%20GMBH%20-%2067270%2012-Dec-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FLOWSERVE (AUSTRIA) GMBH |
|
|
|
|
Formerly Known as : |
INGERSOLL-DRESSER PUMPS GmbH |
|
|
|
|
Registered Office : |
Industriestraße B/6, A-2345 Brunn Gebirge |
|
|
|
|
Country : |
Austria |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Year of Establishment : |
1920 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture of Other Pumps and Compressors |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
EUR
2.850.000,00 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Basic company information
|
Company name: |
FLOWSERVE (Austria) GmbH |
|
Status: |
active company |
|
Locations: |
Industriestraße B/6, A-2345 Brunn Gebirge |
|
Phone: |
(2236) 31530 |
|
Fax: |
(2236) 31530 - 802 |
|
E-mail: |
fpd-brunn@flowserve.com |
|
Internet: |
http://www.flowserve.com |
|
Activities: |
Önace 28130 60% Manufacture of other pumps and compressors |
|
|
Önace 46740 20% Wholesale of hardware, plumbing and heating equipment and supplies |
|
|
Önace 28140 20% Manufacture of other taps and valves |
|
|
|
|
General
Assessment: |
Very low risk We Rating of this company is better than industry average. |
|
|
Recommendation We recommends to establish a business and credit relationship, and to benefit from arising business opportunities. |
|
|
|
|
Detail Assessment: |
Merchandise is mainly imported. Domestic obligations are settled using cash discounts or according to conditions. |
|
|
Company's financial situation is in order. Earnings potential is positive. |
|
|
Maximum credit
EUR 2.850.000,00 |
|
|
|
Additional company information
|
|
|
|||||
|
Year of
incorporation: |
1920 |
|
||||
|
Type of company: |
Manufacturing |
|
||||
|
Legal form: |
limited liability company since 1920-08-25 |
|
||||
|
Firmenbuchnummer: |
FN 128945 a Wiener Neustadt 1920-10-11 |
|
||||
|
Activities: |
|
|
||||
|
Trade names: |
Flowserve Pump Division |
|
||||
|
VAT number: |
ATU 19096500 |
|
||||
|
ARA-number: |
4852 |
|
||||
|
number - Austrian National Bank: |
50458 |
|
||||
|
|
||||||
|
Import |
Country |
|
|
|
||
|
Import |
world-wide |
|
2008 |
|
||
|
|
||||
|
Export |
Country |
|
|
|
|
Export |
world-wide |
|
2008 |
|
Financial data
|
total turnover (total sales) |
2008 |
EUR 150.000.000,00 |
(expected) |
|
total turnover (total sales) |
2007 |
EUR 135.694.719,98 |
(exact) |
|
total turnover (total sales) |
2006 |
EUR 83.410.825,56 |
(exact) |
|
total turnover (total sales) |
2005 |
EUR 74.029.498,63 |
(exact) |
|
total turnover (total sales) |
2004 |
EUR 69.031.575,05 |
(exact) |
|
total employees |
2008 |
423 |
(exact) |
|
white collar workers |
2008 |
306 |
(exact) |
|
blue collar workers |
2008 |
97 |
(exact) |
|
apprentices |
2008 |
18 |
(exact) |
|
total company vehicles |
2008 |
7 |
(exact) |
|
cars |
2008 |
6 |
(approx.) |
|
lorries up to 3.5t |
2008 |
1 |
(approx.) |
Extraxt from the Companies' House
|
firm (style): |
|
14 FLOWSERVE (Austria) GmbH |
|
legal form: |
|
1 Gesellschaft mit beschränkter Haftung |
|
registered office: |
|
3 politischer Gemeinde Brunn am Gebirge |
|
business adress: |
|
1 Industriestr. B/6 |
|
capital: |
|
1 ATS 25.000.000 |
|
reference date annual accounts: |
|
1 31. Dezember |
|
annual accounts: |
|
32 zum 31.12.2007 eingereicht am 18.11.2008 |
|
power of representation: |
|
6 Die Generalversammlung bestimmt, wenn mehrere Geschäfts- |
|
managing
director: |
|
B Dkfm. Johann Wallner, geb. 20.06.1946 |
|
shareholder: |
|
S FLOWSERVE BV |
|
|
|
general table: Handelsgericht Wien |
Comment on Legal Information
Real estate:
|
Registration number of real estate 3288 Cadastral register 16105 Brunn am Gebirge N PG: Brunn am Gebirge Number and date of entry 2173/2003 Status of 2008-08-04 |
|
Part A - type of real estate : |
|
GST-NR G BA (NUTZUNG) FLÄCHE
GST-ADRESSE |
|
Part B -
ownership details : |
|
1 ANTEIL: 1/1 |
|
Part C -
registered charges : |
|
1 gelöscht |
Private data
|
Surname
|
Date of birth
|
Address
|
Executive positions
|
Further executive positions (as registered in the
companies' house) |
|
Ing. Norbert Lauritsch
|
1965-04-28
|
9500 Villach Kasernengasse 6(c/o) |
manager
|
0
|
|
John Nanos
|
1947-03-27
|
75039 Texas Irving 222 West les Colines B. Suite 1500 |
manager
|
1
|
|
Dkfm. Johann Wallner
|
1946-06-20
|
2384 Breitenfurt Auf der Hammerlwiese 37 |
manager
|
2
|
|
Helmut Oberndorfer
|
1959-03-16
|
2345 Brunn Gebirge Industriestraße B(c/o) |
head of purchasing
|
0
|
|
Ing. Paul Schöber
|
1953-02-09
|
2345 Brunn Gebirge Industriestrasse B/6(c/o) |
head of sales
|
0
|
|
Ing. Gerhard Futterknecht |
1952-10-07
|
2345 Brunn Gebirge Industriestraße B(c/o) |
head of marketing
|
0
|
|
Friedrich Krischke
|
1957-08-14
|
2345 Brunn Gebirge Industriestraße B6(c/o) |
head of EDP
|
0
|
|
Dipl-Ing.Dr. Christian Rossegger |
1960-11-09
|
2345 Brunn Gebirge Industriestraße B6 c/o |
technical director
|
0
|
|
Mag.(FH) Peter Luisser
|
1978-03-27
|
2345 Brunn Gebirge Industriestraße B6(c/o) |
head of personnel
|
0
|
Balance Sheet
(absolute) all amounts in EUR
|
|
2007-12-31 |
|
|
|
|
|
Goodwill |
1.067.687,98 |
|
|
|
|
|
Franchises,
patents, licences, trademarks and similar rights and advantages |
77.549,43 |
|
|
|
|
|
Sum intangible
assets |
1.145.237,41 |
|
|
|
|
|
|
|||||
|
Land and leasehold
rights with buildings thereon including building on land owned by third
parties |
2.777.763,74 |
|
|
|
|
|
Technical plants and machines |
2.436.796,10 |
|
|
|
|
|
Constructions in
progress |
436.500,00 |
|
|
|
|
|
Sum tangible
assets |
6.098.961,52 |
|
|
|
|
|
|
|||||
|
Shares on related
firms |
77.000.000,00 |
|
|
|
|
|
Other financial
assets, values and securities of fixed assets |
2.588.233,27 |
|
|
|
|
|
Sum financial
assets |
79.588.233,27 |
|
|
|
|
|
|
|||||
|
Sum fixed assets |
86.832.432,20 |
|
|
|
|
|
|
|||||
|
Raw-, auxiliary
materials and supplies |
3.350.981,90 |
|
|
|
|
|
Unfinished
products |
13.801.352,01 |
|
|
|
|
|
Finished products |
1.063.715,22 |
|
|
|
|
|
Advanced payments |
383.418,31 |
|
|
|
|
|
Received advanced
payments for orders |
-9.718.412,50 |
|
|
|
|
|
Sum stock |
8.881.054,94 |
|
|
|
|
|
|
|||||
|
Claims from
delivered goods and performed services |
11.545.945,28 |
|
|
|
|
|
Other claims and
assets |
2.151.042,54 |
|
|
|
|
|
Claims against
related firmes Claims against companies with shareholding relationship |
42.166.721,39 |
|
|
|
|
|
Sum claims |
55.863.709,21 |
|
|
|
|
|
|
|||||
|
Cash on hand, cheques
and bank deposits |
1.092.356,91 |
|
|
|
|
|
Sum cash and bank |
1.092.356,91 |
|
|
|
|
|
|
|||||
|
Sum current assets |
65.837.121,06 |
|
|
|
|
|
|
|||||
|
Deferred charges |
52.169,03 |
|
|
|
|
|
Sum deferred
charges |
52.169,03 |
|
|
|
|
|
Assets |
152.721.722,29 |
|
|
|
|
|
|
|||||
|
Subscribed/declared
capital |
1.816.820,85 |
|
|
|
|
|
Not committed capital reserves |
18.198.041,65 |
|
|
|
|
|
Legal reserves |
181.682,09 |
|
|
|
|
|
Free reserves |
2.080.214,11 |
|
|
|
|
|
Balance sheet profit/balance sheet loss |
30.133.568,42 |
|
|
|
|
|
Thereof profit/loss carried forward |
17.481.973,88 |
|
|
|
|
|
Sum equity capital |
52.410.327,12 |
|
|
|
|
|
|
|||||
|
Valuation reserves
due to special depreciations and |
159.676,62 |
|
|
|
|
|
Sum reserves
before taxes |
159.676,62 |
|
|
|
|
|
|
|||||
|
Reserves for
severance pays |
2.423.728,00 |
|
|
|
|
|
Reserves for
pensions |
2.133.148,70 |
|
|
|
|
|
Tax reserves |
4.677.095,00 |
|
|
|
|
|
Other reserves |
8.036.468,18 |
|
|
|
|
|
Sum reserves |
17.270.439,88 |
|
|
|
|
|
|
|||||
|
Received advanced
payments for orders |
2.070.707,46 |
|
|
|
|
|
Liabilities from delivered
goods and performed services from the acceptance of drafts and emission of
promissory notes |
9.965.377,01 |
|
|
|
|
|
Liabilities
against related firms |
70.132.698,99 |
|
|
|
|
|
Other liabilities |
699.044,21 |
|
|
|
|
|
Sum liabilities |
82.867.827,67 |
|
|
|
|
|
|
|||||
|
Deferred income |
13.451,00 |
|
|
|
|
|
Sum deferred
income |
13.451,00 |
|
|
|
|
|
Liabilities |
152.721.722,29 |
|
|
|
|
|
|
|||||
|
Contingent
liabilities |
27.965.176,00 |
|
|
|
|
|
Balance sheet
sum |
152.721.722,29 |
|
|
|
|
P / L Account
(absolute) all amounts in EUR
|
|
2007-12-31 |
|
|
|
|
|
Gross sales |
135.694.719,98 |
|
|
|
|
|
Increase or decrease in finished and unfinished goods and in service claims |
-1.007.565,58 |
|
|
|
|
|
Sum turnover or sum gross profit |
134.687.154,40 |
|
|
|
|
|
|
|||||
|
Profits from retirement of fixed assets, except financial assets |
5.289,11 |
|
|
|
|
|
Income from dissolution of reserves |
379.709,77 |
|
|
|
|
|
Other operating profits |
3.353.942,81 |
|
|
|
|
|
Other operating profits totally |
3.738.941,69 |
|
|
|
|
|
|
|||||
|
Costs for obtained services |
-2.755.579,95 |
|
|
|
|
|
Special account material costs |
-58.242.447,28 |
|
|
|
|
|
Costs for obtained services totally |
-60.998.027,23 |
|
|
|
|
|
|
|||||
|
Wages |
-4.286.694,83 |
|
|
|
|
|
Salaries |
-13.686.108,18 |
|
|
|
|
|
Costs for severance pays |
-707.335,84 |
|
|
|
|
|
Costs for old age pension |
-222.707,14 |
|
|
|
|
|
Legal fringe benefits and other payments depending on salaries |
-4.672.752,27 |
|
|
|
|
|
Other social fringe benefits |
-393.465,10 |
|
|
|
|
|
Personnel expenses totally |
-23.969.063,36 |
|
|
|
|
|
|
|||||
|
Depreciation of intangible assets, tangible assets,activated expenses for the set up and expansion of business operation |
-2.315.897,46 |
|
|
|
|
|
Depreciation tangible assets / intangible assets totally |
-2.315.897,46 |
|
|
|
|
|
|
|||||
|
Different operating costs |
-31.261.706,35 |
|
|
|
|
|
Other taxes |
-29.226,57 |
|
|
|
|
|
Other operating costs totally |
-31.290.932,92 |
|
|
|
|
|
|
|||||
|
Operating result totally |
19.852.175,12 |
|
|
|
|
|
|
|||||
|
Interest income, securties income and similar income |
942.951,38 |
|
|
|
|
|
Profits from the retirement of and investment in financial assets |
4.975,32 |
|
|
|
|
|
Financial profits |
111.500,56 |
|
|
|
|
|
Disbursements from other financial assets and from securities of current assets (e.g. depreciations) |
-31.629,36 |
|
|
|
|
|
Interest and similar disbursements |
-3.550.441,11 |
|
|
|
|
|
Financial profits totally |
-2.522.643,21 |
|
|
|
|
|
|
|||||
|
Results from usual business activity totally |
17.329.531,91 |
|
|
|
|
|
|
|||||
|
Taxes on income and profits |
-4.726.384,70 |
|
|
|
|
|
Taxes on income and profits totally |
-4.726.384,70 |
|
|
|
|
|
Annual
surplus/annual deficit totally |
12.603.147,21 |
|
|
|
|
|
|
|||||
|
Dissolution reserves before taxes |
48.447,33 |
|
|
|
|
|
Reserves movements totally |
48.447,33 |
|
|
|
|
|
Annual profit/annual
loss totally |
12.651.594,54 |
|
|
|
|
|
|
|||||
|
Profit and loss carried forward from previous year |
17.481.973,88 |
|
|
|
|
|
Transfer of profits totally |
17.481.973,88 |
|
|
|
|
|
B/S profit/ B/S loss
from profit and loss account |
30.133.568,42 |
|
|
|
|
Key ratios
|
|
2007 |
|
|
|
|
|
|
Cash flow II |
14.919.044,67 |
|
|
|
|
|
|
Debt amortisation period |
6,50 |
|
|
|
|
|
|
Bank indebtedness |
0,00 |
|
|
|
|
|
|
Equity capital share |
34,89 |
|
|
|
|
|
|
Social capital share |
2,98 |
|
|
|
|
|
|
Fixed assets coverage |
65,78 |
|
|
|
|
|
|
Net profit ratio |
12,86 |
|
|
|
|
|
|
Capital turnover |
0,88 |
|
|
|
|
|
|
Return on investment |
13,67 |
|
|
|
|
|
|
Cash flow in % of operating performance |
11,07 |
|
|
|
|
|
|
Cash flow I |
19.645.429,37 |
|
|
|
|
|
|
Gross productivity |
5,61 |
|
|
|
|
|
|
Net productivity |
3,07 |
|
|
|
|
|
|
Operating performance |
134.687.154,40 |
|
|
|
|
|
|
Inventories in % of operating performance |
6,59 |
|
|
|
|
|
|
Gross profit |
73.689.127,17 |
|
|
|
|
|
Locations
|
Type |
Locations |
Description |
|
|
|
E-mail |
|
operational |
Industriestraße B/6, A-2345 Brunn Gebirge |
registered office |
|
|
|
|
|
operational |
Kasernengasse 6, A-9500 Villach, SCHMIDT Armaturen Zweigniederl |
registered branch office |
|
|
|
|
|
operational |
Industriestraße B/6, A-2345 Brunn Gebirge |
registered headquarters, owned property |
|
|
|
fpd-brunn@flowserve.com |
|
operational |
Kasernengasse 6, A-9500 Villach |
branch office, owned property |
|
|
|
|
|
former |
Lemböckgasse 19/1/8, A-1230 Wien |
branch office |
|
|
|
|
|
former |
Gurkgasse 18-22, A-1140 Wien |
registered headquarters |
|
|
|
|
related companies
|
Company name
|
Postal code
|
Stake in %
|
Companies House
|
|
|
|
Shares in this company are held by: |
|||||
|
FLOWSERVE BV
|
Parallelweg 6, NL-4878 Etten Leur |
99.9 % 2004-09-15
|
|
|
|
|
FLOWSERVE International BV
|
Parallelweg 6, NL-4878 AH Etten Leur |
0.1 % 2007-01-18
|
|
|
|
|
|
|||||
|
This company holds 50% to 99% of the shares in: |
|||||
|
Flowserve Compression Systems GmbH |
Industriestraße B 6/t6, A-2345 Brunn Gebirge |
80 % 2008-09-13
|
1.632.378
|
FN 315059 y
|
|
Bankers
|
|
|
|
|
Banker |
Bank sort code |
Type of banking connection |
|
UniCredit Bank Austria AG, 1011 Wien |
12000
|
main bank connection |
Historical development
|
Year of incorporation: |
1920 |
|
Date of registration: |
1920-10-11 |
|
Change of company name: |
||
|
From |
To |
Company name |
|
|
2002-09-03 |
INGERSOLL-DRESSER PUMPS GmbH |
|
2002-09-03 |
|
FLOWSERVE (Austria) GmbH |
|
Former executives: |
|||
|
From |
To |
Function |
Name |
|
2003-01-31 |
2003-09-25 |
individual signing clerk |
Dkfm. Johann Wallner |
|
1999-01-16 |
2003-01-31 |
joint signing clerk |
Ing. Hans Peter Magerl |
|
2002-10-23 |
2003-01-31 |
joint signing clerk |
Dipl-Ing.Dr. Christian Rossegger |
|
1999-01-16 |
2003-01-31 |
joint signing clerk |
Dkfm. Johann Wallner |
|
2003-03-13 |
2003-09-25 |
joint signing clerk |
Dr. Otto Demel |
|
2003-03-13 |
2003-09-25 |
joint signing clerk |
Mag. Erich Robert Hobel |
|
2003-03-13 |
2003-09-25 |
joint signing clerk |
Ing. Johann Latschein |
|
2003-03-13 |
2003-09-25 |
joint signing clerk |
Ing. Norbert Lauritsch |
|
2003-03-13 |
2003-09-25 |
joint signing clerk |
Dipl-Ing. Arnold Muschet |
|
2002-10-23 |
2003-09-25 |
joint signing clerk |
Ing. Erich Zlabinger |
|
|
1997-12-30 |
manager |
Dipl-Ing. Martin Grohmann |
|
1997-12-30 |
1999-01-16 |
manager |
Dkfm. Johann Wallner |
|
1999-01-16 |
2000-04-04 |
manager |
William Ord |
|
1999-06-05 |
2001-05-10 |
manager |
Arthur Fruchtman |
|
2000-04-04 |
2001-05-10 |
manager |
Robert Kreps |
|
1999-01-16 |
2003-09-25 |
manager |
Pierluigi Filla |
|
2003-09-25 |
2004-08-26 |
manager |
John Nowlin |
|
2003-09-25 |
2007-02-16 |
manager |
Dr. Otto Demel |
|
|
1997-12-30 |
individual signing clerk |
Dkfm. Johann Wallner |
|
|
1999-01-16 |
individual signing clerk |
Ing. Hans Peter Magerl |
|
2003-01-31 |
2003-09-25 |
individual signing clerk |
Dipl-Ing.Dr. Christian Rossegger |
|
Former shareholders: |
|||
|
From |
To |
Function |
Name |
|
1994-12-14 |
2002-12-13 |
partner |
INGERSOLL-DRESSER PUMP COMPANY |
|
2002-12-13 |
2007-01-18 |
partner |
FLOWSERVE International Inc. |
|
Former shareholdings: |
||
|
From |
To |
Name |
|
2001-09-14 |
2002-02-07 |
FLOWSERVE Dichtungstechnik Ges.m.b.H. |
|
2002-06-29 |
2002-09-03 |
FLOWSERVE Dichtungstechnik Ges.m.b.H. |
|
2002-05-07 |
2002-12-13 |
Schmidt Armaturen Gesellschaft m.b.H. |
|
Mergers: |
||
|
Date |
Function |
Name |
|
2002-12-19 |
merged with |
Schmidt Armaturen Gesellschaft m.b.H. |
|
2002-09-05 |
merged with |
FLOWSERVE Dichtungstechnik Ges.m.b.H. |
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)