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MIRA INFORM REPORT
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Report No. : |
485494 |
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Report Date : |
12.01.2018 |
IDENTIFICATION DETAILS
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Name : |
VF INTERNATIONAL
SAGL |
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Registered Office : |
Via Laveggio 5, 6855 Stabio/TI |
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Country : |
Switzerland |
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Date of Incorporation : |
11.05.2004 |
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Com. Reg. No.: |
514.4.028.163-8 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
The company engages in the provision of services for the group, in particular
of the management of licenses and patents. The company is also engaged in the
purchase, sale and marketing of consumer products of the fashion sector for
the corporate group. |
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No. of Employees : |
800-999 |
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 : |
Slow but Correct |
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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
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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
VF INTERNATIONAL SAGL
Operating
address:
Via Laveggio 5 Mailling
address:
6855 Stabio/TI Via
Vite 3
Switzerland/CH 6855
Stabio/TI
Switzerland/CH
Telephone: +41
916491000
+41
916492071
Web
site: http://www.vfc.com
E-mail: corporate_communications@vfc.com
WIN
Worldbox No.: CH0006225266
VAT-No.: CHE-111.650.898 IVA
UID-No.: CHE111650898
Profile
Established: 2004
Line
of Business: Consulting/Auditing,
Commercial services, Consumer goods wholesale
Industry
Division: Services, Wholesale
trade
Industry-code (NACE): 6910 Legal activities
8299 Other business support service activities
n.e.c.
4642 Wholesale of clothing and footwear
Import/Export: Import, Export
Banks: unknown
Operational
Figures
Coverage: Company
Figures: estimated
Financial
year: 2017
Employees: 800-999
Sales: CHF 600-800 Mio
Activity
The company engages in the provision of services for the group, in
particular of the management of licenses and patents. The company is also
engaged in the purchase, sale and marketing of consumer products of the fashion
sector for the corporate group.
The Outdoor-International business of the group is headquartered in
Stabio, as are the European-based operations of the Reef, Vansand Napapijri
brands.
Today, VF is an $11 billion apparel and footwear powerhouse, with an
incredibly diverse, international portfolio of brands and products that reach
consumers wherever they choose to shop. With our expertise in both the art and
science of apparel, we have built a sustainable base for continued long-term
success.
The brands are sold in more than 150 countries through 47,000 retailers
in all channels of distribution, from mass to department to specialty
retailers. In addition, they own and operate more than 1,100 retail stores.
Many of our brands also sell products directly to consumers over the Internet.
Operations and
Branches:
At the address, via Laveggio 5, 6855 Stabio, Switzerland, we find office
of the company.
Real
Estate
Real
Estate: The company owns
no property.
Company
Register
Company
No: 514.4.028.163-8
UID-No.: CHE111650898
Legal
form: Limited Liability
Company
Registration: 11.05.2004
Legal
status: active
Responsible
Register: Registro di commercio del
Cantone Ticino
History: Date of Statutes:
02.05.2013
Date of
Statutes: 12.03.2013
Date of
Statutes: 20.09.2010
Date of
Statutes: 25.05.2007
Date of
Statutes: 18.05.2004
Date of
Incorporation Statutes: 06.05.2004
Entry Deleted Name
11.05.2004 VF
International Sagl
Entry Deleted Legal domicile
03.05.2013 Stabio,
Switzerland
11.05.2004 03.05.2013 Lugano, Switzerland
Entry Deleted Address
03.05.2013 Via
Laveggio 5, 6855 Stabio/TI, Switzerland/CH
23.05.2005 03.05.2013 Via Senago 42/e, Centro Open Space 01, Stabile
C, 6912 Pazzallo/TI, Switzerland/CH
11.05.2004 23.05.2005 Riva Albertolli 1, 6900 Lugano/TI,
Switzerland/CH
Entry Deleted Capital
26.07.2007 LLC
Capital CHF 1,901,000
Entry Deleted Capital Structure
21.09.2010 1
Participation shares of CHF 1,000.--
21.09.2010 1
Participation shares of CHF 1,900,000.--
11.05.2004 21.09.2010 1 Participation shares of CHF 1,000.--
Entry Deleted Remarks
30.06.2015 Merger:
On 16.06.2015 the company merged with Timberland Management Services GmbH,
based in Schaffhausen (CHE-113.042.250).
29.04.2013 Merger:
On 24.04.2013 the company merged with Timberland Switzerland GmbH, based
in Schaffhausen (CH-290.4.014.788-0).
29.04.2013 Merger:
On 24.04.2013 the company merged with Timberland Trading Switzerland GmbH,
based in Spreitenbach (CHE-112.412.887).
02.08.2007 Merger:
On 28.05.2007 the company merged with VF Retail (Suisse) Sàrl, based in
Mendrisio (CH-524.4.009.365-6).
31.01.2006 Merger:
On 27.01.2006 the company merged with Vans (Suisse) Sàrl, based in Brügg
(CH-073.4.014.271-2).
Entry Deleted Branches
20.04.2006 12.05.2017 Römerstrasse 7, 2555 Brügg bei Biel/BE,
Switzerland/CH
Management
Title Name
General
Manager Scabbia
Guerrini, Martino
Citizen:
Italy
Residential
address: Gentilino (Collina d'Oro), Switzerland
single
signature
Registered
since: 23.02.2017
Chairman
of the management Puckett, Matthew
Herman
Citizen:
United States of America
Residential
address: Sorengo, Switzerland
single
signature
Registered
since: 06.07.2015
External
Positions
Title Name
Auditor PricewaterhouseCoopers
SA,
Residential
address: Lugano, Switzerland
Id:
CH-514.9.014.248-1
Registered
since: 20.01.2009
Ultimate
Parent Company
Name: V.F. Corporation
City/Country: Greensboro/North Carolina,
United States of America/US
Direct
owner/-s
No.
of owner/-s: 1
Owner: The company is domestic
owned.
Class: 100%, directly held
Name: VF Holding Sagl
City/Country: Stabio/TI, Switzerland/CH
Capital
share: CHF 1,901,000.--
Interest: 100,00% voting right,
100,00% capital interest (since 27.09.2004)
Investments
Class: 100%, directly held
Name: Timberland Europe B.V.
City/Country: Enschede, Netherlands/NL
Interest: 100,00% voting right,
100,00% capital interest
Class: 100%, directly held
Name: Timberland IDC Ltd.
City/Country: United Kingdom/GB
Interest: 100,00% voting right,
100,00% capital interest
Class: 100%, directly held
Name: VF Investments Italy
S.à.r.l.
City/Country: Luxembourg, Luxembourg/LU
Interest: 100,00% voting right,
100,00% capital interest (since 29.07.2016)
Class: 50%, directly held
Name: VF International
Holding GmbH
City/Country: Luzern/LU, Switzerland/CH
Interest: 50,00% voting right,
50,00% capital interest (since 09.04.2013)
Sisters
Name: The North Face Sagl
City/Country: Stabio/TI, Switzerland/CH
Name: VF Sales Sagl
City/Country: Stabio/TI, Switzerland/CH
Financial
Data V.F. Corporation
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.
USD th. USD th. USD th. USD th.
USD
Balance Sheet
Intangible fixed
assets 3,576,657.0 3,901,026.0 4,258,508.0 4,981,951.0 4,997,701.0
Other tangible
fixed assets 939,650.0
Tangible fixed
assets 939,650.0 988,159.0 942,181.0 932,792.0 828,218.0
Financial fixed
assets 30,038.0
other fixed assets 899,844.0 587,221.0 593,597.0 517,718.0 357,519.0
Fixed assets 5,446,189.0 5,476,406.0 5,794,286.0 6,432,461.0 6,183,438.0
Stocks 1,569,325.0 1,611,994.0 1,482,804.0 1,399,062.0 1,354,158.0
Trade accounts
receivable 1,197,678.0 1,319,558.0 1,276,224.0 1,360,443.0 1,222,345.0
Cash & Cash
Equivalents 1,227,862.0 945,605.0 971,895.0 776,403.0 597,461.0
other trade
accounts 298,233.0 285,979.0 454,931.0 347,074.0 275,619.0
Other current
assets 1,526,095.0 1,231,584.0 1,426,826.0 1,123,477.0 873,080.0
Current assets 4,293,098.0 4,163,136.0 4,185,854.0 3,882,982.0 3,449,583.0
Total assets 9,739,287.0 9,639,542.0 9,980,140.0 10,315,443.0 9,633,021.0
Capital 3,436,926.0 3,299,329.0 3,101,401.0 2,856,668.0 2,638,073.0
Other shareholders
funds 1,503,995.0 2,085,509.0 2,529,481.0 3,220,370.0 2,487,552.0
Total shareholders equity 4,940,921.0 5,384,838.0 5,630,882.0 6,077,038.0 5,125,625.0
long term debt
(financial debts) 2,039,180.0 1,401,820.0 1,423,581.0 1,426,829.0 1,429,166.0
Other non current
liabilities 973,786.0 911,171.0 1,305,436.0 1,243,575.0 1,346,018.0
Non current liabilities 3,012,966.0 2,312,991.0 2,729,017.0 2,670,404.0 2,775,184.0
short term debt
(financial debts) 279,718.0 462,869.0 25,797.0 23,977.0 415,432.0
Trade accounts
payable 664,644.0 689,594.0 690,842.0 638,732.0 562,638.0
Accruals 841,038.0 789,250.0 903,602.0 905,292.0 754,142.0
other current
liabilities 841,038.0 789,250.0 903,602.0 905,292.0 754,142.0
Current liabilities 1,785,400.0 1,941,713.0 1,620,241.0 1,568,001.0 1,732,212.0
Shareh. equity, min. int. & liabilities 9,739,287.0 9,639,542.0 9,980,140.0 10,315,443.0 9,633,021.0
Profit and loss
account
Sales 12,019,003.0 12,250,678.0 12,154,784.0 11,302,350.0 10,766,020.0
Net sales 12,019,003.0 12,250,678.0 12,154,784.0 11,302,350.0 10,766,020.0
Other operating
revenue 126,066.0 127,377.0 117,298.0 160,695.0
Operating revenue 12,019,003.0 12,376,744.0 12,282,161.0 11,419,648.0 10,926,715.0
Cost of goods sold 6,196,335.0 6,393,800.0 6,288,190.0 5,931,469.0 5,817,880.0
Gross profit 5,822,668.0 5,982,944.0 5,993,971.0 5,488,179.0 5,108,835.0
Other operating
expenses 4,323,442.0 4,321,948.0 4,561,791.0 3,845,057.0 3,596,708.0
Operating result 1,499,226.0 1,660,996.0 1,432,180.0 1,643,122.0 1,512,127.0
Interest revenues 9,094.0 7,152.0 6,911.0 4,141.0 3,353.0
other financial
revenues 2,001.0 1,655.0 242,175.0
Financial income 11,095.0 8,807.0 6,911.0 246,316.0 3,353.0
Interest expenses 94,730.0 89,414.0 86,725.0 84,773.0 93,605.0
other financial
expenses 340,950.0 490,552.0 32,418.0
Financial expenses 94,730.0 430,364.0 577,277.0 84,773.0 126,023.0
Financial result -83,635.0 -421,557.0 -570,366.0 161,543.0 -122,670.0
Result before extraordinary items 1,415,591.0 1,239,439.0 861,814.0 1,804,665.0 1,389,457.0
Extraordinary
Result 0.0 0.0 0.0
Result before taxes 1,415,591.0 1,239,439.0 861,814.0 1,804,665.0 1,389,457.0
Taxes 243,064.0 348,796.0 304,861.0 352,371.0 335,737.0
Result before
minority interests 1,172,527.0 890,643.0 556,953.0 1,452,294.0 1,053,720.0
minority interests 98,421.0 139.0
Result for the financial year 1,074,106.0 890,643.0 556,953.0 1,452,294.0 1,053,581.0
Cash flow
Depreciation 281,577.0 272,075.0 172,443.0 157,810.0 148,969.0
Cash flow 1,355,683.0 1,162,718.0 729,396.0 1,610,104.0 1,202,689.0
Cash flow from
operating activities 1,477,919.0 1,146,510.0 1,697,629.0 1,506,041.0 1,275,000.0
Investments in
tangible fixed assets 175,840.0 254,501.0 234,077.0 271,153.0 251,940.0
Cash flow from
investing activities -112,414.0 -322,822.0 -329,255.0 -350,273.0 -220,291.0
Cash flow from
financing activities -1,076,879.0 -783,295.0 -1,107,421.0 -983,831.0 -802,515.0
Others -6,369.0 -66,683.0 -65,461.0 7,005.0 4,039.0
Change in
liquidity 282,257.0 -26,290.0 195,492.0 178,942.0 256,233.0
Liquidity at
beginning of the year 945,605.0 971,895.0 776,403.0 597,461.0 341,228.0
Liquidity at end
of the year 1,227,862.0 945,605.0 971,895.0 776,403.0 597,461.0
Notes
Added value 1,791,898.0 1,600,928.0 1,120,982.0 2,047,248.0 1,632,031.0
Working Capital 2,102,359.0 2,241,958.0 2,068,186.0 2,120,773.0 2,013,865.0
Net Current Assets 2,507,698.0 2,221,423.0 2,565,613.0 2,314,981.0 1,717,371.0
Sales per Employee 174.2 191.4 206.0 191.6 188.9
Gross cost land
and buildings 1,086,509.0 1,145,216.0 1,043,830.0 1,010,759.0 916,552.0
Gross cost other
tangible fixed assets 1,288,873.0 1,266,886.0 1,225,293.0 1,159,221.0 1,066,865.0
Gross cost total 2,375,382.0 2,412,102.0 2,269,123.0 2,169,980.0 1,983,417.0
Employees at year end 69,000 64,000 59,000 59,000 57,000
Employees inland 31,000 28,000 26,000 26,000 25,000
Employees abroad 38,000 36,000 33,000 33,000 32,000
Financials
Balance sheet publication:
The subject company does not publish
financial figures.
Legal
Actions
Control date Year No. Amount CHF Status
22.05.2015 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 1 578.-- Opposition filed
31.12.2008 2008 0 Legal
actions
31.12.2007 2007 1 2,864.-- Closed legal actions
31.12.2006 2006 0 Legal
actions
31.12.2005 2005 0 Legal
actions
31.12.2004 2004 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 legal actions on record.
Debt collection case:
OCT 2014: CHF 70.00, paid.
SEP 2014: CHF 1'321.00, booked up.
AUG 2014: CHF 798.00, booked up.
JAN 2014: CHF 49.00, booked up.
DEC 2013: CHF 44.00, booked up.
Remarks
- Based 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 considered to be good.
Payment
experiences: Financial obligations are
met as appropriate.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.74 |
|
|
1 |
INR 86.01 |
|
Euro |
1 |
INR 76.14 |
|
CHF |
1 |
INR 65.45 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
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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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.