MIRA INFORM REPORT

Report Date :

28.11.2014

IDENTIFICATION DETAILS

Name :	ITEMA (SWITZERLAND) LTD
Registered Office :	Binzackerstrasse 41, 8620 Wetzikon/ZH
Country :	Switzerland
Date of Incorporation :	01.07.1988
Legal Form :	Company limited by shares
Line of Business :	Manufacturer of machinery for textile, apparel and leather production
No. of Employees :	250-399 (Estimated)

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 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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 2.7% 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 safehaven 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 2.1% in 2011. 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 in 2011 it reached deals with Germany and the UK to resolve outstanding issues, particularly 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 & ADDRESS

ITEMA (Switzerland) Ltd.

Operating address:

Binzackerstrasse 41

8620 Wetzikon/ZH

Switzerland/CH

Telephone: 043 4882121

Fax: 043 4882101

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

E-mail: info@itemagroup.com

VAT-No.: CHE105981424

Profile

Established: 1988

Line of Business: Machinery, Financial services

Industry Division: Manufacturing, Services

Industry-code (NACE): 2894 Manufacture of machinery for textile, apparel and leather production

6420 Activities of holding companies

Import/Export: Export

Export sales: 98.0%

Quality certification: ISO 9001:2000

Banks: UBS Ltd

CS Credit Suisse

Operational Figures

Coverage: Company

Figures: estimated

Employees: 250-399

Activity

The business activities includes the development, manufacture and sale of textile machinery and accessories and related services. It branches, representative offices and bases exist worldwide.

Real Estate

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

Company Register

Company No: 020.3.925.478-4 / 445771

Legal form: Company limited by shares

Registration: 01.07.1988

Legal status: active

Responsible Register: Handelsregister des Kantons Zürich

History: Date of Statutes: 29.11.2010

Date of Statutes: 25.05.2009

Date of Statutes: 08.12.2008

Date of Statutes: 29.09.2004

Date of Statutes: 15.04.2004

Date of Statutes: 02.12.2002

Date of Statutes: 13.11.2002

Date of Statutes: 17.12.1998

Date of Statutes: 02.06.1993

Date of Statutes: 18.03.1993

Date of Incorporation Statutes: 20.05.1988

Entry Deleted Name

16.01.2009 ITEMA (Suisse) SA (Name translated)

07.01.2009 ITEMA (Switzerland) Ltd.

07.01.2009 ITEMA (Schweiz) AG (Name translated)

07.01.2009 ITEMA (Svizzera) SA (Name translated)

07.01.2009 16.01.2009 ITEMA (Swiss) SA (Name translated)

06.01.2003 07.01.2009 Sultex AG

06.01.2003 07.01.2009 Sultex Limited (Name translated)

06.01.2003 07.01.2009 Sultex SA (Name translated)

24.12.1998 06.01.2003 Sulzer Textil AG

24.12.1998 06.01.2003 Sulzer Textil Ltd (Name translated)

24.12.1998 06.01.2003 Sulzer Textil SA (Name translated)

24.06.1993 24.12.1998 Sulzer Ruti SA (Name translated)

24.06.1993 24.12.1998 Sulzer Ruti Limited (Name translated)

10.05.1993 24.12.1998 Sulzer Rüti AG

01.07.1988 10.05.1993 Sulzer-Rüti Textilmaschinen AG

Entry Deleted Legal domicile

09.07.2009 Wetzikon (ZH), Switzerland

01.07.1988 09.07.2009 Rüti (ZH), Switzerland

Entry Deleted Address

09.07.2009 Binzackerstrasse 41, 8620 Wetzikon/ZH, Switzerland/CH

06.06.1997 09.07.2009 Joweid Zentrum, 8630 Rüti/ZH, Switzerland/CH

01.07.1988 06.06.1997 Caspar Honegger-Strasse, 8630 Rüti/ZH, Switzerland/CH

Entry Deleted Capital

24.06.1993 Share Capital CHF 75'000'000, paidup CHF 75'000'000

01.07.1988 24.06.1993 Share Capital CHF 50'000, paidup CHF 50'000

Entry Deleted Capital Structure

24.06.1993 750'000 Registered shares of CHF 100.--

01.07.1988 24.06.1993 500 Registered shares of CHF 100.--

Entry Deleted Activity (original Language)

03.05.2004 Die Gesellschaft bezweckt die Entwicklung, die Herstellung und den Handel von Textilmaschinen, vorwiegend Webmaschinen. Sie bezweckt ferner den Handel, die Entwicklung und die Herstellung von Ersatzteilen für die genannten Maschinen, und sie erbringt Dienstleistungen auf dem Gebiet der Textilindustrie. Die Gesellschaft ist befugt, Finanzierungs-, Sanierungs- und Interzessionsmassnahmen zugunsten von Aktionären, Konzerngesellschaften oder Dritten vorzunehmen, sowie Aktionären, Konzerngesellschaften oder Dritten Darlehen zu gewähren, wenn dies den Interessen des Konzerns förderlich ist. Die Gesellschaft kann im In- und Ausland Zweigniederlassungen errichten, sich an anderen Unternehmungen im In- und Ausland beteiligen oder solche finanzieren, gleichartige oder verwandte Unternehmungen gründen oder erwerben. Sie kann Lizenzen vergeben, Vertretungen übernehmen sowie alle Geschäfte tätigen und Verträge abschliessen, die mit dem Gesellschaftszweck in Verbindung stehen und zu dessen Förderung als nützlich erscheinen. Die Gesellschaft kann Grundeigentum im In- und Ausland erwerben.

24.06.1993 03.05.2004 Entwicklung, Herstellung und Handel von Textilmaschinen, vorwiegend Webmaschinen, ferner Handel, Entwicklung und Herstellung von Ersatzteilen für die genannten Maschinen und Erbringen von Dienstleistungen auf dem Gebiet der Textilindustrie; die Gesellschaft kann sich an anderen Unternehmungen beteiligen, Lizenzen vergeben, Vertretungen übernehmen und Grundeigentum erwerben.

01.07.1988 24.06.1993 Handel mit sowie Entwicklung und Herstellung von Textilmaschinen; kann sich an anderen Unternehmungen beteiligen und Liegenschaften erwerben.

Entry Deleted Remarks (original Language)

30.06.2009 Merger: Übernahme der Aktiven und Passiven der Atelier de construction STEIGER SA, in Vionnaz (CH-621.3.001.120-2), mit einem Aktienkapital von CHF 1'000'000.00, einem Partizipationskapital von CHF 500'000.00 und gesetzlichen Reserven von CHF 500'000.00, gemäss Fusionsvertrag vom 18.06.2009 und Bilanz per 31.12.2008. Aktiven von CHF 20'139'397.00 und Passiven (Fremdkapital) von CHF 20'079'327.00 gehen auf die übernehmende Gesellschaft über. Gemäss Bestätigung des staatlich beaufsichtigten Revisionsunternehmens liegen Rangrücktrittserklärungen im Umfang der Unterdeckung vor. Da die übernehmende Gesellschaft sämtliche Aktien der übertragenden Gesellschaft hält, findet weder eine Kapitalerhöhung noch eine Aktienzuteilung statt.

24.06.1993 Contribution in kind/Asset takeover: Die Gesellschaft übernimmt bei der Kapitalerhöhung vom 02.06.1993 einen Teil der Aktiven und Passiven der Sulzer AG, in Winterthur, nämlich den Unternehmensbereich "Sulzer Rüti" gemäss Aufteilungsbilanz per 01.01.1993, wonach die übernommenen Aktiven CHF 459'145'596.21 und die übernommenen Passiven CHF 359'195'596.21 betragen, wofür 749'500 Namenaktien zu CHF 100.-- ausgegeben werden.

24.06.1993 Reports: Die Mitteilungen an die Aktionäre erfolgen durch Veröffentlichung im SHAB oder, sofern das Gesetz nicht zwingend etwas anderes bestimmt, durch eingeschriebenen Brief.

10.05.1993 Shares: Die Übertragbarkeit der Namenaktien ist nach Massgabe der Statuten beschränkt.

01.07.1988 Publishing authority: SHAB.

Entry Deleted Branches

09.07.2009 Allmendweg 8, 4528 Zuchwil/SO, Switzerland/CH (Business place)

09.07.2009 12.04.2010 Joweid Zentrum 3, 8630 Rüti/ZH, Switzerland/CH (Business place)

09.07.2009 12.04.2010 Route du Simplon 20, 1895 Vionnaz/VS, Switzerland/CH (Business place)

Official Administration

Title Name

President Angelo Radici, Origin: Italy, Residential address: Leffe, Italy, single signature

Chief Executive Carlo Rogora, Origin: Italy, Residential address: Lucca, Italy, single signature, Registered since: 30.01.2012

Director Danilo Arizzi, Origin: Italy, Residential address: Albino, Italy, without signature

Director Rolf Bosshardt, Origin: Winterthur, Switzerland, Residential address: Winterthur, Switzerland, joint signature of two

Director Maurizio Radici, Origin: Italy, Residential address: Bergamo , Italy, without signature, Registered since: 30.01.2012

Director Palmiro Radici, Origin: Italy, Residential address: Bergamo, Italy, without signature

Management

Title Name

Member of the management Rolf Bosshardt, Origin: Winterthur, Switzerland, Residential address: Winterthur, Switzerland, joint signature of two

Director Gerhard Käser, Origin: Melchnau, Switzerland, Residential address: Wangen a. d. Aare, Switzerland, joint signature of two

Director Fabio Mazzucchetti, Origin: Italy, Residential address: Ranica, Italy, joint signature of two, Registered since: 17.06.2011

Director Christian Straubhaar, Origin: Zürich, Switzerland, Residential address: Veyrier, Switzerland, joint signature of two

Vice-Director Claudio Rinaldi, Origin: Italy, Residential address: Ernetschwil, Switzerland, joint signature of two

Member with procuration Davide Ferrante, Origin: Italy, Residential address: Hägendorf, Switzerland, joint power of attorney of two, Registered since: 21.03.2012

Member with procuration Rolf Güntensperger, Origin: Eschenbach, Switzerland, Residential address: Rappersil-Jona, Switzerland, joint power of attorney of two

Member with procuration Manfred Häfner, Origin: Germany, Residential address: Gränichen, Switzerland, joint power of attorney of two, Registered since: 21.03.2012

Member with procuration Gerard Hunziker, Origin: Oberkulm, Switzerland, Residential address: Rapperswil-Jona, Switzerland, joint power of attorney of two, Registered since: 21.03.2012

Member with procuration Urs Scheidegger, Origin: Huttwil, Switzerland, Residential address: Kirchberg/BE, Switzerland, joint power of attorney of two

Member with procuration Rolf Siegrist, Origin: Oberbipp, Switzerland, Residential address: Niederbipp, Switzerland, joint power of attorney of two, Registered since: 17.06.2011

External Positions

Title Name

Auditor KPMG AG, Residential address: Zürich, Switzerland

Ultimate Parent Company

Name: ITEMA S.p.A.

City/Country: Colzate/Bologna, Italy/IT

Owner/-s

No. of Owner/-s: 1

Owner: The company is foreign owned.

Class: 100%

Name: ITEMA S.p.A.

City/Country: Colzate/Bologna, Italy/IT

Interest: 100.00% voting right, 100.00% capital interest (since 2001)

Investments

Class: 100%

Name: Heinz Linder GmbH in Liq.

City/Country: Zuchwil/SO, Switzerland/CH

Interest: 100.00% voting right, 100.00% capital interest (since 25.05.2010)

Class: 100%

Name: ITEMA Weaving (Japan) Limited

City/Country: Osaka, Japan/JP

Interest: 100.00% voting right, 100.00% capital interest

Class: 100%

Name: Sultex-Export GmbH

City/Country: Rüti/ZH, Switzerland/CH

Interest: 100.00% voting right, 100.00% capital interest

Class: 10-19%

Name: Lakshmi Automatic Loom Works Ltd

City/Country: Hosur/Tamil Nadu, India/IN

Interest: 16.40% voting right, 16.40% capital interest

Legal Actions

Control date Year No. Amount CHF Status

05.11.2010 2010 0

05.11.2010 2009 2 614'240.-- Opposition filed

05.11.2010 2008 2 100'000.-- Opposition filed

05.11.2010 2007 0

05.11.2010 2006 0

05.11.2010 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.

Remarks

Debt collection case:

AUG 2006: CHF 1'440.00, payment after legal demand.

JAN 2008: CHF 538.00, payment after legal demand.

DEC 2008: CHF 265.75, payment after legal demand.

AUG 2009: CHF 706.60, payment after legal demand.

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: Financial obligations are met in an orderly manner.

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

Report Prepared by :

MNL

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