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MIRA
INFORM REPORT
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Report No. : |
499324 |
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Report Date : |
29.03.2018 |
IDENTIFICATION DETAILS
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Name : |
AVERE COMMODITIES SA |
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Registered Office : |
Chemin Jean-Baptiste Vandelle 3, 1290 Versoix/GE |
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Country : |
Switzerland |
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Date of Incorporation : |
25.04.2017 |
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Com. Reg. No.: |
660.1.213.017-4 |
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Legal Form : |
Company limited by shares |
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Line of Business : |
The company is engaged in all buying, selling and trading activities, whatever their nature, as principal or as agents based on commissions, in particular in the field of commodities and derivatives. The company is a trading company primarily engaged in the merchandising and trading of grains, oilseeds and related products in the key world markets and has representative offices in the United States and Singapore. |
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No. of Employees : |
1-9 |
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 : |
No Complaints |
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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
Avere Commodities SA
Operating address
chemin Jean-Baptiste
Vandelle 3
1290 Versoix/GE
Switzerland/CH
Telephone: +41
227553301
Web
site: https://www.kernel.ua
E-mail: pr@kernel.ua
VAT-No.: CHE-407.950.672 TVA
UID-No.: CHE407950672
Profile
Established: 2017
Line
of Business: Consumer goods
wholesale
Industry
Division: Wholesale trade
Industry-code (NACE): 4676 Wholesale of other intermediate products
Banks: unknown
Operational Figures
Figures: estimated
Financial
year: 2017
Employees: 1-9
Sales: CHF 1-2 Mio
Activity
The company is engaged in all buying,
selling and trading activities, whatever their nature, as principal or as
agents based on commissions, in particular in the field of commodities and
derivatives. The company is a trading company primarily engaged in the
merchandising and trading of grains, oilseeds and related products in the key
world markets and has representative offices in the United States and
Singapore.
Operations and Branches:
At the address, chemin Jean-Baptiste
Vandelle 3, 1290 Versoix, Switzerland, we find office of the company.
Real Estate
Real
Estate: The property at
the operating address is rented.
Company Register
Company
No: 660.1.213.017-4
UID-No.: CHE407950672
Legal
form: Company limited by
shares
Registration: 25.04.2017
Legal
status: active
Responsible Register: Handelsregister des Kantons Genève
History: Date
of Statutes: 06.12.2017
Date
of Statutes: 24.11.2017
Date
of Incorporation Statutes: 24.04.2017
Entry Deleted Name
25.04.2017 Avere
Commodities SA
25.04.2017 Avere
Commodities Ltd (Name translated)
Entry Deleted Legal domicile
07.12.2017 Versoix,
Switzerland
25.04.2017 07.12.2017 Genève, Switzerland
Entry Deleted Address
07.12.2017 Chemin
Jean-Baptiste Vandelle 3, 1290 Versoix, Switzerland/CH
25.04.2017 07.12.2017 Rue des Alpes 15bis, c/o Ah Choon Jean
Jacques, Schellenberg Wittmer, avocats, 1201 Genève, Switzerland/CH
Entry Deleted Capital
27.11.2017 Share
Capital CHF 100,000, paidup CHF 100,000
25.04.2017 27.11.2017 Share Capital CHF 100,000, paidup CHF 50,000
Entry Deleted Capital Structure
27.11.2017 1,000
Registered shares of CHF 100.--
25.04.2017 27.11.2017 1,000 Registered shares of CHF 100.--
Official Administration
Title Name
Director Souto ,
Veronica
Citizen:
Italy
Residential
address: Genève, Switzerland
single
signature
Registered
since: 26.06.2017
Management
Title Name
Member
with signing authority Bonche,
Stéphane Bruno
Citizen:
France
Residential
address: Amphion-les-Bains, Switzerland
single
signature
Registered
since: 26.02.2018
External Positions
Title Name
Auditor NB
Fiduciary Services SA,
Residential
address: Genève, Switzerland
Id:
CHE-113.979.866
Registered
since: 25.04.2017
Executive board
Title Name
Chief
Financial Officer Bonche,
Stéphane Bruno
Ultimate Parent Company
Name: KERNEL HOLDING 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: KERNEL HOLDING S.A.
City/Country: Luxembourg, Luxembourg/LU
No.
of shares: 1,000
Interest: 100,00% voting right, 100,00%
capital interest (since 25.04.2017)
Kernel – is a producer and exporter of
sunflower oil, and major supplier of agricultural products from the Black Sea
region to world markets. Kernel exports its products into more than 60
countries of the world. Since November 2007, the shares of the company are
traded on the Warsaw Stock Exchange (WSE).
Investments
It is believed that the company has no
investments.
Sisters
Name: INERCO COMMODITIES SA
City/Country: Nyon/VD, Switzerland/CH
Name: Inerco Trade SA
City/Country: Nyon/VD, Switzerland/CH
Financial Data
KERNEL HOLDING S.A.
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 30.06.2017 30.06.2016 30.06.2015
Number of months: 12 12 12
Currency: th.
USD th. USD th. USD
Balance Sheet
Intangible fixed
assets 218,971.0 158,730.0 172,014.0
Land and buildings 319,653.0 315,109.0 305,358.0
Other tangible
fixed assets 250,061.0 223,619.0 229,819.0
Tangible fixed
assets 569,714.0 538,728.0 535,177.0
Financial fixed
assets 51,025.0 52,164.0 57,037.0
other fixed assets 48,685.0 39,266.0 42,832.0
Fixed assets 888,395.0 788,888.0 807,060.0
Stocks 386,660.0 200,213.0 158,756.0
Trade accounts
receivable 87,192.0 75,207.0 56,135.0
Cash & Cash
Equivalents 143,392.0 60,372.0 129,121.0
Securities 21,041.0
other trade
accounts 422,512.0 214,859.0 178,467.0
Accruals 59,891.0 169,816.0 136,079.0
Other current
assets 646,836.0 445,047.0 443,667.0
Current assets 1,120,688.0 720,467.0 658,558.0
Total assets 2,009,083.0 1,509,355.0 1,465,618.0
Capital 2,164.0 2,104.0 2,104.0
Other shareholders
funds 1,150,864.0 993,225.0 887,450.0
Total shareholders
equity 1,153,028.0 995,329.0 889,554.0
Minority interests 4,581.0 1,726.0 1,290.0
long term debt
(financial debts) 502,112.0 84,116.0 95,178.0
Other non current
liabilities 55,511.0 54,879.0 21,492.0
Non current
liabilities 557,623.0 138,995.0 116,670.0
short term debt
(financial debts) 155,252.0 252,281.0 364,648.0
Trade accounts
payable 54,728.0 41,910.0 27,384.0
Provisions 30,171.0
Accruals 7,690.0 2,169.0 2,692.0
other accounts
payable 46,010.0 76,945.0 63,380.0
other current
liabilities 83,871.0 79,114.0 66,072.0
Current
liabilities 293,851.0 373,305.0 458,104.0
Shareh. equity,
min. int. & liabilities 2,009,083.0 1,509,355.0 1,465,618.0
Profit and loss account
Sales 2,168,931.0 1,988,520.0 2,329,507.0
Reduction of
proceeds 2,875.0 6,789.0
Net sales 2,166,056.0 1,988,520.0 2,322,718.0
Other operating
revenue 40,684.0 64,751.0 82,420.0
Operating revenue 2,206,740.0 2,053,271.0 2,405,138.0
Cost of goods sold 1,585,872.0 1,548,474.0 1,805,573.0
Gross profit 620,868.0 504,797.0 599,565.0
Other operating
expenses 355,829.0 217,607.0 264,008.0
Operating result 265,039.0 287,190.0 335,557.0
other financial
revenues 12,141.0 34,328.0 5,087.0
Financial income 12,141.0 34,328.0 5,087.0
Interest expenses 56,693.0 50,745.0 60,281.0
other financial
expenses 23,048.0 22,984.0 157,525.0
Financial expenses 79,741.0 73,729.0 217,806.0
Financial result -67,600.0 -39,401.0 -212,719.0
Result before
extraordinary items 197,439.0 247,789.0 122,838.0
Extraordinary
expenses 17,035.0 26,153.0
Extraordinary
Result -17,035.0 -26,153.0
Result before
taxes 197,439.0 230,754.0 96,685.0
Taxes 18,836.0 3,910.0 1,152.0
Result before
minority interests 178,603.0 226,844.0 95,533.0
minority interests 2,360.0 1,694.0 -11,397.0
Result for the
financial year 176,243.0 225,150.0 106,930.0
Cash flow
Depreciation 54,140.0
Cash flow 230,383.0 225,150.0 106,930.0
Cash flow from
operating activities 77,406.0
Investments in
tangible fixed assets 43,432.0
Cash flow from
investing activities -223,463.0
Cash flow from
financing activities 173,110.0
Others -157.0
Change in
liquidity 26,896.0
Liquidity at
beginning of the year 60,269.0
Liquidity at end
of the year 87,165.0
Notes
Material costs 1,585,872.0
Cost of employees 34,894.0
Net Current Assets 826,837.0 347,162.0 200,454.0
Employees average 16,103 14,075 15,229
Financials
Balance sheet publication:
The subject company does not publish
financial figures.
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
No Complaints
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 in order.
Payment
experiences: No complaints.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.04 |
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1 |
INR 92.28 |
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Euro |
1 |
INR 80.62 |
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CHF |
1 |
INR 68.13 |
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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PRI |
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Report Prepared
by : |
SYL |
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
·
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.