MIRA INFORM REPORT

Report Date :

14.08.2014

IDENTIFICATION DETAILS

Name :	BENNINGER AG

Registered Office :	Fabrikstrasse, 9240 Uzwil/SG

Country :	Switzerland

Year of Incorporation :	1859

Com. Reg. No.:	320.3.043.185-3 / 408376

Legal Form :	Company limited by shares

Line of Business :	· Engaged in developing and manufacturing textile finishing and cord production ranges as well as providing complete system solutions. Subject offer solutions for all important textile finishing processes and specializes in the continuous open width treatment of fabrics and interlaced yarns. Engaged in manufacturing machinery for textile, apparel and leather production

No of Employees :	200 (Estimated)

RATING & COMMENTS

MIRA’s Rating :

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 :	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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Switzerland

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 began to recover in 2010. 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 below 2% per year during 2011-13. 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

Company name

Benninger AG

Operating address

Fabrikstrasse

9240 Uzwil/SG

Switzerland/CH

Telephone: 071 9558585

Fax: 071 9558747

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

E-mail: info@benningergroup.com

VAT-No.: CHE102334085

Profile

Established: 1859

History: 1859:Established from Henrich + Jakob Benninger

Line of Business: Machinery

Industry Division: Manufacturing

Industry-code (NACE): 2894 Manufacture of machinery for textile, apparel and leather production

Import/Export: Export

Export sales: 98,0%

Quality certification: ISO 9001:2008

Banks: UBS Ltd

CS Credit Suisse

SGKB St. Galler Kantonalbank

Bayerische Vereinsbank

Operational Figures

Coverage: Company

Figures: estimated

Employees: 200

Sales: CHF 60-80 Mio

Activity

The Company develops and manufactures textile finishing and cord production ranges as well as providing complete system solutions. They offer solutions for all important textile finishing processes and specializes in the continuous open width treatment of fabrics and interlaced yarns.

Real Estate

Information on property ownership was not available.

Company Register

Company No: 320.3.043.185-3 / 408376

Legal form: Company limited by shares

Registration: 02.09.1997

Legal status: active

Responsible Register: Handelsregister des Kantons St. Gallen

History: Date of Statutes: 20.06.2006

Date of Incorporation Statutes: 29.08.1997

Entry Deleted Name

10.07.2006 Benninger SA (Name translated)

10.07.2006 Benninger Ltd (Name translated)

02.09.1997 Benninger AG

26.10.2001 10.07.2006 Benninger Co.Ltd. (Name translated)

26.10.2001 10.07.2006 Benninger S.A. (Name translated)

Entry Deleted Legal domicile

02.09.1997 Uzwil, Switzerland

Entry Deleted Address

02.09.1997 Fabrikstrasse, 9240 Uzwil/SG, Switzerland/CH

Entry Deleted Capital

02.09.1997 Share Capital CHF 3,000,000, paidup CHF 3,000,000

Entry Deleted Capital Structure

02.09.1997 30,000 Registered shares of CHF 100.--

Official Administration

Title Name

President Peter Schifferle, Origin: Döttingen, Switzerland, Residential address: Hard bei Weinfelden (Weinfelden), Switzerland, joint signature of two, Registered since: 10.07.2006

Vice-President Rolf Friedli, Origin: Ursenbach, Switzerland, Residential address: Herrliberg, Switzerland, joint signature of two, Registered since: 01.03.2006

Director Jürg Henz, Origin: Brugg, Bärschwil, Switzerland, Residential address: Zuzwil/SG, Switzerland, joint signature of two, Registered since: 27.12.2011

Director Daniel Hirschi, Origin: Rüschegg, Switzerland, Residential address: 2500 Biel/Bienne/BE, Switzerland, joint signature of two, Registered since: 16.03.2007

Director Christian Kuoni, Origin: Maienfeld, Switzerland, Residential address: Zeiningen, Switzerland, joint signature of two, Registered since: 10.07.2006

Director Boris Zoller, Origin: Au SG, Switzerland, Residential address: Unterägeri, Switzerland, joint signature of two, Registered since: 08.01.2013

Management

Title Name

Member with signing authority Carmen Hayoz, Origin: Ueberstorf, Switzerland, Residential address: Busswil (Sirnach)/TG, Switzerland, joint signature of two, Registered since: 02.09.2008

Member with signing authority Gerhard Huber, Origin: Salenstein, Switzerland, Residential address: 8268 Salenstein/TG, Switzerland, joint signature of two, Registered since: 21.07.2003

Member with procuration Guido Benz, Origin: Marbach SG, Switzerland, Residential address: Niederuzwil/SG, Switzerland, joint power of attorney of two, Registered since: 26.03.1998

Member with procuration Jürg Brander, Origin: Bütschwil, Switzerland, Residential address: 9240 Uzwil/SG, Switzerland, joint power of attorney of two, Registered since: 12.11.1999

Member with procuration Paul Dürr, Origin: Gams, Switzerland, Residential address: Oberuzwil/SG, Switzerland, joint power of attorney of two, Registered since: 04.03.1999

Member with procuration Adolf Gehrig, Origin: Degersheim, Switzerland, Residential address: Flawil, Switzerland, joint power of attorney of two, Registered since: 07.06.2004

Member with procuration Jürgen Ströhle, Origin: Austria, Residential address: Dornbirn, Austria, joint power of attorney of two, Registered since: 19.03.2001

External Positions

Title Name

Auditor Ernst & Young AG, Residential address: St. Gallen, Switzerland, Id: CH-320.9.045.654-2, Registered since: 10.07.2006

Executive board

Title Name

Chief Executive Officer Gerhard Huber

Chief Financial Officer Carmen Hayoz

Ultimate Parent Company

Name: Benninger Holding AG

City/Country: Uzwil/SG, Switzerland/CH

Owner/-s

No. of Owner/-s: 1

Owner: The company is domestic owned.

Class: 100%

Type: direct, Group-Level 1

Name: Benninger Holding AG

City/Country: Uzwil/SG, Switzerland/CH