MIRA INFORM REPORT
|
Report Date : |
05.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
GLENCORE INTERNATIONAL AG |
|
|
|
|
Registered Office : |
Baarermattstrasse 3, Postfach 777, 6340
Baar |
|
|
|
|
Country : |
Switzerland |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
12.06.1987 |
|
|
|
|
Com. Reg. No.: |
170.3.012.738-3 / 341238 |
|
|
|
|
Legal Form : |
Company limited by shares |
|
|
|
|
Line of Business : |
trade in raw materials of all types and
investments in companies. Commodity departments |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
CHF 50'000'000 |
|
Status : |
Very good |
|
Payment
Behaviour : |
No Complaints |
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Switzerland |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
Glencore International AG
Operating address
Baarermattstrasse 3
Postfach 777
6340 Baar
Switzerland/CH
Telephone: 041
7092000
Fax: 041
7093000
Web
site: http://www.glencore.com
E-mail: info@glencore.com
VAT-No.: CHE106909694
Profile
Established: 1974
Line
of Business: Financial services,
Trade brokers
Industry
Division: Services, Wholesale
trade
Industry-code (NACE): 6420 Activities of holding companies
4617 Agents involved in the sale of food,
beverages and tobacco
4612 Agents involved in the sale of fuels, ores,
metals and industrial chemicals
Import/Export: Import, Export
Banks: UBS Ltd
CS Credit
Suisse
Organisation
level: Ultimate Parent
Operational Figures
Coverage: Group
Employees: 40'000-59'999
Sales: CHF 10 Bil +
Activity
The business activities of the group are trade in raw materials of all
types and investments in companies. Commodity departments: Aluminium &
Alumina, Zinc & Copper & Lead, Ferroalloys & Nickel, Coal, Oil,
Agricultural.
Real Estate
Real
Estate: It is understood
that the company owns certain property.
Company Register
Company No: 170.3.012.738-3 / 341238
Legal
form: Company limited
by shares
Registration: 12.06.1987
Legal
status: active
Responsible
Register: Handelsregister des Kantons
Zug
Auditor: Deloitte AG, Zürich
History: Date of Statutes:
07.12.1994
Date of
Statutes: 20.05.2011
Date of
Statutes: 29.01.2009
Date of
Statutes: 25.01.2005
Date of
Statutes: 28.11.2002
Date of
Statutes: 01.02.2000
Date of
Statutes: 04.02.1999
Date of
Statutes: 19.12.1995
Date of
Statutes: 24.05.1995
Entry Deleted Name
active Glencore
International AG
active Glencore
International Ltd (Name translated)
active Glencore
International SA (Name translated)
01.01.1994 Marc Rich + Co AG
01.01.1994 Marc Rich + Co SA (Name translated)
01.01.1994 Marc Rich + Co Ltd (Name translated)
Entry Deleted Legal domicile
15.01.1996 Baar,
Switzerland
15.01.1996 Zug, Switzerland
Entry Deleted Address
15.01.1996 Baarermattstrasse
3, 6340 Baar/ZG, Switzerland/CH
15.01.1996 Baarerstrasse 37, 6300 Zug/ZG, Switzerland/CH
Entry Deleted Capital
23.05.2011 Share Capital CHF 117'921'500,
paidup CHF 117'921'500
23.05.2011 Share Capital CHF 75'000'000, paidup CHF
75'000'000
Entry Deleted Capital Structure
23.05.2011 235'843
Registered shares of CHF 500.--
31.05.1995 22'500 Registered shares of CHF 500.--
31.05.1995 127'500 Preferred registered shares of CHF
500.--
02.12.2002 23.05.2011 150'000 Registered shares with restricted
transferability of CHF 500.--
31.05.1995 02.12.2002 22'500 Registered shares with restricted
transferability of CHF 500.--
31.05.1995 02.12.2002 127'500 Preferred registered shares of CHF
500.--
Entry Deleted Activity (original Language)
active Handel
mit Rohstoffen aller Art und anderen Gütern für eigene und fremde Rechnung;
kann damit zusammenhängende Dienstleistungen erbringen oder vermitteln,
Finanzierungen durchführen, Tochtergesellschaften errichten, sich an anderen
Unternehmungen beteiligen oder sich mit diesen zusammenschliessen sowie
Grundstücke erwerben, halten, belasten und veräussern
Entry Deleted Remarks (original Language)
active Publishing
authority: SHAB.
active Merger:
Übernahme der Aktiven und Passiven der "Alromi Invest AG", in Zug,
gemäss Bilanz per 31.12.1993 nach Massgabe von Art. 748 OR. Die übernehmende
Gesellschaft ist Eigentümerin sämtlicher Aktien der übernommenen Gesellschaft.
active Merger:
Übernahme der Aktiven und Passiven der "Clarendon Holding AG", in
Zug, gemäss Bilanz per 30.06.1993 nach Massgabe von Art. 748 OR. Die
übernehmende Gesellschaft ist Eigentümerin sämtlicher Aktien der übernommenen
Gesellschaft.
active Dividend
right certificates: Ausgabe von 150'000 Genussscheinen, welche zur Abgabe an
Mitarbeiter der Gesellschaft oder von der Gesellschaft direkt oder indirekt
kontrollierten anderen Gesellschaften bestimmt sind und Anspruch auf Anteil am
Bilanzgewinn gewähren.
23.05.2011 Capital:
Ordentliche Kapitalerhöhung nachträglich zur Fusion durch Umwandlung von frei
verwendbarem Eigenkapital.
23.05.2011 Merger:
Übernahme der Aktiven und Passiven der Glencore L.T.E. AG, in Baar
(CH-170.3.025.934-0), gemäss Fusionsvertrag vom 20.05.2011 und Bilanz per
31.12.2010. Aktiven von CHF 12'595'269.42 - unter welchen Aktien der
übernehmenden Gesellschaft enthalten sind - und Passiven (Fremdkapital) von CHF
11'200'087.36 gehen auf die übernehmende Gesellschaft über. Da der Aktionär der
übertragenden Gesellschaft die anlässlich der Fusion erworbenen eigenen Aktien
der übernehmenden Gesellschaft erhält, findet im Rahmen der Fusion weder eine
Kapitalerhöhung noch eine Aktienzuteilung statt.
23.05.2011 Merger:
Übernahme der Aktiven und Passiven der Glencore Holding AG, in Baar
(CH-170.3.018.775-9), gemäss Fusionsvertrag vom 20.05.2011 und Bilanz per
31.12.2010. Aktiven von CHF 65'617'445.00 - unter welchen Aktien der
übernehmenden Gesellschaft enthalten sind - und Passiven (Fremdkapital) von CHF
58'912'667.06 gehen auf die übernehmende Gesellschaft über. Da der Aktionär der
übertragenden Gesellschaft die anlässlich der Fusion erworbenen eigenen Aktien
der übernehmenden Gesellschaft erhält, findet im Rahmen der Fusion weder eine
Kapitalerhöhung noch eine Aktienzuteilung statt.
06.02.2009 Shares:
Die Übertragbarkeit der Namenaktien ist nach Massgabe der Statuten beschränkt.
06.02.2009 Reports:
Die Mitteilungen an die Aktionäre erfolgen an ihre letzte im Aktienbuch
eingetragene Adresse durch einfachen Brief.
18.04.2007 Merger:
Übernahme der Aktiven und Passiven der Stafford AG, in Zug
(CH-170.3.019.748-5), gemäss Fusionsvertrag vom 30.03.2007 und Bilanz per
30.03.2007. Aktiven von CHF 9'109'856.00 und Passiven (Fremdkapital) von CHF
7'751'481.00 gehen auf die übernehmende Gesellschaft über. Da die übernehmende
Gesellschaft sämtliche Aktien der übertragenden Gesellschaft hält, findet weder
eine Kapitalerhöhung noch eine Aktienzuteilung statt.
04.10.2004 Merger:
Grenzüberschreitende Uebernahme der Aktiven und der Passiven der "Glencore
ORA SA", in Paris (FR), (B 314 842 196), Société anonyme nach dem Recht
des Staates Frankreich, gemäss Fusionsvertrag vom 17.08.2004 und Bilanz per
30.06.2004. Aktiven von CHF 210'882'000.00 und Fremdkapital von CHF 9'000.00
gehen auf die übernehmende Gesellschaft über. Da die übernehmende Gesellschaft
sämtliche Aktien der übertragenden Gesellschaft hält, findet weder eine
Kapitalerhöhung noch eine Aktienzuteilung statt
17.01.2002 Merger:
Uebernahme der Aktiven von CHF 40'984'000.00 und der Passiven von CHF
804'000.00 der "Glencore Grain Holding AG", in Baar, gemäss Bilanz
per 30.11.2001 und Fusionsvertrag vom 24.12.2001 nach Massgabe von Art. 748 OR.
Da die übernehmende Gesellschaft Eigentümerin sämtlicher Aktien der
übernommenen Gesellschaft ist, findet keine Kapitalerhöhung statt.
Official Administration
Title Name
President Ivan
Glasberg, Origin: Australia, Address: Rüschlikon, Switzerland, joint signature
of two
Executive
Director Andreas
Peter Hubmann, Origin: Bichelsee, Switzerland, Address: Zug/ZG, Switzerland,
joint signature of two
Executive
Director Steven
Frank Kalmin, Origin: Australia, Address: 8832 Wollerau/SZ, Switzerland, joint
signature of two
Management
Title Name
Member
with signing authority Tor Peterson,
Origin: United States of America, Address: Oberägeri, Switzerland, joint
signature of two
Member
with signing authority Daniel Maté,
Origin: Spain, Address: Wollerau, Switzerland, joint signature of two
Member
with signing authority Aristotelis
Mistakidis, Origin: United Kingdom, Address: Walchwil, Switzerland, joint
signature of two
Member
with signing authority Barbara Anna
Bodmer, Origin: Zürich, Wetzikon ZH, Switzerland, Address: Thalwil,
Switzerland, joint signature of two, Appointment: 16.12.2009
Member
with signing authority Richard James
Marshall, Origin: United Kingdom, Address: Walchwil, Switzerland, joint
signature of two, Appointment: 16.12.2009
Member
with signing authority Wendelin
Müller, Origin: Wängi, Uesslingen-Buch, Switzerland, Address: Baar/ZG,
Switzerland, joint signature of two, Appointment: 08.08.2011
Member
with signing authority Stefan H.
Peter, Origin: Zell ZH, Switzerland, Address: Cham, Switzerland, joint
signature of two
Member
with signing authority Christian
Wolfensberger, Origin: Zürich, Wetzikon ZH, Switzerland, Address: Zug/ZG,
Switzerland, joint signature of two
Member
with signing authority Steven Anthony
Blumgart, Origin: South Africa, Address: 6340 Baar/ZG, Switzerland, joint signature
of two
Member
with signing authority Gary Fegel,
Origin: Zürich, Switzerland, Address: 8802 Kilchberg /ZH, Switzerland, joint
signature of two
Member
with signing authority Gerda
Constanze Schwindt, Origin: Arbon, Switzerland, Address: Zofingen, Switzerland,
joint signature of two, Appointment: 14.02.2011
Member
with signing authority Stuart Anthony
Cutler, Origin: South Africa, Address: Baar, Switzerland, joint signature of
two
Executive board
Title Name
Chief
Executive Officer Ivan
Glasberg
Financial Data Glencore Group
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2010 31.12.2009 31.12.2008 31.12.2007 31.12.2006
Number of months: 12 12 12 12 12
Currency: mil.
USD mil. USD mil. USD mil. USD mil.
USD
Statement norm: IAS IAS IAS IAS IAS
Balance Sheet
Land and buildings 1'042.0 831.0
Other tangible
fixed assets 11'046.0 6'014.0
Tangible fixed
assets 12'088.0 6'845.0
Financial fixed
assets 23'034.0 20'618.0
other fixed assets 369.0 88.0
Fixed assets 35'491.0 27'551.0
Stocks 17'393.0 15'073.0
Trade accounts
receivable 18'994.0 15'243.0
Liquid assets 1'463.0 860.0
Securities 6'048.0 6'200.0
other trade
accounts 398.0 1'349.0
Other current
assets 7'909.0 8'409.0
Current assets 44'296.0 38'725.0
Total assets 79'787.0 66'276.0 61'300.0 60'000.0 47'100.0
Capital 46.0 46.0
Other shareholders
funds 19'567.0 16'640.0
Total shareholders
equity 19'613.0 16'686.0 15'405.0 15'671.0 10'900.0
Minority interests 2'894.0 1'258.0
long term debt
(financial debts) 18'251.0 16'403.0
Provisions 719.0 722.0
Other non current
liabilities 1'472.0 626.0
Non current
liabilities 20'442.0 17'751.0
short term debt
(financial debts) 19'947.0 15'829.0
Trade accounts
payable 16'145.0 11'482.0
other accounts
payable 746.0 3'270.0
other current
liabilities 746.0 3'270.0
Current
liabilities 36'838.0 30'581.0
Shareh. equity,
min. interests + liabilities 79'787.0 66'276.0
Profit and loss
account
Net sales 144'978.0 106'364.0
Operating revenue 144'978.0 106'364.0 152'236.0 142'343.0 116'500.0
Cost of goods sold 140'467.0 103'133.0
Gross profit 4'511.0 3'231.0
Other operating
expenses 1'063.0 839.0
Operating result 3'448.0 2'392.0 5'343.0 7'703.0 5'850.0
Interest revenues 281.0 267.0
other financial
revenues 1'842.0 162.0
Financial income 2'123.0 429.0
Interest expenses 1'217.0 854.0
other financial
expenses 14.0
Financial expenses 1'231.0 854.0
Financial result 892.0 -425.0
Result before
extraordinary items 4'340.0 1'967.0
Extraordinary
expenses 2'460.0 650.0
Extraordinary
Result -2'460.0 -650.0
Result before
taxes 1'880.0 1'317.0
Taxes 234.0 238.0
Result before
minority interests 1'646.0 1'079.0 4'754.0 5'190.0
minority interests 355.0 96.0
Result for the
financial year 1'291.0 983.0
Cash flow
Depreciation 1'026.0 622.0
Cash flow 2'672.0 1'701.0
Cash flow from
operating activities 111.0 -3'010.0
Investments in
tangible fixed assets 1'657.0 1'088.0
Cash flow from
investing activities -4'755.0 -1'164.0
Cash flow from
financing activities 5'247.0 4'208.0
Change in
liquidity 603.0 34.0
Liquidity at
beginning of the year 860.0 826.0
Liquidity at end
ot the year 1'463.0 860.0
Notes
Cost of employees 1'677.0 1'281.0
Added value 5'800.0 4'074.0
Working Capital 20'242.0 18'834.0
Sales per Employee 2.5 1.9
Gross cost land
and buildings 1'281.0 1'066.0
Gross cost other
tangible fixed assets 14'213.0 8'202.0
Gross cost total 15'494.0 9'268.0
Employees at year end 57'500 55'000 52'000 52'000 52'000
Employees inland 500 450 400 400 400
Employees abroad 57'000 54'550 51'600 51'600 51'600
Owner/-s
Owner: The company is owned by
various parties.
Investments
Class: 100%
Name: Carbones de La Jagua
City/Country: La Jagua, Colombia/CO
Interest: 100.00% voting right,
100.00% capital interest (since 2005)
Class: 100%
Name: Cobar Management Pty
Limited
City/Country: Cobar, Australia/AU
Interest: 100.00% voting right,
100.00% capital interest (since 1999)
Class: 100%
Name: Finges Investment B.V.
City/Country: Rotterdam, Netherlands/NL
Interest: 100.00% voting right,
100.00% capital interest
Class: 100%
Name: Glencobar AG
City/Country: Baar, Switzerland/CH
Interest: 100.00% voting right,
100.00% capital interest
Class: 100%
Name: Glencore AG
City/Country: Baar, Switzerland/CH
Interest: 100.00% voting right,
100.00% capital interest (since 1978)
Class: 100%
Name: Glencore (Asia) AG
City/Country: Baar, Switzerland/CH
Interest: 100.00% voting right,
100.00% capital interest (since 1983)
Class: 100%
Name: Glencore (Europe) AG
City/Country: Baar, Switzerland/CH
Interest: 100.00% voting right,
100.00% capital interest (since 1991)
Class: 100%
Name: Glencore (Far East) AG
City/Country: Baar, Switzerland/CH
Interest: 100.00% voting right,
100.00% capital interest (since 1975)
Class: 100%
Name: Glencore Finance AG
City/Country: Baar, Switzerland/CH
Interest: 100.00% voting right, 100.00%
capital interest (since 1991)
Class: 100%
Name: Glencore Financial
Services AG
City/Country: Baar, Switzerland/CH
Interest: 100.00% voting right,
100.00% capital interest (since 2004)
Class: 100%
Name: Glencore Gastroservice
AG
City/Country: Baar, Switzerland/CH
Interest: 100.00% voting right,
100.00% capital interest (since 1995)
Class: 100%
Name: Glencore Grain Trading
NV
City/Country: Curaçao, Netherlands
Antilles/AN
Interest: 100.00% voting right,
100.00% capital interest
Class: 100%
Name: Glencore Grain UK Ltd
City/Country: Thame, United Kingdom/GB
Interest: 100.00% voting right,
100.00% capital interest
Class: 100%
Name: Glencore Group Funding
Limited
City/Country: -, United Arab Emirates/AE
Interest: 100.00% voting right,
100.00% capital interest
Class: 100%
Name: Glencore Investment AG
City/Country: Baar, Switzerland/CH
Interest: 100.00% voting right,
100.00% capital interest (since 1992)
Class: 100%
Name: Glencore Minera AG
City/Country: Baar, Switzerland/CH
Interest: 100.00% voting right,
100.00% capital interest (since 1987)
Class: 100%
Name: Glencore Mining AG
City/Country: Baar, Switzerland/CH
Interest: 100.00% voting right,
100.00% capital interest (since 1987)
Class: 100%
Name: Glencore NV
City/Country: Curaçao, Netherlands Antilles/AN
Interest: 100.00% voting right,
100.00% capital interest
Class: 100%
Name: Glencore Oil Projects
AG
City/Country: Baar, Switzerland/CH
Interest: 100.00% voting right,
100.00% capital interest (since 1991)
Class: 100%
Name: Glencore Proline AG
City/Country: Baar, Switzerland/CH
Interest: 100.00% voting right,
100.00% capital interest (since 2005)
Class: 100%
Name: Glencore Singapore Pte
Ltd
City/Country: Singapur, Singapore/SG
Interest: 100.00% voting right,
100.00% capital interest
Class: 100%
Name: Glencore (South East
Asia) AG
City/Country: Baar, Switzerland/CH
Interest: 100.00% voting right,
100.00% capital interest (since 1990)
Class: 100%
Name: Glencore Trading AG
City/Country: Baar, Switzerland/CH
Interest: 100.00% voting right,
100.00% capital interest (since 1986)
Class: 100%
Name: Oleaginosa Moreno
Hermanos SACIFIA
City/Country: Bahia Blanca, Argentina/AR
Interest: 100.00% voting right,
100.00% capital interest (since 1997)
Class: 100%
Name: Oleaginosa Oeste SA
City/Country: Capital Federal, Argentina/AR
Interest: 100.00% voting right,
100.00% capital interest
Class: 100%
Name: Pacorini Group
City/Country: -, Italy/IT
Interest: 100.00% voting right,
100.00% capital interest (since 01.09.2010)
Class: 100%
Name: Portovesme Srl
City/Country: Roma, Italy/IT
Interest: 100.00% voting right,
100.00% capital interest (since 1999)
Class: 100%
Name: Poysa Investments SA
City/Country: Buenos Aires, Argentina/AR
Interest: 100.00% voting right,
100.00% capital interest
Class: 100%
Name: ST Shipping &
Transport Pte Ltd
City/Country: Singapur, Singapore/SG
Interest: 100.00% voting right,
100.00% capital interest
Class: 100%
Name: Topley Corporation
City/Country: Road Town, British Virgin
Islands/VG
Interest: 100.00% voting right,
100.00% capital interest
Class: 50-99%
Name: Philippine Associated
Smelting and Refining Corporaton
City/Country: Makati City, Philippines/PH
Interest: 78.20% voting right,
78.20% capital interest (since 1999)
Class: 50-99%
Name: Katanga Mining Limited
City/Country: Katanga, Congo/CG
Interest: 74.40% voting right,
74.40% capital interest
Class: 50-99%
Name: Minara Resources
Limited
City/Country: Perth, Australia/AU
Interest: 70.60% voting right,
70.60% capital interest (since 1996)
Class: 50-99%
Name: Shanduka Coal (Pty)
Ltd
City/Country: -, South Africa/ZA
Interest: 70.00% voting right,
70.00% capital interest
Class: 50-99%
Name: Chemoil Energy Limited
City/Country: Causeway Bay, Hong Kong/HK
Interest: 51.50% voting right,
51.50% capital interest (since 01.04.2010)
Class: 50-99%
Name: Kazzinc JSC
City/Country: Ust-Kamenogorsk, Kazakhstan/KZ
Interest: 50.70% voting right,
50.70% capital interest (since 1997)
Class: 30-39%
Name: Carbones del Cerrejon
SA
City/Country: Barranquilla, Colombia/CO
Interest: 33.30% voting right,
33.30% capital interest (since 1995)
Class: 0-9%
Name: Polymet Mining Corp
City/Country: -, Canada/CA
Interest: 6.30% voting right,
6.30% capital interest
Class: 0-9%
Name: Volcan Compania Minera
SA
City/Country: Lima, Peru/PE
Interest: 4.10% voting right,
4.10% capital interest
Legal Actions
An updated legal action check is only available against proof of
interest. e.g. a copy of an enquiry letter, and order or invoice relating to
the subject company.
Credit Information
Financial
Situation: The financial situation
is very good.
Payment
experiences: Payment habits are
considered good.
Maximum
Credit: CHF 50'000'000
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.08 |
|
UK Pound |
1 |
Rs.78.65 |
|
Euro |
1 |
Rs.67.79 |
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.