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Report Date : |
21.12.2012 |
IDENTIFICATION DETAILS
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Name : |
CHEMCO CHEMICAL
TRADE AND SERVICE LTD |
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Registered Office : |
Kén u. 8 1097, Budapest |
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Country : |
Hungary |
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Financials (as on) : |
2011 |
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Date of Incorporation : |
17.10.2002 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale of chemical products |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Hungary |
B1 |
B1 |
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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 |
HUNGARY - ECONOMIC OVERVIEW
Hungary has made the transition from a centrally planned to
a market economy, with a per capita income nearly two-thirds that of the EU-25
average. The private sector accounts for more than 80% of GDP. Foreign
ownership of and investment in Hungarian firms are widespread, with cumulative
foreign direct investment worth more than $70 billion. In late 2008, Hungary's
impending inability to service its short-term debt - brought on by the global
financial crisis - led Budapest to obtain an IMF/EU/World Bank-arranged
financial assistance package worth over $25 billion. The global economic
downturn, declining exports, and low domestic consumption and fixed asset accumulation,
dampened by government austerity measures, resulted in an economic contraction
of 6.8% in 2009. In 2010 the new government implemented a number of changes
including cutting business and personal income taxes, but imposed "crisis
taxes" on financial institutions, energy and telecom companies, and
retailers. The IMF/EU bail-out program lapsed at the end of the year and was
replaced by Post Program Monitoring and Article IV Consultations on overall
economic and fiscal processes. The economy began to recover in 2010 with a big
boost from exports, especially to Germany, and achieved growth of approximately
1.4% in 2011. At the end of 2011 the government turned to the IMF and the EU to
obtain a new loan for foreign currency debt and bond obligations in 2012 and
beyond. Whether negotiations result in a loan depend on Hungary meeting EU and
IMF requirements for ensuring the independence of monetary, judicial, and data
privacy institutions. The EU also launched an Excessive Deficit Procedure and
requested that the government outline measures to sustainably reduce the budget
deficit to under 3% of GDP. Unemployment remained high, at nearly 11% in 2011.
Ongoing economic weakness in Western Europe is likely to further constrain
growth in 2012.
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Source : CIA |
CHEMKO VEGYIPARI
KERESKEDELMI ÉS SZOLGÁLTATÓ KORLÁTOLT FELELŐSÉSGŰ TÁRSASÁG
International Name: CHEMCO CHEMICAL TRADE AND SERVICE LTD
Aliases: CHEMKO Kft.
Principal Address:
Kén u. 8
1097 Budapest
Hungary
Telephone: +36-30-5207776, +36-30-4006828
Fax: +36-1-4566009
Email: info@chemko.hu
Web: www.chemko.hu
Former company
addresses
Former Principal Address:
Kalocsai u. 11
1141 Budapest
02.12.2002 - 21.11.2006
Hungary
ICON number: 45674510
National ID: 12920383
International VAT number: HU12920383
VAT number: 12920383-2-43
Registration status:
02.12.2002 - registered company
Activity status: 17.10.2002 - active company
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Date of Last Research: |
18.12.2012 |
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Insolvency Information: |
According to available information sources the company is
not in a insolvency/preliminary/debt regulation proceeding. |
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Payment Practices: |
According to our experiences payments are made regularly. |
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Further Rating Information: |
Researched company is categorized as a small company. |
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Debt Collection: |
There is no record of any debt collection action by Coface
Hungary Credit Management Services Kft. against this company exceeding a
single case volume of EUR 500. |
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Established: |
17.10.2002 |
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Registration: |
No. 0109710044 |
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Legal Form: |
02.12.2002 |
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Capital: |
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Shareholders: |
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Management: |
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Former Management: |
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Person functions in other companies: |
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Subject of Operation: |
NACE |
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Key Data:
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Workforce: |
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Imports: |
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Financials:
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Amounts shown in Hungarian Forint (HUF) Thousand |
2011 |
2010 |
2009 |
2008 |
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FIXED ASSETS |
3.385,00 |
1.847,00 |
3.016,00 |
4.104,00 |
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Intangible assets |
0,00 |
10,00 |
23,00 |
35,00 |
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Tangible assets |
3.385,00 |
1.837,00 |
2.993,00 |
4.069,00 |
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Financial investments |
0,00 |
0,00 |
0,00 |
0,00 |
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CURRENT ASSETS |
86.250,00 |
94.568,00 |
83.372,00 |
64.566,00 |
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Inventories |
56.342,00 |
57.381,00 |
51.019,00 |
45.672,00 |
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Receivables |
24.288,00 |
35.814,00 |
29.679,00 |
16.224,00 |
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Securities |
0,00 |
0,00 |
0,00 |
0,00 |
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Cash and cash equivalents |
5.620,00 |
1.373,00 |
2.674,00 |
2.670,00 |
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PREPAYMENTS |
27,00 |
123,00 |
13,00 |
0,00 |
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TOTAL ASSETS |
89.662,00 |
96.538,00 |
86.401,00 |
68.670,00 |
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OWNER'S EQUITY |
53.566,00 |
48.299,00 |
46.712,00 |
48.821,00 |
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Subscribed capital |
3.000,00 |
3.000,00 |
3.000,00 |
3.000,00 |
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Subscribed capital unpaid |
0,00 |
0,00 |
0,00 |
0,00 |
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Capital reserve |
0,00 |
0,00 |
0,00 |
0,00 |
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Accumulated profit reserve |
45.299,00 |
43.712,00 |
43.712,00 |
38.380,00 |
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Tied-up reserve |
0,00 |
0,00 |
0,00 |
0,00 |
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Revaluation reserve |
0,00 |
0,00 |
0,00 |
0,00 |
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Profit/Loss per balance sheet |
5.267,00 |
1.587,00 |
0,00 |
7.441,00 |
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PROVISIONS |
0,00 |
0,00 |
0,00 |
0,00 |
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LIABILITIES |
36.061,00 |
47.985,00 |
39.555,00 |
17.879,00 |
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Subordinate liabilities |
0,00 |
0,00 |
0,00 |
0,00 |
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Long term liabilities |
0,00 |
0,00 |
0,00 |
0,00 |
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Short term liabilities |
36.061,00 |
47.985,00 |
39.555,00 |
17.879,00 |
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ACCRUALS |
35,00 |
254,00 |
134,00 |
1.970,00 |
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TOTAL LIABILITIES |
89.662,00 |
96.538,00 |
86.401,00 |
68.670,00 |
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Net sales revenue |
222.222,00 |
224.444,00 |
156.245,00 |
145.071,00 |
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Value of capitalised own performance |
0,00 |
0,00 |
0,00 |
0,00 |
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Other income |
4.051,00 |
8.474,00 |
158,00 |
38,00 |
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Material type expenses |
197.714,00 |
211.263,00 |
142.515,00 |
123.911,00 |
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Personnel type expenses |
8.313,00 |
7.836,00 |
7.369,00 |
6.977,00 |
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Depreciation and amortization |
1.172,00 |
1.308,00 |
2.402,00 |
2.152,00 |
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Other expenses |
3.608,00 |
3.982,00 |
1.349,00 |
3.675,00 |
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OPERATING ( TRADING ) RESULT |
15.466,00 |
8.529,00 |
2.768,00 |
8.394,00 |
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Financial income |
7.102,00 |
2.353,00 |
1.772,00 |
2.535,00 |
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Expenses on financial transactions (financial expenditures) |
10.048,00 |
4.016,00 |
1.400,00 |
1.753,00 |
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RESULT OF FINANCIAL ACTIVITIES |
-2.946,00 |
-1.663,00 |
372,00 |
782,00 |
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ORDINARY PROFIT |
12.520,00 |
6.866,00 |
3.140,00 |
9.176,00 |
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Extraordinary income |
0,00 |
0,00 |
0,00 |
0,00 |
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Extraordinary expense |
0,00 |
0,00 |
0,00 |
0,00 |
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EXTRAORDINARY PROFIT |
0,00 |
0,00 |
0,00 |
0,00 |
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PROFIT BEFORE TAX |
12.520,00 |
6.866,00 |
3.140,00 |
9.176,00 |
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Tax charge |
1.253,00 |
993,00 |
449,00 |
1.735,00 |
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PROFIT AFTER TAX |
11.267,00 |
5.873,00 |
2.691,00 |
7.441,00 |
Net sales revenue (expected) in 2011: HUF 230.000 thousand
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Approximate Exchange Rates: |
2011: 311,13 HUF = 1 EUR |
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Financial data source: |
2011:
Financials obtained from an official source |
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Bankers: |
UniCredit
Bank Hungary Zártkörűen Működő Részvénytársaság - Account no.
10918001-00000055-07750005 |
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Ratios:
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Contact With Company: |
The company was contacted, but as of this writing no
answer has been received. If company responds, an updated report will be sent
to you promptly. |
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Additional information: |
Hungarian NSB keycode: 12920383-4675-113-01 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.84 |
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UK Pound |
1 |
Rs.89.11 |
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Euro |
1 |
Rs.72.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.