MIRA
INFORM REPORT
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Report Date : |
17.04.2013 |
IDENTIFICATION DETAILS
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Name : |
ELEKTROKERAMIK SONNEBERG GMBH |
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Registered Office : |
Werkringstrasse 11, Sonneberg, 96515 |
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Country : |
Germany |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
07.03.1996 |
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Com. Reg. No.: |
303866 |
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Legal Form : |
Private Subsidiary Company |
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Line of Business : |
manufacturer of electrical apparatus for switching
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No. of Employees : |
230 |
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
|
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.
|
Source : CIA |
Company name & address
Elektrokeramik Sonneberg GmbH
Werkringstrasse 11
Sonneberg, 96515
Germany
Tel: 49-36758730
Fax: 49-3675873205
Web: www.sevespower.com
Synthesis
Employees: 230
Company Type: Private Subsidiary
Corporate Family: 13
Companies
Ultimate Parent: Seves SpA
Incorporation Date:
07-Mar-1996
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Euro
Annual Sales: 34.4
Total Assets: 63.5
Business Description
Elektrokeramik Sonneberg GmbH is primarily engaged in manufacture of electrical apparatus for switching or protecting electrical circuits, or for making connections to or in electrical circuits (switches, fuses, lightning arresters, voltage limiters, surge suppressors, plugs, junction boxes, relays, sockets, lamp holders); and manufacture of electric control or distribution boards, panels, consoles, desks, cabinets and other bases.
Industry
Industry Electronic Instruments and Controls
ANZSIC 2006: 2029 - Other
Ceramic Product Manufacturing
NACE 2002: 2623 - Manufacture
of ceramic insulators and insulating fittings
NAICS 2002: 327113 - Porcelain
Electrical Supply Manufacturing
UK SIC 2003: 2623 - Manufacture
of ceramic insulators and insulating fittings
UK SIC 2007: 2343 - Manufacture
of ceramic insulators and insulating fittings
US SIC 1987: 3264 - Porcelain
Electrical Supplies
Key Executives
Name Title
Ivan Kosalko General Manager
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
Corporate Overview
Location
Werkringstrasse 11
Sonneberg, 96515
Germany
Tel: 49-36758730
Fax: 49-3675873205
Web: www.sevespower.com
Sales EUR(mil): 24.8
Assets EUR(mil): 48.9
Employees: 230
Fiscal Year End: 31-Dec-2011
Industry: Electronic Instruments and Controls
Incorporation Date: 07-Mar-1996
Company Type: Private Subsidiary
Quoted Status: Not Quoted
Registered No.(DEU): 303866
General Manager : Ivan
Kosalko
Industry Codes
ANZSIC 2006 Codes:
2029 - Other Ceramic Product Manufacturing
NACE 2002 Codes:
2623 - Manufacture of ceramic insulators and insulating fittings
2621 - Manufacture of ceramic household and ornamental articles
2622 - Manufacture of ceramic sanitary fixtures
NAICS 2002 Codes:
327113 - Porcelain Electrical Supply Manufacturing
327112 - Vitreous China, Fine Earthenware, and Other Pottery Product
Manufacturing
327111 - Vitreous China Plumbing Fixture and China and Earthenware
Bathroom Accessories Manufacturing
US SIC 1987:
3264 - Porcelain Electrical Supplies
3261 - Vitreous China Plumbing Fixtures and China and Earthenware
Fittings and Bathroom Accessories
3262 - Vitreous China Table and Kitchen Articles
UK SIC 2003:
2623 - Manufacture of ceramic insulators and insulating fittings
2621 - Manufacture of ceramic household and ornamental articles
2622 - Manufacture of ceramic sanitary fixtures
UK SIC 2007:
2343 - Manufacture of ceramic insulators and insulating fittings
2341 - Manufacture of ceramic household and ornamental articles
2342 - Manufacture of ceramic sanitary fixtures
Business
Description
Porcelain Electrical Insulator Mfr
More Business
Descriptions
Elektrokeramik
Sonneberg GmbH is primarily engaged in manufacture of electrical apparatus for
switching or protecting electrical circuits, or for making connections to or in
electrical circuits (switches, fuses, lightning arresters, voltage limiters,
surge suppressors, plugs, junction boxes, relays, sockets, lamp holders); and
manufacture of electric control or distribution boards, panels, consoles,
desks, cabinets and other bases.
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Corporate Family |
Corporate
Structure News: |
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Seves
SpA |
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Elektrokeramik Sonneberg GmbH |
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Company Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Firenze |
Italy |
Construction - Supplies and Fixtures |
88.0 |
100 |
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|
Subsidiary |
SĂ£o Gonçalo, RJ |
Brazil |
Personal and Household Products |
|
300 |
|
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Subsidiary |
Pedreira, Sao Paulo |
Brazil |
Electronic Instruments and Controls |
56.2 |
900 |
|
|
Subsidiary |
Duchcov |
Czech Republic |
Construction - Supplies and Fixtures |
37.8 |
246 |
|
|
Sediver
Société Européenne d'Isolateurs en Verre et Composite SA |
Subsidiary |
Nanterre |
France |
Construction - Supplies and Fixtures |
109.4 |
45 |
|
Subsidiary |
Nanterre |
France |
Construction - Supplies and Fixtures |
5.4 |
1 |
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Subsidiary |
Zigong, Sichuan Province |
China |
Construction - Supplies and Fixtures |
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Subsidiary |
Zigong, Sichuan |
China |
Construction - Raw Materials |
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Subsidiary |
Vienna |
Austria |
Personal and Household Products |
|
12 |
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Subsidiary |
Sonneberg, ThĂ¼ringen |
Germany |
Electronic Instruments and Controls |
34.4 |
230 |
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Subsidiary |
Tiffin, OH |
United States |
Personal and Household Products |
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Subsidiary |
Amsterdam Zuidoost, Noord-Holland |
Netherlands |
Investment Services |
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Subsidiary |
Amsterdam Zuidoost, North Holland |
Netherlands |
Miscellaneous Financial Services |
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Executive report
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Executives |
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General Manager |
Division Head Executive |
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Annual profit & loss
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|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-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) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Total income |
34.4 |
29.3 |
44.6 |
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Raw materials and services |
11.7 |
9.5 |
16.2 |
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Net sales |
34.4 |
29.3 |
44.6 |
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Change in stock |
1.4 |
0.2 |
0.2 |
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Own work capitalised |
- |
- |
0.1 |
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Other operating income |
0.4 |
0.8 |
2.6 |
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Raw materials and consumables employed |
11.7 |
9.5 |
16.2 |
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Other external charges |
6.6 |
5.1 |
7.7 |
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Cost of goods sold |
18.3 |
14.6 |
23.9 |
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Cost of raw materials |
18.3 |
14.6 |
23.9 |
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Taxes and social security costs |
2.1 |
2.0 |
2.1 |
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Total payroll costs |
12.8 |
11.0 |
12.1 |
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Fixed asset depreciation and amortisation |
1.4 |
1.5 |
1.7 |
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Other operating costs |
3.0 |
2.8 |
5.6 |
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Net operating
income |
0.8 |
0.3 |
4.2 |
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Interest received from loans |
- |
0.6 |
- |
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Income received from associated companies |
0.0 |
0.0 |
0.0 |
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Other income |
1.3 |
1.0 |
1.1 |
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Interest payable on loans |
1.0 |
1.0 |
1.2 |
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Total expenses |
-0.3 |
-0.6 |
0.1 |
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Profit before tax |
1.0 |
0.9 |
4.1 |
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Extraordinary income |
5.6 |
0.4 |
- |
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Provisions |
7.5 |
6.8 |
3.9 |
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Extraordinary expenses |
- |
0.0 |
- |
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Extraordinary result |
5.6 |
0.4 |
- |
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Other taxes |
0.1 |
0.1 |
0.1 |
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Total taxation |
-0.2 |
2.8 |
1.1 |
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Net profit |
6.7 |
- |
2.9 |
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Net loss |
- |
-1.5 |
- |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Issued capital |
5.3 |
5.5 |
5.9 |
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Capital reserves |
20.0 |
20.7 |
22.1 |
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Other reserves |
0.5 |
0.5 |
0.6 |
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Total reserves |
0.5 |
0.5 |
0.6 |
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Profits for the year |
7.0 |
0.7 |
3.0 |
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Total
stockholders equity |
32.8 |
27.4 |
31.6 |
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Deferred taxation |
4.0 |
4.6 |
1.8 |
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Other provisions |
3.0 |
2.3 |
2.2 |
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Provisions and allowances |
7.0 |
6.9 |
4.1 |
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Other debentures |
15.4 |
16.5 |
18.9 |
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Total long-term
liabilities |
15.4 |
16.5 |
18.9 |
|
Trade creditors |
2.4 |
3.5 |
2.2 |
|
Advances received |
- |
0.0 |
0.1 |
|
Other loans |
0.7 |
0.6 |
- |
|
Taxation and social security |
0.9 |
0.9 |
1.1 |
|
Due to group companies |
4.3 |
2.3 |
3.7 |
|
Total current
liabilities |
8.3 |
7.3 |
7.1 |
|
Total
liabilities (including net worth) |
63.5 |
58.0 |
61.6 |
|
Patents |
0.0 |
0.0 |
0.0 |
|
Intangibles |
0.0 |
0.0 |
0.0 |
|
Land and buildings |
2.3 |
2.5 |
3.1 |
|
Machinery and tools |
5.7 |
6.9 |
7.2 |
|
Fixtures and equipment |
2.3 |
2.5 |
3.1 |
|
Fixed assets under construction |
0.1 |
0.1 |
0.1 |
|
Total tangible
fixed assets |
9.5 |
11.1 |
12.0 |
|
Long-term investments |
0.0 |
0.0 |
- |
|
Shares held in associated companies |
4.8 |
9.6 |
10.3 |
|
Deposits |
0.2 |
0.1 |
0.3 |
|
Total financial
assets |
5.0 |
9.8 |
10.6 |
|
Total
non-current assets |
14.6 |
20.9 |
22.6 |
|
Raw materials |
2.0 |
1.1 |
1.0 |
|
Work in progress |
4.6 |
3.4 |
3.1 |
|
Finished goods |
0.7 |
0.7 |
1.1 |
|
Net stocks and work in progress |
7.3 |
5.2 |
5.3 |
|
Trade debtors |
0.6 |
0.7 |
5.8 |
|
Other receivables |
11.5 |
0.9 |
0.7 |
|
Total
receivables |
41.5 |
31.7 |
33.5 |
|
Owing from associated companies |
29.4 |
30.1 |
27.0 |
|
Cash and liquid assets |
0.0 |
0.0 |
0.0 |
|
Total current
assets |
48.8 |
37.0 |
38.8 |
|
Prepaid expenses and deferred costs |
0.1 |
0.2 |
0.2 |
|
Total assets |
63.5 |
58.0 |
61.6 |
Annual Ratios
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
58.66 |
50.85 |
54.29 |
|
Acid test ratio |
49.90 |
43.63 |
46.90 |
|
Total liabilities to net worth |
0.07% |
0.09% |
0.08% |
|
Net worth to total assets |
0.05% |
0.05% |
0.05% |
|
Current liabilities to net worth |
0.03% |
0.03% |
0.02% |
|
Current liabilities to stock |
0.11% |
0.14% |
0.14% |
|
Fixed assets to net worth |
0.04% |
0.08% |
0.07% |
|
Collection period |
73.00 |
84.00 |
460.00 |
|
Stock turnover rate |
2.26 |
1.77 |
1.15 |
|
Profit margin |
0.02% |
-0.01% |
0.01% |
|
Return on assets |
0.01% |
0.00% |
0.01% |
|
Shareholders' return |
0.02% |
-0.01% |
0.01% |
|
Sales per employee |
10.77 |
9.75 |
13.71 |
|
Profit per employee |
0.37 |
-0.64 |
0.90 |
|
Average wage per employee |
4.00 |
3.67 |
3.71 |
|
Net worth |
32.8 |
27.4 |
31.6 |
|
Number of employees |
230 |
227 |
234 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.33 |
|
UK Pound |
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 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.