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MIRA
INFORM REPORT
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Report No. : |
498170 |
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Report Date : |
15.03.2018 |
IDENTIFICATION DETAILS
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Name : |
KOLMAR GROUP AG |
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Registered Office : |
Baarerstrasse 18 Metalli Center 6300 Zug/ZG /CH |
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Country : |
Switzerland |
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Date of Incorporation : |
03.02.1997 |
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Com. Reg. No.: |
170.3.021.172-8 |
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Legal Form : |
Company Limited
by Shares |
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Line of Business : |
Subject is a
“virtual” integrated petroleum and petrochemicals company. Its product
spectrum extends from heavy Petroleum to lighter petroleum products, a large
variety of Petrochemicals and Energy products like different biofuels and
coal. |
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No. of Employees : |
150-249 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Switzerland |
A1 |
A1 |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SWITZERLAND - ECONOMIC
OVERVIEW
Switzerland, a country that espouses neutrality, is a 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 2011-16.
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.
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Source
: CIA |
Company name and address
Kolmar Group AG
Operating
address:
Baarerstrasse 18
Metalli Center
6300 Zug/ZG
Switzerland/CH
Telephone: +41
417275700
Fax: +41
417275701
Web site: http://www.kolmargroup.com
E-mail: functiontrading@kolmargroup.com
WIN Worldbox No.: CH0000108709
VAT-No.: CHE-108.565.341
MWST
UID-No.: CHE108565341
Profile
Established: 1997
Line of Business: Financial
services, Trade brokers
Industry Division: Services,
Wholesale trade
Industry-code (NACE): 6420 Activities of holding companies
4612 Agents involved in the sale of fuels,
ores, metals and industrial chemicals
Import/Export: Agency
Banks: unknown
Operational
Figures
Coverage: Group
Employees: 150-249
Sales: USD
2-4 Bil
Activity
The company is a “virtual”
integrated petroleum and petrochemicals company. Its product spectrum extends
from heavy Petroleum to lighter petroleum products, a large variety of
Petrochemicals and Energy products like different biofuels and coal. The
company has 20 offices in the Far and Middle East, Europe, North and South
America.
Total transacted tonnage (1'000 MT):
-2007: 4400
-2008: 4800
-2009: 4900
-2010: 5400
-2011: 6100
-2012: 5800
-2013: 7100
-2014: 6300
-2015: 7000
Total chartered tonnage (1'000 MT):
-2007: 1650
-2008: 1800
-2009: 2400
-2010: 3000
-2011: 3100
-2012: 3250
-2013: 3150
-2014: 2850
-2015: 2950
Operations and Branches:
At the address, Baarerstrasse 18,
Metalli Center, 6300 Zug, Switzerland, we find office of the company.
Real
Estate
Real Estate: The
company owns buildings.
Company
Register
Company No: 170.3.021.172-8
UID-No.: CHE108565341
Legal form: Company
limited by shares
Registration: 03.02.1997
Legal status: active
Responsible Register: Handelsregister
des Kantons Zug
History: Date
of Statutes: 26.09.2011
Date
of Statutes: 02.12.2009
Date
of Statutes: 05.05.2008
Date
of Statutes: 30.11.2007
Date
of Statutes: 22.02.2007
Date
of Statutes: 27.10.2006
Date
of Statutes: 03.07.2006
Date
of Incorporation Statutes: 31.01.1997
Entry Deleted Name
26.02.2007 Kolmar
Group AG
26.02.2007 Kolmar
Group Ltd (Name translated)
26.02.2007 Kolmar
Group SA (Name translated)
03.02.1997 26.02.2007 Kolmar Petrochemicals AG
03.02.1997 26.02.2007 Kolmar Petrochemicals SA (Name translated)
03.02.1997 26.02.2007 Kolmar Petrochemicals Ltd (Name translated)
Entry Deleted Legal domicile
03.02.1997 Zug, Switzerland
Entry Deleted Address
27.08.2012 Baarerstrasse 18, 6300
Zug/ZG, Switzerland/CH
12.05.2000 27.08.2012 Metallstrasse
9, 6304 Zug/ZG, Switzerland/CH
03.02.1997 12.05.2000 Alpenstrasse 11, 6300 Zug/ZG, Switzerland/CH
Entry Deleted Capital
03.02.1997 Share
Capital CHF 8,400,000, paid up CHF 8,400,000
Entry Deleted Capital Structure
03.02.1997 8,400
Registered shares of CHF 1,000.--
Entry Deleted Remarks
06.10.2011 Dividend
right certificates: 430 participation certificates, with rights to share in
earnings in accordance with statutes.
Official
Administration
Title Name
President Sandelowsky,
Ruth
Citizen:
Netherlands
Residential
address: Zug/ZG, Switzerland
joint
signature of two
Registered
since: 03.02.1997
Vice-President Aviner,
Rafael
Citizen:
United States of America
Residential
address: Weston, United States of America
joint
signature of two
Registered
since: 03.02.1997
Company Secretary Schlaubitz,
Herbert C.
Citizen:
Meikirch, Switzerland
Residential
address: Walchwil, Switzerland
joint
signature of two
Registered
since: 08.10.2004
Director Bollag,
Dr. Josef
Citizen:
Endingen, Switzerland
Residential
address: Baden/AG, Switzerland
joint
signature of two
Registered
since: 05.06.2002
Director Glass,
Dr. Moshe Michael
Citizen:
Zürich, Switzerland
Residential
address: Zürich/ZH, Switzerland
joint
signature of two
Registered
since: 08.10.2004
Management
Title Name
Member with signing authority Jubb, Irene
Citizen:
United Kingdom
Residential
address: Steinhausen, Switzerland
joint
signature of two
Registered
since: 05.10.2017
Member with signing authority Schultheiss, Rolf
Citizen:
Feuerthalen, Switzerland
Residential
address: Zug, Switzerland
joint
signature of two
Registered
since: 19.02.2014
Member with signing authority Tzonev, Chavdar
Citizen:
Huttwil, Switzerland
Residential
address: Schwyz, Switzerland
joint
signature of two
Registered
since: 13.07.2000
External
Positions
Title Name
Auditor PricewaterhouseCoopers
AG,
Residential
address: Zürich, Switzerland
Registered
since: 09.12.1998
Ultimate
Parent Company
Name: ChemCore
S.A.
City/Country: Luxembourg,
Luxembourg/LU
Direct
owner/-s
No. of owner/-s: 1
Owner: The
company is foreign owned.
Class: 100%,
directly held
Name: ChemCore
S.A.
City/Country: Luxembourg,
Luxembourg/LU
Interest: 100,00%
voting right, 100,00% capital interest
Investments
Class: 100%,
directly held
Name: Kolmar
Americas Inc
City/Country: Bridgeport/Connecticut,
United States of America/US
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: Kolmar
Fibres AG
City/Country: Zug/ZG,
Switzerland/CH
Interest: 100,00%
voting right, 100,00% capital interest (since 1999)
Class: 100%,
directly held
Name: Kolmar
Japan KK
City/Country: Tokyo,
Japan/JP
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: Kolmar
Singapore Pte Ltd
City/Country: Singapore,
Singapore/SG
Interest: 100,00%
voting right, 100,00% capital interest
Class: 100%,
directly held
Name: Kolmar
UK Limited
City/Country: London/Middlesex,
United Kingdom/GB
Interest: 100,00%
voting right, 100,00% capital interest
Financial
Data Kolmar Group AG
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2015 31.12.2014 31.12.2013 31.12.2012 31.12.2011
Number of months: 12 12 12 12 12
Currency: mil. USD mil. USD mil. USD mil. USD mil. USD
Operating revenue 3,900.0 6,200.0 7,800.0 6,800.0 6,700.0
Employees at year end 196 219 200 190 170
Financials
Key figures for 2016 have not yet
been filed.
Legal
Actions
Control date Year No. Amount CHF Status
24.07.2015 2015 0 Legal
actions
31.12.2014 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
31.12.2010 2010 0 Legal
actions
31.12.2008 2008 0 Legal
actions
31.12.2007 2007 0 Legal
actions
No legal actions determined.
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.
Sanctions
List
We checked various international
sanctions lists, such as the OFAC (Office of Foreign Assets Control), the BIS
(Bureau of Industry and Security), the European Union Restrictive measures
(sanctions) list, the Export Control Organisation (ECO) of the UK, the
Australian Department of Foreign Affairs and Trade.
The company has been listed with the
following sanctions:
Kolmar Group AG (2437699)
PrimaryName N/A
Category Adverse
Media
Sub Category Tax
Evasion
Level N/A
Data source Website
Primary Country CH
Position Suspected
of tax evasion - March 2011
National ID N/A
Other ID N/A
Passport # N/A
Last Updated 25/11/2011
Additional Information
According to the en.21cbh.com; March
26, 2011: Glencore International AG (GLEN.UL) and Kolmar Group AG, two of the
world’s biggest commodity traders, may be involved in large-scale fuel smuggling
and tax evasion in China. The case allegedly involves up to 800,000 tons of
fuel and unpaid taxes of RMB 1 billion.
Payment
experiences
Payment experiences are considered
to be in order.
Credit
Information
Financial Situation: The
financial situation is considered to be good.
Payment experiences: Regular.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.99 |
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1 |
INR 90.83 |
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Euro |
1 |
INR 80.58 |
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CHF |
1 |
INR 68.76 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.