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Report No. : |
304409 |
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Report Date : |
22.01.2015 |
IDENTIFICATION DETAILS
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Name : |
ITX TRADING SA |
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Registered Office : |
Rue Louis d'Affry 6 1700 Fribourg/FR |
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Country : |
Switzerland |
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Financials (as on) : |
31.01.2013 |
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Date of Incorporation : |
1963 |
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Com. Reg. No.: |
217.3.534.972-6 / 828369 |
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Legal Form : |
Company limited by shares |
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Line of Business : |
The business activities are wholesale trade in clothing, shoes and
accessories. |
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No. of Employees : |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Switzerland |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
ITX TRADING SA
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
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
Coverage: Company
Figures: estimated
Financial year: 2014
Employees: 15
Sales: CHF
20,000,000.--
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: The
company owns no property.
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.--
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
Title Name
Auditor Deloitte SA, Residential address:
Lausanne, Switzerland, Id: CH-550-0159344-5, Registered since: 12.02.2013
Title Name
Chief Executive Officer Sean
Pettenhofer
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
Name: INDUSTRIA DE
DISENO TEXTIL SA (INDITEX)
City/Country: LA CORUNA,
Spain/ES
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)
It is believed that the company has no investments.
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.
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.61.61 |
|
|
1 |
Rs.93.49 |
|
Euro |
1 |
Rs.71.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
|
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.