MIRA INFORM REPORT
|
Report Date : |
07.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
InDukern 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) : |
31.12.2012 |
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Year of Establishment : |
1962 |
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Com. Reg. No.: |
A08135055 |
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Legal Form : |
Public Parent |
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Line of Business : |
Wholesale of Chemical Products |
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No. of Employees : |
173 |
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 |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Spain |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SPAIN - ECONOMIC
OVERVIEW
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 0.3% in 2010; GDP expanded
0.4% in 2011, before contracting 1.4% in 2012. The economy has once again
fallen into recession as deleveraging in the private sector, fiscal
consolidation, and continued high unemployment weigh on domestic demand and
investment, even as exports have shown signs of resiliency. The unemployment
rate rose from a low of about 8% in 2007 to 26.0% in 2012. The economic
downturn has also hurt Spain's public finances. The government budget deficit
peaked at 11.2% of GDP in 2010 and the process to reduce this imbalance has
been slow despite the central government's efforts to raise new tax revenue and
cut spending. Spain reduced its budget deficit to 9.4% of GDP in 2011, and
roughly 7.4% of GDP in 2012, above the 6.3% target negotiated between Spain and
the EU. Although Spain''s large budget deficit and poor economic growth
prospects remain a source of concern for foreign investors, the government''s
ongoing efforts to cut spending and introduce flexibility into the labor
markets are intended to assuage these concerns. The government is also taking
steps to shore up the banking system, namely by using up to $130 billion in EU
funds to recapitalize struggling banks exposed to the collapsed domestic
construction and real estate sectors.
Source
: CIA
Company Name and Address
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Indukern Sa |
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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 |
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ANZSIC 2006: |
3323 -
Industrial and Agricultural Chemical Product Wholesaling |
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ISIC Rev 4: |
4669 - Wholesale
of waste and scrap and other products n.e.c. |
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NACE Rev 2: |
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NAICS 2012: |
424690 -
Other Chemical and Allied Products Merchant Wholesalers |
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UK SIC 2007: |
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US SIC 1987: |
5169 -
Chemicals and Allied Products, Not Elsewhere Classified |
Key Executives
|
Name |
Title |
|
Antonio Vidal Pacheco |
Chief Executive Officer, Combined Chief
Executive Officer |
|
Jose Luis Diaz Varela Somoza |
Presidente |
|
Francesc Majo Capilla |
Director Financiero |
|
Gloria Carmona Lopez |
Non Consellor Secretary |
|
Erna Bertschinger Barbetta |
Member Of The Board |
Registered No.(ESP)
A08135055
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7656427
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.74744
Corporate Overview
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ANZSIC 2006 Codes: |
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3323 |
- |
Industrial and Agricultural Chemical Product
Wholesaling |
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ISIC Rev 4 Codes: |
||
|
4669 |
- |
Wholesale of waste and scrap and other
products n.e.c. |
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NACE Rev 2 Codes: |
||
|
4675 |
- |
Wholesale of chemical products |
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NAICS 2012 Codes: |
||
|
424690 |
- |
Other Chemical and Allied Products
Merchant Wholesalers |
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US SIC 1987: |
||
|
5169 |
- |
Chemicals and Allied Products, Not
Elsewhere Classified |
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UK SIC 2007: |
||
|
4675 |
- |
Wholesale of chemical products |
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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Location |
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Tel: |
+(34) 937154748 |
KEY CORPORATE RELATIONSHIPS
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CORPORATE STRUCTURE NEWS
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
El Prat De
Llobregat, Barcelona |
Spain |
Chemical
Wholesale |
343.2 |
173 |
|
|
Subsidiary |
Osasco, Sao
Paulo |
Brazil |
Chemical
Wholesale |
53.8 |
60 |
|
|
Subsidiary |
Zapopan, Jalisco |
Mexico |
Pharmaceutical
Manufacturing |
11.5 |
5 |
|
|
Subsidiary |
Zapopan, Jalisco |
Mexico |
Grocery
Wholesale |
36.0 |
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Competitors Report
|
CompanyName |
Location |
Employees |
Ownership |
|
Ercros SA |
Barcelona, Spain |
1,620 |
Public |
|
HO TUNG CHEMICAL CORP. |
New Taipei, Taiwan |
1,470 |
Public |
|
Mitsubishi Chemical Holdings Corp. |
Chiyoda-Ku, Japan |
55,131 |
Public |
|
NOF CORPORATION |
Shibuya-Ku, Japan |
3,820 |
Public |
|
Sniace SA |
Madrid, Spain |
567 |
Public |
Executives 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 and Loss
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Charges |
333.1 |
321.4 |
261.0 |
|
Supplies |
293.0 |
282.9 |
228.1 |
|
Goods
Consumption |
293.0 |
282.9 |
228.1 |
|
Staff Costs |
12.4 |
12.8 |
11.0 |
|
Wages
and Salaries |
10.2 |
10.8 |
9.3 |
|
Social
Security Costs |
2.2 |
2.0 |
1.7 |
|
Depreciation |
1.1 |
1.1 |
0.8 |
|
Allowance for
Trade Operations |
1.4 |
0.8 |
1.2 |
|
Stock
Provision Variation |
0.1 |
0.1 |
0.6 |
|
Losses
from Unrecovered Receivables |
1.3 |
0.7 |
0.6 |
|
Other Operating
Charges |
17.2 |
18.6 |
17.2 |
|
External
Services |
17.1 |
18.5 |
17.1 |
|
Taxes |
0.1 |
0.1 |
0.2 |
|
Operating
Benefits |
13.3 |
8.6 |
4.7 |
|
Financials and
Similar Charges |
5.8 |
3.8 |
1.8 |
|
Due
to Liabilities With Group Companies |
2.2 |
0.3 |
- |
|
Due
to Other Liabilities |
3.6 |
3.5 |
1.8 |
|
Changes in
Financial Investment Provisions |
2.2 |
0.3 |
-0.3 |
|
Exchange Losses |
- |
0.0 |
0.1 |
|
Profit From
Ordinary Activities |
6.5 |
5.0 |
3.6 |
|
Losses From Assets
and Securities Portfolio |
0.0 |
0.0 |
0.3 |
|
Profit Before
Taxes |
6.5 |
5.0 |
3.3 |
|
Corporation Tax |
0.1 |
1.2 |
0.8 |
|
Financial Year
Result (Profit) |
6.3 |
3.8 |
2.5 |
|
Income |
339.5 |
325.2 |
263.4 |
|
Net Total Sales |
337.7 |
323.7 |
262.0 |
|
Sales |
337.7 |
323.7 |
262.0 |
|
Miscellaneous Operating
Income |
0.6 |
1.0 |
1.1 |
|
Auxiliary
Income From Current Management |
0.6 |
1.0 |
1.1 |
|
Grants |
0.0 |
- |
- |
|
Income From Equity
Investment |
0.0 |
0.0 |
0.1 |
|
In
Group Companies |
0.0 |
0.0 |
0.1 |
|
Income From
Miscellaneous Interests |
0.7 |
0.4 |
0.3 |
|
From
Group Companies |
0.3 |
0.4 |
0.2 |
|
Miscellaneous
Interests |
0.4 |
0.0 |
0.1 |
|
Gains from
Exchange Rate |
0.4 |
- |
- |
|
Negative
Financial Results |
6.8 |
3.6 |
1.2 |
|
Negative
Extraordinary Results |
0.0 |
0.0 |
0.3 |
Annual Balance sheet
|
Financials
in: USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Research
and Development Costs |
0.0 |
0.1 |
0.1 |
|
Concessions,
Patents, Trademarks |
0.0 |
0.0 |
0.1 |
|
Goodwill |
0.5 |
0.5 |
0.5 |
|
Software |
0.4 |
0.4 |
0.3 |
|
Total Intangible Fixed
Assets |
1.0 |
1.0 |
1.0 |
|
Land
and Construction |
3.6 |
3.4 |
3.2 |
|
Technical
Installations and Machinery |
2.7 |
2.9 |
3.2 |
|
Other
Installations, Tools, and Furniture |
0.1 |
0.1 |
0.1 |
|
Other
Tangible Assets |
0.3 |
0.3 |
0.4 |
|
Total Tangible
Fixed Assets |
6.7 |
6.7 |
6.9 |
|
Investments
in Group Companies |
29.3 |
28.1 |
29.7 |
|
Receivables
from Group Companies |
7.4 |
0.0 |
0.0 |
|
Investments
in Associated Companies |
0.0 |
0.0 |
0.0 |
|
Long-Term
Securities Portfolio |
0.9 |
0.2 |
0.2 |
|
Other
Receivables |
0.3 |
0.9 |
0.8 |
|
Financial
Investments |
37.9 |
29.3 |
30.7 |
|
Total Fixed Assets |
45.5 |
37.0 |
38.5 |
|
Goods
for Resale |
41.6 |
1.6 |
1.3 |
|
Raw
Materials and Other Consumables |
-0.7 |
- |
- |
|
Finished
Products |
- |
39.3 |
31.9 |
|
Payments
on Account |
2.0 |
6.0 |
4.2 |
|
Total Stocks |
42.9 |
46.9 |
37.4 |
|
Trade
Debtors |
59.6 |
61.7 |
66.0 |
|
Receivables,
Group Companies |
29.6 |
34.8 |
21.8 |
|
Other
Debtors |
0.7 |
0.7 |
4.5 |
|
Public
Bodies |
3.4 |
1.8 |
1.4 |
|
Total Debtors |
93.2 |
99.0 |
93.7 |
|
Receivables
from Group Companies |
0.6 |
4.0 |
1.2 |
|
Other
Receivables |
0.1 |
0.1 |
- |
|
Total Short-Term
Investments |
0.8 |
4.1 |
1.2 |
|
Cash |
3.3 |
1.5 |
0.5 |
|
Prepayments and
Accrued Income |
0.1 |
0.1 |
0.0 |
|
Total Current Assets |
140.3 |
151.5 |
132.9 |
|
Total Assets |
185.9 |
188.5 |
171.4 |
|
Legal
Reserve |
1.6 |
1.6 |
1.6 |
|
Miscellaneous
Reserves |
27.5 |
22.5 |
23.6 |
|
Total Reserves |
29.0 |
24.0 |
25.2 |
|
Profit or Loss for
the Financial Year |
6.5 |
3.6 |
2.5 |
|
Total Equity |
43.2 |
35.1 |
35.5 |
|
Capital
Grants |
0.0 |
0.0 |
0.0 |
|
Total Deferred Income |
0.0 |
0.0 |
0.0 |
|
Other
Provisions |
0.6 |
0.6 |
0.6 |
|
Total Provisions for Liabilities and
Charges |
0.6 |
0.6 |
0.6 |
|
Loans
and Other Liabilities |
18.8 |
8.1 |
10.3 |
|
Long-Term
Liabilities from Capital Leases |
- |
- |
0.1 |
|
Total Amounts Owed
to Credit Institutions |
18.8 |
8.1 |
10.3 |
|
Other
Creditors |
0.1 |
- |
- |
|
Long-Term
Payables to Public Bodies |
0.8 |
0.9 |
0.7 |
|
Total Other Creditors |
0.9 |
0.9 |
0.7 |
|
Total Long Term Liabilities |
19.6 |
9.0 |
11.0 |
|
Loans
and Other Liabilities |
63.1 |
88.4 |
72.0 |
|
Short-Term
Liabilities from Capital Leases |
- |
- |
0.1 |
|
Total Amounts Owed
to Credit Institutions |
63.1 |
88.4 |
72.1 |
|
Amounts
Owed to Group Companies |
5.4 |
7.5 |
0.4 |
|
Total Short-Term
Amounts Owed to Group and Associa |
5.4 |
7.5 |
0.4 |
|
Amounts
Owed for Purchases of Goods or Services |
51.4 |
45.3 |
49.6 |
|
Total Trade
Creditors |
51.4 |
45.3 |
49.6 |
|
Public
Bodies |
0.6 |
0.9 |
0.4 |
|
Miscellaneous
Debts |
- |
- |
0.2 |
|
Wages
and Salaries Payable |
1.8 |
1.6 |
1.3 |
|
Total Other
Creditors |
2.4 |
2.5 |
2.0 |
|
Prepayments and Accrued
Income |
0.1 |
0.0 |
0.2 |
|
Total Short Term Creditors |
122.4 |
143.9 |
124.3 |
|
Short Term Provisions for Liabilities and
Charges |
- |
- |
0.0 |
|
Total
Liabilities and Equity |
185.9 |
188.5 |
171.4 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.99.29 |
|
Euro |
1 |
Rs.83.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.