Monday, 10 September 2012
MINDSET HOLDING AG
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
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MINDSET HOLDING AG
Identification number
Not available
Country
Switzerland
ZIP code and city
8808 - PFAFFIKON
Address
CHURERSTRASSE 135 +41 41 368 9838 www.mindsetholding.ch info@mindsetholding.ch
Legal form
Limited company
Account
Consolidated
Incorporation date
1900
NACE 2 Sector
2829 - Manufacture of other general - purpose machinery nec
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ASKMORE
Company name
Listed Status
Active
MORE Credit limit
Not assessable on the base of the available informations
plans 3 types of reports:
31/12/2011
31/12/2010
31/12/2009
0
0
0
Turnover (th e) Rating s-peek
C
C
C
56.00%
56.00%
56.00%
100%
88%
88%
-2.18
-2.43
-2.05
0.54
0.59
0.51
Current Ratio
0.92
0.59
1.58
Quick Ratio
0.92
0.59
1.58
Return on investement ROI (%)
-83.29
-123.69
-746.26
Return on equity ROE (%)
-98.48
-181.24
-792.13
0.00
0.00
0.00
-0.01
-0.02
-0.01
0.00
-
-
EBIT interest coverage ratio
-168.00
-45.76
-89.80
EBITDA interest coverage ratio
-167.88
-
-
Probability of default
Plus
Basic TM
ASKMORE Basic: This report includes modeFinance ’ s MORE Credit Ratings and MORE Credit Limit to help you in the decision making. It covers all essential information including financial statements of the last three years and descriptive information including trade description and sector analysis. This report type is ideally suited for decisions on transactions with each level of credit risk.
Confidence Level
TM
Solvency ratios Leverage ratio Total asset/Total liabilities Liquidity ratios
Profitability and economic equilibrium ratios
Asset turnover Interest paid weight EBITDA/Sales Interest Coverage ratios
Analysis and trend of financial strength modeFinance Headquarter Building A - AREA Science Park Padriciano 99 - 34149 Trieste - Italy Ph.: +39 040 375 5337 Fax: +39 040 375 6741 info@modefinance.com TM
key askMORETM is a registered mark of modeFinanceTM
MORE Credit Rating
D not available
non return
C
CC
extremly pathological pathological
CCC
B
BB
BBB
A
AA
AAA
high danger
weak
sufficient
adequate
good
very strong
extremely strong
MINDSET HOLDING AG
Monday, 10 September 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sector Analysis Company
Healthy
Balanced
Vulnerable
Risky
Solvency ratios Leverage ratio
-2.18
0.62
2.10
4.53
5.84
Total asset/Total liabilities
0.54
2.55
1.48
1.17
1.03
Current Ratio
0.92
2.62
1.56
1.26
0.86
Quick Ratio
0.92
1.97
1.26
0.96
0.52
Return on investement ROI (%)
-83.29
11.62
5.19
1.29
-8.61
Return on equity ROE (%)
-98.48
13.34
9.35
-3.06
-74.74
Liquidity ratios
Profitability and economic equilibrium ratios
Asset turnover
0.00
1.09
1.12
0.85
0.98
Interest paid weight
-0.01
0.01
0.15
0.39
-0.13
EBITDA/Sales
0.00
0.13
0.06
0.01
-0.04
EBIT interest coverage ratio
-168.00
70.66
5.36
0.39
-5.88
EBITDA interest coverage ratio
-167.88
78.76
9.19
1.32
-3.47
Days Sales Of Inventory (DIO)
NaN
36
40
51
56
Days Sales Outstanding (DSO)
NaN
71
84
80
79
Days Payable Outstanding (DPO)
+Inf
34
47
56
61
Cash Conversion Cycle (DIO + DSO - DPO)
NaN
84
75
80
67
-
138
273
119
28
C
A
BB
B
CC
Interest Coverage ratios
Cash Conversion Cycle (days)
Numer of analyzed companies (Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 2829with financial data of year 2011.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
MINDSET HOLDING AG
Monday, 10 September 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Sector Analysis - Graphs
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
MINDSET HOLDING AG
Monday, 10 September 2012 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Balance Sheet BALANCE SHEET (th e)
31/12/2011
31/12/2010
Accounting practice
Local GAAP
IFRS
IFRS
0.8214
0.79574
0.67361
1,622
1,224
227
2
0
0
Intangible fixed assets
0
0
0
Tangible fixed assets
2
0
0
Other fixed assets
0
0
0
1,620
1,224
227
Stocks
0
0
0
Debtors
0
0
0
1,620
1,224
227
259
18
174
Exchange rate CHF - EUR Total assets Fixed assets
Current assets
Other current assets Cash & cash equivalent
31/12/2009
Shareholders funds
-1,379
-853
-216
Capital
10,208
9,173
7,258
Other shareholders funds
-11,588
-10,026
-7,474
Total liabilities
3,001
2,077
443
Non current liabilities
1,247
9
299
Long term debt
821
0
269
Other non-current liabilities
425
9
30
1,755
2,068
144
Current liabilities Loans Creditors Other current liabilities Total shareh. funds & liab. NET DEBT (th e)
0
0
0
145
195
30
1,609
1,873
114
1,622
1,224
227
31/12/2011
Short term debts
31/12/2010
31/12/2009
0
0
0
Long term debt
821
0
269
Cash & cash equivalent
259
18
174
Net debt
563
-18
96
31/12/2011 Working capital Net Current Assets
31/12/2010
31/12/2009
-
-
-
-135
-844
83
31/12/2011
31/12/2010
31/12/2009
Days Sales Of Inventory (DIO)
NaN
NaN
NaN
Days Sales Outstanding (DSO)
NaN
NaN
NaN
Days Payable Outstanding (DPO)
+Inf
+Inf
+Inf
Cash Conversion Cycle (DIO + DSO - DPO)
NaN
NaN
NaN
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
MINDSET HOLDING AG
Monday, 10 September 2012 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Income Statement INCOME STATEMENT (th e)
31/12/2011
31/12/2010
Accounting practice
Local GAAP
IFRS
IFRS
0.8214
0.79574
0.67361
0
0
0
NaN
NaN
-
0
0
0
Exchange rate CHF - EUR Sales Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized Operating revenue / turnover
31/12/2009
0
0
0
1,343
-
-
Costs growth (%)
-
-
-
Service costs
-
-
-
Material costs
-
-
-
742
633
730
-1,343
-
-
1
-
-
-1,344
-1,510
-1,796
-15
-37
82
Financial revenue
0
0
101
Financial expenses
15
37
20
8
33
20
-1,359
-1,547
-1,714
1
1
3
-
-
-
Total costs
Costs of employees EBITDA Depreciation EBIT Financial P/L
Interest paid P/L before tax Extr. and other P/L Extr. and other revenue Extr. and other expenses P/L before tax + Extr. and other P/L Taxation
-
-
-
-1,358
-1,546
-1,711
0
0
0
-1,358
-1,546
-1,711
31/12/2011
31/12/2010
31/12/2009
P/L for period
Cash flow Added value
-1,357
-
-
-607
-
-
31/12/2011 Number of employees
-
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
31/12/2010
31/12/2009
-
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
-
MINDSET HOLDING AG
Monday, 10 September 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Evolutions and trends
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
MINDSET HOLDING AG
Monday, 10 September 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
It is an investment holding company focusing on targets with a small market capitalisation such as (SME) small and mid - sized companies in Switzerland. The company intends to acquire shareholdings in privately owned companies (up until pre - IPO stage) and Swiss listed small and mid - sized companies. The company was founded in 1987 from the merger of Nokia Cable Machinery and Maillefer as Nokia - Maillefer Group. The company, formerly known as Spirt Avert AG, is listed on the Swiss Exchange under the ticker symbol MIND. The registered head office of the company is located in Pfaffikon, Switzerland. The company specializes in the development and marketing of the zero - local - emission - vehicle. The company owns Mindset AG, a private firm engaged in the development of car concept with exceptional interior and exterior design.
History
Founded from the merger of Nokia Cable Machinery and Maillefer as Nokia - Maillefer Group.
Primary business line
An investment holding company focusing on targets with a small market capitalisation such as (SME) small and mid - sized companies in Switzerland.
Secondary business line
Not available.
Main activity
Services.
Secondary activity
Not available.
Main products and services
Investment holding.
Size estimate
Not available.
Strategy, organization and policy
Not available.
Strategic alliances
Not available.
Membership of a network
Not available.
Main brand names
Not available.
Main domestic country
Switzerland.
Main foreign countries or regions
Not available.
Main production sites
Not available.
Main distribution sites
Not available.
Main sales representation sites
Not available.
Main customers
Not available.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
MINDSET HOLDING AG
Monday, 10 September 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Auditor/Advisor/Bank name TREUHAND
-
UND
SELLSCHAFT PARTNER
MATTIG
REVISIONSGE-
SUTER
type
address
Auditor
-
UND
Board name
date of birth
nationality
function
Mr. Peter H. Blum Mr. Dominique Dreyer Robert J. Albers
-
-
Non - Executive Chairman of the Board Vice Chairman & Secretary Director
Mr. Daniel Buchter Robert P. Capps
1968 -
Germany -
Mrs. Ursula Kuchler Randal Dean Lewis
-
Switzerland -
Director/Member of the Board Executive Vice President Finance, Chief Financial Officer and Director (Principal Financial Officer and Principal Accounting Officer) Member with procuration Director
Mr. Billy Frank Mitcham Jr John F. Schwalbe Mr. Leon Henri Marie Hustinx
08/01/1947 1956
Switzerland
President , Chief Executive Officer and Director (Principal Executive Officer) Director Member of Board of Management
Sharehoders (the first twenty shareholders ordered by Direct %) Rating:
COMMCEPT AG Country ISO code NACE Rev. 2, Core code Direct %
CH 49.80
Total % Address : Not available
-
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
2011/11
Rating:
MICHAEL M. HILTI Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
20
LI 5.89 -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
2011/06
MINDSET HOLDING AG
Monday, 10 September 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
HANS VON MEISS Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
CH 3.04 -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
CH
Operating Revenue (MIL $)
Rating:
G. VON MEISS AG Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
2011/04
3.00 -
Total Assets (MIL $) Number of Employees Information date
HAUCK & AUFHAEUSER PRIVATBANKIERS KGAA via its funds
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total %
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
DE 0.17
3 2011/11
170.79 3351.46 590 2012/03
Address : Not available
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
MINDSET AG Country ISO code NACE Rev. 2, Core code Direct %
CH 100.00
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
Total %
100.00
Information date
DE 74.50
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
Total %
-
Information date
Total %
2012/05
Rating:
NEXTROM(U.S.A)INC Country ISO code NACE Rev. 2, Core code Direct %
2012/07
Rating:
MINDSET GMBH Country ISO code NACE Rev. 2, Core code Direct %
1.02 5
US MO
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
-
Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
0.99 12 2012/05
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
MINDSET HOLDING AG
Monday, 10 September 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
ASKMORE rating guide General vision
A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk factors. The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial companies by using data included in financial statements. The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the model are obtained by applying newly developed numerical methodologies, drawing together financial theory, data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective algorithm that produces a classification of each company, by taking into account any attributes (such as sector and country) characterizing a firm. The model gives the opportunity to assign a rating to a company even without considering a complete data analysis and allows to process quality information. It induces a better understanding of a company’s strength and weakness thanks to sophisticated data mining tools and taking into account the analyst knowledge. The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium between the different aspects, better will be the final rating. This is done studying, evaluating and aggregating the most important sections of the financial and economic behavior of a company such as: profitability, liquidity, solvency, interest coverage and efficiency.
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
MINDSET HOLDING AG
Monday, 10 September 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating scale Rating class
Rating macro class
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
AAA
AA
Assessment
economic and financial flow and fund equilibrium. Healthy
The company has very strong creditworthiness. It also has a good capital structure and economic and financial equilibrium. Difference from AAA is slight. The company has a high solvency. The company is however more susceptible to the adverse effects of changes in
A
circumstances and economic conditions than companies in higher rated categories. Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial commitments could be affected by serious unfavourable events.
BBB Balanced
A company rated BB is more vulnerable than companies rated BBB. Furthermore the company faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions.
BB
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
B
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments. Vulnerable
CCC
A company rated CCC has a dangerous disequilibrium on the capital structure and on its economic and financial fundamentals. Adverse market events and an inadequate management could affect with high probability the company’s solvency.
CC
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the company’s strong disequilibrium could increase. Risky
C
The company shows considerable pathological situations. commitments is very low.
D
The company has not any longer the capacity to meet its financial commitments.
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The company’s capacity to meet its financial
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
MINDSET HOLDING AG
Monday, 10 September 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Fundamental Credit Rating Ratios Analysis area
Ratio
Assessment This measures the level of total liabilities of the company in comparison
Leverage ratio
with equity.
Solvency ratios
Financial ratios
Assets to debt
This indicates company’s solvency. The company shows a level of deficit when the value of this ratio is under one unit.
Fixed Assets coverage ratio
This is calculated only for holdings. It measures the capital structure i.e. whether a company covers the fixed assets with long term capital.
Current ratio
This measures whether a company has sufficient short-term assets to cover its short-term liabilities.
Liquidity ratios This compares current liabilities only to those assets that can be readily
Quick ratio
turned into cash.
Return on Investement(ROI)
This measures the profitability of company investments without regard to the way the investment is financed.
Return on Equity(ROE)
This measures the profitability of the equity.
Asset turnover
This indicates the investments turnover with regards to sales. The level assumed from the ratio depends on the sector in which the company operates.
Profit margin
This indicates the profitability of sales.
Interest Paid coverage
This indicate the ability of the company to cover interest expenses through the economic margins (Gross profit and EBIT) and through the cash flow from operating activities.
Profitability and economic ratios
Interest coverage ratio
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
MINDSET HOLDING AG
Monday, 10 September 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
MORE Credit Limit, Probability of default and Confidence Level MORE Credit Limit
MORE Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial relationship with the analyzed company with an outlook of one year. modeFinance used the following values associated with the company analyzed while computing the credit limit:
• Size; • Years in Business; • Average number of suppliers; • Liquidity of the company and the comparison with its sector; • The funds dedicated to be paid to suppliers; • The likelihood that a company may pay its debts in the next 12 months (MORE Ratings).
The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual public data. This value should be reviewed by paying attention to the Confidence Level value and by using other information such as other business information, news... etc; and private information such as the relationship with client, history of payments, guarantees and the knowledge of the sector.
Probability of default e Confidence Level
In addition to the MORE Rating, modeFinance also estimates the probability of default and provides a level of confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go into default. As the probability of default is strongly affected by the economic climate that the company is operating in, companies in the same MORE class will not necessarily have the same probability of default. The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level:
Confidence =
P Available Information P Total Information
The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the MORE rating is able to take into account for each company. For companies with fully populated records a confidence level of 100% would be applied: companies where no financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
MINDSET HOLDING AG
Monday, 10 September 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Notes and disclaimer NOTES
modeFinance has based the present analysis on the company available financial statements, coming from one or more of the following sources: local providers, Commercial Register (Companies House), websites, modeFinance’s database etc.
DISCLAIMER
All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.
Contacts
Info web
modeFinance MORE rating AREA Science Park 34149 Trieste, via Padriciano 99 - ITALY info@modefinance.com www.modefinance.com
Phone
+39 040 3755337
Company Products Where
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741