MIRA INFORM REPORT
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Report Date : |
12.04.2014 |
IDENTIFICATION DETAILS
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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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Date of Incorporation : |
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
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn, partially offsetting declines in domestic consumption and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining Spain's public finances as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2009. Spain gradually reduced the deficit to just under 7% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to 93.4% in 2013. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in December 2013.
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Source
: CIA |
Company
name and address
INDUKERN SA
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Business
Description
Indukern, S.A. (Indukern) is chemical product distributor. The company
offers fine chemical products and related services worldwide. Its products
include human feed products, export products, F&F ingredient products, pharmaceutical
products, industrial chemicals products and veterinary products. Indukern
offers human feed products such as essential oils, anticaking products,
functional starches, antioxidants, natural colourings, preservatives, malt
derivatives, dairy products, sweeteners, oxidants, phosphates and vitamins. The
company’s pharmaceuticals include active pharmaceutical ingredients,
analgesics, antiasthmatic, antibacterials, antidepressants, antiepileptics,
antihistamines, antihypertensives, anti-inflammatory, antineoplastics,
antiplatelets, antipsychotics and antiviral products. The company operates in
Switzerland, Portugal, Russia, Turkey, Hong Kong, Brazil, Mexico, Columbia,
France, Italy, Portland, India, Jordan, Syria, Kenya and Ukraine, among others.
Indukern is headquartered in El Prat De Llobregat, Barcelona, Spain.
Industry
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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 |
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Key
Executives
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Name |
Title |
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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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Bertschinger Daniel Diaz Varela |
Member Of The Board, Secretary |
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Vidal Pacheco Antonio |
Chief Executive Officer, Combined Chief Executive Officer, Managing
Director, 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
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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: |
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4669 |
- |
Wholesale of waste and scrap and other products n.e.c. |
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NACE Rev 2 Codes: |
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4675 |
- |
Wholesale of chemical products |
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NAICS 2012 Codes: |
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424690 |
- |
Other Chemical and Allied Products Merchant Wholesalers |
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US SIC 1987: |
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5169 |
- |
Chemicals and Allied Products, Not Elsewhere Classified |
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UK SIC 2007: |
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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 chemical product distributor. The company
offers fine chemical products and related services worldwide. Its products
include human feed products, export products, F&F ingredient products,
pharmaceutical products, industrial chemicals products and veterinary products.
Indukern offers human feed products such as essential oils, anticaking
products, functional starches, antioxidants, natural colourings, preservatives,
malt derivatives, dairy products, sweeteners, oxidants, phosphates and
vitamins. The company’s pharmaceuticals include active pharmaceutical
ingredients, analgesics, antiasthmatic, antibacterials, antidepressants,
antiepileptics, antihistamines, antihypertensives, anti-inflammatory,
antineoplastics, antiplatelets, antipsychotics and antiviral products. The
company operates in Switzerland, Portugal, Russia, Turkey, Hong Kong, Brazil,
Mexico, Columbia, France, Italy, Portland, India, Jordan, Syria, Kenya and
Ukraine, among others. Indukern is headquartered in El Prat De Llobregat,
Barcelona, Spain.
Chemicals - Diversified (Major)
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Location |
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Tel: |
+(34) 937154748 |
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Corporate Family
Total Corporate Family Members: 4
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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 Wholesale |
343.2 |
173 |
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Subsidiary |
Osasco, Sao Paulo |
Brazil |
Chemical Wholesale |
53.8 |
77 |
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Subsidiary |
Zapopan, Jalisco |
Mexico |
Pharmaceutical Manufacturing |
11.5 |
5 |
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Subsidiary |
Zapopan, Jalisco |
Mexico |
Grocery Wholesale |
36.0 |
Competitors Report
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CompanyName |
Location |
Employees |
Ownership |
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Abcr Gmbh & Co. Kg |
Karlsruhe, Germany |
Private |
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Ap Chemicals N.V. |
Schoten, Belgium |
Private |
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Coremal Produtos Quimicos |
Cotia, Brazil |
Private |
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Dalgar S.A. |
Esteban Echeverria, Argentina |
Private |
|
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IMCD Group BV |
Rotterdam, Netherlands |
800 |
Private |
Executives
Report
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Board of
Directors |
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Presidente |
Chairman |
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Chief Executive Officer, Combined Chief Executive Officer, Managing
Director, 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 |
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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Executives |
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Presidente |
President |
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Director Veterinary and Animal Nutrition Division |
Division Head Executive |
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Non Consellor Secretary |
Administration Executive |
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Director Financiero |
Finance Executive |
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Annual Profit & Loss
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31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate (Period Average) |
0.778237 |
0.71919 |
0.755078 |
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Consolidated |
No |
No |
No |
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Charges |
333.1 |
321.4 |
261.0 |
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Supplies |
293.0 |
282.9 |
228.1 |
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Goods Consumption |
293.0 |
282.9 |
228.1 |
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Staff Costs |
12.4 |
12.8 |
11.0 |
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Wages and Salaries |
10.2 |
10.8 |
9.3 |
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Social Security Costs |
2.2 |
2.0 |
1.7 |
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Depreciation |
1.1 |
1.1 |
0.8 |
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Allowance for Trade Operations |
1.4 |
0.8 |
1.2 |
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Stock Provision
Variation |
0.1 |
0.1 |
0.6 |
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Losses from
Unrecovered Receivables |
1.3 |
0.7 |
0.6 |
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Other Operating Charges |
17.2 |
18.6 |
17.2 |
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External Services |
17.1 |
18.5 |
17.1 |
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Taxes |
0.1 |
0.1 |
0.2 |
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Operating Benefits |
13.3 |
8.6 |
4.7 |
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Financials and Similar Charges |
5.8 |
3.8 |
1.8 |
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Due to Liabilities
With Group Companies |
2.2 |
0.3 |
- |
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Due to Other
Liabilities |
3.6 |
3.5 |
1.8 |
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Changes in Financial Investment Provisions |
2.2 |
0.3 |
-0.3 |
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Exchange Losses |
- |
0.0 |
0.1 |
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Profit From Ordinary Activities |
6.5 |
5.0 |
3.6 |
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Losses From Assets and Securities Portfolio |
0.0 |
0.0 |
0.3 |
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Profit Before Taxes |
6.5 |
5.0 |
3.3 |
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Corporation Tax |
0.1 |
1.2 |
0.8 |
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Financial Year Result (Profit) |
6.3 |
3.8 |
2.5 |
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Income |
339.5 |
325.2 |
263.4 |
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Net Total Sales |
337.7 |
323.7 |
262.0 |
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Sales |
337.7 |
323.7 |
262.0 |
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Miscellaneous Operating Income |
0.6 |
1.0 |
1.1 |
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Auxiliary Income From
Current Management |
0.6 |
1.0 |
1.1 |
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Grants |
0.0 |
- |
- |
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Income From Equity Investment |
0.0 |
0.0 |
0.1 |
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In Group Companies |
0.0 |
0.0 |
0.1 |
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Income From Miscellaneous Interests |
0.7 |
0.4 |
0.3 |
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From Group Companies |
0.3 |
0.4 |
0.2 |
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Miscellaneous
Interests |
0.4 |
0.0 |
0.1 |
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Gains from Exchange Rate |
0.4 |
- |
- |
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Negative Financial Results |
6.8 |
3.6 |
1.2 |
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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 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
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Consolidated |
No |
No |
No |
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Research and
Development Costs |
0.0 |
0.1 |
0.1 |
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Concessions, Patents,
Trademarks |
0.0 |
0.0 |
0.1 |
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Goodwill |
0.5 |
0.5 |
0.5 |
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Software |
0.4 |
0.4 |
0.3 |
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Total Intangible Fixed Assets |
1.0 |
1.0 |
1.0 |
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Land and Construction |
3.6 |
3.4 |
3.2 |
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Technical
Installations and Machinery |
2.7 |
2.9 |
3.2 |
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Other Installations,
Tools, and Furniture |
0.1 |
0.1 |
0.1 |
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Other Tangible Assets |
0.3 |
0.3 |
0.4 |
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Total Tangible Fixed Assets |
6.7 |
6.7 |
6.9 |
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Investments in Group
Companies |
29.3 |
28.1 |
29.7 |
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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 |
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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 |
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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.60.27 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
NNA |
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.