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MIRA
INFORM REPORT
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Report No. : |
493882 |
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Report Date : |
28.02.2018 |
IDENTIFICATION DETAILS
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Name : |
MAAG PUMP SYSTEMS AG |
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Registered Office : |
Aspstrasse 12, 8154 Oberglatt/ZH |
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Country : |
Switzerland |
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Financials (as on) : |
1913 |
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Date of Incorporation : |
26.06.2003 |
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Com. Reg. No.: |
020.3.026.856-3 |
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Legal Form : |
Company limited by shares |
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Line of Business : |
The business activities
includes the manufacture and sale of gear pumps and systems, of pelletizing
technology as well as of filtration systems for the plastics, chemical,
pharmaceutical and food industries. The company is global leader in her
domain |
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No. of Employees : |
150 |
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 (30.09.2017) |
Current Rating (31.12.2017) |
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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 2011-17.
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.
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Source
: CIA |
Company Name And Address
Maag Pump Systems AG
Operating address:
Aspstrasse 12
8154 Oberglatt/ZH
Switzerland/CH
Telephone: +41 442788200
Fax: +41
442788201
Web site: http://www.maag.com
E-mail: welcome@maag.com
WIN Worldbox No.: CH0005870144
VAT-No.: CHE-110.108.711
MWST
UID-No.: CHE110108711
Profile
Established: 1913
History: 1913: Established as Gear Wheel Company Max
Maag, Zürich
Line of Business: Machinery
Industry Division: Manufacturing
Industry-code (NACE): 2813 Manufacture of
other pumps and compressors
Import/Export: Export
Export sales: 98,0%
Quality certification: ISO 9001:2008 (since 1996)
ISO
14001:2004 (since 2003)
Banks: unknown
Operational
Figures
Coverage: Company
Figures: estimated
Financial year: 2017
Employees: 150
Sales: CHF
55,000,000.--
Activity
The business
activities includes the manufacture and sale of gear pumps and systems, of
pelletizing technology as well as of filtration systems for the plastics,
chemical, pharmaceutical and food industries. The company is global leader in
her domain.
The production space
is over 4000sqm and the floor area of the buildings is totally 5500 sqm.
Operations and
Branches:
At the address,
Aspstrasse 12, 8154 Oberglatt, Switzerland, we find office of the company.
Real
Estate
Real Estate: It
is understood that the company owns certain property.
Company
Register
Company No: 020.3.026.856-3
UID-No.: CHE110108711
Legal form: Company
limited by shares
Registration: 26.06.2003
Legal status: active
Responsible Register: Handelsregister des Kantons Zürich
History: Date
of Statutes: 26.11.2010
Date
of Statutes: 17.06.2010
Date
of Statutes: 18.12.2008
Date
of Statutes: 29.09.2004
Date
of Incorporation Statutes: 25.06.2003
Entry Deleted Name
22.01.2009 Maag
Pump Systems AG
22.01.2009 Maag
Pump Systems Ltd (Name translated)
22.01.2009 Maag
Pump Systems SA (Name translated)
26.06.2003 22.01.2009 Maag Pump Systems Textron AG
26.06.2003 22.01.2009 Maag Pump Systems Textron Ltd (Name
translated)
26.06.2003 22.01.2009 Maag Pump Systems Textron SA (Name translated)
Entry Deleted Legal domicile
06.10.2004 Oberglatt,
Switzerland
26.06.2003 06.10.2004 Zürich, Switzerland
Entry Deleted Address
06.10.2004 Aspstrasse
12, 8154 Oberglatt/ZH, Switzerland/CH
26.06.2003 06.10.2004 Hardstrasse 219, 8005 Zürich/ZH,
Switzerland/CH
Entry Deleted Capital
26.06.2003 Share
Capital CHF 4,000,000, paid up CHF 4,000,000
Entry Deleted Capital Structure
26.06.2003 4,000
Registered shares of CHF 1,000.--
Entry Deleted Remarks
28.05.2015 Merger:
On 21.05.2015 the company merged with Dover Pump Solutions Group (Europe) GmbH,
based in Oberglatt (CHE-402.520.985).
20.08.2008 Merger:
On 30.06.2008 the company merged with Maag Textron Holding AG, based in
Oberglatt (CH-020.3.916.765-7).
Official
Administration
Title Name
President, Chief Executive Thürig, Ulrich
Citizen:
Triengen, Switzerland
Residential
address: Oberentfelden, Switzerland
joint
signature of two
Registered
since: 29.09.2003
Director Gull,
Urs
Citizen:
Zürich, Switzerland
Residential
address: 8807 Freienbach/SZ, Switzerland
joint
signature of two
Registered
since: 28.05.2015
Director Maag,
Urs Hans
Citizen:
Oberglatt, Switzerland
Residential
address: Ennetbaden, Switzerland
joint
signature of two
Registered
since: 09.10.2014
Management
Title Name
Director Schwarz,
André
Citizen:
Freienwil, Switzerland
Residential
address: Bottighofen, Switzerland
joint
signature of two
Registered since:
20.09.2016
Director Steiner,
Daniel
Citizen:
Langnau im Emmental, Switzerland
Residential address: Fehraltorf, Switzerland
joint
signature of two
Registered
since: 12.07.2006
Director Zaugg,
Maurizio
Citizen:
Wyssachen, Switzerland
Residential
address: 8330 Pfäffikon/ZH, Switzerland
joint
signature of two
Registered
since: 26.01.2017
Member with signing authority Berg, Konrad
Citizen: Wohlen
AG, Switzerland
Residential
address: Wohlen /AG, Switzerland
joint signature of two
Registered
since: 28.05.2015
Member with signing authority Bertagno, Pietro
Citizen:
Sessa, Switzerland
Residential
address: Sessa, Switzerland
joint
signature of two
Registered
since: 24.02.2014
Member with signing authority Frei,
Marcel Walter
Citizen:
Ehrendingen, Switzerland
Residential
address: Lachen, Switzerland
joint
signature of two
Registered
since: 24.02.2014
Member with signing authority Giesler, Jörg
Citizen:
Germany
Residential
address: Zürich, Switzerland
joint
signature of two
Registered
since: 28.05.2015
Member with signing authority Heinen, Michael
Citizen:
Embrach, Switzerland
Residential
address: 8424 Embrach/ZH, Switzerland
joint
signature of two
Registered
since: 28.05.2015
Member with signing authority Khalil, Mohamed
Citizen:
Winterthur, Switzerland
Residential
address: Rafz, Switzerland
joint
signature of two
Registered
since: 09.10.2014
Member with signing authority Wäckerlin, Manfred Enno
Citizen:
Siblingen, Switzerland
Residential
address: Brütten, Switzerland
joint
signature of two
Registered
since: 28.05.2015
Member with procuration Dorka, Günter
Citizen:
Germany
Residential
address: Eggingen, Germany
joint
power of attorney of two
Registered
since: 29.09.2003
External
Positions
Title Name
Auditor PricewaterhouseCoopers
AG,
Residential
address: Zürich, Switzerland
Id:
CHE-106.839.438
Registered
since: 29.10.2012
Executive
board
Title Name
Chief Executive Officer Steiner, Daniel
Ultimate
Parent Company
Name: Dover
Corporation
City/Country: Downers
Grove/Illinois, United States of America/US
Direct
owner/-s
No. of owner/-s: 1
Owner: The
company is foreign owned.
Class: 100%,
directly held
Name: Dover
Engineered Systems, Inc
City/Country: Delaware/Delaware,
United States of America/US
Interest: 100,00%
voting right, 100,00% capital interest (since 19.09.2012)
Investments
Class: 100%,
directly held
Name: Maag
Automatik, Inc.
City/Country: Charlotte/North
Carolina, United States of America/US
Interest: 100,00%
voting right, 100,00% capital interest (since 25.04.1991)
Class: 100%,
directly held
Name: Maag
Pump Systems
City/Country: Villeurbanne,
France/FR
Interest: 100,00%
voting right, 100,00% capital interest (since 19.02.1998)
Class: 100%,
directly held
Name: Maag
Pump Systems GmbH
City/Country: Grossostheim/Bayern,
Germany/DE
Interest: 100,00%
voting right, 100,00% capital interest (since 1994)
Class: 100%,
directly held
Name: Maag
Pump Systems Pte. Ltd.
City/Country: Singapore,
Singapore/SG
Interest: 100,00%
voting right, 100,00% capital interest (since 1995)
Class: 100%,
indirectly held
Name: Maag
Pump Systems (Switzerland) AG
City/Country: Oberglatt/ZH,
Switzerland/CH
Interest: 100,00%
voting right, 100,00% capital interest (since 03.06.2008)
Financial
Data Dover Corporation
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2017 31.12.2016 31.12.2015 31.12.2014 31.12.2013
Number of months: 12 12 12 12 12
Currency: mil.
USD mil. USD mil. USD mil. USD mil.
USD
Statement norm: Local
GAAP Local GAAP
Balance Sheet
Intangible fixed assets 6,201.8 6,365.6 5,150.6 4,861.0 5,855.4
Other tangible fixed assets 999.8
Tangible fixed assets 999.8 945.7 854.3 837.0 1,182.9
other fixed assets 248.9 215.5 194.1 495.4 559.6
Fixed assets 7,450.5 7,526.8 6,199.0 6,193.6 7,597.9
Stocks 878.6 870.5 802.9 863.7 926.9
Trade accounts receivable 1,385.6 1,265.2 1,120.5 1,186.7 1,359.1
Cash & Cash Equivalents 753.9 350.2 362.2 681.5 803.8
other trade accounts 189.0 135.2 164.7 150.4
Other current assets 942.9 453.5 497.4 846.3 954.2
Current assets 3,207.1 2,589.2 2,420.8 2,896.8 3,240.2
Total assets 10,657.6 10,116.0 8,619.8 9,090.4 10,838.1
Capital 256.9 256.5 1,184.5 1,156.7 1,126.8
Other shareholders funds 4,126.3 3,543.2 2,460.1 2,544.0 4,250.6
Total shareholders equity 4,383.2 3,799.7 3,644.6 3,700.7 5,377.4
long term debt (financial debts) 2,986.7 3,206.6 2,617.3 2,253.0 2,599.2
Provisions 196.7
Other non current liabilities 989.5 972.6 990.6 1,097.2 1,246.0
Non current liabilities 3,976.2 4,375.9 3,607.9 3,350.3 3,845.2
short term debt (financial debts) 581.1 7.0 151.1 777.9 229.3
Trade accounts payable 979.4 830.3 650.9 615.3 692.5
Accruals 716.4 57.6 429.1 477.4
other accounts payable 21.3 507.7 216.8 216.3
other current liabilities 737.7 1,103.1 565.3 646.1 693.7
Current liabilities 2,298.2 1,940.3 1,367.3 2,039.4 1,615.5
Shareh. equity, min. int. & liabilities 10,657.6 10,116.0 8,619.8 9,090.4 10,838.1
Profit and loss account
Sales 7,830.4 6,956.3 7,752.7 8,729.8
Net sales 7,830.4 6,794.3 6,956.3 7,752.7 8,729.8
Other operating revenue 203.1 7.1 4.2
Operating revenue 8,033.5 6,794.3 6,963.4 7,752.7 8,734.0
Cost of goods sold 4,940.0 3,946.9 4,388.2 4,778.4 5,390.1
Gross profit 3,093.5 2,847.5 2,575.2 2,974.2 3,343.9
Other operating expenses 1,983.0 2,092.8 1,647.4 1,758.7 1,985.8
Operating result 1,110.5 754.6 927.8 1,215.4 1,358.1
Interest revenues 8.5 4.4 4.5
other financial revenues 5.9 122.6
Financial income 8.5 6.8 4.4 10.4 122.6
Interest expenses 145.2 136.4 131.7 131.6 120.7
other financial expenses 95.6 199.9
Financial expenses 145.2 72.0 227.3 331.6 120.7
Financial result -136.7 -65.3 -222.9 -321.2 1.9
Result before extraordinary items 973.8 689.3 704.9 894.2 1,360.0
Extraordinary income 273.9 37.3
Extraordinary expenses 2.9
Extraordinary Result 273.9 -2.9 37.3
Result before taxes 973.8 689.3 978.8 891.3 1,397.3
Taxes 162.2 180.4 204.7 316.0 271.6
Result before minority interests 811.6 508.9 774.1 575.2 1,125.7
Result for the financial year 811.6 508.9 774.1 575.2 1,125.7
Cash flow
Depreciation 394.2 360.7 327.1 307.1 421.6
Cash flow 1,205.8 869.6 1,101.2 882.4 1,547.3
Cash flow from operating activities 821.6 949.1 950.1 1,154.4
Investments in tangible fixed assets 196.7 154.3 166.0 236.8
Cash flow from investing activities 176.4 -34.6 -782.5 -468.9
Cash flow from financing activities -594.7 -1,091.9 -255.4 -678.5
Others 1.6 -141.9 -34.4 -3.3
Change in liquidity 404.9 -319.3 -122.3 3.7
Liquidity at beginning of the year 349.1 681.6 803.8 800.1
Liquidity at end of the year 754.0 362.3 681.6 803.8
Notes
Research and Development 104.5 115.0 118.4 185.6
Added value 1,513.2 1,186.4 1,437.6 1,330.0 1,939.6
Working Capital 1,284.8 1,305.4 1,272.5 1,435.1 1,593.5
Net Current Assets 908.9 648.9 1,053.5 857.4 1,624.7
Sales per Employee 0.3 0.2 0.3 0.3 0.2
Gross cost land and buildings 684.8 602.4 592.5 692.5
Gross cost other tangible fixed assets 1,919.1 1,772.0 1,698.6 2,374.5
Gross cost total 2,603.9 2,374.4 2,291.2 3,067.0
Employees at
year end 29,000 29,000 26,000 27,000 37,000
Financials
Balance sheet
publication:
The subject company
does not publish financial figures.
Legal
Actions
Control date Year No. Amount CHF Status
07.11.2014 2014 0 Legal
actions
31.12.2013 2013 0 Legal
actions
31.12.2012 2012 0 Legal
actions
07.09.2010 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
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
No Complaints
Credit
Information
Financial Situation: The financial situation is considered to be good.
Payment experiences: No Complaints.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.85 |
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1 |
INR 90.58 |
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Euro |
1 |
INR 79.97 |
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CHF |
1 |
INR 69.33 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
VAR |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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.