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Report No. : |
353415 |
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Report Date : |
11.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
DOW EUROPE GMBH |
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Registered Office : |
Bachtobelstrasse 3, 8810 Horgen/ZH,
Switzerland/CH |
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Country : |
Switzerland |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
14.12.2001 |
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Com. Reg. No.: |
020.4.024.366-7 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
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No. of Employee : |
750 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Switzerland |
A1 |
A1 |
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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 |
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 Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled demand for Swiss exports and put Switzerland into a recession. During this period, the Swiss National Bank (SNB) implemented a zero-interest rate policy to boost the economy, as well as to prevent appreciation of the franc, and Switzerland's economy began to recover in 2010.
The sovereign debt crises unfolding in neighboring euro-zone countries, however, coupled with ongoing economic instability in Russia and other eastern European economies continue to pose a significant risk to the Swiss economy, driving up demand for the Swiss franc by investors seeking a safe-haven currency. In January 2015, the SNB abandoned the Swiss franc’s peg to the Euro, roiling global currency markets and making active SNB intervention a necessary hallmark of present-day Swiss monetary policy. 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 from 2011-14.
In recent years, Switzerland has responded to increasing pressure from neighboring countries and trading partners to reform its banking secrecy laws, by agreeing to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The Swiss government has also renegotiated its double taxation agreements with numerous countries, including the US, to incorporate OECD standards, and is openly considering the possibility of imposing taxes on bank deposits held by foreigners.
|
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
WIN
Worldbox No.: CH0000431315
VAT-No.: CHE-109.399.223
MWST
UID-No.: CHE109399223
Established: 1974
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: 2015
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
UID-No.: CHE109399223
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
13.08.2014 Freienbach,
Switzerland/CH
13.08.2014 15.12.2014 Horgen, Switzerland/CH
25.06.2003 13.08.2014 Wolleraustrasse 15 - 17, 8807 Freienbach/SZ,
Switzerland/CH
19.03.2002 15.12.2014 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:
Spain
Residential
address: Zürich, Switzerland
single
signature, Limited to the headquarters
Registered
since: 13.09.2011
Member
with signing authority Gabriela Iten
Citizen:
Unterägeri, Switzerland
Residential
address: Schneisingen, Switzerland
joint signature of two, Limited to the headquarters
Registered since:
05.12.2014
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
No.
of owner/-s: 1
Owner: The company is foreign
owned.
Class: 100%
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)
Financial Data The
Dow Chemical Company
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2014 31.12.2013 31.12.2012 31.12.2011 31.12.2010
Number of months: 12 12 12 12 12
Currency: mil.
USD mil. USD mil. USD mil.
USD mil.
USD
Balance Sheet
Intangible fixed assets 16,400.0 17,112.0 17,450.0 17,991.0 18,497.0
Tangible fixed assets 18,051.0 17,454.0 17,520.0 17,299.0 17,668.0
Financial fixed assets 6,640.0 7,407.0 6,999.0 5,913.0 6,383.0
other fixed assets 3,438.0 2,551.0 3,952.0 4,599.0 3,259.0
Fixed assets 44,529.0 44,524.0 45,921.0 45,802.0 45,807.0
Stocks 8,101.0 8,303.0 8,476.0 7,577.0 7,087.0
Trade accounts receivable 4,685.0 4,935.0 5,074.0 4,900.0 4,616.0
Cash & Cash Equivalents 5,654.0 5,940.0 4,318.0 5,444.0 7,039.0
Securities 2.0
other trade accounts 5,827.0 5,799.0 5,816.0 5,499.0 5,039.0
Other current assets 11,481.0 11,739.0 10,134.0 10,945.0 12,078.0
Current assets 24,267.0 24,977.0 23,684.0 23,422.0 23,781.0
Total assets 68,796.0 69,501.0 69,605.0 69,224.0 69,588.0
Capital 11,953.0 10,982.0 10,289.0 9,624.0 9,217.0
Other shareholders funds 10,470.0 15,916.0 10,588.0 12,657.0 12,622.0
Total shareholders equity 22,423.0 26,898.0 20,877.0 22,281.0 21,839.0
Minority interests 1,133.0 1,182.0 1,137.0 1,157.0 803.0
long term debt (financial debts) 18,838.0 16,820.0 19,919.0 18,310.0 20,605.0
Other non current liabilities 14,809.0 12,630.0 16,179.0 13,842.0 12,445.0
Non current liabilities 33,647.0 29,450.0 36,098.0 32,152.0 33,050.0
short term debt (financial debts) 945.0 997.0 991.0 2,749.0 1,755.0
Trade accounts payable 4,481.0 4,733.0 5,087.0 4,778.0 4,356.0
Accruals 855.0 968.0 620.0
other accounts payable 5,312.0 5,273.0 4,795.0 6,107.0 7,785.0
other current liabilities 6,167.0 6,241.0 5,415.0 6,107.0 7,785.0
Current liabilities 11,593.0 11,971.0 11,493.0 13,634.0 13,896.0
Shareh. equity, min. int. & liabilities 68,796.0 69,501.0 69,605.0 69,224.0 69,588.0
Profit and loss account
Sales 58,167.0 57,080.0 56,786.0 59,985.0 53,674.0
Net sales 58,167.0 57,080.0 56,786.0 59,985.0 53,674.0
Other operating revenue 3.0 2,573.0 146.0
Operating revenue 58,170.0 59,653.0 56,932.0 59,985.0 53,674.0
Cost of goods sold 47,464.0 47,594.0 47,792.0 51,029.0 45,780.0
Gross profit 10,706.0 12,059.0 9,140.0 8,956.0 7,894.0
Other operating
expenses 5,344.0 5,232.0 6,784.0 5,277.0 4,947.0
Operating result 5,362.0 6,827.0 2,356.0 3,679.0 2,947.0
Interest revenues 51.0 41.0 41.0 40.0 37.0
other financial revenues 835.0 3,726.0 537.0 1,223.0 1,291.0
Financial income 886.0 3,767.0 578.0 1,263.0 1,328.0
Interest expenses 983.0 1,101.0 1,269.0 1,341.0 1,473.0
other financial expenses 3,190.0 1,520.0
Financial expenses 4,173.0 1,101.0 2,789.0 1,341.0 1,473.0
Financial result -3,287.0 2,666.0 -2,211.0 -78.0 -145.0
Result before extraordinary items 2,075.0 9,493.0 145.0 3,601.0 2,802.0
Extraordinary income 0.0 0.0 0.0
Extraordinary expenses 0.0 0.0 340.0
Extraordinary Result 0.0 0.0 -340.0
Result before
taxes 2,075.0 9,493.0 145.0 3,601.0 2,462.0
Taxes 1,426.0 1,988.0 565.0 817.0 481.0
Result before
minority interests 649.0 7,505.0 -420.0 2,784.0 1,981.0
minority interests 35.0 29.0 -82.0 42.0 11.0
Result for the financial year 614.0 7,476.0 -338.0 2,742.0 1,970.0
Cash flow
Depreciation 2,747.0 2,681.0 2,698.0 2,883.0 2,962.0
Cash flow 3,396.0 10,186.0 2,278.0 5,667.0 4,943.0
Cash flow from operating activities 6,502.0 7,823.0 4,075.0 3,879.0 4,102.0
Investments in tangible fixed assets 3,572.0 2,302.0 2,614.0 2,687.0 45.0
Cash flow from investing activities -3,105.0 -1,469.0 -2,687.0 -1,994.0 135.0
Cash flow from financing activities -3,583.0 -4,731.0 -2,530.0 -3,362.0 -178.0
Others -100.0 -1.0 16.0 -118.0 134.0
Change in liquidity -286.0 1,622.0 -1,126.0 -1,595.0 4,193.0
Liquidity at beginning of the year 5,940.0 4,318.0 5,444.0 7,039.0 2,846.0
Liquidity at end of the year 5,654.0 5,940.0 4,318.0 5,444.0 7,039.0
Research and Development 1,647.0 1,747.0 1,708.0 1,646.0 1,660.0
Added value 5,805.0 13,275.0 4,112.0 7,825.0 6,897.0
Working Capital 8,305.0 8,505.0 8,463.0 7,699.0 7,347.0
Net Current Assets 12,674.0 13,006.0 12,191.0 9,788.0 9,885.0
Sales per Employee 1.1 1.1 1.1 1.2 1.1
Gross cost land
and buildings 11,564.0 10,267.0 9,921.0 12,372.0 10,062.0
Gross cost other tangible fixed assets 43,666.0 44,847.0 44,445.0 39,844.0 41,586.0
Gross cost total 55,230.0 55,114.0 54,366.0 52,216.0 51,648.0
Employees at year end 53,000 53,000 54,000 51,705 49,505
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
Balance sheet
publication:
The subject company
does not publish balance sheet or turnover figures.
Control date Year No. Amount CHF Status
01.06.2015 2015 1 212.-- Opposition filed
31.12.2014 2014 5 1,015,259.-- Opposition filed
31.12.2013 2013 1 1,000,000.-- Opposition filed
31.12.2012 2012 1 382.-- Open legal actions
31.12.2012 2012 2 266.-- Paid legal actions
31.12.2012 2012 1 1,000,000.-- Opposition filed
31.12.2012 2012 1 1,014.-- Threat of bankruptcy-liquidation
31.12.2011 2011 5 15,610.-- Paid legal actions
31.12.2011 2011 1 1,000,000.-- Opposition filed
31.12.2010 2010 1 663.-- Paid legal actions
31.12.2010 2010 1 1,000,000.-- Opposition filed
31.12.2009 2009 1 5,380.-- Open legal actions
31.12.2009 2009 1 1,000,000.-- Opposition filed
31.12.2009 2009 2 9,768.-- Threat of bankruptcy-liquidation
31.12.2008 2008 1 1,000,000.-- Legal actions
31.12.2008 2008 3 1,506.-- Paid legal actions
31.12.2007 2007 7 11,471.-- Legal actions
31.12.2007 2007 5 Paid legal
actions
31.12.2006 2006 3 Legal
actions
31.12.2006 2006 1 Paid legal
actions
31.12.2006 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.
The company is not
listed in the WorldCompliance database.
Debt collection case:
MAY 2015: CHF 421.00, in process.
JUL 2014: CHF 421.00, booked up.
JUL 2014: CHF 12'705.00, in process.
JUL 2014: CHF 585.00, in process.
JUL 2014: CHF 655.00, paid.
NOV 2013: CHF 471.00, paid.
SEP 2013: CHF 2'124.00, paid.
FEB 2013: CHF 6'496.00, paid.
MAY 2012: CHF 125.00, paid.
JUN 2007: CHF 122.00, booked up.
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.66.79 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.73.46 |
|
CHF |
1 |
Rs. 67.61 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
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|
Report Prepared
by : |
ASH |
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.