MIRA INFORM REPORT
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Report Date : |
25.09.2012 |
IDENTIFICATION DETAILS
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Name : |
GOLDHOFER AG |
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Registered Office : |
Donaustrasse 95, Memmingen, 87700 |
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Country : |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
1705 |
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Com. Reg. No.: |
10871 |
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Legal Form : |
Public Independent |
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Line of Business : |
Manufacture of heavy goods vehicles, including aircraft recovery
transport systems |
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No. of Employees : |
590 |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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
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Source
: CIA |
Company
name and address
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Goldhofer AG |
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Employees: |
590 |
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Company Type: |
Public Independent |
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Incorporation Date: |
1705 |
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Fiscal Year End: |
31-Jul-2011 |
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Reporting Currency: |
Euro |
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Annual Sales: |
194.6 |
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Total Assets: |
150.8 |
Business Description
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Manufacture of heavy goods vehicles, including aircraft recovery transport
systems |
Industry
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Industry |
Miscellaneous Capital Goods |
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ANZSIC 2006: |
2491 - Lifting and Material Handling
Equipment Manufacturing |
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NACE 2002: |
2922 - Manufacture of lifting and handling
equipment |
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NAICS 2002: |
333924 - Industrial Truck, Tractor,
Trailer, and Stacker Machinery Manufacturing |
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UK SIC 2003: |
2922 - Manufacture of lifting and handling
equipment |
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UK SIC 2007: |
2822 - Manufacture of lifting and handling
equipment |
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US SIC 1987: |
3537 - Industrial Trucks, Tractors,
Trailers, and Stackers |
Key
Executives
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News |
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Registered No.(DEU)
10871
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7275896
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6958942
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More Business
Descriptions |
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Automobile and Light Duty Motor Vehicle Manufacturing
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19.5" TYRES AND UNIQUE RAMP OPERATION MAKES NEW ANDOVER
STEP FRAME STAND OUT FOR WMB HEAVY HAULAGE |
27-Jun-2012 |
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31-Jul-2011 |
31-Jul-2010 |
31-Jul-2009 |
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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) |
0.72759 |
0.727556 |
0.737573 |
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Consolidated |
No |
No |
No |
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Total income |
194.6 |
259.2 |
303.2 |
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Raw materials and services |
57.2 |
82.0 |
101.0 |
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Net sales |
194.6 |
259.2 |
303.2 |
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Change in stock |
-1.2 |
-12.9 |
6.7 |
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Own work capitalised |
1.5 |
0.4 |
0.5 |
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Other operating income |
5.5 |
4.6 |
4.0 |
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Raw materials and consumables employed |
57.2 |
82.0 |
101.0 |
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Other external charges |
55.5 |
60.4 |
88.5 |
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Cost of goods sold |
112.6 |
142.4 |
189.5 |
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Cost of raw materials |
112.6 |
142.4 |
189.5 |
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Taxes and social security costs |
8.0 |
8.8 |
8.1 |
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Total payroll costs |
46.9 |
48.8 |
51.5 |
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Fixed asset depreciation and amortisation |
4.3 |
4.0 |
3.3 |
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Other operating costs |
43.6 |
60.6 |
72.5 |
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Net operating income |
14.8 |
25.7 |
33.8 |
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Income received from associated companies |
- |
0.1 |
- |
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Other income |
1.0 |
0.4 |
0.2 |
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Interest payable on loans |
1.6 |
0.7 |
0.7 |
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Total expenses |
0.5 |
0.2 |
0.4 |
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Profit before tax |
14.3 |
25.5 |
33.4 |
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Provisions |
35.2 |
42.9 |
43.0 |
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Extraordinary expenses |
0.0 |
- |
- |
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Extraordinary result |
0.0 |
- |
- |
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Other taxes |
0.1 |
0.1 |
0.0 |
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Total taxation |
3.7 |
7.1 |
9.4 |
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Net profit |
10.5 |
18.3 |
24.0 |
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Annual Balance Sheet |
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Financials in: USD (mil) |
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31-Jul-2011 |
31-Jul-2010 |
31-Jul-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.695894 |
0.767578 |
0.705343 |
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Consolidated |
No |
No |
No |
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Issued capital |
43.1 |
39.1 |
42.5 |
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Capital reserves |
0.3 |
0.3 |
0.3 |
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Legal reserves |
4.0 |
3.6 |
3.2 |
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Other reserves |
48.6 |
31.2 |
13.3 |
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Total reserves |
52.6 |
34.8 |
16.6 |
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Profits for the year |
5.9 |
8.5 |
12.0 |
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Total stockholders equity |
101.9 |
82.7 |
71.4 |
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Deferred taxation |
1.4 |
6.6 |
6.1 |
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Other provisions |
22.0 |
20.7 |
24.8 |
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Provision for pensions |
13.5 |
13.4 |
14.1 |
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Provisions and allowances |
36.8 |
40.7 |
45.0 |
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Other debentures |
- |
- |
6.2 |
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Taxes and social security |
3.3 |
3.0 |
3.3 |
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Total long-term liabilities |
3.3 |
3.0 |
9.5 |
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Trade creditors |
6.1 |
4.8 |
6.8 |
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Other loans |
- |
- |
0.9 |
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Taxation and social security |
2.7 |
2.5 |
3.4 |
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Total current liabilities |
8.7 |
7.3 |
11.1 |
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Total liabilities (including net worth) |
150.8 |
133.7 |
137.0 |
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Patents |
0.3 |
0.3 |
0.5 |
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Intangibles |
0.3 |
0.3 |
0.5 |
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Land and buildings |
20.8 |
19.4 |
20.5 |
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Machinery and tools |
3.1 |
2.8 |
2.6 |
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Fixtures and equipment |
20.8 |
19.4 |
20.5 |
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Fixed assets under construction |
0.1 |
0.1 |
0.1 |
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Total tangible fixed assets |
35.0 |
29.7 |
30.7 |
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Long-term investments |
0.0 |
0.0 |
0.0 |
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Participating interest |
0.7 |
1.8 |
1.8 |
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Deposits |
28.7 |
19.5 |
- |
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Total financial assets |
29.4 |
21.3 |
1.8 |
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Total non-current assets |
64.7 |
51.3 |
32.9 |
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Net stocks and work in progress |
29.6 |
30.7 |
51.0 |
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Trade debtors |
13.3 |
17.9 |
28.2 |
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Other receivables |
3.5 |
3.6 |
2.4 |
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Total receivables |
16.9 |
21.5 |
30.6 |
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Cash and liquid assets |
39.3 |
29.9 |
21.9 |
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Total current assets |
85.7 |
82.1 |
103.6 |
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Prepaid expenses and deferred costs |
0.4 |
0.3 |
0.5 |
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Total assets |
150.8 |
133.7 |
137.0 |
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Annual Ratios |
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Financials in: USD (mil) |
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31-Jul-2011 |
31-Jul-2010 |
31-Jul-2009 |
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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 |
0.695894 |
0.767578 |
0.705343 |
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Consolidated |
No |
No |
No |
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Current ratio |
98.14 |
112.60 |
93.38 |
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Acid test ratio |
64.25 |
70.46 |
47.35 |
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Total liabilities to net worth |
0.01% |
0.01% |
0.03% |
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Net worth to total assets |
0.07% |
0.06% |
0.05% |
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Current liabilities to net worth |
0.01% |
0.01% |
0.02% |
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Current liabilities to stock |
0.03% |
0.02% |
0.02% |
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Fixed assets to net worth |
0.06% |
0.06% |
0.05% |
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Collection period |
241.00 |
266.00 |
325.00 |
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Stock turnover rate |
1.45 |
1.25 |
1.61 |
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Profit margin |
0.01% |
0.01% |
0.01% |
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Return on assets |
0.01% |
0.01% |
0.02% |
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Shareholders' return |
0.01% |
0.02% |
0.04% |
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Sales per employee |
22.66 |
29.42 |
34.68 |
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Profit per employee |
1.23 |
2.08 |
2.74 |
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Average wage per employee |
5.46 |
5.54 |
5.89 |
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Net worth |
101.9 |
82.7 |
71.4 |
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Number of employees |
625 |
641 |
645 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.29 |
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1 |
Rs.86.43 |
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Euro |
1 |
Rs.68.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.