MIRA INFORM REPORT
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Report Date : |
05.01.2013 |
IDENTIFICATION DETAILS
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Name : |
REFUSOL GMBH |
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Registered Office : |
Uracher Strasse 91, Metzingen, 72555 |
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Country : |
Germany |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
13.05.1965 |
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Com. Reg. No.: |
360734 |
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Legal Form : |
Private
Subsidiary |
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Line of Business : |
Provides hardware and software solutions for the generation and
distribution of renewable energy |
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No. of Employees : |
157 |
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.
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Source : CIA |
Company name & address
REFUSOL
GMBH
Uracher Strasse 91
Metzingen, 72555
Germany
Tel: 497123969969
Fax: 497123969165
Synthesis
Employees: 157
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Company Type: Private
Subsidiary |
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Corporate Family: 2 Companies |
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Ultimate Parent: RefuSol
Holding GmbH |
Incorporation Date:
13-May-1965
Financials in: USD
(Millions)
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Reporting Currency: Euro |
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Annual Sales: 224.1 |
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Total Assets: 54.6 |
Business Description
Founded in 1965, REFU Elektronik GmbH provides hardware and software
solutions for the generation and distribution of renewable energy. The company
offers a range of solar inverters. It provides products for network and energy
technology applications. The company offers switch cabinet construction
services. It provides a variety of traction drives and hoisting gears. The
company offers power sections in the fields of air and water cooling for
several applications. It provides solutions for electronically controlled
inductances, ripple control transmitters and invertors. The company offers
textile and vacuum engineering solutions. It provides a range of components and
control devices. In addition, the company maintains a stock of spare parts and
offers after sales services.
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
3140 -
Manufacture of accumulators, primary cells and primary batteries |
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NAICS 2002: |
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UK SIC 2003: |
3140 -
Manufacture of accumulators, primary cells and primary batteries |
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UK SIC 2007: |
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US SIC 1987: |
3629 -
Electrical Industrial Apparatus, Not Elsewhere Classified |
Key Executives
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News
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1 - Profit & Loss
Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
Location
Uracher
Strasse 91
Metzingen, 72555
Germany
Tel: 497123969969
Fax: 497123969165
Sales EUR(mil): 161.2
Assets EUR(mil): 42.0
Employees: 157
Fiscal Year End: 31-Dec-2011
Industry:
Electronic Instruments and Controls
Incorporation Date:
13-May-1965
Company Type: Private
Subsidiary
Quoted Status: Not
Quoted
Registered No.(DEU): 360734
Managing director: Norbert Frings
Industry Codes
Business Description
Founded in 1965, REFU Elektronik GmbH provides hardware and software solutions for the generation and distribution of renewable energy. The company offers a range of solar inverters. It provides products for network and energy technology applications. The company offers switch cabinet construction services. It provides a variety of traction drives and hoisting gears. The company offers power sections in the fields of air and water cooling for several applications. It provides solutions for electronically controlled inductances, ripple control transmitters and invertors. The company offers textile and vacuum engineering solutions. It provides a range of components and control devices. In addition, the company maintains a stock of spare parts and offers after sales services.
More Business Descriptions
RefuSol GmbH is primarily engaged in manufacture of primary cells and primary batteries; and manufacture of electric accumulators, including parts thereof.
REFU Elektronik GmbH (REFU) is an electronic products manufacturer, based in Germany. It manufacturers high speed rotary converters with the help of drive technology. The company develops technologies such as drive technology, energy technology, travel drives, hosting gears, network technology, textile engineering, vacuum technology, and others. REFU develops technology, finds its application in the field of wind power systems, PV inverters, fuel cells, inverter, photovoltaic inverter, variable-speed generator power converter for combined-cycle power stations, power converters for micro turbines, Ripple control transmitters, convertors for mobile generators, line-inverter with unity power-factor and sinusoidal currents, and others. The company operates as a subsidiary of Jolaos Verwaltungs GmbH. REFU is headquartered in Metzingen, Germany.
Financial Data
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Key
Corporate Relationships
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Corporate Family |
Corporate
Structure News: |
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RefuSol GmbH |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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RefuSol Holding GmbH |
Parent |
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Subsidiary |
Metzingen, Baden-Württemberg |
Germany |
Electronic Instruments and
Controls |
224.1 |
157 |
Competitors Report
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CompanyName |
Location |
Employees |
Ownership |
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Imperium Renewables Inc |
Seattle, Washington, United States |
21 |
Private |
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Iowa Renewable Energy, LLC |
Washington, District of Columbia, United
States |
20 |
Private |
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PV Crystalox Solar PLC |
Abingdon, United Kingdom |
385 |
Public |
Executives Report
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News
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HDPVT Alliance
Launches to Advance Industry Adoption of Lower Cost, Higher Performance PV
Systems |
10-Sep-2012 |
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German GP Joule
switches on 6.8 MW solar park |
10-Sep-2012 |
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Refusol teams up
with Ampt on solar PV inverters |
06-Sep-2012 |
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REFUsol Partners
With Ampt to Increase Solar Inverter Output and Cut PV System Costs |
05-Sep-2012 |
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Metcam Shines
Spotlight on Diversity, Commitment to Quality and Sustainability with New
REFUsol Fabrication Contract |
28-Aug-2012 |
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REFUsol and
Obvius announce a partnership to Bring the Most Efficient Modbus Monitoring Solution
to Market |
09-Jul-2012 |
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Refusol to start
selling US-made solar inverters |
14-May-2012 |
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REFUsol Opens
Manufacturing Facility in Greenville, South Carolina |
14-May-2012 |
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Global
Photovoltaic Inverter Market 2011-2015 Discusses that the High Development
Cost of PV Inverters Has Led To a Monopoly in the Global PV... |
09-May-2012 |
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REFUsol, Inc.
High Efficiency Solar Photovoltaic String Inverters Are Listed on the New
York Standard Interconnection Requirements SIR List |
11-Apr-2012 |
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Articles
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REFUsol and
Obvius Form Partnership |
12-Jul-2012 |
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Refusol Opens
Manufacturing Facility in Greenville |
16-May-2012 |
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 |
224.1 |
264.1 |
53.1 |
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Raw materials and services |
153.7 |
138.4 |
31.5 |
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Net sales |
224.1 |
264.1 |
53.1 |
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Change in stock |
3.2 |
-4.4 |
0.3 |
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Own work capitalised |
2.0 |
0.2 |
0.2 |
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Other operating income |
6.3 |
3.8 |
2.9 |
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Raw materials and consumables employed |
153.7 |
138.4 |
31.5 |
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Other external charges |
23.0 |
40.1 |
2.6 |
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Cost of goods sold |
176.7 |
178.5 |
34.1 |
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Cost of raw materials |
176.7 |
178.5 |
34.1 |
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Taxes and social security costs |
2.1 |
1.8 |
2.0 |
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Total payroll costs |
14.9 |
14.3 |
12.6 |
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Fixed asset depreciation and amortisation |
0.4 |
0.9 |
0.1 |
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Other operating costs |
45.0 |
35.1 |
17.2 |
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Net operating
income |
21.2 |
52.4 |
1.1 |
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Other income |
1.6 |
0.6 |
0.5 |
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Interest payable on loans |
0.3 |
0.2 |
0.2 |
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Total expenses |
-1.3 |
-0.4 |
-0.2 |
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Profit before tax |
22.5 |
52.9 |
1.3 |
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Provisions |
18.2 |
26.1 |
10.4 |
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Extraordinary expenses |
- |
0.1 |
- |
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Extraordinary result |
- |
-0.1 |
- |
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Other taxes |
- |
0.0 |
0.0 |
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Total taxation |
7.3 |
15.2 |
0.4 |
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Net profit |
15.1 |
37.6 |
1.0 |
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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 |
2.7 |
2.7 |
2.9 |
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Capital reserves |
- |
- |
6.6 |
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Other reserves |
0.2 |
0.2 |
- |
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Total reserves |
0.2 |
0.2 |
- |
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Profits for the year |
14.1 |
10.5 |
0.8 |
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Total
stockholders equity |
17.0 |
13.4 |
10.3 |
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Deferred taxation |
0.1 |
15.0 |
0.5 |
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Other provisions |
16.8 |
11.2 |
9.9 |
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Provision for pensions |
0.2 |
0.2 |
0.3 |
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Provisions and allowances |
17.0 |
26.4 |
10.8 |
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Other debentures |
- |
- |
1.2 |
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Total long-term
liabilities |
- |
- |
1.2 |
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Trade creditors |
12.5 |
15.4 |
11.0 |
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Other loans |
- |
0.3 |
1.6 |
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Taxation and social security |
3.6 |
8.3 |
0.2 |
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Due to group companies |
4.4 |
3.8 |
0.1 |
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Total current
liabilities |
20.6 |
27.7 |
12.9 |
|
Total
liabilities (including net worth) |
54.6 |
67.6 |
35.2 |
|
Patents |
0.6 |
- |
0.0 |
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Intangibles |
0.6 |
- |
0.0 |
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Machinery and tools |
0.2 |
0.1 |
- |
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Fixed assets under construction |
0.6 |
0.3 |
0.0 |
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Total tangible
fixed assets |
2.4 |
0.8 |
0.8 |
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Long-term investments |
0.0 |
0.0 |
0.0 |
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Shares held in associated companies |
0.4 |
0.1 |
- |
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Participating interest |
0.1 |
0.2 |
0.5 |
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Total financial
assets |
2.9 |
2.3 |
0.6 |
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Loans to associated companies |
2.4 |
2.0 |
- |
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Total
non-current assets |
5.9 |
3.1 |
1.3 |
|
Net stocks and work in progress |
16.5 |
24.8 |
10.7 |
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Trade debtors |
12.9 |
12.7 |
7.7 |
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Other receivables |
7.6 |
8.1 |
0.3 |
|
Total
receivables |
26.9 |
36.0 |
22.9 |
|
Owing from associated companies |
6.3 |
15.2 |
14.9 |
|
Cash and liquid assets |
5.2 |
3.7 |
0.3 |
|
Shares in associated companies |
- |
- |
0.1 |
|
Total current
assets |
48.6 |
64.4 |
33.9 |
|
Prepaid expenses and deferred costs |
0.1 |
0.0 |
0.0 |
|
Total assets |
54.6 |
67.6 |
35.2 |
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 |
23.65 |
23.26 |
26.23 |
|
Acid test ratio |
15.63 |
14.31 |
17.97 |
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Total liabilities to net worth |
0.12% |
0.21% |
0.14% |
|
Net worth to total assets |
0.03% |
0.02% |
0.03% |
|
Current liabilities to net worth |
0.12% |
0.21% |
0.12% |
|
Current liabilities to stock |
0.12% |
0.11% |
0.12% |
|
Fixed assets to net worth |
0.03% |
0.02% |
0.01% |
|
Collection period |
226.00 |
172.00 |
515.00 |
|
Stock turnover rate |
0.79 |
0.93 |
1.95 |
|
Profit margin |
0.01% |
0.01% |
0.00% |
|
Return on assets |
0.03% |
0.06% |
0.00% |
|
Shareholders' return |
0.08% |
0.28% |
0.01% |
|
Sales per employee |
112.70 |
153.38 |
24.47 |
|
Profit per employee |
7.62 |
21.89 |
0.44 |
|
Average wage per employee |
7.49 |
8.30 |
5.82 |
|
Net worth |
17.0 |
13.4 |
10.3 |
|
Number of employees |
143 |
130 |
156 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.52.97 |
|
UK Pound |
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.