MIRA
INFORM REPORT
|
Report Date : |
10.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
KORTING HANNOVER AG |
|
|
|
|
Registered Office : |
Badenstedter Strasse 56 Hannover, 30453 |
|
|
|
|
Country : |
Germany |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
1871 |
|
|
|
|
Com. Reg. No.: |
3815 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Manufacture of central heating radiators and boilers |
|
|
|
|
No. of Employees : |
260 |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
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 September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Germany |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
Korting Hannover AG
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
Business
Description
|
Industrial furnaces; condensers; refrigeration plant; jet pumps and
vacuum technology |
Industry
|
Industry |
Construction - Supplies and Fixtures |
|
ANZSIC 2006: |
2449 - Other Domestic Appliance
Manufacturing |
|
NACE 2002: |
2822 - Manufacture of central heating
radiators and boilers |
|
NAICS 2002: |
333414 - Heating Equipment (except Warm
Air Furnaces) Manufacturing |
|
UK SIC 2003: |
2822 - Manufacture of central heating
radiators and boilers |
|
US SIC 1987: |
3433 - Heating Equipment, Except Electric
and Warm Air Furnaces |
Key Executives
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064
Corporate Overview
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Structure News
|
KΓΆrting Hannover
AG |
|
|
|
|
|
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Hannover |
Germany |
Construction - Supplies and Fixtures |
44.2 |
260 |
|
|
Subsidiary |
Ratingen, Nordrhein-Westfalen |
Germany |
Miscellaneous Capital Goods |
5.6 |
45 |
Executives Report
|
Annual Profit & Loss
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.755078 |
0.719047 |
0.683679 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total income |
44.2 |
46.0 |
62.4 |
|
Raw materials and services |
12.6 |
14.4 |
23.8 |
|
Net sales |
44.2 |
46.0 |
62.4 |
|
Change in stock |
-0.4 |
-0.9 |
-0.4 |
|
Own work capitalised |
- |
1.2 |
0.1 |
|
Other operating income |
5.0 |
3.8 |
2.5 |
|
Raw materials and consumables employed |
12.6 |
14.4 |
23.8 |
|
Other external charges |
0.5 |
0.7 |
0.5 |
|
Cost of goods sold |
13.1 |
15.0 |
24.4 |
|
Cost of raw materials |
13.1 |
15.0 |
24.4 |
|
Taxes and social security costs |
4.0 |
4.5 |
4.3 |
|
Total payroll costs |
21.6 |
22.8 |
24.1 |
|
Fixed asset depreciation and amortisation |
0.7 |
0.7 |
0.6 |
|
Other operating costs |
20.7 |
19.2 |
27.0 |
|
Net operating income |
3.0 |
2.0 |
2.1 |
|
Interest received from loans |
0.3 |
0.2 |
0.3 |
|
Other income |
0.1 |
0.3 |
1.1 |
|
Interest payable on loans |
0.7 |
0.1 |
0.2 |
|
Other expenses |
0.0 |
0.0 |
0.0 |
|
Total expenses |
0.3 |
-0.3 |
-1.2 |
|
Profit before tax |
2.7 |
2.3 |
3.3 |
|
Provisions |
14.7 |
17.6 |
19.4 |
|
Extraordinary expenses |
0.2 |
- |
- |
|
Extraordinary result |
-0.2 |
- |
- |
|
Other taxes |
0.1 |
0.1 |
0.1 |
|
Total taxation |
0.3 |
0.1 |
0.2 |
|
Net profit |
2.1 |
2.1 |
3.0 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Issued capital |
8.4 |
9.5 |
9.2 |
|
Legal reserves |
0.9 |
1.0 |
0.9 |
|
Special reserves |
- |
1.0 |
1.0 |
|
Unavailable reserves |
- |
- |
0.3 |
|
Other reserves |
6.2 |
5.0 |
4.6 |
|
Total reserves |
7.1 |
7.0 |
6.5 |
|
Profits for the year |
2.6 |
2.1 |
1.6 |
|
Total stockholders equity |
18.2 |
18.7 |
17.4 |
|
Deferred taxation |
0.2 |
0.1 |
0.1 |
|
Other provisions |
7.5 |
10.4 |
11.4 |
|
Provision for pensions |
7.2 |
7.6 |
7.0 |
|
Provisions and allowances |
14.9 |
18.2 |
18.4 |
|
Total long-term liabilities |
- |
0.0 |
- |
|
Trade creditors |
2.0 |
1.6 |
2.4 |
|
Advances received |
1.2 |
1.2 |
1.7 |
|
Taxation and social security |
0.8 |
0.8 |
0.9 |
|
Due to group companies |
0.5 |
0.4 |
0.5 |
|
Total current liabilities |
4.5 |
4.0 |
5.4 |
|
Regularisation account |
- |
0.0 |
0.0 |
|
Total liabilities (including net worth) |
37.5 |
40.9 |
41.5 |
|
Patents |
0.1 |
0.1 |
0.1 |
|
Intangibles |
0.1 |
0.1 |
0.1 |
|
Land and buildings |
0.8 |
0.9 |
1.0 |
|
Machinery and tools |
1.3 |
1.2 |
0.3 |
|
Fixtures and equipment |
0.8 |
0.9 |
1.0 |
|
Fixed assets under construction |
- |
0.1 |
0.5 |
|
Total tangible fixed assets |
4.0 |
4.4 |
2.5 |
|
Shares held in associated companies |
0.5 |
0.5 |
0.5 |
|
Total financial assets |
0.5 |
0.5 |
0.5 |
|
Total non-current assets |
4.5 |
5.0 |
3.1 |
|
Net stocks and work in progress |
5.1 |
6.2 |
6.9 |
|
Trade debtors |
8.7 |
7.6 |
12.5 |
|
Other receivables |
1.4 |
2.2 |
2.6 |
|
Total receivables |
10.3 |
9.9 |
15.1 |
|
Owing from associated companies |
0.1 |
0.1 |
0.0 |
|
Cash and liquid assets |
10.6 |
13.1 |
8.7 |
|
Marketable securities |
7.1 |
5.5 |
6.7 |
|
Short-term investments |
7.1 |
6.6 |
7.7 |
|
Other current assets |
- |
1.0 |
1.0 |
|
Total current assets |
33.0 |
35.8 |
38.4 |
|
Prepaid expenses and deferred costs |
- |
- |
0.0 |
|
Total assets |
37.5 |
40.9 |
41.5 |
|
|
|
Annual Ratios |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
73.81 |
90.25 |
71.01 |
|
Acid test ratio |
62.51 |
74.52 |
58.30 |
|
Total liabilities to net worth |
0.02% |
0.02% |
0.03% |
|
Net worth to total assets |
0.05% |
0.05% |
0.04% |
|
Current liabilities to net worth |
0.02% |
0.02% |
0.03% |
|
Current liabilities to stock |
0.09% |
0.06% |
0.08% |
|
Fixed assets to net worth |
0.02% |
0.03% |
0.02% |
|
Collection period |
712.00 |
580.00 |
766.00 |
|
Stock turnover rate |
1.13 |
1.32 |
1.16 |
|
Profit margin |
0.00% |
0.00% |
0.00% |
|
Return on assets |
0.01% |
0.01% |
0.01% |
|
Shareholders' return |
0.01% |
0.01% |
0.02% |
|
Sales per employee |
12.88 |
12.58 |
16.21 |
|
Profit per employee |
0.67 |
0.57 |
0.77 |
|
Average wage per employee |
6.30 |
6.24 |
6.26 |
|
Net worth |
18.2 |
18.7 |
17.4 |
|
Number of employees |
259 |
263 |
263 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.02 |
|
|
1 |
Rs.79.01 |
|
Euro |
1 |
Rs.66.18 |
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 SCs 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.