|
Report Date : |
13.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
NAGRAVISION S.A. |
|
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Registered Office : |
Route de Genève 22-24 Case postale 134
1033 Cheseaux-Lausanne/VD Switzerland/CH |
|
|
|
|
Country : |
Switzerland |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
07.07.1999 |
|
|
|
|
Com. Reg. No.: |
550.0.062.670-0 / 462417 |
|
|
|
|
Legal Form : |
Company limited by shares |
|
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|
Line of Business : |
Subject is engaged in the production of digital TV-Sites and audio
production. Subject also offers integrated control access systems as well as
security systems for the Pay TV management, Multimedia service and internet
access. |
|
|
|
|
No. of Employees : |
400-599 |
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 company |
|
Litigation : |
-- |
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 3.0% 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 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 to 1.9% in 2011 and 0.8% in 2012. 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 |
NAGRAVISION S.A.
Route de Genève
22-24
Case postale 134
1033
Cheseaux-Lausanne/VD
Switzerland/CH
Telephone: 021
7320311
Fax: 021
7320300
Web
site: http://www.nagra.com
E-mail: info@nagra.com
WIN
Worldbox No.: CH0000150416
VAT-No.: CHE105200676
Established: 1999
Line
of Business: Electro technology,
IT services
Industry
Division: Manufacturing,
Services
Industry-code (NACE): 2640 Manufacture of consumer electronics
6202 Computer consultancy activities
Import/Export: Import, Export
Banks: unknown
Coverage: Company
Figures: estimated
Employees: 400-599
Sales: CHF 100-200 Mio
The company is engaged in the production of
digital TV-Sites and audio production. The company also offers integrated
control access systems as well as security systems for the Pay TV management,
Multimedia service and internet access.
Information on property ownership was not
available.
Company
No: 550.0.062.670-0 /
462417
Legal
form: Company limited
by shares
Registration: 07.07.1999
Legal
status: active
Responsible
Register: Registre du commerce du
canton de Vaud
History: Date of Incorporation
Statutes: 30.06.1999
Entry Deleted Name
active Nagravision
S.A.
Entry Deleted Legal domicile
active Cheseaux-sur-Lausanne,
Switzerland
Entry Deleted Address
29.11.2006 Route
de Genève 22-24, 1033 Cheseaux-Lausanne/VD, Switzerland/CH
29.11.2006 Route de Genève 22, 1033
Cheseaux-sur-Lausanne/VD, Switzerland/CH
Entry Deleted Capital
active Share
Capital CHF 12,000,000, paidup CHF 12,000,000
Entry Deleted Capital Structure
active 1,200,000
Registered shares with restricted transferability of CHF 10.--
Entry Deleted Activity (original Language)
active Development,
manufacture, integration and sale of communication systems, particularly in the
area of pay-TV, as well as any activity in the
electronics industry (software and hardware).
Entry Deleted Remarks (original Language)
active Publishing
authority: Feuille officielle suisse du commerce.
19.12.2013 Note:
L'identification sous le numéro CH-550-0062670-0 est remplacée par le numéro
d'identification des entreprises (IDE/UID) CHE-105.200.676.
09.07.2013 Merger:
Reprise des actifs et passifs de Lysis S.A., à Cheseaux-sur-Lausanne (
CH-550-0081132-7 ), selon contrat de fusion du 29 mai 2013 et bilan au 31
décembre 2012, présentant des actifs de CHF 103'192, des passifs envers les
tiers de CHF 302, soit un actif net de CHF 102'890. Conformément à
l'attestation d'un expert-réviseur agréé, des créances d'un montant au moins
équivalent au découvert et au surendettement de la société reprenante ont été
postposées. La totalité du capital-actions des deux sociétés étant détenue par
le même actionnaire, la fusion ne donne pas lieu à une augmentation du capital,
ni à une attribution d'actions.
16.07.2012 Merger:
Reprise des actifs et passifs de OpenTV GmbH, ŕ Stans ( CH-170-3024486-9
), selon contrat de fusion du 30 avril 2012 et bilan au 31 décembre 2011,
présentant des actifs de CHF 2'410'491, des passifs envers les tiers de CHF
345'854, soit un actif net de CHF 2'064'637. La totalité du capital-actions de
la société reprenante et du capital social de la société transférante étant
détenue par le męme associé, la fusion ne donne pas lieu ŕ une
augmentation du capital, ni ŕ une attribution d'actions. Conformément
ŕ l'attestation d'un expert-réviseur agréé, des créances d'un montant au
moins équivalent au découvert et au surendettement de la société reprenante ont
été postposées.
10.02.2012 Note:
Des créances pour le montant total de CHF 5'785'000.
10.02.2012 Note:
Selon contrat du 22 décembre 2011, la société a transféré des actifs pour CHF
6'854'000, ŕ Audio Technology Switzerland SA ŕ Romanel-sur-Lausanne
(CH-550-1104001-8).
03.06.2009 Merger:
Reprise des actifs et passifs de NagraCard S.A., à Cheseaux-sur-Lausanne
(CH-550-0095594-3), selon contrat de fusion du 15 mai 2009 et bilan au 31
décembre 2008, présentant des actifs de CHF 236'343'825, des passifs envers les
tiers de CHF 243'119'521, soit un excédent de passifs de CHF 6'775'696.
Conformément à l'attestation d'un expert-réviseur agréé, des créances d'un
montant au moins équivalent au découvert et du surendettement de la société
reprenante et de la société transférante ont été postposées. La totalité du
capital-actions des deux sociétés étant détenue par le même actionnaire, la
fusion ne donne pas lieu à une augmentation du capital, ni à une attribution
d'actions. reprise des actifs et passifs de Nagra Trading SA, à
Cheseaux-sur-Lausanne (CH-550-1047788-2), selon contrat de fusion du 15 mai
2009 et bilan au 31 décembre 2008, présentant des actifs de CHF 59'990'545, des
passifs envers les tiers de CHF 51'555'579, soit un actif net de CHF 8'434'966.
Conformément à l'attestation d'un expert-réviseur agréé, des créances d'un
montant au moins équivalent au découvert et du surendettement de la société
reprenante ont été postposées. La société reprenante détenant l'ensemble des
actions de la société transférante, la fusion ne donne pas lieu à une
augmentation du capital, ni à une attribution d'actions.
22.11.2006 Merger:
Reprise des actifs et passifs de Mediacrypt AG, à Zurich (CH-020-3022466-4),
selon contrat de fusion du 6 novembre 2006 et bilan au 30 juin 2006, présentant
des actifs de CHF 2'422'000, des passifs envers les tiers de CHF 822'000, soit
un actif net de CHF 1'600'000. La société reprenante détenant l'ensemble des
actions de la société transférante, la fusion ne donne pas lieu à une
augmentation du capital, ni à une attribution d'actions.
29.06.2004 Merger:
Selon contrat de fusion du 22 juin 2004 et bilan au 31 décembre 2003, la
société reprend à titre universel et sans liquidation, au sens de l'art. 748
CO, l'actif (CHF 8'532'043) et le passif (CHF 10'742'813), soit un passif net
de CHF 2'210'770, de la société LYSIS TRADING SA, à Lausanne. La fusion a lieu
sans augmentation du capital-actions dans la mesure où la société absorbante
détient toutes les actions de la société absorbée.
06.09.2002 Capital:
Capital-actions réduit, selon l'art. 735 CO, de CHF 12'000'000 à CHF
11'132'945, la valeur nominale des 1'200'000 actions nominatives étant réduite
de CHF 10 à CHF 9.277455. Capital-actions reconstitué à CHF 12'000'000, la
valeur nominale des 1'200'000 actions nominatives étant portée de CHF 9.277455
à CHF 10.
06.09.2002 Merger:
Selon contrat de fusion du 24 juin 2002 et bilan au 31 décembre 2001, la
société reprend à titre universel et sans liquidation, au sens de l'art. 748
CO, l'actif (CHF 4'048'936) et le passif (CHF 4'915'991), soit un passif net de
CHF 867'055, de la société "LYSIS INTERNATIONAL S.A.", à Lausanne. La
fusion a lieu sans augmentation du capital-actions dans le mesure où les
actions de la société absorbante et de la société absorbée sont détenues par le
même propiétaire.
Title Name
President,
Director Patrick
Foetisch, Origin: Cottens, Switzerland, Residential address: 1000 Lausanne/VD,
Switzerland, joint signature of two
Chief
Executive, Director André
Kudelski, Origin: Prilly, Switzerland, Residential address: 1095 Lutry/VD, Switzerland, single signature
Director Pierre
Roy, Origin: Soubey, Switzerland, Residential address: Morrens/VD, Switzerland,
joint signature of two, Registered since: 18.03.2003
Title Name
General
Director Pierre Roy,
Origin: Soubey, Switzerland, Residential address: Morrens/VD, Switzerland,
joint signature of two, Registered since: 18.03.2003
Director Mark
Beariault , Origin: United States of America, Residential address: Montreux,
Switzerland, joint signature of two, Registered since: 05.04.2012
Director John
Burke, Origin: Ireland, Residential address: 1296 Coppet/VD, Switzerland, joint
signature of two, Registered since: 29.11.2006
Director Alain
Gendre , Origin: Fribourg, Switzerland, Residential address: Lausanne,
Switzerland, joint signature of two, Registered since: 05.04.2012
Director Nicolas
Goetschmann, Origin: Locle, Switzerland, Residential address: Montreux, Switzerland, joint signature of
two
Director Christophe
Nicolas, Origin: Epalinges, Switzerland, Residential address: Saint-Prex,
Switzerland, joint signature of two, Registered since: 29.05.2012
Director Mauro
Saladini, Origin: Gordola, Switzerland, Residential address: 1095 Lutry/VD,
Switzerland, joint signature of two, Registered since: 04.02.2009
Vice-Director Laurent Käslin,
Origin: Beckenried, Switzerland, Residential address: Epalinges, Switzerland,
joint signature of two, Registered since: 30.04.2013
Vice-Director Santino
Rumasuglia, Origin: Thunstetten, Switzerland, Residential address: Givrins,
Switzerland, joint signature of two, Registered since: 30.04.2013
Vice-Director Maurice van Riek,
Origin: Pays-Bas, Switzerland, Residential address: 1092
Belmont-sur-Lausanne/VD, Switzerland, joint signature of two, Registered since:
25.03.2009
Title Name
Auditor PricewaterhouseCoopers
SA, Residential address: Pully, Switzerland
Title Name
Chief
Executive Officer André
Kudelski
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2012 31.12.2011 31.12.2010 31.12.2009 31.12.2008
Number of months: 12 12 12 12 12
Currency: th.
CHF th. CHF th. CHF th. CHF th.
CHF
Statement norm: IAS IAS IAS IAS IAS
Intangible fixed
assets 188,167.0 214,713.0 223,511.0 236,525.0 244,709.0
Land and buildings 107,832.0 105,081.0 77,819.0 74,672.0 79,694.0
Other tangible
fixed assets 46,926.0 61,274.0 68,904.0 71,174.0 85,843.0
Tangible fixed
assets 154,758.0 166,355.0 146,723.0 145,846.0 165,537.0
Financial fixed
assets 5,969.0 149,010.0 136,571.0 160,868.0 115,051.0
other fixed assets 130,163.0 0.0 0.0 0.0 0.0
Fixed assets 479,057.0 530,078.0 506,805.0 543,239.0 525,297.0
Stocks 68,647.0 63,102.0 85,703.0 82,276.0 97,350.0
Trade accounts
receivable 196,397.0 228,219.0 245,458.0 292,019.0 353,932.0
Liquid assets 110,086.0 289,591.0 199,031.0 210,139.0 247,819.0
Securities 7.0 0.0 2,103.0 37,658.0 8,993.0
other trade
accounts 45,824.0 55,291.0 58,086.0 82,573.0 48,757.0
Accruals 11,134.0 13,174.0 8,169.0 10,268.0 12,217.0
Other current
assets 167,051.0 358,056.0 267,389.0 340,638.0 317,786.0
Current assets 432,095.0 649,377.0 598,550.0 714,933.0 769,068.0
Total assets 911,152.0 1,179,455.0 1,105,355.0 1,258,172.0 1,294,365.0
Capital 536,122.0 533,798.0 533,683.0 531,935.0 523,960.0
Other shareholders
funds -107,791.0 -113,551.0 -82,873.0 -93,369.0 -61,457.0
Total shareholders
equity 428,331.0 420,247.0 450,810.0 438,566.0 462,503.0
Minority interests 9,425.0 16,905.0 15,808.0 33,079.0 106,075.0
long term debt
(financial debts) 194,679.0 129,953.0 352,899.0 388,105.0 364,180.0
Provisions 504.0 2,298.0 2,397.0 7,321.0 8,009.0
Other non current
liabilities 41,251.0 40,211.0 38,029.0 34,076.0 32,223.0
Non current
liabilities 236,434.0 172,462.0 393,325.0 429,502.0 404,412.0
short term debt
(financial debts) 74,083.0 383,376.0 61,596.0 123,191.0 78,904.0
Trade accounts
payable 40,073.0 70,693.0 68,623.0 78,830.0 113,701.0
Provisions 11,877.0 17,345.0 10,114.0 2,868.0 6,994.0
Accruals 70,010.0 69,083.0 73,477.0 81,599.0 104,022.0
other accounts
payable 40,919.0 29,344.0 31,602.0 70,537.0 17,754.0
other current
liabilities 122,806.0 115,772.0 115,193.0 155,004.0 128,770.0
Current
liabilities 236,962.0 569,841.0 245,412.0 357,025.0 321,375.0
Shareh. equity,
min. interests + liabilities 911,152.0 1,179,455.0 1,105,355.0 1,258,172.0 1,294,365.0
Net sales 844,051.0 873,863.0 1,035,172.0 1,052,343.0 1,027,506.0
Other operating
revenue 16,286.0 22,763.0 34,169.0 8,433.0 9,444.0
Operating revenue 860,337.0 896,626.0 1,069,341.0 1,060,776.0 1,036,950.0
Cost of goods sold 244,450.0 240,414.0 260,220.0 321,522.0 340,477.0
Gross profit 615,887.0 656,212.0 809,121.0 739,254.0 696,473.0
Other operating
expenses 580,182.0 630,777.0 699,109.0 665,908.0 677,973.0
Operating result 35,705.0 25,435.0 110,012.0 73,346.0 18,500.0
Interest revenues 2,145.0 2,433.0 2,562.0 4,768.0 10,174.0
other financial
revenues 1,943.0 0.0 5,558.0 1,275.0 10,981.0
Financial income 4,088.0 2,433.0 8,120.0 6,043.0 21,155.0
Interest expenses 15,736.0 16,578.0 16,709.0 14,440.0 16,104.0
other financial
expenses 801.0 20,363.0 19,900.0 4,426.0 29,643.0
Financial expenses 16,537.0 36,941.0 36,609.0 18,866.0 45,747.0
Financial result -12,449.0 -34,508.0 -28,489.0 -12,823.0 -24,592.0
Result before
extraordinary items 23,256.0 -9,073.0 81,523.0 60,523.0 -6,092.0
Extraordinary
Result 0.0 0.0 0.0 0.0 0.0
Result before
taxes 23,256.0 -9,073.0 81,523.0 60,523.0 -6,092.0
Taxes 7,133.0 8,615.0 14,846.0 9,432.0 903.0
Result before
minority interests 16,123.0 -17,688.0 66,677.0 51,091.0 -6,995.0
minority interests -152.0 433.0 988.0 2,111.0 7,650.0
Result for the
financial year 16,275.0 -18,121.0 65,689.0 48,980.0 -14,645.0
Depreciation 63,797.0 36,864.0 62,974.0 64,498.0 73,674.0
Cash flow 79,920.0 19,176.0 129,651.0 115,589.0 66,679.0
Cash flow from
operating activities 110,495.0 86,672.0 149,146.0 135,183.0 -7,368.0
Investments in
tangible fixed assets 26,581.0 57,898.0 43,388.0 27,861.0 28,832.0
Cash flow from
investing activities -27,659.0 -72,826.0 -40,995.0 -224,221.0 -100,563.0
Cash flow from
financing activities -261,257.0 77,416.0 -108,705.0 54,427.0 91,659.0
Others -1,084.0 -702.0 -10,554.0 -3,069.0 -14,049.0
Change in
liquidity -179,505.0 90,560.0 -11,108.0 -37,680.0 -30,321.0
Liquidity at
beginning of the year 289,591.0 199,031.0 210,139.0 247,819.0 278,140.0
Liquidity at end
ot the year 110,086.0 289,591.0 199,031.0 210,139.0 247,819.0
Material costs 244,450.0 240,414.0 260,220.0 321,522.0 340,477.0
Cost of employees 368,665.0 376,155.0 402,160.0 373,760.0 359,070.0
Added value 471,454.0 420,524.0 563,366.0 513,221.0 442,756.0
Working Capital 224,971.0 220,628.0 262,538.0 295,465.0 337,581.0
Sales per Employee 288.0 291.4 337.4 356.2 387.6
Market
capitalisation 466,799.9 414,374.0 971,459.5 1,133,471.6 533,545.9
Gross cost land
and buildings 155,601.0 149,482.0 122,954.0 116,056.0 94,598.0
Gross cost other
tangible fixed assets 204,714.0 208,974.0 198,200.0 225,783.0 18,230.0
Gross cost total 360,315.0 358,456.0 321,154.0 341,839.0 112,828.0
Insurance value
land and buildings 130,211.0 126,268.0 83,091.0 94,581.0 90,079.0
Insurance value
other tang. fixed assets 137,780.0 154,841.0 136,517.0 132,765.0 128,350.0
Insurance value
total 267,991.0 281,109.0 219,608.0 227,346.0 218,429.0
Employees at year end 2,931 2,999 3,068 2,954 2,651
Name: Kudelski S.A.
City/Country: Cheseaux-Lausanne/VD,
Switzerland/CH
No.
of Owner/-s: 1
Owner: The company is domestic
owned.
Class: 100%
Type: indirect,
Group-Level 1
Name: Kudelski S.A.
City/Country: Cheseaux-Lausanne/VD,
Switzerland/CH
Interest: 100,00% voting right,
100,00% capital interest (since 1999)
It is believed that the company has no
investments.
Control date Year No. Amount CHF Status
27.08.2013 2013 0
27.08.2013 2012 2 2,903.-- Legal actions
27.08.2013 2011 0
27.08.2013 2010 0
27.08.2013 2009 0
28.08.2012 2008 0
28.08.2012 2007 1 7,695.-- Opposition filed
25.03.2011 2006 0
22.03.2010 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.
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.62.13 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.72 |
INFORMATION DETAILS
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.