MIRA INFORM REPORT

 

 

Report Date :

28.11.2014

 

IDENTIFICATION DETAILS

 

Name :

GRAF + CIE AG

 

 

Registered Office :

Bildaustrasse 6, 8640 Rapperswil/SG

 

 

Country :

Switzerland

 

 

Financials (as on) :

31.12.2013

 

 

Year of Establishment :

1917

 

 

Com. Reg. No.:

320.3.003.011-1 / 72200

 

 

Legal Form :

Company Limited by Shares

 

 

Line of Business :

Manufacture of Machinery for Textile, Apparel and Leather Production.

 

 

No. of Employees :

170

 

 

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

 

GRAF + CIE AG

 

 

Operating address

 

Bildaustrasse 6

8640 Rapperswil/SG

Switzerland/CH

 

Telephone:                   055 2217111

Fax:                             055 2217233

Web site:                      http://www.graf-companies.com

E-mail:                         info@graf-companies.com

 

WIN Worldbox No.:       CH0000889247

VAT-No.:                      CHE101214395

 

 

Profile

 

Established:                 1917

History:                        1963:      Limited company

                                    1917:      Established from Edwin Graf

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 9001:2008

Banks:                          unknown

 

 

Operational Figures

 

Coverage:                    Company

Figures:                        estimated

Financial year:              2014

Employees:                  170

Sales:                          CHF 50,000,000.--

 

 

Activity

 

The business includes the manufacture of carding and roller card clothings. Core competencies are used in metallurgy, steel processing, engineering and manufacturing of basic building blocks for moving flat tops. Product groups are: sets and products for the short staple spinning, service machines for flat tops, accessories for roller carding and service machines for rolling carding. The company has a network of representatives and branch office worldwide.

 

 

Real Estate

 

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

 

 

Company Register

 

Company No:               320.3.003.011-1 / 72200

Legal form:                   Company limited by shares

Registration:                 20.09.1962

Legal status:                 active

Responsible Register:   Handelsregister des Kantons St. Gallen

History:                        Date of Statutes: 19.11.1984

                                    Date of Incorporation Statutes: 08.09.1962

                                    Date of Statutes: 31.03.2009

                                    Date of Statutes: 05.11.1998

 

Entry          Deleted      Name

04.07.1990                    Graf + Cie AG

                  04.07.1990  Graf & Cie. A.-G.

 

Entry          Deleted      Legal domicile

13.04.2007                    Rapperswil-Jona, Switzerland

04.07.1990  13.04.2007  Rapperswil SG, Switzerland

 

Entry          Deleted      Address

25.05.2004                    Bildaustrasse 6, 8640 Rapperswil, Switzerland/CH

04.07.1990  25.05.2004  alte Jonastrasse, 8640 Rapperswil/SG, Switzerland/CH

 

Entry          Deleted      Capital

04.07.1990                    Share Capital CHF 1,000,000, paidup CHF 1,000,000

 

Entry          Deleted      Capital Structure

18.11.1998                    1,000 Registered shares of CHF 1,000.--

 

 

Official Administration

 

Title                                           Name

President                                    Werner Strasser

                                                  Citizen:  Hüttwilen, Winterthur,, Switzerland

                                                  Residential address: 8266 Steckborn/TG, Switzerland

                                                  joint signature of two

                                                  Registered since: 10.10.2005

Director                                      Thomas Martin Anwander

                                                  Citizen: Winterthur, Switzerland

                                                  Residential address: Winterthur, Switzerland

                                                  joint signature of two

                                                  Registered since: 10.10.2005

Director                                      Peter Hans Müller

                                                  Citizen: Rohrbach, Switzerland

                                                  Residential address: 8400 Winterthur/ZH, Switzerland

                                                  joint signature of two

                                                  Registered since: 13.04.2007

 

 

Management

 

Title                                           Name

General Manager                         Willy Grob

                                                  Citizen: Winznau, Switzerland

                                                  Residential address: Wil/SG, Switzerland

                                                  joint signature of two

                                                  Registered since: 11.05.2006

Member of the management        Natascha Rachel Meier

                                                  Citizen: Zürich, Switzerland

                                                  Residential address: Zürich, Switzerland

                                                  joint signature of two

                                                  Registered since: 02.07.2014

Member of the management        Cristian Rosati

                                                  Citizen: Italy

                                                  Residential address: 8820 Wädenswil/ZH, Switzerland

                                                  joint signature of two

                                                  Registered since: 13.04.2007

Member with procuration             Carmelina Gamma Schläpfer

                                                  Citizen: Gossau ZH, Switzerland

                                                  Residential address: Jona (Rapperswil-Jona), Switzerland

                                                  joint power of attorney of two

                                                  Registered since: 06.03.2013

Member with procuration             Mehrdad Ghaffari

                                                  Citizen: Germany

                                                  Residential address: Adetswil (Bäretswil), Switzerland

                                                  joint power of attorney of two

                                                  Registered since: 07.11.2011

Member with procuration             Bruno Hegner

                                                  Citizen: Galgenen, Switzerland

                                                  Residential address: 8645 Jona (Rapperswil-Jona)/SG, Switzerland

                                                  joint power of attorney of two

                                                  Registered since: 04.07.1990

Member with procuration             Stephan Kaiser

                                                  Citizen: Unterägeri, Switzerland

                                                  Residential address: 6340 Baar/ZG, Switzerland

                                                  joint power of attorney of two

                                                  Registered since: 04.03.2008

Member with procuration             Adrian Müdespacher

                                                  Citizen: Hinwil, Switzerland

                                                  Residential address: Lenzburg, Switzerland

                                                  joint power of attorney of two

                                                  Registered since: 09.02.1995

Member with procuration             Urs Schiltknecht

                                                  Citizen: Stäfa, Switzerland

                                                  Residential address: 8712 Stäfa/ZH, Switzerland

                                                  joint power of attorney of two

                                                  Registered since: 04.03.2008

 

 

External Positions

 

Title                                           Name

Auditor                                       PricewaterhouseCoopers AG

                                                  Residential address: Zürich, Switzerland

                                                  Registered since: 06.09.2001

 

 

Executive board

 

Title                                           Name

Chief Executive Officer               Willy Grob

 

 

Ultimate Parent Company

 

Name:                          Rieter Holding AG

City/Country:                Winterthur/ZH, Switzerland/CH

 

 

Financial Data Rieter Group

 

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:                                                 th. CHF             th. CHF            th. CHF             th. CHF            th. CHF

Statement norm:                                          IAS                   IAS                  IAS                   IAS                  IAS

 

Balance Sheet

Intangible fixed assets                                25,600.0           20,100.0             9,500.0           15,200.0           23,000.0

Land and buildings                                    133,400.0          133,200.0         118,600.0          232,400.0         264,100.0

Other tangible fixed assets                        128,700.0          125,100.0         109,000.0          373,700.0         431,900.0

Tangible fixed assets                                262,100.0          258,300.0         227,600.0          606,100.0         696,000.0

Financial fixed assets                                   2,900.0             2,700.0           78,400.0          175,600.0         164,000.0

other fixed assets                                       80,500.0           75,200.0             6,500.0             5,300.0             3,500.0

Fixed assets                                             371,100.0          356,300.0         322,000.0          802,200.0         886,500.0

 

Stocks                                                      233,000.0          229,300.0         234,800.0          328,400.0         266,000.0

Trade accounts receivable                           94,100.0           91,100.0           84,100.0          381,500.0         331,500.0

Liquid assets                                            360,800.0          342,600.0         408,300.0          351,900.0         217,700.0

Securities                                                     8,900.0             9,300.0             7,300.0             7,100.0           13,000.0

other trade accounts                                   40,900.0           36,900.0           49,200.0           86,200.0           92,400.0

Accruals                                                       5,200.0             4,600.0             5,700.0           11,800.0             7,000.0

Other current assets                                  415,800.0          393,400.0         470,500.0          457,000.0         330,100.0

Current assets                                          742,900.0          713,800.0         789,400.0       1,166,900.0         927,600.0

 

Total assets                                           1,114,000.0       1,070,100.0       1,111,400.0       1,969,100.0       1,814,100.0

 

Capital                                                       23,400.0           23,400.0           23,400.0           23,400.0           23,400.0

Other shareholders funds                          365,800.0          348,400.0         355,900.0          533,500.0         563,800.0

Total shareholders equity                        389,200.0          371,800.0         379,300.0          556,900.0         587,200.0

 

Minority interests                                             500.0             5,000.0             8,400.0           70,700.0           68,600.0

long term debt (financial debts)                 183,600.0          249,600.0         253,500.0          296,300.0         140,700.0

Provisions                                                104,500.0          104,700.0         104,300.0          180,700.0         182,200.0

Other non current liabilities                          32,900.0           32,400.0           42,300.0           80,100.0           76,400.0

Non current liabilities                                 321,000.0          386,700.0         400,100.0          557,100.0         399,300.0

short term debt (financial debts)                  44,800.0             6,700.0             3,100.0           66,200.0           81,700.0

Trade accounts payable                              96,000.0           97,300.0         176,200.0          426,700.0         226,800.0

Provisions                                                  30,400.0           37,800.0           38,600.0           89,000.0         174,300.0

Accruals                                                     61,500.0           53,900.0           64,100.0          104,300.0         115,700.0

other accounts payable                             170,600.0          110,900.0           41,600.0           98,200.0         160,500.0

other current liabilities                                262,500.0          202,600.0         144,300.0          291,500.0         450,500.0

Current liabilities                                     403,300.0          306,600.0         323,600.0          784,400.0         759,000.0

 

Shareh. equity, min. interests + liabilities 1,114,000.0    1,070,100.0       1,111,400.0       1,969,100.0       1,814,100.0

 

Profit and loss account

Sales                                                                                                                            2,585,800.0       1,956,300.0

Reduction of proceeds                                                                                                      96,400.0           73,600.0

Net sales                                               1,035,300.0          888,500.0       1,060,800.0       2,489,400.0       1,882,700.0

Other operating revenue                              53,400.0           36,900.0           70,600.0           66,100.0          -36,200.0

Operating revenue                                 1,088,700.0          925,400.0       1,131,400.0       2,555,500.0       1,846,500.0

 

Cost of goods sold                                  525,400.0          412,100.0         497,800.0       1,213,200.0         885,100.0

Gross profit                                              563,300.0          513,300.0         633,600.0       1,342,300.0         961,400.0

Other operating expenses                          503,100.0          479,700.0         521,000.0       1,244,300.0       1,148,000.0

Operating result                                         60,200.0           33,600.0         112,600.0           98,000.0        -186,600.0

 

Interest revenues                                          1,800.0             1,800.0             6,900.0             2,800.0             4,000.0

other financial revenues                                8,500.0           18,400.0           52,300.0                800.0                700.0

Financial income                                         10,300.0           20,200.0           59,200.0             3,600.0             4,700.0

Interest expenses                                        15,800.0           15,400.0           17,100.0           29,400.0           27,600.0

other financial expenses                               2,200.0             3,300.0           16,700.0             5,400.0             2,000.0

Financial expenses                                     18,000.0           18,700.0           33,800.0           34,800.0           29,600.0

Financial result                                            -7,700.0             1,500.0           25,400.0          -31,200.0          -24,900.0

Result before extraordinary items              52,500.0           35,100.0         138,000.0           66,800.0        -211,500.0

 

Extraordinary income                                                                                151,000.0

Extraordinary Result                                            0.0                   0.0         151,000.0                   0.0                   0.0

Result before taxes                                    52,500.0           35,100.0         289,000.0           66,800.0        -211,500.0

 

Taxes                                                         15,100.0             8,600.0           19,000.0           25,200.0             6,000.0

Result before minority interests                   37,400.0           26,500.0         270,000.0           41,600.0        -217,500.0

minority interests                                         -2,000.0            -3,000.0             2,800.0           15,100.0             6,400.0

Result for the financial year                       39,400.0           29,500.0         267,200.0           26,500.0        -223,900.0

 

Cash flow

Depreciation                                               35,000.0           33,200.0           33,900.0          124,800.0         140,900.0

Cash flow                                                   72,400.0           59,700.0         303,900.0          166,400.0          -76,600.0

Cash flow from operating activities            107,700.0             9,300.0           10,100.0          106,100.0            -1,600.0

Investments in tangible fixed assets            55,000.0           81,600.0           57,300.0           98,200.0           61,700.0

Cash flow from investing activities              -46,600.0          -41,600.0          -21,500.0          -92,500.0          -33,200.0

Cash flow from financing activities             -40,000.0          -31,800.0           71,200.0          129,300.0          -27,800.0

Others                                                         -2,900.0            -1,600.0            -3,400.0            -8,700.0            -2,300.0

Change in liquidity                                      18,200.0          -65,700.0           56,400.0          134,200.0          -64,900.0

Liquidity at beginning of the year               342,600.0          408,300.0         351,900.0          217,700.0         282,600.0

Liquidity at end ot the year                        360,800.0          342,600.0         408,300.0          351,900.0         217,700.0

 

Notes

Material costs                                           525,400.0          412,100.0         497,800.0       1,213,200.0         885,100.0

Cost of employees                                   296,700.0          278,900.0         302,300.0          764,700.0         693,000.0

Research and Development                         45,000.0           42,700.0           39,500.0           93,900.0           98,700.0

Orders received                                      1,259,400.0          839,700.0         958,300.0       3,170,000.0       1,935,100.0

Added value                                             400,000.0          362,600.0         642,300.0          985,700.0         650,000.0

Working Capital                                         231,100.0          223,100.0         142,700.0          283,200.0         370,700.0

Sales per Employee                                        286.9                250.8                213.1                194.4                147.5

Market capitalisation                                  963,700.0          736,700.0         653,200.0       1,565,800.0       1,084,500.0

Gross cost land and buildings                   271,100.0          270,000.0         257,000.0          495,600.0         543,700.0

Gross cost other tangible fixed assets       477,000.0          472,700.0         473,000.0       1,541,300.0       1,774,200.0

Gross cost total                                        748,100.0          742,700.0         730,000.0       2,036,900.0       2,317,900.0

Insurance value land and buildings             566,400.0          540,900.0         539,800.0       1,024,200.0       1,353,400.0

 

Employees  at year end                                   3,609                3,542                4,695              12,804              12,761

Employees inland                                                                                                                   1,536                1,660

Employees abroad                                                                                                               11,268              11,101

 

 

Owner/-s

 

No. of Owner/-s:           1

Owner:                         The company is domestic owned.

 

Class:                          100%

Type:                           indirect, Group-Level 1

Name:                          Rieter Holding AG

City/Country:                Winterthur/ZH, Switzerland/CH

Interest:                        100,00% voting right, 100,00% capital interest (since 2005)

 

Class:                          100%

Type:                           direct

Name:                          Hogra Holding AG

City/Country:                Pfäffikon SZ/SZ, Switzerland/CH

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

08.10.2014          2014                           0

31.12.2013          2013                           0

31.12.2012          2012                           0

31.12.2011          2011                           0

31.12.2010          2010                           1              1,106,993.--      Legal actions

31.12.2009          2009                           0

31.12.2008          2008                           0

31.12.2007          2007                           0

31.12.2006          2006                           0

31.12.2005          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.

 

 

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 very good.

 

Payment experiences:   Financial obligations are paid very punctually.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.87

UK Pound

1

Rs.97.69

Euro

1

Rs.77.37

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIT

 

               

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.