|
Report Date : |
05.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
DOW EUROPE GMBH |
|
|
|
|
Registered Office : |
Bachtobelstrasse 3, 8810 Horgen/ZH, CH |
|
|
|
|
Country : |
Switzerland |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
1968 |
|
|
|
|
Com. Reg. No.: |
020.4.024.366-7 / 660291 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
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Line of Business : |
|
|
|
|
|
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 : |
Exist |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
Operating address:
Bachtobelstrasse 3
8810 Horgen/ZH
Switzerland/CH
Telephone: 044 7282111
Fax: 044 7282935
Web site: http://www.dow.ch
E-mail: info@dow.com
VAT-No.: CHE109399223
Established: 1968
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
Financial year: 2014
Employees: 750
Sales: CHF 400-600 Mio
Branches: 3
At the regional headquarters and R&D hub in Horgen, Dow oversee business activities in Europe, Middle East, and Africa. In Horgen, they also conduct development for a wide range of applications such as the latest generation of insulation materials for fridges and buildings, packaging materials and adhesives for the automotive industry. At the R&D center in Freienbach (SZ), Dow scientists work on the latest customer applications for wind energy, building and construction, automotive and infrastructure. The two production sites in Buchs (SG) and Luzern (LU) manufacture quality products for a wide range of industries including electronics and personal care and are shipped to customers across Europe and beyond.
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 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
Citizen:
Spain
Residential
address: 8706 Meilen/ZH, Switzerland
single
signature
Registered
since: 23.02.2010
General
Manager Luciano
Poli
Citizen:
Faido, Switzerland
Residential
address: Wollerau/SZ, Switzerland
single
signature
Registered
since: 13.08.2014
Chairman
of the management Heinz Haller
Citizen:
Gontenschwil, Switzerland
Residential
address: Küsnacht /ZH, Switzerland
single
signature
Registered
since: 14.08.2012
Member
with signing authority Javier
Constante
Citizen:
Argentina
Residential
address: Horgen/ZH, Switzerland
single
signature, Limited to the headquarters
Registered
since: 13.09.2011
Member
with signing authority Adriaan
Tolboom
Citizen:
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
Registered
since: 07.02.2011
Title Name
Chief
Executive Officer Heinz
Haller
Name: The Dow Chemical
Company
City/Country: Midland/Michigan, United States
of America/US
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2013 31.12.2012 31.12.2011 31.12.2010 31.12.2009
Number of months: 12 12 12 12 12
Currency: mil.
USD mil. USD mil. USD mil. USD mil.
USD
Balance Sheet
Intangible fixed
assets 17,112.0 17,450.0 17,991.0 18,497.0 19,080.0
Tangible fixed
assets 17,454.0 17,520.0 17,299.0 17,668.0 18,141.0
Financial fixed
assets 7,407.0 6,999.0 5,913.0 6,383.0 5,995.0
other fixed assets 2,551.0 3,952.0 4,599.0 3,259.0 3,161.0
Fixed assets 44,524.0 45,921.0 45,802.0 45,807.0 46,377.0
Stocks 8,303.0 8,476.0 7,577.0 7,087.0 6,847.0
Trade accounts
receivable 4,935.0 5,074.0 4,900.0 4,616.0 5,656.0
Liquid assets 5,940.0 4,318.0 5,444.0 7,039.0 2,846.0
Securities 2.0
other trade
accounts 5,799.0 5,816.0 5,499.0 5,039.0 4,211.0
Other current
assets 11,739.0 10,134.0 10,945.0 12,078.0 7,057.0
Current assets 24,977.0 23,684.0 23,422.0 23,781.0 19,560.0
Total assets 69,501.0 69,605.0 69,224.0 69,588.0 65,937.0
Capital 10,982.0 10,289.0 9,624.0 9,217.0 8,819.0
Other shareholders
funds 15,916.0 10,588.0 12,657.0 12,622.0 11,736.0
Total shareholders equity 26,898.0 20,877.0 22,281.0 21,839.0 20,555.0
Minority interests 1,182.0 1,137.0 1,157.0 803.0 569.0
long term debt
(financial debts) 16,820.0 19,919.0 18,310.0 20,605.0 19,152.0
Other non current
liabilities 12,630.0 16,179.0 13,842.0 12,445.0 12,555.0
Non current
liabilities 29,450.0 36,098.0 32,152.0 33,050.0 31,707.0
short term debt
(financial debts) 997.0 991.0 2,749.0 1,755.0 1,082.0
Trade accounts
payable 4,733.0 5,087.0 4,778.0 4,356.0 4,153.0
Accruals 968.0 620.0
other accounts
payable 5,273.0 4,795.0 6,107.0 7,785.0 7,871.0
other current liabilities 6,241.0 5,415.0 6,107.0 7,785.0 7,871.0
Current liabilities 11,971.0 11,493.0 13,634.0 13,896.0 13,106.0
Shareh. equity, min. interests + liabilities 69,501.0 69,605.0 69,224.0 69,588.0 65,937.0
Profit and loss
account
Sales 57,080.0 56,786.0 59,985.0 53,674.0 44,875.0
Net sales 57,080.0 56,786.0 59,985.0 53,674.0 44,875.0
Other operating
revenue 2,573.0 146.0 891.0
Operating revenue 59,653.0 56,932.0 59,985.0 53,674.0 45,766.0
Cost of goods sold 47,594.0 47,792.0 51,029.0 45,780.0 39,148.0
Gross profit 12,059.0 9,140.0 8,956.0 7,894.0 6,618.0
Other operating
expenses 5,232.0 6,784.0 5,277.0 4,947.0 5,247.0
Operating result 6,827.0 2,356.0 3,679.0 2,947.0 1,371.0
Interest revenues 41.0 41.0 40.0 37.0 39.0
other financial
revenues 3,726.0 537.0 1,223.0 1,291.0 630.0
Financial income 3,767.0 578.0 1,263.0 1,328.0 669.0
Interest expenses 1,101.0 1,269.0 1,341.0 1,473.0 1,571.0
other financial
expenses 1,520.0
Financial expenses 1,101.0 2,789.0 1,341.0 1,473.0 1,571.0
Financial result 2,666.0 -2,211.0 -78.0 -145.0 -902.0
Result before extraordinary items 9,493.0 145.0 3,601.0 2,802.0 469.0
Extraordinary
income 0.0 0.0 0.0 110.0
Extraordinary
expenses 0.0 0.0 340.0 0.0
Extraordinary
Result 0.0 0.0 -340.0 110.0
Result before taxes 9,493.0 145.0 3,601.0 2,462.0 579.0
Taxes 1,988.0 565.0 817.0 481.0 -97.0
Result before
minority interests 7,505.0 -420.0 2,784.0 1,981.0 676.0
minority interests 29.0 -82.0 42.0 11.0 28.0
Result for the financial year 7,476.0 -338.0 2,742.0 1,970.0 648.0
Cash flow
Depreciation 2,681.0 2,698.0 2,883.0 2,962.0 2,827.0
Cash flow 10,186.0 2,278.0 5,667.0 4,943.0 3,503.0
Cash flow from
operating activities 7,823.0 4,075.0 3,879.0 4,102.0 2,075.0
Investments in
tangible fixed assets 2,302.0 2,614.0 2,687.0 45.0 1,410.0
Cash flow from
investing activities -1,469.0 -2,687.0 -1,994.0 135.0 -14,767.0
Cash flow from
financing activities -4,731.0 -2,530.0 -3,362.0 -178.0 12,659.0
Others -1.0 16.0 -118.0 134.0 79.0
Change in
liquidity 1,622.0 -1,126.0 -1,595.0 4,193.0 46.0
Liquidity at
beginning of the year 4,318.0 5,444.0 7,039.0 2,846.0 2,800.0
Liquidity at end
ot the year 5,940.0 4,318.0 5,444.0 7,039.0 2,846.0
Notes
Research and
Development 1,747.0 1,708.0 1,646.0 1,660.0 1,492.0
Added value 13,275.0 4,112.0 7,825.0 6,897.0 4,977.0
Working Capital 8,505.0 8,463.0 7,699.0 7,347.0 8,350.0
Sales per Employee 1.1 1.1 1.2 1.1 0.9
Gross cost land
and buildings 10,267.0 9,921.0 12,372.0 10,062.0 9,108.0
Gross cost other
tangible fixed assets 44,847.0 44,445.0 39,844.0 41,586.0 44,459.0
Gross cost total 55,114.0 54,366.0 52,216.0 51,648.0 53,567.0
Employees at year end 53,000 54,000 51,705 49,505 52,195
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.
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.61.88 |
|
|
1 |
Rs.97.02 |
|
Euro |
1 |
Rs.76.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
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.