MIRA INFORM REPORT

 

 

Report Date :

05.03.2013

 

IDENTIFICATION DETAILS

 

Name :

THERMO FISHER SCIENTIFIC (ECUBLENS) SARL

 

 

Registered Office :

Route de Vallaire, Z.I. Ouest C Case postale 1024 Ecublens VD/VD

 

 

Country :

Switzerland

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

10.08.1984

 

 

Com. Reg. No.:

550.0.065.045-8 / 8587

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacture and sale of laboratory equipment for research in life science, biotechnology, micro and molecular biology, food development, quality control, etc.

 

 

No. of Employees :

220

 

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 :

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Switzerland

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

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 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

Company name and address

 

Thermo Fisher Scientific (Ecublens) SARL

 

Operating address:

Route de Vallaire, Z.I. Ouest C

Case postale

1024 Ecublens VD/VD

Switzerland/CH

 

Telephone:                    021 6947111

Fax:                             021 6947112

 

Web site:                      http://www.ch.fishersci.com

E-mail:                         info.ch@thermofisher.com

 

VAT-No.:                      CHE101014927

 

 

Profile

 

Established:                  1934

History:                        1934:      Established from Dr. Maurice Hasler

Line of Business:           Measurement and control technology, Financial services

Industry Division:           Manufacturing, Services

Industry-code (NACE):   2651       Manufacture of instruments and appliances for measuring, testing and navigation

                                    6420       Activities of holding companies

Import/Export:               Export

Export sales:                99.0%

Quality certification:       ISO 9001:2000 (since 1995)

Banks:                         unknown

 

 

Operational Figures

 

Coverage:                     Company

Figures:                        approximately

Employees:                  220

Sales:                          CHF 60-80 Mio

 

 

Activity

 

The business activities includes the manufacture and sale of laboratory equipment for research in life science, biotechnology, micro and molecular biology, food development, quality control, etc.

 

Real Estate

 

Information on property ownership was not available.

 

 

Company Register

 

Company No:                550.0.065.045-8 / 8587

Legal form:                    Limited Liability Company

Registration:                 10.08.1984

Legal status:                 active

Responsible Register:    Registre du commerce du canton de Vaud

History:                        Date of Statutes: 07.08.2008

 

Entry          Deleted      Name

19.08.2008                    Thermo Fisher Scientific (Ecublens) SARL

19.08.2008                    Thermo Fisher Scientific (Ecublens) LLC (Name translated)

19.08.2008                    Thermo Fisher Scientific (Ecublens) GmbH (Name translated)

                  04.07.2003  A.R.L. Applied Research Laboratories SA

04.07.2003  19.08.2008  THERMO ELECTRON SA

 

Entry          Deleted      Legal domicile

active                           Ecublens (VD), Switzerland

 

Entry          Deleted      Address

active                           Chemin de Verney 2, zone industrielle En Vallaire Ouest C, 1024 Ecublens/VD, Switzerland/CH

 

Entry          Deleted      Capital

active                           LLC Capital CHF 4'000'000, paidup CHF 4'000'000

 

Entry          Deleted      Capital Structure

active                           4'000 Participation shares of CHF 1'000.--

 

Entry          Deleted      Activity (original Language)

active                           L'exploitation d'une usine de fabrication d'appareils scientifiques, notamment de mesure et d'analyse spectrographique (pour but complet cf. statuts).

 

Entry          Deleted      Remarks (original Language)

active                           Publishing authority: Feuille officielle suisse du commerce.

active                           Reports: Communications aux associés: par écrit ou par courriel.

19.08.2008                    Change of Corporate Form: La société anonyme THERMO ELECTRON SA est transformée en société à responsabilité limitée conformément au projet de transformation du 30 juin 2008 et bilan au 31 décembre 2007, présentant des actifs de CHF 140'909'717 et des passifs envers les tiers de CHF 25'659'220, soit un actif net de CHF 115'250'497, contre attribution à l'actionnaire de 4'000 parts sociales de CHF 1'000.

 

 

Official Administration

 

Title                                           Name

General Partner                           SwissAnalytic Group GmbH (CH-270-3004968-4), Residential address: 4153 Reinach /BL, Switzerland

 

 

Management

 

Title                                           Name

General Manager                         Christian Galiana, Origin: France, Residential address: Divonnes-les-Bains, France, joint signature of two

General Manager                         Cornelis Johannes Reinhoudt , Origin: Netherlands, Residential address: 1095 Lutry/VD, Switzerland, joint signature of two, Registered since: 01.06.2011

General Manager                         Petrus van der Zande , Origin: Netherlands, Residential address: Halsteren, Netherlands, joint signature of two

Chairman of the management       Charly Marti, Origin: Alterswil FR, Switzerland, Residential address: 1270 Trélex/VD, Switzerland, joint signature of two

Member with procuration              Carla Bryois, Origin: Moudon, Switzerland, Residential address: 1000 Lausanne/VD, Switzerland, joint power of attorney of two

Member with procuration              Gérard Couderc, Origin: France, Residential address: Echichens, Switzerland, joint power of attorney of two, Registered since: 21.08.2012

 

 

External Positions

 

Title                                           Name

Auditor                                        PricewaterhouseCoopers SA, Residential address: Pully, Switzerland

 

 

Executive board

 

Title                                           Name

Chief Executive Officer                 Charly Marti

 

 

Financial Data Fisher Scientific Group

 

Consolidation:               consolidated

Industry:                       Trade/Industry

 

Fiscal year end:                                     31.12.2011        31.12.2010        31.12.2009        31.12.2008        31.12.2007

Number of months:                                       12                    12                    12                    12                    12

Currency:                                                mil. USD           mil. USD           mil. USD           mil. USD           mil. USD

 

Balance Sheet

Intangible fixed assets                                  19'803.9            15'311.7            15'319.9            15'100.9

Tangible fixed assets                                     1'656.2              1'408.6             1'333.4              1'275.3

other fixed assets                                            551.7                494.1                440.8                367.9

Fixed assets                                               22'011.8            17'214.4            17'094.1            16'744.1

Stocks                                                          1'355.4              1'175.1             1'131.4              1'171.4

Trade accounts receivable                              1'814.1              1'516.8             1'409.6              1'478.1

Liquid assets                                                 1'016.3                917.1             1'564.1              1'280.5

Securities                                                           4.3                   8.9                   7.1                   7.5

other trade accounts                                        631.8                517.1                418.7                408.4

Other current assets                                      1'652.4              1'443.1             1'989.9              1'696.4

Current assets                                               4'821.9              4'135.0             4'530.9              4'345.9

Total assets                                                26'833.7            21'349.4            21'625.0            21'090.0            21'207.4

 

Capital                                                        10'558.4            10'421.5            11'564.6            11'723.1             1'763.7

Other shareholders funds                                4'479.7              4'939.5             3'866.3              3'203.4

Total shareholders equity                              15'038.1            15'361.0            15'430.9            14'926.5            14'488.3

Other non current liabilities                             8'682.5              4'278.6             4'554.8              4'623.3

Non current liabilities                                      8'682.5              4'278.6             4'554.8              4'623.3

short term debt (financial debts)                      1'272.8                105.8                117.5                  14.8

Trade accounts payable                                    628.7                551.0                533.6                539.5

Accruals                                                       1'019.1                894.7                848.4                850.6

other accounts payable                                    192.5                158.3                139.8                135.3

other current liabilities                                    1'211.6              1'053.0                988.2                985.9

Current liabilities                                            3'113.1              1'709.8             1'639.3              1'540.2

Shareh. equity, min. interests + liabilities       26'833.7            21'349.4            21'625.0            21'090.0

 

Profit and loss account

Sales                                                          11'725.9            10'788.7            10'109.7            10'498.0

Net sales                                                    11'725.9            10'788.7            10'109.7            10'498.0

Operating revenue                                        11'725.9            10'788.7            10'109.7            10'498.0             9'746.4

Cost of goods sold                                         6'913.2              6'350.0             6'085.0              6'291.8

Gross profit                                                   4'812.7              4'438.7             4'024.7              4'206.2

Other operating expenses                               3'567.5              3'173.8             2'975.8              2'976.8

Operating result                                             1'245.2              1'264.9             1'048.9              1'229.4                974.4

Interest revenues                                               26.9                  12.5                 16.1                  51.7

other financial revenues                                      29.8                   1.2                                           4.0

Financial income                                               56.7                  13.7                 16.1                  55.7

Interest expenses                                            175.3                  84.7                118.1                151.5

other financial expenses                                                             29.3                 19.8                   5.6

Financial expenses                                          175.3                114.0                137.9                157.1

Financial result                                               -118.6               -100.3               -121.8               -101.4

Result before extraordinary items                    1'126.6              1'164.6                927.1              1'128.0

Extraordinary income                                       310.3                   2.5                                           5.5

Extraordinary expenses                                                                                       1.0

Extraordinary Result                                         310.3                   2.5                  -1.0                   5.5

Result before taxes                                        1'436.9              1'167.1                926.1              1'133.5

Taxes                                                             107.0                131.5                 75.8                152.6

Result before minority interests                       1'329.9              1'035.6                850.3                980.9                748.4

minority interests                                                                        0.0                   0.0                   0.0

Result for the financial year                             1'329.9              1'035.6                850.3                980.9

 

Cash flow

Depreciation                                                    863.5                770.0                787.3                792.7                756.8

Cash flow                                                      2'193.4              1'805.6             1'637.6              1'773.6

Cash flow from operating activities                   1'691.0              1'497.8             1'659.2              1'420.2

Investments in tangible fixed assets                   266.5                265.5                207.5                264.4

Cash flow from investing activities                   -5'142.2               -858.9               -829.5               -450.0

Cash flow from financing activities                   3'550.6             -1'295.1               -557.5               -228.4

Others                                                               -0.2                   9.2                 11.4                 -86.4

Change in liquidity                                             99.2               -647.0                283.6                655.4

Liquidity at beginning of the year                       917.1              1'564.1             1'280.5                625.1

Liquidity at end ot the year                             1'016.3                917.1             1'564.1              1'280.5

 

Notes

Material costs                                                                       5'393.6             5'157.9

Research and Development                               340.6                  84.7                246.1                249.1

Added value                                                  2'475.7              2'021.8             1'831.5              2'077.7

Working Capital                                             2'540.8              2'140.9             2'007.4              2'110.0

Sales per Employee                                            0.3                   0.3                   0.3

Gross cost land and buildings                           961.4                839.4                820.8                736.4

Gross cost other tangible fixed assets             1'677.4              1'436.5             1'251.0                538.9

Gross cost total                                             2'638.8              2'275.9             2'071.8              1'275.3

 

Employees  at year end                                  39'300               37'200              35'400                                      33'000

 

 

Ultimate Parent Company

 

Name:                          Thermo Fisher Scientific Inc

City/Country:                 Waltham/Massachusetts, United States of America/US

 

 

Owner/-s

 

No. of Owner/-s:            1

Owner:                         The company is foreign owned.

 

Class:                          100%

Name:                          SwissAnalytic Group GmbH

City/Country:                 Reinach/BL, Switzerland/CH

Interest:                        100.00% voting right, 100.00% capital interest

 

 

Investments

 

Class:                          100%

Name:                          Erie-Electroverre SA

City/Country:                 Romont FR/FR, Switzerland/CH

Interest:                        100.00% voting right, 100.00% capital interest

 

Class:                          100%

Name:                          Kendro Laboratory Products plc

City/Country:                 Cambridge, United Kingdom/GB

Interest:                        100.00% voting right, 100.00% capital interest

 

Class:                          100%

Name:                          Thermo Fisher Scientific (Johannesburg) (Proprietary) Ltd.

City/Country:                 Gauteng , South Africa/ZA

Interest:                        100.00% voting right, 100.00% capital interest

 

Class:                          100%

Name:                          Thermo Fisher Scientific (Zürich) AG

City/Country:                 Zürich/ZH, Switzerland/CH

Interest:                        100.00% voting right, 100.00% capital interest

 

 

Legal Actions

 

Control date       Year                       No.             Amount CHF     Status

19.04.2012          2012                           0

19.04.2012          2011                           0

19.04.2012          2010                           0

19.04.2012          2009                           0

19.04.2012          2008                           0

30.11.2010          2007                           0

30.11.2010          2006                           0

28.04.2009          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 considered to be good.

 

Payment experiences:   Payments are made with arranged conditions.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.05

UK Pound

1

Rs.82.75

Euro

1

Rs.71.61

 

 

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%)

 

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.