MIRA INFORM REPORT

 

 

Report Date :

26.11.2014

 

IDENTIFICATION DETAILS

 

Name :

ITX TRADING SA

 

 

Registered Office :

Rue Louis d'Affry 6 1700 Fribourg/FR

 

 

Country :

Switzerland

 

 

Financials (as on) :

31.01.2013

 

 

Date of Incorporation :

1963

 

 

Com. Reg. No.:

217.3.534.972-6 / 828369

 

 

Legal Form :

Company limited by shares

 

 

Line of Business :

The business activities are wholesale trade in clothing, shoes and accessories.

 

 

No. of Employees :

15

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 and address

 

ITX TRADING SA

 

Operating address:

Rue Louis d'Affry 6

1700 Fribourg/FR

Switzerland/CH

 

Telephone:        026 3092400

 

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

E-mail:              info@inditex.com

 

VAT-No.:           CHE112763766

 

 

Profile

 

Established:                  1963

Line of Business:           Consumer goods wholesale

Industry Division:            Wholesale trade

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

Import/Export:                Import, Export

Banks:                          CS Credit Suisse

                                    UBS Ltd

 

 

Operational Figures

 

Coverage:                      Company

Figures:                        estimated

Financial year:               2014

Employees:                   15

Sales:                           CHF 20,000,000.--

 

 

Activity

 

The business activities are wholesale trade in clothing, shoes and accessories. Within the Group the company is responsible for the trade activity between Asia and Europe. They maintain offices in Hong Kong and Shanghai.

 

 

Real Estate

 

Real Estate:                  The company owns no property.

 

 

Company Register

 

Company No:                217.3.534.972-6 / 828369

Legal form:                    Company limited by shares

Registration:                  10.02.2006

Legal status:                 active

Responsible Register:    Handelsregister des Saane-Bezirkes (FR)

History:                         Date of Statutes: 06.02.2013

                                    Date of Statutes: 15.03.2006

                                    Date of Incorporation Statutes: 09.02.2006

 

Entry    Deleted                        Name

10.02.2006                                ITX Trading SA

 

Entry    Deleted                        Legal domicile

10.02.2006                                Fribourg, Switzerland

 

Entry    Deleted                        Address

05.09.2012                                Rue Louis d'Affry 6, 1700 Fribourg/FR, Switzerland/CH

10.02.2006        05.09.2012        Avenue de la Gare 4, 1700 Fribourg/FR, Switzerland/CH

 

Entry    Deleted                        Capital

21.03.2006                                Share Capital CHF 5,000,000, paidup CHF 5,000,000

10.02.2006        21.03.2006        Share Capital CHF 100,000, paidup CHF 100,000

 

Entry    Deleted                        Capital Structure

21.03.2006                                50,000 Registered shares of CHF 100.--

10.02.2006        21.03.2006        1,000 Registered shares of CHF 100.--

 

 

Official Administration

 

Title                             Name

President                      Sean Pettenhofer, Citizen: Zürich, Switzerland, Residential address: 6045 Meggen/LU, Switzerland, joint signature of two

Company Secretary       Olivier Kuenzler, Citizen: Walzenhausen, Switzerland, Residential address: 3000 Bern/BE, Switzerland, joint signature of two

Director                         Félix Poza Peña, Citizen: Spain, Residential address: La Coruña, Spain, joint signature of two, Registered since: 29.06.2009

Director                         José Manuel Romay de la Colina, Citizen: Spain, Residential address: La Coruña, Spain, joint signature of two

 

External Positions

 

Title                 Name

Auditor              Deloitte SA, Residential address: Lausanne, Switzerland, Id: CH-550-0159344-5, Registered since: 12.02.2013

 

 

Executive board

 

Title                             Name

Chief Executive Officer    Sean Pettenhofer

 

 

Financial Data INDUSTRIA DE DISENO TEXTIL SA (INDITEX)

 

Consolidation:    consolidated

Industry:            Trade/Industry

 

Consolidation:                     consolidated

Industry:                                Trade/Industry

 

Fiscal year end:                                                   31.01.2013      31.01.2012      31.01.2011 31.01.2010   31.01.2009

Number of months:                                                     12                    12                    12                    12                    12

Currency:                                                                mil. EUR         mil. EUR         mil. EUR         mil. EUR         mil. EUR

 

Balance Sheet

Intangible fixed assets                                                   819.9               832.2

Tangible fixed assets                                                 4,662.4            4,063.1

Financial fixed assets                                                          4.0                   9.5

other fixed assets                                                            711.9               617.1

Fixed assets                                                                6,198.2            5,521.9

 

Stocks                                                                            1,581.3            1,277.0

Liquid assets                                                               3,842.9            3,466.8

Current assets                                                            6,692.2            5,437.3

 

Total assets                                                              12,890.3          10,959.2            9,826.1            8,335.4            7,776.6

 

Total shareholders equity                                        8,481.9            7,414.8            6,423.2            5,329.2            4,721.7

 

Minority interests                                                                   0.0                 40.8

long term debt (financial debts)                                         3.7                   1.5

Provisions                                                                         144.3               147.3

Other non current liabilities                                           775.3               652.0

Non current liabilities                                                     923.4               800.8

Current liabilities                                                        3,485.1            2,702.8

 

Shareh. equity, min. interests + liabilities         12,890.3          10,959.2

 

Profit and loss account

Net sales                                                                    15,946.1          13,792.6

Operating revenue                                                                                                      12,526.6          11,048.0          10,407.0

 

Operating result                                                         3,116.8            2,522.0            2,290.5            1,729.0            1,609.0

 

Result before minority interests                                                                                  1,741.3            1,322.0            1,262.0

Result for the financial year                                    2,360.8            1,932.3

 

Cash flow

Depreciation                                                                                                                       675.7               645.8               578.3

 

Notes

Cost of employees                                                                                                         2,234.2            1,791.6            1,703.2

 

Employees  at year end                                                                                               109,512             92,301             89,112

 

Offices                                                                                                                                 5,527               4,607               4,264

Offices inland                                                                                                                                             1,900               1,896

Offices abroad                                                                                                                                           2,707               2,368

 

 

Ultimate Parent Company

 

Name:               INDUSTRIA DE DISENO TEXTIL SA (INDITEX)

City/Country:     LA CORUNA, Spain/ES

 

 

Owner/-s

 

No. of Owner/-s: 1

Owner:                          The company is foreign owned.

 

Class:                           100%

Type:                            indirect, Group-Level 1

Name:                           INDUSTRIA DE DISENO TEXTIL SA (INDITEX)

City/Country:                 LA CORUNA, Spain/ES

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

 

Class:                           100%

Type:                            direct, Group-Level 2

Name:                           ITX Holding SA

City/Country:                 Fribourg/FR, Switzerland/CH

Interest:                        100,00% voting right, 100,00% capital interest (since 19.04.2010)

 

 

Investments

 

It is believed that the company has no investments.

 

 

Legal Actions

 

Control date       Year     No.       Amount CHF     Status

02.03.2012        2012     0

02.03.2012        2011     0

02.03.2012        2010     0

09.07.2008        2008     0

09.07.2008        2007     0

09.07.2008        2006     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.

 

 

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 appears to be good.

 

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

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.92

UK Pound

1

Rs.97.12

Euro

1

Rs.76.93

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

SHG

 

               

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.