|
Report Date : |
17.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
GLENCORE AG |
|
|
|
|
Registered Office : |
Baarermattstrasse 3 6340 Baar/ZG |
|
|
|
|
Country : |
Switzerland |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
13.07.1978 |
|
|
|
|
Reg. No.: |
170.3.008.550-5 / 341239 |
|
|
|
|
Legal Form : |
Company limited by shares |
|
|
|
|
Line of Business : |
Trade brokers |
|
|
|
|
No. of Employees : |
400 |
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 |
|
Status : |
Satisfactory |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Switzerland |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Switzerland - ECONOMIC OVERVIEW
Switzerland is a peaceful, prosperous, and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Switzerland's economy benefits from a highly developed service sector, led by financial services, and a manufacturing industry that specializes in high-technology, knowledge-based production. Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates also make Switzerland one of the world's most competitive economies. The Swiss have brought their economic practices largely into conformity with the EU's, to enhance their international competitiveness, but some trade protectionism remains, particularly for its small agricultural sector. The fate of the Swiss economy is tightly linked to that of its neighbors in the euro zone, which purchases half of all Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled export demand and put Switzerland in a recession. The Swiss National Bank (SNB) during this period effectively implemented a zero-interest rate policy to boost the economy as well as prevent appreciation of the franc, and Switzerland's economy recovered in 2010 with 2.7% growth. The sovereign debt crises currently unfolding in neighboring euro-zone countries pose a significant risk to Switzerland's financial stability and are driving up demand for the Swiss franc by investors seeking a safehaven currency. The independent SNB has upheld its zero-interest rate policy and conducted major market interventions to prevent further appreciation of the Swiss franc, but parliamentarians have urged it to do more to weaken the currency. The franc's strength has made Swiss exports less competitive and weakened the country's growth outlook; GDP growth fell to 2.1% in 2011. Switzerland has also come under increasing pressure from individual neighboring countries, the EU, the US, and international institutions to reform its banking secrecy laws. Consequently, the government agreed to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The government has renegotiated its double taxation agreements with numerous countries, including the US, to incorporate the OECD standard, and in 2011 it reached deals with Germany and the UK to resolve outstanding issues, particularly the possibility of imposing taxes on bank deposits held by foreigners. These steps will have a lasting impact on Switzerland's long history of bank secrecy.
|
Source : CIA |
GLENCORE AG
Baarermattstrasse 3
6340 Baar/ZG
Switzerland/CH
Telephone: 041 7092000
Fax: 041 7093000
Web site: http://www.glencore.com
E-mail: info@glencore.com
WIN No.: CH0000067247
VAT-No.: CHE103101282
Established: 1978
Line of Business: Trade
brokers
Industry Division: Wholesale
trade
Industry-code (NACE): 4612 Agents involved in the sale of fuels, ores,
metals and industrial chemicals
Import/Export: Agency
Banks: unknown
Coverage: Company
Figures: estimated
Employees: 400
Sales: CHF
400-600 Mio
Glencore is one of the world's leading integrated producers and
marketers of commodities and has worldwide activities in the production,
sourcing, processing, refining, transporting, storage, financing and supply of
metals and minerals, energy products and agricultural products.
Information on property ownership was not available.
Company No: 170.3.008.550-5
/ 341239
Legal form: Company
limited by shares
Registration: 13.07.1978
Legal status: active
Responsible Register: Handelsregister
des Kantons Zug
History: Date
of Statutes: 20.02.1995
Date
of Statutes: 16.12.2009
Date
of Statutes: 29.01.2009
Date
of Statutes: 06.08.2008
Date
of Statutes: 25.08.2000
Date
of Statutes: 10.02.2000
Date
of Statutes: 09.01.1996
Entry Deleted Name
active Glencore
AG
active Glencore
Ltd (Name translated)
active Glencore
SA (Name translated)
Entry Deleted Legal domicile
15.01.1996 Baar,
Switzerland
Entry Deleted Address
15.01.1996 Baarermattstrasse
3, 6340 Baar/ZG, Switzerland/CH
Entry Deleted Capital
29.08.2000 Share
Capital CHF 2'151'500, paidup CHF 2'151'500
Entry Deleted Capital Structure
29.08.2000 21'515
Registered shares of CHF 100.--
Entry Deleted Activity (original Language)
22.12.2009 Handel mit
Rohstoffen aller Art und andern Gütern sowie Zucker und Getreidesorten für
eigene und fremde Rechnung im In- und Ausland; vollständige Zweckumschreibung
gemäss Statuten.
22.12.2009 Handel mit Rohstoffen aller Art und
andern Gütern sowie Zucker und Getreidesorten für eigene und fremde Rechnung;
kann damit zusammenhängende Dienstleistungen erbringen oder vermitteln,
Finanzierungen durchführen, Tochtergesellschaften errichten, sich an anderen
Unternehmen beteiligen oder sich mit diesen zusammenschliessen, solche direkt
oder indirekt finanzieren sowie Grundstücke erwerben, halten, belasten und
veräussern.
Entry Deleted Remarks (original Language)
active Publishing
authority: SHAB.
07.08.2008 Reports: Alle
Mitteilungen der Gesellschaft an die Aktionäre erfolgen rechtsgültig durch
eingeschriebenen Brief an die letztgemeldete Adresse der Aktionäre.
29.08.2000 Shares:
Umwandlung von 11'515 Namenpartizipationsscheinen zu CHF 100.00 in 11'515
Namenaktien zu CHF 100.00
Title Name
President Ivan Glasenberg, Origin:
Australia, Residential address: Rüschlikon, Switzerland, joint signature of
two, Registered since: 21.05.2002
Director Andreas Peter Hubmann, Origin:
Bichelsee-Balterswil, Switzerland, Residential address: Zug/ZG,
Switzerland, joint
signature of two, Registered since: 27.01.2004
Director Steven Frank Kalmin, Origin: Australia,
Residential address: 8832 Wollerau/SZ, Switzerland, joint
signature of two,
Registered since: 27.01.2004
Director Aristotelis Mistakidis, Origin: United Kingdom,
Residential address: 6318 Walchwil/ZG, Switzerland,
joint signature of
two, Registered since: 13.08.2002
Title Name
Member with
signing authority Barbara Anna Bodmer,
Origin: Zürich, Wetzikon ZH, Switzerland, Residential address: 8800 Thalwil/ZH,
Switzerland, joint signature of two, Registered since: 30.12.2009
Member with
signing authority Andrew Jay Caplan,
Origin: United States of America, Residential address: Horgen, Switzerland,
joint signature of two, Registered since: 30.03.2012
Member with
signing authority Stuart Anthony
Cutler, Origin: South Africa, Residential address: Baar/ZG, Switzerland, joint
signature of two, Registered since: 20.02.2006
Member with
signing authority Eric Kenneth
Diedrichsen, Origin: Canada, Residential address: Unterägeri, Switzerland,
joint signature of two, Registered since: 30.03.2012
Member with
signing authority Gary Fegel, Origin:
Zürich, Switzerland, Residential address: 8802 Kilchberg /ZH, Switzerland,
joint signature of two, Registered since: 08.03.2006
Member with
signing authority Robert Aaron Franco,
Origin: Italy, Residential address: Zug, Switzerland, joint signature of two,
Registered since: 30.03.2012
Member with
signing authority Martin William
Häring, Origin: Neuhausen am Rheinfall, Switzerland, Residential address:
Wollerau, Switzerland, joint signature of two, Registered since: 23.04.2012
Member with
signing authority Alicia Rosemary Hunt,
Origin: South Africa, Residential address: Feusisberg, Switzerland, joint
signature of two, Registered since: 30.03.2012
Member with
signing authority Kenneth Raymond Ives,
Origin: United Kingdom, Residential address: Zug, Switzerland, joint signature
of two, Registered since: 30.03.2012
Member with
signing authority Matthew Clark Lucke,
Origin: United States of America, Residential address: Zürich, Switzerland,
joint signature of two, Registered since: 30.03.2012
Member with
signing authority Richard James
Marshall, Origin: United Kingdom, Residential address: 6318 Walchwil/ZG,
Switzerland, joint signature of two, Registered since: 30.12.2009
Member with signing authority Daniel
Maté, Origin: Spain, Residential address: 8832 Wollerau/SZ, Switzerland, joint
signature of two, Registered since: 18.02.2008
Member with
signing authority Wendelin Müller,
Origin: Wängi, Uesslingen-Buch, Switzerland, Residential address: Baar,
Switzerland, joint signature of two, Registered since: 08.08.2011
Member with
signing authority Stefan H. Peter,
Origin: Zell ZH, Switzerland, Residential address: Cham/ZG, Switzerland, joint
signature of two, Registered since: 20.02.2006
Member with
signing authority Gerda Constanze
Schwindt, Origin: Arbon, Switzerland, Residential address: 4800 Zofingen/AG,
Switzerland, joint signature of two, Registered since: 14.02.2011
Member with
signing authority Christian
Wolfensberger, Origin: Zürich, Wetzikon ZH, Switzerland, Residential address:
Zug/ZG, Switzerland, joint signature of two, Registered since: 20.02.2006
Title Name
Auditor Deloitte AG, Residential
address: Zürich, Switzerland, Registered since: 21.11.1995
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007
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
Intangible fixed
assets 210.0
Land and buildings 1'198.0 1'042.0 831.0
Other tangible
fixed assets 13'441.0 11'046.0 6'014.0
Tangible fixed
assets 14'639.0 12'088.0 6'845.0
Financial fixed
assets 24'546.0 23'034.0 20'618.0
other fixed assets 1'039.0 369.0 88.0
Fixed assets 40'434.0 35'491.0 27'551.0
Stocks 17'129.0 17'393.0 15'073.0
Trade accounts
receivable 21'895.0 18'994.0 15'243.0
Liquid assets 1'305.0 1'463.0 860.0
Securities 40.0 6'048.0 6'200.0
other trade
accounts 5'065.0 398.0 1'349.0
Accruals 297.0
Other current
assets 6'707.0 7'909.0 8'409.0
Current assets 45'731.0 44'296.0 38'725.0
Total assets 86'165.0 79'787.0 66'276.0 61'300.0 60'000.0
Capital 69.0 46.0 46.0
Other shareholders
funds 29'196.0 19'567.0 16'640.0
Total shareholders
equity 29'265.0 19'613.0 16'686.0 15'405.0 15'671.0
Minority interests 3'070.0 2'894.0 1'258.0
long term debt
(financial debts) 19'844.0 18'251.0 16'403.0
Provisions 953.0 719.0 722.0
Other non current
liabilities 1'557.0 1'472.0 626.0
Non current
liabilities 22'354.0 20'442.0 17'751.0
short term debt
(financial debts) 12'989.0 19'947.0 15'829.0
Trade accounts
payable 18'160.0 16'145.0 11'482.0
Provisions 98.0
other accounts
payable 229.0 746.0 3'270.0
other current
liabilities 327.0 746.0 3'270.0
Current
liabilities 31'476.0 36'838.0 30'581.0
Shareh. equity,
min. interests + liabilities 86'165.0 79'787.0 66'276.0
Profit and loss account
Net sales 186'152.0 144'978.0 106'364.0
Operating revenue 186'152.0 144'978.0 106'364.0 152'236.0 142'343.0
Cost of goods sold 181'938.0 140'467.0 103'133.0
Gross profit 4'214.0 4'511.0 3'231.0
Other operating
expenses 1'368.0 1'063.0 839.0
Operating result 2'846.0 3'448.0 2'392.0 5'343.0 7'703.0
Interest revenues 339.0 281.0 267.0
other financial
revenues 2'005.0 1'842.0 162.0
Financial income 2'344.0 2'123.0 429.0
Interest expenses 1'186.0 1'217.0 854.0
other financial
expenses 0.0 14.0
Financial expenses 1'186.0 1'231.0 854.0
Financial result 1'158.0 892.0 -425.0
Result before
extraordinary items 4'004.0 4'340.0 1'967.0
Extraordinary
expenses 2'460.0 650.0
Extraordinary
Result 0.0 -2'460.0 -650.0
Result before
taxes 4'004.0 1'880.0 1'317.0
Taxes -264.0 234.0 238.0
Result before
minority interests 4'268.0 1'646.0 1'079.0 4'754.0 5'190.0
minority interests 220.0 355.0 96.0
Result for the
financial year 4'048.0 1'291.0 983.0
Cash flow
Depreciation 1'066.0 1'026.0 622.0
Cash flow 5'334.0 2'672.0 1'701.0
Cash flow from
operating activities -343.0 111.0 -3'010.0
Investments in
tangible fixed assets 2'606.0 1'657.0 1'088.0
Cash flow from
investing activities -3'690.0 -4'755.0 -1'164.0
Cash flow from
financing activities 3'875.0 5'247.0 4'208.0
Change in
liquidity -158.0 603.0 34.0
Liquidity at
beginning of the year 1'463.0 860.0 826.0
Liquidity at end
ot the year 1'305.0 1'463.0 860.0
Notes
Cost of employees 1'723.0 1'677.0 1'281.0
Added value 7'979.0 5'800.0 4'074.0
Working Capital 20'864.0 20'242.0 18'834.0
Sales per Employee 3.2 2.5 1.9
Gross cost land
and buildings 1'521.0 1'281.0 1'066.0
Gross cost other
tangible fixed assets 17'337.0 14'213.0 8'202.0
Gross cost total 18'858.0 15'494.0 9'268.0
Employees at year end 58'000 57'500 55'000 52'000 52'000
Employees inland 500 500 450 400 400
Employees abroad 57'500 57'000 54'550 51'600 51'600
Name: Glencore
International AG
City/Country: Baar/ZG,
Switzerland/CH
No. of Owner/-s: 1
Owner: The
company is domestic owned.
Class: 100%
Name: Glencore
International AG
City/Country: Baar/ZG,
Switzerland/CH
Interest: 100.00%
voting right, 100.00% capital interest (since 1978)
Name: Carbones
de La Jagua
City/Country: La
Jagua, Colombia/CO
Name: CHEMOIL
ENERGY LIMITED
City/Country: Causeway
Bay, Hong Kong/HK
Name: Finges
Investment B.V.
City/Country: Rotterdam,
Netherlands/NL
Name: Glencobar
AG
City/Country: Baar/ZG,
Switzerland/CH
Name: Glencore
(Asia) AG
City/Country: Baar/ZG,
Switzerland/CH
Name: Glencore
(Europe) AG
City/Country: Baar/ZG,
Switzerland/CH
Name: Glencore
(Far East) AG
City/Country: Baar/ZG,
Switzerland/CH
Name: Glencore
Finance AG
City/Country: Baar/ZG,
Switzerland/CH
Name: Glencore
Financial Services AG
City/Country: Baar/ZG,
Switzerland/CH
Name: Glencore
Gastroservice AG
City/Country: Baar/ZG,
Switzerland/CH
Name: Glencore
Grain Trading NV
City/Country: Curaçao,
Netherlands Antilles/AN
Name: Glencore
Grain UK Ltd
City/Country: Thame/Oxfordshire,
United Kingdom/GB
Name: Glencore
Group Funding Limited
City/Country: -,
United Arab Emirates/AE
Name: Glencore
Investment AG
City/Country: Baar/ZG,
Switzerland/CH
Name: Glencore
Minera AG
City/Country: Baar/ZG,
Switzerland/CH
Name: Glencore
Mining AG
City/Country: Baar/ZG,
Switzerland/CH
Name: Glencore
NV
City/Country: Curaçao,
Netherlands Antilles/AN
Name: Glencore
Oil Projects AG
City/Country: Baar/ZG,
Switzerland/CH
Name: Glencore
Proline AG
City/Country: Baar/ZG,
Switzerland/CH
Name: Glencore
Singapore Pte Ltd
City/Country: Singapore,
Singapore/SG
Name: Glencore
Trading AG
City/Country: Baar/ZG,
Switzerland/CH
Name: Katanga
Mining Limited
City/Country: Katanga,
Congo/CG
Name: Kazzinc
JSC
City/Country: Ust-Kamenogorsk,
Kazakhstan/KZ
Name: Minara
Resources Limited
City/Country: Perth/Western
Australia, Australia/AU
Name: Moinho
Agua Branca SA
City/Country: -,
Brazil/BR
Name: Murrin
Murrin Group
City/Country: -,
Australia/AU
Name: Oleaginosa
Moreno Hermanos SACIFIA
City/Country: Bahia
Blanca/Buenos Aires, Argentina/AR
Name: Oleaginosa
Oeste SA
City/Country: Capital
Federal, Argentina/AR
Name: Pacorini
Group
City/Country: -,
Italy/IT
Name: Philippine
Associated Smelting and Refining Corporaton
City/Country: Makati
City, Philippines/PH
Name: Portovesme
Srl
City/Country: Roma,
Italy/IT
Name: Poysa
Investments SA
City/Country: Buenos
Aires, Argentina/AR
Name: Shanduka
Coal (Pty) Ltd
City/Country: -,
South Africa/ZA
Name: ST
Shipping & Transport Pte Ltd
City/Country: Singapur,
Singapore/SG
Name: Topley
Corporation
City/Country: Road
Town, British Virgin Islands/VG
Class: 100%
Name: Allied Alumina
Inc
City/Country: Stamford, United
States of America/US
Interest: 100.00% voting
right, 100.00% capital interest
Class: 100%
Name: Glencore
Funding LLC
City/Country: Wilmington/Delaware,
United States of America/US
Interest: 100.00% voting
right, 100.00% capital interest
Class: 40-49%
Name: Century
Aluminum Company
City/Country: Monterey/California,
United States of America/US
Interest: 44.00% voting
right, 44.00% capital interest
Control date Year No. Amount
CHF Status
19.05.2009 2009 0
19.05.2009 2008 0
19.05.2009 2007 0
19.05.2009 2006 0
19.05.2009 2005 0
19.05.2009 2004 0
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.
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: Financial
obligations are met as appropriate.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
|
1 |
Rs.87.78 |
|
Euro |
1 |
Rs.71.29 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.