MIRA INFORM REPORT

 

 

Report Date :

09.12.2014

 

IDENTIFICATION DETAILS

 

Name :

ITEMA (SWITZERLAND) LTD.

 

 

Registered Office :

Binzackerstrasse 41, 8620 Wetzikon/ZH

 

 

Country :

Switzerland

 

 

Date of Incorporation :

01.07.1988

 

 

Com. Reg. No.:

020.3.925.478-4 / 445771

 

 

Legal Form :

Company limited by shares

 

 

Line of Business :

Engaged in Development, Manufacture and Sales of Textile Machines, Weaving Machines and their Spare Parts mainly as well as related services in the field of Textile Industry.

 

Subject product ranges includes:

·         Rapier

·         Airjet

·         Projectile

·         LoomBrowser

·         Accessories

·         Spare parts

 

 

No of Employees :

230 (2014)

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 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

 

ITEMA (Switzerland) Ltd.

 

Operating address

 

Binzackerstrasse 41

8620 Wetzikon/ZH

Switzerland/CH

 

Telephone:                   043 4882121

Fax:                             043 4882101

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

E-mail:                         info-ch@itemagroup.com

VAT-No.:                      CHE105981424

 

 

Profile

 

Established:                 1988

Line of Business:          Machinery

Industry Division:          Manufacturing

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

Import/Export:              Export

Quality certification:      ISO 9001:2000

Banks:                          UBS Ltd

                                    CS Credit Suisse

 

 

Operational Figures

 

Coverage:                    Company

Figures:                        estimated

Financial year:              2014

Employees:                  230

Sales:                          CHF 85,000,000.--

 

 

Activity

 

The business activities are the development, manufacture and sales of textile machines, weaving machines and their spare parts mainly as well as related services in the field of textile industry.

 

There are branches, representative offices and bases worldwide.

 

Subject product ranges includes:

·         Rapier

·         Airjet

·         Projectile

·         LoomBrowser

·         Accessories

·         Spare parts

 

 

Real Estate

 

Real Estate:                    It is understood that the company owns certain property.

 

 

Company Register

 

Company No:               020.3.925.478-4 / 445771

Legal form:                   Company limited by shares

Registration:                 01.07.1988

Legal status:                 active

Responsible Register:   Handelsregister des Kantons Zürich

History:                        Date of Statutes: 08.04.2014

                                    Date of Statutes: 29.11.2010

                                    Date of Statutes: 25.05.2009

                                    Date of Statutes: 08.12.2008

                                    Date of Statutes: 29.09.2004

                                    Date of Statutes: 15.04.2004

                                    Date of Statutes: 02.12.2002

                                    Date of Statutes: 13.11.2002

                                    Date of Statutes: 17.12.1998

                                    Date of Statutes: 02.06.1993

                                    Date of Statutes: 18.03.1993

                                    Date of Incorporation Statutes: 20.05.1988

 

Entry            Deleted    Name

active                           ITEMA (Switzerland) Ltd.

active                           ITEMA (Suisse) SA (Name translated)

active                           ITEMA (Schweiz) AG (Name translated)

active                           ITEMA (Svizzera) SA (Name translated)

 

Entry            Deleted    Legal domicile

active                           Wetzikon (ZH), Switzerland

 

Entry            Deleted    Address

active                           Binzackerstrasse 41, 8620 Wetzikon/ZH, Switzerland/CH

 

Entry            Deleted    Capital

26.06.2014                    Share Capital CHF 25,000,000, paidup CHF 25,000,000

                    26.06.2014  Share Capital CHF 75,000,000, paidup CHF 75,000,000

 

Entry            Deleted    Capital Structure

26.06.2014                    250,000 Registered shares of CHF 100.--

26.06.2014                    250,000 Registered shares of CHF 100.--

 

Entry            Deleted    Remarks

26.06.2014                    Capital: In the capital reduction on 08.04.2014 500'000 registered shares of CHF 100.00 each are to be cancelled and redeemed; the compliance with the regulations of Art. 734 OR is determined by public deed dated 25.06.2014

 

 

30.06.2009                    Merger:

Takeover of the assets and liabilities of the Atelier de construction STEIGER SA,in Vionnaz (CH-621.3.001.120-2 ), with a share capital of CHF 1'000'000.00 , a participation capital of CHF 500'000.00 and statutory reserves of CHF 500'000.00, pursuant to the merger agreement dated 18.06.2009 and 31.12.2008 balance sheet. Assets of CHF 20'139'397.00 and liabilities (third party liabilities) of CHF 20'079'327.00 are transferred to the acquiring company . According confirmation of the state-regulated audit company are subordinated agreements to the extent of the shortfall. Since the acquiring company holds all the shares of the transferor company, is neither a capital nor take an allotment of shares.

 

01.07.1998                    Publishing authority: SHAB (Swiss Company Register)

24.06.1993                    Contribution in kind/Asset takeover: The company takesover, with a capital increase of 02.06.1993 a part of the assets and liabilities of Sulzer AG, Winterthur, namely the division " Sulzer Ruti" according to division balance sheet as of 01.01.1993, according to which the acquired assets CHF 459'145'596.21 and liabilities assumed of CHF 359'195'596.21 for which 749'500 registered shares of CHF 100 .-- are issued.

 

24.06.1993                    Reports: The notices to shareholders are published in the SHAB (Swiss Company Register) or, if the law does not provide otherwise, by registered letter .

 

 

10.05.1993                    Shares: The transfer of registered shares is restricted by provisions in the Articles.

 

 

Official Administration

 

Title                                           Name

President                                    Angelo Radici

                                                  Citizen: Italy

                                                  Residential address: Leffe, Italy

                                                  single signature

Chief Executive                          Carlo Rogora

                                                  Citizen: Italy

                                                  Residential address: Lucca, Italy

                                                  single signature

                                                  Registered since: 30.01.2012

Director                                      Giacomo Sala

                                                  Citizen: Italy

                                                  Residential address: Osnago, Italy

                                                  joint signature of two

                                                  Registered since: 04.09.2013

Director                                      Christian Straubhaar

                                                  Citizen: Zürich, Switzerland

                                                  Residential address: Veyrier, Switzerland

                                                  joint signature of two

 

 

Management

 

Title                                           Name

Vice-Director                              Claudio Rinaldi

                                                  Citizen: Italy

                                                  Residential address: Ernetschwil, Switzerland

                                                  joint signature of two

Member with procuration             Davide Ferrante

                                                  Citizen: Italy

                                                  Residential address: Hägendorf, Switzerland

                                                  joint power of attorney of two

                                                  Registered since: 21.03.2012

Member with procuration             Rolf Güntensperger

                                                  Citizen: Eschenbach, Switzerland

                                                  Residential address: Rappersil-Jona, Switzerland

                                                  joint power of attorney of two

Member with procuration             Manfred Häfner

                                                  Citizen: Germany

                                                  Residential address: Gränichen, Switzerland

                                                  joint power of attorney of two

                                                  Registered since: 21.03.2012

Member with procuration             Gerard Hunziker

                                                  Citizen: Oberkulm, Switzerland

                                                  Residential address: Rapperswil-Jona, Switzerland

                                                  joint power of attorney of two

                                                  Registered since: 21.03.2012

Member with procuration             Beat Käser

                                                  Citizen: Melchnau, Switzerland

                                                  Residential address:  Langenthal, Switzerland

                                                  joint power of attorney of two

                                                  Registered since: 21.08.2014

Member with procuration             Rolf Siegrist

                                                  Citizen: Oberbipp, Switzerland

                                                  Residential address: Niederbipp, Switzerland

                                                  joint power of attorney of two

                                                  Registered since: 17.06.2011

 

 

External Positions

 

Title                                           Name

Auditor                                       KPMG AG

                                                  Residential address: Zürich, Switzerland

                                                  Id: CHE-106.084.881

 

Executive board

 

Title                                           Name

Chief Executive Officer               Carlo Rogora

Chief Sales Officer                     Gerard Hunziker (gerard.hunziker@itemagroup.com)

 

 

Ultimate Parent Company

 

Name:                          ITEMA S.p.A.

City/Country:                Colzate/Bologna, Italy/IT

 

 

Owner/-s

 

No. of Owner/-s:           1

Owner:                         The company is foreign owned.

 

Class:                          100%

Type:                           direct, Group-Level 1

Name:                          ITEMA S.p.A.

City/Country:                Colzate/Bologna, Italy/IT

Interest:                        100,00% voting right, 100,00% capital interest (since 2001)

 

 

Investments

 

Class:                          100%

Name:                          Sultex-Export GmbH

City/Country:                Wetzikon ZH/ZH, Switzerland/CH

Interest:                        100,00% voting right, 100,00% capital interest

 

Class:                          10-19%

Name:                          LAKSHMI AUTOMATIC LOOM WORKS LIMITED

City/Country:                Coimbatore/Tamil Nadu, India/IN

Interest:                        16,40% voting right, 16,40% capital interest

 

 

Financials

 

Balance sheet publication:        

The subject company does not publish balance sheet or turnover figures.

 

Legal Actions

 

Control date       Year                       No.             Amount CHF     Status

12.05.2014          2014                           0

31.12.2013          2013                           0

31.12.2012          2012                           0

31.12.2011          2011                           0

31.12.2010          2010                           0

31.12.2009          2009                           2                 614,240.--      Closed legal actions

31.12.2008          2008                           2                 100,000.--      Closed legal actions

31.12.2007          2007                           0

31.12.2006          2006                           0

31.12.2005          2005                           0

31.12.2004          2004                           0

31.12.2003          2003                           0

Official bankruptcy reports:

No bankruptcy publications available on the subject.

 

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.

 

 

Remarks

 

Debt collection case:

AUG 2006: CHF 1'440.00, payment after legal demand.

JAN 2008: CHF   538.00, payment after legal demand.

DEC 2008: CHF   265.75, payment after legal demand.

AUG 2009: CHF   706.60, payment after legal demand.

 

 

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 in order.

 

Payment experiences:   Payment habits are considered good.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.93

UK Pound

1

Rs.96.37

Euro

1

Rs.76.10

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MNL

 

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.