|
Report No. : |
329445 |
|
Report Date : |
03.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
TRAFIGURA AG |
|
|
|
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Registered Office : |
Zürichstrasse 31, Postfach 4268, 6002
Luzern/LU |
|
|
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|
Country : |
Switzerland |
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|
|
|
Financials (as on) : |
30.09.2014 |
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Year of Establishment : |
1993 |
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|
|
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Com. Reg. No.: |
100.3.018.024-7 |
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Legal Form : |
Company Limited by Shares |
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Line of Business : |
· Wholesale of Metals and Metal Ores. · Wholesale of Solid, Liquid and Gaseous Fuels and Related Products |
|
|
|
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No. of Employees : |
65 |
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 |
|
Maximum Credit Limit : |
CHF 1,000,000.-- |
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|
|
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 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 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 continues 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 of 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 during 2011-13. In recent
years, Switzerland has responded to increasing pressure from neighboring
countries and trading partners, including the EU, the US, and international
institutions to reform its banking secrecy laws. In response to that
international pressure, the Swiss government has agreed 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, while
openly considering the possibility of imposing taxes on bank deposits held by
foreigners.
|
Source
: CIA |
TRAFIGURA AG
Zürichstrasse 31
Postfach 4268
6002 Luzern/LU
Switzerland/CH
Telephone: 041
4197425
Web
site: http://www.trafigura.com
E-mail: info@trafigura.com
WIN
Worldbox No.: CH0000440296
VAT-No.: CHE-116.301.376 MWST
UID-No.: CHE103407775
Established: 1993
Line
of Business: Consumer goods
wholesale
Industry
Division: Wholesale trade
Industry-code (NACE): 4672 Wholesale of metals and metal ores
4671 Wholesale of solid, liquid and gaseous
fuels and related products
Import/Export: Import, Export
Banks: unknown
Coverage: Company
Figures: estimated
Financial
year: 2015
Employees: 65
The Group is one of the world’s leading
international commodity traders, specializing in the oil, minerals and metals
markets, with 81 offices in 54 countries in Europe, Africa, Asia, Australia,
and North, Central and South America. In the US, Trafigura has offices in
Houston, Texas and Stamford, Connecticut.
Information on property ownership was not
available.
Company
No: 100.3.018.024-7
UID-No.: CHE103407775
Legal
form: Company limited by
shares
Registration: 20.07.1995
Legal
status: active
Responsible
Register: Handelsregister des Kantons
Luzern
History: Date of Incorporation
Statutes: 14.07.1995
Entry Deleted Name
active Trafigura
AG
Entry Deleted Legal domicile
active Luzern,
Switzerland
Entry Deleted Address
30.03.2009 Zürichstrasse
31, 6002 Luzern/LU, Switzerland/CH
30.03.2009 Zürichstrasse 5, 6002 Luzern/LU,
Switzerland/CH
Entry Deleted Capital
active Share
Capital CHF 100,000, paidup CHF 100,000
Entry Deleted Capital Structure
active 100
Registered shares with restricted transferability of CHF 1,000.--
Entry Deleted Activity
active Management,
administration, funding and support of industrial and technical services;
trade, especially of raw materials, with Group companies and with third parties;
investment in and management of funds, goods and rights; granting of collateral
for debt obligations of group members and their companies, investments,
acquisition and sale of real property, acquisition, sale, management and use of
intellectual property and know-how.
Entry Deleted Remarks
active Publishing
authority: SHAB Swiss Gazette
active Shares:
The registered shares are subject to transfer restrictions.
active Reports:
Notifications shall be by registered letter.
Title Name
President Marco
Schumacher
Citizen:
Luzern, Switzerland
Residential
address: 6052 Hergiswil /NW, Switzerland
joint
signature of two
Registered
since: 17.05.2002
Director Jeffrey
Laurence Kopp
Citizen:
United States of America
Residential
address: Katy/Texas, United States of America
joint
signature of two
Registered
since: 22.07.2009
Director Benjamin
James Luckock
Citizen:
United Kingdom
Residential
address: Cologny, Switzerland
joint
signature of two
Registered
since: 01.04.2011
Title Name
Member
with signing authority Konstantin
Vladimirov Guenevski
Citizen:
Bulgaria
Residential
address: Horw, Switzerland
joint
signature of two, Restricted signatory powers
Registered
since: 27.09.2013
Member
with signing authority Douglas M.
Pratt
Citizen:
United States of America
Residential
address: Stamford , United States of America
joint
signature of two, Restricted signatory powers
Registered
since: 16.02.2012
Member
with signing authority Craig William
Thomas
Citizen:
United Kingdom
Residential
address: Houston , United States of America
joint
signature of two, Restricted signatory powers
Registered
since: 06.12.2001
Title Name
Auditor Ernst
& Young AG
Residential
address: Zürich, Switzerland
Id:
CH-020.9.001.069-0
Name: Trafigura Beheer BV
City/Country: Amsterdam, Netherlands/NL
Consolidation: consolidated (Segment)
Industry: Trade/Industry
Fiscal year end: 30.09.2014 30.09.2013 30.09.2012 30.09.2011
Number of months: 12 12 12 12
Currency: mil.
USD mil. USD mil. USD mil. USD
Statement norm: IAS
Balance Sheet
Intangible fixed
assets 533.6 499.9 516.3 282.1
Land and buildings 740.2 700.4 1,216.8 540.3
Other tangible
fixed assets 2,270.2 1,985.9 2,308.1 1,342.7
Tangible fixed
assets 3,010.4 2,686.3 3,524.9 1,883.0
Financial fixed
assets 3,318.5 4,414.1 578.9 1,115.0
other fixed assets 1,017.7 177.6
Fixed assets 7,880.2 7,777.9 4,620.1 3,280.1
Stocks 7,905.2 7,856.3 9,409.6 7,697.1
Trade accounts
receivable 7,156.9 15,793.8 5,932.9 6,948.2
Cash & Cash
Equivalents 3,709.5 3,735.7 3,333.9 2,853.1
Securities 1,660.3 3,633.7 239.3 512.9
other trade
accounts 8,961.9 85.1 4,616.3 4,103.9
Accruals 2,300.8 1,144.4 8,034.8 6,741.8
Other current
assets 16,632.5 8,598.9 16,224.3 14,211.7
Current assets 31,694.6 32,249.0 31,566.8 28,857.0
Total assets 39,574.8 40,026.9 36,186.9 32,137.1
Capital 0.2 491.5 182.0 209.0
Other shareholders
funds 5,255.5 4,548.2 3,507.5 3,242.7
Total shareholders equity 5,255.7 5,039.7 3,689.5 3,451.7
Minority interests 301.5 264.0 867.0 706.7
long term debt
(financial debts) 6,175.7 5,774.3 4,188.1 2,613.4
Provisions 24.0 36.2 332.6 58.8
Other non current
liabilities 588.6 629.7
Non current liabilities 6,788.3 6,440.2 4,520.7 2,672.2
short term debt
(financial debts) 14,967.0 13,241.2 13,423.4 12,998.5
Trade accounts
payable 3,761.8 11,094.7 2,275.8 2,799.5
Accruals 6,518.0 141.1 8,776.9 6,597.8
other accounts
payable 1,982.5 3,806.0 2,633.6 2,910.7
other current liabilities 8,500.5 3,947.1 11,410.5 9,508.5
Current liabilities 27,229.3 28,283.0 27,109.7 25,306.5
Shareh. equity, min. int. & liabilities 39,574.8 40,026.9 36,186.9 32,137.1
Profit and loss
account
Sales 127,612.6 133,026.2 120,419.4 121,592.1
Net sales 127,612.6 133,026.2 120,419.4 121,592.1
Other operating
revenue 484.2 1,428.0 6.9 22.3
Operating revenue 128,096.8 134,454.2 120,426.3 121,614.4
Cost of goods sold 125,567.5 130,134.1 117,677.8 119,254.3
Gross profit 2,529.3 4,320.1 2,748.5 2,360.1
Other operating
expenses 1,004.7 1,668.9 1,506.2 1,106.4
Operating result 1,524.6 2,651.2 1,242.3 1,253.7
other financial
revenues 320.0 169.2 549.0 616.2
Financial income 320.0 169.2 549.0 616.2
Interest expenses 528.7
other financial
expenses 541.8 13.0 497.5 422.4
Financial expenses 541.8 541.7 497.5 422.4
Financial result -221.8 -372.5 51.5 193.8
Result before extraordinary items 1,302.8 2,278.7 1,293.8 1,447.5
Extraordinary
Result 0.0 0.0 0.0
Result before taxes 1,302.8 2,278.7 1,293.8 1,447.5
Taxes 222.8 97.4 199.4 180.2
Result before
minority interests 1,080.0 2,181.3 1,094.4 1,267.3
minority interests 40.3 149.1 130.0 156.9
Result for the financial year 1,039.7 2,032.2 964.4 1,110.4
Cash flow
Depreciation 192.0 269.7 138.0
Cash flow 1,272.0 1,364.1 1,405.3
Cash flow from
operating activities -954.7 1,246.5 -350.0
Investments in
tangible fixed assets 1,351.3 1,058.0 675.2
Cash flow from
investing activities -1,484.5 -1,588.5 -959.7
Cash flow from
financing activities 2,936.1 822.8 2,674.2
Change in
liquidity 496.9 480.8 1,364.5
Liquidity at
beginning of the year 3,212.6 2,853.1 1,488.6
Liquidity at end
of the year 3,709.5 3,333.9 2,853.1
Notes
Cost of employees 544.9 621.7 567.5
Added value 2,039.7 2,185.2 2,153.0
Working Capital 11,300.3 13,066.7 11,845.8
Net Current Assets 4,465.3 3,966.0 4,457.1 3,550.5
Sales per Employee 24.0 234.7 284.1
Gross cost land
and buildings 956.7 1,391.2 641.2
Gross cost other
tangible fixed assets 2,674.5 2,813.3 1,679.4
Gross cost total 3,631.2 4,204.5 2,320.6
Employees at year end 5,326 513 428
No.
of Owner/-s: 1
Owner: The company is foreign
owned.
Class: 100%
Type: direct
Name: Trafigura Trade
Investments BV
City/Country: Amsterdam, Netherlands/NL
Interest: 100,00% voting right,
100,00% capital interest
Name: TRAFIGURA PTE. LTD.
City/Country: SINGAPORE, Singapore/SG
Class: 100%
Name: Trafigura Holding GmbH
City/Country: Luzern/LU, Switzerland/CH
Interest: 100,00% voting right, 100,00%
capital interest (since 05.11.2013)
Class: 100%
Name: Trafigura Terminals
LLC
City/Country: Houston, United States of
America/US
Interest: 100,00% voting right,
100,00% capital interest
Balance sheet publication:
The subject company does not publish balance
sheet or turnover figures.
Control date Year No. Amount CHF Status
19.11.2012 2012 0 Legal
actions
31.12.2011 2011 0 Legal
actions
31.12.2010 2010 0 Legal
actions
31.12.2009 2009 0 Legal
actions
31.12.2008 2008 0 Legal
actions
25.09.2006 2006 0 Legal
actions
31.12.2005 2005 0 Legal
actions
31.12.2004 2004 0 Legal
actions
Official bankruptcy reports:
No bankruptcy publications available on the
subject.
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 has been listed in the following
sanction databases:
WorldCompliance
With the following information :
Trafigura AG (908918)
Aliases N/A
NickNames N/A
Category Enforcement
Sub Category Environmental
Crimes
Level N/A
Data source US-U.S.
Environmental Protection Agency
Designation N/A
Primary Country CH
Case Fined
$73,465 by the U.S. Environmental Protection Agency (EPA) - April 18, 2012
National ID N/A
Other ID N/A
Passport # N/A
Last Updated 02/04/2013
Additional Information
According to the U.S. Environmental
Protection Agency; April 18, 2012: An Administrative Settlement Agreement (ASA)
is made and entered into by and between the United States Environmental
Protection Agency (EPA) and Trafigura AG having an office at 1401 McKinney
Street, Suite 2375, Houston, TX 06901. The purpose of this ASA is to resolve
Trafigura AG’s violations of the Clean Air Act (CAA) and the Renewable Fuel
Standards regulations promulgated thereunder at 4 C.F.R. Part 80, Subpart M
(RFS2 Regulations). Trafigura AG agreed to pay a civil penalty of $73.465 to
the United States of America within thirty (30) calendar days of the effective
date of this ASA (penalty due date), but not before the effective date. Late
payment of the penalty is subject to interest and fees. According to the U.S.
Environmental Protection Agency; November 07, 2011: The Environmental
Protection Agency has commenced an investigation into Trafigura AG regarding
whether Trafigura used invalid Renewable Identification Numbers (RINs) to meet
your 2010 Renewable Volume Obligation (RVO) under the Clean Air Act (CAA).
Based on the information available to the EPA as a result of this
investigation, EPA determined that Clean Green Fuels, LLC (Clean Green Fuels)
created invalid RINs, and that Trafigura used some of the RINs created by Clean
Green Fuels in an effort to satisfy your 2010 RVO. Use of invalid RINs to
satisfy RVOs is a violation of the EPA's regulations governing RINs and
renewable fuels. 40 C.F.R. § 80.1460(c). Based on available information, the
EPA has determined that Trafigura used the 737,250 invalid RINs. These RINs are
invalid because they do not represent renewable fuel. The company that
generated these RINs, Clean Green Fuels, neither produced nor imported any
biodiesel as necessary to legally generate these RINs. This determination is
based upon the EPA's inspection of the purported production facility and
subsequent investigation. The EPA issues under Sections 205 and 211 of the CAA,
42 U.S.C. §§ 7524 and 7545, for the violations described above, Sections 205
and 211 of the CAA authorize the EPA to assess a civil penalty of up to $37,500
for every day for each violation, plus the economic benefit or savings
resulting from each violation. 42 U.S.C. §§ 7524, 7545(d). According to the
bbc.co.uk; July 23, 2010: In July, 2010 a Dutch court found Trafigura guilty of
illegally exporting toxic waste from Amsterdam and concealing the nature of the
cargo. In 2006, Trafigura transported waste alleged to have been involved in
the injury of thousands of people in Ivory Coast. The firm was fined 1million
euros for its ship, the Probo Koala, transiting Amsterdam with its cargo. In
2007 Trafigura paid $160 million to the government of Ivory Coast without
admitting liability. Trafigura also paid $50 million in an out-of-court
settlement to individuals in Ivory Coast who said they had been injured when
the waste was spread on dumps around Abidjan. According to the U.S. Department
of Treasury; 2006: On May 25, 2006, as a result of an Oil for Food
investigation conducted by Immigration and Customs Enforcement (ICE), the
Southern District of Texas U.S. Attorney’s Office filed a criminal Information
charging Trafigura AG, a Swiss corporation, with two counts of violating 18 USC
542, entry of goods by false statement. The company was convicted of falsely
representing to Houston area energy companies that a total of more than 500,000
barrels of imported Iraqi oil sold to them on two occasions in 2001 had been
obtained in compliance with the Oil for Food Program. As a result of a plea
agreement, Trafigura AG was required to pay a criminal fine of $8 million and
to forfeit $9,937,551.19, pursuant to 18 USC 982(a)(2)(B). In addition,
Trafigura AG was required to pay civil penalties to the United States in the
amount of $1.9 million executed through a written settlement agreement with the
Office of Foreign Assets Control (OFAC), U.S. Department of the Treasury.
Payment experiences from pre-legal
collection cases:
No payment experiences from pre-legal
collection cases are available.
Payment experiences from collection cases:
No payment experiences from legal collection
cases are available.
Mode of payment / Business conduct:
There are no complaints about the mode of
payment and the business conduct.
Note: The VAT number - CHE-116.301.376 MWST
- is the Group VAT number.
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: Payments are made with
arranged conditions.
Maximum
Credit: CHF 1,000,000.--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.