MIRA
INFORM REPORT
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Report Date : |
19.03.2013 |
IDENTIFICATION DETAILS
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Name : |
INDUKERN SA
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Formerly Known as: |
Industrial Kern Espanola SA |
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Registered Office : |
Alta Ribagorza, 6-8 Parc Empresarial Mas Blau Ii, El Prat De
Llobregat, 08820 |
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Country : |
Spain |
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Financials (as on) : |
31.12.2011 |
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Year of Establishments: |
1962 |
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Com. Reg. No.: |
A08135055 |
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Legal Form : |
Public Parent |
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Line of Business : |
Subject is a pharmaceutical
company |
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No. of Employees : |
160 |
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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Spain |
A2 |
A2 |
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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 |
spain - ECONOMIC OVERVIEW
spain's mixed capitalist economy is the 13th largest
in the world, and its per capita income roughly matches that of Germany and
France. However, after almost 15 years of above average GDP growth, the Spanish
economy began to slow in late 2007 and entered into a recession in the second
quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend,
and by another 0.1% in 2010, before turning positive in 2011, making Spain the
last major economy to emerge from the global recession. The reversal in
Spain''s economic growth reflected a significant decline in construction amid
an oversupply of housing and falling consumer spending, while exports actually
have begun to grow. Government efforts to boost the economy through stimulus
spending, extended unemployment benefits, and loan guarantees did not prevent a
sharp rise in the unemployment rate, which rose from a low of about 8% in 2007
to over 20% in 2011. The government budget deficit worsened from 3.8% of GDP in
2008 to 9.2% of GDP in 2010, more than three times the euro-zone limit. Madrid
cut the deficit to 8.5% of GDP in 2011, a larger deficit than the 6% target
negotiated between Spain and the EU. Spain''s large budget deficit and poor
economic growth prospects have made it vulnerable to financial contagion from
other highly-indebted euro zone members despite the government''s efforts to
cut spending, privatize industries, and boost competitiveness through labor
market reforms. Spanish banks'' high exposure to the collapsed domestic
construction and real estate market also poses a continued risk for the sector.
The government oversaw a restructuring of the savings bank sector in 2010, and
provided some $15 billion in capital to various institutions. Investors remain
concerned that Madrid may need to bail out more troubled banks. The Bank of
Spain, however, is seeking to boost confidence in the financial sector by
pressuring banks to come clean about their losses and consolidate into stronger
groups.
|
Source : CIA |
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: 160
Company Type: Public Parent
Corporate Family: 4
Companies
Incorporation Date: 1962
Auditor: Deloitte S.L.
Financials in: USD
(Millions)
Fiscal Year End:
09-Jan-2013
Reporting Currency: Euro
Annual Sales: 299.3
1
Net Income: 3.5
Total Assets: 189.8
Business Description
Indukern, S.A. (Indukern) is a pharmaceutical company, based in Spain. The company distributes and sells pharmaceutical and veterinary APIs, ingredients for animal nutrition, ingredients for foodstuffs, flavors and fragrances, and industrial chemicals. It offers agrochemicals products, human feed products, export products, F and F ingredients division products, pharmaceuticals products, industrial chemical products, and veterinary products. The company’s agrochemical products include phosphoric acid 75%, Prussian blue pigment, potassium carbonate, calcium chloride, diammonium phosphate, monoammonium phosphate, monopotassium phosphate, glialka, glifosate IPA, and monosodium glutamate. It also operates in Switzerland, Portugal, Russia, Turkey, Hong Kong, Brazil, Mexico, Bulgary, France, Germany, Italy, Poland and India. Indukern 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
UK SIC 2007: 4675 - Wholesale of
chemical products
US SIC 1987: 5169 - Chemicals
and Allied Products, Not Elsewhere Classified
Key Executives
|
Name |
Title |
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Antonio Vidal Pacheco |
Chief Executive Officer, Combined Chief Executive Officer |
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Jose Luis Diaz Varela Somoza |
Presidente |
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Francesc Majo Capilla |
Director Financiero |
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Gloria Carmona Lopez |
Non Consellor Secretary |
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Erna Bertschinger Barbetta |
Member Of The Board |
Registered No.(ESP): A08135055
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7778987
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7651698
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): 232.8
Assets EUR(mil): 145.2
Employees: 160
Fiscal Year End: 09-Jan-2013
Industry: Chemical
Manufacturing
Incorporation Date: 1962
Company Type: Public
Parent
Quoted Status: Not
Quoted
Previous Name: Industrial
Kern Española SA
Registered No.(ESP): A08135055
Chief Executive
Officer, Combined Chief Executive Officer:
Antonio Vidal Pacheco
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
UK SIC 2007:
4675 - 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 a pharmaceutical company, based in Spain. The company distributes
and sells pharmaceutical and veterinary APIs, ingredients for animal nutrition,
ingredients for foodstuffs, flavors and fragrances, and industrial chemicals.
It offers agrochemicals products, human feed products, export products, F and F
ingredients division products, pharmaceuticals products, industrial chemical
products, and veterinary products. The company’s agrochemical products
include phosphoric acid 75%, Prussian blue pigment, potassium carbonate,
calcium chloride, diammonium phosphate, monoammonium phosphate, monopotassium
phosphate, glialka, glifosate IPA, and monosodium glutamate. It also operates
in Switzerland, Portugal, Russia, Turkey, Hong Kong, Brazil, Mexico, Bulgary,
France, Germany, Italy, Poland and India. Indukern is headquartered in
Barcelona, Spain.
Chemicals - Diversified (Major)
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Corporate Family |
Corporate
Structure News: |
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Indukern Sa |
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Company Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
El Prat De Llobregat, Barcelona |
Spain |
Chemical Manufacturing |
299.3 |
160 |
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Subsidiary |
Osasco, Sao Paulo |
Brazil |
Chemical Manufacturing |
53.8 |
60 |
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Subsidiary |
Zapopan, Jalisco |
Mexico |
Biotechnology and Drugs |
11.5 |
5 |
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Subsidiary |
Zapopan, Jalisco |
Mexico |
Retail (Grocery) |
36.0 |
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Competitors Report
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Company
Name |
Location |
Employees |
Ownership |
|
Ercros SA |
Barcelona, Spain |
1,619 |
Public |
|
HO TUNG CHEMICAL CORP. |
New Taipei, Taiwan |
1,290 |
Public |
|
Mitsubishi Chemical Holdings
Corp. |
Tokyo, Japan |
53,979 |
Public |
|
NOF CORPORATION |
Tokyo, Japan |
3,799 |
Public |
|
Sniace SA |
Madrid, Spain |
579 |
Public |
Executive report
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Board of
Directors |
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Presidente |
Chairman |
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Member Of The Board |
Director/Board Member |
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Member Of The Board |
Director/Board Member |
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Member Of The Board, Secretary |
Director/Board Member |
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Member Of The Board |
Director/Board Member |
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Chief Executive Officer, Combined Chief Executive Officer |
Director/Board Member |
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Executives |
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Chief Executive Officer, Combined Chief Executive Officer |
Chief Executive Officer |
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Presidente |
President |
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Director Veterinary Division |
Division Head Executive |
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Managing Director |
Managing Director |
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Non Consellor Secretary |
Administration Executive |
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Member Of The Board, Secretary |
Administration Executive |
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Director Financiero |
Finance Executive |
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Annual Profit & Loss
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Charges |
321.4 |
261.0 |
233.8 |
|
Supplies |
282.9 |
228.1 |
203.3 |
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Goods
Consumption |
282.9 |
228.1 |
203.3 |
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Staff Costs |
12.8 |
11.0 |
12.0 |
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Wages
and Salaries |
10.8 |
9.3 |
10.4 |
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Social
Security Costs |
2.0 |
1.7 |
1.6 |
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Depreciation |
1.1 |
0.8 |
0.8 |
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Allowance for
Trade Operations |
0.8 |
1.2 |
0.3 |
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Stock
Provision Variation |
0.1 |
0.6 |
0.1 |
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Losses
from Unrecovered Receivables |
0.7 |
0.6 |
0.2 |
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Other Operating
Charges |
18.6 |
17.2 |
15.6 |
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External
Services |
18.5 |
17.1 |
15.6 |
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Taxes |
0.1 |
0.2 |
- |
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Operating
Benefits |
8.6 |
4.7 |
2.8 |
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Financials and
Similar Charges |
3.8 |
1.8 |
1.8 |
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Due
to Liabilities With Group Companies |
0.3 |
- |
- |
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Due
to Other Liabilities |
3.5 |
1.8 |
1.8 |
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Changes in Financial
Investment Provisions |
0.3 |
-0.3 |
- |
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Exchange Losses |
0.0 |
0.1 |
0.0 |
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Profit From
Ordinary Activities |
5.0 |
3.6 |
1.1 |
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Losses From Assets
and Securities Portfolio |
0.0 |
0.3 |
0.0 |
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Profit Before
Taxes |
5.0 |
3.3 |
1.1 |
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Corporation Tax |
1.2 |
0.8 |
-0.2 |
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Financial Year
Result (Profit) |
3.8 |
2.5 |
1.3 |
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Income |
325.2 |
263.4 |
235.0 |
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Net Total Sales |
323.7 |
262.0 |
233.8 |
|
Sales |
323.7 |
262.0 |
233.8 |
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Miscellaneous
Operating Income |
1.0 |
1.1 |
1.1 |
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Auxiliary
Income From Current Management |
1.0 |
1.1 |
1.1 |
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Income From Equity
Investment |
0.0 |
0.1 |
- |
|
In
Group Companies |
0.0 |
0.1 |
- |
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Income From
Miscellaneous Interests |
0.4 |
0.3 |
0.1 |
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From
Group Companies |
0.4 |
0.2 |
0.1 |
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Miscellaneous
Interests |
0.0 |
0.1 |
0.0 |
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Negative
Financial Results |
3.6 |
1.2 |
1.7 |
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Negative
Extraordinary Results |
0.0 |
0.3 |
0.0 |
Annual Balance
Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
|
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|
|
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Research
and Development Costs |
0.1 |
0.1 |
0.1 |
|
Concessions,
Patents, Trademarks |
0.0 |
0.1 |
0.1 |
|
Goodwill |
0.5 |
0.5 |
0.5 |
|
Software |
0.4 |
0.3 |
0.1 |
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Total Intangible
Fixed Assets |
1.0 |
1.0 |
0.9 |
|
Land
and Construction |
3.4 |
3.2 |
3.4 |
|
Technical
Installations and Machinery |
2.9 |
3.2 |
2.5 |
|
Other
Installations, Tools, and Furniture |
0.1 |
0.1 |
0.1 |
|
Other
Tangible Assets |
0.3 |
0.4 |
0.3 |
|
Total Tangible
Fixed Assets |
6.7 |
6.9 |
6.2 |
|
Investments
in Group Companies |
28.1 |
29.7 |
31.4 |
|
Receivables
from Group Companies |
0.0 |
0.0 |
1.1 |
|
Investments
in Associated Companies |
0.0 |
0.0 |
0.0 |
|
Long-Term
Securities Portfolio |
0.2 |
0.2 |
0.2 |
|
Other
Receivables |
0.9 |
0.8 |
0.8 |
|
Financial
Investments |
29.3 |
30.7 |
33.5 |
|
Total Fixed Assets |
37.0 |
38.5 |
40.6 |
|
Goods
for Resale |
1.6 |
1.3 |
16.1 |
|
Finished
Products |
39.3 |
31.9 |
- |
|
Payments
on Account |
6.0 |
4.2 |
- |
|
Total Stocks |
46.9 |
37.4 |
16.1 |
|
Trade
Debtors |
61.7 |
66.0 |
64.4 |
|
Receivables,
Group Companies |
34.8 |
21.8 |
12.4 |
|
Other
Debtors |
0.7 |
4.5 |
5.7 |
|
Public
Bodies |
1.8 |
1.4 |
1.1 |
|
Total Debtors |
99.0 |
93.7 |
83.6 |
|
Receivables
from Group Companies |
4.0 |
1.2 |
1.2 |
|
Other
Receivables |
0.1 |
- |
0.3 |
|
Total Short-Term
Investments |
4.1 |
1.2 |
1.5 |
|
Cash |
1.5 |
0.5 |
0.4 |
|
Prepayments and Accrued
Income |
0.1 |
0.0 |
0.0 |
|
Total Current Assets |
151.5 |
132.9 |
101.6 |
|
Total Assets |
188.5 |
171.4 |
142.2 |
|
Legal
Reserve |
1.6 |
1.6 |
1.7 |
|
Miscellaneous
Reserves |
22.5 |
23.6 |
24.7 |
|
Total Reserves |
24.0 |
25.2 |
26.4 |
|
Profit or Loss for
the Financial Year |
3.6 |
2.5 |
1.3 |
|
Total Equity |
35.1 |
35.5 |
36.0 |
|
Capital
Grants |
0.0 |
0.0 |
0.1 |
|
Total Deferred Income |
0.0 |
0.0 |
0.1 |
|
Other
Provisions |
0.6 |
0.6 |
0.6 |
|
Total Provisions for Liabilities and
Charges |
0.6 |
0.6 |
0.6 |
|
Loans
and Other Liabilities |
8.1 |
10.3 |
- |
|
Long-Term
Liabilities from Capital Leases |
- |
0.1 |
0.1 |
|
Total Amounts Owed
to Credit Institutions |
8.1 |
10.3 |
0.1 |
|
Long-Term
Payables to Public Bodies |
0.9 |
0.7 |
0.1 |
|
Total Other
Creditors |
0.9 |
0.7 |
0.1 |
|
Total Long Term Liabilities |
9.0 |
11.0 |
0.1 |
|
Loans
and Other Liabilities |
88.4 |
72.0 |
56.6 |
|
Short-Term
Liabilities from Capital Leases |
- |
0.1 |
0.1 |
|
Total Amounts Owed
to Credit Institutions |
88.4 |
72.1 |
56.7 |
|
Amounts
Owed to Group Companies |
7.5 |
0.4 |
0.4 |
|
Total Short-Term
Amounts Owed to Group and Associa |
7.5 |
0.4 |
0.4 |
|
Amounts
Owed for Purchases of Goods or Services |
45.3 |
49.6 |
46.1 |
|
Total Trade
Creditors |
45.3 |
49.6 |
46.1 |
|
Public
Bodies |
0.9 |
0.4 |
1.1 |
|
Miscellaneous
Debts |
- |
0.2 |
0.1 |
|
Wages
and Salaries Payable |
1.6 |
1.3 |
1.0 |
|
Total Other
Creditors |
2.5 |
2.0 |
2.3 |
|
Prepayments and
Accrued Income |
0.0 |
0.2 |
0.0 |
|
Total Short Term Creditors |
143.9 |
124.3 |
105.4 |
|
Short Term Provisions for Liabilities and
Charges |
- |
0.0 |
0.0 |
|
Total
Liabilities and Equity |
188.5 |
171.4 |
142.2 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
UK Pound |
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.70.01 |
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.