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Report No. : |
341372 |
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Report Date : |
21.09.2015 |
IDENTIFICATION DETAILS
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Name : |
ALBANY INTERNATIONAL EUROPE GMBH |
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Registered Office : |
Victor von Bruns-Strasse 17 8212 Neuhausen am Rheinfall/SH |
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Country : |
Switzerland |
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Financials (as on) : |
31.12.2014 (Consolidated) |
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Date of Incorporation : |
16.03.2007 |
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Com. Reg. No.: |
290.4.015.747-4 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject includes international and particularly European sales of
machinery for textile and paper manufacturing group of companies. |
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No. of Employee : |
55 |
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 : |
Exist |
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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Switzerland |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 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.
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Source
: CIA |
ALBANY INTERNATIONAL EUROPE GMBH
Operating address:
Victor von Bruns-Strasse 17
8212 Neuhausen am Rheinfall/SH
Switzerland/CH
Telephone: 052 6741111
Fax: 052 6741110
Web site: http://www.albint.com
WIN Worldbox No.: CH0007443354
VAT-No.: CHE-113.509.880 MWST
UID-No.: CHE113509880
Established: 2007
Line of Business: Consumer goods wholesale
Industry Division: Wholesale trade
Industry-code (NACE): 4669 Wholesale
of other machinery and equipment
Import/Export: Import, Export
Banks: unknown
Coverage: Company
Figures: estimated
Financial year: 2015
Employees: 55
Sales: CHF 100-200 Mio
Their work includes international and particularly European sales of
machinery for textile and paper manufacturing group of companies. The group is divided
into two main business segments: manufacturing machines for production of
paper, non-woven textiles and other process industries and as a supplier of
composite parts for the aerospace industry. The Group is represented worldwide.
Real Estate: It is understood that the
company owns certain property.
Company No: 290.4.015.747-4
UID-No.: CHE113509880
Legal form: Limited Liability Company
Registration: 16.03.2007
Legal status: active
Responsible Register: Handelsregister des Kantons Schaffhausen
History: Date of Statutes:
27.03.2008
Date of Statutes: 28.03.2007
Date of Incorporation Statutes:
14.03.2007
Entry Deleted Name
16.03.2007 Albany International Europe
GmbH
16.03.2007 Albany International Europe
LLC (Name translated)
16.03.2007 Albany International Europe
Sàrl (Name translated)
Entry Deleted Legal domicile
16.03.2007 Neuhausen am Rheinfall,
Switzerland
Entry Deleted Address
16.03.2007 Victor von Bruns-Strasse 17,
8212 Neuhausen am Rheinfall/SH, Switzerland/CH
Entry Deleted Capital
01.04.2008 LLC Capital CHF 1,000,000
Entry Deleted Capital Structure
01.04.2008 10,000 Participation shares
of CHF 100.--
Title Name
General Manager Daniel Alphonse
Halftermeyer
Citizen: France
Residential
address: 6300 Zug/ZG, Switzerland
single signature
Registered since:
16.03.2007
Member with signing authority Christian Raymond Rietsch
Citizen: France
Residential
address: Schaffhausen, Switzerland
single signature
Registered since:
29.11.2011
Title Name
Auditor KPMG AG
Residential
address: Zürich, Switzerland
Id: CHE-106.084.881
Registered since:
08.08.2014
Title Name
Chief Executive Officer Daniel Alphonse Halftermeyer
Name: Albany International Corporation
City/Country: Albany/New York, United States
of America/US
No. of owner/-s: 1
Owner: The company is foreign owned.
Class: 100%
Name: Albany International Holding (Switzerland)
AG
City/Country: Baar/ZG, Switzerland/CH
Capital share: CHF 1,000,000.--
Interest: 100,00% voting right,
100,00% capital interest (since 16.03.2007)
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2014 31.12.2013 31.12.2012 31.12.2011 31.12.2010
Number of months: 12 12 12 12 12
Currency: mil.
USD mil. USD mil. USD mil. USD mil.
USD
Statement norm: US-GAAP
BALANCE SHEET
Intangible fixed assets 71.7 80.0 77.0 76.5 120.0
Tangible fixed assets 395.1 419.0 420.0 439.5 488.0
Financial fixed assets 0.0 0.9 2.0
other fixed assets 101.9 145.0 147.0 207.1 161.0
Fixed
assets 568.7 644.0 644.0 724.0 771.0
Stocks 107.3 113.0 119.0 133.6 156.0
Trade accounts receivable 158.2 164.0 172.0 148.9 177.0
Cash & Cash Equivalents 179.8 223.0 191.0 118.9 122.0
other trade accounts 15.3 23.0 31.0 105.5 52.0
Other current assets 195.1 246.0 222.0 224.4 174.0
Current
assets 460.6 523.0 513.0 506.9 507.0
Total
assets 1,029.3 1,167.0 1,157.0 1,230.9 1,278.0
Capital 418.9 417.0 395.0 391.5 403.0
Other shareholders funds 91.7 128.0 99.0 24.3 23.0
Total
shareholders equity 510.6 545.0 494.0 415.8 426.0
Minority interests 3.9 3.0 0.0
long term debt (financial debts) 222.1 300.0 236.0 373.1 424.0
Other non current liabilities 110.3 161.0 191.0 271.3 263.0
Non
current liabilities 332.4 461.0 427.0 644.4 687.0
short term debt (financial debts) 50.0 4.0 84.0 1.7 1.0
Trade accounts payable 34.8 36.0 35.0 33.7 44.0
Accruals 95.1 112.0 103.0 105.6 110.0
other accounts payable 2.5 6.0 14.0 29.7 10.0
other current liabilities 97.6 118.0 117.0 135.3 120.0
Current
liabilities 182.4 158.0 236.0 170.7 165.0
Shareh.
equity, min. int. & liabilities 1,029.3 1,167.0 1,157.0 1,230.9 1,278.0
PROFIT AND LOSS ACCOUNT
Net sales 745.3 757.0 761.0 814.7 914.0
Operating
revenue 745.3 757.0 761.0 814.7 914.0
Cost of goods sold 453.7 467.0 456.0 485.7 569.0
Gross profit 291.6 290.0 305.0 329.0 345.0
Other operating expenses 220.3 238.0 350.0 245.9 264.0
Operating
result 71.3 52.0 -45.0 83.1 81.0
Interest revenues 1.5 1.0 2.0 2.0 1.0
other financial revenues 6.9 1.0 0.1 4.0
Financial income 8.4 1.0 3.0 2.1 5.0
Interest expenses 12.2 15.0 18.0 20.1 18.0
other financial expenses 7.0 9.0 2.7 4.0
Financial expenses 12.2 22.0 27.0 22.8 22.0
Financial result -3.8 -21.0 -24.0 -20.7 -17.0
Result
before extraordinary items 67.5 31.0 -69.0 62.4 64.0
Extraordinary income 72.0 8.4 380.0
Extraordinary expenses 0.0 14.0
Extraordinary Result 72.0 8.4 366.0
Result
before taxes 67.5 31.0 3.0 70.8 430.0
Taxes 25.8 13.0 -28.0 35.8 27.0
Result before minority interests 41.7 18.0 31.0 35.0 403.0
Result
for the financial year 41.7 18.0 31.0 35.0 403.0
CASH FLOW
Depreciation 56.6 57.0 57.0 57.5 54.0
Cash flow 98.3 75.0 88.0 92.5 457.0
Cash flow from operating activities 84.2 63.0 35.0 105.3 99.0
Investments in tangible fixed assets 58.2 62.0 37.0 25.0 27.0
Cash flow from investing activities -57.7 -41.0 113.0 -25.8 28.0
Cash flow from financing activities -50.5 4.0 -76.0 -65.9 -93.0
Others -18.8 7.0 -12.6 -9.0
Change in liquidity -42.8 33.0 72.0 1.0 25.0
Liquidity at beginning of the year 222.6 191.0 119.0 117.9 97.0
Liquidity at end of the year 179.8 224.0 191.0 118.9 122.0
NOTES
Research and Development 32.4 30.2 27.6 31.1 31.0
Added value 136.3 103.0 78.0 148.4 502.0
Working Capital 230.7 241.0 256.0 248.8 289.0
Net Current Assets 278.2 365.0 277.0 336.2 342.0
Sales per Employee 0.2 0.2 0.2 0.2 0.2
Gross cost land and buildings 248.0 268.0 271.0 275.4 287.0
Gross cost other tangible fixed assets 1,011.8 923.0 883.0 907.6 922.0
Gross cost total 1,259.8 1,191.0 1,154.0 1,183.0 1,209.0
Employees
at year end 4,000 4,100 4,200 4,300 4,500
Class: 100%
Name: AI (Switzerland) GmbH
City/Country: Baar/ZG, Switzerland/CH
Interest: 100,00% voting right,
100,00% capital interest (since 14.07.2008)
Balance sheet publication:
The subject company does not publish balance sheet or turnover figures.
Control
date Year No. Amount
CHF Status
03.04.2013 2013 0 Legal
actions
31.12.2012 2012 1 39,472.-- Opposition filed
31.12.2011 2011 0 Legal
actions
31.12.2010 2010 1 4,141.-- Open legal actions
31.12.2009 2009 0 Legal
actions
27.08.2007 2007 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:
DEC 2011: CHF 421.00, paid.
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 unfavourable reports regarding
the financial obligations.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.65.92 |
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|
1 |
Rs.102.75 |
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Euro |
1 |
Rs.75.13 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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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.