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MIRA INFORM REPORT
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Report No. : |
509706 |
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Report Date : |
26.05.2018 |
IDENTIFICATION DETAILS
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Name : |
WÄRTSILÄ SERVICES
SWITZERLAND AG |
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Registered Office : |
Zürcherstrasse 12, 8400 Winterthur/ZH |
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Country : |
Switzerland |
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Date of Incorporation : |
15.08.2014 |
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Com. Reg. No.: |
020.3.040.958-3 |
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Legal Form : |
Company limited by shares |
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Line of Business : |
Subject is engaged in the
development, production and distribution low-speed 2-stroke marine diesel
engines for the marine and energy markets |
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No. of Employees : |
10-19 |
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 gain access to the Union’s Single Market and enhance the country’s international competitiveness. Some trade protectionism remains, however, 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 economic instability in Russia and other eastern European economies drove 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 through 2017.
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.
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Source
: CIA |
Company name and address
Wärtsilä Services
Switzerland AG
Operating address:
Zürcherstrasse 12 Technology
Center:
8400 Winterthur/ZH Diesel
Technology Centre
Switzerland/CH 8404
Oberwinterthur/ZH
Switzerland/CH
Telephone: +41
522624900 +41
522624900
Fax: +41
522620100
Web site: https://www.wartsila.com/che
E-mail: mail-ch@wartsila.com
WIN Worldbox No.: CH0011879847
VAT-No.: CHE-454.062.197
MWST
UID-No.: CHE454062197
Profile
Established: 2014
Line of Business: Machinery, Consumer goods wholesale
Industry Division: Manufacturing, Wholesale trade
Industry-code (NACE): 2811 Manufacture of
engines and turbines, except aircraft, vehicle and cycle engines
4669 Wholesale of other machinery and
equipment
Import/Export: Export
Banks: unknown
Operational Figures
Coverage: Company
Figures: estimated
Financial year: 2017
Employees: 10-19
Activity
the company engages
in the development, production and distribution low-speed 2-stroke marine
diesel engines for the marine and energy markets. These engines are utilized for
the propulsion of all types of deep-sea ships worldwide, including the world’s
largest cargo ships.
Operations and
Branches:
At the address,
Zürcherstrasse 12 8401 Winterthur, Switzerland we find the Headoffice of the
company.
Real Estate
Real Estate: The
company does not appear to own any property.
Company Register
Company No: 020.3.040.958-3
UID-No.: CHE454062197
Legal form: Company
limited by shares
Registration: 15.08.2014
Legal status: active
Responsible Register: Handelsregister des Kantons Zürich
History: Date
of Incorporation Statutes: 14.08.2014
Entry Deleted Name
15.08.2014 Wärtsilä
Services Switzerland AG
15.08.2014 Wärtsilä
Services Switzerland Ltd (Name translated)
Entry Deleted Legal domicile
15.08.2014 Winterthur,
Switzerland
Entry Deleted Address
15.08.2014 Zürcherstrasse
12, 8400 Winterthur/ZH, Switzerland/CH
Entry Deleted Capital
15.08.2014 Share
Capital CHF 100,000, paid up CHF 100,000
Entry Deleted Capital Structure
15.08.2014 1
Registered shares of CHF 100,000.--
Official Administration
Title Name
President Barbazza,
Guido
Citizen:
Italy
Residential
address: Genova , Italy
joint
signature of two
Registered
since: 22.02.2016
Director Bjurs,
Peter
Citizen:
Finland
Residential
address: Petalax , Finland
joint
signature of two
Registered
since: 15.08.2014
Management
Title Name
Member with signing authority Hansen, Ole Pyndt
Citizen:
Denmark
Residential
address: Arbon, Switzerland
joint
signature of two
Registered
since: 15.08.2014
Member with signing authority Huber, Konrad Felix
Citizen:
Zürich, Switzerland
Residential
address: Männedorf, Switzerland
joint
signature of two
Registered
since: 14.07.2015
Member with signing authority Karisto, Petri Juhani
Citizen:
Finland
Residential
address: Winterthur, Switzerland
joint
signature of two
Registered
since: 23.02.2015
Member with signing authority König, Kurt Benedikt
Citizen:
Walenstadt, Switzerland
Residential
address: Winterthur, Switzerland
joint
signature of two
Registered
since: 23.02.2015
Member with signing authority Kunz, Reto
Citizen:
Affoltern am Albis, Switzerland
Residential
address: Mettmenstetten, Switzerland
joint
signature of two
Registered
since: 23.02.2015
Member with signing authority Lunday, Joseph
Citizen:
United States of America
Residential
address: Zumikon, Switzerland
joint
signature of two
Registered
since: 25.10.2017
Member with signing authority Rasheed, Imran
Citizen:
Pakistan
Residential
address: Winterthur, Switzerland
joint
signature of two
Registered
since: 15.08.2014
Member with signing authority Wiesmann, Andreas
Citizen:
Neunforn, Switzerland
Residential
address: Winterthur, Switzerland
joint
signature of two
Registered
since: 23.02.2015
Member with signing authority Winkler, Karina
Citizen:
Germany
Residential
address: Weiningen/ZH, Switzerland
joint
signature of two
Registered
since: 23.02.2015
External Positions
Title Name
Auditor PricewaterhouseCoopers
AG,
Residential
address: Winterthur, Switzerland
Id:
CHE-151.657.932
Registered
since: 30.05.2017
Ultimate Parent Company
Name: WARTSILA
OYJ
City/Country: HELSINKI,
Finland/FI
Direct owner/-s
No. of owner/-s: 1
Owner: The
company is foreign owned.
Class: 100%,
directly held
Name: Wärtsilä
Technology Oy AB
City/Country: Helsinki,
Finland/FI
Interest: 100,00%
voting right, 100,00% capital interest
Investments
It is believed that
the company has no investments.
Sisters
Name: Wärtsilä
Finland Oy
City/Country: Vaasa,
Finland/FI
Name: Wärtsilä
South Africa (Pty) Ltd
City/Country: Paarden
Eiland, Cape Town/Western Cape, South Africa/ZA
Name: WARTSILA
WEST AFRICA GUINEA
City/Country: Conakry,
Guinea/GN
Financial Data WARTSILA OYJ
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.
EUR mil. EUR mil. EUR mil. EUR mil.
EUR
Statement norm: IAS IAS IAS IAS IAS
Balance Sheet
Intangible fixed assets 1,577.0 1,434.0 1,464.0 1,180.0 1,235.0
Land and buildings 11.0 203.0 246.0 238.0 230.0
Other tangible fixed assets 338.0 191.0 172.0 183.0 204.0
Tangible fixed assets 349.0 394.0 418.0 421.0 434.0
Financial fixed assets 101.0 105.0 121.0 107.0 119.0
other fixed assets 250.0 183.0 212.0 177.0 148.0
Fixed assets 2,277.0 2,116.0 2,215.0 1,885.0 1,936.0
Stocks 1,051.0 1,042.0 1,200.0 1,156.0 1,367.0
Trade accounts receivable 1,307.0 1,220.0 1,394.0 1,187.0 1,147.0
Cash & Cash Equivalents 379.0 472.0 334.0 571.0 388.0
Securities 9.0 11.0 6.0 10.0
other trade accounts 291.0 237.0 263.0 328.0 210.0
Accruals 302.0 295.0 172.0 147.0 152.0
Other current assets 972.0 1,013.0 780.0 1,052.0 760.0
Current assets 3,330.0 3,275.0 3,374.0 3,395.0 3,274.0
Total assets 5,607.0 5,391.0 5,589.0 5,280.0 5,210.0
Capital 336.0 336.0 336.0 336.0 336.0
Other shareholders funds 2,035.0 1,952.0 1,865.0 1,624.0 1,508.0
Total shareholders equity 2,371.0 2,288.0 2,201.0 1,960.0 1,844.0
Minority interests 24.0 34.0 41.0 45.0 40.0
long term debt (financial debts) 517.0 520.0 492.0 537.0 571.0
Provisions 206.0 44.0 46.0 51.0 40.0
Other non current liabilities 166.0 320.0 342.0 244.0 281.0
Non current liabilities 889.0 884.0 880.0 832.0 892.0
short term debt (financial debts) 113.0 108.0 232.0 129.0 94.0
Trade accounts payable 539.0 502.0 510.0 436.0 375.0
Provisions 400.0 206.0 223.0 242.0 204.0
Accruals 52.0 63.0 40.0 64.0 50.0
other accounts payable 1,219.0 1,306.0 1,462.0 1,572.0 1,711.0
other current liabilities 1,671.0 1,575.0 1,725.0 1,878.0 1,965.0
Current liabilities 2,323.0 2,185.0 2,467.0 2,443.0 2,434.0
Shareh. equity, min. int. & liabilities 5,607.0 5,391.0 5,589.0 5,280.0 5,210.0
Profit and loss account
Sales 4,923.0 4,801.0
Net sales 4,923.0 4,801.0 5,029.0 4,779.0 4,607.0
Other operating revenue 73.0 57.0 57.0 66.0 77.0
Operating revenue 4,996.0 4,858.0 5,086.0 4,845.0 4,684.0
Cost of goods sold 2,518.0 2,487.0 2,680.0 2,632.0 2,468.0
Gross profit 2,478.0 2,371.0 2,406.0 2,213.0 2,216.0
Other operating expenses 1,925.0 1,853.0 1,837.0 1,717.0 1,705.0
Operating result 553.0 518.0 569.0 496.0 511.0
Interest revenues 7.0 9.0 11.0 12.0
other financial revenues 12.0 26.0 20.0 28.0 60.0
Financial income 12.0 33.0 29.0 39.0 72.0
Interest expenses 27.0 13.0 13.0 17.0
other financial expenses 59.0 45.0 32.0 27.0 22.0
Financial expenses 59.0 72.0 45.0 40.0 39.0
Financial result -47.0 -39.0 -16.0 -1.0 33.0
Result before extraordinary items 506.0 479.0 553.0 495.0 544.0
Extraordinary income 22.0
Extraordinary expenses 37.0 31.0
Extraordinary Result 22.0 -37.0 -31.0
Result before taxes 506.0 479.0 575.0 458.0 513.0
Taxes 122.0 123.0 124.0 106.0 119.0
Result before minority interests 384.0 356.0 451.0 352.0 394.0
minority interests 1.0 4.0 7.0 5.0 3.0
Result for the financial year 383.0 352.0 444.0 347.0 391.0
Cash flow
Depreciation 134.0 138.0 124.0 119.0 123.0
Cash flow 517.0 490.0 575.0 471.0 517.0
Cash flow from operating activities 430.0 613.0 255.0 452.0 578.0
Investments in tangible fixed assets 64.0 55.0 79.0 99.0 129.0
Cash flow from investing activities -235.0 -126.0 -288.0 -71.0 -79.0
Cash flow from financing activities -278.0 -339.0 -210.0 -210.0 -324.0
Others -10.0 -9.0 5.0 12.0 -12.0
Change in liquidity -93.0 139.0 -238.0 183.0 163.0
Liquidity at beginning of the year 472.0 334.0 571.0 388.0 225.0
Liquidity at end of the year 379.0 473.0 333.0 571.0 388.0
Notes
Material costs 2,558.0 2,353.0 2,603.0 2,392.0 2,658.0
Cost of employees 1,214.0 1,159.0 1,159.0 1,113.0 1,073.0
Research and Development 131.0 132.0 139.0 138.0
Orders received 4,927.0 4,932.0 5,084.0 4,821.0
Added value 1,803.0 1,871.0 1,703.0 1,726.0
Working Capital 1,760.0 2,084.0 1,907.0 2,139.0
Net Current Assets 1,007.0 1,090.0 907.0 952.0 840.0
Sales per Employee 0.3 0.3 0.3 0.3
Market capitalisation 8,418.0 8,314.0 7,315.0 7,055.0
Gross cost land and buildings 383.0 408.0 398.0 377.0
Gross cost other tangible fixed assets 883.0 824.0 835.0 862.0
Gross cost total 1,266.0 1,232.0 1,233.0 1,239.0
Employees at
year end 18,065 18,011 18,856 17,717 18,315
Financials
Financial statements
for 2017 have not yet been filed.
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 payment history
is available.
Remarks
Based on the
positive financial situation of the ultimate parent company, we deem stated
credit as acceptable.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.26 |
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1 |
INR 91.21 |
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Euro |
1 |
INR 79.88 |
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CHF |
1 |
INR 68.43 |
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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VAR |
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Report Prepared
by : |
DNS |
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.