MIRA INFORM REPORT

 

 

Report Date :

09.11.2013

 

IDENTIFICATION DETAILS

 

Name :

GLENCORE GRAIN B.V. 

 

 

Registered Office :

Blaak 31, Rotterdam, 3011 GA

 

 

Country :

Netherlands

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

09.04.1980

 

 

Com. Reg. No.:

24138640

 

 

Legal Form :

Private Subsidiary

 

 

Line of Business :

wholesaler of grain, seeds and animal feeds

 

 

No. of Employees :

183

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate  

 

 

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 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Netherlands

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Netherlands ECONOMIC OVERVIEW

 

The Dutch economy is the sixth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, a sizable trade surplus, and an important role as a European transportation hub. Industrial activity is predominantly in food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for the food-processing industry and for exports. The Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. After 26 years of uninterrupted economic growth, the Dutch economy - highly dependent on an international financial sector and international trade - contracted by 3.5% in 2009 as a result of the global financial crisis. The Dutch financial sector suffered, due in part to the high exposure of some Dutch banks to U.S. mortgage-backed securities. In 2008, the government nationalized two banks and injected billions of dollars of capital into other financial institutions, to prevent further deterioration of a crucial sector. The government also sought to boost the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credit facilities. The stimulus programs and bank bailouts, however, resulted in a government budget deficit of 5.3% of GDP in 2010 that contrasted sharply with a surplus of 0.7% in 2008. The government of Prime Minister Mark RUTTE began implementing fiscal consolidation measures in early 2011, mainly reductions in expenditures, which resulted in an improved budget deficit in 2011. In 2012 tax revenues dropped nearly 9%, GDP contracted, and the budget deficit deteriorated. Although jobless claims continued to grow, the unemployment rate remained relatively low at 6.8 percent.

Source : CIA

 

Company name & address

 

Glencore Grain B.V.

Blaak 31

Rotterdam, 3011 GA

Netherlands

Tel:       +31 010-4044400

Fax:      +31 010-4129635

 

 

Synthesis  

 

Employees:                  183

Company Type:            Private Subsidiary

Corporate Family:          3 Companies

Ultimate Parent:             Finges Investment B.V.

Incorporation Date:        09-Apr-1980     

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2011

Reporting Currency:       US Dollar

Annual Sales:               11,478.3

Total Assets:                2,857.4

 

 

Business Description     

 

Glencore Grain B.V. is primarily engaged in wholesale of grain, seeds and animal feeds. This class also includes: wholesale of seed potatoes; wholesale of feed for farm animals; and wholesale of material, residues and by-products used for animal feed.

 

 

Industry      

 

Industry           Crops

ANZSIC 2006:   3312 - Cereal Grain Wholesaling

NACE 2002:      5121 - Wholesale of grain, seeds and animal feeds

NAICS 2002:     424510 - Grain and Field Bean Merchant Wholesalers

UK SIC 2003:    5121 - Wholesale of grain, seeds and animal feeds

UK SIC 2007:    4621 - Wholesale of grain, unmanufactured tobacco, seeds and animal feeds

US SIC 1987:    5153 - Grain and Field Beans

 

           

Key Executives   

 

Name

Title

Andreas Hubmann

Managing director

Christopher Mahoney

Managing director

Camiel Both

Member of the board

Abraham De Veer

Member of the board

Margaretha Den Otter

Member of the board

 

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1

2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

 

 

Corporate Overview

 

Location

Blaak 31

Rotterdam, 3011 GA

Netherlands

Tel:       +31 010-4044400

Fax:      +31 010-4129635

           

Sales USD(mil)  :           11,478.3

Assets USD(mil):           2,857.4

Employees:                  183

Fiscal Year End:            31-Dec-2011

Industry:                       Crops

Incorporation Date:        09-Apr-1980

Company Type:             Private Subsidiary

Quoted Status:              Not Quoted

Registered No.(NLD):    24138640

Managing director:        Andreas Hubmann

 

Industry Codes

ANZSIC 2006 Codes:

3312     -          Cereal Grain Wholesaling

 

NACE 2002 Codes:

5121     -          Wholesale of grain, seeds and animal feeds

 

NAICS 2002 Codes:

424510  -          Grain and Field Bean Merchant Wholesalers

 

US SIC 1987:

5153     -          Grain and Field Beans

 

UK SIC 2003:

5121     -          Wholesale of grain, seeds and animal feeds

 

UK SIC 2007:

4621     -          Wholesale of grain, unmanufactured tobacco, seeds and animal feeds

 

Business Description

Glencore Grain B.V. is primarily engaged in wholesale of grain, seeds and animal feeds. This class also includes: wholesale of seed potatoes; wholesale of feed for farm animals; and wholesale of material, residues and by-products used for animal feed.

 

Financial Data

Financials in:

USD(mil)

 

Revenue:

11,478.3

Assets:

2,857.4

Current Assets:

2,850.7

 

Total Liabilities:

2,857.4

 

Net Worth:

206.8

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

59.8%

NA

 

 

 

 

Corporate Family

Corporate Structure News:

 

Glencore Grain B.V.

Glencore Grain B.V. 
Total Corporate Family Members: 3 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Finges Investment B.V.

Parent

 

 

 

 

 

 

Pacorini Metals Italia S.r.l

Subsidiary

Trieste

Italy

Trucking

25.8

44

 

Glencore Grain B.V.

Subsidiary

Rotterdam, Zuid-Holland

Netherlands

Crops

11,478.3

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Camiel Both

 

Member of the board

Director/Board Member

 

Abraham De Veer

 

Member of the board

Director/Board Member

 

Margaretha Den Otter

 

Member of the board

Director/Board Member

 

Jerry Gielisse

 

Member of the board

Director/Board Member

 

Colin Iles

 

Member of the board

Director/Board Member

 

Richard Klein

 

Member of the board

Director/Board Member

 

Sylvie Kosorog

 

Member of the board

Director/Board Member

 

Benny Kouwenhoven

 

Member of the board

Director/Board Member

 

Maarten Kubbe

 

Member of the board

Director/Board Member

 

Peter Mouthaan

 

Member of the board

Director/Board Member

 

Daniel Pickett

 

Member of the board

Director/Board Member

 

Antonius Rabeling

 

Member of the board

Director/Board Member

 

Theo Schipper

 

Member of the board

Director/Board Member

 

Antonius Schrage

 

Member of the board

Director/Board Member

 

Nicolaas Van Den Meiracker

 

Member of the board

Director/Board Member

 

Jeffrey Wakker

 

Member of the board

Director/Board Member

 

 

 

 

Executives

 

Name

Title

Function

 

Andreas Hubmann

 

Managing director

Managing Director

 

Christopher Mahoney

 

Managing director

Managing Director

 

Ernest Mostert

 

Managing director

Managing Director

 

 

 

 

Annual Profit & Loss

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

Period Length

12 Months

12 Months

12 Months

Filed Currency

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

Consolidated

No

No

No

 

 

 

 

Net sales

11,478.3

7,184.6

5,857.2

Cost of goods sold

11,333.2

7,063.1

5,676.4

Cost of sales

11,333.2

7,063.1

5,676.4

Gross profit

145.1

121.6

180.8

General expenses

-

-

38.7

Total payroll costs

28.8

22.6

-

Other operating costs

32.7

557.8

-

Total operating costs

-

-

38.7

Net operating income

83.6

-

142.1

Total financial income

22.5

15.2

18.2

Total expenses

91.4

56.2

48.2

Profit before tax

14.7

-

112.0

Profit on ordinary activities after tax

12.7

-514.8

127.2

Other taxes

-0.4

-

-

Total taxation

2.0

15.0

-15.2

Profit after tax

12.7

-514.8

127.2

Net profit

13.1

-

122.7

Net loss

-

-530.0

-

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

Filed Currency

USD

USD

USD

Exchange Rate

1

1

1

Consolidated

No

No

No

 

 

 

 

Other reserves

185.4

170.5

330.3

Total stockholders equity

206.8

192.6

354.0

Trade creditors

147.3

128.1

104.8

Total current liabilities

2,650.6

3,233.4

967.3

Total liabilities (including net worth)

2,857.4

3,426.1

1,321.4

Total tangible fixed assets

4.7

3.2

-

Total asset investment

2.1

0.9

1.3

Total non-current assets

6.8

4.1

1.3

Net stocks and work in progress

394.4

362.0

187.9

Trade debtors

737.2

773.2

324.6

Other receivables

1,683.3

2,253.0

807.3

Total receivables

2,420.6

3,026.1

1,131.9

Cash and liquid assets

35.7

33.9

0.2

Total current assets

2,850.7

3,422.0

1,320.1

Total assets

2,857.4

3,426.1

1,321.4

 

 

Annual Ratios

 

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

Period Length

12 Months

12 Months

12 Months

Filed Currency

USD

USD

USD

Exchange Rate

1

1

1

Consolidated

No

No

No

 

 

 

 

Current ratio

1.10

1.10

1.40

Acid test ratio

0.90

1.00

1.20

Current liabilities to net worth

10.00%

10.00%

2.73%

Fixed assets to net worth

0.03%

0.02%

0.00%

Collection period

23.40

39.30

20.20

Stock turnover rate

29.10

19.80

31.20

Sales to net working capital

57.40

38.10

16.60

Asset turnover

4.02%

2.10%

4.43%

Profit margin

0.00%

-0.07%

0.02%

Return on assets

0.01%

-0.15%

0.09%

Shareholders' return

0.07%

-2.59%

0.32%

Sales per employee

62,722.96

51,318.88

41,248.11

Profit per employee

80.16

-3,569.63

788.79

Return on capital

-0.37%

-2.89%

0.18%

Average wage per employee

157.51

161.41

-

Net worth

206.8

192.6

354.0

Number of employees

183

140

142

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.73

UK Pound

1

Rs.100.92

Euro

1

Rs.84.06

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

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.