MIRA
INFORM REPORT
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Report Date : |
28.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
DSM Nutritional Products AG |
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Registered Office : |
Wurmisweg 576, 4303
Kaiseraugst/AG |
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Country : |
Switzerland |
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Date of Incorporation : |
23-04-2001 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Research, manufacture, marketing and exploitation of
vitamines, vitamine products and fine chemicals. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
EUR
500.000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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detail assessment: |
payments: |
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Within
terms |
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Individual credit
limit*: |
EUR 500.000.-- |
Name
DSM
Nutritional Products AG
Line of Business
Vitamine und Feinchemikalien
Legal domicile
Wurmisweg 576
4303
Kaiseraugst/AG
Switzerland
Telephone: 061 6883333
Fax: 061 6883330
Homepage: www.dsm.com
CREDIT ADVICE
Requested credit: Maximum
credit EUR 500.000,--
Credit opinion:
This credit advice is based on information available at the time of
conducting the research, being the above indicated date.
All amounts in this report are given in Swiss Francs (CHF) unless
otherwise stated.
GENERAL COMPANY DATA
OFFICIAL DATA:
Legal form: Joint
stock company
Registration: 23-04-2001
First Publication: 01-05-2001
Last Publication: 25-07-2006
History:
As per the end of September 2003, Roch sold its Vitamins and Fine
Chemicals Division to the Dutch DSM Group.
In the commercial-register
office of canton Argovia the company is registered under the number
CH-270.3.012.805-7/.
Share capital: 50.000.000
Paid up: 50.000.000
Divided into: 50.000
Registered shares of 1.000
History: 20-09-2001 50.000.000 Capital increase
100.000
Capital by incorporation
Direct Parent com.: DSM Resins International BV, Hoek van
Holland, Netherlands/NL.
Company Management: Mauricio
Adade
Registered name 21-06-2004
DSM Nutritional Products AG
Previous Roche Vitamins AG
Registered translations of the Company name:
French DSM Nutritional Products SA
English DSM Nutritional Products Ltd
Registered domicile 22-12-2003, 4303 Kaiseraugst/AG
Previous, 4000 Basel/BS
ACTIVITY:
Line of business: Vitamines and
fine chemicals
Sector:
Manufacture/Wholesale
Activity:
The company is involved in the research, manufacture, marketing and
exploitation of vitamines, vitamine products and fine chemicals.
Locations: Location of
branches: Sisseln, Visp.
The Sisseln-based branch is located at the address Hauptstrasse 4, 4334
Sisseln. The branch in Visp is the manufacturing site 'Lalden'.
Trading area: Worldwide
Import/Export: The company
is active in Export, but not in Import.
Significance: It is one
of the leading companies in its business sector.
Number of employees of the DSM Group:
At 31.12. Average
--------- -------
2006: 22,156 21,436
2005: 21,820 22,839
2004: 24,204 24,204
PAYMENT AND FINANCIAL DATA
PAYMENT EXPERIENCES:
Legal actions: No legal
actions, distraints or loss certificates registered.
Report from 25-02-2004, in 4303 Kaiseraugst.
A current check of the legal actions requires a document of
justification with a legitimate signature.
There are no recorded complaints on the business conduct of the company
current liabilities are settled in an orderly manner.
FINANCIAL DATA:
Financial position: The
financial affairs are considered good and in order.
Consolidated key figures (in EUR 1.000.000):
DSM Gruppe
31.12.2006 31.12.2005 31.12.2004 31.12.2003
Sales 8'380.0 8'195.0 7'832.0 6'050.0
Operating
Profit/Loss 834.0 808.0 562.0 294.0
Cost of
employees 1'288.0 1'337.0 1'382.0
Depreciation 451.0 567.0 613.0 516.0
Profit/Loss 552.0 520.0 270.0 125.0
Cash-Flow 630.0 693.0 898.0
Investments 457.0 401.0 337.0
Research/Development 327.0 290.0 286.0
Shareholder
funds 5'784.0 5'501.0 4'668.0
Balance
sheet total 10'091.0 10'114.0 9'497.0 9'400.0
Takeover from: Crina S.A.
1196 Gland/VD
Type: Take over of assets and liabilities
Registered on: 26-06-2006
Contract date: 23-06-2006
Balance Sheet per: 31-12-2005
Assets: 3.012.734
Liabilities: 1.796.804
Takeover from: F. Hoffmann-La Roche AG
4000 Basel/BS
Type: Contribution in kind
Registered on: 20-09-2001
Contract date: 20-09-2001
Balance Sheet per: 30-06-2001
Take over price: 149.900.000
Issued share capital: 49.900.000
The contribution in kind from 20.09.2001 encompassed the 'Vitamines and
Fine Chemicals" Division.
Banker(-s): Various
major banks local branches
Auditors: Ernst &
Young AG, Basel
The group owns numerous properties worldwide. The acquisition value and
the book value of the land and buildings amount to (in Euro, at 31.12.):
Acquisition
value Book value
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2006 1.603.000.000.-- 958.000.000.--
2005 1.664.000.000.-- 1.015.000.000.--
2004 1.635.000.000.-- 998.000.000.--
2003 1.629.000.000.-- 1.034.000.000.--
COMPANY AND PERSON RELATIONS
COMPANY CONNECTIONS:
Direct Parent com.: DSM Resins
International BV, Hoek van Holland, Netherlands/NL.
Ultimate Parent com.: Royal DSM N.V., Netherlands/NL.
DSM is active worldwide in nutritional and pharma ingredients,
performance materials and industrial chemicals. It is one of the worldwide
leading life science companies.
Direct Investments:
DSM Nutritional Products China Holding GmbH, Kaiseraugst.
BOARD OF DIRECTORS:
Feike Sijbesma, from Netherlands, in Eindhoven/Netherlands,
President, collective signature.
Dr. Manfred Eggersdorfer, from Germany, in Birsfelden/BL/Switzerland,
Member, collective signature.
Gerardus Franciscus Maria Mooren, from Netherlands, in
Riehen/BS/Switzerland,
Member, collective signature.
Joseph L.
Schneiders, from Netherlands, in Basel/BS/Switzerland,
Member, collective signature.
PERSONNEL INFORMATION:
Based on the information available to us, Mauricio Adade, born in 1963,
lives at the address Bildstoeckliweg 30, 4144 Arlesheim.
The top-level members of the management enjoy a good reputation in
business affairs.
FURTHER MANDATES:
Mauricio Adade:
- Finalor AG,
Kaiseraugst
- DSM
Nutrional Products Europe AG, Muttenz
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)