MIRA INFORM REPORT

 

 

Report Date :           

29.02.2012

 

IDENTIFICATION DETAILS

 

Name :

AMINO CHEMICALS LIMITED

 

 

Registered Office :

A61, Industrial Estate, Mrs 3000 Marsa

 

 

Country :

Malta

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

13.02.1992

 

 

Com. Reg. No.:

C 13583 Mfsa, Triq Notabile, Birkirkara

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture of other chemical products

 

 

No. of Employees :

35

 

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 :

EUR 1,135,000.00

Status :

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)

Malta

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

company Name & Address

 

NAME INQUIRED UNDER:

Amino Chemicals Ltd

 

Correct Registered Name:

AMINO CHEMICALS LIMITED

 

Other Trading name:

None

 

Address:

A61, INDUSTRIAL ESTATE
MRS 3000 MARSA MALTA

 

Telephone:

+356-356-21249223

 

Fax:

+356-356-21249226

 

Email:

antonio.sommei@aminochemicals.com

 

Web:

www.dipharma.it

 

Business address:

A61, INDUSTRIAL ESTATE
MRS 3000 MARSA MALTA

 

 

 

 

Summary of Ratings

 

Maximum Credit:

EUR 1,135,000.00

 

 

 

 

Payment

 

PAYMENT HABITS:

No Complaints

 

Comment:

A check against all available information sources revealed that no late payment incidents against Subject Company exist.

 

 

Commercial Morality:

Good

 

Financial Strength:

Good

 

 

 

Legal Status

 

Legal Form:

Private Limited Liability Company

Private Limited Liability A private limited liability company is one that, in its constitutive document, restricts the rights to transfer shares, limits the number of its members to fifty and prohibits any invitation to the public to subscribe for any shares or debentures of the company.

 

Registration number and city:

C 13583 MFSA, TRIQ NOTABILE, BIRKIRKARA

 

Registration date:

13.02.1992

 

Present Style Adopted on:

13.02.1992

 

Former registration data:

No. C 13583 
13.02.1992 
VALLETTA, MALTA

 

 

National ID: C 13583 
VAT number: MT11154213

 

 

 

Company Status

 

Registration status: 13.02.1992 - registered company
Activity status: 1992 - Company is active

 

 

 

Principals

 

Shareholders

 

 

Full Name

Personal ID

Function

Nationality

Equity

Address

DIPHARMA FRANCIS S.R.L.

 

Shareholder

 

99.99%
599,999 Ordinary

 

Osiris trust Ltd
Registration: No. C 36502, Valletta, MALTA

 

Shareholder

 

0.01%
1 Ordinary

4, V. Dimech street
Floriana MALTA

 

Management

 

 

Full Name

Personal ID

Age

Function

Nationality

Qualification

Experience

Address

ROBERTO BONA

879002U

 

Director

ITALY

Not Disclosed.

Not Disclosed.

45, VIALE EUROPA
GRASSOBBIO, (BG) ITALY

ROBERTO BONA

879002U

 

Legal representative

ITALY

Not Disclosed.

Not Disclosed.

45, VIALE EUROPA
GRASSOBBIO, (BG) ITALY

ROBERTO BONA

879002U

 

Judicial Representative

ITALY

Not Disclosed.

Not Disclosed.

45, VIALE EUROPA
GRASSOBBIO, (BG) ITALY

Mr. Pietro ALLEGRINI

Y503682

 

Director

ITALY

Not Disclosed.

Not Disclosed.

Via Gorizia 1, 20097 San Donato Milanese
MILAN ITALY

Mr. Pietro ALLEGRINI

Y503682

 

Legal representative

ITALY

Not Disclosed.

Not Disclosed.

Via Gorizia 1, 20097 San Donato Milanese
MILAN ITALY

Mr. Pietro ALLEGRINI

Y503682

 

Judicial Representative

ITALY

Not Disclosed.

Not Disclosed.

Via Gorizia 1, 20097 San Donato Milanese
MILAN ITALY

KENNETH GRIFFIN

704987044

 

Director

UNITED KINGDOM

Not disclosed

Not disclosed

V TOTI 14
20011 CORBETTA ITALY

KENNETH GRIFFIN

704987044

 

Legal representative

UNITED KINGDOM

Not disclosed

Not disclosed

V TOTI 14
20011 CORBETTA ITALY

KENNETH GRIFFIN

704987044

 

Judicial Representative

UNITED KINGDOM

Not disclosed

Not disclosed

V TOTI 14
20011 CORBETTA ITALY

KENNETH GRIFFIN

704987044

 

Company’s Official Secretary

UNITED KINGDOM

Not disclosed

Not disclosed

V TOTI 14
20011 CORBETTA ITALY

ANTONIO SOMMEI

183585X

 

Director

ITALY

Not disclosed

Not disclosed

TRIQ TUMAS CHETCUTI, 205, PERUSIA
ATTARD MALTA

ANTONIO SOMMEI

183585X

 

Legal representative

ITALY

Not disclosed

Not disclosed

TRIQ TUMAS CHETCUTI, 205, PERUSIA
ATTARD MALTA

ANTONIO SOMMEI

183585X

 

Judicial Representative

ITALY

Not disclosed

Not disclosed

TRIQ TUMAS CHETCUTI, 205, PERUSIA
ATTARD MALTA

Damiana Gentili

AA5187876

 

Director

ITALY

Not Disclosed.

Not Disclosed.

Garbagnate Milanese, Via Resegone 15
20024 Milano ITALY

Damiana Gentili

AA5187876

 

Legal representative

ITALY

Not Disclosed.

Not Disclosed.

Garbagnate Milanese, Via Resegone 15
20024 Milano ITALY

Damiana Gentili

AA5187876

 

Judicial Representative

ITALY

Not Disclosed.

Not Disclosed.

Garbagnate Milanese, Via Resegone 15
20024 Milano ITALY

 

 

Activities

 

Activities:

Manufacturers & Exporters

 

Operations:

NACE
  2059 Manufacture of other chemical products n.e.c.

SIC
  2899 Chemical Preparations, NEC (table salt)

Analysis:
Carryout research and development activities and manufacturing of bulk active ingredients for use in the pharmaceutical industry.

Production and export of chemicals in particular amino acid derivatives by means of chemical and physical processes, for use in the chemical and chemical- pharmaceutical industry.

Business Activities: 
Chemical manufacturing

Industry Classifications - NAICS:
Chemical Manufacturing - NAICS #325

 

 

Motor Vehicles

 

This information is not disclosed.

 

 

Imports

 

EUROPEAN UNION
Payment terms: 
Bank Transfer
Special Agreements

 

 

Exports

 

Not Disclosed.

 

 

Agencies

 

Name

Country

Product

This information is not disclosed.

 

 

 

 

Trade Suppliers

 

Name

Country

Product

This information is not disclosed.

 

 

 

 

 

Workforce

 

Number Of Employees:

35

 

 

Description Of Premises

 

Address:

A 61, Industrial Estate
MARSA MALTA

Type of premises:

Production Plant

Area:

Industrial Area

 

Branches:

The subject operates from premises located at the address given overleaf.

 

 

Related Companies

 

Parent Company
DIBILUX S.A. , LUXEMBOURG

Parent Company
DIPHARMA FRANCIS S.R.L. , ITALY

Parent Company Details:
Name: DiBilux S.A.
Address: R.C. Luxembourg 68.156, Luxembourg.

 

 

Bankers

 

HSBC BANK MALTA p.l.c.
Development House, Floriana, Malta


Account number is not disclosed.

 

 

Press

 

28.02.2012, No press/media available at present.

 

 

Auditors / Accountants

 

Auditor: Ray Azzopardi
Date: 31.12.2010
Financials have been audited
Company: KPMG ACCOUNTANTS & AUDITORS, Portico Building, Marina Street, Pieta' PTA 9044, Malta

 

 

Share Capital

 

Registered capital:

EUR 2,795,247.60

Number of Ordinary:

1,200,000

Value per share of Ordinary:

EUR 2.33

 

Issued capital:

EUR 1,397,623.80

Number of Ordinary:

600000

Value per share of Ordinary:

EUR 2.33

 

Paid-up capital:

EUR 1,397,623.80

 

Charges

 

03.11.2000

Charge

EUR 14,502.00

Reference - 2394/2000/1 Court Name - Civil Court, First Hall - Malta Judiciary - Joseph Azzopardi

in f/o:Amino Chemicals Ltd

 

 

Finance

 

Amounts shown in Euro (EUR) 

01.01.2010-31.12.2010

01.01.2009-31.12.2009

01.01.2008-31.12.2008

01.01.2007-31.12.2007

 



PROFIT & LOSS

 

Sales Turnover

22,746,798.00

10,294,412.00

7,721,403.00

8,191,649.00

 

Cost of Sales

-8,014,019.00

-6,457,081.00

-6,033,517.00

-5,122,122.00

 

Gross Profit

14,732,779.00

3,837,331.00

1,687,886.00

3,069,527.00

 

Other Operating Income

 

 

19,262.00

21,181.00

 

Selling / Distribution / Promotional Expenses

-483,181.00

-325,856.00

-327,376.00

-244,212.00

 

Administrative Expenses

-622,322.00

-403,167.00

-346,135.00

-268,648.00

 

Other Operating Expenses

-145,245.00

 

 

 

 

Operational Profit

13,482,031.00

3,108,308.00

1,033,637.00

2,577,848.00

 

Finance Costs

-591,315.00

-28,965.00

-29,259.00

-290,394.00

 

Financial Income

6,315.00

120,644.00

487,123.00

35,355.00

 

Profit Before Taxation

12,897,031.00

3,199,987.00

1,491,501.00

2,322,809.00

 

Taxation

-1,949,254.00

-101,331.00

-216,192.00

-669,418.00

 

Profit for the year

10,947,777.00

3,098,656.00

1,275,309.00

2,992,227.00

 



BALANCE SHEET

 

Property, Plant & Equipment

9,572,948.00

9,356,612.00

8,351,396.00

7,141,393.00

 

Total Fixed Assets

9,572,948.00

9,356,612.00

8,351,396.00

7,141,393.00

 

Inventory / Stock

2,230,638.00

1,725,276.00

2,009,973.00

1,613,161.00

 

Trade Debtors (receivables from customer)

3,297,719.00

3,586,805.00

4,207,951.00

5,562,057.00

 

Taxation Receivable

1,553.00

1,553.00

1,553.00

1,553.00

 

Cash in Hand & at Bank

8,656,785.00

3,553,782.00

2,811,511.00

2,139,215.00

 

Total Current Assets

14,186,695.00

8,867,416.00

9,030,988.00

9,315,986.00

 

Deferred Taxation

1,264,288.00

3,213,542.00

3,314,873.00

3,531,065.00

 

Total Assets

25,023,931.00

21,437,570.00

20,697,257.00

19,988,444.00

 

Called up share capital (issued capital stock)

1,397,624.00

1,397,624.00

1,397,624.00

1,397,624.00

 

Reserves

14,920.00

14,920.00

14,920.00

14,920.00

 

Other Reserves

1,264,288.00

3,213,542.00

3,314,873.00

3,531,065.00

 

Profit & Loss Account

21,164,901.00

15,767,870.00

15,067,883.00

13,576,382.00

 

Total Equity

23,841,733.00

20,393,956.00

19,795,300.00

18,519,991.00

 

Total Current Liabilities

1,182,198.00

1,043,614.00

901,957.00

1,468,453.00

 

Total Equity & Liabilities

25,023,931.00

21,437,570.00

20,697,257.00

19,988,444.00

 

Borrowings

 

 

 

624,822.00

 

Creditors

1,182,198.00

1,043,614.00

901,957.00

843,631.00

 

Total Liabilities

1,182,198.00

1,043,614.00

901,957.00

1,468,453.00


Please note that the financial information provided in the report was obtained from official sources.

 

Ratios

 

 

01.01.2010-31.12.2010

01.01.2009-31.12.2009

01.01.2008-31.12.2008

01.01.2007-31.12.2007

Current ratio - 2 is an acceptable result, but even 1,8 is considered excellent in bank practice
Current Assets / Current Liabilities

12.00

8.50

10.01

6.34

Quick ratio (QR ) - 1 is an excellent result, but anything above 0,8 is considered good
(Current Assets - Inventory) / Current Liabilities

12.00

8.50

10.01

6.34

Debt ratio (%)
(Total Liabilities / Total Assets) x 100

0.05

0.05

0.04

0.07

Day's supply in inventory
Sales Turnover / Inventory

10.20

5.97

3.84

5.08

Collection Period Ratio (in days)
Accounts Receivable x 365 / Sales Turnover

52.92

127.17

198.91

247.83

Cash Liquidity Ratio
Liquid Assests / Current Liabilities x 100

732.26

340.53

311.71

145.68

Receivables Ratio (%)
Accounts Receivable / Current Liabilities x 100

278.95

343.69

466.54

378.77

Current Assets Ratio (%)
(Current Assets - Accounts Receivable) / Current Liabilities x 100

1,200.03

849.68

1,001.27

634.41

 

 

GENERAL COMMENTS

 

AMINO CHEMICALS LIMITED was established in 1992 in Malta, under the legal form of a Private Limited Liability Company. 

Subject engages in production and export of chemicals in particular amino acid derivatives by means of chemical and physical processes, for use in the chemical and chemical- pharmaceutical industry.

Dipharma Francis Srl, whose registered address is Bissone 5, Baranzate, Milano, Italy is the most senior parent that prepares consolidated financial statements of the Group of which Amino Chemicals Limited forms part.

The Company's ultimate parent company is Socorex Holding S.A. who registered address is Chemin De la Tavallaz 25 c/o Biazzi S.A. 1816 Chailly/Montreux Switzerland. 

We have contacted the Company and were asked to send an email. To date no reply has been received.

All information in this report was obtained from the company registry and other local sources.

Future Developments (as per 2010 Financials):
The Company has continued to carry out the five-year investment plan relating to the opening of new factory premises to extend the present facilities and upgrading of plant and equipment to increase production capacity.

2010 Dividends:
During the year an interim dividend amounting to €5,000,000 was paid. No final dividend is being proposed. The directors declared an interim dividend of €5 million on 25 January 2011.

Company Representation:
The Legal and Judicial Representation of the company is vested in the Managing Director.

Court Information:
No records of any Court information and defaulting debts, related to the company in question, were found. 

Filed Changes:

05.07.2011: Kenneth Griffin was appointed as company director and secretary.

05.07.2011: Antonio Sommei resigned from the post of company secretary.

17.04.2011: Antonio Sommei was appointed as company secretary.

15.04.2011: Philip Micallef resigned from the post of company director.

16.12.2010: Antonio Sommei was appointed as company director.

01.01.2010: Damiana Gentili has been appointed as Director of the Company.

01.06.2009: Roberto Bona has been appointed as Chairman and Company Director.

21.05.2009: Paolo Piatesi resigned as director.

23.07.2008: The company changed its registered office from: Portico Building, Marina Street, Pieta to its present one.

31.07.07: Paolo Salvatori resigned as director.

28.11.06: Osiris Limited transferred 1 Ordinary Share to Osiris Trust Limited.

20.06.06: Marc Olivier Geinoz ceased to be a director of the company, and Paolo Piatesi and Pietro Allegrini were appointed directors.

15.06.04: Paolo Oligeri ceased to be a director of the company, and Marc Olivier Geinoz was appointed instead.

22.02.02: The company changed its registered office from: 53, St. Dominic Street, Valletta to: Portico Building, Marina Street, Pieta.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.14

UK Pound

1

Rs.77.86

Euro

1

Rs.66.06

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.