MIRA INFORM REPORT

 

 

Report Date :

26.05.2012

 

IDENTIFICATION DETAILS

 

Name :

INDUKERN SA  

 

 

Registered Office :

Alta Ribagorza, 6-8 Parc Empresarial Mas Blau Ii, El Prat De Llobregat, 08820

 

 

Country :

Spain

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1962

 

 

Com. Reg. No.:

A08135055

 

 

Legal Form :

Public Independent Company

 

 

Line of Business :

distribution of chemical and fine chemical products

 

 

No. of Employees :

135

 

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 :

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Spain

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company name & address  

 

Indukern Sa 

Alta Ribagorza, 6-8 Parc Empresarial Mas Blau Ii

El Prat De Llobregat, 08820

Spain

Tel:       +(34) 935069100

Fax:      +(34) 935069199

Web:    www.indukern.es

           

 

Synthesis

 

Employees:                   135

Company Type:            Public Independent

Incorporation Date:         1962

Auditor: Deloitte            S.L.     

Financials in:                 USD (Millions)

Fiscal Year End:            02-Sep-2011

Reporting Currency:       Euro

Annual Sales:               274.5  1

Net Income:                   181.6

 

 

Business Description     

 

Indukern, S.A. (Indukern) is principally engaged in the distribution of chemical and fine chemical products. It operates in seven divisions, namely, Agro, Food, PIQ(Industrial products), Export, Pharmaceutical, Perfumery/Cosmetics and Veterinary and Food. It offers a wide range of products including herbicides, fungicide, post harvest, micro nutrients, amino acids, essential oils, functional starches, aminoacids, preservatives, dairy products, sodium bicarbonate, minerals, corbon actives, oils, salts, pigments, oxides, analgesics, antianxiety, mucolitics, vitamins, glicerines, aroma chemicals and enzymes etc. Indukern through its subsidiaries operates across Africa, Asia Pacific, America and Europe. The company is headquartered in Barcelona, Spain.

 

Industry             

Industry            Chemical Manufacturing

ANZSIC 2006:    3323 - Industrial and Agricultural Chemical Product Wholesaling

NACE 2002:      5155 - Wholesale of chemical products

NAICS 2002:     424690 - Other Chemical and Allied Products Merchant Wholesalers

UK SIC 2003:    5155 - Wholesale of chemical products

US SIC 1987:    5169 - Chemicals and Allied Products, Not Elsewhere Classified

 

           


Key Executives   

 

Name

Title

Antonio Vidal Pacheco

Chief Executive Officer, Combined Chief Executive Officer

Jose Luis Diaz Varela Somoza

Presidente

Diaz Varela Somoza Manuel

Financial Director

Gloria Carmona Lopez

Non Consellor Secretary

Veron Jose

Commercial Manager, Chief Buyer

 

Registered No.(ESP):

A08135055

 

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7206604 
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7038041

 

 

Corporate Overview

 

Location

Alta Ribagorza, 6-8 Parc Empresarial Mas Blau Ii

El Prat De Llobregat, 08820

Spain

Tel:       +(34) 935069100

Fax:      +(34) 935069199

Web:    www.indukern.es

           

Sales EUR(mil):             197.8

Assets EUR(mil):           127.8

Employees:                   135

Fiscal Year End:                        02-Sep-2011

Industry:                                    Chemical Manufacturing

Incorporation Date:         1962

Company Type:             Public Independent

Quoted Status:              Not Quoted

Previous Name:             Industrial Kern Española SA

Registered No.(ESP):     A08135055

 

Chief Executive Officer,

Combined Chief Executive Officer:           Antonio Vidal Pacheco

 

Contents

Industry Codes

Business Description

Financial Data

Branch Offices

Key Corporate Relationships

 

 

Industry Codes

 

ANZSIC 2006 Codes:

3323     -          Industrial and Agricultural Chemical Product Wholesaling

 

NACE 2002 Codes:

5155     -          Wholesale of chemical products

 

NAICS 2002 Codes:

424690  -          Other Chemical and Allied Products Merchant Wholesalers

 

US SIC 1987:

5169     -          Chemicals and Allied Products, Not Elsewhere Classified

 

UK SIC 2003:

5155     -          Wholesale of chemical products

 

Business Description

Wholesale of chemical products

 

More Business Descriptions

Wholesale trade in chemicals for the veterinary, pharmaceutical, dietary, industrial, agrochemical, perfume and cosmetic sectors

 

Indukern, S.A. (Indukern) is principally engaged in the distribution of chemical and fine chemical products. It operates in seven divisions, namely, Agro, Food, PIQ(Industrial products), Export, Pharmaceutical, Perfumery/Cosmetics and Veterinary and Food. It offers a wide range of products including herbicides, fungicide, post harvest, micro nutrients, amino acids, essential oils, functional starches, aminoacids, preservatives, dairy products, sodium bicarbonate, minerals, corbon actives, oils, salts, pigments, oxides, analgesics, antianxiety, mucolitics, vitamins, glicerines, aroma chemicals and enzymes etc. Indukern through its subsidiaries operates across Africa, Asia Pacific, America and Europe. The company is headquartered in Barcelona, Spain.

Chemicals - Diversified (Major)

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

197.8

Net Income:

1.9

Assets:

127.8

Current Assets:

99.1

 

Fixed Assets:

28.7

 

Long Term Debt:

8.2

 

Total Liabilities:

127.8

 

Issued Capital:

5.5

 

Net Worth:

26.4

 

 

 

Date of Financial Data:

02-Sep-2011

 

1 Year Growth

17.7%

NA

NA

 

Branch Offices

Location
Ctra. PolinyĂ , Km, 6,7
Sentmenat, 8181

 

Tel: +(34) 937154748

     

 

 

 

Key Corporate Relationships

Auditor:

Deloitte S.L.

Bank:

Banco Bilbao Vizcaya Argentaria, S.A., Banco Cooperativo Español, S.A., Caja De Ahorro Provincial De Guadalajara, Banco Santander Central Hispano, S.A.

 

Auditor:

Deloitte S.L.

 

 

 

 

 

 

 

 

 

Competitors Report

Company Name

Location

Employees

Ownership

Ercros SA

Barcelona, Spain

1,573

Public

HO TUNG CHEMICAL CORP.

Taipei, Taiwan

1,040

Public

Mitsubishi Chemical Holdings Corp.

Tokyo, Japan

53,882

Public

NOF CORPORATION

Tokyo, Japan

3,817

Public

Sniace SA

Madrid, Spain

562

Public

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Jose Luis Diaz Varela Somoza

 

Presidente

Chairman

 

Erna Bertschinger Barbetta

 

Member Of The Board

Director/Board Member

 

Peter Bienz

 

Member Of The Board

Director/Board Member

 

Bertchinger Daniel Diaz Varela

 

Secretary

Director/Board Member

 

Antonio Vidal Pacheco

 

Chief Executive Officer, Combined Chief Executive Officer

Director/Board Member

 

 

Executives

 

Name

Title

Function

 

Antonio Pacheco

 

Gerente General

Chief Executive Officer

 

Antonio Vidal Pacheco

 

Chief Executive Officer, Combined Chief Executive Officer

Chief Executive Officer

 

Jose Luis Diaz Varela Somoza

 

Presidente

President

 

Vidal Pacheco Antonio

 

Managing Director

Managing Director

 

Castillos Navarro Olga

 

Operation Manager

Operations Executive

 

Gloria Carmona Lopez

 

Non Consellor Secretary

Administration Executive

 

Bertchinger Daniel Diaz Varela

 

Secretary

Administration Executive

 

Francesc Majo Capilla

 

Director Financiero

Finance Executive

 

Diaz Varela Somoza Manuel

 

Financial Director

Finance Executive

 

Boix Ernesto

 

Technical Manager

Engineering/Technical Executive

 

Veron Jose

 

Commercial Manager, Chief Buyer

Commercial Executive

 

Annual Profit & Loss

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

Consolidated

No

No

No

 

 

 

 

Charges

261.0

233.8

302.1

    Supplies

228.1

203.3

263.1

        Goods Consumption

228.1

203.3

263.1

    Staff Costs

11.0

12.0

13.8

        Wages and Salaries

9.3

10.4

11.8

        Social Security Costs

1.7

1.6

2.0

    Depreciation

0.8

0.8

0.9

    Allowance for Trade Operations

1.2

0.3

1.4

        Stock Provision Variation

0.6

0.1

0.7

        Losses from Unrecovered Receivables

0.6

0.2

0.7

    Other Operating Charges

17.2

15.6

18.0

        External Services

17.1

15.6

17.8

        Taxes

0.2

-

0.2

Operating Benefits

4.7

2.8

6.4

    Financials and Similar Charges

1.8

1.8

3.9

        Due to Other Liabilities

1.8

1.8

3.9

    Changes in Financial Investment Provisions

-0.3

-

-

    Exchange Losses

0.1

0.0

-

Profit From Ordinary Activities

3.6

1.1

3.4

    Changes in Provisions for Assets

-

-

-0.1

    Losses From Assets and Securities Portfolio

0.3

0.0

-

Extraordinary Profit

-

-

2.1

Profit Before Taxes

3.3

1.1

5.5

    Corporation Tax

0.8

-0.2

1.2

Financial Year Result (Profit)

2.5

1.3

4.3

Income

263.4

235.0

306.4

    Net Total Sales

262.0

233.8

302.5

        Sales

262.0

233.8

302.5

    Miscellaneous Operating Income

1.1

1.1

0.9

        Auxiliary Income From Current Management

1.1

1.1

0.9

    Income From Equity Investment

0.1

-

0.7

        In Group Companies

0.1

-

0.7

    Income From Miscellaneous Interests

0.3

0.1

0.2

        From Group Companies

0.2

0.1

0.1

        Miscellaneous Interests

0.1

0.0

0.0

        Profit on Financial Investment

-

-

0.0

    Gains from Exchange Rate

-

-

0.1

Negative Financial Results

1.2

1.7

2.9

    Profit on Disposal of Assets

-

-

2.0

Negative Extraordinary Results

0.3

0.0

-

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

Consolidated

No

No

No

 

 

 

 

        Research and Development Costs

0.1

0.1

0.1

        Concessions, Patents, Trademarks

0.1

0.1

0.2

        Goodwill

0.5

0.5

0.5

        Software

0.3

0.1

0.0

    Total Intangible Fixed Assets

1.0

0.9

0.8

        Land and Construction

3.2

3.4

3.3

        Technical Installations and Machinery

3.2

2.5

2.7

        Other Installations, Tools, and Furniture

0.1

0.1

0.1

        Other Tangible Assets

0.4

0.3

0.3

    Total Tangible Fixed Assets

6.9

6.2

6.5

        Investments in Group Companies

29.7

31.4

30.4

        Receivables from Group Companies

0.0

1.1

1.3

        Investments in Associated Companies

0.0

0.0

0.0

        Long-Term Securities Portfolio

0.2

0.2

0.2

        Other Receivables

0.8

0.8

0.5

        Long-Term Guarantees and Deposits

-

-

0.1

    Financial Investments

30.7

33.5

32.5

Total Fixed Assets

38.5

40.6

39.8

        Goods for Resale

1.3

16.1

20.3

        Raw Materials and Other Consumables

-

-

0.8

        Finished Products

31.9

-

-

        Payments on Account

4.2

-

-

    Total Stocks

37.4

16.1

21.1

        Trade Debtors

66.0

64.4

72.9

        Receivables, Group Companies

21.8

12.4

12.1

        Other Debtors

4.5

5.7

6.5

        Public Bodies

1.4

1.1

0.8

    Total Debtors

93.7

83.6

92.2

        Receivables from Group Companies

1.2

1.2

0.3

        Other Receivables

-

0.3

-

        Short-Term Guarantees and Deposits

-

-

0.3

    Total Short-Term Investments

1.2

1.5

0.6

    Cash

0.5

0.4

1.9

    Prepayments and Accrued Income

0.0

0.0

0.0

Total Current Assets

132.9

101.6

115.8

Total Assets

171.4

142.2

155.6

        Legal Reserve

1.6

1.7

1.7

        Miscellaneous Reserves

23.6

24.7

21.4

    Total Reserves

25.2

26.4

23.1

    Profit or Loss for the Financial Year

2.5

1.3

4.1

Total Equity

35.5

36.0

35.2

        Capital Grants

0.0

0.1

0.0

Total Deferred Income

0.0

0.1

0.0

        Other Provisions

0.6

0.6

0.6

Total Provisions for Liabilities and Charges

0.6

0.6

0.6

        Loans and Other Liabilities

10.3

-

-

        Long-Term Liabilities from Capital Leases

0.1

0.1

0.1

    Total Amounts Owed to Credit Institutions

10.3

0.1

0.1

        Long-Term Payables to Public Bodies

0.7

0.1

0.1

    Total Other Creditors

0.7

0.1

0.1

Total Long Term Liabilities

11.0

0.1

0.2

        Loans and Other Liabilities

72.0

56.6

71.7

        Short-Term Liabilities from Capital Leases

0.1

0.1

0.1

    Total Amounts Owed to Credit Institutions

72.1

56.7

71.8

        Amounts Owed to Group Companies

0.4

0.4

0.4

    Total Short-Term Amounts Owed to Group and Associa

0.4

0.4

0.4

        Amounts Owed for Purchases of Goods or Services

49.6

46.1

44.2

    Total Trade Creditors

49.6

46.1

44.2

        Public Bodies

0.4

1.1

0.9

        Miscellaneous Debts

0.2

0.1

-

        Wages and Salaries Payable

1.3

1.0

1.6

    Total Other Creditors

2.0

2.3

2.5

    Prepayments and Accrued Income

0.2

0.0

0.0

Total Short Term Creditors

124.3

105.4

118.8

Short Term Provisions for Liabilities and Charges

0.0

0.0

0.7

Total Liabilities and Equity

171.4

142.2

155.6

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.73

UK Pound

1

Rs.87.26

Euro

1

Rs.69.84

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.