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MIRA INFORM REPORT
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Report No. : |
498807 |
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Report Date : |
27.03.2018 |
IDENTIFICATION DETAILS
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Name : |
COFCO RESOURCES SA |
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Registered Office : |
Route de Ferney 207, 1218 Le Grand-Saconnex/GE |
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Country : |
Switzerland |
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Date of Incorporation : |
18.07.2001 |
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Com. Reg. No.: |
550.1.025.770-5 |
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Legal Form : |
Company Limited by Shares |
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Line of Business : |
· Agents involved in the sale of agricultural raw materials, live animals, textile raw materials and semi-finished goods · Agents involved in the sale of fuels, ores, metals and industrial chemicals · Agents involved in the sale of food, beverages and tobacco |
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No. of Employees : |
120 |
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 : |
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
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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 gain access to the Union’s Single Market and enhance the country’s international competitiveness. Some trade protectionism remains, however, 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 economic instability in Russia and other eastern European economies drove 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 through 2017.
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.
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Source
: CIA |
Company
name and address
COFCO RESOURCES
SA
Operating address:
Route de Ferney
207 Branch:
1218 Le
Grand-Saconnex/GE Avenue
des Mousquines 4
Switzerland/CH 1005
Lausanne/VD
Switzerland/CH
Telephone: +41
213310890
Fax: +41
213310891
Web
site: http://www.cofcoagri.com
E-mail: info@cofcointernational.com
WIN
Worldbox No.: CH0005042911
VAT-No.: CHE-109.282.756 TVA
UID-No.: CHE109282756
Profile
Established: 2001
Line
of Business: Trade brokers
Industry
Division: Wholesale trade
Industry-code (NACE): 4611 Agents involved in the sale of
agricultural raw materials, live animals, textile raw materials and
semi-finished goods
4612 Agents involved in the sale of fuels, ores,
metals and industrial chemicals
4617 Agents involved in the sale of food,
beverages and tobacco
Import/Export: Agency
Banks: UBS Ltd
BNP Paribas
(Suisse) SA
Operational
Figures
Coverage: Company
Figures: estimated
Financial
year: 2017
Employees: 120
Sales: CHF 200-400 Mio
Activity
The company engages in the agricultural
trade and processing business, which it originates from surplus producing
regions such as South America, South Africa, East Europe, North America and
Australia, to supply regions with high demand such as China, Asia and the
Middle East. The company is part of Cofco Agri.
The range of products include:
- Agriculture: Cocoa, Coffee, Cotton,
Fertilizers, Sugar, cereals, grains
- Metals: Aluminium, Ferro-alloys
- Energy: Clean fuels, Coal, Petrochemicals
Operations and Branches:
At the address, route de Ferney 207, 1218 Le
Grand-Saconnex, Switzerland, we find office of the company.
Real
Estate
Real
Estate: The company owns
no property.
Company
Register
Company
No: 550.1.025.770-5
UID-No.: CHE109282756
Legal
form: Company limited by
shares
Registration: 18.07.2001
Legal
status: active
Responsible
Register: Registre du commerce du canton
de Genève
History: Date of Statutes:
18.04.2016
Date of
Statutes: 13.10.2011
Date of
Statutes: 14.12.2005
Date of
Statutes: 30.06.2005
Date of
Statutes: 18.06.2004
Date of
Statutes: 13.06.2003
Date of
Incorporation Statutes: 10.07.2001
Entry Deleted Name
20.04.2016 COFCO
Resources SA
18.07.2001 20.04.2016 Noble Resources SA
18.07.2001 20.04.2016 Noble Resources AG (Name translated)
18.07.2001 20.04.2016 Noble Resources Ltd (Name translated)
Entry Deleted Legal domicile
24.10.2011 Le
Grand-Saconnex, Switzerland
18.07.2001 24.10.2011 Lausanne, Switzerland
Entry Deleted Address
24.10.2011 Route
de Ferney 207, 1218 Le Grand-Saconnex/GE, Switzerland/CH
15.01.2004 24.10.2011 Avenue des Mousquines 4, 1000 Lausanne/VD,
Switzerland/CH
18.07.2001 15.01.2004 Avenue Juste-Olivier 2, 1000 Lausanne/VD,
Switzerland/CH
Entry Deleted Capital
22.12.2005 Share
Capital CHF 3,900,000, paidup CHF 3,900,000
Entry Deleted Capital Structure
22.12.2005 3,900
Registered shares with restricted transferability of CHF 1,000.--
Entry Deleted Remarks
22.06.2007 Merger:
On 21.06.2007 the company merged with Granex SA, based in Lausanne
(CH-550-1028154-8).
24.06.2004 Merger:
On 18.06.2004 the company merged with Noble Cocoa SA, based in Lausanne
(CH-550.1.025.086-3).
19.06.2003 Merger:
On 13.06.2003 the company merged with Noble Coffee SA, based in Lausanne
(CH-550.1.030.203-8).
Official
Administration
Title Name
President Yang , Hong
Citizen:
China
Residential
address: Genève, Switzerland
joint
signature of two
Registered
since: 26.01.2017
Director Liu , Yong
Citizen:
China
Residential
address: Genève, Switzerland
joint
signature of two
Registered
since: 04.08.2017
Director Seelbach,
Marcus
Citizen:
Germany
Residential
address: Genève , Switzerland
joint
signature of two
Registered
since: 08.12.2008
Director Tang ,
Qiang
Citizen:
China
Residential
address: Genève, Switzerland
joint
signature of two
Registered
since: 04.08.2017
Director Wu , Jing
Citizen:
United Kingdom
Residential
address: Genève, Switzerland
joint
signature of two
Registered
since: 04.08.2017
External
Positions
Title Name
Auditor Deloitte
SA,
Residential
address: Genève, Switzerland
Id:
CHE-411.931.790
Registered
since: 16.01.2018
Ultimate
Parent Company
Name: China Agri-Industries
Holdings Limited
City/Country: Causeway Bay, Hong Kong/HK
Direct
owner/-s
No.
of owner/-s: 1
Owner: The company is foreign
owned.
Class: 100%, directly held
Name: China Agri-Industries
Holdings Limited
City/Country: Causeway Bay, Hong Kong/HK
Interest: 100,00% voting right, 100,00%
capital interest (since 22.12.2015)
Investments
Class: 100%, directly held
Name: Noble Chartering SA
City/Country: Genève/GE, Switzerland/CH
Interest: 100,00% voting right,
100,00% capital interest
Class: 50-100%, directly held
Name: Noble Hammadde Ticaret
Anonim Sirketi
City/Country: Altunizade Uskudar, Turkey/TR
Interest: 87,71% voting right,
87,71% capital interest
Sisters
Name: CHINA AGRI-INDUSTRIES
LIMITED
City/Country: Bermuda/BM
Name: COFCO Agri-Industries
Management Co., Ltd
City/Country: China/CN
Name: COFCO International
Trading SA
City/Country: Le Grand-Saconnex/GE,
Switzerland/CH
Financial Data China Agri-Industries
Holdings Limited
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2016 31.12.2015 31.12.2014 31.12.2013 31.12.2012
Number of months: 12 12 12 12 12
Currency: th.
HKD th. HKD th. HKD th. HKD th.
HKD
Balance Sheet
Intangible fixed
assets 1,130,474.0 1,145,167.0 1,155,003.0 1,139,857.0 1,129,823.0
Land and buildings 12,980,254.0 13,630,863.0 14,441,052.0 14,420,277.0 14,368,501.0
Other tangible
fixed assets 8,810,003.0 9,841,693.0 10,937,610.0 10,782,106.0 8,837,391.0
Tangible fixed
assets 21,790,256.0 23,472,556.0 25,378,662.0 25,202,383.0 23,205,892.0
Financial fixed
assets 2,462,359.0 29,127.0 2,216,530.0 2,303,604.0 2,337,082.0
other fixed assets 3,193,362.0 5,815,766.0 3,875,330.0 4,031,994.0 3,773,717.0
Fixed assets 28,576,452.0 30,462,616.0 32,625,525.0 32,677,838.0 30,446,514.0
Stocks 17,886,990.0 16,125,637.0 18,918,441.0 18,304,422.0 19,517,095.0
Trade accounts
receivable 2,902,576.0 3,422,817.0 2,599,980.0 4,244,776.0 4,163,086.0
Cash & Cash
Equivalents 7,585,981.0 5,439,436.0 12,551,444.0 13,943,724.0 9,387,222.0
Securities 253,527.0 1,691,617.0 1,449,401.0
other trade accounts 15,174,001.0 11,803,005.0 11,612,404.0 11,906,907.0 9,641,116.0
Other current
assets 22,759,982.0 17,242,441.0 24,417,375.0 27,542,248.0 20,477,739.0
Current assets 43,549,548.0 36,790,895.0 45,935,796.0 50,091,446.0 44,157,920.0
Total assets 72,126,000.0 67,253,511.0 78,561,321.0 82,769,284.0 74,604,434.0
Capital 9,771,664.0 9,771,664.0 524,988.0 524,988.0
Other shareholders
funds 16,477,681.0 16,552,979.0 28,075,130.0 28,457,715.0 26,529,991.0
Total shareholders
equity 26,249,344.0 26,324,643.0 28,075,130.0 28,982,703.0 27,054,979.0
Minority interests 4,062,974.0 4,228,593.0 4,346,644.0 3,749,753.0 3,429,030.0
long term debt
(financial debts) 1,596,416.0 1,794,414.0 1,047,391.0 1,922,516.0 5,755,039.0
Other non current
liabilities 1,024,911.0 1,072,506.0 1,209,210.0 2,466,130.0 1,136,607.0
Non current
liabilities 2,621,327.0 2,866,920.0 2,256,601.0 4,388,646.0 6,891,646.0
short term debt
(financial debts) 29,046,124.0 25,848,170.0 32,497,955.0 30,233,451.0 22,536,135.0
Trade accounts
payable 3,307,508.0 3,072,376.0 5,156,712.0 7,989,018.0 3,434,745.0
other accounts
payable 6,838,723.0 4,912,809.0 6,228,279.0 7,425,713.0 11,257,899.0
other current
liabilities 6,838,723.0 4,912,809.0 6,228,279.0 7,425,713.0 11,257,899.0
Current
liabilities 39,192,352.0 33,833,355.0 43,882,946.0 45,648,182.0 37,228,779.0
Shareh. equity,
min. int. & liabilities 72,126,000.0 67,253,511.0 78,561,321.0 82,769,284.0 74,604,434.0
Profit and loss account
Sales 89,162,504.0 82,548,235.0 93,238,734.0 94,543,022.0 91,319,186.0
Net sales 89,162,504.0 82,548,235.0 93,238,734.0 94,543,022.0 91,319,186.0
Other operating
revenue 1,406,749.0 1,467,398.0 931,128.0 581,066.0 892,811.0
Operating revenue 90,569,256.0 84,015,633.0 94,169,862.0 95,124,088.0 92,211,997.0
Cost of goods sold 82,919,472.0 78,261,798.0 88,909,576.0 88,896,016.0 85,454,737.0
Gross profit 7,649,783.0 5,753,835.0 5,260,286.0 6,228,072.0 6,757,260.0
Other operating
expenses 5,562,553.0 5,491,499.0 5,656,772.0 5,150,662.0 4,641,128.0
Operating result 2,087,230.0 262,336.0 -396,486.0 1,077,410.0 2,116,132.0
Interest revenues 122,841.0 207,252.0 693,910.0 434,710.0 241,038.0
other financial
revenues 296,036.0 162,323.0 14,796.0 2,118,314.0 137,241.0
Financial income 418,877.0 369,575.0 708,706.0 2,553,024.0 378,279.0
Interest expenses 721,343.0 685,723.0 650,467.0 594,429.0 883,683.0
other financial
expenses 1,706,030.0 92,413.0
Financial expenses 721,343.0 2,391,753.0 742,880.0 594,429.0 883,683.0
Financial result -302,466.0 -2,022,178.0 -34,174.0 1,958,595.0 -505,404.0
Result before
extraordinary items 1,784,764.0 -1,759,842.0 -430,660.0 3,036,005.0 1,610,728.0
Extraordinary
Result 0.0 0.0
Result before
taxes 1,784,764.0 -1,759,842.0 -430,660.0 3,036,005.0 1,610,728.0
Taxes 252,927.0 323,483.0 310,335.0 408,447.0 198,420.0
Result before
minority interests 1,531,837.0 -2,083,325.0 -740,995.0 2,627,558.0 1,412,308.0
minority interests 112,692.0 -307,866.0 114,368.0 360,439.0 183,560.0
Result for the
financial year 1,419,145.0 -1,775,459.0 -855,363.0 2,267,119.0 1,228,748.0
Cash flow
Depreciation 1,514,670.0 1,626,262.0 1,601,911.0 1,362,051.0 1,198,212.0
Cash flow 2,933,815.0 -457,063.0 860,916.0 3,989,609.0 2,610,520.0
Cash flow from
operating activities 1,584,525.0 5,497,020.0 1,778,835.0 4,473,258.0 2,130,133.0
Investments in
tangible fixed assets 1,424,487.0 1,388,647.0 1,789,662.0 3,174,773.0 4,514,972.0
Cash flow from
investing activities -1,274,975.0 -1,635,119.0 1,131,800.0 -4,326,761.0 -4,927,687.0
Cash flow from
financing activities 2,083,467.0 -10,592,127.0 -4,333,576.0 4,031,655.0 3,005,124.0
Others -246,472.0 -381,782.0 30,661.0 378,350.0 3,999.0
Change in
liquidity 2,146,545.0 -7,112,008.0 -1,392,280.0 4,556,502.0 211,569.0
Liquidity at
beginning of the year 5,439,436.0 12,551,444.0 13,943,724.0 9,387,222.0 9,175,653.0
Liquidity at end
of the year 7,585,981.0 5,439,436.0 12,551,444.0 13,943,724.0 9,387,222.0
Notes
Cost of employees 2,203,917.0 2,248,580.0 2,210,132.0 2,110,427.0 1,766,577.0
Added value 6,224,694.0 2,800,723.0 4,031,850.0 7,148,761.0 5,459,200.0
Working Capital 17,482,058.0 16,476,078.0 16,361,709.0 14,560,180.0 20,245,436.0
Net Current Assets 4,357,196.0 2,957,540.0 2,052,850.0 4,443,264.0 6,929,141.0
Sales per Employee 3,252.6 2,869.3 3,145.4 3,136.2 3,281.4
Gross cost land
and buildings 16,190,145.0 16,595,119.0 17,095,410.0 16,614,070.0 16,085,806.0
Gross cost other
tangible fixed assets 16,703,691.0 17,353,755.0 17,845,514.0 16,674,800.0 13,766,926.0
Gross cost total 32,893,836.0 33,948,874.0 34,940,924.0 33,288,870.0 29,852,732.0
Employees at year end 27,413 28,769 29,643 30,146 27,829
Financials
Balance sheet publication:
The subject company does not publish
financial figures.
Legal
Actions
Control date Year No. Amount CHF Status
04.01.2017 2017 0 Legal
actions
31.12.2016 2016 0 Legal
actions
31.12.2015 2015 0 Legal
actions
31.12.2014 2014 0 Legal
actions
31.12.2013 2013 1 1,459.-- Paid legal actions
31.12.2012 2012 0 Legal
actions
31.12.2011 2011 0 Legal
actions
31.12.2010 2010 1 2,318,188.-- Opposition filed
31.12.2009 2009 1 2,318,188.-- Opposition filed
31.12.2008 2008 0 Legal
actions
31.12.2007 2007 0 Legal
actions
31.12.2006 2006 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 did not find the company included on the
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.
Payment
experiences
There are irregularities on record.
Remarks
- Based on the positive financial situation
of the ultimate parent company we deem stated credit as acceptable.
Credit
Information
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: Payments are made with
arranged conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.91 |
|
|
1 |
INR 91.87 |
|
Euro |
1 |
INR 80.26 |
|
CHF |
1 |
INR 68.35 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
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|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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
·
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.