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MIRA INFORM REPORT
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Report No. : |
490128 |
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Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
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Name : |
USTER
TECHNOLOGIES AG |
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Registered Office : |
Sonnenbergstasse
10 CH-8610 Uster |
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Country : |
Switzerland |
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Date of Incorporation : |
1949 |
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Com. Reg. No.: |
170.3.030.026-8 |
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Legal Form : |
Company Limited By Shares |
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Line of Business : |
The company engages in the
development, manufacture, distribution and trade of machines and equipment of
all kinds as well as the provision of services in the fields of electronic
test and monitoring systems and measurement instruments for the manufacturing
of textiles and related areas |
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No. of Employees : |
550 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 2011-16.
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 |
Company
name and address
USTER TECHNOLOGIES AG
Operating address: Sonnenbergstrasse
10
8610 Uster/ZH
Switzerland/CH
Telephone: +41 433663636
Fax: +41 433663637
Web site: http://www.uster.com
E-mail: info@uster.com
VAT-No.: CHE-113.246.640 MWST
UID-No.: CHE113246640
Profile
Established: 1949
Line of Business: Measurement and control technology, Consumer goods wholesale
Industry Division: Manufacturing, Wholesale trade
Industry-code (NACE): 2651 Manufacture of instruments and appliances for measuring, testing and navigation
4669 Wholesale of other machinery and equipment
Import/Export: Export
Export sales: 99,4%
Banks: unknown
Quoted: Yes
Formerly:
Market: SWISS EXCHANGE (Main)
Market Identifier Code: XSWX
ISIN: CH0034331535
NSIN: 3433153
Ticker: USTN
First trading day: 01.10.2007
Last trading day: 06.11.2012
Operational Figures
Coverage: Group
Figures: estimated
Financial year: 2017
Employees: 550
Sales: CHF 220,000,000.--
Activity
The company engages in the development, manufacture, distribution and trade of machines and equipment of all kinds as well as the provision of services in the fields of electronic test and monitoring systems and measurement instruments for the manufacturing of textiles and related areas. The company is the world leader in textile electronics and provides systems to monitor and control the quality throughout the textile industry.
Operations and
Branches:
At the address, Sonnenbergstrasse 10, 8610 Uster, Switzerland, we find office of the company.
Real Estate
Real Estate: It is understood that the company owns certain property.
Company Register
Company No: 170.3.030.026-8
UID-No.: CHE113246640
Legal form: Company
limited by shares
Registration: 19.06.2007
Legal status: active
Responsible Register: Handelsregister des Kantons Zürich (since 19.06.2007)
History: Date
of Statutes: 29.05.2012
Date
of Statutes: 29.03.2011
Date
of Statutes: 30.03.2010
Date
of Statutes: 02.11.2009
Date
of Statutes: 31.03.2009
Date
of Statutes: 18.03.2008
Date
of Statutes: 18.10.2007
Date
of Statutes: 04.10.2007
Date
of Statutes: 18.06.2007
Date
of Incorporation Statutes: 03.11.2006
Entry Deleted Name
19.06.2007 Uster
Technologies AG
19.06.2007 Uster
Technologies Ltd (Name translated)
19.06.2007 Uster
Technologies SA (Name translated)
06.11.2006 19.06.2007 Hercules Holding AG
06.11.2006 19.06.2007 Hercules Holding Ltd (Name translated)
06.11.2006 19.06.2007 Hercules Holding SA (Name translated)
Entry Deleted Legal domicile
19.06.2007 Uster,
Switzerland
06.11.2006 19.06.2007 Zug, Switzerland
Entry Deleted Address
01.12.2008 Sonnenbergstrasse
10, 8610 Uster/ZH, Switzerland/CH
19.06.2007 01.12.2008 Wilstrasse 11, 8610 Uster/ZH, Switzerland/CH
06.11.2006 10.06.2007 c/o SchelPart AG, Baarerstrasse 53, 6304 Zug,
Switzerland/CH
Entry Deleted Capital
07.06.2012 Share
Capital CHF 82,301,700, paid up CHF 82,301,700
02.11.2009 07.06.2012 Share Capital CHF 79,524,000, paid up CHF
79,524,000
10.06.2008 02.11.2009 Share Capital CHF 61,664,000, paid up CHF
61,664,000
Entry Deleted Capital Structure
07.06.2012 8,755,500
Registered shares of CHF 9.40
02.11.2009 07.06.2012 8,460,000 Registered shares of CHF 9.40
10.06.2008 02.11.2009 6,560,000 Registered shares of CHF 9.40
Official Administration
Title Name
President Mosimann,
Philip
Citizen:
Lauperswil, Switzerland
Residential
address: St. Gallen/SG, Switzerland
Born:
16.05.1954
joint
signature of two
Registered
since: 22.06.2012
Vice-President Scott,
Dr. Geoffrey
Citizen:
United Kingdom
Residential
address: London , United Kingdom
Born:
1954
joint
signature of two
Registered
since: 18.12.2006
Director Koichi,
Ito
Citizen:
Japan
Residential
address: Nagoya City, Japan
joint
signature of two
Registered
since: 26.04.2016
Management
Title Name
Member with signing authority Hoke, Harold
Citizen:
United States of America
Residential
address: 8610 Uster/ZH, Switzerland
Born:
1954
joint
signature of two
Registered
since: 07.08.2007
Member with signing authority Huber, Peter
Citizen:
Buchs ZH, Switzerland
Residential
address: 8623 Wetzikon/ZH, Switzerland
Born:
23.12.1966
joint
signature of two
Registered
since: 05.03.2012
Member with signing authority Kiechel, Walter Richard
Citizen: Zürich,
Switzerland
Residential
address: Laufen-Uhwiesen, Switzerland
joint signature of two
Registered
since: 28.07.2014
Member with signing authority Murk, Renato
Citizen:
Müstair, Switzerland
Residential
address: Egg, Switzerland
Born:
1956
joint
signature of two
Registered
since: 07.08.2007
Member with signing authority Narayanan, Sivakumar
Citizen:
India
Residential
address: Uster, Switzerland
joint
signature of two
Registered
since: 05.11.2015
Member with signing authority Nasiou, Thomas
Citizen:
Greece
Residential
address: 8610 Uster/ZH, Switzerland
Born:
12.08.1970
joint
signature of two
Registered
since: 05.03.2012
Member with signing authority von Graefe, Albrecht
Citizen:
Zürich, Switzerland
Residential
address: Zürich, Switzerland
joint
signature of two
Registered
since: 16.06.2016
External Positions
Title Name
Auditor PricewaterhouseCoopers
AG,
Residential
address: Zürich, Switzerland
Id:
CHE-106.839.438
Registered
since: 19.06.2013
Executive board
Title Name
Chief Executive Officer Scott, Dr. Geoffrey
Chief Financial Officer Huber, Peter
Chief Sales Officer Hoke, Harold
Chief Business Segment Officer Nasiou, Thomas
Chief Logistics Officer Murk, Renato
Ultimate Parent Company
Name: TOYOTA
INDUSTRIES CORPORATION
City/Country: AICHI,
Japan/JP
Direct owner/-s
No. of owner/-s: 1
Owner: The
company is foreign owned.
Class: 100%,
directly held
Name: TOYOTA
INDUSTRIES CORPORATION
City/Country: AICHI,
Japan/JP
Interest: 100,00%
voting right, 100,00% capital interest (since 30.10.2009)
Investments
Class: 100%,
directly held
Name: Uster
Technologies de Mexico SA de CV
City/Country: Tlalnepantla,
Mexico/MX
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: Uster
Technologies GmbH
City/Country: Grünwald/Bayern,
Germany/DE
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: Uster
Technologies Holding (Thailand) Ltd.
City/Country: Bangkok,
Thailand/TH
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: Uster
Technologies Inc
City/Country: Knoxville/Tennessie,
United States of America/US
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: USTER
TECHNOLOGIES (INDIA) MARKETING PRIVATE LIMITED
City/Country: Bangalore/Karnataka,
India/IN
Interest: 100,00%
voting right, 100,00% capital interest (since 25.08.2010)
Class: 100%,
directly held
Name: USTER
TECHNOLOGIES (INDIA) PRIVATE LIMITED
City/Country: Coimbatore/Tamil
Nadu, India/IN
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: Uster
Technologies KK
City/Country: Osaka-fu,
Japan/JP
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: Uster
Technologies (Shanghai) Trading Co Ltd
City/Country: Shanghai,
China/CN
Interest: 100,00%
voting right, 100,00% capital interest (since 2010)
Class: 100%,
directly held
Name: Uster
Technologies Sulamericana Ltda
City/Country: Alphaville-Barueri/Sao
Paulo, Brazil/BR
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: Uster
Technologies (Suzhou) Co Ltd
City/Country: Suzhou,
China/CN
Interest: 100,00%
voting right, 100,00% capital interest (since 2005)
Class: 100%,
directly held
Name: Uster
Technologies (Thailand) Ltd
City/Country: Bangkok,
Thailand/TH
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: Uster
Teknoloji Ticaret AS
City/Country: Merter/Istanbul,
Turkey/TR
Interest: 100,00%
voting right, 100,00% capital interest (since 2005)
Sisters
Name: Cascade
Corporation
City/Country: Fairview/Oregon,
United States of America/US
Name: Nishina
Industrial Co., Ltd.
City/Country: Nagano
City/Nagano Pref., Japan/JP
Name: Toyota
Textile Machinery Europe AG
City/Country: Uster/ZH,
Switzerland/CH
Financial Data
TOYOTA INDUSTRIES CORPORATION
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.03.2016 31.03.2015 31.03.2014 31.03.2013 31.03.2012
Number of months: 12 12 12 12 12
Currency: mil.
JPY mil. JPY mil. JPY mil. JPY mil.
JPY
Balance Sheet
Intangible fixed assets 170,214.0 192,702.0 190,882.0 168,049.0 106,777.0
Land and buildings 302,466.0 347,284.0 317,520.0 301,097.0
Other tangible fixed assets 478,785.0 360,248.0 308,594.0 248,717.0
Tangible fixed assets 781,251.0 707,532.0 626,114.0 549,814.0 481,053.0
Financial fixed assets 2,180,560.0 2,729,480.0 1,926,353.0 1,598,437.0 1,177,592.0
other fixed assets 22,328.0 76,280.0 183,601.0 146,961.0 122,206.0
Fixed assets 3,154,353.0 3,705,994.0 2,926,950.0 2,463,261.0 1,887,628.0
Stocks 197,201.0 194,836.0 170,241.0 142,520.0 116,447.0
Trade accounts receivable 277,011.0 265,504.0 242,844.0 212,595.0
Cash & Cash Equivalents 352,302.0 247,273.0 226,383.0 230,348.0 274,710.0
Securities 81,835.0 34,085.0 50,122.0 41,964.0
other trade accounts 136,494.0 203,204.0 182,470.0 153,090.0
Other current assets 570,631.0 484,562.0 458,975.0 425,402.0
Current assets 1,044,843.0 944,902.0 872,060.0 780,517.0 769,356.0
Total assets 4,199,196.0 4,650,896.0 3,799,010.0 3,243,778.0 2,656,984.0
Capital 186,024.0 186,054.0 186,116.0 186,360.0
Other shareholders funds 1,850,792.0 2,170,237.0 1,583,682.0 1,288,634.0
Total shareholders equity 2,036,816.0 2,356,291.0 1,769,798.0 1,474,994.0 1,143,790.0
Minority interests 77,133.0 69,636.0 59,528.0 49,939.0 54,052.0
long term debt (financial debts) 798,919.0 724,337.0 657,679.0 551,785.0 436,421.0
Provisions 90,920.0 48,973.0
Other non current liabilities 521,772.0 847,438.0 648,651.0 507,965.0 394,221.0
Non current liabilities 1,411,611.0 1,571,775.0 1,306,330.0 1,059,750.0 879,615.0
short term debt (financial debts) 232,254.0 192,454.0 217,365.0 263,494.0
Trade accounts payable 214,162.0 235,061.0 226,042.0 197,769.0
Accruals 47,473.0 13,686.0 25,962.0 15,958.0
other accounts payable 179,747.0 211,993.0 193,985.0 181,874.0
other current liabilities 227,220.0 225,679.0 219,947.0 197,832.0
Current liabilities 673,636.0 653,194.0 663,354.0 659,095.0 579,527.0
Shareh. equity, min. int. & liabilities 4,199,196.0 4,650,896.0 3,799,010.0 3,243,778.0 2,656,984.0
Profit and loss account
Sales 2,228,944.0
Net sales 2,228,944.0 2,166,661.0 2,007,856.0 1,615,244.0 1,543,352.0
Operating revenue 2,228,944.0 2,166,661.0 2,007,856.0 1,615,244.0
Cost of goods sold 1,804,759.0 1,765,861.0 1,651,573.0 1,347,238.0
Gross profit 424,185.0 400,800.0 356,283.0 268,006.0
Other operating expenses 296,214.0 283,225.0 248,591.0 190,909.0
Operating result 127,971.0 117,575.0 107,692.0 77,097.0 67,963.0
Interest revenues 15,661.0 12,357.0 11,205.0 9,071.0
other financial revenues 77,256.0 574,310.0 276,329.0 323,980.0
Financial income 92,917.0 586,667.0 287,534.0 333,051.0
Interest expenses 17,341.0 15,876.0 16,023.0 14,508.0
other financial expenses 18,146.0 9,587.0 14,063.0 12,796.0
Financial expenses 35,487.0 25,463.0 30,086.0 27,304.0
Financial result 57,430.0 561,204.0 257,448.0 305,747.0
Result before extraordinary items 185,401.0 678,779.0 365,140.0 382,844.0
Extraordinary income 89,819.0
Extraordinary expenses 6,710.0
Extraordinary Result 89,819.0 0.0 -6,710.0
Result before taxes 275,220.0 678,779.0 365,140.0 376,134.0
Taxes 83,448.0 49,153.0 43,934.0 26,851.0
Result before minority interests 191,772.0 629,626.0 321,206.0 349,283.0
minority interests 8,736.0 9,258.0 5,447.0 3,295.0
Result for the financial year 183,036.0 620,368.0 315,759.0 345,988.0 58,594.0
Cash flow
Depreciation 150,011.0 13,968.0 11,125.0 8,076.0
Cash flow 333,047.0 643,594.0 332,331.0 357,359.0
Cash flow from operating activities 234,957.0 182,191.0 155,059.0 151,299.0
Investments in tangible fixed assets 152,943.0 169,842.0 131,672.0 112,430.0
Cash flow from investing activities -526,349.0 -160,769.0 -118,483.0 -274,210.0
Cash flow from financing activities 130,923.0 -8,918.0 6,183.0 7,050.0
Others 4,162.0 9,796.0 4,288.0 -1,591.0
Change in liquidity -156,307.0 22,300.0 47,047.0 -117,452.0
Liquidity at beginning of the year 248,706.0 226,406.0 179,359.0 296,811.0
Liquidity at end of the year 92,399.0 248,706.0 226,406.0 179,359.0
Notes
Cost of employees 97,038.0 85,831.0 74,452.0
Research and Development 41,930.0 39,363.0 32,203.0
Added value 805,661.0 478,119.0 473,170.0
Working Capital 225,279.0 187,043.0 157,346.0
Net Current Assets 371,207.0 291,708.0 208,706.0 121,422.0 189,829.0
Gross cost land and buildings 597,773.0 556,217.0 527,534.0
Gross cost other tangible fixed assets 1,651,958.0 1,126,091.0 1,000,059.0
Gross cost total 2,249,731.0 1,682,308.0 1,527,593.0
Financials
Balance sheet
publication:
The subject company
does not publish balance sheet or turnover figures.
Legal Actions
Control date Year No. Amount CHF Status
02.10.2015 2015 0 Legal
actions
31.12.2014 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
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.
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
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.
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 in order.
Payment experiences: No Complaints
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.61 |
|
UK Pound |
1 |
INR 89.32 |
|
Euro |
1 |
INR 78.95 |
|
CHF |
1 |
INR 68.94 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
SYL |
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.