|
|
|
%20LTD%20%20-%20488051%2001-Feb-2018_files/image007.jpg){kind=small}
%20LTD%20%20-%20488051%2001-Feb-2018_files/image008.jpg)
%20LTD%20%20-%20488051%2001-Feb-2018_files/image010.gif)
MIRA INFORM REPORT
|
Report No. : |
488051 |
|
Report Date : |
01.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
ITEMA
(SWITZERLAND) LTD. |
|
|
|
|
Registered Office : |
Korporationsweg 13C, 8832 Wilen B. Wollerau/SZ, Switzerland/CH |
|
|
|
|
Country : |
Switzerland |
|
|
|
|
Date of Incorporation : |
01.07.1988 |
|
|
|
|
Com. Reg. No.: |
020.3.925.478-4 |
|
|
|
|
Legal Form : |
Company Limited by Shares |
|
|
|
|
Line of Business : |
The business
activities are the development, manufacture and sales of textile machines,
weaving machines and their spare parts mainly as well as related services in
the field of textile industry. |
|
|
|
|
No. of Employees : |
230 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Switzerland |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
SWITZERLAND - ECONOMIC OVERVIEW
Switzerland, a country that espouses neutrality, is a 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 2011-17.
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 |
Company
name & address
ITEMA (SWITZERLAND) LTD.
Operating address
Korporationsweg
13c
8832 Wilen b.
Wollerau/SZ
Switzerland/CH
Branch:
Allmendweg 8
4528 Zuchwil/SO
Switzerland/CH
Telephone: +41
434882121 +41
326861111
Fax: +41
434882101 +41
326861219
Web site: http://www.itemagroup.com
E-mail: info-ch@itemagroup.com
WIN No.: CH0000041669
VAT-No.: CHE-105.981.424
MWST
UID-No.: CHE105981424
Profile
Established: 1988
Line of Business: Machinery
Industry Division: Manufacturing
Industry-code (NACE): 2894 Manufacture of
machinery for textile, apparel and leather production
Import/Export: Export
Quality certification: ISO 9001:2000
Banks: UBS
Ltd
CS
Credit Suisse
Operational Figures
Coverage: Company
Figures: estimated
Financial year: 2017
Employees: 230
Sales: CHF
85,000,000.--
Branches: 1
Activity
The
business activities are the development, manufacture and sales of textile machines,
weaving machines and their spare parts mainly as well as related services in
the field of textile industry.
There are
branches, representative offices and bases worldwide.
Operations and
Branches:
At the address,
Korporationsweg 13c, 8832 Wilen b. Wollerau, Switzerland, we find office of the
company.
Real Estate
Real Estate: It
is understood that the company owns certain property.
Company Register
Company No: 020.3.925.478-4
UID-No.: CHE105981424
Legal form: Company
Limited by Shares
Registration: 01.07.1988
Legal status: active
Responsible Register: Handelsregister des Kantons Schwyz
History: Date
of Statutes: 02.09.2015
Date
of Statutes: 21.04.2015
Date
of Statutes: 08.04.2014
Date
of Statutes: 29.11.2010
Date
of Statutes: 25.05.2009
Date
of Statutes: 08.12.2008
Date
of Statutes: 29.09.2004
Date
of Statutes: 15.04.2004
Date
of Statutes: 02.12.2002
Date
of Statutes: 13.11.2002
Date
of Statutes: 17.12.1998
Date
of Statutes: 02.06.1993
Date
of Statutes: 18.03.1993
Date
of Incorporation Statutes: 20.05.1988
Entry Deleted Name
07.01.2009 ITEMA
(Switzerland) Ltd.
07.01.2009 ITEMA
(Suisse) SA (Name translated)
07.01.2009 ITEMA
(Svizzera) SA (Name translated)
07.01.2009 ITEMA
(Schweiz) AG (Name translated)
24.12.1998 Sulzer Rüti AG
06.01.2003 07.01.2009 Sultex AG
06.01.2003 07.01.2009 Sultex SA (Name translated)
06.01.2003 07.01.2009 Sultex Limited (Name translated)
24.12.1998 06.01.2003 Sulzer Textil AG
24.12.1998 06.01.2003 Sulzer Textil SA (Name translated)
24.12.1998 06.01.2003 Sulzer Textil Limited (Name translated)
Entry Deleted Legal domicile
09.09.2015 Freienbach,
Switzerland
09.07.2009 Rüti ZH, Switzerland
09.07.2009 09.09.2015 Wetzikon ZH, Switzerland
Entry Deleted Address
09.09.2015 Korporationsweg
13c, 8832 Wilen SZ/SZ, Switzerland/CH
09.07.2009 09.09.2015 Binzackerstrasse 41, 8620 Wetzikon/ZH,
Switzerland/CH
Entry Deleted Capital
07.07.2015 Share
Capital CHF 10,000,000, paidup CHF 10,000,000
26.06.2014 Share Capital CHF 75,000,000, paidup CHF 75,000,000
26.06.2014 07.07.2015 Share Capital CHF 25,000,000, paidup CHF
25,000,000
Entry Deleted Capital Structure
07.07.2015 100,000
Registered shares of CHF 100.--
26.06.2014 750,000 Registered shares of CHF 100.--
26.06.2014 07.07.2015 250,000 Registered shares of CHF 100.--
Entry Deleted Remarks
26.06.2014 Capital:
In the capital reduction on 08.04.2014 500'000 registered shares of CHF 100.00
each are to be cancelled and redeemed; the compliance with the regulations of
Art. 734 OR is determined by public deed dated 25.06.2014
30.06.2009 Merger:
Takeover of the assets and liabilities of the Atelier de construction STEIGER
SA,in Vionnaz (CH-621.3.001.120-2 ), with a share capital of CHF 1'000'000.00 ,
a participation capital of CHF 500'000.00 and statutory reserves of CHF
500'000.00, pursuant to the merger agreement dated 18.06.2009 and 31.12.2008
balance sheet. Assets of CHF 20'139'397.00 and liabilities (third party
liabilities) of CHF 20'079'327.00 are transferred to the acquiring company . According
confirmation of the state-regulated audit company are subordinated agreements
to the extent of the shortfall. Since the acquiring company holds all the
shares of the transferor company, is neither a capital nor take an allotment of
shares.
01.07.1998 Publishing
authority: SHAB (Swiss Company Register)
24.06.1993 Contribution
in kind/Asset takeover: The company takesover, with a capital increase of
02.06.1993 a part of the assets and liabilities of Sulzer AG, Winterthur,
namely the division " Sulzer Ruti" according to division balance
sheet as of 01.01.1993, according to which the acquired assets CHF
459'145'596.21 and liabilities assumed of CHF 359'195'596.21 for which 749'500
registered shares of CHF 100 .-- are issued.
24.06.1993 Reports:
The notices to shareholders are published in the SHAB (Swiss Company Register)
or, if the law does not provide otherwise, by registered letter .
10.05.1993 Shares:
The transfer of registered shares is restricted by provisions in the Articles.
Official Administration
Title Name
President Radici,
Angelo
Citizen:
Italy
Residential
address: Leffe, Italy
single
signature
Registered
since: 07.04.2003
Chief Executive Rogora,
Carlo
Citizen:
Italy
Residential
address: Lucca, Italy
single
signature
Registered
since: 30.01.2012
Director Sala,
Giacomo
Citizen:
Italy
Residential
address: Osnago, Italy
joint
signature of two
Registered
since: 04.09.2013
Director Straubhaar,
Christian
Citizen:
Zürich, Switzerland
Residential
address: Veyrier, Switzerland
joint
signature of two
Registered
since: 01.12.2008
Management
Title Name
Vice-Director Rinaldi,
Claudio
Citizen:
Italy
Residential
address: Ernetschwil, Switzerland
joint
signature of two
Member with procuration Bovi, Andrea
Citizen:
Italy
Residential
address: Pino Torinese, Italy
joint
power of attorney of two
Registered
since: 18.01.2016
Member with procuration Ferrante, Davide
Citizen:
Italy
Residential
address: Hägendorf, Switzerland
joint
power of attorney of two
Registered
since: 21.03.2012
Member with procuration Güntensperger, Rolf
Citizen:
Eschenbach SG, Switzerland
Residential
address: Rappersil-Jona, Switzerland
joint
power of attorney of two
Registered
since: 01.12.2008
Member with procuration Häfner, Manfred
Citizen:
Germany
Residential
address: Gränichen, Switzerland
joint
power of attorney of two
Registered
since: 21.03.2012
Member with procuration Hunziker, Gerard
Citizen:
Oberkulm, Switzerland
Residential
address: Rapperswil-Jona, Switzerland
joint
power of attorney of two
Registered
since: 21.03.2012
Member with procuration Käser, Beat
Citizen:
Melchnau, Switzerland
Residential
address: Langenthal, Switzerland
joint
power of attorney of two
Registered
since: 21.08.2014
Member with procuration Siegrist, Rolf
Citizen:
Oberbipp, Switzerland
Residential
address: Niederbipp, Switzerland
joint
power of attorney of two
Registered
since: 17.06.2011
External Positions
Title Name
Auditor KPMG
AG,
Residential
address: Zürich, Switzerland
Id:
CHE-106.084.881
Registered
since: 01.07.2013
Executive board
Title Name
Chief Executive Officer Rogora, Carlo
Chief Sales Officer Hunziker, Gerard
(gerard.hunziker@itemagroup.com)
Ultimate Parent Company
Name: ITEMA
S.P.A.
City/Country: COLZATE/BG,
Italy/IT
Direct owner/-s
No. of owner/-s: 1
Owner: The
company is foreign owned.
Class: 100%,
directly held
Name: ITEMA
S.P.A.
City/Country: COLZATE/BG,
Italy/IT
Interest: 100,00%
voting right, 100,00% capital interest (since 2001)
Investments
Class: 100%,
directly held
Name: Sultex-Export
GmbH
City/Country: Wilen
b. Wollerau/SZ, Switzerland/CH
Interest: 100,00%
voting right, 100,00% capital interest (since 27.06.2002)
Class: 10-19%,
directly held
Name: LAKSHMI
AUTOMATIC LOOM WORKS LIMITED
City/Country: Coimbatore/Tamil
Nadu, India/IN
Interest: 16,40%
voting right, 16,40% capital interest
Sisters
Name: ITEMA
(ASIA) LIMITED
City/Country: Kowloon
Bay/Kowloon, Hong Kong/HK
Financial Data ITEMA S.P.A.
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2016 31.12.2015 31.12.2014 31.12.2013 31.12.2012
Number of months: 12 12 12 12 12
Currency: th.
EUR th. EUR th. EUR th. EUR th.
EUR
Statement norm: IAS IAS IAS
Balance Sheet
Intangible fixed assets 33,795.0 5,553.0 34,614.0 34,888.0 33,453.0
Other tangible fixed assets 40,398.0 35,136.0
Tangible fixed assets 40,398.0 35,136.0 31,919.0 31,375.0 33,219.0
Financial fixed assets 46.0 46.0
other fixed assets 4,630.0 30,009.0 13,794.0 13,784.0 13,818.0
Fixed assets 78,869.0 70,744.0 80,327.0 80,047.0 80,490.0
Stocks 52,136.0 53,310.0 53,427.0 49,746.0 55,494.0
Trade accounts receivable 27,816.0 29,113.0 29,822.0 39,401.0 35,793.0
Cash & Cash Equivalents 92,024.0 91,333.0 73,319.0 78,632.0 74,463.0
other trade accounts 6,080.0 9,590.0
Other current assets 98,104.0 100,923.0 90,635.0 99,016.0 92,822.0
Current assets 178,056.0 183,346.0 173,884.0 188,163.0 184,109.0
Total assets 256,925.0 254,090.0 254,211.0 268,210.0 264,599.0
Capital 30,400.0 30,400.0 30,400.0 19,700.0 64,000.0
Other shareholders funds 66,745.0 65,245.0 65,223.0 84,071.0 61,139.0
Total shareholders equity 97,145.0 95,645.0 95,623.0 103,771.0 125,139.0
long term debt (financial debts) 13,218.0 16,491.0 14,290.0 19,643.0 6,479.0
Provisions 32,226.0 36,907.0 27,250.0 28,055.0 28,068.0
Other non current liabilities 2,357.0 3,518.0 16,567.0 8,214.0 11,987.0
Non current liabilities 47,801.0 56,916.0 58,107.0 55,912.0 46,534.0
short term debt (financial debts) 4,759.0 3,232.0 4,239.0 4,227.0 110.0
Trade accounts payable 85,502.0 76,181.0 70,151.0 75,439.0 64,935.0
Provisions 6,117.0 6,300.0
other accounts payable 15,601.0 15,816.0
other current liabilities 21,718.0 22,116.0 26,091.0 28,861.0 27,881.0
Current liabilities 111,979.0 101,529.0 100,481.0 108,527.0 92,926.0
Shareh. equity, min. int. & liabilities 256,925.0 254,090.0 254,211.0 268,210.0 264,599.0
Profit and loss account
Sales 307,199.0 342,076.0
Reduction of proceeds 2,401.0
Net sales 304,798.0 342,076.0 313,437.0 400,896.0 356,072.0
Other operating revenue 3,319.0 8,845.0
Operating revenue 308,117.0 350,921.0 318,414.0 413,412.0 366,193.0
Cost of goods sold 244,867.0 280,154.0
Gross profit 63,250.0 70,767.0
Other operating expenses 47,001.0 54,653.0
Operating result 16,249.0 16,114.0 13,185.0 8,868.0 9,165.0
other financial revenues 6,584.0 18,049.0
Financial income 6,584.0 18,049.0 15,489.0 33,943.0 30,346.0
Interest expenses 7,952.0 17,586.0 16,614.0
other financial expenses 3,663.0 10,425.0
Financial expenses 3,663.0 10,425.0 2,566.0 17,352.0 18,512.0
Financial result 2,921.0 7,624.0 12,923.0 16,591.0 11,834.0
Result before extraordinary items 19,170.0 23,738.0 26,108.0 25,459.0 20,999.0
Extraordinary income 337.0 1,810.0 298.0
Extraordinary expenses 170.0 247.0 299.0
Extraordinary Result 167.0 1,563.0 -1.0
Result before taxes 19,170.0 23,738.0 26,275.0 27,022.0 20,998.0
Taxes 560.0 6,015.0 6,999.0 5,085.0 7,277.0
Result before minority interests 18,610.0 17,723.0 19,276.0 21,937.0 13,721.0
Result for the financial year 18,610.0 17,723.0 19,276.0 21,937.0 13,721.0
Cash flow
Depreciation 5,806.0 5,399.0 4,855.0 4,797.0 5,583.0
Cash flow 24,416.0 24,131.0 26,734.0 19,304.0
Cash flow from operating activities 26,722.0
Investments in tangible fixed assets 259.0
Cash flow from investing activities -10,704.0
Cash flow from financing activities -15,327.0
Change in liquidity 691.0
Liquidity at beginning of the year 91,333.0
Liquidity at end of the year 92,024.0
Notes
Material costs 185,817.0 198,573.0 296,322.0 256,591.0
Cost of employees 42,558.0 41,909.0 44,122.0 40,243.0
Added value 67,534.0 80,991.0 93,527.0 83,438.0
Working Capital -5,550.0 13,098.0 13,708.0 26,352.0
Net Current Assets 66,077.0 81,817.0 73,403.0 79,636.0 91,183.0
Sales per Employee 386.8 436.3 389.4 490.7 439.1
Employees at
year end 788 784 805 817 811
Financials
Balance sheet
publication:
The subject company
does not publish financial figures.
Legal Actions
Control date Year No. Amount CHF Status
12.05.2014 2014 0 Legal
actions
31.12.2013 2013 0 Legal
actions
31.12.2012 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
31.12.2005 2005 0 Legal
actions
31.12.2004 2004 0 Legal
actions
31.12.2003 2003 0 Legal
actions
No legal actions
determined.
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.
Sanctions List
We did not find the
company included on the various international sanctions lists, such as the OFAC
(Office of Foreign Assets Control), the BIS (Bureau of Industry and Security),
the European Union Restrictive measures (sanctions) list, the Export Control
Organisation (ECO) of the UK, the Australian Department of Foreign Affairs and
Trade.
Payment experiences
There are
irregularities on record.
Debt collection
case:
DEC 2015: CHF
794.00, booked up.
AUG 2006: CHF
1'440.00, payment after legal demand.
JAN 2008: CHF
538.00, payment after legal demand.
DEC 2008: CHF
265.75, payment after legal demand.
AUG 2009: CHF
706.60, payment after legal demand.
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 considered to be in order.
Payment experiences: Slow but correct.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.69 |
|
|
1 |
INR 90.35 |
|
Euro |
1 |
INR 79.21 |
|
CHF |
1 |
INR 68.46 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.