|
Report Date : |
14.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
DOW EUROPE GMBH |
|
|
|
|
Registered Office : |
Bachtobelstrasse 3 8810 Horgen/ZH
Switzerland/CH |
|
|
|
|
Country : |
Switzerland |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
14.12.2001 |
|
|
|
|
Com. Reg. No.: |
020.4.024.366-7 / 660291 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesale of chemical products |
|
|
|
|
No. of Employees |
750 |
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 : |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 began to recover in 2010. 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 below 2% per year during 2011-13. 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 |
DOW EUROPE GMBH
Bachtobelstrasse 3
8810 Horgen/ZH
Switzerland/CH
Telephone: 044
7282111
Fax: 044
7282935
Web
site: http://www.dow.com/switzerland
E-mail: info@dow.com
WIN
Worldbox No.: CH0000431315
VAT-No.: CHE109399223
Established: 1968
History: Dow Chemical Company is
a leader in specialty chemicals delivering products
and
solutions to sectors such as electronics, water, energy, and coatings. The
Company’s more than 5,000 products are manufactured at 188 sites in 35
countries across the globe.
Line
of Business: Commercial services,
Pharmaceutics, Consumer goods wholesale
Industry
Division: Services, Wholesale
trade
Industry-code (NACE): 8299 Other business support service activities
n.e.c.
7219 Other research and experimental
development on natural sciences and engineering
4675 Wholesale of chemical products
Import/Export: Import, Export
Banks: unknown
Coverage: Company
Employees: 750
Branches: 2
The business activities includes management
services. It is the European headquarters for administration, research and development.
Another business is the distribution of chemical products.
Real
Estate: The company owns
extensive property.
Company
No: 020.4.024.366-7 / 660291
Legal
form: Limited Liability
Company
Registration: 14.12.2001
Legal
status: active
Responsible
Register: Handelsregister des Kantons
Zürich
History: Date of Statutes:
27.05.2010
Date of
Statutes: 08.12.2006
Date of
Incorporation Statutes: 29.11.2001
Entry Deleted Name
14.12.2001 Dow
Europe GmbH
Entry Deleted Legal domicile
14.12.2001 Horgen,
Switzerland
Entry Deleted Address
14.12.2001 Bachtobelstrasse
3, 8810 Horgen/ZH, Switzerland/CH
Entry Deleted Capital
14.12.2001 LLC
Capital CHF 1,300,000
Entry Deleted Capital Structure
22.01.2007 1
Participation shares of CHF 1,300,000.--
Entry Deleted Activity (original Language)
28.05.2010 Die
Gesellschaft bezweckt in erster Linie, Geschäftsführungsdienste für die
Tätigkeit der The Dow Chemical Company in Europa und ihrer
Tochtergesellschaften sowie verwandter Unternehmungen in der ganzen Welt zu
leisten. Die Gesellschaft überwacht die Handels- und Industrietätigkeit solcher
Unternehmungen in Europa und anderswo und kann selber Handels- und
Industriegeschäfte tätigen. Zweck der Gesellschaft ist ferner: a) die wissenschaftliche,
wirtschaftliche und industrielle Forschung aller Art, besonders auf dem Gebiete
der Chemie und verwandten Gebieten; b) Kauf und Verkauf, Registrierung und
Verwertung von Patenten, Patentrechten und Markenschutzrechten sowie Erwerb und
Gewährung von Lizenzen unter solchen Rechten; c) die Beteiligung an anderen
Unternehmungen und Errichtung von Filialen und Tochtergesellschaften; d) die
Durchführung aller kommerziellen, industriellen und finanziellen Transaktionen
im Zusammenhang mit der Gesellschaftstätigkeit gemäss vorstehenden Absätzen; e)
die Gesellschaft kann auch Grundbesitz erwerben, verwalten, verkaufen, mieten
und vermieten; f) die Gesellschaft kann an Konzernfinanzierungen teilnehmen,
insbesondere indem sie ihren direkten und indirekten Aktionären oder anderen
Konzerngesellschaften Kredite gewährt oder für deren Verbindlichkeiten
gegenüber Dritten Garantien oder andere Sicherheiten aller Art gewährt, auch
wenn diese Kredite oder Sicherheiten im ausschliesslichen Interesse ihrer direkten
oder indirekten Aktionäre oder anderer Konzerngesellschaften liegen und
unentgeltlich gewährt werden.
14.12.2001 28.05.2010 Leisten von Geschäftsführungsdiensten für die
Tätigkeit der The Dow Chemical Company in Europa und ihrer
Tochtergesellschaften sowie verwandter Unternehmungen in der ganzen Welt;
überwacht die Handels- und Industrietätigkeit solcher Unternehmungen in Europa
und anderswo und kann selber Handels- und Industriegeschäfte tätigen;
wissenschaftliche, wirtschaftliche und industrielle Forschung aller Art,
besonders auf dem Gebiete der Chemie und verwandten Gebieten; Kauf und Verkauf,
Registrierung und Verwertung von Patenten, Patentrechten und
Markenschutzrechten sowie Erwerb und Gewährung von Lizenzen unter solchen
Rechten; Beteiligung an anderen Unternehmungen und Errichtung von Filialen und
Tochtergesellschaften; Durchführung aller kommerziellen, industriellen und
finanziellen Transaktionen im Zusammenhang mit der Gesellschaftstätigkeit
gemäss vorstehenden Absätzen; kann Grundbesitz erwerben, verwalten, verkaufen,
mieten und vermieten.
Entry Deleted Remarks (original Language)
05.05.2010 Merger:
Übernahme der Aktiven und Passiven der Rohm and Haas Europe Sàrl , in Morges
(CH-550-1049282-0 ), gemäss Fusionsvertrag vom 03.05.2010 und Bilanz per
31.12.2009. Aktiven von CHF 682'187'361.00 und Passiven (Fremdkapital) von CHF
569'438'677.00 gehen auf die übernehmende Gesellschaft über. Da dieselbe
Gesellschafterin sämtliche Stammanteile der an der Fusion beteiligten
Gesellschaften hält, findet weder eine Kapitalerhöhung noch eine Zuteilung von
Stammanteilen statt.
25.07.2006 Merger:
Übernahme der Aktiven und Passiven der SOUND ALLIANCE GmbH, in Freienbach
(CH-130.0.008.983-2 ), gemäss Fusionsvertrag vom 21.06.2006 und Bilanz per
31.12.2005. Aktiven von CHF 13'011.-- und Passiven (Fremdkapital) von CHF
1'618'852.--, d.h. ein Passivenüberschuss von CHF 1'605'841.--, gehen auf die
übernehmende Gesellschaft über. Die übernehmende Gesellschaft verfügt gemäss
Bestätigung des besonders befähigten Revisors über frei verwendbares
Eigenkapital im Umfang des Kapitalverlustes und der Überschuldung. Da die
übernehmende Gesellschaft einzige Gesellschafterin der übertragenden
Gesellschaft ist, findet weder eine Kapitalerhöhung noch eine Zuteilung von
Stammanteilen statt.
06.06.2003 Merger:
Die Gesellschaft übernimmt auf dem Wege der Fusion die Dow Automotive GmbH, in
Freienbach. Aktiven von CHF 313'118'010.-- und Passiven von CHF 98'295'683.--
gehen gemäss Fusionsbilanz per 31.12.2002 durch Universalsukzession auf die
Gesellschaft über. Da die Gesellschafter beider Gesellschaften identisch sind,
erlöschen die Stammanteile der übernommenen Gesellschaft und das Stammkapital
der übernehmenden Gesellschaft bleibt unverändert.
14.12.2001 Publishing
authority: SHAB.
14.12.2001 Change
of Corporate Form: Ist auf dem Wege der Umwandlung aus der Dow (Europe) SA, in
Horgen, hervorgegangen. Übernimmt gemäss Umwandlungsbilanz per 30.09.2001
Aktiven von CHF 1'250'681'356.-- und Passiven von CHF 885'905'215.-- im Sinne
von Art. 824 ff. OR. Vom Aktivenüberschuss werden CHF 1'300'000.-- auf das
Stammkapital angerechnet.
Entry Deleted Branches
25.06.2003 Wolleraustrasse
15 - 17, 8807 Freienbach/SZ, Switzerland/CH
19.03.2002 Bachtobelstrasse
3, 8810 Horgen/ZH, Switzerland/CH
Title Name
General
Manager Luis
Antuna Calle, Origin: Spain, Residential address: 8800 Thalwil/ZH, Switzerland,
single signature, Registered since: 23.02.2010
General
Manager Kevin Kroll,
Origin: United States of America, Residential address: Midland /MI, United
States of America, single signature, Registered since: 10.01.2012
Chairman
of the management Heinz Haller,
Origin: Gontenschwil, Switzerland, Residential address: Küsnacht /ZH,
Switzerland, single signature, Registered since: 14.08.2012
Member
with signing authority Javier
Constante, Origin: Argentina, Residential address: Horgen/ZH, Switzerland,
single signature, Limited to the headquarters, Registered since: 13.09.2011
Member
with signing authority Juan Antonio
Merino Garcia, Origin: Spain, Residential address: 8810 Horgen/ZH, Switzerland,
single signature, Limited to the headquarters, Registered since: 28.02.2011
Member
with signing authority Adriaan
Tolboom, Origin: Netherlands, Residential address: 8810 Horgen/ZH, Switzerland,
single signature, Limited to the headquarters, Registered since: 07.04.2011
Title Name
Auditor Deloitte
AG, Residential address: Zürich, Switzerland, Id: CHE-101.377.666
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2012 31.12.2011 31.12.2010 31.12.2009 31.12.2008
Number of months: 12 12 12 12 12
Currency: mil.
USD mil. USD mil. USD mil. USD mil.
USD
Intangible fixed
assets 17,450.0 17,991.0 18,497.0 19,080.0 4,223.0
Tangible fixed
assets 17,520.0 17,299.0 17,668.0 18,141.0 14,294.0
Financial fixed
assets 4,121.0 5,913.0 6,383.0 5,995.0 5,725.0
other fixed assets 6,830.0 4,599.0 3,259.0 3,161.0 5,172.0
Fixed assets 45,921.0 45,802.0 45,807.0 46,377.0 29,414.0
Stocks 8,476.0 7,577.0 7,087.0 6,847.0 6,036.0
Trade accounts
receivable 5,074.0 4,900.0 4,616.0 5,656.0 3,782.0
Liquid assets 4,318.0 5,444.0 7,039.0 2,846.0 2,800.0
Securities 2.0
other trade
accounts 5,816.0 5,499.0 5,039.0 4,211.0 3,442.0
Other current
assets 10,134.0 10,945.0 12,078.0 7,057.0 6,242.0
Current assets 23,684.0 23,422.0 23,781.0 19,560.0 16,060.0
Total assets 69,605.0 69,224.0 69,588.0 65,937.0 45,474.0
Capital 10,289.0 9,624.0 9,217.0 8,819.0 3,325.0
Other shareholders
funds 10,588.0 12,657.0 12,622.0 11,736.0 10,186.0
Total shareholders
equity 20,877.0 22,281.0 21,839.0 20,555.0 13,511.0
Minority interests 1,137.0 1,157.0 803.0 569.0 69.0
long term debt
(financial debts) 19,919.0 18,310.0 20,605.0 19,152.0 8,042.0
Other non current
liabilities 16,179.0 13,842.0 12,445.0 12,555.0 10,744.0
Non current
liabilities 36,098.0 32,152.0 33,050.0 31,707.0 18,786.0
short term debt
(financial debts) 672.0 2,749.0 1,755.0 1,082.0 1,454.0
Trade accounts
payable 5,406.0 4,778.0 4,356.0 4,153.0 3,306.0
other accounts
payable 5,415.0 6,107.0 7,785.0 7,871.0 8,348.0
other current
liabilities 5,415.0 6,107.0 7,785.0 7,871.0 8,348.0
Current
liabilities 11,493.0 13,634.0 13,896.0 13,106.0 13,108.0
Shareh. equity,
min. interests + liabilities 69,605.0 69,224.0 69,588.0 65,937.0 45,474.0
Sales 56,786.0 59,985.0 53,674.0 44,875.0 57,361.0
Net sales 56,786.0 59,985.0 53,674.0 44,875.0 57,361.0
Other operating revenue 891.0 143.0
Operating revenue 56,786.0 59,985.0 53,674.0 45,766.0 57,504.0
Cost of goods sold 47,792.0 51,029.0 45,780.0 39,148.0 51,913.0
Gross profit 8,994.0 8,956.0 7,894.0 6,618.0 5,591.0
Other operating
expenses 6,637.0 5,277.0 4,947.0 5,247.0 4,539.0
Operating result 2,357.0 3,679.0 2,947.0 1,371.0 1,052.0
Interest revenues 41.0 40.0 37.0 39.0 86.0
other financial
revenues 536.0 1,223.0 1,291.0 630.0 787.0
Financial income 577.0 1,263.0 1,328.0 669.0 873.0
Interest expenses 1,269.0 1,341.0 1,473.0 1,571.0 648.0
other financial
expenses 1,520.0
Financial expenses 2,789.0 1,341.0 1,473.0 1,571.0 648.0
Financial result -2,212.0 -78.0 -145.0 -902.0 225.0
Result before
extraordinary items 145.0 3,601.0 2,802.0 469.0 1,277.0
Extraordinary
income 0.0 0.0 0.0 110.0 28.0
Extraordinary
expenses 0.0 0.0 340.0 0.0 0.0
Extraordinary
Result 0.0 0.0 -340.0 110.0 28.0
Result before
taxes 145.0 3,601.0 2,462.0 579.0 1,305.0
Taxes 565.0 817.0 481.0 -97.0 651.0
Result before
minority interests -420.0 2,784.0 1,981.0 676.0 654.0
minority interests -82.0 42.0 11.0 28.0 75.0
Result for the
financial year -338.0 2,742.0 1,970.0 648.0 579.0
Depreciation 2,057.0 2,883.0 2,962.0 2,827.0 2,236.0
Cash flow 1,637.0 5,667.0 4,943.0 3,503.0 2,890.0
Cash flow from
operating activities 4,075.0 3,879.0 4,102.0 2,075.0 4,711.0
Investments in
tangible fixed assets 2,614.0 2,687.0 45.0 1,410.0 2,276.0
Cash flow from
investing activities -2,687.0 -1,994.0 135.0 -14,767.0 -2,737.0
Cash flow from
financing activities -2,530.0 -3,362.0 -178.0 12,659.0 -978.0
Others 16.0 -118.0 134.0 79.0 68.0
Change in
liquidity -1,126.0 -1,595.0 4,193.0 46.0 1,064.0
Liquidity at
beginning of the year 5,444.0 7,039.0 2,846.0 2,800.0 1,736.0
Liquidity at end
ot the year 4,318.0 5,444.0 7,039.0 2,846.0 2,800.0
Research and
Development 1,708.0 1,646.0 1,660.0 1,492.0 1,310.0
Added value 3,471.0 7,825.0 6,897.0 4,977.0 4,189.0
Working Capital 8,144.0 7,699.0 7,347.0 8,350.0 6,512.0
Sales per Employee 1.1 1.2 1.1 0.9 1.2
Gross cost land
and buildings 9,921.0 12,372.0 10,062.0 9,108.0 7,692.0
Gross cost other
tangible fixed assets 44,445.0 39,844.0 41,586.0 44,459.0 40,699.0
Gross cost total 54,366.0 52,216.0 51,648.0 53,567.0 48,391.0
Employees at year end 54,000 51,705 49,505 52,195 46,102
Name: The Dow Chemical
Company
City/Country: Midland/Michigan, United States
of America/US
No.
of Owner/-s: 1
Owner: The company is foreign
owned.
Class: 100%
Type: indirect, Group-Level
1
Name: The Dow Chemical
Company
City/Country: Midland/Michigan, United States
of America/US
Interest: 100,00% voting right,
100,00% capital interest (since 14.12.2001)
Class: 100%
Type: indirect
Name: Dow Europe Holding
B.V.
City/Country: Hoek, Netherlands/NL
Capital
share: CHF 1,300,000.--
Interest: 100,00% voting right,
100,00% capital interest (since 14.12.2001)
Class: 100%
Name: Dolpa S.a.r.l.
City/Country: Luxembourg, Luxembourg/LU
Interest: 100,00% voting right,
100,00% capital interest
Class: 100%
Name: Dow Chemical IMEA GmbH
City/Country: Horgen/ZH, Switzerland/CH
Interest: 100,00% voting right,
100,00% capital interest (since 19.12.2001)
Class: 100%
Name: Dow Contract Services
FZE
City/Country: Dubai/Dubai, Saudi Arabia/SA
Interest: 100,00% voting right,
100,00% capital interest
Class: 50%
Name: DOW-GACL SOLVENTURE
LIMITED
City/Country: VADODARA/Gujarat, India/IN
Interest: 50,00% voting right,
50,00% capital interest
Class: 20-29%
Name: Dow Egypt Services
Limited
City/Country: Cairo, Egypt/EG
Interest: 25,00% voting right,
25,00% capital interest
Class: 0-9%
Name: Dow Mideast Systems
S.A.E. (JSC)
City/Country: Egypt/EG
Interest: 0,02% voting right,
0,02% capital interest
Control date Year No. Amount CHF Status
12.12.2013 2013 3 101,520.-- Open legal actions
29.08.2013 2012 1 1,013.-- Legal actions
29.08.2013 2012 1 382.-- Open legal actions
29.08.2013 2012 2 266.-- Paid legal actions
29.08.2013 2012 1 1,000,000.-- Opposition filed
29.08.2013 2011 1 737.-- Open legal actions
29.08.2013 2011 5 15,810.-- Paid legal actions
29.08.2013 2011 1 1,000,000.-- Opposition filed
29.08.2013 2010 2 1,000,555.-- Opposition filed
29.08.2013 2010 1 663.-- Threat of bankruptcy-liquidation
29.08.2013 2009 1 1,000,000.-- Legal actions
29.08.2013 2009 1 62,719.-- Legal actions
29.08.2013 2009 2 9,768.-- Threat of bankruptcy-liquidation
29.08.2013 2008 1 1,000,000.-- Legal actions
29.08.2013 2008 3 1,506.-- Paid legal actions
15.11.2011 2007 7 11,471.-- Legal actions
15.11.2011 2007 5 Paid legal actions
31.12.2010 2006 3 Legal
actions
31.12.2010 2006 1 Paid legal
actions
31.12.2010 2006 1 19,754.-- Opposition filed
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.
Debt collection case:
NOV 2013: CHF 471.00, paid.
SEP 2013: CHF 2'124.00, paid.
FEB 2013: CHF 6'496.00, paid.
JUN 2012: CHF 23'130.00, in process.
MAY 2012: CHF 125.00, paid.
SEP 2010: CHF 409.00, finished.
AUG 2009: CHF 1'492.00, paid.
DEC 2008: CHF 61'424.00, paid.
JUN 2007: CHF 122.00.
According to the Swiss Company Law Dow
Europe GmbH is not obliged to publish its financial statements.
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
appears to be good.
Payment
experiences: There are no negative
reports on payment experiences.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.27 |
|
|
1 |
Rs.101.09 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.