MIRA
INFORM REPORT
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Report Date : |
07.09.2012 |
IDENTIFICATION DETAILS
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Name : |
TPS-TECHNITUBE ROHRENWERKE GMBH |
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Registered Office : |
Julius-Saxler-Strasse 7 Daun, 54550 |
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Country : |
Germany |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
13.11.1973 |
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Com. Reg. No.: |
11294 |
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Legal Form : |
Private Parent |
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Line of Business : |
Manufacture of tubes, pipes, hollow profiles and related fittings, of steel |
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No. of Employees : |
185 |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Germany |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
GERMANY - ECONOMIC OVERVIEW
The German economy - the fifth
largest economy in the world in PPP terms and Europe's largest - is a leading
exporter of machinery, vehicles, chemicals, and household equipment and
benefits from a highly skilled labor force. Like its Western European
neighbors, Germany faces significant demographic challenges to sustained
long-term growth. Low fertility rates and declining net immigration are
increasing pressure on the country's social welfare system and necessitate
structural reforms. Reforms launched by the government of Chancellor Gerhard
SCHROEDER (1998-2005), deemed necessary to address chronically high
unemployment and low average growth, contributed to strong growth in 2006 and
2007 and falling unemployment. These advances, as well as a government
subsidized, reduced working hour scheme, help explain the relatively modest
increase in unemployment during the 2008-09 recession - the deepest since World
War II - and its decrease to 6.0% in 2011. GDP contracted 5.1% in 2009 but grew
by 3.6% in 2010, and 2.7% in 2011. The recovery was attributable primarily to
rebounding manufacturing orders and exports - increasingly outside the Euro
Zone. Germany's central bank projects that GDP will grow 0.6% in 2012, a
reflection of the worsening euro-zone financial crisis and the financial burden
it places on Germany as well as falling demand for German exports. Domestic
demand is therefore becoming a more significant driver of Germany's economic
expansion. Stimulus and stabilization efforts initiated in 2008 and 2009 and
tax cuts introduced in Chancellor Angela MERKEL's second term increased
Germany's budget deficit to 3.3% in 2010, but slower spending and higher tax
revenues reduce the deficit to 1.7% in 2011, below the EU's 3% limit. A
constitutional amendment approved in 2009 limits the federal government to
structural deficits of no more than 0.35% of GDP per annum as of 2016.
Following the March 2011 Fukushima nuclear disaster, Chancellor Angela Merkel
announced in May 2011 that eight of the country's 17 nuclear reactors would be
shut down immediately and the remaining plants would close by 2022. Germany
hopes to replace nuclear power with renewable energy. Before the shutdown of
the eight reactors, Germany relied on nuclear power for 23% of its energy and
46% of its base-load electrical production.
Source
: CIA
Company name and address
TPS-Technitube
Rohrenwerke GmbH
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Business
Description
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TPS-Technitube Rohrenwerke GmbH is primarily engaged in manufacture of
seamless tubes, by hot rolling, hot extrusion or hot drawing, or by cold
drawing or cold rolling; manufacture of welded tubes by cold or hot forming and
welding, by forming and cold drawing, or by hot forming and reducing; and
manufacture of steel tube fittings (flat flanges and flanges with forged
collars of steel, butt welding fittings of steel, threaded fittings and other
fittings of steel). |
Industry
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Industry |
Construction - Supplies and Fixtures |
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ANZSIC 2006: |
2122 - Steel Pipe and Tube Manufacturing |
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NACE 2002: |
2722 - Manufacture of steel tubes |
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NAICS 2002: |
331210 - Iron and Steel Pipe and Tube Manufacturing
from Purchased Steel |
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UK SIC 2003: |
2722 - Manufacture of steel tubes |
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UK SIC 2007: |
2420 - Manufacture of tubes, pipes, hollow
profiles and related fittings, of steel |
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US SIC 1987: |
3317 - Steel Pipe and Tubes |
Key Executives
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1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064
Corporate Overview
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Corporate Structure New
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Total Corporate
Family Members: 2 |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Daun, Rheinland-Pfalz |
Germany |
Construction - Supplies and Fixtures |
86.3 |
185 |
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Subsidiary |
Ratingen, Nordrhein-Westfalen |
Germany |
Miscellaneous Capital Goods |
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5 |
Executives Report
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Annual Profit & Loss
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.755078 |
0.719047 |
0.683679 |
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Consolidated |
No |
No |
Yes |
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Total income |
86.3 |
90.0 |
163.5 |
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Raw materials and services |
52.5 |
57.5 |
107.4 |
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Net sales |
86.3 |
90.0 |
163.5 |
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Change in stock |
-0.1 |
1.6 |
1.1 |
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Own work capitalised |
- |
- |
0.2 |
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Other operating income |
4.0 |
6.0 |
5.0 |
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Raw materials and consumables employed |
52.5 |
57.5 |
107.4 |
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Other external charges |
3.5 |
2.8 |
3.3 |
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Cost of goods sold |
56.0 |
60.3 |
110.6 |
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Cost of raw materials |
56.0 |
60.3 |
110.6 |
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Taxes and social security costs |
1.8 |
1.9 |
2.4 |
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Total payroll costs |
13.8 |
13.3 |
17.9 |
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Fixed asset depreciation and amortisation |
1.2 |
1.2 |
1.8 |
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Other operating costs |
19.2 |
22.7 |
46.7 |
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Net operating income |
9.5 |
11.4 |
16.0 |
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Other income |
0.2 |
0.2 |
0.5 |
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Interest payable on loans |
0.4 |
0.6 |
1.2 |
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Other expenses |
0.6 |
- |
- |
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Total expenses |
0.8 |
0.4 |
0.6 |
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Profit before tax |
8.7 |
11.0 |
15.4 |
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Provisions |
6.5 |
6.4 |
12.4 |
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Other taxes |
0.1 |
0.1 |
0.1 |
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Total taxation |
2.3 |
3.4 |
4.4 |
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Net profit |
6.4 |
7.5 |
10.9 |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
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Consolidated |
No |
No |
Yes |
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Issued capital |
5.1 |
5.5 |
5.3 |
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Profits for the year |
45.9 |
51.5 |
42.7 |
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Total stockholders equity |
51.0 |
57.0 |
48.1 |
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Deferred taxation |
0.8 |
1.5 |
- |
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Other provisions |
5.8 |
5.1 |
10.8 |
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Provision for pensions |
- |
- |
0.6 |
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Provisions and allowances |
6.6 |
6.6 |
11.8 |
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Other debentures |
3.1 |
4.7 |
6.0 |
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Taxes and social security |
0.3 |
1.3 |
1.1 |
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Total long-term liabilities |
3.3 |
6.0 |
7.1 |
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Trade creditors |
6.8 |
4.5 |
15.5 |
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Other loans |
1.0 |
1.2 |
1.2 |
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Taxation and social security |
0.5 |
0.4 |
0.5 |
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Due to group companies |
0.0 |
- |
- |
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Total current liabilities |
8.4 |
6.1 |
17.2 |
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Total liabilities (including net worth) |
69.4 |
75.7 |
84.1 |
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Patents |
0.0 |
0.0 |
0.1 |
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Intangibles |
0.0 |
0.0 |
0.1 |
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Land and buildings |
10.9 |
11.3 |
11.0 |
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Machinery and tools |
4.5 |
3.8 |
4.2 |
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Fixtures and equipment |
10.9 |
11.3 |
11.0 |
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Fixed assets under construction |
0.6 |
- |
- |
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Total tangible fixed assets |
17.0 |
16.3 |
16.1 |
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Shares held in associated companies |
0.5 |
0.9 |
- |
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Total financial assets |
0.5 |
0.9 |
- |
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Total non-current assets |
17.5 |
17.2 |
16.2 |
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Net stocks and work in progress |
20.8 |
17.6 |
32.4 |
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Trade debtors |
2.1 |
1.9 |
9.6 |
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Other receivables |
0.5 |
1.6 |
3.8 |
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Total receivables |
5.7 |
5.2 |
14.8 |
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Owing from associated companies |
3.1 |
1.7 |
1.4 |
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Cash and liquid assets |
22.6 |
24.0 |
15.1 |
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Marketable securities |
2.7 |
11.5 |
5.6 |
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Short-term investments |
2.7 |
11.5 |
5.6 |
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Recoverable taxation |
- |
- |
0.1 |
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Total current assets |
51.8 |
58.4 |
67.9 |
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Prepaid expenses and deferred costs |
0.0 |
0.1 |
0.0 |
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Total assets |
69.4 |
75.7 |
84.1 |
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Annual Ratios |
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Financials in:
USD (mil) |
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31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.745406 |
0.696986 |
0.719399 |
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Consolidated |
No |
No |
Yes |
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Current ratio |
61.75 |
95.81 |
39.44 |
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Acid test ratio |
36.91 |
66.89 |
20.59 |
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Total liabilities to net worth |
0.02% |
0.02% |
0.05% |
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Net worth to total assets |
0.07% |
0.08% |
0.06% |
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Current liabilities to net worth |
0.02% |
0.01% |
0.04% |
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Current liabilities to stock |
0.04% |
0.03% |
0.05% |
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Fixed assets to net worth |
0.03% |
0.03% |
0.03% |
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Collection period |
88.00 |
73.00 |
226.00 |
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Stock turnover rate |
2.39 |
1.90 |
2.09 |
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Profit margin |
0.01% |
0.01% |
0.01% |
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Return on assets |
0.01% |
0.01% |
0.01% |
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Shareholders' return |
0.01% |
0.01% |
0.02% |
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Sales per employee |
34.47 |
34.07 |
55.08 |
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Profit per employee |
2.54 |
2.83 |
3.68 |
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Average wage per employee |
5.52 |
5.05 |
6.04 |
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Net worth |
51.0 |
57.0 |
48.1 |
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Number of employees |
189 |
190 |
203 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.97 |
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1 |
Rs.89.02 |
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Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
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Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.