MIRA INFORM REPORT

 

 

Report Date :

24.12.2014

 

IDENTIFICATION DETAILS

 

Name :

ALBANY INTERNATIONAL EUROPE GMBH

 

 

Registered Office :

Victor Von Bruns-Strasse 17 8212 Neuhausen am Rheinfall/SH

 

 

Country :

Switzerland

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

16.03.2007

 

 

Com. Reg. No.:

290.4.015.747-4 / 866504

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Wholesale of other machinery and equipment

 

 

No. of Employees :

55

 

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 :

Slow but correct

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

 

Albany International Europe GmbH

 

 

Operating address

 

Victor von Bruns-Strasse 17

8212 Neuhausen am Rheinfall/SH

Switzerland/CH

 

Telephone:                   052 6741111

Fax:                             052 6741110

 

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

 

WIN Worldbox No.:       CH0007443354

VAT-No.:                      CHE113509880

 

 

Profile

 

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

 

 

Operational Figures

 

Coverage:                    Company

Figures:                        estimated

Financial year:              2014

Employees:                  55

Sales:                          CHF 100-200 Mio

 

 

Activity

 

Their work includes international and particularly European sales of machinery for textile and paper manufacturing group of companies. The group is divided into two main business segments: manufacturing machines for production of paper, non-woven textiles and other process industries and as a supplier of composite parts for the aerospace industry. The Group is represented worldwide.

 

 

Real Estate

 

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

 

 

Company Register

 

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

 

Entry          Deleted      Capital Structure

01.04.2008                    10,000 Participation shares of CHF 100.--

 

 

Management

 

Title                                           Name

General Manager                         Daniel Alphonse Halftermeyer

                                                  Citizen: France

                                                  Residential address: 6300 Zug/ZG, Switzerland

                                                  single signature

                                                  Registered since: 16.03.2007

Member with signing authority      Christian Raymond Rietsch

                                                  Citizen: France

                                                  Residential address: Schaffhausen, Switzerland

                                                  single signature

                                                  Registered since: 29.11.2011

 

 

External Positions

 

Title                                           Name

Auditor                                       KPMG AG

                                                  Residential address: Zürich, Switzerland

                                                  Id: CHE-106.084.881

                                                  Registered since: 08.08.2014

 

 

Executive board

 

Title                                           Name

Chief Executive Officer               Daniel Alphonse Halftermeyer

 

 

Ultimate Parent Company

 

Name:                          Albany International Corporation

City/Country:                Albany/New York, United States of America/US

 

 

Financial Data Albany International Corporation

 

Consolidation:              consolidated

Industry:                       Trade/Industry

 

Fiscal year end:                                     31.12.2013        31.12.2012        31.12.2011        31.12.2010        31.12.2009

Number of months:                                      12                    12                    12                    12                    12

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

 

Balance Sheet

 

Intangible fixed assets                                      80.0                  77.0                 76.5                120.0                125.2

Tangible fixed assets                                      419.0                420.0                439.5                488.0                514.4

Financial fixed assets                                                                 0.0                   0.9                   2.0                   3.0

other fixed assets                                           145.0                147.0                207.1                161.0                210.4

Fixed assets                                                   644.0                644.0                724.0                771.0                853.2

 

Stocks                                                            113.0                119.0                133.6                156.0                172.4

Trade accounts receivable                               164.0                172.0                148.9                177.0                168.8

Liquid assets                                                  223.0                191.0                118.9                122.0                 97.4

other trade accounts                                         23.0                  31.0                105.5                  52.0                 52.3

Other current assets                                        246.0                222.0                224.4                174.0                149.8

Current assets                                                523.0                513.0                506.9                507.0                491.1

 

Total assets                                                 1,167.0             1,157.0             1,230.9             1,278.0             1,344.3

 

Capital                                                            417.0                395.0                391.5                403.0                382.7

Other shareholders funds                                 128.0                  99.0                 24.3                  23.0                 42.2

Total shareholders equity                               545.0                494.0                415.8                426.0                425.0

 

Minority interests                                                3.0                   0.0

long term debt (financial debts)                        300.0                236.0                373.1                424.0                483.9

Other non current liabilities                               161.0                191.0                271.3                263.0                250.4

Non current liabilities                                       461.0                427.0                644.4                687.0                734.4

short term debt (financial debts)                          4.0                  84.0                   1.7                   1.0                 15.3

Trade accounts payable                                    36.0                  35.0                 33.7                  44.0                 52.6

Accruals                                                         112.0                103.0                105.6                110.0                113.3

other accounts payable                                       6.0                  14.0                 29.7                  10.0                   3.6

other current liabilities                                      118.0                117.0                135.3                120.0                117.0

Current liabilities                                           158.0                236.0                170.7                165.0                184.9

 

Total liabilities                                            1,167.0             1,157.0             1,230.9             1,278.0             1,344.3

 

 

Profit and loss account

 

Net sales                                                        757.0                761.0                814.7                914.0                871.0

Operating revenue                                          757.0                761.0                814.7                914.0                871.0

 

Cost of goods sold                                         467.0                456.0                485.7                569.0                577.1

Gross profit                                                    290.0                305.0                329.0                345.0                293.9

Other operating expenses                                238.0                350.0                245.9                264.0                330.2

Operating result                                               52.0                 -45.0                 83.1                  81.0                -36.3

 

Interest revenues                                                 1.0                   2.0                   2.0                   1.0                   0.7

other financial revenues                                                              1.0                   0.1                   4.0                 50.1

Financial income                                                 1.0                   3.0                   2.1                   5.0                 50.9

Interest expenses                                              15.0                  18.0                 20.1                  18.0                 21.3

other financial expenses                                      7.0                   9.0                   2.7                   4.0                   0.0

Financial expenses                                            22.0                  27.0                 22.8                  22.0                 21.4

Financial result                                                 -21.0                 -24.0                -20.7                 -17.0                 29.5

Result before extraordinary items                    31.0                 -69.0                 62.4                  64.0                  -6.8

 

Extraordinary income                                                                72.0                   8.4                380.0                   0.0

Extraordinary expenses                                                                                      0.0                  14.0                 10.0

Extraordinary Result                                                                  72.0                   8.4                366.0                -10.0

Result before taxes                                          31.0                   3.0                 70.8                430.0                -16.8

 

Taxes                                                               13.0                 -28.0                 35.8                  27.0                 15.5

Result before minority interests                          18.0                  31.0                 35.0                403.0                -32.4

Result for the financial year                             18.0                  31.0                 35.0                403.0                -32.4

 

 

Cash flow

 

Depreciation                                                     57.0                  57.0                 57.5                  54.0                 60.2

Cash flow                                                         75.0                  88.0                 92.5                457.0                 27.9

Cash flow from operating activities                    63.0                  35.0                105.3                  99.0                 13.9

Investments in tangible fixed assets                   62.0                  37.0                 25.0                  27.0                 38.2

Cash flow from investing activities                    -41.0                113.0                -25.8                  28.0                -43.6

Cash flow from financing activities                      4.0                 -76.0                -65.9                 -93.0                 22.0

Others                                                                7.0                                        -12.6                  -9.0                  -1.5

Change in liquidity                                             33.0                  72.0                   1.0                  25.0                  -9.1

Liquidity at beginning of the year                     191.0                119.0                117.9                  97.0                106.5

Liquidity at end ot the year                               224.0                191.0                118.9                122.0                 97.5

 

 

Notes

 

Research and Development                               30.2                  27.6                 31.1                  31.0

Added value                                                   103.0                  78.0                148.4                502.0                 64.7

Working Capital                                               241.0                256.0                248.8                289.0                288.6

Sales per Employee                                            0.2                   0.2                   0.2                   0.2                   0.2

Gross cost land and buildings                         268.0                271.0                275.4                287.0

Gross cost other tangible fixed assets             923.0                883.0                907.6                922.0

Gross cost total                                           1,191.0             1,154.0             1,183.0             1,209.0                   0.0

 

Employees  at year end                                   4,100                4,200                4,300                4,500                4,700

 

 

Owner/-s

 

No. of Owner/-s:           1

Owner:                         The company is foreign owned.

 

Class:                          100%

Type:                           indirect, Group-Level 1

Name:                          Albany International Corporation

City/Country:                Albany/New York, United States of America/US

Interest:                        100,00% voting right, 100,00% capital interest (since 16.03.2007)

 

Class:                          100%

Type:                           direct, Group-Level 2

Name:                          Albany International Holding (Switzerland) AG

City/Country:                Baar/ZG, Switzerland/CH

Capital share:               CHF 1,000,000.--

Interest:                        100,00% voting right, 100,00% capital interest (since 16.03.2007)

 

 

Investments

 

Class:                          100%

Name:                          AI (Switzerland) GmbH

City/Country:                Baar/ZG, Switzerland/CH

Interest:                        100,00% voting right, 100,00% capital interest (since 14.07.2008)

 

Legal Actions

 

Control date       Year                       No.             Amount CHF     Status

03.04.2013          2013                           0

31.12.2012          2012                           1                   39,472.--      Opposition filed

31.12.2011          2011                           0

31.12.2010          2010                           1                     4,141.--      Open legal actions

31.12.2009          2009                           0

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.

 

 

Remarks

 

Debt collection case:

DEC 2011: CHF 421.00, paid.

 

 

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 in order.

 

Payment experiences:   There are no objections regarding the payment of financial obligations.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.45

UK Pound

1

Rs.98.88

Euro

1

Rs.77.62

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIS

 

               

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.