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Report No. : |
324610 |
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Report Date : |
02.06.2015 |
IDENTIFICATION DETAILS
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Name : |
ITX TRADING SA |
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Registered Office : |
Rue Louis D'affry 6, 1700 Fribourg/FR, Switzerland/CH |
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Country : |
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Financials (as on) : |
31.01.2015 |
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Date of Incorporation : |
1963 |
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Com. Reg. No.: |
217.3.534.972-6 |
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Legal Form : |
Company Limited By Shares |
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Line of Business : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Switzerland |
A1 |
A1 |
|
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 responded to 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 hurt 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
WIN
Worldbox No.: CH0007054554
VAT-No.: CHE-112.763.766 MWST
UID-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: 2015
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
UID-No.: CHE112763766
Legal
form: Company limited
by shares
Registration: 10.02.2006
Legal
status: active
Responsible
Register: Handelsregister des
Saane-Bezirkes (FR)
History: Date of Statutes:
09.12.2014
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 Peńa
Citizen:
Spain
Residential
address: La Coruńa, Spain
joint
signature of two
Registered
since: 29.06.2009
Director José
Manuel Romay de la Colina
Citizen:
Spain
Residential
address: La Coruńa, 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
Name: INDUSTRIA DE DISENO
TEXTIL SA (INDITEX)
City/Country: LA CORUNA, Spain/ES
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.01.2015 31.01.2014 31.01.2013 31.01.2012 31.01.2011
Number of months: 12 12 12 12 12
Currency: mil.
EUR mil. EUR mil. EUR mil. EUR mil.
EUR
Statement norm: IAS IAS IAS
Balance Sheet
Intangible fixed
assets 881.9 845.7 819.8 832.2
Land and buildings 1,383.3 1,234.1 1,259.8
Other tangible
fixed assets 4,657.3 3,903.5 3,402.6
Tangible fixed
assets 6,040.6 5,137.6 4,662.4 4,063.0
Financial fixed
assets 151.3 20.6 3.9 9.5
other fixed assets 1,197.2 987.4 711.9 617.1
Fixed assets 8,271.0 6,991.3 6,198.0 5,521.8
Stocks 1,859.5 1,676.9 1,581.3 1,277.0
Trade accounts
receivable 765.8 754.0 796.6
Cash & Cash
Equivalents 3,797.9 3,846.7 3,842.9 3,466.7
Securities 222.3 212.9 260.6
other trade accounts 460.5 274.4 210.9
Other current
assets 4,480.7 4,334.0 4,314.4
Current assets 7,106.0 6,764.9 6,692.3 5,437.2
Total assets 15,377.0 13,756.2 12,890.3 10,959.1 9,826.1
Total shareholders equity 10,430.7 9,246.2 8,445.9 7,414.8 6,423.2
Minority interests 38.0 32.1 35.9 40.7
long term debt
(financial debts) 2.3 2.1 4.3 1.5
Provisions 200.6 147.8 144.3 147.3
Other non current
liabilities 956.6 865.6 774.8 651.9
Non current liabilities 1,159.5 1,015.5 923.4 800.8
short term debt
(financial debts) 7.8 2.5 2.4
Trade accounts
payable 3,507.9 3,332.5 3,243.3
other accounts
payable 233.1 127.4 239.4
other current
liabilities 233.1 127.4 239.4
Current liabilities 3,748.8 3,462.4 3,485.1 2,702.7
Shareh. equity, min. int. & liabilities 15,377.0 13,756.2 12,890.3 10,959.1
Profit and loss
account
Net sales 18,116.5 16,724.4 15,946.1 13,792.6
Other operating
revenue 1.3
Operating revenue 18,116.5 16,725.7 15,946.1 12,526.6
Cost of goods sold 7,547.6 6,801.5 6,416.8
Gross profit 10,568.9 9,924.2 9,529.3
Other operating
expenses 7,369.8 6,853.3 6,412.5
Operating result 3,199.1 3,070.9 3,116.8 2,522.0 2,290.5
Interest revenues 25.9 22.5 23.8
other financial
revenues 86.4 8.1 17.8
Financial income 112.3 30.6 41.6
Interest expenses 9.9 11.1 10.5
other financial expenses 55.9 37.7 16.9
Financial expenses 65.8 48.8 27.4
Financial result 46.5 -18.2 14.2
Result before extraordinary items 3,245.6 3,052.7 3,131.0
Result before taxes 3,245.6 3,052.7 3,131.0
Taxes 734.6 671.1 763.9
Result before
minority interests 2,511.0 2,381.6 2,367.1 1,741.3
minority interests 9.6 4.4 6.3
Result for the financial year 2,501.4 2,377.2 2,360.8 1,932.2
Cash flow
Depreciation 904.9 855.1 796.1 675.7
Cash flow 3,415.9 3,236.7 3,163.2
Cash flow from
operating activities 3,247.5 2,827.2 3,118.9
Investments in
tangible fixed assets 1,629.5 1,117.1 1,192.6
Cash flow from
investing activities -1,847.1 -1,350.9 -1,599.4
Cash flow from
financing activities -1,529.2 -1,425.4 -1,125.1
Others 79.9 -47.1 -18.1
Change in
liquidity -48.9 3.8 376.3
Liquidity at
beginning of the year 3,846.7 3,842.9 3,466.8
Liquidity at end
of the year 3,797.8 3,846.7 3,843.1
Notes
Material costs 7,547.6 6,897.1 6,721.1
Cost of employees 2,932.2 2,697.7 2,547.7 2,234.2
Added value 7,092.6 6,616.6 6,485.3
Working Capital -882.6 -901.6 -865.4
Net Current Assets 3,357.2 3,302.5 3,207.2 2,734.5
Sales per Employee 0.1 0.1
Gross cost land
and buildings 1,643.0 1,485.2 1,463.9
Gross cost other
tangible fixed assets 9,157.4 7,982.3 7,272.2
Gross cost total 10,800.4 9,467.5 8,736.1
Employees at year end 128,313 120,314 109,512
Offices 5,527
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.
Balance sheet publication:
The subject company does not publish balance
sheet or turnover figures.
Control date Year No. Amount CHF Status
02.03.2012 2012 0 Legal
actions
31.12.2011 2011 0 Legal
actions
31.12.2010 2010 0 Legal
actions
31.12.2009 2009 0 Legal
actions
31.12.2008 2008 0 Legal
actions
31.12.2007 2007 0 Legal
actions
31.12.2006 2006 0 Legal
actions
Official bankruptcy reports:
No bankruptcy publications available on the
subject.
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.
The company is not listed in the
WorldCompliance database.
Payment experiences from pre-legal
collection cases:
No payment experiences from pre-legal
collection cases are available.
Payment experiences from collection cases:
No payment experiences from legal collection
cases are available.
Mode of payment / Business conduct:
There are no complaints about the mode of
payment and the business conduct.
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 good.
Payment
experiences: There are no objections
regarding the payment of financial obligations.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.61 |
|
|
1 |
Rs.97.27 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
|
|
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 |
|
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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 |
|
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.