MIRA INFORM
REPORT
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Report Date : |
16.08.2011 |
IDENTIFICATION DETAILS
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Name : |
NIDERA HANDELSCOMPAGNIE BV |
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Registered Office : |
Willemsplein 492, Postbus 676, Rotterdam, 3000 AR |
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Country : |
Netherlands |
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Financials (as on) : |
30.09.2010 |
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Year of Establishment : |
1920 |
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Com. Reg. No.: |
243075690000 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
International trading and shipping group with offices in the USA,
Europe and Asia |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Netherlands |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
Nidera Handelscompagnie BV
Willemsplein 492
Postbus 676
Rotterdam, 3000 AR
Netherlands
Tel: 31 (10) 430 19 11
Fax: 31 (10) 413 03 38
Web: www.nidera.com
Synthesis
Employees: NA
Company Type: Private Subsidiary
Corporate Family: 15
Companies
Ultimate Parent: Nidera Capital B.V.
Incorporation Date: 1920
Financials in: USD
(Millions)
Fiscal Year End:
30-Sep-2010
Reporting Currency: US
Dollar
Annual Sales: 12,935.9
Total Assets: 2,303.7
Business Description
International
trading and shipping group with offices in the USA, Europe and Asia. The group
trades grains, oilseeds, vegetable oils, oilseed meals, and ocean freight. In
addition, the group has recently become active in the bio-energy markets.
Nidera supplies feedstock, trades biodiesel and bioethanol and supplies biomass
to power producers
Industry
Industry Crops
ANZSIC 2006: 3312 - Cereal
Grain Wholesaling
NACE 2002: 5121 - Wholesale
of grain, seeds and animal feeds
NAICS 2002: 424510 - Grain and
Field Bean Merchant Wholesalers
UK SIC 2003: 5121 - Wholesale
of grain, seeds and animal feeds
US SIC 1987: 5153 - Grain and
Field Beans
Key Executives
|
Name |
Title |
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Ricardo López Mayorga |
Managing director |
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M. Koenka |
Marketing manager |
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J. Broekhans |
EDP manager |
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L. Kekem |
Purchasing manager |
|
P. Graaf |
Personnel manager |
News
|
Title |
Date |
|
DJ
Argentina Grain Prices Dip On High Supply, Slack China Demand |
28-Apr-2011 |
|
DJ
Argentina Raids Grain Companies On New Tax Evasion Charges |
28-Apr-2011 |
|
DJ
Argentina's Molinos Suspended From Key Grain Export Registry |
6-Apr-2011 |
|
DJ UPDATE:
Argentina Suspends More Grain Exporters From Key Registry |
21-Mar-2011 |
|
DJ GRAIN
HIGHLIGHTS: Top Stories Of The Day |
14-Feb-2011 |
Registered No.(NLD): 243075690000
1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
Location
Willemsplein 492
Postbus 676
Rotterdam, 3000 AR
Netherlands
Tel: 31 (10) 430 19 11
Fax: 31 (10) 413 03 38
Web: www.nidera.com
Sales USD(mil): 12,935.9
Assets USD(mil): 2,303.7
Employees: NA
Fiscal Year End: 30-Sep-2010
Industry: Crops
Incorporation Date: 1920
Company Type: Private Subsidiary
Quoted Status: Not Quoted
Registered No.(NLD): 243075690000
Managing director: Ricardo
López Mayorga
Contents
· Industry Codes
· Business Description
· Financial Data
· Subsidiaries
· Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
521 - Water Transport Support Services
5219 - Other Water Transport Support Services
1162 - Cereal, Pasta and Baking Mix Manufacturing
3312 - Cereal Grain Wholesaling
1161 - Grain Mill Product Manufacturing
NACE 2002 Codes:
1561 - Manufacture of grain mill products
6322 - Other supporting water transport activities
5121 - Wholesale of grain, seeds and animal feeds
6311 - Cargo handling
NAICS 2002 Codes:
532411 - Commercial Air, Rail, and Water Transportation Equipment
Rental and Leasing
488310 - Port and Harbor Operations
311230 - Breakfast Cereal Manufacturing
424510 - Grain and Field Bean Merchant Wholesalers
311212 - Rice Milling
US SIC 1987:
4491 - Marine Cargo Handling
2044 - Rice Milling
2043 - Cereal Breakfast Foods
4499 - Water Transportation Services, Not Elsewhere Classified
5153 - Grain and Field Beans
UK SIC 2003:
6322 - Other supporting water transport activities
5121 - Wholesale of grain, seeds and animal feeds
15612 - Manufacture of breakfast cereals and cereals-based foods
6311 - Cargo handling
Business
Description
International
trading and shipping group with offices in the USA, Europe and Asia. The group
trades grains, oilseeds, vegetable oils, oilseed meals, and ocean freight. In
addition, the group has recently become active in the bio-energy markets.
Nidera supplies feedstock, trades biodiesel and bioethanol and supplies biomass
to power producers
More Business
Descriptions
Nidera
Handelscompagnie B.V. is primarily engaged in buying and/or marketing grain
(such as corn, wheat, oats, barley, and unpolished rice); dry beans; soybeans,
and other inedible beans. Country grain elevators primarily engaged in buying
or receiving grain from farmers are included, as well as terminal elevators and
other merchants marketing grain.
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Corporate Family |
Corporate Structure News: |
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Total Corporate Family Members: 15 |
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Company
Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Rotterdam, Zuid-Holland |
Netherlands |
Miscellaneous Financial Services |
|
|
|
|
Subsidiary |
Roma, Roma (Rome) |
Italy |
Crops |
1,007.2 |
12 |
|
|
Subsidiary |
Rotterdam, Zuid-Holland |
Netherlands |
Miscellaneous Financial Services |
13,501.4 |
|
|
|
Subsidiary |
Rotterdam |
Netherlands |
Crops |
12,935.9 |
|
|
|
Subsidiary |
Ipswich |
United Kingdom |
Crops |
375.5 |
84 |
|
|
Subsidiary |
Ipswich |
United Kingdom |
Miscellaneous Transportation |
3.9 |
14 |
|
|
Subsidiary |
Ipswich |
United Kingdom |
Real Estate Operations |
0.2 |
|
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Subsidiary |
Ipswich |
United Kingdom |
Food Processing |
5.6 |
6 |
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Subsidiary |
Halstead |
United Kingdom |
Miscellaneous Capital Goods |
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|
Subsidiary |
Suffolk |
United Kingdom |
Miscellaneous Capital Goods |
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|
|
Subsidiary |
Ipswich |
United Kingdom |
Business Services |
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|
|
|
Subsidiary |
Singapore |
Singapore |
Crops |
3,081.1 |
40 |
|
|
Subsidiary |
Labege |
France |
Crops |
797.5 |
34 |
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Subsidiary |
Rotterdam, Zuid-Holland |
Netherlands |
Food Processing |
46.7 |
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Executives
Report
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Board of
Directors |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Member of the board |
Director/Board Member |
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Executives |
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Managing director |
Managing Director |
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Managing director |
Managing Director |
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Personnel manager |
Human Resources Executive |
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Sales manager |
Sales Executive |
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Marketing manager |
Marketing Executive |
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EDP manager |
Information Executive |
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Purchasing manager |
Purchasing Executive |
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DJ Argentina Grain Prices Dip On High Supply, Slack
China Demand
OsterDowJones: 28 April 2011
[What follows is the full text of the news story.]
BUENOS AIRES, Apr
28, 2011 (Dow Jones Commodities News via Comtex) -- Argentine grain prices were
swept up in a global selloff this week as high supply and slack demand drove
down bids.
U.S. soybean futures
slid for a third consecutive day Thursday on slower Chinese demand and record
South American supplies.
"The strong
declines overseas didn't spare the local market and almost all products were
affected," the Rosario Grain Exchange said.
Spot soy traded
ARS1,240($302) per metric ton at the Rosario exchange Thursday, down from
ARS1,300 a week ago.
Spot corn sold for
ARS670 per ton, down from ARS700 a week ago.
There was little
interest from buyers as they wait for an increase in the corn export quota, the
exchange said. Argentina tightly controls corn and wheat exports, only clearing
shipments once domestic supply has been set aside.
Meanwhile, May
wheat traded at $200 per ton in Rosario Wednesday, unchanged from a week ago.
Wheat futures from
the 2011-12 crop slipped to $180 per ton, down from $185 a week ago.
In other news, on
Thursday 1,200 federal agents raided the offices of multinational grain
exporters on charges that the companies conspired to evade ARS310 million
($75.8 million) in taxes.
Armed with 165
search warrants, the federal tax agency Afip searched the offices of Cargill
Inc., Nidera Handelscompagnie B.V., and Noble Group Ltd. (N21.SG) and Grupo Los
Grobo.
A federal judge
ordered the raids after Afip accused the companies of creating shadow companies
to cover up illicit grain sales, Afip said in a statement Thursday.
The raids are the
latest in a massive and very public crackdown on grain traders who the
government accuses of evading hundreds of millions of dollars in income taxes.
--By Shane Romig,
Dow Jones Newswires; 54-11-4103-6738; shane.romig@dowjones.com
(END) Dow Jones
Newswires
04-28-111808ET
DJ Argentina Raids Grain Companies On New Tax
Evasion Charges
OsterDowJones: 28 April 2011
[What follows is the full text of the news story.]
By Taos Turner
OF DOW JONES
NEWSWIRES
BUENOS AIRES, Apr
28, 2011 (Dow Jones Commodities News via Comtex) -- Argentina's government
raided the offices of multinational grain exporters with 1,200 federal agents
Thursday on charges that the companies conspired to evade ARS310 million ($75.8
million) in taxes.
Agriculture
exports were largely responsible for Argentina's$12.06 billion trade surplus
last year, while taxes on farm exports accounted for a significant percentage
of the government's tax revenue.
Argentina is the
world leader in soymeal and soyoil exports, ranks No. 2 in corn exports, and
third in soybeans.
Armed with 165
search warrants, the federal tax agency, Afip, searched the offices of Cargill
Inc., Nidera Handelscompagnie B.V., and Noble Group Ltd. (N21.SG) and Grupo Los
Grobo.
A federal judge
ordered the raids after Afip accused the companies of creating shadow companies
to cover up illicit grain sales, Afip said in a statement Thursday.
Spokesmen for the
companies either could not be reached or declined to comment about the
situation.
"We suspect
that these multinationals created shadow companies in the name of poor or even
dead people," Afip said. It said that around 200 people are believed to be
involved in a tax evasion ring, including accountants, major grain companies,
wholesalers, and public notaries, among others.
The raids are the
latest in a massive and very public crackdown on grain traders who the
government accuses of evading hundreds of millions of dollars in income taxes.
In March, Afip
raided 117 offices belonging to 48 grain export companies, seeking evidence to
back up charges that the firms cheated the government out of about ARS150
million in taxes.
Last year, Afip
accused four of the country's 10 largest exporters of using shell companies in
neighboring Uruguay for accounting scams that left minimal profits on the books
of their Argentine units.
In November, Afip
said it was investigating Molinos Rio de la Plata SA (MOLI.BA) for possible tax
evasion totaling $153 million on grain export profits.
That followed
indictments in October against two executives from agricultural giant Cargill,
freezing 100 million pesos of assets each for Cargill Argentina Chairman Hector
Orlando Marsili and Cargill Uruguay executive Javier Gustavo Fernandez.
Afip said the
executives conspired to defraud the government out of millions of pesos in
taxes from 2000 to 2003, charges the company denies and has vowed to fight.
Afip also agents
raided the offices of global grain giant Bunge Ltd. (BG) last year, amid
accusations that it had bilked Argentine tax authorities out of ARS1.2 billion
in income taxes. Bunge denied the charges and said it will defend itself in
court.
Meanwhile, Afip
has suspended half a dozen companies it has accused of tax evasion from a key
government export registry.
Exclusion from the
registry could cause the income tax withheld on domestic grain sales to rise
from 2% to 15% and the imposition of a 10.5% sales tax. Afip can also limit the
number of permits it grants those firms to ship grain within Argentina.
-By Taos Turner,
Dow Jones Newswires; 5411-4103-6728; taos.turner@dowjones.com
(END) Dow Jones
Newswires
04-28-111557ET
DJ Argentina's Molinos Suspended From Key Grain
Export Registry
OsterDowJones Select: 06 April 2011
[What follows is the full text of the news story.]
By Shane Romig
Of DOW JONES
NEWSWIRES
BUENOS AIRES, Apr
06, 2011 (Dow Jones Commodities News Select via Comtex) -- An Argentine
crack-down on what it says is chronic tax evasion among the country's leading
grain exporters widened Wednesday, with exporter and food processor Molinos Rio
de La Plata S.A. (MOLI.BA) added to the list of companies excluded from a key
grain trade registry.
Molinos, which
posted a profit of ARS376 million ($94 million) in 2010, stands accused of
using a shell company set up in Chile to avoid income taxes of at least ARS143
million from 2004 to the present, said a source involved in the investigation
on condition of anonymity.
Exclusion from the
registry will cause the income tax withheld on domestic grain trades to rise
from 2% to 15% and the withholding of a 10.5% sales tax. The affected firms
will also face new, burdensome approval requirements imposed for needed
domestic shipping permits.
The federal tax
agency, Afip, has already suspended Louis Dreyfus, Bunge Argentina, Oleaginosa
Moreno, Cargill Inc., Archer Daniels Midland Corp. (ADM) and Toepfer
International GmbHp from the registry for allegedly evading taxes by
triangulating their grain trading operations through other countries, among
other measures.
The companies have
denied wrongdoing and complain that they are being singled out by Afip.
A representative
from Molinos did not immediately respond to an email seeking comment.
The government of President
Cristina Fernandez has turned up the heat on grain exporters, who the
administration says have evaded hundreds of millions of dollars in taxes in
recent years.
Last year, Afip
accused four of the country's 10 largest grain exporters of using shell
companies in neighboring Uruguay for accounting purposes that left minimal
profits on the books of their Argentine units.
At the time, Bunge
issued a blunt statement saying the government had pressured the grain
exporters to make advanced income tax payments for 2011 or face "serious
problems for the companies and their directors."
Agriculture
exports were largely responsible for Argentina's$12.06 billion trade surplus
last year, while taxes on farm exports accounted for a significant percentage
of the federal government's tax revenue. Argentina is the world leader in
soymeal and soyoil exports, ranks No. 2 in corn exports, and third in soybeans.
Cargill Inc. is
the leading exporter of grains in Argentina by volume, followed by Bunge Ltd.
(BG), Archer Daniels Midland Corp., Louis Dreyfus Commodities, Nidera
Handelscompagnie B.V., Toepfer International, the Argentine Cooperative
Association, Noble Group Ltd. (N21.SG), Aceitera General Deheza SA and
Oleaginosa Moreno SA.
-By Shane Romig,
Dow Jones Newswires; +541141036738; shane.romig@dowjones.com
(END) Dow Jones
Newswires
04-06-111908ET
OsterDowJones: 21 March 2011
[What follows is the full text of the news story.]
Mar 21, 2011 (Dow Jones Commodities News via
Comtex) -- (Updates throughout with background.)
By Shane Romig
Of DOW JONES
NEWSWIRES
BUENOS AIRES (Dow
Jones)--Argentina's tax agency on Monday broadened a crack-down on what it says
is rampant tax evasion by multi-national grain exporters, suspending three more
companies from a key grain trading registry.
In a press
release, the agency, Afip, said it has suspended Louis Dreyfus, Bunge Argentina
and Oleaginosa Moreno from the registry for evading taxes by triangulating
their grain trading operations through other countries, among other measures.
Exclusion from the
registry will cause the income tax withheld on domestic grain trades to rise
from 2% to 15% and the imposition of a 10.5% sales tax, Afip said. The affected
firms will also have limits imposed on the number of permits they can obtain
from Afip for domestic shipping.
Representatives of
the three companies declined to comment, but international grain exporters
complain that they are being singled out by Afip.
Earlier this
month, Afip suspended units of Cargill Inc., Archer Daniels Midland Corp. (ADM)
and Toepfer International GmbHp from the registry for similar reasons.
Afip agents also
raided 117 offices of 48 different exporters on the suspicion that they had
created phantom companies to hide grain sales. The companies quickly denied any
wrongdoing.
"It is
totally false and unfounded to think that the so-called 'phantom companies'
could be linked or created by or associated with exporters," the grain and
oilseed export chamber Ciara-Cec said Mar. 2 in a press release.
The government of
President Cristina Fernandez has turned up the heat on grain exporters, who the
administration says have evaded hundreds of millions of dollars in taxes in
recent years.
Last year, Afip
accused four of the country's 10 largest grain exporters of using shell
companies in neighboring Uruguay for accounting purposes that left minimal
profits on the books of their Argentine units.
At the time, Bunge
issued a blunt statement saying the government had pressured the grain
exporters to make advanced income tax payments for 2011 or face "serious
problems for the companies and their directors."
Agriculture
exports were largely responsible for Argentina's$12.06 billion trade surplus
last year, while taxes on farm exports accounted for a significant percentage
of the federal government's tax revenue. Argentina is the world leader in
soymeal and soyoil exports, ranks No. 2 in corn exports, and third in soybeans.
Cargill Inc. is
the leading exporter of grains in Argentina by volume, followed by Bunge Ltd.
(BG), Archer Daniels Midland Corp., Louis Dreyfus Commodities, Nidera
Handelscompagnie B.V., Toepfer International, the Argentine Cooperative
Association, Noble Group Ltd. (N21.SG), Aceitera General Deheza SA and
Oleaginosa Moreno SA.
-By Shane Romig
and Ken Parks, Dow Jones Newswires; 54-11-4103-6738; shane.romig@dowjones.com
(END) Dow Jones
Newswires
03-21-111220ET
DJ Multinational Grain Exporters To Lose Argentine
Tax Break In Evasion Case
OsterDowJones: 03 March 2011
[What follows is the full text of the news story.]
By Shane Romig Of
DOW JONES NEWSWIRES
BUENOS AIRES, Mar
03, 2011 (Dow Jones Commodities News via Comtex) -- Argentina's federal tax
agency upped the ante on Thursday in its drive to crack down on what it says is
rampant tax evasion by grain exporters, suspending three leading multinational
companies from a key registry for grain traders.
The suspension
will cause their tax burdens to jump sharply if they don't pay up the amounts
the agency says is owed in back taxes that were fraudulently evaded.
Cargill Inc.,
Archer Daniels Midland Corp. (ADM) and Toepfer International GmbHp will be
suspended from the registry on Friday when the decision is published in the
government's official bulletin, the tax agency Afip said in a press release
Thursday.
The companies are
accused of "illegal triangulation of trades, using tax havens and other
overseas financial maneuvers" designed to avoid taxes, Afip said.
Exclusion from the
registry will cause the income tax withheld on domestic grain trades to rise
from 2% to 15% and the imposition of a 10.5% sales tax, Afip said. They will
also have limits imposed on the number of permits for domestic transport
granted by Afip.
The latest salvo
comes after Afip agents raided 117 offices of 48 different exporters Tuesday on
the suspicion that they had created phantom companies to hide grain sales. Afip
said that the companies had cheated the government out of about 150 million
pesos ($38 million) in taxes.
The companies
quickly denied any wrongdoing.
"It is totally
false and unfounded to think that the so-called 'phantom companies' could be
linked or created by or associated with exporters," the grain and oilseed
export chamber Ciara-Cec said in a press release Wednesday.
The moves against
the companies this week come during a broader crackdown by Argentine officials
on grain exporters, whom the government accuses of avoiding hundreds of
millions of dollars in income taxes over a number of years.
Agriculture
exports were largely responsible for Argentina's whopping $12.06 billion trade
surplus last year, while taxes on farm exports accounted for a significant
percentage of the federal government's tax revenue. Argentina is the world
leader in soymeal and soyoil exports, ranks No. 2 in corn exports, and third in
soybeans.
Last year, Afip
accused four of the country's 10 largest grain exporters of using shell
companies in neighboring Uruguay for accounting scams that left minimal profits
on the books of their Argentine units.
Cargill Inc. is
the leading exporter of grains in Argentina by volume, followed by Bunge Ltd.
(BG), Archer Daniels Midland Corp., Louis Dreyfus Commodities, Nidera
Handelscompagnie B.V., Toepfer International, the Argentine Cooperative
Association, Noble Group Ltd. (N21.SG), Aceitera General Deheza SA and
Oleaginosa Moreno SA.
-By Shane Romig,
Dow Jones Newswires; 54-11-4103-6738; shane.romig@dowjones.com
(END) Dow Jones
Newswires
03-03-111849ET
DJ Argentina Grain Exporters Deny Wrongdoing In Tax
Probe
OsterDowJones: 02 March 2011
[What follows is the full text of the news story.]
BUENOS AIRES, Mar
02, 2011 (Dow Jones Commodities News via Comtex) -- Argentina's leading grain
exporters denied any wrongdoing Wednesday, a day after tax agents raided the
offices of four dozen grain traders seeking evidence of phantom companies used
to avoid taxes.
"It is
totally false and unfounded to think that the so-called 'phantom companies'
could be linked or created by or associated with exporters," the grain and
oilseed exporter chamber Ciara-Cec said in a press release Wednesday.
Agents of the
national tax agency Afip raided 117 offices of 48 different exporters Tuesday
amid charges that they created shadow companies to hide grain sales. Afip said
that the companies cheated the government out of about 150 million pesos ($38
million) in taxes.
Ciara-Cec said it
the accusations were baseless and planted "through confusing statements
and leaks to the press."
The tax agency
"made a big spectacle out of this," Ciara-Cec said.
The latest
investigation comes amid a broader crackdown by Argentine officials on grain
exporters, whom the government accuses of avoiding hundreds of millions of
dollars of income taxes over the past years.
Agriculture
exports were largely responsible for Argentina's whopping $12.06 billion trade
surplus last year, while taxes on farm exports accounted for a significant
percentage of the federal government's tax revenue. Argentina is the world
leader in soymeal and soyoil exports, ranks No. 2 in corn exports, and third in
soybeans.
Last year, Afip
accused four of the country's 10 largest grain exporters of using shell
companies in neighboring Uruguay for accounting scams which left minimal
profits on the books of their Argentine units.
Cargill Inc. is
the leading exporter of grains in Argentina by volume, followed by Bunge Ltd.
(BG), Archer Daniels Midland Corp. (ADM), Louis Dreyfus Commodities, Nidera
Handelscompagnie B.V., Toepfer International GmbH, the Argentine Cooperative
Association, Noble Group Ltd. (N21.SG), Aceitera General Deheza SA, and
Oleaginosa Moreno SA.
-By Shane Romig,
Dow Jones Newswires; 54-11-4103-6738; shane.romig@dowjones.com
(END) Dow Jones
Newswires
DJ UPDATE:
Argentina Raids 48 Grain Exporters As Tax Probe Widens
OsterDowJones: 01 March 2011
[What follows is the full text of the news story.]
BUENOS AIRES, Mar
01, 2011 (Dow Jones Commodities News via Comtex) -- (Adds in the third
paragraph that the companies implicated could not immediately be reached for
comment and that the companies have recently denied wrongdoing.)
By Shane Romig Of
DOW JONES NEWSWIRES
Argentina's tax
agency has again raided the offices of leading multinational grain exporting
companies, seeking evidence to back up charges that the companies cheated the
government out of about 150 million pesos ($38 million) in taxes.
Agents of the
national tax agency Afip raided 117 offices of 48 different exporters amid
charges that they created shadow companies to hide grain sales, Afip said in a
press release Tuesday.
A source close to
the matter said that Bunge Ltd. (BG), Cargill Inc., Nidera Handelscompagnie
B.V., and Noble Group Ltd. (N21.SG) were involved in the investigation.
Spokesmen from the companies could not immediately be reached for contact, but
both Bunge and Cargill have recently issued press releases denying earlier
charges of tax evasion.
Cargill is the
leading exporter of grains in Argentina by volume, followed by Bunge, Archer
Daniels Midland Corp. (ADM), Louis Dreyfus Commodities, Nidera, Toepfer
International GmbH, the Argentine Cooperative Association, Noble Group,
Aceitera General Deheza SA, and Oleaginosa Moreno SA.
The companies are
accused of creating phantom companies using the names of individuals with
limited means and even some who had died, Afip said.
The latest investigation
comes amid a broader crackdown by Argentine officials on grain exporters, whom
the government accuses of avoiding hundreds of millions of dollars of income
taxes.
Agriculture
exports were largely responsible for Argentina's whopping $12.06 billion trade
surplus last year, while taxes on farm exports accounted for a significant
percentage of the federal government's tax revenue. Argentina is the world
leader in soymeal and soyoil exports, ranks No. 2 in corn exports, and third in
soybeans.
Last year, Afip
accused four of the country's 10 largest grain exporters of using shell
companies in neighboring Uruguay for accounting scams which left minimal
profits on the books of their Argentine units.
In November, Afip
said it was investigating Molinos Rio de la Plata SA (MOLI.BA) for possible tax
evasion totaling $153 million on grain export profits.
That followed
indictments in October against two executives from agricultural giant Cargill,
freezing ARS100 million of assets each for Cargill Argentina Chairman Hector
Orlando Marsili and Cargill Uruguay executive Javier Gustavo Fernandez.
Afip said the
Cargill executives conspired to defraud the government of millions of pesos in
taxes from 2000 to 2003, charges the company denies and has vowed to fight.
Also in 2010, tax
inspectors raided the offices of global grains giant Bunge amid accusations
that the company had bilked Argentine tax authorities out of ARS1.2 billion in
income taxes. Bunge denies the charges and said it will defend itself in court.
By Shane Romig,
Dow Jones Newswires; 54-11-4103-6738; shane.romig@dowjones.com
(END) Dow Jones
Newswires
03-01-111836ET
DJ Argentina Raids 48 Grain Exporters As Tax Probe
Widens
OsterDowJones: 01 March 2011
[What follows is the full text of the news story.]
By Shane Romig Of
DOW JONES NEWSWIRES
BUENOS AIRES, Mar
01, 2011 (Dow Jones Commodities News via Comtex) -- Argentina's tax agency has
again raided the offices of leading multinational grain exporting companies,
seeking evidence to back up charges that the companies cheated the government
out of about 150 million pesos ($38 million) in taxes.
Agents of the
national tax agency Afip raided 117 offices of 48 different exporters amid
charges that they created shadow companies to hide grain sales, Afip said in a
press release Tuesday.
A source close to
the matter said that Bunge Ltd. (BG), Cargill Inc., Nidera Handelscompagnie
B.V., and Noble Group Ltd. (N21.SG) were involved in the investigation.
Cargill is the
leading exporter of grains in Argentina by volume, followed by Bunge, Archer
Daniels Midland Corp. (ADM), Louis Dreyfus Commodities, Nidera, Toepfer
International GmbH, the Argentine Cooperative Association, Noble Group,
Aceitera General Deheza SA, and Oleaginosa Moreno SA.
The companies are
accused of creating phantom companies using the names of individuals with
limited means and even some who had died, Afip said.
The latest
investigation comes amid a broader crackdown by Argentine officials on grain
exporters, whom the government accuses of avoiding hundreds of millions of
dollars of income taxes.
Agriculture
exports were largely responsible for Argentina's whopping $12.06 billion trade
surplus last year, while taxes on farm exports accounted for a significant
percentage of the federal government's tax revenue. Argentina is the world
leader in soymeal and soyoil exports, ranks No. 2 in corn exports, and third in
soybeans.
Last year, Afip
accused four of the country's 10 largest grain exporters of using shell
companies in neighboring Uruguay for accounting scams which left minimal
profits on the books of their Argentine units.
In November, Afip
said it was investigating Molinos Rio de la Plata SA (MOLI.BA) for possible tax
evasion totaling $153 million on grain export profits.
That followed indictments
in October against two executives from agricultural giant Cargill, freezing 100
million pesos of assets each for Cargill Argentina Chairman Hector Orlando
Marsili and Cargill Uruguay executive Javier Gustavo Fernandez.
Afip said the
Cargill executives conspired to defraud the government of millions of pesos in
taxes from 2000 to 2003, charges the company denies and has vowed to fight.
Also in 2010, tax
inspectors raided the offices of global grains giant Bunge amid accusations
that the company had bilked Argentine tax authorities out of ARS1.2 billion in
income taxes. Bunge denies the charges and said it will defend itself in court.
-By Shane Romig,
Dow Jones Newswires; 54-11-4103-6738; shane.romig@dowjones.com
(END) Dow Jones
Newswires
03-01-111648ET
OsterDowJones Select: 12 October 2010
[What follows is the full text of the news story.]
BUENOS AIRES, Oct
12, 2010 (Dow Jones Commodities News Select via Comtex) -- (Adds Cargill's
fiscal first-quarter results.)
By Shane Romig and
Taos Turner
Of DOW JONES NEWSWIRES
With two of its
executives facing prosecution for alleged tax evasion in Argentina,
agricultural giant Cargill Inc. on Tuesday vigorously denied the accusations
and vowed to fight the charges.
"We believe
the allegations have no substance, and we provided extensive factual evidence
demonstrating so to the court," Cargill's Minneapolis-based spokesman Mark
Klein said in an email to Dow Jones Newswires.
Argentina's tax
agency, AFIP, said late Friday that a federal court has indicted Cargill
Argentina Chairman Hector Orlando Marsili and Cargill Uruguay executive Javier
Gustavo Fernandez, and froze 100 million pesos ($25 million) worth of their
assets each.
AFIP said the
executives conspired to defraud the government of millions of pesos in taxes
from 2000 to 2003 through a scheme in which Cargill Argentina on paper sold
grains to a related company in Uruguay for re-export, when in fact the
merchandise was exported directly from Argentina, one of the world's top grain
and oilseed producers.
Argentina's tax
law provides for prison terms of between 3 1/2 and 9 years in cases of
premeditated tax evasion involving amounts in excess of ARS1 million.
"We believe
the judge did not take into account all of the evidence provided over the course
of the last year," Cargill's Klein said, adding the company stands by
Marsili and Fernandez.
Cargill, the
largest private U.S. company by sales, is one of the world's leading commodity
processors and traders. On Tuesday, Cargill said its fiscal first-quarter
earnings rose almost 70% on the year to $883 million, as the company took
advantage of volatile commodity markets to boost profits.
The charges
against the two Cargill executives come amid a broad crackdown on alleged tax
evasion in Argentina. A host of companies in the automotive, oil, mining, and
fishing industries, among others, are under investigation by AFIP for using
overseas tax havens to avoid paying income taxes.
"There are
tons of companies under the microscope," an AFIP official said last week
on condition of anonymity.
Grain exporters
have come under especially intense scrutiny, with 500 tax inspectors raiding
the offices of global grains giant Bunge Ltd (BG) earlier this month. AFIP
accused Bunge of not paying ARS1.2 billion in income taxes through a scheme in
which grains were sold below cost to Bunge's Uruguayan unit before being resold
for export to Europe. Bunge has denied the charges and said it will defend
itself in the courts.
Bunge also said
that grain exporters were pressured by the government in September to make
advance income tax payments or face "serious problems."
According to AFIP,
four of the country's 10 largest grain exporters didn't pay a peso in income
tax last year.
In 2009, Cargill
was the leading exporter of grains in Argentina by volume, followed by Bunge,
Archer Daniels Midland Corp. (ADM), Louis Dreyfus Commodities, Nidera
Handelscompagnie B.V., Toepfer International GmbH, the Argentine Cooperative
Association known as ACA., Noble Group Ltd., Aceitera General Deheza SA, and
Oleaginosa Moreno SA.
AFIP Director
Ricardo Echegaray has turned up the pressure on evasion after a tax amnesty and
capital repatriation program that ended in August 2009 hauled in ARS32.8
billion. However, Argentines are still believed to hold more than $100 billion
in undeclared money in overseas accounts or otherwise hidden from authorities.
-By Shane Romig
and Taos Turner, Dow Jones Newswires; 54-11-4103-6738; shane.romig@dowjones.com
(END) Dow Jones
Newswires
10-12-101623ET
Emerald Group Australia Expands; Buys Philp Brodie
Grains
Nikkei English News: 06 September 2010
[What follows is the full text of the news story.]
By Ray Brindal
Of DOW JONES
NEWSWIRES
CANBERRA (Dow
Jones)--A wave of consolidation in Australian agriculture continues, with
Emerald Group Australia announcing Monday an expansion of its grain
accumulation network through the purchase of Queensland-based marketer Philp
Brodie Grains.
Emerald Group,
half-owned by Sumitomo Corp. (8053.TO), is the fifth-largest grain marketer in
Australia. It plans to open four new offices, comprising two in Western
Australia, which typically produces 40% of national wheat output, and one each
in Victoria and South Australia.
The purchase of
Philp Brodie Grain, which markets in excess of 250,000 metric tons of grain a
year, and the expansion in other states will grow the Emerald footprint to 13
grain-focused offices around Australia, Chairman Alan Winney said in a
statement.
"Peter Brodie
and John Philp have been leaders in the Queensland grain industry for over four
decades and this business provides an excellent platform for Emerald's further
expansion," he said, without disclosing a price.
"We're now
looking forward to a pretty good year ahead," he told Dow Jones separately
in a telephone interview.
Emerald Group
wants to market more of Australia's winter grains, and plans to lift its volume
by almost 40% or about 1.0 million metric tons, from 2.6 million tons in the
last crop year ended March 31, 2010, to take its share of winter crop marketing
to about 10% of the national total.
Australia is a
major supplier of many agricultural products to global markets, including
wheat, barley, meats and sugar. Winney is also chairman of marketer Queensland
Sugar Ltd.
Since bulk wheat
exports were deregulated in July 2008, major companies in the grains industry
have been consolidating along with second- and third-tier operators.
Among pending
deals, Singapore'sWilmar International is awaiting approval from Australian
authorities for its planned purchase of CSR Ltd.'s (CSR.AU) Sucrogen sugar and
renewable energy unit for A$1.75 billion.
Among majors,
Canada'sViterra Inc. (VT.T) purchased Australia'sABB Grain Ltd. late last year
for A$1.64 billion, while Canada'sAgrium Inc. (AGU) won support in late August
from AWB Ltd.'s (AWB.AU) board for its A$1.24 billion takeover offer, trumping
a weaker share-based bid by Australia'sGrainCorp Ltd. (GNC.AU).
In March, Emerald
Group sold a 50% equity stake to global trading giant Sumitomo Corp. (8053.TO),
and then in April, PentAG Commodities sold a 49.9% stake to Rotterdam-based
global grain trading firm Nidera Handelscompagnie BV. Unlisted Australian
trading concern Gardner Smith Holdings Pty Ltd. bought OzEpulse Pty Ltd. late
in April.
In July, Australian
share farmer AACL Holdings Ltd. (AAY.AU) completed a funding agreement for up
to A$28.8 million covering 2010-11 winter crops with Glencore Grain Pty. Ltd.,
which will become a partner in marketing the crop. And in late August,
Canadian-based Alliance Grain Traders Inc. (AGT.T) announced an agreement to
buy Australia-based Balco Grain for about A$10 million.
Winney believes
the industry consolidation and run of overseas takeovers will accelerate in the
next 12 months and Emerald will play a role.
"Most of the
players will have people making at least a takeover attempt during the next
year," he said.
"Whilst it
would be good if there was a strong Australian company that is buying up
companies around the world, I just don't see that company today," he said.
"The globalization of the industry and the need to have grain from
multiple origins means the opportunity for the Australian champion has just
gone and we're now at a point where our larger companies, at least through
alliances or through takeover, are aligned with international firms."
"The model
we've got with Emerald is to try and make sure we can stay an Australian
company with international linkages," he said.
Emerald Group
estimates Australian wheat production the crop year to March 31, 2011, at 21.5
million tons, down from an actual 21.7 million tons last crop year and below
most other industry projections of around 22 million tons.
The price outlook
for wheat is favorable, particularly since Russia announced last week an
extension of export ban on grains, which has boosted demand for Australian
wheat, he said.
-By Ray Brindal,
Dow Jones Newswires; 612 62080902; ray.brindal@dowjones.com
Click here to go
to Dow Jones NewsPlus, a web front page of today's most important business and
market news, analysis and commentary:
http://www.djnewsplus.com/access/al?rnd=w45jpw9YO1Vl7GYd%2BboUtQ%3D%3D. You can
use this link on the day this article is published and the following day.
Annual Profit & Loss
|
|
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
|
Consolidated |
Yes |
Yes |
Yes |
|
|
|
|
|
|
Net sales |
12,935.9 |
10,228.6 |
11,196.7 |
|
Other operating income |
48.0 |
- |
- |
|
Cost of goods sold |
12,878.8 |
10,009.7 |
10,626.0 |
|
Cost of sales |
12,878.8 |
10,009.7 |
10,626.0 |
|
Gross profit |
57.0 |
218.9 |
570.7 |
|
Total payroll costs |
97.6 |
79.1 |
85.7 |
|
Change in value of fixed assets arising from revaluation |
5.9 |
4.7 |
5.4 |
|
Other operating costs |
58.7 |
64.0 |
44.8 |
|
Net operating income |
- |
71.1 |
434.8 |
|
Total financial income |
9.6 |
7.7 |
12.6 |
|
Total expenses |
57.0 |
47.1 |
46.2 |
|
Profit before tax |
- |
31.6 |
401.2 |
|
Profit attributable to minority interest shareholdings |
-0.1 |
-1.5 |
- |
|
Profit on ordinary activities after tax |
-88.3 |
19.1 |
356.8 |
|
Extraordinary income |
0.0 |
34.9 |
1.4 |
|
Extraordinary expenses |
0.5 |
- |
108.1 |
|
Extraordinary result |
-0.5 |
34.9 |
-106.7 |
|
Profit after extraordinary items and before tax |
-0.5 |
34.9 |
-106.7 |
|
Other taxes |
-0.3 |
4.4 |
-0.4 |
|
Total taxation |
-16.4 |
11.0 |
44.5 |
|
Profit after tax |
-88.3 |
19.1 |
356.8 |
|
Profit distributed to shareholders |
- |
-0.6 |
-0.4 |
|
Net profit |
- |
50.1 |
250.9 |
|
Net loss |
-88.4 |
- |
- |
Annual Balance Sheet
Financials
in: USD (mil)
|
|
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
|
Filed Currency |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
|
Consolidated |
Yes |
Yes |
Yes |
|
|
|
|
|
|
Minority interests |
-1.3 |
-0.6 |
0.0 |
|
Provisions and allowances |
23.6 |
15.4 |
11.3 |
|
Total long-term liabilities |
265.1 |
2.6 |
204.8 |
|
Trade creditors |
351.6 |
197.8 |
167.5 |
|
Total current liabilities |
1,676.5 |
1,236.2 |
761.4 |
|
Total liabilities (including net worth) |
2,303.7 |
1,656.7 |
1,498.7 |
|
Intangibles |
15.0 |
10.7 |
7.6 |
|
Total tangible fixed assets |
34.2 |
32.1 |
24.2 |
|
Total asset investment |
69.6 |
27.5 |
93.4 |
|
Total non-current assets |
118.8 |
70.4 |
125.2 |
|
Net stocks and work in progress |
755.3 |
597.1 |
696.3 |
|
Trade debtors |
455.7 |
484.5 |
521.2 |
|
Other receivables |
659.8 |
499.7 |
142.9 |
|
Total receivables |
1,115.4 |
984.2 |
664.2 |
|
Cash and liquid assets |
314.2 |
5.0 |
13.1 |
|
Total current assets |
2,184.9 |
1,586.3 |
1,373.6 |
|
Total assets |
2,303.7 |
1,656.7 |
1,498.7 |
Annual Ratios
Financials
in: USD (mil)
|
|
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
|
Consolidated |
Yes |
Yes |
Yes |
|
|
|
|
|
|
Current ratio |
1.30 |
1.30 |
1.80 |
|
Acid test ratio |
0.80 |
0.80 |
0.90 |
|
Current liabilities to net worth |
5.50% |
3.15% |
1.48% |
|
Fixed assets to net worth |
0.39% |
0.18% |
0.24% |
|
Collection period |
12.90 |
17.30 |
17.00 |
|
Stock turnover rate |
17.10 |
17.10 |
16.10 |
|
Sales to net working capital |
25.40 |
29.20 |
18.30 |
|
Asset turnover |
5.62% |
6.17% |
7.47% |
|
Profit margin |
-0.01% |
0.00% |
0.04% |
|
Return on assets |
-0.05% |
0.02% |
0.27% |
|
Sales per employee |
14,633.34 |
12,659.14 |
16,587.72 |
|
Profit per employee |
-118.20 |
39.10 |
594.42 |
|
Return on capital |
-0.27% |
0.05% |
0.19% |
|
Average wage per employee |
110.46 |
97.90 |
126.97 |
|
Net worth |
304.8 |
392.4 |
513.8 |
|
Number of employees |
884 |
808 |
675 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
UK Pound |
1 |
Rs.73.53 |
|
Euro |
1 |
Rs.64.37 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.