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MINDSET HOLDING AGMonday, 10 September 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAAnot
available
non return extremlypathological
pathological highdanger
weak sufficient adequate good very
strongextremely
strong
Company name 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
[email protected]
Legal form Limited company
Account Consolidated
Incorporation date 1900
NACE 2 Sector 2829 - Manufacture of other general - purpose machinery nec
Listed
Status Active
MORE Credit limit Not assessable on the base of the available informations
31/12/2011 31/12/2010 31/12/2009
Turnover (th e) 0 0 0
Rating C C C
Probability of default 56.00% 56.00% 56.00%
Confidence Level 100% 88% 88%
Solvency ratios
Leverage ratio -2.18 -2.43 -2.05
Total asset/Total liabilities 0.54 0.59 0.51
Liquidity ratios
Current Ratio 0.92 0.59 1.58
Quick Ratio 0.92 0.59 1.58
Profitability and economic equili-
brium ratios
Return on investement ROI (%) -83.29 -123.69 -746.26
Return on equity ROE (%) -98.48 -181.24 -792.13
Asset turnover 0.00 0.00 0.00
Interest paid weight -0.01 -0.02 -0.01
EBITDA/Sales 0.00 - -
Interest Coverage ratios
EBIT interest coverage ratio -168.00 -45.76 -89.80
EBITDA interest coverage ratio -167.88 - -
Analysis and trend of financial
strength
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MINDSET HOLDING AGMonday, 10 September 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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
Liquidity ratios
Current Ratio 0.92 2.62 1.56 1.26 0.86
Quick Ratio 0.92 1.97 1.26 0.96 0.52
Profitability and economic equilibrium ratios
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
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
Interest Coverage ratios
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
Cash Conversion Cycle (days)
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
Numer of analyzed companies - 138 273 119 28
(Average) Rating C A BB B CC
The sector has been chosen according to:
international companies in the sector NACE 2 2829with financial data of year 2011.
Page 3
MINDSET HOLDING AGMonday, 10 September 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis - Graphs
Page 4
MINDSET HOLDING AGMonday, 10 September 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Balance Sheet
BALANCE SHEET (th e) 31/12/2011 31/12/2010 31/12/2009
Accounting practice Local GAAP IFRS IFRS
Exchange rate CHF - EUR 0.8214 0.79574 0.67361
Total assets 1,622 1,224 227
Fixed assets 2 0 0
Intangible fixed assets 0 0 0
Tangible fixed assets 2 0 0
Other fixed assets 0 0 0
Current assets 1,620 1,224 227
Stocks 0 0 0
Debtors 0 0 0
Other current assets 1,620 1,224 227
Cash & cash equivalent 259 18 174
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
Current liabilities 1,755 2,068 144
Loans 0 0 0
Creditors 145 195 30
Other current liabilities 1,609 1,873 114
Total shareh. funds & liab. 1,622 1,224 227
NET DEBT (th e) 31/12/2011 31/12/2010 31/12/2009
Short term debts 0 0 0
Long term debt 821 0 269
Cash & cash equivalent 259 18 174
Net debt 563 -18 96
31/12/2011 31/12/2010 31/12/2009
Working capital - - -
Net Current Assets -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
Page 5
MINDSET HOLDING AGMonday, 10 September 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Income Statement
INCOME STATEMENT (th e) 31/12/2011 31/12/2010 31/12/2009
Accounting practice Local GAAP IFRS IFRS
Exchange rate CHF - EUR 0.8214 0.79574 0.67361
Sales 0 0 0
Revenues growth (%) NaN NaN -
Other revenues +/- variation in inventories and contract in progress + Fixed assets
own construction capitalized0 0 0
Operating revenue / turnover 0 0 0
Total costs 1,343 - -
Costs growth (%) - - -
Service costs - - -
Material costs - - -
Costs of employees 742 633 730
EBITDA -1,343 - -
Depreciation 1 - -
EBIT -1,344 -1,510 -1,796
Financial P/L -15 -37 82
Financial revenue 0 0 101
Financial expenses 15 37 20
Interest paid 8 33 20
P/L before tax -1,359 -1,547 -1,714
Extr. and other P/L 1 1 3
Extr. and other revenue - - -
Extr. and other expenses - - -
P/L before tax + Extr. and other P/L -1,358 -1,546 -1,711
Taxation 0 0 0
P/L for period -1,358 -1,546 -1,711
31/12/2011 31/12/2010 31/12/2009
Cash flow -1,357 - -
Added value -607 - -
31/12/2011 31/12/2010 31/12/2009
Number of employees - - -
Page 6
MINDSET HOLDING AGMonday, 10 September 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Evolutions and trends
Page 7
MINDSET HOLDING AGMonday, 10 September 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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.
Page 8
MINDSET HOLDING AGMonday, 10 September 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Auditor/Advisor/Bank
name type address
TREUHAND - UND REVISIONSGE-
SELLSCHAFT MATTIG - SUTER UND
PARTNER
Auditor -
Board
name date of birth nationality function
Mr. Peter H. Blum - - Non - Executive Chairman of the Board
Mr. Dominique Dreyer - - Vice Chairman & Secretary
Robert J. Albers - - Director
Mr. Daniel Buchter 1968 Germany Director/Member of the Board
Robert P. Capps - - Executive Vice President Finance, Chief Financial Officer and Director
(Principal Financial Officer and Principal Accounting Officer)
Mrs. Ursula Kuchler - Switzerland Member with procuration
Randal Dean Lewis - - Director
Mr. Billy Frank Mitcham Jr 08/01/1947 - President , Chief Executive Officer and Director (Principal Executive Officer)
John F. Schwalbe - - Director
Mr. Leon Henri Marie Hustinx 1956 Switzerland Member of Board of Management
Sharehoders (the first twenty shareholders ordered by Direct %)
COMMCEPT AG Rating:
Country ISO code CH Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 49.80 Number of Employees 20
Total % - Information date 2011/11
Address : Not available
MICHAEL M. HILTI Rating:
Country ISO code LI Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 5.89 Number of Employees -
Total % - Information date 2011/06
Address : Not available
Page 9
MINDSET HOLDING AGMonday, 10 September 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
HANS VON MEISS Rating:
Country ISO code CH Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 3.04 Number of Employees -
Total % - Information date 2011/04
Address : Not available
G. VON MEISS AG Rating:
Country ISO code CH Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 3.00 Number of Employees 3
Total % - Information date 2011/11
Address : Not available
HAUCK & AUFHAEUSER PRIVATBANKIERS KGAA via its funds Rating:
Country ISO code DE Operating Revenue (MIL $) 170.79
NACE Rev. 2, Core code - Total Assets (MIL $) 3351.46
Direct % - Number of Employees 590
Total % 0.17 Information date 2012/03
Address : Not available
Subsidiaries (the first twenty subsidiaries ordered by Direct %)
MINDSET AG Rating:
Country ISO code CH Operating Revenue (MIL $) 1.02
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 100.00 Number of Employees 5
Total % 100.00 Information date 2012/07
MINDSET GMBH Rating:
Country ISO code DE Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 74.50 Number of Employees -
Total % - Information date 2012/05
NEXTROM(U.S.A)INC Rating:
Country ISO code US Operating Revenue (MIL $) 0.99
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees 12
Total % - Information date 2012/05
Page 10
MINDSET HOLDING AGMonday, 10 September 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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.
Page 11
MINDSET HOLDING AGMonday, 10 September 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Rating scale
Rating class Rating macro class Assessment
AAA
Healthy
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
economic and financial flow and fund equilibrium.
AAThe company has very strong creditworthiness. It also has a good capital structure and economic and financial
equilibrium. Difference from AAA is slight.
AThe company has a high solvency. The company is however more susceptible to the adverse effects of changes in
circumstances and economic conditions than companies in higher rated categories.
BBB
Balanced
Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial
commitments could be affected by serious unfavourable events.
BBA 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.
B
Vulnerable
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments.
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
Risky
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the
company’s strong disequilibrium could increase.
CThe company shows considerable pathological situations. The company’s capacity to meet its financial
commitments is very low.
D The company has not any longer the capacity to meet its financial commitments.
Page 12
MINDSET HOLDING AGMonday, 10 September 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Fundamental Credit Rating Ratios
Analysis area Ratio Assessment
Solvency ratios
Leverage ratioThis measures the level of total liabilities of the company in comparison
with equity.
Assets to debtThis indicates company’s solvency. The company shows a level of deficit
when the value of this ratio is under one unit.
Financial ratios Fixed Assets coverage ratioThis is calculated only for holdings. It measures the capital structure i.e.
whether a company covers the fixed assets with long term capital.
Liquidity ratios
Current ratioThis measures whether a company has sufficient short-term assets to cover
its short-term liabilities.
Quick ratioThis compares current liabilities only to those assets that can be readily
turned into cash.
Profitability and economic ratios
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 coverage ratio 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.
Page 13
MINDSET HOLDING AGMonday, 10 September 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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 =
∑Available Information∑
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.
Page 14
MINDSET HOLDING AGMonday, 10 September 2012
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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
Company modeFinance
Products MORE rating
Where AREA Science Park
34149 Trieste, via Padriciano 99 - ITALY
Info [email protected]
web www.modefinance.com
Phone +39 040 3755337
