 3,283.0
other financial
revenues 0.0 4,500.0 2,497.0
Financial income 2,659.0 9,221.0 5,780.0
Interest expenses 18,761.0 20,920.0 20,568.0
other financial
expenses 7,470.0 0.0 0.0
Financial expenses 26,231.0 20,920.0 20,568.0
Financial result -23,572.0 -11,699.0 -14,788.0
Result before
extraordinary items 409,629.0 382,391.0 249,155.0
Result before
taxes 409,629.0 382,391.0 249,155.0
Taxes 98,109.0 91,424.0 59,927.0
Result before minority
interests 311,520.0 290,967.0 189,228.0 104,000.0 112,000.0
minority interests 4,126.0 6,474.0 3,333.0
Result for the
financial year 307,394.0 284,493.0 185,895.0
Cash flow
Depreciation 91,936.0 73,420.0 70,920.0 69,100.0 61,000.0
Cash flow 403,456.0 364,387.0 260,148.0 173,100.0 172,200.0
Cash flow from
operating activities 392,402.0 301,700.0 308,334.0
Investments in
tangible fixed assets 147,800.0 108,749.0 55,584.0 48,300.0 118,800.0
Cash flow from
investing activities -171,841.0 -108,436.0 -62,024.0
Cash flow from
financing activities -166,337.0 -288,992.0 -68,236.0
Others -14.0 1,240.0 2,728.0
Change in
liquidity 54,210.0 -94,488.0 180,802.0
Liquidity at
beginning of the year 200,396.0 294,884.0 114,082.0
Liquidity at end
ot the year 254,606.0 200,396.0 294,884.0
Notes
Cost of employees 450,334.0 374,187.0 368,400.0 331,400.0 352,800.0
Research and
Development 63,712.0 55,399.0 47,286.0
Added value 970,660.0 476,731.0 709,043.0
Working Capital 417,621.0 407,344.0 322,704.0
Sales per Employee 197.9 187.1 173.9
Gross cost land
and buildings 256,627.0 223,374.0 136,266.0
Gross cost other
tangible fixed assets 550,293.0 461,509.0 501,979.0
Gross cost total 806,920.0 684,883.0 638,245.0
Employees average 11,303 10,365 9,318
Full time units at
year end 11,852 11,004 9,944 9,027 9,593
Name: Hugo Boss AG
City/Country: Metzingen, Germany/DE
No.
of Owner/-s: 1
Owner: The company is foreign
owned.
Class: 100%
Name: Hugo Boss AG
City/Country: Metzingen, Germany/DE
Interest: 100,00% voting right,
100,00% capital interest (since 2000)
Name: Hugo Boss Holding
Sourcing SA
City/Country: Coldrerio/TI, Switzerland/CH
Name: HUGO BOSS HONG KONG
LIMITED
City/Country: Kowloon/Hong Kong, Hong Kong/HK
Name: HUGO BOSS
International Markets AG
City/Country: Zug/ZG, Switzerland/CH
Name: HUGO BOSS Lotus Hong
Kong Ltd.
City/Country: Hong Kong, Hong Kong/HK
Name: Hugo Boss (Schweiz) AG
City/Country: Zug/ZG, Switzerland/CH
It is believed that the company has no
investments.
Control date Year No. Amount CHF Status
16.12.2008 2008 0
16.12.2008 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.
Financial
Situation: The financial situation
is good.
Payment
experiences: Payments are made with
arranged conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.94.21 |
|
Euro |
1 |
Rs.81.03 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.