MIRA INFORM REPORT

 

 

Report Date :

20.09.2014

 

IDENTIFICATION DETAILS

 

Name :

USTER TECHNOLOGIES AG

 

 

Registered Office :

Sonnenbergstrasse 108610 Uster/ZH Switzerland/CH

 

 

Country :

 Switzerland

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

06.11.2006

 

 

Com. Reg. No.:

170.3.030.026-8 / 852732

 

 

Legal Form :

Company limited by shares

 

 

Line of Business :

Manufacture of machinery for textile, apparel and leather production

 

 

No. of Employees :

550

 

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

 

USTER TECHNOLOGIES AG

 

 

Operating address

 

Sonnenbergstrasse 10

8610 Uster/ZH

Switzerland/CH

 

Telephone:                    043 3663636

Fax:                             043 3663637

 

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

E-mail:                         info@uster.com

 

WIN Worldbox No.:        CH0000046135

VAT-No.:                      CHE113246640

 

 

Profile

 

Established:                  1949

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:                99,4%

Banks:                         unknown

Quoted:                        Yes

 

Formerly:

Market:                         SWISS EXCHANGE (Main)

Market Identifier Code:   XSWX

ISIN:                             CH0034331535

NSIN:                           3433153

Ticker:                          USTN

First trading day:           01.10.2007

Last trading day:           06.11.2012

 

 

Operational Figures

 

Coverage:                     Group

Figures:                        approximately

Employees:                  550

Sales:                          CHF 220,000,000.--

 

 

Activity

 

The company is the world leader in textile electronics and provides systems to monitor and control the quality throughout the textile industry.

 

 

Real Estate

 

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

 

 

Company Register

 

Company No:                170.3.030.026-8 / 852732

Legal form:                    Company limited by shares

Registration:                 06.11.2006

Legal status:                 active

Responsible Register:    Handelsregister des Kantons Zürich (since 19.06.2007)

History:                        Date of Statutes: 29.05.2012

                                    Date of Statutes: 29.05.2012

                                    Date of Statutes: 29.03.2011

                                    Date of Statutes: 30.03.2010

                                    Date of Statutes: 02.11.2009

                                    Date of Statutes: 31.03.2009

                                    Date of Statutes: 18.03.2008

                                    Date of Statutes: 18.10.2007

                                    Date of Statutes: 04.10.2007

                                    Date of Statutes: 18.06.2007

                                    Date of Incorporation Statutes: 03.11.2006

 

Entry          Deleted      Name

19.06.2007                    Uster Technologies AG

19.06.2007                    Uster Technologies SA (Name translated)

19.06.2007                    Uster Technologies Ltd (Name translated)

06.11.2006  19.06.2007  Hercules Holding AG

06.11.2006  19.06.2007  Hercules Holding SA (Name translated)

06.11.2006  19.06.2007  Hercules Holding Ltd (Name translated)

 

Entry          Deleted      Legal domicile

19.06.2007                    Uster, Switzerland

06.11.2006  19.06.2007  Zug, Switzerland

 

Entry          Deleted      Address

01.12.2008                    Sonnenbergstrasse 10, 8610 Uster/ZH, Switzerland/CH

19.06.2007  01.12.2008  Wilstrasse 11, 8610 Uster/ZH, Switzerland/CH

 

Entry          Deleted      Capital

07.06.2012                    Share Capital CHF 82,301,700, paidup CHF 82,301,700

02.11.2009  07.06.2012  Share Capital CHF 79,524,000, paidup CHF 79,524,000

10.06.2008  02.11.2009  Share Capital CHF 61,664,000, paidup CHF 61,664,000

 

Entry          Deleted      Capital Structure

07.06.2012                    8,755,500 Registered shares of CHF 9.40

02.11.2009  07.06.2012  8,460,000 Registered shares of CHF 9.40

10.06.2008  02.11.2009  6,560,000 Registered shares of CHF 9.40

 

 

Official Administration

 

Title                                           Name

President                                    Philip Mosimann, Origin: Lauperswil, Switzerland, Residential address: St. Gallen/SG, Switzerland, born: 16.05.1954, joint signature of two, Registered since: 22.06.2012

Director                                       Dr. Geoffrey Scott, Origin: United Kingdom, Residential address: Erlenbach/ZH, Switzerland, born: 1954, joint signature of two

Director                                       Susumu Toyoda, Origin: Japan, Residential address: Nagoya, Japan, joint signature of two, Registered since: 09.08.2013

 

 

Management

 

Title                                           Name

Member with signing authority       Harold R. Hoke, Origin: United States of America, Residential address: 8610 Uster/ZH, Switzerland, born: 1954, joint signature of two

Member with signing authority       Peter Huber, Origin: Buchs ZH, Switzerland, Residential address: 8623 Wetzikon/ZH, Switzerland, born: 23.12.1966, joint signature of two, Registered since: 05.03.2012

Member with signing authority       Walter Richard Kiechel, Origin: Zürich, Switzerland, Residential address: Laufen-Uhwiesen, Switzerland, joint signature of two, Registered since: 28.07.2014

Member with signing authority       Renato Murk, Origin: Müstair, Switzerland, Residential address: Egg, Switzerland, born: 1956, joint signature of two

Member with signing authority       Thomas Nasiou, Origin: Greece, Residential address: 8610 Uster/ZH, Switzerland, born: 12.08.1970, joint signature of two, Registered since: 05.03.2012

Member with signing authority       Rafael Storz, Origin: Germany, Residential address: 8280 Kreuzlingen/TG, Switzerland, born: 1967, joint signature of two

Member with procuration              David Brütsch, Origin: Zürich, Switzerland, Residential address: Pfäffikon/ZH, Switzerland, joint power of attorney of two, Registered since: 28.07.2014

 

 

External Positions

 

Title                                           Name

Auditor                                        PricewaterhouseCoopers AG, Residential address: Zürich, Switzerland, Id: CH-020.3.020.876-5, Registered since: 19.06.2013

 

 

Executive board

 

Title                                           Name

Chief Executive Officer                 Dr. Geoffrey Scott

Chief Financial Officer                  Peter Huber

Chief Sales Officer                       Harold R. Hoke

Chief Development Officer             Rafael Storz

Chief Business Segment Officer    Thomas Nasiou

Chief Logistics Officer                  Renato Murk

 

 

Financial Data Toyota Industries Corporation

 

Consolidation:               consolidated

Industry:                       Trade/Industry

 

Fiscal year end:                                     31.03.2014        31.03.2013        31.03.2012        31.03.2011        31.03.2010

Number of months:                                       12                    12                    12                    12                    12

Currency:                                                 mil. JPY            mil. JPY           mil. JPY            mil. JPY           mil. JPY

 

Balance Sheet

Intangible fixed assets                                190,882.0          168,049.0         106,777.0           79,340.0           82,722.0

Land and buildings                                     317,520.0          301,097.0

Other tangible fixed assets                         308,594.0          248,717.0

Tangible fixed assets                                 626,114.0          549,814.0         481,053.0          497,278.0         531,977.0

Financial fixed assets                              1,926,353.0       1,598,437.0       1,177,592.0       1,123,307.0       1,168,240.0

other fixed assets                                      183,601.0          146,961.0         122,206.0          110,634.0         133,506.0

Fixed assets                                          2,926,950.0       2,463,261.0       1,887,628.0       1,810,559.0       1,916,445.0

Stocks                                                      170,241.0          142,520.0         116,447.0          104,263.0           88,349.0

Trade accounts receivable                          242,844.0          212,595.0

Liquid assets                                             226,383.0          230,348.0         274,710.0          198,654.0         287,965.0

Securities                                                   50,122.0           41,964.0

other trade accounts                                  182,470.0          153,090.0

Other current assets                                  458,975.0          425,402.0

Current assets                                           872,060.0          780,517.0         769,356.0          670,893.0         672,801.0

Total assets                                           3,799,010.0       3,243,778.0       2,656,984.0       2,481,452.0       2,589,246.0

 

Capital                                                      186,116.0          186,360.0

Other shareholders funds                         1,583,682.0       1,288,634.0

Total shareholders equity                         1,769,798.0       1,474,994.0       1,143,790.0       1,030,350.0       1,057,951.0

Minority interests                                         59,528.0           49,939.0           54,052.0           45,590.0           46,979.0

long term debt (financial debts)                   657,679.0          551,785.0         436,421.0          442,251.0         530,609.0

Provisions                                                                                                  48,973.0           46,925.0           45,234.0

Other non current liabilities                         648,651.0          507,965.0         394,221.0          404,392.0         473,532.0

Non current liabilities                               1,306,330.0       1,059,750.0         879,615.0          893,568.0       1,049,375.0

short term debt (financial debts)                  217,365.0          263,494.0

Trade accounts payable                             226,042.0          197,769.0

Accruals                                                     25,962.0           15,958.0

other accounts payable                              193,985.0          181,874.0

other current liabilities                                219,947.0          197,832.0

Current liabilities                                        663,354.0          659,095.0         579,527.0          511,944.0         434,941.0

Shareh. equity, min. interests + liabilities  3,799,010.0       3,243,778.0       2,656,984.0       2,481,452.0       2,589,246.0

 

Profit and loss account

Net sales                                               2,007,856.0       1,615,244.0       1,543,352.0       1,479,839.0       1,377,769.0

Operating revenue                                   2,007,856.0       1,615,244.0

Cost of goods sold                                  1,651,573.0       1,347,238.0

Gross profit                                               356,283.0          268,006.0

Other operating expenses                           248,591.0          190,909.0

Operating result                                         107,692.0           77,097.0           67,963.0           53,498.0          -27,010.0

Interest revenues                                         11,205.0             9,071.0

other financial revenues                              276,329.0          323,980.0

Financial income                                       287,534.0          333,051.0

Interest expenses                                        16,023.0           14,508.0

other financial expenses                               14,063.0           12,796.0

Financial expenses                                      30,086.0           27,304.0

Financial result                                          257,448.0          305,747.0

Result before extraordinary items                365,140.0          382,844.0

Extraordinary expenses                                                         6,710.0

Extraordinary Result                                                             -6,710.0

Result before taxes                                    365,140.0          376,134.0

Taxes                                                         43,934.0           26,851.0

Result before minority interests                   321,206.0          349,283.0

minority interests                                          5,447.0             3,295.0

Result for the financial year                         315,759.0          345,988.0           58,594.0           47,205.0          -26,273.0

 

 

 

Cash flow

Depreciation                                                11,125.0             8,076.0

Cash flow                                                  332,331.0          357,359.0

Cash flow from operating activities               155,059.0          151,299.0

Investments in tangible fixed assets            131,672.0          112,430.0

Cash flow from investing activities               -118,483.0         -274,210.0

Cash flow from financing activities                   6,183.0             7,050.0

Others                                                          4,288.0            -1,591.0

Change in liquidity                                       47,047.0         -117,452.0

Liquidity at beginning of the year                 179,359.0          296,811.0

Liquidity at end ot the year                         226,406.0          179,359.0

 

Notes

Cost of employees                                       85,831.0           74,452.0

Research and Development                          39,363.0           32,203.0

Added value                                              478,119.0          473,170.0

Working Capital                                         187,043.0          157,346.0

Gross cost land and buildings                     556,217.0          527,534.0

Gross cost other tangible fixed assets      1,126,091.0       1,000,059.0

Gross cost total                                      1,682,308.0       1,527,593.0

 

 

Ultimate Parent Company

 

Name:                          TOYOTA INDUSTRIES CORPORATION

City/Country:                 AICHI, Japan/JP

 

 

Owner/-s

 

No. of Owner/-s:            1

Owner:                         The company is foreign owned.

 

Class:                          100%

Type:                            direct, Group-Level 1

Name:                          TOYOTA INDUSTRIES CORPORATION

City/Country:                 AICHI, Japan/JP

Interest:                        100,00% voting right, 100,00% capital interest (since 30.10.2009)

 

 

Sisters

 

Name:                          Cascade Corporation

City/Country:                 Fairview/Oregon, United States of America/US

 

Name:                          Toyota Textile Machinery Europe AG

City/Country:                 Uster/ZH, Switzerland/CH

 

 

Investments

 

Class:                          100%

Name:                          Uster Technologies de Mexico SA de CV

City/Country:                 Tlalnepantla, Mexico/MX

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

 

Class:                          100%

Name:                          Uster Technologies GmbH

City/Country:                 Grünwald/Bayern, Germany/DE

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

 

Class:                          100%

Name:                          Uster Technologies Holding (Thailand) Ltd.

City/Country:                 Bangkok, Thailand/TH

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

 

Class:                          100%

Name:                          Uster Technologies Inc

City/Country:                 Knoxville/Tennessie, United States of America/US

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

 

Class:                          100%

Name:                          Uster Technologies (India) Marketing Private Limited

City/Country:                 BANGALORE/Karnataka, India/IN

Interest:                        100,00% voting right, 100,00% capital interest (since 25.08.2010)

 

Class:                          100%

Name:                          Uster Technologies (India) Private Limited

City/Country:                 BANGALORE/Karnataka, India/IN

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

 

Class:                          100%

Name:                          Uster Technologies KK

City/Country:                 Osaka-fu, Japan/JP

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

 

Class:                          100%

Name:                          Uster Technologies (Shanghai) Trading Co Ltd

City/Country:                 Shanghai, China/CN

Interest:                        100,00% voting right, 100,00% capital interest (since 2010)

 

Class:                          100%

Name:                          Uster Technologies Sulamericana Ltda

City/Country:                 Alphaville-Barueri/Sao Paulo, Brazil/BR

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

 

Class:                          100%

Name:                          Uster Technologies (Suzhou) Co Ltd

City/Country:                 Suzhou, China/CN

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

 

Class:                          100%

Name:                          Uster Technologies (Thailand) Ltd

City/Country:                 Bangkok, Thailand/TH

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

 

Class:                          100%

Name:                          Uster Teknoloji Ticaret AS

City/Country:                 Merter/Istanbul, Turkey/TR

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

 

 

Financials

 

After delisting from stock exchange, the company does not longer disclose full financial data. Last published financials are per 30.12.2011.

 

 

Legal Actions

 

Control date       Year                       No.             Amount CHF     Status

28.11.2013          2013                           0

28.11.2013          2012                           0

17.03.2011          2011                           0

17.03.2011          2010                           0

17.03.2011          2009                           0

17.03.2011          2008                           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 in order.

 

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

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.80

UK Pound

1

Rs.100.06

Euro

1

Rs.78.46

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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.