MIRA INFORM REPORT

 

 

Report Date :

13.11.2013

 

IDENTIFICATION DETAILS

 

Name :

SEVERSTAL EXPORT GMBH

 

 

Registered Office :

Fischergasse 3 6362 Stansstad

 

 

Country :

Switzerland

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

1930

 

 

Com. Reg. No.:

150.4.000.518-6 / 612595

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

·         Subject is a leading vertically integrated steel and steel related mining companies.

·         Wholesale of metals and metal ores

 

 

No. of Employees :

7

 

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 :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

--

 

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

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

COMPANY NAME AND ADDRESS

 

Company:         SEVERSTAL EXPORT GMBH

Address:           Fischergasse 3 6362 Stansstad

Country:            Switzerland

Phone  :            +41(041) 6197710

Fax    :              +41(041) 6197719

 

Operating address:

Fischergasse 3

6362 Stansstad/NW

Switzerland/CH

 

Telephone:        041 6197710

Fax:                  041 6197719

 

Web site:          http://www.severstal.com

E-mail:              sokol@severstalexport.com

 

VAT-No.:           CHE109254837

 

 

Profile

 

Established:                  1930

Line of Business:           Consumer goods wholesale

Industry Division:            Wholesale trade

Industry-code (NACE):    4672     Wholesale of metals and metal ores

Import/Export:                Import, Export

Banks:                          unknown

 

 

Operational Figures

 

Coverage:          Company

Employees:       7

 

 

Activity

 

Severstal is a leading vertically integrated steel and steel related mining companies. The office in Stansstad, Switzerland is active in trading with steel products.

 

 

 

Real Estate

 

Information on property ownership was not available.

 

 

Company Register

 

Company No:                150.4.000.518-6 / 612595

Legal form:                    Limited Liability Company

Registration:                  08.05.2001

Legal status:                 active

Responsible Register:    Handelsregister des Kantons Nidwalden

History:                         Date of Statutes: 26.09.2003

                                    Date of Incorporation Statutes: 07.05.2001

 

Entry    Deleted            Name

08.05.2001                    SeverStal Export GmbH

 

Entry    Deleted            Legal domicile

08.05.2001                    Stansstad, Switzerland

 

Entry    Deleted            Address

08.05.2001                    Fischergasse 3, 6362 Stansstad/NW, Switzerland/CH

 

Entry    Deleted            Capital

08.05.2001                    LLC Capital CHF 500,000

 

Entry    Deleted            Capital Structure

30.05.2006                    1 Participation shares of CHF 1,000.--

08.05.2001                    1 Participation shares of CHF 499,000.--

 

Entry    Deleted            Activity (original Language)

03.10.2003                    Export von sowie Handel mit Stahlprodukten; Erbringung von Dienstleistungen auf dem Gebiet von Stahlprodukten; Erwerb und Verwaltung von Beteiligungen an anderen Unternehmen; Finanzierung und Erbringung von Finanzdienstleistungen aller Art, insbesondere Garantien, an verbundene und dritte Unternehmen im In- und Ausland; kann Mehr- oder Minderheitsbeteiligungen an anderen Gesellschaften halten sowie Grundstücke im Ausland und gewerbliche Schutzrechte erwerben, halten und veräussern.

08.05.2001        03.10.2003        Export von sowie Handel mit Stahlprodukten; Erbringung von Dienstleistungen

auf dem Gebiet von Stahlprodukten; Erwerb und Verwaltung von Beteiligungen an anderen Unternehmen; kann Mehr- oder Minderheitsbeteiligungen an anderen Gesellschaften halten, Grundstücke im Ausland und gewerbliche Schutzrechte erwerben, halten und veräussern.

 

Entry    Deleted            Remarks (original Language)

08.05.2001                    Publishing authority: SHAB.

08.05.2001                    Change of Corporate Form: Ist auf dem Wege der Umwandlung aus der Nova Steel AG, in Stansstad, hervorgegangen. Übernimmt gemäss Umwandlungsbilanz per 31.12.2000 Aktiven von CHF 181'616'086.-- und Passiven von CHF 164'635'107.-- im Sinne von Art. 824 ff. OR. Das Aktienkapital wird in Stammkapital umgewandelt.

 

 

Management

 

Title                                         Name

General Manager                       Tatiana Timokhina, Origin: Russia, Residential address: Luzern, Switzerland, joint signature of two, Registered since: 07.11.2013

Chairman of the management      Withold Skrotzki, Origin: Germany, Residential address: Bürgenstock (Stansstad), Switzerland, joint signature of two, Registered since: 08.05.2001

Member with procuration             Peter Michael Kemmerich, Origin: Stansstad, Switzerland, Residential address: Stansstad, Switzerland, joint power of attorney of two, Registered since: 26.09.2013

Member with procuration             Giuseppe Paolo Lapira, Origin: Germany, Residential address: Hergiswil/NW, Switzerland, joint power of attorney of two, Registered since: 26.09.2013

Member with procuration             Markus Johannes Pollert, Origin: Germany, Residential address: Hergiswil/NW, Switzerland, joint power of attorney of two, Registered since: 26.09.2013

Member with procuration             Dmitry Polyakov, Origin: Russia, Residential address: Stansstad, Switzerland, joint power of attorney of two, Registered since: 07.11.2013

Member with procuration             Rolf Reincke, Origin: Germany, Residential address: Luzern, Switzerland, joint power of attorney of two, Registered since: 26.09.2013

Member with procuration             Jürg Zentner-Murer, Origin: Urnäsch, Switzerland, Residential address: 6060 Sarnen/OW, Switzerland, joint power of attorney of two, Registered since: 23.03.2005

 

 

External Positions

 

Title                             Name

Auditor                          KPMG AG, Residential address: Zürich, Switzerland, Registered since: 08.05.2001

 

 

Financial Data OAO Severstal

 

Consolidation:                consolidated

Industry:                        Trade/Industry

 

Consolidation:                     consolidated

Industry:                                Trade/Industry

 

Fiscal year end:                                                   31.12.2012      31.12.2011      31.12.2010

Number of months:                                                     12                    12                    12

Currency:                                                                  th. USD           th. USD           th. USD

 

Balance Sheet

Intangible fixed assets                                          820,935.0        770,454.0     1,930,942.0

Land and buildings                                           3,409,421.0     3,141,038.0     3,469,327.0

Other tangible fixed assets                              5,053,290.0     4,322,356.0     3,830,522.0

Tangible fixed assets                                        8,462,711.0     7,463,394.0     7,299,849.0

Financial fixed assets                                           457,533.0        483,577.0        363,106.0

other fixed assets                                                  269,342.0        262,590.0        243,757.0

Fixed assets                                                     10,010,521.0     8,980,015.0     9,837,654.0

Stocks                                                                  2,352,898.0     2,519,154.0     2,369,134.0

Trade accounts receivable                               1,040,567.0     1,219,961.0        967,837.0

Liquid assets                                                      1,726,275.0     1,863,538.0     2,012,662.0

Securities                                                                   23,778.0          10,500.0          27,463.0

other trade accounts                                             553,176.0     3,316,623.0     4,193,631.0

Other current assets                                         2,303,229.0     5,190,661.0     6,233,756.0

Current assets                                                   5,696,694.0     8,929,776.0     9,570,727.0

Total assets                                                     15,707,215.0   17,909,791.0   19,408,381.0

 

Capital                                                                  2,752,728.0     3,311,288.0     3,311,288.0

Other shareholders funds                                4,441,732.0     3,368,208.0     3,723,651.0

Total shareholders equity                                7,194,460.0     6,679,496.0     7,034,939.0

Minority interests                                                       20,783.0        387,827.0        314,714.0

long term debt (financial debts)                      4,327,412.0     4,790,631.0     4,722,926.0

Provisions                                                                  15,266.0

Other non current liabilities                                  779,632.0        682,039.0        956,775.0

Non current liabilities                                        5,122,310.0     5,472,670.0     5,679,701.0

short term debt (financial debts)                     1,382,128.0     1,191,579.0     1,431,516.0

Trade accounts payable                                   1,057,621.0     1,115,110.0        897,389.0

Provisions                                                                  41,261.0          64,269.0          29,161.0

Accruals                                                                      17,620.0          24,302.0          23,786.0

other accounts payable                                        871,032.0     2,974,538.0     3,997,175.0

other current liabilities                                          929,913.0     3,063,109.0     4,050,122.0

Current liabilities                                                3,369,662.0     5,369,798.0     6,379,027.0

Shareh. equity, min. interests + liabilities  15,707,215.0   17,909,791.0   19,408,381.0

 

Profit and loss account

Sales                                                                 14,264,778.0   15,812,400.0   12,819,118.0

Net sales                                                          14,264,778.0   15,812,400.0   12,819,118.0

Other operating revenue                                         20,243.0     2,009,067.0     5,041,064.0

Operating revenue                                          14,285,021.0   17,821,467.0   17,860,182.0

Cost of goods sold                                         10,785,292.0   10,903,222.0     8,716,766.0

Gross profit                                                         3,499,729.0     6,918,245.0     9,143,416.0

Other operating expenses                               2,121,950.0     3,714,739.0     8,508,982.0

Operating result                                                 1,377,779.0     3,203,506.0        634,434.0

Interest revenues                                                      68,169.0          49,681.0        100,595.0

other financial revenues                                       339,343.0          57,512.0        136,768.0

Financial income                                                   407,512.0        107,193.0        237,363.0

Interest expenses                                                  440,938.0        436,141.0        617,785.0

other financial expenses                                         77,117.0        157,206.0        196,592.0

Financial expenses                                               518,055.0        593,347.0        814,377.0

Financial result                                                     -110,543.0       -486,154.0      -577,014.0

Result before extraordinary items                  1,267,236.0     2,717,352.0          57,420.0

Result before taxes                                           1,267,236.0     2,717,352.0          57,420.0

Taxes                                                                        273,597.0        543,617.0        571,999.0

Result before minority interests                          993,639.0     2,173,735.0      -514,579.0

minority interests                                                      72,484.0        138,902.0          60,335.0

Result for the financial year                                 921,155.0     2,034,833.0      -574,914.0

 

Cash flow

Depreciation                                                           726,045.0        646,821.0        615,979.0

Cash flow                                                            1,719,684.0     2,820,556.0        101,400.0

Cash flow from operating activities                1,750,359.0     2,579,435.0     1,259,174.0

Investments in tangible fixed assets             1,336,450.0     1,609,493.0     1,011,870.0

Cash flow from investing activities               -1,102,026.0    -1,901,520.0   -1,499,266.0

Cash flow from financing activities                   -835,103.0       -539,054.0      -287,881.0

Others                                                                         49,507.0       -287,985.0      -312,741.0

Change in liquidity                                               -137,263.0       -149,124.0      -840,714.0

Liquidity at beginning of the year                    1,863,538.0     2,012,662.0     2,853,376.0

Liquidity at end ot the year                                1,726,275.0     1,863,538.0     2,012,662.0

 

Notes

Cost of employees                                            2,070,480.0     1,887,284.0     1,460,385.0

Added value                                                        4,504,699.0     5,687,598.0     2,751,569.0

Working Capital                                                  2,335,844.0     2,624,005.0     2,439,582.0

Sales per Employee                                                       212.0               227.2

Gross cost land and buildings                        2,358,142.0     3,912,370.0     4,308,109.0

Gross cost other tangible fixed assets       10,955,570.0     7,689,078.0     7,034,152.0

Gross cost total                                               13,313,712.0   11,601,448.0   11,342,261.0

 

Employees  at year end                                               67,297             69,583

 

 

Ultimate Parent Company

 

Name:                           OAO Severstal

City/Country:                 Moscow, Russia/RU

 

 

Owner/-s

 

No. of Owner/-s: 2

Owner:                          The company is foreign owned.

 

Class:                           50-100%

Type:                            indirect, Group-Level 1

Name:                           OAO Severstal

City/Country:                 Moscow, Russia/RU

 

Class:                           50-100%

Type:                            direct

Name:                           Severstal Trade Ges.m.b. H.

City/Country:                 Wien, Austria/AT

Capital share:                CHF 499,000.--

Interest:                        99,80% voting right, 99,80% capital interest (since 08.05.2001)

 

Class:                           0-9%

Type:                            direct

Name:                           Withold Skrotzki

City/Country:                 Bürgenstock, Switzerland/CH

Capital share:                CHF 1,000.--

Interest:                        0,20% voting right, 0,20% capital interest

 

Severstal is one of the world’s leading vertically integrated steel and steel related mining companies, with assets in Russia, the USA, the Ukraine, Latvia, Poland, Italy, Liberia and Brazil.

 

Severstal combines the growth potential of Russia’s emerging market with the margin sustainability of an international steel producer. The Groupe currently operates facilities in ten countries and employ a workforce of 70,000.

 

 

Investments

 

It is believed that the company has no investments.

 

Legal Actions

Control date       Year     No.       Amount CHF     Status

23.03.2011        2011     0

23.03.2011        2010     1          300,000.--          Opposition filed

23.03.2011        2009     0

03.09.2010        2008     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.

 

 

Credit Information

 

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 considered to be good.

 

Payment experiences:    Payments are made with arranged conditions.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.59

UK Pound

1

Rs.101.56

Euro

1

Rs.85.15

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.