MIRA INFORM REPORT

 

 

Report Date :

26.12.2014

 

IDENTIFICATION DETAILS

 

Name :

LEVI'S FOOTWEAR & ACCESSORIES (SWITZERLAND) SA

 

 

Registered Office :

Centro Nord-Sud Via alla Campagna 6934 Bioggio/TI Switzerland/CH

 

 

Country :

Switzerland

 

 

Financials (as on) :

24.11.2013

 

 

Date of Incorporation :

21.02.1996

 

 

Com. Reg. No.:

660.0.321.996-0 / 371468

 

 

Legal Form :

Company limited by shares

 

 

Line of Business :

Wholesale of clothing and footwear

 

 

No. of Employees :

80-149

 

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

 

LEVI'S FOOTWEAR & ACCESSORIES (SWITZERLAND) SA

 

 

Operating address

 

Centro Nord-Sud

Via alla Campagna

6934 Bioggio/TI

Switzerland/CH

 

Telephone:                   091 6115171

Fax:                             091 6001855

 

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

 

WIN Worldbox No.:       CH0002910504

VAT-No.:                      CHE103429067

 

 

Profile

 

Established:                 1996

Line of Business:          Consumer goods wholesale

Industry Division:          Wholesale trade

Industry-code (NACE):  4642       Wholesale of clothing and footwear

Import/Export:              Import

Banks:                          unknown

 

 

Operational Figures

 

Coverage:                    Company

Figures:                        estimated

Employees:                  80-149

 

 

Activity

 

The business activities includes trading in shoes, clothing and accessories.

 

 

Real Estate

 

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

 

 

Company Register

 

Company No:               660.0.321.996-0 / 371468

Legal form:                   Company limited by shares

Registration:                 21.02.1996

Legal status:                 active

Responsible Register:   Registro di commercio del Cantone Ticino (since 18.12.2000)

History:                        Date of Statutes: 20.04.1998

                                    Date of Statutes: 12.04.1999

                                    Date of Incorporation Statutes: 16.02.1996

                                    Date of Statutes: 30.09.2009

                                    Date of Statutes: 06.07.2009

                                    Date of Statutes: 01.10.2007

                                    Date of Statutes: 28.01.2005

                                    Date of Statutes: 18.12.2000

 

Entry          Deleted      Name

07.10.2009                    Levi's Footwear & Accessories (Switzerland) SA

                  07.10.2009  The DC Company (Switzerland) SA

 

Entry          Deleted      Legal domicile

18.12.2000                    Bioggio, Switzerland

                  18.12.2000  Carouge GE, Switzerland

 

Entry          Deleted      Address

18.12.2000                    Via alla Campagna, Centro Nord-Sud, 6934 Bioggio/TI, Switzerland/CH

                  18.12.2000  Rue Vautier 37-39, c/o Robilac SA, 1227 Carouge/GE, Switzerland/CH

 

Entry          Deleted      Capital

07.10.2009                    Share Capital CHF 250,000, paidup CHF 250,000

                  07.10.2009  Share Capital CHF 5,000,000, paidup CHF 5,000,000

 

Entry          Deleted      Capital Structure

07.10.2009                    250 Registered shares of CHF 1,000.--

                  07.10.2009  5,000 Registered shares of CHF 1,000.--

 

 

Official Administration

 

Title                                           Name

President                                    Luca Tinucci

                                                  Citizen: Italy

                                                  Residential address: Viganello (Lugano), Switzerland

                                                  single signature

                                                  Registered since: 23.04.2012

Director                                      Roberto Carnabuci

                                                  Citizen: Italy

                                                  Residential address: Malgrate, Italy

                                                  single signature

                                                  Registered since: 15.05.2009

Director                                      Arne Fensky

                                                  Citizen: Germany

                                                  Residential address: Würenlingen/AG, Switzerland

                                                  single signature

                                                  Registered since: 07.10.2009

Director                                      Elisabeth Puistienne

                                                  Citizen: France

                                                  Residential address: Brussels , Belgium

                                                  single signature

                                                  Registered since: 10.10.2011

 

 

External Positions

 

Title                                           Name

Auditor                                       PricewaterhouseCoopers SA

                                                  Residential address: Lugano, Switzerland

                                                  Id: CH-514.9.014.248-1

 

 

Ultimate Parent Company

 

Name:                          Levi Strauss & Company

City/Country:                San Francisco/California, United States of America/US

 

 

Financial Data Levi Strauss & Company

 

Consolidation:              consolidated

Industry:                       Trade/Industry

 

Fiscal year end:                                     24.11.2013        25.11.2012        27.11.2011        28.11.2010        29.11.2009

Number of months:                                      12                    12                    12                    12                    12

Currency:                                                 th. USD            th. USD            th. USD            th. USD            th. USD

 

 

Balance Sheet

 

Intangible fixed assets                              290,377.0          299,880.0         312,788.0          326,124.0         344,966.0

Tangible fixed assets                                439,861.0          458,807.0         502,388.0          488,603.0         430,070.0

other fixed assets                                     557,466.0          733,017.0         721,158.0          669,390.0         708,481.0

Fixed assets                                          1,287,704.0       1,491,704.0       1,536,334.0       1,484,117.0       1,483,517.0

 

Stocks                                                      603,867.0          518,860.0         611,402.0          579,903.0         451,272.0

Trade accounts receivable                         446,671.0          500,672.0         654,903.0          553,385.0

Liquid assets                                            489,258.0          406,134.0         204,542.0          269,726.0         270,804.0

other trade accounts                                 299,918.0          252,707.0         272,374.0          248,118.0

Other current assets                                  789,176.0          658,841.0         476,916.0          517,844.0

Current assets                                       1,839,714.0       1,678,373.0       1,743,221.0       1,651,132.0       1,505,864.0

 

Total assets                                           3,127,418.0       3,170,077.0       3,279,555.0       3,135,249.0       2,989,381.0

 

Capital                                                         7,735.0           33,739.0           29,640.0           19,213.0

Other shareholders funds                          202,455.0         -132,777.0        -188,230.0         -229,849.0

Total shareholders equity                        210,190.0          -99,038.0        -158,590.0         -210,636.0        -331,181.0

 

Minority interests                                          3,310.0             5,413.0             8,761.0           10,808.0           17,735.0

long term debt (financial debts)               1,504,016.0       1,669,452.0       1,819,624.0       1,820,306.0       1,834,151.0

Provisions                                                                                                                                               636,845.0

Other non current liabilities                         624,424.0          797,370.0         737,499.0          755,246.0         104,855.0

Non current liabilities                              2,128,440.0       2,466,822.0       2,557,123.0       2,575,552.0       2,575,851.0

short term debt (financial debts)                  41,861.0           59,759.0         154,747.0           46,418.0

Trade accounts payable                            254,516.0          225,726.0         204,897.0          212,935.0

Accruals                                                   488,511.0          509,635.0         510,903.0          498,395.0

other accounts payable                                   590.0             1,760.0             1,714.0             1,777.0

other current liabilities                                489,101.0          511,395.0         512,617.0          500,172.0

Current liabilities                                     785,478.0          796,880.0         872,261.0          759,525.0         726,976.0

 

Total liabilities                                      3,127,418.0       3,170,077.0       3,279,555.0       3,135,249.0       2,989,381.0

 

 

 

Profit and loss account

 

Net sales                                               4,681,691.0       4,610,193.0       4,674,426.0       4,325,908.0       4,105,766.0

Other operating revenue                                                                             89,188.0           85,395.0

Operating revenue                                 4,681,691.0       4,610,193.0       4,763,614.0       4,411,303.0

 

Cost of goods sold                                2,331,219.0       2,410,862.0       2,469,327.0       2,187,726.0

Gross profit                                           2,350,472.0       2,199,331.0       2,294,287.0       2,223,577.0

Other operating expenses                       1,884,965.0       1,865,352.0       1,955,846.0       1,841,562.0

Operating result                                       465,507.0          333,979.0         338,441.0          382,015.0         339,806.0

 

Interest revenues                                          1,600.0             1,514.0             1,618.0             2,232.0

other financial revenues                                7,455.0           12,732.0

Financial income                                           9,055.0           14,246.0             1,618.0             2,232.0

Interest expenses                                      129,024.0          134,694.0         132,043.0          135,823.0

other financial expenses                              22,925.0           17,650.0                248.0           16,587.0

Financial expenses                                    151,949.0          152,344.0         132,291.0          152,410.0

Financial result                                         -142,894.0         -138,098.0        -130,673.0         -150,178.0

Result before extraordinary items            322,613.0          195,881.0         207,768.0          231,837.0

 

Extraordinary income                                                                                 15,310.0             9,940.0

Extraordinary expenses                                                                              20,251.0             6,179.0

Extraordinary Result                                            0.0                   0.0            -4,941.0             3,761.0

Result before taxes                                  322,613.0          195,881.0         202,827.0          235,598.0

 

Taxes                                                         94,477.0           54,922.0           67,715.0           86,152.0

Result before minority interests                  228,136.0          140,959.0         135,112.0          149,446.0

minority interests                                          1,057.0             2,891.0            -2,841.0            -7,057.0

Result for the financial year                     227,079.0          138,068.0         137,953.0          156,503.0         151,875.0

 

 

Cash flow

 

Depreciation                                             115,720.0          122,608.0         117,793.0          104,896.0

Cash flow                                                 343,856.0          263,567.0         252,905.0          254,342.0

Cash flow from operating activities            411,268.0          530,976.0             1,848.0          146,274.0

Investments in tangible fixed assets            91,771.0           83,855.0         130,580.0          154,632.0

Cash flow from investing activities              -92,798.0          -75,198.0        -140,957.0         -181,781.0

Cash flow from financing activities            -230,509.0         -250,939.0           77,707.0           32,313.0

Others                                                         -4,837.0            -3,247.0            -3,782.0             2,116.0

Change in liquidity                                      83,124.0          201,592.0          -65,184.0            -1,078.0

Liquidity at beginning of the year               406,134.0          204,542.0         269,726.0          270,804.0

Liquidity at end ot the year                        489,258.0          406,134.0         204,542.0          269,726.0

 

Notes

 

Added value                                             567,357.0          453,183.0         452,663.0          476,317.0

Working Capital                                         796,022.0          793,806.0       1,061,408.0          920,353.0

Sales per Employee                                        292.6                279.4                275.0

Gross cost land and buildings                   451,349.0          482,599.0         469,690.0          491,631.0

Gross cost other tangible fixed assets       439,627.0          473,014.0         764,557.0          680,230.0

Gross cost total                                        890,976.0          955,613.0       1,234,247.0       1,171,861.0

 

Employees  at year end                                 16,000              16,500              17,000

Employees inland                                            9,000                9,300                9,600

Employees abroad                                          7,000                7,200                7,400

 

 

Owner/-s

 

No. of Owner/-s:           1

Owner:                         The company is foreign owned.

 

Class:                          100%

Type:                           indirect, Group-Level 1

Name:                          Levi Strauss & Company

City/Country:                San Francisco/California, United States of America/US

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

 

 

Investments

 

It is believed that the company has no investments.

 

 

Legal Actions

 

Control date       Year                       No.             Amount CHF     Status

16.07.2009          2009                           0

22.11.2005          2005                           0

22.11.2005          2004                           0

22.11.2005          2003                           0

22.11.2005          2002                           0

22.11.2005          2001                           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:

SEP 2011: CHF 209.00, 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 good.

 

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 :

RAS

 

 

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.