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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

492133

Report Date :

22.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

GUESS EUROPE SAGL

 

 

Registered Office :

Strada Regina 44, 6934 Bioggio/TI

 

 

Country :

Switzerland

 

 

Date of Incorporation :

09.11.2006

 

 

Com. Reg. No.:

501.4.007.364-1

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

·         Wholesale of clothing and footwear

·         Other business support service activities n.e.c.

 

 

No. of Employees :

35

 

 

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 :

Good

 

 

Payment Behaviour :

No Complaints

 

 

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

(30.09.2017)

Current Rating

(31.12.2017)

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 and Address

 

GUESS EUROPE SAGL

 

Operating address:

Strada Regina 44

6934 Bioggio/TI

Switzerland/CH

 

Telephone:                   +41 918095000

                                    +41 918095193

Fax:                             +41 918905100

 

Web site:                      http://www.guess.eu

E-mail:                         info@ch.guess.eu

 

WIN Worldbox No.:       CH0007306186

VAT-No.:                      CHE-113.255.366 IVA

UID-No.:                       CHE113255366

 

 

Profile

 

Established:                 2006

Line of Business:          Consumer goods wholesale, Commercial services

Industry Division:          Wholesale trade, Services

Industry-code (NACE):  4642       Wholesale of clothing and footwear

                                    8299       Other business support service activities n.e.c.

Import/Export:              Import, Export

Banks:                         UBS Ltd

                                    CS Credit Suisse

                                    BSI SA

 

 

Operational Figures

 

Coverage:                    Company

Figures:                        estimated

Financial year:              2017

Employees:                  35

Sales:                          CHF 360,000,000.--

Branches:                     4

 

 

Activity

 

The company designs, markets, distributes and licenses one of the world's leading lifestyle collections of contemporary apparel and accessories for men, women and children that reflect the American lifestyle and European fashion sensibilities. The apparel is marketed under numerous trademarks including GUESS, GUESS?, GUESS U.S.A., GUESS Jeans, GUESS? and Triangle Design, Question Mark and Triangle Design, a stylized G, GUESS Kids, Baby GUESS, YES, G by GUESS, GUESS by MARCIANO and MARCIANO. The lines include full collections of denim and cotton clothing, including jeans, pants, overalls, skirts, dresses, shorts, blouses, shirts, jackets and knitwear. The European headquarters is located in Lugano.

 

Operations and Branches:

At the address, Strada Regina 44, 6934 Bioggio, Switzerland, we find office of the company.

 

More locations:

 

chemin Industriel 1

1279 Chavannes-de-Bogis

Tel: +41 229605348

 

Tardisstrasse 63

7302 Landquart

Tel: +41 813221181

 

via Penate 7

6850 Mendrisio

Tel: +41 916302588

 

via Vite 3

6855 Stabio

 

 

Real Estate

 

Information on property ownership was not available.

 

 

Company Register

 

Company No:               501.4.007.364-1

UID-No.:                       CHE113255366

Legal form:                   Limited Liability Company

Registration:                 09.11.2006

Legal status:                 active

Responsible Register:   Registro di commercio del Cantone Ticino

History:                        Date of Statutes: 26.10.2007

                                    Date of Incorporation Statutes: 08.11.2006

 

Entry          Deleted      Name

29.10.2007                    Guess Europe Sagl

09.11.2006  29.10.2007  Guess Swiss Europe Sagl

 

Entry          Deleted      Legal domicile

29.10.2007                    Bioggio, Switzerland

09.11.2006  29.10.2007  Lugano, Switzerland

 

Entry          Deleted      Address

04.02.2010                    Strada Regina 44, 6934 Bioggio/TI, Switzerland/CH

29.10.2007  04.02.2010  Strada Regina 42, 6934 Bioggio/TI, Switzerland/CH

09.11.2006  29.10.2007  Via G.B. Pioda 12, c/o Studio legale Aw. Andrea A. Prospero, 6900 Lugano/TI, Switzerland/CH

 

Entry          Deleted      Capital

09.11.2006                    LLC Capital CHF 100,000

 

Entry          Deleted      Capital Structure

09.11.2006                    1 Participation shares of CHF 99,000.--

09.11.2006                    1 Participation shares of CHF 1,000.--

 

 

Management

 

Title                                           Name

General Manager                         Herrero, Victor

                                                  Citizen: Spain

                                                  Residential address: Los Angeles, United States of America

                                                  single signature

                                                  Registered since: 15.10.2015

Director                                      Salgaro, Giulio

                                                  Citizen: Italy

                                                  Residential address: Viganello (Lugano), Switzerland

                                                  single signature

                                                  Registered since: 21.08.2013

Member with procuration             De Ambrosis, Moreno

                                                  Citizen: Italy

                                                  Residential address: Lomazzo , Italy

                                                  joint power of attorney of two

                                                  Registered since: 22.03.2016

Member with procuration             Marinoni, Giulia

                                                  Citizen: Italy

                                                  Residential address: Venegono Inferiore, Italy

                                                  joint power of attorney of two

                                                  Registered since: 14.06.2013

 

 

External Positions

 

Title                                           Name

Auditor                                       Ernst & Young AG,

                                                  Residential address: Lugano, Switzerland

                                                  Id: CH-514.9.016.936-1

                                                  Registered since: 31.07.2009

 

 

Ultimate Parent Company

 

Name:                          Guess ?, Inc.

City/Country:                Los Angeles/California, United States of America/US

 

 

Direct owner/-s

 

No. of owner/-s:            1

Owner:                         The company is foreign owned.

 

Class:                          100%, directly held

Name:                          Guess? Europe BV

City/Country:                Amsterdam, Netherlands/NL

Interest:                        100,00% voting right, 100,00% capital interest (since 09.11.2006)

 

 

Investments

 

Class:                          50-100%, indirectly held

Name:                          Guess Belgium S.P.R.L.

City/Country:                Bruxelles, Belgium/BE

Interest:                        99,00% voting right, 99,00% capital interest

 

Class:                          50-100%, directly held

Name:                          G-Labs Sagl

City/Country:                Bioggio, Switzerland/CH

Interest:                        51,00% voting right, 51,00% capital interest (since 29.03.2017)

 

Class:                          20-29%, directly held

Name:                          IRO SAS

City/Country:                Paris, France/FR

Interest:                        25,02% voting right, 25,02% capital interest

 

 

Financial Data Guess ?, Inc.

 

Consolidation:              consolidated

Industry:                       Trade/Industry

 

Fiscal year end:                                     28.01.2017        30.01.2016        31.01.2015        01.02.2014        02.02.2013

Number of months:                                      12                    12                    12                    12                    12

Currency:                                                 th. USD            th. USD            th. USD            th. USD            th. USD

Statement norm:                                     US-GAAP         US-GAAP         US-GAAP         US-GAAP         US-GAAP

 

Balance Sheet

Intangible fixed assets                                40,604.0           40,681.0           43,878.0           52,135.0           55,319.0

Other tangible fixed assets                        243,005.0

Tangible fixed assets                                243,005.0          255,344.0         259,524.0          324,606.0         355,729.0

other fixed assets                                     206,864.0          206,471.0         186,644.0          171,604.0         195,233.0

Fixed assets                                             490,473.0          502,496.0         490,046.0          548,345.0         606,281.0

 

Stocks                                                     367,381.0          311,704.0         319,078.0          350,899.0         369,712.0

Trade accounts receivable                         225,537.0          222,359.0         216,205.0          276,565.0         324,971.0

Cash & Cash Equivalents                          396,129.0          445,480.0         483,483.0          502,945.0         329,021.0

Securities                                                                                                                            5,123.0             6,906.0

other trade accounts                                   54,965.0           56,709.0           92,593.0           80,554.0           76,615.0

Other current assets                                  451,094.0          502,189.0         576,076.0          588,622.0         412,542.0

Current assets                                       1,044,012.0       1,036,252.0       1,111,359.0       1,216,086.0       1,107,225.0

 

Total assets                                           1,534,485.0       1,538,748.0       1,601,405.0       1,764,431.0       1,713,506.0

 

Capital                                                      481,276.0          469,412.0         454,399.0          440,592.0         424,240.0

Other shareholders funds                          487,946.0          549,063.0         619,457.0          713,922.0         662,752.0

Total shareholders equity                        969,222.0       1,018,475.0       1,073,856.0       1,154,514.0       1,086,992.0

 

Minority interests                                        16,224.0           18,070.0           20,027.0           21,302.0           17,020.0

long term debt (financial debts)                   23,482.0             2,318.0             6,165.0             7,580.0             8,314.0

Other non current liabilities                         180,104.0          172,826.0         199,391.0          211,010.0         216,214.0

Non current liabilities                              203,586.0          175,144.0         205,556.0          218,590.0         224,528.0

 

short term debt (financial debts)                       566.0             4,024.0             1,548.0             4,160.0             1,901.0

Trade accounts payable                            209,616.0          177,505.0         159,924.0          191,532.0         191,143.0

Accruals                                                   135,271.0          145,530.0         140,494.0          174,333.0         191,922.0

other current liabilities                                135,271.0          145,530.0         140,494.0          174,333.0         191,922.0

Current liabilities                                     345,453.0          327,059.0         301,966.0          370,025.0         384,966.0

 

Shareh. equity, min. int. & liabilities     1,534,485.0       1,538,748.0       1,601,405.0       1,764,431.0       1,713,506.0

 

Profit and loss account

Sales                                                     2,209,368.0       2,204,311.0       2,417,673.0       2,569,786.0       2,658,605.0

Net sales                                               2,209,368.0       2,204,311.0       2,417,673.0       2,569,786.0       2,658,605.0

Other operating revenue                                                        6,837.0           18,028.0           10,280.0             5,713.0

Operating revenue                                 2,209,368.0       2,211,148.0       2,435,701.0       2,580,066.0       2,664,318.0

 

Cost of goods sold                                1,464,328.0       1,416,881.0       1,549,788.0       1,593,652.0       1,591,482.0

Gross profit                                              745,040.0          794,267.0         885,913.0          986,414.0       1,072,836.0

Other operating expenses                          722,332.0          666,080.0         741,973.0          753,547.0         792,598.0

Operating result                                         22,708.0          128,187.0         143,940.0          232,867.0         280,238.0

 

Interest revenues                                          1,890.0             1,045.0             1,438.0             2,015.0             2,016.0

other financial revenues                               30,909.0

Financial income                                         32,799.0             1,045.0             1,438.0             2,015.0             2,016.0

Interest expenses                                         1,897.0             1,953.0             2,370.0             1,923.0             1,640.0

Financial expenses                                       1,897.0             1,953.0             2,370.0             1,923.0             1,640.0

Financial result                                            30,902.0               -908.0               -932.0                  92.0                376.0

Result before extraordinary items              53,610.0          127,279.0         143,008.0          232,959.0         280,614.0

 

Extraordinary Result                                                                   0.0                   0.0                   0.0                   0.0

Result before taxes                                    53,610.0          127,279.0         143,008.0          232,959.0         280,614.0

 

Taxes                                                         28,212.0           42,464.0           45,824.0           75,248.0           99,128.0

Result before minority interests                   25,398.0           84,815.0           97,184.0          157,711.0         181,486.0

minority interests                                          2,637.0             2,964.0             2,614.0             4,277.0             2,742.0

Result for the financial year                       22,761.0           81,851.0           94,570.0          153,434.0         178,744.0

 

Cash flow

Depreciation                                               67,480.0           68,588.0           82,066.0           85,817.0           87,917.0

Cash flow                                                   90,241.0          153,403.0         179,250.0          243,528.0         269,403.0

Cash flow from operating activities              71,456.0          179,429.0         153,826.0          327,942.0         268,904.0

Investments in tangible fixed assets            90,581.0           83,844.0           71,498.0           75,438.0           99,591.0

Cash flow from investing activities              -49,993.0          -73,745.0          -57,831.0          -63,076.0        -120,262.0

Cash flow from financing activities             -68,750.0         -127,740.0          -79,687.0          -84,807.0        -318,283.0

Others                                                         -2,064.0          -15,947.0          -35,770.0            -6,135.0             6,857.0

Change in liquidity                                     -49,351.0          -38,003.0          -19,462.0          173,924.0        -162,784.0

Liquidity at beginning of the year               445,480.0          483,483.0         502,945.0          329,021.0         491,805.0

Liquidity at end of the year                        396,129.0          445,480.0         483,483.0          502,945.0         329,021.0

 

Notes

Added value                                             122,987.0          197,820.0         227,444.0          320,699.0         370,171.0

Working Capital                                        383,302.0          356,558.0         375,359.0          435,932.0         503,540.0

Net Current Assets                                    698,559.0          709,193.0         809,393.0          846,061.0         722,259.0

Sales per Employee                                        154.5                163.3                176.5                                       174.9

Gross cost land and buildings                   417,717.0          386,775.0         404,128.0          426,217.0         428,554.0

Gross cost other tangible fixed assets       367,006.0          369,265.0         376,150.0          406,058.0         397,620.0

Gross cost total                                        784,723.0          756,040.0         780,278.0          832,275.0         826,174.0

 

Employees  at year end                                 14,300              13,500              13,700                                      15,200

Employees inland                                            7,300                7,600                8,000                                       8,900

Employees abroad                                          7,000                5,900                5,700                                       6,300

 

 

Financials

 

Balance sheet publication:     

The subject company does not publish financial figures.

 

 

Legal Actions

 

Control date       Year                       No.             Amount CHF     Status

13.12.2017          2017                           1                      2,434.--     Paid legal actions

13.12.2017          2017                           1                   252,401.--     Opposition filed

31.12.2016          2016                           1                1,309,243.--     Opposition filed

31.12.2015          2015                           0                                      Legal actions

31.12.2014          2014                           1                      2,694.--     Paid legal actions

31.12.2013          2013                           0                                      Legal actions

31.12.2012          2012                           0                                      Legal actions

31.12.2011          2011                           1                      2,553.--     Opposition filed

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

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:

SEP 2014: CHF 2'289.00, paid.

NOV 2013: CHF 54'842.00, in progress.

MAI 2013: CHF 1'835.00, paid.

OCT 2007: CHF 334.00, closed.

 

 

Remarks

 

Based also on the positive financial situation of the ultimate parent company we deem stated credit as acceptable.

 

 

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 good.

 

Payment experiences:   There are no negative reports on payment experiences.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.82

UK Pound

1

INR 90.66

Euro

1

INR 79.94

CHF

1

INR 69.35

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

NIT

 

 

 

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)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.