MIRA
INFORM REPORT
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Report Date : |
18.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
GLENCORE INTERNATIONAL AG |
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Registered Office : |
Postfach 555, 6341 Baar/ZG |
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Country : |
Switzerland |
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Date of Incorporation : |
24.06.1987 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trade in Commodities |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
EUR 2.500.000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Detail
assessment: |
Payments: |
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The payment of liabilities are made on a timely basis. No complaints
are made about the business conduct. |
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Individual
credit limit*: |
EUR 2.500.000.-- |
Name
Glencore International AG
Line
of Business
Rohstoffhandel
Legal
domicile
Baarermattstrasse 3
6340 Baar/ZG
Business
address
Postfach 555
6341 Baar/ZG
Switzerland
Telephone: 041 7092000
Fax: 041 7093000
Homepage: www.glencore.com
CREDIT
ADVICE
Credit opinion : A maximum credit amount of EUR 2.500.000 can be taken
into consideration.
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
First Publication: 24-06-1987
Last Publication: 24-04-2007
History:
For many years this company had been owned by the former majority
shareholder Marc Rich. As from 1993 Mister Rich sold his equity stakes in the
parent company Glencore Holding AG in packages to the management
headed by Willy R. Strothotte.
In 1994, on completion of the change in shareholders, various changes
were made and the name changed to Glencore International AG.
In January 1996, the registered office was transferred to the
aforementioned address.
Share capital: 75.000.000
Paid up:
75.000.000
Divided into: 150.000
Special registered shares of 500
Direct Parent com.: Glencore
Holding AG, 6340 Baar/ZG, Switzerland/CH with a share of 85%.
Company Management: Willy R.
Strothotte
Ivan Glasenberg (CEO)
Registered name 08-09-1994 Glencore International AG
Previous
Marc Rich + Co AG
Registered domicile 15-01-1996, 6340 Baar/ZG
Previous, 6300 Zug/ZG
ACTIVITY:
Line of business: Trade in
commodities
Sector: Wholesale/Business services
Activity:
Glencore International AG is one of the world's leading commodity and
raw material trading companies. In addition, Glencore International AG is also dedicated
to commodity futures and transit trade operations.
The scope of business encompasses the trade in various raw materials,
primarily ore and metals (including aluminium), crude oil etc.
In addition, the company is also active in the agricultural sector,
where it also trades in the correspondent products.
Sales distributions: Several
representatives around the world.
Trading area: Worldwide
Import/Export: The company
is active in Import and Export.
EMPLOYEES:
Number of employees: 350
The Group employs around 2'000 people worldwide. This staff number also
includes temporary, freelance staff etc.
PAYMENT
AND FINANCIAL DATA
PAYMENT EXPERIENCES:
Legal actions: Position
per 21-09-2004.
Report
from 21-09-2004, in 6341 Baar.
2002 2003 2004
No. Amount No. Amount No.
Amount
Betreibungen 1 75.000.000 1 75.000.000 None 0
Rechtsvorschl. 1 75.000.000 1 75.000.000
The aforementioned opposed claims in 2002 and 2003 have been instigated by Dr. Felix Fischer, in 8001 Zurich. The two claims are
probably identical.
The case in question is presumably a dispute.
A current check of the legal actions requires a document of
justification with a legitimate signature.
The payment of liabilities are made on a timely basis. No complaints are
made about the business conduct.
FINANCIAL DATA:
Financial position: The
financial situation is considered solid.
Financial Statements: The company does not disclose any financial
statements.
Consolidated key figures (in USD 1.000.000):
Glencore International
31.12.2006
12 Months
Sales 116'500.0
Shareholder
funds 10'900.0
In view of the fact that the prices of commodities are subject to extensive
fluctuations, it is also very difficult to compare sales figures. In addition,
the currency fluctuations also have to be considered.
Total assets amount to US$ 47.1 billion.
Takeover from: Stafford AG
6300 Zug/ZG
Type: Take over of assets and liabilities
Registered on: 18-04-2007
Contract date: 30-03-2007
Balance Sheet per: 30-03-2007
Assets: 9.109.856
Liabilities: 7.751.481
Takeover from: Glencore ORA SA
Paris
Type: Take over as a result of merger
Registered on: 04-10-2004
Contract date: 17-08-2004
Balance Sheet per: 30-06-2004
Assets: 210.882.000
Liabilities: 9.000
Takeover from: Glencore Grain Holding AG
6340 Baar/ZG
Type: Take over as a result of merger
Registered on: 17-01-2002
Contract date: 24-12-2001
Balance Sheet per: 30-11-2001
Assets: 40.984.000
Liabilities: 804.000
Banker(-s): Various major banks
local branches
Auditors: Deloitte AG, Zuerich
Premises: The premises at the above mentioned address are rented. The
offices have an area of 8.000 m2.
Property owner:
Schweizerische
Unfallversicherungs- Gesellschaft
SUVA
The Glencore International AG itself owns no real estate property.
Within the group numerous real estate properties are owned. Detailed
information as regards the location, market value and mortgage charge of these
properties is not available.
COMPANY
AND PERSON RELATIONS
COMPANY CONNECTIONS:
Direct Parent com.: Glencore
Holding AG, 6340 Baar/ZG, Switzerland/CH with a share of 85%.
Shareholder(s):
Glencore L.T.E. AG, Baar/ZG.
The shares of the Glencore Holding AG are owned by the management and a
group of executive co-workers. According to media speculations, several hunder
managers of the group participate in the share capital The stake
of Willy Strothotte is estimated at around 10%.
The managing board however declines to provide any detailed information
on the distribution of the shares.
Direct Investments:
Glencore (Asia) AG, Baar/ZG (100.0%).
Glencore (Europe) AG, Baar/ZG (100.0%).
Glencore (Far East) AG, Baar/ZG (100.0%).
Glencore (South East Asia) AG, Baar/ZG (100.0%).
Glencore AG, Baar/ZG (100.0%).
Glencore Finance AG, Baar/ZG (100.0%).
Glencore Gastroservice AG, Baar/ZG (100.0%).
Glencore Investment AG, Baar/ZG (100.0%).
Glencore Mining AG, Baar/ZG (100.0%).
Glencore NV, Curacao, Netherlands Antilles/AN (100.0%).
Glencore Oil Projects AG, Baar/ZG (100.0%).
Glencore Trading AG, Baar/ZG (100.0%).
Xstrata Plc, London, United Kingdom/GB (35.9%).
In addition exist several direct and indirect stake holdings worldwide,
partly via the aforementioned direct investee companies. Glencore has 50
offices in more than 40 countries worldwide.
According to press comments Xstrata is recognized as the major
affiliated company. At the stock exchange the latter's market value exceeds CHF
7 billion (status 2005).
BOARD OF DIRECTORS:
Willy R. Strothotte, from Germany, in Feusisberg/SZ/Switzerland,
President, collective signature.
Craig Davis, from StA der USA, in Pebble Beach/America,
Member, collective signature.
Ivan Glasenberg,
from Australia, in Rueschlikon/ZH/Switzerland,
Member, collective signature.
Dr. Peter A. Pestalozzi, from Zuerich, in Meilen/ZH/Switzerland,
Member, collective signature.
Zbynek Zak,
from Zug, in Zug/ZG/Switzerland,
Member, collective signature.
MANAGEMENT:
Steven Anthony Blumgart, from South Africa, in Zuerich/ZH/Switzerland,
Authorised signatory, collective signature.
Stuart Anthony Cutler, from South Africa, in Baar/ZG/Switzerland,
Authorised signatory, collective signature.
Gary Fegel,
from Zuerich, in Zug/ZG/Switzerland,
Authorised signatory, collective signature.
Lotti Grenacher Hagmann, from Degersheim, Laufenburg, in Oberaegeri/ZG/Switzerland,
Authorised signatory, collective signature.
Andreas Peter Hubmann, from Bichelsee, in Baar/ZG/Switzerland,
Authorised signatory, collective signature.
Steven Frank Kalmin, from Australia, in Thalwil/ZH/Switzerland,
Authorised signatory, collective signature.
Daniel Mate,
from Spain, in Baar/ZG/Switzerland,
Authorised signatory, collective signature.
Aristotelis Mistakidis, from United Kingdom, in Walchwil/ZG/Switzerland,
Authorised signatory, collective signature.
Stefan H.
Peter, from Zell ZH, in Cham/ZG/Switzerland,
Authorised signatory, collective signature.
Tor Peterson,
from StA der USA, in Oberaegeri/ZG/Switzerland,
Authorised signatory, collective signature.
Christian Wolfensberger, from Wetzikon ZH, in Zug/ZG/Switzerland,
Authorised signatory, collective signature.
PERSONNEL INFORMATION:
Willy R. Strothotte lives at the address Ruostelmatt 27, in
Feusisberg. In addition, he features on
the Boards of other companies, mainly of the Glencore Group. His personal
financial situation is considered solid.
According to the Swiss business press, Willy Strothotte boasts assets
between CHF 1 and 1.5 million (estimate from 2005). He has mandates in
approximately 15 companies.
The top-level members of the management enjoy a good reputation in
business affairs.
FURTHER MANDATES:
Willy R. Strothotte:
- Glencore (Asia) AG, Baar
- Glencore (Europe) AG, Baar
- Glencore (Far East) AG, Baar
- Glencore Holding AG, Baar
- Glencore (South East Asia) AG, Baar
etc.
COMMENTS
At the end of March 2007, aluminium king Oleg Deripaska merged the
aluminium group Rusal, the company Sual and the aluminium business of the
requested Glencore to form UC Rusal, which is to be floated on the sock
exchange during the next three years. 22% of the capital is held by the Russian
investor Victor F. Vekelsberg and his partner Len Blavatnis.
This new company is recognized as one of the world's largest aluminium manufacturers.
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. |
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%)