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MIRA INFORM REPORT
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Report No. : |
485686 |
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Report Date : |
18.01.2018 |
IDENTIFICATION DETAILS
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Name : |
HAEFELY TEST AG |
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Registered Office : |
Birsstr. 300 4052 Basel/BS /CH |
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Country : |
Switzerland |
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Date of Incorporation : |
1904 |
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Com. Reg. No.: |
270.3.012.275-8 |
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Legal Form : |
Company limited by shares |
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Line of Business : |
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No. of Employees : |
110 |
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 : |
Good |
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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
Haefely Test AG
"HAEFELY HIPOTRONICS"
Operating address:
Birsstr.
300
4052
Basel/BS
Switzerland/CH
Telephone: +41
613734111
Fax: +41
613734912
Web site: http://www.haefely.com
E-mail: sales@haefely.com
WIN Worldbox No.: CH0000123484
VAT-No.: CHE-106.842.541 MWST
UID-No.: CHE106842541
Profile
Established: 1904
History: 1904: Established
as Emil Haefely & Cie
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
4652 Wholesale of electronic and telecommunications
equipment and parts
Import/Export: Import, Export
Quality certification: ISO 9001:2008
Banks: unknown
Operational Figures
Coverage: Company
Figures: estimated
Financial year: 2017
Employees: 110
Sales: CHF
60-80 Mio
Activity
As market leader
in various high-voltage test products the company provides the test,
measurement and diagnostic equipment for a wide range of electrical
applications. Test systems for laboratory, factory and field use are available.
Regional offices with local sales
and customer support are located also in Brewster, New York-USA and
Beijing-China.
Operations and Branches:
At the address, Birsstr. 300,
4052 Basel, Switzerland, we find office of the company.
Real
Estate
Information on property ownership
was not available.
Company
Register
Company No: 270.3.012.275-8
UID-No.: CHE106842541
Legal form: Company limited by shares
Registration: 04.06.1999
Legal status: active
Responsible Register: Handelsregister des Kantons Basel-Stadt
History: Date of Statutes: 06.09.2006
Date
of Statutes: 14.05.2003
Date
of Statutes: 22.10.2001
Date
of Statutes: 09.07.1999
Date
of Incorporation Statutes: 02.06.1999
Entry Deleted Name
04.06.1999 Haefely
Test AG
04.06.1999 Haefely Test SA (Name translated)
04.06.1999 Haefely Test Ltd (Name translated)
Entry Deleted Legal domicile
04.06.1999 Basel, Switzerland
Entry Deleted Address
01.07.2011 Birsstrasse 300, 4052 Basel/BS, Switzerland/CH
11.08.2006 01.07.2011 Lehenmattstrasse 353, 4052 Basel, Switzerland/CH
04.06.1999 11.08.2006 Lehenmattstrasse 353, 4028 Basel,
Switzerland/CH
Entry Deleted Capital
23.11.2006 Share Capital CHF 6,000,000, paidup CHF 6,000,000
Entry Deleted Capital Structure
23.11.2006 6,000 Registered shares of CHF 1,000.--
Official Administration
Title Name
President Wegman, Darrin Sylvanus
Citizen:
United States of America
Residential
address: Orange/CT, United States of America
joint
signature of two
Registered
since: 28.12.2015
Vice-President Schneider,
Markus
Citizen:
Münchenstein, Switzerland
Residential
address: Möhlin, Switzerland
joint
signature of two
Registered
since: 12.07.2000
Director Hsieh, An-Ping
Citizen:
United States of America
Residential
address: Simsbury, Switzerland
joint
signature of two
Registered
since: 08.05.2017
Director Lambert,
Dr. Claude
Citizen:
Zürich, Genf, Switzerland
Residential
address: Zürich, Switzerland
joint
signature of two
Registered
since: 04.06.1999
Management
Title Name
Director Grob,
Reinhold
Citizen:
Zürich, Wiesendangen, Switzerland
Residential
address: Frauenfeld, Switzerland
joint
signature of two
Registered
since: 19.08.1999
Director Schneider,
Markus
Citizen:
Münchenstein, Switzerland
Residential
address: Möhlin, Switzerland
joint
signature of two
Registered
since: 12.07.2000
Vice-Director Schikarski,
Peter
Citizen:
Germany
Residential
address: Lörrach , Germany
joint
signature of two
Registered
since: 19.07.2001
Vice-Director Walder,
Lukas
Citizen:
Basel, Wetzikon ZH, Switzerland
Residential
address: 4132 Muttenz/BL, Switzerland
joint
signature of two
Registered
since: 19.07.2001
Member with signing authority Berth,
Torsten
Citizen:
Germany
Residential
address: Amtzell , Germany
joint
signature of two
Registered
since: 24.07.2017
Member with procuration Gamlin,
Michael
Citizen:
Germany
Residential
address: Blotzeim , France
joint
power of attorney of two
Registered
since: 07.09.2005
Member with procuration Khare,
Shreenivas
Citizen:
Bottmingen, Switzerland
Residential
address: 4103 Bottmingen/BL, Switzerland
joint
power of attorney of two
Registered
since: 12.07.2000
External
Positions
Title Name
Auditor PricewaterhouseCoopers
AG,
Residential
address: Basel, Switzerland
Id:
CHE-393.441.652
Registered
since: 04.06.1999
Executive
board
Title Name
Chief Executive Officer Grob, Reinhold
Chief Financial Officer, Chief Human
Resources Officer Schneider,
Markus
Chief Marketing Officer, Chief Sales
Officer Schikarski, Peter
Chief Development Officer Gamlin, Michael
Chief Development Officer Walder, Lukas
Chief Production Officer Jegge, Roger
Ultimate Parent Company
Name: Hubbell
Incorporated
City/Country: Shelton/Connecticut, United States of America/US
Direct owner/-s
No. of owner/-s: 1
Owner: The
company is foreign owned.
Class: 100%,
directly held
Name: Hubbell
Incorporated
City/Country: Shelton/Connecticut, United States of America/US
Interest: 100,00% voting right, 100,00% capital
interest
Investments
It is
believed that the company has no investments.
Sisters
Name: Cableform
Incorporated
City/Country: Delaware/Delaware, United States of America/US
Name: CDR
Systems Corp.
City/Country: California/California, United States of America/US
Name: DUAL-LITE
CAYMAN LIMITED
City/Country: Cayman Islands/KY
Name: Hubbell
Canada Investments LP
City/Country: Canada/CA
Name: Hubbell
Entertainment, Inc.
City/Country: Delaware/Delaware, United States of America/US
Name: HUBBELL
INVESTMENTS LIMITED
City/Country: Cayman Islands/KY
Name: Hubbell
Investments S.a.r.l.
City/Country: Luxembourg/LU
Name: Optimum
Industrial Control Systems, LLC
City/Country: Delaware/Delaware,
United States of America/US
Name: Vantage
Technology, LLC
City/Country: Colorado/Colorado, United States of America/US
Financial Data Hubbell Incorporated
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: mil.
USD mil. USD mil. USD mil. USD mil.
USD
Statement
norm: US-GAAP US-GAAP US-GAAP
Balance Sheet
Intangible fixed assets 1,422.5 1,300.7 1,197.5 1,087.0 1,043.6
Other tangible fixed assets 439.8 419.7 401.2 377.1
Tangible fixed assets 439.8 419.7 401.2 377.1 364.7
Financial fixed assets 56.4 49.5 44.1 35.8 36.7
other fixed assets 55.0 51.0 50.6 54.9 45.8
Fixed assets 1,973.7 1,820.9 1,693.4 1,554.8 1,490.8
Stocks 532.4 540.0 441.8 385.7 341.7
Trade accounts receivable 530.0 466.6 469.8 440.9 405.2
Cash & Cash Equivalents 437.6 343.5 653.9 740.7 645.0
Securities 11.2 12.2 7.8 10.1 8.8
other trade accounts 40.1 25.5 56.1 55.0 55.5
Other current assets 488.9 381.2 717.8 805.8 709.3
Current assets 1,551.3 1,387.8 1,629.4 1,632.4 1,456.2
Total assets 3,525.0 3,208.7 3,322.8 3,187.2 2,947.0
Capital 16.0 78.7 147.3 237.2 64.6
Other shareholders funds 1,576.8 1,661.9 1,779.8 1,669.2 1,596.6
Total shareholders equity 1,592.8 1,740.6 1,927.1 1,906.4 1,661.2
Minority interests 10.4 8.4 8.6 8.4 6.7
long term debt (financial debts) 990.5 595.9 597.6 597.2 596.7
Other non current liabilities 341.7 260.7 290.3 208.2 235.0
Non current liabilities 1,332.2 856.6 887.9 805.4 831.7
short term debt (financial debts) 3.2 48.2 1.4 0.3
Trade accounts payable 291.6 289.5 244.0 225.9 213.1
Accruals 294.8 127.8 253.8 240.8 234.3
other accounts payable 137.6
other current liabilities 294.8 265.4 253.8 240.8 234.3
Current liabilities 589.6 603.1 499.2 467.0 447.4
Shareh. equity, min. int. & liabilities 3,525.0 3,208.7 3,322.8 3,187.2 2,947.0
Profit and loss
account
Sales 3,505.2 3,390.4 3,359.4 3,183.9 3,044.4
Net sales 3,505.2 3,390.4 3,359.4 3,183.9 3,044.4
Operating revenue 3,505.2 3,390.4 3,359.4 3,183.9 3,044.4
Cost of goods sold 2,404.5 2,298.6 2,250.4 2,113.4 2,032.2
Gross
profit 1,100.7 1,091.8 1,109.0 1,070.5 1,012.2
Other
operating expenses 627.4 617.2 593.4 567.2 541.4
Operating
result 473.3 474.6 515.6 503.3 470.8
other financial revenues 0.5 0.5 1.1 49.4 33.1
Financial income 0.5 0.5 1.1 49.4 33.1
Interest expenses 43.4 31.0 31.2 30.8 30.8
other financial expenses 85.4 93.3
Financial expenses 43.4 116.4 124.5 30.8 30.8
Financial result -42.9 -115.9 -123.4 18.6 2.3
Result before extraordinary items 430.4 358.7 392.2 521.9 473.1
Extraordinary Result 0.0 0.0 0.0
Result before taxes 430.4 358.7 392.2 521.9 473.1
Taxes 132.6 136.5 158.3 144.0 139.7
Result
before minority interests 297.8 222.2 233.9 377.9 333.4
minority
interests 4.8 4.8 1.9 3.3 2.4
Result for the financial year 293.0 217.4 232.0 374.6 331.0
Cash flow
Depreciation 92.3 85.2 79.2 70.6 66.8
Cash flow 385.3 302.6 313.1 448.5 400.2
Cash flow from operating activities 398.2 331.1 391.5 381.8 349.1
Investments in tangible fixed assets 67.2 77.1 60.3 58.8 49.1
Cash flow from investing activities -230.0 -249.2 -242.6 -151.1 -116.1
Cash flow from financing activities -46.8 -371.1 -215.6 -130.9 -161.7
Others -27.3 -21.0 -20.1 -4.1 4.1
Change in liquidity 94.1 -310.4 -86.8 95.7 75.4
Liquidity at beginning of the year 343.5 653.9 740.7 645.0 569.6
Liquidity at end of the year 437.6 343.5 653.9 740.7 645.0
Notes
Added value 566.1 474.9 502.6 623.3 570.7
Working Capital 770.8 717.1 667.6 600.7 533.8
Net Current Assets 961.7 784.7 1,130.2 1,165.4 1,008.8
Sales per Employee 0.2 0.2 0.2 0.2 0.2
Gross
cost land and buildings 348.7 301.9 295.9 288.0 302.5
Gross cost other tangible fixed assets 784.7 799.2 761.5 716.9 669.9
Gross cost total 1,133.4 1,101.1 1,057.4 1,004.9 972.4
Employees at year
end 17,400 16,200 15,400 14,300 13,600
Employees inland 8,300 7,500
Employees abroad 7,900 6,100
Financials
Balance
sheet publication:
The subject
company does not publish financial figures.
Legal Actions
Control date Year No. Amount CHF Status
02.07.2015 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
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
Payment
experiences are considered to be in order.
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: 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 63.98 |
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|
1 |
INR 88.13 |
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Euro |
1 |
INR 78.35 |
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CHF |
1 |
INR 66.25 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRI |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
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.