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Report Date : |
10.06.2014 |
IDENTIFICATION DETAILS
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Name : |
CIECH SA |
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Formerly Known As : |
CIECH-Centrala Importowo-Eksportowa
Chemikalii Sp. z o.o. |
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Registered Office : |
ul. Puławska 182, 02-670 Warszawa |
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Country : |
Poland |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
26.09.1945 |
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Com. Reg. No.: |
KRS 11687 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
· Engaged in production, trading and distribution of chemicals as well as comprehensive service activities directed at the domestic and foreign market. Engaged in Management of capital group |
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No of Employees : |
234 (2013) – Subject Company 3873 (2013) - Capital Group |
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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Poland |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
Poland ECONOMIC OVERVIEW
Poland has pursued a policy of economic liberalization
since 1990 and Poland's economy was the only one in the EU to avoid a recession
through the 2008-09 economic downturn. Although EU membership and access to EU
structural funds have provided a major boost to the economy since 2004, GDP per
capita remains significantly below the EU average while unemployment continues
to exceed the EU average. The government of Prime Minister Donald TUSK steered
the Polish economy through the economic downturn by skillfully managing public
finances and adopting controversial pension and tax reforms to further shore up
public finances. While the Polish economy has performed well over the past five
years, growth slowed in 2012 and 2013, in part due to the ongoing economic
difficulties in the euro zone. Short-term, the key policy challenge will be to
consolidate debt and spending without stifling economic growth. Over the longer
term, Poland's economic performance could improve if the country addresses some
of the remaining deficiencies in its road and rail infrastructure, business
environment, rigid labor code, commercial court system, government red tape, and
burdensome tax system.
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Source : CIA |
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CIECH
SA |
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ul. Puławska
182 |
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Phone: 22 6391000 |
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Fax: 22
6391451 |
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E-mail: ciech@ciechgroup.com |
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Website: www.ciechgroup.com |
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Legal form |
Joint Stock Company |
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Stat.no. |
011179878 |
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Tax ID |
PL 1180019377 |
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Establishment |
26.09.1945 as State-owned enterprise |
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1982 as Limited liability company |
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30.05.1995 as Joint Stock Company |
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Changes of names
and addresses |
CIECH-Centrala
Importowo-Eksportowa Chemikalii |
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1982
CIECH-Centrala Importowo-Eksportowa Chemikalii Sp. z o.o. |
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30.05.1995 CIECH
SA |
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19.02.2008
ul. Puławska 182, 02-670 Warszawa |
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Registration: |
25.05.2001,
District Court Warszawa, XIII Department, KRS 11687 |
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Shareholders |
Skarb Państwa, ul. Krucza 36, 00-522
Warszawa |
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Percent of owned shares |
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38.72% |
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share in total amount of votes |
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38.72% |
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ING Otwarty Fundusz Emerytalny, ul. Topiel
12, 00-342 Warszawa |
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Percent of owned shares |
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8.54% |
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share in total amount of votes |
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8.54% |
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Otwarty Fundusz Emerytalny PZU Złota
Jesień, al. Jana Pawła II 24, 00-133 Warszawa |
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Percent of owned shares |
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8.54% |
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share in total amount of votes |
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8.54% |
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shareholders' list as at 15.05.2014 |
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Share capital |
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PLN
263 500 965,00 |
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Share capital divided into 52699909 shares
of PLN 5,00 each |
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Series of shares |
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Changes of share capital |
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- since 25.01.2013 until
21.06.2013 the capital estimated |
PLN
263 500 975,00 |
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- since 14.03.2011 until
10.08.2011 the capital estimated |
PLN
255 001 420,00 |
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- since 16.02.2005 until
14.03.2011 the capital estimated |
PLN
140 001 420,00 |
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- since 25.05.2001 until
16.02.2005 the capital estimated |
PLN
98 981 500,00 |
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An in-kind contribution has been made and
valued at |
PLN
8 499 545,00 |
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Management |
Dariusz Waldemar
Krawczyk , personal ID no. (PESEL) 67080510771, ul. Fasolowa 32/44, 02-482
Warszawa |
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Representation: |
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Supervisory
board |
Maciej Lipiec ,
personal ID no. (PESEL) 76061807317 |
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Main activity |
·
Engaged in production, trading and distribution of chemicals as well as
comprehensive service activities directed at the domestic and foreign market. Engaged in Management of capital group |
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Import Asia,
European Union, Africa |
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Export Asia,
European Union, Africa |
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Branches NACE
2007: |
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Wholesale of chemical products |
(G.46.75.Z) |
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Trade of electricity |
(D.35.14.Z) |
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Agents involved in the sale of fuels,
ores, metals and industrial chemicals |
(G.46.12.Z) |
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Cargo handling and storage of other
products |
(H.52.10.B) |
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Wire telecommunication |
(J.61.10.Z) |
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Other financial services |
(K.64.92.Z) |
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Employment |
2009:
286 employees |
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Turnover |
2010 |
PLN |
2 222 233 000,00 |
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2011 |
PLN |
2 321 307 000,00 |
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2012 |
PLN |
2 556 731 000,00 |
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2013 |
PLN |
1 764 413 000,00 |
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01.01.2014 - 31.03.2014 |
PLN |
421 823 000,00 |
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consolidated turnover |
2010 |
PLN |
3 960 316 000,00 |
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2011 |
PLN |
3 992 381 000,00 |
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2012 |
PLN |
4 377 952 000,00 |
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2013 |
PLN |
3 501 020 000,00 |
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01.01.2014 - 31.03.2014 |
PLN |
844 955 000,00 |
Financial statements |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.06 |
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UK Pound |
1 |
Rs.99.35 |
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Euro |
1 |
Rs.80.62 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.