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Report No. : |
349041 |
|
Report Date : |
14.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
FOSSIL GROUP EUROPE GMBH |
|
|
|
|
Registered Office : |
Horburgstrasse 105 4057 Basel/BS |
|
|
|
|
Country : |
Switzerland |
|
|
|
|
Financials (as on) : |
03.01.2015 |
|
|
|
|
Date of Incorporation : |
02.06.2004 |
|
|
|
|
Com. Reg. No.: |
270.4.013.864-7 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
·
Wholesale
of watches and jewellery ·
Wholesale
of clothing and footwear |
|
|
|
|
No. of Employees : |
Not Available |
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 |
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|
|
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled demand for Swiss exports and put Switzerland into a recession. During this period, the Swiss National Bank (SNB) implemented a zero-interest rate policy to boost the economy, as well as to prevent appreciation of the franc, and Switzerland's economy began to recover in 2010.
The sovereign debt crises unfolding in neighboring euro-zone countries, however, coupled with ongoing economic instability in Russia and other eastern European economies continue to pose a significant risk to the Swiss economy, driving up demand for the Swiss franc by investors seeking a safe-haven currency. In January 2015, the SNB abandoned the Swiss franc’s peg to the Euro, roiling global currency markets and making active SNB intervention a necessary hallmark of present-day Swiss monetary policy. 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 from 2011-14.
In recent years, Switzerland has responded to increasing pressure from neighboring countries and trading partners to reform its banking secrecy laws, by agreeing to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The Swiss government has also renegotiated its double taxation agreements with numerous countries, including the US, to incorporate OECD standards, and is openly considering the possibility of imposing taxes on bank deposits held by foreigners.
|
Source
: CIA |
Fossil Group Europe GmbH
Operating
address:
Horburgstrasse
105
4057
Basel/BS
Switzerland/CH
Telephone: 061 5609800
Fax: 061 5609810
Web
site: http://www.fossil.com
WIN
Worldbox No.: CH0006270645
VAT-No.: CHE-111.699.344 MWST
UID-No.: CHE111699344
Established: 1984
Line
of Business: Consumer goods
wholesale
Industry
Division: Wholesale trade
Industry-code
(NACE): 4648 Wholesale of watches and jewellery
4642 Wholesale of clothing and footwear
Import/Export: Import, Export
Banks: UBS Ltd
Coverage: Company
Figures: estimated
Financial
year: 2015
Employees: 110
The
business activities are the wholesale trade in watches, jewellery and fashion
accessories for the group in Europe.
Brands:
ADIDAS, BURBERRY, DIESEL, DKNY, EMPORIO ARMANI, RELIC, ZODIAC.
Real
Estate: The company owns buildings.
Area: 36,113 m2
Company
No: 270.4.013.864-7
UID-No.: CHE111699344
Legal
form: Limited Liability
Company
Registration: 02.06.2004
Legal
status: active
Responsible
Register: Handelsregister des Kantons
Basel-Stadt
History: Date of Statutes:
25.03.2009
Date of
Statutes: 11.06.2004
Date of
Incorporation Statutes: 24.05.2004
Entry Deleted Name
02.06.2004 Fossil Group
Europe GmbH
Entry Deleted Legal domicile
02.06.2004 Basel,
Switzerland
Entry Deleted Address
20.09.2006 Horburgstrasse
105, 4057 Basel, Switzerland/CH
02.06.2004 20.09.2006 c/o No Time AG, Hardstr. 43, 4020 Basel, Switzerland/CH
Entry Deleted Capital
02.06.2004 LLC Capital CHF
20,000
Entry Deleted Capital Structure
02.04.2009 1 Participation
shares of CHF 20,000.--
Title Name
General
Manager Martin Frey
Citizen:
Gontenschwil, Switzerland
Residential
address: Nuglar, Switzerland
joint
signature of two
Registered
since: 03.09.2007
General
Manager Christian
Stegemann
Citizen:
Zürich, Switzerland
Residential
address: Niederglatt, Switzerland
joint
signature of two
Registered
since: 11.11.2011
General
Manager Wolfgang
Thoeren
Citizen:
Germany
Residential
address: Basel, Switzerland
joint
signature of two
Registered
since: 08.12.2014
Chairman
of the management Hans-Peter Gehmacher
Citizen:
Germany
Residential
address: Birsfelden, Switzerland
joint
signature of two
Registered
since: 03.09.2007
Member
with signing authority Marcel Graf
Citizen:
Buus, Switzerland
Residential
address: Frenkendorf, Switzerland
joint
signature of two
Registered
since: 08.12.2014
Member
with signing authority Ueli Schmidlin
Citizen:
Dittingen, Switzerland
Residential
address: 4242 Laufen/BL, Switzerland
joint
signature of two
Registered
since: 30.03.2009
Title Name
Auditor Deloitte AG
Residential address: Basel,
Switzerland
Id:
CHE-156.952.551
Registered since: 02.04.2009
Name: Fossil Group, Inc.
City/Country: Richardson/Texas, United States of
America/US
No.
of owner/-s: 1
Owner: The company is domestic owned.
Class: 100%
Name: Swiss Technology Holding GmbH
City/Country: Biel/Bienne/BE, Switzerland/CH
Capital
share: CHF 20,000.--
Interest: 100,00% voting right, 100,00%
capital interest (since 02.06.2004)
Name: Fossil Management GmbH
City/Country: Basel/BS, Switzerland/CH
Name: Montres Antima AG
City/Country: Biel/Bienne/BE, Switzerland/CH
Name: Swiss Technology Components SA
City/Country: Glovelier/JU, Switzerland/CH
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 03.01.2015 28.12.2013 29.12.2012 31.12.2011 01.01.2011
Number of months: 12 12 12 12 12
Currency: th.
USD th. USD th. USD th. USD th.
USD
Balance Sheet
Intangible fixed
assets 308,195.0 323,719.0 355,466.0 44,054.0 100,309.0
Tangible fixed
assets 345,606.0 355,666.0 335,446.0 282,050.0 217,424.0
Financial fixed
assets 26.0 6,965.0 7,520.0 9,023.0
other fixed assets 63,897.0 71,541.0 0.0 73,896.0
Fixed assets 717,698.0 750,952.0 697,877.0 407,520.0 326,756.0
Stocks 597,281.0 570,719.0 506,314.0 488,983.0 371,935.0
Trade accounts
receivable 430,498.0 454,762.0 363,456.0 302,467.0 263,218.0
Cash & Cash
Equivalents 276,261.0 320,479.0 177,236.0 287,498.0 392,794.0
Securities 0.0 155.0 8,864.0
other trade
accounts 75,120.0 57,888.0 57,268.0 97,751.0 63,571.0
Accruals 110,694.0 75,614.0 39,838.0 58,548.0 40,435.0
Other current
assets 462,075.0 453,981.0 274,342.0 443,952.0 505,664.0
Current assets 1,489,854.0 1,479,462.0 1,144,112.0 1,235,402.0 1,140,817.0
Total assets 2,207,552.0 2,230,414.0 1,841,989.0 1,642,922.0 1,467,573.0
Capital 172,177.0 154,923.0 138,693.0 149,927.0 -65,120.0
Other shareholders
funds 805,683.0 913,754.0 1,094,842.0 966,919.0 1,116,828.0
Total shareholders equity 977,860.0 1,068,677.0 1,233,535.0 1,116,846.0 1,051,708.0
Minority interests 5,941.0 6,690.0 6,929.0
long term debt
(financial debts) 613,659.0 494,711.0 75,140.0 6,236.0 4,513.0
Other non current
liabilities 163,263.0 168,430.0 119,607.0 128,562.0 71,864.0
Non current liabilities 776,922.0 663,141.0 194,747.0 134,798.0 76,377.0
short term debt
(financial debts) 16,646.0 13,443.0 2,794.0 9,009.0 5,314.0
Trade accounts
payable 159,267.0 165,433.0 149,561.0 157,883.0 122,266.0
Accruals 244,290.0 286,283.0 223,158.0 208,047.0 183,879.0
other accounts
payable 26,626.0 26,747.0 31,265.0 16,339.0 28,029.0
other current
liabilities 270,916.0 313,030.0 254,423.0 224,386.0 211,908.0
Current liabilities 446,829.0 491,906.0 406,778.0 391,278.0 339,488.0
Shareh. equity, min. int. & liabilities 2,207,552.0 2,230,414.0 1,841,989.0 1,642,922.0 1,467,573.0
Profit and loss
account
Net sales 3,509,691.0 3,259,971.0 2,857,508.0 2,567,302.0 2,030,690.0
Other operating
revenue 1,149.0 1,116.0 1,326.0
Operating revenue 3,509,691.0 3,261,120.0 2,858,624.0 2,568,628.0 2,030,690.0
Cost of goods sold 1,508,519.0 1,398,285.0 1,250,965.0 1,128,116.0 875,526.0
Gross profit 2,001,172.0 1,862,835.0 1,607,659.0 1,440,512.0 1,155,164.0
Other operating
expenses 1,434,636.0 1,300,090.0 1,117,703.0 967,195.0 778,750.0
Operating result 566,536.0 562,745.0 489,956.0 473,317.0 376,414.0
Interest revenues 799.0 809.0 889.0 350.0 1,503.0
other financial
revenues 6,641.0 15,392.0 13,117.0 1,027.0 7,412.0
Financial income 7,440.0 16,201.0 14,006.0 1,377.0 8,915.0
Interest expenses 15,898.0 9,548.0 5,160.0 2,391.0 1,119.0
other financial
expenses 53,101.0 0.0 20,744.0 0.0
Financial expenses 68,999.0 9,548.0 5,160.0 23,135.0 1,119.0
Financial result -61,559.0 6,653.0 8,846.0 -21,758.0 7,796.0
Result before extraordinary items 504,977.0 569,398.0 498,802.0 451,559.0 384,210.0
Extraordinary
Result 0.0 0.0 0.0
Result before taxes 504,977.0 569,398.0 498,802.0 451,559.0 384,210.0
Taxes 171,467.0 173,419.0 137,963.0 144,157.0 119,320.0
Result before
minority interests 333,510.0 395,979.0 360,839.0 307,402.0 264,890.0
minority interests 9,904.0 9,896.0 10,858.0 12,700.0 9,685.0
Result for the financial year 323,606.0 386,083.0 349,981.0 294,702.0 255,205.0
Cash flow
Depreciation 95,931.0 81,936.0 65,536.0 51,925.0 40,560.0
Cash flow 429,441.0 477,915.0 426,375.0 359,327.0 305,450.0
Cash flow from
operating activities 387,883.0 411,682.0 451,600.0 251,267.0 209,177.0
Investments in
tangible fixed assets 94,763.0 95,234.0 112,385.0 109,852.0 46,538.0
Cash flow from
investing activities -103,160.0 -123,168.0 -345,153.0 -110,073.0 -47,533.0
Cash flow from
financing activities -325,181.0 -148,249.0 -219,592.0 -249,857.0 -170,584.0
Others -3,760.0 2,978.0 2,883.0 3,367.0 -3,441.0
Change in
liquidity -44,218.0 143,243.0 -110,262.0 -105,296.0 -12,381.0
Liquidity at
beginning of the year 320,479.0 177,236.0 287,498.0 392,794.0 405,175.0
Liquidity at end
of the year 276,261.0 320,479.0 177,236.0 287,498.0 392,794.0
Notes
Added value 616,806.0 660,882.0 569,498.0 505,875.0 425,889.0
Working Capital 868,512.0 860,048.0 720,209.0 633,567.0 512,887.0
Net Current Assets 1,043,025.0 987,556.0 737,334.0 844,124.0 801,329.0
Sales per Employee 230.9 223.3 204.1 196.0 193.4
Gross cost land
and buildings 354,837.0 346,682.0 334,670.0 257,968.0 223,374.0
Gross cost other
tangible fixed assets 350,960.0 323,771.0 262,817.0 241,327.0 199,362.0
Gross cost total 705,797.0 670,453.0 597,487.0 499,295.0 422,736.0
Employees at year end 15,200 14,600 14,000 13,100 10,500
Employees inland 7,700 7,800 6,800
Employees abroad 7,500 6,800 7,200
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
06.12.2010 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
31.12.2005 2005 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.
Debt
collection case:
NOV
2012: CHF 504'810.00, booked up.
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: Financial obligations are
met in an orderly manner.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.14 |
|
UK Pound |
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.71.26 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
TRU |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.