MIRA INFORM REPORT
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Report Date : |
14.09.2011 |
IDENTIFICATION DETAILS
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Name : |
DOW EUROPE GMBH |
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Registered Office : |
Bachtobelstrasse 3, 8810 Horgen |
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Country : |
Switzerland |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
14.12.2001 |
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Com. Reg. No.: |
020.4.024.366-7 / 660291 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Provider of Management Services |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
CHF 1'500'000 |
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Status : |
Good |
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Payment
Behaviour : |
Slow but Correct |
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Litigation : |
---- |
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) |
|
Switzerland |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
Dow Europe GmbH
Operating address
Bachtobelstrasse 3
8810 Horgen
Switzerland/CH
Telephone: 044
7282111
Fax: 044
7282935
Web
site: http://www.dow.com
E-mail: info@dow.com
VAT-No.: CHE109399223
Profile
Established: 1968
Line
of Business: Commercial services,
Consumer goods wholesale, Pharmaceutics
Industry
Division: Services, Wholesale
trade
Industry-code (NACE): 8299 Other business support service activities
n.e.c.
4675 Wholesale of chemical products
7219 Other research and experimental development
on natural sciences and engineering
Import/Export: Import, Export
Banks: unknown
Operational Figures
Coverage: Company
Figures: approximately
Employees: 700
Branches: 2
Activity
The business activities includes management services. It is the European
headquarters for administration, research and development. Another business is
the distribution of chemical products.
Real Estate
Information on property ownership was not available.
Company Register
Company
No: 020.4.024.366-7 /
660291
Legal
form: Limited liability
company
Registration: 14.12.2001
Legal
status: active
Responsible
Register: Handelsregister des Kantons
Zürich
Auditor: Deloitte AG
(CH-020.3.908.370-9), Zürich
History: Date of Statutes:
27.05.2010
Date of
Statutes: 08.12.2006
Date of Incorporation
Statutes: 29.11.2001
Entry Deleted Name
14.12.2001 Dow
Europe GmbH
Entry Deleted Legal domicile
14.12.2001 Horgen,
Switzerland
Entry Deleted Address
14.12.2001 Bachtobelstrasse
3, 8810 Horgen/ZH, Switzerland/CH
Entry Deleted Capital
14.12.2001 LLC
Capital CHF 1'300'000
Entry Deleted Capital Structure
22.01.2007 1
Participation shares of CHF 1'300'000.--
Entry Deleted Activity (original Language)
28.05.2010 Die
Gesellschaft bezweckt in erster Linie, Geschäftsführungsdienste für die Tätigkeit
der The Dow Chemical Company in Europa und ihrer Tochtergesellschaften sowie
verwandter Unternehmungen in der ganzen Welt zu leisten. Die Gesellschaft
überwacht die Handels- und Industrietätigkeit solcher Unternehmungen in Europa
und anderswo und kann selber Handels- und Industriegeschäfte tätigen. Zweck der
Gesellschaft ist ferner: a) die wissenschaftliche, wirtschaftliche und
industrielle Forschung aller Art, besonders auf dem Gebiete der Chemie und
verwandten Gebieten; b) Kauf und Verkauf, Registrierung und Verwertung von
Patenten, Patentrechten und Markenschutzrechten sowie Erwerb und Gewährung von
Lizenzen unter solchen Rechten; c) die Beteiligung an anderen Unternehmungen
und Errichtung von Filialen und Tochtergesellschaften; d) die Durchführung
aller kommerziellen, industriellen und finanziellen Transaktionen im
Zusammenhang mit der Gesellschaftstätigkeit gemäss vorstehenden Absätzen; e)
die Gesellschaft kann auch Grundbesitz erwerben, verwalten, verkaufen, mieten
und vermieten; f) die Gesellschaft kann an Konzernfinanzierungen teilnehmen,
insbesondere indem sie ihren direkten und indirekten Aktionären oder anderen
Konzerngesellschaften Kredite gewährt oder für deren Verbindlichkeiten
gegenüber Dritten Garantien oder andere Sicherheiten aller Art gewährt, auch
wenn diese Kredite oder Sicherheiten im ausschliesslichen Interesse ihrer
direkten oder indirekten Aktionäre oder anderer Konzerngesellschaften
liegen und unentgeltlich gewährt werden.
14.12.2001 28.05.2010 Leisten von Geschäftsführungsdiensten für die
Tätigkeit der The Dow Chemical Company in Europa und ihrer
Tochtergesellschaften sowie verwandter Unternehmungen in der ganzen Welt;
überwacht die Handels- und Industrietätigkeit solcher Unternehmungen in Europa
und anderswo und kann selber Handels- und Industriegeschäfte tätigen;
wissenschaftliche, wirtschaftliche und industrielle Forschung aller Art,
besonders auf dem Gebiete der Chemie und verwandten Gebieten; Kauf und Verkauf,
Registrierung und Verwertung von Patenten, Patentrechten und Markenschutzrechten
sowie Erwerb und Gewährung von Lizenzen unter solchen Rechten; Beteiligung an
anderen Unternehmungen und Errichtung von Filialen und Tochtergesellschaften;
Durchführung aller kommerziellen, industriellen und finanziellen Transaktionen
im Zusammenhang mit der Gesellschaftstätigkeit gemäss vorstehenden Absätzen;
kann Grundbesitz erwerben, verwalten, verkaufen, mieten und vermieten.
Entry Deleted Remarks (original Language)
05.05.2010 Merger:
Übernahme der Aktiven und Passiven der Rohm and Haas Europe Sàrl , in Morges
(CH-550-1049282-0 ), gemäss Fusionsvertrag vom 03.05.2010 und Bilanz per
31.12.2009. Aktiven von CHF 682'187'361.00 und Passiven (Fremdkapital) von CHF
569'438'677.00 gehen auf die übernehmende Gesellschaft über. Da dieselbe Gesellschafterin
sämtliche Stammanteile der an der Fusion beteiligten Gesellschaften hält,
findet weder eine Kapitalerhöhung noch eine Zuteilung von Stammanteilen statt.
25.07.2006 Merger:
Übernahme der Aktiven und Passiven der SOUND ALLIANCE GmbH, in Freienbach
(CH-130.0.008.983-2 ), gemäss Fusionsvertrag vom 21.06.2006 und Bilanz per
31.12.2005. Aktiven von CHF 13'011.-- und Passiven (Fremdkapital) von CHF
1'618'852.--, d.h. ein Passivenüberschuss von CHF 1'605'841.--, gehen auf die
übernehmende Gesellschaft über. Die übernehmende Gesellschaft verfügt gemäss
Bestätigung des besonders befähigten Revisors über frei verwendbares
Eigenkapital im Umfang des Kapitalverlustes und der Überschuldung. Da die
übernehmende Gesellschaft einzige Gesellschafterin der übertragenden
Gesellschaft ist, findet weder eine Kapitalerhöhung noch eine Zuteilung von
Stammanteilen statt.
06.06.2003 Merger:
Die Gesellschaft übernimmt auf dem Wege der Fusion die Dow Automotive GmbH, in
Freienbach. Aktiven von CHF 313'118'010.-- und Passiven von CHF 98'295'683.--
gehen gemäss Fusionsbilanz per 31.12.2002 durch Universalsukzession auf die
Gesellschaft über. Da die Gesellschafter beider Gesellschaften identisch sind,
erlöschen die Stammanteile der übernommenen Gesellschaft und das Stammkapital
der übernehmenden Gesellschaft bleibt unverändert.
14.12.2001 Publishing
authority: SHAB.
14.12.2001 Change
of Corporate Form: Ist auf dem Wege der Umwandlung aus der Dow (Europe) SA, in
Horgen, hervorgegangen. Übernimmt gemäss Umwandlungsbilanz per 30.09.2001
Aktiven von CHF 1'250'681'356.-- und Passiven von CHF 885'905'215.-- im Sinne
von Art. 824 ff. OR. Vom Aktivenüberschuss werden CHF 1'300'000.-- auf das
Stammkapital angerechnet.
Entry Deleted Branches
25.06.2003 Wolleraustrasse
15 - 17, 8807 Freienbach/SZ, Switzerland/CH
19.03.2002 Bachtobelstrasse
3, 8810 Horgen/ZH, Switzerland/CH
Management
Title Name
General
Manager Luis
Antuna Calle, Origin: Spain, Address: 8800 Thalwil/ZH, Switzerland, single
signature, Appointment: 23.02.2010
General
Manager Luciano
Poli, Origin: Faido, Switzerland, Address: 8832 Wollerau/SZ, Switzerland,
single signature, Appointment: 07.09.2010
Chairman
of the management Geoffery Merszei,
Origin: Canada, Address: 8805 Richterswil/ZH, Switzerland, single signature,
Appointment: 25.01.2010
Member
with signing authority Juan Antonio
Merino Garcia, Origin: Spain, Address: 8810 Horgen/ZH, Switzerland, single
signature, Limited to the headquarters, Appointment: 28.02.2011
Member
with signing authority Adriaan
Tolboom, Origin: Netherlands, Address: 8810 Horgen/ZH, Switzerland, single
signature, Limited to the headquarters, Appointment: 07.04.2011
Member
with signing authority Mauro Gregorio
Gervilla, Origin: Spain, Address: 8810 Horgen/ZH, Switzerland, single
signature, Limited to the headquarters, Appointment: 19.11.2009
Member
with signing authority Judith
Tipping, Origin: Netherlands, Address: 5200 Brugg/AG, Switzerland, single
signature
Executive board
Title Name
Chief
Executive Officer Geoffery
Merszei
Financial Data Dow Chemical 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
Balance Sheet
Intangible fixed
assets 18'497.0 19'080.0 4'223.0
Tangible fixed
assets 17'668.0 18'141.0 14'294.0
Financial fixed
assets 6'383.0 5'995.0 5'725.0
other fixed assets 3'259.0 3'161.0 5'172.0
Fixed assets 45'807.0 46'377.0 29'414.0
Stocks 7'087.0 6'847.0 6'036.0
Trade accounts
receivable 4'616.0 5'656.0 3'782.0
Liquid assets 7'039.0 2'846.0 2'800.0
other trade
accounts 5'039.0 4'211.0 3'442.0
other current
assets 12'078.0 7'057.0 6'242.0
Current assets 23'781.0 19'560.0 16'060.0
Total assets 69'588.0 65'937.0 45'474.0 48'801.0 45'581.0
Capital 9'217.0 8'819.0 3'325.0
Other shareholders
funds 12'622.0 11'736.0 10'186.0
Total shareholders
equity 21'839.0 20'555.0 13'511.0 19'389.0 17'065.0
Minority interests 803.0 569.0 69.0
long term debt
(financial debts) 20'605.0 19'152.0 8'042.0
Other non current
liabilities 12'445.0 12'555.0 10'744.0
Non current
liabilities 33'050.0 31'707.0 18'786.0
short term debt
(financial debts) 1'755.0 1'082.0 1'454.0
Trade accounts
payable 4'356.0 4'153.0 3'306.0
other accounts
payable 7'785.0 7'871.0 8'348.0
other current
liabilities 7'785.0 7'871.0 8'348.0
Current
liabilities 13'896.0 13'106.0 13'108.0
Shareh. equity,
min. interests + liabilities 69'588.0 65'937.0 45'474.0
Profit and loss
account
Sales 53'674.0 44'875.0 57'361.0
Net sales 53'674.0 44'875.0 57'361.0
Other operating
revenue 891.0 143.0
Operating revenue 53'674.0 45'766.0 57'504.0 53'513.0 49'124.0
Cost of goods sold 45'780.0 39'148.0 51'913.0
Gross profit 7'894.0 6'618.0 5'591.0
Other operating
expenses 4'947.0 5'247.0 4'539.0
Operating result 2'947.0 1'371.0 1'052.0
Interest revenues 37.0 39.0 86.0
other financial
revenues 1'291.0 630.0 787.0
Financial income 1'328.0 669.0 873.0
Interest expenses 1'473.0 1'571.0 648.0
Financial expenses 1'473.0 1'571.0 648.0
Financial result -145.0 -902.0 225.0
Result before
extraordinary items 2'802.0 469.0 1'277.0
Extraordinary
income 110.0 28.0
Extraordinary
expenses 340.0
Extraordinary
Result -340.0 110.0 28.0
Result before
taxes 2'462.0 579.0 1'305.0
Taxes 481.0 -97.0 651.0
Result before
minority interests 1'981.0 676.0 654.0 2'887.0 3'724.0
minority interests 11.0 28.0 75.0
Result for the
financial year 1'970.0 648.0 579.0
Cash flow
Depreciation 2'962.0 2'827.0 2'236.0 1'959.0 1'904.0
Cash flow 4'943.0 3'503.0 2'890.0
Cash flow from
operating activities 4'102.0 2'075.0 4'711.0
Investments in
tangible fixed assets 45.0 1'410.0 2'276.0 2'075.0 1'775.0
Cash flow from
investing activities 135.0 -14'767.0 -2'737.0
Cash flow from
financing activities -178.0 12'659.0 -978.0
Others 134.0 79.0 68.0
Change in
liquidity 4'193.0 46.0 1'064.0
Liquidity at
beginning of the year 2'846.0 2'800.0 1'736.0
Liquidity at end
ot the year 7'039.0 2'846.0 2'800.0
Notes
Cost of employees 5'534.0 5'060.0
Research and
Development 1'660.0 1'492.0 1'310.0
Added value 6'897.0 4'977.0 4'189.0
Working Capital 7'347.0 8'350.0 6'512.0
Sales per Employee 1.1 0.9 1.2
Gross cost land
and buildings 10'062.0 9'108.0 7'692.0
Gross cost other
tangible fixed assets 41'586.0 44'459.0 40'699.0
Gross cost total 51'648.0 53'567.0 48'391.0
Employees at year end 49'505 52'195 46'102 45'856 42'578
Ultimate Parent Company
Name: The Dow Chemical
Company
City/Country: Midland, United States of
America/US
Owner/-s
No.
of Owner/-s: 1
Owner: The company is foreign
owned.
Class: 100%
Name: Dow Europe Holding
B.V.
City/Country: Hoek, Netherlands/NL
Capital
share: CHF 1'300'000.--
Interest: 100.00% voting right,
100.00% capital interest (since 2001)
Investments
Class: 100%
Name: Dow Chemical IMEA GmbH
City/Country: Horgen, Switzerland/CH
Interest: 100.00% voting right,
100.00% capital interest (since 19.12.2001)
Class: 50-99%
Name: Dolpa S.a.r.l.
City/Country: Luxembourg/LU
Interest: 0.00% capital interest
Class: 50-99%
Name: Dow Contract Services
FZE
City/Country: Dubai, Saudi Arabia/SA
Interest: 0.00% capital interest
Class: 50-99%
Name: Dow-GACL SolVenture
Limited
City/Country: India/IN
Interest: 0.00% capital interest
Class: 20-29%
Name: Dow Egypt Services
Limited
City/Country: Cairo, Egypt/EG
Interest: 25.00% voting right,
25.00% capital interest
Class: 10-19%
Name: Dow Mideast Systems
S.A.E. (JSC)
City/Country: Egypt/EG
Interest: 0.02% voting right,
0.02% capital interest
Remarks
Debt collection case:
AUG 2009: CHF 1'492.00, paid.
DEZ 2008: CHF 61'424.00, paid.
According to the Swiss Company Law Dow Europe GmbH is not obliged to
publish its financial statements.
Legal Actions
Control date Year No. Amount CHF Status
12.11.2010 2010 1 555.-- Opposition
filed
12.11.2010 2010 1 663.-- Threat of bankruptcy-liquidation
12.11.2010 2009 1 5'380.-- Legal
actions
12.11.2010 2009 1 1'000'000.-- Opposition filed
12.11.2010 2009 2 9'768.-- Threat
of bankruptcy-liquidation
12.11.2010 2008 3 1'506.-- Paid
legal actions
12.11.2010 2008 1 1'000'000.-- Opposition filed
12.11.2010 2007 7 11'471.-- Legal
actions
12.11.2010 2007 5 Paid legal actions
12.11.2010 2006 3 Legal actions
12.11.2010 2006 1 Paid legal actions
12.11.2010 2006 1 19'754.-- Opposition
filed
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
Statements: The company does not
disclose any financial statements. Third parties are not permitted any insight into
the financial affairs. It is therefore difficult to make a proper assessment of
the actual situation.
Financial
Situation: The financial situation
is considered to be good.
Payment
experiences: The financial obligations
are met with slowly.
Maximum
Credit: CHF 1'500'000
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.10 |
|
UK Pound |
1 |
Rs.74.64 |
|
Euro |
1 |
Rs.64.42 |
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 |
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.