|
|
|
MIRA INFORM REPORT
|
Report No. : |
510633 |
|
Report Date : |
29.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
MEGGITT SA |
|
|
|
|
Registered Office : |
Route De Moncor 4, 1752 Villars-Sur-Glâne/FR |
|
|
|
|
Country : |
Switzerland |
|
|
|
|
Year of Establishment : |
1952 |
|
|
|
|
Com. Reg. No.: |
217.0.130.444-4 |
|
|
|
|
Legal Form : |
Company Limited by Shares |
|
|
|
|
Line of Business : |
Manufacture of instruments and appliances
for measuring, testing and navigation |
|
|
|
|
No. of Employees : |
520 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 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.
|
Source
: CIA |
Company name and address
MEGGITT SA
"Meggitt Sensing Systems"
Operating
address:
Route de Moncor 4 Mailling
address:
1752
Villars-sur-Glâne/FR Case
postale 1616
Switzerland/CH 1701
Fribourg/FR
Switzerland/CH
Telephone: +41 26
4071111
Fax: +41
26 4023662
+41
26 4071660
Web
site: http://www.meggittsensingsystems.com
E-mail: info@ch.meggitt.com
WIN Worldbox No.: CH0000032327
VAT-No.: CHE-107.769.496
TVA
UID-No.: CHE107769496
Profile
Established: 1952
History: 1957: Limited company
Line of Business: Measurement
and control technology
Industry Division: Manufacturing
Industry-code (NACE): 2651 Manufacture of instruments and appliances
for measuring, testing and navigation
Import/Export: Import, Export
Quality
certification: ISO 9001:2000
ISO
14001:1996
Banks: Crédit Suisse, 3001
Bern, Clearing: 4835, SWIFT: CRESCHZZ80A; IBAN: CH8804835073764012012; Acount
no.: 737640-12-12
UBS AG,
Bubenbergplatz 3, 3000 Bern 94; SWIFT: UBSWCHZH30A
Operational
Figures
Coverage: Company
Figures: estimated
Financial year: 2017
Employees: 520
Sales: CHF
2-4 Bil
Activity
The company is a global
leading supplier of instrumentation systems and sensors to aerospace and energy
customers. The company owns a factory occupying 15'000 m2 of working area
including development laboratories, production workshops, extensive quality
assurance facilities, field service, and administrative offices.
The company mostly operates in following
markets:
Aerospace: vibration,
speed, dynamic pressure, ice detection, and fluid monitoring systems for civil,
military, and rotorcraft applications.
Energy: Providing complete protection,
condition, and performance monitoring instrumentation systems for rotating
machinery.
Operations and Branches:
At the address, route de Moncor 4, 1752
Villars-sur-Glâne, Switzerland, we find office of the company.
Real Estate
Real Estate: The
company owns buildings.
Company
Register
Company No: 217.0.130.444-4
UID-No.: CHE107769496
Legal form: Company
limited by shares
Registration: 08.05.1957
Legal
status: active
Responsible
Register: Handelsregister des
Saane-Bezirkes (FR)
History: Date of Statutes:
27.06.1996
Date of
Statutes: 20.09.2010
Date of
Statutes: 29.10.2003
Entry Deleted Name
29.09.2010 Meggitt
SA
17.11.2003 Vibro-Meter S.A. Fabrique d'appareils de
mesure et d'enregistrement électroniques
17.11.2003 Vibro-Meter AG Fabrik elektronischer Mess- und
Registriergeräte (Name translated)
17.11.2003 Vibro-Meter Ltd Manufacturer of electronic
measurement and recording instruments (Name translated)
17.11.2003 29.09.2010 Vibro-Meter SA
Entry Deleted Legal domicile
active Villars-sur-Glâne,
Switzerland
Entry Deleted Address
27.05.2013 Route
de Moncor 4, 1752 Villars-sur-Glâne/FR, Switzerland/CH
27.05.2013 Moncor, 1752 Villars-sur-Glâne/FR,
Switzerland/CH
Entry Deleted Capital
active Share
Capital CHF 5,000,000, paidup CHF 5,000,000
Entry Deleted Capital Structure
active 1,000
Bearer shares of CHF 5,000.--
Entry Deleted Remarks
active Merger:
As per merger agreement date 27.06.1996 did subject matter merge with and
absorb Vibro-Meter International S.A. based, Greng.
Official Administration
Title Name
President Huber, Peter
Citizen:
Dielsdorf, Switzerland
Residential
address: Düdingen, Switzerland
joint
signature of two
Director Huerkamp,
Helge Björn
Citizen:
Germany
Residential
address: 1802 Corseaux /VD, Switzerland
joint
signature of two
Registered since: 21.10.2010
Director Thomas
, Marina Louise
Citizen:
United Kingdom
Residential
address: Poole , United Kingdom
joint signature of
two
Registered
since: 04.06.2014
Management
Title Name
Director Brodard ,
Pierre-Alain
Citizen:
La Roche, Switzerland
Residential
address: Neyruz , Switzerland
joint
signature of two
Registered
since: 04.06.2014
Director Bühlmann ,
François
Citizen:
Sion, Switzerland
Residential
address: Fribourg, Switzerland
joint
signature of two
Registered
since: 13.09.2017
Director Colliard ,
Catherine
Citizen:
Châtel-Saint-Denis, Switzerland
Residential
address: Riaz, Switzerland
joint
signature of two
Registered
since: 13.09.2017
Director Coughlin,
Richard Thomas
Citizen:
United States of America
Residential
address: Blonay, Switzerland
joint
signature of two
Registered since: 18.04.2016
Director Deville
, Arnaud Raymond Robert
Citizen:
France
Residential
address: Annecy , France
joint
signature of two
Registered
since: 11.04.2018
Director Froc
, Pascal Roland Claude Marie
Citizen: France
Residential
address: Villars-sur-Glâne , Switzerland
joint
signature of two
Registered since: 13.09.2017
Director Groult
, Nicolas Guillaume
Citizen:
France
Residential
address: Balma , France
joint signature of
two
Registered
since: 11.04.2018
Director Huber,
Peter
Citizen:
Dielsdorf, Switzerland
Residential
address: Düdingen, Switzerland
joint
signature of two
Director Huerkamp,
Helge Björn
Citizen:
Germany
Residential
address: 1802 Corseaux /VD, Switzerland
joint
signature of two
Registered
since: 21.10.2010
Director Lipinska-Dubert,
Magdalena
Citizen:
Poland
Residential
address: Murten, Switzerland
joint
signature of two
Registered
since: 27.05.2013
Director Monange ,
Xavier
Citizen:
France
Residential
address: Chardonne, Switzerland
joint
signature of two
Registered
since: 13.09.2017
Director Vez ,
Dominique René
Citizen:
Neyruz FR, Switzerland
Residential
address: Cottens /FR, Switzerland
joint
signature of two
Registered
since: 13.09.2017
External Positions
Title Name
Auditor PricewaterhouseCoopers
SA,
Residential
address: Pully, Switzerland
Id:
CH-550-0056305-7
Registered
since: 17.11.2003
Ultimate Parent
Company
Name: MEGGITT
PLC
City/Country: DORSET,
United Kingdom/GB
Direct owner/-s
No. of owner/-s: 1
Owner: The
company is foreign owned.
Class: 100%, directly held
Name: MEGGITT PLC
City/Country: DORSET, United Kingdom/GB
Interest: 100,00% voting right,
100,00% capital interest (since 1998)
Investments
Class: 100%, directly held
Name: Meggitt GmbH
City/Country: Offenbach am Main /Hessen ,
Germany/DE
Interest: 100,00% voting right,
100,00% capital interest
Class: 100%, directly held
Name: Vibro Meter Sàrl
City/Country: Villars-sur-Glâne/FR,
Switzerland/CH
Interest: 100,00%
voting right, 100,00% capital interest (since 01.10.2010)
Class: 100%,
directly held
Name: Vibro-Meter
(France) SA
City/Country: Fleac,
France/FR
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: Vibro-Meter
Inc
City/Country: Londonderry/New
Hampshire, United States of America/US
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: Vibro-Meter
Singapore Pte Ltd.
City/Country: Singapore,
Singapore/SG
Interest: 100,00%
voting right, 100,00% capital interest
Sisters
Name: Meggitt
(Orange Country), Inc.
City/Country: Irvine/California,
United States of America/US
Name: Vibro-Meter
Limited
City/Country: Stockport/Cheshire,
United Kingdom/GB
Financial Data
MEGGITT PLC
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: th.
GBP th. GBP th. GBP th. GBP th.
GBP
Statement norm: IAS IAS IAS IAS
Balance Sheet
Intangible fixed
assets 3,433.0 3,446,800.0 3,023,900.0 2,214,100.0 2,164,400.0
Land and buildings 142.0 143,300.0 130,600.0 123,100.0 114,200.0
Other tangible
fixed assets 181.0 193,600.0 158,200.0 128,000.0 131,300.0
Tangible fixed
assets 323.0 336,900.0 288,800.0 251,100.0 245,500.0
Financial fixed
assets 42.0 370,100.0 304,500.0 0.0 0.0
other fixed assets 51.0 74,300.0 62,500.0 709,200.0 615,600.0
Fixed assets 3,849.0 4,228,100.0 3,679,700.0 3,174,400.0 3,025,500.0
Stocks 404.0 468,500.0 401,600.0 327,200.0 299,200.0
Trade accounts
receivable 320.0 334,100.0 263,200.0 232,300.0 244,600.0
Cash & Cash
Equivalents 118.0 173,800.0 147,300.0 105,500.0 116,100.0
Securities 4.0 4,200.0 8,400.0
other trade
accounts 112.0 83,200.0 75,700.0 89,500.0 86,100.0
Accruals 19.0 21,600.0 18,000.0 14,500.0 12,200.0
Other current
assets 253.0 282,800.0 249,400.0 209,500.0 214,400.0
Current assets 977.0 1,085,400.0 914,200.0 769,000.0 758,200.0
Total assets 4,826.0 5,313,500.0 4,593,900.0 3,943,400.0 3,783,700.0
Capital 39.0 38,800.0 38,800.0 40,100.0 39,900.0
Other shareholders
funds 2,517.0 2,417,600.0 2,139,700.0 2,100,700.0 2,036,500.0
Total shareholders equity 2,556.0 2,456,400.0 2,178,500.0 2,140,800.0 2,076,400.0
Minority interests 0.0 0.0
long term debt
(financial debts) 1,027.0 1,177,100.0 1,194,400.0 616,700.0 666,000.0
Provisions 390.0 546,500.0 430,600.0 130,500.0 149,200.0
Other non current
liabilities 207.0 373,300.0 296,700.0 546,700.0 467,800.0
Non current liabilities 1,624.0 2,096,900.0 1,921,700.0 1,293,900.0 1,283,000.0
short term debt
(financial debts) 89.0 203,000.0 33,600.0 58,900.0 7,200.0
Trade accounts
payable 185.0 172,900.0 161,900.0 127,300.0 128,200.0
Provisions 74.0 64,500.0 50,300.0 45,100.0 44,300.0
Accruals 84.0 81,900.0 59,600.0 52,600.0 47,800.0
other accounts payable 214.0 237,900.0 188,300.0 224,800.0 196,800.0
other current
liabilities 372.0 384,300.0 298,200.0 322,500.0 288,900.0
Current liabilities 646.0 760,200.0 493,700.0 508,700.0 424,300.0
Shareh. equity, min. int. & liabilities 4,826.0 5,313,500.0 4,593,900.0 3,943,400.0 3,783,700.0
Profit and loss
account
Sales 2,027.0 1,992,400.0 1,647,200.0
Net sales 2,027.0 1,992,400.0 1,647,200.0 1,553,700.0 1,637,300.0
Operating revenue 2,027.0 1,992,400.0 1,647,200.0 1,553,700.0 1,637,300.0
Cost of goods sold 1,234.0 1,217,200.0 997,200.0 935,900.0 981,100.0
Gross profit 793.0 775,200.0 650,000.0 617,800.0 656,200.0
Other operating
expenses 489.0 541,500.0 413,400.0 381,600.0 355,900.0
Operating result 304.0 233,700.0 236,600.0 236,200.0 300,300.0
Interest revenues 1,900.0 2,600.0 1,000.0 100.0
other financial revenues 1.0 100.0 100.0 200.0 200.0
Financial income 1.0 2,000.0 2,700.0 1,200.0 300.0
Interest expenses 40,500.0 28,000.0 16,300.0 20,000.0
other financial
expenses 43.0 -300.0 1,100.0 12,200.0 11,200.0
Financial expenses 43.0 40,200.0 29,100.0 28,500.0 31,200.0
Financial result -42.0 -38,200.0 -26,400.0 -27,300.0 -30,900.0
Result before extraordinary items 262.0 195,500.0 210,200.0 208,900.0 269,400.0
Result before taxes 262.0 195,500.0 210,200.0 208,900.0 269,400.0
Taxes -88.0 24,300.0 28,100.0 31,900.0 37,100.0
Result before
minority interests 350.0 171,200.0 182,100.0 177,000.0 232,300.0
minority interests 0.0 0.0
Result for the financial year 350.0 171,200.0 182,100.0 177,000.0 232,300.0
Cash flow
Depreciation 31,200.0 32,200.0
Cash flow 350.0 171,200.0 182,100.0 208,200.0 264,500.0
Cash flow from
operating activities 377.0 321,800.0 375,400.0 312,200.0 282,300.0
Investments in
tangible fixed assets 62.0 33,000.0 52,400.0
Cash flow from investing
activities -131.0 -130,900.0 -539,600.0 -194,500.0 -146,000.0
Cash flow from
financing activities -297.0 -185,700.0 203,900.0 -131,000.0 -123,000.0
Others -5.0 21,300.0 2,100.0 2,700.0 -2,100.0
Change in
liquidity -56.0 26,500.0 41,800.0 -10,600.0 11,200.0
Liquidity at
beginning of the year 174.0 147,300.0 105,500.0 116,100.0 104,900.0
Liquidity at end
of the year 118.0 173,800.0 147,300.0 105,500.0 116,100.0
Notes
Cost of employees 541,800.0 566,100.0
Research and
Development 70,600.0 64,700.0
Added value 236,000.0 238,200.0 798,200.0 887,700.0
Working Capital 629,700.0 502,900.0 432,200.0 415,600.0
Net Current Assets 331.0 325,200.0 420,500.0 260,300.0 333,900.0
Sales per Employee 177.7 145.4 148.4
Gross cost land
and buildings 223.0 179,600.0 169,200.0
Gross cost other
tangible fixed assets 518.0 413,800.0 380,700.0
Gross cost total 741.0 593,400.0 549,900.0
Employees at year end 11,226 11,210 10,685 11,035
Employees inland 2,699 2,847
Employees abroad 8,511 7,838
Financials
Balance sheet publication:
The subject company does not publish
financial figures.
Legal Actions
Control date Year No. Amount CHF Status
18.07.2016 2016 0 Legal
actions
31.12.2015 2015 0 Legal
actions
31.12.2014 2014 0 Legal
actions
31.12.2013 2013 1 1,621.-- Opposition filed
31.12.2012 2012 1 1,515.-- Opposition filed
31.12.2011 2011 0 Legal
actions
31.12.2010 2010 0 Legal
actions
31.12.2009 2009 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: Financial obligations are
paid promptly.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.44 |
|
|
1 |
INR 89.89 |
|
Euro |
1 |
INR 79.00 |
|
CHF |
1 |
INR 68.06 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
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.