|
Report Date : |
27.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHEMTURA EUROPE GMBH |
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Registered Office : |
Bahnhofplatz 65,
Postfach 341, 8501 Frauenfeld/TG |
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Country : |
Switzerland |
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|
|
Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
19.12.1997 |
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Com. Reg. No.: |
440.4.002.948-2 / 420452 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
distribution of chemical products of the Chemtura
group |
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No. of Employees : |
35 |
RATING & COMMENTS
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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 |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Switzerland |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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 3.0% 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 safe-haven 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
1.9% in 2011 and 0.8% in 2012. 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 is considering 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 |
Chemtura Europe GmbH
Bahnhofplatz 65
Postfach 341
8501 Frauenfeld/TG
Switzerland/CH
Telephone: 052
7234400
Fax: 052
7234499
Web site: http://www.chemtura.com
VAT-No.: CHE103986178
Established: 1997
Line of Business: Consumer
goods wholesale
Industry Division: Wholesale
trade
Industry-code (NACE): 4675 Wholesale of
chemical products
Import/Export: Export
Banks: unknown
Coverage: Company
Employees: 35
The business activities includes the distribution of chemical products
of the Chemtura group.
Information on property ownership was not available.
Company
No: 440.4.002.948-2 /
420452
Legal
form: Limited Liability
Company
Registration: 19.12.1997
Legal
status: active
Responsible
Register: Handelsregister des Kantons
Thurgau
History: Date of Statutes:
20.01.2010
Date of
Statutes: 08.06.2006
Date of
Statutes: 03.02.2000
Date of
Statutes: 26.05.1998
Date of
Statutes: 14.01.1998
Date of
Incorporation Statutes: 18.12.1997
Entry Deleted Name
09.06.2006 Chemtura
Europe GmbH
05.02.1998 09.06.2006 Great Lakes Chemical (Europe) GmbH
19.12.1997 05.02.1998 GLCE GmbH
Entry Deleted Legal domicile
19.12.1997 Frauenfeld,
Switzerland
Entry Deleted Address
13.02.2009 Bahnhofplatz
65, 8500 Frauenfeld/TG, Switzerland/CH
13.02.2009 Bahnhofplatz 65, 8501 Frauenfeld/TG,
Switzerland/CH
Entry Deleted Capital
02.07.1998 LLC
Capital CHF 2'000'000
Entry Deleted Capital Structure
25.01.2010 2'000
Participation shares of CHF 1'000.--
Entry Deleted Activity (original Language)
14.10.2011 Kauf
und Verkauf von Waren aller Art, insbesondere von chemischen Produkten, Erwerb,
Halten und Verwalten von Immaterialgüterrechten und Know-how und Erwerb und
Gewähren von entsprechenden Lizenzen sowie Erbringen von Dienstleistungen aller
Art gegenüber der Chemtura Corporation und ihren Beteiligungsgesellschaften.
Die Gesellschaft kann im In- und Ausland Zweigniederlassungen errichten,
Unternehmen ähnlicher Art im In- und Ausland erwerben oder sich daran
beteiligen und Grundeigentum erwerben und veräussern. Sie kann Drittpersonen,
einschliesslich direkten oder indirekten Gesellschaftern oder Gesellschaften,
an denen solche Drittpersonen beteiligt sind, direkte oder indirekte
Finanzierungen gewähren, sei es mittels Darlehen oder anderen Finanzierungen
oder durch die Stellung von Sicherheiten jeglicher Art, ob gegen Entgelt oder
nicht.
25.01.2010 14.10.2011 Kauf und Verkauf von Waren aller Art,
insbesondere von chemischen Produkten, Erwerb, Halten und Verwalten von
Immaterialgüterrechten und Know-how und Erwerb und Gewähren von entsprechenden
Lizenzen sowie Erbringen von Dienstleistungen aller Art gegenüber der Chemtura
Corporation und ihren Beteiligungsgesellschaften. Die Gesellschaft kann im In-
und Ausland Zweigniederlassungen errichten, Unternehmen ähnlicher Art im In-
und Ausland erwerben oder sich daran beteiligen und Grundeigentum erwerben und
veräussern.
09.06.2006 25.01.2010 Kauf und Verkauf von Waren aller Art, insbesondere
von chemischen Produkten, Erwerb, Halten und Verwalten von
Immaterialgüterrechten und Erwerb und Gewähren von entsprechenden Lizenzen
sowie Erbringen von Dienstleistungen aller Art gegenüber der Chemtura
Corporation und ihren Beteiligungsgesellschaften.
Entry Deleted Remarks (original Language)
25.01.2010 Liability/Obligations:
Nebenleistungspflichten, Vorhand-, Vorkaufs- oder Kaufsrechte: Gemäss näherer
Umschreibung in den Statuten.
25.01.2010 Reports:
Mitteilungen der Geschäftsführung an die Gesellschafter erfolgen schriftlich an
ihre letzte im Anteilbuch eingetragene Adresse (einschliesslich Telefax oder
E-Mail) oder durch Veröffentlichung im SHAB.
01.07.2009 Merger:
Übernahme der Aktiven und Passiven der Chemtura Sales Europe GmbH, in Frauenfeld
(CH-440.4.009.727-3), gemäss Fusionsvertrag vom 29.06.2009 und Bilanz per
31.12.2008. Aktiven von CHF 142'029'601.-- und Passiven (Fremdkapital) von CHF
126'611'969.-- gehen auf die übernehmende Gesellschaft über. Da die
übernehmende Gesellschaft einzige Gesellschafterin der übertragenden
Gesellschaft ist, findet weder eine Kapitalerhöhung noch eine Zuteilung von
Stammanteilen statt.
01.04.2008 Merger:
Übernahme der Aktiven und Passiven der Great Lakes Chemical (Gulf) GmbH, in
Frauenfeld (CH-440.4.011.547-0) gemäss Fusionsvertrag vom 28.03.2008 und Bilanz
per 30.09.2007. Aktiven von CHF 11'956'364.-- und Passiven (Fremdkapital) von
CHF 15'144'916.--, d.h. ein Passivenüberschuss von CHF 3'188'552.--, gehen auf
die übernehmende Gesellschaft über. Die übernehmende Gesellschaft verfügt
gemäss Bestätigung der Revisionsexpertin 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.
01.04.2008 Merger:
Übernahme der Aktiven und Passiven der GLC Holdings GmbH, in Frauenfeld
(CH-440.4.014.913-7) gemäss Fusionsvertrag vom 28.03.2008 und Bilanz per
30.09.2007. Aktiven von CHF 14'332.-- und Passiven (Fremdkapital) von CHF
83'940'195.--, d.h. ein Passivenüberschuss von CHF 83'925'863.--, gehen auf die
übernehmende Gesellschaft über. Die übernehmende Gesellschaft verfügt gemäss
Bestätigung der Revisionsexpertin 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.
19.12.1997 Intended
asset takeover: Die Gesellschaft beabsichtigt, nach der Gründung von der Great
Lakes Chemical (Europe) Limited, Newton Aycliffe, County Durham, (GB), Mobiliar
sowie EDV Hard- und Software zum Höchstpreis von CHF 250'000.-- zu übernehmen.
Title Name
General
Manager Kirk
Andrew Erstling, Origin: Canada, Residential address: 8303 Bassersdorf/ZH,
Switzerland, joint signature of two
General
Manager Sergio
Rocco Palumbo, Origin: Genève, Switzerland, Residential address: Genève/GE,
Switzerland, joint signature of two
General
Manager Mark
Alfred Saunders, Origin: Ireland, Residential address: 6319 Allenwinden/ZG,
Switzerland, joint signature of two
General
Manager Dr. Ulrich
Stewen, Origin: Germany, Residential address: Eschlikon, Switzerland, joint
signature of two, Registered since: 31.01.2013
Member
with procuration Marcel Maria
Alfonisus Ijland, Origin: Netherlands, Residential address: Forch /ZH,
Switzerland, joint power of attorney of two
Member
with procuration Regula
Steinger, Origin: Willisau, Switzerland, Residential address: Zürich/ZH,
Switzerland, joint power of attorney of two
Title Name
Auditor KPMG AG,
Residential address: St. Gallen, Switzerland
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2011 31.12.2010
Number of months: 12 12
Currency: mil.
USD mil. USD
Balance Sheet
Intangible fixed
assets 566.0 604.0
Tangible fixed
assets 752.0 716.0
Financial fixed
assets 6.0
other fixed assets 216.0 166.0
Fixed assets 1'534.0 1'492.0
Stocks 542.0 528.0
Trade accounts
receivable 458.0 489.0
Liquid assets 180.0 201.0
other trade
accounts 141.0 203.0
Accruals 0.0
Other current
assets 321.0 404.0
Current assets 1'321.0 1'421.0
Total assets 2'855.0 2'913.0
Capital 4'354.0 4'306.0
Other shareholders
funds -3'317.0 -3'344.0
Total shareholders
equity 1'037.0 962.0
Minority interests 9.0 9.0
long term debt
(financial debts) 748.0 748.0
Other non current
liabilities 671.0 705.0
Non current
liabilities 1'419.0 1'453.0
short term debt
(financial debts) 5.0 3.0
Trade accounts
payable 173.0 191.0
Accruals 194.0 281.0
other accounts
payable 18.0 14.0
other current
liabilities 212.0 295.0
Current
liabilities 390.0 489.0
Shareh. equity,
min. interests + liabilities 2'855.0 2'913.0
Profit and loss account
Sales 3'025.0 2'760.0
Net sales 3'025.0 2'760.0
Other operating
revenue 30.0 2.0
Operating revenue 3'055.0 2'762.0
Cost of goods sold 2'296.0 2'103.0
Gross profit 759.0 659.0
Other operating expenses 532.0 625.0
Operating result 227.0 34.0
Interest revenues 3.0
other financial
revenues 6.0
Financial income 0.0 9.0
Interest expenses 63.0 191.0
other financial
expenses 19.0 402.0
Financial expenses 82.0 593.0
Financial result -82.0 -584.0
Result before
extraordinary items 145.0 -550.0
Extraordinary
expenses 13.0
Extraordinary
Result 0.0 -13.0
Result before
taxes 145.0 -563.0
Taxes 25.0 22.0
Result before
minority interests 120.0 -585.0
minority interests 1.0 1.0
Result for the
financial year 119.0 -586.0
Cash flow
Depreciation 140.0 175.0
Cash flow 260.0 -410.0
Cash flow from
operating activities 182.0 -204.0
Investments in
tangible fixed assets 154.0 124.0
Cash flow from
investing activities -181.0 -81.0
Cash flow from
financing activities -18.0 251.0
Others -4.0 -1.0
Change in
liquidity -21.0 -35.0
Liquidity at
beginning of the year 201.0 236.0
Liquidity at end
ot the year 180.0 201.0
Notes
Research and
Development 43.0 42.0
Added value 348.0 -197.0
Working Capital 827.0 826.0
Sales per Employee 0.7 0.7
Gross cost land
and buildings 446.0 407.0
Gross cost other
tangible fixed assets 1'444.0 1'379.0
Gross cost total 1'890.0 1'786.0
Employees at year end 4'500 4'200
Name: Chemtura Corporation
City/Country: Middlebury/Connecticut, United
States of America/US
No.
of Owner/-s: 1
Owner: The company is foreign
owned.
Class: 100%
Name: Great Lakes Holding
(Europe) AG
City/Country: Frauenfeld/TG, Switzerland/CH
Capital
share: CHF 2'000'000.--
Interest: 100.00% voting right,
100.00% capital interest (since 1999)
It is believed that the company has no investments.
Control date Year No. Amount CHF Status
24.03.2011 2011 0
24.03.2011 2010 0
24.03.2011 2009 0
24.03.2011 2008 0
29.05.2008 2007 0
29.05.2008 2006 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 in order.
Payment
experiences: Financial obligations are
met in an orderly manner.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.68 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.