MIRA INFORM REPORT
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Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
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Name : |
SQM
EUROPE |
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Registered Office : |
Sint-Pietersvliet 7, Antwerpen, 200 |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1933 |
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Com. Reg. No.: |
404760808 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
Distribution of speciality fertilisers and inorganic industrial chemicals,
including nitrate, sulphate and borate |
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No. of Employees : |
35 |
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 : |
Usually correct |
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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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Belgium |
A1 |
A1 |
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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 |
Belgium - ECONOMIC OVERVIEW
This modern, open, and private-enterprise-based economy has capitalized on
its central geographic location, highly developed transport network, and
diversified industrial and commercial base. Industry is concentrated mainly in
the more heavily-populated region of Flanders in the north. With few natural
resources, Belgium imports substantial quantities of raw materials and exports
a large volume of manufactures, making its economy vulnerable to volatility in
world markets. Roughly three-quarters of Belgium's trade is with other EU
countries, and Belgium has benefited most from its proximity to Germany. In
2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7%
from 8.3% the previous year, and the government reduced the budget deficit from
a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement
in Belgium's budget deficit, public debt hovers near 100% of GDP, a factor that
has contributed to investor perceptions that the country is increasingly
vulnerable to spillover from the euro-zone crisis. Belgian banks were severely
affected by the international financial crisis in 2008 with three major banks
receiving capital injections from the government, and the nationalization of
the Belgian arm of a Franco-Belgian bank. An ageing population and rising
social expenditures are mid- to long-term challenges to public finances.
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Source : CIA |
Company
name and address
Sqm Europe
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Sint-Pietersvliet 7 |
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Antwerpen, 2000 |
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Belgium |
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Tel: |
03 203 97 00 |
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Fax: |
03 231 27 82 |
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Employees: |
35 |
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Company Type: |
Private Subsidiary |
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Corporate Family: |
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Ultimate Parent: |
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Incorporation Date: |
1933 |
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Fiscal Year End: |
31-Dec-2011 |
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Reporting Currency: |
Euro |
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Annual Sales: |
928.9 1 |
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Total Assets: |
416.4 |
Business Description
Distribution of speciality fertilisers and inorganic industrial chemicals,
including nitrate, sulphate and borate
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
4621 - Wholesale of grain, unmanufactured tobacco, seeds
and animal feeds |
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US SIC 1987: |
Key Executives
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Registered No.(VAT)
404760808
1 - Profit & Loss Item
Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange
Rate: USD 1 = EUR 0.770327
Corporate Overview
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Corporate Structure News
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Las Condes |
Chile |
Chemical Manufacturing |
2,145.3 |
5,443 |
|
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Subsidiary |
Santiago |
Chile |
Construction - Supplies and Fixtures |
|
3,000 |
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Subsidiary |
Santiago |
Chile |
Chemical Manufacturing |
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3,000 |
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Subsidiary |
Bangkok |
Thailand |
Chemical Manufacturing |
|
100 |
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Subsidiary |
Jalisco |
Mexico |
Chemical Manufacturing |
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60 |
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Subsidiary |
Santiago |
Chile |
Chemical Manufacturing |
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50 |
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Subsidiary |
Guayaquil |
Ecuador |
Chemical Manufacturing |
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50 |
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Subsidiary |
Jalisco |
Mexico |
Chemical Manufacturing |
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45 |
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Subsidiary |
West Sacramento, CA |
United States |
Beverages (Alcoholic) |
56.4 |
40 |
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Subsidiary |
Jalisco |
Mexico |
Non-Metallic Mining |
|
37 |
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Subsidiary |
Antwerpen |
Belgium |
Chemical Manufacturing |
928.9 |
35 |
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Subsidiary |
Atlanta, GA |
United States |
Chemical Manufacturing |
4.5 |
25 |
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Subsidiary |
Beijing |
China |
Chemical Manufacturing |
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20 |
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Subsidiary |
Barcelona |
Spain |
Non-Metallic Mining |
67.4 |
8 |
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Subsidiary |
Dubai |
United Arab Emirates |
Non-Metallic Mining |
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6 |
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Subsidiary |
Tokyo |
Japan |
Chemical Manufacturing |
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4 |
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Subsidiary |
Bagno a Ripoli |
Italy |
Chemical Manufacturing |
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3 |
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Subsidiary |
Santiago |
Chile |
Chemical Manufacturing |
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Subsidiary |
Antofagasta |
Chile |
Non-Metallic Mining |
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Subsidiary |
Santiago |
Chile |
Non-Metallic Mining |
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Subsidiary |
Santiago |
Chile |
Chemical Manufacturing |
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Subsidiary |
Iquique |
Chile |
Non-Metallic Mining |
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Subsidiary |
Santiago |
Chile |
Chemical Manufacturing |
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Subsidiary |
Lima |
Peru |
Chemical Manufacturing |
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Subsidiary |
Caracas |
Venezuela |
Chemical Manufacturing |
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Subsidiary |
Santiago |
Chile |
Non-Metallic Mining |
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Subsidiary |
Santiago |
Chile |
Chemical Manufacturing |
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Subsidiary |
Santiago |
Chile |
Non-Metallic Mining |
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Subsidiary |
Amsterdam |
Netherlands |
Rental and Leasing |
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Subsidiary |
Santiago |
Chile |
Chemical Manufacturing |
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Board of Directors |
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Chairman of the Board of Directors |
Chairman |
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Chairman |
Chairman |
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Executives |
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Managing Director |
Managing Director |
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Administrator |
Administration Executive |
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Administrator |
Administration Executive |
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Administrator |
Administration Executive |
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Administrator |
Administration Executive |
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Representative/Auditor |
Accounting Executive |
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Representative/Auditor |
Accounting Executive |
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Sales Assistant |
Sales Executive |
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Commercial Manager |
Marketing Executive |
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Commercial Manager |
Marketing Executive |
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IT Manager |
Engineering/Technical Executive |
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Decision-maker |
Other |
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Decision-maker |
Other |
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Decision-maker |
Other |
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Decision-maker |
Other |
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Decision-maker |
Other |
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Decision-maker |
Other |
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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 |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate (Period
Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Turnover |
928.9 |
849.1 |
490.8 |
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Other Operating Income |
0.1 |
3.6 |
1.7 |
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Operating Income |
929.0 |
852.7 |
492.5 |
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Purchases |
966.8 |
869.1 |
411.4 |
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Increase or Decrease
in Stocks |
-63.0 |
-45.5 |
57.3 |
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Raw Materials, Consumables, and Goods for
Release |
903.8 |
823.6 |
468.6 |
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Services and Sundry Goods |
5.0 |
9.1 |
6.8 |
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Remuneration, Social Security Charges, and
Pensions |
6.1 |
5.8 |
6.8 |
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Depreciation of and Other Amounts Written Off
of Formation Expense, Intangible and Tangible Fixed Assets |
0.3 |
0.7 |
1.2 |
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Increase or Decrease in Amounts Written Off Stocks,
Orders, and Trade Debtors |
-0.2 |
0.1 |
0.0 |
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Other Operating Charges |
0.1 |
0.1 |
0.3 |
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Operating Charges |
915.1 |
839.5 |
483.8 |
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Income From Current Assets |
0.0 |
0.0 |
0.1 |
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Other Financial Income |
52.4 |
40.2 |
20.8 |
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Financial Income |
52.4 |
40.3 |
20.9 |
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Interest and Other Debt Charges |
3.6 |
3.3 |
3.1 |
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Other Financial Charges |
56.3 |
44.1 |
23.5 |
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Financial Charges |
60.0 |
47.5 |
26.6 |
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Other Extraordinary Income |
0.1 |
- |
- |
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Extraordinary Income |
0.1 |
- |
- |
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Loss on Disposal of Fixed Assets |
- |
0.0 |
- |
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Extraordinary Charges |
- |
0.0 |
- |
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Income Taxes |
2.4 |
0.2 |
0.2 |
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Income Taxes |
2.4 |
0.2 |
0.2 |
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To the Legal Reserve |
0.2 |
0.3 |
- |
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Transfers to Capital and Reserves |
0.2 |
0.3 |
- |
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Employees |
35 |
37 |
35 |
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Annual Balance
Sheet |
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Financials in: USD (mil) |
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|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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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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Intangible Assets |
0.1 |
0.2 |
0.8 |
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Plant, Machinery, and
Equipment |
0.1 |
0.2 |
0.2 |
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Furniture and Vehicles |
0.2 |
0.2 |
0.3 |
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Other Tangible Assets |
0.0 |
0.0 |
0.0 |
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Tangible Assets |
0.4 |
0.4 |
0.5 |
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Amounts Receivable and
Cash Guarantees |
0.2 |
0.3 |
0.3 |
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Other Capital Assets |
0.2 |
0.3 |
0.3 |
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Capital Assets |
0.2 |
0.3 |
0.3 |
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Fixed Assets |
0.7 |
0.9 |
1.6 |
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Goods Purchased for
Resale |
214.7 |
161.1 |
123.0 |
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Stocks |
214.7 |
161.1 |
123.0 |
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Inventory and Orders in Progress |
214.7 |
161.1 |
123.0 |
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Trade Debtors |
193.6 |
200.6 |
134.7 |
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Other Amounts
Receivable |
3.9 |
3.2 |
2.6 |
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Amounts Receivable Within One Year |
197.4 |
203.8 |
137.4 |
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Liquid Assets |
3.2 |
2.2 |
3.3 |
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Adjustment Accounts |
0.4 |
0.3 |
0.2 |
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Current Assets |
415.8 |
367.4 |
263.9 |
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Total Assets |
416.4 |
368.2 |
265.5 |
|
Issued Capital |
10.4 |
10.7 |
11.5 |
|
Capital |
10.4 |
10.7 |
11.5 |
|
Legal Reserve |
0.6 |
0.4 |
0.2 |
|
Untaxed Reserves |
0.1 |
0.1 |
0.1 |
|
Reserves |
0.7 |
0.5 |
0.2 |
|
Capital and Reserves |
15.2 |
11.7 |
6.2 |
|
Subordinated Loans |
- |
- |
12.9 |
|
Other Loans |
- |
- |
81.4 |
|
Financial Debts |
- |
- |
94.4 |
|
Amounts Due After More Than One Year |
- |
- |
94.4 |
|
Other Loans |
42.9 |
66.3 |
- |
|
Financial Debts |
42.9 |
66.3 |
- |
|
Suppliers |
353.3 |
288.4 |
164.3 |
|
Trade Debts |
353.3 |
288.4 |
164.3 |
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Advances Received on
Orders in Progress |
2.5 |
1.2 |
0.3 |
|
Taxes |
2.0 |
0.0 |
- |
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Remuneration and Social
Security |
0.6 |
0.6 |
0.3 |
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Taxes, Wages, and
Social Security |
2.6 |
0.6 |
0.3 |
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Amounts Payable Within One Year |
401.3 |
356.5 |
164.9 |
|
Creditors |
401.3 |
356.5 |
259.3 |
|
Total Liabilities + Shareholders' Equity |
416.4 |
368.2 |
265.5 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.09 |
|
|
1 |
Rs.82.46 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
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 |
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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 |
-- |
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.