|
Report No. : |
327443 |
|
Report Date : |
23.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
VITOL SA |
|
|
|
|
Registered Office : |
Boulevard du Pont-d'Arve 28, 1205 Genève/GE |
|
|
|
|
Country : |
Switzerland |
|
|
|
|
Year of Establishment : |
1966 |
|
|
|
|
Com. Reg. No.: |
660.0.063.972-5 |
|
|
|
|
Legal Form : |
Company Limited by Shares |
|
|
|
|
Line of Business : |
Agents involved in the Sale of Fuels, Ores, Metals and Industrial
Chemicals. |
|
|
|
|
No. of Employees : |
180 |
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 Limits : |
CHF 2,000,000 |
|
|
|
|
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 – 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 |
Vitol SA
Boulevard du
Pont-d'Arve 28 Postal
address:
1205 Genève/GE Case
postale 384
Switzerland/CH 1211
Genève 4/GE
Switzerland/CH
Telephone: 022
3221111
Fax: 022
7816611
Web
site: http://www.vitol.com
E-mail: info@vitol.com
WIN
Worldbox No.: CH0001646063
VAT-No.: CHE-116.346.864 MWST
UID-No.: CHE107746845
Established: 1966
History: 1972: Limited company
Line
of Business: Trade brokers
Industry
Division: Wholesale trade
Industry-code (NACE): 4612 Agents involved in the sale of fuels,
ores, metals and industrial chemicals
Import/Export: Agency
Banks: unknown
Coverage: Company
Figures: estimated
Financial
year: 2015
Employees: 180
Sales: CHF 40-60 Mio
The business activites are trading in solid
fuels, petroleum products, metals and chemicals. In addition to the physical
trade, distribution and logistics, the company is also in the following areas:
refining, shipping, terminals, Exploration- and production as well as in power
generation in retail companies and mineral industry.
Real
Estate: The company does
not appear to own any property.
Company
No: 660.0.063.972-5
UID-No.: CHE107746845
Legal
form: Company limited by
shares
Registration: 06.03.1972
Legal
status: active
Responsible
Register: Registre du commerce du canton
de Genève
History: Date of Statutes:
25.11.1981
Date of
Statutes: 22.12.2011
Date of
Statutes: 04.10.2001
Date of Statutes:
15.04.1997
Entry Deleted Name
active Vitol
SA
Entry Deleted Legal domicile
active Genève,
Switzerland
Entry Deleted Address
19.05.2005 Boulevard
du Pont-d'Arve 28, 1200 Genève/GE, Switzerland/CH
24.09.1996 route de Malagnou 40 A, 1200 Genève/GE,
Switzerland/CH
24.09.1996 19.05.2005 rue des Bains 33-35, 1200 Genève/GE,
Switzerland/CH
Entry Deleted Capital
18.04.1997 Share
Capital CHF 4,900,000, paidup CHF 4,900,000
Entry Deleted Capital Structure
18.04.1997 4,900
Registered shares of CHF 1,000.--
Entry Deleted Activity
17.01.2012 Purchase,
distribution and sale of all kinds of fuels, refined petroleum products of all
kinds, as well as similar products, chemicals, sugar and other agricultural
products, coal and carbon certificates (see - statutes for complete description
of objectives).
Entry Deleted Remarks
active Publishing
authority: SHAB Swiss Gazette.
active Board
of directors: 1 or more members
19.12.2013 Note:
The identification under number CH-660-0063972-5 is replaced by the
CHE-107746845 business identification number (IDE / UID).
17.01.2012 Reports:
Communication to shareholders in writing, by fax or email.
Title Name
President,
Chief Executive David B. Fransen
Citizen:
United Kingdom
Residential
address: Chêne-Bougeries, Switzerland
single
signature
Registered
since: 16.12.1998
Director Robert J.
Dean
Citizen:
United Kingdom
Residential
address: Thônex, Switzerland
single
signature
Registered
since: 08.11.2006
Director Gérard
Delsad
Citizen:
France
Residential
address: Cologny, Switzerland
single
signature
Registered
since: 08.11.2006
Director Roland
Favre
Citizen:
Pont (Veveyse), Switzerland
Residential
address: Vandoeuvres, Switzerland
single
signature
Director William
Laneville
Citizen:
United States of America
Residential
address: Troinex, Switzerland
single
signature
Registered
since: 11.05.2015
Title Name
Auditor Ernst
& Young SA
Residential
address: Lancy, Switzerland
Title Name
Chief
Executive Officer David B.
Fransen
Name: Stichting
Administratiekantoor Vitol Holding II
City/Country: Rotterdam, Netherlands/NL
No.
of Owner/-s: 1
Owner: The company is foreign
owned.
Class: 100%
Type: indirect, Group-Level
1
Name: Stichting
Administratiekantoor Vitol Holding II
City/Country: Rotterdam, Netherlands/NL
Interest: 100,00% voting right,
100,00% capital interest
Class: 100%
Type: indirect, Group-Level
2
Name: VITOL HOLDING II S.A.
City/Country: Luxembourg, Luxembourg/LU
Interest: 100,00% voting right,
100,00% capital interest
Class: 100%
Type: indirect, Group-Level
3
Name: Vitol Holding BV
City/Country: Rotterdam, Netherlands/NL
Interest: 100,00% voting right, 100,00%
capital interest
Class: 100%
Type: direct
Name: Vitol Holding SARL
City/Country: Genève/GE, Switzerland/CH
Interest: 100,00% voting right,
100,00% capital interest
Name: Arkham SA
City/Country: Genève/GE, Switzerland/CH
Name: Atlantank SA
City/Country: Genève/GE, Switzerland/CH
Name: Euromin SA
City/Country: Genève/GE, Switzerland/CH
Name: GPC Investments SA
City/Country: Baar/ZG, Switzerland/CH
Name: Petrogem SA
City/Country: Genève/GE, Switzerland/CH
Name: Vitol Central Asia SA
City/Country: Genève/GE, Switzerland/CH
Name: Vitol Coal SA
City/Country: Genève/GE, Switzerland/CH
Name: Vitol Energy SA
City/Country: Genève/GE, Switzerland/CH
Name: Vitol Inc
City/Country: Austin/Texas, United States of
America/US
Name: Vitol R & M SA
City/Country: Genève/GE, Switzerland/CH
Name: Vitol Refining SA
City/Country: Genève/GE, Switzerland/CH
Name: Vitol Sugar SA, en
liquidation
City/Country: Genève/GE, Switzerland/CH
Class: 100%
Name: Sagab Trading SA
City/Country: Genève/GE, Switzerland/CH
Interest: 100,00% voting right,
100,00% capital interest
Class: 50%
Name: Varo Energy Holding SA
City/Country: Genève/GE, Switzerland/CH
Interest: 50,00% voting right,
50,00% capital interest (since 27.04.2012)
Balance sheet publication:
The subject company does not publish balance
sheet or turnover figures.
Control date Year No. Amount CHF Status
23.10.2014 2014 0 Legal
actions
31.12.2013 2013 0 Legal
actions
31.12.2012 2012 0 Legal actions
31.12.2011 2011 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
31.12.2007 2007 0 Legal
actions
31.12.2006 2006 0 Legal
actions
31.12.2005 2005 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 :
Vitol, S.A (1345867)
Aliases N/A
NickNames N/A
Category Enforcement
Sub Category Bribery
Level N/A
Data source US-New
York County District Attorney's Office
Designation N/A
Primary Country CH
Case Ordered
to pay $13 million restitution and $4.5 million in fines for committing bribery
- November 20, 2007
National ID N/A
Other ID N/A
Passport # N/A
Last Updated 19/07/2013
Additional Information
According to the euronews.com; July 18,
2013: Paris prosecutors filed an appeal in the U.N. oil-for-food case.
Prosecutors said they had asked the appeals court to reconsider the case
against Swiss oil trader Vitol, along with 14 other little-known individuals in
the case. On July 8, a criminal court acquitted Total and Vitol and 18
individuals on corruption-related charges, including Total’s chief executive,
Christophe de Margerie and former French interior minister, Charles Pasqua.
Vitol, which will again face a charge of bribery in the appeal, has already
been convicted of oil-for-food offences in a New York court. ($1 = 0.7637
euros) According to the swissinfo.ch; September 26, 2012: Swiss-based oil
trader Vitol has bought and sold Iranian oil despite a Western ban, a new
report claims. Vitol, the world’s largest oil trader, reportedly bought two
million barrels of fuel oil from Iran in August 2012 and offered it to buyers
in China. Before offering the oil to the Chinese traders, the company allegedly
blended it with fuel oil from Europe, concealing its origin. According to the
U.S. New York County District Attorney's Office; November 20, 2007: Manhattan
District Attorney Robert M. Morgenthau announced the guilty plea of a Switzerland-based
oil trading company for its involvement in a scheme to pay kickbacks to Iraq in
connection with oil purchases made under the United Nations Oil-for-Food
Programme. VITOL, S.A. (VITOL) pleaded guilty in New York State Court to Grand
Larceny in the First Degree in connection with the scheme. According to the
plea, VITOL paid $13 million in kickbacks to Iraqi officials in connection with
oil purchases but allowed false representations to be made to the United
Nations that no kickbacks were paid. As a result of its guilty plea, VITOL will
pay restitution of $13 million to the Iraqi people through the Development Fund
for Iraq and a payment of $4.5 million in lieu of fines, forfeiture and to
cover the cost of prosecution. Relying on those false representations, United
Nations officials approved the contracts and authorized millions of dollars in
payments for the benefit of Iraq from the Oil-for-Food Programme. Instead of
halting these transactions, United Nations officials were duped into allowing the
Oil-for-Food Programme to continue unchanged.
Debt collection case:
JAN 2014: CHF 77.00, booked up.
NOV 2012: CHF 85.00, paid.
MAY 2012: CHF 97.00, paid.
Note: The VAT number - CHE-116.346.864 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
is considered to be good.
Payment
experiences: Financial obligations are
paid promptly.
Maximum
Credit: CHF 2,000,000.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.51 |
|
|
1 |
Rs.100.94 |
|
Euro |
1 |
Rs.72.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.